The global financial crisis and migration: the experience of Irish graduates

2015 ◽  
Vol 3 (1) ◽  
pp. 83-99
Author(s):  
Simon Stephens
Keyword(s):  
Host Country ◽  
Global Financial Crisis ◽  
Empirical Studies ◽  
Pull Factors ◽  
Content Type ◽  
Wide Range ◽  
Personal Experiences ◽  
And Migration ◽  
The Global Financial Crisis ◽  
Depth Interviews

Purpose – The purpose of this paper is to identify a group of Irish graduates who decided to emigrate following the global financial crash of 2008. The paper explores how the economic crisis in Ireland (2008-2014) framed the experience of this group of migrants. Specifically, the paper examines the push/pull factors leading to migration; the experience of the graduate migrants in the host country; and decisions regarding repatriation. Design/methodology/approach – This paper adopts a qualitative approach to study the experiences of graduates. The paper utilises narrative structuring to provide an enhanced understanding of the migration experience of the graduates. Findings – The data collected during depth interviews indicates a mixed experience. There are a wide range of push/pull factors that result in migration. However, the range of push/pull factors that might result in repatriation are blurred by: personal experiences in the host country, changing family circumstances and the performance of the economy in Ireland. Practical implications – This research highlights complex patterns of graduate mobility which reflect the multifaceted push/pull factors shaping graduate movements. Economic conditions drive migration but they also frame the migrant experience in the host country and repatriation decisions. Originality/value – A review of the literature indicates that most of the empirical studies on the experience of graduates are quantitative. This paper argues other softer outcomes must also be studied to help fully understand the experiences of graduates.

Teaching introductory macroeconomics during the Greek financial crisis

2019 ◽  
Vol 46 (8) ◽  
pp. 1032-1045
Author(s):  
John Marangos
Keyword(s):  
Financial Crisis ◽  
Design Methodology ◽  
Global Financial Crisis ◽  
Recent Survey ◽  
Content Type ◽  
Economic Theories ◽  
Eclectic Approach ◽  
Personal Experiences ◽  
Perceptions Of Teaching ◽  
The Global Financial Crisis

Purpose The purpose of this paper is to determine how including the Greek financial crisis in teaching introductory macroeconomics benefits students. Design/methodology/approach The methodology is based on the responses of a recent survey administered to students at a university in Greece. Findings An eclectic approach that distinguishes various economic theories and methodologies, mainly neoclassical and Keynesian, can provide a pedagogical way of teaching introductory macroeconomics, allowing students to use their everyday personal experiences in determining the most “suitable” theory in explaining the crisis. Originality/value To the author’s knowledge, such an exercise of discovering students’ perceptions of teaching an introductory macroeconomics Substitute with course during the global financial crisis has not yet been attempted.

scholarly journals Securitisation and banking risk: what do we know so far?

2016 ◽  
Vol 8 (1) ◽  
pp. 2-16 ◽  
Author(s):  
Alper Kara ◽  
Aydin Ozkan ◽  
Yener Altunbas
Keyword(s):  
Global Financial Crisis ◽  
Empirical Studies ◽  
Future Research ◽  
Loan Pricing ◽  
Common View ◽  
Content Type ◽  
Risk Appetite ◽  
Before And After ◽  
The Global Financial Crisis ◽  
The Impact

Purpose – Bank securitisation is deemed to have been a major contributing factor to the 2007/2008 financial crises via fuelling credit growth accompanied by lower banks’ credit standards. Yet, prior to the crisis a common view was that securitisation activity makes the financial system more stable as risk was more easily diversified, managed and allocated economy-wide. The purpose of this paper is to review the extant literature to explore the so far generated knowledge on the impact of securitisation on banking risks. In particular, the authors examine the theoretical arguments and empirical studies on securitisation and banking risks before and after the global financial crisis of 2007/2008. Design/methodology/approach – Review and discussion of the literature. Findings – Theoretical literature univocally accentuate the undesirable consequences of securitisation, which may promote retention of riskier loans, undermine banks’ screening and monitoring incentives and enhance banks’ risk appetite. However, empirical evidence does not uniformly support the theoretical conclusions. If banks are securitisation active they lend more to risky borrowers, have less diversified portfolios and hold less capital, retain riskier loans and are aggressive in loan pricing. Others argue that securitisation reduces banks insolvency risk, increases profitability, provides liquidity and leads to greater supply of loans. Mortgage securitisation is an area where there is consistent evidence of bank risk taking via securitisation. Originality/value – The paper identifies open issues for future research.

