International Journal of Economics and Business Research (57 papers in press)

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  Factors affect consumers’ online shopping behaviour via a mediator factor ( Free Full-text Access )

  by Kim Quoc Trung Nguyen 
  Abstract: This study aims to estimate the factors affecting consumers’ online shopping behaviour in Vietnam under the role of a mediating factor. Based on consumer behaviour theory, theory of planned behaviour, and theory of reasoned action, this study explores how personal and economic factors affect consumers’ online shopping behaviour. Qualitative and quantitative methods show that the following factors have a significant and positive influence on consumers’ shopping behaviour: perceived usefulness, risk perception, trust, promotion and advertising, website quality, and macroeconomic factors. These aspects establish a direct connection with online shopping behaviour, mediated by the intention to shop online. This study underscores the significance of motivating consumers to engage in online shopping, particularly during the COVID-19 pandemic.
  Keywords: COVID-19; online shopping behaviour; online shopping intention; consumers; Ho Chi Minh City.
  DOI: 10.1504/IJEBR.2024.10063396
   
  
• New Dynamics of e-Commerce on the Retail Industry: Analysis of the Purchase Process of Fashion and Electronics Products  
  by Rui Gonçalves, Catarina Dias, Leandro Ferreira Pereira, Renato Lopes Da Costa, Álvaro Dias, Rui Vinhas Da Silva 
  Abstract: The technology-mediated environment promoted the creation of new dynamics in the retail sector. To understand how the emergence of e-commerce has impacted the retail sector, this study analysed two distinct product typologies: fashion and electronics. Among the various conclusions of this work, we highlight a clear resistance to the emergence of e-commerce, even though a considerable part of the sample declares that the frequency of visits to physical stores has decreased, and the total frequency of purchases has increased after the appearance of e-commerce. The probability of completion of the purchase occurring on either platform increases when the search for information occurs on the same platform, however, possibly justified by the level of complexity of the product, the probability of the customer staying on the same platform during the electronics purchase process is marginally inferior to the fashion product model.
  Keywords: e-commerce; retails; stores; fashion; electronics.
  DOI: 10.1504/IJEBR.2023.10043605
   
  
• Do cryptocurrency and commodities markets affect stock market performance in South Asia? An empirical investigation during the COVID-19 pandemic  
  by Aamir Syed, Mohd. Kamal 
  Abstract: The emergence of cryptocurrencies, as well as global commodity price volatility, have affected the global stock market performance. The recent pandemic outbreak has exacerbated the situation. Against this backdrop, we sought to explore the relationship between cryptocurrencies, commodity, and stock market performances in South Asia, by segregating the data into two timelines. The results of GMM and fixed effects models reveal that cryptocurrencies and gold prices have a significant and negative impact on stock market performance. In addition, empirical findings also highlight that during COVID-19, the influence of cryptocurrencies and gold prices on the stock market was much greater (1.5% cryptocurrencies and 1.7% gold prices) compared to the pre-COVID-19 timeline (1.3% cryptocurrencies and 1.1% gold prices). The study also concludes that only Bitcoin and Ethereum have a significant impact on the stock market performance of South Asia. The findings offer several policy implications.
  Keywords: cryptocurrency; stock market; oil prices; gold prices; IV-GMM; South Asia.
  DOI: 10.1504/IJEBR.2023.10043819
   
  
• Amicable Settlements for Civil and Commercial Disputes: A Comparative Study of Emirati and Egyptian Legislations  
  by Moustafa Elmetwaly Kandeel, Ali Massadeh, Firas Massadeh 
  Abstract: Non-compulsory amicable dispute resolutions were examined by reviewing the legal nature and concept of mediation and conciliation within the legislations of the UAE and Egypt, in line with contemporary international legislations, such as that of France. We considered those civil and commercial law disputes which may be subject to amicable dispute resolution in pre-trial proceedings, including labour and family law matters and intellectual property rights. Within the latest legislative amended provisions, we also focused on whether the role of the judiciary within the amicable dispute resolution process is an efficient means of conciliation/mediation, and found that some modification of the respective Egyptian and Emirati judicial roles concerning the appointment of a conciliator/mediator is required. With regard to reaching an independent agreement, we present a potential model for doing so via amicable dispute resolution which is based on judicial procedures and strict binding stipulations.
  Keywords: amicable dispute resolutions; conciliation; meditation; arbitration; civil procedures law; civil law; labour law; United Arab Emirates; family law Egypt.
  DOI: 10.1504/IJEBR.2023.10043822
   
  
• Antecedents of Construction Project Performance And Contingent Role of Prosocial Behavior  
  by Syed Arslan Haider, Mário Nuno Mata, Shehnaz Tehseen, José Martins 
  Abstract: The purpose of this research study is to empirically test the impact of mastery climate (MC) on project performance (PP) through the mediating role of collaboration in team (CIT) and moderating role of prosocial behaviour (PSB). The probability random sampling technique and two-time lags T1 = 327 and T2 = 300 was used to collect data from employees working in project-based construction companies of Pakistan. Partial least squares-structural equation modelling (Smart PLS SEM v.3.2.8) software was used to test hypotheses. The result indicates that MC has a significant and positive impact on PP. Also, CIT is considered as a potential mediator between MC and PP. However, findings indicate that PSB positive effects on project performance at T1 but after passing time at T2 negative effects on project performance. Furthermore, study significantly contributes to the area of research in the domain of project management. In the end, the implications for project managers and future research are discussed.
  Keywords: mastery climate; collaboration in team; CIT; prosocial behaviour; project performance.
  DOI: 10.1504/IJEBR.2023.10043966
   
  
• FinBERT and LSTM based novel model for Stock price prediction using technical indicators and financial news  
  by Gaurav Bathla, SUNIL GUPTA 
  Abstract: Stock price movement is highly nonlinear, volatile, and complex. Traditional machine learning techniques are employed by researchers for stock price prediction, but due to shallow architecture, adequate accuracy is not achieved. In this paper, recently introduced Bidirectional Encoder Representations from Transformers (BERT) and Long Short-Term Memory (LSTM) hybrid model is utilised for stock price prediction. BERT model is used for financial news sentiment analysis. The sentiment score is merged with technical indicators of stock prices. In our approach, FinBERT is used which is specifically trained on financial corpus. Stock market prices were highly fluctuated in March 2020 due to lockdown. Thus, it is essential to predict high variation which existing works have not experienced due to lack of availability of highly fluctuated dataset. In our approach, the effect of financial news on stock indexes is analysed. Experiment analysis validates that our proposed approach outperforms existing approaches significantly.
  Keywords: financial market; stock market; deep learning; data analytics; BERT; long short-term memory; LSTM; MAPE.
  DOI: 10.1504/IJEBR.2023.10044437
   
  
• Modelling and Forecasting Intraday Volatility with Range Based GARCH Models for Indian Stock Market  
  by Moonis Shakeel, Himani Arya 
  Abstract: This paper focuses on the range-based volatility estimations with standard GARCH, EGARCH and TGARCH models to analyse how the performance of the models changes in different range-based analysis. The idea is to check the suitability of these models on a unique 7 months 30-minute intraday Nifty data with different measures of range-based volatility measures such as Parkinsons, Garman-Klass, Garman Klass-Yang Zhang and Yang Zhang for their appropriateness on the Indian stock market. Robust empirical analysis and comparisons give two significant performance-based results: 1) range-based volatility forecasting models appear to perform better as compared to the return-based models; 2) asymmetric GARCH models are found to be a better fit for the Indian stock market vis- à-vis the basic GARCH model. Another major outcome shows that the GKYZ volatility estimator comes out to be the best for accurately forecasting the current period volatility of the Indian stock market with having the minimum forecast error. Also, the positive size test significance suggests that the magnitude of the good news has a larger impact on volatility as compared to the impact of the magnitude of the bad news for Nifty 50.
  Keywords: volatility forecasting; GARCH; TGARCH; EGARCH; range-based estimations.
  DOI: 10.1504/IJEBR.2023.10044578
   
