International Journal of Economics and Business Research (76 papers in press)
SENSORY MARKETING ON CUSTOMERS SATISFACTION: A TALE FROM THE SECOND LARGEST COFFEE EXPORTER
by Linh Duy Bui, Hoang Huy Nguyen
Abstract: Using sensory marketing, which engages a customers five senses (sight, sound, smell, touch and taste), businesses aim to approach customers on an emotional rather than on a rational level, thus bringing them satisfaction and influencing their behaviour. This paper aims to examine the impact of sensory marketing on customer satisfaction with coffee shops in Hanoi, Vietnam. Previous research in this field has been conducted and has proven that marketing appeals to the five senses can influence customers emotions and behaviour. However, Vietnams potential coffee shop market has not yet been investigated. This study employs a quantitative approach using an online survey of 255 Hanoi coffee shop visitors to examine the influence of sensory marketing. The findings indicate that the sensory marketing factors of sound, touch and taste, in descending order of impact level, have a positive impact on satisfaction, while sight and smell have no effect.
Keywords: sensory marketing; five senses; customers satisfaction; coffee shops.
Mediating Role of Job Embeddedness in the relation between Work Engagement and Organisational Citizenship Behaviour
by Rajesh Kumar Upadhyay, Amar Kumar Mishra, Khyati Kapil
Abstract: Every organisation seems to be struggling to sustain its competitive advantage in such a turbulent scenario. Organisations need a workforce that displays high organisational citizenship behaviour (OCB) that refers to Employees who choose what they choose to do spontaneously and at their own discretion, often outside the scope of their specified contract. Researchers still have a long way to go and continue to demand further empirical investigation, especially to determine how job embeddedness (JE) has evolved so that employees and organisations can be psychologically connected. Subsequently, the current study proposes to add to the extant literature on work engagement (WE), JE, and its role in promoting OCB by employing the conservation of resource theory. Considering the sample of IT sector organisations of India, structural equation modelling was used to analyse the nested relationship of WE, JE, and OBC. The result indicated a significant relationship and high influence of WE and JE on OCB.
Keywords: organisational citizenship behaviour; OCB; work engagement; job embeddedness; conservation of resource theory; Indian IT sector.
An Empirical Investigation of Value Co-Creation on Customer Loyalty: Mediating Role of Customer Trust
by Tehreem Pervez, Kausar Fiaz Khawaja, Muddassar Sarfraz
Abstract: This research investigates the mediating role of customer trust between value co-creation (enjoyment, economic, relational) and customer loyalty. For this study, a survey was conducted, and data were collected from the 354 customers who visit different restaurants, cafes, and hotels of Islamabad and Rawalpindi (Pakistan). Confirmatory factor analysis, reliability and validity analysis, and mediation analysis were conducted for hypothesis testing. The results show that value co-creation (enjoyment, economic, relational) positively influences customer loyalty; and is mediated by customer trust. Hence, all hypotheses were approved. The future research direction and study limitations are mentioned.
Keywords: value co-creation; VCC; customer trust; customer loyalty; enjoyment value; relational value; economic value.
Corporate Governance, Working Capital Management and Profitability: Empirical Insights of Indian Pharmaceutical Firms
by Najib H.S. Farhan, Mosab Tabash, Faozi Almaqtari, Amgad S. D. Khaled
Abstract: The current study examines the inter-relationships between working capital management (WCM) and the profitability of Indian pharmaceutical firms. The impact of corporate governance on the link between WCM and profitability is also addressed. The financial data of 82 Indian pharmaceutical firms for the period from 2008 to 2017 are used. Fixed and random effect regression models are used for estimating the results. Findings show that there is a negative and significant impact on the number of days payable deferral period, number of days collection period, number of days inventory holding period, and operating cycle on the profitability of Indian pharmaceutical firms. Moreover, findings reveal that board of directors composition does not moderate the association between working capital components (WCCs) and the profitability of Indian pharmaceutical firms. The researchers believe that this study perhaps is the first study that evaluates the impact of corporate governance on the association between WCCs and firms profitability in the Indian context.
Keywords: profitability; moderation effect; India; working capital management; WCM; Pharmaceutical firms.
An Application Of Pannel ARDL Model With Co-Integration for Portfolio Management
by Umer Ilyas, MATTI ULLAH BUTT, MUHAMMAD GULZAR
Abstract: The aims of this study are to explore the impact of macroeconomic variables on stock performance and to provide a knowledge platform with international applicability with the application of panel ARDL model with cointegration on Pakistan Stock Exchange (PSX) not only to have better development of portfolio but to overcome the deficiencies of conventional index base studies as well by finding this impact on not only every sector of PSX but upon each individual firm of the sector as well. For this purpose, monthly data for first quarter of 2005 until first quarter of 2020 was employed for exports, foreign direct investment, foreign exchange reserves, interest rate and inflation as independent variables and monthly stock prices as dependent variable. The results indicate that impact and response was significantly different for overall sector as compared to firms from within same sector for change in independent variables. This opens a new dimension of knowledge for portfolio managers.
Keywords: portfolio; sectorial analysis; macroeconomic variables; MEVs; stock market performance; SMP; panel ARDL model.
The determining factor of foreign direct investment: How significant are institutional aspects in developing countries?
by Ali Lamouchi, Abdelkader Mohamed Sghaier Derbali
Abstract: Since the 1980s, the attractiveness of FDI has always been one of the growth drivers for most developing countries. The economic literature highlights the expected benefits of FDI in terms of job creation, currency inflows and spillovers. One of the questions at this level is the factors that determine the attractiveness of FDI. This paper is an empirical contribution in this topic. It covers a panel of 46 developing countries over the period from 1996 to 2018. Our empirical results show that, in addition to some classic determinants of FDI attractiveness, institutional factors, particularly those related to economic freedoms available to investors, are also of great importance. We find that economic freedoms have a significant impact on net flows of foreign direct investment. Also, we find that civil liberties, political freedoms, economic growth, and business environment have a considerable effect on net flows of FDI.
Keywords: attraction of FDI; institutional factors; economic freedoms; economic growth; panel data.
AN EMPIRICAL ASSESSMENT OF DRIVERS OF THE INFORMAL MICRO AND SMALL ENTERPRISES: EVIDENCE FROM THE CITY OF NOIDA, INDIA
by Shagun Bansal, Anjani Kumar Singh
Abstract: This research paper intends to understand the informality level of informal enterprises and the reason for operating informally. Research was conducted in industrial location Noida, India that provides self-employment opportunities. Sampling technique used was stratified random sampling with sample size of 125 informal enterprises. Study was conducted through structured questionnaire. Data was collected with the help of in-depth interview. Study tried to identify the factors that contribute to inception of informal business activities. Research also includes the challenges in running such enterprise. The research findings depict that majority of informal enterprises did not have access to credit through formal sources. Research concludes that informal enterprises do not have any expansion plan to grow and face major challenges relating to infrastructure and government regulations. Major reasons for informalisation were the lack of knowledge of registration, avoidance of taxes and shortage of formal employment opportunities. This research work is original and has not been published anywhere else.
Keywords: informal enterprise; entrepreneur; informality; determinants; regulations; corruption; registration; poverty; India.
Shadow economy and foreign direct investment in Nigerian manufacturing industry
by Folorunsho Ajide, Temitope J. Dada, Johnson K. Olowookere
Abstract: In this paper, we investigate the symmetric and asymmetric effect of shadow economy on foreign direct investment (FDI) in Nigerian manufacturing sector using ARDL and NARDL estimation techniques for the period of 1975 to 2017. We find that an increase in shadow economy reduces FDI net inflow in the short run while this relationship turns to be positive in the long run. This result persists after using NARDL to re-estimate the model. Negative and positive changes in the size of shadow economy have negative and significant effects on FDI in the short run while in the long run, both changes have positive effects on FDI in the sector. The results imply that in the short run, new foreign investors would like to operate in the formal sector due to tax incentives and other financial incentives available for new entrants. However, in the long run, shadow economy attracts FDI, because incentives enjoyed have expired coupled with high cost of doing business in the country. The investors would prefer to either look for loopholes in tax laws or attempt to evade tax and cut down official remittances to the government by operating in the informal sector of the economy.
Keywords: informality; tax; foreign direct investment; FDI; NARDL; Nigeria.
Why Do Specific Regions Attract More FDI Inflows in India? Role of Region-specificities and Insights from the Dynamic Panel Econometrics
by Prajukta Tripathy, Pragyanrani Behera, Bikash Ranjan Mishra
Abstract: To examine the disparity in distributional inflows of foreign direct investment (FDI), the study uses Theil index as a statistical tool to verify the skewed distribution across the regions in India and confirm the same with its decomposition scores. In order to investigate the causes of such unequal distribution of FDI inflows in India, this study uses the system GMM model for 16 regional groups from 2004 to 2015 time period. With a special concern to the region-specific factors and the agglomeration effect, the uneven dummy variables are also used to capture the inequality in FDI inflow across the regions. Our findings confirm the significant role of each of them in pocketing a major chunk of FDI inflows by a few regions. To recommend the policymakers, the present study proposes a balanced growth perspective and a comprehensive framework mitigating labour reforms, industrial productivity and FDI policy.
Keywords: foreign direct investment; FDI; regional concentration; Theil index; region-specific factors; panel data; endogeneity; system generalised method of moments.
