Forthcoming and Online First Articles

International Journal of Business Performance Management

International Journal of Business Performance Management (IJBPM)

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International Journal of Business Performance Management (28 papers in press)

Regular Issues

  • Predictors of Turnover Intention among Multinational Corporation (MNC) Employees   Order a copy of this article
    by Foong Yee Wong, Siew Imm Ng, Pang Im Lim, Xin-Jean Lim 
    Abstract: The main objective of this study was to understand the impact of job satisfaction (JSAT), organization commitment (OC), job stress (JS) and safety climate (SC) on turnover intention (TI) among Malaysian employees working in multinational corporations (MNCs). A total of 130 valid responses were collected from MNC employees through both online and paper version survey. The data was then analyzed using Structural Equation Modeling (SEM), in where, both measurement and structural model were evaluated. Notably, our findings showed that JSAT and OC were negatively related to TI, while JS imapcted on TI positively. In this way, this studys outcome is intended to provide practitioners with valuable insights, especially in reducing turnover rate within MNC.
    Keywords: job satisfaction; job stress; organizational commitment; safety climate; turnover intention; multinational corporation.

  • Linking Lean Organizational Culture and Balanced Scorecard: An Improved Way of Measuring Lean Performance   Order a copy of this article
    by Shathees Baskaran, Kharthigesan Ganesan, Shima Devagaran 
    Abstract: Evolving business environment triggers the need for continuous improvement through lean management in the organization. Many argue that measuring lean performance through financial indicators alone is insufficient and no longer valid. Hence, the surge of the balanced scorecard as an improved performance measure cannot be neglected. Therefore, it is the aim of this study to examine the relationship between lean organizational culture and balanced scorecard performance. Lean organizational culture dimensions such as situational awareness, employee engagement, managerial consistency, and accountability were used to investigate its relationship with balanced scorecard performance dimensions. 378 employees from lean manufacturing organizations in Malaysia participated in this study. The research result shows that lean organizational culture has a significant relationship with balanced scorecard performance. The results were discussed in the realm of integrating lean organizational culture with a balanced scorecard approach. The research envisages introducing a new approach to evaluate the performance of a lean organization.
    Keywords: lean culture; balanced scorecard; situational awareness; employee engagement; managerial consistency; accountability.

  • Exploring the correlation between diversity and financial performance: An empirical study   Order a copy of this article
    by Mengsteab T. Beraki, Mussie T. Tessema, Parag Dhumal, Kathryn J. Ready, Sebhatleab Kelati 
    Abstract: Although a myriad of studies has been conducted on workforce diversity issues, only a handful of studies have examined the correlation between diversity-related values and the financial performance of companies. This study examines this relationship by testing the extent to which diversity-related values are correlated with the financial performance of publicly traded companies using companies listed on the New York Stock Exchange. Companies were grouped into primary, secondary, and tertiary sectors for the analysis. The findings reveal that the diversity value dimension is positively correlated with companies financial performance. No significant differences were found between the commitment to diversity value dimension and the three sectors. Implications of these findings and future research directions are discussed.
    Keywords: Diversity; corporate value; culture; financial; non-financial performance.

  • Job Delight: Development and Validation of a New Construct   Order a copy of this article
    by Mahfuz Judeh, Suzan Abed, Nazha Gali 
    Abstract: In this study, we highlight the need and develop a job delight objective measurement. In the literature, there is a lack of an appropriate scale to measure job delight. The purpose of this study is to address this research gap by proposing an initial scale to measure job delight using input from scholars and experts in the field pertaining to job delight. This study employed mixed methods and a two-stage design, in which in the first phase the Delphi method was employed, and in-depth interviews were conducted with researchers and faculty members at universities in the MENA region with expertise on job delight. The first stage generated the survey questionnaires to measure the construct of job delight. In stage two, we assessed the face validity of the derived items from the Delphi study by conducting the survey with 407 faculty members at universities in the MENA region. We offer empirical insights into how job delight can be measured by an 18-item scale with four dimensions. The authors recommend that future studies employ the quantitative scale developed for job delight in different sectors and among different and large sample sizes. This will help in testing the reliability and validity of the scale and in helping universities determine the delight experience of their employees and its impact on the universities performance.
    Keywords: job delight; satisfaction; new construct; MENA region; questionnaire.

