Search Results (233)

The study examines economic and non-economic endeavors to explore the association between family involvement and financial decisions within family firms. The non-economic factors of a family drive the need to analyze the impact of socioemotional factors on the financial policies of the family firms. The study explores the impact of family ownership, family management, and family control drawn from agency theory and socioemotional wealth perspectives on the financial decisions of family firms. Our findings in support of the socioemotional wealth perspective show a positive relationship between family ownership and debt financing with a desire to finance growth and avoid control dilution, with an increase in the level of debt. However, the involvement of family members in management and the top management team leads to an adverse relationship between family ownership and debt level, exhibiting the risk-averse behavior of a firm, which drives firms to reduce debt levels. Overall, our findings suggest that the perceptions of the socioemotional wealth theoretical paradigm are important in determining capital structure decisions in family enterprises. The results are resilient to potential endogeneity and heterogeneity difficulties, which may assist scholars and practitioners in assessing capital structure decisions in emerging economies. Full article

Energy poverty, resulting from poor energy efficiency and economic and social barriers to accessing appropriate, modern, and sustainable energy services, remains a critical issue in Jordan, a country facing growing climate pressures, particularly given its history of rapid urbanization. This study examines energy poverty through a multidimensional lens, considering its spatial and socio-demographic variations across Jordan. Drawing on data from 19,475 households, we apply a novel energy poverty index and binary logistic regression to analyze key determinants of energy poverty and discuss their intersection with climate vulnerability. The energy poverty index (EPI) is structured around four pillars: housing, fuel, cooling, and wealth. The results show that 51% of households in Jordan are affected by energy poverty. Contributing factors include geographic location, gender, age, education level, dwelling type, ownership of cooling appliances, and financial stability. The results indicate that energy poverty is both a socio-economic and infrastructural issue, with the highest concentrations in the northern and southern regions of the country, areas also vulnerable to climate risks such as drought and extreme heat. Our findings emphasize the need for integrated policy approaches that simultaneously address income inequality, infrastructure deficits, and environmental stressors. Targeted strategies are needed to align social and climate policies for effective energy poverty mitigation and climate resilience planning in Jordan. Full article

Consanguinity is the marriage of two related persons. This type of marriage is one of the main pillars when it comes to recessive hereditary diseases, birth defects, infertility, miscarriages, abortion, and infant deaths. Intermarriage continues to be a common practice in various communities in North Africa, the Middle East, and West and South Asia, as well as among migrants from Europe and North America, even though in more and more countries it has become illegal. Even if security and stability are some of the motivations for consanguineous marriage, studies show that women often suffer physical and verbal abuse from their husbands. However, because of the blood bond, tolerance for these habits is much higher. In addition, it seems that the divorce rate is much lower because separation would affect the entire state of the family. The choice of partner is significantly influenced by variables such as limited access to education and financial resources. Illiterate people coming from poor rural areas are much more likely to choose consanguineous marriage to maintain wealth in the family. The lack of medical knowledge about the negative effects of consanguinity leads to an increased rate of abortions, infant deaths, and births of children with congenital birth defects. Today, because of the process of urbanization and increased levels of knowledge, the younger generation is becoming increasingly less receptive to this particular form of marriage. In addition, as education has become more accessible to women, they have become more independent and eager to fulfill their own goals and not the wishes of the family. In conclusion, contrary to the many apparent advantages of consanguineous marriage, partners should put genetic risks first, as medical problems bring with them increased costs in the medical system and also within the family, leading to even lower economic status and consequently perpetuation of this type of marriage. Full article

Determining the optimal portfolio is important in the investment process because it includes the selection of appropriate fund allocation to manage financial risk effectively. Although risk cannot be entirely eliminated, it is managed through strategic allocation based on investor preferences. Therefore, this research aimed to use mathematical models, including the power utility function, the natural logarithm utility function, and a combination of both, to capture varying degrees of risk aversion. The optimal allocation was obtained by analytically maximizing the expected end-of-period wealth utility under each specification, where the investor level of risk aversion was derived by determining the constant. The utility function that failed to produce closed-form solutions was solved through the use of a numerical method to approximate the optimal portfolio weight. Furthermore, numerical simulations were performed using data from two stocks in the e-commerce sector to prove the impact of parameter changes on investment decisions. The result showed explicit analytical values for each utility function, providing investors with a structured framework for determining optimal portfolio weights consistent with their risk profile. Full article

