Journal Of Finance Research Articles

BRIEF SYNOPSIS OF THE SCIENTIFIC CAREER OF T. R. HURD

As an introduction to this Special Issue of International Journal of Theoretical and Applied Finance in Honour of the Memory of Thomas Robert Hurd, we present a brief synopsis of Tom Hurd’s scientific career and a bibliography of his publications.

Editorial Boards of Finance Journals: The Gender Gap and Social Networks

Editorial Boards of Finance Journals: The Gender Gap and Social Networks

Referee quality and article citations: a case study of a finance journal

ABSTRACT As a result of the open science movement, we take advantage of one of the few journals in business studies, the Journal of Financial Economics (JFE), which between 2009 and 2021 named some of their referees. This allows us to produce a novel hand-collected data set to explore the extent to which referee quality matters in identifying articles that will receive strong future citations. We find that prominent academics are more likely to identify articles that will exhibit a high number of citations. This relationship is most pronounced among referees who are in a relatively mature stage in their careers. These results indicate that high-quality researchers, especially those in a relatively mature stage, are more likely to identify the potential of an article. To maximize future citations, editors thus need to consider the research publication record of the referees when making their selections. Overall, we provide insights which are of interest and relevance across higher education research.

Measuring ESG risk premia with contingent claims

We propose a contingent claims approach for estimating ESG risk premia from market information and market participants' decisions. To this end, we infer the asset value dynamics via the structural model of Merton [1974, “On the Pricing of Corporate Debt: The Risk Structure of Interest Rates.” Journal of Finance 29: 449–470.] for a large panel of S&P 500 firms using an estimation algorithm that utilizes the information embedded in stock market prices, CDS spreads, and default probabilities. We find a statistically significant relationship between the ESG score and the volatility and drift terms of the asset value process, suggesting that ESG factors are structurally connected to the value of the firm. We establish a mapping between ESG scores and the cost of equity and debt as implied by firm's contingent claims, and derive estimates of the ESG risk premium across different ESG and leverage profiles. In addition, we break down the ESG risk premia by industry, and demonstrate how practitioners can adjust the weighed average cost of capital of ESG laggard firms for valuation and decision making purposes.

Mapping the future of banking crisis research: Key contributors and emerging areas

Banking crises, marked by catastrophic loan losses and systemic collapse, wield unparalleled influence over economic stability and societal well-being. Despite extensive research efforts on investigations related to banking crises, the current literature lacks a systemic analysis of scholarly published articles. The present study aims to bridge this gap by analyzing scholarly literature on banking crises using bibliometric data from Scopus from 1969 to June 2024. Using the bibliometric toolbox's performance and science mapping techniques, we map the research landscape, highlighting key contributors and trends in banking crisis research. The contributors are the United States, the International Monetary Fund, the National Natural Science Foundation of China, and the Journal of Banking and Finance from Elsevier publishers. Furthermore, we identify the focal areas of research in banking crises. Finally, we anticipate that future research in banking crises should focus on the applications of machine learning, banking regulations, bank supervision, random forest, risk perception, the impact of the COVID-19 pandemic, democracy, corruption, financialization, fiscal consolidation, and the role of institutions such as Silicon Valley Bank. The findings of the study support regulators, researchers, policymakers, and research funding institutions in fostering collaboration and prioritizing research areas.

Navigating through pandemics: a bibliometric analysis of research trends in Islamic finance and Islamic banking

Purpose This study aims to provide a bibliometric analysis of 1,104 journal articles to explore the multifaceted research field of Islamic finance and banking, explicitly emphasising the impact of the COVID-19 pandemic. Design/methodology/approach Insights into the evolving trends and dynamics within the academic discourse are presented. Findings The research highlights different patterns and collaborative networks through co-authorship, co-occurrence and thematic map analyses. Prior to the pandemic, research focused primarily on customer satisfaction and compliance with Shariah principles. However, the pandemic heralded an increased discourse on sustainability, fintech and the financial crisis. Research limitations/implications This review describes the prevailing academic terrain and identifies potential avenues for future research, particularly those that examine the socio-economic impact of the pandemic within the context of Islamic finance and banking. Originality/value Prominent author such as M. Kabir Hassan, leading institution such as the International Islamic University Malaysia and esteemed journal such as the International Journal of Islamic and Middle Eastern Finance and Management have been instrumental in shaping academic discussions and creating synergies in research. Moreover, Malaysia’s strong commitment to spatial research, evidenced by its robust global collaborations, underscores its pioneering role in the academic world of Islamic finance and banking.

