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• The impact of liquidity risk on bank profitability: some empirical evidence from the European banks following the introduction of Basel III regulations

  2019. Olga Golubeva, Michel Duljic, Ripsa Keminen.

  Artikel

  Research Question: The study investigates the impact of liquidity on bank profitability following implementation of the Basel III regulations. Motivation: The theoretical framework of the paper draws upon previous research (Athanasoglou et al., 2008; Arif & Nauman Anees, 2012 and Dietrich et al., 2014) and assumes liquidity ratios to have a varying influence on bank profitability, depending upon a bank's specific and macroeconomic indicators. Idea: This study considers multiple proxies of bank liquidity, including Liquidity Coverage Ratio, a new measure inspired by the Basel III framework, and Loan-to-deposit and Financing gap ratio. Alongside traditionally-applied profitability measures, Earnings before Taxes, Depreciation and Amortisation are assumed to be alternative proxies. Data: In the study, a data set of 45 European banks with 180 observations during 2014-2017 and 37 observations for 2018 has been analysed. Tools: The study proposes a quantitative model based upon Ordinary Least Squires techniques complemented by Weighted Least Squares regressions analysis. Findings: The alternative liquidity risk measures have a significant and positive impact only on some profitability proxies, and an insignificant effect on others. The Basel III liquidity measure, LCR, was an insignificant contributor to all return proxies, which requires further investigation. The results also indicate that an increase in bank size and net provision for loan losses decreases profitability proxies. We also found mixed results concerning the effects of deposits and securities gains and losses on bank profits, and provided possible explanation. 

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• Environmental Sustainability as a Determinant of Foreign Direct Investments

  2018. Olga Golubeva. The Impact of Globalization on International Finance and Accounting, 15-26

  Kapitel

  A regression model which investigates the relationship between locational choice of multinational enterprises (MNE) and environmental sustainability in host countries as the determinant of foreign direct investments (FDI) has been suggested. The following proxies are proposed for analysis of the environmental sustainability: variables measuring  environmental damage, efficiency of natural resources’ employment, availability of renewable resources and, finally, governmental ability to maintain a fair distribution of resources. Swedish FDIs in 73 countries worldwide have been examined using a dataset provided by Statistics Sweden. According to the study, 83.2% of variation in the dependent variable, FDI, can be explained by the profitability of investments. The empirical evidence also indicates that environmental sustainability has little impact on foreign investors and that most investment location decisions are not made on the basis of environmental sustainability criteria, at least as it represented by proxies chosen in the paper.

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