Sajead Mowafaq Alshdaifat

This study aims to explore the impact of coronavirus pandemic-related variables and non-pharmaceutical interventions on fluctuations in the Malaysian stock market during the period from January 7, 2020, to March 31, 2021. By employing GARCH-M (1,1) family models (GARCH-M, EGARCH-M, and PGARCH-M), the study seeks to understand the intricate dynamics of market volatility amidst the pandemic and associated interventions. The findings suggest that while past market volatility and conditional variance continue to influence current market fluctuations, their effects have diminished over time during the study period. Additionally, the EGARCH-M (1,1) model reveals a leverage effect, indicating increased market volatility following negative news compared to positive news. Interestingly, the EGARCH-M (1,1) model emerges as the optimal choice for accurately capturing data dynamics. Conversely, the PGARCH-M (1,1) model does not exhibit a statistically significant leverage effect. These insights contribute to a better understanding of market behavior during crises, informing future research and risk management strategies.

Acknowledgment
The authors are grateful to the Middle East University, Amman, Jordan, for the full financial support granted to this research paper.

The impact of advertising and sales promotion on firm value and sales performance within the Jordanian manufacturing sector was examined, recognizing the significant role of advertising in enhancing competitive market outcomes. The study aimed to investigate the effect of advertising and sales promotion on firm value within the manufacturing Jordanian firms that holds a benefit for deciphering several challenges and opportunities that firms face within an emerging market context. Data from 64 Jordanian manufacturing firms listed on Amman Stock Exchange between 2014 and 2022 were analyzed. Regression analysis was applied across two models: one focused on the relationship between advertising expenditures and firm value, while the other assessed sales performance. Firm size and return on equity served as control variables across both models.
The results revealed that advertising and sales promotion expenses had a significant and positive effect on both firm value and sales performance. Specifically, advertising’s impact on firm value was characterized by a coefficient of 0.107 and a t-value of 3.640, while its effect on sales performance yielded a coefficient of 0.321 and a t-value of 9.372, both with p-values of 0.00, highlighting a strong statistical significance. Additionally, firm size demonstrated a robust positive effect on both outcomes, underscoring its role as a critical control factor. Return on equity, however, did not yield a significant effect. These findings underscore the importance of advertising as a driver of firm growth and market position, particularly in larger firms. Investment in advertising appears to foster sustainable value and performance enhancements, offering firms in competitive sectors a strategic path for growth.

Acknowledgment
This research was funded through the annual funding track by the Deanship of Scientific Research, from the vice presidency for graduate studies and scientific research, King Faisal University, Saudi Arabia [Grant no. KFU250963].

This study examines the effect of female representation on audit fees in listed UK companies, concentrating on the demographic characteristics of female directors, specifically age and nationality. Using a sample of 165 FTSE 350 companies from 2011 to 2021, generalized least squares regression models are employed to test the link between female audit committee members and audit fees from both the demand and supply sides. The results show a negative relationship between the proportion of females on audit committees and audit fees with a coefficient of –0.2273 (p < 0.05). Thus, higher female representation tends to lower audit costs. However, when considering demographic characteristics, the age and nationality of female members have a positive effect on audit costs, with coefficients of 0.0145 (p < 0.01) and 0.5546 (p < 0.01), respectively. Thus, while gender diversity reduces audit costs overall, experienced (older) female directors and those from diverse national backgrounds may add to audit complexity and, therefore, increase fees. The implications of these findings are relevant to policymakers and corporate governance bodies. Diversity policies should go beyond simple gender quotas. Instead, they should include a broader set of demographic attributes when promoting female representation on audit committees to achieve audit quality and cost efficiency.

Acknowledgment
This study received full funding from the Middle East University, Amman, Jordan.