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International Journal of Fiscal Studies

International Periodical of Financial Studies is an international, peer-reviewed, scholarly open access journal on fiscal market place, instruments, policy, and management research published quarterly online past MDPI.

• Open up Access— free for readers, with commodity processing charges (APC) paid past authors or their institutions.
• High Visibility: indexed within Scopus, ESCI (Web of Scientific discipline), EconLit, EconBiz, RePEc, and many other databases.
• Rapid Publication: manuscripts are peer-reviewed and a beginning conclusion provided to authors approximately 16.6 days afterward submission; acceptance to publication is undertaken in five.5 days (median values for papers published in this journal in the second half of 2021).
• Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their side by side publication in any MDPI journal, in appreciation of the work washed.

Latest Articles

Open Access Article

Comovement across BRICS and the US Stock Markets: A Multitime Calibration Wavelet Assay

Abstruse

During the past two decades, financial markets beyond the earth have experienced desultory waves of crashes. Such waves enhance concerns about the vulnerability of global financial markets and the transmission mechanisms of shocks across borders. The current study examines the co-movement of stock [...] Read more.

During the past two decades, fiscal markets across the globe have experienced desultory waves of crashes. Such waves heighten concerns about the vulnerability of global financial markets and the transmission mechanisms of shocks across borders. The current study examines the co-movement of stock markets in BRICS (Brazil, Russia, India, China and Southward Africa) countries and the United states of America (US). It unfolds their exposure to contagion furnishings during the major financial crises, which have flared up since 2000. Daily close price indices of selected stock markets were used in this endeavour. These data spanned from 5 Jan 2000 to 10 March 2021. A wavelet decomposition on stock return serial was performed on these data to determine the multihorizon nature of comovement (pure contagion or interdependence) and the dynamics of market integration. It emerges that earlier the 2006-Us-housing-chimera and afterward the 2011/13-Eu-sovereign-debt crises, some shocks caused pure contagion. Such transmission generated short-term shocks. Nearly of the before shocks, especially the US subprime and the EU Sovereign Debt crises, were spread via interdependence. Merchandise linkages and economical integration improvements enhanced such interdependence. In addition, when analysing the episodes of marketplace integration, it arises that, in general, the short- and long-term integration strengthened and deepened comovement amid equity markets. From the portfolio diversification and run a risk direction perspectives, these results indicate that the market place in China provided lucrative grounds for brusk-run investors from the other countries covered in the current report. These results can exist helpful for investors interested in portfolio diversification in the BRICS region. They might likewise help policymakers in the region mitigate the exposure to external shocks of markets. Full article

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Open Access Article

The Moderating Effects of Host Country Governance and Trade Openness on the Relationship between Cultural Distance and Financial Performance of Foreign Subsidiaries in Latin America

Abstract

Cultural altitude (CD) is an important driver of foreign expansion strategy at the firm level. However, its furnishings can exist more or less significant depending on the contextual characteristics of the host country, such equally the quality of formal institutions and the openness [...] Read more than.

Cultural distance (CD) is an important driver of foreign expansion strategy at the firm level. However, its effects tin can be more or less pregnant depending on the contextual characteristics of the host country, such equally the quality of formal institutions and the openness to international merchandise. Therefore, it is argued that strong formal institutions in the host country tin finer reduce the adverse bear upon of CD. Additionally, due to the more frequent interactions with foreign cultures, countries open to strange trade can positively accommodate the furnishings of CD. The study tests these assumptions using information from the Orbis database and the World Depository financial institution and finds a reduction in the adverse touch on of CD on the financial performance of foreign subsidiary firms with robust formal institutions in the host state. Moreover, the negative effects of CD increment with higher degrees of trade openness. Thus, the results indicate that strange subsidiary firms operating in host countries that are more open to foreign trade will have to arrange to the higher expectations from the local civilization. Full article

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Open up Admission Article

A Textual Assay of Logograms in Chinese IPO Roadshows: How Agreement between Investors and Direction Relates to Pricing and Performance

Abstruse

Nosotros analyze the interaction between direction and investors during Chinese IPO roadshows through Jaccard Similarity analysis of written Chinese logograms. Nosotros provide evidence that when agreement is high, investor optimism increases, leading to relatively large first-day underpricing. We further evidence that loftier agreement [...] Read more.

