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This research aims to analyze the effect of village apparatus competence and organizational commitment on village fund management accountability. In addition, researchers also examine the application of the village financial system (SISKEUDES) as an intervening variable. The population in this study were village officials in Kumpeh Ulu and Muaro Jambi sub-districts. Determination of the research sample using purposive sampling method, the number of samples is 145 data observations. The analysis technique used is the Structural Equation Model with the Partial Least Square (PLS) approach. The result of the research is that the competence of the village apparatus does not affect the accountability of village fund management. Organizational commitment and the implementation of SISKEUDES have a significant positive effect on the accountability of village fund management. The implementation of SISKEUDES can mediate the relationship between the competence of village officials and organizational commitment to the accountability of village fund management.

This study aims to analyze the development and soundness of banks from financial performance ratios in banking companies listed on the IDX in 2016-2021 using the RGEC approach; analyze the effect of the ratios used in RGEC on stock returns in banking companies listed on the IDX in 2016-2019 or before Covid19; analyzed the effect of the ratios used in RGEC on stock returns in banking companies listed on the IDX in 2020-2021 or during the Covid-19 pandemic. The sample consisted of the banking sub-sector listed on the IDX in the period 2016 to 2021. The data analyzed using the RGEC method. Based on the calculation of bank rating (bank soundness level), it can be seen that the key figures for the risk profile, GCG, earning and equity (RGEC) in the banking sub-sector listed on the IDX developed well in 2016-2021 in the banking sector on average from 39 banks studied. There are 11 Banks that are in Composite Rating 1 (Very Healthy), 25 Banks are on Composite Rating 2 (Healthy) and 3 Banks are on Composite Rating 3 (Sufficiently Healthy). Based on the results of panel regression tests in 2016-2019 (before Covid-19), bank rating (bank soundness level) which include risk profile (NPL and LDR), GCG, earnings (ROA and NIM) and equity (CAR) together have an effect of 28.89% of bank stock returns and 71.11% of stock returns are influenced by other factors outside the variables studied. However, based on the p-value results, the variables NPL, GCG, NIM and CAR have no significant effect on bank stock returns, while the LDR and ROA variables have a significant effect on stock returns. In general, the soundness of banks listed on the IDX is in a healthy condition. Whereas the results of panel regression tests in 2020-2021 (after Covid-19), bank rating (bank soundness level) which include risk profile (NPL and LDR), GCG, earnings (ROA and NIM) and equity (CAR) together have an effect of 4.93% of bank stock returns and 95.07% of stock returns are influenced by other factors outside the variables studied. However, based on the results of the p-value variables, NPL, LDR, GCG, ROA, NIM and CAR have no significant effect on bank stock returns. However, in general, the health level of banks listed on the IDX during the Covid-19 pandemic is in a healthy condition.

The purpose of the study is to prove that social media has an effect on the behavior of millennial investors mediated by financial risk tolerance. The data collected through the questionnaire was processed and tested for the validity and reliability of the construct. This study uses Structure Equational Modelling (SEM) and passes the criteria for model fit and quality indices to determine the strength of the structural model of the study before testing the hypothesis. This study found that social media and financial risk tolerance variables directly affect investor behavior, social media affects financial risk tolerance and is able to mediate social media relations with investor behavior. The mediating effect of risk tolerance is very strong on social media relations as a provider of market information with investor’s stock trading behavior, both buying and selling. This study also found that investors tend to make biased decisions when faced with bear market conditions, namely showing overreaction behavior.

