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Global Business and Economics Review

Global Business and Economics Review (GBER)

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Global Business and Economics Review (63 papers in press)

Regular Issues

    by O.O.I. K.O.K. LOANG  
    Abstract: This study examines cross-market herding in Chinese and US markets from 2015 to 2020. It seeks to explore the impact of the crude oil market on Chinese and US. This study adopts cross-sectional absolute deviation to detect herding. This study employs quantile regression rather than OLS method to examine herding in different quantiles. The result shows that NYSE and NASDAQ are herded with each other. For Chinese markets, the bidirectional herding between Shanghai and Shenzhen tends to appear in median (Τ= 50%) and upper quantiles (Τ= 75% and 95%). The herding tendency of Shenzhen is higher than Shanghai and Nasdaq is higher than NYSE. The crude oil market can cause herding in US and Shanghai. The originality of this study contributes to academicians and practitioners in understanding the existence and tendency of cross-market herding. Investors shall aware that herding can be caused by the performance of other markets.
    Keywords: herding; stock market; Chinese market; US market; globalisation.
    DOI: 10.1504/GBER.2022.10044385
  • Spillover Effect of Economic Risks, Globalization and Herding in GCC and Malaysian Islamic Markets during COVID-19   Order a copy of this article
    by O.O.I. K.O.K. LOANG  
    Abstract: This study examines the impact of economic risks and globalisation on herding in GCC and Malaysian markets before and during the pandemic. This study explores the spillover effect of the Saudi Arabia market over Islamic markets by using panel data and quantile regression. Panel-corrected standard error is adopted to rectify heteroscedasticity, and the data ranged from 2015 to 2021. The result shows that herding exists in Bahrain, Oman, Qatar, UAE and Malaysia during pre-pandemic, except in Kuwait and Saudi Arabia. The tendency of herding is more pronounced with the emergence of the pandemic. Trade freedom, investment freedom, financial freedom and economic freedom indices are significant to herding before and during the pandemic. The spillover effect of Saudi Arabia is shown in GCC markets except for the Malaysian market. This study assists the regulators and policymakers assess the determinants of herding as investors behave differently in a turbulent period. Analysts, individual investors and institutional investors can also benefit from this study to formulate a better investment strategy under the influence of economic risks and globalisation.
    Keywords: economic risks; globalisation; herding; GCC markets; COVID-19.
    DOI: 10.1504/GBER.2023.10048712
  • Fiscal Policy and Business Cycle Dynamics in Morocco: An Empirical Study   Order a copy of this article
    by Abdellah Abaida, Youssef Lakrari, Nour Eddine Aguenane, Nesrine Nouasse, Cheikh Naama Ma El Ainin 
    Abstract: A sustainable fiscal policy is expected to perform a countercyclical behaviour in order to stabilise economic growth during business cycles fluctuations. This requires increasing public spending during recessions and decreasing it during expansions, while public taxes move in the opposite direction. As a result, budget deficits increase during recessions and decrease during expansions. Although this pattern of fiscal policy is prevalent in most advanced economies, emerging and developing economies tend to adopt a procyclical policy due to economic and political factors such as debt level, inflation or institutions effectiveness. Through a benchmarking approach, our study explores the dynamic relationship between fiscal policy and the business cycle in Morocco. Our results suggest that Morocco pursues a procyclical fiscal policy that is largely influenced by the business cycle fluctuations, and this conclusion is supported by robustness checks. This could potentially lead to a crowding-out effect on economic growth and weaken the impact of fiscal policy multipliers. Our research contributes to the growing body of empirical evidence on fiscal policy cyclicality in developing countries and highlights the urgent need for a transition towards a sustainable fiscal policy framework.
    Keywords: fiscal policy; countercyclical; procyclical; business cycle; fiscal multipliers; Morocco.
    DOI: 10.1504/GBER.2024.10055792
  • Entrepreneurship education effects on entrepreneurial intention. How do the changes in the antecedents affect Intention   Order a copy of this article
    by Panagiotis Tsaknis, Alexandros Sahinidis, Evangelos E. Vassiliou, Apostolos N. Giovanis, Dimitris Sravroulakis, Georgia J. Tsakni, Evagelia Paraskevadaki 
    Abstract: This study investigates the direct effects of entrepreneurship education on entrepreneurial intention, attitude, subjective norms, and perceived behavioural control, as well as its indirect effects on entrepreneurial intention through changes in elements of the theory of planned behaviour (TPB). An experimental design with a pre-test-post-test group was undertaken with 219 business students from a public Greek university who participated in the survey. The data were analysed using SPSS version 24 and MEMORE macro, which calculates mediation and moderation models for two-instance within repeated measure designs (Montoya, 2019). Results indicated that entrepreneurship education affected changes in perceived behavioural control and entrepreneurial intention in a positive manner. Also, it was found that entrepreneurship education affects entrepreneurial intention through the effects of education on perceived behavioural control. In this study, MEMORE macro was used to uncover new relationships between variables, which will contribute to the field of entrepreneurship and entrepreneurial education.
    Keywords: entrepreneurship education; entrepreneurial intention; perceived behavioural control; subjective norms; attitude; theory of planned behaviour; TPB.
    DOI: 10.1504/GBER.2024.10056203
  • The effect of Entrepreneurial Education on Entrepreneurial Intention of Undergraduate Students   Order a copy of this article
    by Hesham Magd, Siraj Kunjumuhammed 
    Abstract: Recognizing the importance of entrepreneurial education in developing entrepreneurial intention, we review the contribution of entrepreneurial education to the entrepreneurial traits of undergraduate students. The entrepreneurial tendency is measured using entrepreneurial traits such as risk-taking propensity, motivation, locus of control, and creative tendency. The data collected from 216 undergraduate students using a questionnaire is the basis of the study. The entrepreneurial intention of students who completed the entrepreneurship course is compared with the entrepreneurial intention of students who havent completed the entrepreneurship course. The findings show that entrepreneurship education has not created a significant impact on the entrepreneurial tendency of students. Effective entrepreneurship education enables participants to have a clear understanding of entrepreneurship, build an entrepreneurial mindset, and learn how to start and operate business ventures. Although entrepreneurship education is offered to all enrolled students in HEIs, the instructional design, instructional materials, delivery plan, teaching, and assessment methods are not aligned and reviewed regularly to the outcome requirements. This study indicates the extent to which entrepreneurship education impacts entrepreneurial intention among students in Oman, and the necessary changes needed in the curriculum, instructional design, and assessment of entrepreneurial courses.
    Keywords: Entrepreneurship Education; Entrepreneurial intentions; traits; creative tendency; risk propensity.
    DOI: 10.1504/GBER.2024.10059043
  • Cross-country growth-oriented entrepreneurship: when is a performance-based culture effective?   Order a copy of this article
    by Colin Reddy 
    Abstract: We pursue why performance-based cultural norms are rendered ineffective in stimulating a subset of growth-oriented entrepreneurship. We propose and test a midrange, contingency-based model receiving strong support in analysis of 267 country-year observations from 66 countries. Results show economic development complements performance-based cultural norms to increase the extent of a country’s growth-oriented entrepreneurship; and this complementary effect appears only among those countries with high levels of regulatory simplicity. For policymakers targeting economic growth, our research suggests that policies should create a fertile environment for growth-oriented entrepreneurship to thrive on the established norms within their society. We advise against benchmarking possible approaches against other countries with high levels of growth-oriented entrepreneurship but very different established norms. We hope that our study captures the complexity of the impact of cultural norms on the levels of growth-oriented entrepreneurship among countries.
    Keywords: growth-oriented entrepreneurship; cultural practice; institutions; economic development.
    DOI: 10.1504/GBER.2024.10056798
  • Financial inclusion: Key determinants and its impact on financial well-being   Order a copy of this article
    by Jitender Kumar, Anjali Ahuja 
    Abstract: The present study highlights the key determinants of financial inclusion (access, technology, financial literacy, affordability, and trust) and its impact on the financial well-being of low-income respondents in India. Through self-administered questionnaires, we collect data using convenience-cum-judgemental sampling from 404 low-income respondents of the National Capital Region of India. The study uses factor analysis to identify the key determinants of financial inclusion and its impact on financial well-being. We use partial least squares structural equation modelling to examine the framed hypotheses. The study demonstrates five key determinants of financial inclusion, i.e., access, affordability, financial literacy, technology, and trust. These five factors driving a 78.70% (coefficient of determination, R2) variation in financial inclusion. Further, financial inclusion influences a 27.1% variation in financial well-being. The study’s outcome will facilitate academics, policymakers, aspiring researchers, and the general public to ensure the financial well-being of low-income respondents through financial inclusion activities.
