Forthcoming and Online First Articles

International Journal of Governance and Financial Intermediation

International Journal of Governance and Financial Intermediation (IJGFI)

Forthcoming articles have been peer-reviewed and accepted for publication but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.

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International Journal of Governance and Financial Intermediation (3 papers in press)

Regular Issues

  • Working capital management, which impact on capital structure and corporate performance. Empirical evidence from Spain   Order a copy of this article
    by Sahar Loukil, Dhoha Mellouli, Anis Jarboui, Ellouz Siwar 
    Abstract: The aim of this study is to provide empirical evidence concerning the mediating effect of WC on the relationship between CP and capital structure. We use SEM with path analysis allowing assess complex theories involving multiple latent variables through a sample of 1,149 Spanish firms in 2018. We find that overinvesting in WC reduces the positive impact of internal funds on CP whereas efficient WC management is value enhancing. We also check for the effect of WC on firms' solvency through the mediating effect of cash and prove the cash's positive mediation effect. We conclude that efficient management technique through a minimum of cash holding improves the positive impact on firms' solvency and consequently CP. Our study opens a new line of research by investigating the mediating effect of WC and invite Spanish SMEs managers to optimise WC management techniques as CP drivers.
    Keywords: working capital management; capital structure; corporate performance; solvency; mediation effect; SEM; Spain.
    DOI: 10.1504/IJGFI.2023.10059491
     
  • Board Gender Diversity and Market Valuation in Sub-Saharan Africa   Order a copy of this article
    by Diana Ssekiboobo, Godfrey Akileng, David Namanya 
    Abstract: This study examines whether the market values board gender diversity. This study provides evidence for listed firms in developing Sub-Saharan African countries from 2016 to 2019. Panel data analysis examines the relationship between board gender diversity and market valuation measured by stock returns. Board gender diversity was categorised as the proportion of female executive directors, female non-executive directors, and total female directors. The findings show that the market positively values the presence of females on the board, especially non-executive female directors. This supports the notion that female directors, specifically non-executive directors on the board, exercise their independence and improve board governance, decision-making, and monitoring, eventually increasing investor confidence. Therefore, this adds to firm value and improves market valuation. This study contributes to board-gender diversity as a major factor in the improvement of investor confidence and the development of capital markets. Eventually, it will have strong implications for regulations, policies, theories, and academia.
    Keywords: board gender diversity; stock returns; board independence; Sub-Saharan Africa.
    DOI: 10.1504/IJGFI.2023.10059952
     
  • Equilibrium Relationship between Financial Deepening and SMEs Growth in Nigeria (1986-2021)   Order a copy of this article
    by Felix Ibukun, Abiodun T. Ogundele, Joseph K. Fasae, Tonia Y. Ayeni 
    Abstract: The secondary data for the variables in the model was obtained from the Central Bank of Nigeria (CBN), Statistical Bulletin of various editions, and the Securities and Exchange Commission. The toda-Yamamoto causality test, auto-regressive distributed lag, and vector error correction mechanism (VECM) were used to analyse the data collected. The study investigates the equilibrium relationship between financial deepening and SMEs growth in Nigeria from 1986 to 2021. The study discovered a short-term and long-term relationship between financial deepening and the growth of small and medium-sized businesses in Nigeria. It also revealed that the model is statistically significant in explaining the relationship between financial deepening and the growth of small and medium-sized businesses. It concluded that financial deepening significantly impacted small and medium-scale enterprises' growth in Nigeria.
    Keywords: Financial deepening; SMEs; small-scale enterprises; growth; medium-sized enterprises; SMEs growth; security exchange commission; central bank of Nigeria; autoregressive distributed lag; Nigeria.
    DOI: 10.1504/IJGFI.2024.10065704
     

 

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