The outbreak of the Coronavirus, which has caused a global crisis, has affected all aspects of human life. This pandemic has also seriously challenged the business environment, monetary and financial markets, and the performance of banks in countries. Accordingly, this paper aims to answer the question: “What is the impact of the COVID 19 pandemic crisis on the performance of the Canadian banking industry? Thus, the main purpose of the study is to investigate the impact of the Covid-19 pandemic on the performance of the Canadian banking industry. For this purpose, the related literature was systematically reviewed to extract performance indicators. Then, a quantitative approach and a multiple case study strategy were used to examine the hypotheses and answer the questions. So, three Canadian banks including RBC bank, TD bank, and BMO were selected as cases. Document- and records-based method used to collect public data from official, and well-known economic and financial sources. For data analysis, structural equation analysis and correlation test were considered using Amos 28 and APSS 27. Based on the results, although the Covid-19 pandemic has shocked the Canadian banking industry, like many businesses, but because of its high capabilities, they have been able to manage the crisis well and come out of it successfully. The results show that the average profitability and efficiency of Canadian banks decreased slightly during the pandemic period, but it was not significant. In addition, during this period, business risk has increased slightly, but this situation has gradually returned to normal. Plus, some indicators such as the average of ROE, ROI, EPS, etc. after passing the initial shock, they have found a better position than the pre-crisis. Considering the newness of the pandemic and the lack of similar knowledge and experience that has surprised people, the results of this research contribute to the theoretical development of the literature, and its results can be used in the financial, banking, and commercial fields. Since the basis of the investigations was limited to the data of only three banks, therefore, it should be a little cautious in generalizing the results.

The Covid-19 pandemic which became an epidemic throughout the world including Indonesia, so that all sectors including the economy experienced contractions, one of which was Islamic Commercial Banks which faced challenges in the midst of the Covid-19 outbreak such as possible risks to financial performance, so the purpose of this study is to analyze financial performance. Islamic commercial banks during the covid-19 pandemic and are expected to increase economic growth and maintain stability in economic conditions, using ROA, CAR, NPF, FDR and ERM ratios as variables, with a sample of 11 Islamic Commercial Banks, research using comparative quantitative methods, data processed with the paired sample t-test and the data taken are the financial statements of Islamic Commercial Banks for the previous 2018 – 2019 period, and the 2020 – 2021 period after covid-19. The result is that there are significant differences in the CAR, ROA, FDR and ERM ratios on the financial performance of Islamic banking before and after covid-19, while the NPF is not significant.  

Previous study finds that the firms with inferior growth options tend to issue callable bonds. Typically, these firms are characterized by stock underperformance. Previous study also finds that the floating rate as a superior alternative to the call provision, which is restrictive, when the interest rates are likely to fall. We study the long-term stock performance of floating rate notes (FRNs) issuing firms, issued when the interest rates are high. Stock overperformance would suggest floating rate as a preferred choice by the firms with high growth options rather the call option. We find that the FRNs are generally investment grade with extremely rare presence of a call option. We perform the analysis using Buy and hold abnormal return (BHAR) as the proxy for the long-term stock overperformance/underperformance. A sample of floating rate notes issued (1654) from 1992 to 2007, a period of high interest rates, reveals significant overperformance by the floating rate notes issuing firms in the high-rate paradigm. High growth firms, in the high-rate environment, significantly benefit from the floating rate provision which is less restrictive and less costly than the call option, which typically provides call protection period and pays a call premium. Floating rate provision better mitigates the interest rate risk for the firms in the high-rate environment. We find that the smaller, high growth, higher leverage, less profitable firms with greater agency issues benefit more from issuing FRNs in the high-rate environment. Our study has relevance to the stock portfolio construction and performance. We also perform a comparative analysis using the sample of floating rate notes issued (270) during 2008 to 2018, a period of low interest rates, and find stock underperformance. The implications are that the call option likely is a better choice for the firm since the firm preserves the right to forego exercising the option.

