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Revista de Economia Aplicada     Open Access   (Followers: 1, SJR: 0.175, CiteScore: 0)
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International Journal of Emerging Markets
Number of Followers: 4  
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1746-8809 - ISSN (Online) 1746-8817
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  • Terrorism, competitiveness, and international marketing: an empirical
    • Pages: 310 - 329
      Abstract: International Journal of Emerging Markets, Volume 13, Issue 2, Page 310-329, April 2018.
      Purpose The purpose of this paper is to research the relationship between terrorism and multinational enterprises (MNEs), focusing on operational costs, marketing planning, supply chain management, and distribution activities. Terrorism is a growing threat to internationally active firms, but there has been no empirical research to address the distinctive challenges that terrorism poses for the international marketing activities of firms. Design/methodology/approach The paper opted for an exploratory investigation, following a two-phase research design. In the first phase it was based on qualitative interviews with internationally active firms. In the second phase, an online survey of a large sample of international firms based in the USA was performed. All measures were developed specifically for the study. Findings The paper provides empirical insights about how terrorism affects MNEs, especially those operating in emerging markets. It suggests that terrorism accounts for significant costs in the international marketing budget of MNEs, as well as in planning, and the design of supply chains and distribution channels. Findings also reveal that firms with significant resources and international experience appear to cope better with terrorism’s effects. Research limitations/implications Given the early stage of empirical research on terrorism and international marketing, this study was necessarily exploratory. Practical implications The paper includes implications and suggestions for multinational companies to increase the security of their businesses through the development of corporate preparedness. Social implications Terrorism represents not only an organizational crisis at the level of a firm, but it affects the whole society. Originality/value This paper fulfills an identified need to study the relationship between the growing threat of terrorism and international business.
      Citation: International Journal of Emerging Markets
      PubDate: 2018-04-09T01:25:38Z
      DOI: 10.1108/IJoEM-03-2016-0065
      Issue No: Vol. 13, No. 2 (2018)
  • Business-family interface and the performance of women entrepreneurs
    • Pages: 330 - 349
      Abstract: International Journal of Emerging Markets, Volume 13, Issue 2, Page 330-349, April 2018.
      Purpose The purpose of this paper is to examine the relationships between women entrepreneurs’ firm performance and two dimensions (enrichment and interference) of the business-family interface (BFI) in the moderating context of the level of economic development in two emerging countries – Morocco and Turkey. The enrichment perspective was operationalized as family instrumental (financial) and affective (moral) support, while interference was operationalized as gender-related personal problems. Design/methodology/approach The study drew upon the work-family interface (WFI) theory from the family embeddedness perspective in the context of institutional economics. In Morocco, a purposive sample of 116 women entrepreneurs completed a self-administered questionnaire using field collection, mail, and phone surveying methods. In Turkey, 147 women entrepreneurs completed the questionnaire online and through personal contacts in business organizations. Findings The findings indicated a positive relationship of family financial support with business performance of female entrepreneurs in Morocco, a less economically advanced country. However, family moral support is related to better firm performance in Turkey, a more advanced economy. Gender-related personal problems of women entrepreneurs appear to hamper their business performance in Turkey; while in Morocco, the performance of women entrepreneurs seems to improve in the face of such impediments. Practical implications The results provide initial evidence that female entrepreneurs benefit from the linkages of family-to-business enrichment in different ways, depending on the country’s level of economic development. In less economically developed countries, women entrepreneurs benefit more from instrumental rather than affective components of the enrichment dimension of the BFI. Conversely, in more economically advanced countries, female entrepreneurs benefit more from affective rather than the instrumental elements of this dimension. Likewise, the components of the interference dimension of the BFI affect female entrepreneurs differently depending on the economic development of the countries. Women in the less-developed country of Morocco are less impeded by their personal problems compared to their counterparts in Turkey, a more developed economy. Actually, Moroccan women entrepreneurs improved their business performance when facing obstacles, most likely due to their increased inner strength and resilience acquired when battling adversarial institutional conditions. Originality/value The present study makes three unique contributions to the entrepreneurship literature. First, the study links the two BFI dimensions (enrichment and interference) to firm performance with an exclusive focus on female business owners. Second, within the construct of enrichment, the study employs both family instrumental and emotional support. Third, the study shows that the country’s level of economic development moderates the relationships between the BFI dimensions and firm performance.
