• Impact of board gender diversity on dividend payments: evidence from some emerging economies

      Saeed, Abubakr; Sameer, Muhammad; COMSATS Institute of Information Technology, Pakistan; University of Bedfordshire (Science direct, 2017-05-06)
      This study investigates the impact of board gender diversity on dividend payments in the context of emerging economies. Using a dataset of listed firms from India, China and Russia over the period 2007–2014, we find strong and robust evidence indicating that board gender diversity is negatively related to cash dividend payments in all emerging economies. Moreover, we find that state-ownership positively moderates the relationship between gender diversity and dividend payments. However, this effect is observed only for China and Russia. In additional analyses, we find that the negative link between board gender diversity and dividend payments is more pronounced during the financial crisis. However, the moderating role of state-ownership does not remain significant during the financial crisis.
    • Intraday and interday distribution of stock returns and their asymmetric conditional volatility: firm-level evidence

      Balaban, Ercan; Ozgen, Tolga; Karidis, Socrates; University of Bedfordshire; Craig Associates; Coventry University London (Elsevier, 2018-02-21)
      This paper is a pioneering effort to jointly analyze the intraday and interday distribution of stock returns and their asymmetric time varying volatility using firm level data from an emerging stock market, namely, the Bourse Istanbul. The joint intraday and interday distribution analysis is based on the two trading sessions with a two-hour lunch break and the trading days of week. The asymmetric time varying volatility is based on the Threshold Generalized Autoregressive Conditional Heteroscedasticity-in-Mean [TGARCH(1,1)-M] model with systematic risk entering the return generating process. This is a unique framework to simultaneously test (i) the weak-form informational efficiency, (ii) the conditional total risk-return relationship and the systematic risk effects, and (iii) volatility persistence and asymmetry in volatility. The firm level intraday data sets are used for the period 1995 to 2015. Firstly, a strong result can be pronounced for a positive return effect for the second trading session of Thursdays followed by the second session of Fridays. The first session of Wednesdays is more associated with a stock price decline. The volatility is the highest in the second session of Mondays. Although the second session of Thursdays sees a volatility increase referring to a positive risk-return relationship, Fridays do not have any significant volatility increase. This can be seen as a true anomaly where we could observe higher returns with lower volatility. Secondly, it can be concluded that only the systematic risk is priced for the great majority of the selected firms. In addition, we cannot observe a significant asymmetry in the volatility in most cases. Finally, it is found that the financial companies have a significantly higher systematic risk than the industrial companies.
    • Microfinance governance: a systematic review and future research directions

      Rasel, Md. Ali; Win, Sandar (Emerald, 2020-04-20)
      Purpose The purpose of this article is to systematically review extant research on the corporate governance (CG) of microfinance institutions (MFIs) from a global perspective. In the process, it discusses scholarly contributions and highlights key issues from the findings of past studies on several governance attributes, in particular, their interconnections and influence on different institutional outcomes of the sector. Design/methodology/approach Although academic work on microfinance governance is substantial, prior studies lack a comprehensive approach to reviewing the literature on this topic. We adopted a systematic method to review past studies on microfinance CG by applying particular inclusion and exclusion criteria. In this regard, the study developed specific questions and sought to find their answers from the existing literature. Findings The findings from our research indicate that microfinance governance-performance relationship is the central focus of the majority of our reviewed papers, although a few attempts have been made to explain the interconnection between CG mechanisms at the firm and institutional level. Our findings also show that existing studies have used a variety of techniques to measure MFI performance vis-à-vis their hybrid mission, such as profitability and outreach. Moreover, the study found that common topics discussed in the mainstream literature include board structure, CEO characteristics, audit quality, external governance, disclosure and MFI ownership type. Research limitations/implications This review has some limitations that warrant further research. First, we considered only peer-reviewed scientific publications for our systematic review. Second, we omitted non-English journal papers from our sample. In light of these limitations, we provide some future research directions that may shed further light on our current inquiry. Originality/value This paper evaluates past relevant studies using a systematic approach (in preference to the commonly used narrative approach) for a span of over eighteen years; thereby contributing significantly to the sectoral governance literature. This study is novel in that it offers new incentives and opportunities for further research in order to meet the shortcomings of reviewed papers from various theoretical, empirical, methodological and geographical standpoints.
    • A SERVQUAL approach to identifying the influences of service quality on leasing market segment in the German financial sector

