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This study aims to evaluate the presence of abnormal returns due to stock splits or reverse stock splits in the Brazilian capital market context.

The event study technique was used on data from 518 events that occurred in a 30-year period (1987–2016), comprising 167 stock splits and 351 reverse stock splits.

The results revealed the occurrence of abnormal returns around the time the shares began trading stock splits or reverse stock splits at a statistical significance level of 5%. The main conclusion is that stock split and reverse stock split operations represent opportunities for extraordinary gains and may serve as a reference for investment strategies in the Brazilian stock market.

This study innovates by including reverse stock splits, as the existing literature focuses on stock splits, and by testing two distinct “zero” dates that of the ordinary general meeting that approved the share alteration and the “ex” date of the alteration, when the shares were effectively traded, reverse split or split.

This study aims to explore the relationship between promoter share pledging and the company’s dividend payout policy in India. Furthermore, this study also analyses the moderating impact of family involvement in business on the association between share pledging and dividend payout.

A sample of 236 companies from the S&P Bombay Stock Exchange Sensitive (BSE) 500 Index (2014–2023) has been analysed through fixed-effects panel data regression. For additional testing, robustness checks include alternative measures of dividend payout and promoter share pledging, as well as alternative methodologies such as Bayesian regression. Lastly, to address potential endogeneity, instrumental variables with a two-stage least squares (IV-2SLS) methodology have been implemented.

Upholding the agency perspective, a significantly negative impact of promoter share pledging on corporate dividend payouts in India has been uncovered. Moreover, family involvement in business moderates this relationship, highlighting that the negative association between promoter share pledging and dividend payouts is more pronounced in family companies. The findings are consistent throughout the robustness testing.

The present study represents a pioneering endeavour to empirically analyse the link between promoter share pledging and dividend payouts in India. It enhances the theoretical underpinnings of the agency relationship, particularly by substantiating the existence of Type II agency conflicts between majority and minority shareholders. The findings of this research bear significant implications for investors, researchers and policymakers, particularly in light of the widespread prevalence of promoter-controlled entities in India.

This paper aims to investigate the reciprocal nonlinear relationship between corporate social responsibility (CSR) and firm performance (FP).

The authors used a sample of 814 European firms over the period 2008–2017. The Panel Smooth Transition Regression (PSTR) model was performed as an econometric approach.

Firstly, results show a threshold effect in the CSR–FP relationships within the two directions. More specifically, the authors found that firms are more likely to engage in CSR by surpassing a threshold of 1.231% for return on assets (ROA) and 0.821% for Tobin’s Q ratio. Secondly, the authors also found that the impact of CSR on FP is positive and significant only if the environment, social and governance score surpasses the threshold of 56.780% when the dependent variable is ROA and 41.02% when Tobin’s Q ratio measures performance.

A significant part of the literature supports the linear relationship between CSR and FP from the unique direction (CSR → FP). This study comes to fill this gap by assessing the possible nonlinear relationship. In addition, this nonlinear relationship is tested under the two directions. Therefore, defining the threshold of FP that allows companies to engage in CSR, on the one hand, and the threshold of engagement in CSR that improves FP, on the other hand, could be an exciting topic.

To get the full benefit from CSR effects, firms should be with better financial performance to be socially responsible.

To the best of our knowledge, few studies have explored the nonlinear relationship between CSR and FP. In addition, this study raises the question of whether this relation is causal. The authors assess the two nonlinear relationships between CSR ? FP and FP ? CSR by determining the optimal thresholds.

