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Tools and Techniques for Financial Stability Analysis
Type: Book
ISBN: 978-1-78756-846-4

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The Corporate, Real Estate, Household, Government and Non-Bank Financial Sectors Under Financial Stability
Type: Book
ISBN: 978-1-78756-837-2

Book part
Publication date: 9 November 2023

Harmono Harmono, Sugeng Haryanto, Grahita Chandrarin and Prihat Assih

This chapter focuses on testing optimal capital structure theory: The role of intervening variable debt to equity ratio (DER) on the influence of the financial performance…

Abstract

This chapter focuses on testing optimal capital structure theory: The role of intervening variable debt to equity ratio (DER) on the influence of the financial performance, Ownership Structure of Independent Board of Commissioners (IBCO), Audit Committee (ACO), and Institutional Ownership on Firm Value. The research design was explanatory research using path analysis. Using purposive sampling, 61 manufacturing companies, observation period from 2014 to 2018 with 286 N samples. The research novelty empirically can prove the role of intervening variable DER on the effect of return on assets (ROA) on firm value and shows the market response to the ROA is fully reflected by DER, indicating the existence of an optimal capital structure. The role of DER on the effect of ROE and IBCO on firm value is a partial mediation with the inverse direction. This phenomenon shows that the mechanism of forming a balance between the responses of investors and creditors relates to debt financing.

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Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from SEA
Type: Book
ISBN: 978-1-83797-285-2

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Book part
Publication date: 11 January 2021

Chi Lo

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China's Global Disruption
Type: Book
ISBN: 978-1-80043-794-4

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The Corporate, Real Estate, Household, Government and Non-Bank Financial Sectors Under Financial Stability
Type: Book
ISBN: 978-1-78756-837-2

Book part
Publication date: 20 May 2019

Nadeem Ahmed Sheikh

The purpose of this study is twofold. First, to investigate whether internal attributes of corporate governance such as board size, board composition, CEO duality, board meetings…

Abstract

The purpose of this study is twofold. First, to investigate whether internal attributes of corporate governance such as board size, board composition, CEO duality, board meetings, blockholders' ownership, managerial ownership, CEO remuneration, and directors' remuneration affect the capital structure (i.e., total debt ratio, long-term debt ratio, and short-term debt ratio) choice of non-financial firms listed on Pakistan Stock Exchange Limited during 2009–2014. Second, whether theories relevant to corporate governance developed in western settings provide support to understand the financing behavior of firms in a developing country, Pakistan. In sum, results indicate that corporate governance measures have some role in shaping the financing behavior of firms. It is worth mention that each company is bound to explicitly confirm in annual report regarding compliance with code of corporate governance, but results indicate a different story. For instance, descriptive statistics indicate that five individual larger shareholders on average hold more than 68% shares.

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Research in Corporate and Shari’ah Governance in the Muslim World: Theory and Practice
Type: Book
ISBN: 978-1-78973-007-4

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Book part
Publication date: 9 November 2009

Alham Yusuf and Jonathan A. Batten

This case study examines the controversial practice by the Commonwealth of Australia during the period 1988–2002 of using currency swaps as part of its debt management strategy…

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This case study examines the controversial practice by the Commonwealth of Australia during the period 1988–2002 of using currency swaps as part of its debt management strategy. Although the strategy provided a positive return overall, the impact of currency swap usage created significant year-by-year variations in returns, which posed a risk to debt interest and financing requirements. This suggests that the risk limits imposed on this strategy were both inappropriate and insufficient. Nonetheless, these findings provide insights into how such a policy could best be implemented given recent proposals (OECD, 2007) for derivatives use by public debt managers.

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Credit, Currency, or Derivatives: Instruments of Global Financial Stability Or crisis?
Type: Book
ISBN: 978-1-84950-601-4

Book part
Publication date: 3 February 2022

Can Öztürk

This chapter focuses on the IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases in the airline industry considering the case of Air France – KLM (AF-KLM). This…

Abstract

This chapter focuses on the IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases in the airline industry considering the case of Air France – KLM (AF-KLM). This airline timely adopted IFRS 15 and early adopted IFRS 16 for the year 2018 and restated its 2017 financial statements using the full retrospective method so that the 2018 financial statements of the airline provide comparative financial information during the transition phase from IAS 18 to IFRS 15 as well as from IAS 17 to IFRS 16. In the first part of the chapter, liquidity, solvency, and profitability ratios along with cash flow ratios were used to analyze the cumulative effect of IFRS 15 and IFRS 16 using 2017 and restated 2017 financial statements. In this context, results indicate that the liquidity ratios decreased, and the solvency ratios increased in general. In addition, the cumulative effect of IFRS 15 and IFRS 16 created an upward change in general on profitability ratios based on the several performance parameters that should be considered during the transition from IAS 18 to IFRS 15 and from IAS 17 to IFRS 16. Overall, IFRS 15 has minor effect and IFRS 16 has major effect on the financial statements of AF-KLM. In the second part of the chapter, the compliance level of the mandatory disclosures requirements of the airline was examined from the lessee standpoint and the research pointed out that the airline fully complied with these disclosures at its first adoption of IFRS 16 and provided some voluntary disclosures as well.

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Perspectives on International Financial Reporting and Auditing in the Airline Industry
Type: Book
ISBN: 978-1-78973-760-8

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The Banking Sector Under Financial Stability
Type: Book
ISBN: 978-1-78769-681-5

Book part
Publication date: 1 December 2004

Saibal Ghosh and Rudra Sensarma

The paper assembles data on over 1,000 manufacturing and services firms in India for the entire post-reform period from 1992 through 2002 to examine the association between…

Abstract

The paper assembles data on over 1,000 manufacturing and services firms in India for the entire post-reform period from 1992 through 2002 to examine the association between corporate governance and monetary policy. The findings suggests that: (a) public firms are relatively more responsive to a monetary contraction vis-à-vis their private counterparts; and (b) quoted firms lower their long-term bank borrowings in favour of short-term borrowings, post monetary tightening, as compared with unquoted firms. A disaggregated analysis based on firm size and leverage above a certain threshold validates these findings. The study concludes by analyzing the broad policy implications of these findings.

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Corporate Governance
Type: Book
ISBN: 978-0-76231-133-0

1 – 10 of over 1000