Financial Management

Open Access Article Financial Management

Adaptive Market Hypothesis And Overconfidence Bias

Manel Mahjoubi, Jamel Eddine Henchiri

pp. 8-16 Abstract views: 0 Downloads: 0 https://doi.org/10.36923/economa.v27i1.237

Abstract: This paper examines the effect of excessive investor confidence on market efficiency. We study this impact for 21 developed markets and 25 emerging markets for a period from January 2006 until June 2020. First, we estimate weak market efficiency using the auto-correlation test (Ljung-Box, 1978). Thus, based on the adaptive approach, we assume that the overconfidence of investors has a negative impact on market efficiency. Concerning the… Read More: Adaptive Market Hypothesis And Overconfidence Bias

Open Access Article Economics Financial Management

ESG and Administrative Costs in Equity Trading: Evidence from China

Lanchun Huang, Zhan Wang

pp. 98-109 Abstract views: 0 Downloads: 0 https://doi.org/10.36923/iefrontiers.v27i2.271

Abstract: Recent findings suggest that firms with higher Environmental, social, and governance (ESG) scores may experience lower stock returns, contrary to the common belief that better ESG performance enhances market reputation and stock returns. This study aims to investigate the relationship between ESG performance, management costs, and stock returns by introducing an "ESG-cost framework." The framework proposes that the costs incurred in implementing… Read More: ESG and Administrative Costs in Equity Trading: Evidence from China

Open Access Article Financial Management

The Role of Strategic Financial Management in Enhancing Corporate Value and Competitiveness in the Digital Economy

Israr Ahmad

pp. 1-08 Abstract views: 0 Downloads: 0 https://doi.org/10.36923/economa.v27i1.116

Abstract: This study examines how strategic financial management boosts SMEs' corporate value and competitiveness in the fast-changing digital economy. As digital technologies change market landscapes, SMEs face unique challenges and opportunities in aligning their financial strategies with digital transformation. This mixed-methods study combines quantitative regression analysis with qualitative interviews with senior management from technology, finance… Read More: The Role of Strategic Financial Management in Enhancing Corporate Value and Competitiveness in the Digital Economy