  • Trends in Small Business Performance Measurement Research: A Review of 25 Years Literature   Order a copy of this article
    by T.R. Anandan, Kriti Priya Gupta 
    Abstract: This study is possibly the first of its kind laying out a detailed connotation on performance measurement in small business organisations in management research. To make this study centred on small business, we selected the journals that are primarily meant for small businesses and have a high impact measured through their cite score. We picked up the primary research articles carrying performance in their title and measurement of overall performance. We then applied the content analysis technique to analyse the performance data. The analysis brought several crucial findings concerning the trends in publications, usage of different measures, choices of financial and non-financial measures, and aptness of the subjective and objective approach. Besides these, the study also laid out their implications and future directions.
    Keywords: Organisational performance; Performance measures; Financial and Non-financial performance; Subjective and Objective performance; Small business.

  • Environmental Social Governance Information and Disclosure from a Company Perspective: a Structured Literature Review   Order a copy of this article
    by Karoline Bax, Sandra Paterlini 
    Abstract: The availability of non-financial information including environmental, social, and governance (ESG) data has skyrocketed in the last two decades. The information on ESG scores is valuable for understanding whether companies are explicitly considering environmental, social, and governance targets, developing plans to incorporate these targets into their businesses, and assessing to what extent the companies successfully reach these targets. In fact, the higher the ESG score, the better the companys performance should be with respect to ESG targets. The explicit incorporation of ESG targets could lead toward transitioning to sustainable and socially responsible businesses capable of dealing with grand societal challenges. While ESG has been mostly explored from an investors point of view, this structured review takes a company perspective. By analyzing the citation network using CitNetExplorer, two important managerial trends are identified: i) the characteristics of CEOs and their boards affect ESG disclosure and performance, and ii) ESG disclosure influences access to debt financing, cost of capital, and financial performance.
    Keywords: ESG scores; ESG information; ESG disclosure; CEO and board characteristics; financing decisions.

    by Rohit Kenge 
    Abstract: We studied the current sales order booking process in the literature survey and proposed a hypothesis model to check the digital store suitability for the electric original equipment manufacturers by collecting the primary data with a circulation of the Google form on Email, WhatsApp, and Facebook groups with the set of the 26 questionnaires to the buyers of the electric products for the period of the December 2020 to March 2021 on convenience sampling basis for the 500 buyer samples. 479 responses are received and we considered 402 valid responses after rejecting 77 wrongly ?lled answers. Hence, we got 80.33% correct responses.rnWe performed the confirmatory and bifactor analysis to check our proposed hypothesis model and concluded that that the buyers are facing different price issues for similar products at the different store platforms which affects the buyers loyalty.
    Keywords: Sales management; Digital Store; Customer Loyalty; Customer Satisfaction.

  • Modelling the barriers of Industry 4.0 in India using Fuzzy TISM   Order a copy of this article
    by Vineet Jain, Puneeta Ajmera 
    Abstract: Industry 4.0 is an advanced unconventional phenomenon which, if carried out carefully and vigilantly, can turn the future of Indian manufacturing sector. The present work is aimed at highlighting the obstacles of Industry 4.0 to help Indian manufacturing, as the available literature indicates that the manufacturing sector still has reservations about the implementation of Industry 4.0. A Fuzzy TISM model is established to recognize the significant barriers impacting Industry 4.0. The results depict that top management support, employee resistance, insufficient maintenance support systems and need for specialized training and skills are the key barriers because of high driving power.
    Keywords: Industry 4.0 barriers; TISM; Fuzzy TISM; MICMAC analysis; Fuzzy MICMAC.

  • Analysis of Performance and Risk during a Period of Political Instability: Do political connections matter?   Order a copy of this article
    by Samar Riahi, Nadia Loukil 
    Abstract: This paper examines how the political connection affects corporate risk (measured by the standard deviation of return on assets and by the standard deviation of the stock return) and performance (measured by the return on equity and the stock return) during periods of adverse macroeconomic conditions in Tunisia. This study uses a sample of 55 Tunisian listed firms during the post-revolution period (2011-2018) and a generalized least square (GLS) approach is applied to test our hypotheses. First, findings show that political connection increases risk-taking behavior and reduces corporate performance. Secondly, findings confirm that only the relation between the political connection and market risk varies negatively with political instability. Hence, Tunisians investors are reluctant to invest in political connected firms, which lead to market undervaluation.
    Keywords: Political connection; performance; risk; political instability; mediation mechanisms; Tunisian listed firms.

