Template-Type: ReDIF-Article 1.0 Author-Name: George Yiapanas Author-X-Name-First: George Author-X-Name-Last: Yiapanas Author-Name: Alkis Thrassou Author-X-Name-First: Alkis Author-X-Name-Last: Thrassou Title: Football industry stakeholders' salience and attributes - the case of Cyprus, EU Abstract: The purpose of this paper is to theoretically identify the various stakeholders of the football industry and to define and delineate their typology, prioritisation and interrelationships, along with specific attributes; drawing in parallel explicit theoretical and practical conclusions towards scholarly advancement and managerial implementation. The research focuses on the case of Cyprus, a small European (EU) island-state, whose football-specific attributes, in all its business, sporting and social contexts make it a rather unique and valuable case study for football internationally. Methodologically, the research relies on an extensive theoretical study and the application of Mitchell et al. (1997) typology of stakeholders' attributes and salience. Journal: Global Business and Economics Review Pages: 231-251 Issue: 3 Volume: 26 Year: 2022 Keywords: stakeholder theory; Cyprus football; stakeholder identification; stakeholder salience; stakeholder prioritisation. File-URL: http://www.inderscience.com/link.php?id=122383 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:3:p:231-251 Template-Type: ReDIF-Article 1.0 Author-Name: Baker Ahmad Alserhan Author-X-Name-First: Baker Ahmad Author-X-Name-Last: Alserhan Author-Name: Daphne Halkias Author-X-Name-First: Daphne Author-X-Name-Last: Halkias Author-Name: Aisha Wood Boulanouar Author-X-Name-First: Aisha Wood Author-X-Name-Last: Boulanouar Author-Name: Marcos Komodromos Author-X-Name-First: Marcos Author-X-Name-Last: Komodromos Author-Name: Tahar Lazhar Ayed Author-X-Name-First: Tahar Lazhar Author-X-Name-Last: Ayed Author-Name: Othman Althawadi Author-X-Name-First: Othman Author-X-Name-Last: Althawadi Title: The effect of religiosity and demographic variables on Arab women consumers' self-expression through luxury brands: a mixed methods study Abstract: This mixed methods study focuses on one category of luxury female consumer products and investigates its relationship with Muslim consumer religiosity and other demographic variables to provide greater understanding of the consumer behaviour of this largely unknown consumer segment. Building on the recommendations of two related earlier studies, this paper tests the four key propositions of complexity theory. Symmetrical testing was done using correlation, cross-tabulation and contrarian case analysis to examine the association among the constructs of religiosity, demographics and self-expression. Then, asymmetrical fsQCA data analyses were done to test major tenets of the theory of complexity. Findings provide further support that utilising a combination of complexity theory, fsQCA and pattern research in service dominant logic is a proper fit for advancing theory, method and practice in service research. The results show that relationships in the emotions-brand domain are not as straightforward as previously thought. Journal: Global Business and Economics Review Pages: 252-284 Issue: 3 Volume: 26 Year: 2022 Keywords: complexity theory; nuanced theory; self-expression; religiosity; luxury brands; Arab women consumers. File-URL: http://www.inderscience.com/link.php?id=122384 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:3:p:252-284 Template-Type: ReDIF-Article 1.0 Author-Name: Demetris Vrontis Author-X-Name-First: Demetris Author-X-Name-Last: Vrontis Author-Name: Mazen Massoud Author-X-Name-First: Mazen Author-X-Name-Last: Massoud Author-Name: Hassan Dennaoui Author-X-Name-First: Hassan Author-X-Name-Last: Dennaoui Author-Name: Sam El Nemar Author-X-Name-First: Sam El Author-X-Name-Last: Nemar Title: The impact of e-service on hotels' booking: adjusted TAM framework for customers' intentions to book hotels online Abstract: Electronic services have modified the procedures of online communication, namely in terms of available information which facilitates comparisons and transparency of markets, information diversity, and website interactivity. Understanding the determinants of customers' intentions for booking online through electronic services becomes important for the hospitality industry because, within this industry, hotels are witnessing a reorganisation of the distribution channels and marketing strategies. The purpose of this study was to examine the relationship between the TAM model, dimensions of e-service quality, and clients' hotel e-booking intentions, focusing on evidence drawn from consumers of five-star hotels in Beirut, Lebanon. Customers still seek assistance during their online booking procedure. Results revealed that perceived trust, followed by perceived ease of use and perceived risk are key factors of e-booking. In managerial terms, this research enables decision-makers to identify factors influencing consumer behaviour when buying online, as well as the motivation factors that drive them to make online purchases. Finally, this study determined the degree of association of variables through linear regression analysis in an empirical study conducted on 154 hotel guests. Journal: Global Business and Economics Review Pages: 285-313 Issue: 3 Volume: 26 Year: 2022 Keywords: e-service quality; technology acceptance model; TAM; intention; online bookings; hotel rooms. File-URL: http://www.inderscience.com/link.php?id=122385 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:3:p:285-313 Template-Type: ReDIF-Article 1.0 Author-Name: Dea'a Al-Deen Omar Al-Sraheen Author-X-Name-First: Dea'a Al-Deen Omar Author-X-Name-Last: Al-Sraheen Author-Name: Mohammad Naser Hamdan Author-X-Name-First: Mohammad Naser Author-X-Name-Last: Hamdan Title: An analysis of joint effects of free cash flows and ownership concentration on corporate debt policy Abstract: Free cash flow and concentrated ownership affect the debt policy of companies, and an emerging economy like Jordan offers an exciting scenario to examine such a phenomenon. The current research emphasises the debt policy of Jordanian industrial listed companies with free cash flow and concentrated ownership. The term of the current study was the five-year period from 2015-2019, using 51 firms with 255 firm-year observations. The findings revealed that an increase in the free cash flow level caused a debt reduction and that concentrated ownership positively influenced debt policy. This study demonstrated that excessive debt would not be prioritised as a desirable financing policy in a company with a high free cash flow level. This led to a reduction in their financial leverage ratios and increased agency costs because debt policy is one mechanism that firms use to decrease agency problems. This study contributes to exploring the implications of the free cash flow hypothesis and concentration of ownership in corporate debt policy to reduce the agency conflict also. Journal: Global Business and Economics Review Pages: 353-363 Issue: 3 Volume: 26 Year: 2022 Keywords: free cash flow; ownership concentration; debt policy; agency cost; Jordan. File-URL: http://www.inderscience.com/link.php?id=122386 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:3:p:353-363 Template-Type: ReDIF-Article 1.0 Author-Name: Bernd Britzelmaier Author-X-Name-First: Bernd Author-X-Name-Last: Britzelmaier Author-Name: Pascal Rommel Author-X-Name-First: Pascal Author-X-Name-Last: Rommel Author-Name: Jana Maria Schlosser Author-X-Name-First: Jana Maria Author-X-Name-Last: Schlosser Author-Name: Carolin Weidler Author-X-Name-First: Carolin Author-X-Name-Last: Weidler Title: Green controlling in medium-sized companies in Baden-Württemberg: an insight view Abstract: Sustainability has established itself as a term in everyday life. Regulations and laws have led to public reporting. Nevertheless, the planning and management of the three sustainability dimensions (economic, ecological and social dimension) still seems to be in its infancy in many companies, especially in small and medium-sized ones. Based on literature and study evaluations, a qualitative study was therefore conducted on the subject of 'Green controlling in SME in Baden-Württemberg'. Expert interviews were used for this purpose. Mainly driven by the initiative of the owners, sustainability has become an important issue in business practice. The setup and continuous integration of green controlling can contribute to the strengthening of existing competitive advantages and the creation of new potentials for success. Another opportunity for the further development of green controlling in SMEs is emerging from the megatrend of digitalisation, the increasing importance of which can also have complementary or positive effects on the integration of controlling for SMEs. Journal: Global Business and Economics Review Pages: 314-333 Issue: 3 Volume: 26 Year: 2022 Keywords: green controlling; sustainability; Baden-Württemberg; Germany; SME; management control; triple bottom line; TBL. File-URL: http://www.inderscience.com/link.php?id=122387 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:3:p:314-333 Template-Type: ReDIF-Article 1.0 Author-Name: Simona Mihai-Yiannaki Author-X-Name-First: Simona Author-X-Name-Last: Mihai-Yiannaki Author-Name: Lucia Gibilaro Author-X-Name-First: Lucia Author-X-Name-Last: Gibilaro Author-Name: Gianluca Mattarocci Author-X-Name-First: Gianluca Author-X-Name-Last: Mattarocci Title: Funds of hedge funds' role in portfolio diversification during crisis: the case of Cyprus Abstract: Despite the poor value delivered, institutional investors