      Citation: International Journal of Emerging Markets
      PubDate: 2018-04-09T01:25:43Z
      DOI: 10.1108/IJoEM-03-2017-0095
      Issue No: Vol. 13, No. 2 (2018)
  • Board committees and performance in microfinance institutions
    • Pages: 350 - 370
      Abstract: International Journal of Emerging Markets, Volume 13, Issue 2, Page 350-370, April 2018.
      Purpose The purpose of this paper is to empirically relate subordinate board structures with improved financial and social performance in microfinance institutions (MFIs). Design/methodology/approach The research question is analyzed using a panel data from 23 MFIs in Ethiopia over a period of 2006-2011. Random effects panel data estimation is applied to analyze the link between board committees and MFI’s performance. Findings In MFIs with larger than average boards, the findings demonstrate significant ties between financial and outreach performance and how their boards are structured. The structure of board committees moderates the relation between board size and financial and outreach performance measures. Importantly, board committee benefits MFIs through better operational self-sufficiency, lower operating expenses, greater outreach to customers, and outreach to poorer customers using average loan size as the proxy. Practical implications Practitioners within microfinance sector, and those operating in advisory and regulatory roles to the sector could benefit from the argument advanced in the paper in that normative recommendation to restructure boards or establish committees requires reevaluating the board characteristics vis-à-vis the optimal monitoring, controlling, and advising needs of the institution. Originality/value Prior literature focuses on who sits on boards, how large are the boards, and how independent are they. This paper advances the understanding of the structure of board committees and how this may affect the performance of MFI. This approach provides better representation of director’s role and is thereby a good test of board effectiveness.
      Citation: International Journal of Emerging Markets
      PubDate: 2018-04-09T01:25:26Z
      DOI: 10.1108/IJoEM-08-2016-0216
      Issue No: Vol. 13, No. 2 (2018)
  • Use of Big Four auditors and fund raising: evidence from developing and
           emerging markets
    • Pages: 371 - 390
      Abstract: International Journal of Emerging Markets, Volume 13, Issue 2, Page 371-390, April 2018.
      Purpose This study is motivated by recent research suggesting that the funding benefits of using Big Four auditors may not be as uniform as were previously assumed. The purpose of this paper is to analyze the relationship between use of Big Four auditors and access to debt capital by applying data from microfinance institutions (MFIs) in emerging countries, a population typically not investigated in accounting research. Design/methodology/approach The authors apply a unique hand-collected data set from 60 emerging markets and empirically investigate whether access to various debt categories is related to the use of Big Four auditors. Findings The authors find that access to international commercial debt, international subsidized debt and government agency debt is positively related to the use of a Big Four auditor. For local commercial debt, the authors find no association between auditor type and access to debt capital. The association between auditor choice and access to debt capital is stronger for nonprofit than for-profit MFIs. Originality/value This is the first audit quality study to include a broad sample of emerging countries, which in itself is an important contribution. As far as general audit quality research is concerned, the authors take the literature one step further by showing that the benefits of using a Big Four auditor may be dependent on the specific source of debt financing a firm or organization seeks to use. Moreover, the authors demonstrate that the for-profit vs nonprofit dimension influences the relationship between auditor choice and access to capital.
      Citation: International Journal of Emerging Markets
      PubDate: 2018-04-09T01:25:21Z
      DOI: 10.1108/IJoEM-11-2016-0321
      Issue No: Vol. 13, No. 2 (2018)
  • Deciphering drivers of efficiency of bank branches
    • Pages: 391 - 409
      Abstract: International Journal of Emerging Markets, Volume 13, Issue 2, Page 391-409, April 2018.
