Accounting
accounting-based measures
, 244
measures
, 215–216
practices and procedures
, 124
principles
, 304–305
Accounting and Auditing Organization of Islamic Financial Institution (AAOIFI)
, 197
Advertising expenditure ratio
, 126
Agency
COD
, 118, 119, 120, 131
COE
, 118, 119
cost
, 196–197
theory
, 118, 119–121
Aggregate financial resources
, 149
Aggressive working capital
financing policy
, 40, 42, 43, 47
investment policy
, 40, 41, 42–43, 46–47
American’s Most Admired Companies (AMAC)
, 243–244, 247, 250–251
Asia Pacific region
, 2, 17
Asia Pacific trade network
, 2–3, 9, 16, 17
aggregate network indices
, 10
analysis
, 9–18
average weighted degree for
, 12
countries in
, 9
graph density for
, 12
percentage of exports share among TPP nations
, 15
share
, 13
total number of edges
, 11
TPP and non-TPP countries
, 14
Attraction of private Russian investments
, 158, 160
Augmented Dickey–Fuller test (ADF test)
, 30, 32–33, 34
Autonomous factors
, 78, 81–82, 83
Capital asset ratio (CAR)
, 170
Capital structure
, 101, 104–105
theories
, 199–200
Cause-and-effect association
, 237
Central Asia, financial development of
agreements on cooperation with Russia
, 156
economic implications
, 146–155
economic system development
, 142
literature review
, 143–144
methodology
, 144–146
recommendations for attracting additional financial resources
, 155–160
Centrality measures
aggregate
, 2
inclusion of
, 3
for individual nodes
, 21, 22–24, 25–26
Centre for Monitoring Indian Economy (CMIE)
, 212–213
Centre for Responsive Politics (CRP)
, 242–243
China, financial development of
, 144
cooperation for Central Asia and
, 142
economic implications
, 146–155
economic system development
, 142
literature review
, 143–144
methodology
, 144–146
recommendations for attracting additional financial resources
, 155–160
China’s Insurance Yearbook
, 98–99, 102–104
Chinese Household Income Project (CHIP)
, 266–267, 270–271
Chinese property and casualty industry
, 98–99, 104–105
risk management
, 90
variables role in
, 91
Cointegration test
, 31–32, 33–34, 35, 36
Community organization
, 242
Comparative fit index (CFI)
, 45–46
Competition
business environment
, 239
intensity in industry
, 96–97
Compustat Industry Segment database
, 209
Concentrated ownership
, 118, 119–120
Conditional probability distribution, qth quantile of
, 296
Conservative working capital
financing policy
, 42
investment policy
, 40, 42
Consumption propensity and entrepreneurship
, 273–276
connection
, 279–281
data
, 270–271
financial constraint
, 276–278
literature review
, 267–269
methodologies and empirical findings
, 272–281
risk preference
, 272–273
Consumption-to-income ratio
, 268, 272, 276
Conventional CPA models
, 236
Convergence of interests
, 119, 123
Convexity of tax functions
, 91–92
Corporate diversification
, 208
conceptual development and research hypotheses
, 209–213
control variables
, 216
curvilinear measurement and firm’s performance
, 216
descriptive statistics
, 217–218
EI
, 218–222
implications
, 229–230
measurement of degree of diversification
, 214–215
measurement of firm’s performance
, 215–216
measurement of type of corporate diversification
, 214
methods and measures
, 213–217
model specification for
, 216–217
related diversification
, 222–226
strategy
, 218
studies on developed countries
, 209
studies on developing countries
, 210–213
unrelated
, 226–229
Corporate diversification types
, 214, 217, 218
Corporate financial performance (CFP)
, 236, 245
CPA effect on
, 240–241
hypothesized relationships
, 240
interaction effect between CPA and CSR on
, 241–242
interactive effect of CSR and CPA on
, 251–253
measurement
, 244
Corporate governance (CG)
, 166, 169, 177