We analyze the interaction betwixt management and investors during Chinese IPO roadshows through Jaccard Similarity analysis of written Chinese logograms. We provide evidence that when agreement is high, investor optimism increases, leading to relatively large first-solar day underpricing. We further testify that high agreement biases investors to systematically overestimate IPO prospects leading to poor long-run aberrant operation. Jaccard Similarity is different from current content analysis methodologies considering it is linguistic communication and culture agnostic, requiring no a priori construction of thematic dictionaries. Emptying of such dictionaries removes the danger that the researcher has imposed predispositions upon the study. Full article

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Open Access Commodity

Quantifying Foreign Exchange Risk in the Selected Listed Sectors of the Johannesburg Stock Exchange: An SV-EVT Pairwise Copula Approach

Abstract

This paper attempted to utilize an EVT-based pairwise copula method for modelling take chances interaction betwixt foreign substitution rates and disinterestedness indices of the Johannesburg Stock Exchange (JSE) and to model the dependence construction of the underlying assets with some selected listed stock indices. [...] Read more.

This newspaper attempted to apply an EVT-based pairwise copula method for modelling gamble interaction betwixt foreign exchange rates and equity indices of the Johannesburg Stock Substitution (JSE) and to model the dependence construction of the underlying assets with some selected listed stock indices. We filtered the return residuals using the stochastic volatility and GJR-GARCH (1,1) models with different distributions, and nosotros selected the best-fitted model in the GARCH framework. We applied the peaks-over-threshold (POT) method to the filtered residuals to fit information technology by the generalised Pareto distribution (GPD), and we used the vine copula to model the co-movement between strange exchange rates and equity indices and value at risk (VaR) for hazard quantification. We used three exchange rates (USD, GDP, and EUR) against the South African rand (ZAR) and 6 industry indices (cyberbanking, life insurance, not-life insurance, leisure, telecommunication, and mining). Our empirical findings show that the GJR-GARCH with Educatee'south t-distribution, combined with a regular (R)-vine copula, outperforms the alternatives models. Dependence construction analysis reveals a strong co-dependency between the stock from the financial manufacture and foreign commutation rates. The results likewise show that VaR-based R-vine copula outperforms the model compared to VaR-based D-vine and C-vine before the COVID-xix outbreak, while the D-vine copula produced appears to be the nigh suitable risk model specification for quantifying risk during the COVID-19 pandemic. Therefore, VaR-based R-vine copula is suitable for risk quantification, while GJR-GARCH with Student's t-distribution produces ameliorate results in the GARCH framework. Further, we find that equity indices and foreign substitution rates showroom college tail risk contagion during the COVID-19 pandemic, with the non-life-insurance and telecommunication sectors appearing to be the investor's safe haven amidst the listed sectors of the JSE. Our results volition assist Due south African investors seek risk-adjusted returns to essentially reduce the hedging cost of potential loss due to the misspecification of a risk model and make an investment decision during the global wellness crisis. Full article

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Open Admission Commodity

Toxic Nugget Subsidies and the Early Redemption of TALF Loans

Abstruse

This paper develops a formula to numerically estimate the unsubsidized, fair-market value of the toxic assets purchased with Federal Reserve loans. It finds that subsidy rates on these loans were on boilerplate 33.9 percent at origination. In dissimilarity, by the 3rd quarter of [...] Read more.