    Keywords: financial inclusion; exploratory factor analysis; EFA; financial literacy; financial well-being; India.
    DOI: 10.1504/GBER.2024.10056937
  • Visualizing and mapping three decades of literature on ownership structure and firm performance research   Order a copy of this article
    by Shallu Batra, Mohit Saini, Barkha Dhingra, Mahender Kumar, Manoj Kumar 
    Abstract: Over the last three decades, research on ownership structure and firm performance has gained prominence due to rising interest among academicians and scholars. The current study intends to review the existing literature on ownership structure and firm performance to map the development of the concept. Using the sample data of 505 articles that have been retrieved from the Scopus database, the study shows the publications’ growth from 1994 to 2023. Based on this data, the study applies the performance analysis to identify the publication trend, top leading institutions, journals, and countries in this area. Additionally, using content analysis, this study fetches four clusters concerning themes of 'emerging economy', 'family-controlled firms', 'Chinese firms', and 'miscellaneous.' The study also suggests future avenues for prospective researchers.
    Keywords: corporate governance; ownership structure; ownership; performance; bibliometric analysis.
    DOI: 10.1504/GBER.2024.10057103
  • The contribution of strategic assets to MNE subsidiary performance in turbulent times   Order a copy of this article
    by Antonios Georgopoulos, Eleftherios Aggelopoulos, Elen Paraskevi Paraschi, Maria Kalogera 
    Abstract: The study aims to investigate whether strategic assets provide a performance superiority to MNE subsidiaries in difficult times. Adopting the ' contingency - strategic asset - performance’ framework, with data from a unique sample of 223 foreign MNE subsidiaries located in Greece, we examine perceived performance over the recession period 2009 to 2016. As hypothesized, we find that the strategic asset-seeking (SAS) subsidiaries achieve a performance superiority economic during recession. We also find that they can augment their performance when operating in high-tech industries. The present study sheds light on the subsidiary performance outcome of strategic assets taking systematically into account adverse macroeconomic conditions and industry-specific factors of the host country, showing that investing in valuable assets pays off financially in turbulent times.
    Keywords: MNE subsidiary performance; strategic asset-seeking subsidiaries; recession; high-tech industries.
    DOI: 10.1504/GBER.2024.10057136
    by Renata Klafke, Maik Arnold, Claudia Picinin, Sandra Moreira 
    Abstract: This paper revises some theoretical literature of value in three different, although connected areas: Management (focus in Marketing), Sociology and Economics. This paper also aims to show how value concept unfolds and intersect over time. It also places value in the marketing literature, for its recent field of study, compared to economics. Most Downloaded Papers from 10 Top Journals were browsed. Seminal papers in business, sociology, and economics were read and some articles from SCImago (top 10 Business ?journals). All three sciences share the different meanings of the concept of value. In economics, value is more or less related to the idea of benefit vs. cost. Sociology understands value as something subjective inherently associated with human beings; the self, whereas marketing focuses on value as a strategy towards an end. In marketing literature, we find much evidence of the idea of creating unique experiences of value for customers
    Keywords: Management Sciences; Society; Values; Conceptual Map.

    by Dafni Petkou, Maria Tsiouni, Michael Vitoulis 
    Abstract: Cultivating values in the media leads to the development of an environmental moral. This study examines how mass media affects preschool children’s environmental consciousness. The 'internal cohesion' and the structural relationships of questions that explain the main effects of the media on children’s attitudes and behaviours have been investigated. The questionnaires appeal to 86 preschool parents. Using principal component analysis, a model was derived for interpreting the 'internal cohesion' of parameters and describing the main influences of media on preschool children’s environmental consciousness. The model reveals five significant components. As a result, mass media have a significant impact on preschoolers’ environmental awareness. Among the factors that contribute to forming environmental awareness among children are the information and knowledge they get from the mass media about environmental problems, as well as events, cinema, and video games. In addition, children should be taught about fires and how to prevent them.
    Keywords: mass media; environmental consciousness; preschool age; principal component analysis; environmental education.
    DOI: 10.1504/GBER.2024.10057456
  • Entrepreneurship and Economic Wealth in Africa: Does FDI provide new insight in a Threshold Model?   Order a copy of this article
    by Daniel Ofori-Sasu, Smile Dzisi, Joshua Abor Yindenaba 
    Abstract: In this paper, we seek to examine the impact of FDI inflows on the relationship between entrepreneurship and economic wealth. It employs a dynamic system GMM for a panel dataset of 54 African economies across the period, 2004 to 2020. The study finds an inverted U-shaped nonlinear relationship between entrepreneurship and economic wealth. We confirm that countries in the region benefit from both entrepreneurship and FDI only in the short run. The study finds that the initial levels of entrepreneurship increases economic wealth, but beyond an entrepreneurial threshold point of 68.57, the positive effect of entrepreneurship on economic wealth is reducing. We provide evidence to support that the positive impact of entrepreneurship is enhanced at higher levels of FDIs. In addition, entrepreneurship complements FDI to promote economic wealth. The implication is that countries should continue to provide strategies that promote economic wealth through prudent entrepreneurial framework and conducive investment climate.
    Keywords: entrepreneurship; FDI inflows; economic wealth; Africa.
    DOI: 10.1504/GBER.2024.10057457
  • The impact of liquidity creation on bankruptcy risk: evidence from banks listed on Vietnam Stock Market   Order a copy of this article
    by Luu Thu Quang  
    Abstract: This paper investigates the relationship between liquidity creation (LC) and bankruptcy risk (BR) among banks listed on the Vietnam stock market by using alternative regression methods. The study finds a negative relationship between LC, based on both on and off-balance sheet activities, and banks’ bankruptcy. Large banks showed a significant increase in their liquidity generation capacity over the past decade, while small banks remained relatively stationary. The study’s models are robust, using alternative proxies of BR and controlling for potential endogeneity. The analysis also revealed that small banks primarily create liquidity through off-balance sheet activities, whereas large banks focus on on-balance sheet activities. The results also suggest that stock return volatility is positively correlated with the risk of bankruptcy, and bank size has a significant positive relationship with BR. The paper’s findings are significant for various stakeholders. Investors can evaluate the financial distress risk of banks before investing, while partners can assess credit risk before providing capital. Internal managers can also identify issues related to bank default probability.
    Keywords: bankruptcy; liquidity creation; LC; Z score; on-balance sheet liquidity creation; off-balance sheet liquidity creation; LCOFF.
    DOI: 10.1504/GBER.2024.10057539
  • Host country profiles beyond pairwise distances in gravity models of foreign direct investment   Order a copy of this article
    by Yener Kandogan 
    Abstract: In studying foreign direct investment (FDI) patterns, this article goes beyond simple pairwise distance measures and incorporates host country profiles in socio-economic, political, historical, and cultural dimensions. In addition to supporting the findings in the literature regarding the effect of distances, the comprehensive analysis of 182 countries in this article suggests that host country socio-economic, political, historical and cultural profiles significantly contribute to explaining the FDI stocks from any home country. In particular, irrespective of distances with the home country of multinationals, more democratic host countries that are economically more developed with high educational attainment are more attractive locations for foreign direct investment. FDI stocks are also higher in host countries with larger percentage of English speakers or Christian populations. Controlling for colonial ties, former colonies tend to be less attractive locations for multinationals from all home countries. Lastly, host countries with cultures that are more individualistic, more prone to indulgence, low in masculinity and power distance dimensions, high in uncertainty avoidance and long-term orientation dimensions attract more FDI from multinationals from any country beyond the effects of cultural similarities or differences.
    Keywords: gravity models; foreign direct investment; FDI; country distances.
    DOI: 10.1504/GBER.2024.10057540
  • Effectiveness Analysis of Largest Financial Inclusion Schemes in India   Order a copy of this article
    by Anand Pandey, Ramasamy Murugesan 
    Abstract: The present study attempts to evaluate the effectiveness analysis of largest financial inclusion (FI) schemes named as Pradhan Mantri Jan Dhan Yojana (PMJDY) and its impact on FI in India across states. In the paper, a two-dimensional index, Jan Dhan index (JDI), was created using number of accounts, and deposit parameters for 28 states and 8 union territories1 from 2015 to 2020 to access the status of FI in India. The index was created using the UNDP’s methodology for index and applying the min-max method of normalisation and Euclidean distance method. The JDI is a two-dimensional index that captures standardised values of Jan Dhan account and deposit dimensions on the scale of 0 to 1, where 0 indicates lowest presence of Jan Dhan scheme and 1 indicates highest presence of Jan Dhan scheme in FI. The study’s finding suggests that most of the high-income states are low in JDI, except few BJP ruled states such as Gujarat and Haryana. On the other hand, the most populated states, or the low-income states such as Uttar Pradesh, Bihar, Chhattisgarh, Rajasthan, Assam, and Jharkhand are high in JDI. Bhartiya Janata Party (BJP) ruled states and union territories (including Jammu and Kashmir) have positive growth in JDI.