Financial distress determinants among SMEs: empirical evidence from Sweden

2020 ◽  
Vol 47 (3) ◽  
pp. 547-560 ◽  
Author(s):  
Darush Yazdanfar ◽  
Peter Öhman
Keyword(s):  
Financial Crisis ◽  
Financial Distress ◽  
Large Scale ◽  
Global Financial Crisis ◽  
Binary Logistic Regression ◽  
Data Availability ◽  
Cross Sectional ◽  
Data Set ◽  
Content Type ◽  
The Global Financial Crisis

PurposeThe purpose of this study is to empirically investigate determinants of financial distress among small and medium-sized enterprises (SMEs) during the global financial crisis and post-crisis periods.Design/methodology/approachSeveral statistical methods, including multiple binary logistic regression, were used to analyse a longitudinal cross-sectional panel data set of 3,865 Swedish SMEs operating in five industries over the 2008–2015 period.FindingsThe results suggest that financial distress is influenced by macroeconomic conditions (i.e. the global financial crisis) and, in particular, by various firm-specific characteristics (i.e. performance, financial leverage and financial distress in previous year). However, firm size and industry affiliation have no significant relationship with financial distress.Research limitationsDue to data availability, this study is limited to a sample of Swedish SMEs in five industries covering eight years. Further research could examine the generalizability of these findings by investigating other firms operating in other industries and other countries.Originality/valueThis study is the first to examine determinants of financial distress among SMEs operating in Sweden using data from a large-scale longitudinal cross-sectional database.

Global financial crisis, ownership structure and firm financial performance

2017 ◽  
Vol 34 (4) ◽  
pp. 447-465 ◽  
Author(s):  
Ali Salman Saleh ◽  
Enver Halili ◽  
Rami Zeitun ◽  
Ruhul Salim
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Ownership Structure ◽  
Family Firms ◽  
Global Financial Crisis ◽  
Ownership Concentration ◽  
Financial Leverage ◽  
Content Type ◽  
Crisis Period ◽  
The Global Financial Crisis

Purpose This paper aims to investigate the financial performance of listed firms on the Australian Securities Exchange (ASX) over two sample periods (1998-2007 and 2008-2010) before and during the global financial crisis periods. Design/methodology/approach The generalized method of moments (GMM) has been used to examine the relationship between family ownership and a firm’s performance during the financial crisis period, reflecting on the higher risk exposure associated with capital markets. Findings Applying firm-based measures of financial performance (ROA and ROE), the empirical results show that family firms with ownership concentration performed better than nonfamily firms with dispersed ownership structures. The results also show that ownership concentration has a positive and significant impact on family- and nonfamily-owned firms during the crisis period. In addition, financial leverage had a positive and significant effect on the performance of Australian family-owned firms during both periods. However, if the impact of the crisis by sector is taking into account, the financial leverage only becomes significant for the nonmining family firms during the pre-crisis period. The results also reveal that family businesses are risk-averse business organizations. These findings are consistent with the underlying economic theories. Originality/value This paper contributes to the debate whether the ownership structure affects firms’ financial performance such as ROE and ROA during the global financial crisis by investigating family and nonfamily firms listed on the Australian capital market. It also identifies several influential drivers of financial performance in both normal and crisis periods. Given the paucity of studies in the area of family business, the empirical results of this research provide useful information for researchers, practitioners and investors, who are operating in capital markets for family and nonfamily businesses.

scholarly journals Lay People Representations on the Common Good and Its Financial Provision

SAGE Open ◽  
2018 ◽  
Vol 8 (4) ◽  
pp. 215824401880724 ◽  
Author(s):  
Cinzia Castiglioni ◽  
Edoardo Lozza ◽  
Albino Claudio Bosio
Keyword(s):  
Common Good ◽  
Interpretative Phenomenological Analysis ◽  
Global Financial Crisis ◽  
Photo Elicitation ◽  
The Common Good ◽  
The Common ◽  
The Global Financial Crisis ◽  
Two Sides ◽  
Depth Interviews ◽  
Material Exchange

The financial contribution to the common good is a relevant issue to contemporary societies, especially in the wake of the Global Financial Crisis. In the economic literature, taxes and monetary donations have been regarded as two complementary ways of financially providing for the common good. In the psychological literature, instead, they have not been studied in conjunction. In-depth interviews have been conducted using interpretative phenomenological analysis (IPA) approach and a photo-elicitation technique to investigate the representations people share on the financial provision for the common good. Results suggest that both taxes and donations are seen as indirect, rather than direct, ways of providing for the common good. From a formal and cognitive level, paying taxes and making donations can be seen as two sides of the same coin, but they present differences at the affective level. When paying taxes, people are concerned mostly about the effects and expect a material exchange in return; when making a monetary donation, people are concerned mostly about the motivations and expect an emotional exchange in return.