High-Frequency Stock Market Connectedness in G-7: Evidence from Time-Frequency Domains
by Onur Polat
Abstract: In this work, we examine stock market contagion in G-7 countries by implementing the frequency connectedness methodology. In this context, we use daily MSCI Financials indexes for G-7 countries ranging from 1995:01 to 2018:12 in the empirical model. The total spillover index computed in the 200-day moving window efficiently responses to prominent financial stress incidents over the analysed period. Furthermore, we examine the network topology of directional TO/FROM spillovers amongst G-7 stock markets. The network analysis underlines that the most advanced economies stand at the epicenter of the network and the Eurozone countries are strongly interconnected. Empirical findings of the study highlight the importance of constituting an efficacious regulatory framework for beholding the unsystematic risk.
Keywords: MSCI Financials Index; Idiosyncratic Risk; Financial Contagion; Spectral Analysis; Frequency Connectedness.
Trend and Impact Analysis of Master's Theses and Doctoral Dissertations Completed in Turkey on the Topic of "Leadership"
by Hande Özgen, Hale Özyürek
Abstract: In this study, trend and impact analysis of graduate theses written in Turkey between years 2000 and 2019 on the topic of leadership is conducted. National Thesis Centre of Council of Higher Education of Turkey is searched using the keyword leader to identify a total of 877 relevant graduate theses. These theses are investigated to gather data related to general properties of the theses (such as type of thesis, university in which thesis is written, language, number of pages, and gender of author) and contents of the theses (such as variables studied, research method, data collection method, sample group and size, and references utilised). For impact analysis, search tool Google Scholar is used to determine the total number of citations for each thesis, which is then used to calculate the average number of citations per year. IBM SPSS software is used to process the gathered data.
Keywords: leadership; masters theses; doctoral dissertations; Turkish universities; Council of Higher Education; National Thesis Centre; impact analysis; trend analysis; citations; Turkey.
Modelling Drivers of Millennial Green Consumption Behaviour: An Interpretive Structural Modeling (ISM) Approach
by Anu Gupta, Hemraj Verma, Vijay Kumar Jain, Pankaj Kumar
Abstract: Green consumption has occupied an important role due to the growing scarcity of natural resources and the rise in global temperatures. Increasing population and income of consumers, and wealth in the coming years are likely to put pressure on the resources. The solution to the above problem lies in the adoption of environmentally friendly products and sustainable consumption. The current study aims to identify and prioritise the enablers of green consumption behaviour among millennials. The interpretive structural modelling approach has been used to prioritise the enablers of green consumptions. A total of 13 enablers were identified based on literature and experts opinion on green consumption. Green product experience, customer pressure, and information utility were found to be the most important enablers of green consumption behaviour. The finding of the study would help policymakers and marketers to encourage green consumption among millennials, thereby, improving the environment, cutting down emissions, environmental degradation.
Keywords: environmental degradation; ecological footprint; green consumptions; interpretive structural modelling; ISM.
An Update of the Worlds of Wine: The Emerging Countries Influence
by Emiliano C. Villanueva, Gustavo Ferro
Abstract: The article re-categorises two concepts widely used in the literature of wine, old world and new world. It generates a new classification of the world of wine in terms of the up-to-date paths of production, consumption, and global trade expansion in the last decades: emerging countries competing with developed countries. While determining the temporal and geographical location of the major transformations that happened in the wine industry in the last six decades, the article opens the discussion for a better and updated characterisation of the worlds of wine. It is imperative to compare and examine wine countries within their structural local and global economic and competitive context; it is then relevant to use a 21st-century classification like the one this article proposes (developed versus emerging countries) rather than a 20th-century characterisation (old world versus new world) when describing, analysing, and defining the worlds of wine.
Keywords: emerging countries; worlds of wine; wine global trade; wine production; wine consumption.
A parametric model to price a portfolio of single-premium life insurance policies and to decompose its longevity risk.
by Rosa Ferrentino, Luca Vota
Abstract: In this paper, the authors propose a statistical mathematical model to price an insurance portfolio consisting of single-premium life insurance policies, to calculate its variance and its longevity risk. The novelty introduced by the authors is that in their framework it is assumed that the outflows, namely the indemnities that are paid to the insured in life when the policies expire, are discounted at an uncertain interest rate. Other relevant hypotheses are that both the premium and the indemnity established by the insurance contract are constant until expiry and that the survival function of the policyholders is exponential. The authors show that both the price and the variance of the portfolio depend mainly on the speed at which the discount rate varies between the period of subscription of the policies and their expiry date, but also on the average value of this interest rate in the same period.
Keywords: single-premium life insurance policy; risk decomposition; longevity risk; asset pricing; mathematical methods.
Tripartite Relationship of Ethical Behaviour, Job Involvement, and Job Performance & its relevancy in IT sector in India
by Kiran Dhand, Vikas Arya, Ran Singh Dhaliwal
Abstract: The purpose of this study is to examine the causal relationship between an employees ethical behaviour and their job performance and examining the mediating role of job involvement in the relationship between independent and dependent variables. This exploratory study investigated 647 respondents from different IT companies in India, using stratified random methodology. The conceptual model of various sub-constructs of ethical behaviour, job involvement, and job performance was tested using structural equation modelling. Data and hypothesis were tested using SPSS 22.0, AMOS 24.0, ADENCO and Process (Prof A. Hayes). The findings of the study support the mediating role of job involvement and depict that there is a moderating effect of respondents experience and their education on the relationship of an employees ethical behaviour and job performance. This research provides insights into understanding the impact of ethical behaviour on job involvement and job performance.
Keywords: ethical behaviour; employees attitudes; job involvement; job performance; IT Industry.
The restoration of monetary policy tools in armed conflict countries: the case of Yemen
by Hani Hazaa, Noori Hazaa
Abstract: Among the many problems facing Yemen, the disruption of the monetary policy tools remains paramount affecting millions of lives. This study aims to restore the monetary policy tools functions in Yemen. This is done by first identifying the reasons behind the monetary policy tools disruption, and then developing a new efficient monetary policies management system (MPMS). Semi-structure interviews are used in two different stages. First, to identify the reasons behind monetary policy tools disruption. Second, to assess the efficacy of the developed MPMS. The study reveals that a high unpredictable inflation, a sharp fluctuation in the currency value, and a loss of trust in the central banks functions are major reasons for the disruption of the countrys monetary policy tools. Additionally, the developed MPMS received the satisfaction of the interviewee parties who include former T-bills investors, high-level officials in the Central Bank of Yemen, and the Minister of Finance. Thus, indicating efficacy achievement to the developed MPMS. Our results achieve a restoration to the disrupted monetary policy tools in armed conflict countries (i.e., Yemen).
Keywords: Central Bank of Yemen; CBY; monetary policy; monetary policy failure; alternative monetary policy tools; Yemen.
Managing Incoterms® 2020 export risks
by Roberto Bergami, Lucie Tichá
Abstract: Delivery of goods across international boundaries is an important consideration for any export sales contract. To assist international traders, the International Chamber of Commerce (ICC) published a new set of delivery terms Incoterms® 2020, effective 1 January 2020. Using a practical approach, this paper considers the main Incoterms® 2020 rules through a risk management lens, highlighting major challenges and offering potential risk mitigation strategies to reduce exporter exposure in international sales contracts. The paper concludes that the exporting firm should adopt an Enterprise Risk Management (ERM) approach to effectively minimise the risks associated with the physical delivery of export consignments.
Keywords: Incoterms® 2020; risk management; international trade; export risk; international delivery terms; international sales contracts; Enterprise Risk Management (ERM); international carriage of goods.
Artificial Neural Networks for developing Early Warning System for Banking System: Indian context
by Neha Gupta, Arya Kumar
Abstract: This study attempts to develop an Early Warning System for the Indian banking sector using artificial neural networks (ANNs) by considering important economic variables based on detailed literature review. It takes into account an Elman recurrent neural network and a multilayered feedforward backpropagation network (MLFN). The ANNs are evaluated based on their accuracy and calibration using quadratic probability score (QPS) and global squared bias (GSB) for both within the sample and out of sample. The scores depict results with Elman recurrent network outperforming the MLFN. The uniqueness of this study lies in using and identifying pertinent macroeconomic variables to anticipate the banking sector fragility for the Indian economy using sequential feature selection algorithms. The ANN models are found to be appropriate and useful for policy planners to foresee the possibility of occurrence of banking fragility and take proactive corrective measures to minimise and safeguard the economy from adverse implications of banking crisis.
Keywords: early warning system; EWS; banking crisis; global financial crisis; artificial neural network; ANN.
Exchange rate stability and new entrepreneurs: An empirical evidence in Vietnam
by Linh Bui, Chang Won Lee, Huu Phuoc Le, Duy Duong, Ngoc Quang Anh Huynh
Abstract: This paper examines the macroscopic determinants such as the asymmetries of exchange rate and equity index of the number of newly established firms from Vietnams perspectives. Employing a rich set of econometric techniques with weekly data from the first week of 2016 to October 2018, we attempt to shed further light what drives the change of a number of Vietnamese companies registered and an amount of money invested in businesses. This paper serves as a foundation for future studies on the relationship between exchange rate stability and the decision to start up as well as a reference source for the decision-making process of both investors and policy-makers in the context of the national entrepreneurship campaign.
Keywords: Vietnam; entrepreneurs; capital; exchange rate; stock index.