This study aims to objectively investigate the impact of the Covid-19 pandemic on bank performance in Indonesia and the effect of corporate governance on banks. The sample consisted of 42 banks with 648 observations on the Indonesia Stock Exchange during the 2017-2020 period. The data were observed using a panel data set, and the estimation method used was Generalized least square (GLS). The results showed that the Covid-19 pandemic had a negative effect on bank performance. The governance variable proxied by the effectiveness of governance has a positive effect on performance. On the contrary, the governance variable proxied by the number of directors and board of commissioners has a negative effect on performance, unlike those proxied by diversity. The hierarchical regression analysis shows that the effectiveness of governance as a moderating variable can reduce the negative impact of the pandemic on performance. Therefore, it is possible to minimize the negative impact of Covid-19 on bank performance through effective governance. This is due to the ability to navigate through unexpected situations, identify opportunities, and create new strategies for adapting to the uncertainties caused by the pandemic. Effective governance shows that the bank has implemented good corporate governance to improve bank performance, efficiency, and service to stakeholders. This study provides empirical evidence that explores the overall governance effectiveness variable that can affect the relationship between the Covid-19 variable and bank performance.

This paper aims to analyse the effects of financial statement indicators and off-balance sheet items affecting risk measures among Indian banks employing both panel data regression and a non-parametric decision tree approach. We explore the effects of bank size, leverage, exposure to contingent liabilities including off-balance sheet derivatives usage and macroeconomic factors on risk measures for banks. In this paper, it is also aimed to examine the effects of the major financial liberalization policy period in the domestic market in India that started in the mid-1990s and ended around 2004 as well as impacts of the 2008 global financial crisis on the risk measures of banks operating in India.  As risk measures, we present a comparative analysis of liquidity, solvency, and interest rate risk measures of Indian banks across public (government) and private ownership categories. Main findings from our study demonstrate (i) significant impact of capital adequacy and the bank size on all the risk measures, (ii) contingent liabilities (including derivatives usage) at banks is observed to significantly impact the asset management measure of liquidity risk and the solvency risk of banks, (iii) GDP growth is observed to impact the asset management and liability management measure of liquidity risk, (iv) the global financial crisis is found to have a significant impact on the liquidity risk measures and interest rate risk, but a weak effect on solvency risk of Indian banks, (v) bank ownership category (government owned versus private sector banks) is observed to have a significant impact on all the risk measures, and finally (vi) financial liberalization reforms had a highly significant effect on the liquidity risk at banks.

To maximize value, companies must adopt the optimal financial structure. However, identifying this structure is not easy. Literature does not give satisfactory results. To remedy this difficulty, we have sought the optimal financial structure applicable to all companies. Thus, in a new approach by the cost of capital, using modelling, we identify an optimal financial structure model that can neutralize the risk of default of debt:   D/K  with t ? i but t > i.

The potential for waqf is very large, as reflected in the number of Muslims who reach 87 percent of the total population in Indonesia. One of the productive waqf is self waqf (muharrar) in PPNJ. The implementation and realization of self waqf have not fully understood this definition, considering that the target is humans themselves. This study aims to identify the motives and factors that motivate them in waqf themselves to PP Nurul Jadid. Respondents in this study were eighteen respondents who were divided into three categories, namely the management of the pesantren, the infrastructure division, and academics/teachers. The results of this study are, first, the statement of the founder of PP Nurul Jadid about the form of struggle of the students of PP Nurul Jadid became the foundation for the students of PP Nurul Jadid in community life. Second, economic factors, third; skill factor owned by some of the less qualified administrators.

The purpose of this study is to determine the simultaneous and partial effects of Company Age, Financial Distress, Independent Commissioners, Institutional Ownership, and Profitability on the Publication Speed of Financial Statements. The study population is companies listed on the Indonesian Stock Exchange between 2018-2020. It can draw the following conclusions from the findings: At the same time, Company Age, Financial Distress, Independent Commissioners, Institutional Ownership, and Profitability influence the speed at which financial statements are an issue. In some cases, it may appear that not all variables significantly affect the annual financial report issuance rate. Company Age, Financial Distress, Independent Commissioners, and Profitability affect the Publication Speed of Financial Statements, but Institutional Ownership does not. By considering the impact of Company Age, Financial Distress, Independent Commissioners, Institutional Ownership, and Profitability on the speed of issuing annual financial reports. These companies expect to release yearly financial statements as soon as possible so that they can optimize their performance to attract investors to invest.  