How firms borrow in international bond markets

2018 ◽  
Vol 26 (1) ◽  
pp. 135-169
Author(s):  
Alberto Fuertes ◽  
Jose María Serena
Keyword(s):  
Emerging Economies ◽  
Design Methodology ◽  
Choice Behavior ◽  
Global Financial Crisis ◽  
Securities And Exchange Commission ◽  
Bond Markets ◽  
Data Set ◽  
Content Type ◽  
Parametric Analyses ◽  
The Global Financial Crisis

Purpose This paper aims to investigate how firms from emerging economies choose among different international bond markets: global, US144A and Eurobond markets. The authors explore if the ranking in regulatory stringency –global bonds have the most stringent regulations and Eurobonds have the most lenient regulations – leads to a segmentation of borrowers. Design/methodology/approach The authors use a novel data set from emerging economy firms, treating them as consolidated entities. The authors also obtain descriptive evidence and perform univariate non-parametric analyses, conditional and multinomial logit analyses to study firms’ marginal debt choice decisions. Findings The authors show that firms with poorer credit quality, less ability to absorb flotation costs and more informational asymmetries issue debt in US144A and Eurobond markets. On the contrary, firms issuing global bonds – subject to full Securities and Exchange Commission requirements – are financially sounder and larger. This exercise also shows that following the global crisis, firms from emerging economies are more likely to tap less regulated debt markets. Originality/value This is, to the authors’ knowledge, the first study that examines if the ranking in stringency of regulation – global bonds have the most stringent regulations and Eurobonds have the most lenient regulations – is consistent with an ordinal choice by firms. The authors also explore if this ranking is monotonic in all determinants or there are firm-specific features which make firms unlikely to borrow in a given market. Finally, the authors analyze if there are any changes in the debt-choice behavior of firms after the global financial crisis.

Intellectual capital and performance

2018 ◽  
Vol 19 (2) ◽  
pp. 407-452 ◽  
Author(s):  
Eugénia Pedro ◽  
João Leitão ◽  
Helena Alves
Keyword(s):  
Intellectual Capital ◽  
Research Question ◽  
Empirical Studies ◽  
Content Type ◽  
Wide Range ◽  
Depth Study ◽  
Global Vision ◽  
Customer Capital ◽  
And Performance ◽  
The Relationship

Purpose The purpose of this paper is to determine the predominant classification of intellectual capital (IC), in terms of components, using the literature of reference on the relationship between IC and performance and considering multi-dimensional analysis axes (MAAs): organisational, regional and national. Design/methodology/approach A systematic literature review (SLR) is presented focussing on empirical studies on IC published in the period 1960-2016. A protocol for action is defined and a research question is raised, gathering data from the databases of: Web of Science, Scopus and Google Scholar. A social network analysis is also provided to determine the type of networks embracing groups, IC individual components and performance type. Findings Of the 777 papers included in the SLR, 189 deal with the relationship between IC and performance. The paper highlights the greater development of empirical studies starting from 2004; the organisational MAA is the most studied. The most frequently used groups of components in studies dealing with IC’s influence on performance corresponds to a triad of human capital; structural (organisational or process) capital; and relational (social or customer) capital, which determine positively the performance of organisations/regions/countries, but their influence is not linear and depends on various factors associated with the context and surrounding environment. Practical implications This study has wide-ranging implications for politicians/governments, managers and academics, providing empirical evidence about the relationships between the components of IC and performance, by MAAs, and a global vision and better understanding of how those IC components have developed and how they are related to performance. Originality/value Due to the high number of references covering a wide range of disciplines and the various dimensions (e.g. organisational, regional and national) that form IC, it becomes fundamental to carry out an SRL and systematise its MAAs to deepen knowledge about what has been discovered/developed in this domain, in terms of empirical studies, in order to situate the topic in a wider theoretical-practical context. The paper is exceptionally wide-ranging, covering the period 1960-2016. It is one of the first clarifying studies on systemisation of the literature on IC, by MAA, and an in-depth study of IC’s impact on the performance of organisations/regions and countries which may serve as a guideline for future studies using the taxonomy proposed.

