This journal is special because it aims to provide an outlet for inter-disciplinary and more in-depth research papers with various methodological approaches from the broad fields of Finance, Risk and Accounting. The target group of this journal are academics who want to get a better understanding of the interconnectedness of their fields by acknowledging the methods and theories used in closely related areas.    The JOFRP thus aims to overcome the self-imposed paradigmatic boundaries and reflexive isomorphisms of the individual, typically rather narrow fields and invites new and combined perspectives from the fields of Finance, Risk and Accounting. Despite its methodological, topical and disciplinary openness - it does so with a strong focus on academic rigour and robustness. Articles can vary in size and approaches but all articles will be strictly double-blind peer reviewed and authors are frequently invited to discuss the ramifications of their articles in the global FRAP and SSFII conferences.

The ACRN Journal of Finance and Risk Perspectives aims to provide a platform for interdisciplinary and in-depth research papers that utilize various methodological approaches from the broad fields of Finance, Risk, and Accounting. The target audience of this journal consists of academics who seek to better understand the interconnectedness of their fields by recognizing the methods and theories employed in closely related areas. Thus, the ACRN Journal of Finance and Risk Perspectives strives to overcome the self-imposed paradigmatic boundaries and reflexive isomorphisms of typically narrow fields, inviting new and combined perspectives from Finance, Risk, and Accounting. Despite its methodological, topical, and disciplinary openness, it maintains a strong focus on academic rigor and robustness. Articles may vary in size and approach, but all submissions will undergo strict double-blind peer review, and authors are frequently invited to discuss the implications of their work at the global Finance, Risk, and Accounting Perspectives (FRAP) and Social Science and Financial Innovation (SSFII) conferences.

《ACRN Journal of Finance and Risk Perspectives》旨在为跨学科和更深入的研究论文提供一个发表平台，涵盖金融、风险和会计等广泛领域的多种方法论。该期刊的目标读者是希望通过了解相关领域所使用的方法和理论，来更好地理解其学科之间相互联系的学者。因此，《ACRN Journal of Finance and Risk Perspectives》旨在打破各自狭隘领域的自我设限和反思性同构，邀请来自金融、风险和会计领域的新视角和综合观点。尽管该期刊在方法论、主题和学科上保持开放性，但仍然强调学术严谨性和稳健性。文章的长度和方法各异，但所有文章都将经过严格的双盲同行评审，作者也常常被邀请在全球金融风险与会计（FRAP）和社会科学与金融创新（SSFII）会议上讨论其文章的影响。

ACRN Journal of Finance and Risk Perspectives

The article uses a bank's credit data to study the impact of the Basel IV regulations on risk weight density (RWD).The analysis of the simulated data shows mixed results, as the improvement of risk weight heterogeneity is restricted to optimistically valued portfolios.Conservatively valued portfolios are likely to be confronted with an RWD decrease.However, within these portfolios, risk weight heterogeneity usually does not play an important role.Out of all the analysed Basel IV rules, the output floor clearly has the biggest influence on risk weight density, while the effect of the input floors is very limited within optimistically valued portfolios and is even eliminated by the removal of the scaling factor within conservatively valued portfolios.The change in RWD will also lead to a concurrent change in risk-weighted assets and therefore also in the level of eligible capital.The findings within the retail portfolio confirm those of the EBA study, which already suggested that Basel IV and especially the output floor will lead to a significant increase of risk capital (European Banking Authority, 2018).

Christina Binder

Othmar Lehner

The Problem of Heterogeneity withinRisk Weights: Does Basel IV containthe Solution?

风险权重异质性问题：巴塞尔IV是否包含解决方案？

Following literature that already reframes entrepreneurship as a social change activity, we consider the societal change potential of entrepreneurial narratives in crowdfunding pitches of predominantly female-run ventures. We understand the community-driven phenomenon crowdfunding therefore as a vehicle to transcend and change the predominantly masculine entrepreneurial discourse of innovation and business success. Following an idiographic methodology, we analyse the discourse in crowdfunding video-representations of female-run ventures and explore structure, linguistic usage, visual artefacts and the implied intentions towards social change from a feminist perspective. From the sampling set of 42 crowdfunding campaigns, we use the resulting discursive elements and tropes to identify feminist themes that drive the success of these campaigns through connecting with immanent societal values. With this we contribute to the social change perspective in entrepreneurship research by addressing epistemological issues within prevailing paradigms.