The application of sharia principles in banking, which does not involve the elements of interest (riba), betting (qimar), and uncertainty (gharar) is unique and draws attention, resulting in an increase in popularity of this type of banking. Financing products have also emerged with a variety of services. Although Islamic banking does not involve those three elements, it is still faced with the risk of disbursed financing. This issue is important to observe considering its relationship with growth and competitiveness in the banking industry. Credit risk that arises can be caused by two factors, including unsystematic and systematic factors or those that cannot be eliminated or controlled. Several previous studies have described the elements that can put a bank’s credit at risk, particularly in the case of Islamic banking. Therefore, this research using a literature study aimed to classify factors that can indicate credit risk, both systematic and unsystematic in Islamic banking.

The crux of bank accounting is how to measure and disclose ex ante credit risk, as loan yields and cost of funds are determined by managerial effectiveness and the financial market. This paper examines how the practice of setting up provisions for loan losses by bank managers had changed to preserve regulatory capitals around the 2008 financial crisis. This paper examines the empirical relationship between ex ante credit loss, which is proxied by loan losses provisions, and realized credit loss, which is measured by net charge-off. The empirical relations are examined before, during, and after the 2008 financial crisis to find the patterns of prediction errors of the incurred loss model. This paper obtains evidence that the empirical relation between non-performing assets and provisions for loan losses weakened at the time of a financial crisis. The relations of net charge-offs and allowance for loan losses on provisions for loan losses amplified during a financial crisis by accounting design. After the financial crisis is over, the empirical relation between non-performing assets and provisions for loan losses does not return back to the pre-crisis relation, but to a different, new post-crisis relation. This paper obtains evidence that financially stable banks in terms of the tier 1 capital ratio, return on assets, market-to-book ratio, or dividend payout ratio tend to adjust provisions for loan losses in a larger scale in response to a financial crisis than less stable banks.

The paper’s purpose was to assess whether the effects on the regulatory capital of the ECL model in European banks differs among those that adopted IRB or standardized approaches to credit risk management. The empirical tests revealed that there was a significant reduction in the level of capita buffers of European banks when the IFRS 9 was first adopted, and that this reduction was more pronounced among banks using a standardized approach to credit risk than for those that relied on an IRB approach. Further testing confirmed the premise that there was an underestimation of capital requirements in the period prior to the adoption of the ECL. The study fills a gap in literature, by evaluating the difference in the impact of adopting the ECL model on the banking system, as a function of the credit risk management approach for capital purposes. The assessment of what happened in the European banking system can be used as a guidance to other jurisdictions still in transition to the ECL model.

This research investigated the effects of individual and contextual factors on the quality of internal audit moderated by emotional intelligence. The research was operationalized from a research instrument consisting of 39 questions, answered by 93 internal auditors from Federal Educational Institutions in Brazil. Descriptive statistics and Structural Equation Modeling were applied. Results showed that individual factors positively and significantly affect the quality of the audit. The work resources, although considered important, did not influence the quality of the audit, unlike the contextual factor of time budget pressure, which affects it positively and significantly. Regarding the moderation of emotional intelligence in individual factors and contextual factors, this was not supported. Thus, concerning the originality, research on the influence of emotional intelligence on the results of the work of the internal auditor is recent in the literatures, this study therefore, boosts the ex ante sources and also support the regulating bodies and practitioners.  Finally, as a suggestion for future research, it is recommended that the studies reach the population not investigated in this study, being internal auditors from other sectors of the economy, external auditors or even auditors from the private sector.

Advocates of blockchain claim widespread impact will be forthcoming shortly. However, the path of innovation in blockchain is uncharted. Investors will assess where blockchain innovation will profit first and most. The timing and impact of each blockchain innovation is a key consideration for business managers. Link, Ruhm, and Siegel (2014) suggest private equity investments forecast which innovations are likely to succeed. Previous research on private equity gives insight on why that ownership structure is especially successful. Private equity investments are collected for two periods and categorized according to basic blockchain components, basic cryptocurrency payment components, and decentralized applications, particularly applications in financial services. The results suggest investors have acted prudently, investing strongly in building blocks, payment systems and fundamental applications, showing a primary emphasis on refining blockchain and realizing standard blockchain protocols before investing in highly complex applications. Further, financial services applications dominate, suggesting investors see financial services as far and away the most likely industry for imminent deconstruction.