  
• Leadership Styles and Innovative Work Behavior: The Role of Work Engagement  
  by Udin Udin 
  Abstract: Organisations face many challenges that should be met to accomplish a competitive advantage. Hence, this studys fundamental purpose is to test the leadership styles effect (i.e., transactional and transformational) on innovative work behaviour by examining the work engagements role in the stone milling companies located in Central Java Indonesia. The questionnaire targeting 200 respondents resulted in 107 appropriate questionnaires with a response rate of 53.5%. To test the proposed research hypothesis, a structural equation model based on SmartPLS 3.0 was utilised. The results showed that transactional and transformational leadership positively and significantly affected innovative work behaviour and work engagement. In addition, this finding also reinforces the argument offered that work engagement plays as a mediator in the association between transactional and transformational leadership on innovative work behaviour.
  Keywords: leadership styles; work engagement; innovative work behaviour.
  DOI: 10.1504/IJEBR.2023.10045009
   
  
• A Hypothesis on Rationalizing Decisions by Constructing Personal Realities  
  by Mahmoud Askari, Ghaleb A. El Refae 
  Abstract: In this paper, we propose a hypothetical model to show how people construct their realities, and how they subjectively rationalise their decisions and actions. We hypothesise that when making individual decisions, what matters is the reality as perceived by individual decision makers, regardless of the objective or subjective approach to reality. The paper attempts to study the link between perceived reality (subjective reality), and how people rationalise their decisions and actions. The paper sheds light on how people know what they know, and how that might affect their sense of rationality when making decisions. The paper explains that people come across knowledge in a daily basis, and that they decide to accept, reject, or adjust that knowledge, using their subjective validation process that is guided by their experiences, biases, and beliefs.
  Keywords: perceived reality; subjective validation; construction of personal reality.
  DOI: 10.1504/IJEBR.2023.10045051
   
  
• A Universal Financial Inclusion Index covering Banking, Insurance and Pension Services in India  
  by Anand Pandey, Ramasamy Murugesan 
  Abstract: To create a universal social security system for all Indians, especially the poor and the under-privileged, three social security schemes namely, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Yojana, and Atal Pension Yojana were initiated by the Government of India in 2015. In the paper, a new universal financial inclusion index (FIU) covering banking, insurance, and pension parameters in India are developed. Given that all parameters used in financial inclusion index have separate units, all parameters are normalised using the min-max method of normalisation. The Euclidean distance method is used to assess the distance between any two points in an n-dimensional space. FIU is compared to the financial inclusion index covering banking parameters only. The FIU is a multi-dimensional index that captures values of various banking, insurance, and pension dimensions on the scale of 0 to 1, where 0 indicates complete financial exclusion and 1 indicates complete financial inclusion.
  Keywords: universal financial inclusion; PMJDY; PMJJBY; PMSBY; APY; multi-dimensional index.
  DOI: 10.1504/IJEBR.2023.10045052
   
  
• The impact of ISO 26000 social responsibility standard adoption on Stock Market Liquidity: Evidence from Saudi Arabia  
  by Hisham Barrak, Mounir Sarraj, Sourour Ben Saad, Aymen Ajina 
  Abstract: This paper aims to investigate the relationship between disclosure about corporate social responsibility through ISO 26000 and stock market liquidity in Saudi Arabia. The study uses a sample of 122 listed firms on the Saudi stock market between 2012 and 2017. Our result shows a positive association between CSR disclosure and stock market liquidity. Specifically, while the CSR index is correlated negatively with quoted and effective spreads, illiquidity ratio is positively correlated with trading volume. So, a higher level of CSR disclosure tends to ameliorate the illiquidity of Saudi firms. These findings are in line with the stakeholder theory and the legitimacy theory that a high level of CSR disclosure is viewed as a positive signal to setup confidence between stakeholders and attract investors to exchange in a transparent market. According to our findings, Saudi regulators should consider the level of CSR disclosures as a serious component to improve market liquidity.
  Keywords: corporate social responsibility; CSR; ISO 26000; stock market liquidity; the opportunistic disclosure hypothesis; legitimacy theories; Saudi Arabia.
  DOI: 10.1504/IJEBR.2023.10045205
   
  
• New Framework as Risk-Vulnerability Index (RVI) in Commercial Banking System  
  by Dayanand Pandey, Surender Kumar 
  Abstract: Risk management in commercial banking has been facing great challenges due to dynamic changes occurring both within and outside the system. This study focuses on the adoption of new frameworks to explain the measurement of risk in the commercial banking system. The study introduces new parameters of vulnerability in combination with external risk to gauge the potential threat of a commercial bank. The study presents a theoretical framework to construct a risk-vulnerability index (RVI), in the context of commercial banking operations. For this purpose, the existing parameters of risk (as per Basel III), financial stability indicators of commercial banks, and expert opinions are taken into consideration. It may help stakeholders detect potential threats more precisely and enable banks to take corrective measures in time to avert the threat.
  Keywords: risk; vulnerability; framework; commercial banks; potential threat; Basel III; risk-vulnerability index; RVI.
  DOI: 10.1504/IJEBR.2023.10045216
   
  
• ASYMMETRIC VOLATILITY SPILLOVERS BETWEEN BITCOIN, OIL AND PRECIOUS METALS  
  by Houda BenMabrouk, Imen BenKhalifa 
  Abstract: This paper examines the asymmetric spillovers between Bitcoin, oil and four precious metals (silver, gold, platinum and palladium) on daily returns from 18 August 2011 to 2 October 2019. Using a modified version of the Dieblod and Yilmaz (2012, 2014) index and a similar approach to Barunik (2017), our results indicate slight volatility spillovers between the whole system. Moreover, the results show that gold is the most influential market since it shifts the highest proportion of volatility. Furthermore, we find that oil, Bitcoin and platinum can serve as a hedge and a diversifier as they are neutral in terms of spillovers. Moreover, we find evidence of asymmetric volatility spillovers since good spillovers dominate bad one, which proves the optimistic mood of the whole system. More interestingly, our results shed light on the ability of Bitcoin, the digital gold, to serve as a hedge and diversifier in both good and bad innovations.
  Keywords: volatility spillovers; asymmetric volatility; spillovers; Bitcoin; oil; precious metals; good innovations; bad innovations.
  DOI: 10.1504/IJEBR.2023.10045271
   
  
• Revival of the Waqf-based Takaful Model in Malaysia: Issues and the Way Forward  
  by Muhammad Ikhlas Rosele, Abdul Muneem, Abdul Karim Ali, Noor Naemah Binti Abdul Rahman, Nor Fahimah Binti Mohd Razif 
  Abstract: This study finds that the waqf-based takaful model ought to be implemented in Malaysia to eliminate some issues related to the current practice of tabarru (donation), waklah (agency), and murabah (profit-and-loss sharing) within the takaful system. There are, however, legal issues, related to waqf-based takaful that should be solved through a proper and comprehensive waqf (endowment) act by the authority. Otherwise, a subsidiary of the State Islamic Religious Council may act as a takaful operator providing waqf-based takaful services. Above all, the takaful operator is required to establish a Sharah-compliant mechanism for managing the fund while strictly avoiding the risk of losing the capital of the waqf fund and providing the takaful services as needed by the participants. Nevertheless, some constraints and challenges for the implementation of the waqf model in Malaysia may remain, and such constraints should be addressed by all parties involved in order to make this takaful model a reality in Malaysia.
  Keywords: takaful; takaful model; waqf; cash waqf; tabarru’; Malaysia.
  DOI: 10.1504/IJEBR.2023.10045463
   
