International Journal of Business and Emerging Markets (12 papers in press)
The effect of managerial choices around liquidity, leverage, and company size on corporate bond yield: A case study from Indonesia
by Yohanes Indrayono, Hari Gursida
Abstract: This study uses structural equation modelling (SEM) to chart the effects of managerial choices concerning capital structure on bond yield, captured by company size, leverage, and liquidity. The results are based on 22 Indonesian companies, over the period 2012 to 2016. Only company size had a statistically significant direct effect on bond yield. When company size was held as a moderator variable, both leverage and liquidity displayed positive, indirect effects. However, different accounting definitions of leverage and liquidity may alter the direction of the estimated effect, thereby highlighting the alerts of basing financing strategies solely on accounting metrics. Taken together, the results of this study contribute to our understanding of the effects that managerial choices in terms of financing strategies on bond yield.
Keywords: liquidity; leverage; company size; bond yield; Indonesia.
Mapping research on competitive strategy in international business journals: a co-citation analysis
by LERAN GUAN, Jongwook Kwon
Abstract: The competitive strategy (CS) literature in international business (IB) journals has constituted a considerable database. But few studies have adopted bibliometric methods to map a comprehensive overview of these publications. Thus, a quantitative bibliometric review summarizing and integrating what we know to identify and suggest future directions for researchers is necessary. Information on 1,099 articles was obtained from the Web of Science. By document co-citation analysis, three main emerging research trends, which are the expansion of emerging market multinational enterprises, a mediator linking resources and the international performance, and the political dimension of intra-firm competition, were identified. We also detected the core authors, institutions, countries/regions, and cited journals to present the quantitative overview of the active researchers and their affiliations for promoting academic collaboration of future research. It can support researchers by offering a quantitative overview of the evolution and current status of CS research in IB environments and be helpful for researchers to efficiently identify the research network and to promote a deeper understanding of the CS research status in IB environments.
Keywords: competitive strategy; international business; co-citation analysis; CiteSpace.
Attitude of Generation Y towards Using Mobile Banking in Malaysia: Partial Least Square Approach
by Mafuzah Mohamad, Wan Noordiana Wan Hanafi
Abstract: The technology enhancement particularly the creation of the internet has changed the way of how organizations conduct their business today. This paper aim to examine the relationship between technology Acceptance model (TAM), perceived benefit and perceived risk with attitude to use mobile banking in Malaysia. This study is a cross sectional study that is design with a quantitative approach. A stratified sampling technique is used in order to identify the sample for this study. Partial least square approach (PLS-SEM) is applied to analyze the data. Result indicated that there is a significant relationship between technology Acceptance model (TAM), perceived benefit and perceived risk with attitude to use mobile banking. Future study could be conducted in different setting for instance to Gen Z. This study is important as it could help banking institution in Malaysia in strengthening their mobile banking services to promote the extensive usage of mobile banking.
Keywords: Technology; TAM; perceived benefit; perceived risk.
R&D spending and small-cap performance: moderating role of ownership concentration
by Manali Chatterjee, Titas Bhattacharjee
Abstract: Drawing from the value creation perspective of corporate governance, this study explores on investors perception of value creation approach and whether it holds across all the institutional contexts even where value protection may be of utmost importance due to lower investor protection framework and significant presence of concentrated ownership across the firms. Cross-sectional data of 134 R&D based Indian small-cap firms have been employed to probe the hypotheses. This study finds that the individual influence of both promoters holding and R&D intensity is positive yet insignificant on stock market performances. However, Market performance improves significantly when both ownership concentration and R&D intensity are present.
Keywords: Ownership concentration; small cap; R&D spending; emerging market; India.