This paper develops a formula to numerically estimate the unsubsidized, fair-market place value of the toxic assets purchased with Federal Reserve loans. It finds that subsidy rates on these loans were on average 33.9 percent at origination. In contrast, by the 3rd quarter of the 2010, there was on average no subsidy in TALF loans. The theoretical model is used to predict the early on redemption of Term Asset-Backed Securities Loan Facility (TALF) loans used to purchase commercial mortgage-backed securities (CMBS). The predictions of the model are strongly supported past the data. In add-on, this paper looks at the determinants of early redemption. CMBS originated inside the peak bubble years of 2005–2007 were much less likely to be redeemed early. The giant investment managers, Blackrock and PIMCO, were much more likely to redeem their TALF loans early than smaller investment managers. Full commodity

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Open up Admission Article

Financial Regulation, Fiscal Inclusion and Competitiveness in the Banking Sector in SADC and SAARC Countries: The Moderating Function of Financial Stability

Abstract

Financial inclusion is a widely used measure to improve the living standards of households and foster inclusive economic growth. Thus, financial inclusion is one of the main policy objectives in developing countries. Besides, financial regulation (capital letter adequacy requirement) is a policy measure used [...] Read more.

Fiscal inclusion is a widely used measure to improve the living standards of households and foster inclusive economic growth. Thus, financial inclusion is i of the chief policy objectives in developing countries. Likewise, financial regulation (capital capability requirement) is a policy measure out used to ensure financial stability. The objective of this study is to examine the effect of financial regulation on competitiveness and fiscal inclusion in 15 countries in the SADC (Southern Africa Development Community) region and 8 countries in the SAARC (Southward Asian Association for Regional Cooperation) region over the menses 2005–2018. The event of Feasible Generalized Least Squares (FGLS) estimation suggests that financial regulation reduces competitiveness and hampers financial inclusion in the banking sector in the two regions. Furthermore, nosotros discover that financial stability moderates the negative upshot of financial regulation on competitiveness and fiscal inclusion, meaning that financially stable banks remain competitive and unremarkably offer financial products and services even if strong capital letter adequacy requirements are implemented. Additionally, nosotros find that competitiveness increases financial inclusion in countries in the SADC region. The policy implication of this study focuses on regulatory flexibility to preserve the need for greater fiscal inclusion in the two regions. Every bit for the practical implication, the study calls for strategic measures to preserve stability such every bit complementing financial inclusion with financial literacy, fostering corporate governance. Full article

Open up Access Article

Examining Risk Absorption Capacity as a Mediating Cistron in the Relationship between Cognition and Neuroplasticity in Investors in Investment Decision Making

Abstract

The encouragement of potential investors who are emotionally broken past past losses and market place experiences is crucial to the sustainable flow of funds to the stock market. This can exist established by building a knowledge-creating mechanism among investors in their cerebral dimensions, which, [...] Read more.

The encouragement of potential investors who are emotionally broken past past losses and market experiences is crucial to the sustainable flow of funds to the stock market. This tin be established by building a knowledge-creating mechanism amidst investors in their cognitive dimensions, which, in turn, can develop their risk-bearing potential to reach the optimum level and so that emotionally broken investors tin can employ their cognitive abilities with their developed hazard-absorption potential to further invest in the marketplace in the virtually future. This study investigates the mediating outcome of take a chance-assimilation attitudes in the human relationship betwixt cognition and neuroplasticity in investors. Data for the study collected from 506 individual retail investors' samples using a stratified random sampling technique were analyzed through covariance-based structural equation modeling. The findings of the study indicate that the constructs, viz., the investors' noesis, run a risk absorption, and neuroplasticity, are valid and reliable. The structural model besides supports the notion that risk absorption mediates the human relationship betwixt the investors' cognition and neuroplasticity. The outcomes of the study are expected to assistance in the policy conception for disinterestedness-related fiscal production marketers, such as depository participants, brokers, mutual funds and SIP institutions, and to help in healing psychological trauma that potential investors suffered from due to losses in the past and overcoming reluctances to further invest in stock markets. The investors' terrible psychological health developed because of past loss feel can be restored through the concept of neuroplasticity, in which different cognitive dimensions are used, while also enhancing risk absorption in potential investors. Full commodity

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Open Access Feature Paper Article

Efficient Nugget Allocation: Application of Game Theory-Based Model for Superior Performance

Abstract

In this paper, we compared the models for selecting the optimal portfolio based on different risk measures to identify the periods in which some of the run a risk measures dominated over others. For decades, the best known return-take a chance model has been Markowitz'southward mean-variance model. [...] Read more.