  
• CRM purchase intentions and attitude toward the brand: Exploring fit, longevity, firm motives, brand attractiveness and moderating role of WOM  
  by Suraj Shah, Maurvi Vasavada, Mahendra Sharma 
  Abstract: Cause-related marketing (CRM) phenomenon consists of three integrated components (cause, company and consumer) and is a widely recognised promotional strategy adopted by numerous Indian organisations. CRM activity by a company involves engaging with a charity organisation yielding mutual gains for cause, company and consumer. In first phase of the proposed theoretical framework, we investigate the impact of fit, longevity, firm motives, and brand attractiveness on attitude toward brand and in second phase, we further examine the impact of attitude toward brand on CRM purchase intention. Moreover, we investigate the moderating role of word-of-mouth (WOM) and its impact on attitude toward brand and CRM purchase intention. This study would aid CRM marketers to frame promotion strategies based on the understanding of fit, longevity, firm motives and brand attractiveness in the CRM context. The insights would help the marketers to design an effective campaign and influence the behaviour intentions of CRM consumers.
  Keywords: cause-related marketing; CRM purchase intentions; attitude toward brand; fit; longevity; firm motives; brand attractiveness; word-of-mouth; WOM.
  DOI: 10.1504/IJEBR.2023.10045485
   
  
• Productivity Improvement in Stitching Process: A Six Sigma Case Study of Footwear Industry  
  by Indu Uprety 
  Abstract: This paper introduces the concept of Six Sigma in footwear industry. Various Six Sigma tools and techniques have been applied for measuring and analysing the reasons for defects in the shoe-making process. DMAIC was applied in the footwear manufacturing industry and sigma level observed was 3.77. The efforts have been made to reduce the defects and improve the sigma level with the help of Six Sigma DMAIC methodology. However, further improvements in the process are subject to following the various control measures suggested in the paper. With the help of general factorial design and Taguchi’s experiments, the key influence factors of the optimal combination for cooling time, temperature, viscosity have been obtained to analyse their effect on adhesive strength of the material used in the shoe-making process. Key techniques used in the analysis are Pareto analysis, cause and effect diagram, nested ANOVA, Duncan’s test and Taguchi’s design of experiments (DoE).
  Keywords: DMAIC; process improvement; Six Sigma; Pareto analysis; Duncan’s test; nested ANOVA; Taguchi’s design of experiments; design of experiments; DoEs.
  DOI: 10.1504/IJEBR.2023.10045489
   
  
• The effects of reductions in working hours on automation  
  by Ji Hyeon Ma, Jung Joo La 
  Abstract: This study uses a simple model to empirically analyse how reductions in working hours influence automation in the labour market. Previous studies focus on analysing the effects of reductions in working hours on factors such as actual working hours, wages, employment, and life satisfaction. We use panel data from 25 Organization for Economic Cooperation and Development countries over the 2011 to 2017 period. Our empirical findings show that a 1% decrease in the working hours of simple labourers increases automation by 1.13% to 1.15%.
  Keywords: working hour reduction; automation; simple labourers.
  DOI: 10.1504/IJEBR.2023.10045846
   
  
• Exploring UAE’s female leadership styles in the digital era: Motivators and barriers  
  by Wejdan Farhan, Iffat Chaudhry, Jamil Razmak, Ghaleb A. El Refae 
  Abstract: Womens participation in decision-making roles is increasing in the patriarchal society of the UAE. An empirical investigation has been undertaken to determine the differences in leadership styles adopted by women compared with those adopted by men in both the public and private sectors of the UAE, as well as the motivators and barriers faced by women in their leadership roles. A mixed-method approach survey and interviews was used to collect data from leaders working in various government organisations and private businesses. Responses from 409 surveys and 24 interviews were analysed using SPSS and thematic analysis, respectively, to test the study hypotheses. The survey found that women leaders mostly adopt a transformational leadership style along with a contingent reward strategy (transactional) to lead employees at their respective workplaces. They mostly avoid a passive approach to leadership compared with their male counterparts. Interviews with female leaders identified how self-development, social impact, and collaborations motivate them, and how a lack of authority, vigilance, and gender stereotypes inhibit them in their leadership roles. The study results have implications for industrial practitioners as well as policy-makers in the UAE Government departments concerned with womens empowerment.
  Keywords: female leaders; female empowerment; transactional; transformational; laissez-faire; barriers; United Arab Emirates; UAE.
  DOI: 10.1504/IJEBR.2023.10045852
   
  
• Controls and Processes to Prevent Employees from being bribed by Third Parties  
  by Marianne Rexer, Woojun Lee, Dawn Burdsall 
  Abstract: This study focuses on employee bribery by third parties and summarises the state of third-party anti-bribery processes and the company’s confidence to assess third-party bribery and corruption risks. A qualitative research approach was utilised to interview internal auditors and managers and asks open-ended questions to understand the internal controls in place to prevent or detect the bribery of employees, the internal audit process, and the types of frauds witnessed. The findings show all respondents acknowledge the risk of employee fraud and bribery by third parties and utilise internal audits along with preventive and mitigating controls to manage risks. Based on the findings, we identified themes that mirror the assessment of risk that third parties could bribe employees and the development of controls to limit the employee with or without regard to third parties.
  Keywords: internal audit; third party; bribery of employees; corruption.
  DOI: 10.1504/IJEBR.2023.10045892
   
  
• THE ROLE OF IMPLIED VOLATILITY IN VOLATILITY COMBINING FORECASTS  
  by Jen Sim Ho, CHOO W.E.I. CHONG, BOON SHUI HOOI, W.A.N. CHEONG KIN, Yuruixian Zhang 
  Abstract: This study explores the role of implied volatility (IV) in volatility combining forecasts for S&P 500 and DAX markets. A range of GARCH models, ad hoc models and STES models were developed to identify the best performing model that served as a base model for subsequent combining process, of which GJRGARCH model appeared to be the superior model among all the individual models. A total of eight combining models based on Bates and Granger as well as Granger and Ramanathan theories were designed to examine the efficiency of IV in the volatility combining forecasts. The empirical results suggest that IV improves the predictive power of volatility combining forecasts, but the assigned weights were seen less inclined to IV. The inclusion of constant and unconstrained models performed the best. Besides, the study has also addressed the robustness of STES models in volatility forecasts. MCS tests were conducted and further reinforced the superiority of the empirical results.
  Keywords: implied volatility; volatility combining forecasts; GARCH; smooth transition exponential smoothing; STES.
  DOI: 10.1504/IJEBR.2023.10046498
   
  
• The interaction among FDI, trade openness, and economic growth in Asian economies  
  by Must. Ayesha Shahrin, Saeed Sazzad Jeris 
  Abstract: This research analyses the correlation between foreign direct investment, trade openness, and economic growth in ten Asian nations from 1980 to 2019. ARDL bound and Granger causality tests have been utilised to evaluate both the short-run and long-run correlations among foreign direct investment, trade openness, and economic growth. The findings show that foreign direct investment and trade openness influence the growth of all economies in the long run except for the Philippines, Thailand, and Singapore. Trade openness and foreign direct investment are also crucial to boosting the economy in the short term. Also, trade openness has a short-term casual correlation with economic growth in Bangladesh, China, and Thailand, where the trade of the Korea Republic, Singapore, and Hong Kong largely depends on GDP growth in the short-run. However, trade openness does not have a long-run association with economic growth in Asian countries apart from Thailand and Hong Kong.
  Keywords: economic growth; foreign direct investment; trade openness; ARDL; bound test; Granger causality; FDI.
  DOI: 10.1504/IJEBR.2023.10046501
   