    Keywords: financial inclusion; FI; banking; PMJDY; Pradhan Mantri Jan Dhan yojana; India.
    DOI: 10.1504/GBER.2024.10057608
  • Financial determinants of outward foreign direct investment: Evidence from India   Order a copy of this article
    by Mariam Jamaleh, Abha Shukla 
    Abstract: This study tests the impact of firm-level financial factors on the real internationalisation of emerging multinationals. We postulate that market timing strategies which exploit temporarily available low cost capital, along with financial internationalisation strategies employed to overcome the underdeveloped institutional environment in emerging markets, play a positive role in facilitating FDI by emerging multinationals. We apply Pooled Tobit estimates on data of outward FDI by Indian multinationals during the period 2008 to 2019. The empirical evidence does not support a mispricing effect on outward FDI by Indian multinationals. However, attempts to achieve financial internationalisation through foreign independent directors and foreign institutional investors are proven to facilitate their real internationalisation. Both findings resonate with observations from the analysis that indicates heavy dependence on international capital markets as a source of funding for Indian outward FDI.
    Keywords: emerging multinationals; market timing; financial internationalisation; real internationalisation; India.
    DOI: 10.1504/GBER.2024.10058027
  • Does Social Media Sentiments Affect Investment Decisions A Moderated Mediation Analysis of the Relationship among Social Media Sentiments, trust, and Investment Decision   Order a copy of this article
    by Deepshi Garg, Prakash Tiwari, Vijay Jain 
    Abstract: The study explores the effect of social media sentiments on the social media attitude of investors. The objective is to determine whether an investor’s trust in social media sentiments influences social media attitudes while making investment decisions. A standardised questionnaire was made to obtain data from Indian retail investors. The data was evaluated and analysed using smart PLS to investigate the association concerning constructs like Twitter, Facebook and YouTube. Here, investor’s trust mediates between social media sentiments and social media attitude, while investment choice is a moderator between social media sentiments and trust. The significant result of this study shows how trust factors affect a person’s eagerness to take financial risks and participate in risky securities. Trust also affects investment diversification and individual investor perception. The study offers valuable awareness for individual investors, financial experts, opinion formers, educationists, and other shareholders.
    Keywords: social media sentiments; SMSs; social media attitude; SMA; stock market; investor behaviour; investment choice; trust.
    DOI: 10.1504/GBER.2024.10058158
  • A Systematic Review of Stock Market Responses to COVID-19 and Future Research Agendas   Order a copy of this article
    by Md Azizur Rahman, RONI BHOWMIK, Md. Saiful Islam, Md. Abul Kalam Azad 
    Abstract: Worldwide, the COVID-19 pandemic has significantly influenced stock markets in different dimensions. This paper examines the stock market responses to COVID-19 recently and explores future research agendas. This study considers both bibliometric methods and systematic literature reviews with PRISMA guidelines. In the bibliometric part, we found that authors from China or Chinese collaborations make the highest contributions regarding the number of publications, country-wise corresponding authorship, and countries’ collaboration network. However, china or Chinese collaboration papers tend to be lower in terms of the average citation score of publications compared to other top publishing countries. Second, literature review reveals that COVID-19 has positively and negatively affected global stock markets. Finally, we discuss some prospective research agendas, which clarifies the direction of future studies. Universities, organisations, and researchers in this field can use these helpful reviews to do research and learn more about future research agendas.
    Keywords: COVID-19; SARS-CoV-2; stock market; systematic literature review; SLR; bibliometric.
    DOI: 10.1504/GBER.2024.10058203
  • Performance Analysis of Sustainable Stock Indices against Conventional Ones: An Empirical Investigation of G7 Countries   Order a copy of this article
    by Neha Seth, Deepti Singh 
    Abstract: The study evaluates the performance of sustainable indices in comparison to conventional indices of G7 countries for the period starting from 1st January 2015 to 30th September 2022. The article employs risk-adjusted measures such as Sharpe, Treynor, Jensen’s alpha, Modified Sharpe, and Sortino, which shows that sustainable indices of most countries like Canada, Japan, Germany, and Italy highlighted superior performance and the investors earned positive rewards for bearing incremental risk. However, the stressed time of crisis is proved to be a penalty for socially ethical investors. The Fama Decomposition model shows that premium rewards earned by sustainable indices helped the superior-performing countries to secure top ranks. The conditional volatility of sustainable index is measured using the GARCH(1,1) model. The study will benefit the investors to diversify their investments in sustainable indices to earn creditable returns and the financial market professionals in framing policies to uplift the investment in sustainable indices.
    Keywords: sustainable stock indices; performance evaluation; risk-adjusted measures; Fama decomposition; G7; GARCH; conventional indices; MSCI.
    DOI: 10.1504/GBER.2024.10058763
  • Cryptocurrency Use and Sociodemographic Characteristics in Portugal: A Circular Economy case   Order a copy of this article
    by Daniela Rocha, Ana Pinto Borges, Bruno Miguel Vieira, Elvira Vieira, Daniela Castilho, Joana Neto 
    Abstract: Cryptocurrencies use has increased all around the world, including in Portugal. It is relevant to examine the factors that influence cryptocurrency adoption and how sociodemographic characteristics affect those factors. To accomplish the objectives, an exploratory study was performed, and a survey was applied to the Portuguese participants, resulting in a sample of 272 observations. Cryptocurrencies adoption was assessed by the cryptocurrencies use scale. The cryptocurrencies use scale reveals a three factors’ structure: autonomy and anonymity, system security and risk, user information and protection, and evidenced good internal consistency. The three subscales and the Cryptocurrency Use Scale confirmed their relation with sociodemographic characteristics. The outcomes of stepwise regression analysis showed that age, gender, educational level, marital status, and income are relevant and have impacts on cryptocurrency adoption in Portugal- although at different factors and significance levels. Limitations and future research are also discussed.
    Keywords: cryptocurrency; blockchain; circular economy; sociodemographic characteristics; Portugal.
    DOI: 10.1504/GBER.2024.10058913
  • Price Discovery of Commodity Markets: Bibliometric Analysis
    by Supriya R, Rajesh Mamilla 
    Abstract: This study aims to conduct a citation-based analysis of academic research on price discovery of commodity markets (PDCM). For this purpose, data is collected using a database such as Web of Science; 200 articles written by 446 authors and published in 114 different journals from 2000 to 2021 were examined using visualisation tools. And analysed using keyword co-occurrence and scholarly co-citation approaches are used to investigate research areas and development trends. Several studies have investigated the impact of news announcements, analyst forecasts, and other information sources on the efficiency of the commodity market. The results of these studies suggest that information plays a crucial role in price discovery and can significantly impact market outcomes. Another significant theme in the literature was the analysis of market structure and its impact on price discovery. Studies in this area have explored the effect of market concentration, trading volume, and liquidity on price discovery in the commodity market.
    Keywords: price discovery; citation-based analysis; spot and futures; commodity markets.
    DOI: 10.1504/GBER.2025.10059359
  • The impacts of green credit policy and competition on bank profitability in Indonesia
    by Rahmat Siauwijaya, To Jaya Yusanto, Genoveva Cindy Grania 
    Abstract: We are exploring the impacts of green credit policy, bank competition, and bank-specific variables on bank profitability in Indonesia. We found that the green credit policy did not hinder the bank from distributing credit. Instead, it can help banks distribute high-quality credit, improving their profitability and decreasing non-performing loans. We also found that competition can improve bank profitability. Bank-specific variables such as bank size, capitalisation, and cost efficiency correlate to increased bank profitability. Meanwhile, an increase in non-performing loans can reduce bank profitability, and bank profitability is unaffected by liquidity, diversification, and labour productivity.
    Keywords: banking competition; green banking; market power; bank profitability; Indonesia.
    DOI: 10.1504/GBER.2025.10059368
    by Sayyed Sadaqat Hussain Shah, Mário Nuno Mata, Rui Miguel Dantas, Warda Javed, Jéssica Nunes Martins 
    Abstract: This study explores how investors’ sentiments affected firm value in the non-financial sector of the Pakistan Stock Exchange from 2015 to 2019. Investors’ sentiments are measured using a principal component index (PCA), while firm value is assessed through Tobin’s Q formula. Control variables include firm size, leverage, and sales growth to enhance internal validity. A generalised method of moments (GMM) is employed for analysis, with Driscoll-Kraay standard error regression for robustness. The findings reveal a statistically significant impact of investors’ sentiments on firm value. Consequently, firm managers are advised to actively monitor sentiment, maintain open communication, safeguard their reputation, prioritise financial performance, and engage stakeholders to counteract negative sentiment effects and uphold a positive company outlook.