  • The Impact of Entrepreneurial Competencies on Firms Performance   Order a copy of this article
    by Faah Allosuh, Shafig Al-Haddad 
    Abstract: The main objective of this study is to examine the impact of entrepreneurial competencies (Opportunity, Organizing, Strategic, Relationship, Commitment, and Learning) on firm performance, in addition, to examining the effect of firm capabilities as a moderating variable on the impact of entrepreneurial competencies on firm performance. The population of the study consists of Jordanian entrepreneurs who are the owners of entrepreneurial firms; the Convenience sampling technique was used to collect the responses of the participants which was composed of 91 respondents. Further, simple, multiple, and hierarchical regression were applied to analyze the collected data. The findings of this study revealed that opportunity competency, strategic competency and commitment competency have an impact on the performance of the firm. Additionally, firm capabilities were found to have a moderating effect on the impact of entrepreneurial competencies on firm performance.
    Keywords: Entrepreneurial competencies; firm capabilities; firm performance; Jordan; entrepreneurship.

  • Evaluation of Key Performance Indicators of Indian Airlines using Fuzzy AHP method   Order a copy of this article
    by Chandra Prakash Garg, Vageesha Agarwal 
    Abstract: Due to intense competition, decreasing profit margin and demanding customers in air transport business, airlines have to measure their performance in order to remain competitive as well as sustainable in the airline market. The performance of an airline depends on many factors those are known as key performance indicators (KPIs). This study makes an attempt to evaluate the key performance indicators of airlines. Evaluation of KPIs is done using a combined approach based on fuzzy theory and Analytic Hierarchy Process (AHP) method. A case example of Indian airlines is conducted to illustrate the proposed model applicability. The results of the study indicates that the priority order of the KPIs is SSR > OMR > CR > FBR, which show that safety and security related indicators are found most important in this priority list and financial and business related parameters ranked last. This study makes an important contribution to various airline companies by solving significant problems in order to enhance their performances in the competitive market with proposed methodology. This proposed method considered fuzzy framework that can handle impreciseness and uncertainty. Sensitivity analysis is also performed to test the robustness of the proposed model.
    Keywords: Key Performance Indicators (KPIs); Airlines; Fuzzy Theory; Analytic Hierarchy Process (AHP); India.

