Global Business and Economics Review (36 papers in press)
Analysing time-frequency relationship between COVID-19 and FII trading activities using Wavelet Coherence analysis
by Pankaj Kumar Gupta, Prabhat Mittal, Amrita Kaur
Abstract: Recently, the emerging markets like India have exhibited huge volatility due to trading activities of FIIs in the pandemic situation due to COVID-19. The fear of lockdown situation during pandemic raised concerns among the market participants and the investors that resulted in a steep fall of 27 per cent in NIFTY50 during March 10 23, 2020. The infusion and withdrawal of portfolio investments have added research dimension as to whether the trading behaviour is due to pandemic and subsequent government actions or has resulted from the other markets like oil crisis. This paper uses wavelet coherence analysis to examine the co-movement of COVID-19 cases and net investments from FIIs during the different phases of the lockdown period.
Keywords: Foreign Institutional Investors (FII); NIFTY50; Wavelet coherence.
A META ANALYSIS OF THE ROLE OF WORKING CAPITAL MANAGEMENT ON FIRM PROFITABILITY
by Shakila Yasmin, Md Mohiuddin
Abstract: Working capital management (WCM) is an important function that influence firm performance. Researchers have widely investigated the role of WCM on firm profitability and found diverse results in different contexts. In order to make any overarching conclusion about the role of WCM on firm profitability, this research conducts quantitative meta-analysis of forty-six research articles on this topic. 198 regression models and 248 correlation measures has been aggregated by adopting Hunter, Schmidt and Jackson (1982)s 3-step methodology. Results indicate that profitability is negatively influenced by efficiency and aggressiveness of strategies in relation to WCM. However, liquidity shows positive impact on profitability. Significant moderating and/ or control variables include, firm size, growth, age, asset intangibility, leverage, firm risk and overall economic growth. Practitioners may use the aggregate model developed by this study in determining the optimum level WCM efficiency, strategies, and liquidity for given states of the moderating and/or control variables.
Keywords: Working capital management (WCM); profitability; and meta-analysis.
Antecedent of Risk Based Capital of Public Non-Life Insurance Companies in Indonesia
by Jenry Cardo Manurung, Sudaryanto , Dharma Tintri Ediraras
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 analyze whether the macro indicators such as customer price index, gross domestic product, central bank interest rate; and micro indicators such as investment performance, loss ratio and total assets are antecedent of risk based capital. This quantitative research used 9 samples of public non-life insurance companies in Indonesia and the secondary data were collected from annual financial report 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 gross domestic product 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 that two micro indicators and one macro indicator have impacts on RBC.
Keywords: macroeconomic indicators; microeconomic indicators; non-life insurance; risk based capital.
Integration of stock markets using autoregressive distributed lag bounds test approach
by Nikunj Patel, Bhavesh Patel
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 January 2, 2011 to May 7, 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 long-run equilibrium with the USA and Spain, whereas China has long-run association with Spain, and UK has long-run association with 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 UKs market is significantly inclined negatively by its own past innovations.
Keywords: COVID-19; stock market integration; cointegration; ARDL; bounds testing; USA; UK; structural breaks.
An alternative valuation of Public Private Partnerships by using the Black Scholes Model: The Portuguese highway case
by Victor Barros, David Pedra Costa, Joaquim Miranda Sarmento
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.
Keywords: Public Private Partnerships; Concessions; Valuation; Black and Scholes Model.
Directors Reports Cosmetic Treatment; Impact of Earnings Management on Financial Report Readability
by Muhammad Ejaz, Raja Nabeel-Ud-Din Jalal, Um-E-Roman Fayyaz
Abstract: This study aims to study 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 analyze the data. Fog Index is used to measure readability and Jones Model is used to distinguish discretionary and non-discretionary accruals; studies find 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.
Keywords: Earning Management; Financial Report readability; directors report,.
Board Political Influence and Corporate Social Responsibility: Evidence from Jordan
by Khaldoon Aldaoud, Buthiena Kharabsheh
Abstract: Although various issues affecting corporate social responsibility are well represented in the literature, the political influence factor is rarely mentioned. The present study is an attempt to explain the effect of this important factor on Jordanian industrial companies. To achieve this objective, an index from 36-items was created by the researchers to measure CSR activities of these companies. The number of board directors with political experience was used as a proxy of exerting political influence. Other characteristics of the board of directors such as board independence, insider ownership, and external Block holders are also included as dependent variables. Using a panel data set of 210 firm-year observations of industrial firms listed on the Amman Stock Exchange over a 4-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.
