Financial Analysis, Corporate Governance, and Firm Performance in Global Markets

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: 1 July 2026 | Viewed by 906

Special Issue Editors


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Guest Editor
Department of Business and Economics, International Christian University, 3-10-2 Osawa, Mitaka, Tokyo 181-8585, Japan
Interests: banking and financial institutions; bank regulation and supervision; monetary policy; international finance and exchange rates; financial stability; corporate governance; financial sector development; Asian economies
Special Issues, Collections and Topics in MDPI journals

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Guest Editor
International College of Liberal Arts, Yamanashi Gakuin University, 2 Chome-7-17 Sakaori, Kofu, Yamanashi 400-0805, Japan
Interests: financial market; financial institution; corporate finance

Special Issue Information

Dear Colleagues,

This Special Issue examines the critical linkages among financial analysis, firm financial structure, risk management, and performance outcomes across diverse financial and economic environments. Financial analysis is broadly defined to include both internal financial characteristics—such as capital structure, liquidity, funding costs, and financial constraints—and external monitoring mechanisms, including the coverage and evaluation provided by financial analysts, institutional investors, and other market participants. These monitoring functions play a central role in mitigating principal–agent problems, improving earnings quality, reducing opportunistic behaviors such as asset tunneling, and strengthening overall corporate governance.

Firm performance extends beyond traditional profitability indicators to incorporate ESG outcomes, innovation capacity, financial resilience, and long-term sustainability. These dimensions of performance are deeply connected to risk management practices, access to capital, and the firm’s ability to undertake continuous investment in strategic initiatives. As global markets evolve, understanding how financial analysis and market monitoring shape sustainable value creation has become increasingly important for policymakers, investors, and corporate leaders.

We welcome contributions that provide empirical evidence, theoretical developments, or analytical models, including studies using mathematical methods in economics and finance. Submissions should focus on the relationships among firms’ financial status, analyst and institutional investor coverage, risk and governance mechanisms, and a wide range of performance outcomes, particularly in the context of modern, globalized financial markets.

Dr. Heather Montgomery
Dr. Dachen Sheng
Guest Editors

Manuscript Submission Information

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Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

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Keywords

  • financial analysis
  • firm performance
  • capital structure
  • liquidity and financial constraints
  • risk management
  • corporate governance
  • financial markets
  • international finance

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Published Papers (1 paper)

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Research

20 pages, 283 KB  
Article
Stock Repurchase Purposes, Firm Valuation, and Market Reactions: Evidence from Korea
by Young Woo Ko
J. Risk Financial Manag. 2026, 19(4), 253; https://doi.org/10.3390/jrfm19040253 - 1 Apr 2026
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Abstract
This study examines stock market reactions to share repurchase announcements by firms listed on the Korean Stock Exchange from 2015 to 2024. Unlike the U.S. market, where share repurchases are generally viewed as a shareholder-friendly signal of strong firm performance, Korea’s institutional environment [...] Read more.
This study examines stock market reactions to share repurchase announcements by firms listed on the Korean Stock Exchange from 2015 to 2024. Unlike the U.S. market, where share repurchases are generally viewed as a shareholder-friendly signal of strong firm performance, Korea’s institutional environment permits relatively discretionary treasury stock transactions, potentially leading to heterogeneous investor responses. Using an event-study methodology, we analyze short-term abnormal returns around repurchase announcements, differences across stated repurchase motives, and the moderating role of firm valuation. We document significantly positive short-term abnormal returns following repurchase announcements, consistent with signaling-based explanations. However, these positive market reactions are driven exclusively by repurchases explicitly intended to enhance shareholder value. Furthermore, the market response to shareholder-value-oriented repurchases is significantly stronger among firms with lower valuation levels, suggesting that undervaluation enhances the credibility of repurchase signals. Overall, our findings indicate that repurchase announcements are not interpreted uniformly in the Korean market. Instead, investors condition their reactions on both managerial intent and firm-specific valuation contexts. By jointly considering repurchase motives and valuation effects, this study contributes to the literature by showing that the informational content of repurchase announcements is contingent rather than universal, and that signaling effects materialize primarily when managerial actions align with credible undervaluation signals. Full article
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