本文旨在探究企業社會責任 (以下簡稱企社責) 與公司業績之間的相互非線 性關係。

研究所採用的樣本為814間歐洲公司, 涵蓋期為2008年至2017年。研究人 員使用縱橫平滑轉換模型、作為經濟計量方法和工具去進行研究。

研究結果顯示、在有關的兩個方向內, 企社責與公司業績之間的關聯上是 存在著閾值效應的。更具體地說, 研究人員發現, 若企業的資產報酬率超過1.231%的 水平, 以及托賓的Q比率 (Tobin’s Q Ratio) 0.821%的水平的話, 它們會更願意承擔企 社責。其次, 研究結果亦顯示, 企社責對企業的業績會產生積極的影響; 另外, 只有 當資產報酬率是因變數、而環境、社會和公司治理的分數 (ESGS) 超過56.780%, 以 及當托賓的Q比率用來測量績效、而數值為41.02%時, 企社責對企業的業績所產生的 影響會較為顯著。

過去的學術文獻、大部份都是以唯一的方向 (企社責 ->公司業績) 去確認 企社責與企業業績之間的線性關係。本研究評估了兩者之間可能存在的非線性關係; 而且, 這非線性關係是在有關的兩個方向下而進行測試的; 因此, 本研究一方面給可 讓公司以企社責的精神和理念去營運的企業業績的閾值下了定義; 另一方面, 又給參 與企社責為公司帶來業績的改善的閾值下了定義。這均為令人興奮的課題。

企業若想取得因參與企社責而帶來的完全好處, 它們必須擁有更佳 的財務績效、以能盡其社會責任。

盡我們所知, 探究企社責與企業業績之間的非線性關係的研究實在不 多; 而且, 本研究對這兩者的關係是否是因果關係提出了質疑; 就此, 我們藉著釐定 最佳的相對閾值、來評估企社責 ->企業業績與企業業績 ->企社責之間的兩個非線性的 關係。

This study aims to explore the relationship between chief executive officer (CEO) power and stock price crash risk in India. Furthermore, it seeks to analyse how insider trades may moderate the impact of CEO power on stock price crash risk.

A study of 236 companies from the S&P BSE 500 Index (2014–2023) have been analysed through pooled ordinary least square (OLS) regression in the baseline analysis. To enhance the results' reliability, robustness checks include alternative methodologies, such as panel data regression with fixed-effects, binary logistic regression and Bayesian regression. Additional control variables and alternative crash risk measure have also been utilised. To address potential endogeneity, instrumental variable techniques such as two-stage least squares (IV-2SLS) and difference-in-difference (DiD) methodologies are utilised.

Stakeholder theory is supported by results revealing that CEO power proxies like CEO duality, status and directorship reduce one-year ahead stock price crash risk and vice versa. Insider trades are found to moderate the link between select dimensions of CEO power and stock price crash risk. These findings persist after addressing potential endogeneity concerns, and the results remain consistent across alternative methodologies and variable inclusions.

This study significantly advances research on stock price crash risk, especially in emerging economies like India. The implications of these findings are crucial for investors aiming to mitigate crash risk, for corporations seeking enhanced governance measures and for policymakers considering the economic and welfare consequences associated with this phenomenon.

Capital structure is an important factor for the company because it will be directly related to the financial condition of the company. This study aims to determine the effect of asset structure, earning volatility, and financial flexibility on capital structure.

The population in this study was 52 companies in the consumer goods industry sector on the Indonesia stock exchange (IDX) and a sample of 39 companies obtained by purposive sampling method. The research method used in this study is multiple linear regression analysis using Eviews software.

The test results in the study show that asset structure and financial flexibility have a positive effect on capital structure, while earning volatility does not affect capital structure in companies in the consumer goods industry sector on the IDX.

The results of this research can contribute to the addition of knowledge in the field of accounting, especially regarding the capital structure. Company management can use the results of this research as a reference and consideration to find out the factors that affect the capital structure so that company management can still maintain the company's survival and improve company performance.

The results of this study can contribute to the addition of knowledge in the field of accounting, especially regarding capital structure. Company management can use the results of this research as a reference and consideration to determine the factors that affect the capital structure so that company management can still maintain the survival of the company and improve company performance.

This study only uses the variables of asset structure, financial flexibility and earning volatility as independent variables. Further research is recommended to consider the use of other variables that can affect capital structure and if using the same variable is expected to use research objects that have stable or increasing asset and income values, so that asset structure variables and profit volatility can show significant results and influences.

