International Journal of Banking and Finance
type: channel
description: The International Journal of Banking and Finance (IJBF) provides a publication forum for international scholars and practitioners in banking, finance and insurance to disseminate their theoretical, empirical and applied research through anonymously blind peer review process. The journal provides a global forum wherein academicians and practitioners share ideas, elucidate practices and enhance the existing theoretical and practical positions. The journal aims to reach contributors and readerships worldwide and, in particular, those in the developing countries whose needs are currently more acute. The editorial policy encourages and solicits research papers that reflect novel practical and theoretical breakthroughs in banking, finance and insurance in different financial and economic environments. It is published by the Universiti Utara Malaysia twice a year. Areas of interest for this journal include, but are not limited to, the following topics: behavioural economics, corporate finance, financial institutions and markets, financial services, insurance, international economics and trade, international finance, macroeconomics, monetary policy, financial economics, portfolio and security analysis, real estate, ethical finance, money and banking and accounting and financial reporting. This is an open access journal. The articles on this site are available in full-text and free of charge to our web visitors. This website does not require any personal information about its visitors to read, download, copy, distribute, print, search, or link to the full texts of these articles.
publisher: UUM PRESS
language: en
publication name: International Journal of Banking and Finance
issn: 2811-3799
items: DETERMINANTS OF DIGITAL FINANCIAL INCLUSION AMONG LOW-INCOME HOUSEHOLDS: COMPARISON BETWEEN PENINSULAR AND EAST MALAYSIA
items: ROBO-ADVISORS AND AI-DRIVEN FUNDS: CATALYSTS IN THE DYNAMIC EVOLUTION OF ASSET MANAGEMENT
items: METHOD OF PAYMENT AND ACQUIRER SHAREHOLDER WEALTH MAXIMIZATION IN MERGERS AND ACQUISITIONS: A REVIEW OF LITERATURE
items: IMPACT OF ECONOMIC POLICY UNCERTAINTY ON HERD BEHAVIOR IN CHINA STOCK MARKET
items: DO FIRM CHARACTERISTICS MATTER IN EXPLAINING THE LAPSE RATE OF LIFE INSURANCE POLICIES AND FAMILY TAKAFUL CERTIFICATES IN MALAYSIA?
items: CUSTOMERS' PERCEPTIONS ON BANKS' CYBERSECURITY AND THEIR USE OF MOBILE BANKING SERVICES IN TANZANIA
items: DIVIDEND POLICY IN MAINLAND CHINA AND THE US: A STUDY ON NON-FINANCIAL LISTED COMPANIES
items: A GLOBAL COMPARISON OF CREDIT BUREAUS BASED ON DATA UTILIZATION IN CREDIT SCORING
items: FORECASTING THE REALIZED VOLATILITY OF ISLAMIC EQUITIES USING MULTIVARIATE HAR-TYPE MODELS
items: ZAKAT DISCLOSURE INDEX BY ISLAMIC BANKS AND DEVELOPMENT FINANCIAL INSTITUTIONS IN MALAYSIA
items: MACRO-ECONOMETRIC ANALYSIS OF INWARD CAPITAL FLOWS: A CASE OF NIGERIA IN TIMES OF SECURITY CHALLENGES
items: IMPACT OF PEER PRESSURE ON DIVIDEND POLICY: EVIDENCE FROM FOOD & ALLIED AND POWER & FUEL SECTORS IN BANGLADESH
items: MARKET REACTION TO THE IMPLEMENTATION OF BASEL CAPITAL IN SOUTH AFRICAN BANKS: EVENT STUDY APPROACH
items: FACTORS INFLUENCING STUDENTS’ COST OF LIVING: EVIDENCE FROM MALAYSIAN UNIVERSITIES
items: DETERMINANTS OF THE LONG-TERM PERFORMANCE OF MALAYSIAN INITIAL PUBLIC OFFERINGS
items: ANALYZING THE DOUBLE CROSSOVER MOVING AVERAGES STRATEGY BEFORE, DURING AND AFTER THE LOCKDOWN PERIOD
items: MUTUAL FUND PERFORMANCE IN A BULLISH MARKET DURING THE COVID-19 CRISIS
items: THE APPLICATION OF PROMISE (WA‘D) IN ISLAMIC BANKING CONTRACTS IN MALAYSIA: A MASLAHAH PERSPECTIVE
items: COVID-19 AND GOVERNMENT RESPONSES: HAS THE PANDEMIC AFFECTED THE KUALA LUMPUR COMPOSITE INDEX?
items: A DEA AND TOBIT ANALYSIS OF THE DETERMINANTS OF COST AND PROFIT EFFICIENCY IN THE TURKISH BANKING SECTOR
items: IS THE KWAP DEFINED BENEFIT PENSION FUND SUSTAINABLE IN THE LONG RUN?
items: VOLATILITY PERSISTENCE IN INTERNATIONAL FINANCIAL MARKETS IN THE POST COVID-19 ERA
items: FACTORS DETERMINING THE USE OF MOBILE BANKING IN INDONESIA
items: INSIDER TRADING AND CORPORATE SPINOFFS
items: ACCOUNTING CONSERVATISM AND CORPORATE TAX AVOIDANCE
items: DETERMINANTS OF SME SUCCESS OR FAILURE IN FRONTIER MARKETS
items: DYNAMICS OF THE MOROCCAN INDUSTRY INDICES NETWORK BEFORE AND DURING THE COVID-19 PANDEMIC
items: DETECTING ASSET PRICE BUBBLES DURING THE COVID-19 CRISIS AND ITS IMPLICATIONS: EVIDENCE FROM THE STOCK AND OIL MARKET
items: SECTOR LENDING CONCENTRATION AND CREDIT RISK: AN EVALUATION OF LENDER PERCEPTIONS IN TANZANIA
items: ARE DOMESTIC FIRMS EXPOSED TO SIMILAR CURRENCY RISK AS INTERNATIONAL TRADING FIRMS?

