Template-Type: ReDIF-Article 1.0 Author-Name: Burak Dolar Title: DID U.S. BANKS MANAGE THEIR EARNINGS IN THE AFTERMATH OF THE 2007-2009 FINANCIAL CRISIS? EVIDENCE FROM THE POST-CRISIS HOUSING MARKET Abstract: Building on and extending our prior work, this paper studies earnings management practices of banks in the aftermath of the Financial Crisis of 2007-2009. We focus our attention on two distinct groups of institutions; banks headquartered in states that were most impacted by the housing market crisis and those in least impacted states. Our dataset is generated using the Reports of Condition and Income and covers the periods before and after the 2007-2009 Financial Crisis. We divide our balanced panel dataset into two equal subsets and analyze pre- and post-crisis periods separately. Each subset covers a four-year period and consists of 7,560 observations gathered from the same 1,890 banking institutions that had been continuously active from 2003 to 2010. Our empirical evidence lends support to the earnings management hypothesis, suggesting that banks (both low- and high-profit ones) headquartered in states where the housing market crash was most pronounced used loan loss provisions to manage reported earnings in the post-crisis period. Classification-JEL: G21, M41 Keywords: Financial Crisis, Earnings Management, Provision for Loan Losses, Commercial Banks, Thrifts Journal: The International Journal of Business and Finance Research Pages: 1-12 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v17n1-2023/IJBFR-V17N1-2022-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:17:y:2022:i:1:p:1-12 Template-Type: ReDIF-Article 1.0 Author-Name: Hsiang-Tsai Chiang Author-Name: Cheng-Chun Chao Author-Name: Tzu-Yu Ou Title: THE IMPACT OF BOARD COMPOSITION AND OWNERSHIP STRUCTURE ON INNOVATION PERFORMANCE: AN EMPIRICAL STUDY IN TAIWAN’S ELECTRONICS INDUSTRY Abstract: This research measures innovation performance from the perspective of R&D investment and patent rights and explores the impact of different board compositions and shareholding structures on corporate innovation performance. This study goes on to discuss whether the composition of the board of directors can be balanced with the shareholding structure, which will have a different impact on the company’s innovation performance. The sample used in this study is a sample of Taiwan’s listed OTC electronics industry for a total of five years from 2014 to 2018. The innovation value chain is used to measure the company’s innovation performance, from “input (R&D expenditure) → intermediate output (patent rights) → final output (Sales) “conducted an empirical analysis. The results show that the composition of the board of directors and the shareholding structure have inconsistent effects on the company’s innovation value chain, which may be beneficial to investment in research and development but not conducive to the final output (sales). External and independent directors can increase the independence of the board of directors, and can adjust the ratio of shareholding and deviation of control rights and cash flow rights of directors and supervisors, which will have a positive impact on innovation performance. Classification-JEL: C12, G30, M41 Keywords: Board Composition, Ownership Structure, Board Independence, Innovation Performance Journal: The International Journal of Business and Finance Research Pages:13-34 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v17n1-2023/IJBFR-V17N1-2022-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:17:y:2022:i:1:p:13-34 Template-Type: ReDIF-Article 1.0 Author-Name: Han-Fang Tsai Title: TRADE-OFF BETWEEN WORKING CAPITAL AND FIXED INVESTMENT UNDER SHARIAH COMPLIANCE AND ISLAMIC ADHERENCE Abstract: This study investigates whether Shariah (Islamic Law) compliance and Islam adherence influence the relationship between working capital and fixed investment, as well as, whether this relationship further affects firm performance. Using a sample of firms listed on the Indonesia Stock Exchange over the period 2011-2018, we find that the relationship between working capital and fixed investment is linear for Shariahcompliant firms, however, this relationship is non-linear for non-Shariah-compliant firms. In addition, the result also shows that non-Shariah-compliant firms with higher working capital/fixed investment ratio have a better firm performance, however, this effect does not exist for Shariah-compliant firms. Finally, Muslim proportion of city exerts influence on the relationship between working capital/fixed investment ratio and firm performance, but Muslim proportion of province does not have this influence. Classification-JEL: G31, G34 Keywords: Shariah, Islam Adherence, Working Capital Investment, Fixed Investment, Firm Performance Journal: The International Journal of Business and Finance Research Pages: 35-48 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v17n1-2023/IJBFR-V17N1-2022-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:17:y:2022:i:1:p:35-48 Template-Type: ReDIF-Article 1.0 Author-Name: Imanou Akala Author-Name: Laetitia Pozniak Title: DO SMES LISTED ON THE ALTERNATIVE INVESTMENT MARKET OUTPERFORM SMES LISTED ON EURONEXT? Abstract: This paper examines the performance of small and medium enterprises (SMEs) listed on the Alternative Investment Market (AIM) with that of Euronext. The analysis compares SMEs in both markets using index prices for a period of 10 years Jan. 2010 to Dec. 2019 from Euronext (Paris and Brussels) and AIM, as well as SMEs own financial reports. CAPM and Fama and French three factor were applied using OLS regression analysis to capture the risks and returns of the two stock markets. The interpretation of Alphas and betas revealed that the Alphas, betas, and adjusted R square ranges in the CAPM model are less significant than those in Fama and French 3 factor model; the two models are more consistent with the Euronext than AIM. However, it is important to highlight that AIM SMEs overall performance in terms of risk and return is higher than those of Euronext. Classification-JEL: M130, G1, C120, C220 Keywords: Small and Medium Enterprises, Stock Markets, Index Prices, Financial Risk and Return, Unregulated Markets Journal: The International Journal of Business and Finance Research Pages:49-60 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v17n1-2023/IJBFR-V17N1-2022-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:17:y:2022:i:1:p:49-60 Template-Type: ReDIF-Article 1.0 Author-Name: Cheng-Se Hsu Title: RELATIONSHIPS AMONG MARKETING