    Keywords: investors’ sentiments; firm value; Tobin’s Q; PSX; GMM.
    DOI: 10.1504/GBER.2025.10059369
  • Impact of Behavioral Biases on Investor’s Decision
    by Sunny Saha, Md. Humayun Kabir 
    Abstract: This paper examines the issue of whether or not Bangladeshi investors have behavioural biases when making investing decisions. For the first time, a sample of Bangladeshi investors has been chosen to study the influence of behavioural biases on investment choices. Based on other studies in the field, we carefully selected seven behavioural biases, including overconfidence, conservatism, herding, availability, mental accounting, anchoring, and gambler’s fallacy. To investigate the effects of biases on investors, we used a sample of 147 Bangladeshi investors who traded on the Bangladesh stock exchange. We used IBM Amos 21 and SPSS 21 to analyse the impact of behavioural biases on investors’ assessments. According to the study, only overconfidence and the gambler’s fallacy affect investors’ decision-making. We believe the researchers will find this study to help assess how much their biased stock market decision-making has reduced rational investing.
    Keywords: behavioural finance; behavioural bias; investor’s decision making; bangladesh stock exchange; rational investing; Bangladeshi investors; contemporary finance.
    DOI: 10.1504/GBER.2025.10059528
  • Enhancing the Cournot Model by Integrating Risk Events and Attitudes Towards Risk
    Abstract: This paper incorporates an operational risk event in the Cournot model. The risk event has impacts on the operational costs, but it is possible to control these costs, after the event, by implementing actions to mitigate those impacts. Naturally, these actions demand higher operational costs before the event. This study considers a common situation where risk neutral company owners hire managers to establish both the production levels and the actions to mitigate the impacts of the risk event. Studying different combinations of risk attitude for managers it is found that the highest expected profit in the equilibrium is reached when the managers present some degree of risk-seeking behaviour.
    Keywords: Game theory; Cournot model; Nash equilibrium; risk modelling; duopoly; risk attitudes.
    DOI: 10.1504/GBER.2025.10061051
  • Place-Based Policies and Capital Structure in the South of Italy
    by Mauro Aliano, Greta Cestari, Salvatore Madonna 
    Abstract: Productivity gaps between northern and southern Italian regions have been widening over recent years. In this paper, we provide some evidence-based suggestions to support and boost the Italian Government’s measures for reducing regional disparities, such as the special economic zone and other place-based fiscal measures to stimulate private investments. We found asymmetrical effects of using equity to increase tangible investment according to company size, and an inverted U-shape pattern for the impact of loans. We argue that the tax rules and benefits of SEZs and other measures should be coupled with a deeper knowledge of companies’ capital structure peculiarities.
    Keywords: capital structure; regional divide; special economic zones; SEZs; equity ownership; place-based policies.
    DOI: 10.1504/GBER.2025.10061052
  • Herding Behavior of Stock Market in Emerging Country: Insight from Pakistan   Order a copy of this article
    by Mahnoor Fatima, Zia Ur Rehman Rao, Wajeeha Baig, Muhammad Sabeeh Iqbal 
    Abstract: The purpose of this research is to investigate herding behaviour on the Pakistani Stock Exchange. It has been claimed in previous research that herding behaviour is driven by basic information, which promotes swift price changes in response to new information and leads to efficient markets. In this study, daily market data from 2011 to 2020 was used. The cross-sectional absolute deviation (CSAD) approach was used. This paper makes a progressive contribution by investigating the herding behaviour which includes the herding of companies toward the marketplace. Additionally, we studied herding in five quintiles which are arranged according to the firm size. This study found that investors in large companies tend to keep a closer eye on the market than investors in smaller companies. This research may assist regulators in conducting a thorough investigation of market abnormalities, which will result in more efficient market processing.
    Keywords: herding behaviour; cross-sectional absolute deviation; CSAD; quintiles; Pakistan Stock Exchange; PSX; emerging markets; Pakistan.
    DOI: 10.1504/GBER.2025.10061299
    by Elvira Anna Graziano, Flaminia Musella, Gerardo Petroccione 
    Abstract: This article aims to present empirical research to analyse whether the COVID-19 pandemic has affected consumer payment habits in Italy, which is a nation traditionally more inclined to use cash transactions. The survey was conducted through an interview with 836 citizens from November 2021 to February 2022 and revealed a significant increase in digital payments due to the fear of contagion. Using the chi-square test of independence, we can assess that consumers preferred cashless transactions to reduce the risk of infection and that more financially educated people prefer digital payments, reducing financial risk. Related to these findings, our research also analysed whether the pandemic in Italy has also produced a radical transformation in the social and economic spheres. Based on this, further research may focus on the impact that the pandemic has had on other aspects of consumer behaviour, such as savings and investment decisions.
    Keywords: COVID-19; payment behaviour; payment habits; M-payment; survey; quantitative analysis.
    DOI: 10.1504/GBER.2024.10061653
  • Startup Performance from an Economic Development Perspective: Impact Evaluation after Funding Stage   Order a copy of this article
    by Mehmet Onur Partal, Feride Gonel 
    Abstract: Startups, which are by nature different than traditional enterprises due to their innovative and technological features, are often defined as SMEs with the potential to grow rapidly. This study intends to explore the performance of startups from an economic development perspective. In this paper, a counterfactual impact evaluation will be implemented for a treatment group, which is funded by investors in Istanbul, Turkey. The results are compared to those of a control group. Employing difference in differences estimation, the comparison is based on a variety of indicators including employment, revenue, and profit generation in the ICT sector. Our results show us that the performance of funded startups positively diverges from the unfunded startups after the intervention period. At the end of this study, it is suggested that governments should motivate startups by acting as investors rather than grant allocators in the entrepreneurship ecosystem.
    Keywords: government grants; subsidy; entrepreneurship; regional development; impact evaluation; financial support; firm performance; SMEs; startup; funds.
    DOI: 10.1504/GBER.2025.10061769
  • ADRs Price Discovery and Transmission Effect to Domestic Market: An Evidence from Indian ADRs   Order a copy of this article
    by Aditya Keshari, Amit Gautam 
    Abstract: The price discovery of Indian ADRs is being provided for the sample period 2010-2022, using the SUR and FE-LSDV models, which incorporate contemporary factors as well as the dummy variables for their cross-sectional unit. The findings revealed that the underlying prices of shares influence ADR prices with the exchange rate and the stock market index where assets are being cross-listed. But the inclusion of dummy cross-sectional variables in the existing model enhances the predictability of the model and provides for better results. The second part of the study, which focuses on the ADR’s transmission effect to the domestic market, is analysed through a fixed and random effect model, which establishes a significant relationship between the ADR portfolio and the domestic market portfolio. Thus, the study provides implications for investors who can diversify their portfolios to ADRs listed in developed country markets, i.e., the USA, by going beyond the conventional investing channels towards the emerging financial markets, which provide competitive returns over the short to long term.
    Keywords: American depository receipts; ADRs; transmission effect; SUR model; fixed and random effect model; cross-listing.
    DOI: 10.1504/GBER.2025.10062002
  • Determinants of Aggregate and Sectoral Trade between Japan and ASEAN Countries: A Poisson pseudo-maximum-likelihood Estimator Approach   Order a copy of this article
    by Hoan Quang Truong, Van Chung Dong, Huong Thi Thu Nguyen, Hung Xuan Nguyen 
    Abstract: Our study investigates the determinants of aggregate and sectoral trade between Japan and the Association of Southeast Asian Nations (ASEAN). The estimation results from the gravity model show that the scale of the economy and market development are the main determinants of aggregate trade between the two regions, in which the effect of Japan’s economic size is stronger. Meanwhile, the improvement in logistic performance possibly reduces the disadvantageous impacts of geographical distance on Japan-ASEAN trade flows. By contrast, the formation of trade agreements does not play an important role in Japan-ASEAN trade activities. We find that most determinants of aggregate trade are also factors affecting the trade flows of subsectors between the two sides; however, there are significant differences in the impact magnitudes and the predicted signs. The effects of the considered factors on Japan-ASEAN trade are relatively heterogeneous among the sub-industries. The study also provides implications for enhancing Japan-ASEAN trade in the future.
    Keywords: Japan; ASEAN; aggregate trade; sectoral trade; PPML.