prefer to invest in funds of hedge funds (FOHFs) because of diversification opportunities they offer. Even though geography represents a core factor in diversification strategies, investment choices by managers are driven by the proximity to the hedge fund, therefore little is known on geographical diversification without US focus and on the contribution of the single country especially in the event of crisis. By looking at hedge funds from the UK, Ireland and Cyprus, results show that geographical diversification matters for FOHFs. Independently from the RAP measure selected, funds based in Cyprus do not outperform with respect to other market, but they contribute to the reduction of systemic risk, tracking error or downside risk exposure. Journal: Global Business and Economics Review Pages: 218-230 Issue: 3 Volume: 26 Year: 2022 Keywords: hedge funds; performance; funds of hedge funds; FOHF; portfolio diversification; Sharpe ratio; Treynor index; Jensen's alpha; Modigliani's square; information ratio; Sortino index; Cyprus. File-URL: http://www.inderscience.com/link.php?id=122388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:3:p:218-230 Template-Type: ReDIF-Article 1.0 Author-Name: Petros Lois Author-X-Name-First: Petros Author-X-Name-Last: Lois Author-Name: George Drogalas Author-X-Name-First: George Author-X-Name-Last: Drogalas Author-Name: Alkiviadis Karagiorgos Author-X-Name-First: Alkiviadis Author-X-Name-Last: Karagiorgos Author-Name: Adamantia Parcha Author-X-Name-First: Adamantia Author-X-Name-Last: Parcha Title: Financial statement misrepresentation: the role of internal and external audit Abstract: This paper focuses on the importance of internal and external audits in reducing misrepresentation or falsification of financial statements and examines the key characteristics, reasons, and methods for committing as well as confronting fraud. Electronic questionnaires were sent to stock-exchange-listed companies with an internal audit department. Descriptive statistics, factor analysis, and multiple regressions show that internal audit contributes significantly to reducing fraud. Factor analysis shows a significant internal audit contribution against fraud. Linear regression highlights the significance of variables concerning the reasons for falsification, external auditors' competence, and internal auditors' and audit committees' efficiency. Business fraud is organised and therefore difficult to detect, disclose, and prevent, especially when conducted by the board of directors; further, it is more common in businesses without control mechanisms. Audit's role is key in preventing and detecting fraud; it should act as a strong, internal, independent control function. Despite the importance of audit, the phenomenon of fraud, there has not been much empirical research on this issue. Journal: Global Business and Economics Review Pages: 334-352 Issue: 3 Volume: 26 Year: 2022 Keywords: financial statement misrepresentation; fraud; internal audit; external audit; audit committee. File-URL: http://www.inderscience.com/link.php?id=122391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:3:p:334-352 Template-Type: ReDIF-Article 1.0 Author-Name: Puji Handayati Author-X-Name-First: Puji Author-X-Name-Last: Handayati Author-Name: Cipto Wardoyo Author-X-Name-First: Cipto Author-X-Name-Last: Wardoyo Author-Name: Lioni Indrayani Author-X-Name-First: Lioni Author-X-Name-Last: Indrayani Author-Name: Yohanes Indrayono Author-X-Name-First: Yohanes Author-X-Name-Last: Indrayono Title: Leverage and firm characteristics what matter? Data from the Indonesian Stock Exchange Abstract: The purpose of this study is to investigate the relations between firm characteristics and financial leverage for Indonesian publicly-held firms. Based on data obtained from 206 firms listed in the Indonesian stock exchange for the periods of 2007-2016, we hypothesise and find that financial leverage is negatively associated with a firm's profitability, and firm size. Furthermore, we predict and find that growth opportunity and median industry leverage is positively associated with financial leverage. Concerning asset tangibility, we did not find a significant relation with financial leverage. The findings of our study provide useful insights into understanding the factors that should be used by firm managers to make their financing decisions especially in Indonesian publicly-held firms. Journal: Global Business and Economics Review Pages: 268-280 Issue: 3 Volume: 27 Year: 2022 Keywords: leverage; assets-tangibility; profitability; firm-size; market-to-book-ratio; median industry leverage; Indonesian publicly-held firms. File-URL: http://www.inderscience.com/link.php?id=125742 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:3:p:268-280 Template-Type: ReDIF-Article 1.0 Author-Name: Ishfaq Hussain Bhat Author-X-Name-First: Ishfaq Hussain Author-X-Name-Last: Bhat Author-Name: Shilpi Gupta Author-X-Name-First: Shilpi Author-X-Name-Last: Gupta Title: Effect of consumers' perceived risk on relationship marketing for m-shopping in India: the moderated mediation role of demonetisation Abstract: With the development of digital technologies, customers have shifted to various digital platforms for fulfilling their shopping requirements. With demonetisation digital platforms for shopping have been encouraged thus paving the way for m-shoppers to shop at their place of convenience. In spite of all the benefits offered to m-shoppers, they perceive certain risks while shopping through their mobile phones. Therefore, the present study examines the impact of various behavioural constructs like perceived risk, trust, commitment and purchase intention on m-shopping. The data collected with the help of standardised questionnaires was subject to various statistical tools. The findings of the study reveal that perceived risk has an inverse relationship with m-shopping behaviour. The moderated mediation analysis also indicates a positive impact of demonetisation on overall m-shopping behaviour. The study contributes to the m-shopping literature and recommends to the academicians, policymakers and retailers to gauge the quantum of various risks perceived by the customers in m-shopping. Journal: Global Business and Economics Review Pages: 281-302 Issue: 3 Volume: 27 Year: 2022 Keywords: perceived risk; demonetisation; trust; commitment; purchase intention; India; digital; m-shopping; apps; shopping behaviour; financial risk; functional risk. File-URL: http://www.inderscience.com/link.php?id=125743 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:3:p:281-302 Template-Type: ReDIF-Article 1.0 Author-Name: Mohammad Issa Almaharmeh Author-X-Name-First: Mohammad Issa Author-X-Name-Last: Almaharmeh Author-Name: Ali A. Shehadeh Author-X-Name-First: Ali A. Author-X-Name-Last: Shehadeh Author-Name: Mohammad Aladwan Author-X-Name-First: Mohammad Author-X-Name-Last: Aladwan Title: Financial analyst coverage and tax avoidance: evidence from the UK Abstract: This paper examines the impact of analyst coverage on corporate tax avoidance strategies. Previous literature suggests different views about the possible relationships linking these phenomena. After examining 3,475 firm-year observations collected from the UK market for the period 2011-2018 the findings suggest that high intensity in analyst coverage leads to increased tax avoidance activities. This result is in line with the 'pressure view', which posits that managers may be more incentivised to reach or exceed earnings expectations to evade the unfavourable consequences of missing analysts' earnings benchmarks. Our results are robust after applying pooled OLS and fixed-effects panel regressions. Journal: Global Business and Economics Review Pages: 253-267 Issue: 3 Volume: 27 Year: 2022 Keywords: corporate tax avoidance; corporate tax aggressiveness; financial analyst coverage; earnings management; corporate governance; market pressure; analyst following; UK. File-URL: http://www.inderscience.com/link.php?id=125746 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:3:p:253-267 Template-Type: ReDIF-Article 1.0 Author-Name: Houda BenMabrouk Author-X-Name-First: Houda Author-X-Name-Last: BenMabrouk Author-Name: Ikbel BenAbdessalem Author-X-Name-First: Ikbel Author-X-Name-Last: BenAbdessalem Title: The effect of capital structure on banking performance: a meta-analytical approach Abstract: This paper studies the relationship between banking capital and performance through a systematic review. We perform the meta-analysis technique on 66 papers for a 57-year period that spans from 1958 to 2015. Using the random effect model and the Hedges' g measure, the results show that the capital structure does not affect banking performance, which confirms the Modigliani and Miller (1958) findings. However, the meta-regression indicates that the relationship between banking capital structure and performance is significantly associated to the proxy of capital structure, the performance indicator, the banking type (conventional versus Islamic) and the context of the study (developed versus emerging). Finally, the results indicate that Islamic banks' performance is not affected by capital structure. Journal: Global Business and Economics Review Pages: 303-323 Issue: 3 Volume: 27 Year: 2022 Keywords: banking performance; capital structure; meta-analysis; meta-regression. File-URL: http://www.inderscience.com/link.php?id=125750 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:3:p:303-323 Template-Type: ReDIF-Article 1.0 Author-Name: Bhumiswor Sharma Author-X-Name-First: Bhumiswor Author-X-Name-Last: Sharma Author-Name: P. Srikanth Author-X-Name-First: P. Author-X-Name-Last: Srikanth Author-Name: Mareena Mathew Author-X-Name-First: Mareena Author-X-Name-Last: Mathew Title: A closer look at industry-associated value premium: evidence from India Abstract: This paper examines whether the academic literature-promised value premium has any industry association in the Indian equity market and the relationship between stock returns, value, and size within and across industries. We examine all listed firms trading at BSE India between 1999-2020, using CAPM and Fama-French three-factor models on each firm-levels and industry-level portfolio. The positive and significant value effect was found to exist in 17 out of 21 industry groups. Both industry and firm-level value effects are identified; however, the firm-level effect seems more prominent. Furthermore, the value effect is most substantial in small-cap value stocks of value- and growth-oriented industries, large-cap value stocks of value-oriented industry groups, then small-cap growth stocks of value- and growth-oriented industries and large-cap growth stocks of value- and growth-oriented industries. We also show evidence confirming the claim that value premium results from investors challenging higher returns from firms and industries operating in higher risk and distressing constraints. Journal: Global Business and Economics Review Pages: 352-392 Issue: 3 Volume: 27 Year: 2022 Keywords: value premium; firm size; regulated industry groups; risk measures; portfolio management; financial market; CAPM; Fama-French three-factor model; value effect; stock returns; India. File-URL: http://www.inderscience.com/link.php?id=125752 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:3:p:352-392 Template-Type: ReDIF-Article 1.0 Author-Name: Mokhalles M. Mehdi Author-X-Name-First: Mokhalles M. Author-X-Name-Last: Mehdi Author-Name: Tridib Ranjan Sarma Author-X-Name-First: Tridib Ranjan Author-X-Name-Last: Sarma Title: Systematic review on performance and growth drivers of SMEs Abstract: The small and medium enterprises (SMEs) sector is an influential driver in the growth of any economy in the world. Albeit scholars have conducted SME research on performance and growth factors for over two decades, our understanding of this particular type of research is still limited. The study is an attempt to explore the determinants of SMEs' performance and systematically reviewed 78 relevant literatures. It concluded that SMEs characteristics, managerial characteristics, internal and external factors influenced the growth and performance of SMEs. The study proposed a framework integrating the past approach and literature. Through the systematic review, we noticed inconsistencies in paradigms that allowed us to offer suggestions for future research. Among the opportunities for future research in the area of SME performance is in-depth qualitative research in the diverse SME sector to understand the performance followed by a focus on methodological trends in SMEs research that need further attention. Journal: Global Business and Economics Review Pages: 324-351 Issue: 3 Volume: 27 Year: 2022 Keywords: entrepreneurship; small and medium enterprises; SMEs; performance; financial; non-financial; systematic literature review. File-URL: http://www.inderscience.com/link.php?id=125753 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:3:p:324-351 Template-Type: ReDIF-Article 1.0 Author-Name: Laila Jahidatul Falah Author-X-Name-First: Laila Jahidatul Author-X-Name-Last: Falah Author-Name: Aria Farah Mita Author-X-Name-First: Aria Farah Author-X-Name-Last: Mita Title: ESG disclosure and the role of CEO narcissism on firm value: the case of ASEAN-5 Abstract: This study discusses the current trend regarding company performance which is not only seen from the financial aspect but how the company will sustain by contributing to its stakeholder in terms of its environmental, social, and governance aspects (ESG). CEO narcissism is a CEO character that encourages the improvement of the environmental, social, and governance (ESG) performance. This study examines the effect of ESG disclosure on firm value and the role of CEO narcissism to moderate the relationship between ESG disclosure and firm value. The ESG score from Thomson Reuters measured ESG disclosure, and the unobtrusive indicators by Chatterjee and Hambrick (2007) measured CEO narcissism. Samples are from non-financial companies in ASEAN-5 countries with period cover years from 2014 to 2017. The results show that the ESG disclosure and CEO narcissism increase the firm value. Further, CEO narcissism strengthens the positive influence of ESG disclosure on firm value. Journal: Global Business and Economics Review Pages: 133-148 Issue: 2 Volume: 27 Year: 2022 Keywords: ESG disclosure; environment; social; governance; executive; narcissism. File-URL: http://www.inderscience.com/link.php?id=125036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:2:p:133-148 Template-Type: ReDIF-Article 1.0 Author-Name: Catherine Georgiou Author-X-Name-First: Catherine Author-X-Name-Last: Georgiou Author-Name: Ioannis Neokosmidis Author-X-Name-First: Ioannis Author-X-Name-Last: Neokosmidis Author-Name: Vassilis Polimenis Author-X-Name-First: Vassilis Author-X-Name-Last: Polimenis Title: Modified ratios and the cyclically adjusted price-earnings ratio Abstract: The simple dividend-price (dp) and earnings-price (ep) ratios for the US stock market econometrically appear to be non-stationary. The contribution of this paper is to propose and study the use of a modified earnings-price ratio (mep) that is a stationary version of the conventional ep ratio. A second contribution is to study the forecasting performance of the modified earnings-price ratio (mep) and modified dividend-price (mdp) alongside the classical ep and dp but also the well-known cyclically adjusted pe ratio (CAPE). In-sample forecasting suggests that the modified ratios have improved nominal return fit over the simple ones. Out-of-sample (OoS), mep provides improvements over the classical ep for nominal return forecasting but no benefit for real returns. CAPE does not seem to generalise well with OoS except for the very long horizon. From an investing perspective, when using the entire sample to estimate the trend correction, one could obtain 27% OoS gain for the 5-year period from the predictive regression with mdp. Over the 7- and 10-year return horizon, the theoretical OoS performance gain through mdp is 60% and 69%, respectively. Journal: Global Business and Economics Review Pages: 209-231 Issue: 2 Volume: 27 Year: 2022 Keywords: price-to-earnings ratio; dividend-price ratio; non-stationary ratios; PE ratio; modified ratios. File-URL: http://www.inderscience.com/link.php?id=125037 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:2:p:209-231 Template-Type: ReDIF-Article 1.0 Author-Name: Nasser Alshareef Author-X-Name-First: Nasser Author-X-Name-Last: Alshareef Title: Evaluating the effects of formal and informal institutional on multinational enterprises working in Saudi Arabia Abstract: Foreign direct investment is unique in a way that it offers an opportunity for the investor to invest in a host country in multiple ways. Formal and informal institutions play significant roles in attracting foreign direct investment made by multinational enterprises. The current work aims to explore the influence of formal and informal institutional avoidance, adaption, and co-evolution factors for the inflow of FDI as perceived by the MNEs working in KSA as an evolutionary approach to international business. The data was collected from the British MNEs working in KSA and was analysed with logistic regression. The study results suggest the formal institutional avoidance and adaptation factors significantly influence the inflow of FDI as perceived by the MNEs working in KSA. While the formal institutional co-evolution factors insignificantly influence the FDI in KSA. For the informal institutional factors, only informal avoidance significantly influences the FDI in KSA. Journal: Global Business and Economics Review Pages: 167-191 Issue: 2 Volume: 27 Year: 2022 Keywords: foreign direct investment; FDI; institutions; multinationals; formal; informal; multinational enterprises; MNEs; capital. File-URL: http://www.inderscience.com/link.php?id=125042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:2:p:167-191 Template-Type: ReDIF-Article 1.0 Author-Name: Mulat Goshu Gebeyehu Author-X-Name-First: Mulat Goshu Author-X-Name-Last: Gebeyehu Title: Household saving culture and financial literacy in case of Wolaita Zone, Ethiopia Abstract: This study investigates the impact of financial literacy on household saving outcomes in the Wolaita Zone of Ethiopia. A sample of 217 households was used to collect the data. The findings demonstrated that the majority of respondents have overrepresented in informal saving mechanisms. Around 8.75% of households saved through formal means, including banks and microfinance institutions. Approximately 38.25% of respondents saved money through informal mechanisms such as saving association (Iqub and Iddir), at home, with relatives, lending, and purchasing fixed assets. Around 25.81% of respondents save in both formal and informal ways. The instrumental variable (IV) estimation method estimates the impact of financial literacy on household saving outcomes. Mean financial literacy at the district level and participation in financial training are used as financial literacy instruments. According to the findings, financial literacy has a positive and substantial impact on household saving outcomes. Furthermore, financial literacy increases formal savings but has little effect on informal savings. This