  • Improving job performance of realtors in Taiwan: a view from leader-member exchange quality and job stress   Order a copy of this article
    by Min-Jon Kuo, Dauw-Song Zhu, Yu-Chin Hsieh, Chien-Chien Hsu 
    Abstract: The current study investigates the impact of leader-member exchange (LMX) quality and job stress on employees' job performance and turnover intention, specifically in the context of the real estate industry. The effective sample contained 253 realtors affiliated with registered chain real estate companies in Taiwan. Structural equation modelling was employed to test the proposed model. The results indicated that high LMX quality had a direct impact on the realtors in terms of reducing their job stress and intention to quit and enhancing their job performance. Reducing the realtors' job stress directly could also improve their job performance and diminish the intention to quit. A leader incorporating personalisation to develop strong bonds with subordinates can help employees cope with job stress and perform optimally while aiding employee retention in the context of the real estate industry. The discussion may proffer a long-term perspective for real estate firms to overcome the current predicament.
    Keywords: real estate; realtor; job performance; LMX quality; job stress; turnover intention; Taiwan.
    DOI: 10.1504/IJBPM.2021.10041300
  • Leveraging market share through selling skills: the mediating role of adaptive selling behaviour   Order a copy of this article
    by Dana F. Kakeesh, Ghazi A. Al-Weshah, Ruba B. Dababneh 
    Abstract: This study aims to examine the influence of a pharmaceutical sales representative's selling skills on market share, via the mediating role of adaptive selling behaviour (ASB). The approach of this study is quantitative and a questionnaire is used as an instrument to collect data. Based on convenience sample, 450 questionnaires were personally distributed to pharmaceutical sales representatives who work in Jordan; 345 questionnaires were returned, a response rate of 77%. The results show that there are significant effects for the dimensions of a pharmaceutical sales representative's personal skills (non-verbal immediacy, empathy, experience, subjective knowledge) on market share. Findings also confirm the significance of ASB as a mediating variable. The study recommends understating personal skills for a sales-force guide for managers to develop suitable hiring, training and keeping plans for both their experienced and new employees. Training packages should be administered continuously to empower a salesperson's skills in terms of efficacy and innovation. The study proposes a conceptual and practical model as evidence of the selling skills of sales representatives in the pharmaceutical industry.
    Keywords: selling skills; empathy; experience; subjective knowledge; adaptive selling behaviour; ASB; non-verbal immediacy; market share; pharmaceutical industry; Jordan.
    DOI: 10.1504/IJBPM.2021.10041312
  • Cooperating to enhance the supply chain performance of Saudi Arabian manufacturing organisations   Order a copy of this article
    by Mario Ferrer 
    Abstract: This study provides a comparative analysis of the impact of cooperation on supply chain performance in small and medium size firms (SMEs) and large manufacturing organisations operating in Saudi Arabia. Then, we investigate the moderating effects of both cost and responsiveness strategies on the links between cooperation and supply chain performance of SMEs and large firms. To this end, we first empirically identify the underlying dimensions of cooperation, agile strategies, cost strategies, and supply chain performance. Second, a series of regression analyses is undertaken to estimate the impact of the study's constructs on the supply chain performance of SMEs and large firms. The results are discussed comparatively within the contexts of both Saudi Arabia and the Middle East. The study makes a significant contribution to the extant literature through obtaining and analysing cross-company size survey data of cooperation practices, responsiveness, and cost strategies in emerging country markets.
    Keywords: supply chain performance; cost strategies; cooperation; agility strategies.
    DOI: 10.1504/IJBPM.2021.10041313
  • Profitability of the Italian farming companies and the impact of financial crisis: a quantitative research using accounting data   Order a copy of this article
    by Pietro Pavone, Guido Migliaccio 
    Abstract: The paper aims to reach a better understanding of the effects of the worst post-war economic crisis on the primary sector. It analyses profitability behaviour starting from the observation of some general economic elements and then focusing on the evolution of the main profitability indicators in a sample of farming, breeding, and mixed activity companies. The study is focused on the Italian case. A sample survey was conducted using the income statement analysis approach. With the base year of 2008 (the year of the crisis), the extraction dates cover an eight-year period from 2008 to 2015. The research uses the logic of the analysis of variance to test the assumptions of different profitability behaviours in the sub-sectors of the primary sector. It is shown that the years of the crisis are often characterised by high incomes. The performance worsens but not as much as that of the other economic sectors and - above all - the effects of the general economic cycle are felt with some delay, probably due to the greater rigidity of the supply and demand for agri-food goods connected to the primary sector.
    Keywords: Italian primary sector; crisis; profitability; farming; breeding; analysis of variance; ANOVA; return on equity; ROE; return on assets; ROA; return on sales; ROS.
    DOI: 10.1504/IJBPM.2021.10041320
  • A generic architecture for alert notification and monitoring system based on event processing framework   Order a copy of this article
    by A.D.N. Sarma 
    Abstract: The early notification systems were designed using request-driven and later using the business process models. In the last ten years, the alert notification systems were developed using event centric modelling, but the design focus of these systems is mainly limited to the event producer or consumer driven approaches. Fewer or none of these models have focused on the event processing framework. Moreover, the existing notification systems have the following limitations: lack of functional separation between the event generation, processing and consuming layers, self-configuration, static computation of operational parameters, and lack of search capabilities of the computed parameters. This paper presents a generic architecture for an alert notification system based on the event processing framework. Further, we explain the detailed working of the system with the aid of the data flow, system, and functional architectural diagrams. The alert notification functionality is outlined with the help of the check algorithm.
    Keywords: alert notification and monitoring; ANM; check algorithm; dynamic computing; dynamic messaging; event processing; messaging system.
    DOI: 10.1504/IJBPM.2021.10041322
  • Is performance appraisal still performing?   Order a copy of this article
    by Vittorio D'Amato, Alessia Banfi 
    Abstract: The past 30 years have seen dramatic changes in the business environment. We are now in the so called volatile, uncertain, complex and ambiguous (VUCA) world and Industry 4.0 era. The main aim of this study will be to analyse how performance appraisal has changed in order to adapt to this new world. Through analysis of the results obtained, a variety of needs emerge: to adapt to the culture of continuous feedback, to implement new digital platforms, to improve relationships between managers and employees through trust and dialogue, to simplify the performance appraisal system, and to reduce the objectives time-frame.
    Keywords: performance appraisal; human resources management practices; organisational behaviour; feedback.
    DOI: 10.1504/IJBPM.2021.10041323