DETERMINANTS OF DIGITAL FINANCIAL INCLUSION AMONG LOW-INCOME HOUSEHOLDS: COMPARISON BETWEEN PENINSULAR AND EAST MALAYSIA
type: item
description: Digital financial inclusion is a fundamental component in alleviating poverty and enhancing prosperity. A comprehensive financial system lays the foundation for a basis of robust and resilient households, enhancing the welfare of low-income groups. This research examines the determinants of digital financial inclusion among low-income families in Malaysia, specifically focusing on digital literacy, financial literacy, trust, infrastructure and financial service providers. Total of one thousand one hundred seventy-one respondents with income below the national poverty line were surveyed. The Partial Least Squares-Structural Equation Modelling (PLS-SEM) and the Multigroup Analysis (MGA) techniques were employed. This study separated the total sample into two groups, Peninsular Malaysia and East Malaysia. The results demonstrate that trust, digital literacy and infrastructure are positively and significantly related to digital financial inclusion for all the groups. The role of financial service providers is only supported for the complete sample set and Peninsular Malaysia. Surprisingly, this study found no association between financial literacy and digital financial inclusion. In addition, the MGA results further evidence significant differences between Peninsular Malaysia and East Malaysia in achieving digital financial inclusion. Peninsular Malaysia shows stronger digital literacy and infrastructure, while East Malaysia demonstrates more potents effects of financial service providers and trust in boosting digital financial inclusion. These findings provide practitioners valuable insights into fostering a digitally inclusive financial society. This research includes strengthening consumer protection regulations on digital financial services to address cyber threats, implementing digital literacy campaigns to enhance awareness, and ensuring affordable and reliable internet access. These policy recommendations highlight the importance of formulating and designing tail…
subject: Articles
  topic: section
creator: Ming-Pey Lu
creator: Zunarni Kosim
creator: Yong Kang Cheah
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-07-31
publication date: 2025-07-31
starting page: 91
ending page: 115
doi: 10.32890/ijbf2025.20.2.5

ROBO-ADVISORS AND AI-DRIVEN FUNDS: CATALYSTS IN THE DYNAMIC EVOLUTION OF ASSET MANAGEMENT
type: item
description: Integrating Artificial Intelligence (AI) into investment finance has been transformative; however, its dynamic evolution in asset management remains underexplored. This study aims to comprehend and investigate the presence of AI in Malaysian asset management, its evolution in relation to current traditional practices, and its performance. A mixed-methods approach was employed. Qualitative text analysis was conducted on 702 fund reports and official AMC documents to identify the presence of AI technologies and their role in transforming traditional practices. Quantitative methods were utilised to evaluate performance: user ratings of robo-advisor applications were analysed to measure adoption and satisfaction, while Welch's t-test compared the annual returns of AI-driven and human-managed equity funds to assess performance. This study identified two prominent AI in asset management: robo-advisors and AI-driven funds. Robo-advisors automate investor profiling and fund recommendations, whereas AI-driven funds use algorithms for autonomous trading decisions. AI adoption varies among asset management companies (AMCs), with differing levels of integration. This transformation has supplanted traditional unit trust consultants (UTCs) with robo-advisors and human fund managers with AI-driven funds. Preliminary findings indicate high user satisfaction with robo-advisors because of their efficacy and convenience. AI-driven funds yield annual returns comparable to those of human-managed funds in the equity category, demonstrating their proficiency in managing complex investment strategies. These findings illuminate AI's transformative potential in asset management, suggesting it could replace traditional roles and achieve competitive performance. This study lays the groundwork for future research on AI's long-term impact and scalability in the industry, enriching the understanding of AI's evolving role in finance.
subject: Articles
  topic: section
creator: Amirul Ammar Anuar
creator: Mohammad Taqiuddin Mohamad
creator: Ahmad Azam Sulaiman @ Mohamad
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 60
ending page: 90
doi: 10.32890/ijbf2025.20.2.4

METHOD OF PAYMENT AND ACQUIRER SHAREHOLDER WEALTH MAXIMIZATION IN MERGERS AND ACQUISITIONS: A REVIEW OF LITERATURE
type: item
description: This paper aims to review existing literature to study the relationship between the method of payment and the acquirer firm’s shareholder wealth in mergers and acquisitions (M&A). The literature review is carried out in two areas: (1) payment methods offered to the target firm based on the acquirer firm’s internal factors, and (2) the impact of different payment methods on shareholder wealth during the announcement period. The paper is focused on providing suggestions for future studies on the payment methods, specifically on the mixed payment method. This paper is the first attempt to critique extant literature, beginning with selecting the payment method and ending with how it would affect the acquirer firm’s shareholder wealth. Since this is a review paper and not subject to empirical study, it could be directed for future research to investigate the impact of the cash-to-stock ratio in the mixed method of payment offer on the wealth of the shareholders of the acquirer firm.
subject: Articles
  topic: section
creator: Jagan Arumugam
creator: Rubi Ahmad
creator: Koh Hsieng Yang
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 20
ending page: 42

IMPACT OF ECONOMIC POLICY UNCERTAINTY ON HERD BEHAVIOR IN CHINA STOCK MARKET
type: item
description: This study explores the impact of economic policy uncertainty on herd behaviour in the Chinese stock market. As economic policy uncertainty increases, market information becomes highly chaotic and complex, making reliable information scarce and challenging for investors to make independent decisions. Particularly in the Chinese stock market, where retail investors dominate and generally lack professional financial knowledge and deep market analysis skills, these investors are more likely to mimic the behaviours of other market participants. Using monthly data from January 2011 to December 2023, and employing panel regression for empirical analysis, this research aims to explore the specific effects and mechanisms of economic policy uncertainty on herd behaviour, addressing a gap in the existing literature regarding how economic policy uncertainty directly influences investor behaviour in terms of manner and extent. The study's findings indicate that economic policy uncertainty has a significant and varied impact on herding behaviour across different market segments. Specifically, economic policy uncertainty significantly promotes herding behaviour in the Science and Technology Innovation Board, while it inhibits herding behaviour in the Main Board. Economic policy uncertainty also inhibits herding behaviour in the ChiNext, but not as significantly as in the Main Board. This diversity in impact highlights the complex nature of economic policy uncertainty's influence on herd behaviour.
subject: Articles
  topic: section
creator: Lu Wei
creator: Zamri Ahmad
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 1
ending page: 19
doi: 10.32890/ijbf2025.20.2.1

