Main Article Content
Abstract
Purpose: This research comprehensively explores the multifaceted dynamics of corporate finance and its critical role in maximizing shareholder wealth and driving sustainable growth in organizations.
Research Design and Methodology: This study uses qualitative research to synthesize insights from multiple disciplines, including traditional finance theory, empirical evidence, behavioral finance insights, and regulatory analysis.
Findings and Discussion: The results highlight the importance of capital structure decisions, dividend policy choices, and effective corporate governance mechanisms in influencing shareholder value creation and firm performance. In addition, integrating sustainable practices, particularly environmental, social, and governance (ESG) factors, is emerging as an essential trend shaping corporate finance practices. These findings confirm the need for adaptive financial strategies and strong management, especially in emerging markets.
Implications: The findings demonstrate the importance of adaptive financial strategies and strong governance in creating shareholder value and promoting sustainable growth. They may inform regulatory reforms to improve corporate finance practices' transparency, accountability, and market integrity.
Novelty: This article's novelty lies in its comprehensive approach, which integrates traditional finance theory with ESG principles. This approach offers new insights into how firms in emerging markets can achieve sustainable growth through adaptive financial strategies and strong governance.
Keywords
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
- Afza, T., & Nazir, M. S. (2015). Role of institutional shareholders’ activism in enhancing firm performance: The case of Pakistan. Global Business Review, 16(4), 557–570. https://doi.org/10.1177/0972150915581100
- Alda, M. (2019). Corporate sustainability and institutional shareholders: The pressure of social responsible pension funds on environmental firm practices. Business Strategy and the Environment, 28(6), 1060–1071. https://doi.org/10.1002/bse.2301
- Ali Taher, F. N., & Al-Shboul, M. (2023). Dividend policy, its asymmetric behavior and stock liquidity. Journal of Economic Studies, 50(3), 578–600. https://doi.org/10.1108/JES-10-2021-0513
- Anderson, V. (2022). Human Resource Development, Professions and Precarious Workers. In P. Holland, T. Bartram, T. Garavan, & K. Grant (Eds.), The Emerald Handbook of Work, Workplaces and Disruptive Issues in HRM (pp. 277–301). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80071-779-420221028
- Arilyn, E. J. (2019). The Influence of Growth, Asset Tangibility, Cost of Debt, Profitability and Business Risk on Debt Capital. Acc. Fin. Review, 4(4), 120–127. https://doi.org/10.35609/AFR.2019.4.4(4)
- Bekaert, G., Harvey, C. R., & Mondino, T. (2023). Emerging equity markets in a globalized world. Emerging Markets Review, 56, 101034.
- Bernardelli, M., Korzeb, Z., & Niedziółka, P. (2022). Does fossil fuel financing affect banks’ ESG ratings? Energies, 15(4), 1495. https://doi.org/10.3390/en15041495
- Biais, B., Bisiere, C., Bouvard, M., & Casamatta, C. (2019). The blockchain folk theorem. The Review of Financial Studies, 32(5), 1662–1715. https://doi.org/10.1093/rfs/hhy095
- Boge, K., Haddadi, A., Klakegg, O. J., & Salaj, A. T. (2021). Facilitating building projects’ short-term and long-term value creation. Buildings, 11(8), 332. https://doi.org/10.3390/BUILDINGS11080332
- Brealey, R. A., Myers, S. C., Allen, F., & Mohanty, P. (2018). Principles of corporate finance, 12/e (Vol. 12). McGraw-Hill Education.