Special Issue on: FIR-2020 The Fourth Industrial Revolution Transforming Businesses

  • Market perception of efficient light source technologies: A case study on sustainable energy transitions in Sri Lanka   Order a copy of this article
    by W. Jayaratne, SWSB Dasanayaka, Omar Al Serhan, Isra Alam, Fatin Samara 
    Abstract: Worldwide artificial lighting is a major source of electricity. Many developing countries are transitioning towards more sustainable practices with the hopes of increasing energy efficiency and savings. This paper provides an overview of the current situation of the Sri Lankan market about their perceptions towards transitioning to Light Emitting Diodes (LEDs). A conceptual model and a set of questionnaire surveys and structured interviews to a total of 85 individuals of the private and government sectors on the Colombo district were performed. The survey questions focused on gathering data on the demographics of the respondents, their basic knowledge about LEDs and LEDs properties and the availability of financial support and policies in regards to LED. The results of the survey clearly showed that the main key factors influencing developing country choices on artificial lighting included: high price, low population knowledge about LEDs, less intervention of energy apex bodys, size and the individuals perceptions of the technology. Even though there are multiple benefits of LEDs, customer acceptance for LED solutions was minimal in comparison to other emerging new energy technologies and lighting solutions. This paper suggests that energy policy related apex bodies should incorporate some incentives to popularize LED solution in the market. The methodology employed and the recommendations derived can be used as guidelines to similar types of energy-related green research in developing nations.
    Keywords: Light Emitting Diodes (LED); sustainability; Key success factors; Market Acceptance; Energy savings; Sri Lanka.

  • Micro-Foundations as a Grounding for Readiness-for Change in Knowledge Sharing Initiatives   Order a copy of this article
    by Khalid Samara, Omar Al Serhan 
    Abstract: While many organisations are often engaged in conventional change practices that usually involve top-down strategies for creating change, knowledge sharing initiatives differ where most of the complex processes are handled at the human-level. Therefore, knowledge sharing initiatives presents a unique type of conundrum where there is a need to closely interconnect human behaviours and the persons readiness to identify the most effective approaches to achieve change. This paper investigates the individual level readiness-for change by studying organisational knowledge sharing initiatives from a micro-foundational perspective. These issues have been largely missing in the knowledge sharing literature which is integral to understanding of how to manage individuals at the micro-level who are experiencing a behavioural change as result of knowledge sharing initiatives. In this study an inductive grounded theory approach is being used to analyse the individuals level experiences and origins of various influential factors supporting or inhibiting their readiness during knowledge sharing initiatives. The results indicate that asymmetries in communication and lack of awareness to knowledge sharing initiatives are fundamentally constructs akin to micro-level behaviours that have obvious effects on the individuals readiness-for change.
    Keywords: Readiness-for change; Knowledge sharing initiatives; Micro-foundations.

  • Towards a new model of productive Islamic Financial Mechanisms   Order a copy of this article
    by Chokri Kooli, Mohammed Shanikat, Raed Kanakriyah 
    Abstract: The challenge for Islamic Finance institutions is to find solutions and develop programs helping to invest their funds in supporting projects, SMEs, and entrepreneurship. In this paper, a documental collection, revision, and analysis were performed to review the efficacy of the main mechanisms used by Islamic financial institutions to finance their customers. The central research question consists of examining whether the actual offerings of Islamic finance mechanisms reflect the positive value and impact of Islamic finance to the economy and society. Among other things, the results showed that some Islamic financial institutions developed several types of financial mechanisms that are majority oriented through corporate finance. The research turned off with the common assumption stipulating that Murabaha deals more with consumer credit rather than corporate finance. Findings showed that out of three programs of Murabaha, two are oriented through corporate finance, and the third one could be assimilated as a positive investment even if it provides consuming financing. The research suggests that Islamic financial institutions must continue their innovating efforts to shift the offer of Islamic financial programs and products from consumer to corporate finance. Findings are supported by the development of a new model of productive Islamic Finance Mechanisms.
    Keywords: Islamic finance Mechanisms; Best practices; New model’; Sustainability; Corporate Finance.