DO FIRM CHARACTERISTICS MATTER IN EXPLAINING THE LAPSE RATE OF LIFE INSURANCE POLICIES AND FAMILY TAKAFUL CERTIFICATES IN MALAYSIA?
type: item
description: This study discovers the influence of the firm’s characteristics (i.e. firm size, firm leverage, aggressiveness of sales, board of directors’ size and diversity) on the lapse rate of life insurance policies and family takaful certificates in Malaysia. The panel data includes 25 insurance operators consisting of 14 conventional insurers and 11 takaful operators available between 2014 and 2022.The cross-sectional Ordinary Least Square (OLS) estimates show that firm size has a negative influence on lapse rates of life insurance (2019-2021), while a positive sign for firm leverage (2017, 2020 and 2021). The aggressiveness of sales shows the inconsistent influence on the lapse rate of life insurance in 2017 (positive) and in 2021 (negative). The firm leverage negatively influences on the lapse rate of family takaful for 2017 and 2018. The panel data estimates show that firm leverage and diversity of the firm’s board of directors significantly impact the life insurance lapse rate while only firm diversity significantly impacts family takaful lapse rates. This study offers policy implications for the insurance industry in Malaysia, especially by the Bank Negara Malaysia (BNM).
subject: Articles
  topic: section
creator: Farah Adibah Dato’ Zaihan
creator: Tuck Cheong Tang
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2025-01-05
publication date: 2025-01-05
starting page: 84
ending page: 104
doi: 10.32890/ijbf2025.20.1.5

CUSTOMERS' PERCEPTIONS ON BANKS' CYBERSECURITY AND THEIR USE OF MOBILE BANKING SERVICES IN TANZANIA
type: item
description: In this contemporary era, mobile banking services enable customers to organise and accomplish cashless financial transactions using mobile devices. However, the general state of banks' cybersecurity systems significantly impacts the usage of banking services offered through mobile networks among customers. The analysis was performed to assess how customers perceive the cybersecurity systems of banks and their association with mobile banking usage. By adopting a cross-sectional research design under the guidance of the Unified Theory of Acceptance and Use of Technology (UTAUT), the Partial least squares structural equation modelling (PLS-SEM) analysis reveals that banks' cybersecurity systems' performance expectancy had a significant positive impact on the use of mobile banking services. Further, banks' cybersecurity systems' effort expectancy, significant others' comments and facilitating conditions significantly and positively influence bank customers to use mobile banking. Aligning with these findings, banks and financial institutions should prioritise and strengthen cybersecurity systems and simplify mobile banking processes for enhanced mobile banking adoption and usage among bank customers.
subject: Articles
  topic: section
creator: Emmanuel L Mkilia
creator: Jones Kaleshu
creator: Alfred S. Sife
rights: Copyright (c) 2025 https://creativecommons.org/licenses/by/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 43
ending page: 59
doi: 10.32890/ijbf2025.20.2.3

DIVIDEND POLICY IN MAINLAND CHINA AND THE US: A STUDY ON NON-FINANCIAL LISTED COMPANIES
type: item
description: This paper aims to assess the common characteristics of dividend payers and non-payers in both China and the US, as well as the stability of dividend policies in each respective nation. The study addresses issues related to catering theory, signal theory, smoothing assumptions, and Fama-French hypotheses. Our analysis covers 509 non-financial firms during the period 2006-2016, comprising 419 firms from the US and 90 firms from China. The multinomial regression reveals that past dividend payouts are critical in explaining dividend policy in both the US and China. Firms that have consistently paid higher dividends in the preceding year are more likely to opt for dividend increases rather than omitting dividends, thus aligning with the dividend smoothing hypothesis. Additionally, firm size and stock market performance were found to be significantly influencing dividend payouts across different categories in both the US and China. However, US firms primarily drove dividend payouts through profitability and the dividend premium, while firm size and leverage heavily influenced Chinese dividends. Interestingly, Chinese firms appear to practice a less sticky dividend policy than US firms, implying that the role played by dividend policy in signalling and catering theories in China is less significant than in the US.
subject: Articles
  topic: section
creator: Hooi Laing Boo
creator: Bee Wah Tan
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-10-27
publication date: 2024-10-27
starting page: 68
ending page: 83
doi: 10.32890/ijbf2025.20.1.4

A GLOBAL COMPARISON OF CREDIT BUREAUS BASED ON DATA UTILIZATION IN CREDIT SCORING
type: item
description: The basic concept of credit scoring is to assess an individual`s payment ability as well as the specific individual`s credit default risk, hence determining an individual`s creditworthiness. Based on the credit score, financial institutions, insurance companies, telecommunication companies and other businesses decide whether consumers are eligible for a mortgage, credit card, auto loan, and other credit products. However, in many countries, potential tenants and insurance applicants also use credit scores extensively for screening. Accordingly, Credit Bureaus (CB) or Consumer Reporting Agencies (CRA) exert an essential gatekeeper function for important economic areas of consumers’ everyday life. However, when examining CBs globally, there are considerable differences in the use of data to calculate credit scores. Interestingly, the influence of CBs on credit rating receives little to no attention in academic research. This is particularly evident in the absence of a framework for classifying Credit Bureaus. Therefore, 24 traditional and non-traditional Credit Bureaus operating in 17 different countries are analyzed. First, the study identifies the different data types underlying credit reports and credit scores. Second, CBs are classified and clustered according to the type of information used for credit scoring. Furthermore, promising areas of research, in particular the ethical conflict between data protection and economic participation are highlighted.
subject: Articles
  topic: section
creator: Ralf Wandmacher
creator: Yvonne Thorhauer
creator: Christian Sturm
creator: Mareike Driessen
creator: Dominique Soine
creator: Tim Goerke
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-10-27
publication date: 2024-10-27
starting page: 23
ending page: 38
doi: 10.32890/ijbf2025.20.2.2

