scispace - formally typeset
Search or ask a question
JournalISSN: 1526-5943

The Journal of Risk Finance 

Emerald Publishing Limited
About: The Journal of Risk Finance is an academic journal published by Emerald Publishing Limited. The journal publishes majorly in the area(s): Risk management & Credit risk. It has an ISSN identifier of 1526-5943. Over the lifetime, 721 publications have been published receiving 15360 citations. The journal is also known as: Risk finance.


Papers
More filters
Journal ArticleDOI
Joshua Abor1
TL;DR: In this article, the relationship between capital structure and profitability of listed firms on the Ghana Stock Exchange (GSE) during a five-year period was investigated, which revealed a significantly positive relation between the ratio of short-term debt to total assets and ROE.
Abstract: Purpose – This paper seeks to investigate the relationship between capital structure and profitability of listed firms on the Ghana Stock Exchange (GSE) during a five‐year period.Design/methodology/approach – Regression analysis is used in the estimation of functions relating the return on equity (ROE) with measures of capital structure.Findings – The results reveal a significantly positive relation between the ratio of short‐term debt to total assets and ROE. However, a negative relationship between the ratio of long‐term debt to total assets and ROE was found. With regard to the relationship between total debt and return rates, the results show a significantly positive association between the ratio of total debt to total assets and return on equity.Originality/value – The research suggests that profitable firms depend more on debt as their main financing option. In the Ghanaian case, a high proportion (85 percent) of the debt is represented in short‐term debt.

871 citations

Journal ArticleDOI
TL;DR: In this article, the impact of capital structure choice on firm performance in Egypt as one of emerging or transition economies is investigated using multiple regression analysis in estimating the relationship between the leverage level and firm's performance.
Abstract: Purpose – The purpose of this paper is to empirically investigate the impact of capital structure choice on firm performance in Egypt as one of emerging or transition economies.Design/methodology/approach – Multiple regression analysis is used in the study in estimating the relationship between the leverage level and firm's performance.Findings – Using three of accounting‐based measures of financial performance (i.e. return on equity (ROE), return on assets (ROA), and gross profit margin), and based on a sample of non‐financial Egyptian listed firms from 1997 to 2005 the results reveal that capital structure choice decision, in general terms, has a weak‐to‐no impact on firm's performance.Originality/value – This is the first study that examines the relationship between leverage level and firm performance in Egypt.

510 citations

Journal ArticleDOI
TL;DR: In this article, the determinants of dividend payout ratios of listed companies in Ghana were examined using data derived from the financial statements of firms listed on the Ghana Stock Exchange during a six-year period.
Abstract: Purpose – This study seeks to examine the determinants of dividend payout ratios of listed companies in Ghana.Design/methodology/approach – The analyses are performed using data derived from the financial statements of firms listed on the Ghana Stock Exchange during a six‐year period. Ordinary Least Squares model is used to estimate the regression equation. Institutional holding is used as a proxy for agency cost. Growth in sales and market‐to‐book value are also used as proxies for investment opportunities.Findings – The results show positive relationships between dividend payout ratios and profitability, cash flow, and tax. The results also show negative associations between dividend payout and risk, institutional holding, growth and market‐to‐book value. However, the significant variables in the results are profitability, cash flow, sale growth and market‐to‐book value.Originality/value – The main value of this study is the identification of the factors that influence the dividend payout policy decisio...

372 citations

Journal ArticleDOI
TL;DR: In this article, the impact of capital structure on the performance of micro finance institutions was examined in sub-Saharan Africa, where the authors found that highly leveraged microfinance institutions perform better by reaching out to more clientele, enjoy scale economies, and therefore are better able to deal with moral hazard and adverse selection.
Abstract: Purpose – The purpose of this paper is to examine the impact of capital structure on the performance of microfinance institutions.Design/methodology/approach – Panel data covering the ten‐year period 1995‐2004 were analyzed within the framework of fixed‐ and random‐effects techniques.Findings – Most of the microfinance institutions employ high leverage and finance their operations with long‐term as against short‐term debt. Also, highly leveraged microfinance institutions perform better by reaching out to more clientele, enjoy scale economies, and therefore are better able to deal with moral hazard and adverse selection, enhancing their ability to deal with risk.Originality/value – This is the first study of its kind in the sector, especially within sub‐Saharan Africa.

301 citations

Journal ArticleDOI
TL;DR: In this paper, the determinants of narrative risk information in the interim reports for a sample of UK non-financial companies were examined by using the manual content analysis to measure the level of risk information.
Abstract: Purpose – The purpose of this paper is to contribute to the existing disclosure literature by examining the determinants of narrative risk information in the interim reports for a sample of UK non‐financial companies.Design/methodology/approach – This study uses the manual content analysis to measure the level of risk information in interim report narrative sections prepared by 72 UK companies. It also uses the ordinary least squares regression analysis to examine the impact of firm‐specific characteristics and corporate governance mechanisms on narrative risk disclosures.Findings – The empirical analysis shows that large firms are more likely to disclose more risk information in the narrative sections of interim reports. In addition, the analysis shows that industry activity type is positively associated with levels of narrative risk disclosure in interim reports. Finally, the analysis shows statistically insignificant impact of other firm‐specific characteristics (liquidity, gearing, profitability, and ...

293 citations

Performance
Metrics
No. of papers from the Journal in previous years
YearPapers
202323
202243
202121
202030
201931
201825