The growth of the older adult population, their wealth accumulation, and vulnerabilities from aging have contributed to increasing rates of abuse, fraud, and financial exploitation. However, the current responses and services are fragmented and ineffectual. This paper develops a novel strategy for addressing the variation in response and victim service provision through the development of a problem-solving court that is informed by the principles of restorative justice. Given the unique challenges, cases, and population, a problem-solving court for crimes against older adults will provide tailored interventions, responses, and sanctions while ensuring that older adult victims and their communities are at the center of the criminal justice process and that their needs are prioritized. Research on problem-solving courts; restorative justice; and older adult abuse, fraud, and financial exploitation are integrated with data from a case study of older adult financial exploitation in a large retirement community to develop the model problem-solving court. Consistent with best practices in victim services, the model court will provide comprehensive services in a one-stop location, while simultaneously increasing accountability for offenders who prey on this vulnerable population. The paper concludes with a plan to guide the implementation and evaluation of the proposed model problem-solving court for older adult abuse, fraud, and exploitation. Full article

Audit committees monitor the actions of managers as they pursue the goal of shareholder wealth maximization. The purpose of this study is to measure the impact of audit committee oversight on novel aspects of firm performance, including investor rationality, price expectations, human capital, and research and development expenses. It extends the literature to non-financial outcomes of audit committee oversight. The literature thus far has focused on the financial effects of audit committee oversight, such as return on assets, return on equity, risk, debt capacity, and firm value. Data was collected from 588 publicly traded firms in the U.S. pharmaceutical industry and energy industry from 2010 to 2022. Audit oversight was measured by the novel measurement of the frequency of the term ‘audit committee’ in annual reports and Form 10Ks from the SeekEdgar database. COMPUSTAT provided the remainder of the data. Panel Data fixed-effects models were used to analyze the data. Audit committee oversight significantly increased investor rationality, significantly reduced price expectations, and significantly increased human capital investment. An inverted U-shaped relationship occurred for audit committee oversight and research and development expenses, with audit oversight first increasing research and development expenses, then decreasing them. The study makes several contributions. First, the study uses a novel measure of audit oversight. Second, the study predicts the effect of audit committee oversight on unexplored non-financial measures, such as human capital and research and development expense. Third, the study offers a current test of the Miller model, as the last tests were performed over 20 years ago. Fourth, the study examines the impact of auditing on market measures that have not been explored in the literature, such as investor rationality and short selling. Full article

In low-demand areas, optimizing public transport operations requires strategies that go beyond infrastructure improvements. Among the various influencing factors, time wealth—the perceived freedom and flexibility in managing one’s time—emerges as a critical component in encouraging public transport use. Temporal factors like time cost and scheduling inconvenience often hinder usage, making time-related perceptions essential for effective and inclusive transport strategies. This study investigates time wealth as a component of perceived behavioral control in shaping public transport intention. Using empirical surveys in Japan, factor analysis and structural equation modeling identified three dimensions of time wealth and assessed their influence on behavioral intention. Results show that greater time wealth reduces the perceived difficulty of using public transport, thereby enhancing user intention. Positive attitudes and awareness support effective public transport interventions. While improving accessibility and convenience is important, addressing fare affordability is equally vital. A balanced approach that enhances both the experiential and financial aspects of public transport is crucial for maximizing its utilization. These findings highlight the need for integrated strategies that enhance both temporal and financial aspects to boost public transport use. Full article

Modern healthcare generates significant amounts of greenhouse gas emissions and waste, which pollute the global environment and damage human health. Healthcare firms could reduce these environmental emissions and waste by developing environmentally friendly technologies and production processes. However, the implementation of green innovations requires significant investments. Healthcare equity mutual funds could provide them financial resources whether this allows fund managers to comply with their fiduciary duties. Previous literature has examined the financial performance of healthcare mutual funds without considering the environmental practices that investees adopt. To understand this issue, we examined the effect of investees’ environmental business practices on healthcare fund financial performance by considering different states of the economy. To this end, we obtained a sample of 148 global healthcare equity mutual funds from December 2015 to December 2022. Adopting the Fama–French model, our findings indicate that mutual funds improve financial performance when investee firms are in the initial phase of greening their processes and activities. However, the mutual funds invested in healthcare firms with advanced environmental practices achieve risk-adjusted returns similar to those invested in healthcare firms that implement conventional business management strategies. Furthermore, the financial performance of healthcare mutual funds is not significantly affected by the COVID-19 pandemic crisis at the aggregate level. Therefore, adopting environmental practices in the healthcare sector will not result in a loss of investor wealth from 2016 to 2022. Full article

