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Article
Publication date: 4 April 2023

Charilaos Mertzanis, Hazem Marashdeh and Sania Ashraf

This study aims to analyze the effect of female top management and female dominant owner on whether firms experience obstacles to obtaining external finance in 136 medium- and…

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Abstract

Purpose

This study aims to analyze the effect of female top management and female dominant owner on whether firms experience obstacles to obtaining external finance in 136 medium- and low-income countries during 2006–2019. The analysis controls for the role of corporate governance and other firm-specific characteristics, as well as for the impact of national institutions.

Design/methodology/approach

The analysis elucidates the economic and non-economic factors driving female corporate leadership. Further, in order to capture the causal effect, the analysis uses univariate tests, multivariate regression analysis, disaggregation testing, sensitivity and endogeneity analysis to confirm the quality of the estimates. The analysis controls for various additional country-level factors.

Findings

The results show that female top management and female ownership are broadly significant determinants of firms' access to external finance, especially in relatively larger and more developed countries. The role of controlling shareholders is significant and mediates the gender effect. The latter appears more pronounced in smaller and medium-size firms, operating in the manufacturing and services sectors as well as in the countries with higher levels of development. This also varies with the countries' macroeconomic conditions and institutions governing gender development and equality as well as institutional governance effectiveness.

Practical implications

The results suggest that firms wishing to improve the firms' access to external finance should consider the role of gender in both top management and corporate ownership coupled with the effect of the specific characteristics of firms and the conditioning role of national institutions.

Originality/value

The study examines the gender effects of top management and dominant ownership for the external financing decisions of firms in low- and middle-income countries, which are underresearched. These gender effects are mitigated in various ways by the specific characteristics of firms and especially on national institutions.

Details

International Journal of Managerial Finance, vol. 20 no. 1
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 1 August 2016

Shahan Akhtar and Naimat U. Khan

The current paper aims to fill a gap in the literature by analyzing the nature of volatility on the Karachi Stock Exchange (KSE) 100 index of the KSE, and develop an understanding…

644

Abstract

Purpose

The current paper aims to fill a gap in the literature by analyzing the nature of volatility on the Karachi Stock Exchange (KSE) 100 index of the KSE, and develop an understanding as to which model is most suitable for measuring volatility among those used. The study contributes significantly to the literature as, compared with the limited previous studies of Pakistan undertaken in the past, it covers three types of data (i.e. daily, weekly and monthly) for the whole period from the introduction of the KSE 100 index on November 2, 1991 to December 31, 2013. In addition, to analyze the impact of global financial crises upon volatility, the data have been divided into pre-crisis (1991-2007) and post-crisis (2008-2013) periods.

Design/methodology/approach

This study has used an advanced set of volatility models such as autoregressive conditional heteroskedasticity [ARCH (1)], generalized autoregressive conditional heteroskedasticity [GARCH (1, 1)], GARCH in mean [GARCH-M (1, 1)], exponential GARCH [E-GARCH (1, 1)], threshold GARCH [T-GARCH (1, 1)], power GARCH [P-GARCH (1, 1)] and also a simple exponentially weighted moving average (EWMA) model.

Findings

The results reveal that daily, weekly and monthly return series show non-normal distribution, stationarity and volatility clustering. However, the heteroskedasticity is absent only in the monthly returns making only the EWMA model usable to measure the volatility level in the monthly series. The P-GARCH (1, 1) model proved to be a better model for modeling volatility in the case of daily returns, while the GARCH (1, 1) model proved to be the most appropriate for weekly data based on the Schwarz information criterion (SIC) and log likelihood (LL) functionality. The study shows high persistence of volatility, a mean reverting process and an absence of a risk premium in the KSE market with an insignificant leverage effect only in the case of weekly returns. However, a significant leverage effect is reported regarding the daily series of the KSE 100 index. In addition, to analyze the impact of global financial crises upon volatility, the findings show that the subperiods demonstrated a slightly low volatility and the global economic crisis did not cause a rise in volatility levels.

Originality/value

Previously, the literature about volatility modeling in Pakistan’s markets has been limited to a few models of relatively small sample size. The current thesis has attempted to overcome these limitations and used diverse models for three types of data series (daily, weekly and monthly). In addition, the Pakistani economy has been beset by turmoil throughout its history, experiencing a range of shocks from the mild to the extreme. This paper has measured the impact of those shocks upon the volatility levels of the KSE.

Details

Journal of Asia Business Studies, vol. 10 no. 3
Type: Research Article
ISSN: 1558-7894

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Article
Publication date: 26 May 2023

Ayesha Afzal, Saba Fazal Firdousi and Kamil Mahmood

The purpose of this paper is to examine the relationship that exists between financial depth and economic growth in Poland for the years 1995–2019. This paper utilizes integration…

231

Abstract

Purpose

The purpose of this paper is to examine the relationship that exists between financial depth and economic growth in Poland for the years 1995–2019. This paper utilizes integration and co-integration techniques to capture the long-term and short-term linkages between various determinants of financial deepening, economic growth and a few selected growth variables. Financial depth is measured using two distinct measures: the monetization ratio (i.e. the ratio of broad money in the economy to the gross domestic product (GDP)) and the domestic credit provided to private sector by banks.

Design/methodology/approach

The paper uses a combination of Augmented Dickey–Fuller (ADF) and Phillips–Perron unit root tests, autoregressive distributive lag (ARDL) model and Granger causality tests to estimate results.

Findings

This paper finds that there is a bidirectional causal relationship between financial deepening and economic growth in the short run, but this relationship does not hold in the long run. The control variables comprising trade volume, investment, government spending and volatility in oil prices and inflation have a significant, positive relationship with economic development in the long run.

Originality/value

The findings are indicative of the need for further strengthening of the financial sector in Poland, such that the relationship between financial depth and economic growth is substantiated in the long run. This paper also finds room for more stringent regulation of the financial system and transparency in information available.

Details

The Journal of Risk Finance, vol. 24 no. 4
Type: Research Article
ISSN: 1526-5943

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