The effects of competition intensity on corporate social responsibility of chaebols
by Soonwook Hong
Abstract: The purpose of this study is to investigate the effects of competition intensity on corporate social responsibility of chaebols. Companies will choose different management strategies depending on the environments in which they are placed for their sustainable growth. There may be diverse management strategies depending on the concentration of the industries to which the companies belong, that is, the intensity of competition. Empirical analysis shows that chaebol companies belonging to industries with high competition intensity are more actively engaged in CSR. These results indicate that the CSR activities of chaebol companies are far from pure purposes or philanthropic motivations. It can be inferred that the CSR activities of chaebol companies are due to strategic or economic purposes. This studys contribution includes the fact that it evaluated the quality of internal CSR activities rather than the quantity of superficial CSR activities of chaebol companies.
Keywords: chaebol; corporate social responsibility; CSR; competition intensity; donation.
How Could I Choose My Health Insurance Plan? Determinants of Employer-Sponsored Health Insurance Plan Selection: Application of Machine Learning Technique
by Yi Zhang, Jia Yu
Abstract: Selecting the appropriate, reasonable, and affordable health insurance plan becomes a very important question to solve for both employers and employees. Our research tries to locate the factors determining private sector health insurance plan enrolment decision, and also provides a guideline to both private companies and employees on health insurance plan selection strategies. By using Kaiser Family Foundation Annual Employer Health Benefits Survey (KFF EHBS) data, we apply random decision forest machine learning methodology to study the determinants of employees health insurance selection, as well as to compare the prediction accuracy among different methodologies. The results indicate: 1) the employees at large firms and the firms with higher eligible rate would tend to choose PPO plan; 2) employees who need family coverage would have different choices comparing employees who seek for single coverage only; 3) employers contribution and annual total contribution to the health insurance plan are the most important determinants on employees insurance selection. The conclusion also can provide some suggestions to insurance companies on health insurance package design for different types of employers and employees.
Keywords: health insurance; PPO; high-deductible health plan; HDP; machine learning; random decision forest; logit regression.
Livelihood Diversification of Farm Households under Rainfed Agriculture: A Case of Barak Valley of Assam, India
by Himanshu Narayan Prasad, Gurudas Das, Gorky Chakraborty
Abstract: The paper outlines the extent and pattern of rural livelihood diversification of farm households in Barak Valley of Assam, India. The study uses primary data collected from a sample of 450 farm households from the three districts that constitute the valley. We identify the major determinants of diversification towards non-farm activities by the farm households under the valleys rainfed agriculture. We also verify the role of non-farm earnings in improving the long-run economic wellbeing of farm households. We find that, among others, the percentage of household members employed in the non-farm sector, family size, average education of male working members, age of household head and size of landholdings emerge as significant determinants of livelihood diversification. It is also established that a farm households non-farm earnings has a positive influence over its wealth index which is taken as a measure of its long run well-being.
Keywords: farm household; income diversification; tobit regression; rainfed agriculture; India.
Culture Influence in International Organizations
by Renato Lopes Da Costa, Leandro Pereira, Rui Gonçalves, Álvaro Dias, Carlos Jeronimo, Ricardo Santos
Abstract: The amount of studies that have been done through the years within the field of culture and, specifically organisational culture, says a lot regarding the important of the matter in organisations. Nowadays, it seems more and more important to demystify the concept of culture, so that organisations, especially those operating worldwide, may take the most advantage possible from it, in order to have satisfied employees, managers and sponsors. The objective of this study is to help understanding, from theory to practice, why and how important culture is for an international organisation and how important it is for an international organisation to have a common culture and to adapt and change it. For this proposes the research was conducted by an empirical study focused on 14 interviews made to top managers and directors of organisations operating internationally. The three proposed questions were answered, and it was concluded that in a common opinion, culture is important in all companies, it is in fact the DNA of an organisation being the key to its success.
Keywords: organisational culture; adaptation; internationalisation; international organisations.
Project Management Tacit Knowledge for Continuous Improvement
by Leandro Pereira, Renato Lopes Da Costa, Álvaro Dias, Rui Gonçalves, Carlos Jeronimo
Abstract: In an international environment of high competitive aggressiveness where markets are instable, an uncertain economic environment dominated by external variables forces our management to face a troubled period of uncertainty with the consequent need to rethink how to be in the market. It is through projects that transformation occurs, as they are the vehicle to implement the future steps of the organisation. The success of the organisations depends on the projects success. This research includes an extensive survey to 62 project managers in the Iberia Market that face a typical project case in trouble, and asks them, based on the situation their advice using their experience. The main findings allow us to understand that successive faults in projects came from the same reasons, the mistakes are repeated, so it is critical to shared tacit knowledge of good practices to avoid it again.
Keywords: tacit knowledge; knowledge management; project; organisational learning; best practices.
Shadow Economy and the Efficiency of FDI Inflow: The case of ASEAN Economy.
by Nathapornpan Piyaareekul Uttama, Rapipong Promnart
Abstract: This paper focuses on the influence of shadow economy on the efficiency of foreign direct investment (FDI) inflow to the Association of Southeast Asian Nations (ASEAN). The panel stochastic frontier analysis with time varying technical inefficiency is employed to evaluate the efficiency level of inward FDI in nine ASEAN countries over the 2003 to 2017 period and examine the significant determinants affecting the efficiency of FDI inflow to ASEAN. The estimated results demonstrate that the efficiency levels of the FDI in such ASEAN countries are low. They also reveal that the market size and trade openness have significantly positive influences on the efficiency in attracting FDI to ASEAN countries. Moreover, the large shadow economy tends to significantly lower the ASEANs FDI inefficiency, whereas a higher control of corruption significantly generates the FDI inefficiency in ASEAN.
Keywords: foreign direct investment inflow; Greenfield investment; shadow economy; efficiency; stochastic frontier analysis.
Impact of Destination Weddings in Tourism Economy
by Leandro Pereira, Sofia Mendonça, Álvaro Dias, Renato Lopes Da Costa, Rui Gonçalves
Abstract: Despite representing a recent world trend, wedding tourism felt a growth of 75% the past few years, which shows this market, specifically, the destination weddings niche, is proving to have an optimistic development and becoming a relevant topic in events tourism. The research objective analyses how the destination weddings have contributed for the development of events tourism in Portugal by examining what tactics are being utilised towards an international positioning. A quantitative method was used to achieve the objectives, being that two distinct surveys were elaborated, to foreign couples and another to vendors that take part in the industry. The data triangulation method was adopted with the goal of obtaining robust results by gathering a broader source of data. The results show that the destination weddings market contributes positively to the expansion of the events tourism in Portugal. Couples tend to choose Portugal for their climate, impressive sites and sense of intimacy, but the country needs to improve the transaction payments and present a wider range of advertisement. Regarding Covid-19, it had a negative influence mainly because most foreign couples decided to postpone or cancel the wedding.
Keywords: events tourism; wedding tourism; destination weddings.
Inward and Outward FDI and the Shadow Economy during the Greek Economic Crisis
by John Marangos, Eirini Triarchi, Themis Anhtrakidis, Alexandra Dimitriadou, Angeliki Nestoroudi
Abstract: The purpose of the paper is to discover the bearing of inward and outward FDI and the shadow economy on the Greek economic crisis (GREC) in reviving the shattered economy. Students and researchers of the global economic crisis will benefit from this novel approach in exploring the GREC from the inward and outward FDI and the shadow economy perspective. The paper establishes that inward and outward FDI and FDI stock as a percentage of GDP, after a substantial period of ups-and-downs, was on the road to recovery as the economy was coming out from the crisis. The shadow economy in Greece exhibits a paradoxical evolution, as it substantially declined due to the sharp reduction in incomes that reduced the demand for activities in the shadow economy. Economic policymakers need to exploit the recovery of inward and outward FDI and this once in a lifetime opportunity of the substantial reduction of the shadow economy.
Keywords: inward FDI; outward FDI; shadow economy; Greece; Greek crisis; European crisis; global financial crisis.
Factors that influence consumer use of on-line news micropayments in the Swiss News Industry
by Manja Pfeiffer, Stephen Carter
Abstract: This research aims to examine, as a first attempt, the factors that influence consumers use of online micropayments in the Swiss newspaper industry from a consumer perspective. The study utilised an extension of the technology acceptance model (TAM) with analysis using structural equation modelling. Two individual characteristics-perceived usefulness and perceived ease of use-appeared to be substantial antecedents of micropayment predilection and five system characteristics; compatibility, later payment, single payment platform, mobility and convenience, were found to be positively and significantly linked to the perceived usefulness, with the latter two also showing a strong significant effect on perceived ease of use. Amongst other results, the study shows the importance of trust, later payment and the strong relationship between convenience and the consumers perceived usefulness and suggests that micropayments could be a business model, as a means to unlocking reader revenues.
Keywords: micropayments; technology acceptance model; TAM; consumer use; perception factors; online news; Switzerland.