This study is one of the few studies that examines how the effect of asset structure, profit volatility and financial flexibility on capital structure in companies in the consumer goods industry sector on the IDX. Company management must pay attention to the composition of the capital structure as well as possible and make careful planning and the right decisions so as to produce a capital structure that can provide profits.

Stock markets are considered as the largest and most important units for the development and growth of the economy. The present study attempts to provide a comprehensive view of factors influencing investment decision making process of stock market investors. A multi group analysis of gender is also carried out on the proposed model.

The data of 402 valid responses are collected through structured questionnaires from individual investors of North India. SPSS 23 is used to do the descriptive analysis and AMOS 22 is used to establish the validity of the constructs and for hypotheses testing. For performing multi group analysis, several invariance tests have also been conducted to check the robustness of the model.

The results reveal that all the factors such as firm image, accounting information, neutral information, advocate recommendation and personal financial needs significantly influence investment decision making concluding image of the firm being the most influential factor and advocate recommendation being the least influential factor for investment decisions. No significant differences between males and females were found.

The current study suffers from the limitation of restricted geographical area of North India. Moreover, there is also a scope to incorporate more demographic factors for predicting investment decisions.

This study incorporates a range of factors which covers all the aspects of investment decision making. This study also highlights the notion of signaling theory, thus contributing to the limited literature in Indian context.

This study aims to examine the impact of the beginning of the Russia–Ukraine war and the Wagner Group’s attempted military coup against Putin’s regime on the European defense sector, consisting of weapons manufacturers.

The authors use the event study methodology to quantify the impact. That is, the authors assume that markets are efficient, and abnormal stock returns around the event dates capture the magnitudes of the impacts of the two events studied on European defense sector companies. The authors use the capital asset pricing model and two different multifactor models to estimate expected stock returns, which serve as the benchmark necessary to obtain abnormal returns.

The start of the war on February 24, 2022, when the Russian forces invaded Ukraine, was followed by high positive abnormal returns of up to 12% in the next few days. The results are particularly strong if multiple factors are used to control for the risk of the defense stocks. Conversely, the authors find a negative impact of the rebellion initiated by the mercenary Wagner Group’s chief, Yevgeny Prigozhin, on June 23, 2023, on the abnormal returns of defense industry stocks on the first trading day after the event.

To the best of the authors’ knowledge, this is the first study of the impact of the Russia–Ukraine war on the defense sector. Furthermore, this is the first study to measure the financial implications of the military coup initiated by the Wagner Group. The findings contribute to a rapidly growing literature on the financial implications of military conflicts around the world.

This study examines the impact of China’s mixed-ownership reform on the innovation of non-state-owned acquirers, with a particular focus on the impact on firms with high financing constraints, low-quality accounting information or less tangible assets.

We use a proprietary dataset of firms listed on the Shanghai and Shenzhen Stock Exchanges to investigate the impact of mixed ownership reform on non-state-owned enterprise (non-SOE) innovation. We employ regression analysis to examine the association between mixed ownership reform and firm innovation.

The study finds that non-state-owned firms can improve innovation by acquiring equity in state-owned enterprises (SOEs) under the reform. Eased financing constraints, lowered financing costs, better access to tax incentives or government subsidies, lowered agency costs, better accounting information quality and more credit loans are underlying the impact. Additionally, cross-ownership connections amongst non-SOE executives and government intervention strengthen the impact, whilst regional marketisation weakens it.

This study adds to the literature on the association between mixed ownership reform and firm innovation by focussing on the conditions under which this impact is stronger. It also sheds light on the policy implications for SOE reforms in emerging economies.

Credit Default Swap (CDS) trading alters equilibrium interactive monitoring of external corporate monitors due to a possible change in private lenders' incentive to monitor client firms. This study explores how audit fees change in response to CDS trade initiation on client firms and how this effect is moderated by investor protection.

With 6,052 cross-country firm observations, the author conducts estimations in the systems dynamic general methods of moments framework.