FORECASTING THE REALIZED VOLATILITY OF ISLAMIC EQUITIES USING MULTIVARIATE HAR-TYPE MODELS
type: item
description: This study proposes nine multivariate intraday models using various realized variation measures with the aim to improve volatility forecasting in the Islamic stock market in Malaysia using a dataset from 1st April 2008 to 31st March 2018. The findings show that considering independently the jump-robust realized volatility, additional daily jump realized volatility, and continuous and discontinuous jump sample path variations improved the in-sample predictive regressions compared to using the standard realized volatility. For the out-of-sample volatility forecasts evaluation, it is observed that the volatility models that disentangled the realized volatility into its continuous and discontinuous jump components have outperformed the rest of the proposed models. This is because both the continuous and discontinuous variation of returns exhibit distinctive substantial information in yielding the final volatility dynamic and thus should be modeled disjointedly. However, the empirical results suggest that the simple autoregressive specification using the standard realized volatility is often performing better or as well as the new extension models. Lastly, this study may provide useful insight in portfolio management, risk assessment, and asset pricing, particularly in the Shariah-compliant equities.
subject: Articles
  topic: section
creator: Sew Lai Ng
creator: Wen Cheong Chin
creator: Lee Lee Chong
creator: Kok Why Ng
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-10-27
publication date: 2024-10-27
starting page: 39
ending page: 67
doi: 10.32890/ijbf2025.20.1.3

ZAKAT DISCLOSURE INDEX BY ISLAMIC BANKS AND DEVELOPMENT FINANCIAL INSTITUTIONS IN MALAYSIA
type: item
description: Paying zakat and disclosing it transparently to stakeholders is one of the ways to demonstrate the Islamic ethical value and accountability of Islamic finance institutions (IFIs). Nevertheless, comprehensive zakat information disclosure practices by Islamic banks (IBs) and Development Financial Institutions (DFIs) have received less attention. Therefore, this study was conducted to develop a comprehensive Zakat Disclosure Index (ZDI) for IBs and DFIs and measure the ZDI level of these institutions. Content analysis was performed through financial statements, annual reports, annual integrated reports and annual sustainability reports for four consecutive financial years from 2016 to 2019. The entire population of 16 IBs and 6 DFIs was selected. The ZDI was developed with two categories based on the liability of paying zakat. The scoring was divided into three groups: (i) mandatory financial information versus voluntary financial information versus mandatory non-financial information versus voluntary non-financial information; (ii) mandatory versus voluntary; and (iii) financial versus non-financial. The result showed that the overall disclosure level was at 60 percent, where mandatory disclosure was at 43 percent and voluntary disclosure was at 17 percent, while for financial and non-financial information, the scores were not much different at 25 percent to 33 percent. The study’s implication lies in establishing a standardised zakat index, enhancing comparability among reporting entities. Furthermore, the study holds importance for regulators as it aids in assessing the sufficiency of existing regulations and guidelines. It can guide regulatory actions to uphold the principles of maqasid shariah in reporting practices.
subject: Articles
  topic: section
creator: Sutina Mahmod
creator: Norhazlina Ibrahim
creator: Suhaila Abdul Hamid
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-07-15
publication date: 2024-07-15
starting page: 241
ending page: 270
doi: 10.32890/ijbf2024.19.2.5

MACRO-ECONOMETRIC ANALYSIS OF INWARD CAPITAL FLOWS: A CASE OF NIGERIA IN TIMES OF SECURITY CHALLENGES
type: item
description: This study used quarterly data for the period of 2014Q1–2021Q2 to investigate the macro-econometric implications of capital flows to Nigeria in the face of security challenges. The ARDL bounds test technique identified the long-run relationships between macroeconomic dynamics, insecurity, and total capital inflows to Nigeria, while the error correction mechanism (ECM) identified the short-run relationships. The Toda-Yamamoto test was used to determine whether the model variables were causally related or not. The findings pointed to a short-term negative relationship between insecurity, exchange rates, lending rates, and inflows of capital, while a positive relationship was found between industrial production capacity, the consumer price index, and the total inflows of capital to Nigeria, with insecurity, exchange rates, the consumer price index, and lending rates being the most significant variables. In the long run, insecurity, lending rate, and consumer price index had no significant impact on inward capital inflows, while exchange rate and industrial production capacity exerted significant impacts on capital inflows. The lending rate had a negative impact on overall inflows of capital, whereas the exchange rate, industrial production capacity, and consumer price index had positive impacts. The exchange rate and industrial production capacity were the most important variables that affected capital inflows. Based on the ECM, it was realized that aggregate inward capital flows were stabilized by a factor of roughly 47.2% per quarter in order to reach long-run equilibrium. The Toda-Yamamoto causality tests indicated that the interactions between macroeconomic variables and insecurity strongly influenced capital flows to Nigeria. The overall findings suggested that promoting macroeconomic stability and combating insecurity could improve the investment climate, encouraging foreign capital flows into Nigeria.
subject: Articles
  topic: section
creator: Kingsley Onyekachi Onyele
creator: Eberechi Bernadine Ikwuagwu
creator: Happy Chukwudike Ibe
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-10-27
publication date: 2024-10-27
starting page: 1
ending page: 22
doi: 10.32890/ijbf2025.20.1.1

IMPACT OF PEER PRESSURE ON DIVIDEND POLICY: EVIDENCE FROM FOOD & ALLIED AND POWER & FUEL SECTORS IN BANGLADESH
type: item
description: Firms’ decisions are not independent of their peers. This study aims to assess the impact of peer pressure on firms’ dividend policy. In a sample of 29 firms from 2014–2020, this study employed a fixed effect regression model and revealed that Bangladeshi firms adjusted their dividend policy in response to their peers. Firms adjust the dividend payout ratio (DPR) by 5.6 percent as a response to their peers. Social learning theory, reputation-based model of peer influence, persuasion bias and rivalry-based theory of mimicking explain how peer influence affects a firm’s dividend policy. The findings of positive peer effects on dividend policy are robust to an alternative proxy of dividend policy – dividend yield. Therefore, the study implied that managers’ decisions regarding the dividend policy are not independent of their peer firms. Investors can adjust their expectations of a firm’s dividend policy based on the overall dividend policy in the industry.
subject: Articles
  topic: section
creator: Hossain Mohammad Shahriar
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-07-15
publication date: 2024-07-15
starting page: 159
ending page: 182
doi: 10.32890/ijbf2024.19.2.2