hypothesis
, 167–168
indicators
, 172
Corporate political activities (CPAs)
, 236, 237–238
CPA–CFP relationship
, 238–239, 248–251
CSR
, 239
effect on CFP
, 240–241
empirical model, methodology, and data
, 242–247
empirical results
, 248–253
future research
, 258
implications for theory and literature
, 254–257
effect of interaction between CPA and CSR on CFP
, 241–242
managerial and policy implications
, 257–258
research hypotheses
, 239–242
robustness test
, 253–254
Corporate social responsibility (CSR)
, 236, 239
CFP measurement
, 244
control variables
, 245
correlation
, 249
CPA measurement
, 242–243
CPA–CFP relationship
, 248–251
CSR measurement
, 243–244
data and sample period
, 247
descriptive statistics
, 248
econometric methodology
, 246–247
empirical model
, 245–246
empirical results
, 248–253
interaction effect between CPA and CSR on CFP
, 241–242, 251–253
measurement
, 243–244
Corporate variables
, 288, 299–300, 301
Cost of debt (COD)
, 118, 124–125
FGLS regression
, 131
insider-ownership and
, 120–121
pairwise correlation of
, 129
Cost of equity (COE)
, 118, 125, 130–131
FGLS regression on
, 132
insider-ownership and
, 121–122
pairwise correlation of
, 130
CoVaR methodology
, 290, 292, 295–297
Covered interest parity (CIP)
, 28, 29
Credit
constraint
, 269
risk model
, 29
Crisis
, 288
dummies
, 301–303
econometric of financial factors in
, 110
shock
, 177
Critical success factors (CSFs)
, 70, 71, 78
analysis
, 82–83
ISM
, 77
literature review
, 71–78
managerial implications of research
, 84
MICMA analysis
, 78
MIMAC analysis of CSF
, 81–82
prioritization and modeling of CSFs using ISM
, 79–81
research methodology
, 78–82
retailing management
, 71–73
for Thai retailers
, 73–77
Cross-currency basis swaps
, 28, 29
Curvilinear
behavior
, 210
corporate diversification model
, 216
effect
, 209
measurement of diversification
, 216
DataStream information
, 242–243
Debt
, 120
debt-based sukuk
, 197
financing
, 118
holder
, 118
long-term
, 42
short-term
, 42
Degree of diversification measurement
, 214–215, 230
Dependent factors
, 78, 81–82, 83
Dependent variable
, 57–58
COD
, 124–125
COE
, 125
firm performance
, 125
Descriptive statistics
, 68, 172–175, 217–218, 248
corporate diversification type
, 217
degree of corporate diversification
, 218
number of firms by type of industry
, 217
of research variables
, 200–201, 202
ROA, Tobin-Q, and corporate diversification strategy
, 218
Direction of Trade Statistics (DOTS)
, 2–3, 9–10, 16
Distressed insurance premium (DIP)
, 291, 292
Diversification
, 214
See also Corporate diversification
Diversion economic region
, 99
Dollar–yen basis swaps
, 28
Dutch dairy industry
, 242
Dynamic CSR–CFP relationship
, 250–251
Dynamic graph
, 14–15, 16, 18
Dynamic OLS method
, 33–34
Dynamic panel
data system GMM estimation
, 246
model
, 218, 237
Feasible generalized least square regression (FGLS regression)
, 127
on COD
, 131
on COE
, 132
on firm performance
, 133
Federal program implementation
, 242–243
Financial crisis
, 10–11, 188, 213, 288
Financial development through cooperation with Russia
economic implications
, 146–155
literature review
, 143–144
methodology
, 144–146
Financial institutions
, 295–296
in Latin America
, 294
non-US financial institutions
, 28
state-owned
, 305–306
Financial resources
, 142, 152
China and countries of Central Asia
, 146, 147, 149–155
for development
, 142, 145
evaluation
, 146
of modern economic systems
, 143
non-borrowed
, 142
optimization
, 149
recommendations for attracting additional
, 155–160
Financial resources for development (FRD)
, 145
Financial resources for development of countries
, 149–155
Firm performance
, 125
FGLS regression on
, 133