- Bui, T. (2020). Executive compensation and independent directors in Japan. Annals of Business Administrative Science, 19(1), 13–28. https://doi.org/10.7880/ABAS.0200107A
- Burgess, N. (2020). Corporate & Project Finance Valuation Techniques for Maximizing Returns & Superior Growth Strategies. Available at SSRN 3679413. https://doi.org/10.2139/ssrn.3679413
- Chundakkadan, R., Natarajan, R. R., & Sasidharan, S. (2022). Small firms amidst COVID‐19: Financial constraints and role of government support. Economic Notes, 51(3), e12206. https://doi.org/10.1111/ecno.12206
- Clemente Almendros, J. A., & Sogorb Mira, F. (2018). Costes de la deuda, beneficios fiscales y nueva medida de escudos fiscales alternativos a la deuda: análisis del conservadurismo de la deuda en las empresas cotizadas españolas: Costs of debt, tax benefits and a new measure of non-debt tax shields: examining debt conservatism in Spanish listed firms. Revista de Contabilidad - Spanish Accounting Review, 21(2), 162–175. https://doi.org/10.1016/j.rcsar.2018.05.001
- Cohen, O. (2020). Measuring Corporate Governance Quality in Concentrated-Ownership Firms. Available at SSRN 3606631. https://doi.org/10.2139/SSRN.3606631
- Dawn, S., Tiwari, P. K., & Goswami, A. K. (2018). Efficient approach for establishing the economic and operating reliability via optimal coordination of wind–PSH–solar‐storage hybrid plant in highly uncertain double auction competitive power market?. IET Renewable Power Generation, 12(10), 1189–1202. https://doi.org/10.1049/IET-RPG.2016.0897
- Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
- Espahbodi, R., Liu, N., & Weigand, R. A. (2022). Opportunistic earnings management or performance-related effects? Evidence from dividend-paying firms. Global Finance Journal, 54, 100636. https://doi.org/10.1016/J.GFJ.2021.100636
- Fombang, M. S., & Adjasi, C. K. (2018). Access to finance and firm innovation. Journal of Financial Economic Policy, 10(1), 73–94. https://doi.org/10.1108/JFEP-10-2016-0070
- Frank, M. Z., Goyal, V. K., & Shen, T. (2020). The pecking order theory of capital structure: Where do we stand? https://doi.org/10.2139/ssrn.3540610
- Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
- Fuzi, S. F. S. M., Hassan, M. S., Jaffar, R., & Abdullah, M. H. S. B. (2022). Exploring Stakeholder Salience Perspective of Firm Reputation: Evidence From Malaysia. https://doi.org/10.6007/ijarbss/v12-i11/15131
- Gao, S. (2023). ESG Performance and Capital Investment. Academic Journal of Management and Social Sciences, 2(1), 119–123. https://doi.org/10.54097/ajmss.v2i1.6501
- Grewal, J., Hauptmann, C., & Serafeim, G. (2021). Material Sustainability Information and Stock Price Informativeness. Journal of Business Ethics, 171(3), 513–544. https://doi.org/10.1007/s10551-020-04451-2
- Grullon, G., Larkin, Y., & Michaely, R. (2019). Dividend policy and product market competition. Available at SSRN 972221. https://doi.org/10.2139/ssrn.972221
- Gungor, N., & Dincel, C. (2018). Does corporate sustainability practices have an impact on financial performance: A study based on BIST manufacturing firms. PressAcademia Procedia, 8(1), 9–13. https://doi.org/10.17261/PRESSACADEMIA.2018.971
- Harun, S., & Jeandry, G. (2018). Pengaruh Profitabilitas, Free Cash Flow, Leverage, Likuiditas Dan Size terhadap Dividen Payout Ratio (DPR) pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. Jurnal TRUST Riset Akuntansi, 5(2).
- Haryanto, J. T. (2024). Short-Term Versus Long-Term Portfolio Management Strategies and the Selection of Securities. Advances in Management & Financial Reporting, 2(1), 11–23. https://doi.org/10.60079/amfr.v2i1.247
- Ioannou, I., & Serafeim, G. (2019). Corporate sustainability: A strategy? Harvard Business School Accounting & Management Unit Working Paper, 19–065. https://doi.org/10.2139/ssrn.3312191
- Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283–298. https://doi.org/https://doi.org/10.1016/j.ribaf.2016.01.018
- Jaggi, B., Allini, A., Rossi, F. M., & Caldarelli, A. (2016). Impact of accounting traditions, ownership and governance structures on financial reporting by Italian firms. Review of Pacific Basin Financial Markets and Policies, 19(01), 1650001. https://doi.org/10.1142/S0219091516500016
- Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77–132). Gower. https://doi.org/http://ssrn.com/abstract=94043Electroniccopyavailableat:http://ssrn.com/abstract=94043http://hupress.harvard.edu/catalog/JENTHF.html
- Khan, M. (2019). Corporate Governance, ESG, and Stock Returns around the World. Financial Analysts Journal, 75(4), 103–123. https://doi.org/10.1080/0015198X.2019.1654299
- La Rosa, F., & Bernini, F. (2022). ESG controversies and the cost of equity capital of European listed companies: the moderating effects of ESG performance and market securities regulation. International Journal of Accounting & Information Management, 30(5), 641–663. https://doi.org/10.1108/ijaim-03-2022-0047
- Larcker, D., & Tayan, B. (2020). Corporate governance matters. FT Press.