result highlights the importance of financial literacy policy interventions in improving household saving outcomes and attracting people to formal saving modes. Journal: Global Business and Economics Review Pages: 232-251 Issue: 2 Volume: 27 Year: 2022 Keywords: household saving; financial literacy; IV estimation; Wolaita Zone; Ethiopia. File-URL: http://www.inderscience.com/link.php?id=125043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:2:p:232-251 Template-Type: ReDIF-Article 1.0 Author-Name: Suman Dahiya Author-X-Name-First: Suman Author-X-Name-Last: Dahiya Title: Does financial deepening matter for economic growth in Asian economies? Fresh evidence from panel threshold analysis Abstract: Considering the importance of a developed financial system in the development of a nation, the present study explores the link of economic growth with financial deepening in the context of Asian economies with annual data over the period 1999 to 2018. This study is using a new index of financial development proposed by the International Monetary Fund (IMF) in the year 2016. It also examines the nonlinearity of the relationship using panel threshold regression. Estimation results find a single threshold (0.1456) effect in the financial deepening-growth nexus. The results reveal that financial deepening enhances growth in those countries where it is above the threshold value, whereas the role of financial deepening in the growth vanishes in countries where this value is below the threshold. It shows that the financial system can contribute to the growth of an economy once it exceeds the threshold level of deepening. Therefore, policymakers in the below threshold region should design and implement policies that will deepen their financial system to boost economic growth. Journal: Global Business and Economics Review Pages: 192-208 Issue: 2 Volume: 27 Year: 2022 Keywords: financial deepening; economic growth; Asian region; two-stage least square; 2SLS; panel threshold regression. File-URL: http://www.inderscience.com/link.php?id=125044 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:2:p:192-208 Template-Type: ReDIF-Article 1.0 Author-Name: Mohd Ashhari Zariyawati Author-X-Name-First: Mohd Ashhari Author-X-Name-Last: Zariyawati Author-Name: Hossain Mohammad Reyad Author-X-Name-First: Hossain Mohammad Author-X-Name-Last: Reyad Title: Changes of working capital management and firm value in Thailand and Singapore Abstract: Efficient working capital management ensures a firm can run the day-to-day operation smoothly to sustain in a longer period. Hence, the firm should be more careful on changes of working capital management. The study explores the impact of changes of working capital management on firm value using 200 listed non-financial firms from Thailand and Singapore from 2009 to 2018. By employing static panel data regressions, the study demonstrates that shareholders in Thailand perceive an extra working capital investment is significantly less worth than an extra Thai baht of cash investment. Conversely, shareholders in Singapore perceive that extra Singapore dollar of cash investment and extra working capital investment reduces firm value. These different results from both countries are expected due to the different levels of market development. Journal: Global Business and Economics Review Pages: 149-166 Issue: 2 Volume: 27 Year: 2022 Keywords: changes of working capital management; firm value; Thailand; Singapore. File-URL: http://www.inderscience.com/link.php?id=125045 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:2:p:149-166 Template-Type: ReDIF-Article 1.0 Author-Name: Phan Dinh Nguyen Author-X-Name-First: Phan Dinh Author-X-Name-Last: Nguyen Title: The impact of foreign bank presence on domestic banks' profit: evidence from Vietnam Abstract: This paper examines the impact of foreign bank presence on Vietnamese domestic banks' profit by employing data of 30 domestic banks and 30 foreign banks operating in Vietnam from 2012 to 2017. Pooled OLS, REM, FIX and GLS are used to estimate but GLS regressed results are employed to explain the impact. We propose two new measurements of foreign bank presence to expand the existing literature. Our findings show that the increased presence of foreign banks enhances domestic banks' profit. However, domestic banks have to share interest bearing income with foreign banks. Journal: Global Business and Economics Review Pages: 403-416 Issue: 4 Volume: 26 Year: 2022 Keywords: impact; foreign bank presence; domestic bank profit; Vietnam. File-URL: http://www.inderscience.com/link.php?id=123270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:4:p:403-416 Template-Type: ReDIF-Article 1.0 Author-Name: Ibrahim Emair Albawwat Author-X-Name-First: Ibrahim Emair Author-X-Name-Last: Albawwat Title: External auditors' reliance on the internal audit functions and audit fees Abstract: This study aimed at examining the direct and indirect relationship between external auditors' (EAs) reliance upon the internal audit function (IAF) and external audit fees in light of the latest revisions made on ISA 610. Data was collected using a questionnaire and then analysed using partial least squares structural equation modelling. Also, follow-up interviews were conducted to allow a more in-depth discussion of the questionnaire's responses. The results show an insignificant direct impact of EAs' reliance upon external audit fees but a significant indirect relationship mediated by external audit work hours. The results also show that reliance on work already performed by the IAF contributes to more reduction in external audit fees than reliance by using IAF to provide direct assistance. This study contributes to the literature by providing empirical evidence on the outcomes of EAs' reliance on IAF while considering the revisions made to the ISA 610. Journal: Global Business and Economics Review Pages: 436-456 Issue: 4 Volume: 26 Year: 2022 Keywords: external auditors; internal audit function; audit fees; audit work hours; auditing standards. File-URL: http://www.inderscience.com/link.php?id=123271 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:4:p:436-456 Template-Type: ReDIF-Article 1.0 Author-Name: Fiorella Pia Salvatore Author-X-Name-First: Fiorella Pia Author-X-Name-Last: Salvatore Author-Name: Michele Milone Author-X-Name-First: Michele Author-X-Name-Last: Milone Author-Name: Emanuela Resta Author-X-Name-First: Emanuela Author-X-Name-Last: Resta Author-Name: Cristina Di Dio Author-X-Name-First: Cristina Di Author-X-Name-Last: Dio Author-Name: Giancarlo Logroscino Author-X-Name-First: Giancarlo Author-X-Name-Last: Logroscino Title: Economic evaluations of diagnostic process and neuropsychological assessment of dementia: a systematic review Abstract: Alzheimer disease will have a strong growth rate among the adult population. Today, for healthcare managers, it would be extremely important to consider: the prevalence of the disease, and the demands for healthcare services. Adequate models have not yet been developed for estimating the evaluations of diagnostic tests useful for the decision-making process of healthcare managers. A systematic literature review was performed following the PRISMA checklist. The search retrieved 1,831 references. The highest impact of neuropsychological assessment was in France and Sweden. The lowest was in Spain and Netherlands. As for the total indirect costs, values varied from 630 international dollars (IntD$) in the USA, to IntD$956.25 in France for mild ALD patients. As for the moderate ALD, the lower value was in the USA (IntD$825), the medium in the UK (IntD$972.86), and the higher in Spain (IntD$1,123.33). Future research to better manage healthcare resources is recommended. Journal: Global Business and Economics Review Pages: 365-402 Issue: 4 Volume: 26 Year: 2022 Keywords: healthcare management; healthcare expenses; diagnostic cost; Alzheimer disease; ALD; review; PRISMA. File-URL: http://www.inderscience.com/link.php?id=123273 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:4:p:365-402 Template-Type: ReDIF-Article 1.0 Author-Name: Shantanu Ghosh Author-X-Name-First: Shantanu Author-X-Name-Last: Ghosh Author-Name: Tarak Nath Sahu Author-X-Name-First: Tarak Nath Author-X-Name-Last: Sahu Title: How far is productivity relevant in explaining financial inclusion across the states of India? An empirical investigation Abstract: The article exhibits inter-state evidence that an increase in productivity can promote financial inclusion, using data on 27 states and five union territories of India over the period 2002-2019. After controlling the effects of population, inflation and expenditure by governments on health and education; the study reports a contemporaneous association along with a unidirectional positive impact of productivity on per capita savings account. Applying the panel data econometrics aligned with some post-analytical checks for robustness, the study finds a significant impact of per capita net state domestic product on holding of per capita savings accounts. Propositions by Robinson and Lucas across the Indian provinces might be correct. Journal: Global Business and Economics Review Pages: 417-435 Issue: 4 Volume: 26 Year: 2022 Keywords: economic development; financial inclusion; productivity; India. File-URL: http://www.inderscience.com/link.php?id=123276 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:4:p:417-435 Template-Type: ReDIF-Article 1.0 Author-Name: Talla M. Aldeehani Author-X-Name-First: Talla M. Author-X-Name-Last: Aldeehani Author-Name: Moid U. Ahmad Author-X-Name-First: Moid U. Author-X-Name-Last: Ahmad Title: Economical and psychosocial