MARKET REACTION TO THE IMPLEMENTATION OF BASEL CAPITAL IN SOUTH AFRICAN BANKS: EVENT STUDY APPROACH
type: item
description: This study investigated the stock market reaction and the effect of the implementation of Basel II and Basel III on the stock returns of South African banks. In achieving this aim, this study focused on daily and annual data of six commercial banks from 3rd January 2004 to 31st December 2022. The event study methodology was employed to identify abnormal returns around the specified event dates. The effect of the changes in Basel capital requirements on stock returns was not uniform across the four events. The market reacted favourably to the implementation of the Basel II requirements in the country. There was a significantly negative market reaction to the subsequent full implementation of Basel III official. Finally, higher Basel capital requirements (CAR) was associated with lower bank stock returns. The findings implied that bank regulators increase capital to strengthen the banking system but constrain the maximisation of shareholders’ values.
subject: Articles
  topic: section
creator: Damilola Oyetade
creator: Paul-Francois Muzindutsi
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-07-15
publication date: 2024-07-15
starting page: 183
ending page: 210
doi: 10.32890/ijbf2024.19.2.3

FACTORS INFLUENCING STUDENTS’ COST OF LIVING: EVIDENCE FROM MALAYSIAN UNIVERSITIES
type: item
description: It is widely evident that cost of living among university students are increasing over time. That said, little is understood about factors associated with general expenses among students in Malaysian universities. The present study uses primary survey data (n = 454) to examine the correlates of the total amount of money spent by students in a month. An ordered regression model was used to shed light on factors contributing to different magnitudes of expenses. The explanatory variables consisted of demographic factors, financial knowledge, parental income, peer influence, and personality trait of conscientiousness. Findings from the present study showed that a large proportion of students spent between Ringgit Malaysia (RM) 201 and RM400 per month. Young, male students tended to spend more than older, female students. Expenditure was higher among Chinese students than Malays. Educational levels and income were found to correspond to spending. Having good financial knowledge was associated with reduced expenditure. Students who were influenced by their peers were likely to indulge in high spending compared to those who were not. These findings have important implications for strategic planning and to assist policymakers, parents, and university authorities in formulating better intervention measures aimed at improving students’ spending behaviour, thereby lowering cost of living.
subject: Articles
  topic: section
creator: Hui Lin Tok
creator: Yong Kang Cheah
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-01-31
publication date: 2024-01-31
starting page: 107
ending page: 132
doi: 10.32890/ijbf2024.19.1.5

DETERMINANTS OF THE LONG-TERM PERFORMANCE OF MALAYSIAN INITIAL PUBLIC OFFERINGS
type: item
description: This study examined the determinants of the long-term performance of 351 initial public offerings (IPOs) launched in Malaysia over the 2002–2010 period. This paper used a panel regression analysis framework based on the ordinary least squares (OLS) technique to examine the potential determinants of IPOs’ long-term performance. The findings revealed that the volatility of aftermarket returns, the dummy ACE market and concentration ownership significantly influence the long-term performance of Malaysian IPOs. This paper offers important implications specifically for investors as the findings can help them understand more about public companies’ long-term performance and how to better predict their performance.
subject: Articles
  topic: section
creator: Wahidah Shari
creator: MOHAMAD ABU HASSAN
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-07-15
publication date: 2024-07-15
starting page: 211
ending page: 240
doi: 10.32890/ijbf2024.19.2.4

ANALYZING THE DOUBLE CROSSOVER MOVING AVERAGES STRATEGY BEFORE, DURING AND AFTER THE LOCKDOWN PERIOD
type: item
description: Trading is a business, not an investment. Traders focus on minor to secondary trends, while investors focus on the primary trend. The trading timeframe is crucial in technical analysis. As such a trader who trades with a minor trend timeframe, must have a trading strategy. We aim to examine the impact of the moving averages double crossover strategy on traders’ profit factor based on minor and secondary trend timeframes before, during and after the lockdown periods. Dow Theory was adopted for this study as a trend should be in effect until it gives a definite signal for a reversal. Data was collected from the Nasdaq Composite Index for a five-year period, from 2018 to 2022. During this time frame, the required data for the study was obtained at the point of the golden crossover and exiting at the dead crossover, in which 2018 to 2019 was the period before the lockdown, 2020 to 2021 was the period during lockdown, and 2022 was the year after lockdown. By using trading profits and loss for both longs and shorts, we back tested three strategies of double crossover moving averages that were as follows: i) EMA5 crossover EMA10, ii) EMA5 crossover EMA20 and iii) EMA20 crossover EMA50. A non-parametric analysis of independent samples was used. The result shows that there was a significant difference among those three strategies before the lockdown period, but no significant difference during and after the lockdown period.
subject: Articles
  topic: section
creator: Farha Ghapar
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-01-31
publication date: 2024-01-31
starting page: 57
ending page: 80
doi: 10.32890/ijbf2024.19.1.3

MUTUAL FUND PERFORMANCE IN A BULLISH MARKET DURING THE COVID-19 CRISIS
type: item
description: Active funds vs passive funds represent one of the most prominent investment decisions that ought to be undertaken by investors over the decades. Our paper seeks to offer an insight into the average performance of equity mutual funds during the period when there were roughly 70 ‘all-time-highs’ recorded by S&P 500 amid the COVID-19 health crisis. Additionally, our paper aims to explore the robustness and persistence of the explanatory powers of Morningstar sustainability globes, ratings from agencies and growth tilt during the health crisis. Our results indicated that the benchmark indexes seemed to dominate mutual funds in most cases during our sampling period. The ratings from Morningstar and/or Lipper together with growth investing appeared to be ideal elements to contemplate when making investment decisions during the COVID-19 health crisis.
subject: Articles
  topic: section
creator: Yunqi Chen
creator: Jia Sin Lim
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-01-31
publication date: 2024-01-31
starting page: 81
ending page: 106
doi: 10.32890/ijbf2024.19.1.4