  
• The impact of Economic Policy Uncertainty on the real exchange rate: Evidence from the UK  
  by Paula Moldovan, Sérgio Lagoa, Diana Mendes 
  Abstract: The world economy has been punctuated by uncertainty in recent years, as a result of the 2008 subprime crisis, the European sovereign debt crisis, Brexit, and the 2016 US presidential elections, to mention but a few of the reasons. This study explores how the UK real exchange rate reacts to economic policy uncertainty (EPU) shocks using monthly data for the period 1998 to 2020. We contribute to the literature by identifying the long-run and short-run impacts of EPU using a cointegrated ARDL model, and by studying a country that has been through periods of both relatively low and high uncertainty. Results confirm that EPU has an important effect in the long run by depreciating the exchange rate. In addition to urging policymakers and regulators to keep policy uncertainty to a minimum as a way of sustaining exchange rate stability and thus promoting long-term economic growth, further evidence is provided on exchange rate fundamentals.
  Keywords: real exchange rate; economic policy uncertainty; EPU; ARDL model; Brexit; UK.
  DOI: 10.1504/IJEBR.2023.10046502
   
  
• PERFORMANCE EXPECTANCY OF GENERALIZED AUDIT SOFTWARE: A DEVELOPING COUNTRY PERSPECTIVE  
  by Rindang Widuri  
  Abstract: This study investigates the perceived benefits to Indonesian audit firms using generalised audit software (GAS). This study’s results are based on semi-structured in-depth interviews with external auditors from firms of all sizes. The finding of this research shows that the GAS utilisation affects the competitiveness, improves efficiency, increases audit quality, productivity, and uniformity as the performance of GAS usage shown from several interviewed participants involved in this study. This study contributes to providing insights into GAS usage’s perceived benefits in the external audit setting in firms of all sizes in a developing economy context.
  Keywords: audit software; generalised audit software; GAS; use; audit quality; Indonesia; computer-assisted audit techniques; CAATs; audit technology; external auditor.
  DOI: 10.1504/IJEBR.2023.10046703
   
  
• The Impact of Investor Sentiments on Stock Returns and Volatility: Do Economic Forces and Herding Behavior Matter  
  by Sana Masood, Umar Farooq, Mosab Tabash, Suhaib Anagreh 
  Abstract: This study examines the relationship between investor sentiments, stock returns and stock volatility. Herding behaviour and macroeconomic forces are also used as explanatory variables in this study. Stock returns and stock volatility are used as dependent variables. The main objective of this research is to examine the impact of investor sentiments, macroeconomic forces, and herding behaviour on stock returns and stock volatility. The data of the non-financial sector of Pakistan has been collected from 2010 to 2019. Panel quantile regression has been used for determining the relationship among dependent and independent variables of the study. Different quantiles i.e., 0.25, 0.50 and 0.75 are used for desired results. Results of this study suggest that investor sentiments affect stock returns and stock volatility at different quantiles. Macroeconomic forces also affect stock returns and volatility at different quantiles. This research will aid managers, and policymakers in future investments.
  Keywords: investor sentiments; macroeconomic forces; stock volatility; stock returns and herding.
  DOI: 10.1504/IJEBR.2023.10047239
   
  
• The impact of organisational structures on management compensation packages and investment decisions - a principal-agent approach investigating formula apportionment and separate accounting  
  by Hülya Çelebi 
  Abstract: This study investigates managerial effort choices, compensation and investment decisions by differentiating between: 1) centralised and decentralised organisational structures; 2) corporate income taxation schemes [separate accounting and formula apportionment (FA)]; 3) different FA schemes, which has not been undertaken hitherto. A principal-agent approach of a LEN model is applied within the framework of a multijurisdictional entity. The outcomes reveal the neutral impact of separate accounting on investment decisions, agents’ efforts and compensation packages under both organisational structures, whereas investment decisions under centralised structures and management compensation packages (under both organisational structures) show distortions caused by FA. The extent of these distortions depends on the apportionment factors used and organisational structures. Interestingly, the Massachusetts formula signals that the formula allocation factors used not only distort firm-internal contracts on management compensation packages, but can also affect the extent of decisions delegated.
  Keywords: organisational structures; principal-agent theory; formula apportionment; investment; nonlinear programming.
  DOI: 10.1504/IJEBR.2022.10047528
   
  
• Decision-Making Modes and Decision-Making Biases. Improving decisions in escalation of commitment situations by triggering considerations  
  by Peter Kotzian 
  Abstract: Escalation of commitment is a persistent problem in managerial decision-making. Purpose of this study is an experimental test of an alternative debiasing strategy with regard to the continuation of failing, but also of successful projects. According to the dual processing approach to decision-making, biases are linked to operating in a spontaneous low-effort cognitive mode. Thus, one remedy is getting decision makers to shift in an elaborate mode of thinking. This experimental study investigated, whether calling for an explicit evaluation of benefits and risks before actors make their decision improves decision-making about a project’s continuation in the sense that sunk costs are less relevant and available economic information is more relevant for the decision. Effects of triggering considered decision-making on successful and unsuccessful projects are investigated. The findings indicate substantial differences between considered and spontaneous decisions with decision makers actively considering projects before deciding actually making worse decisions.
  Keywords: decision making; escalation of commitment; sunk cost bias; dual processing approach; system 1; system 2; decision quality; information usage; debiasing.
  DOI: 10.1504/IJEBR.2023.10048358
   
  
• How Covid19 affected Academic Performance and Job Readiness in Higher Education  
  by Meryana Haddad, Yee Mei Heong, Habeeb Ur Rahiman 
  Abstract: COVID-19 pandemic has created a serious impact on human life in different ways and modes. Higher education is one such area where many students struggle to meet their intentions and be efficient in their studies. The current study aimed to investigate the impact of the pandemic on higher education academic performance and job readiness in the gulf region. A mixed-method research strategy was administered in performing the research. The quantitative data were collected employing online survey instruments from 1,750 respondents from various parts of the gulf region. The data were analysed by applying statistical tools like SPSS and AMOS and finding revels that the COVID-19 pandemic adversely impacted higher education in the Gulf. The study also identified that assessment and evaluations, students’ engagement and overall academic performance, and job readiness were the most adversely affected areas due to pandemics. The conclusion of the research will support government and higher education facilitators to examine and implement guidelines for teaching and learning in disaster situations.
  Keywords: COVID-19; anxiety; job readiness; assessment; academic performance.
  DOI: 10.1504/IJEBR.2023.10048524
   
  
• Multidimensional Energy Poverty and its Determinants  
  by Muhammed Abrar Ul Haq, Najma Rasheed, Abid Rashid Gill, Qaiser Munir 
  Abstract: The current study aims to identify the factors affecting multidimensional energy poverty in Pakistan. For this purpose, information about 2013 households has been taken from the Pakistan Demographic and Health Survey 2017 to 2018. The study uses multidimensional energy poverty index as a dependent variable composed of five dimensions: communication facilities, entertainment/education, household appliances, lighting, and cooking. The logistic regression technique has been applied to scrutinise the results for Punjab and its nine divisions separately to analyse the factors affecting Punjab’s multidimensional energy poverty index. Empirical findings indicate that age of the head of the household, no education, incomplete primary, complete primary, incomplete secondary, wealth statuses of the families, and rural residence are statistically significant factors affecting multidimensional poverty in all nine divisions of Punjab. The study recommends that the government frame specific policies to improve education levels and create more opportunities for wealth generation that ultimately affect energy poverty.
  Keywords: multidimensional energy poverty; education of household head; household wealth index; place of residence; Pakistan.
  DOI: 10.1504/IJEBR.2023.10049122
   
  
• Financial knowledge and Financial Behavior Among Micro Business: the Mediating Role of Pro-growth Mental Accounting  
  by Wirawan Endro Dwi Radianto, Tommy Christian Efrata, Liliana Dewi 
  Abstract: This study examines the effect of financial knowledge, pro-growth mental accounting, and financial self-efficacy on financial behaviour. A model is developed to solve research gaps regarding the relationship between financial knowledge and financial behaviour, which has been inconsistent and weak. The number of respondents is 314 micro businesses and the data analysis method used is structural equation method. The finding of this study is that pro-growth mental accounting has a greater effect than financial self-efficacy on financial behaviour. The pro-growth mental accounting mindset makes micro-business manage their finances more carefully. Another finding is that pro-growth mental accounting encourages the creation of reserve funds while increasing the chances of achieving its financial goals. Micro business whose financial management is simple has a greater chance of having financial resilience in the future.
  Keywords: pro-growth mental accounting; financial knowledge; financial behaviour; financial self-efficacy; micro business.
  DOI: 10.1504/IJEBR.2023.10049360
   