effects of COVID-19: evidence from the GCC economies Abstract: Pandemics like COVID-19 are expected to make a dent on the pockets and the psychological state of individuals. Not just the residents of a country, the industry is also under stress and expects some support from the government to negotiate and manage the effects of such pandemics. The primary objective of the research is to understand the relationship between economic impact, stress and the government's support during the COVID-19 crisis. Additionally, it was intended to study the expectation and impact of the economic relief and support as announced by the respective governments of the Gulf Cooperation Council (GCC) countries. The study was conducted during October-December (2020) and is based on survey data as collected from GCC residents. It uses the moderation-mediation techniques and other analytical tools to draw conclusions. One of the significant finding of the research is that the stress levels of individuals during the times of pandemics can be reduced by increasing the government's support. Additionally, the economic impact of a pandemic on earnings is one of the significant reasons for an increase in stress levels of individuals. Journal: Global Business and Economics Review Pages: 457-469 Issue: 4 Volume: 26 Year: 2022 Keywords: COVID-19; economic impact; stress; Gulf Cooperation Council; GCC; government support. File-URL: http://www.inderscience.com/link.php?id=123283 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:4:p:457-469 Template-Type: ReDIF-Article 1.0 Author-Name: Jenry Cardo Manurung Author-X-Name-First: Jenry Cardo Author-X-Name-Last: Manurung Author-Name: Sudaryanto Author-X-Name-First: Author-X-Name-Last: Sudaryanto Author-Name: Dharma Tintri Ediraras Author-X-Name-First: Dharma Tintri Author-X-Name-Last: Ediraras Title: Antecedent of risk-based capital of public non-life insurance companies in Indonesia Abstract: The performance of the insurance service industry has an impact on the Indonesian economy, therefore insurance companies must be able to maintain their sustainability by maintaining a level of financial health, generally represented by risk-based capital (RBC). The purpose of this research is to test and analyse whether the macro indicators such as customer price index (CPI), gross domestic product (GDP), central bank interest rate (BIR); and micro indicators such as investment performance, loss ratio and total assets are antecedent of RBC. This quantitative research used nine samples of public non-life insurance companies in Indonesia and the secondary data were collected from annual financial reports from 2008-2019 and macroeconomic data were collected from Statistic Bureau Centre, then data panel regression analysis was conducted to test the research hypotheses. The results show that loss ratio, total assets and the movement of GDP are antecedent of the RBC. Total assets has relative big impact (positive) on RBC and loss ratio has relative small impact (positive) on RBC, on the other hand GDP has a relative medium impact (negative) on RBC. In other words, two micro indicators and one macro indicator have impacts on RBC. Journal: Global Business and Economics Review Pages: 99-110 Issue: 2 Volume: 26 Year: 2022 Keywords: macroeconomic indicators; microeconomic indicators; non-life insurance; risk-based capital; RBC. File-URL: http://www.inderscience.com/link.php?id=120992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:2:p:99-110 Template-Type: ReDIF-Article 1.0 Author-Name: Victor Barros Author-X-Name-First: Victor Author-X-Name-Last: Barros Author-Name: David Pedra Costa Author-X-Name-First: David Pedra Author-X-Name-Last: Costa Author-Name: Joaquim Miranda Sarmento Author-X-Name-First: Joaquim Miranda Author-X-Name-Last: Sarmento Title: An alternative valuation of public-private partnerships by using the Black-Scholes model: the Portuguese highway case Abstract: This study evaluates Portuguese highway PPPs' initial valuation using real options methods to assess the potential mispricing of these projects that is model dependent. Our findings suggest that some of these PPPs could be completed without resorting to outside financing for the initial investment by selling a right to ownership of projects. This different approach to real investments using options could also enable hedging future operational risks without changing the project operationally. Overall, our study addresses a relevant policy implication - whether governments should protect their interest by adopting PPP valuation as real options. Journal: Global Business and Economics Review Pages: 135-151 Issue: 2 Volume: 26 Year: 2022 Keywords: public private partnerships; concessions; valuation; Black and Scholes model. File-URL: http://www.inderscience.com/link.php?id=120996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:2:p:135-151 Template-Type: ReDIF-Article 1.0 Author-Name: Hüseyin Kaya Author-X-Name-First: Hüseyin Author-X-Name-Last: Kaya Author-Name: Özer Selçuk Author-X-Name-First: Özer Author-X-Name-Last: Selçuk Title: A new evidence for the Turkish wage curve Abstract: As an accepted empirical law of economics, the wage curve establishes a negative relationship between local unemployment rates and level of wages. By using microdata from the Household Labor Force Survey and especially focusing on the period 2014-2017, this paper analyses the existence of the Turkish wage curve for the five-year periods from 2006 to 2017. We find strong evidence for the existence of the Turkish wage curve for all periods prior to 2014, but no evidence for the period 2014-2017. We believe that this is a consequence of the recent significant changes in the Turkish labour market. Journal: Global Business and Economics Review Pages: 163-184 Issue: 2 Volume: 26 Year: 2022 Keywords: wage curve; regional labour markets; local unemployment; fixed effects. File-URL: http://www.inderscience.com/link.php?id=120997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:2:p:163-184 Template-Type: ReDIF-Article 1.0 Author-Name: Neha Gupta Author-X-Name-First: Neha Author-X-Name-Last: Gupta Author-Name: Arya Kumar Author-X-Name-First: Arya Author-X-Name-Last: Kumar Title: Comparing parametric, semi parametric and non-parametric early warning systems for banking crisis: Indian context Abstract: This study attempts to develop an early warning system (EWS) for the Indian banking sector for predicting a banking crisis. The early warning system is constructed using signal extraction approach, probit model and artificial neural networks (ANNs). The study has considered and examined the relevance of 15 leading indicators as independent variables that are likely to influence occurrence of a banking crisis, selected based on a comprehensive literature review. Inflation, stock prices, call money rate and ratio of money supply (M3) to foreign exchange reserves are found to be significant variables in predicting the possibility of an approaching banking crisis using probit and Signal Extraction approach. The comparison of predictive power for the three approaches based on quadratic probability score (QPS) and global squared bias (GSB) indicate the superiority of ANNs compared to Signal Extraction approach and probit model in terms of both accuracy and calibration. The uniqueness of this study lies in considering diverse macroeconomic variables and the relevance and reliability of different techniques in anticipating and taking proactive measures to manage the occurrence of banking sector fragility for the Indian economy. Journal: Global Business and Economics Review Pages: 111-134 Issue: 2 Volume: 26 Year: 2022 Keywords: financial crisis; early warning system; EWS; banking crisis; global financial crisis; currency crisis; artificial neural network; ANN. File-URL: http://www.inderscience.com/link.php?id=120998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:2:p:111-134 Template-Type: ReDIF-Article 1.0 Author-Name: Jessica Sardinha Siqueira Barroso Author-X-Name-First: Jessica Sardinha Siqueira Author-X-Name-Last: Barroso Author-Name: Elaine Aparecida Araujo Author-X-Name-First: Elaine Aparecida Author-X-Name-Last: Araujo Title: The trajectory of the SRI fund industry in Brazil Abstract: This article utilises data collected from the platforms quantum axis, Morningstar, and central system from Comissão de Valores Mobiliários (CVM) to present a descriptive analysis of the Brazilian socially responsible investment (SRI) funds. It was noted that, overall, the Brazilian SRI funds adopt in their policies the third generation SRI approach (positive screen), and no fund with negative screen was found. From 2001 to December 2017, the Brazilian SRI funds industry had a total of 64 funds with sustainable characteristics in its name, which represents a negligible percentage compared to the total of the Brazilian funds industry. Journal: Global Business and Economics Review Pages: 393-405 Issue: 4 Volume: 27 Year: 2022 Keywords: investment funds; SRI; socially responsible investments. File-URL: http://www.inderscience.com/link.php?id=126634 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:4:p:393-405 Template-Type: ReDIF-Article 1.0 Author-Name: Narinder Pal Singh Author-X-Name-First: Narinder Pal Author-X-Name-Last: Singh Author-Name: Himanshu Goel Author-X-Name-First: Himanshu Author-X-Name-Last: Goel Title: White Swan - the pandemic crisis, lockdown and unlock effect on the Indian stock market Abstract: The COVID-19 pandemic crisis, the White Swan event, has pushed the world markets to crash to levels that have not been witnessed since the 2008 Global Financial Crisis. Therefore, this study investigates the impact of