THE APPLICATION OF PROMISE (WA‘D) IN ISLAMIC BANKING CONTRACTS IN MALAYSIA: A MASLAHAH PERSPECTIVE
type: item
description: The concept of promise in Islamic banking contracts is a novel tool that has been introduced as a result of recent advancements. Wa’d has grown in popularity in recent years because it provides great flexibility. It was primarily developed by Malaysia’s Islamic banks for product structuring. However, there are issues arising from this principle, which is considered to be against Shariah and merely intended to preserve the bank’s interests, which is of course, contrary to Maqasid al-Shariah. The purpose of this study is to look into the significance of the promise concept in Islamic banking contracts, taking into account the maslahah and mafsadah principles recommended in Maqasid al- Shariah. The study uses a qualitative approach as it allows a more in-depth understanding of the subject matter. Data were gathered using published literature and information from the official website of Bank Negara Malaysia (BNM). A semi-structured interview was conducted with three Shariah experts from the Shariah Advisory Council of Bank Negara Malaysia (SACBNM) and two industry practitioners from Bank Islam Malaysia Berhad (BIMB) and Maybank Islamic Berhad (MIB). The data obtained was analysed using the content analysis approach. In sum, the examination of Islamic law sources and discussions with Islamic scholars revealed that the use of the principle of promise in Islamic banking transactions can benefit the micro and macro economy. The concept of promise in Islamic banking contracts can benefit both customers and Islamic banks, particularly in terms of meeting consumer needs, generating profit for Islamic banks, as well as contributing to the country’s development (maqasid kulliyah).
subject: Articles
  topic: section
creator: fadziani yaakub
creator: Ahmad Hidayat Buang
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-01-31
publication date: 2024-01-31
starting page: 39
ending page: 56
doi: 10.32890/ijbf2024.19.1.2

COVID-19 AND GOVERNMENT RESPONSES: HAS THE PANDEMIC AFFECTED THE KUALA LUMPUR COMPOSITE INDEX?
type: item
description: This study aims to determine the impact of the COVID-19 pandemic and government responses on the Malaysian stock market. Using the Kuala Lumpur Composite Index (KLCI) from 1st March 2020 to 31st December 2020, the study discovered several findings. First, the number of daily new COVID-19 cases affected the index. Nevertheless, the new cases turned out to be positive at a later stage. This finding inferred that investors grew apathetic towards COVID-19 over the long run. Second, daily new COVID-19 deaths negatively impacted the stock index. Third, the Movement Control Order (MCO) harmfully influenced the index. Fourth, the Recovery Movement Control Order RMCO and most government stimulus packages positively impacted the index. In conclusion, the government’s responses to COVID-19 have managed to mitigate several negative impacts of the pandemic on the stock market. The stimulus packages provided the much-needed impetus for market recovery during the pandemic.
subject: Articles
  topic: section
creator: Eric Wen Ming Yoong
creator: Wee-Yeap Lau
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-07-15
publication date: 2024-07-15
starting page: 133
ending page: 158
doi: 10.32890/ijbf2024.19.2.1

A DEA AND TOBIT ANALYSIS OF THE DETERMINANTS OF COST AND PROFIT EFFICIENCY IN THE TURKISH BANKING SECTOR
type: item
description: This paper aims to determine the factors affecting cost and profit efficiency of commercial banks in Turkey and to examine the ownership effect on cost and profit efficiency in an emerging market. Another aim of the study is to carry out the most recent and longitudinal (2006-2020) analysis of efficiency in the Turkish banking industry. This study uses an intermediation approach with data envelopment analysis (DEA) as its methodology. A total of 23 commercial banks were selected as the study sample and their quarterly data from 2006- 2020 was collected. In addition, an external two-stage DEA model with Tobit regression was applied to examine the determinants of cost and profit efficiency. The results show that Turkish banks currently work with relatively higher cost efficiency than profit efficiency. On the other hand, foreign banks display a lower cost and profit efficiency performance. The downward trend in profit efficiency in the Turkish banking system sends a warning signal on the health and stability of the banking sector. Multivariate Tobit regression analysis reveals how Total Assets, Deposit Share, Asset Growth, Time Deposits, NPL, and Ownership Structure significantly affect cost and profit efficiency. Ratio of liquid assets to total assets is positively correlated with the efficiency values, in contrast to results from previous studies. Previous studies have mostly been limited to scale and technical efficiency and focused on the cost efficiency of Turkish banks. In this study, the gap in the literature is filled by a comparative examination of the cost and profit efficiency at the scale of bank ownership. The study will look at and discussed these issues at the most stable period and the pre-pandemic period in the Turkish economy.
subject: Articles
  topic: section
creator: Abdulhakim Diko
rights: Copyright (c) 2024 https://creativecommons.org/licenses/by/4.0
date: 2024-01-31
publication date: 2024-01-31
starting page: 1
ending page: 38
doi: 10.32890/ijbf2024.19.1.1

IS THE KWAP DEFINED BENEFIT PENSION FUND SUSTAINABLE IN THE LONG RUN?
type: item
description: The Retirement Fund Incorporated (KWAP) manages the civil servant pension fund. It is a statutory body governed by the Ministry of Finance to manage Malaysia’s civil employees’ pension scheme. In order to examine the fund’s long-term sustainability, this study simulates 560 scenarios to examine the required rate of return needed to fund this defined benefit pension based on four parameters, namely contribution rate, years of service, retirement age and life expectancy. Our results show: First, the minimum years of service for pension eligibility should be increased to 20 years. Second, a contribution rate of at least 13 percent per worker to KWAP is needed. Third, there are no significant changes in the required rate of return even though the retirement age is extended from 55 to 60. Fourth, this study shows that the contribution period is more crucial than the post-retirement period for the sustainability of the pension fund. As a policy suggestion, there is a need for the authority to set a minimum funding ratio for the KWAP pension fund to ensure its long-term sustainability.
subject: Articles
  topic: section
creator: Wee Yeap Lau
creator: Muhammad Irfan Abdul Rahman
rights: Copyright (c) 2023 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2023-06-25
publication date: 2023-06-25
starting page: 97
ending page: 126
doi: 10.32890/ijbf2023.18.2.5