Behavioral finance in a hundred keywords

We analyze leading journals in behavioral finance to identify the most-used keywords in the area and how they have evolved. Using keyword analysis of data between 2000 and 2020 as well as data mapping and visualization tools, a dynamic map of the discipline was constructed. This study assesses the state-of-the-art of the field, main topics of discussion, relationships that arise between the concepts discussed, and emerging issues of interest. The sample comprises 3876 pieces, including 15859 keywords from journals responsible for the growth of the discipline, namely the Journal of Behavioral and Experimental Economics, Journal of Behavioral and Experimental Finance, Journal of Economic Psychology, Journal of Behavioral Finance, and Review of Behavioral Finance. During the period analyzed, our results depict a lively area and highlight the prominent role that experiments play in the field. Two related but different streams of behavioral finance research are revealed.

Global Financial Dynamics: Crisis, Ethics, and Market Impacts: Insights from the June 2023 Issue

With the collaborative support of the editorial board members, authors, reviewers, section editors, technical editors, and production editor, we successfully launched the June 2023 issue of the International Journal of Accounting, Business, and Finance (IJABF). Volume 2, Issue 2 of IJABF features five articles addressing contemporary issues. The authors explore these research questions through empirical results, providing insights and directions for future studies. We extend our gratitude to all contributors to this issue.

Ethical discourse of ethical (Islamic) finance: a systematic literature review (1988–2022) and the way forward

Purpose This paper aims to portray the publication pattern, key themes, study trends and future directions for the studies on ethics in Islamic finance. A total of 194 published documents that includes journal articles, books and book chapters and conference proceedings were screened for the period 1988 to August 2022 and categorized based on designated sectors of the Islamic finance industry. This paper also highlights the change in research trends in all three sectors of Islamic finance and suggests possible areas for future research. Design/methodology/approach A comprehensive systematic literature review was conducted using the “advanced search” function of “google scholar” by using the option “find articles” with the keywords “Ethic (s/al)”, “Islamic banks”, “Islamic banking”, “Islamic finance”, “Islamic capital markets” Takaful, Islamic insurance without restricting the time frame, author list and the platform. Furthermore, the search for relevant articles was conducted on other mainstream index databases such as “Web of Science” and “Scopus”. Findings Among the highlights of the findings were an increase in publications on ethical issues after the global financial crisis and an increase in publications in high-impact mainstream business and finance journals. A higher number of studies were documented in the area of Islamic banking and finance followed by Islamic capital markets and Islamic insurance/Takaful. Although a greater number of empirical studies were published than conceptual studies, dominance was resulted due to the replication of the studies in various jurisdictions based on the same concepts or models rather than applying diversified concepts in various jurisdictions. Originality/value This study contributes to the growing literature on ethical and/or Islamic finance as a guide for researchers to identify research gaps and provides a systematic direction for future studies in the area of ethics in Islamic finance.

Finance Research and the UN Sustainable Development Goals – An analysis and forward look

The relationship between academic finance research and the United Nations Sustainable Development Goals (UN SDGs) has gained increasing attention over recent years. This study conducts a comprehensive analysis of the interplay between the UN SDGs and scholarly output in financial journals from 2010 to 2022. Utilizing a framework that combines fuzzy matching, bibliometric analysis, and topic modelling techniques, the research traces the evolution of finance research and its alignment with the UN SDGs. Our findings indicate that academic finance research is unevenly spread across the SDG’s. Key areas around the natural world, sustainability and climate change are underresearched. The implications of our study are significant for both academic scholars and policymakers, suggesting a need for strategic redirection in research priorities to better support global sustainability initiatives in the future.

