All Outputs (47)

Political connections and investment inefficiency: a machine learning approach (2025)
Journal Article
Harianto, S., Guney, Y., Khalil, M., & Andrikopoulos, P. (2025). Political connections and investment inefficiency: a machine learning approach. The European journal of finance, https://doi.org/10.1080/1351847X.2025.2513505

This study examined the impact of political connections on corporate investment inefficiency, focusing on the governance role of former politicians serving on the board of commissioners within a two-tier board structure. Various advanced machine lear... Read More about Political connections and investment inefficiency: a machine learning approach.

Stock mispricing, corporate governance and SEOs market timing (2025)
Journal Article
Kumpamool, C., Guney, Y., & Hudson, R. S. (in press). Stock mispricing, corporate governance and SEOs market timing. International Journal of Managerial Finance, https://doi.org/10.1108/IJMF-06-2024-0356

Purpose: This paper examines the presence of stock market timing in Thailand. We explore the potential impact that equity overpricing, stock ownership and corporate board structure have on equity market timing. Design/methodology/approach: We use a c... Read More about Stock mispricing, corporate governance and SEOs market timing.

Managerial overconfidence and corporate cash holdings: Evidence from primary and secondary data (2023)
Journal Article
Dao, T. T. N., Guney, Y., & Hudson, R. (2023). Managerial overconfidence and corporate cash holdings: Evidence from primary and secondary data. Research in international business and finance, 65, Article 101943. https://doi.org/10.1016/j.ribaf.2023.101943

The corporate finance literature argues that overconfident managers tend to hold less cash, and this leads to a significant deviation from optimal cash levels. We analyse the impact of executive overconfidence on the corporate cash holdings of listed... Read More about Managerial overconfidence and corporate cash holdings: Evidence from primary and secondary data.

Do political connections reduce earnings management? (2022)
Journal Article
Khalil, M., Harianto, S., & Guney, Y. (2022). Do political connections reduce earnings management?. Review of Quantitative Finance and Accounting, https://doi.org/10.1007/s11156-022-01062-y

This study examines whether political connections are associated with earnings management (both accrual-based and real) and whether the association is influenced by corporate governance and external auditing qualities. Empirical evidence on the assoc... Read More about Do political connections reduce earnings management?.

The effects of top management team strategic cognition on corporate financial health and value: an interactive multi-dimensional approach (2021)
Journal Article
Attah-Boakye, R., Costanzo, L. A., Guney, Y., & Rodgers, W. (in press). The effects of top management team strategic cognition on corporate financial health and value: an interactive multi-dimensional approach. The European journal of finance, https://doi.org/10.1080/1351847X.2021.1977360

The upper echelons theory posits that the values, personalities, experience and education background of the top management team (TMT) affect both executives’ strategic cognition and corporate outcomes. Since TMT members differ in their cognitive stru... Read More about The effects of top management team strategic cognition on corporate financial health and value: an interactive multi-dimensional approach.

Political connections, internal conflicts of interest, earnings management, and investment inefficiency: additional evidence from Indonesia (2020)
Thesis
Harianto, S. Political connections, internal conflicts of interest, earnings management, and investment inefficiency: additional evidence from Indonesia. (Thesis). University of Hull. https://hull-repository.worktribe.com/output/4223870

The main purpose of this study is to provide further insights into the relationship between political connections, firms’ internal conflicts of interests, earnings management, and investment inefficiency in the Indonesian capital market. While most s... Read More about Political connections, internal conflicts of interest, earnings management, and investment inefficiency: additional evidence from Indonesia.

Why do some merger and acquisitions deals fail? A global perspective (2020)
Journal Article
Attah-Boakye, R., Guney, Y., Hernandez-Perdomo, E., & Mun, J. (in press). Why do some merger and acquisitions deals fail? A global perspective. International journal of finance & economics : IJFE, https://doi.org/10.1002/ijfe.2039

We analyze why some merger and acquisitions (M&A) deals are withdrawn paying particular attention to the economic freedom and legal environment of countries. We use a large dataset based on deals worldwide from over 140 countries during the period 19... Read More about Why do some merger and acquisitions deals fail? A global perspective.

