IDEAS home Printed from https://ideas.repec.org/a/eee/reveco/v91y2024icp634-652.html
   My bibliography  Save this article

Stock return volatility and financial distress: Moderating roles of ownership structure, managerial ability, and financial constraints

Author

Listed:
  • Vuong, Giang Thi Huong
  • Nguyen, Phuc Van
  • Barky, Walid
  • Nguyen, Manh Huu

Abstract

This study examines the relationship between stock return volatility (SRV) and financial distress (FD) and the moderating roles of ownership structure, managerial (CEO) ability, and financial constraints in this nexus. Using a panel sample of Vietnamese-listed companies from 2010 to 2020, we find that firms experiencing high SRV encounter more FD. Our finding is robust to alternative measures of both SRV and FD variables. Large-cap and low-leverage firms bear less FD risk owing to excessive stock return volatility than small-cap and high-leverage companies. Additional analyses reveal that the presence of state ownership mitigates FD likelihood while the presence of institutional and concentrated ownership exacerbates FD probability when heightened SRV. Further, an adverse impact of SRV on the firm's stability is more pronounced in companies with strong CEO power and less financial constraints. This research provides deep insights for corporate executives and policy-makers on the relationship between SRV and FD. Furthermore, it underscores the necessity of managing stock return volatility to ensure the stability of listed firms in emerging markets.

