The Moderating Role of Liquidity in the Relationship between the Expenditures and Financial Performance of SMEs: Evidence from Jordan

The current paper aims to investigate the moderating role of liquidity in the relationship between accounting and advertising expenditures and the financial performance of small and medium enterprises (SMEs) in Jordan. Furthermore, the present paper highlights the importance of managing expenditures and improving financial performance. Since the performance of Jordanian SMEs is extremely critical, furthermore, the present paper explores the possibility of empowering these businesses in order to achieve profitability. This paper is based on descriptive statistics, regression, and correlation analysis in order to analyze the data, collecting secondary data from 200 SMEs. The results demonstrate that accounting expenditures are key factors for financial performance, especially in SMEs. Moreover, SMEs are more sensitive to liquidity challenges, which significantly impact their short-term expenditure and consequently influence their financial performance. It is evident that accounting expenditures moderated by liquidity have a positive effect on the financial performance of SMEs. However, our findings indicate a negative effect regarding the relationship between advertising expenditures and financial performance. According to the results of this study, regulators may offer new regulations and legislation in the future to the Ministry of Finance and the Amman Stock Exchange.

Conciseness, Financial Disclosure, and Market Reaction: A Textual Analysis of Annual Reports in Listed Chinese Companies

The purpose of this study was to examine the relationship between the conciseness and complexity of financial disclosures and market reactions, using the annual reports of Chinese-listed B-share companies over the period 2006-2018. We employed a set of statistical methods that were derived from other fields, such as computational and event studies, in order to derive the English annual reports of Chinese-listed companies, as well as to obtain other key financial indicators from the CSMAR database. Markets react significantly to increased report length, which means that managers that present poor returns with manipulated financial reports could be hiding poor returns. Additionally, the findings of this study are robust to additional tests that use alternative proxies. Furthermore, the results of this paper reinforce the hypothesis that the readability of financial reports affects financial market response. The results indicate that more complex financial reports are correlated with lower current returns, and negatively affect the expectations of future returns. For the purposes of avoiding the effects of the coronavirus pandemic on the results, we utilized data up to 2018. In light of this circumstance, we recommend that future research be conducted that compares results from before and after the coronavirus pandemic. The findings of our study have important implications for regulators, managers, and investors. Investors should obtain relevant information through annual reports;therefore, the importance of style is less relevant. Managers should be encouraged to write their annual reports more concisely. This study concluded that these reports are significant outputs of firms, and are widely read by investors. The study also provides empirical evidence of market reactions that are associated with readability and earnings, as well as with surprise earnings;thus, the complexity of annual reports provided by a variety of investors, using computational and event analysis, should be reduced.

The Moderating Effect of Corporate Governance on Corporate Social Responsibility and Information Asymmetry: An Empirical Study of Chinese Listed Companies

This study is conducted to investigate the relationship between corporate social responsibility (CSR) and information asymmetry (IA), as well as the role of corporate governance (CG) as a moderating factor. This paper employs panel data regression analysis. The CSR disclosure scores are collected from the HX database by way of Hexun.com, while financial data are collected from the CSMAR database. The association between CSR and information asymmetry is examined using generalised least squares (GLS). The current evidence shows that CSR disclosure reduces information asymmetry. In addition, the findings illustrate that particular aspects of CG moderate the relationship between CSR and information asymmetry. More specifically, board size, CEO duality, and board independence positively affect the bid–ask spread. Moderation by the independence board positively affects the relationship between CSR disclosure and information asymmetry. Since the sample is derived from large Chinese companies, the results should be supported by samples obtained from the COVID-19 pandemic in 2020 and, subsequently, comparisons with the entire stock market. In future studies, we recommend conducting research using other variables as proxies regarding information asymmetry. The current study extends existing research on CSR and IA by adding both board characteristics and ownership concentration variables as moderating variables.

Examining Perceived Stress and Coping Strategies of University Students during COVID-19: A Cross-Sectional Study in Jordan.

COVID-19 has changed our lives in all arenas, including higher education and psychological well-being. Three objectives were set forth in this study. We started by examining issues related to online education during the pandemic in Jordan, particularly for students pursuing business studies. Second, we assessed academic, behavioural, and financial stressors that business students experience at Jordanian higher education institutions. Lastly, we examined the possible coping methods students employed to cope and adapt during the pandemic. A descriptive cross-sectional study was conducted based on the perceived stress scale distributed to 473 Jordanian undergraduate students (18-27 years of age), across both public and private universities. Results showed an association between academic, behavioural, and financial stressors and students' perceived stress. While students perceived various levels and types of stress during COVID-19, including academic, behavioural, and financial, they also experienced new online skills. However, despite coping with stress, some students (especially females) displayed more stress because of the deficient course content, which added to their perceived stress and left them feeling unmotivated. This study contributes to bettering the university students' mental health.