INVESTIGATION OF THE ENVIRONMENTAL KUZNETS CURVE HYPOTHESIS FOR THE MINT COUNTRIES: THE ECOLOGICAL FOOTPRINT APPROACH
by Ali Eren Alper, Findik Ozlem Alper
Abstract: According to the environmental Kuznets curve (EKC) hypothesis, as the per capita income of a country increases at the initial phases of economic development, the level of pollution also rises. However, once a certain threshold value is exceeded, the growth in per capita income reduces economic pollution. The EKC hypothesis claims the presence of an inverted U-shaped association between growth in income and environmental pollution. This study aims to ascertain the validity of the EKC hypothesis using ecological footprint and environmental pollution variables for MINT (Mexico, Indonesia, Nigeria, and Turkey) countries. According to the results obtained from the ARDL Bounds test performed by following the Narayan and Narayan (2010) methodology, the EKC hypothesis is found valid for Mexico, Nigeria, and Turkey, since the short-term elasticities of the growth in per capita income exceeds the long-term elasticities in the countries.
Keywords: environmental Kuznets curve; EKC; ecological footprint; ARDL bounds test; MINT.
An Analysis of Employee Happiness, Engagement and Organisational Commitment in the Banking Sector of India
by Arijit Choudhury, Anirban Dutta, Sonit Dutta
Abstract: In recent days, employee happiness along with employee engagement has become the buzzword in business sectors. The present study aims to identify a positive relationship between employee happiness, employee engagement and organisational commitment and tries to find out whether employee happiness and employee engagement can be predicting factors of organisational commitment in the banking sector of India. Descriptive research design has been followed in this study and it comprises of 337 samples collected from bank employees. After multivariate linear regression analysis, results indicate a significant positive relationship between employee happiness and engagement and also show that employee happiness and engagement can have predictive value for organisational commitment for the employees working in the Indian banking sector.
Keywords: employee happiness; employee engagement; organisational commitment; Indian banking sector; regression analysis; India.
The effects of capital raising on corporate social responsibility of chaebol
by Soonwook Hong
Abstract: This study aims to verify the effects of capital raising on corporate social responsibility of chaebol. Each company has different intentions for CSR. Some firms truly fulfil their social responsibilities with pure philanthropic intentions, while others use CSR as a means for economic purposes. I would like to find out the intentions of CSR activities conducted by chaebol firms by investigating how the aspects of CSR activities vary depending on the situation of firms that raise capital. According to the results of analysis, chaebol firms that raised capital are more active in CSR. It is judged that chaebol firms are using CSR activities as a means for other purposes rather than conducting CSR activities with pure intentions. As society advances, demand for corporate social responsibility becomes larger. Although Korean economy is making rapid strides, chaebol firms standing at the centre seem to be far behind the needs of the times.
Keywords: chaebol; corporate social responsibility; CSR; sustainability; capital raising.
Exploring the relation between micro-lending and economic growth - evidence from Indian macro environment.
by Ankit Biswal, Pramod Kumar Mishra
Abstract: Mixed results on the impact of microfinance continue to create concern among the policymakers due to the opportunity cost of the resources allocated towards micro-lending. While microfinance reduces income inequality, it becomes necessary to know its effect on economic growth, as income equality and growth are negatively correlated in developing economies. We hypothesise that microfinance leads to the economic growth of the nation at the macro level, using Indias state wise panel data extracted by exploiting the database of Microfinance Institutions Network and database of the Reserve Bank of India. The study uses a random effects instrumental variable model to deal with the endogeneity and state and time effect involved due to bi-causality and panel data respectively. Results obtained, suggest that micro-lending has a significant and positive impact on the economic growth of a nation, which implies that microfinance can also contribute towards positive economic growth along with its role of reducing income inequality.
Keywords: micro-lending; growth; gross domestic product; GDP; India; macro environment; gross loan portfolio; GLP.
GENDER OF TOP MANAGER AND FIRM INNOVATION PERFORMANCE
by Seda Ekmen Özçelik, Iklim Gedik Balay
Abstract: This article examines how the gender of the top manager affects the likelihood of firms to innovate. The descriptive statistics of the study reveal that the presence of women in top managerial positions is still limited worldwide. Female top managers work generally in small-sized, non-exporter and domestic-owned firms. Empirical analyses show that female top managers increase the likelihood of the firms to accomplish product innovations, while they do not have a significant impact on other types of innovation, such as process innovations, having a technology license and having a quality certificate. However, these impacts vary with respect to firm characteristics such as exporter status. For example, female top managers have a higher positive impact on product innovation in exporting firms than in non-exporting firms. This study can be helpful for firms to be more innovative and competitive by reviewing and revising their gender discriminating attitudes towards top manager positions.
Keywords: gender; top manager; innovation; firm; woman; product innovation; process innovation; quality certification; technology license; exporter status.
Ukraine-EU trade relations: statistical analysis of the total trade turnover
by Oksana Kiforenko
Abstract: International trade between countries and countries unions play a principal role in the increase of the people living standards and provision of new jobs. The international trade statistics play an important role in the monitoring, analysis and making projections of national and macroeconomic developments of countries and countries unions. The goal of the article was to analyse the original data of Ukraine EU total trade turnover in terms of their annual variations and normality of their distribution. The log, square root and reciprocal transformations were implemented to the data, either original or reflected. The values of skewness and kurtosis, the results of Shapiro-Wilk tests and their corresponding p values, the histograms with fitted normality curves as well as Q-Q plots were presented and compared. The time frame of the data under analysis is 16 years. The research presented in the paper can be used by either big or small companies involved in the international trade, the EU international trade bodies and decision makers as well as by both beginners and experienced specialists in statistics and data science.
Keywords: trade relations; Ukraine; European Union; Association Agreement; Deep and Comprehensive Free Trade Area; DCFTA; test for normality; skewness; kurtosis; Shapiro-Wilk test.
Entrepreneurship and Digital Markets
by Renato Lopes Da Costa, Luis Cabral, Leandro Ferreira Pereira, Álvaro Dias, Rui Gonçalves
Abstract: Over the past years, the digital industry has experienced a huge transformation, impacting not only entrepreneurship, but also digital platforms. All business strategies must be rethought, with the purpose of satisfying the consumers needs, which are constantly changing. Entrepreneurs must adapt their products to the digital format and take advantage of the benefits that digitalisation can offer, especially in a context in which markets are more dynamic and uncertain. This research aimed to comprehend how entrepreneurship and digital platforms are related, identifying the main challenges. In this sense, three research questions were formulated, based on the literature review and, a questionnaire was applied. After combining a quantitative and qualitative analysis, it was possible to realise that it is essential to take into account that digitalisation requires a rethinking of the companies strategies. Thus, entrepreneurs should take advantage of this opportunity to sell their products through these platforms.
Keywords: entrepreneurship; digital platforms; digitalisation.
Monetary Valuation of The Amenity Forest Ecological Conservation and Management Attributes in Malaysia
by Chin Kee Tom, Nitanan Matthew, Ahmad Shuib
Abstract: Incorporating users preferences, expectations and demands when designing, planning and managing forest reserves for recreational purposes is crucial to success. This is particularly important in countries that have gazetted the forests as recreational forests for the public. This study aims to determine visitors preferences on ecological and management recreational forest attributes, the levels of attributes and their preferences for particular forest attributes using the choice experiment method. The results indicated that visitors felt the number of workers in the park is sufficient, followed by more information boards (IB) (80% coverage) in the park being needed. Regarding facilities (IF), respondents were looking forward to seeing an improvement in up to 90% of the parks current facilities. In addition, respondents felt that park management should enhance their ecological management efforts in the park. The findings revealed in the AKRF that 83.6% of the respondents were willing to donate on ecological conservation and management. The quantity that participants were willing to donate amounted to RM44/year/family based on the random parameter logit model. The findings may assist policymakers in investigating the relationship between visitors and conservation and management in the AKRF.
Keywords: choice experiment; recreational forest; ecological conservation and management attributes; willingness to donate; WTD; Malaysia.
The Leadership Role in Healthcare Management
by Renato Lopes Da Costa, Rafaela Da Costa Pereira, Leandro Pereira, Álvaro Dias, Rui Gonçalves, Ermelinda Carrachás
Abstract: Within the changes in the Portuguese healthcare system across the years, new challenges emerge for healthcare practitioners, organisations, and their management boards, so the recognition of the need for different health professionals in healthcare management has been growing. However, physiotherapists core responsibilities remain rooted on therapeutic practices and rehabilitation, developed primarily in clinical and hospital environments. Regarding this scenario, physiotherapists functions continue to be absent to the highest healthcare management and leadership positions, despite their knowledge and understanding about how to ensure the best services to the patients. Using a mixed method approach, this investigation aimed to deepen the drivers to physiotherapists involvement in healthcare management and leadership roles. For such, we combined a cross-sectional survey was performed with 287 physiotherapists with in-depth interviews. Findings suggest that networking, knowledge regarding health legislation and policies, and soft skills development, are considered drivers to these roles, amongst other factors.
Keywords: business administration; healthcare management; leadership; physiotherapy.
Efficiency of Public Sector Banks in Achieving the Goal of PMJDY and PMMY
by VARUNA AGARWALA, Tarak Nath Sahu, Sudarshan Maity
Abstract: The present study investigates the performance of public sector banks towards their role in achieving the target of financial and social inclusion with regards to the Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Mudra Yojana (PMMY) in India. The performance has been measured using technical efficiency by applying Data Envelopment Analysis over 2015 to 2016 to 2018 to 2019. The study finds that the participation of banks is at different levels under the two schemes of PMJDY and PMMY and overall, their weighted efficiency index varies from 62.6% to 70.6%. Further, the Spearman rank correlation has been calculated to know the correlation between overall ranks according to the technical efficiency score of PMJDY and PMMY. The overall weighted efficiency index and technical efficiency scores calculated for the two schemes indicate that the public sector banks group can enhance their efficiency by escalating their output level without changing the input quantity.