Suggested Citation

  • Vuong, Giang Thi Huong & Nguyen, Phuc Van & Barky, Walid & Nguyen, Manh Huu, 2024. "Stock return volatility and financial distress: Moderating roles of ownership structure, managerial ability, and financial constraints," International Review of Economics & Finance, Elsevier, vol. 91(C), pages 634-652.
  • Handle: RePEc:eee:reveco:v:91:y:2024:i:c:p:634-652
    DOI: 10.1016/j.iref.2024.01.054
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1059056024000546
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.iref.2024.01.054?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Hideaki Sakawa & Naoki Watanabel & Geeta Duppati & Robert Faff, 2021. "Institutional ownership and corporate risk-taking in Japanese listed firms," Applied Economics, Taylor & Francis Journals, vol. 53(16), pages 1899-1914, April.
    2. Senbet, Lemma W. & Wang, Tracy Yue, 2012. "Corporate Financial Distress and Bankruptcy: A Survey," Foundations and Trends(R) in Finance, now publishers, vol. 5(4), pages 243-335, August.
    3. Liu, Xiaojun & Wang, Li & Dai, Yunhao, 2023. "Capital market liberalization and opportunistic insider sales: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 82(C).
    4. Shuili Yang & Xiaoyan Ren, 2017. "Qualified Foreign Institutional Investor Shareholdings and Corporate Operating Performance," Canadian Public Policy, University of Toronto Press, vol. 43(s2), pages 99-106, April.
    5. Zuliu Hu, 1995. "Stock Market Volatility and Corporate Investment," IMF Working Papers 1995/102, International Monetary Fund.
    6. Zhe An & Wenlian Gao & Donghui Li & Dezhu Ye, 2022. "Dividend payouts, cash‐flow uncertainty and the role of institutions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1356-1390, July.
    7. David Roodman, 2009. "How to do xtabond2: An introduction to difference and system GMM in Stata," Stata Journal, StataCorp LP, vol. 9(1), pages 86-136, March.
    8. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
    9. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.
    10. Chong, Byung-Uk & Kim, Heonsoo, 2019. "Capital structure volatility, financial vulnerability, and stock returns: Evidence from Korean firms," Finance Research Letters, Elsevier, vol. 30(C), pages 318-326.
    11. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    12. Anabela Santos & Michele Cincera, 2022. "Determinants of financing constraints," Small Business Economics, Springer, vol. 58(3), pages 1427-1439, March.
    13. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    14. Sadok El Ghoul & Omrane Guedhami & Hakkon Kim & Kwangwoo Park, 2018. "Corporate Environmental Responsibility and the Cost of Capital: International Evidence," Journal of Business Ethics, Springer, vol. 149(2), pages 335-361, May.
    15. Đặng, Rey & Le, Nhu Tuyen & Reddy, Krishna & Vu, Manh Chien, 2022. "Foreign ownership and corporate risk-taking: Panel threshold evidence from a transactional economy," Finance Research Letters, Elsevier, vol. 45(C).
    16. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    17. Huijie Cui & Chong Chen & Yanan Zhang & Xiji Zhu, 2019. "Managerial ability and stock price crash risk," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 26(5), pages 532-554, September.
    18. Gharbi, Sami & Sahut, Jean-Michel & Teulon, Frédéric, 2014. "R&D investments and high-tech firms' stock return volatility," Technological Forecasting and Social Change, Elsevier, vol. 88(C), pages 306-312.
    19. Douglas Dejong & Zhejia Ling, 2013. "Managers: Their Effects on Accruals and Firm Policies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 40(1-2), pages 82-114, January.
    20. Huu Manh Nguyen & Wing Keung Wong & Thi Huong Giang Vuong, 2023. "Market Capitalized Scale and Corporate Capital Structure — Evidence from CSI300’s Listed Firms," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 18(03), pages 1-23, September.
    21. Boubakri, Narjess & Cosset, Jean-Claude & Saffar, Walid, 2013. "The role of state and foreign owners in corporate risk-taking: Evidence from privatization," Journal of Financial Economics, Elsevier, vol. 108(3), pages 641-658.
    22. Rua, António & Nunes, Luis C., 2012. "A wavelet-based assessment of market risk: The emerging markets case," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(1), pages 84-92.
    23. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
    24. Daniel Carvalho, 2018. "How Do Financing Constraints Affect Firms’ Equity Volatility?," Journal of Finance, American Finance Association, vol. 73(3), pages 1139-1182, June.