VOLATILITY PERSISTENCE IN INTERNATIONAL FINANCIAL MARKETS IN THE POST COVID-19 ERA
type: item
description: The long-term behaviour of stock markets are of significant importance to asset managers and financial experts due to its direct link with security price valuation. Volatility persistence has a significant impact on the returns of security prices due to its time varying properties. However, there is no real meaningful effect of current volatility on future security prices and returns if the volatility is transitory and not persistent. The aim of this study was to explore conditional volatility properties and determine whether the current volatile environment would persist in the JSE, S&P 500, Nasdaq Index, SSE, CAC 40 and DAX markets. Using a GARCH 1.1 model and a Markov switching model, the findings revealed that volatility would persist in the JSE, S&P 500, Nasdaq Index, SSE, CAC 40, and the DAX from their ARCH and GARCH coefficients, as well as the delay parameters. In addition, the effects of past volatility in the Nasdaq, CAC 40, and DAX would remain in the forecast of variance. A diversified and broader investment approach should be used in the JSE, S&P 500, Nasdaq Index, SSE, CAC 40, and DAX indexes to mitigate risk, and portfolio formation should not concentrate on any sector or asset classes.
subject: Articles
  topic: section
creator: Samuel Tabot Enow
rights: Copyright (c) 2023 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2023-06-25
publication date: 2023-06-25
starting page: 79
ending page: 96
doi: 10.32890/ijbf2023.18.2.4

FACTORS DETERMINING THE USE OF MOBILE BANKING IN INDONESIA
type: item
description: This study was aimed at determining the factors that could influence a person’s decision to use mobile banking. In this study, perceived usefulness, perceived ease of use, and perceived credibility were considered exogenous variables, and social factors as mediators. This research used quantitative methods. The population in this study were Indonesian Sharia Bank customers who used BSI mobile banking services in the Jakarta, Bogor, Depok, Tangerang and Bekasi areas. A sample of 200 people was obtained using the purposive sampling method. The analysis technique used was the inner model, outer model, and hypothesis testing using SmartPLS 3.2.9. The results obtained in this study showed that perceived usefulness had a significant effect on decisions to use mobile banking, perceived ease of use had no significant effect, and perceived credibility had a significant effect. In addition, this study has also shown that social factors did not succeed in mediating other variables in the decision to use mobile banking.
subject: Articles
  topic: section
creator: Shafa Aqilah
creator: Muhammad Anwar Fathoni
rights: Copyright (c) 2023 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2023-06-25
publication date: 2023-06-25
starting page: 29
ending page: 52
doi: 10.32890/ijbf2023.18.2.2

INSIDER TRADING AND CORPORATE SPINOFFS
type: item
description: The study reported here examines insider trading and the issue of undervaluation as a motive behind corporate spinoffs. The results show an unmistakable increase (decrease) in the number of insider purchases (sales) and net purchases (sales) in the four quarters prior to a spinoff announcement. In addition, relative to a benchmark period, insider selling is significantly lower, and their net purchases significantly higher, in the three quarters prior to a spinoff announcement, as compared to other periods. Furthermore, announcement period excess returns for abnormal net insider purchases are significantly higher than excess returns for abnormal net insider sales. However, only firms with abnormal net insider purchases exhibit significant improvement in their long-run market and operating performance after a spinoff. The results seem to suggest that undervaluation is an important motive behind corporate spinoffs and that it is possible to identify the quality of a spinoff firm based on insider trading behavior prior to its announcement.
subject: Articles
  topic: section
creator: Charlie Charoenwong
creator: David K. Ding
creator: Jing Pan
rights: Copyright (c) 2023 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2023-06-25
publication date: 2023-06-25
starting page: 1
ending page: 28
doi: 10.32890/ijbf2023.18.2.1

ACCOUNTING CONSERVATISM AND CORPORATE TAX AVOIDANCE
type: item
description: This study investigates the effect of accounting conservatism on the corporate tax avoidance of listed non-financial firms in Nigeria. This study computes corporate tax avoidance based on the cash effective tax rate (CETR), GAAP effective tax rate (GETR) and book tax difference (BTD). Accounting conservatism was measured using negative accruals. The study employed an ex-post factor research design utilizing unbalanced panel data. The study covered 48 listed non-financial firms during the period between 2014 and 2020. Three regression models were developed and utilized in the study. The study has revealed that accounting conservatism has a negative and significant effect on both the GETR and BTD. It is recommended that the Financial Reporting Council of Nigeria should encourage promulgation of standards which improve conservatism in financial reporting, as it has been empirically proven to reduce tax avoidance practices by non-financial firms in Nigeria.
subject: Articles
  topic: section
creator: Hamid Njiddah Sa’ad
creator: Zaid Abubakar
creator: Suleiman Salami
rights: Copyright (c) 2023 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2023-01-05
publication date: 2023-01-05
starting page: 51
ending page: 66
doi: 10.32890/ijbf2023.18.1.3

DETERMINANTS OF SME SUCCESS OR FAILURE IN FRONTIER MARKETS
type: item
description: SME competitiveness, financial stability, and and its continuity as a going concern are important considerations for company stakeholders. This research is utilizing logistic regression to examine the determinants of SME business success or failure in Cambodia. A total of 314 successful and 78 failing SMEs were examined. Information was gathered through a survey questionnaire that had been previously validated in various countries based on the financial and non-financial information of SMEs. The study found that four factors, namely the owner’s education level, owner’s marketing skills, customer complaints, and the age of the business were important in determining the success or failure of SMEs. The predictive accuracy of the model was 95.5 percent, with an R-square estimation of 64 percent. Policymakers can use the results of this study to prepare and train aspirant entrepreneurs and current SME proprietors to keep proper records and maintain financial control, and develop marketing and other skills to assist their businesses to succeed. The findings can provide insights for entrepreneurs, especially with respect to efficient resource allocations that may help avert or lessen the rate of failure among SMEs. The findings can also help strengthen the SME sector in Cambodia, by providing more employment opportunities, assisting in better income distribution, and eventually leading to long-term prosperity and competitiveness.
subject: Articles
  topic: section
creator: Muhammad M. Ma'aji
creator: Robert S. Shrubsall
creator: Ediri O Anderson
rights: Copyright (c) 2023 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2023-01-05
publication date: 2023-01-05
starting page: 1
ending page: 30
doi: 10.32890/ijbf2023.18.1.1