  • The readiness of workforce for the world of work in 2030: Perceptions of University students   Order a copy of this article
    by Bharti Pandya, Helen Louise Patterson, Umar Ruhi 
    Abstract: The new world of work in 2030 will witness displacement of more than 40% of existing jobs worldwide with automation, artificial intelligence (AI), virtual reality, and augmented reality. New set of knowledge, skills, abilities, and other characteristics (KSAOs) will be required to be successful within the workforce of the future. This paper presents findings from the first phase (pilot study) of an exploratory and longitudinal research project that investigated the levels of awareness, readiness, and confidence perceived by the future workforce to work in the new world dominated by AI. Empirical evidence collected from students of higher education institutions from various countries indicates that less than 50% of the participants feel they possess the necessary KSAOs for the new world of work in 2030. This study will be of value to the policymakers, strategy formulators, educators, and curriculum developers that have interest in developing the human capital for 2030.
    Keywords: Competencies; KSAO; New workplace; New workforce; Work in 2030; Artificial Intelligence Age; Future competencies; Readiness for future work.
    DOI: 10.1504/IJBPM.2021.10036854
  • Cultural Distance or Cultural Similarity? A study of Academic Expatriates in the UAE   Order a copy of this article
    by Roberta Fenech, Priya Baguant, Ihab Abdelwahed 
    Abstract: The Cultural Distance Paradox has attracted the attention of researchers in the field of global mobility. The purpose of this study is to investigate the relationship between cultural distance and, the cultural competence and adjustment of academic expatriates in the United Arab Emirates (UAE). The Cultural Distance Paradox has been investigated amongst the general population of expatriates, but less so amongst a specific population of academic expatriates who form part of a sub-group of self-initiated expatriates. In addition, whilst other studies examined the Cultural Distance Paradox from an expatriate adjustment perspective, the current study adds the cultural competence dimension to that of adjustment. The two hypothesis under study are: H1: There is a positive relationship between cultural distance and expatriate social adjustment; H2: There is a positive relationship between cultural distance and expatriate cultural competence. The theoretical framework of this study is the dual theoretical framework adopted by Selmer (2002), namely the theory of selective perception and dissonance and the theory of change. We measure cultural competence and adjustment using quantitative methodology. Data was collected data from 103 academic expatriates across different tertiary education institutions in the UAE voluntarily participated in this study. The main findings in this study is in support of the Cultural Distance Paradox. Additionally, expatriates from different cultures to that of the host country culture do better in cultural competence and adjustment than expatriates from cultures that are similar to the host country culture.
    Keywords: Cultural Distance Paradox; cultural competence; adjustment; academic expatriate; United Arab Emirates.
    DOI: 10.1504/IJBPM.2021.10039430
    by Malik Muhammad Sheheryar Khan, Muhammad Muzammil Ghayas 
    Abstract: This study aims to examine the impact of dimensions of authentic leadership (namely self-awareness, relational transparency, internalized moral perspective and balanced processing) on the dimensions of employee engagement (namely vigor, dedication and absorption) in the banking sector of Karachi. Two separate instruments were adapted, the first instrument consisted of 16 items and was used for measuring the dimensions of authentic leadership, these instruments were filled by sub-ordinates. Whereas, the second instrument consisted of 17 items and is used to measure dimensions of employee engagement, supervisors were asked to fill these instruments with respect to their sub-ordinates. In all, data were collected from 230 pairs of respondents from banking sector of Karachi. Three separate Multiple Regression Analyses were used as the statistical technique. Results showed that relational transparency, internalized moral perspective and balanced processing have positive impact on vigor. Whereas, self-awareness, relational transparency, internalized moral perspective and balanced processing have positive impact on dedication. On the other hand, Self-awareness has positive impact on absorption.
    Keywords: Employee Engagement; Authentic Leadership,Banking Sector and Karachi.

  • Relationship and Causality between Cryptocurrencies, Commodities, Currencies, Indexes and Web Search Results During and Prior to Covid-19 Pandemic   Order a copy of this article
    by Deni Memic, Selma Skaljic-Memic, Mohamed Noor Saifuddin Mohamed Noor Saif Almehairi 
    Abstract: We observe the relationship and causality between cryptocurrencies on one, and commodities, currencies, equity indexes and web search results on the other side. We use prices of Bitcoin and Ehtereum for cryptocurrencies, prices of crude oil and gold for commodities, Euro-US Dollar, Euro-Swiss Franc exchange rates for currencies, Dow Jones Industrial Average for market index and Google Trends
    Keywords: Cryptocurrencies; Commodities; Currencies; Indexes; Web Search; Covid-19.