    25. Bobba, Matteo & Coviello, Decio, 2007. "Weak instruments and weak identification, in estimating the effects of education, on democracy," Economics Letters, Elsevier, vol. 96(3), pages 301-306, September.
    26. Carlos A. Molina & Lorenzo A. Preve, 2009. "Trade Receivables Policy of Distressed Firms and Its Effect on the Costs of Financial Distress," Financial Management, Financial Management Association International, vol. 38(3), pages 663-686, September.
    27. repec:bla:jfinan:v:59:y:2004:i:5:p:2061-2092 is not listed on IDEAS
    28. Buysschaert, An & Deloof, Marc & Jegers, Marc, 2004. "Equity sales in Belgian corporate groups: expropriation of minority shareholders? A clinical study," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 81-103, January.
    29. Vo, Xuan Vinh, 2015. "Foreign ownership and stock return volatility – Evidence from Vietnam," Journal of Multinational Financial Management, Elsevier, vol. 30(C), pages 101-109.
    30. Phan, Quynh Trang, 2018. "Corporate debt and investment with financial constraints: Vietnamese listed firms," Research in International Business and Finance, Elsevier, vol. 46(C), pages 268-280.
    31. Giang Thi Huong Vuong & Manh Huu Nguyen & Wing Keung Wong, 2022. "CBOE volatility index (VIX) and corporate market leverage," Cogent Economics & Finance, Taylor & Francis Journals, vol. 10(1), pages 2111798-211, December.
    32. Nguyen, Huu Manh & Bakry, Walid & Vuong, Thi Huong Giang, 2023. "COVID-19 pandemic and herd behavior: Evidence from a frontier market," Journal of Behavioral and Experimental Finance, Elsevier, vol. 38(C).
    33. Edward I. Altman, 1968. "Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy," Journal of Finance, American Finance Association, vol. 23(4), pages 589-609, September.
    34. Yihui Pan & Tracy Yue Wang & Michael S. Weisbach, 2015. "Learning About CEO Ability and Stock Return Volatility," The Review of Financial Studies, Society for Financial Studies, vol. 28(6), pages 1623-1666.
    35. Vo, Xuan Vinh, 2018. "Do firms with state ownership in transitional economies take more risk? Evidence from Vietnam," Research in International Business and Finance, Elsevier, vol. 46(C), pages 251-256.
    36. Kim, Wi Saeng & Sorensen, Eric H., 1986. "Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(2), pages 131-144, June.
    37. Yonas Nigussie Isayas, 2021. "Financial distress and its determinants: Evidence from insurance companies in Ethiopia," Cogent Business & Management, Taylor & Francis Journals, vol. 8(1), pages 1951110-195, January.
    38. Kimberly J. Cornaggia & Gopal V. Krishnan & Changjiang Wang, 2017. "Managerial Ability and Credit Ratings," Contemporary Accounting Research, John Wiley & Sons, vol. 34(4), pages 2094-2122, December.
    39. Baker, Malcolm & Wurgler, Jeffrey & Yuan, Yu, 2012. "Global, local, and contagious investor sentiment," Journal of Financial Economics, Elsevier, vol. 104(2), pages 272-287.
    40. Allison Koester & Terry Shevlin & Daniel Wangerin, 2017. "The Role of Managerial Ability in Corporate Tax Avoidance," Management Science, INFORMS, vol. 63(10), pages 3285-3310, October.
    41. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
    42. Cornett, Marcia Millon & Marcus, Alan J. & Saunders, Anthony & Tehranian, Hassan, 2007. "The impact of institutional ownership on corporate operating performance," Journal of Banking & Finance, Elsevier, vol. 31(6), pages 1771-1794, June.
    43. Becchetti, Leonardo & Trovato, Giovanni, 2002. "The Determinants of Growth for Small and Medium Sized Firms: The Role of the Availability of External Finance," Small Business Economics, Springer, vol. 19(4), pages 291-306, December.
    44. Han Donker & Bernard Santen & Saif Zahir, 2009. "Ownership structure and the likelihood of financial distress in the Netherlands," Applied Financial Economics, Taylor & Francis Journals, vol. 19(21), pages 1687-1696.
    45. Cleary, Sean, 2006. "International corporate investment and the relationships between financial constraint measures," Journal of Banking & Finance, Elsevier, vol. 30(5), pages 1559-1580, May.
    46. Giannetti, Mariassunta, 2003. "Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(1), pages 185-212, March.
    47. Maury, Benjamin & Pajuste, Anete, 2005. "Multiple large shareholders and firm value," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1813-1834, July.
    48. Zeeshan Ahmed & Daw Tin Hla, 2019. "Stock return volatility and capital structure measures of nonfinancial firms in a dynamic panel model: Evidence from Pakistan," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 24(1), pages 604-628, January.
    49. Peter Demerjian & Baruch Lev & Sarah McVay, 2012. "Quantifying Managerial Ability: A New Measure and Validity Tests," Management Science, INFORMS, vol. 58(7), pages 1229-1248, July.