MIX, CUSTOMER SATISFACTION AND CUSTOMER LOYALTY: EVIDENCE FROM TAIWAN Abstract: As the widespread use of retail applications increases during and after the pandemic, so does the need to explore factors contributing to customer loyalty in the context of retail applications. This study aims to investigate the relationships among marketing mix, customer satisfaction, and customer loyalty. The current study collected data from a survey of 197 retail application users in Taiwan to test the proposed model. SPSS 20 and AMOS were used to analyze the data. Results indicated that marketing mix is found to have an effect on satisfaction, which in turn exerts an influence on loyalty. However, marketing mix does not directly affect loyalty. Instead, satisfaction fully mediates the relationship between marketing mix and loyalty. The findings may be helpful to researchers as well as mobile retailers interested in customer loyalty. In the end, the findings' theoretical and practical implications are discussed and the direction for future research is provided. Classification-JEL: M30, M31 Keywords: Marketing Mix, Customer Satisfaction, Customer Loyalty, Retail Applications, Mobile Retailing Journal: The International Journal of Business and Finance Research Pages: 61-70 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v17n1-2023/IJBFR-V17N1-2022-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:17:y:2022:i:1:p:61-70 Template-Type: ReDIF-Article 1.0 Author-Name: Yahn-Shir Chen Author-Name: Kui-Ying Lin Title: SIZE, PERFORMANCE AND ALLIANCE: AN EXAMINATION OF MARKET SEGMENTATION AND MARKET STRUCTURE Abstract: In this study, we compare the performance of audit firms under different market segments in different market structures. In terms of market segmentation, we classify audit firms into four groups: international, national, regional, and local audit firms. Further, we define the audit market structure as the Big 6, Big 5 and Big 4 periods. In addition, we take the alliance between audit firms and consulting companies into account. We find size matters. Specifically, firm performance of international firms is better than that of national, regional, and local firms in the Big 6, Big 5, and Big 4 periods. Firm performance of international firms in the Big 5 and Big 4 periods is inferior to that of the Big 6 period, but no significant difference in firm performance between Big 5 and Big 4 periods. Further, international firms outperform national, regional and local firms in the alliance performance during Big 5 and Big 4 periods, but they have no significant differences in alliance performance between Big 5 and Big 4 periods. Classification-JEL: M41, M42, E24 Keywords: Market Segmentation, Market Structure, Strategic Alliance, Operating Performance, Audit Firms Journal: The International Journal of Business and Finance Research Pages: 71-92 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v17n1-2023/IJBFR-V17N1-2022-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:17:y:2022:i:1:p:71-92 Template-Type: ReDIF-Article 1.0 Author-Name: Saman Janaranjana Herath Bandara Title: RELATIONSHIP BETWEEN HIGHER EDUCATION AND ECONOMIC DEVELOPMENT: EVIDENCE FROM WEST VIRGINIA Abstract: Investment in education is the key for economic growth of a country or a state where poverty is very prominent. Many studies have proven that human capital makes a substantial contribution to economic and income growth. Education that generates skilled labor force leads to increased development and improved quality of life i.e., economic development. This study investigates the effects of higher education on the economic labor force and income growth of the state for the last 2-3 decades, 1990-2023. The data collected mainly from the U.S. census Bureau, Bureau of labor statistics, West Virginia Higher Education Policy Commission (WVHEPC), USDA-ERS, City Data Book (C&CDB), and some from Appalachian Regional Commission (ARC) were used for the analysis. The key industrial sectors of the state are considered for the analysis separately to understand the labor force effects on those sectors. The study followed a series of simultaneous equations with three endogenous variables, using an annual state-level dataset. The results show that higher education has positive and significant effects on economic development in West Virginia, while investing in professional and business services, education and health care are delivering more results. Classification-JEL: O1, O2, O4 Keywords: Education, Economic Development, West Virginia Journal: The International Journal of Business and Finance Research Pages: 93-104 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v17n1-2023/IJBFR-V17N1-2022-7.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:17:y:2022:i:1:p:93-104 Template-Type: ReDIF-Article 1.0 Author-Name: Laetitia Pozniak Author-Name: Philippe Boistel Author-Name: Melanie Croquet Author-Name: Loredana Cultrera Title: REPUTATION, A PERFORMANCE LEVER? EVIDENCE FROM EURONEXT PARIS Abstract: The reputation of the company is certainly its most precious intangible asset but also the most difficult to assess because it incorporates multiple dimensions. Despite the lack of a clear and precise consensus on the definition of reputation, many previous studies have endeavored to analyze the link between reputation and business performance. The results of this previous research generally highlight a positive impact of reputation on performance but also a reciprocal relationship between performance and reputation. Through this research, we seek to explore this link and its reciprocity by studying the large French capitalizations listed on the Paris Stock Exchange. This link is analyzed here in an economic and financial context disrupted by the Covid 19 health crisis. The data on which the econometric tests are carried out are the data for the year 2020. The results confirm that even in such a context of crisis, the reciprocity of the relationship between reputation approached by the Price to Book ratio and economic (ROA) and financial (ROE) performance is maintained, suggesting the existence of a virtuous circle between reputation and performance. Classification-JEL: M30, C21, G30 Keywords: Reputation, Financial Performance, Economic Performance, Price to Book Ratio Journal: The International Journal of Business and Finance Research Pages: 105-118 Volume: 17 Issue: 1 Year: 2023 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v17n1-2023/IJBFR-V17N1-2022-8.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:17:y:2022:i:1:p:105-118