insider-ownership and
, 123–124
pairwise correlation of
, 130
Firm volatility
alternative measure
, 186
empirical measure for
, 170
Firms
, 91–92, 97, 105
age
, 177, 201–202
characteristics
, 196–197, 199–200
financial performance
, 208, 209, 213, 216–217, 222
hedging
, 107–108
incentive
, 95
insiders
, 121
liquidity risk
, 166
manager
, 97
number
, 96
number by type of industry
, 217
performance
, 215–216, 218–229
production function
, 56
size
, 92–93, 126, 177
Fisher-type test
, 127–133
COD, FGLS regression on
, 131
COD, pairwise correlation of
, 129
COE, FGLS regression on
, 132
COE, pairwise correlation of
, 130
descriptive statistics
, 128
FGLS regression on firm performance
, 133
firm performance, pairwise correlation of
, 130
Fixed-effect model
, 100–102, 248–249
Fixed-effects framework
, 175
Foreign economic policy
, 154
Foreign exchange (FX)
, 28
swap market
, 28
Free cash flow
, 120, 245, 249–250
Ijarah sukuk
, 196–197, 198, 199–200, 201–202
In-system connection
, 266–267, 279–280
Incremental fit index (IFI)
, 45–46
Independent variable
control variables
, 126
insider-ownership
, 126
in study
, 44–45
Index of sustainable development (IS)
, 146
Indirect utility
curve
, 56, 57
function
, 56
Individual
demographic characteristics
, 272
entrepreneurial engagement
, 266
Indonesia
Sharia economic activities in
, 196
Sukuk issuance in
, 196–197
Sukuk market in
, 196
Indonesia Stock Exchange working capital investment policy
, 46–47
Industry
industry 4.0
, 159
shares
, 64–65
Information efficiency (IE)
, 177
Information hypothesis
, 168
Infrastructure variable (CtrIm)
, 217
Insider-ownership (INS)
, 120, 126, 128–130
and COD
, 120–121
and COE
, 121–122
dependent variable
, 124–125
estimation technique
, 127
and firm performance
, 123–124
Fisher-type test
, 127–133
impact on firm performance
, 118–119
independent variable
, 126
literature review and hypotheses development
, 119–124
samples and variables
, 124
Institutional investors
, 28
Instrument variable approach
, 276
Integrated financial system
, 288
Internal and external borrowings of economic system (SB)
, 145
Internal and external investments (IE investments)
, 145
International Monetary Fund (IMF)
, 2–3
Interpretive structural modeling (ISM)
, 70–71, 77
CSFs of Thai retailers
, 82
prioritization and modeling of CSFs using
, 79–81
Intra-firm production
, 225–226
Islamic joint venture bonds (IJV bonds). See Partnership-based sukuk
Latin American banking industry, systemic risk in
corporate variables
, 299–300
measures of systemic risk
, 291–292
methodology
, 295–298
model specifications and empirical results
, 300–306
sample of analysis
, 293–295
Leverage
, 93–94, 101, 104, 111, 126, 201–202, 299
Linkage factors
, 78, 81–82, 83
Liquidity spread (LiqSpread)
, 297
Lobbying Disclosure Act (1995)
, 242–243
Local clustering coefficient
, 7–8
Long-tailed insurance price
, 98
Macroeconomic condition
, 200
Macroprudential policy
, 292
Malaysian
corporations
, 208
firms
, 208, 210
Malaysian Accounting Standards Board (MASB)
, 213
Malaysian Institute of Accountants (MIA)
, 213
Managerial implication
, 257–258
Managerial ownership
, 118–119, 121
Marginal effects of consumption propensity
, 274
Marginal expected shortfall (MES)
, 291–292
Market To Book Value (MBV)
, 126, 300
Market(ing)
, 208
activities
, 257–258
channel
, 76
imperfection factors
, 91
leaders
, 94
market-based indicators
, 244
market-based measure
, 215–216
participants
, 289
share
, 94, 101, 105
value
, 40, 41, 43, 45, 47, 48, 200, 304–305
Matrice d’Impacts croises-multiplication appliqúe à un classement analysis (MICMA analysis)
, 78
analysis of each CSF
, 81–82
Maturity mismatch (MM)
, 288, 289
Maysir (gambling)