- Lazonick, W., & Shin, J.-S. (2019). Predatory value extraction: How the looting of the business corporation became the US norm and how sustainable prosperity can be restored. Oxford University Press. https://doi.org/10.1093/oso/9780198846772.001.0001
- Li, O. Z., Liu, H., Ni, C., & Ye, K. (2017). Individual investors’ dividend taxes and corporate payout policies. Journal of Financial and Quantitative Analysis, 52(3), 963–990. https://doi.org/10.1017/S0022109017000199
- Lukmawati, E., & Hariasih, M. (2023). Dividend Policy, Liquidity and Company Growth on Company Value in Pharmaceutical Companies. Indonesian Journal of Innovation Studies, 21, 10–21070. https://doi.org/10.21070/ijins.v21i.781
- Manginte, S. Y. (2024). Fortifying Transparency: Enhancing Corporate Governance through Robust Internal Control Mechanisms. Advances in Management & Financial Reporting, 2(2 SE-Articles), 72–84. https://doi.org/10.60079/amfr.v2i2.173
- Mita, A. F., Utama, S., Fitriany, F., & Wulandari, E. R. (2018). The adoption of IFRS, comparability of financial statements and foreign investors’ ownership. Asian Review of Accounting, 26(3), 391–411. https://doi.org/10.1108/ARA-04-2017-0064
- Myers, M. D. (2019). Qualitative research in business and management. https://doi.org/http://digital.casalini.it/9781526418326
- Nurfadila, N. (2024). Enhancing Public Financial Management through Performance Evaluation and Cost Systems. Advances in Management & Financial Reporting, 2(1), 24–35. https://doi.org/10.60079/amfr.v2i1.264
- Özbek, A., & Yener, T. O. P. (2023). Analysis of Engineers’ Investment Decisions with a Behavioral Finance Approach. International Journal of Social Science Research and Review, 6(1), 297–311. https://doi.org/10.47814/ijssrr.v6i1.748
- Park, K. S., & Rhee, K. (2017). Dividend policy and the sensitivity of firm value to dividend announcements and investment. Journal of Business and Management, 6(1), 1–18. https://doi.org/10.12735/JBM.V6N1P1
- Purwanti, D. (2023). The Strategic Imperative of Treasury and Financial Risk Management in a Volatile Economic Landscape. Advances in Management & Financial Reporting, 1(3), 119–128. https://doi.org/10.60079/amfr.v1i3.224
- Ramakrishnan, S., Raza, H., Gillani, S. M. A. H., & Ahmad, H. (2020). A Systematic Review of Relationship between Financial Sustainability and Share Price. JISR Management and Social Sciences & Economics, 18(2), 121–136. https://doi.org/10.31384/jisrmsse/2020.18.2.8
- Ramelli, S., & Wagner, A. F. (2020). Feverish Stock Price Reactions to COVID-19*. The Review of Corporate Finance Studies, 9(3), 622–655. https://doi.org/10.1093/rcfs/cfaa012
- Sonjaya, Y. (2024). Exploring the Evolution of Budgeting Practices from Traditional to Technology. Advances in Management & Financial Reporting, 2(1), 36–45. https://doi.org/10.60079/amfr.v2i1.265
- Swan, M. (2015). Blockchain: Blueprint for a new economy. “ O’Reilly Media, Inc.”
- Taliento, M., Favino, C., & Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate ‘sustainability advantage’from Europe. Sustainability, 11(6), 1738. https://doi.org/10.3390/su11061738
- Tariah, I. (2019). Board diversity, composition and firm performance: do gender and ethnic diversity influence firm performance? Composition and Firm Performance: Do Gender and Ethnic Diversity Influence Firm Performance. https://doi.org/10.2139/SSRN.3378395
- Tripathi, V. (2023). The Role Of Financial Management In Maximizing Shareholder Value. International Journal of Economics Finance & Management Science, 8(04), 1–3. https://doi.org/10.55640/ijefms-9119
- Uysal, N., & Tsetsura, K. (2015). Corporate governance on stakeholder issues: Shareholder activism as a guiding force. Journal of Public Affairs, 15(2), 210–219. https://doi.org/10.1002/PA.1529
- Veliotis, S. (2019). Equating US tax treatment of dividends and capital gains for foreign portfolio investors. American Business Law Journal, 56(2), 345–390. https://doi.org/10.1111/ABLJ.12140
- Vernimmen, P., Quiry, P., & Le Fur, Y. (2022). Corporate finance: theory and practice. John Wiley & Sons.