  
• Conditional Volatility and Correlations Between Sukuks, Stocks and Gold in the GCC region  
  by Walaa Hammad, Qaiser Munir, Tamara Teplova, Muhammed Abrar Ul Haq 
  Abstract: Financial markets around the world have suffered significantly during the current COVID-19 pandemic. This study presents an important view of the predictive capacity of COVID-19 for the correlation between Islamic bonds, equity markets, and precious commodities in the GCC region. Specifically, this study investigates whether the volatility and co-movements behaviours between Sukuk, conventional stocks, Islamic stocks, and gold are correlated before and during the pandemic. Our analysis uses a dynamic conditional correlation (DCC) multivariate generalised autoregressive conditional heteroskedasticity (MGARCH) model from the period 30 August 2013 to 31 January 2022. Our results suggest that there is a strong correlation between Sukuks, conventional stocks, and Islamic stocks before and during the crisis. However, we have observed that the correlation decreases during the pandemic. With regards to correlation, Sukuk and conventional stocks along with Sukuk and Islamic stocks maintained a low correlation, while the conventional and Islamic stocks have a high correlation.
  Keywords: Sukuk; stock markets; gold; dynamic correlations; conditional volatility; DCC-MGARCH.
  DOI: 10.1504/IJEBR.2023.10049523
   
  
• Portfolio Diversification and Dynamic Hedging among BRICS stock markets and Cryptocurrencies  
  by Audil Rashid Khaki, Nasser Elkanj, Somar Almohamad, Sara Omran, Mohamed M. Sraieb 
  Abstract: This present study explores the potential of cryptocurrencies in the diversification of a portfolio of rather integrated financial markets or instruments, such as BRICS by employing the mean-variance optimisation approach and the higher-order moments approach. The results indicate that while the theoretical implication of both the mean-variance approach and higher-order moments approach point in the same direction, the latter is more efficient in capturing the asymmetry and the tail risk of the returns, besides the investors’ risk-aversion. The results suggest that ETH is the most popular cryptocurrency for portfolio diversification followed by BTC, almost receiving the same asset allocation in different portfolio optimisation strategies. The results also indicate that the potential of cryptocurrencies in portfolio diversification is rather marginal or limited to a risk-averse investor while they may offer an alternative investment avenue for risk-seeking investors. While cryptocurrencies may promise to offer a considerable diversification potential, the allocations to cryptocurrencies must conservatively be made, given the explosive price behaviour of cryptocurrencies in recent times.
  Keywords: cryptocurrencies; portfolio optimisation; FINTECH; BRICS; portfolio diversification.
  DOI: 10.1504/IJEBR.2023.10049729
   
  
• Synergetic Impact of Knowledge Management and Access to Finance over Open Innovation for Performance of SMEs  
  by Muzaffar Asad 
  Abstract: Access to finance has widely been accepted as a mean of gaining performance for SMEs, likewise, knowledge management for achieving performance is gaining importance especially in the SMEs of developing economies. Similarly, role of open innovation has also been well established in several prior studies, however, the major contribution of the research is the identification of mediating role of open innovation between resources and performance. For testing the developed framework based on knowledge management theory and resource-based view, the author used structural equation modelling. The study was cross-sectional survey design has been applied using a sample of 364 owners and managers of SMEs. The findings confirmed that both the resources create synergy and significantly enhance performance in the presence of open innovation. The study along with supporting knowledge management theory and resource-based view of the firm also holds significant policy implications.
  Keywords: knowledge management; access to finance; open innovation.
  DOI: 10.1504/IJEBR.2023.10050468
   
  
• An analysis of shock and volatility spillovers among Vietnamese and BRICS equity markets  
  by Fadia Al Hajj, Duc Nguyen Nguyen, Sara Omran, Tonguc Cagin, Virginie Nahas 
  Abstract: Globalisations of financial markets have contributed to the Connectedness among cross border equity markets. BRICS and Vietnam Stock Markets are closely related and are believed to be interdependent, an interdependence that is expected to increase in times of crisis. The aim of this paper is to investigate the volatility spillover within these markets by detecting the impact of the GFC and COVID-19, separately. The main contribution is to present a comparative analysis of the impact of both crises on stock markets amalgamation. The research employs daily stock prices for a sample of Vietnam and BRICS countries. The study considers two periods, GFC period (from January 2007 to December 2009) and COVID-19 period (from January 2019 to December 2021). The data utilised in this analysis are MSCI indices obtained from the DataStream. The applied tests are the generalised Diebold and Yilmaz (2012) to measure the returns and volatilities and generalised impulse response function of the innovation accounting analysis of Koop et al. (1996) and Pesaran and Shin (1998). The results have detected an increasing connectedness and spillover among Vietnam and BRICS during COVID-19 as compared to GFC with the strongest relationship between India, China, and Vietnam.
  Keywords: COVID-19; GFC; Vietnamese stock market; BRICS; portfolio diversification; financial connectedness.
  DOI: 10.1504/IJEBR.2023.10051051
   
  
• Towards Sustainable Bank Bailouts  
  by Sara Al Balooshi, Sara Al Faihani, Rabab Ebrahim 
  Abstract: This paper investigates the viability of using Islamic financing products in government bailout schemes. Empirically, we examine the association between bank sustainability and the different Islamic financing products, equity-based and debt-based. We use a multilevel model and an unbalanced panel hand-collected banking data of GCC banks over the period 2006 to 2016. The findings show that the Islamic equity-based financing products (profit-loss-sharing and Islamic futures-like products) significantly promote bank sustainability, while the debt-like products (Sukuk and Fixed-income) will lead to more fragile banks. These findings will be of interest to central banks and policy makers while considering bailout options for banks. The bailout funds should be regulated and directed toward Islamic equity-based financing products to maintain sustainability of the rescue funds, banking system and the general economy.
  Keywords: bank bailout; equity; Islamic banking; profit-loss-sharing; sustainability.
  DOI: 10.1504/IJEBR.2023.10051338
   
  
• Covid-19 Pandemic and Explicit Deposit Insurance Scheme: Analytical Study  
  by Mohamed Sayed Abou Elseoud 
  Abstract: The current study aims to evaluate the effectiveness of implementing an explicit deposit insurance (EDI) mechanism in maintaining the stability of the banking industry and regaining depositor confidence in Egyptian banks during the COVID-19 outbreak. Based on a review of the literature, the study created a questionnaire to test four hypotheses about the banking system’s ability to meet the requirements for implementing the EDI system, as well as the expected effects of EDI on depositor confidence, deposit stability, and banking credit flexibility. The questionnaire was distributed to 130 commercial bank branches located in the four largest governorates in Egypt. The survey was conducted from July 2020 to January 2021. The findings of the study show that the Egyptian economy meets the requirements for implementing EDI. As a result, implementing this program will shield Egyptian banks from internal and external financial volatility, stabilise deposit volume, and encourage the saving of more cash as a result of growing public confidence in the banking system. Consequently, the paper recommends for how to implement the EDI system, which could be helpful to Egyptian decision-makers when they do so.
  Keywords: explicit deposit insurance; banks; COVID-19; survey; Egypt.
  DOI: 10.1504/IJEBR.2023.10051530
   