Is corporate hedging always beneficial? A theoretical and empirical analysis (2020)
Journal Article
Ahmed, H., Fairchild, R., & Guney, Y. (in press). Is corporate hedging always beneficial? A theoretical and empirical analysis. The European journal of finance, 1-35. https://doi.org/10.1080/1351847x.2020.1785909

This paper investigates, theoretically and empirically, the impact of corporate hedging activities on firm value/performance. In a perfect market, with self-less management, aiming to maximise shareholder wealth, it may be expected that hedging would... Read More about Is corporate hedging always beneficial? A theoretical and empirical analysis.

In search of stock repurchases determinants in listed Indonesian firms during regulatory changes (2020)
Journal Article
Moin, A., Guney, Y., & Kalak, I. E. (2020). In search of stock repurchases determinants in listed Indonesian firms during regulatory changes. Journal of Economic Behavior and Organization, 176, 145-165. https://doi.org/10.1016/j.jebo.2020.04.013

Motivated by the introduction of share repurchases regulations in 1998 and 2007 coupled with unique characteristics of the Indonesian market, we investigate the effect of firms’ sub-optimal financial position on their share repurchases decisions. The... Read More about In search of stock repurchases determinants in listed Indonesian firms during regulatory changes.

The effects of board structure on corporate performance: Evidence from East African frontier markets (2020)
Journal Article
Guney, Y., Karpuz, A., & Komba, G. (2020). The effects of board structure on corporate performance: Evidence from East African frontier markets. Research in international business and finance, 53, 101222. https://doi.org/10.1016/j.ribaf.2020.101222

The effectiveness of the well-known corporate governance practices may not be universal due to fundamental differences in the environments under which firms operate. By using hand-collected data from all the non-financial firms listed on the unexplor... Read More about The effects of board structure on corporate performance: Evidence from East African frontier markets.

The impact of governmental intervention on the association between initial public offering and future stock issuance (2020)
Journal Article
Gounopoulos, D., Guney, Y., Leng, J., & Patsika, V. (in press). The impact of governmental intervention on the association between initial public offering and future stock issuance. British Journal of Management, https://doi.org/10.1111/1467-8551.12400

We examine the effect of initial public offering (IPO) characteristics on seasoned equity offering (SEO) decisions in relation to governmental intervention in China. Our results confirm the process of underpriced IPOs in promoting earlier and larger... Read More about The impact of governmental intervention on the association between initial public offering and future stock issuance.

The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia (2019)
Journal Article
Moin, A., Guney, Y., & El Kalak, I. (2020). The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia. Review of Quantitative Finance and Accounting, https://doi.org/10.1007/s11156-019-00862-z

We investigate how a firm's decision to hold excessive cash or to overinvest could influence its dividend payout policy in Indonesia. Additionally, we examine the association between corporate ownership structure and cash dividends. Using a data set... Read More about The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia.

Does relative strength in corporate governance improve corporate performance? Empirical evidence using MCDA approach (2019)
Journal Article
Guney, Y., Hernandez-Perdomo, E., & Rocco, C. M. (in press). Does relative strength in corporate governance improve corporate performance? Empirical evidence using MCDA approach. Journal of the Operational Research Society, 1-26. https://doi.org/10.1080/01605682.2019.1621216

Academics and practitioners have developed different constructs to quantify corporate governance quality. Despite the limitations of the existing measures, they are still being commonly used. The literature finds that the relationship between perform... Read More about Does relative strength in corporate governance improve corporate performance? Empirical evidence using MCDA approach.

An investigation of cash holdings debt maturity and corporate performance considering managerial overconfidence evidence from listed Vietnamese firms (2019)
Thesis
Dao, T. T. N. An investigation of cash holdings debt maturity and corporate performance considering managerial overconfidence evidence from listed Vietnamese firms. (Thesis). University of Hull. https://hull-repository.worktribe.com/output/4270025

One of the most important objectives of any firm is maximizing firm value. In order to achieve that goal, many different aspects come into play. One of those aspects is financial decisions. Financial decisions are mostly determined by managers, there... Read More about An investigation of cash holdings debt maturity and corporate performance considering managerial overconfidence evidence from listed Vietnamese firms.