- Wiquar, R., Wiquar, S., & Burney, T. (2022). Tax Lıteracy And The Role Of Fınancıal Knowledge: A Study Of Government Inıtıatıves And Indıvıdual Investors From Delhı Ncr. EPRA International Journal of Economic and Business Review, 10(5), 6–11. https://doi.org/10.36713/epra10268
References
Afza, T., & Nazir, M. S. (2015). Role of institutional shareholders’ activism in enhancing firm performance: The case of Pakistan. Global Business Review, 16(4), 557–570. https://doi.org/10.1177/0972150915581100
Alda, M. (2019). Corporate sustainability and institutional shareholders: The pressure of social responsible pension funds on environmental firm practices. Business Strategy and the Environment, 28(6), 1060–1071. https://doi.org/10.1002/bse.2301
Ali Taher, F. N., & Al-Shboul, M. (2023). Dividend policy, its asymmetric behavior and stock liquidity. Journal of Economic Studies, 50(3), 578–600. https://doi.org/10.1108/JES-10-2021-0513
Anderson, V. (2022). Human Resource Development, Professions and Precarious Workers. In P. Holland, T. Bartram, T. Garavan, & K. Grant (Eds.), The Emerald Handbook of Work, Workplaces and Disruptive Issues in HRM (pp. 277–301). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80071-779-420221028
Arilyn, E. J. (2019). The Influence of Growth, Asset Tangibility, Cost of Debt, Profitability and Business Risk on Debt Capital. Acc. Fin. Review, 4(4), 120–127. https://doi.org/10.35609/AFR.2019.4.4(4)
Bekaert, G., Harvey, C. R., & Mondino, T. (2023). Emerging equity markets in a globalized world. Emerging Markets Review, 56, 101034.
Bernardelli, M., Korzeb, Z., & Niedziółka, P. (2022). Does fossil fuel financing affect banks’ ESG ratings? Energies, 15(4), 1495. https://doi.org/10.3390/en15041495
Biais, B., Bisiere, C., Bouvard, M., & Casamatta, C. (2019). The blockchain folk theorem. The Review of Financial Studies, 32(5), 1662–1715. https://doi.org/10.1093/rfs/hhy095
Boge, K., Haddadi, A., Klakegg, O. J., & Salaj, A. T. (2021). Facilitating building projects’ short-term and long-term value creation. Buildings, 11(8), 332. https://doi.org/10.3390/BUILDINGS11080332
Brealey, R. A., Myers, S. C., Allen, F., & Mohanty, P. (2018). Principles of corporate finance, 12/e (Vol. 12). McGraw-Hill Education.
Bui, T. (2020). Executive compensation and independent directors in Japan. Annals of Business Administrative Science, 19(1), 13–28. https://doi.org/10.7880/ABAS.0200107A
Burgess, N. (2020). Corporate & Project Finance Valuation Techniques for Maximizing Returns & Superior Growth Strategies. Available at SSRN 3679413. https://doi.org/10.2139/ssrn.3679413
Chundakkadan, R., Natarajan, R. R., & Sasidharan, S. (2022). Small firms amidst COVID‐19: Financial constraints and role of government support. Economic Notes, 51(3), e12206. https://doi.org/10.1111/ecno.12206
Clemente Almendros, J. A., & Sogorb Mira, F. (2018). Costes de la deuda, beneficios fiscales y nueva medida de escudos fiscales alternativos a la deuda: análisis del conservadurismo de la deuda en las empresas cotizadas españolas: Costs of debt, tax benefits and a new measure of non-debt tax shields: examining debt conservatism in Spanish listed firms. Revista de Contabilidad - Spanish Accounting Review, 21(2), 162–175. https://doi.org/10.1016/j.rcsar.2018.05.001
Cohen, O. (2020). Measuring Corporate Governance Quality in Concentrated-Ownership Firms. Available at SSRN 3606631. https://doi.org/10.2139/SSRN.3606631
Dawn, S., Tiwari, P. K., & Goswami, A. K. (2018). Efficient approach for establishing the economic and operating reliability via optimal coordination of wind–PSH–solar‐storage hybrid plant in highly uncertain double auction competitive power market?. IET Renewable Power Generation, 12(10), 1189–1202. https://doi.org/10.1049/IET-RPG.2016.0897