    DOI: 10.1504/GBER.2025.10062003
  • Online Dating Platforms - and their link to responsible leadership and uncertainty avoidance the key impact of imagination   Order a copy of this article
    by Ursula Schinzel 
    Abstract: This research investigates how to make online dating platforms more responsible and acceptable as a means of not only romantic dating, but also of friending and networking. Thus, we also investigate the link between ‘responsible leadership’ and ‘online dating platforms’. Following Hofstede’s cultural dimension ‘uncertainty avoidance’ and Santaro’s ‘imagination’ (Santoro et al., 2018), it shows new concepts for the future, new methods of collaboration, friending, networking, and recruiting where everybody and everything is connected and intertwined, allowing for unlimited imagination and creativity, where everything is possible, without any limitations. The author performed 235 interviews about online dating platforms from 2020 until 2022 and 15 interviews about responsible leadership in 2022. Respondents were contacted on online dating platforms first in writing, then by telephone and later in person, asking them mainly what they lie about or not. Data analyses, implications, and discussions are followed by exploring further research opportunities.
    Keywords: online dating platforms; lies; imagination; responsible leadership; Hofstede’s cultural dimension uncertainty avoidance; digitalisation; ICT.
    DOI: 10.1504/GBER.2025.10062214
  • Online Dating Platforms - and their Link to Responsible Leadership and Uncertainty Avoidance - The Key Impact of Imagination   Order a copy of this article
    by Ursula Schinzel 
    Abstract: This research investigates how to make online dating platforms more responsible and acceptable as a means of not only romantic dating, but also of friending and networking. Thus, we also investigate the link between ‘responsible leadership’ and ‘online dating platforms’. Following Hofstede’s cultural dimension ‘uncertainty avoidance’ and Santaro’s ‘imagination’ (Santoro et al., 2018), it shows new concepts for the future, new methods of collaboration, friending, networking, and recruiting where everybody and everything is connected and intertwined, allowing for unlimited imagination and creativity, where everything is possible, without any limitations. The author performed 235 interviews about online dating platforms from 2020 until 2022 and 15 interviews about responsible leadership in 2022. Respondents were contacted on online dating platforms first in writing, then by telephone and later in person, asking them mainly what they lie about or not. Data analyses, implications, and discussions are followed by exploring further research opportunities.
    Keywords: online dating platforms; lies; imagination; responsible leadership; Hofstede’s cultural dimension uncertainty avoidance; digitalisation; ICT.
    DOI: 10.1504/GBER.2025.10062030
  • How Do COVID-19 Containment Policies Affect Currency Status?   Order a copy of this article
    by Juanjuan Zhuo, Masao Kumamoto 
    Abstract: We employed copula-dynamic conditional correlation and threshold approaches to investigate the status of the JPY, CHF, EUR and GBP during the COVID-19 period vis-à-vis various kinds of assets specifically, stocks, government bonds, currencies and commodities. Further, we investigated how containment policies affected currency status. We classified currency status into diversifier, hedge and safe-haven currencies. Our main findings were as follows: first, while currency status behaviours differ in different asset markets, the JPY acted as a hedge in stock, emerging countries' currency and commodity markets in tranquil periods, and acted as a safe haven in times of financial stress. Second, the currency of a country with strict containment policies tended to appreciate when market uncertainty increased, suggesting that the roles of the EUR, CHF and GBP as diversifiers and that of the JPY as a hedge strengthened. Third, vaccination might have contributed in reducing negative investor sentiment and their COVID-19-related concerns.
    Keywords: COVID-19; containment policy; vaccination; diversifier currency; hedge currency; safe-haven currency; global risk; equity market volatility; copula-DCC; threshold.
    DOI: 10.1504/GBER.2025.10062180
  • Examining Servitization as a Resource Based Competitive Advantage   Order a copy of this article
    by Alessandro Augurio, Laura Castaldi, Clelia Mazzoni, Yioula Melanthiou 
    Abstract: This paper deals with the advancement of servitisation in the Italian manufacturing industries, identifying the service offerings, the performances and the dimensions of servitised firms. Data were collected from 7,840 manufacturing firms. The results show that 45.6% of the selected manufacturing firms undertake servitisation. The provision of product-related services supporting the supplier product (SSPs) seems to be advantageous for firms that are not very large, labelled as product-related servitised firms in the context of this work, because they could exploit existing resources and competencies to create the service offering, enhancing the need for following a resource-based approach to create sustainable competitive advantage.
    Keywords: servitisation; manufacturing firms; resource-based view; RBV; competitive advantage.
    DOI: 10.1504/GBER.2025.10062181
  • Entrepreneurial Intent from Crowdfunding Perspective   Order a copy of this article
    by Shathees Baskaran, Thanabalan Tangaraja, Hairul Rizad Md Sapry, Kesavan Nallaluthan 
    Abstract: The volatile economic condition in Malaysia has shifted the government's focus towards the development of entrepreneurs, especially among Malaysian graduates. Crowdfunding, an online platform to obtain funding through a large pool of people could be an alternative to gain financial capital to embark on entrepreneurship. Given this, crowdfunding has taken centre stage among the upcoming graduate entrepreneurs. Employing a quantitative research method, the purpose of the study is to investigate whether crowdfunding usefulness influences entrepreneurial intention among graduates. A total of 395 graduates participated in the study by responding to an online structured questionnaire. Collected data were analyzed with Structural equation modelling. The findings provided evidence for a significant relationship between crowdfunding usefulness and entrepreneurial intention among Malaysian graduates. Additionally, instrumental readiness was found to partially mediate the relationship between crowdfunding usefulness and entrepreneurial intention. The findings strongly support the notion that awareness of crowdfunding usefulness will increase entrepreneurial intentions among graduates regardless of economic environmental dynamism. Therefore, future research shall discover more salient dimensions of crowdfunding and its usefulness to identify influencing factors within the crowdfunding perspective in the context of entrepreneurship and entrepreneurial intentions
    Keywords: crowdfunding usefulness; entrepreneurial intention; instrumental readiness; Malaysian graduates.

  • Dividend Policy and COVID-19 pandemic: an empirical study of Indian Firms   Order a copy of this article
    by Prasenjit Roy, Santi Gopal Maji 
    Abstract: This study explores how the COVID-19 pandemic has affected the dividend pay-outs of firms listed in the BSE 500 index from 2014-2015 to 2021-2022, using a panel regression analysis. Empirical findings indicate that the pandemic influenced firms’ dividend policies. Firms with higher return on assets (ROA), total assets (TA), and Tobin’s Q (TBQ) exhibited higher dividend during the pandemic, whereas high-leveraged firms faced challenges in sustaining dividends. The analysis also considers variables such as firm age, size, business affiliation and sector. The study underscores that economic shocks, such as the COVID-19, necessitate adaptive and strategic decision-making. This is particularly important for firms that rely on dividend payouts as a means of returning value to shareholders. For investors, the insights will act as a valuable input in making sound investment choices, with a careful assessment of a firm’s financial health and its ability to withstand unexpected macroeconomic challenges.
    Keywords: COVID-19 pandemic; dividend pay-out policies; BSE 500 index; panel data regression model; firm-level categories; firm age; firm size; business affiliation; financial indicators; economic downturns.
    DOI: 10.1504/GBER.2025.10062265
  • Examining Seasonal Anomalies in Crude Palm Oil Markets   Order a copy of this article
    by WENHUI LI, Normaziah Mohd Nor, M.H. Yahya 
    Abstract: Crude palm oil (CPO) is a crucial global agricultural commodity, and the efficiency of its market is important for maintaining price stability. This study delves into the assessment of market efficiency in the primary CPO markets, focusing on seasonal anomalies as a key indicator. The research analyses daily, weekly, and monthly data to investigate these anomalies, recognising variations among countries. Our empirical findings reveal significant seasonal anomalies in crude palm oil market. Malaysia and Indonesia exhibit significant day-of-the-week effects, while all four countries demonstrate substantial positive returns during weeks 6 and 52. Notably, Malaysia experiences a significant positive return during October. Furthermore, our research underscores the role of good sentiment around holidays and seasonal export activities as drivers behind these seasonal anomalies. In essence, this study makes a significant contribution to our understanding of market efficiency and the presence of seasonal anomalies in the primary CPO markets. It emphasises the influence of sentiment and export cycles on market returns, providing valuable insights for market participants and policymakers.
    Keywords: seasonal anomalies; market efficiency; holiday effect; crude palm oil market.
    DOI: 10.1504/GBER.2025.10062377
  • Priority Sector Lending by the Indian Public Banks: Impact on Capital Formation and NPAs   Order a copy of this article
    by Dhananjay Ashri, MUSKAN KAUR, Bibhu Sahoo 
    Abstract: This paper investigates the effect of priority sector lending (PSL) by Indian public sector banks (PSBs) on capital formation and bad loans in India. Nonlinear auto regressive distributive lag (NARDL) model has been proposed to assess PSL contribution to capital formation. Furthermore, a panel data regression model has been employed to investigate the relationship between growing non-performing assets (NPAs) and PSL. The empirical results revealed that PSL contributes towards the growth of capital formation. While a large part of the literature advocates that lending to priority sectors leads to mounting NPAs in the public sector banks (PSBs), the empirical evidence of the study finds an insignificant impact of PSL on NPAs. India is a developing nation, and directed credit program shall be encouraged. The flow of credit to targeted sectors enhances productivity and leads to better utilisation of resources by these sectors, which augments capital growth.