A reliability model for assessing corporate governance using machine learning techniques (2018)
Journal Article
Hernandez-Perdomo, E., Guney, Y., & Rocco, C. M. (2019). A reliability model for assessing corporate governance using machine learning techniques. Reliability Engineering and System Safety, 185, 220-231. https://doi.org/10.1016/j.ress.2018.12.027

Corporate governance assesses the efficiency and effectiveness of companies’ operations and decisions to ensure value creation for shareholders and optimal risk taking. As investors’ decision making process largely depends on financial information an... Read More about A reliability model for assessing corporate governance using machine learning techniques.

An empirical analysis of top management team strategic cognition, managerial attributes, audit committee effectiveness and their implications for corporate risk and performance (2018)
Thesis
Attah-Boakye, R. An empirical analysis of top management team strategic cognition, managerial attributes, audit committee effectiveness and their implications for corporate risk and performance. (Thesis). University of Hull. https://hull-repository.worktribe.com/output/4223366

The events of the global financial crisis have hastened the refinement of existing corporate governance regulations and the development of new ones to strengthen corporate governance mechanisms. However, critics of this approach argue that strengthen... Read More about An empirical analysis of top management team strategic cognition, managerial attributes, audit committee effectiveness and their implications for corporate risk and performance.

Equity and debt market timing, cost of capital and value and performance : evidence from listed firms in Thailand (2018)
Thesis
Chamaiporn Kumpamool. Equity and debt market timing, cost of capital and value and performance : evidence from listed firms in Thailand. (Thesis). University of Hull. https://hull-repository.worktribe.com/output/4221186

Market timing is an infant theory of capital structure used to explain concealed motivation of managers. Equity market timing refers to equity issuance when the stock market is favourable to reduce the cost of capital, while debt market timing refers... Read More about Equity and debt market timing, cost of capital and value and performance : evidence from listed firms in Thailand.

Host country institutions and firm-level R&D influences: An analysis of European Union FDI in China (2018)
Journal Article
Cai, H., Boateng, A., & Guney, Y. (2019). Host country institutions and firm-level R&D influences: An analysis of European Union FDI in China. Research in international business and finance, 47, 311-326. https://doi.org/10.1016/j.ribaf.2018.08.006

The paper investigates the effects of institutions and their interaction with firms’ research & development (R&D) levels on foreign direct investment (FDI) inflows in China based on a sample of 680 European Union (EU) firms over the period of 1998 to... Read More about Host country institutions and firm-level R&D influences: An analysis of European Union FDI in China.

Risk exposure and performance in the banking sector : a comparative investigation of Islamic, conventional, and Islamic window banks (2018)
Thesis
Al-Ismaili, A. M. A. Risk exposure and performance in the banking sector : a comparative investigation of Islamic, conventional, and Islamic window banks. (Thesis). University of Hull. https://hull-repository.worktribe.com/output/4221917

The core business of banks involves the operation of a payment system. They are also perceived as primary sources of credit and a safe location for individuals and businesses that want to deposit cash. As a system, the banks play the role of facilita... Read More about Risk exposure and performance in the banking sector : a comparative investigation of Islamic, conventional, and Islamic window banks.

Dividend policy of Indonesian listed firms: The role of families and the state (2018)
Journal Article
Duygun, M., Guney, Y., & Moin, A. (2018). Dividend policy of Indonesian listed firms: The role of families and the state. Economic modelling, 75, 336-354. https://doi.org/10.1016/j.econmod.2018.07.007

We investigate factors influencing the dividend policy of the listed Indonesian firms by focusing on agency costs and ownership structure. Our study finds that firms with higher conflicts of interest among managers and shareholders pay lower dividend... Read More about Dividend policy of Indonesian listed firms: The role of families and the state.