Special Issue "Recent Developments in Risk and Financial Management, Economic Methods, Financialization and Commercialization of Risk"

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

Deadline for manuscript submissions: closed (1 July 2022) | Viewed by 14650

Special Issue Editors

Prof. Dr. John Malindretos
E-Mail Website
Guest Editor
Faculty of Economics and Business, William Paterson University, Wayne, NJ 07470, USA
Interests: international finance; investments; corporate finance; banking; insurance
Prof. Dr. Theodoros Stamatopoulos
E-Mail Website
Guest Editor
Faculty of Business, Department of Accounting and Finance, University of West Attica, University Campus 2, P. Ralli &Thivon 250, 12244 Egaleo-Athens, Greece
Interests: applied economics and finance; international economics and finance; philosophy in economics and finance

Special Issue Information

Dear Colleagues,

This Special Issue is dedicated to the 17th edition of ICABE conference. The main themes are related to technology and business, digital money and cryptocurrencies and leadership in modern times. In addition, the conference highlights recent developments in research into several issues in risk and financial management, the role of corporate governance, financial stability of world economy, and recent developments in the EU and the USA regarding banking, default issues, regulation, and implications for asset and liability management.

As Guest Editors, we intend to indicate the current route of under-reviewed economic theory, after the Global and Financial Crisis of 2008 (GFC-’08) and the Eurozone banking and sovereign crises of 2010. We are mainly interested in conceptual papers making a holistic attempt to explain the risk which inherently exists within the economic system, producing economic and financial crises. We would like to see the terms “economic methods” (hypothetico-inductive, deductive, or hypothetico-deductive), “financialization” and the “commercialization of risk” discussed in future submissions, in the form of research articles, or even notes.

The editorial office of the journal provides several feature paper quotas for this Special Issue. A feature paper refers to a high-quality paper. When accepted after review, these papers will be published free of charge. Other papers will be published with a 50% discounted rate from the official fee charged by the journal. It is up to Guest Editors to decide whether to grant the full waiver to potential authors.

Should you have any questions related to Feature Papers, and/or to others, please feel free to contact the Guest Editors or JRFM’s editorial office ([email protected]).

Prof. Dr. Eleftherios I. Thalassinos
Prof. Dr. John Malindretos
Prof. Dr. Theodoros Stamatopoulos
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

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.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1200 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • technology and business
  • digital money
  • cryptocurrencies
  • leadership
  • risk and financial management
  • financialization
  • risk and economic policy
  • Commercialization of risk

Published Papers (8 papers)