      Purpose The purpose of this paper is to empirically assess the efficiency (transaction efficiency, intermediation efficiency and profit efficiency) of the retail branches of a large bank and identify the driver parameters of the same. Design/methodology/approach The authors use the non-parametric data envelopment analysis approach to analyze the financial performance of 247 branches in 2014, spread over 14 states of a country. After checking for possible misspecification bias, the authors use the fractional regression approach in the second stage of the analysis to assess possible drivers of the efficiency of bank branches in terms of the size of business, funding mix, per employee contribution to business and profit and business per transaction. In addition, the authors included spatial parameters like economic condition and competitive position of branches in their analysis. Findings The authors find that on an overall basis, there might be a deliberate initiative of the top management of the bank to over-branch in order to improve the output at the aggregate level which is above the level of cost minimization. The study clearly indicates to the top management that low-cost deposit is a significant driver of branch efficiency apart from business per transaction, income per employee. Moreover, it is found that branches located in areas of high branch concentration are more efficient, and local economic condition does drive efficiency of branches. Practical implications The authors address the dilemma faced by the top management of banks in arriving at an appropriate scientific benchmark to assess the performance of branches based on the drivers of efficiency and initiate suitable strategic interventions to improve their efficiency. Originality/value The integrated assessment of the efficiency of bank branches and arriving at the drivers of efficiency using the fractional regression model framework are likely to prove beneficial in the benchmarking exercise of the performance of bank branches.
      Citation: International Journal of Emerging Markets
      PubDate: 2018-04-09T01:25:30Z
      DOI: 10.1108/IJoEM-11-2016-0301
      Issue No: Vol. 13, No. 2 (2018)
  • Diffusion of crisis signals across the world: evidence from subprime
           crisis of 2008-2009
    • Pages: 410 - 430
      Abstract: International Journal of Emerging Markets, Volume 13, Issue 2, Page 410-430, April 2018.
      Purpose The innovations in fundamentals coupled with noise traders induce co-movement in diverse markets. This co-movement in equity markets which is evidenced higher during the turmoil period influences economic fundamentals of a country dissimilar in nature. The purpose of this paper is to examine whether economic fundamentals or investors’ behavior attributable to disturbances across the world are the rationale behind the crisis transmission, and thereby distinguish fundamental-based contagion from investor-induced contagion. Design/methodology/approach Initially, the study investigates the role of macroeconomic fundamentals and stock returns on crisis occurrence using panel probit estimates. Additionally, ordinary least squares estimates controlling the influence of fundamentals on domestic return capture the discrete country effect measuring the influence of domestic as well as foreign economic fundamentals along with foreign returns on the domestic stock index. Findings The empirical results reveal that foreign country stock index returns are having a significant influence on domestic returns besides a prominent role in crisis occurrence. The binary probit model confirmed the influence of both macroeconomic factors and foreign returns in crisis occurrence. The OLS estimates found evidence for investor-induced contagion in the crisis period where the effects of economic fundamentals are small in comparison to foreign market returns that are mainly dominant in pre- and post-crisis period. Research limitations/implications The propagation of crisis from one market to other would enable the policy makers to make clear regulations at right time to control for the crisis in future. The results can help the policy makers as well as investors in reducing the impact of the crisis in future by clearly monitoring the behavior of the factors under study. Originality/value The current study addresses the role of macro fundamentals and investors influence in crisis propagation. Adopting subprime crisis of 2008-2009 as a reference point and separating the sample period into pre-crisis, crisis and post-crisis period, the study explains how badly the other 30 markets impacted the crisis that emerged in the USA.
      Citation: International Journal of Emerging Markets
      PubDate: 2018-04-09T01:25:18Z
      DOI: 10.1108/IJoEM-04-2017-0113
      Issue No: Vol. 13, No. 2 (2018)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
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