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984
Espahbodi, R., Liu, N., & Weigand, R. A. (2022). Opportunistic earnings management or performance-related effects? Evidence from dividend-paying firms. Global Finance Journal, 54, 100636. https://doi.org/10.1016/J.GFJ.2021.100636
Fombang, M. S., & Adjasi, C. K. (2018). Access to finance and firm innovation. Journal of Financial Economic Policy, 10(1), 73–94. https://doi.org/10.1108/JFEP-10-2016-0070
Frank, M. Z., Goyal, V. K., & Shen, T. (2020). The pecking order theory of capital structure: Where do we stand? https://doi.org/10.2139/ssrn.3540610
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
Fuzi, S. F. S. M., Hassan, M. S., Jaffar, R., & Abdullah, M. H. S. B. (2022). Exploring Stakeholder Salience Perspective of Firm Reputation: Evidence From Malaysia. https://doi.org/10.6007/ijarbss/v12-i11/15131
Gao, S. (2023). ESG Performance and Capital Investment. Academic Journal of Management and Social Sciences, 2(1), 119–123. https://doi.org/10.54097/ajmss.v2i1.6501
Grewal, J., Hauptmann, C., & Serafeim, G. (2021). Material Sustainability Information and Stock Price Informativeness. Journal of Business Ethics, 171(3), 513–544. https://doi.org/10.1007/s10551-020-04451-2
Grullon, G., Larkin, Y., & Michaely, R. (2019). Dividend policy and product market competition. Available at SSRN 972221. https://doi.org/10.2139/ssrn.972221
Gungor, N., & Dincel, C. (2018). Does corporate sustainability practices have an impact on financial performance: A study based on BIST manufacturing firms. PressAcademia Procedia, 8(1), 9–13. https://doi.org/10.17261/PRESSACADEMIA.2018.971
Harun, S., & Jeandry, G. (2018). Pengaruh Profitabilitas, Free Cash Flow, Leverage, Likuiditas Dan Size terhadap Dividen Payout Ratio (DPR) pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. Jurnal TRUST Riset Akuntansi, 5(2).
Haryanto, J. T. (2024). Short-Term Versus Long-Term Portfolio Management Strategies and the Selection of Securities. Advances in Management & Financial Reporting, 2(1), 11–23. https://doi.org/10.60079/amfr.v2i1.247
Ioannou, I., & Serafeim, G. (2019). Corporate sustainability: A strategy? Harvard Business School Accounting & Management Unit Working Paper, 19–065. https://doi.org/10.2139/ssrn.3312191
Jabbouri, I. (2016). Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets. Research in International Business and Finance, 37, 283–298. https://doi.org/https://doi.org/10.1016/j.ribaf.2016.01.018
Jaggi, B., Allini, A., Rossi, F. M., & Caldarelli, A. (2016). Impact of accounting traditions, ownership and governance structures on financial reporting by Italian firms. Review of Pacific Basin Financial Markets and Policies, 19(01), 1650001. https://doi.org/10.1142/S0219091516500016
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77–132). Gower. https://doi.org/http://ssrn.com/abstract=94043Electroniccopyavailableat:http://ssrn.com/abstract=94043http://hupress.harvard.edu/catalog/JENTHF.html
Khan, M. (2019). Corporate Governance, ESG, and Stock Returns around the World. Financial Analysts Journal, 75(4), 103–123. https://doi.org/10.1080/0015198X.2019.1654299
La Rosa, F., & Bernini, F. (2022). ESG controversies and the cost of equity capital of European listed companies: the moderating effects of ESG performance and market securities regulation. International Journal of Accounting & Information Management, 30(5), 641–663. https://doi.org/10.1108/ijaim-03-2022-0047
Larcker, D., & Tayan, B. (2020). Corporate governance matters. FT Press.