Keywords: financial inclusion; social inclusion; Pradhan Mantri Jan Dhan Yojana; PMJDY; Pradhan Mantri Mudra Yojana; PMMY; technical efficiency; data envelopment analysis; DEA.
Influence of credit access on the total sales of household non-farm enterprises in Nigeria: evidence from binary logit regression
by Obed Ojonta
Abstract: This study examined the influence of credit access on the total sales performance of non-farm enterprises in Nigeria. We adopted the binary logistic regression model approach and used cross-sectional data from the general household survey (GHS) conducted in Nigeria in the period 2017/2018. Apart from the core variables, other covariates included in the analysis are official registration with the government, employee gender and age of enterprise. The findings indicate that credit access positively and significantly influences the total sales of household non-farm enterprises in Nigeria. Interestingly, the study established that official registration with government significantly impedes the total sales performance of the enterprises. This suggests that the Nigerian bureaucracy significantly retards the performance of household non-farm enterprises. The study, therefore, concludes that there is need for policies that will not only enhance credit access by these enterprises, but will also reform the Nigerian bureaucracy so that they can actively support the growth and development of these enterprises.
Keywords: credit access; enterprise performance; household non-farm enterprises; HNEs; binary logit regression model; Nigeria.
The effects of shocks on the dismissal in the electro-electronics sector: Evidence from Brazil
by Renan Mitsuo Ueda, Adriano Mendonça Souza, Welsey Vieira Da Souza, Claudimar Pereira Da Veiga, Adriano Mendonça Souza
Abstract: This research aims to investigate the short and long-term relationship between the number of dismissals in the Brazilian electro-electronics sector and the macroeconomic variables: gross domestic product, Brazils total exports, monthly average of the dollar quotation and the broad national consumer index, from May 2003 to September 2018. To verify the interrelationship between the variables, we used the vector autoregressive (VAR) models and vector error correction (VEC). The analysis of the impulse response function and the variance decomposition helped to understand the dynamics of the electro-electronics industry, showing that in the long-term, part of the variance of the sectors dismissal (28.64%) is explained by the broad national consumer index. Abrupt changes in the analysed macroeconomic variables cause fluctuations in the number of dismissals in the Brazilian electro-electronic sector for approximately four to seven months.
Keywords: electric-electronic sector; econometric models; macroeconomics; vector autoregressive; VAR; vector error correction; VEC; socio-economic planning; Brazil.
Who Escapes from Poverty? Understanding the Link Between Environmental Stress, Adaptation Choices and Poverty Dynamics in Ethiopia
by Mulat Goshu Gebeyehu
Abstract: This study aims to examine the link between environmental stress, adaptation options and poverty dynamics in Ethiopia. The study relies on three-year panel data collected by ECRC from 825 rural households in the Nile Basin of Ethiopia. Using the linear fixed effects model, the paper finds that weather variability significantly impacts households welfare. Initially, rising average rainfall positively influences households per capita spending, while extreme rising average rainfall measured by a squared average rainfall negatively affects per capita expenditure. The anomalies of precipitation and temperature have a significant adverse effect on the total per capita and food expenditures. Findings from multinomial logit model estimation prove that an increase in average rainfall would reduce the likelihood of households falling into transient poverty. In contrast, an increase in temperature would cause an increase in the probability of families falling into transient and chronic poverty. The findings suggest that policymakers and agriculture experts should strive to increase the effectiveness of existing adaptation practices and introduce new adaptation options to protect households from the devastating effects of weather variability.
Keywords: climate shocks; welfare; dynamics of poverty; Ethiopia.
Internationalization Challenges of Portuguese Enterprises
by Renato Lopes Da Costa, Leandro Ferreira Pereira, Álvaro Dias, Rui Gonçalves, Ricardo Santos
Abstract: This study aims to point out the internationalisation of Portuguese companies, and their main challenges. The internationalisation strategy for Portuguese companies is critical considering that the local economy is limited and exportations represent a very relevant part of the national GDP. The research was based by 15 interviews with CEOs and managers of Portuguese companies with international activity with the purpose to analyse the most relevant challenges in the internationalised process. The main findings are the importance of geographical and cultural proximity in the selection of foreign markets, the importance of internal and external influences in the choice of how to enter in the markets, the positive relationship between internationalisation and performance, as well as the lack of international expression that Portugal has in the sectors covered in this study.
Keywords: internationalisation; challenges; strategy; Portuguese companies.
Identifying the Factors Affecting Firm Performance and Growth: The Case of Italian Publicly Listed Companies
by PANAGIOTIS CHARALAMPAKIS, Antonios Georgopoulos, ILIAS MAKRIS, Stavros Stavroyiannis
Abstract: The 2008 financial crisis affected almost all of the Eurozones member states but not in the same way. Italy, the 3rd largest country member of the Eurozone, in terms of GDP, was hit heavily by the economic crisis. Italys GDP fell, income per capita has had a zero increase and gross debt has reached previously unthinkable levels. In this research, economic data of a large number of publicly listed Italian companies are examined, between 2008 and 2018. The aim is to identify common characteristics that are associated with company performance and growth during the period examined. A panel data analysis has been performed with focus on how firms financial performance and growth are being affected by their financial health, internationalisation, and size. Similar studies are presented, and their findings are compared to investigate the factors that are crucial for firm growth, especially during a recessionary period.
Keywords: financial crisis; Italy; publicly listed firms; performance; sales; debt; international sales.
Examining Attitude of Indian Consumers toward Retail Loyalty Programs: A Cluster Analysis Approach
by Renu Bhardwaj, Pavleen Soni
Abstract: In the current competitive retail scenario, managing relationships with customers is fundamental for the success of any business. Thus, retailers are striving for locking existing customers and hence, loyalty programs are becoming increasingly common in India. Therefore, the present study endeavors to touch the concerned phenomenon through the understanding of customers attitude towards loyalty programs in retailing industry. In order to achieve the aforesaid objective, data have been collected from 741 adult Indian consumers through a structured questionnaire from Delhi region. Data have been analysed through confirmatory factor analysis (CFA), cluster analysis and chi-square test. The study revealed that customers depicted overall positive attitude toward loyalty programs. More so, through the segmentation approach, three attitudinal clusters of respondents have been identified viz, relationship oriented, cherry pickers.
Keywords: loyalty programs; customer attitude; retailers; India.
The impact of a high influx of foreign workers on the Beveridge curve relation - Evidence for Malta from an ARDL approach
by David Baldacchino, Ian Cassar
Abstract: In the context of a buoyant economic expansion and labour market tightening coupled with a huge influx of foreign workers in recent years, an analysis of the matching process between the unemployed people and vacant jobs is deemed pivotal. The analysis presented in this study utilises an ARDL model to test for the existence of the Beveridge curve, and for relative shifts in the curve, and limited dependent variable models to test for the underlying factors behind the observed shifts, for the sample period 2002Q1 to 2019Q4. This study establishes that there exists a negatively slope Beveridge curve, and that there has been two inward shifts in the Beveridge curve, with the first occurring during 2012, and a second, more pronounced shift, occurring during 2016. Both shifts were predominantly driven by the influx of foreign workers, with a positive output gap also having an effect during the second inward shift.
Keywords: Beveridge curve; foreign workers; unemployment rate; vacancy rate; Malta; ARDL.
Technical Analysis Forecasting and Evaluation of Stock Markets: The Probabilistic Recovery Neural Network Approach
by Andreas Maniatopoulos, Alexandros Gazis, Nikolaos Mitianoudis
Abstract: The market efficiency theory suggests that stock market pricing reflects all publicly available information regarding a given stock. To outperform the market, a shareholder must study the markets price volume patterns and predict human behaviour and tendencies. Except for conventional approaches based on fundamental or technical analysis, new tools are currently proposed using big data and artificial intelligence. This publication analyses and evaluates four commonly used deep-learning artificial neural network models. Then, it proposes a new method by adopting the probabilistic recovery algorithmic approach. The dataset used consists of 501 unique company names based on real data derived from US Dow Jones. This method closely follows the markets behaviour, providing daily upwards-downwards data trends. The proposed system can be used as a tool for technical analysis regarding the prediction accuracy of trading strategies, providing approximately 60% future movements accuracy, over 90% relative price prediction and annual investment return slightly over 60%.
Keywords: technical analysis; probablistic neural network; neural networks; stock market prediction; stock market forecast; stock market dynamics; stock market neural networks forecasting; algorithmic trading.
Corporate Governance and Financial Performance: A study of Indian Drug and Pharma Industry
by Avani Shah, Udai Lal Paliwal
Abstract: Issues surrounding corporate governance practices assumed greater significance over the past few decades as research has proven that good corporate governance significantly influence performance of companies. Using panel data from 90 listed companies of Indian drug and pharma industry for a period of five years (2015 to 2019), the present paper analyses the influence of corporate governance on financial performance of the sample companies. Return on assets (ROA) and return on capital employed (ROCE) were used to measure financial performance. The study revealed a mixed impact as promotor shareholdings, CEO duality and firm size were positively and significantly related to firms financial performance, however, board independence, board size, leverage and liquidity were found not to have a significant impact. This study is useful as it provides some useful insights on the envisaged relationship in a specific context of Indian drug and pharma industry.
