The author examines the combined effects of corporate governance quality, stock liquidity, and asset profitability under conditions of financial constraints. Effective company management serves as an important signal for potential investors. Improving the quality of financial information not only enhances investor trust but also enables management to obtain a comprehensive view of the firm’s business activities, thereby supporting informed decision-making. The financial position of a business entity and its investment prospects are largely determined by the quality of management. Organizational capital is used as a proxy variable for corporate governance quality. Management exercises direct control over operational costs, which allows it to effectively manage changes within the firm. Tightening monetary policy not only increases the cost of borrowing but also reduces real incomes and suppresses the investment activity of Russian public companies. A high key interest rate set by the Bank of Russia leads to a sharp decline in industrial investment and extends project investment horizons. As a result, these companies are likely to forgo economically attractive investment projects. Under these conditions, they are likely to behave in line with the precautionary motive by retaining a portion of their funds to finance their business activities and adjust their capital structure amid limited access to debt financing. Stock liquidity serves as an important reference point in investors’ analysis and evaluation of stock returns. The preparation of financial reporting in accordance with international standards provides the necessary information for decision-making not only for management but also for investors, thereby sending them a signal that, under adverse conditions (external sanctions), ultimately affects the share prices.

Oyster aquaculture, a pillar industry of the global mariculture sector, exerts a profound influence on food security and ecological sustainable development. China is the world’s largest oyster producer, and the Rushan oyster industry has grown into a paradigm for the high-quality development of China’s oyster industry during its transformation and upgrading, leading the nation in output, brand value, market share and product pricing. Adopting the case study method, combined with information collection and field investigations, this research systematically examines the oyster industry in Rushan from four dimensions: green, branding, Innovation and integration. The findings indicate that Rushan has built a closed-loop industrial chain featuring “ecological aquaculture, brand marketing, innovation-driven value increment, integrated extension,” and formed a coordinated development model with ecological priority as the foundation, brand-driven development as the engine, technological innovation as the core and multi-dimensional integration as the pathway. The total output value of this industry has exceeded 10 billion yuan, enabling more than 30,000 practitioners to achieve an aggregate annual income increase of 2 billion yuan, with its brand value reaching 19.385 billion yuan. This study distills the replicable experiences and scientific insights of the Rushan Model, providing practical references for the sustainable and high-quality development of global coastal characteristic industries and the advancement of China’s Rural Revitalization Strategy.

This research examines the impact of brand equity on corporate financial performance, utilizing a dataset of 135 international companies spanning the period from 2005 to 2024. We examine the impact of brand power on essential financial parameters, including operational income, EBITDA, and market capitalization, by merging brand value data from Brand Finance with financial metrics from Bloomberg Database. Our research reveals a robust positive association between brand value and turnover, profitability, and market valuation, indicating that organizations with elevated brand value experience superior financial results. Our econometric analysis demonstrates that a $1 increase in brand value correlates with a $1.76 gain in turnover and a $0.16 rise in net income, underscoring the tangible financial advantages of robust branding. Furthermore, we observe that brand value influences non-operating income, presumably via enhanced financing conditions and reduced interest expenses. Despite apprehensions regarding overvaluation, our findings indicate that although brand value enhances share prices, it does not result in an unsustainable rise in price-to-earnings ratios. These insights highlight the strategic significance of brand investments, indicating that companies should prioritize brand-building efforts to enhance long-term profitability and market competitiveness. Subsequent research ought to examine the impact of branding across various industries and organizational scales.

Introduction: The study aims to examine the effect of Earning Per Share (EPS) and Dividend Per Share (DPS) on stock prices of manufacturing companies listed on the Indonesia Stock Exchange for the 2020-2022 period. The manufacturing sector was chosen due to its significant contribution to the economy, averaging 19% annually during this period. Although DPS increased from 114.6 (2020) to 130 (2022) and EPS rose from 175.15 (2020) to 191.6 (2022), stock prices remained volatile, raising questions about the consistency of these factors' influence. Methods: The research method uses a quantitative approach, with secondary data collected through purposive sampling from 40 companies over three years, yielding 120 samples. Panel data regression analysis with Fixed Effect Model using Eviews 12 produced the equation Yti = 2380.48656412 + 4.5170470461X1ti + 1.1370520741X2ti. Results: The results show that DPS has a significant effect on stock prices, while EPS does not significantly affect stock prices. However, the simultaneous test results indicate that DPS and EPS together influence stock prices. Conclusion and suggestion: It is recommended for companies to pay attention to dividend policies distributed to shareholders and for investors to consider DPS in investment decisions.