In this paper, we compared the models for selecting the optimal portfolio based on different risk measures to identify the periods in which some of the chance measures dominated over others. For decades, the best known return-take a chance model has been Markowitz'due south mean-variance model. Based on the criticism of the classical Markowitz model, a whole series of take a chance measures and models for selecting the optimal portfolio have been developed, which are divided into two groups: symmetrical and downside risk measures. Based on the tools provided past game theory, nosotros presented a minimax model for selecting the optimal portfolio based on the maximum loss as a mensurate of take chances. Recent research has shown the adequacy of the awarding of this hazard mensurate and its dominance concerning variance in sure circumstances. Theoretically, the model based on maximum loss every bit a mensurate of chance relies on a much smaller number of assumptions that must be satisfied. In the empirical part of the newspaper, we analyzed the real return performance, construction, correlation, stability, and predictive efficiency of the model based on maximum loss return as a measure of take a chance and compared it with the other famous models to determine whether the maximum loss-based risk measure model is more than suitable for use in certain circumstances than conventional return-hazard models. Nosotros compared portfolios created based on different models over the catamenia of 2000–2020 from a selected sample of stocks that are components of the STOXX Europe 600 index, which covers xc% of the free market capitalization in the European capital market. The observed flow included 3 behave market periods, including the menstruation of market turn down during the COVID-19 crisis. Our assay showed that at that place was no significant difference in portfolio returns depending on the selected model using the "buy-and-hold" strategy, but at that place were crisis periods. The results showed a significantly higher stability of portfolios selected on the criterion of minimizing the maximum loss than others. In periods of market decline, this portfolio achieved the all-time functioning and had a shorter recovery period than others. This allowed superior utilise of the minimax model at least for investors with a pronounced gamble aversion. Full article

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Open Access Article

Real Earnings Management, Firm Value, and Corporate Governance: Bear witness from the Korean Market

Abstract

In this study, we investigate whether effective corporate governance (CG) intervenes in the relationship betwixt real earnings management (REM) and business firm value (FV) by introducing Korean market information. Nosotros discover that management'south opportunistic REM beliefs is no longer effective for firms characterized by [...] Read more than.

In this study, we investigate whether effective corporate governance (CG) intervenes in the relationship between existent earnings management (REM) and house value (FV) by introducing Korean market data. We detect that management's opportunistic REM beliefs is no longer effective for firms characterized by strong CG. More than importantly, our interaction and robustness analyses show prove indicating that CG plays an constructive monitoring part in preventing management from engaging in opportunistic REM activities, and FV ceases to experience the decrease associated with REM activities as a result. Total commodity

Open up Access Article

South African Banks' Cross-Border Systemic Risk Exposure: An Application of the GAS Copula Marginal Expected Shortfall

Abstract

Systemic susceptibility highlights the extent to which a banking sector is sensitive to negative shocks. Policymakers and regulators' objective is to avoid financial crises, and even though they can somewhat control local atmospheric condition, internationally transmitted crises are hard to tackle. This paper analyzes [...] Read more than.

Systemic susceptibility highlights the extent to which a cyberbanking sector is sensitive to negative shocks. Policymakers and regulators' objective is to avoid financial crises, and even though they tin somewhat control local weather, internationally transmitted crises are difficult to tackle. This paper analyzes the cross-edge systemic risk exposure of South African banks. The marginal expected shortfall is employed with data covering 2002 to 2020. The results testify that South African banks are significantly prone to crises emanating beyond the country's borders. The findings confirm the existence of a significant transfer of risk from other countries to South Africa'southward banking sector. Moreover, the amount of foreign majuscule invested in a banking company is found to be a strong predictor of a bank'south international exposure. Knowledge of the linkages that the cyberbanking organization has with other countries, and how cross-border exposures endanger banks, will form a basis for regulations that ensure a safer financial system. Full article

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Open up Access Feature Paper Article

What Do the Consequences of Environmental, Social and Governance Failures Tell Us most the Motivations for Corporate Social Responsibility?