Lazonick, W., & Shin, J.-S. (2019). Predatory value extraction: How the looting of the business corporation became the US norm and how sustainable prosperity can be restored. Oxford University Press. https://doi.org/10.1093/oso/9780198846772.001.0001
Li, O. Z., Liu, H., Ni, C., & Ye, K. (2017). Individual investors’ dividend taxes and corporate payout policies. Journal of Financial and Quantitative Analysis, 52(3), 963–990. https://doi.org/10.1017/S0022109017000199
Lukmawati, E., & Hariasih, M. (2023). Dividend Policy, Liquidity and Company Growth on Company Value in Pharmaceutical Companies. Indonesian Journal of Innovation Studies, 21, 10–21070. https://doi.org/10.21070/ijins.v21i.781
Manginte, S. Y. (2024). Fortifying Transparency: Enhancing Corporate Governance through Robust Internal Control Mechanisms. Advances in Management & Financial Reporting, 2(2 SE-Articles), 72–84. https://doi.org/10.60079/amfr.v2i2.173
Mita, A. F., Utama, S., Fitriany, F., & Wulandari, E. R. (2018). The adoption of IFRS, comparability of financial statements and foreign investors’ ownership. Asian Review of Accounting, 26(3), 391–411. https://doi.org/10.1108/ARA-04-2017-0064
Myers, M. D. (2019). Qualitative research in business and management. https://doi.org/http://digital.casalini.it/9781526418326
Nurfadila, N. (2024). Enhancing Public Financial Management through Performance Evaluation and Cost Systems. Advances in Management & Financial Reporting, 2(1), 24–35. https://doi.org/10.60079/amfr.v2i1.264
Özbek, A., & Yener, T. O. P. (2023). Analysis of Engineers’ Investment Decisions with a Behavioral Finance Approach. International Journal of Social Science Research and Review, 6(1), 297–311. https://doi.org/10.47814/ijssrr.v6i1.748
Park, K. S., & Rhee, K. (2017). Dividend policy and the sensitivity of firm value to dividend announcements and investment. Journal of Business and Management, 6(1), 1–18. https://doi.org/10.12735/JBM.V6N1P1
Purwanti, D. (2023). The Strategic Imperative of Treasury and Financial Risk Management in a Volatile Economic Landscape. Advances in Management & Financial Reporting, 1(3), 119–128. https://doi.org/10.60079/amfr.v1i3.224
Ramakrishnan, S., Raza, H., Gillani, S. M. A. H., & Ahmad, H. (2020). A Systematic Review of Relationship between Financial Sustainability and Share Price. JISR Management and Social Sciences & Economics, 18(2), 121–136. https://doi.org/10.31384/jisrmsse/2020.18.2.8
Ramelli, S., & Wagner, A. F. (2020). Feverish Stock Price Reactions to COVID-19*. The Review of Corporate Finance Studies, 9(3), 622–655. https://doi.org/10.1093/rcfs/cfaa012
Sonjaya, Y. (2024). Exploring the Evolution of Budgeting Practices from Traditional to Technology. Advances in Management & Financial Reporting, 2(1), 36–45. https://doi.org/10.60079/amfr.v2i1.265
Swan, M. (2015). Blockchain: Blueprint for a new economy. “ O’Reilly Media, Inc.”
Taliento, M., Favino, C., & Netti, A. (2019). Impact of environmental, social, and governance information on economic performance: Evidence of a corporate ‘sustainability advantage’from Europe. Sustainability, 11(6), 1738. https://doi.org/10.3390/su11061738
Tariah, I. (2019). Board diversity, composition and firm performance: do gender and ethnic diversity influence firm performance? Composition and Firm Performance: Do Gender and Ethnic Diversity Influence Firm Performance. https://doi.org/10.2139/SSRN.3378395
Tripathi, V. (2023). The Role Of Financial Management In Maximizing Shareholder Value. International Journal of Economics Finance & Management Science, 8(04), 1–3. https://doi.org/10.55640/ijefms-9119
Uysal, N., & Tsetsura, K. (2015). Corporate governance on stakeholder issues: Shareholder activism as a guiding force. Journal of Public Affairs, 15(2), 210–219. https://doi.org/10.1002/PA.1529
Veliotis, S. (2019). Equating US tax treatment of dividends and capital gains for foreign portfolio investors. American Business Law Journal, 56(2), 345–390. https://doi.org/10.1111/ABLJ.12140
Vernimmen, P., Quiry, P., & Le Fur, Y. (2022). Corporate finance: theory and practice. John Wiley & Sons.
Wiquar, R., Wiquar, S., & Burney, T. (2022). Tax Lıteracy And The Role Of Fınancıal Knowledge: A Study Of Government Inıtıatıves And Indıvıdual Investors From Delhı Ncr. EPRA International Journal of Economic and Business Review, 10(5), 6–11. https://doi.org/10.36713/epra10268