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Article
Publication date: 28 January 2025

Garrett C.C. Smith and Gary A. Danforth

We explore the apparent value of ERM within the CB landscape in the absence of endogeneity concerns.

Abstract

Purpose

We explore the apparent value of ERM within the CB landscape in the absence of endogeneity concerns.

Design/methodology/approach

We explore the observed market value of enterprise risk management (ERM) in a specific industry, community banks (CBs). To do this we employ standard event study methodology. We use the surprise failures of Silicon Valley Bank (SVB) and Signature Bank (SBNY) as a natural experiment to investigate this phenomenon.

Findings

We observe several consistent results. CBs with high institutional ownership and high insider ownership exhibited a negative relationship with abnormal returns. Univariate results indicate that there is a negative relationship between ERM and CB. However, multivariate results controlling for other known factors which impact returns indicate no relationship between ERM implementation and value for CBs. Finally, we find evidence the market considers CBs to have less risk of failure or exposure to regional banking contagion, as CARs are positive when using a regional bank index as the market model benchmark.

Research limitations/implications

These results call into question the value of ERM for CBs.

Originality/value

These results call into question the value of ERM for CBs. This is the first paper to explore ERM value within CBs using a natural experiment approach.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 19 September 2022

Aitzaz Ahsan Alias Sarang, Asad Ali Rind, Mamdouh Abdulaziz Saleh Al-Faryan and Asif Saeed

This study aims to examine whether information asymmetry (IA) mediates the relationship between women directors and the cost of equity (COE). Specifically, this study posits that…

Abstract

Purpose

This study aims to examine whether information asymmetry (IA) mediates the relationship between women directors and the cost of equity (COE). Specifically, this study posits that women directors tend to lower the COE through the channel of IA.

Design/methodology/approach

This study uses the US-listed firms’ data from 2002 to 2014, comprising 11,189 firm-year observations. This study measures the COE by aggregating the four unique market-based COE models and apply pooled ordinary least square to estimate our results.

Findings

This study documents that women directors are linked to IA, and that IA is linked to the COE. Furthermore, in the mediation test, IA fully mediates the relationship between women directors and the COE. This study's results also validate the critical mass hypothesis, as the IA shows full mediation between the critical mass of women directors and COE. This study also discusses the limitations and major implications of the results along with possible future directions.

Social implications

This study also supports the positive role of females in improvising the economic performance of the firms and supporting the sustainable development goals-5 (gender equality).

Originality/value

The originality of this study lies in its theoretical as well as empirical contributions. First, this study follows the line of inquiry of the mediation analysis, thereby contributing by examining whether the relationship between women directors and financial value, i.e. COE, is indirect. Second, in addition to ex post measures of the COE, this study used four ex ante unique market-based models to measure the COE. Most of the prior studies just rely on book-based measures or use a single market-based mode. Third, the findings contribute insights into how women directors add value and benefits firms.

Details

Journal of Financial Reporting and Accounting, vol. 22 no. 5
Type: Research Article
ISSN: 1985-2517

Keywords

Article
Publication date: 5 January 2024

Ken Farnes, Neville Hurst, Woon-Weng Wong and Sara Wilkinson

The purpose of this study was to explore and critique the benefits and disbenefits that transport orientated development (TOD) brings to neighbourhoods in proximity to public…

Abstract

Purpose

The purpose of this study was to explore and critique the benefits and disbenefits that transport orientated development (TOD) brings to neighbourhoods in proximity to public transport hubs.

Design/methodology/approach

This is an exploratory study that may also be described as a rapid review that aims to provide coverage of the available literature in a systematic process that is simplified to produce information in a timely manner. Due to the relatively small number of available studies from peer-reviewed sources, the variety of methods and data used and the constrained time available for this study, the study did not immediately lend itself to a more thorough systematic literature review.

Findings

The literature shows the discourse on TOD upholds its promise to create a high-density mixed-use walkable neighbourhood supported by transport infrastructure, increasing accessibility, minimising vehicle dependency, reducing traffic congestion, moderating urban sprawl and reducing pollution. There are few articles on the negative aspects of TOD, particularly concerning social exclusion, crime, sustainability and concerns about gentrification of neighbourhoods.

Research limitations/implications

The study did not immediately lend itself to a more thorough systematic literature review due to the relatively small number of available studies, the variety of methods and data used and the constrained time available for this study.

Originality/value

This study allows social investigators, policymakers and developers understand the benefits and disbenefits of TOD including policy implications regarding potential criminogenic factors.

Details

Smart and Sustainable Built Environment, vol. 14 no. 2
Type: Research Article
ISSN: 2046-6099

Keywords

Article
Publication date: 20 February 2025

Mary Brigit Carroll, Kasey Garrison, Simon Wakeling, Kay Oddone and Susan Reynolds

This paper reviews the corpus contained in the Knowledge Bank of Australian and New Zealand School Libraries (KBANZSL) to explore the under-researched history of Australian school…

Abstract

Purpose

This paper reviews the corpus contained in the Knowledge Bank of Australian and New Zealand School Libraries (KBANZSL) to explore the under-researched history of Australian school libraries and teacher librarianship. Through the analysis of publications in the knowledge bank, new insights into the history of school libraries and teacher librarians in Australia are gained and the intersecting relationship between school libraries and wider library and educational agendas are explored.

Design/methodology/approach

This paper uses a critical, and historical, bibliometric approach to provide new insights into the history of Australian school libraries. It examines the records of the Knowledge Bank of Australian and New Zealand School Libraries (KBANZSL) for trends and insights these records may provide.

Findings

The publications and collective memory captured within the Knowledge Bank of Australian and New Zealand School Libraries (KBANZSL) provide new insights into the rich history of the evolution of school libraries and teacher librarianship and, more particularly, the close links between formal and informal education, schools and libraries in Australia.

Research limitations/implications

The research was limited to Australia and did not include New Zealand.

Social implications

This research highlights the social value invested by the community in free access to knowledge through libraries over time and how this has impacted the provision of such access to children.

Originality/value

This paper takes an original approach to the exploration of school libraries in Australia through the use of historical bibliometrics. It uses this approach to analyse the published record and reflects on what this record can tell us about the inter-relationship between formal and informal education and library development in Australia. The findings provide new and valuable insights into the place of libraries in wider educational agendas and how political and community engagement with libraries influences the provision of library services to Australian children.

Details

History of Education Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0819-8691

Keywords

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