Keywords: Corporate Social Responsibility; Political Influences; Board of Director; Amman stock exchange; Jordan.
Credit Default Prediction for Micro Enterprise Financing in India using Ensemble Models
by Dr. Pankaj Kumar Gupta, K.K. Jain
Abstract: Assessment of default risk for micro enterprise financing is altogether distinct that 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 minimizing 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 non-relevant 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 lenders package of credit granting framework for credit default prediction to improve prediction ability. We use a database of 3013 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 policymakers and the central bank (RBI), which can change the entire philosophy of financing of micro-enterprises in India.
Keywords: Default Prediction Model; Bad Risk; Fore-closed risk; Micro enterprises; Ensemble Model.
A new evidence for the Turkish wage curve
by Ozer Selcuk, Huseyin Kaya
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 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 labor market.
Keywords: Wage Curve; Regional Labor Markets; Local Unemployment; Fixed Effects.
Volatility dynamics and diversification benefits of Bitcoin under asymmetric and long memory effects
by Ahmed JERIBI, Mohamed FAKHFEKH, Anis Jarboui
Abstract: The purpose lying behind this paper is twofold. In a 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 a second place, it focuses on examining diversification benefits of Bitcoin between 19 August 2011 and 9 November 2018 using meanvariance spanning tests. It has been discovered that the most effectively fit framework turns out to be the AR-FIEGARCH model, 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 also that Bitcoin yield significant diversification benefits when being added to a well-diversified benchmark portfolio.
Keywords: Bitcoin; Gold; stock market indices; FIEGARCH; mean-variance spanning test.
Comparing Parametric, Semi Parametric and Non-Parametric Early Warning Systems for Banking Crisis: Indian context
by Neha Gupta, Arya Kumar
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.
Keywords: Financial Crisis;Early Warning System;Banking Crisis;Artificial Neural Network.
White Swan-the Pandemic Crisis, Lockdown and Unlock effect on the Indian Stock Market
by Narinder Pal Singh, Himanshu Goel
Abstract: This White Swan event (as mentioned by Prof. Nassim N Taleb The pandemic crisis the white Swan event as mentioned by professor Nasim and Talib as per the world market) has pushed the world markets to crash till the levels that have not ever been witnessed since the 2008 Global Financial Crisis. Therefore, this study investigates the impact of pandemic COVID-19, nationwide lockdown and unlock on the Indian Stock Market. The findings reveal that 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 Johansens cointegration test. Cointegration test indicates 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.
Keywords: COVID-19; lockdown; unlock; EGARCH; Indian stock market; Volatility.
An Analysis of Joint Effects of Free Cash Flows and Ownership Concentration on Corporate Debt Policy?
by Dea'a Al-Deen Al-Sraheen, Mohammad Hamdan
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.
Keywords: Free cash flow; ownership concentration; debt policy; agency cost; Jordan.
The impact of foreign bank presence on domestic banks profit: Evidence from Vietnam
by Phan Dinh Nguyen
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 2011 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 profit, improves banking services and the effectiveness of equity, and also increases equity of domestic banks under the competitive pressure.
Keywords: Impact; Foreign Bank Presence; Domestic Bank Profit.
External auditors reliance on the internal audit function and audit fees
by Ibrahim Albawwat
International Standard on Auditing (ISA) 610 (Revised 2013) allows external auditors (EAs) to rely on the internal audit function (IAF) in obtaining audit evidence if the latter meet specific quality criteria. The revisions made to the standard intend to introduce a more robust framework for the quality evaluation of IAF. It also enables the use of IAF to provide direct assistance, in addition to the previously permitted use of work already performed by the IAF. According to the pre-revision ISA 610, previous studies reported low reliance on the IAF by EAs in Jordan with no direct impact on external audit fees. Accordingly, the purpose of this study is to examine the direct and indirect effect on external audit fees in light of the latest revisions made on ISA 610.