  • The Impact of the Dubai International Airports Activity Volume on the Emirati Stock Market   Order a copy of this article
    by Juan Dempere, Kennedy Modugu 
    Abstract: The goal of this research work is to determine the predictive power of the activity volume at the Dubai International Airport (DXB) over the Emirati stock market by applying the GARCH, EGARCH, TGARCH, and PGARCH models. Our results provide evidence that the DXBs passenger traffic has explanatory power over the Emirati stock market. Specifically, we find that the logarithmic monthly change of the DXBs passenger traffic has a positive and significant relationship with the monthly log-returns of the ADX stock market index. We also find that two analysed Emirati stock markets indexes have positive and significant relationships with both the crude oil price and the log-returns of a world stock market index.
    Keywords: DXB; GARCH; EGARCH; TGARCH; PGARCH; passenger traffic; Dubai; airport; ADX; DFM; stock market; UAE; volatility.

    by Florida Veljanoska 
    Abstract: Since unemployment can have far-reaching negative consequences on a country including macroeconomic instability, many countries try to introduce measures to reduce the unemployment rate. Among the various measures that can reduce the unemployment rate are foreign direct investments. According to many experts the correlation between FDI and unemployment is not unidirectional. Namely, not only FDI reduces unemployment, but also high unemployment rate has an impact on FDI flows. It is clear that foreign investors are looking for low cost and thus low labor cost is an opportunity for saving. This paper will empirically test the causality between FDI and unemployment. Hence, the main purpose of this empirical research is to test the hypothesis that the FDI inflows are directed towards the countries with high unemployment rate, and that FDI inflows lead to the reduction of the unemployment rate in the receipt country. The analysis will be done for China, India and Singapore, which are constantly ranked as the most attractive destinations for FDI inflows. The analysis covers the period 1991-2018. The Granger Causality Test was conducted in order to discover the causal relationship between the FDI inflows and unemployment. The results from the test have shown that in all three countries there is one-directional causality, and that unemployment granger cause FDI, while FDI does not have significant influence on unemployment rate.
    Keywords: FDI; Unemployment; EViews 9; Granger Causality Test; China; India; Singapore.

  • The impact of political connections on the level of cash holdings: Evidence from Tunisian listed firms   Order a copy of this article
    by Nadia Ben Sedrine Goucha, Inoussa Boubacar, Nadia Loukil 
    Abstract: In this empirical study, we examine the relationship between political connections and corporate cash policy in Tunisia. Undoubtedly, politically connected firms gain a variety of economic benefits ranging from the allocation of government contracts to favorable credit terms. In general, politically connected firms are less financially constrained and do not have an incentive to hold liquidity. Therefore, political connections exert a substitution effect on the firms cash holdings. From the agency perspective, firms with political ties hold more cash than other firms, and their managers have access to money they can use for lucrative perk projects. Through examining the business data of several Tunisian firms 20082014, we review the theoretical motives for cash holding by politically connected firms and provide statistical evidence on the substitution effect of political connections on cash holdings. The result confirms a strong statistical relationship between the level of cash-holding and political connection. The policy implication of our paper is that political relationships can shape corporate financial decisions.
    Keywords: political connections; cash holdings; corporate governance.

  • Designing online communication mix for machinery manufacturers   Order a copy of this article
    by Sergiy Spivakovskyy, Tetiana Spivakovska, Oleksandr Zozulov, Iryna Heiets 
    Abstract: Recent global challenges and the development of digital technologies have caused companies to update their business models to incorporate the variety of existing online communication tools. This enables companies to design their communication with customers and other stakeholders in the most effective way based on the companys business goals. This study provides an approach for planning and assessing online communication mix for machinery manufacturers. The authors conducted a series of expert interviews and used the analytic hierarchy process as well as the method of parametric identification to determine the optimal set of elements for online communication in the market of machinery manufacturing. Based on the research findings, the authors developed and tested the model for planning online communication activities and assessing their effectiveness. The research results detect hidden relationships between the individual elements of online communication activities and the impact of those elements on each other. This approach makes it possible to evaluate online communication in terms of achieving companies business goals, rather than evaluating individual indicators of separate communication elements.
    Keywords: machinery industry; online marketing; communication tools; promotion strategy; Ukrainian market; key performance indicators.