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The purpose of this paper is to analyze the wealth effect of involuntary delisting and investigate insider opportunism and the role of corporate governance, liquidity and legal environment in involuntary delisting in Japan’s stock market.

The authors use a sample of 136 involuntarily delisted firms in Japan’s stock markets between 2002 and 2012. The authors examine ownership changes of inside shareholders prior to delisting and estimate regression models for the wealth effect of involuntary delisting.

Involuntary delisting is highly disruptive in Japan, and limited liquidity of delisted stocks appears to be an important cause. However, the ownership reduction of inside shareholders before delisting is limited, totaling 2–3 percent. For delisted firms with an insider bank, the decrease in share price leading up to a delisting announcement is much less, while the decrease in share price upon a delisting announcement is far greater.

The study investigates involuntary delisting in regard to the opportunistic behavior of inside shareholders and the role of institutional environment in Japan’s stock market. Insiders, especially insider banks, maintain ownership in a distressful context leading to the forcible delisting of a distressed firm. The authors find some evidence that suggests that the market believes the insider bank will try to prevent the ailing firm’s insolvency. The findings are consistent with the implicit relational contracts that characterize Japanese firms.

This paper explores the impact of tone complexity on the cost of debt in the USA.

A sampling from 692 publicly nonfinancial-traded companies in the USA is employed over the period between 2010 and 2018. Generalized methods of moments (GMM) model is implemented to examine the impact of tone complexity on the cost of debt and its implications upon creditors and users.

The findings show that high-tone complexity is associated with a greater cost of debt. The use of a more complex tone in a company's annual reports has been shown to influence creditors' perceptions of risk.

This research pursues innovation by examining how creditors can use the tone complexity of annual report to assess the level of information asymmetry and estimate the required rate of return accordingly.

This study aims to analyze the stock market reaction of the small and medium sectors in the Southeast Asian countries (SEACs), including China, to the Russia–Ukraine war.

This study uses the event study methodology to quantify the magnitude and direction of the impact of the Russia–Ukraine war on the performance of small and medium indices of SEACs. Assuming market efficiency, this study uses the market model to capture abnormal returns on the event date and across the event window.

The Russia–Ukraine war adversely affected most of the sample countries, with a prolonged impact over the 50-day post-event window. In most cases, the study has failed to establish statistical significance for the results. One major reason for the low impact is the proactive role of the governments of the SEACs in mitigating the war’s impact on their respective economies by providing subsidies, exercising price controls and stockpiling.

To the best of the authors’ knowledge, this study is the first to analyze the impact of the Russia–Ukraine war on the small and medium sectors of SEACs, including China. It highlights the importance of geographic proximity and the proportion of bilateral trade in understanding how war and geopolitical tensions affect the stock market performance in other countries in the current global scenario. In addition, this study uses a range of parametric and nonparametric tests that adjust for the cross-country dependence and event-induced volatility to substantiate the statistical significance of the results and this supports the robustness of the results.

The COVID-19 pandemic has significantly affected service small- and medium-sized enterprises (SMEs), increasing the importance of understanding how these businesses can become more resilient and how service innovation can be an effective strategy to increase their adaptive capacity and survival. This study aims to examine the role of dynamic capabilities in service innovation as a factor explaining the resilience of SMEs in Puerto Rico and the Dominican Republic during the COVID-19 crisis and its impact on service innovation. Additionally, the authors assess whether service innovation has a significant impact on value cocreation in these businesses.

This study used a quantitative method by surveying 118 SME owners in Puerto Rico and the Dominican Republic. The data were analyzed using partial least-squares structural equation modeling.

The results reflect important theoretical contributions by analyzing resilience from an innovation perspective instead of a retrospective approach, which is an area that has not been analyzed in the literature. Additionally, theoretical contributions to marketing services in SMEs are discussed, which is an underresearched topic. The results advance by discussing the role of service innovation through the reconfiguration of resources and how this can be an effective strategy to increase value cocreation with customers during crises.

This study is original in that it analyzes resilience from the perspective of innovation, and not from a retrospective approach. It offers a vision in response to the need for studies that provide a clearer conceptualization of resilience in small businesses. This highlights the importance of considering regional differences and service innovation as effective strategies to enhance resilience and value cocreation with customers.

This study aims to investigate the relationships between loan growth, loan losses and net income after the 2008 global financial crisis. This study further conducts a comparative analysis by considering the period of COVID-19.

This study uses panel data models such as one-step system GMM, random effects, fixed effects and OLS, with a data set of 131 Chinese commercial banks from 2009 to 2020.

The study finds no significant relationship between loan growth and future loan losses. However, after adjusting loan loss by net interest income (NII-adjusted loan loss), the study reveals that loan growth in the subsequent year decreases if NII-adjusted loan loss increases. The study also demonstrates the positive effect of loan growth on net income as newly expanded loans are funded at similar costs but offered at a lower rate compared with existing loans. During COVID-19, loan growth and net income were higher than in previous years.

The findings suggest that Chinese banks can increase lending to support the economy without sacrificing loan quality, emphasizing the importance of maintaining and enhancing credit policies and practices. Chinese banks should also continue to refine their pricing strategies for loans and deposits. The findings also imply that China's policy responses to the impact of COVID-19 could serve as lessons for future policy decisions.

This paper aims to document the impact of corporate cash holdings on firm performance in Middle East and North African (MENA) emerging markets. The authors also examine how the quality of national governance shapes the interaction between corporate cash holdings and firm performance.

The authors employ data from non-financial firms listed on the stock markets of twelve MENA countries between 2004 and 2018. The empirical model avoids the shortcomings of the prior literature by applying a dynamic framework to the relationship between cash holdings and firm performance.