A conceptual model is developed based on the related literature and the revised ISA 610. Data are collected using a questionnaire directed to a sample of EAs in Jordan. Data are then analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) techniques. Also, follow-up interviews were conducted to allow more in-depth discussion and obtain more information and understanding of the questionnaires responses.
The paths representing the direct impact of EAs reliance upon the external audit fees were not significant. However, the significant indirect relationship revealed by the structural evaluation indicates a mediating role of external audit work hours. That is, the reliance of EAs on the IAF decreases the external audit work hours, which in turn reduces the external audit fees. 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 on the outcomes of EAs reliance on IAF by providing empirical evidence on how an external audit fee is influenced by the mediating role of external audit work hours while considering the revisions made to the ISA 610. Moreover, this study adds to the literature by introducing a conceptual model to clarify the real sequence by which each type of reliance placed by EAs reduces the external audit fees.
Keywords: External Auditors; Internal Audit Function; Audit Fees; Audit Work Hours; Auditing Standards.
How volatility effect the behaviour of institutional investors in emerging markets
by Purwa Srivastava, Sakshi Varshney
Abstract: The investments done 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 domestic institutional investors 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. The study discloses that out of four DII insurance companies increase the market volatility. On the other hand, trading of banks, mutual funds, and development financial institutions 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 DIIs act as informed traders because they take advantage of the volatile markets for investments.
Keywords: Keywords: - Mutual funds; Insurance companies; Development financial institution; Banks; stock market volatility; Vector autoregressive Model.
The policy of dividend variability of companies listed on the West African regional stock exchange: between predictability, retention and stability?
by Pourakin Djarius Dieudonné BAMA
Abstract: We will examine the dividend policy of companies listed on the West African regional stock exchange basing 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 practice retention policy and dividend stability with an optimum distribution.
Keywords: dividends; predictability of dividends; dividend retention; dividend stability.
Effects of leadership styles and motivational factors on worker engagement: An empirical study on ready-made garments industry in Bangladesh
by Dalowar Hossan, Zuraina Binti Dato' Mansor, Mohammad Abdullah Al Mamun, Abu Naser Mohammad Saif, Amer Hamzah Bin Jantan
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 Herzbergs Motivation-Hygiene theory. The study adopted a quantitative technique and used SPSS to analyze 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.
Keywords: Worker engagement; intrinsic motivational factors; extrinsic motivational factors; transformational leadership; transactional leadership; ready-made garments (RMG); Bangladesh.
ESG Disclosure and The Role of CEO Narcissism on Firm Value: The Case of ASEAN-5
by Laila Jahidatul Falah, Aria Farah Mita
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 Five 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.
Keywords: ESG disclosure; firm value; Tobin's q; CEO narcissism.
Economic evaluations of diagnostic process and neuropsychological assessment of Dementia: a systematic review.
by Fiorella Pia Salvatore, Michele Milone, Emanuela Resta, Cristina Di Dio, Giancarlo Logroscino
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.
Keywords: healthcare management; healthcare expenses; diagnostic cost; Alzheimer disease; ALD; review; PRISMA.
Modified Ratios and the Cyclically-Adjusted Price-Earnings Ratio
by Catherine Georgiou, Ioannis Neokosmidis, Vassilis Polimenis
Abstract: Due to the failure to detect stationarity in the simple dividend-price (dp) and earnings-price (ep) ratios for the US stock market, we propose the use of a modified dp and ep (mdp and mep respectively) which constitute stationary versions of the conventional dp and ep. We retrieve evidence that long-run equilibrium relations among d and p, and e and p exist and proceed on constructing their modified counterparts. The forecasting performance of mep and mdp are tested alongside the classical ep and dp but also the well-known and highly followed cyclically adjusted pe ratio (cape). In-sample forecasting suggests that the modified ratios have improved nominal return fit over the simple ones. When forecasting out-of-sample (oos), mep provides clear oos improvements over the classical ep. Cape does not generalize well oos. Over the 7- and 10-year return horizon, the oos performance gain through mdp is 60% and 69% respectively.
Keywords: price-to-earnings ratio; dividend-price ratio; non-stationary ratios; pe ratio; modified ratios.