Service Quality Enhancement: An Application of Quality Function Deployment (QFD)
by Muhummad Khairul Islam, Rafikul Islam, Khaliq Ahmad Bin Mohd. Israil
Abstract: The main purpose of this study is to identify the customers requirements, the corresponding technical requirements and aligning both of these requirements by using a well-known service quality improvement tool, namely, quality function deployment (QFD). In this study, a mixed method approach was used where questionnaires survey and interviews were conducted for data collection. Data were collected from customers, employees and executive officers (altogether 347 in number of respondents) from seven Islamic banks of Bangladesh on personal contact basis. From the data analysis in the first stage, this research revealed that customers perceived expectations are higher than the services delivered. Later on, the researchers compiled altogether 45 customers requirements (whats) and 47 technical requirements (hows) for further enhancement of service quality of Islamic banks in Bangladesh. Finally, the QFD exercise was carried out to prioritise the technical requirements (hows), which will eventually guide implementation of the necessary measures to improve the overall quality of the Islamic banks in Bangladesh. This research contributes to the existing body of knowledge in the field of academics and findings are expected to provide guidelines for enhancing satisfaction level of customers of the Islamic banks in Bangladesh.
Keywords: Service Quality; SERVQUAL; Islamic Bank; QFD; Customer Satisfaction.
Elucidating the Perceived Success of Chinese Immigrant Entrepreneurs in Thailand
by Ke Fan, Viriya Taecharungroj, Xiaoxia Wei
Abstract: The current literature lacks an in-depth understanding of the new cohort of Chinese immigrant entrepreneurs in Thailand. This new cohort group belongs neither to the first generation of Chinese immigrants nor to later generations of Chinese-Thai. This study, therefore, aimed to explain the definition of the perceived success of this new cohort of Chinese immigrant entrepreneurs and its antecedents. The qualitative semi-structured interviews were employed in the Chinese language with fifteen Chinese immigrant entrepreneurs. This study found the perceived success summarizes not only the material phases of money, business existence and growth but an aspiration to fulfill the personal objective and contribute to the greater good, which both reinforces and extends to the body of the existing literature. Besides, this study also provides entrepreneurs with practical suggestions by elaborating on how to achieve success based on five contributing factors: entrepreneurial mindset, ethnic community, human capital, financial capital, and customer relationship.
Keywords: Perceived success; entrepreneurship; Chinese immigrants; social contribution; human capital; financial capital.
SHAPING CONSUMERS' PERCEPTION IN INNOVATIVE WAY: AN EXPLORATORY STUDY ON GUERRILLA MARKETING
by Harshita Gupta, Saumya Singh
Abstract: Guerrilla marketing is an innovative concept which is relatively new to Asian threshold when compared to developed countries of Europe and America. The study aims to examine the factors of consumers? perception in Indian context and also considers the effect of related unintended factors and emotions as the practice is comparatively new to the consumers of this developing economy. With the help of Exploratory Factor Analysis, six meaningful factors have been extracted. These are Enthusiasm generating factor, Information generating factor, Attractiveness generating factor, Understandability, Conflicting content and Perception factor. The study provides a base model of important factors associated with this marketing tool in India. Eventually, Multiple Regression Analysis is carried on to test the hypothesis of relationship between Perception and other factors. As most of the existing studies do not specifically map the factors for the Indian consumers, the current study is a value addition in this field.
Keywords: Consumer Perception; Indian Market; Guerrilla Marketing in India; Exploratory Factor Analysis; Multiple Regression Analysis.
The Relationship between the Stock Returns and the Financial Ratios in Borsa Istanbul Analysed by the Classification Tree Method
by Hülya Cengiz
Abstract: The factors affecting the stock returns have been reported in several studies that provided different results depending on the country. The previous studies that were conducted about Borsa Istanbul (BIST), which is the stock exchange in Turkey are mostly based on regression analysis, and mainly covers the BIST 100 Index. This study included all of the businesses in BIST, and the expected returns were calculated using the capital asset pricing model. Using the classification tree method, the differentiation in the financial ratios and stock returns lower or higher than expected has been identified. This study indicates that the realised returns which are different from expected stock returns can be obtained using ROE, earnings per share for five years, equity ratio, and short-term liabilities/net sales. These financial ratios can be useful to determine to estimate stock return and make a profit.