Keywords: corporate governance; financial performance; return on assets; ROA; return on capital employed; ROCE; promoter share holding; board size.
Female Entrepreneurship and Economic Crisis in EU-28: The Case of Greece
by Athanasios Anastasiou, Dimitrios Komninos, Zacharias Dermatis, Efcharis Marinopoulou
Abstract: Entrepreneurship is considered one of the most important solutions to unemployment, poverty and low economic growth. Creating new businesses and growing existing businesses are vital factors that contribute to any economy. Womens entrepreneurship is an important key factor in economic growth. Taking into account the period 2006 to 2018, we find that in Greece women entrepreneurship in its early stages is moving at slightly lower levels than in Europe and innovation countries. The high unemployment of women and the difficulties of finding dependent work seem to lead Greek women to entrepreneurship more than in European countries and innovation countries. The negative image is complemented by the fact that in Greece a woman is more likely to shut down her business compared to other European countries. The main objective of this paper is to study women entrepreneurship in the European Union crisis and the case of Greece.
Keywords: female entrepreneurship; growth; economic crisis; Greece.
A Critical study of Entrepreneurship and philanthropic activities of Diaspora in India.
by Ravikant Sharma, Mujibur Rahman, Shweta Nanda, Md Chand Rashid
Abstract: This study investigates the issues and find out the nature and extent of entrepreneurial and philanthropic diaspora contributions to socio-economic development in India, the impact and influence of Indian outbound migrants and its impact and contributions to Indian entrepreneurial activities, and extent of contribution to philanthropic activities in India. Moreover, most of the reasons of migration are for business motive, migration after marriage, search of better employment opportunities and to live good quality of life. These migrations create major changes in population dispersion and have its effects on the cities and states of India. The migration which happens inside the country by nature is classified as internal or inbound migration Therefore, This study is to explore various types of motives and purpose which induce people to migrate such type activities and also propose a holistic model for Indian entrepreneurial and philanthropic diaspora.
Keywords: Indian entrepreneurial; philanthropic diaspora; migration; communities; contribution; India.
A study on ethical management of South Korean Airlines
by Wooyoung Shin, Soonwook Hong
Abstract: The purpose of this paper is to study ethical management of South Korean Airlines. The importance of ethical management for sustainable management of firms has been gradually growing. Ethical management is divided into internal ethics and external ethics. Earnings management is known to represent internal ethics, while CSR is known to represent external ethics. Earnings management is measured by discretionary accruals, and CSR is measured by charitable contribution expenditures. The results of analyses indicated that South Korean airlines discretionary accruals were large while their charitable contribution expenditures were small. South Korean airlines can be regarded to practice more earnings management while conducting less charitable contributions. South Korean airlines are judged to be unethical both internally and externally. This paper is meaningful in that it verified the ethical management of airlines that emerged as a matter of national interest in South Korea in recent years.
Keywords: airlines; ethical management; corporate social responsibility; charitable contributions; earnings management; discretionary accruals.
Digital Transformation Impact to Media Industry
by Renato Lopes Da Costa, Luis Cabral, Leandro Ferreira Pereira, Álvaro Dias, Rui Gonçalves
Abstract: The media industry is currently in a process of adapting to the digital transformation. As the industry is increasing its volume, due to the fact that the consumers are consuming more media than before, it is important to guarantee that the customers needs are being fulfilled. After the literature review, the present article studied the opinion of some authors through a questionnaire that was used to comprehend the benefits that the digital transformation brought to the media industry, as well as understand how customers behaviour has changed over the past years. In this sense, a new consumption style was identified, which is the involuntary one, where people really dont have the intention of using a content. To sum up, the present article pretends to characterise the media industry and the clients behaviour, in a digital context, where processes must be changed in order to adapt to the eminent changes.
Keywords: digital transformation; media industry; customer behaviour; digital business.
YOUTH UNDEREMPLOYMENT IN TURKISH LABOUR MARKET
by Fatih Hakan Dikmen, Dilek Basar Dikmen
Abstract: The aim of this study is to examine the factors affecting youth underemployment in Turkish labour market using nationally representative household labour survey (HLS) provided by Turkish Statistical Institute (TurkStat) for 2016 and 2018 and are to reveal the changes occurring in two years of period. In order to estimate youth underemployment, the logistic regression method is performed in the empirical analysis. The analysis is carried out for young people between the ages 15 to 24. The findings indicate that females are more likely to be underemployed as compared to males for both 2016 and 2018. Furthermore, young individuals graduated from university or masters are more likely to be underemployed for both years. The most important variable explaining the underemployment is the informal sector and individuals working in informal sector are more likely to be underemployed. Considering to sectors, agricultural sector has more risk in terms of underemployment as compare to other sectors.
Keywords: underemployment; Turkish labour market; logistic regression model; household labour survey; HLS; youth employment.
INTEREST RATE LIBERALIZATION TO BANKS RISK RESISTANCE: MODERATOR OF STRATEGIC LEADERSHIP AND MEDIATOR OF MONETARY POLICY TRANSMISSION
by Sze Ting Chen, Zijing He, Kai Yin Allison Haga, Yao Jun Fan
Abstract: This paper aims to investigate the influence of two missing aspects and to explore whether the liberalisation has had any influence on commercial banks risk resistance capacity? This article considers 288 data. Analyses include the Sobel test, the ADF stationarity test, and the VAR model co-integration test. Our results show that Chinas interest rate marketisation reform has a positive effect on reducing bank risk. Commercial bank anti-risk capabilities can improve both Chinas monetary policy transmission and strategic leadership capabilities. This article showing that appropriate laws and regulations should be strengthened to reduce the risk of bankruptcy that commercial banks may face as a consequence of interest rate liberalisation. This paper contributes to the theory of interest rate liberalisation and anti-risk capability, by conceptualising from strategic leadership and monetary policy transmission theory. It finds that market-oriented rate reform has increased interest rate risk.
Keywords: interest rate liberalisation; monetary policy transmission; risk resistance; strategic leadership; VAR.
Interaction between commodity market and cryptocurrencies
by Fathi Jouini, Ahlem Messai, Ines Mhadheb
Abstract: The aim of this study is to show that the Bitcoin market is not isolated but is rather influenced by commodity markets in terms of return and volatility. We used the return of Bitcoin, crude oil, gold, silver and wheat for a period from 3 January 2011 to 22 November 2017. Based on the EGARCH model estimate, the main results indicated that Bitcoin return is positively but weakly influenced by returns of crude oil, gold, silver, and wheat. The results also show an inverse relationship between the volatility of crude oil and Bitcoin. So Bitcoin is a strong hedge against energy products. For gold, silver and wheat, the absence of risk transmission to the Bitcoin market suggests diversification opportunities following investors to use Bitcoin with any of the three assets to reduce the portfolio risk.
Keywords: Bitcoin; volatility; commodity.
Funding Higher Education as a Strategic Good of a Nation
by Mahmoud Askari, Ghaleb A. El Refae
Abstract: In this paper, we propose that higher education should be seen as a strategic good of nations. We argue that higher education is neither a private, nor a public good, and that its facilitation by governments, and its attainment of citizens is critically required for the wellbeing of a nation. As well, we use the partnership funding model of higher education as a framework to facilitate the strategic investment in higher education by economically capable governments. We used enrollment and funding data from Al Ain University, UAE as a case to examine the percentage of students who were able to secure government funding to pay their tuition fees. Result from this paper shows that higher education is considered as a strategic good in the UAE, and that all willing and able citizens can benefit from the availability of tuition free higher education at three publicly-funded academic institutions. As well, the UAE Government is providing funding to almost half of the students who choose to attend other tuition-based colleges and universities.
Keywords: strategic goods; higher education funding; the partnership funding model; public vs. private good; UAE.
The influence of the absorptive capacity and the position of the firm in the cluster on coopetition
by Sérgio Begnini, Silvia S. Simi, Carlos E. Carvalho
Abstract: This research investigates the influence of absorptive capacity (ACAP) and the clusters position on firm coopetition. The academic investigation of the relationships established between firms is fundamental. Three hypotheses were tested from the original data collection. The sample consisted of 77 firms from an agribusiness cluster. Structural equation modelling was used through SmartPLS 2.0 software. It is concluded that: 1) firms ACAP influences its coopetition, that is, the more ACAP, the more coopetition will be generated; 2) relationships established in the cluster enable firms to maintain/improve their position; 3) the relationships held by the firm with other firms will impact its position in the cluster, and this position will influence its ability to cooperate. On practical issues, companies that participate in a cluster develop their capacity to act cooperation, becoming competitively stronger as they invest in learning.
Keywords: coopetition; competition; cooperation; absorptive capacity; position in the cluster; agribusiness; firms; strategic actions; external information; managers.