    50. Nha Duc Bui & Yun‐Yi Wang & Jin‐Ping Lee, 2022. "Payout policies, government ownership, and financial constraints: Evidence from Vietnam," International Review of Finance, International Review of Finance Ltd., vol. 22(4), pages 600-636, December.
    51. Muhammad Ali Nasir & Muhammad Shahbaz & Trinh Thi Mai & Moade Shubita, 2021. "Development of Vietnamese stock market: Influence of domestic macroeconomic environment and regional markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 1435-1458, January.
    52. Vo, Xuan Vinh, 2016. "Does institutional ownership increase stock return volatility? Evidence from Vietnam," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 54-61.
    53. Mohammed Altuntas & Andre P. Liebenberg & Ethan D. Watson & Serhat Yildiz, 2017. "Hedging, Cash Flows, and Firm Value: Evidence of an Indirect Effect," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 40(1), pages 1-22.
    54. Vo, Xuan Vinh & Pham, Thi Hoang Anh & Doan, Thang Ngoc & Luu, Hiep Ngoc, 2021. "Managerial Ability and Bank Lending Behavior," Finance Research Letters, Elsevier, vol. 39(C).
    55. Oxelheim, Lars & Randoy, Trond, 2003. "The impact of foreign board membership on firm value," Journal of Banking & Finance, Elsevier, vol. 27(12), pages 2369-2392, December.
    56. Chen, Jing & Chollete, Lorán & Ray, Rina, 2010. "Financial distress and idiosyncratic volatility: An empirical investigation," Journal of Financial Markets, Elsevier, vol. 13(2), pages 249-267, May.
    57. Junaid Haider & Hong-Xing Fang, 2018. "CEO power, corporate risk taking and role of large shareholders," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 10(1), pages 55-72, April.
    58. Murillo Campello & Long Chen, 2010. "Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returns," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(6), pages 1185-1198, September.
    59. Nadeem, Muhammad & Zaman, Rashid & Suleman, Tahir & Atawnah, Nader, 2021. "CEO ability, career concerns, firms’ lifecycle and investments in intellectual capital," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 237-251.
    60. Wooldridge, Jeffrey M., 2009. "On estimating firm-level production functions using proxy variables to control for unobservables," Economics Letters, Elsevier, vol. 104(3), pages 112-114, September.
    61. Eliezer Fich & Steve Slezak, 2008. "Can corporate governance save distressed firms from bankruptcy? An empirical analysis," Review of Quantitative Finance and Accounting, Springer, vol. 30(2), pages 225-251, February.
    62. Palia, Darius & Lichtenberg, Frank, 1999. "Managerial ownership and firm performance: A re-examination using productivity measurement," Journal of Corporate Finance, Elsevier, vol. 5(4), pages 323-339, December.
    63. Gordon, Myron J, 1971. "Towards a Theory of Financial Distress," Journal of Finance, American Finance Association, vol. 26(2), pages 347-356, May.
    64. Byungmo Kim, 2011. "Do Foreign Investors Encourage Value-Enhancing Corporate Risk Taking?," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 47(3), pages 88-110, May.
    65. Chen, Carl R & Steiner, Thomas L, 1999. "Managerial Ownership and Agency Conflicts: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy, and Dividend Policy," The Financial Review, Eastern Finance Association, vol. 34(1), pages 119-136, February.
    66. Nam Hoai Tran & Chi Dat Le & David McMillan, 2020. "Ownership concentration, corporate risk-taking and performance: Evidence from Vietnamese listed firms," Cogent Economics & Finance, Taylor & Francis Journals, vol. 8(1), pages 1732640-173, January.
    67. Murillo Campello & Long Chen, 2010. "Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returns," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(6), pages 1185-1198, September.
    68. Thi Huong Giang Vuong & Yang-Che Wu & Tzu-Ching Weng & Huu Manh Nguyen & Xuan Vinh Vo, 2023. "Capital Structure Choices and Stock Market Volatility: Evidence from Chinese Listed Firms," Chinese Economy, Taylor & Francis Journals, vol. 56(1), pages 25-49, January.
    69. Faccio, Mara & Marchica, Maria-Teresa & Mura, Roberto, 2016. "CEO gender, corporate risk-taking, and the efficiency of capital allocation," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 193-209.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nguyen, Tuan & Locke, Stuart & Reddy, Krishna, 2014. "A dynamic estimation of governance structures and financial performance for Singaporean companies," Economic Modelling, Elsevier, vol. 40(C), pages 1-11.
