Forthcoming articles


International Journal of Business and Emerging Markets


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International Journal of Business and Emerging Markets (16 papers in press)


Regular Issues


  • Customer Perceptions of Product Assortment Leading to Store Patronage : A Study of Small Retailers   Order a copy of this article
    by Surabhi Koul, Piyush Kumar Sinha, Hari Govind Mishra 
    Abstract: The review of the literature reveals the role of product variety, product availability, price perceptions, assortment organization and product quality constructs in terms of customer perceptions but such results lead to questioning the nature of the conceptual structure that would include these constructs as well as their interrelationships in a structural model. Moreover, the earlier studies are typically focused on organized stores. From this perspective, the purpose of this study is to evaluate the role of these constructs in evolving customer perceptions towards the store using data collected from 230 customers who visited small retailers in rural areas. The results reflect the importance of these identified variables towards the customer perceptions. Also the relationship between customer store perceptions and store patronage has been derived.
    Keywords: Customer Perceptions; Product Assortment; Small Retailers; Store Patronage.

  • Poverty, Sustainability and the Demographic Dividend   Order a copy of this article
    by Greg Clydesdale 
    Abstract: Mid-range population projections for Africa predict a doubling of population by 2050, with serious consequences for the environment, poverty and civil conflict. Despite this, aid agencies are expressing confidence in demographic trends, placing faith in a demographic dividend. This optimism is based on East Asian nations that enjoyed a demographic dividend during their development. The purpose of this paper is to re-examine the link between policy, population and the environment, with a particular focus on the demographic dividend. This is an analytical/conceptual paper in which existing literature is analysed. This includes a comparison with the current situation in Africa and that when the Asian nations experienced their rise. The paper finds the two are in very different situations. This paper argues that past policies have been enacted with the effect of increasing population and raising productivity with insufficient consideration of the consequences of population growth and the diversity within Africa.
    Keywords: demographic dividend; Africa; population; environment.

  • A Case Study of Spontaneous Diversification: Evidence from a Small Thai Family Firm   Order a copy of this article
    by Brandon Walker-Price, Shih Yung Chou 
    Abstract: Among the wealth of research in family firm diversification, whether family firm diversification can be spontaneous continues to be an under-analysed topic. We fill this gap by conducting a single-case study illustrating how spontaneous diversification occurs and its consequences using Chug Yont Engineering Co., Ltd, a small-sized Thai family firm. Our findings suggest four important implications. First, Buddhism has a strong implication on the mindset of corporate social responsibility (CSR). Second, through CSR engagement, family firms can develop new and unsought internal capabilities allowing them to diversify products and/or services spontaneously. Third, spontaneous diversification triggered by CSR engagement may allow family firms to exercise greater discretion in projects that they undertake and, consequently, the firms become conscientious of available resources with little regard for competition. Finally, using CSR-driven spontaneous diversification, family firms may rely little on formal marketing campaigns because spontaneous diversification helps establish social connections crucial to new ventures.
    Keywords: family firm; corporate social responsibility; diversification; Thailand; Buddhism.

  • International orientation and business group performance: Moderating role of product diversification (Evidence from India)   Order a copy of this article
    by Pradeep Kumar Hota, Sumit Mitra 
    Abstract: Research on internationalization and product diversification are primarily conducted at the firm level, leading to lack of understanding of these phenomena at the business group level. We address this gap by examining the effect of international orientation and product diversification on performance of business group and the moderating role of product diversification on international orientation and performance relationship. Using a sample of business groups from India, we tested our hypothesis by applying GLS Fixed-effect regression model. Our result suggests that international orientation has a negative effect whereas product diversification has a positive effect on performance of business group. Further, presence of product diversification enhances the negative effect of international orientation on performance of business groups. Research findings have important implications for researchers as well as for business group managers.
    Keywords: International orientation; Product diversification; Emerging economy; Business group; Excess value measure.

  • Employee participation in Corporate Volunteering   Order a copy of this article
    by Sekar Srinivasan, Lata Dyaram 
    Abstract: Corporate Volunteering (CV) is on the rise with several firms actively supporting and sponsoring social/community development activities, investing their key asset: employees, beyond mere donations. Most often, volunteering activities do need high levels of commitment and involvement of their employees to realize the purpose of volunteering activities. Although, employees involvement is fundamental for CV, attraction, and sustenance of their participation is a long-standing challenge for the organizations. Hence, a systematic inquiry into the dynamic nature of drivers of employee participation in corporate volunteering is necessitated to understand the phenomenon of employee volunteering. We seek to explore and propose some of the key drivers of employee support for CV. Further, we inquire some of the volunteering experiences/challenges and organizational outcomes aiding insights into employee sustained involvement and support for volunteering initiatives. We discuss theoretical and managerial implications.
    Keywords: motivation; participation; corporate volunteering; organizational commitment; volunteering experiences.

