International Journal of Business and Emerging Markets
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International Journal of Business and Emerging Markets (6 papers in press)
ELECTORAL UNCERTAINTY AND THE VOLATILITY OF INTERNATIONAL CAPITAL FLOWS IN NIGERIA by Ladi Balakeffi, Victor U. Oboh, ADEGOKE ADELEKE, Shamsudeen Z. Imam, Grace G. Bikefe Abstract: This study examines the effects of changing political environment on capital flows and investment decision making especially in developing economies like Nigeria. It utilises structural vector autoregressive (SVAR) and Granger causality test to analyse the objectives of the study. The results indicate that shocks from political events have negative impact on the exchange rate with resultant rising positive treasury bill rates. The implication of these results is that attractiveness of yields in the Nigerian financial market appears to outweigh the political uncertainty consideration by investors during the electioneering periods. Though, these political events have depreciating effects on the foreign exchange market. The study, therefore, recommends that a government that is desirous of achieving optimal capital flows must adopt appropriate mix of fiscal, structural and monetary policies, before, during and after the electioneering period. Keywords: electoral uncertainty; capital flows; structural vector autocorrelation; SVAR; Granger causality; Nigeria. DOI: 10.1504/IJBEM.2022.10043314
Exchange rate regime and economic growth in Nigeria: evidence from sectoral level by James Temitope Dada Abstract: The purpose of this study is to examine the effect of the exchange rate regime on sectoral output in Nigeria from 1970 to 2017. The study centres on six sectors namely: mining and quarrying, telecommunication, agricultural, manufacturing, building and construction, and retail and business trade. A dummy variable is used to capture the effect of the exchange rate regime, while generalised method of moments (GMM) is used as the estimation technique. The findings from the study reveal that both fixed and flexible exchange rates have positive and significant effects on sectoral output in Nigeria. However, the impact of fixed exchange rate on output is greater felt than the flexible exchange rate in Nigeria. The study concludes that the exchange rate regime matters for growth in developing countries. Keywords: exchange rate; exchange rate regime; economic growth; sectoral output; generalise method of moments; GMM. DOI: 10.1504/IJBEM.2022.10039302
Influence of institutional investor heterogeneity on stock liquidity and its underlying liquidity channels by Jia Jia Hing, Yee Peng Chow Abstract: This paper investigates the influence of institutional investor heterogeneity (i.e., active and passive institutional investors) and the underlying liquidity channels (i.e., information asymmetry and trading activity channels) through which these institutional investor groups affect stock liquidity. Drawing on a sample of listed firms in Malaysia from 2012 to 2018, this paper employs the pooled ordinary least squares method to conduct the empirical tests. Initially, the empirical results based on the linear model show that the association between institutional investor shareholdings and stock liquidity is solely attributed to the active institutional investors. Further tests using the quadratic model reveal that a non-monotonic relationship arises between shareholdings by both active and passive institutional investors and stock liquidity due to competing liquidity channels. In particular, passive institutional investors improve stock liquidity due to lower level of information asymmetry, while active institutional investors improve stock liquidity by enhancing the level of trading activity. Keywords: institutional investor heterogeneity; active institutional investors; passive institutional investors; liquidity channels; information asymmetry; trading activity; stock liquidity. DOI: 10.1504/IJBEM.2022.10040817
The effect of demographic characteristics on considerations of future consequences and compulsive buying and their interlinks by A.F.M. Jalal Ahamed Abstract: This study aims to examine the impacts of demographic variables (gender, age, and income) on consideration of future consequences (CFCs) and compulsive buying tendencies (CBT). It also investigates if and to what extent the demographic characteristics might influence the effect of CFC on CBT. Data for this study were collected from 394 adult respondents using a self-administered survey. The structural equation model in AMOS reveals that consideration of future (CFC-F) has a significant negative effect on CBT, whereas consideration of immediate (CFC-I) has no significant effect. In addition, the multi-group analysis found that the influence of CFC on CBT does not change across genders, yet it varies with income and age differences. These novel insights into consumer behaviour have implications for both research and practice. Keywords: Bangladesh; consideration of future; CFC-F; consideration of immediate; CFC-I; compulsive buying tendency; CBT; multi-group analysis. DOI: 10.1504/IJBEM.2022.10043313
Cultural values, intensity of religiosity and consumer attitudes towards promotion of funeral products: insights from Botswana by Tshegofatso A. Monkge, Rina Makgosa Abstract: This paper investigates the relative importance of intensity of religiosity and cultural values on consumer attitudes towards promotion of funeral products. Data was collected from a sample of 457 urban Christian consumers in Gaborone, Botswana through a structured questionnaire. The results reveal that consumers with a high level of intensity of religiosity exhibit positive and significant evaluations about the promotion of funeral products. Further results relating to cultural values demonstrate that those who attach more value to power and tradition express negative beliefs and evaluations about the promotion of funeral products. However, consumers who attach more importance to universalism and security display positive beliefs and evaluations with regard to promotion of funeral products. This study provides insight into the predictive ability of intensity of religiosity and cultural values using an under-studied product and context of a developing country, Botswana. Additional insights revealed that older, highly educated and employed consumers tend to project positive attitudes towards the promotion of funeral products than their counterparts. The paper also offers implications for the development of promotional strategies associated with funeral products drawing insights from intensity of religiosity, cultural values, and demographic characteristics. Keywords: Botswana; controversial products; consumer attitudes; cultural values; funeral products; intensity of religiosity. DOI: 10.1504/IJBEM.2022.10042532
Linking organisational justice and work engagement: mediating role of trust by Muhammed Esat Erdoğan, Dilşah Ertop, Reşit Yiğit Okan Abstract: This study aims to focus on the relationship between organisational justice, trust, and work engagement by testing the impact of organisational justice on work engagement through the mediating role of trust. Data from this study were collected from 396 employees working in different sectors in Turkey. Results showed that: 1) organisational justice has impact on the work engagement; 2) trust has impact on the work engagement; 3) organisational justice influences the level of trust; 4) trust has a partial mediation role between organisational justice and work engagement. The results bring theoretical and practical implications for organisation theory and behaviour research by broadening the scope of research from understanding basic dimensions to designing an extended framework that connects justice, trust and engagement. Accordingly, organisations need to reconsider or revise their managerial approaches in order to achieve increased organisational justice, trust, and work engagement. Keywords: justice; organisational justice; trust; engagement; work engagement. DOI: 10.1504/IJBEM.2022.10043093