An investigation of the credibility of and confidence in audit value: evidence from a developing country

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Taslima Akther ◽  
Fengju Xu
Keyword(s):  
Structural Equation ◽  
Global Financial Crisis ◽  
Auditor Independence ◽  
Order Type ◽  
Audit Committees ◽  
Content Type ◽  
Anglo American ◽  
The Global Financial Crisis ◽  
The Relationship

Purpose This study aims to investigate the factors that enhance the credibility of and confidence in audit value. Design/methodology/approach Data were collected from 254 institutional investors through a questionnaire survey and were analyzed using partial least squares structural equation modelling (PLS-SEM). Findings The findings reveal that the two influential predictors of enhanced credibility and confidence are perceived auditor independence and improved auditor communication. Factors related to auditor–client affiliation, such as restrictions on providing non-audit services, mandatory auditor rotation and the presence of effective audit committees, are identified as creating the perceived independence. Improved auditor communication is linked with improving the audit report and ensuring audit education, thus creating more sophisticated users who better understand the scope and purpose of an audit. Furthermore, independent audit oversight acts as a moderator in the relationship between perceived auditor independence, improved auditor communication and enhanced credibility. Enhanced credibility can lead to greater confidence in audit value. Originality/value In the wake of the global financial crisis and loss of confidence in the role of auditors, this study investigates the factors that can enhance the credibility of and confidence in audit value, especially in a non-Anglo-American setting. This study is unique in terms of methodological development, as it uses a higher-order Type II reflective–formative model using PLS-SEM.

Dating Banking and Currency Crises in Turkey, 1990-2014

2016 ◽  
pp. 240-273
Author(s):  
Ali Ari ◽  
Raif Cergibozan ◽  
Sedat Demir
Keyword(s):  
Financial Crisis ◽  
Financial Crises ◽  
Early Warning System ◽  
Currency Crises ◽  
Global Financial Crisis ◽  
Empirical Studies ◽  
Banking Crisis ◽  
Warning System ◽  
Turkish Economy ◽  
The Global Financial Crisis

The last two decades characterized by financial crisis episodes have seen a proliferation of empirical studies. These early warning system models allowed researchers to distinguish certain key determinants of financial crises, and helped predicting and preventing the occurrence of some crises. However, crises continue to arise as recently illustrated by the onset of the global financial crisis. This clarifies that there are still a lot to learn about financial crises. In this sense, this paper aimed to compare the performance of several currency and banking crisis indicators within the Turkish economy which underwent severe financial crises in the last twenty years. Different currency crisis indicators performed well by detecting the 1994, 2001 and 2008 currency crises, while banking crisis indicators had significant inconsistencies. However, two banking crisis indicators we developed stand for valuable efforts in dating banking crises by constructing aggregate indexes, and contribute significantly to the empirical crisis literature.

Volatility dynamics of Malaysian listed property companies within the Asian public property markets by using a switching regime approach

2019 ◽  
Vol 25 (1) ◽  
pp. 5-39
Author(s):  
Mohammad Muzzammil Zekri ◽  
Muhammad Najib Razali
Keyword(s):  
Global Financial Crisis ◽  
Content Type ◽  
Public Property ◽  
Switching Regime ◽  
Property Companies ◽  
Egarch Model ◽  
Modelling Techniques ◽  
The Global Financial Crisis ◽  
Autoregressive Conditional Heteroscedasticity ◽  
Property Markets

Purpose This paper aims to examine the dynamic of volatility of Malaysian listed property companies within pan-Asian public property markets based on different volatility perspective over the past 18 years, especially during the global financial crisis (GFC). Design/methodology/approach This study uses several statistical methods and formulas for analysing the dynamic of volatility of Malaysian listed property companies such as exponential generalised autoregressive conditional heteroscedasticity (EGARCH) and Markov-switching (MS) EGARCH. The MS-EGARCH model provides new insights on the volatility dynamics of Malaysian listed property companies compared to conventional volatility modelling techniques, particularly EGARCH. Additionally, this paper will analyse the volatility movement based on three different sub-periods such as pre-GFC, GFC and post-GFC. Findings The findings reveal that the markets perform differently under different volatility conditions. Moreover, the application of MS-EGARCH provides a different view on the volatility dynamics compared to the conventional EGARCH model, as MS-EGARCH provides more comprehensive findings, especially during extreme market conditions. Originality/value This study contributes to the literature on the dynamics of Malaysian listed property companies within pan-Asian countries, as the approach for assessing the volatility performance based on different volatility conditions is less explored by previous researchers.

Sign in / Sign up

Export Citation Format

Share Document