  
• Price Inflation in the Agricultural Sector During the Covid-19 Pandemic: Is it a Supply or Demand Issue  
  by Muhammad Ather, Omar Masood, Bora Aktan Aktan, Mohamed Sayed Abou Elseoud 
  Abstract: The current study intends to investigate the imbalance between agricultural supply and demand during the COVID-19 outbreak in the US economy. The time frame is determined by the vaccination rollout, which would start at the end of 2020 and run through August 31, 2021. The study’s dependent variable is the Bloomberg Agriculture Index, while its independent variables are macroeconomic indicators, commodities indices, transport indices, the Infectious Disease Equity Market Volatility Index (IDEMV), SPY index, and ten-year treasury. This article utilises the autoregressive distributed lags (ARDL) technique, the variance inflation factor, and the cumulative sum (CUSUM) analysis. According to the study’s findings, there is a correlation between demand and the influence of the agricultural index, and the total market is affected differently by economic stimulus policy than it is by the agricultural index. These insights might be beneficial for future studies and policy decisions.
  Keywords: agriculture index; IDEMV; marine index.
  DOI: 10.1504/IJEBR.2023.10051531
   
  
• The UAE Education Reform: Opportunities and Challenges  
  by Meryana Haddad, Yee Mei Heong, Abdul Rasid Bin Abdul Razzaq, Tee Tze Kiong 
  Abstract: As one of the world’s wealthiest and newest nations, the UAE is now striving to become a leading provider of quality education. There has been little research conducted on the UAE’s education reform efforts. A number of studies have shown that countries face difficulties in aligning market-driven academic goals with dominant cultural paradigms. As a result of switching from historically lucrative petroleum industries, their academic success may require more improvements to sustain and develop their educational level. In this study, we conduct literature review research utilising concepts explored in comparative education to examine how the government is approaching reforms and suggest future research areas. This study provides some futures could help policy makers and government to enhance and achieve the vision of UAE.
  Keywords: education; reform; United Arab Emirates; UAE.
  DOI: 10.1504/IJEBR.2023.10052171
   
  
• Research Opportunities in Supply Chain Management during COVID-19 Outbreak: Exploring through Review and Bibliometric Analysis  
  by Ratri Parida, Jaspreet Kaur, Sonia Singh 
  Abstract: The spread of coronavirus (SARS CoV-2) which is otherwise known as COVID-19 has a major effect on businesses, particularly disrupting the supply chains (SC). With the advent of the black swan event, many research articles were published about the execution of short-term plans that may mitigate the associated SC risks. This article summarises and presents a critical assessment of 367 articles collected from the Scopus database that is published in the past year (2020-2021). The insightful findings in terms of citation, co-citation, influential authors, contributing countries, key research areas through cluster analysis, etc. are presented with the help of a bibliometric approach. The analysis also shows the tools and techniques being used to mitigate SC issues. The proposed research framework will help the practitioners and academicians to fully understand the complexity among SC partners due to the pandemic thereby proposing a response roadmap exploring potential research avenues.
  Keywords: COVID-19; bibliometric analysis; supply chain resilience; sustainability; citation and co-citation analysis.
  DOI: 10.1504/IJEBR.2023.10052936
   
  
• The Impact of Corporate Social Responsibility on Corporate Financial Performance in India: An Investigation using Data Envelopment Analysis
  by Dipanita Deb, Philippe Gillet, ANUPAM DE 
  Abstract: The paper emphasised the technical efficiency of Indian corporates and explored the drivers of high efficiency. This study applies multiple methods, i.e., data envelopment analysis and free disposal hull, to observe the efficiency rankings of the Indian companies. In the second stage, we perform a truncated regression analysis to validate our results on the association between corporate social responsibility and corporate financial performance. The findings suggest that 20 corporates from 87 corporates are technical efficient (TE = 1) in all frontier approaches. Further, it has been observed that the three pillars of corporate social responsibility (i.e., environment, social, and governance) positively correlate with efficiency. Furthermore, it has also been observed that all three pillars of corporate social responsibility are positively related to return on assets. The findings can be helpful for the stakeholders, policymakers, and management as a guideline for implementing corporate social responsibility practices.
  Keywords: corporate social responsibility; CSR; environment; social; governance; ESG; financial performance; India.
  
  
• Constructing the Agriculture Purchasing Managers’ Index in Taiwan Rice Industry  
  by Wen-Shin Lin, Yi-Ting Tseng, Tzong-Ru (Jiun-Shen) Lee 
  Abstract: This study takes the concept of Purchasing Managers’ Index (PMI) into consideration to construct Agriculture Purchasing Managers’ Index (APMI) in the rice industry. The purpose is to provide comprehensive and objective investment reference and economic conditions for agribusiness and government to make the decision. This study takes important crop in Taiwan, rice industry in 2016 as the case study. The data from the Council of Agriculture (COA) and Agriculture and Food Agency is used to construct APMI and formula using principal component analysis (PCA). The results indicated the result of APMI using PCA with four variables (productivity, price of paddy, planted area, and export quantity) has the highest correlated coefficient (r = 0.94) with revenue. The higher the correlated coefficient, the better the ability to use APMI to demonstrate economic status of industry. In conclusion, constructing the APMI formula using PCA could provide suitable investment months in the rice industry.
  Keywords: Purchasing managers’ index; Principal component analysis; Diffusion index; Agriculture business.
  DOI: 10.1504/IJEBR.2024.10054121
   
  
• Attitudes toward social and environmental scoring system: Analysis of normative framing and individual influencing factors  
  by Dominik Ahrari, Augustin Suessmair 
  Abstract: Scoring systems do not only aim to assess individuals' social and environmental behaviour and predict their future behaviours, but also motivate people to engage in score-improving behaviours. This study aims to assess people's attitudes towards exemplary environmental and social scoring systems and investigate the extent individual factors and normative 'emphasise' framing affect people's attitudes towards environmental and social scoring systems. A quantitative online study was conducted in Germany with 237 respondents. Fictitious scenarios from scoring practice were used as attitude objects. The results show that environmental scoring was evaluated significantly more positively than social scoring by the study participants. The results also indicate that individual factors influence attitude formation. The results suggest that the individual utility of the respective scores could influence the acceptance of environmental and social scoring systems. Normative 'emphasise' framing and the personality trait of narcissism do not seem to be relevant influencing factors.
  Keywords: environmental score; social score; consumer behaviour; sustainability; governance; public management.
  DOI: 10.1504/IJEBR.2024.10055042
   
  
• Which nudges get support - A Quantitative Analysis of the Dimensions Transparency and Dual Process Theory  
  by Hannes Wissmann, Augustin Suessmair 
  Abstract: Policymakers have been increasingly interested in so-called 'nudges' which are behaviourally informed policy measures. The legitimacy and acceptability of nudging is controversially debated. In this paper, the acceptability of nudges was examined by the framework of Hansen and Jespersen (2013), which classifies nudges into four types by distinguishing on a dual process theory dimension and on an epistemic transparency dimension. An online questionnaire was developed in which 135 participants stated their support for the different types of nudges applied in the areas of health and sustainability. It was hypothesised that for both and across areas, the support would decrease in the following order: transparent system 2, transparent system 1, non-transparent system 1, and non-transparent system 2 nudges. The hypotheses could be confirmed for sustainability nudges and across application areas. Further analysis indicated that lower education, higher income, and higher environmental awareness are positively correlated with acceptance of sustainability nudges.
  Keywords: nudging; public policy; behaviour change; sustainability; health; behavioural experiment.
  DOI: 10.1504/IJEBR.2024.10055044
   