the first wave of pandemic COVID-19, nationwide lockdown and unlock on the Indian stock market. The findings reveal that the lockdown has a significant positive impact on the volatility of BSE returns. Secondly, this study investigates the relationship between daily confirmed cases of COVID-19 and the closing price of BSE Sensex using Johansen's cointegration test. The results of cointegration test indicate that there is a long run relationship between daily confirmed cases and closing price of Sensex. Therefore, the findings of this research are beneficial to investors of all categories and portfolio managers. Journal: Global Business and Economics Review Pages: 152-162 Issue: 2 Volume: 26 Year: 2022 Keywords: COVID-19; lockdown; unlock; EGARCH; Indian stock market; volatility. File-URL: http://www.inderscience.com/link.php?id=121004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:2:p:152-162 Template-Type: ReDIF-Article 1.0 Author-Name: Najib H.S. Farhan Author-X-Name-First: Najib H.S. Author-X-Name-Last: Farhan Author-Name: Faozi A. Almaqtari Author-X-Name-First: Faozi A. Author-X-Name-Last: Almaqtari Author-Name: Mamdouh Abdulaziz Saleh Al-Faryan Author-X-Name-First: Mamdouh Abdulaziz Saleh Author-X-Name-Last: Al-Faryan Author-Name: Mosab I. Tabash Author-X-Name-First: Mosab I. Author-X-Name-Last: Tabash Title: Impact of corporate governance on working capital management: an empirical investigation from India Abstract: The current study examined the effects of corporate governance on the effectiveness of working capital management among Indian pharmaceutical companies. The study extracted data for ten years from 2008 to 2017 and the empirical analysis conducted was based on a large sample of 82 companies. The results of the current study revealed the number of directors on a board of directors negatively and significantly affects payables deferral period and receivables collection period, while composition of the board does not have a significant impact on the efficiency of working capital management. The current research is believed to be among the first to investigate the influence of corporate governance on the effectiveness of working capital management in an emerging economy, India. The study data should be beneficial for policymakers, investors, finance managers, and others concerned with the efficiency of working capital management. Journal: Global Business and Economics Review Pages: 406-428 Issue: 4 Volume: 27 Year: 2022 Keywords: working capital management; WCM; corporate governance; pharmaceutical industry; India; independent directors; dependent directors; board of directors' size; emerging economy. File-URL: http://www.inderscience.com/link.php?id=126636 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:4:p:406-428 Template-Type: ReDIF-Article 1.0 Author-Name: Narendra Singh Chaudhary Author-X-Name-First: Narendra Singh Author-X-Name-Last: Chaudhary Author-Name: Kriti Priya Gupta Author-X-Name-First: Kriti Priya Author-X-Name-Last: Gupta Title: Exploring whistle-blowing intentions of employees working in the Indian banking sector Abstract: The present study has explored the impact of organisational commitment and perceived organisational support on the internal and external whistle-blowing intentions of employees in the Indian Banking sector in this article. The purposive sampling technique has been employed to select a sample of 660 employees working in various banks in the National Capital Region (NCR) of Delhi. The primary data collected has been analysed through exploratory factor analysis (EFA) and multiple regression analysis. The results indicate that organisational support has a significant positive impact on both internal and external whistle-blowing intentions. With regards to organisational commitment, affective commitment and normative commitment have a significant positive impact on internal and external intentions of whistle-blowing. However, the relationship between continuance commitment and internal whistle-blowing intention is insignificant, whereas the impact of CC on external whistle-blowing intention has been significantly positive. Journal: Global Business and Economics Review Pages: 429-450 Issue: 4 Volume: 27 Year: 2022 Keywords: organisational commitment; internal whistle-blowing intentions; external whistle-blowing intentions; wrongdoings; banking sector; perceived organisational support. File-URL: http://www.inderscience.com/link.php?id=126638 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:4:p:429-450 Template-Type: ReDIF-Article 1.0 Author-Name: Meriem Jouirou Author-X-Name-First: Meriem Author-X-Name-Last: Jouirou Author-Name: Fathi Jouini Author-X-Name-First: Fathi Author-X-Name-Last: Jouini Title: Corporate governance mechanisms and banking performance Abstract: Our study focuses on the impact of corporate governance mechanisms on the performance of banks. Our basic idea is that several determinants of the board of directors could affect the profitability of banks. We conducted an econometric study using an estimate by panel data from a sample of 66 French banks observed over the period 2015-2019. Thus, our research aims to see more closely the nature of the relationship between these banks governance mechanisms and banking performance. The results demonstrated a positive and significant relationship between gender diversity and profitability. In addition, we found a positive impact of the independence of directors on profitability while the impact of the duality of the CEO has negative and significant effects on the profitability of the bank. We also use the Newey-West estimator and the method of weighted last square to confirm the relationship between corporate governance and banking profitability. Journal: Global Business and Economics Review Pages: 475-491 Issue: 4 Volume: 27 Year: 2022 Keywords: governance; gender diversity; duality; banking performance. File-URL: http://www.inderscience.com/link.php?id=126640 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:4:p:475-491 Template-Type: ReDIF-Article 1.0 Author-Name: Veena Madaan Author-X-Name-First: Veena Author-X-Name-Last: Madaan Author-Name: Monica Shrivastava Author-X-Name-First: Monica Author-X-Name-Last: Shrivastava Title: Sectoral herding behaviour in the Indian financial market Abstract: This paper estimates the herding behaviour at the sector level in the Indian equity market. The CSSD and CSAD model were used to detect the herding for the period after global financial crisis in the equity market. Further, the asymmetry of the same was examined during upturn downturn market, high and low trading volume, and conditional volatility phase of the market. The CSSD model indicated no herding but CSAD model revealed the existence of herding in some sectors in the Indian stock market. Additionally, the cement and service sectors indicated herding irrespective of rising or falling market, trading volume, and conditional volatility. The outcome will be helpful for policymakers to design strict guidelines to provide a protected environment for investors. This study investigated the trading pattern at the sectoral level up until the year 2019, while most of the studies have covered up to the year 2015. Journal: Global Business and Economics Review Pages: 185-213 Issue: 2 Volume: 26 Year: 2022 Keywords: herding behaviour; CSSD model; CSAD model; conditional volatility; trading volume; behaviour finance. File-URL: http://www.inderscience.com/link.php?id=121011 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:2:p:185-213 Template-Type: ReDIF-Article 1.0 Author-Name: Ritika Gupta Author-X-Name-First: Ritika Author-X-Name-Last: Gupta Author-Name: Pankaj Kumar Author-X-Name-First: Pankaj Author-X-Name-Last: Kumar Title: Corporate social responsibility disclosure: a study on NIFTY 100 companies Abstract: Financial and social performances are strong pillars of sustainable corporate development. Presently, companies in India are showing a genuine and legitimate concern for the upliftment of stakeholders by giving corporate social responsibility (CSR) a place in their growth strategies. Therefore, the present study seeks to examine the CSR disclosures of companies constituting the NIFTY 100 index from 2015-2019 by preparing a CSR disclosure measurement index. The analysis reveals an average CSR disclosure of 62.13%. Further, the results indicate a significant difference in CSR disclosures on various themes, with 'environmental activities' being the most preferred theme for disclosures followed by 'human resource', 'product and customer relation', 'community development', 'development of rural areas', and 'fair business'. Likewise, 'retirement fund benefit plans' and 'providing and promoting education' are the most disclosed CSR items. The analysis also shows significant variations in CSR disclosures of sectors, with the cement and cement products sector at the top position and media and entertainment sector at the bottom-most position. Journal: Global Business and Economics Review Pages: 492-515 Issue: 4 Volume: 27 Year: 2022 Keywords: corporate social responsibility; CSR; India; disclosure; NIFTY 100. File-URL: http://www.inderscience.com/link.php?id=126643 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:4:p:492-515 Template-Type: ReDIF-Article 1.0 Author-Name: Hiroko Oe Author-X-Name-First: Hiroko Author-X-Name-Last: Oe Author-Name: Yasuyuki Yamaoka Author-X-Name-First: Yasuyuki Author-X-Name-Last: Yamaoka Author-Name: Krittin Buasin Author-X-Name-First: Krittin Author-X-Name-Last: Buasin Title: Coffee shop visiting during the pandemic: moderating effects of process and physical evidence Abstract: This study investigated the factors