This research reports a significant positive relationship between corporate cash holdings and firm performance. The results appear to be more pronounced in countries with strong national governance and more developed institutional settings. The findings demonstrate that most benefits of corporate cash holdings can be achieved under strong institutional settings. The authors argue that the positive impact that national governance has on individual firms by reinforcing investors' protection and lowering agency problems increases the added value of cash holdings.

The findings should encourage local authorities and policymakers to reinforce the law and instigate new regulations to strengthen the quality of national governance and restore the integrity of local markets.

Prior studies have largely been silent on how national governance can shape the relationship between corporate cash holdings and firm performance. This paper draws attention to this issue within the context of MENA emerging markets. To the authors' best knowledge, this is the first study that explores the interaction between cash holdings, firm performance and national governance in MENA emerging markets.

Non-performing loans (NPLs) may determine an overall weakness of the banking system within a country. The purpose of the present study is to analyze the impact of government failures on NPLs in Asian countries in the time span 2000–2020. The variables employed as proxies of government failures are public debt as % of gross domestic product (GDP) and a government ineffectiveness index proposed by the World Bank.

The econometric approach employed is a panel generalised time series (GLS) model with heteroskedasticity and autocorrelation specific to each panel.

The results confirm that public debt as % of GDP and governmental ineffectiveness impacted significantly on NPLs for Asian countries in the observed period.

The literature offers similar results only for some individual Asian countries, while a wider analysis is lacking for Asian macroareas. The present paper considers 31 Asian countries, and supports the idea that a healthy financial sector is correlated to institutional quality and political regime. Hence, policy makers are advised to monitor governance indicators to reduce NPLs.

This study aims to explore the concept of green building by determining a suitable system for categorising green building features (GBFs) that are considered significant in enhancing the value of a building in a developing economy with particular reference to South Africa. The motivation for categorising the features is based on the perception that the upsurge in adopting green building and sustainability has ushered in a new and formidable set of challenges to practising professionals in terms of recognising the most significant value-adding GBFs.

A quantitative approach was adopted, involving randomly selected construction professionals within the Western Cape Province of South Africa. The data were analysed using descriptive and inferential statistical analysis tools.

Based on the mean ranking analysis, the top three most important features, amongst others, were kitchen and water-closet (WC) water efficient fittings, megawatt photovoltaic solar plant and water metering for monitoring and leak detection. Additionally, an exploratory factor analysis revealed that the underlying grouped features were “recycled materials and high-performance building energy design”, “water-saving and solar technologies”, “biometric system and acoustical feature”, “sensor control and natural daylight design”, “daylight harnessing feature”, “high-performance hydrologic strategy and noise control feature” and “special utility feature and water efficiency technologies”.

This study was conducted and limited only to the Western Cape Province of South Africa. However, the findings have practical significance to the generality of green building projects and may serve as a useful guide for other developing countries.

This study broadens the viewpoint of construction professionals to recognise and prioritise the most important GBFs in South Africa that increase the value of a building. To create a system for assessing the sustainability of a building, the seven components and the features associated with them may be useful.

Drawing on social exchange and street-level bureaucracy (SLB) theories, the authors of the present paper seek to identify how public banks in Egypt strategically manage their frontline employees to maintain high performance even during periods of economic uncertainty.

The empirical sample comprises semi-structured interviews with 28 frontline employees working in 4 public banks. The authors used the Gioia mechanism to analyze their data.

The authors identified job-related (discretionary power of bank employees, nature of banking jobs and hiring elite individuals for banking jobs); learning-related (continuous learning of bank employees, spread of MBA programs and resilience of bank employees) and context-related categories of factors (career support and more financial rewards during economic uncertainty) that explain the stability of the performance of the frontline bank employees addressed in this study despite the economic uncertainty their country is passing through.

Given the findings of the present paper, the authors propose that the administration of the addressed banks maintain the policy of providing training opportunities to their employees. However, such training should pay more attention to issues such as crisis management, customer-employee engagement and the mental health of employees during crises, among others. Second, as dissatisfaction is very high with other public sector organizations in Egypt, their top management should try to learn from public banks, follow the best practices and collaborate with them to improve their service offerings to the citizens. Finally, for global financial institutions such as the International Monetary Fund who are involved in rescuing Egyptian economy should incorporate strategic human resources management implementation in public sector organizations in their recommendations, along with economic reforms package.

This paper contributes by filling a gap in the literature on strategic human resources management and economic uncertainty in which empirical studies of the association between them, particularly in the context of North African countries such as Egypt, have been limited so far.

This study aims to develop an electrochemical sensor for the detection of benzophenone (BP) as an alternative to conventional techniques that are known, expensive, complex and less sensitive.

The developed sensor is a platinum electrode modified with a plasticized polymer film based on ß-cyclodextrin, using PVC as the polymer, PEG as the plasticizer and ß-CD as the ionophore. This sensor is characterized by various techniques, such as optical microscopy, scanning electron microscopy and cyclic voltammetry. This latter is also used for analyzing kinetic processes at the electrode/electrolyte interface and to evaluate the selectivity and sensitivity of the sensor.

The results highlight the performance of our sensor. In fact, it exhibits a linear response extending from 10⁻¹⁹ to 10⁻¹³ M, with a correlation coefficient of 0.9836. What is more, it has an excellent detection limit of 10⁻¹⁹ M and a good sensitivity of 21.24 µA/M.

The results of this investigation demonstrated that the developed sensor is an analytical tool of choice for the monitoring of BP in the aqueous phase. The suggested sensor is fast, simple, reproducible and inexpensive.