This scientific paper uses three different models, namely the baseline model, hyperparameter tuning with 4 layers, and hyperparameter tuning with 5 layers, to evaluate the effectiveness of GRU in predicting future stock prices. The performance of each model was measured using Mean Squared Error (MSE), Mean Absolute Error (MAE), Root Mean Squared Error (RMSE), and Mean Absolute Percentage Error (MAPE). The baseline model, configured with 50 GRU units, 100 lookbacks, 100 timestamps, batch size 64, and 50 epochs, showed the best performance, achieving MSE 5601.44, MAE 54.06, RMSE 74.84, and MAPE 1.90%. In comparison, the 4-layer model showed slightly higher errors, with MSE 10842.89, MAE 79.65, RMSE 104.13, and MAPE 2.77%, while the 5-layer model produced higher errors, with MSE 14687.76, MAE 91.94, RMSE 121.19, and MAPE 3.22%.

Empirical studies from emerging markets such as Nepal and other South Asian countries report inconsistent and often contradictory findings regarding firm-specific determinants of share prices. To address these issues, the researchers adopted a correlational and explanatory research design so as to examine the relationship and explanatory power of firm-specific determinants over market price per share (MPS) of Nepalese commercial banks. Sixteen commercial banks were selected using judgmental sampling, and balanced panel data covering 2019/20–2023/24 were collected from their annual reports. Ordinary least squares (OLS) regression revealed significant positive effects of cash reserve ratio (CRR), capital adequacy ratio (CAR), and total assets (TA) on MPS, while return on assets (ROA) showed a positive but non-significant effect. Conversely, weighted average interest rate spread (WAIRS), credit-to-deposit ratio (CDR), and non-performing loan ratio (NPLR) showed significant negative effects on MPS. These findings provide valuable insights for investors, helping them make more informed decisions.

Purpose Understanding the forces that drive share price movements is central to asset pricing and market efficiency research. Among these, investor sentiment has emerged as a behavioural trajectory that can reflect the firm-specific information in stock prices. Therefore, the present study attempts to investigate whether, when and how the firm-specific investor sentiment index (FSISI) impacts the stock price synchronicity (SPS) of Indian listed firms. Design/methodology/approach The present study used Bombay Stock Exchange (BSE) 500 companies from 2014 to 2024. The study employs firm fixed-effect panel regression to examine the nexus between FSISI and SPS. Moreover, to control for potential endogeneity concerns, two-stage least squares (2SLS) instrumental variable (IV) and system generalised method of moments (GMM) regression are utilised. Findings The findings indicate that FSISI, serving as a proxy for firm-specific information, is negatively associated with SPS, a relationship further supported by the robust assortment. Furthermore, the mechanism analysis reveals that FSISI leads to an increase in stock liquidity, thereby reducing SPS. Moreover, the heterogeneity analysis demonstrates that the association is accentuated in high institutional ownership (HIO) firms and during bullish (high) sentiments. Originality/value The study makes a novel contribution by examining the integral factors that reduce the SPS in the Indian context: the firm-specific investor sentiment index (FSISI), liquidity generated from FSISI, particularly in the case of HIO firms, and under bull or high sentiment conditions.

Unit-linked insurance is a life insurance product that combines elements of protection and investment. Hence, the value of the benefits received by policyholders depends on the performance of the underlying investment asset. This study aims to estimate the benefits of a dual-purpose life insurance (endowment) unit-linked policy using the Point-to-Point method and De Moivre's Law. The Point-to-Point method determines investment results based on changes in stock prices from the beginning to the end of the contract period. At the same time, De Moivre's Law is applied to calculate the insured's chances of life and death to determine actuarial benefits. The data used are daily share prices of PT Bank Negara Indonesia Tbk for the period July 2024-June 2025, assuming a risk-free interest rate of 5,25%. The results showed that the stock volatility of 0,378 reflected a moderate level of risk, while the endowment life insurance benefit obtained of 1,43061 resulted in a single premium of IDR 66.809.378. The investment benefits received by the heirs are calculated based on the benefit structure with a minimum warranty limit and a predetermined maximum value (cap). These findings show that the Point-to-Point method provides a transparent, easy-to-understand estimate of benefits and can be a relevant alternative for calculating the value of unit-linked endowment insurance products in Indonesia.