Abstruse

This paper investigates the motivations backside corporate social responsibility (CSR) by considering the consequences of environmental, social and governance (ESG) failures that CSR is intended to avoid. Using information from 2581 public U.S. firms over 2007–2018, this paper finds that such failures are [...] Read more.

This paper investigates the motivations behind corporate social responsibleness (CSR) by because the consequences of environmental, social and governance (ESG) failures that CSR is intended to avoid. Using data from 2581 public U.S. firms over 2007–2018, this paper finds that such failures are associated with increased CEO turnover. This relationship is driven primarily past CEOs with longer tenures and by environmental problems. These negative events are also found to be associated with declines in the business firm'southward sales growth, employment growth and equity returns. CSR activities that reduce the incidence of such events therefore do good both the CEO and the shareholder. Interestingly, replacing the CEO does not mitigate the negative impacts of such events on the business firm, nor does it reduce the incidence of such events in subsequent years. The decision to remove the CEO following such failures appears plush to both the CEO and the business firm'due south shareholders. Full article

Open up Admission Commodity

Equity Carve-Outs, Dual Directors, and Internal Labor Markets

Abstract

Given the prevalence of dual directors who serve simultaneously on the parent besides as the subsidiary board, information technology is important to examine their functions, a topic largely ignored in the existing literature. Exploring the functions of dual directors highlights equity carve-out objectives [...] Read more.

Given the prevalence of dual directors who serve simultaneously on the parent too equally the subsidiary board, it is important to examine their functions, a topic largely ignored in the existing literature. Exploring the functions of dual directors highlights equity cleave-out objectives other than strategic refocusing. To examine our hypothesis, we first conducted an event study to examine stock market place reaction to carve-out decisions. In addition, we compared subsidiaries' operation subsequently carve-outs betwixt firms with dual directors and their matching firms based on the propensity score. We notice prove that the Japanese stock market reacts positively to the presence of dual directors who agree CEO positions in carve-out subsidiaries, peculiarly when they are relatively immature. Additionally, we detect that carve-out subsidiaries led by young dual directors tend to outperform their matched counterparts in the long run. In contrast, when dual directors do not agree the CEO position, we find no evidence of the stock market reacting positively to them. The results of this written report suggest that immature CEOs appointed from the internal labor markets intendance more about long-term reputation, and can enhance shareholder wealth of both parent and subsidiary firms. Full article

Open up Admission Commodity

Gender Diverseness on the Board and Firms' Corporate Social Responsibility

Abstruse

Corporate Social Responsibility (CSR) has progressively assumed a strategic office in corporate business. In this sense, the board of directors (Board) assumes a preponderant part, since they brand decisions almost business strategy. One considerably debated feature of Board diverseness is gender, since women [...] Read more.

Corporate Social Responsibleness (CSR) has progressively assumed a strategic role in corporate concern. In this sense, the board of directors (Board) assumes a preponderant role, since they make decisions almost business organisation strategy. One considerably debated characteristic of Lath diverseness is gender, since women differ from men in terms of personality, communication style, and values. Therefore, this report analyzes the relationship betwixt CSR and gender diversity on Boards, in a sample of European public firms. Results bespeak that firms with a higher percentage of women in the Board have higher CSR practices, suggesting that the presence of women can play an important role in terms of CSR decisions, contributing to more social and sustainable firms. Results also propose that management teams with a college female percentage associate with ameliorate CSR scores, and firms that showroom both a higher per centum of women on the Board and on the management team improve CSR scores. From an ethical perspective, more socially responsible firms nowadays more trustworthy fiscal information, and more sustainable economical performance, which decreases hazard assessment from their concern partners and remaining stakeholders. Thus, results may be of interest to dissimilar stakeholders, such as policymakers, investors, and concern partners, in gild to increase firms' involvement in CSR. Total commodity