, 202–204
Merchandise management
, 75
Merton distance-to-default (DD)
, 167, 170–171, 192–193
Model-based measures for RT
, 167
Modern economic theory
, 142
Modigliani and Miller theory
, 199–200
Mongolia (foreign economic activities)
, 144
Mudharabah sukuk
, 196–198, 199–200, 201–202
Multi-channel retailer
, 76
Multiple business lines model
, 98
Multiple regression dependence
, 146
National Bureau of Statistics (NBS)
, 270
Natural environment conservation area
, 59
Network(s)
, 2
analysis of Asia Pacific trade network
, 9–18
composition
, 9
evolution
, 2
modularity
, 8–9
relation to literature
, 3–4
structures
, 3–4
theoretical background
, 4–9
Node degree for weighted node
, 6
Non-borrowed financial resources
, 142
Non-compliance to sharia law
, 199
Non-diversified firms
, 209
Non-governmental organizations
, 242
Non-life insurance business
, 91
Non-market
activities
, 236, 254–258
strategy
, 237–238
Non-stationary time series
, 31
Non-traditional monetary policy
data
, 29–30
descriptive statistics of data for analysis
, 31
methodology
, 30–32
movement of three series
, 30
results
, 32–34
See also Working capital policy
Norm fit index (NFI)
, 45–46
North American Free Trade Agreement (NAFTA)
, 2
Pair-wise analyses
, 32, 33
Pairwise correlation
of COD
, 129
of COE
, 130
of firm performance
, 130
Pakistani Stock Exchange (PSE)
, 118–119
Panel regression
before, during, and post-crises periods
, 188–189
model
, 169
moderation indicators
, 177–188
results of risk-taking on volatility
, 175–177, 179, 181–182
Partnership-based sukuk
, 197
Path length and strength of network
, 5–6
Pecking order theory
, 196–197, 199–200
Performance
firm
, 216, 218–229
performance-dependent variable
, 253–254
pricing
, 121
Policy
financing
, 44–45
implication
, 257–258
selection
, 40
Political action committees (PACs)
, 236, 241, 242–243
Pool time series data
, 99
Pooled OLS regression model
, 99
Price–earnings–growth ratio technique
, 125
Pricing
, 74–75, 78
call option pricing formula
, 192–193
credit risk model for
, 29
performance
, 121
Principle of duration
, 159
Principle of full involvement
, 159
Principle of mutual profit
, 159
Probability level analysis
, 45–46
Probability of default (PDs)
, 291
Profitability
, 40, 43, 44, 45, 126, 201–202
Prudential equity asset ratio
, 292
Public policy-makers
, 254–257, 266
Public–private partnership system
, 158
Random-effect model
, 99, 102
Rate of socioeconomic development (RED)
, 145
Reachability matrix development
, 77, 79–80
Region-specific amenities
, 55
Regression model
, 55, 58–59, 201–204, 251, 274, 280
See also Panel regression
Reinsurance
, 90, 91–92
demand
, 93–94, 104
premium
, 91
ROA and
, 93
tax-exempt policy and
, 92
Related corporate diversification
, 211
Related diversification
, 216–217, 222–226
Resource dependence theory
, 123–124
Retailing management
, 71–73
convenience stores
, 72
department stores
, 71–72
discount stores and superstores
, 73
specialty stores
, 73
supermarkets
, 72–73
See also Strategic risk management
Return on assets (ROA)
, 43, 45, 93, 101, 104, 125, 130, 170, 216–217, 218–229, 238, 245–246, 254
Return on equity (ROE)
, 244, 255, 256, 257
Riba (usury)
, 196, 199, 202–204
Risk preference
, 272–273, 274, 278
Risk-coping strategies
, 267–268
Risk-taking (RT)
, 165–166
average
, 175, 176
effect on company performance
, 165–166
effect on volatility
, 167
empirical measure for
, 170–171
empirical results
, 175–189
hypothesis developments
, 167–169
methodology
, 169–175
and multitude of firm’s performance measures
, 166
propensity
, 266
Riskier institutions contribute to lower stock return volatility
, 167
with better CG
, 168
with increasing information efficiency