    Keywords: priority sector lending; PSL; public banks; NPAs; capital formation.
    DOI: 10.1504/GBER.2025.10062635
  • Financial contagion across G7 countries during stock market crashes   Order a copy of this article
    by Arifenur Güngör, Mahmut Sami Güngör 
    Abstract: Globalisation leads to rising stock market exposure to financial contagion during economic crises. Since the importance of short-run linkages between stock markets for international portfolio diversification, this study aims to investigate the existence of financial contagion across G7 stock markets throughout the stock market crashes of 2008 and 2020 using short-run time-varying conditional correlations. To do this, first, this study estimates the DCC-MIDAS model based on the GARCH-MIDAS model to decompose the short- and long-run time-varying conditional correlations among G7 stock markets. Then, it estimates the regression model for each stock market pair to examine the existence of financial contagion across G7 stock markets during the stock market crashes. The empirical findings provide new evidence of financial contagion between developed stock markets during the global crash periods. A noteworthy finding is that the results on financial contagion are mixed and differ by region and the nature of stock market crashes.
    Keywords: global financial crisis; contagion; COVID-19 pandemic; stock markets; developed economies.
    DOI: 10.1504/GBER.2025.10063140
  • The impact of the COVID-19 pandemic and its moderating effect on bank profitability   Order a copy of this article
    by Phan Dinh Nguyen 
    Abstract: The impact of the COVID-19 has been much studied but the moderating effect of the COVID-19 on bank profitability has been paid little attention. This paper, therefore, examines the impact of the COVID-19 pandemic and its moderating effect on banks’ profit by employing data of 35 banks operating in Vietnam between 2005 and 2022. We use the system generalised method of moment and structural equation modelling to estimate regressions to explain the impacts. We contribute to the existing literature by analysing the impact of the pandemic and its moderating effect on bank’s profit. Our findings show that the pandemic is negatively correlated to banks’ profit and the pandemic has the moderating effect through non-performing loans, bank size, bank equity, and ownership.
    Keywords: COVID-19 pandemic; impact; bank profitability; Vietnam.
    DOI: 10.1504/GBER.2025.10063141
  • Measuring financial inclusion of indigenous women using G20 indicators: empirical evidence from rural India   Order a copy of this article
    by Jogeswar Mahato, Manish Kumar Jha, Kumar Gaurav 
    Abstract: The study measures the financial inclusion of indigenous women using G20 financial inclusion indicators in India. The samples were gathered from 1,024 indigenous women residing in Sundargarh, Mayurbhanj, Koraput and Rayagada districts in Odisha state in India. The study has used structure equation modelling to measure the financial inclusion of indigenous women using G20 indicators. The results highlighted that access, usage and quality of financial products and services significantly promote financial inclusion among indigenous women in India. However, it is observed that ' usage' appeared to be the most significant indicator of financial inclusion among the other G20 FI indicators. The present study will benefit policymakers and practitioners in promoting financial inclusion among marginalised communities in developing countries. To achieve financial inclusion for marginalised and backward women, the government should strengthen the financial infrastructure to improve the accessibility and use of financial services.
    Keywords: financial inclusion; access; usage; quality; G20; indigenous women; self-help groups; measurement; rural; financial services.
    DOI: 10.1504/GBER.2025.10063178
  • Analysing FinTech equity funding flows and FinTech deals globally   Order a copy of this article
    by Uttam Golder, Suborna Barua 
    Abstract: This study examines the nature and patterns of FinTech equity funding and agreements globally and on different regional levels. Using 57 countries’ annual data from 2010 to 2020, this study employs descriptive analysis, and uses the independent group t-test, and finds significant differences in the flow of FinTech equity fundings and deals across different income groups and geographical locations of the world. This study finds that FinTech equity financing and agreements in developed economies make up most of the contributions. Besides, it also reveals that North America and Europe are the significant contributors to FinTech equity investment, while Asia, along with North America and Europe, are the leaders in FinTech deals.
    Keywords: FinTech; FinTech deals; FinTech equity funding.
    DOI: 10.1504/GBER.2025.10063217
  • The circular economy in the Portuguese consumer's perspective   Order a copy of this article
    by Mariana Neto, Ana Pinto Borges, Bruno Miguel Vieira, Elvira Vieira, Victor Tavares, Joana Neto 
    Abstract: Consumer perceptions play a key role in the recent economic paradigm known as circular economy (CE), which involves a more focused position by the business community. This study aims to understand the perceptions of consumers regarding the concept of CE and its acceptance in the involvement in practices that promote the development of new business models through cluster analysis. An exploratory study was conducted, and the sample (N = 254) was composed through surveys available from three different brands positioned in a CE business model. Three qualitatively distinct personal positions were identified among participants: 1) concern about the future; 2) CE importance; 3) new lifestyle habits. The present study has limitations, considering that the sample was centred on the consumer who chooses sustainable organisations, which creates a limitation to assess the knowledge concerning the CE in a global consumer context.
    Keywords: circular economy; consumer behaviour; sustainable development.
    DOI: 10.1504/GBER.2025.10063364
  • The contribution of ICT to labour productivity in manufacturing firms in Cameroon: a re-examination of Solw's paradox
    by Astride Claudel Njiepue Nouffeussie, Fabrice Nzepang, Cosmas Bernard Meka'a, Poelle Davy Bimai 
    Abstract: This paper examines the determinants of firm labour productivity in Cameroon, with particular emphasis on the role of information and communication technologies (ICTs). The study uses an instrumental variables Tobit model applied to data from the Enterprise Survey on a sample of 361 Cameroonian firms. These data have the advantage of providing information on firm characteristics and productivity as well as on the different types of ICTs used by firms. The main results suggest that: 1) the use of a single ICTs tool (mobile money, website or email) has a positive but insignificant effect on workers’ productivity; 2) the use of two or more of these tools (email-mobile money, email-website, mobile money-email-website) positively and significantly affects workers’ productivity, by 5,881, 6,189 and 8,881 points respectively; 3) firm size, sector of activity as well as previous productivity positively and significantly affect labour productivity. This study argues for the use of several ICTs tools combined by firms to significantly increase their productivity.
    Keywords: information and communication technologies; ICTs; labour productivity; Solow’s paradox; Tobit; Cameroon.

  • Cohesion and variability in corporate sustainability among Indian firms: a content analysis approach   Order a copy of this article
    by Sonia Kalra, Amit Seth, Poonam Rani 
    Abstract: The study delves into an unexplored territory of analysing the corporate sustainability disclosure practices of India’s top-listed firms, intending to shed light on the stringent and pragmatic aspects of their reporting. By mapping international standards guidelines with Indian reporting guidelines, the study has created a pragmatic and standardised tool for measuring and comparing the sustainability disclosure practices of India’s top-listed firms. The finding of the study highlights a unique and stringent reality in the corporate sustainability reporting practices of India’s top-listed firms. Despite a consistent style of reporting throughout the year, the data reveals a concerning trend where social dimensions of sustainability are given more attention than the environmental and economic dimensions. Hence, the study aims to not only inform but also empower stakeholders with the necessary information to drive sustainable change in the Indian corporate landscape.
    Keywords: corporate sustainability disclosure; content analysis; Global Reporting Initiative; business responsibility report; sustainability report.
    DOI: 10.1504/GBER.2024.10064377
  • An analysis of synergy between corporate governance and environmentasustainability disclosure in an emerging economy   Order a copy of this article
    by Affaf Asghar Butt, Fizza Ashfaq, Aamer Shahzad, Jamshaid Ahmad 
    Abstract: This study aims to examine corporate governance as potential determinant of environmental sustainability disclosure (ESD) in Pakistani context. Data was collected from annual and stand-alone sustainability reports of 111 firms listed on Pakistan Stock Exchange from 2010 to 2020. To reach statistical conclusion OLS regression with fixed industry and year effect was applied. Findings revealed that board size and independence are positively associated with ESD. Conversely, family ownership, managerial ownership and board diversity negatively affect ESD. CEO duality, institutional ownership and ESD depicted insignificant association. This study contributes to literature on agency, resource dependency, stakeholder, and legitimacy theories. It will aid managers in enhancing the performance of eco-friendly initiatives. Scope of this exploration is confined to emerging countries. Future researchers can consider developed economies and other dimensions of corporate governance for better exploration. Besides inclusion of highly important variables, carrying this study in an emerging economy like Pakistan is a novelty in itself.