The Extent of Awareness for the International Public Sector Accounting Standards (IPSAS) In the United Arab Emirates Emerging Market
by Khulood Salem Alshehhi, Jawaher Sultan Alteniji, Shaikha Khamis Alshamsi, Walaa Wahid ElKelish, Iman Hani Iwhish
Abstract: This paper explores the extent of the International Public Sector Accounting Standards (IPSAS) awareness and determinants in the United Arab Emirates (UAE) emerging market. Data was collected using a survey instrument. This paper uses the multiple regression analysis (OLS) to test the study hypotheses. The results show that respondents have a moderately high awareness of the IPSAS adoption. The implementation of IPSAS improves the decision-making quality, reporting transparency and efficiency. Respondents indicate low IPSAS adoption costs and support the IPSAS adoption preparation. Besides, IPSAS awareness depends on the perceived benefits of decision-making and reporting quality improvements and organisation size. The respondents work experience, organisation service activities and type are vital determinants of the IPSAS benefits. This paper provides useful guidelines for professional accountants, managers and organisations to improve the IPSAS adoption process.
Keywords: International Public Sector Accounting Standards; IPSAS; awareness; emerging markets; United Arab Emirates; UAE.
Integrated index of competitiveness as a basis for analysis of management systems for sustainable development of the territory
by Halyna Raiko, Dmytro Vasylkivskyi, Natalia Kovalska, Irina Shvets, Yuriy Shvets, Serhii Makarenko, Nataliia Oliinyk, Serhii Rybachok, Olha Kravchuk, Vitalii Kovalov
Abstract: The article is devoted to the study of economic aspects of territorial systems management, taking into account the experience of Ukraine based on the definition of regional competitiveness. An algorithm for calculation of the competitiveness index, which allows assessing qualitatively the advantages and disadvantages of a particular territorial system and affects its development in the future, has been described. A method of calculation the competitiveness index, consisting of five stages, has been developed. It allows in a real-time assessment of effectiveness of a territorial system. Promising ways of further research of territorial systems are introduced.
Keywords: territorial system; competitiveness index; factor analysis; strategic management; sustainable development.
Nexus among foreign direct investment, domestic investment, financial development and economic growth: a NARDL approach in Pakistan
by H.M. Sohail, Zengfu Li
Abstract: One of the most recent issues has been the relationship between foreign direct investment and economic development in host economies. This paper examines the nonlinear relationship between economic growth, foreign direct investment, domestic investment, and financial development using annual time series data from 1970 to 2019. We used the nonlinear auto-regressive distribution lag (NARDL) co-integration technique. The results show the positive effects of FDI and DI are more significant than the negative effects and follow a nonlinear direction. As a result, policymakers should tighten their hold on FDI channeling and effectively enforce regulations in order to boost Pakistans economic development.
Keywords: economic growth; foreign direct investment; domestic investment; nonlinear ARDL; Pakistan.
The Role of Logistics Performance Index on Trade Openness in Europe
by Mahmoud Barakat, Tarek Madkour, Abeir M. Moussa
Abstract: Logistics performance index is essential for local and regional economic development. Emerging research investigated the impact of logistics services on international trade at both company and country levels. However, there is a lack of studies that focus on the relationship between logistics and trade openness. This paper seeks to shed light on the role of logistics performance index with its six dimensions on trade openness in European countries. For this purpose, panel data are used to determine the effect of logistics performance index in these countries trade openness, taking as control variables the macroeconomic indicators. The results show that logistics performance index is significantly affecting trade openness in the European continent. This means that better logistics performance can be considered one of the important reasons for increasing trade openness in all European countries and reducing trade costs.
Keywords: logistics performance index; LPI; trade openness; Europe; panel data; econometrics.
The Business and Environmental Impacts of the Canadian Mandatory Greenhouse Gas Reporting Program
by Keith Brouhle, Donna Ramirez Harrington
Abstract: This research investigates the impact of Canadas mandatory greenhouse gas reporting program on firms share price and future environmental performance. First, we examine whether stock market prices are affected by investors response to publicly disclosed greenhouse gas (GHG) information. Second, we test whether abnormal stock price changes lead to lower GHG emissions. We find that investors punish firms whose emissions intensity increased but their losses are mitigated with previous voluntary GHG reporting. Observed improvements in environmental performance were small and limited to the dirtiest firms. These findings imply a narrow scope for information provision as a GHG mitigation policy tool.
Keywords: information disclosure; event study; climate change; GHG emissions.
The nexus of financial liberalization and economic growth: Is Vietnam different
by Thi Thuy Hang Le, Nga Hang Thi Phan, Xuan Dung Nguyen, Vu Than Nguyen
Abstract: This paper explores the relationship of economic growth and financial liberalisation in Vietnam, an emerging economy with remarkable changes since 2000. By drawing the quarterly dataset over the period 20-year starting from 2000 and the vector error-correction model estimation, our findings support the causal relationship among the set of macroeconomics determinants, such as credit rate, money supply as well as exchange rate. After controlling rigours determinants, we found that these two factors exhibit the causality in short-term and long-term. From this starting point, the relevant policy implications are drawn to highlight the process of liberalising the financial system as well as the list of non-conforming reservation measures (NCM) during the proposed negotiation process.
Keywords: economic growth; financial liberalisation; Vietnam.
Drug Overdose Deaths and Economic Factors: An Empirical Analysis of US Counties, 2009-2016.
by Suzan Odaba??
Abstract: Drug abuse has grown to be a very serious public health and economic problem in the USA. Economies are greatly impacted by drug abuse because of the financial costs of prevention programs, treatments, and rehabilitations. This study investigates the impacts of county-level economic and social conditions on the drug overdose deaths in the USA. Using data from the US Centres for Disease Control and Prevention (CDC), the US Census Bureau, and the Centres for Medicare and Medicaid Services (CMS) from 2009 to 2016, this study modelled associations between drug overdose deaths and socioeconomic and medical factors. Count data using Poisson regression is employed for four observation groups: females, males, individuals higher than 45 and, individuals under 45. The average county-level drug overdose deaths were relatively higher among males by nearly 25.6 deaths in 100,000 populations. The results show that drug overdose deaths significantly increase with higher uninsured population for each observation groups. In addition, among socioeconomic factors, median household income and social participation are negatively related to drug overdose deaths in per 100,000 people.
Keywords: well-being; health economics; economic development.
A Conceptual Framework of the Entry Mode Choices Determinants : The Ownership- Location-Internalization Approach
by Sujinda Chemsripong
Abstract: Entering the international market is a crucial strategy for foreign direct investment. Difference market entry models, such as exports, licensees, franchises, complete management, affiliated companies, and venture capital will affect investments in terms of risk, return, and corporate governance for a successful international business. This research aimed to study the key factors influencing the decision to choose a model and the expected returns using a crucial concept of ownership advantage, location advantage, and internalisation advantage (OLI) advantage to describe international entry patterns. This paper used the multinomial logistic regression model and categorical regression to estimate regression model in hypothetical tests, utilising data from 125 Thai companies that invested in Cambodia, Laos, Myanmar, and Vietnam. Based on Thailands investment model and their international relationship, this paper will focus on the conceptual framework variables such as firm size, international experience, the ability to develop differentiated products, market potential, investment risk, and contractual risk.
Keywords: conceptual framework; entry mode choice; foreign direct investment; FDI; OLI approach.
An analysis of Asia-Pacific regional integration: Time-varying SVAR approach
by Essahbi Essaadi, Awatef Ourir
Abstract: Regional economic integration in East and Southeast Asia has reached considerable transformation in a few years. Considering the critical role of trade integration in the integration process, we study whether East and Southeast Asian countries are influenced by specific, regional, or global shocks. The novelty of the paper is that we look after regional integration as an evolutionary process. To detect dynamic changes in the variance decomposition analysis, we apply a time-varying SVAR model. Our main finding is that when we consider the nonlinear aspect of the integration process in East and Southeast Asia, conclusions about its suitability for currency union change completely. TVP-SVAR model is used to revisit the economic integration process in the East and Southeast Asian region. Japan outperforms China and the USA as a regional anchor for most countries in the last dates. The large specific shock brings us to the point that the region is neither a yen nor a yuan nor a dollar block, but is tending towards a yen block.
Keywords: East Asia; Southeast Asia; monetary union; TV-SVAR model.
An Analysis of Intra-SAARC Trade Relations
by Nikhat Khalid
Abstract: World is composed of geographical regions comprising clusters of countries having physical contiguity. This premise motivated the South Asian countries to form SAARC in 1985. SAARC envisioned to enhance trade and commerce among the member states. In 1993, they initiated SAPTA to liberalise tariff barriers and created SAFTA in 2004 to make South Asia a trading zone. Despite these initiatives, many pitfalls and hiccups did not allow SAPTA and SAFTA to bloom. This paper attempts to empirically examine intra-regional trade among SAARC countries through their bilateral trade intensity index, intra-regional trade intensity index and intra-regional trade share. The study found that most SAARC countries have their trade priorities outside the region. Their intra-regional trade stands at just 5.8%. To reduce this economic disconnect, SAARC countries need to come forward to enhance cross border trade, for which an open and more inclusive trading system and political will is required.
Keywords: South Asian Association of Regional Cooperation; SAARC; intra-regional trade; regional integration; trade responsibility; welfare state; geographical contiguity; economic cooperation.