Theresia Harrer

The Positive Side of Feminist Theory in Entrepreneurial Finance: Feminist Themes and Tropes in Crowdfunding for Social Change

女性主义理论在创业金融中的积极作用：社会变革众筹中的女性主义主题与修辞

This paper examines the behavioural factors influencing investment decisions and strategy in the Sultanate of Oman. Investors’ decision-making process is thought to be influenced by a wide range of factors directly or indirectly (Kusev et al. 2017). The rational approach considers only the mathematical results thereby failing to recognize the investor’s related psychological and sociological factors, categorized in the paper as heuristic factors, prospect factors and herding factors. This study attempts to identify the behavioural factors that influence individual investors’ decision in the Muscat Securities Market (MSM). Specifically, the study was designed to identify the factors which are mostly influencing the investment decisions of investors. Employing descriptive research design; data were collected from individual investors who had traded in the MSM during the fourth quarter of 2018. The primary collected through structured questionnaire and the secondary data is collected from various sources from stock brokers, Journals and other sources respectively. The simple random sampling technique was applied and the collected data covering 16 variables of behavioural factors were analyzed using the factor analysis, principal component analysis with varimax rotation, and Analysis of Variance tools. The anchoring, mental accounting, movement of prices, volume of trade and market information factors emerged as the five principal determinants of investment strategy are the major findings of the study. The results might make investors and advisors to understand the optimal ways to improve on strategy for structuring optimum portfolio selection and how far this can be optimised further in terms of managing their investment behaviour.

Gopalakrishnan Chinnasamy

Araby Madbouly Ahmed Hussein

Stephen Aro-Gordon

The Determinants of Investment Strategy: An Empirical Assessment of Behavioural Factors in the Omani Context

投资策略的决定因素：阿曼背景下行为因素的实证评估

This study evaluates three corporate failure prediction models using latest available data on corporate insolvencies for non-financial constitutes represented in CDAX. We estimate semiparametric Cox proportional hazards models considering Andersen-Gill counting process (AG-CP) to explore the importance of accounting and financial ratios as well as industry effects that are useful in detecting potential insolvencies. The contribution of this paper is twofold. First, the literature on corporate default prediction is manifold and predominantly focused on U.S. data. Thus, academic contribution based on German-listed companies is limited. To our best knowledge, we are the first to conduct thorough comparative out-of-sample Cox regression models considering AG-CP based on a unique dataset for non-financial constitutes subject to the German insolvency statute (“InsO”). Relying on a parsimonious accounting-based approach inspired by Altman (1968) and Ohlson (1980) is merely adequate. Shumway (2001) and Campbell et al. (2008) variable selection delivers the best discriminatory power and calibration results. In particular, a combination of pure accounting ratios augmented with market-driven information in Model (2) indicates superior accuracy rates in top deciles. However, in-sample empirical results underpin the importance towards market-based indicators, as all accounting ratios enter statistically insignificant. Secondly, we test to what extend industry variables improve discriminatory power and forecasting accuracy of fitted models. Contrary to the findings of Chava &amp; Jarrow (2004), our research implies that industry grouping adds marginal predictive power and no overall improvement in accuracy rates when market variables are already included in the probability of default (PD) model.

Andreas Ledwon

Clemens Jäger

Cox Proportional Hazards Regression Analysis to assess Default Risk of German-listed Companies with Industry Grouping

Cox比例风险回归分析评估德国上市公司违约风险及行业分组

This study aims to find the dimensions of financial indicators where both ratio and non-ratio indicators are accommodated. It is expected that the new dimensions of financial indicators be found. Both Exploratory and Confirmatory Factor Analysis is used in analyzing the data. Data are taken from 120 companies listed in Indonesian Stock Exchange (IDX). Twenty financial indicators from the financial reports of each company are identified. While it has been a common practice to use ratio in indicating financial performance, it is not common to use an individual value from financial statements as financial indicators. This study shows that financial indicators can be grouped into four dimensions; they are Operational Performance, Asset-Income Performance, Owner Returns Performance and Leverage Performance. All of the non-ratio indicators that are expressed in the amount are grouped in the Asset-Income Performance dimension. New dimensions of financial performance indicators that do not commonly exist in this study, they are Asset-Income, and Leverage Performance. With the new dimension, non-financial performances such as customer satisfaction, corporate social responsibility, reputation, nepotism, and professionalism may be detected.

Ronny Kountur

Lady Aprilia

A Factor Analysis of Corporate Financial Performance: Prospect for New Dimension

企业财务绩效的因素分析：新维度的展望

Three main currency strategies have been established in the literature: carry, value, and momentum. We investigate momentum using data on 27 currencies (10 developed countries and 17 emerging markets). We find that momentum returns are driven by emerging market currencies, while the currencies of developed countries have no impact. An emerging market- specific dollar risk factor can partly explain these momentum returns. We carry out permutation tests and find support for our hypothesis that momentum returns are driven by emerging markets. However, we show that transaction costs reduce momentum returns considerably. We also show that the returns are time-varying and have been unattractive recently. The implications of this study for financial practitioners are to focus on emerging market currencies and optimise transaction costs when executing momentum strategies.

Maik Schober

Matthias Gehrke

Currency Momentum: An Emerging Market Issue?