    Keywords: ownership structure; board composition; environmental sustainability disclosure; ESD; corporate governance.
    DOI: 10.1504/GBER.2025.10064459
  • Mapping the knowledge domain of corporate financial distress prediction   Order a copy of this article
    by Gurmeet Singh, Ravi Singla 
    Abstract: This study attempts to identify current dynamics, prominent contributors, and notable trends in the field of corporate financial distress prediction and to suggest future research possibilities. After final selection, 175 research articles, published between 1985 and July 2023, were used from Scopus database for the current research. According to the findings, corporate financial distress prediction has experienced rapid expansion in the recent years, particularly from 2009 onward. The analysis reveals that Asia (45.32%) and Europe (30.22%) continents account for the majority of research publications. Content analysis reveals the range of research areas that fall under the umbrella of corporate financial distress prediction. These include developing models to predict bankruptcy, applying and re-estimating developed models by including new variables, evaluating the sensitivity and stability of financial ratios and models, contrasting various models and variables, and examining the nature of distress risk and how it relates to stock returns. The current study will be useful for potential researchers who want to study in the field of financial distress or bankruptcy prediction. The study suggests untapped research topics in the field that might be the subject of future studies.
    Keywords: bankruptcy prediction; bankruptcy prediction models; bibliometric analysis; content analysis; corporate failure; default risk; financial distress; financial distress prediction; VOSviewer.
    DOI: 10.1504/GBER.2025.10064541
  • Working Capital, COVID-19 and Firm Performance: empirical evidence from India   Order a copy of this article
    by Prasenjit Roy  
    Abstract: This study investigates the impact of COVID-19 on working capital and financial performance of Indian firms within the BSE 500 index spanning from 2014-2022. Using a panel regression model, the research analyses various working capital policy dimensions and their links to key performance indicators, such as ROA and TBQ during the pandemic. The findings provide essential insights for policymakers and managers navigating the complexities of the global financial landscape. The study advocates for adaptive working capital management (WCM) policies, emphasising the need for a balanced working capital strategy and caution in short-term debt reliance during pandemics. The positive relationship between the cash conversion cycle and performance indicators challenges conventional wisdom, prompting a revaluation of traditional practices considering dynamic economic conditions. The findings serve as a blueprint, promoting strategic foresight, adaptive policies, and resilient financial management amid the evolving economic landscape.
    Keywords: COVID-19; working capital management; WCM; financial performance; BSE 500 Index; panel regression; economic conditions.
    DOI: 10.1504/GBER.2025.10064570
  • Measuring the impact of ICT labour on the efficiency of Turkish retail businesses: a stochastic frontier analysis   Order a copy of this article
    by Feride Gonel, Hüseyin Tastan 
    Abstract: This study examines the impact of information and communication technologies (ICTs) on efficiency in the Turkish retail trade sector using firm-level data. We employ a stochastic frontier model to analyse the effect of ICT labour and traditional non-ICT labour on productivity. Results indicate that Turkish retail firms operate with constant returns to scale and a labour-intensive technology. ICT labour has a positive effect on the technical efficiency of retailer firms, with a contribution comparable to that of non-ICT labour. Empirical results also suggest that, compared to large firms, small and medium-sized firms exhibit slightly higher technical efficiency.
    Keywords: information and communication technologies; ICT; productivity; retail trade; wholesale trade; e-commerce; Turkey; small-sized firms.
    DOI: 10.1504/GBER.2025.10064571
  • Unravelling family firms influence on corporate governance mechanisms for long-term performance   Order a copy of this article
    by Adi Kurniawan Yusup, Muslichah Muslichah, Cicilia Erna Susilawati 
    Abstract: We examine the effect of corporate governance mechanisms of debt, dividend, board size, and board independence on Indonesia’s companies’ long-term performance. There are 451 non-financial companies (3,831 firm-year observations) in Indonesia from 2010-2019 used as samples and analysed using panel data analysis techniques. We use family firms as moderating variables. In addition, this study also uses a new measurement of long-term performance by considering the return and risk aspects in its measurement. The result suggests that dividends are a corporate governance mechanism that can improve long-term performance. On the other hand, board size has negative association with long-term performance. Interestingly, family plays a role as a steward in Indonesia’s company. Family firms can strengthen the effect of dividends and board size to increase long-term performance. Various robustness tests were carried out, and the results were consistent with previous tests.
    Keywords: corporate governance; family firms; long-term performance; LTP; agency theory.
    DOI: 10.1504/GBER.2025.10064892
  • Measuring stocks returns and investor sentiment spillovers in developed markets   Order a copy of this article
    by Dorsaf Ben Aissia, Nizar Neffati 
    Abstract: This study investigates the spillover of returns and investor sentiment in developed markets during the global financial crisis periods. Based on data from six developed stock market indexes ranging from January 1995 to December 2020, it uses the methodology introduced by Diebold and Ylmaz (2014) and its dynamic extensions. Findings show that local sentiment measures are interconnected. Moreover, our results suggest that sentiment connectedness across the analysed stock market indexes are more pronounced during the global financial crisis periods.
    Keywords: spillovers; investor sentiment metrics; stocks market returns; connectedness; global financial crisis.
    DOI: 10.1504/GBER.2024.10053961
  • Carbon emission intensity, energy management practices and financial leverage: evidence from emerging Indian economy   Order a copy of this article
    by Biswajit Ghose, Leo Themjung Makan, Kailash Chandra Kabra 
    Abstract: This study investigates the impact of carbon emission intensity (CEI) and energy management practices on firms' financial leverage. Besides, the study also examines moderating role of energy management practices in the relationship between CEI and financial leverage. Using panel fixed effect model on a dataset of 66 listed firms over the period of five years from 2015-2016 to 2019-2020, the study finds negative impact of carbon intensity on firms' financial leverage indicating a direct association between carbon intensity and cost of debt. Further, the negative impact of carbon intensity on leverage is observed to be higher in case of firms undertaking energy management practices. The results suggest that firms should strive for decreasing the carbon footprints to take advantage of more debt in capital structure. Further, firms should strategically invest in energy management practices so that the same helps in attenuating the adverse impact of carbon intensity on leverage.
    Keywords: carbon emission intensity; CEI; energy management practices; energy audit; financial leverage; capital structure; debt; panel data; fixed effect model; emerging economy; India.
    DOI: 10.1504/GBER.2024.10054420
  • The role of national culture in stock volatility: evidence from international stock markets   Order a copy of this article
    by Wajeeha Baig, Zia-ur-Rehman Rao, Mahnoor Fatima, Muhammad Usman 
    Abstract: This research aims to examine the impact of national culture on the stock market volatility of international stock markets. By using the daily data from 50 international stock markets from 2011 to 2020, we have examined monthly stock market volatility through realised volatility (RV). We have checked the impact of Hofstede's six cultural dimensions, namely individualism, masculinity, uncertainty avoidance, long-term orientation, power distance, and indulgence on the stock market volatility of major world indices. To check whether national culture has an impact on volatility or not, different regression models were run. Finally, the findings of our study show that six cultural dimensions have different significant influences on the stock market volatility of international stock markets. The findings of this study can assist investors in determining the strategy for limiting their risk in an international diversification portfolio and is also useful to identify which market conditions are appropriate for investment.
    Keywords: cultural dimensions; stock markets; realised volatility; major world indices.
    DOI: 10.1504/GBER.2024.10054840
  • Can we increase the granularity in understanding global value chains? An integration of academic and practice perspectives to enhance future developments   Order a copy of this article
    by Lorenzo Bruno Prataviera, Davide Bosio, Ioannis Koliousis 
    Abstract: Value chains are increasingly fragmented globally, and companies and governments struggle with understanding where value is added. Both scholars and practitioners developed models, but recent challenges are calling for original approaches to develop instruments to map and evaluate global value chains (GVCs) footprint. We carried out a structured literature review (SLR) to summarise the existing academic knowledge about GVCs mapping and also examined the related practitioners' materials. We then investigated what data sources are currently available to collect data about global trade flows, and involved practitioners in the discussion to collect insights that could improve the current understanding. We aim at offering guidance in this process, highlighting what future directions should be pursued to increase the models' descriptive and explanatory power. For example, customs data is largely available. Original models could be developed, and GVCs could be studied leveraging rich and granular customs data rather than traditional macro-economic data.
    Keywords: global value chain; GVC; structured literature review; SLR; customs; value chain mapping.