This study analyzes the effect of capital structure on the performance of telecommunications firms. The firm performance is measured by return on assets while capital structure is proxied with the ratio of debt total assets. Data of telecommunication firm in 62 countries period of year 2010-2020 proceed with a dynamic data panel regression model using the generalized method of moment approach. The empirical results indicated that capital structure of telecommunication firm has significantly impact to the firm performance in developed and developing countries as well as in integrated and wireless telecommunication firms.  The other factors that effect on firm performance are firm size and growth. The novelty of this study lies in the scope of analyses that cover world-wide telecommunication industry based on demographic group (developed and developing countries) and main businesses (integrated and wireless telecommunication).

This study compares Corporate Governance (CG) between Hungary and Indonesia and analyzes the causality between CG and financial performance in both countries. CG proxy is the ownership structure. In the monitoring function, CG will improve the company's performance. The company's performance, on the other hand, can affect the ownership structure as one of the markets for corporate control in the CG mechanism. The causality test will inform whether the monitoring or market for corporate control is implemented as a CG mechanism. This study uses the Granger causality test to analyze the bi-causality between CG and financial performance. The sample consists of companies listed on the Budapest Stock Exchange (BSX) and the Indonesia Stock Exchange (IDX). The results showed that only two pairs of bi-causality relationships (out of six pairs) occurred in the BSE sample companies, and there were three pairs of bi-causality relationships (out of nine pairs) in the IDX sample companies. This research contributes to the relationship between ownership and firm performance based on agency problems from the perspective of the monitoring function and the market for firm control.

Central bank digital currencies (CBDCs) give rise to many possibilities including those of negative interest rates. A two-period decision model is presented between one central bank and one representative household. The central bank applies the Taylor (1993) rule to choose its interest rate. The household allocates its resources strategically to production, consumption, CBDC holding, and non-CBDC holding. The results are determined analytically and illustrated numerically by varying 19 parameter values. Interesting novelties of the article are that the central bank may choose negative CBDC interest rates when the household holds far more CBDC than non-CBDC, for low inflation rates, low real interest rates, low household’s potential production, low weight assigned to inflation in the Taylor (1993) rule, high target inflation rate, and high household’s production parameter. That usually causes the household to decrease its CBDC holding and increase its non-CBDC holding, production and consumption. The central bank may increase its CBDC interest rate to compete with an increasing non-CBDC interest rate if the household’s transaction efficiencies for CBDC and non-CBDC increase, or the household’s transaction efficiency for consumption decreases. Shocks to production, inflation and interest rates are analyzed.

In a two-period decision model, a central bank chooses a CBDC (central bank digital currency) interest rate and a representative household allocates resources into production, consumption, CBDC holding, and non-CBDC holding. The model’s analytical results and a plausible benchmark are compared with the empirics for the US, China and Russia. Interesting novelties of the article are that the model predicts that the US in 2021/2022 should choose  rather than 0.125% CBDC interest to combat its high October 2021 empirical inflation of 6.2%. That would induce households to hold more CBDC, hold less non-CBDC, and produce and consume less. In contrast, the model predicts that China should choose a low  rather than  CBDC interest rate. That would decrease each household’s CBDC holding and increase the low inflation. The model predicts that Russia should choose  rather than  CBDC interest rate. Russia’s strategy is remarkably consistent with the model’s predictions. The model predicts that the central bank should choose negative CBDC interest rate when the inflation and real interest rate are low, and the inflation target is high. The article shows how extremely high inflation, which increases the CBDC interest rate, makes production and consumption nearly impossible, unless the real interest rate is extremely negative.