    2. Kabir, Md Nurul & Miah, Mohammad Dulal & Ali, Searat & Sharma, Parmendra, 2020. "Institutional and foreign ownership vis-à-vis default risk: Evidence from Japanese firms," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 469-493.
    3. Manzaneque, Montserrat & Merino, Elena & Priego, Alba María, 2016. "The role of institutional shareholders as owners and directors and the financial distress likelihood. Evidence from a concentrated ownership context," European Management Journal, Elsevier, vol. 34(4), pages 439-451.
    4. Manzaneque, Montserrat & Priego, Alba María & Merino, Elena, 2016. "Corporate governance effect on financial distress likelihood: Evidence from Spain," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 19(1), pages 111-121.
    5. Ahsan Habib & Mabel D' Costa & Hedy Jiaying Huang & Md. Borhan Uddin Bhuiyan & Li Sun, 2020. "Determinants and consequences of financial distress: review of the empirical literature," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 1023-1075, April.
    6. Naeem Tabassum & Satwinder Singh, 2020. "Corporate Governance and Organisational Performance," Springer Books, Springer, number 978-3-030-48527-6, December.
    7. Efstathios Magerakis & Ahsan Habib, 2022. "Environmental uncertainty and corporate cash holdings: The moderating role of CEO ability," International Review of Finance, International Review of Finance Ltd., vol. 22(3), pages 402-432, September.
    8. Bravo-Urquiza, Francisco & Moreno-Ureba, Elena, 2021. "Does compliance with corporate governance codes help to mitigate financial distress?," Research in International Business and Finance, Elsevier, vol. 55(C).
    9. Vijayakumaran, Ratnam, 2021. "Impact of managerial ownership on investment and liquidity constraints: Evidence from Chinese listed companies," Research in International Business and Finance, Elsevier, vol. 55(C).
    10. Nguyen Van Tuan & Nguyen Anh Tuan, 2016. "Corporate Governance Structures And Performance Of Firms In Asian Markets: A Comparative Analysis Between Singapore And Vietnam," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 7(2).
    11. Khosa,Amrinder & Ahmed,Kamran & Henry,Darren, 2019. "Ownership Structure, Related Party Transactions, and Firm Valuation," Cambridge Books, Cambridge University Press, number 9781108492195, January.
    12. Maurizio La Rocca & Fabiola Montalto, 2013. "The value of blockholders shaped by moderators," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 14(sup1), pages 313-327, June.
    13. Duc Nam Phung & Anil V. Mishra, 2016. "Ownership Structure and Firm Performance: Evidence from Vietnamese Listed Firms," Australian Economic Papers, Wiley Blackwell, vol. 55(1), pages 63-98, March.
    14. Sumaira Ashraf & Elisabete G. S. Félix & Zélia Serrasqueiro, 2022. "Does board committee independence affect financial distress likelihood? A comparison of China with the UK," Asia Pacific Journal of Management, Springer, vol. 39(2), pages 723-761, June.
    15. Min-Rui Choo & Chih-Wei Wang & Chi Yin & Jie-Lun Li, 2021. "Managerial Ability and External Financing," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 28(2), pages 207-241, June.
    16. Ruiz-Mallorquí, María Victoria & Santana-Martín, Domingo J., 2011. "Dominant institutional owners and firm value," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 118-129, January.
    17. Goergen, Marc & Manjon, Miguel C. & Renneboog, Luc, 2008. "Recent developments in German corporate governance," International Review of Law and Economics, Elsevier, vol. 28(3), pages 175-193, September.
    18. Sabri Boubaker & Riadh Manita & Wael Rouatbi, 2021. "Large shareholders, control contestability and firm productive efficiency," Annals of Operations Research, Springer, vol. 296(1), pages 591-614, January.
    19. Bansal, Shashank & Thenmozhi, M., 2020. "Does Concentrated Founder Ownership Affect Related Party Transactions? Evidence from an Emerging Economy," Research in International Business and Finance, Elsevier, vol. 53(C).
    20. Attiya Y. Javid & Robina Iqbal, 2010. "Corporate Governance in Pakistan : Corporate Valuation, Ownership and Financing," Governance Working Papers 22830, East Asian Bureau of Economic Research.

    More about this item

    Keywords

    Stock return volatility; Financial distress; Ownership structure; Managerial ability; Financial constraints;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • H70 - Public Economics - - State and Local Government; Intergovernmental Relations - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:reveco:v:91:y:2024:i:c:p:634-652. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620165 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.