Moshfique Uddin

• PhD in Accounting and Finance
• Professor (Full) at University of Leeds

Piotroski’s Fscore has become increasingly important to investment managers and analysts as a simple measure of a company’s financial strength. However, how it changes over time, and in particular how it reacts under different economic conditions, has not been considered until now. Macroeconomic conditions and the business cycle affect corporate va...

This study investigates the effects of firm-level capabilities, and their relationships with strategic agility and the international performance of small and medium-sized enterprises (SMEs). Using time-lagged data from 233 internationalizing SMEs from Ghana, we test the direct relationships between SMEs’ capabilities and strategic agility. Addition...

Private equity (PE) funds typically invest in and acquire established companies (via buyout mechanisms) and implement value creation strategies that realize efficiency improvements and exploit entrepreneurial growth opportunities. This paper explores the relationships between PE backing of bought‐out companies and their post‐acquisition strategy to...

Private equity (PE) exit strategy is important for investors as a planned and effective exit strategy improves the chance of realizing higher profit. In this paper, we examine how PE exit strategies are being affected by the on-going global pandemic. The current COVID-19 pandemic has created unprecedented exogenous shocks to nearly every economy an...

Purpose This paper aims to examine the relationship between terrorism and innovation and the moderating role of venture capital. Design/methodology/approach The paper has used panel data from 140 countries covering the period of 2007–2016 and has analysed the data by using generalised method of moments instrumental variables (GMM-IV) estimation me...

We provide firm-level evidence from an emerging Islamic market that individual investors’ trading behaviour causes weekend sentiment. Using data for 285 companies listed on the Dhaka Stock Exchange (DSE) for the period from 2002 to 2019 and applying appropriate econometric techniques, the paper has found evidence of a weekend effect both on return...

Stock markets across the world have exhibited varying degrees of volatility following the recent COVID-19 pandemic. We have examined the effect of this pandemic on stock market volatility and whether economic strength, measured by a set of selected country-level economic characteristics and factors such as economic resilience, intensity of capitali...

Piotroski’s (2000) Fscore has become increasingly important to investment managers and analysts as a simple measure of a company’s financial strength. However how it changes over time, and in particular how it reacts under different economic conditions, has not been considered until now. It is evident from the literature that macroeconomic conditio...

The Covid-19 pandemic and associated lockdown has disrupted mental well-being of individual. A number of studies provide evidence that lockdown is associated with higher level of stress and anxiety that contribute to deteriorating mental wellbeing of individuals. The general conclusion of those studies is unidirectional meaning more lockdown days l...

Though institutional contexts are critical drivers of firms’ international expansion, very limited research efforts have focused on how and when these factors facilitate developing country firms’ outward market activities. This study derives insights from the institution-based view and activity theory to test how perceived environmental uncertainty...

We investigate the influence of national culture on corporate investment–cash flow sensitivity. We conjecture that national culture shapes managerial perceptions of information asymmetry and agency problems, thus impacting the investment–cash flow relationship. We document empirical evidence in support of our claim. By linking the investment–cash f...

The relationship between R&D and firm performance is highly dependent on the external environment. Therefore, this paper examined the effects of country level investor protection (safeguards) and governance mechanisms (systems) on the relationship between R&D and firm performance. Using GMM estimation and elasticity testing of panel data for 423 fi...

While research on factors driving corporate investment decisions has blossomed, knowledge related to the Chief Executive Officer's (CEO's) market sentiment on investment decision outcomes is lacking. In this study, we extend the existing corporate finance literature by examining the underexplored issue of how CEOs' market sentiment drives firms' in...

FDI has been growing at a spectacular pace all over the world and emerging countries have been successful in attracting more FDI compared to developed countries. Institutional factors are becoming more important as determinants of inward FDI for emerging markets. However, research in this area is inadequate and also incosnsistent in terms of findin...

Institutional environment of a country plays an important role for innovation activities. Our results confirm that external environment of emerging countries influence the R&D investment. Using Generalized Method of Moments (GMM) estimation of panel data for 664 firms from selected 20 emerging markets during the period of 2006–2013, we find that in...

We investigate US hedge funds’ performance. Our proposed model contains exogenous and endogenous break points, based on business cycles and on a regime switching process conditional on different states of the market. During difficult market conditions most hedge fund strategies do not provide significant alphas. At such times hedge funds reduce bot...

Purpose This paper demonstrates how financial leverage impacts firm investment and the extent to which this relationship is conditional on the level of information asymmetry as well as growth. Design/methodology/approach The paper relies on data from 2403 Indian firms during the period 1995–2014, generating a total of 19,544 firm-year observatio...

This paper examines the financing behaviour of research and development (R&D) investments in emerging markets. Drawing on institutional theory and using panel data of generalized methods of moment estimation for a sample of 302 firms from 20 countries during the period 2003–2015, we find that emerging market firms tend to use internal funds for fin...

Purpose –Internationalisation is considered as a key strategy to grow and survive over longer period of time for the Small and Medium Enterprises (SMEs). Although internationalisation is a popular strategy both for large and small firms, the decision to enter in a foreign market is not a straight forward story particularly for the small firms. Cons...

While firms continue to commit slack financial resources to sustainability causes, knowledge is lacking on how financial resource slack drives sustainability expenditure under varying conditions of market pressure and political connectedness in a developing-economy market. Using primary data from exporting small and medium sized enterprises in Nige...

We examine hedge fund (HF) index construction methodologies, by describing and analysing case studies from two well-known database vendors and evaluating them using numerical examples on the same dataset. Despite the fact that they follow a similar due diligence process, there are great differences in the index engineering practices arising from di...