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Research

Article
Does Board Gender Diversity Really Improve Firm Performance? Evidence from Greek Listed Firms
J. Risk Financial Manag. 2022, 15(7), 306; https://doi.org/10.3390/jrfm15070306 - 13 Jul 2022
Cited by 3 | Viewed by 951
Abstract
In recent decades, the contribution of board gender diversity to corporate performance has drawn the interest of researchers, politicians and regulators. This paper examines whether board gender diversity affected the financial performance of 111 Greek listed firms from 2008 to 2020. We use [...] Read more.
In recent decades, the contribution of board gender diversity to corporate performance has drawn the interest of researchers, politicians and regulators. This paper examines whether board gender diversity affected the financial performance of 111 Greek listed firms from 2008 to 2020. We use the two-step system GMM estimator to address the endogeneity problem, which is the appropriate method used in governance literature. Our main empirical finding supports the existence of a positive relation between board gender diversity and firm performance. This finding remains robust to three different proxies of gender diversity and under two alternative performance measures, i.e., return on assets and Tobin’s Q. We also find that there is an inverted U-shaped relation between the proportion of female directors and firm performance (measured by Tobin’s Q). Moreover, we find that gender diversity could lead to maximization of corporate performance when female participation in the boardroom reaches 33%. Thus, the imposition of an ad-hoc 25% female representation in corporate boardrooms, dictated by the new Law 4706/2020 on corporate governance, could most probably be an underproductive policy. Our findings have practical implications for Greek regulators and legislators and contribute to the governance literature for the case of companies that operate in a small open economy. Full article
Article
The Performance of Shrinkage Estimator for Stock Portfolio Selection in Case of High Dimensionality
J. Risk Financial Manag. 2022, 15(6), 249; https://doi.org/10.3390/jrfm15060249 - 01 Jun 2022
Viewed by 1191
Abstract
Harry Markowitz introduced the Modern Portfolio Theory (MPT) for the first time in 1952 which has been applied widely for optimal portfolio selection until now. However, the theory still has some limitations that come from the instability of covariance matrix input. This leads [...] Read more.
Harry Markowitz introduced the Modern Portfolio Theory (MPT) for the first time in 1952 which has been applied widely for optimal portfolio selection until now. However, the theory still has some limitations that come from the instability of covariance matrix input. This leads the selected portfolio from MPT model to change the status continuously and to suffer the high cost of transaction. The traditional estimator of the covariance matrix has not solved this limitation yet, especially when the dimensionality of the portfolio soars. Therefore, in this paper, we conduct a practical discussion on the feasible application of the shrinkage estimator of the covariance matrix, which is expected to encourage the investors focusing on the shrinkage–based framework for their portfolio selection. The empirical study on the Vietnam stock market in the period of 2011–2021 shows that the shrinkage approach has much better performance than other traditional methods on the primary portfolio evaluation criteria such as return, level of risk, Sharpe ratio, maximum loss, and Alpla coefficient, especially the superiority is even more evident when the dimension of covariance matrix increases. The shrinkage approach tends to create more stable and secure portfolios than other estimators, as demonstrated by the average volatility and maximum loss criteria with the lowest values. Meanwhile, the factor model approach is able to generate portfolios with higher average returns and lower portfolio turnover; and the traditional approach gives good results in the case of low—dimensionality. Besides, the shrinkage method also shows effectiveness when beating the tough market benchmarks such as VN-Index and 1/N portfolio strategy on almost performance metrics in all scenarios. Full article
Article
The Impact of Quality of Public Administration on Local Economic Growth in Vietnam
J. Risk Financial Manag. 2022, 15(4), 158; https://doi.org/10.3390/jrfm15040158 - 31 Mar 2022
Cited by 1 | Viewed by 1312
Abstract
This study examines how the quality of public administration influenced local economic growth in Vietnam from 2011 to 2019. Based on previous studies, we evaluate this impact through the Cobb–Douglas function includes government capital, thereby examining both the individual and interactive effects of [...] Read more.
This study examines how the quality of public administration influenced local economic growth in Vietnam from 2011 to 2019. Based on previous studies, we evaluate this impact through the Cobb–Douglas function includes government capital, thereby examining both the individual and interactive effects of local government expenditures and quality of public administration on local economic growth in Vietnam. The system GMM method (SGMM) was used to estimate the model with data collected from 61 provinces and cities in Vietnam in the period 2011–2019. The findings suggest that local government expenditures and quality of public administration positively influence local economic growth in Vietnam. Thereby, the authors propose policy implications to improve the efficiency of local government expenditures on local economic growth in Vietnam in terms of public administration. Full article
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Article
Optimum Structure of Corporate Groups
J. Risk Financial Manag. 2022, 15(2), 88; https://doi.org/10.3390/jrfm15020088 - 18 Feb 2022
Viewed by 1375
Abstract
Corporate groups consist of a set of companies, often described as subsidiaries, which are usually controlled by one single entity, the parent or holding company. The term control means the parent company’s rights to direct the relevant activities of other companies. A parent [...] Read more.
Corporate groups consist of a set of companies, often described as subsidiaries, which are usually controlled by one single entity, the parent or holding company. The term control means the parent company’s rights to direct the relevant activities of other companies. A parent company can control a subsidiary either directly or indirectly through its voting power. Groups’ structure can be very complex usually with multiple crossholding and loop participations driving to not observable sharing rights. The aim of this paper is to examine how the parent company of a group with given participation rates can increase its capital by changing the share structure of the group and maintain management control over the group while the least capital comes from the majority. Furthermore, using evolver software we derive to the new optimal structure of the group and the maximum parent’s cash inflow from shares exchange. The value of this research to show the possibility for a parent company to create additional capital, by maximizing the minority interest, and at the same time direct voting rights in its favor. Full article
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Article
The Development of an Integrated External Environment Monitoring Framework Aimed at the Internal Control of the Procurement Process of Fat and Oil Companies
J. Risk Financial Manag. 2022, 15(2), 50; https://doi.org/10.3390/jrfm15020050 - 21 Jan 2022
Viewed by 1706
Abstract
The article deals with the development of methodical recommendations for monitoring the external environment aimed at the internal control of the procurement process in business based on a risk-oriented approach and with the digital techniques used by fat-and-oil industry companies. For research purposes, [...] Read more.