      Ramanathan, Usha; Win, Sandar; Wien, Andreas (Emerald, 2017-06-19)
      Purpose – The purpose of this paper is to determine the nature of the relationship between service quality and desired customer behaviours in the leasing market using an appropriate service quality measurement model. We take a step further by recognising the possible differences in influence of service quality in private and corporate customers, and those business dealings with low, medium and high lease values. Design/methodology/approach – We use deduction method to test the SERVQUAL in the German leasing market and the relationship between customer satisfaction and desired behavioural outcomes. The developed questionnaire is based on the 22 item scale of the SERVQUAL approach. Samples are selected based on convenience sampling. Findings – We found differences in the levels of inflence by SERVQUAL dimensions on corporate and private customers as well as among those customers with different leasing contract values. From the regression analyses, it is clear that ‘assurance’ from the leasing company is the most common SERVQUAL dimension that has significant impact on overall service quality perceptions and obtaining customers satisfaction and loyalty (behavioural outcomes). Originality/Value –We recognised that all financial services are not created equally to meet customer demands. Hence, the customer expectations of service quality from these services will be different. We contributed to the marketing literature by studying customer perceptions of service quality by specifying financing aspects of financial services, i.e. leasing. We further contributed to the literature of SERVQUAL model in financial services by dividing customers into two different types of customers and those with diverse leasing contract values. We found that priorities given on service quality dimensions by them are different. These concepts were never considered in the literature. This also implies that future studies on financial services marketing need to recognise such differences in the research.
    • What are the possible future research directions for bank’s credit risk assessment research? A systematic review

      Win, Sandar; University of Bedfordshire (Springer Verlag (Germany), 2018-03-11)
      Banking prudence and efficiency to manage their risks in different business cycle and environment would help to alleviate crises and losses. Hence, the effective assessment of credit risk is an essential component of a comprehensive technique to credit risk assessment and critical to the long-run of not only banking institutions but also the economy as a whole. Therefore, it has received a great interest from scholars across finance and economics to investigate such assessments by banks in different countries using diverse theoretical underpinnings and methodologies. Hence, this paper is developed to review analytical conceptualisations of credit risks assessments that have been developed in the academic literature. By means of a systematic review, it provides a comprehensive analysis that encompasses approaches used in research papers. There has been no prior review on analytical conceptualisations in this area. Moreover, this review is done in a systematic manner, i.e. categorising journal articles into different categories such as purposes, perspectives and methodologies through a transparent and thorough process. Thus, it will be able to provide an objective review. Finally, the paper will outline the evolution of methodologies and theoretical underpinnings in credit risk management research and a landscape for possible future research directions
    • Young people and police making "Marginal Gains": climbing fells, building relationships and changing police safeguarding practice

      Factor, Fiona; Ackerley, Elizabeth; University of Bedfordshire; University of Manchester (Emerald, 2019-09-05)
      Purpose The purpose of this paper is to describe a youth work model of participatory research practice which utilises a range of methods within non-traditional research settings, highlighting the importance of trust, risk-taking and the creation of mutually respectful and non-hierarchical relationships. The paper suggests that such methods enable the development of new insights into previously intractable challenges when working with adolescents needing a safeguarding response from professionals. Design/methodology/approach The paper reflects on the challenges and successes of a project which brought police officers and young people together to develop solutions to improving safeguarding responses to young people affected by sexual violence and related forms of harm in adolescence. In particular, this paper focuses on a residential held in October 2016 in the Lake District involving 7 officers and 15 young people. Findings Despite a number of ethical challenges throughout the project, this paper makes the case that potentially high-risk participatory research projects can be supported and managed by university research centres. However, for these to be successful, staff need to work in trauma-informed ways, and possess high-level expertise in group work facilitation. Transparency, honesty, constancy and a range of different and creative activities, including mental and physical challenges, all contributed to the success of the project. Originality/value By detailing the empirical steps taken to develop, support and realise this project, this paper advances a youth work model of participatory research practice, filling an important gap within the methodological literature on participatory work with young people affected by sexual violence.