Takaful as an Islamic Alternative to Conventional Insurance: A Thematic and Bibliometric Review

Islamic insurance, or Takaful, offers a Sharia-compliant alternative to conventional insurance, circumventing the prohibitions on uncertainty, interest, and speculation. This study presents a bibliometric review of 228 Takaful research articles from the Scopus database, using RStudio® for visualization from 1989 - mid 2023. The analysis encompasses science mapping techniques such as co-citation analysis, bibliometric coupling, word analysis, and trending topics on alternative investments. The findings reveal Malaysia as the leading nation in Takaful research, with significant contributions from International Islamic University Malaysia and Universiti Kebangsaan Malaysia. Prominent journals in this domain include the Journal of Islamic Accounting and Business Research, Journal of Islamic Marketing, and International Journal of Islamic and Middle Eastern Finance and Management. This study found the article entitled; “Establishing construct validity and reliability: Pilot testing of a qualitative interview for research in takaful (Islamic insurance)” written by Dikko (2016), as the most global cited document with 61 citations. Notably, the research focus has evolved from operational, shariah principles, and risk management to awareness, family Takaful innovations, micro-Takaful and relationship commitment. This study serves as a valuable resource for researchers, offering quantitative bibliometric insights and thematic analysis, and highlighting areas for future investigation.

Mapping the Intellectual Structure of Asset Pricing: A Bibliometric Study

This paper presents a bibliometric analysis of research on asset pricing and identifies and highlights the most significant authors, keywords, articles, and journals based on a systematic literature review and Bibliometric analysis of 915 documents published over 33 years (1989-2022), obtained from the web of science database, to discover the noticeable landscape and research horizons in the field of asset pricing theory. This descriptive study demonstrates an upward trend in ”asset pricing’ papers in business and finance journals. According to the report, the United States is the leading contributor to the ”asset pricing” study, followed by the Netherlands, the United Kingdom, Canada, and France. The authors, papers, and citation-based analyses show that Acharya vv; Albuquerque R, Aih, and Acciaio B are the most effective and influential asset pricing researchers, followed by Affleck Graves J and Akdeniz L. In terms of restrictions, our research is limited to the Web of Science database. Investigations from other databases could be used in future studies. We’ve also limited Bibliometric analysis to a few dimensions. Future research would look at networking from a different perspective. In our analysis, we limited ourselves to simply looking at scientific articles. Despite these flaws, we feel the study has research and management implications

Global economic contraction, climate change and the gold market volatility: A GARCH‐MIDAS approach

AbstractOur paper has two main objectives. First, we aim to investigate the relationship between global economic contraction (GECON) and the return volatility of gold. Second, we examine the role of climate change as a mediator in this connection. To achieve this, we use the GARCH‐MIDAS model, which accommodates data in different frequencies in the same model. This prevents the loss of important information when aggregating high‐frequency data to lower‐frequency data. We also use alternative measures of GECON from Kilian and Zhou (Journal of International Money and Finance, 2018; 88, 54–78) and Baumeister et al. (Review of Economics and Statistics, 2020;104(4), 828–844) to ensure the robustness of our findings. Our results show that global economic contraction positively impacts the return volatility of gold. Additionally, our findings confirm that the increased uncertainty caused by climate change makes gold a safe haven for investors. This means that gold's return volatility is not negatively impacted by the rising level of uncertainty caused by climate‐induced contraction. Moreover, we note that the index of GECON that accommodates more dynamics can produce more accurate predictability for gold market volatility. Our analysis of stock market volatility further confirms that gold has a safe haven potential relative to the stock market.