Emerging markets have received considerable attention for foreign investment and international diversification due to the possibility of higher earnings and a low level of integration with global equity markets. These high returns often need to be balanced by the high liquidity costs of trading in illiquid emerging markets. Several studies have sho...

Purpose Foreign market entry is considered as a key strategy to grow and survive over longer period of time for small and medium enterprises (SMEs). The decision to enter a foreign market is not a straightforward story. Considering resource limitation, SMEs need to analyse the key barriers to entry in foreign markets very carefully. The purpose of...

We survey articles covering how hedge funds returns are explained, using largely non-linear multifactor models that examine the non-linear pay-offs and exposures of hedge funds. We provide an integrated view of the implicit factor and statistical factor models that are largely able to explain the hedge fund return-generating process. We present the...

The objective of the study was to examine the effect of entrepreneurs’ risk-taking propensity on firm performance and the moderating role of managerial network ties on this relationship in a sub-Saharan economy. This theoretically derived research model is empirically validated using survey data from 298 small and medium-sized enterprises (SMEs) in...

We survey articles on hedge funds' performance persistence and fundamental factors from the mid-1990s to the present. For performance persistence, we present some pioneering studies that contradict previous findings that hedge funds' performance is a short term matter. We discuss recent innovative studies that examine the size, age, performance fee...

This paper presents the impact of the linguistic gender marking gap on expatriate female staffing decisions in a multinational company. Transaction cost theory postulates that due to cultural differences, integration between parent and subsidiary companies becomes complex and costly. However, staffing from parent organisations could be helpful to m...

This paper examines hedge fund performance in a holistic approach taking into consideration fund specific characteristics, fund strategies, and both business cycles and different market conditions using a long U.S. dataset form 1990 to 2014. Using our proposed agile model we found, first, that irrespective of the underlying fundamental factors, hed...

By investigating surplus and risk distribution in the British brewing industry, this article shows that risk and risk transfer are important dimensions of vertical supply chain relationships. A comparative financial analysis shows the effects of models of vertical ownership before and after the break-up of producer controlled tenanted estates and t...

We survey articles covering how hedge funds returns are explained, using largely non-linear multifactor models that examine the non-linear pay-offs and exposures of hedge funds. We provide an integrated view of the implicit factor and statistical factor models that are largely able to explain the hedge fund return-generating process. We present the...

We examine hedge fund index construction methodologies, by describing and analysing the general principles and construction methods for a successful hedge fund index. We present case studies from two well-known database vendors and evaluate them using numerical examples on the same dataset. Despite the fact that they follow a similar due diligence...

We investigate US hedge funds’ performance across different economic and market conditions for the longest period to date, 1990-2014. The paper examines the impact of multiple business cycles and rising/falling markets on exposures and excess returns delivered to investors. We use a twin nonlinear multi-factor agile model with pre-defined and undef...

One of the key objectives of this paper is to identify the impacts of internationalisation of SMEs on firm performance. Although there have been a number of research that examined the relationship between SME internationalisation and firm performance, research from the context of smaller developing economies are really scant. This is against the fa...

Cross-border mergers and acquisitions (CBM&As) activity has become an important vehicle for firms’ internationalization and corporate restructuring over the past three decades. Despite the huge volume of global CBM&A activity, however, there are few books which carefully explore the strategies, motives, and consequences of global mergers and acquis...

In this paper, we examine the dynamic effects of key macroeconomic factors on the UK crossborder mergers and acquisitions (CBM&A) outflows over the period 1987–2008. Using a seven variable vector autoregressive/vector error correction models (VAR/VECM), the study finds that a number of home country macroeconomic variables, including GDP, broad mone...

This studies aims at contributing to the capital structure literature by employing a more recent data to examine firm-level determinants of debt-equity choice of listed firms from eight countries in Sub-Saharan Africa (hereafter SSA), where literature on the subject is very scarce. It seeks to demonstrate whether capital structure theories derived...

This studies aims at contributing to the capital structure literature by employing a more recent data to examine firm-level determinants of debt-equity choice of listed firms from eight countries in Sub-Saharan Africa (hereafter SSA), where literature on the subject is very scarce. It seeks to demonstrate whether capital structure theories derived...

This studies aims at contributing to the capital structure literature by employing a more recent data to examine firm-level determinants of debt-equity choice of listed firms from eight countries in Sub-Saharan Africa (hereafter SSA), where literature on the subject is very scarce. It seeks to demonstrate whether capital structure theories derived...

Internationalisation is considered as one of the key strategies for the growth of SMEs. The key objective of this study is to identify the main barriers to internationalization for Bangladeshi SMEs. To fulfil this objective a hierarchical, 2 order model with four constructs was developed and tested using PLS path modelling .The four constructs iden...

Most of the growth in international production over the past decades has been via cross-border mergers and acquisitions (CBM&As). Yet prior studies examining the trajectory of cross-border M&A activities as an entry mode of FDI have focused on industry and firm level factors. Dunning (2009) emphasised the importance of macroeconomic variables which...

Purpose The aim of this paper is to consider the short‐run performance of UK firms acquiring foreign target firms over a period of 1994‐2003 and to explore the impact of deal size and other firm‐specific factors on performance. Cross‐border mergers and acquisitions have witnessed a substantial growth worldwide, with the UK being one of the top acqu...

Most of the growth in international production over the past decade has been carried out via cross-border mergers and acquisitions. Yet previous empirical work relating to CBM&As has been confined to firm-specific factors. This is against the backdrop that researchers have not been able to develop a coherent theory explaining the increasing trends...