  • Dividend Policy of Firms Listed on Casablanca Stock Exchange: a Panel Data Analysis   Order a copy of this article
    by Imad Jabbouri, Abdelillah El Attar 
    Abstract: This study attempts to identify the main determinants of dividend policy in an emerging market, Casablanca Stock Exchange (CSE). It also evaluates the theories that better explain the dividend behavior of Moroccan listed firms. Data consists of all non-financial firms listed on CSE between 2004 and 2015. This study employs panel data analysis, specifically the fixed effects and the random effects models. The findings of this study reveal that current profits, financial leverage, growth, liquidity, free cash flow, institutional stock holdings and economic conjuncture represent the main determinants of dividend policy of Moroccan listed firms. The study demonstrates that the level of expected earnings and past dividend patterns do not influence dividend policy. Given the severity of agency problems in CSE and the role of dividend policy in reducing agency problems, understanding the factors influencing dividend policy is fundamental for investors trading in this market. Moreover, the study offers analysts, investors and academicians a valuable tool to understand how CFOs, CEOs, and boards of directors design dividend policy. A comprehensive understanding of dividend policy and the factors shaping it enables analysts and investors to select the appropriate valuation models and enhance their dividend forecasts. Such improvements are expected to produce better firms valuations and investment decisions, which subsequently boost investors confidence, increase market activity, and support economic growth.
    Keywords: Dividend Policy; Dividend Puzzle; Emerging Markets.

  • The psychology of inflation on commitment bonds and citizenship intent: the case of Ghana   Order a copy of this article
    Abstract: This study investigated the moderating effect of perceived inflation, an economic volatility construct, on the relation between commitment bonds and citizenship behaviour in the organisation and the union. A survey questionnaire was used to elicit perceptual responses from respondents in multiple unionised organisations in Ghana. Moderated multiple regression analysis was used to test the hypothesised relationships that perceived inflation differentially moderates the commitment-citizenship relationships. After achieving conceptual fit of the multidimensional constructs, the inflation construct had an interactive effect on the organisational model but did not affect the union model. Perceived inflation moderates the effect of the affective bond on citizenship intent. The finding contributes to the literature on the psychology of inflation and the understanding of the impact of economic volatility on attitudes in the emerging economy of Ghana. Theoretical and practical implications, as well as directions for future research, are discussed.
    Keywords: Perceived inflation; economic volatility; organisational bonds; union bonds; citizenship intent; OCB; UCB; Ghana.

Special Issue on: New Paradigms of Theory and Practice in Emerging Markets Knowledge and Innovation for Sustainable Growth

  • Economic Value Added and Ecology Value Added as a measure for disaster preparedness linked to Corporate Social Responsibility: Japan as a test-bed bridging Asia and North America   Order a copy of this article
    by Salil K. Sen, Junya Pookayaporn 
    Abstract: Japans disaster preparedness drill at the Hokkaido Electric Power Plant at Tomari to be resilient to possible 3.4 meters tsunami, test-beds the inter-linkage of disaster preparedness and Corporate Social Responsibility. Vibrant Asia and re-focused North America (new leadership in United States of America) prepares for shared value based global supply chains, amidst the threat of disaster disruptions and environmental sustainability challenges. This paper posits Economic Value Added (EconVA) and Ecology Value Added (EcoVA) to objectively structure disaster preparedness. Research gap exists in the disaster preparedness domain as a sustainability measure for corporate social responsibility. This paper draws on recent literature including the Hyogo Framework for Action 2005 2015 and Sendai Framework for Disaster Rick Reduction 2015 2030 to configure the following research propositions: (a) can the linkage of EVA and Eco-VA may be embedded into organizations CSR agenda to create competitiveness through savings through disaster preparedness with focus on Japan? (b) could the disaster preparedness linked CSR measure be unified for Asia and North America through a comprehensible visual metric (dash-board) evolved with Japan? Ordinal regression analysis were performed with EcoVA parameters (i) water (ii) waste (iii) energy and EconVA attributes (a) cost of capital (b) return on assets (c) operating assets, with dependent variables of CSR and Disaster preparedness. Significance of 0.012 justifies the research propositions.
    Keywords: Economic Value Added; ecology value added; CSR-linked disaster preparedness; scope Japan-North America-Asia; ordinal regression.