货币动量：新兴市场问题？

This study examines the influence of derivative instruments, income diversification, and liquidity ratios on earnings management with IFRS 7 disclosure as a moderating variable. The sample used consists of 129 conventional commercial banks that are listed and 116 banks that are not listed on the Indonesia Stock Exchange (IDX). This study uses moderating regression analysis (MRA) with the Robustness Least Squares with S-Estimation method. This study also conducted a sensitivity analysis with previous earnings management measurements (Kanagaretnam et al., 2010) and an additional test by comparing listed and non-listed banks on the Indonesia Stock Exchange. The empirical results indicate that IFRS 7 disclosure weakens derivative instruments' negative effect and income diversification's positive effect on earnings management but does not provide a moderating effect on liquidity ratios. This study contributes to the bank management and Indonesian banks authority to provides another view of implementing IFRS 7 disclosure that have not been maximized in the Indonesian banking industry. In the future, the researchers expect the authorities to encourage all banks to disclose complete IFRS 7 disclosure to minimize information asymmetry. On the other hand, this study also contributes to the banking management to increase derivative instruments and to carry out more supervision on the provision of income diversification to minimize earnings management. Theoretically, this study contributes to the new earnings managemen t measurement by applying more prudential principles based on the IFRS framework, IFRS 9 and Basel III regulations.

Riyan Riyan Harbi Valdiansyah Riyan Harbi Valdiansyah

Etty Murwaningsari

Sekar Mayangsari

Does IFRS 7 Disclosure Weaken Earnings Management? Evidence from Indonesian Conventional Commercial Banks

IFRS 7披露是否削弱了盈余管理？来自印度尼西亚传统商业银行的证据

This study focuses on the implications of corporate social responsibility (CSR) on the strategic risk of the listed financial and non-financial firms in Nigeria. The population of the study consists of 154 firms, while the census sampling technique was adopted to arrive at an adjusted population of 133. The correlation research design was implored using a positivism approach. Descriptive statistics, correlation matrix, multiple regression, confirmatory analysis and T-test were used to analyze the data extracted from the annual report. Hence, the result of the study shows that corporate social responsibility has a negative impact on strategic risk. The confirmatory factor analysis found that CSR engagement influences strategic risk (SRK), but to varying degrees, contradicting findings from the Frontier Model, PCSE, and GLS that both sectors will have similar results if they engage in CSR effectively. It is therefore suggested that the management of strategic risks need to be more integrated in corporate strategy as the capacity to listen to business stakeholders' viewpoints on social and environmental issues becomes a competitive need.

Stephanie M. Chondough

The Implication of Corporate Social Responsibility on the Strategic Risk of the Listed Firms in Nigeria

尼日利亚上市公司企业社会责任对战略风险的影响

The escalation of complexity and multidimensional (internal and external) factors bring companies to a position where risk management should be of main concern. Enterprise Risk Management (ERM) adoption and the extent of ERM implementation is seen as a guaranteeing element to increase the value of the companies over the long term due to adequate risk awareness and risk management strategies in all relevant business functions. This study examines the extent of ERM implementation on the initial performance of companies in the Malaysian IPO market. Testing a sample of 105 Malaysian IPOs issued from January 2012 to December 2020 using a linear regression model, ERM sophistication is positively and significantly related to the initial performance of Malaysian IPOs, offering support to the proposition in this study. Equally important is the reciprocal of offer price, subscription ratio, and market condition, which are also significant factors in companies’ post-IPO performance. This study benefits the market regulators and investors on the importance of ERM sophistication to companies’ initial performance.

Norliza Che-Yahya

Siti Sarah Alyasa-Gan

Rasidah Mohd-Rashid

Does ERM Sophistication Drive IPO Initial Performance in Emerging Market? Evidence from Malaysian Market

新兴市场ERM复杂度是否驱动IPO初始表现？来自马来西亚市场的证据

Under the new regulation based on Basel solvency framework, known as Basel III and Basel IV, financial institutions must calculate the market risk capital requirements based on the Expected Shortfall (ES) measure, replacing the Value at Risk (VaR) measure. In the financial literature, there are many papers dedicated to compare VaR approaches but there are few studies focusing in comparing ES approaches. To cover this gap, we have carried out a comprenhensive comparative of VaR and ES models applied to IBEX-35 stock index. The comparison has been carried out from a twofold perspective: accurate risk measure and loss functions. The results indicate that the method based on the conditional Extreme Value Theory (EVT) is the best in estimating market risk, outperforming Parametric method and Filter Historical Simulation.

Publication Information	Publisher: ACRN Oxford Ltd.，Publishing cycle: ，Journal Type: journal，Open Access Journals: Yes
Basic data	Year of publication: 2017，Proportion of original research papers: 0.00%，Self Citation Rate:N.A.， Gold OA Rate: 0.00%
Journal Fees	$Details
Average review cycle	网友分享经验：14 Weeks

ACRN Journal of Finance and Risk Perspectives

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