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New Articles – Finance

Strategic management, scenario analysis and competitive advantage analysis: New opportunities for anti-money laundering system reform

Serhiy Lyeonov, Yurii Bilan, Olha Kuzmenko, Olena Krukhmal, László Vasa

The article identifies and mathematically substantiates vectors of reforming the financial monitoring system based on the synergistic approach in the cross-country context by developing scenarios by selecting internal and external factors that stimulate money laundering. The key external and internal factors of the money laundering process intensification are indicated. Competitive advantages of the anti-money laundering processes, the achievement of which is possible in terms of key external…

DOI (& full text): doi.org/10.15240/tul/001/2023-2-009 more

Investors’ reactions on the publication of integrated reports. Evidence from European stock markets

Bianca Raluca Bădițoiu, Roxana Ioan, Valentin Partenie Munteanu, Alexandru Buglea

The last decades brought to stock market investors’ attention several key issues regarding companies’ activity, besides the financial statements. These issues, such as environmental, social, or corporate governance policies are nowadays included in integrated reports issued by many listed companies worldwide. Although these topics seem to currently attract a high interest in the media, our study’s aim is to determine whether the listed firms’ release of Integrated Reports has any bearing on the…

DOI (& full text): doi.org/10.15240/tul/001/2023-2-010 more

How competitive is SRI in developing financial markets: The case of Central and Eastern Europe

Ana Ivanisevic Hernaus, Davor Zoricic, Denis Dolinar

This study investigates the competitiveness of sustainable and responsible investment (SRI) in Central and Eastern European (CEE) financial markets. Specifically, we examined whether a statistically significant measurable difference in the return and volatility between an SRI index and two conventional benchmark indices in the CEE region exists. To test whether the market volatility may affect the results, we applied a Markov regime-switching model to examine the performance in high and low…

DOI (& full text): doi.org/10.15240/tul/001/2023-2-011 more

Capital Structure Analysis – Theories and Determinants Validation Based on Evidence from the Czech Republic

Jana Heckenbergerová, Irena Honková

The optimal capital structure is a key precondition for business, even though the task of defining the optimal capital structure can be difficult. Previous studies present many different and mutually contradictory factors that should be considered with respect to managerial strategic financial decisions. The first part of the presented contribution summarises the effects of the most frequent capital structure determinants and reviews the world’s most important theories about the behaviour of…

DOI (& full text): doi.org/10.15240/tul/001/2023-1-009 more

Sustainable Banking, Financial Strength and the Bank Lending Channel of Monetary Policy

María Cantero-Saiz, Begoña Torre-Olmo, Sergio Sanfilippo-Azofra

The aim of this article is to analyse how sustainable banking affects the transmission of monetary policy through the bank lending channel. We also quantify how these effects are determined by the financial strength of each bank. These objectives, which have not been studied previously, represent an important contribution because real sustainable concerns in banking did not emerged until recently, mainly with the adoption of the Sustainable Development Goals that should be reached by 2030.…

DOI (& full text): doi.org/10.15240/tul/001/2023-1-010 more

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