    by Preeti Goyal, Madhu Vij 
    Abstract: There has been significant effort to integrate regional capital markets which has required the integration of the underlying infrastructure. Addressing these challenges will require structural changes to the infrastructure. Clearing and settlement process is at the heart of this infrastructure. It enables the transfer of funds and equity shares between the buyer and the seller. Using the structural changes to the clearing and settlement process in the Indian stock markets, this study aims to study the impact of these changes on the level of trades that fail to settle. Our findings suggest that in general the level of trades failing to settle has seen considerable decrease, and that the structural changes to the process have been generally successful. Our findings will find significance in choosing the solutions to address the challenges that are arising from integration of stock market infrastructure.
    Keywords: stock market infrastructure; micro-structure; capital market integration; structural changes; clearing and settlement.

    by Ruchi Kansil, Archana Singh 
    Abstract: The objective of this paper is to investigate the interdependent and interaction of institutional ownership and firm performance in an emerging market using Indian panel data. Two stage simultaneous equations - pooled and panel instrumental regression analysis is applied to the dataset that includes publicly listed Indian non-financial firms listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) as on March 31, 2014. A strong evidence of interrelation between institutional ownership and firm performance is evidenced in the Indian context. The results of fixed effect model confirm the relationship between firm performance and institutional ownership. Leverage and asset structure are joint determinants of firm performance and institutional ownership. However, firm performance impacts institutional ownership in the Indian context and not vice versa. The findings of the study could serve as guidelines for policy makers, institutional investors and the Indian corporates. For the policy makers, this study provides evidence that the market regulators (SEBI) may design the responsibility and accountability framework within the corporate governance structures of the listed firms in such a way that it brings in more and more institutional investor participation in the management of the investee companies affairs. The institutional investors need to be involved in investee company management by raising their voice in case of dissatisfaction, putting forward their suggestions and recommendations, besides exercising the voting rights. Indian corporates need to monitor firm performance carefully if they are interested in attracting more and more future institutional investments.
    Keywords: institutional ownership; corporate governance; corporate ownership; firm performance; India.

  • Distribution in Emerging Markets: A Strategic Perspective   Order a copy of this article
    Abstract: The paper argues that firms need to create individual and institutional resource competencies around the institutional and environmental impediments for a successful distribution system in emerging markets by adopting a process based approach. The paper is based on integrative analysis of extant literature and examples of firms operating in emerging markets across the globe. It brings out a set of propositions studied under the lens of institutional theory, transaction cost theory, and resource based theory and resource advantage theory. Based on the integrative analysis of case examples and theoretical underpinnings, it is proposed that a hybrid strategy around individual and institutional competencies through a multi tier network with an influencer ecosystem leads to a sustainable distribution system. The recommended conceptual process framework is a significant contribution to theory building on distribution in emerging markets.
    Keywords: Sustainable Distribution; Institutional Theory; Resource Based Theory; Multilevel Distribution; Inclusive Growth.

  • Ease of doing business and foreign direct investment (FDI) inflow among Sub-Sahara African Countries   Order a copy of this article
    by Clement Nangpiire, Ricardo Gouveia Rodrigues 
    Abstract: Abstract This study assesses the ease of doing business and foreign direct investment (FDI) inflows among Sub-African Countries. Its purpose is to establish whether formal procedures of doing business have a positive relationship with foreign direct investment inflow in these countries. The study used 44 Sub-Sahara African countries data and the ease of doing business index given by the World Bank. The paper analysed these countries on their ease of doing business indicators and foreign direct investment inflow into these countries. It included all the ten sub-indicators of ease of doing business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency. The result shows an R square of (.555) which means that FDI change of 56% is explained by the model. The paper also found that, protecting minority investors, trading across borders and resolving insolvency are statistically significant at influencing FDI in the Sub-Region. It concludes that the ease of doing business indicators have an overall statistical influence in attracting foreign direct investments into Sub-Sahara African countries. Therefore, the finding will help governments/policy makers to adjust their ease of doing business procedures in order to attract FDI.
    Keywords: Doing business; FDI; Sub-Sahara; Africa countries.

  • Corporate social responsibility in emerging economies: A case of Indian agribusiness   Order a copy of this article
    by Anup Raj 
    Abstract: This empirical article investigates indicators and motives of modern corporate social responsibility (CSR) practices in Indian agribusiness context. The study uses content analysis of semi-structure interviews of 28 managers in four large Indian agribusiness firms. This study follows an inductive approach and offers a framework that provides insights into the indicators of agribusiness sector specific real motives of Indian firms for pursuing CSR. According to this framework, Indian agribusiness firms engage into participatory approach of community development as a proxy to CSR resulting finally in community ownership of CSR projects leading to sustainable CSR engagement. Interestingly, the findings of the study emphasise that there is an apparent shift from earlier prevalent ethical and philanthropic approach of CSR to stakeholder approach in the context of Indian agribusiness. The study reveals that there are two clear indicators to gauge the CSR intentions of agribusiness firms; the visible community development actions and quantum of fund invested in CSR. The study also divulges that more often than not quantum of CSR fund is a function of the real nature of business of the firm and its legal/business requirements rather than philanthropic or altruistic motives.
    Keywords: Corporate Social Responsibility; Emerging Economies; Agribusiness; India.