We show that voluntarily provided accounting information relating to the capabilities of firms to create slack, support learning, and foster innovation are associated with investors’ recognition of organisational resilience (i.e. specific share price patterns) during an adverse event (COVID-19). To quantify the extent of pre-crisis capabilities-related information, we apply an automated textual analysis to voluntary disclosures in the Item 1 and Item 7 of 10-K filings in a cross-sectional sample of firms listed in the S&P 1500 Index (2018–2022). We use the share prices of our sample firms to create three capital market indicators of organisational resilience, i.e. firms’ absorption, adaptation, and transformation levels amid adversity. We find that disclosures about slack capabilities are negatively associated with an immediate decrease in the share price that occurs at the onset of adversity (absorption). For most sample firms, our results also suggest that disclosures about slack, learning, and innovation capabilities accelerate the share price recovery (adaptation), while disclosures about innovation capabilities appear to increase the share price in the longer term (transformation). Our results indicate that capabilities-related disclosures are differently associated with investor reactions as firms progress through sequential stages of adversity and add incremental value to existing measures of financial performance.

Abstract It is widely argued that shareholder value orientation (SVO) causes firms to adopt a financialized business model, in which short-run share prices are prioritized over the firm’s long-run growth. Financialized business models entail a ‘downsizing and distributing’ allocation regime—the channelling of resources to shareholder payouts over reinvestment—and other changes that undermine the firm’s ability to innovate, reduce costs and retain market share, harming its competitiveness. We test this theory by examining how increased shareholder power and realigned managerial preferences—two underlying ‘mechanisms’ of SVO—affect two sets of outcomes: allocation regime (fixed investment, R&D expenditure and payouts) and real performance (productivity, market share and profitability). We allow for the fact that institutional shareholders likely vary in their preferences for governance, meaning that the broad objective of maximizing shareholder profit may conduce highly varying business strategies. Our findings suggest that short-termism is not an outcome common to shareholder primacy in general, but rather governance directed to certain kinds of shareholders—in particular low-turnover, non-passive institutional investors. Moreover, it is much more likely to occur when those investors are empowered within the firm rather than reliant solely on managerial re-incentivization. These findings suggest that short-termism is not a universal feature of non-financial corporation (NFC) financialization but arises under particular governance conditions.

In view of scholars-established link between firm size and share price and the suggested dual causality nexus between firm size and financial performance, the study examined the moderating effect of firm size on the relationship between financial metrics and share prices of listed agriculture and consumer goods firms in Nigeria. It controlled for the pervasive macroeconomic variables of inflation, interest rate and exchange rate. Using purposive sampling technique, a sample of 20 out of the 26 firms of study was obtained. Secondary data were sourced from annual published financial statements of the firms, while the macroeconomic data were obtained from the National Bureau of Statistics and the Central Bank of Nigeria. Generalized least squares regression analysis was performed with the aid of STATA 17. The outcome indicated that return on equity, earnings per share, and firm size, each has a significant positive effect on share prices of listed agriculture and consumer goods firms in Nigeria while current ratio, debt-equity ratio, and total assets turnover each has a non-significant effect on the share prices. Furthermore, firm size has a significant moderating effect on the relationship between financial metrics (proxied by current ratio, and earnings per share) and share prices of listed agriculture and consumer goods firms in Nigeria. In the same vein, firm size has a non-significant moderating effect on the relationship between financial metrics (proxied by current ratio, debt-equity ratio, and total assets turnover) and share prices of listed agriculture and consumer goods firms in Nigeria. Therefore, it was recommended that Security and Exchange Commission should prioritize the appropriate disclosure of the identified key metrics in the financial statements. Furthermore, investors should consider the moderating effect of firm size on the financial metrics to better understand how different metrics impact share prices for firms of varying sizes and adjust their investment strategy accordingly.