Open Access Article

Do ADR Firms Have Dissimilar Dividend Policies Than U.Due south. Firms? A Comparative Report

Abstract

This paper examines and compares the dividend policies of American depository receipt (ADR) firms and U.S. firms and identifies the factors that make up one's mind these policies for both types of companies. We find that ADR firms have higher dividend yields than U.S. firms, while [...] Read more.

This paper examines and compares the dividend policies of American depository receipt (ADR) firms and U.S. firms and identifies the factors that make up one's mind these policies for both types of companies. We notice that ADR firms have higher dividend yields than U.Due south. firms, while U.S. firms have higher stock repurchase ratios than ADR firms. Results from univariate comparisons and multivariate analysis show that the determining factors of dividend payout and stock repurchases differ between these two types of firms. This finding holds for the robustness bank check conducted in this written report. This paper provides further evidence regarding dividend policies of ADR firms and sheds low-cal on the differences in dividend policies between not-U.S. business firm and U.S. firms. Full article

Open Access Article

Intraday Patterns of Liquidity on the Warsaw Stock Exchange before and after the Outbreak of the COVID-19 Pandemic

Abstract

A highly pregnant feature of the stock market is its efficiency, which is associated with data efficiency. Nonetheless, the liquidity of stock on the market is its essential characteristic. The inflow of information in highly liquid markets allows for the maintenance of loftier [...] Read more than.

A highly meaning characteristic of the stock market place is its efficiency, which is associated with data efficiency. However, the liquidity of stock on the marketplace is its essential characteristic. The inflow of information in highly liquid markets allows for the maintenance of high information efficiency. The COVID-19 pandemic affected many aspects related to stock markets, including their liquidity. The bear upon of the pandemic is so multidimensional that there are still areas that need to be investigated. One of them is the intraday liquidity patterns on the stock markets. Therefore, the nowadays newspaper aims to verify the existence of intraday liquidity patterns on the Warsaw Stock Commutation in iii periods: before, during and afterward the panic caused past the start wave of the COVID-19 pandemic. The results confirmed the existence of a U-shaped intraday distribution of the number of transactions and their trading. This outcome highlights the importance of the commencement and concluding minutes of a trading session. The COVID-xix pandemic resulted in the domination of WSE transactions of small individual investors who feared the loss of value of their assets, selling them on the stock exchange. In the pandemic, the boilerplate per centum alter between transactions increased. Full article

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Open Access Article

Towards Coin Market in General Equilibrium Framework

Abstract

This paper aims to integrate the coin market into the structure of the economic system. The microfoundation is the starting point to define the money marketplace and the general equilibrium mechanism of the economy. On this basis, this enquiry seeks a linking mechanism of [...] Read more.

This paper aims to integrate the money market place into the structure of the economy. The microfoundation is the starting point to ascertain the coin market and the full general equilibrium mechanism of the economy. On this ground, this research seeks a linking mechanism of the money market with economic activity in the general equilibrium framework. The relationships between money supply and national outcome, inflation, and toll level are studied in three cases: total-employment equilibrium economic system, steady-state equilibrium economic system, and sticky-toll equilibrium economy. The research result explains the interrelation and transmission mechanism between the money marketplace and the general equilibrium of the economy. The paper provides the theoretical foundation for further enquiry on the money market and monetary policies towards economic growth and macroeconomic stability. Full commodity

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Open up Admission Article

Bootstrapping Fourth dimension-Varying Uncertainty Intervals for Extreme Daily Return Periods

Abstruse

This study aims to overcome the problem of dimensionality, accurate estimation, and forecasting Value-at-Risk (VaR) and Expected Shortfall (ES) dubiety intervals in high frequency data. A Bayesian bootstrapping and backtest density forecasts, which are based on a weighted threshold and quantile of a [...] Read more than.