The article deals with the development of methodical recommendations for monitoring the external environment aimed at the internal control of the procurement process in business based on a risk-oriented approach and with the digital techniques used by fat-and-oil industry companies. For research purposes, the following were necessary: first, to develop an integrated scheme for monitoring the external environment aimed at the internal control of the procurement process, taking into account the specifics of the commercial organization’s activity; and second, to analyze the features of the integrated monitoring scheme with the use of digital techniques. The methodology for developing methodical recommendations for monitoring the external environment aimed at the internal control of the procurement process is based on a risk-oriented approach, the unforeseen circumstances theory, and the use of big data and business analytics. In the first section, the authors substantiate the relevance of the research topic. In the second section, investigations on the topic are reviewed, the theoretical foundations are summarized, and research hypotheses are formulated. The third section determines the methodology of the study. The fourth section presents the research results, their practical value, recommendations and limitations, and the developed integrated scheme for environment monitoring with regard to the internal control of the procurement process based on a risk-oriented approach taking into consideration the specifics of the fat and oil industry. This section also determines the specifics of the digital techniques used for monitoring the environment and discusses issues surrounding the external monitoring of raw material prices, different types of work, and services based on digital techniques aimed at internal control. In the fifth and final section of the article, the authors analyze the research results and substantiate the prospects for further research in this area. The research results could be used by commercial companies in processing industries which are undergoing digital transformation and developing platform solutions aimed at improving internal control. The main research result of this article is the development of methodical recommendations for monitoring the external environment aimed at the internal control of the procurement process in business based on a risk-oriented approach with the use of digital techniques and a developed integrated monitoring scheme. Full article
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Article
Digital Transformation of Small and Medium Enterprises: Aspects of Public Support
J. Risk Financial Manag. 2022, 15(2), 45; https://doi.org/10.3390/jrfm15020045 - 20 Jan 2022
Cited by 7 | Viewed by 2296
Abstract
The purpose of this study is to identify the necessary public support measures for small and medium-sized enterprises (SMEs) and provide policy makers with guidance on how to facilitate a successful digital transformation. The study is based on a representative survey of 425 [...] Read more.
The purpose of this study is to identify the necessary public support measures for small and medium-sized enterprises (SMEs) and provide policy makers with guidance on how to facilitate a successful digital transformation. The study is based on a representative survey of 425 Latvian SMEs carried out in spring 2021. We combine three analyses: a survey among SMEs, qualitative comparative analysis and regression analysis. The results of this study show that a significant number of SMEs are convinced that they will not be able to cope with digital transformation without various kinds of assistance, with direct financial support from the state or EU funds and tax incentives playing a major role. The range of public support required is rather wide, from staff training, mentoring and increasing the potential workforce to tax relief and direct financial support. We found statistically significant differences in public support needed depending on the size of SMEs and their ability to independently manage digital transformation. These findings could be useful for policymakers, managers and practitioners to identify various forms of public support that can maximize the impact of digital transformation not only on business, but also on society as a whole. Full article
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Article
The Impact of Digital Transformation on Performance: Evidence from Vietnamese Commercial Banks
J. Risk Financial Manag. 2022, 15(1), 21; https://doi.org/10.3390/jrfm15010021 - 07 Jan 2022
Cited by 4 | Viewed by 3971
Abstract
The role of digital transformation in creating value for commercial banks has been interesting to researchers for a long time. While many commercial banks have significantly investigated digital transformation, researchers and managers have still met many difficulties examining the distribution of digital transformation [...] Read more.
The role of digital transformation in creating value for commercial banks has been interesting to researchers for a long time. While many commercial banks have significantly investigated digital transformation, researchers and managers have still met many difficulties examining the distribution of digital transformation to business performance. This paper aims to evaluate the impact of digital transformation on Vietnamese commercial banks’ performance by different sizes, from there proposing policy implications of digital transformation to improve the banking performance. To achieve this goal, we used a quantitative research method. Specifically, we applied the GMM system (SGMM) of Blundell and Bond for the data of 13 joint-stock commercial banks in Vietnam in the period from 2011 to 2019. Then Bayesian analysis is performed to test the robustness of the models estimated by the SGMM method. The result shows that the digital transformation has a positive impact on the performance of Vietnamese commercial banks. Besides, we also find that the larger the banks, the greater the positive impact of digital transformation on bank performance. Therefore, the efficiency of digital transformation depends on a bank scale. Full article
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Article
Development of Tools for Synergy of Social Functions of the State and Housing Mortgage Loans in Russia: Regional Analysis of the Central, Southern and Volga Federal Districts
J. Risk Financial Manag. 2022, 15(1), 8; https://doi.org/10.3390/jrfm15010008 - 31 Dec 2021
Viewed by 669
Abstract
The article researches the features of the synergy of the social functions of the state and the housing mortgage loan (HML) in order to develop a tool that allows determining guidelines and directions for strengthening the effectiveness of collaboration between the state and [...] Read more.
The article researches the features of the synergy of the social functions of the state and the housing mortgage loan (HML) in order to develop a tool that allows determining guidelines and directions for strengthening the effectiveness of collaboration between the state and the private sector represented by commercial banks in solving the most important social problem—providing housing to the population. The authors show that the use of the proposed assessment tool by state structures and commercial banks increases the effectiveness of solutions to the housing problem in the country and enhances the synergetic effect of a comprehensive increase in the standard of living of the population when synchronizing actions. The main purpose of the research was to develop an algorithm that determines the key factors influencing the number of issued HML. The object of the study is the Russian HML market on the example of three federal districts. The developed algorithm is based on the use of statistical analysis methods ANOVA, mutual regression and recursive feature elimination. The approbation of the results obtained on three subjects of the Russian Federation allowed us to obtain a set of significant factors of influence, taking into account regional peculiarities. Full article
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