  
• Discrimination at work: Effects on Job Satisfaction and Organizational Commitment. An empirical study of the influence of perceived discrimination on work-related behaviours among people with and without a migration background  
  by Muhammed-Talha Topcu, Augustin Suessmair 
  Abstract: People with a migrant background constitute a significant part of German population. Their perceived discrimination at workplace is under-researched. This paper addresses the social factors, focusing on the perceived discrimination against migrants and persons in next generations with a migration background in Germany and supplements the rich body of literature on the economic aspects of immigration, e.g., Bhagwati and Srinivasan (1983), Borjas (1995), West (2011), and Bansak et al. (2015). An online survey with 239 participants was conducted. Results show that people with a migration background experience more discrimination than people without a migration background. However, people with a migration background are not per se less satisfied at work or less committed to their organisation. In addition, discrimination was found to predict lower job satisfaction and lower organisational commitment. Migration background is moderating the effect, while this was absent for job satisfaction. Further exploratory analyses show a significant mediation of the effect of migration background on job satisfaction through perceived discrimination.
  Keywords: Discrimination; workplace; migration background; Germany; job satisfaction; organizational commitment.
  DOI: 10.1504/IJEBR.2024.10055096
   
  
• Academic Institutional Merger: An Emerging UAE Experience  
  by Ghaleb A. El-Refae, Abdelhafid Belarbi 
  Abstract: The surmounting pressures of internationalisation of higher education along with the longing goal of obtaining recognition from an international accreditation body, the throttling efforts for getting advanced world academic ranking, and the strengthening mode of distance learning and working seem to pave the way for a new wave of university merger. In response to such a situation, UAE, which has opened its doors to transnational education under different forms has embarked on a university merger operation between three strong academic institutions: three of the leading Abu Dhabi higher education institutions opted in 2017 for the foundation of & #39;Khalifa University of Science and Technology'. The merger of Masdar Institute of Science and Technology, the Petroleum Institute (PI) and Khalifa University of Science, Technology, and Research (KU) integrates multi-disciplinary research and learning purposes across the fields of engineering, energy, and renewables. This paper aims to evaluate such operation because each institution carries its prosperous image reputation with a well-specific mission and goals and hurdles to major institutional transitional change.
  Keywords: Internationalization of higher education; reforms; university merger; university governance; change management; quality of higher education and research.
  DOI: 10.1504/IJEBR.2024.10055097
   
  
• Examining the dynamic linkages between the banking sector activities and the Economic growth of Oman: Evidence from ARDL Approach  
  by Naushad Alam, Md Shabbir Alam 
  Abstract: Banks serve as a channel for successfully mobilising financial resources from the surplus sectors for efficient allocation to the deficit sectors for profitable investment that would then contribute to economic development. As financial intermediation metrics, this research analyses yearly time series data for bank deposits and credit to the private sector from 1972 to 2019. The autoregressive distributed lag (ARDL) cointegration test is applied based on the augmented Dickey-Fuller unit root tests for stationarity to determine the long-term influence of financial intermediation on economic growth. Furthermore, by estimating the error correction model, the research also evaluates the short-run link between financial intermediation and economic growth. The findings indicate that neither bank deposits nor credit to the private sector significantly influences long-term and short-term economic growth. Therefore, the study recommends introducing banking policy changes to reorganise the banking sectors for Oman’s diversified and sustainable economic growth to realise Vision 2040.
  Keywords: bank deposit; bank credit; GDP; autoregressive distributed lag; ARDL approach; Oman.
  DOI: 10.1504/IJEBR.2024.10058766
   
  
• The Impact of Technology on Economic Growth in Turkey
  by Merve Ercan, Dilek Temiz, Aytaç Gökmen 
  Abstract: The Turkish economy has been suffering from trade imbalance for a long time. Exporting high value-added products will diminish Turkey's dependence on foreign resources for capital and imported products. At the same time, it may be possible to divert more resources from gross domestic product (GDP) to R&D funds. Appropriate and efficient usage of technology will help companies innovate and find new areas of employment. As a result, the Turkish economy may have a better chance of obtaining a sustainable economic growth for the longer term. This study concludes that increased R&D expenditures leads to a rise in technology and this in turn contributes positively to economic growth. The results obtained from the study show that technology affects Turkey's economic growth. Therefore, Turkey needs to work harder in the field of technology in order to achieve sustainable growth. Improving the situation and quality of research and development activities in Turkey, encouraging research and development investments by both the government and the business sector should be priority reform movements for Turkey. Policy makers should support science and technology, make institutional arrangements for intellectual property rights and raise the level of education, and make arrangements to increase R&D spending.
  Keywords: Technology; Total R&D Expenditure; Economic Growth; Endogenous Growth Models; Turkey.
  DOI: 10.1504/IJEBR.2025.10059137
   
  
• Fundamental Breach of execution of the Off-plan Sale Contract According to Law No. (3) of 2015 concerning the regulation of the real estate sector in the Emirate of Abu Dhabi - A Comparative study
  by Ali Hadi Al-Obeidi  
  Abstract: Contrary to the general rules established in the UAE's Civil Transactions Law, Article (17-1) of Abu Dhabi's real estate sector law, stipulates: either party can end the contract under a unilateral will without referring to the judiciary if there is a fundamental breach of the contract by the other party. Since the UAE legislation is devoid of any statement in this regard, the International Sale Contract Rules were used. Specifically, Article (25) of the United Nations Convention on the International Sale of Goods (Vienna 1980) and English Law. To achieve this purpose an analytical approach towards Article (17) was implemented, and the Article compared to the international sales texts. This research’s Crucial findings are the precise definition of a contract's fundamental breach, and the specific conditions required to fulfill this breach. This study contributes to existing research by recommending specific amendments on Article (17-1) and Article (25) Vienna Convention.
  Keywords: Fundamental breach; Real estate sector; Abu Dhabi Law; The United Nations Convention on Contracts for International Sale of Goods; Vienna 1980; English Law; off-plan sale.
  DOI: 10.1504/IJEBR.2025.10059535
   
  
• The impact of financial systems on economic growth under conditions of globalisation  
  by Ksenija Kravec, Daiva Jureviciene 
  Abstract: Researchers have noticed that economic growth is faster in certain countries than in others, and the development of the existing domestic financial sector is uneven. That is why it is essential not only to determine the relationship between financial sector indicators and economic growth but also to analyse the impact of the financial sector in different groups of countries with economic growth rates. The work aims to assess the influence of individual countries’ financial systems (banks, financial markets) on economic growth. Borrowing and equity trading have been found to positively influence economic growth, while the market capitalisation of companies has been found to harm economic growth. The results can be used to develop growth plans for financial institutions that promote economic development.
  Keywords: financial system; banks; financial markets; economic growth; globalisation; stability.
  DOI: 10.1504/IJEBR.2025.10063602
   
  

Special Issue on: Contemporary Issues in Economics and Financial Engineering

• How the COVID-19 pandemic affected the investment characteristics of Indonesian government bond market?  
  by Alexander Ganchev 
  Abstract: The research paper investigates the investment characteristics of the Indonesian government bond market during the COVID-19 pandemic. The study reveals that for the investigated period the yield on Indonesian government bonds has many of the well-studied characteristics that are present in the developed debt markets. However, in this case there are some specifics, such as a strong correlation along the entire yield curve and inhomogeneous volatility of medium-term yields. The empirical findings also show that for the study period some of the medium-term Indonesian government bonds are systematically incorrectly priced. Despite this fact the Indonesian government bonds as a whole are very good investment in the COVID-19 environment because they offer stable and relatively high yield. Moreover, due to the characteristics of the yield curve dynamics, the portfolios of Indonesian government bonds could easily be hedged against interest rate risk by using simple tools such as duration or modified duration.
  Keywords: fixed-income securities; bond yield; yield to maturity yield curve; Indonesian debt market; COVID-19.
  DOI: 10.1504/IJEBR.2024.10052266
   