Special Issue on: CSR in a Globalised World Emerging Issues and Challenges

  • Do stringent Corporate Governance practices ensure diligent Corporate Social Responsibility among organizations: Investigating the link therein   Order a copy of this article
    by Ahana Bose 
    Abstract: We establish the relationship between Corporate Governance and Corporate Social Responsibility in India. We design a Corporate Governance Scorecard to capture the financial and accounting aspects of firms which help us in classifying them into high risk (poor governance) and low risk (good governance) bins. We then categorize the firms according to their level of risk to examine the level of Corporate Social Responsibility activities carried out by them to assess their social conscientiousness. Probing whether the firms ranked in Corporate Governance Scorecard carry out Corporate Social Responsibility voluntarily or under compulsion in the light of Section 135 of the Company's Act 2013 brings out whether the firms in question are carrying out Corporate Social Responsibility willingly or are being forced to do so. The data reveals that high-risk firms are the ones carrying out high levels of Corporate Social Responsibility after it has been made a compulsory practice by the Companies Act 2013. It indicates the possibility that Corporate Social Responsibility may complement Corporate Governance to help create a socially cognizant corporate sector sometime soon.
    Keywords: Keywords : Corporate Social responsibility; Corporate governance; Corporate Governance Index; Board of directors; Ownership Structure; Business Administration General; Business Economics; Government Policy and Regulation; Firm Employment Decisions; Compensation and Compensation Methods and Their Effects; Personnel ManagementrnJEL Classification : G34; M14; C43; G18; M10; M21; M48; M51; M52; M12.

  • Evolution of Stakeholder Management approach in Business: A Literature Review   Order a copy of this article
    by Shireesh , Sushil Kumar 
    Abstract: Stakeholder Management approach gained ground after R. Edward Freeman popularized the term and concept as a strategic management tool for business. With sustainability becoming a global agenda, stakeholder movement kept growing in prominence as more and more cases of unsustainable practices of Multi National Enterprises (MNEs) came to light. Later, business ethics literature described stakeholder approach from a normative theory perspective and CSR theorists used the concept as a basis to describe a firms social responsibility. Hence, we review the existing literature in the development of stakeholder management approach as a strategy for business and also as a normative concept in business ethics literature. The paper also reviews Corporate Social Responsibility (CSR) literature to explore the linkages between CSR and stakeholder management approach. CSR literature points to a direct link between stakeholder-oriented thinking and a firms commitment to its CSR programs. Contemporary scholarly work highlights the growing importance and omnipresence of stakeholder management approach especially in the times of rising conflict between business and social actors thereby re-establishing its role as a valuable tool for firms to compete and survive in the global marketplace. Stakeholder approach continues to inspire businesses to behave responsibly and contribute towards welfare of communities however, theoretical inadequacy and lack of consensus among business and ethics scholars limit a wider adoption of the concept.
    Keywords: Stakeholder; Stakeholder Theory; Stakeholder Management; Stakeholder Approach; CSR; Corporate Social Responsibility; Literature Review; Review.

  • Employees' Participation in CSR Initiatives and Job Outcomes- affective commitment, job satisfaction, organizational attractiveness, organizational performance and turnover intention   Order a copy of this article
    by Ratna Sinha, Duraipandian Israel 
    Abstract: The quest for equitable, inclusive and sustainable growth is a visible need. Corporate Social Responsibility (CSR) is a strategic issue which permeates departmental boundaries and influences the way organization does its business and relates with its stakeholders. An important stakeholder group forms the 'employees', upon whom the interest now rests This study focuses on employees' participation in CSR initiatives leading to the job related outcomes such as organizational attractiveness, job satisfaction, affective commitment, turnover intentions and job performance. In this study 'prosocial values' is explored to understand the influence. Out of the 500questionnaire distributed only 293 response sheets could be utilized. The results revealed were insightful between the constructs of prosocial values, employees' participation in CSR initiatives and job outcomes.
    Keywords: Corporate social responsibility; participation; CSR activities; CSR initiatives; job outcomes; affective commitment; job performance; organizational performance; job satisfaction; turnover intention.