Financial Sector Development and Credit Risk: An insight of BRICS countries using Continuously Updated Fully Modified and Continuously Updated Bias Corrected Methods
by Aamir Syed, Mohd. Kamal
Abstract: The impact of financial sector development on non-performing loans (NPLs) among emerging countries is inconclusive. For this purpose, the study investigates the relationship between financial sector development and NPLs among BRICS countries, covering the period from 1995 to 2018. The study has used a novel continuously-updated fully-modified (CUP-FM), and continuously-updated bias-corrected model (CUP-BC) for long-run estimation, together with CIPS, CADF second-generation unit root test, and Westerlund cointegration analysis. The findings infer that financial intermediation in terms of banks deposits to GDP ratio and private credit to GDP ratio negatively impact NPLs in the long run. Furthermore, financial sector efficiency, financial sector stability, and regulatory capital help in reducing NPLs in the long run in BRICS countries. However, the study highlight that financial sector liberalisation in terms of foreign banks presence has an insignificant relationship with NPLs in BRICS countries in the long run. This study offers useful policy implications.
Keywords: financial sector development; credit risk; CUP-FM; CUP-BC; BRICS; non-performing loans; NPLs.
Scale of Cultural Values of Generation Y: The case of Aburra Valley -Colombia
by Sandra Milena Palacio López, Yuri Lorene Hernández Fernández, Javier A. Sánchez-Torres, Oscar Velez
Abstract: Generation Y is increasingly influencing society through its purchasing power and as an entity influencing other generations, so understanding its behaviour is relevant for designing strategies in different socio-economic fields. This article seeks to identify the inventory of values that regulate the behaviour of generation Y. The study used a mixed research approach. The collage technique and in-depth interviews were used for the qualitative approach, and a questionnaire applied to 330 participants was used for the quantitative approach. The results show a generation that seeks independence and stimulation, and its life guidelines are the values related to affection and the environment. These results are relevant for designing strategies in different socioeconomic areas.
Keywords: culture; values; cultural dimensions; cultural behaviour; cultural values; personality; consumer behaviour; young boys; generation Y; Colombia.
Current Assets Management: A Comparative Study between Nascent and Established Entrepreneurs
by Najib H. S. Farhan, Ebrahim Al-Matri, Eissa A. Al-Homaidi, Fozi Belhaj, Waleed M. Alahdal
Abstract: This study aims to find out how current assets are being managed by both Nascent and established entrepreneurs in India. Moreover, it attempts to investigate the effects of current assets management on the profitability of the firms. The examination of this paper is depending on a panel data method of 1,371 Indian entrepreneurs, for the period from 2016 to 2017. Least square regression models are used for estimating the results. The study found that net trade cycle positively and significantly affects established entrepreneurs liquidity. Furthermore, current assets to total assets ratio significantly impact entrepreneurs profitability and nascent entrepreneurs profitability. This study is motivated to bridge an existing gab in the literature by finding out how current assets are being managed by both nascent and established entrepreneurs in India which has not been considered yet as per the knowledge of authors, which makes this study of novel contribution to the literature.
Keywords: current assets management; net trade cycle; liquidity; nascent entrepreneurs; established entrepreneurs.
From the University Ecosystem to the Entrepreneurial Ecosystem
by Walter Vesperi, Ineza Gagnidze
Abstract: The modern world faces a number of significant economic and social challenges. It is essential to find the key tools, which will contribute to mitigate the expected problems. The authors suggested that education (human capital) represents one of these tools. In this context the way from the university ecosystem to the entrepreneurial ecosystem is discussed as a tool for developing the local economy. The experience of 40 countries in the process of forming entrepreneurial universities has been studied and eight main challenges have been identified. To achieve this, the study uses a qualitative exploratory methodology. Specifically, it was decided to analyse the country Italy. The results offer a theoretical framework on the concepts of entrepreneurial students and university ecosystem.
Keywords: entrepreneurial universities; university ecosystem; entrepreneurial ecosystem; entrepreneurial students; local economy; business incubators; academic entrepreneurship; knowledge transfer system.
The strategic view: 'South China Sea conflict' based on the view of nationals from different countries
by Victor Chang
Abstract: This paper has investigated 'The South China Sea conflict' based on citizens' views from different countries and compares the territorial disputes. It discusses conflicts in the South China Sea and their implications and resolutions viewed from the International Law and citizens' opinions in Southeast Asia. This paper aims to reach the different nationalities' genuine perceptions of the South China Sea conflicts, including their perceptions of the South China Sea conflict versus the views based on their countries of origin, particularly for Chinese and Filipino. Furthermore, this paper identifies whether peaceful solutions are appropriate based on different nationalities' perceptions. Through a mixed-method with both quantitative method and qualitative approaches, questionnaires, data analysis and interviews are used to investigate in-depth perceptions of 'The South China Sea conflict'. The research objectives, questions, and hypotheses can be verified. The research outcome is then used to compare with previous research conducted by other researchers.
Keywords: The South China Sea conflict; The South China Sea development; different nationalities' perceptions on the conflict; peaceful resolutions; surveys and discussions on the conflict.
Corporate Waqf: a sustainable model of Islamic wealth creation and distribution
by Faizah Darus, Haslinda Yusoff, Mustaffa Mohamed Zain, Aliza Ramli
Abstract: The aim of this study is to explore an enhanced corporate waqf model to be used by organisations so that they can address and help solve social issues, and create wealth for the ummah, specifically in Malaysia. A Tawhidic concept premised on the Quran and Sunnah was used to underpin the development of the proposed corporate waqf model. Content analyses of existing academic literature on Waqf, followed by preliminary semi-structured interviews on groups of Chief Executive Officers, SIRC officers, Islamic Scholars and Academics, were conducted. The key challenges faced by waqf organisations are as follows: i) the development of waqf properties is not economical; and ii) the current waqf model does not support the wealth creation, wealth enhancement and wealth distribution to the ummah. These weaknesses have motivated this study to propose a new corporate waqf model; one that encompasses an enhanced governance structure and management setting. This new model treats waqf as an effective mechanism that can strengthen the economic growth of Malaysia.
Keywords: waqf; wealth distribution; Tawhidic; Maqasid Shariah; Maslahah; sustainability.
Barriers to career advancement of women: role of mentoring and networks
by Jyoti Chauhan, Geeta Mishra
Abstract: Lower female representation in executive positions has been a concern across the world. However, there have been many barriers faced by women in their career ladder. This study has majorly focused on a few barriers namely; lack of mentoring, exclusion from informal networks, and demographic profile of women, and how all these factors can influence the career advancement of women. This study has collected data using a questionnaire and a final sample of 195 women in the service sector was analysed. Inline to examine the impact, exploratory factor analysis (EFA), and confirmatory factor analysis (CFA) have been applied to check for the reliability and validity of data and constructs. Further, multiple regression has been used to test the hypotheses of the study. Results revealed that total experience and managerial position significantly impacts the career advancement of women. Mentoring and exclusion from informal networks are also found partially impacting the career advancement of women.
Keywords: barriers; career advancement; mentoring; networks; service industry; Delhi NCR; glass ceiling; career development; leadership.
Is refugee influx a cause of economic vulnerability: an empirical study of Jordan (1990-2018)
by Ahmed Hussein Alrefai
Abstract: Jordan received thousands of refugees over the last 30 years. Engulfed by regional turbulence, holding limited resources and reliant on foreign aid, Jordan stands vulnerable towards external shocks. Given such volatility, this study will examine how refugees affect the real per capita income, per capita government spending and unemployment. This will be done using vector autoregression (VAR) model. The data used accounts for a time series annual data for the period of 1990-2018, obtained from Computer and Enterprise Investigations Conference (CEIC) census and Jordan's Department of Statistics. The study found that there is no causality between refugee influx and the unemployment rate, per capita income and per capita government spending. These results indicate that refugee intake may not be a crippling element on Jordan as capital inflow from donors, humanitarian agencies and the assistance in cash and kind may compensate Jordan's public. Further, refugees usually work in informal sectors in which Jordanians are reluctant to accept.
Keywords: refugees; Jordan economy; economic vulnerability; host country; granger causality; co-integration; Jordan.
Content modification in operation management over the last three decades
by Pini Davidov, Shlomo Globerson
Abstract: The objective of this research is to carry out a content analysis of operation management (OM) textbooks during the last three decades. Three sets of 11 textbooks each were included. The sets are compared in terms of the major topics represented. Detailed analysis of the textbooks identified 21 core OM topics, six methodological topics and six other general topics. Findings show that coverage of some OM related topics, were changed significantly over time, as well as the extent of coverage intensity. Also, a significant drop in the coverage intensity of methodological topics such as linear programming, queuing and simulation was identified.
Keywords: operations management; content; modification; textbook.
Special Issue on: SEDD 2018 Globalisation, Governance and Empowerment
Online financial reporting disclosure in Islamic banking: evidence from Bahrain
by Adel M. Sarea, Azam Khalid, Amanuddin Bin Shamsuddin, Iqbal Hawaldar, Zakir Hossen
Abstract: This study aims to investigate the level of disclosure of Islamic banking in Bahrain by the web-based disclosure. The web-based disclosure method was implemented to determine the quantity of "the level of web-based disclosure of Islamic banks in Bahrain" by using an index that consists of 90 items. The findings of the 'descriptive analysis' indicated that the overall level of web-based disclosure was 73.3%. The regression results showed a "positive relationship between the independent variables (firm size, age, and profitability) and the level of web-based disclosure". The results of this paper help the "Islamic banking in Bahrain" to increase the level of web-based disclosure to reach full online financial reporting disclosure (OFRD) to satisfy the stakeholders. The outcomes of this study will be useful elsewhere.
Keywords: web-based disclosure; financial reporting; level of disclosure; banking sector; Islamic banking; Bahrain.