    DOI: 10.1504/GBER.2024.10057883
  • Psychological biases and contextual factors as the determinants of financial satisfaction: an evidence-based study on individual investment decisions   Order a copy of this article
    by Kritika Shukla, Vibhash Kumar 
    Abstract: This research study identifies, confirms, and integrates individual investors' psychographics within the contextual environment framework and the psychological biases. The study investigates the financial satisfaction level of investors and examines its relationship with investment decision-making. We empirically examined the conceptual framework by administering constructed instruments to the investors (n = 405). For examining the structural relationships, we have used covariance-based structural equation modelling (SEM). We have found that contextual factors like brand perception of investment, economic fundamentals, and individual financial needs are positively associated with investor sentiments. Additionally, we established that psychological biases like overconfidence, hindsight, illusion of control, loss aversion, and status quo are positively associated with investors' financial satisfaction. The study's findings suggest that more financially satisfied investors will likely have higher investment volume, higher investment frequency, and lower investment duration. This study's contributions enrich the behavioural finance literature and hold practical relevance for practitioners and policymakers.
    Keywords: contextual factors; psychological biases; financial satisfaction; investment decisions; individual investors.
    DOI: 10.1504/GBER.2024.10055094
  • Taxes, institutions, and illicit financial flows in Africa   Order a copy of this article
    by Isaac Bentum-Ennin, Samuel Mensah, Evans Kulu 
    Abstract: This study investigates the effects of taxes and quality institutions on illicit financial flows (IFFs) in Africa. An annual panel data from 30 countries for the period, 2008 to 2017, was employed. The estimated general method of moments models revealed that increases in taxes on international trade provide an incentive for IFFs but this effect is ameliorated or rendered insignificant in the presence of quality institutions, especially, control of corruption, voice and accountability, rule of law, and regulatory quality. There is a need for governments in African countries to strengthen these institutions while minimising international trade taxes in the quest to reduce IFFs.
    Keywords: general method of moments; illicit financial flow; IFF; institutional quality; tax; Africa.
    DOI: 10.1504/GBER.2024.10055846
  • Analysing the impact of relief measures on MSME's resilience and performance during the COVID-19 pandemic   Order a copy of this article
    by Alpana Agarwal, Komal Kapoor 
    Abstract: The paper aims to analyse the effectiveness of the six relief measures declared by the Indian government for the micro small and medium enterprise (MSME) sector to lessen the impact of the COVID-19 pandemic and help them recover. The relief measures are analysed for their effective implementation, how far they are helping the sector to recover and rebuild their future strategic direction. Technique for order preference by similarity to ideal solution (TOPSIS) has been applied to examine the impact of all six relief measures and rank them in order of their positive impact on MSMEs on their recovery during COVID-19 crises and expected growth in future. The relief measure suggesting e-linkage of marketplace has highest performance score in long-term growth of MSMEs. Also, collateral free loans and subordinated debts have not been able to get disbursed in an effective manner and have thus not been very successful in achieving the objectives.
    Keywords: COVID-19; MSME-relief measures; TOPSIS; MSME resilience.
    DOI: 10.1504/GBER.2024.10055532
  • The impact of mobility restrictions, sentiment, and deaths on the liquidity and volatility of LQ 45 Index: a comparative study between the first and the second wave of the COVID-19 pandemic   Order a copy of this article
    by Sendy Watazawwadu'Ilmi, Dewi Hanggraeni 
    Abstract: The COVID-19 pandemic has affected Indonesia more significantly than the last crisis. It hit and caused Indonesia to have the highest accumulation rate of confirmed cases in Southeast Asia. This study aims to analyse the impact of the COVID-19 pandemic on the Indonesian stock market during the first and second waves. We mainly used panel data regression on daily market returns and defined the liquidity and volatility dynamic to understand the various dimension of the pandemic. We found a relationship between pandemics and the Indonesian stock market during the first and second waves of the pandemic. Our results suggest that increasing mobility restriction implementation would increase market illiquidity and volatility. In parallel, the rise of negative sentiment and fatality rate caused by COVID-19 provides liquidity and stability failure. This study suggests that investors should closely follow the development of country policies to make decisions related to investing in financial markets.
    Keywords: COVID-19; pandemic; mobility restriction; sentiment; stock market.
    DOI: 10.1504/GBER.2024.10056815
  • Does CEO power affect audit's report lag in the Gulf Cooperation Council economies? The curtailing role of corporate governance   Order a copy of this article
    by Faisal Khan, Mohamad Ali Bin Abdul-Hamid, Saidatunur Fauzi Saidin 
    Abstract: This study provides empirical evidence on how chief executive officer (CEO) power influences audit report lag (ARL) for non-financial firms of GCC economies from 2009 to 2018. The ordinary least squares (OLS) regression is used in our analyses to test our hypotheses. Results show that CEO-tenure and duality increase ARL in GCC economies. Additionally, we find that the effect of CEO-tenure on ARL is curtailed when board independence is stronger, whereas the effect of CEO duality is unchanged by board independence. Further, the impact of CEO power on ARL remains unchanged when there is a gender-diverse board. However, gender diversity curtails the positive impact of CEO power (CEO-tenure and CEO duality) on ARL only when female representation is two or more on the corporate board. In brief, our study identifies CEO power and corporate governance as previously unrecognised determinants of ARL in GCC economies.
    Keywords: audit report lag; ARL; CEO power; CEO-tenure; CEO duality; board gender diversity; board independence; GCC economies.
    DOI: 10.1504/GBER.2024.10056002
  • The impact of neurotransmitters, emotional intelligence, and personality traits on individual investors' investment decisions: an empirical comparative study   Order a copy of this article
    by Silvia A. Saweris, Svetlana Sapuric, Sara El Gazzar, Ifigenia Georgiou 
    Abstract: There is a concern toward determining the neural basis that affects investment decisions and linking them with the emotional and cognitive limitations of human beings. The current study proposes the construction of a framework that links neurotransmitters, emotional intelligence, and personality traits. The study introduces the theoretical link behind these variables and validates it using an empirical study. The study tests the impact of these variables on individual investors' investment decisions using two samples of different characteristics (Egyptian and international) to examine the change in the significant variables when changing the investment environment. The results confirmed the fitness of the developed construct, while the significant variables are emotional intelligence and epinephrine hormone of the neurotransmitters in both samples. Also, dopamine hormone of the neurotransmitters is only significant for the international sample while two out of the five examined personality traits are significant for the Egyptian sample.
    Keywords: behavioural finance; neurotransmitters; emotional intelligence; personality traits; individual investors; investment decisions.
    DOI: 10.1504/GBER.2024.10057446
  • Domestic institutional investments in India: an empirical analysis of dynamic interactions with stock market returns and volatility   Order a copy of this article
    by Shivam Saxena, Chandrima Sikdar 
    Abstract: The paper attempts an investigation of dynamic interrelations between domestic institutional investment (DII) flows and stock market returns and volatility in India. The analysis based on vector autoregression framework provides evidence of marginal impact of flows on market returns, but significant impact of returns on DII flows. Returns are found to impact inflows and net flows negatively and outflows positively, implying negative feedback trading behaviour of investors. Relationship between DII flows and return volatility too testify this behaviour. Mutual funds are found to be the active DII component dominating the direction of causality. However, recent years have witnessed rising participation and impact on returns from DIIs by pension funds, insurance companies and banks and financial institutions. The paper confirms evidence from existing literature that rising DIIs can bring down volatility in the Indian stock market and establishes the rising impact of DII net flows on market returns in recent years.
    Keywords: domestic institutional investment; mutual funds; India; stock market; returns; volatility; dynamic interaction; causality; vector autoregression; feedback trading.
    DOI: 10.1504/GBER.2024.10063599
  • An empirical examination of trade policy and food security in MENA countries: evidence from quantile regressions   Order a copy of this article
    by Ozcan Ozturk, Ergun Akturk, Sena Gultekin 
    Abstract: Malnutrition and food insecurity have immediate negative impacts on the health and well-being of individuals, as well as long-term indirect effects on human capital development and productivity. Despite significant progress in agriculture in recent years, food insecurity remains a persistent issue, particularly in developing countries. The United Nations has set a goal to eradicate all forms of malnutrition and food insecurity by 2030. However, with the COVID-19 pandemic, this goal has become more challenging than ever. This study aimed to examine the impact of trade openness on food security in selected countries in the Middle East and North Africa (MENA) region, while controlling for other relevant factors. Data from 2001 to 2020 was analysed using panel ordinary least squares (POLS) and panel quantile regression (PQR) methods. POLS results indicate that trade openness has a positive and statistically significant impact on food security in the MENA region, and these results are robust to PQR with a gradual decrease in magnitude at higher quantiles. These findings indicate that trade openness can yield significant benefits in promoting food security in the region, which holds several policy implications that are discussed in the paper.
    Keywords: trade policy; food security; MENA; quantile regression; panel OLS; UN sustainable development goals.
    DOI: 10.1504/GBER.2024.10056913