The Indonesian coal sector will experience large fluctuations during the 2022–2024 period due to changes in global coal prices and post-pandemic economic conditions. This movement has an impact on company value and the share price of coal issuers, so it is important for investors to understand the fundamental factors that have an influence on share prices. This study has a tendency to analyze the influence of earnings per share on share prices in companies operating in the coal sector that are officially registered on the IDX. The method used is quantitative. The population uses coal sector companies in Indonesia for the 2022-2024 period with a population of 30 companies. From a population of 30 companies, only 16 sample companies met the characteristics. The results of the study show that EPS has a positive influence and has significance on share prices, so that an increase in earnings per share can be proven to act as a main indicator that can be paid attention to by parties investing in efforts to assess and prospect for coal companies.

The primary purpose of this study is to examine the effect of dividend declaration on stock price fluctuations in the Indian equity market. Specifically, the study aims to analyze how dividend announcements influence share price volatility and investor behavior around the announcement period for companies listed on the National Stock Exchange (NSE). The research seeks to assess the market reaction to dividend-related information and to determine whether dividend declarations convey meaningful signals that impact stock prices. Additionally, the study intends to evaluate the efficiency of the Indian equity market in incorporating dividend information into share prices, thereby providing insights useful to investors, corporate managers, and policymakers in formulating effective dividend and investment strategies. The findings of the study reveal that dividend announcements have a significant impact on short-term stock price volatility, indicating the presence of information signaling effects in the Indian equity market. Positive dividend declarations tend to generate favorable market reactions, while changes or reductions in dividend payouts often lead to increased price fluctuations. The results suggest that the Indian stock market exhibits semi-strong form efficiency, as stock prices quickly incorporate publicly available dividend-related information. The study provides valuable insights for investors, corporate managers, and policymakers in understanding market behavior around dividend events and highlights the importance of dividend policy as a strategic financial decision Keywords: • Dividend Declaration • Stock Price Fluctuations • Share Price Volatility • Indian Equity Market • National Stock Exchange (NSE)

The role of valuation report contents in shaping Post-IPO share price performance

Indian capital market has witnessed several merger and acquisition deals during last financial years. The investors often take positions to reap the profits that may arise due to appreciation in the stock of the target firms. As we know that such deals may be structured in diverse ways, therefore, the consequent rise in share price of the target firm is also a function of how any deal has been structured. The deal based purely as a tender offer or cash deal results in different outcomes as compared to the deals which are executed based on swap ratio. Even within the broad category of swap ratio or exchange ratio deals, deal outcomes may be different for fixed exchange ratio and contingent exchange ratio deals. The present paper attempts to elaborate on the various merger arbitrage opportunities arising from different types of mergers deals from the perspective of arbitrageurs. Deals once announced may also fail due to several reasons. The paper also delves into the estimation of probabilities of failure of deals that can help in the management of arbitrage portfolios

Sustainability has long been a topic of discussion in the context of climate change, natural resource scarcity, pollution, social responsibility, and human equality. Since introducing the environmental, social, and governance (ESG) concept in 2004, sustainability has increasingly been integrated into corporate business models, particularly through adherence to principles of responsible investment, standardized reporting, and accounting practices. This study examines the impact of ESG factors on the financial performance of Real Estate Investment Trusts (REITs), based on data from Morningstar, Global Real Estate Sustainability Benchmark (GRESB), and European Public Real Estate Association (EPRA), analysing evidence from the reviewed literature. The primary objective is to assess the progress of green transition within the REIT sector and the influence of sustainability initiatives on returns and competitive positioning, with empirical analyses focusing on environmental sustainability (E) and its impact on European REITs' returns. The methodology employed includes comparative analysis, literature review, and OLS regression analysis. The results indicate a slowdown in ESG implementation progress worldwide, largely attributed to the substantial costs associated with compliance, including developing reporting capacity and sustainable initiatives. Despite observed capital outflows, the 2024 real estate assessment results show notable progress in key areas, including energy efficiency, greenhouse gas emissions reduction, water and waste management, and social engagement practices within REITs. The empirical analysis of large-cap European REITs aligns with existing research, showing progress towards reducing environmental impact in 2022-2024, positively influencing share prices. In terms of financial effects, the reviewed literature suggests that while the short-term financial impact of ESG measures varies, there is a general trend toward improved long-term performance. Although results across individual metrics remain inconclusive, findings indicate that complex sustainability strategies contribute to enhanced competitiveness and overall financial performance. Keywords: ESG, Financial Return, REIT, Sustainability.

