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The study aims to analyze, realize and identify the extent of research on financial literacy (FL) and to reveal the study trends, growth and evolution in the Scopus database from a bibliometric analysis. Principally, the primary purpose of this study is to conduct a comprehensive bibliometric review of studies focusing on the use, identification, network structure and conceptual structure of FL.

The most relevant articles were found using an electronic search. The studies that would be reviewed were sourced from the Scopus database. A total of 1,211 articles were found and refined to 768 papers between 1997 and 2021. Every composition has been analyzed in different dimensions such as co-authorship, co-citation, conceptual structure, co-word occurrence, trend topics analysis, thematic map, topic dendrogram, three field plot diagram and visualization analysis with the help of R programming language and VOSviewer software.

Motor themes, basic transverse, niche, and emerging and declining themes were identified using (Callon, 1991) a strategic thematic map. The analysis’s results showed that, over the past 20 years, FL literature has advanced remarkably. It also acts as a reference means for future researchers. This study adopted relational techniques such as co-word, co-author, co-citation analysis, bibliographic coupling and thematic map analysis revealing the emerging topics for future research. The relational approach indicates that “FL” and “human” are two central parts that connect to other frequently used words in the studies examined.

The study deploys bibliometric analysis appropriate for deriving insights from the vast extant literature. However, a meta-analysis might offer deeper insights into specific dimensions of the research topic. It expands the previous literature and shows study topics that are more focused by examining the abstracts and contents of articles published in journals in different Scopus categories. For future researchers to derive a solid theoretical framework, a systematic review of the literature and meta-analysis would be helpful. Science mapping for this study is limited to the Scopus database owing to its more comprehensive coverage of good-quality journals.

For future researchers to derive a solid theoretical framework, a systematic review of literature and meta-analysis would be helpful. Science mapping for this study is limited to the Scopus database owing to its more comprehensive coverage of good-quality journals. The authors offer suggestions for promising directions for future research that could address some of the inconsistencies found from the bibliometric analysis study.

This study can help both budding and established researchers to find new research focus, relevant sources, and collaboration opportunities and make informed decisions. Findings related to evaluative and relational techniques can serve as helpful information for researchers who are new to the field.

It shows the indicators used to benchmark institutes, authors, journals or articles. The increase in researchers’ collaborative, multi-authored and interdisciplinary efforts also revealed an annual growth rate of 23.77%. Overall, this study enhanced the understanding of the FL phenomenon and provided an experience and interpret a wide range of publication- and citation-based statistics. This study contributes to understanding the collaborative networks of various researchers and institutions and the benefits/detriments of collaborating cross-disciplinary, internationally, or with industry or corporate institutions.

Presents a case study demonstrating financial statement ratio analysis (FSRA). This analysis matches company to industry data and builds sales forecasting models. FSRA imputes forecast standards of sales and costs, and applies them to a budgeted financial statement variance analysis for the EE (electronic and electrical) industry. Develops the concept of industry base standards, integrating them into the more traditional statistical and accounting concepts of quality control standards. Provides an implementation example, and reviews possible improvements to the current methodology and approach. Uses a similar methodology to forecast the stock market value with some exceptions. Models sales and costs of an individual company and an industry based largely on aggregate industry databases. For this purpose, uses a multivariate linear trend regression analysis for the sales forecasting model. Defines and tests related hypotheses and evaluates their significance and confidence levels. For an illustration uses the EE industry and the APM company. Also demonstrates a microcomputer‐based FSRA software that speeds, facilitates, and helps to accomplish the stated objectives. The FSRA software uses industry financial statement databases, computes financial ratios and builds forecasting models.

The purpose of this paper is to investigate whether financial companies of the USA are inclined to manipulate the management discussion and analysis (MD&A) tone and thus to follow impression management behaviours. Also, the paper proposes a tone analysis of MD&As conducted by comparing the tone of MD&As of one year with financial conditions of the same year and the next.

The tone analysis is conducted on two sub-samples of US-listed financial companies, unhealthy firms and healthy firms, which experienced different financial conditions between 2002 and 2011.

With regard to healthy firms, MD&A tone is useful to explain the current year’s performance and helps to predict next year performance, whereas, with reference to unhealthy companies, managers use the tone to pursue impression management strategies, by using more positive words and more future-oriented words than healthy companies.