influencing consumers' decision to purchase coffee products during the COVID-19 pandemic. Coffee retailers are faced with the impact of the pandemic and need to provide a safe and hygienic in-store environment. A quantitative method was applied to a dataset of 428 dataset collected from an online survey in Thailand. The results suggest that the effects of the key indicators 'promotion', 'people' and 'price' are accelerated by the moderating effect of 'process'. On the other hand, the moderating effect of 'physical evidence' was found to be influential only via the interaction between 'people' and 'price'. For the moderators, it was shown that 'process' in particular, together with 'price', has a significant impact on consumer purchase intentions. The moderating effects of 'process' and 'physical evidence' on the sale of coffee products are important implications that should be reflected in the marketing strategy in order to maintain business sustainability. Journal: Global Business and Economics Review Pages: 451-474 Issue: 4 Volume: 27 Year: 2022 Keywords: antecedent factors; moderating effect; process; physical evidence; COVID-19 pandemic. File-URL: http://www.inderscience.com/link.php?id=126644 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:4:p:451-474 Template-Type: ReDIF-Article 1.0 Author-Name: Purwa Srivastava Author-X-Name-First: Purwa Author-X-Name-Last: Srivastava Author-Name: Sakshi Varshney Author-X-Name-First: Sakshi Author-X-Name-Last: Varshney Title: How volatility affects the behaviour of institutional investors in emerging markets Abstract: The investments made by domestic institutional investors (DII) have turned out to be a dynamic force for the development of Indian stock markets. This situation has motivated me to study the nexus between DII's capital flows and stock market volatility. Most studies have taken mutual funds as the proxy for DII. This paper has considered the disintegrated data of DII, which includes mutual funds and insurance companies, banks, and development financial institutions (DFI). The study discloses that out of four DII, insurance companies increase the market volatility. On the other hand, trading of banks, mutual funds, and DFI are helping to decrease the volatility in stock markets. Thus, they contribute to correct the overreaction in stock markets resulting from noise trading. Moreover, all the DII's act as informed traders because they take advantage of the volatile markets for investments. Journal: Global Business and Economics Review Pages: 43-71 Issue: 1 Volume: 27 Year: 2022 Keywords: mutual funds; insurance companies; development financial institution; DFI; banks; stock market volatility; vector autoregressive model. File-URL: http://www.inderscience.com/link.php?id=124597 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:1:p:43-71 Template-Type: ReDIF-Article 1.0 Author-Name: Pourakin Djarius Dieudonné Bama Author-X-Name-First: Pourakin Djarius Dieudonné Author-X-Name-Last: Bama Title: The policy of dividend variability of companies listed on the West African regional stock exchange: between predictability, retention and stability Abstract: We will examine the dividend policy of companies listed on the West African regional stock exchange basing findings on a panel of 31 companies. Through a regression analysis, we find a mutual and significant influence of past dividends, prices, net earnings and returns on dividend variation. Furthermore, we show that dividend variation is stationary and predictable, as are the stock price, net income and stock return. This leads us to think that managers practise retention policy and dividend stability with an optimum distribution. Journal: Global Business and Economics Review Pages: 72-95 Issue: 1 Volume: 27 Year: 2022 Keywords: dividends; predictability of dividends; dividend retention; dividend stability. File-URL: http://www.inderscience.com/link.php?id=124598 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:1:p:72-95 Template-Type: ReDIF-Article 1.0 Author-Name: Dalowar Hossan Author-X-Name-First: Dalowar Author-X-Name-Last: Hossan Author-Name: Zuraina Dato' Mansor Author-X-Name-First: Zuraina Dato' Author-X-Name-Last: Mansor Author-Name: Mohammad Abdullah Al Mamun Author-X-Name-First: Mohammad Abdullah Al Author-X-Name-Last: Mamun Author-Name: Abu Naser Mohammad Saif Author-X-Name-First: Abu Naser Mohammad Author-X-Name-Last: Saif Author-Name: Amer Hamzah Jantan Author-X-Name-First: Amer Hamzah Author-X-Name-Last: Jantan Title: Effects of leadership styles and motivational factors on worker engagement: an empirical study on the ready-made garments industry in Bangladesh Abstract: This study inspects the effects of motivational factors (intrinsic and extrinsic) and leadership styles (transformational and transactional) on worker engagement in the ready-made garments industry of Bangladesh. The paper is based on Herzberg's motivation-hygiene theory. The study adopted a quantitative technique and used SPSS to analyse the data assembled from a valid sample of 387 workers in Bangladesh's ready-made garments industry. The findings show that extrinsic motivational factors positively correlate with worker engagement more than intrinsic motivational factors. Consequently, transformational leadership is positively associated with worker engagement more than transactional leadership among the workers in the ready-made garments industry of Bangladesh. In conclusion, it is suggested that the industry should focus more on the transformational leadership style compared to the transactional leadership style and workers have to be motivated to increase productivity in this specific industry. Journal: Global Business and Economics Review Pages: 96-115 Issue: 1 Volume: 27 Year: 2022 Keywords: worker engagement; intrinsic motivational factors; extrinsic motivational factors; transformational leadership; transactional leadership; ready-made garments; RMG; Bangladesh. File-URL: http://www.inderscience.com/link.php?id=124599 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:1:p:96-115 Template-Type: ReDIF-Article 1.0 Author-Name: Nikunj Patel Author-X-Name-First: Nikunj Author-X-Name-Last: Patel Author-Name: Bhavesh Patel Author-X-Name-First: Bhavesh Author-X-Name-Last: Patel Title: Integration of stock markets using autoregressive distributed lag bounds test approach Abstract: Financial integration plays a decisive role to the institutional investors for diversification of their investment portfolio(s). This research investigates the integration of selected stock markets (India, Australia, China, Spain, UK, and the USA) from different continents that are highly affected by COVID-19, employing the autoregressive distributed lag approach using daily data from 2 January 2011 to 7 May 2020. The outcomes show evidence of long and short-run integration among the markets. The rest of the markets are co-integrated with the markets of India, China, and UK. India has a long-run equilibrium with the USA and Spain, whereas China has a long-run association with Spain, and the UK has a long-run association with the USA. In short-run, India is positively influenced by the returns of rest of the markets, whereas all the markets under the study except USA influence China. Further, the UK's market is significantly inclined negatively by its own past innovations. Journal: Global Business and Economics Review Pages: 37-64 Issue: 1 Volume: 26 Year: 2022 Keywords: COVID-19; stock market integration; cointegration; autoregressive distributed lag; ARDL; bounds testing; USA; UK; structural breaks. File-URL: http://www.inderscience.com/link.php?id=120000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:1:p:37-64 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Ejaz Author-X-Name-First: Muhammad Author-X-Name-Last: Ejaz Author-Name: Raja Nabeel-Ud-Din Jalal Author-X-Name-First: Raja Nabeel-Ud-Din Author-X-Name-Last: Jalal Author-Name: Um-E-Roman Fayyaz Author-X-Name-First: Um-E-Roman Author-X-Name-Last: Fayyaz Title: Directors' reports cosmetic treatment: impact of earnings management on financial report readability Abstract: This study aims to identify how the earnings management practices of firms influence the readability of financial reports. Non-financial firms listed in the PSX KSE-100 index were used as sample. Panel regression model has been employed to test and analyse the data. Fog index is used to measure readability and Jones model is used to distinguish discretionary and non-discretionary accruals. The study finds that companies most likely alter the reported earnings have more complex directors' reports. Further, income deceasing earnings management has a significant and negative impact on readability of financial report, whilst the study finds no significant association of income increasing earnings management with the readability of financial reports. Journal: Global Business and Economics Review Pages: 20-36 Issue: 1 Volume: 26 Year: 2022 Keywords: earning management; financial report readability; directors report; accruals. File-URL: http://www.inderscience.com/link.php?id=120001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:1:p:20-36 Template-Type: ReDIF-Article 1.0 Author-Name: Khaldoon Ahmad Al Daoud Author-X-Name-First: Khaldoon Ahmad Al Author-X-Name-Last: Daoud Author-Name: Buthiena Kharabsheh Author-X-Name-First: Buthiena Author-X-Name-Last: Kharabsheh Title: Board political influence and corporate social responsibility: evidence from Jordan Abstract: This study examines the relationship between board political influence and corporate social responsibility (CSR) in Jordan. To achieve this objective, an index from 36-items was created by the