This study aims to overcome the problem of dimensionality, accurate estimation, and forecasting Value-at-Risk (VaR) and Expected Shortfall (ES) doubt intervals in high frequency information. A Bayesian bootstrapping and backtest density forecasts, which are based on a weighted threshold and quantile of a continuously ranked probability score, are developed. Developed backtesting procedures revealed that an estimated Seasonal autoregressive integrated moving average-generalized autoregressive score-generalized farthermost value distribution (SARIMA–GAS–GEVD) with a skewed student-t distribution had the best prediction performance in forecasting and bootstrapping VaR and ES. Extension of this non-stationary distribution in literature is quite complicated since it requires specifications non merely on how the usual Bayesian parameters change over fourth dimension but besides those with bulk distribution components. This implies that the combination of a stochastic econometric model with extreme value theory (EVT) procedures provides a robust footing necessary for the statistical backtesting and bootstrapping density predictions for VaR and ES. Full article

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Open Access Article

Portfolio Constraints: An Empirical Assay

Abstruse

Mean-variance optimization ofttimes leads to unreasonable nugget allocations. This problem has forced scholars and practitioners akin to introduce portfolio constraints. The scope of our study is to verify which type of constraint is more than suitable for achieving efficient operation. We have applied the [...] Read more than.

Hateful-variance optimization frequently leads to unreasonable asset allocations. This problem has forced scholars and practitioners alike to introduce portfolio constraints. The telescopic of our study is to verify which type of constraint is more suitable for achieving efficient functioning. We have applied the main techniques developed past the financial customs, including classical weight, flexible, norm-based, variance-based, tracking error volatility, and beta constraints. We employed panel data on the monthly returns of the sector indices forming the MSCI All Country World Index from January 1995 to December 2020. The assessment of each strategy was based on out-of-sample performance, measured using a rolling window method with annual rebalancing. Nosotros observed that the best strategies are those subject to constraints derived from the equal-weighted model. If the goal is the best compromise between absolute return, efficiency, total risk, economic sustainability, diversification, and ease of implementation, the all-time solution is a portfolio subject to no short selling and leap either to the equal weighting or to TEV limits. Overall, we establish that constrained optimization models represent an efficient alternative to archetype investment strategies that provide substantial advantages to investors. Full article

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Open Access Article

Effect of Religiosity, Perceived Take chances, and Attitude on Tax Compliant Intention Moderated by east-Filing

Abstract

This enquiry examined the effect of Religiosity, Perceived Risk, and Attitude on Revenue enhancement Compliant Intention, moderated by e-Filing. This research used a quantitative arroyo which involved the Structural Equation Model (SEM). Large taxpayers are by and large in the course of agencies and individuals, and then [...] Read more.

This research examined the consequence of Religiosity, Perceived Risk, and Attitude on Tax Compliant Intention, moderated by eastward-Filing. This enquiry used a quantitative arroyo which involved the Structural Equation Model (SEM). Big taxpayers are generally in the form of agencies and individuals, so the population of this study comprised of companies that are in the Directorate General of Taxation of Large Taxpayers Jakarta, Large Tax Service Offices 1 and 2, totaling 529 companies. Religiosity (X1) and Perceived Risk (X2) significantly influence Mental attitude (Y1). Furthermore, Attitude (Y1) has a positive and meaning effect on Tax Compliant Intention (Y2). e-Filing showed an insignificant moderating effect on the research model. The novelties are the development of the Theory of Planned Beliefs by involving other variables that touch taxpayer compliance behavior, namely Religiosity and the perceived hazard of taxpayers. In improver, this inquiry involves the e-Filing variable equally a moderating variable. Full article

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Special Issue in IJFS

Diversity in Global Finance Guest Editors: Elisabete Vieira, Mara Teresa da Silva Madaleno, Julio Lobao
Deadline: 10 May 2022

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