This study analyses the correlation between MD&A tone at time t and financial performance at time t and t+1, it does not investigate other time spans. The empirical results of this study cannot be generalized to other countries.

Main implications are addressed to regulators and policy makers, which may contrast impression management through a more effective regulation. Another implication regards investors, who cannot fully rely on MD&As of unhealthy companies.

This study analyses financial companies, rather neglected by the literature on MD&A tone. Results suggest that financial firms are also inclined to engage in impression management. This research would be useful for investors who base their decisions on qualitative analysis, interested in understanding to what extent the MD&A narratives are reliable.

This study seeks to evaluate the stability of financial ratios across industry and over time. The sample comprises companies listed on the Stock Exchange of Singapore from 1980 to 1991 over six industry groupings. A set of 29 most commonly used ratios was selected for the study. Descriptive statistics, factor analysis and analysis of variance were performed. From the factor analysis results, eight representative ratios were identified. Analysis of variance and multiple comparisons were subsequently performed for each representative ratio to test if it is significantly different across industry and over time. The results indicate that financial ratio averages of the various industries are significantly different. This implies that the appropriate benchmark for evaluating company performance and position should be industry‐specific instead of economy based. Also, five of the representative ratios are significantly different over time and not all the industrial averages move consistently over time (i.e., interaction effects of industry and time exist). Thus, industry averages are not necessarily appropriate benchmarks for setting and evaluating performance through time.

This study aims to critically review recent contributions to the methodology of financial economics and discuss how they relate to one another and directions for further research.

A critical review of recent literature on new methodologies for financial economics.

Recent books have made important contributions to the study of financial economics. They suggest new approaches that include an emphasis on radical uncertainty, adaptive markets, agent-based modeling and narrative economics, as well as extensions of behavioral finance to include concepts such as diagnostic expectations. Many of these contributions can be seen more as complements than substitutes and provide fruitful directions for further research. Efficient markets can be seen as holding under particular circumstances. A major them of most of these contributions is that the study of financial crises and other aspects of financial economics requires the use of multiple theories and approaches. No one approach will be sufficient.

There are great opportunities for further research in financial economics making use of these new approaches.

These recent contributions can be quite useful for improved analysis by researchers, private participants in the financial sector and macroeconomic and regulatory officials.

Provides an introduction to these new approaches and highlights fruitful areas for their extensions and applications.

Despite the relevance of financial information relating to logistics service providers (LSPs), recent research has paid little attention to the financial analysis of LSPs. The aim of this paper is to examine the balance sheet structure of LSPs in order to find out if there are differences between single providers or defined LSP groups (clusters), respectively. Furthermore, the dependency of asset, capital and liquidity structures on LSPs specific characteristics is pointed out. Finally, we show which financial indicators positively influence profitability.

A total of 150 quoted LSPs from all over the world, allocated to six different clusters depending on scope of service were examined. A detailed balance sheet analysis using contingency theory, complemented by a correlation analysis, provides information about the financial structure, similarities and differences within and in-between the LSP clusters.

It was found that there are many differences regarding the financial structures of LSPs. The asset and liquidity structure of LSPs show significant differences, while the capital structure is mostly homogeneous. Profitability is achieved in various ways: Focusing on high net profit margin or asset turnover rates.

Only quoted LSPs are analyzed. With this broad research approach the authors point out the range of possibilities for financial statement analysis of LSPs and demonstrate the potential for future research.

Financial analysis yields information for making strategic decisions including organic growth, outsourcing, mergers and acquisitions or cooperation between LSPs.

This paper contributes to further performance examinations of LSPs by providing a profound financial statement analysis with potential benefits for logistics executives, analysts and researchers.

The purpose of this paper is to provide insights into recent financial analysis practice in the Chinese context. The paper aims to examine the approaches pursued and information used by Chinese financial analysts in investment appraisal of ordinary shares. The research seeks to explore influences upon analysts' decision making and how analysts perceived the Chinese investment environment.

A questionnaire based survey approach was used, conducted in 2003 with 65 Chinese financial analysts.