, 168
with larger firm size
, 168
Root mean square residual (RMR)
, 45–46
Rumelt diversification category
, 214
Russia, financial development through cooperation with
cooperation for Central Asia and China
, 142
economic implications
, 146–155
economic system development
, 142
literature review
, 143–144
methodology
, 144–146
recommendations for attracting additional financial resources
, 155–160
SARA bonds. See Ijarah sukuk
Sharia compliance
, 196–197, 201
Sharia economic activities in Indonesia
, 196
Sharia Supervisory Board (SSB)
, 196–197, 199, 202–204
Social network analysis
, 3
Socioeconomic development
, 142, 143, 149–151
China and countries of Central Asia
, 143, 147, 148, 153
evaluation
, 146
of modern economic systems
, 143, 145–146
strategic course of
, 154
Sovereign debt crisis (2010Q3-2012Q4)
, 293, 303
Spillover effects of money market turbulence
, 28
Squared entropy index (SEI)
, 217, 219
Standard deviation (SD)
, 172–173
Standard Industrial Classification code (SIC code)
, 214
Standard operating procedures (SOPs)
, 240–241
State Sharia Bonds (SBSN)
, 196
See also Japanese Government Bonds (JGBs)
Stock Exchange of Thailand
, 41, 45, 46–47
Stock market informational efficiency
, 171–172
Stock return volatility
, 166, 167–168
See also Firm volatility
Store(s)
convenience
, 72
department
, 71–72
design and display
, 75–76
discount
, 73
location
, 74
specialty
, 73
Strategic risk management
, 90
assets display
, 104
using Chinese database
, 90–91
Chinese property and casualty industry
, 104–105
data
, 98–99
diversification
, 94–95
econometric analysis
, 99–102
econometric geographic
, 107–108
econometric of business line
, 106
econometric of financial factors in crisis
, 110
econometric of industry Herfindal business line
, 109
econometric of industry Herfindal region
, 108
financial distress and leverage
, 93–94
firm size
, 92–93
intensity of competition in industry
, 96–97
level of hedging in industry
, 95
literature review
, 91–98
market share
, 94
number of firms
, 96
product type
, 98
ROA
, 93
salary position in industry
, 97–98
statistics of variables
, 101
taxes
, 91–92
variables of interest
, 100
Strong board hypothesis
, 167, 168–169, 177
Structural self-interaction matrix (SSIM)
, 77
Subprime crisis (2007Q3-2008Q3)
, 293, 294–295, 301–303
Subworking capital policy
, 40
See also Working capital policy
Sukuk
, 196
descriptive statistics of research variables
, 200–201
determinants of Sukuk issuance type
, 199–200
issuance in Indonesia
, 196–197
market
, 196
regression
, 201–204
research methods
, 200
risk
, 199
Sukuk-specific characteristics
, 196–197, 199
theoretical framework and hypothesis development
, 197–200
variable definitions and measurement
, 201
Supply chain management distribution networks
, 211, 212
System GMM method
, 218, 222, 246–247
Systemic expected shortfall (SES)
, 291–292
Systemically important financial institutions (SIFIs)
, 289
Tajikistan, foreign economic activities in
, 144
Tax
, 90, 91–92, 101, 104, 110, 158, 266
Tehran Stock Exchange
, 42–43
Thai retail business modernization
, 71
Thai retailers, CSFs for
, 73–77
communication mix
, 76–77
customer service
, 74
location
, 74
marketing channel
, 76
merchandise management
, 75
pricing
, 74–75
store design and display
, 75–76
Tobin-Q
, 43, 45, 125, 215–217, 218–229
Trade diversification
, 294
Trade networks
, 9
See also Asia Pacific trade network
Traditional finance theory
, 165–166
Trans-Pacific Partnership (TPP)
, 2, 14–15
Transformation process
, 2, 4
Transnational cooperation development
, 158–159
Turkmenistan, foreign economic activities in
, 144
24-hour convenience store concept
, 72
Two-step system GMM estimator
, 248–249