The author documents that audit fees rise on average after CDS trade initiations with and/or without investor protection. Meanwhile, change in auditors' risk perception result in increased audit costs when CDS trade initiation and investor protection interact. The effect of CDS trading on audit fees remain after controlling for firm, audit, and auditor features are robust to different proxies of audit cost.

The need for firms in high investor protection jurisdictions to initiate CDS trade to implement policies in order to maximize their gains from investor protection activities to lessen the overall impact of any increased audit cost that may arise. Furthermore, CDS regulation may be strategically targeted to lessen the effect of increased audit costs on firms after initiation. This would ensure that the resulting increase in audit cost may not materially impact the cash or profitability position of such firms.

This study is distinct from previous ones by focusing on variation in private lenders incentive to monitor after CDS trade initiation after controlling for possible monitoring by short-term creditors. Given that monitoring is not costless for private lenders and CDS trading on their borrowers causes a change in this cost structure, the author documents how auditors react to such changes in incentive to monitor.

信用違約互換交易會改變外部監督機制的均衡互動監測，這是因為私人貸款者去監控客戶公司的激勵可能有所改變。本研究擬探究審計費用如何改變，以應對向客戶公司進行的信用違約互換交易啟動;研究亦探討投資者保障、如何緩和上述的影響。

我們透過6,052個穿越全國的企業觀察，進行了對系統動力廣義矩估計體系的估測。

無論投資者保障存在與否，信用違約互換交易啟動必帶來審計費用一般的平均升高，我們已把這關聯記錄下來。同時，當信用違約互換交易啟動和投資者保障兩者互相影響時，審計員的風險認知的改變，是會導致審計費用增加的。若拔除公司和審計的影響，信用違約互換交易對審計費用的影響會保持不變;而且，就各個不同的審計費用代理權而言，審計員特點是牢固的。

本研究的結果，確定了若公司屬高投資者保護管轄權的類別，則有需要去啟動信用違約互換交易來實施政策，其目的為能從投資者保障的行動中取得最大的收益，從而減弱審計費用的增加所帶來的全面影響。再者，信用違約互換的管理或許可戰略性地訂立目標，俾能減弱於啟動後，審計費用的上昇對公司帶來的影響;這或會確保審計費用的增加、不會對有關公司的貨幣頭寸或盈利狀況產生重大的影響。

本研究有別於從前的研究，因它的焦點在於短期債權人可能的監督的影響給拔除的情況下，在信用違約互換交易啟動後，以監督為目的私人貸款者激勵的變化。鑒於對私人貸款者來說，監督不是不需要成本的;而且，為他們的借貸者的信用違約互換交易會為這個成本結構帶來變化，我們記錄了審計員如何對以監督為目的的激勵的有關改變作出回應。

Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a profound influence on the dissemination of information among participants in stock markets. Consequently, this present study delves into the ramifications of post-pandemic dynamics on stock market behavior. It also examines the relationship between investors' sentiments, underlying behavioral drivers and their collective impact on global stock markets.

Drawing upon data spanning from 2012 to 2023 and encompassing major world indices classified by Morgan Stanley Capital International’s (MSCI) market and regional taxonomy, this study employs a threshold regression model. This model effectively distinguishes the thresholds within these influential factors. To evaluate the statistical significance of variances across these thresholds, a Wald coefficient analysis was applied.

The empirical results highlighted the substantive role that investors' sentiments and behavioral determinants play in shaping the predictability of returns on a global scale. However, their influence on developed economies and the continents of America appears comparatively lower compared with the Asia–Pacific markets. Similarly, the regions characterized by a more pronounced influence of behavioral factors seem to reduce their reliance on these factors in the post-pandemic landscape and vice versa. Interestingly, the post COVID-19 technological advancements also appear to exert a lesser impact on developed nations.

This study pioneers the investigation of these contextual dissimilarities, thereby charting new avenues for subsequent research studies. These insights shed valuable light on the contextualized nexus between technology, societal dynamics, behavioral biases and their collective impact on stock markets. Furthermore, the study's revelations offer a unique vantage point for addressing market inefficiencies by pinpointing the pivotal factors driving such behavioral patterns.