FUNDS OF HEDGE FUNDS ROLE IN PORTFOLIO DIVERSIFICATION DURING CRISIS: THE CASE OF CYPRUS
by Simona Mihai-Yiannaki, Lucia Gibilaro, Gianluca Mattarocci
Abstract: Abstract :Despite the poor value delivered, institutional investors prefer to invest in FOHFs because of diversification opportunities they offer. During the last decade the exposure of institutional investors to FOHFs has increased strongly, inside the hedge funds industry because of diversification opportunities despite the poor value they deliver. 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 isAmong the diversification choices at the heart of portfolio construction, there is the geographical focus: despite a high diversification by asset, FOHFs managers prefer to invest in nearby hedge funds because information availability. Nonetheless, little is known on geographical diversification without US focus and on the contribution of the single country. By looking at hedge funds from United Kingdom, Ireland and Cyprus, results show that geographical diversification matters for FOHFs. Independently from the RAP measure selected, In particular, funds based in Cyprus do not outperform with respect to other market independently with respect to the RAP measure selected, but they contribute to the reduction of systemic risk, tracking error or downside risk exposure. are useful for constructing FOHF especially if investors aim to reduce the systemic risk, tracking error or downside risk exposure.
Keywords: hedge funds; performance; FOHF; portfolio diversification; Sharpe ratio; Treynor index; Jensen’s alpha; Modigliani’s square; Information ratio; Sortino index.
Leverage and firm characteristics what matter? Data from the Indonesian stock exchange
by Yohanes Indrayono
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 hypothesize 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 should be used by firm manager to make their financing decisions especially in Indonesian publicly-held firms.
Keywords: leverage; assets-tangibility; profitability; firm-size; market-to-book-ratio; median industry leverage; Indonesian publicly-held firms.
Special Issue on: EMAB 2018 Efficiency and Performance Trends under the Impact of Climate Change, Technology, Ageing Population, Immigration and Religious Challenges
Football industry stakeholder salience and attributes - the case of Cyprus, EU
by George Yiapanas, Alkis Thrassou
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 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, Agle and Wood (1997) typology of stakeholders attributes and salience.
Keywords: football industry; managers; attention; stakeholder theory; stakeholder salience; attributes; typology; stakeholder identification; prioritization.
The Effect of Religiosity and Demographic Variables on Arab Women Consumers Self-Expression through Luxury Brands: A Mixed Methods Study
by Baker Ahmad Abdullah Alserhan, Daphne Halkias, Aisha Wood Boulanouar, Marcos Komodromos, Tahar Lazhar Ayed, Othman Althawadi
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 emotionsbrand domain are not as straightforward as previously thought.
Keywords: Complexity theory; nuanced theory; self-expression; religiosity; luxury brands; Arab women consumers.
THE IMPACT OF E-SERVICE ON HOTELS' BOOKING: Adjusted TAM Framework for Customers Intentions to Book Hotels Online
by Demetris Vrontis, Mazen Massoud, Hassan Dennaoui, Sam El Nemar
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 reorganization 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 behavior 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.
Keywords: E-Service Quality; TAM; Intention to Book Hotel Rooms Online.
GREEN CONTROLLING IN MEDIUM-SIZED COMPANIES IN BADEN-W
by Bernd Britzelmaier, Pascal Rommel, Jana Maria Schlosser, Carolin Weidler
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-W
Keywords: Green Controlling; sustainability; SME; Baden-Württemberg; Germany; management control; triple bottom line.
Special Issue on: EUROMED 2019 Innovative Business and Management Approaches to Meet the Challenges of a Volatile Global Environment
Indicators and criteria for efficiency and quality in public hospitals: a performance evaluation model
by Fiorella Pia Salvatore, Simone Fanelli
Abstract: In many countries, the public sector is currently characterized by the need to improve its performance. The implementation of performance measurement systems is essential to generate better results, especially in the public health sector. In healthcare practice, clinical indicators are part of a performance measurement system, and are a way of assessing the quality of care by investigating the frequency of specific results. Through a clinical audit process, this study aims to define the criteria and key performance indicators for minimally invasive endovascular surgical treatment. This type of treatment is chosen because aortic pathologies are an important European issue in cardiovascular surgery. A model of criteria and indicators used in a large public Italian hospital was constructed in order to assess the level of performance achieved with this service.