The study documents the achievements of the Islamic Banking Services Industry (IBSI) in light of Islamic finance objectives (including commercial performance, financial stability, and wealth distribution). A balance sheet analysis of IBSI in the United Arab Emirates (UAE) for 33 quarters (2013 Q4–2021 Q3) is conducted, focusing on sources and uses of funds, as well as documentation of commercial performance. The findings suggest that the UAE IBSI has remained successful in achieving its micro/primary objectives (commercial performance) and made progress towards partial achievement of its macro/intermediate objectives (financial stability and equitable wealth distribution). While evidence suggests achievements in the area of financial stability, the aspect of equity in wealth distribution requires more focus. The study recommends that regulators develop a legal framework focusing on the business models for IBSI, aimed at achieving broader economic objectives. It is also recommended that managers of UAE IBSI include profit and loss-sharing contracts in deposit collection, financing and investment portfolios. The contribution to the literature includes the documentation of findings on the achievements of UAE IBSI in financial performance, as well as its broader economic objectives within the Islamic financial system. Full article

This paper explores optimal consumption and investment strategies for agents facing mortality risk within a complete financial market. Departing from traditional frameworks, we leverage state-dependent utility theory, discounted by the state–price process, to compare consumption streams and utilize life insurance as a strategic hedging instrument. To model the ability of insurance companies to hedge the mortality risk of consumer pools, we introduce the concept of life insurance completeness, allowing individuals to achieve optimal consumption even in scenarios involving negative wealth. Our model relaxes the stringent integrability conditions commonly imposed in the literature, offering a more economically grounded approach to valuation and hedging. We derive a general solution to the optimization problem using martingale techniques under minimal assumptions, demonstrating that life insurance primarily serves as a mortality risk hedge rather than a bequest motive. This perspective resolves longstanding theoretical and empirical challenges, notably the annuity puzzle, by illustrating that optimal consumption and investment, in the absence of labor income, do not necessitate annuities or other life insurance policies. Our key contributions include (1) extending valuation frameworks to encompass prepaid insurance and less restrictive integrability criteria, (2) establishing life insurance completeness for effective mortality risk hedging, (3) demonstrating the feasibility of optimal consumption under negative wealth and state-dependent preferences, and (4) offering a resolution to the annuity puzzle that aligns with empirical observations. Full article

This study examines the impact of housing price increases on income inequality using the dynamic system GMM for OECD countries (2010–2021). We test the hypothesis that housing price appreciation affects income distribution differently based on economic development levels and homeownership patterns. The analysis is conducted both for the entire sample and by dividing countries into two groups based on per capita income, Group 1 (16 countries) with below-median per capita GDP and Group 2 (17 countries) with above-median per capita GDP, to account to account for structural differences in housing markets, financial systems, and wealth accumulation mechanisms. The findings show that rising housing prices help reduce income inequality, especially in countries that are relatively low-income and where more low-income households own their homes. Specifically, our estimates indicate that a one-point increase in the housing price index leads to a statistically significant (p < 0.05) 0.21 percentage point reduction in the Gini change rate in lower-income countries. However, in higher-income countries, the effect of housing prices on inequality is statistically insignificant, suggesting that the relationship between housing markets and income inequality varies across different economic contexts. This insignificance likely stems from countervailing forces: while housing appreciation increases wealth for homeowners, higher housing costs may disproportionately burden lower-income households through rental markets in these economies. The findings highlight the importance of country-specific housing programs that consider homeownership patterns and financial market access in tackling inequality, along with comprehensive public social policies. Our study has implications for policymakers seeking to address inequality through housing market interventions, particularly during the post-2008 recovery period and into the early pandemic phase. Full article

Intimate partner violence (IPV) continues to be a serious public health issue, particularly in Ghana. It is crucial to create evidence-based, preventative measures to stop IVP. This study empirically investigated the factors related to married women’s perceptions of male IPV against women. The United Nations Sustainable Development Goals (SDGs) (Goal 5.2) advocate for the elimination of male violence against women by governments, hence this study contributes to monitoring the progress being made. This study employed cross-sectional secondary data from Ghana Multiple Indicator Cluster Surveys (MICS) conducted in 2018 with a sample of 14,237 women aged 15–49. Data were analyzed using descriptive statistics and bivariate and multivariate logistic regressions, and the results were presented as odds ratios (ORs) with a confidence interval (CI) of 95%. Women’s justification of male IPV against women was correlated with socio-demographic factors such as education level, marital status, age of the woman, area of residence (rural or urban), ethnic background, and economic disadvantage (wealth status). Higher educated women (OR 0.248 [95% CI 0.185–0.332, p < 0.001]) were less likely to justify male IPV against women than women with no/less formal education. Women who were in the richest quintile (OR 0.766 [95% CI 0.634–0.926, p = 0.006]) were less likely than those in the poorest/lowest quintile to rationalize/justify intimate partner violence. In terms of ethnicity of the household head, the Ga/Dangme (OR 0.86 [95% CI 0.714–1.036, p = 0.112]) had lower odds of justifying male IPV against women compared to the Akan. The government, through the Ministry of Gender and Child Protection and women’s advocacy groups, should devise strategies, programs, and policies to empower women through formal education and economically through job training and employment support for women and victims to help them achieve financial independence and reduce negative attitudes toward women and the prevalence of male IPV against women. Full article