The findings indicate that fundamental analysis was the predominant technique adopted in appraising equities in line with the development of institutional investors and improved market efficiency. Regarding information used to analyse companies, annual reports constituted the most influential source. The Chinese analysts favoured usage of International Financial Reporting Standards (IFRSs) and International Accounting Standards (IASs) by A‐share companies. The findings indicate changes within the financial analyst community, suggesting pressure for higher quality analysis and increased use of more sophisticated techniques despite ongoing market shortcomings. Opinions vary as to how important financial analysis is in influencing stock valuation or, crucially, socio‐economic welfare. However, studies putting the analysts' role in perspective vis‐à‐vis other forces contribute to broadening understanding of this significantly under researched area. This current study contributes to filling this gap.

This paper provides insights into how specific country contexts influence financial analysts' investment appraisal practice in interims of incentives, information sources and techniques adopted.

In recent years, a sizeable amount of research in finance and accounting has been devoted to the issue of bond rating and bond rating changes. A major thrust of these research efforts was to develop and test some prediction‐based models using mainly financial ratios and their trends. This paper tests the ability of statistical decomposition analysis of financial statements to predict bond rating changes. The results show that the decomposition analysis almost does not beat the a priori probability model and is no better than multiple discriminant analysis using simple financial ratios. One important piece of information for participants in debt markets is the assessment of the relative risk associated with a particular bond issue, commonly known as bond ratings. These ratings, however, are not usually fixed for the life of the issues. From time to time, the rating agencies review their ratings of the outstanding bond issues and make changes to these ratings (either upward or downward) when needed. Over the years, researchers have attempted to develop and test some prediction based models in order to predict bond ratings or bond rating changes. These prediction models have employed some variables that are assumed to reflect the rating agency decision‐making activities. Although the rating process is complicated and based mainly on judgmental considerations, Hawkins, Brown and Campbell (1983, p. 95) reported that the academic research strongly suggests that a reliable estimate of a potential bond rating or rating change can be determined by a few key financial ratios. Information theory decomposition measures have received in recent years considerable attention as a potential tool for predicting corporate events, namely corporate bankruptcy (e.g., Lev 1970; Moyer 1977; Walker, Stowe and Moriarity 1979; Booth 1983). The underlying proposition in these studies is that corporate failure, as an event, is expected to be preceded by significant changes in the company's assets and liabilities structure. Although the event of bond rating changes is different from the bankruptcy event in terms of consequences, one can still propose that a bond rating change, as a corporate event, is also expected to be preceded by some significant changes in the company's assets and liabilities structure. Therefore, the decomposition analysis may have a predictive ability in the case of bond rating changes. The purpose of this paper is to empirically test and compare the classification and predictive accuracy of the decomposition analysis with the performance of a multiple discriminant model that uses financial ratios and their trends in the context of bond rating changes.

This paper aims to analyze the quality of financial information using financial and economic ratios, assessing if the quality is affected by financial reporting standards. A group of factors that allow proving of the capacity of ratios to measure accounting information quality – and thus facilitating the analysis process to the groups of users – is also determined.

Using a sample of 111 companies from the Madrid Stock Exchange and 32 from Eurostoxx50, descriptive analysis and non‐parametric variance analysis were carried out during the period 2005‐2007. At the same time, reduction data techniques, specifically principal components analysis (PCA), were performed to detect the underlying main factors for the year 2007.

There is an indication that financial information quality is affected by financial reporting standards. Additionally, there is a group of factors that show an alternative to analyze accounting information.

This study provides evidence to measure financial information quality and the results can be beneficial to accounting users, as well as contributing to the literature related to this topic.

Empirically, this study shows that accounting information is affected by financial reporting standards.

This paper provides a wide-ranging and up-to-date (1997–2016) review of the archival empirical risk-reporting literature. The reviewed papers are classified into two principal themes: the incentives for and/or informativeness of risk reporting. Our review demonstrates areas of significant divergence in the literature specifically: mandatory versus voluntary risk reporting, manual versus automated content analysis, within-country versus cross-country variations in risk reporting, and risk reporting in financial versus non-financial firms. Our paper identifies a number of issues which require further research. In particular we draw attention to two: first, a lack of clarity and consistency around the conceptualization of risk; and second, the potential costs and benefits of standard-setters’ involvement.