Keywords: healthcare organization; evaluation model; key performance indicators; efficiency; quality improvement; performance assessment; health services; new public management; internal audit; healthcare costs.
The contribution of a supplier of the Food & Beverage industry to the sustainability of the overall supply chain
by Marcella Giacomarra, Maria Crescimanno, Georgia Sakka, Antonino Galati
Abstract: Achieving sustainable scopes in a supply chain context entails structural changes at all tiers. Recently, scholars investigated different models able to achieve a Sustainable Supply Chain Management. With the aim to explain which factors, at the single supplier level, could reassure a focal firm as regards the compliance of sub-suppliers toward sustainability principles, a case study was performed on a company of the Food & Beverage packaging industry, based on the Natural Resources Based View of the firm. Results show the leading role that, a major supplier, can play in promoting sub-suppliers compliance towards sustainable principles. Reputation, legitimacy and concerns about future positioning in the market, are guiding factors able to influence the strategies adopted towards sub-suppliers. Implications for focal firms managers suggest to invest more in relationships with those suppliers able to demonstrate reliable sustainable management systems, with proven commitments to product stewardship and greener technologies.
Keywords: Sustainable business models; environmental sustainability; Natural Resource Based View; Chain Liability Effect; sustainable supply chain; supply chain management; case study; key resources.
Transfer of Training: An effective tool of knowledge application
by Karim Wahba, Niki Kyriakidou, Janet Astley
Abstract: Training alone is not adequate to increase organisational effectiveness, as not all knowledge acquired from the training is implemented correctly in the workplace. To implement training effectiveness, acquired knowledge should be transferred to the workplace. This study intends to understand and describe how expatriate faculty members perceive the Supervisor\'s support behaviours for an effective transfer of training during three stages (i.e. before, during and after training) in the context of UAE HE sector. A qualitative interpretivist approach was adopted, and the data was generated from 21 expatriate faculty members in three higher education institutions through semi-structured interviews. The findings had contributed to the knowledge concerning transfer of training, particularly, in the UAE\'s higher education (HE) sector by proposing a framework which for the first time identifies the types of supervisors\' supportive behaviours that foster transfer of training among faculty members in each phase of trainingthereby increasing the knowledge application and training effectiveness in the UAE private HE sector.
Keywords: Transfer of Training; Supervisor Support; Expatriate Faculty Members; UAE; HE Sector.
Academic Propaganda in Higher Education Institutions as Social Business Enterprises: detection, remedy and conceptualisation
by S. M. Riad Shams, Alkis Thrassou, Demetris Vrontis, Michael Christofi, Eleni Trichina
Abstract: Historically, social enterprises and particularly higher education institutions (HEIs), in the course of pursuing social objectives and economic imperatives have played a pivotal role in the community interests and social welfare by acting as drivers of social change. In this context, and on the contrary to the understanding of universities as public good, academic propaganda, as a darker form of institutional brand communication strategy has been, diachronically, in social businesses and other diverse contexts, misleading target audiences for political, social and/or business purposes. And though scholars in marketing and social sciences have studied the matter, primarily in its socio-political context, its business fa
Keywords: Social business enterprises; higher education; propaganda; image; reputation; internationalisation; sustainability; brand communication; misleading communication; value.
THE RELATIONSHIP BETWEEN SOCIAL CAPITAL, KNOWLEDGE SHARING AND TRUST: A STUDY BETWEEN BABY BOOMERS, X AND Y GENERATIONS
by Hande Özek
Abstract: In todays work-life, organizations currently are not only facing the rapid change of external factors such as technology, economy but also striving to adapt new work values and patterns of behaviour in organizational practices within new generations. The aim of this study is to reveal the relation between social capital, knowledge sharing, and trust in the organization and find out the differences among the generations. A quantitative study was conducted with a total of 327 participants, all actively working in the private sector, in Istanbul, Turkey. The results provided three main findings as follows: social capital has a positive effect on knowledge sharing; trust has a positive effect both on knowledge sharing and social capital; there are differences among the generations in social capital, knowledge sharing, and trust.