Starbucks is the largest coffee shop company in the world from the United States. This increase has become a trend in drinking coffee consumption among young people in a lifestyle while discussing. This indicates that the increase in the number of Starbucks stores is one of the drivers of Starbucks share prices among investors. Starbucks shares have the code SBUX as the issuer code. Starbucks Corporation is a coffee company and global coffeehouse chain. Satrbucks is an international company (MNCs) that anticipates various risks. The ARIMA forecasting method is different from other forecasting methods. This method uses an iterative approach to identify the most appropriate model from all possible existing models and this model can use all types of data. The ARIMA method was chosen for this research because this method is very suitable for short-term forecasting, where the products produced by the PT have a short expiration date. The result of the MAPE value is 3.218%, which means the accuracy is good because it is less than 10%.

Investors in the financial market are frequently confronted with critical decisions regarding the allocation of funds for the purpose of optimal profit returns. This is largely due to its stochastic nature. This study is centred on analysing this stochastic behaviour for optimal investment decisions. The Markov chains and Principal Component Analysis (PCA) were applied to the closing share price data of two Nigerian banks - Access and Fidelity Banks. Their share prices were transformed into a 3-step transition probability matrix solution, spanning several years, to accurately predict future changes in share prices. The PCA results showed that the first and second PCA values are similar for both banks, suggesting that the factors that affect share price are similar for both banks. The small difference in the values indicates that some specific factors affect one bank more than the other, but overall, they are influenced by similar factors. This information is useful for investors deciding between the two banks, as it suggests that their risk and return profiles are similar. All numerical examples were generated using MATLAB.

Stock price volatility can be caused by insufficient or inaccurate financial data, which can lead to mistakes in a company's valuation. Many investors initially review financial information before determining whether or not to invest in a company. This study aims to investigate the effect of financial statements using several financial ratios such as Current Ratio (CR), Solvency Ratio (SR), Return on Assets (ROA), and Profit Margin (PM) on the Stock Price with Firm Size as a control variable. The impact of financial statement information on stock price volatility is explained by signaling theory. Using the purposive sampling technique, the number of samples selected was 133 manufacturing publicly listed companies on the Indonesian Stock Exchange (IDX) in 2019-2023. The data were analyzed using multiple regression analysis. Results show that CR and ROA had no significant influence on stock prices, while SR, PM, and Firm Size significantly influenced stock prices. Firm Size had the greatest positive influence among all predictors that indicating that the increase in company size was significantly linked to the rise in share prices.

Dividend announcements symbolize one of the most substantial corporate verdicts intended at improving shareholder value. The price fluctuation surrounding pay-out announcements have long been a concentration of financial exploration, drawing attention from researcher, academicians, and professional, seeking to recognize the associations of corporate pay-out with share prices. These inspections predominantly aim to examine the semi-strong variant of the Efficient Market Hypothesis (EMH). The present research probes share price volatility surrounding dividend declarations for a sample of 82 firms listed in India, over the time span between April 2021 to March 2025. The present inspection employs the Ordinary Least Squares (OLS) regression model to calculate the alpha and beta coefficients, which are successively used to compute the Average Abnormal Return (AAR), Cumulative Abnormal Return (CAR), and Cumulative Average Abnormal Return (CAAR). The S&P BSE 500 indices is used as the market benchmark for figuring anomalous returns. An estimation window of 120 days (ranging between from −150 to −30 days) and an event window of 61 days (ranging between from −30 to +30 days) are applied for the event study analysis. The empirical finding specify that the AAR on the declaration day is 0.87%, whereas the CAAR for the event window is 2.52%. These outcomes propose an apparent positive valuation effect attributed to pay-out declaration thereby supporting the belief that such declaration subsidize to shareholder wealth formation. Therefore, the research concludes that pay-out declarations exert a favourable impression on the stock prices of Indian listed companies.