Analysis of the Development of Zakat Accounting Research: A Bibliometric Approach

This study addresses the scarcity of bibliometric research in zakat accounting literature by qualitatively analyzing 321 articles from the Dimension AI database spanning 1994 to 2023. The study has found the Journal of Islamic Economics and Theory as a journal that is very relevant and has a significant impact, besides the Journal of Islamic Accounting and Business Research and the Journal of Islamic and Middle Eastern Finance and Management. The study also found several well-known writers, including Ahmad Kudhori and Hedi Pandowo, as well as influential figures such as Abu Bakar. Key themes encompass Financial Statements, PSAK, and Analysis, with 2023 trends focusing on information, accountability, quality research, and impact in zakat accounting. The study foresees ongoing significance of accountability and accounting information in 2023. Employing bibliometric analysis, the research facilitates the identification of zakat accounting issues, enhancing economic efficiency, and guiding researchers in prioritizing topics based on prevailing trends. This comprehensive overview contributes significantly to the evolving landscape of zakat accounting literature.

The disciplinarity of finance journals

This study quantifies and sorts the disciplinarity of academic journals by developing and employing three measures of journal specialization based on publication keywords. We retrieved 46,055 articles and 87,968 keywords from journals included in the finance section of the 2021 Academic Journal Guide (Chartered Association of Business Schools). The three metrics proposed to measure the number of repetitions of keywords in a journal, the level of concentration of keywords, and the tailedness of keyword occurrence. We found that the differences in specialization between finance journals observed for only a few sources that show significant marked disciplinary. The methodology proposed has non-negligible implications for interdisciplinary research to the extent that it may be helpful for researchers in searching for a suitable journal for their results.

Introduction to the 20th Anniversary Special Issue of the Journal of Pension Economics and Finance

Abstract The papers in this 20th Anniversary Special Issue reflect to a large extent how the fields of pension economics and pension finance have developed in the past two decades, although there remain very clear connections to the research published in the Journal's first issue. While there has been great progress in research on pensions and retirement economics over the last 20 years, there remain important outstanding questions for future study.

Bridging the Divide

The creation of Public Finance Journal (PF) is the culmination of several years of discussion about how best to address the divide between practitioners’ research needs and academic scholarship. PF’s origin is predicated on the expectation that for a professional discipline such as public administration and the subfield of public budgeting and finance, in particular, there needs to be an easily accessible forum for the dissemination of ideas and solutions. This journal would not be possible without the support of the Government Finance Officers Association, the oversight committees, the editorial board, and those helping with the journal’s management. We are excited about the inaugural edition, where we have reviews of three important books, three thought-provoking research articles, and an article that surveys current research needs in the budget and finance field as expressed by faculty and practitioners.

Editorial: 57th issue of the Journal of Economics, Finance and Administrative Science

Editorial: 57th issue of the Journal of Economics, Finance and Administrative Science

Islamic Capital Market Research in Scopus Indexed Journals Q1: A Review

This study tries to review the research around Islamic stock and Islamic capital market on reputable journals. It uses descriptive statistical analysis based on selected 88 article publications or papers related to Islamic stock, with international journals indexed by Scopus Q1. The entire sample journal publications have been published for ten years from 2009 to 2019. The results show that Islamic stock and capital market research is still dominated by empirical research (90%) rather than concept research (10%). In addition, the average time of journal publication is between 8 and 9 months. There are at least 17 Q1 Scopus journals that publish Islamic capital market and the most research with Pacific Basin Finance Journal, Journal of Business Ethics, Journal of Economic Behavior & Organization, Journal of International Financial Markets, Institutions & Money, Journal of Corporate Finance, and Journal of Banking and Finance. Furthermore, the comparison of quantitative research (88%) is still more than the qualitative approach (12%).

Biodiversity: A Bibliometric Analysis of Accounting, Economics, and Finance Journals

Biodiversity conservation and ecosystem management are imperative for sustaining life on Earth. Despite the growing recognition of its importance outside the field of environmental sciences, biodiversity has been polemically criticized as a fad, arguing that it has become a passing trend in sustainable finance. To foster a comprehensive understanding, we provide a bibliometric analysis of 334 articles in accounting, economics, and finance (AEF) journals retrieved from the Web of Science database. We conduct science mapping and a co-citation analysis to portrait the scientific landscape and research foci. Consistent with previous studies, we find that mainstream AEF journals are largely silent on biodiversity. In addition, research from Asia is severely underrepresented.