  
• Two-speed or three-speed recovery in post-crisis and post-pandemic economy: regional and sectoral development  
  by Astra Auzina-Emsina, Velga Ozolina 
  Abstract: Balanced recovery is a key factor to ensure the sustainable economic performance in the post-crisis period. Two-speed recovery pattern is already observed. Three-speed recovery represents the most likely pattern of recovery in the majority of the EU countries in the post-COVID era due to the common dramatic decline in transport and tourism, relative minor impact on large part of essential manufacturing and services, moderate impact on other industries that adopted online and distant-working solutions. It is believed that air transport recovers quickly, minor increase can be foreseen in boomed courier and postal sector, and stability in other transport industries. The findings argue that urban areas are shocked more as modelled transportation sector’s development scenarios reveal faster recovery in urban (especially in metropolitan) regions compared to rural areas. Obtained results are valuable for policy makers and government for modifying the recovery plans to stimulate balanced recovery, reducing potential poverty risks and depressed regions.
  Keywords: recovery; two-speed economy; three-speed economy; post-crisis; post-COVID; post-pandemic economy; economic modelling; input-output.
  DOI: 10.1504/IJEBR.2025.10063545
   
  
• Variables of the Harberger Triangle in the Financial Market  
  by Kristaps Freimanis, Maija Senfelde 
  Abstract: If there are no market failures, perfectly competitive markets will provide an accurate assessment of the risk/return profile of each financial instrument. Thereby identification of the financial market failures is important task to properly address the regulation aimed to minimize the deadweight loss arising from the market failures. In this paper authors review scientific literature and the speeches of the European Central Bank to reveal up-to-date financial market failures and propose variables to be used in the Harberger Triangle for deadweight loss assessment arising from market failures. Proposed variables cover insights revealed in the literature and central bank speeches’ analysis and are broadly available in most of the statistical databases, specialized databases or in the financial statements of banks.
  Keywords: central bank speeches; deadweight loss; the Harberger Triangle; market failures.
  DOI: 10.1504/IJEBR.2024.10054249
   
  
• Georgian labour market in gender prism: a statistical review  
  by Nino Abesadze, Nino Paresashvili, Rusudan Kinkladze, Ketevan Chitaladze 
  Abstract: It is true that there is a reduction of gender imbalance in the Georgian labour market, but the challenges in this area are still serious. The aim of the research was to discuss the peculiarities of the Georgian labour market in terms of gender, identify its main problems, conduct quantitative analysis using statistical methods and draw relevant conclusions. Both general and statistical, specific: statistical observation, grouping and analysis methods were used in the research. Gender imbalances in the Georgian labour market are decreasing. In the conditions of increased unemployment and reduced economic activity, it is noteworthy that the employment rates of women are increasing; As women’s employment increases, so do their wages, but its magnitude is still significantly lower than that of men; Employment imbalances are pronounced in the territorial context, the difference is more pronounced in cities than in rural areas.
  Keywords: employment; labour market; Georgia.
  DOI: 10.1504/IJEBR.2024.10054928
   
  
• A new measure of price sensitivity to interest rate changes  
  by Bohumil Stádník 
  Abstract: Macaulay's duration is a quantification of the sensitivity of the bond price to a change of its yield to maturity (YTM). Its main imperfection is that the change of YTM is very difficult to predict. To predict it correctly we would have to correctly predict the change of the entire shape of the zero-coupon curve. As we believe that predicting a shift of its short rate is easier than predicting the way the entire yield curve will be reshaped, we decided to quantify the sensitivity of the bond price with respect to the change of the short rate. Thus, the methodology is based on empirical quantification of the reshaping of the whole zero-coupon curve with respect to the change of its short rate, and based on such a quantification, we may then calculate the change of the bond price. The proposed measure is referred to as “short rate shift duration”.
  Keywords: Short rate shift duration; SRS duration; Macaulay’s duration; interest rate sensitivity; zero-coupon yield curve reshaping.
  DOI: 10.1504/IJEBR.2024.10055098
   
  
• Maturity or readiness? How to measure the levels of digitalisation? The case of Tâmega e Sousa Region  
  by Nelson Duarte, Carla Pereira, Davide Carneiro 
  Abstract: Digitalisation is mandatory for todays companies. Living in the Era of Industry 4.0, the phenomenon of digital transformation cannot be ignored. Intending to support manufacturing companies in their digitalisation processes, the present paper reflects the work that has been carried on, to support the digital transition for manufacturing companies in the region of Tâmega e Sousa. This region is considered to be an industrial region located in the North of Portugal, but lagging in terms of digital technology adoption. In a theoretical framework, it is expected to identify the most relevant factors to promote a successful digital strategy. Supported by a Science Design methodology, a platform was developed to support the measurement of the maturity or digital companies readiness levels. To collect the necessary data were performed questionnaires. First, in a face-to-face approach and later through the platform developed. The (preliminary) results are based on a sample of 53 companies (pilot test). From this data, it was possible to identify some trends: 1) some behaviours indicate that the region is still in the digitisation phase; 2) the digitisation focus is in the processes dimension; 3) even performing a digital transition, companies do not invest in in-house IT solutions.
  Keywords: digital maturity; readiness; digital transformation; digital industry survey; SME; Tââmega e Sousa.
  DOI: 10.1504/IJEBR.2024.10055535
   
  
• Digitalisation of the economies of the Baltic States: Forecasting some development trends  
  by Inna Stecenko, Yulia Stukalina 
  Abstract: The pace of business digital transformation varies across the countries, which is determined by a few conditional factors that work differently in different countries depending on the country’s context. The aim of the research was to forecast the number of R&D specialists in the Baltic States and the number of internet-banking operations in five years to come for further forecasting the speed of digitalisation in the country based on the results of the previous study dedicated to the assessment of the factors influencing the digitalisation of economies in the Baltic States. For this purpose, a predictive analysis for forecasting the number of R&D staff and internet-banking operations in the Baltic States was done by performing multiple regression analysis (for the period from 2022 to 2028). The findings of the study are supposed to be utilised for the development of a policy for accelerating digitalisation of the economies of the Baltic States.
  Keywords: data-driven economy; digitalisation; Baltic States.
  DOI: 10.1504/IJEBR.2024.10056286
   
  
• Theoretical and empirical analysis of human capital in the context of the Polish labour market condition  
  by Katarzyna Brozek, Beata Poteralska, Joanna Labedzka 
  Abstract: The aim of the article was to identify statistically significant determinants of human capital influencing the condition of the labour market in Poland. The resources of public statistics were used to collect the empirical data. The collected data was developed using the technique of estimating the structural parameters of the regression function using the classical method of least squares (LSM). Due to the diversity of human capital factors, four thematic areas were identified, defined by 11 predictors describing the attributes of human capital. All the variables turned out to be statistically significant and had a positive effect on the improvement of the labour market condition in Poland, measured by the unemployment rate. The practical implication of the study was to obtain information about the significance level of the studied variables. This allowed us to conclude which attributes of human capital have the greatest impact on the situation on the labour market.
  Keywords: human resource management; labour market; statistical and econometric analysis; Polish economy.
  DOI: 10.1504/IJEBR.2024.10058300
   
  
• Empirical study of risk management in the innovation activity of the enterprises of the chemical industry in Bulgaria  
  by Milena Kirova, Ivelina Lyubenova 
  Abstract: The research goal of this article is to identify the risks in Bulgarian chemical industry that most need to be managed according to the chosen innovation management approach. The authors have set the following tasks: to make critical literature review about innovation management approaches and risk management in innovation activities; to conduct own empirical study using questionnaire for expert assessments and to systematise and analyse the results from the survey by using average scoring, grouping, structuring the results. The main results are: the main types of innovations produced and the two most used innovation management approaches in Bulgarian chemical companies; detailed assessment of likelihood and impact of innovation risks; relationship between innovation management approaches and risks and identifying a list of risks that most need to be managed in accordance with the chosen innovation management approach. Finally, the paper presents a proposal for risk response according to innovation management approach.
  Keywords: risk management; innovation risks; innovation management approaches; chemical industry.
  DOI: 10.1504/IJEBR.2024.10061203