DYNAMICS OF THE MOROCCAN INDUSTRY INDICES NETWORK BEFORE AND DURING THE COVID-19 PANDEMIC
type: item
description: This paper studies the topological properties of the dynamics of the industry indices network at the Moroccan stock exchange by using network theory. The Minimum Spanning Tree (MST) was constructed from the metric distances which had been calculated for the different pairs of industrial indices. The dynamics of the MST were analysed over the period 2013 to 2020 using the sliding window technique. The period studied was divided into the pre-pandemic Covid-19 period and the pandemic Covid-19 period. Connectivity and centrality indicators were calculated to track the connectivity structure over time and to identify the positioning and the importance of the industry indices studied. The result of this study indicates that the network of industry indices was relatively stable during the pre-pandemic Covid-19 period before observing a sudden rapprochement between industries when the Covid-19 pandemic was officially announced. The formation of star-shaped networks was also observed. These networks were centred on the banking industry, essentially during the pandemic Covid-19 period. The banking industry was also positioned at the centre of the Moroccan industry indices network.
subject: Articles
  topic: section
creator: El Msiyah Cherif
creator: Jaouad Madkour
rights: Copyright (c) 2023 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2023-01-05
publication date: 2023-01-05
starting page: 31
ending page: 50
doi: 10.32890/ijbf2023.18.1.2

DETECTING ASSET PRICE BUBBLES DURING THE COVID-19 CRISIS AND ITS IMPLICATIONS: EVIDENCE FROM THE STOCK AND OIL MARKET
type: item
description: This study investigates whether the COVID-19 pandemic has caused asset price bubbles in the stock and oil markets in the United States and Malaysia. More specifically, the study seeks to detect the onset and end of possible speculative bubbles and their causes in these markets. It also examines the existence of a contagion effect between the stock and oil markets during the Covid-19 pandemic. To achieve these objectives, the study used the Generalized SADF (GSADF) developed by Phillips et al. (2015) in order to check for existence of bubbles within the time frame from January 1, 2020, to April 24,2020. This technique allows one to look for the occurrence of multiple bubbles during the sample period with great precision. The findings showed that five out of the six equities, including the oil price indices had multiple bubbles. Evidence was also obtained which linked the explosive activity episodes between the crude oil market and the US stock markets from the start and end point of each bubble event. These findings add not only to the literature on the existence of bubbles in the financial and energy markets during the initial outbreak of COVID-19, but also to the significance of the negative impact of pandemics on bubble contagion effects under extreme market conditions.
subject: Articles
  topic: section
creator: Mukhriz Izraf Azman Aziz
creator: Adilah Azhari
creator: M Ashraful Mobin
rights: Copyright (c) 2022 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2022-06-27
publication date: 2022-06-27
starting page: 91
ending page: 114
doi: 10.32890/ijbf2022.17.2.4

SECTOR LENDING CONCENTRATION AND CREDIT RISK: AN EVALUATION OF LENDER PERCEPTIONS IN TANZANIA
type: item
description: This study contributes to the debate on the effect of Lending Concentration (LC) on credit risk. It is based on data from an online survey of 151 employees from 37 lending institutions, employees with diverse experience in the different sections of their institutions. Following a successful three-factor solution on LC based on an Exploratory Factor Analysis, Binary logistic regression models were implemented to determine the Perceived Lending Risk (PLR) based on three types of LC, namely Social Status Lending Concentration (SSLC), Private Sector Lending Concentration (PSLC) and Public Employee Lending Concentration (PELC). It was noted that over- concentration based on social status provided an explanation for the increase in Non-Performing Loans (NPL) risk among both large and small lenders. Since Lending Concentration reverses the effect of macroeconomic variables, such as credit risk management practices (CRMPs), Credit Processing Considerations (CPCs), as well as collateral types, assessing the degree at which the lender is concentrated across sectors is imperative, prior to any credit risk management initiative. Although LC directly affects lending risks perceptions alongside the traditional and corporate finance theories, the indirect LC effect via CRMPs, CPCs, bank size and originality, as well as the various collateral typologies seems to provide new insights into this area of research.
subject: Articles
  topic: section
creator: Samwel Sanga Alananga
rights: Copyright (c) 2022 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2022-06-27
publication date: 2022-06-27
starting page: 115
ending page: 151
doi: 10.32890/ijbf2022.17.2.5

ARE DOMESTIC FIRMS EXPOSED TO SIMILAR CURRENCY RISK AS INTERNATIONAL TRADING FIRMS?
type: item
description: This paper reports key findings about currency risk using two samples of listed firms: one sample with zero foreign currency revenues, hence having zero-currency risk; and the other sample with positive revenues in foreign currencies from foreign transactions. The latter is therefore, exposed to currency risk. Asset pricing theories predict that stocks of currency-risk-exposed firms should suffer significant currency risk, while those firms with zero-currency-risk should not have any effect from currency risk since currency transactions across borders is nil. The latter hypothesis has yet to be tested explicitly, so there is a gap in the literature. We report stock returns are significantly affected not just for firms with foreign-currency revenues but also for firms with zero foreign-currency transactions. These findings are useful to top management of all businesses to undertake currency-hedge plans for both domestic and international trading firms.
subject: Articles
  topic: section
creator: Mohamed Ariff Syed Mohamed
creator: Alireza Zarei
rights: Copyright (c) 2022 International Journal of Banking and Finance https://creativecommons.org/licenses/by/4.0
date: 2022-06-27
publication date: 2022-06-27
starting page: 25
ending page: 56
doi: 10.32890/ijbf2022.17.2.2