Economic financialization refers to misappropriating workers’ earnings and enriching wealthy individuals through financial cycles. This process leads to an unequal distribution of wealth and income, particularly pronounced between urban and rural areas. This article examines the impact of economic financialization on the income gap between urban and rural residents by analyzing provincial-level data from China collected between 2003 and 2022. Utilizing the FE-SCC model and SDM, this study reveals that economic financialization increases the income gap between urban and rural residents, especially in eastern China and regions characterized by advanced economic development. The findings indicate that economic financialization significantly exacerbates the wage income gap between urban and rural residents but reduces the property income gap, which relates directly to the nature of work performed by urban and rural residents. The income disparity between these two groups correlates with each region’s economic financialization level. It is influenced by spillover effects from neighboring areas, evidenced by a phenomenon known as “club convergence”. Strengthening regulations on economic financialization, leveraging policy-driven financial systems, promoting regional development, and enhancing inclusive financial services could alleviate income disparity in urban–rural areas and improve the population’s overall well-being. Full article

This study examines the impact of family directors, family shareholding, and family control on the environmental and social dimensions of ESG in family business governance. Scholars debate whether family businesses prioritize short-term gains over long-term ESG issues or, due to their long-term focus, integrate ESG into their strategies. One group of scholars argues that family businesses tend to focus excessively on short-term financial performance, neglecting long-term non-financial performance. In contrast, another group contends that due to socioemotional wealth considerations, family businesses place particular emphasis on long-term non-financial performance. This study utilizes data from publicly listed companies in Taiwan to conduct relevant research. Furthermore, we incorporate external governance variables to examine their impact on environmental and social performance. The research data come from the TEJ database. The sample is the annual data of listed companies in Taiwan. The sample period covers 2015 to 2022, with a total of 4377 company-year observations. The study finds that the corporate governance mechanisms of family enterprises have a negative and significant impact on environmental and social performance. However, external governance factors, such as higher institutional investor shareholding ratios, third-party-verified sustainability reports, and corporate governance evaluations, help mitigate these negative effects. Future research could extend the study period and explore additional external governance variables or alternative datasets to enhance the robustness and generalizability of the findings. Full article

Background: Vaccine hesitancy represents a significant global health challenge that greatly hinders public health efforts focused on managing the transmission of infectious diseases. A wealth of original research conducted worldwide has examined various incentives that could help alleviate vaccine hesitancy and increase vaccination rates. Although some findings are conflicting, no comprehensive review has yet assessed the overall effectiveness of these strategies. This study aims to bridge this knowledge gap by examining how financial incentives influence people’s willingness to undergo vaccination. Methods: In August 2024, we extensively searched four databases for studies focusing on financial incentives and vaccination rates. Examples of financial incentives included lottery tickets and hypothetical or physical monetary rewards ranging in various amounts depending on the study. We selected nineteen relevant articles from a larger pool and evaluated them for validity and bias. Results: Around eighty percent of the research focused on COVID-19 vaccines, driven by the ongoing pandemic and the debates surrounding their use. Most of the studies indicated a positive influence of financial incentives on vaccination rates, although they often came with a higher risk of bias. Conversely, several studies suggest that financial incentives do not result in benefits. Instead, they highlight other factors that have a more profound effect on influencing people to undergo vaccination. The remaining studies are inconclusive regarding the effectiveness of financial incentives, concluding the need for further research. The strategies to mitigate these concerns included a combination of legal and monetary incentives. Summary: The effectiveness of financial incentives in boosting vaccination rates seems to differ significantly based on the region and context. They tend to be more effective in economically disadvantaged developing countries. In contrast, in developed nations, they may be ineffective or counterproductive due to various confounding factors such as financial background, lack of trust in the healthcare system, and/or lack of patient education. In resource-rich areas, educational programs often yield better results, and addressing widespread mistrust in healthcare systems and governmental policies through transparency is essential. Ultimately, employing tailored incentives alongside public education could enhance vaccination acceptance, particularly in culturally diverse countries like the United States, where understanding community preferences is crucial. Full article