Keywords: Stock returns; Borsa Istanbul; Classification tree method; CAPM; Financial ratios.
Is Lifestyle Centre the new retail transformation in India? An Exploratory Study
by Vaibhav Tripathi, Tanushree Roy, Jitin Mishra
Abstract: This study aims to predict the next retail transformation in India. The study being exploratory in nature tries to find whether there is any change in consumer behaviour which could lead to the next retail transformation in favour of Lifestyle Centres. In many countries Lifestyle Centres have been seen as replacement to Shopping Malls.Comparative analysis was done between Lifestyle Centres and Shopping Malls to measure preference of consumers over the selected attributes. Two levels of knowledge of consumers, which are subjective knowledge and usage experience (personal visit), were used to further explore their preference between the two Shopping Centres. The consumers preferred Lifestyle Centres over Shopping Malls on 13 of the 17 attributes, especially the hedonic attributes.While in attributes related to ease and safety, Shopping Malls were preferred. In many attributes, there was significant difference among respondents choice at different level of knowledge.
Keywords: Retail Transformation; Lifestyle Center; Shopping Mall; Emerging Markets; India; young consumers; millennial; chi-square post-hoc.
Emerging Third Generation Private Label Brands: Retailers and Consumers Perspective towards Leading Indian Retail Chain.
by Ajay Singh, Rakesh Kumar Singhal
Abstract: Private label brands are emerging in Indian retail and capturing big market share in organised retail across the globe. This study is an attempt to explore retailers motivation to acquire private label brands in their stores (generate profits margins, create brand value, compete with leading brands, create store image and develop store loyalty) and realize the same through exploring consumer preferences, behaviour and attitude. To conduct the study responses were collected from food and grocery consumers of Indian leading retail chain, Big Bazaar. Linear Regression Analysis was performed to find the association between different attributes identified from the existing literature of private label brands. Findings of the study reveal a positive correlation between the perceived quality and price consumers willing to pay towards private label products. It also shows a strong correlation between value perceptions of private label in selective product category along with overall stores image in product variety.
Keywords: Private Label Brands; Store Brands; Price Consciousness; Brand loyalty; Store loyalty.
Board characteristics and bank performance in emerging stock market
by Wissem Daadaa
Abstract: The paper examines the relationship between financial performance and corporate board characteristics of Tunisian bank during the period of 20052018; we explore the impact of board structure characteristics such as board size, independence, institutional and duality on bank performance. Our results confirm the importance of board control within the bank; we find negative relationship between board size, board institutional members and bank profitability. The result proves non-significant enhancement in bank performance when the role of director and board president is separate. We conclude that Tunisian banks need to develop their governance mechanisms; set an optimal size and restructure the board composition. Tunisian banks need to improve their government strategy and the board composition to optimise their performance.
Keywords: bank governance; ownership structure; board characteristics; banking performance.
Influence of intrapersonal and interpersonal religiosity on materialistic attitudes among youths in India: A Structural equation modelling approach
by Muhammad Ahsan Sadiq, LUBNA ANSARI, Prashant Gupta
Abstract: The paper aims at studying the role of intrapersonal and interpersonal religiosity as a predictor of materialistic attitudes, namely possession, non- generosity and envy among youths in India using structural equation modelling. Data is collected from 252 students of public-funded central universities in India using simple random sampling. Intrapersonal religiosity is found to predict only possession and non-generosity dimensions of materialistic attitudes. In contrast, Interpersonal religiosity is found to be influencing only possession dimension of materialism. Surprisingly, interpersonal religiosity was found to be positively correlated with envy attitudes of materialism among youths in India. The research is expected to help marketers and policymakers to refine their strategies for religious youths in India accordingly.
Keywords: Religiosity; religious commitment and materialism.