researchers to measure the CSR activities of these companies. Using a panel dataset of 210 firm-year observations of industrial firms listed on the Amman Stock Exchange over a four-year period (2014-2018), the findings showed significantly improved positive CSR activities by boards with greater political influence, also that implementation of CSR activities was strongly enhanced by external block holder presence on the board, whereas insider ownership showed mixed results and CEO ownership appeared negative; however, director ownership was highly positive and significant under both CSR measures. Furthermore, board independence had a negative impact on corporate CSR. The findings of the present study expand our understanding of the relationship between political influence and CSR activities, using various theories to explain particular theoretical associations. Journal: Global Business and Economics Review Pages: 1-19 Issue: 1 Volume: 26 Year: 2022 Keywords: corporate social responsibility; CSR; political influences; board of directors; Amman Stock Exchange; ASE; Jordan. File-URL: http://www.inderscience.com/link.php?id=120002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:1:p:1-19 Template-Type: ReDIF-Article 1.0 Author-Name: Pankaj Kumar Gupta Author-X-Name-First: Pankaj Kumar Author-X-Name-Last: Gupta Author-Name: K.K. Jain Author-X-Name-First: K.K. Author-X-Name-Last: Jain Title: Credit default prediction for micro-enterprise financing in India using ensemble models Abstract: Assessment of default risk for micro-enterprise financing is altogether distinct from the financing of large corporations. Credit assessment officers bear dual pressure from a policy perspective to grant more credit to micro-enterprises and also an internal pressure of minimising default to them. The conventional approach of evaluating borrower-centric default risk to micro-enterprises, which uses the ability to pay criterion, has proven to be irrelevant in the absence of a first-generation potential borrower's financial data implying the need to model a set of variables capable of predicting credit default. We ensemble the findings of the multinomial logistic regression, neural network, and CHAID algorithms using the most significant variables developed from lender's package of credit granting framework for credit default prediction to improve prediction ability. We use a database of 3,013 micro-enterprises obtained from a cluster of micro-enterprises who are first-time borrowers of a financial institution based in Delhi, covering a period from 2007-2010. We find that our model is robust as predictive accuracy results confirm its validity and it can be used by policy-makers and the central bank (RBI), which can change the entire philosophy of financing for micro-enterprises in India. Journal: Global Business and Economics Review Pages: 84-98 Issue: 1 Volume: 26 Year: 2022 Keywords: default prediction model; bad risk; fore-closed risk; micro enterprises; ensemble; India. File-URL: http://www.inderscience.com/link.php?id=120004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:1:p:84-98 Template-Type: ReDIF-Article 1.0 Author-Name: Ahmed Jeribi Author-X-Name-First: Ahmed Author-X-Name-Last: Jeribi Author-Name: Mohamed Fakhfekh Author-X-Name-First: Mohamed Author-X-Name-Last: Fakhfekh Author-Name: Anis Jarboui Author-X-Name-First: Anis Author-X-Name-Last: Jarboui Title: Volatility dynamics and diversification benefits of Bitcoin under asymmetric and long memory effects Abstract: The purpose lying behind this paper is twofold. In the first place, it aims at discussing the volatility dynamics of Bitcoin, gold, oil price and stock market indices in terms of goodness-of-fit to asymmetric and long-memory GARCH models. In the second place, it focuses on examining diversification benefits of Bitcoin between 19 August 2011 and 9 November 2018 using mean-variance spanning tests. It has been discovered that the most effectively fit framework turns out to be the Fractionally Integrated Exponential GARCH model (FIEGARCH), displaying the highly significant characteristic of encompassing both of the asymmetric as well as long-memory components of conditional variance. The reached findings suggest that the shock impact on Bitcoin and gold return volatilities have proven to be permanent, while its persistence on the other indices has been discovered to be transitory. Indeed, the results show that Bitcoin yields significant diversification benefits when being added to a well-diversified benchmark portfolio. Journal: Global Business and Economics Review Pages: 65-83 Issue: 1 Volume: 26 Year: 2022 Keywords: Bitcoin; gold; stock market indices; FIEGARCH; mean-variance spanning test. File-URL: http://www.inderscience.com/link.php?id=120005 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:26:y:2022:i:1:p:65-83 Template-Type: ReDIF-Article 1.0 Author-Name: R. Ramprakash Author-X-Name-First: R. Author-X-Name-Last: Ramprakash Author-Name: C. Joe Arun Author-X-Name-First: C. Joe Author-X-Name-Last: Arun Title: A study of the tweets of successful investors in order to identify their personality Abstract: The thrust of the study is to determine the dominant personality traits of successful investors by studying their tweets in Twitter and subsequently demonstrate how these traits influence the behaviour and performance of such investors in investment related realms and in financial management. Given the importance of tweets in indicating personality traits of individuals, this study selected 25 successful investors and performed a linguistic analysis of their tweets using linguistic inquiry and word count (LIWC) software. The results of the study show that successful investors predominantly exhibit two personality traits, namely, emotional stability and openness. Nevertheless, the study found that conscientiousness has been the fundamental trait among all the investors, across the clusters. Interestingly, the study also found that successful investors have low agreeableness and do not exhibit extraversion. Journal: Global Business and Economics Review Pages: 1-19 Issue: 1 Volume: 27 Year: 2022 Keywords: investor personality; tweets; linguistic inquiry and word count; LIWC; big five traits; behavioural finance; successful investors. File-URL: http://www.inderscience.com/link.php?id=124618 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:1:p:1-19 Template-Type: ReDIF-Article 1.0 Author-Name: Umit Erol Author-X-Name-First: Umit Author-X-Name-Last: Erol Author-Name: Aydin Yuksel Author-X-Name-First: Aydin Author-X-Name-Last: Yuksel Author-Name: Asli Yuksel Author-X-Name-First: Asli Author-X-Name-Last: Yuksel Author-Name: Hakki Ozturk Author-X-Name-First: Hakki Author-X-Name-Last: Ozturk Title: The impact of expectations on the co-integration relationship between the stock and REIT markets Abstract: This paper examines if expectations have a significant impact on the co-integration relationship between stock and real estate investment trust markets. We use two widely followed expectation indicators which are the US yield spread and the expected US stock market volatility (VIX) to test this hypothesis. The US yield spread is decomposed into two components which are the expected short-term interest rate (EF) and a variable term premium (TP) using Hamilton-Kim algorithm. A dataset covering ten developed markets is used. Using co-integration score analysis our findings indicate that expected US short-term interest rates and expected US stock market volatility have a statistically significant and positive impact on the global co-integrations of different countries. This effect is especially valid in the post-global financial crisis period. The expectation-based indicators EF and VIX, however, do not seem to have a significant impact on co-integration at regional and local levels. Journal: Global Business and Economics Review Pages: 20-42 Issue: 1 Volume: 27 Year: 2022 Keywords: global; regional co-integration; the US yield spread; expected US short-term interest rates; variable term premium; international diversification. File-URL: http://www.inderscience.com/link.php?id=124626 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:1:p:20-42 Template-Type: ReDIF-Article 1.0 Author-Name: Pankaj Chaudhary Author-X-Name-First: Pankaj Author-X-Name-Last: Chaudhary Title: Stock price synchronicity and stock liquidity in an emerging market Abstract: This study examines whether the stock price synchronicity (SYNCH) can influence the stock liquidity in an emerging market. The paper also assesses the impact of demonetisation on stock liquidity. This paper applies the fixed effect and random effect panel data methods to estimate the regression model. Further, the article uses the two-step dynamic panel data technique to address the possible endogeneity problem. The paper finds that the stock price synchronicity has a positive and significant association with stock liquidity. It is noticed that the higher the SYNCH, the more is the stock liquidity by using two measures of liquidity. It is also found that stock liquidity is significantly increased post demonetisation. This study attributes this phenomenon to the well-developed online banking system in India. The paper suggests that the regulators should ensure that more firm-specific information is reflected in the stock prices. Journal: Global Business and Economics Review Pages: 116-132 Issue: 1 Volume: 27 Year: 2022 Keywords: stock price synchronicity; stock liquidity; stock illiquidity; demonetisation; emerging market. File-URL: http://www.inderscience.com/link.php?id=124629 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:gbusec:v:27:y:2022:i:1:p:116-132