Keywords: Social Capital; Structural Social Capital; Relational Social Capital; Cognitive Social Capital; Knowledge Sharing; Trust; Capability Trust; Benevolence Trust; Integrity Trust; Baby Boomers; X Generation; Y Generation; Sustainable Competitive Advantage.
Humour Use in the Workplace: A Key to Achievements or a Trojan Horse of Harassment?
by Paschalia Patsala, Anastasia Lampreli, Constantinos-Vasilios Priporas
Abstract: The purpose of this paper is multi-faceted. ?t fundamentally aims to explore the use of humorous discourse in work environment, focusing mainly on gender and age differences. Within this context, the present work uncovers nuanced and significant communication tactics applied both by males and females in business lieu. It also discusses whether humour in the workplace constitutes an innocent form of entertainment, or it may have adverse consequences for employees, disguising the biased and derogatory essence of the remarks made. The types and manifold functions of humour are presented, unravelling the positive and negative outcomes of its usage. Particular emphasis is placed on those features of humorous interaction at work that can lead to harassing episodes, as well as on the consequences of sexist humour. Other issues elaborated on in the paper are gender differences, stereotypes, organisational tension and confrontation, as well as the culture of tolerance of sexism in professional contexts.
Keywords: Humour; organisational communication; gender; harassment; sexist humour; business discourse; confrontation.
NETWORKED BUSINESS INCUBATORS: A SYSTEMATIC LITERATURE REVIEW
by Valentina Iscaro, Laura Castaldi, Gaetano Buccino
Abstract: In this paper, we contribute to the literature on business incubators by focusing on networked business incubators. Recent studies have highlighted the central role played by incubators in embedding a company within well-organised networks, which is a main factor for start-up success. In this vein, we conduct a systematic literature review of scientific papers, matching the issues of incubators and networks through Bibliometrix, an open-source R-package. The findings highlight the existence of five literature clusters, with their own set of features emphasising specific characteristics of the investigated phenomenon.
Keywords: networked business incubators; incubator; network; systematic literature review; Bibliometrix.
IMPACT INVESTMENT EFFECTS ON SUSTAINABLE DEVELOPMENT IN BRICS COUNTRIES
by Zhanna Belyaeva
Abstract: Over the past 30 years concepts of social and impact investments have evolved, however a little has been published in respect to measure it in so called BRICS emerging economies.Impact investments underlie a wide continuum of influence that comes from philanthropy to sustainable investments that are being pursued by corporations looking to achieve integrative financial and social impact effects. The qualitative approach to impact investments is expanding every year, and the BRICS countries are also increasing their share in the total impact investments market. The paper outlines methodology for assessing the level of impact investment in the BRICS countries. The dataset is collected from listed BRICS companies annual reports within 5 years. Econometric analysis conducted in the paper allowed estimating sustainable development effects and its positive correlation with prosperity of BRICS countries.The novel approach outline prospects for regulating impact investments in BRICS countries, that prooves U-shape effectiveness and does not reject positive impact of social investments.
Keywords: impact-investment; CSR; BRICS countries; profitability; financial results; ROA.
Special Issue on: EUROMED 2019 Innovative Business and Management Approaches to Meet the Challenges of a Volatile Global Environment
BIG DATA FIRMS AND INFORMATION PRIVACY
by Simona Mihai-Yiannaki, Lucia Gibilaro, Gianluca Mattatocci
Abstract: Our paper combines theories and information from both finance and law disciplines in an original way in terms of business related and geographical interconnections in the world of data protection. The increasing privacy needs of the last decade generated challenges for Big Data firms, while at the same time opportunities to grow came from emerging technology-linked products and services. What we attempt to test in our research is the connectivity between the performance of Big Data firms within the limitations of the existing information privacy law. We have worked on a sample of 1040 listed Big Data firms from the domain of IT services, active in the market from 2010 until 2018.
The geographic spread of our research sample was Asia, Europe and America, whereas in the legislation considered relates to the USA-SWISS Privacy Shield, the USA-EU Privacy Shield and the General Data Protection Regulation. The analysis shows that the respective regulations in place have a strong impact for big data firms, especially for IT firms. Methodology wise we have used abnormal returns analysis of the firms performance when each regulation came into effect.
Keywords: Big Data; Data protection; GDPR; Privacy; Performance.