Publisher: Vilnius University   (Total: 41 journals)   [Sort by number of followers]

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Archaeologia Lituana     Open Access  
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Literatūra     Open Access  
Lithuanian Surgery : Lietuvos Chirurgija     Open Access  
Nonlinear Analysis : Modelling and Control     Open Access   (Followers: 1)
Organizations and Markets in Emerging Economies     Open Access   (Followers: 1)
Politologija     Open Access  
Problemos     Open Access  
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Respectus Philologicus     Open Access  
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Socialinė teorija, empirija, politika ir praktika     Open Access  
Socialiniai tyrimai     Open Access  
Sociology : Thought and Action     Open Access  
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Verbum     Open Access  
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Organizations and Markets in Emerging Economies
Number of Followers: 1  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2029-4581 - ISSN (Online) 2345-0037
Published by Vilnius University Homepage  [41 journals]
  • Editorial Board and Table of Contents

    • Authors: Sigitas Urbonavičius
      Pages: 255 - 257
      PubDate: 2021-12-22
      Issue No: Vol. 12, No. 2 (2021)
  • Economic Consequences of Covid-19 Pandemic: An Analysis of Exchange Rate

    • Authors: Maheswar Sethi, Sakti Ranjan Dash, Rabindra Kumar Swain, Seema Das
      Pages: 258 - 284
      Abstract: This paper examines the effect of Covid-19 on currency exchange rate behaviour by taking a sample of 37 countries over a period from 4th January 2020 to 30th April 2021. Three variables, such as daily confirmed cases, daily deaths, and the world pandemic uncertainty index (WPUI), are taken as the measure of Covid-19. By applying fixed-effect regression, the study documents that the exchange rate behaves positively to the Covid-19 outbreak, particularly to daily confirmed cases and daily deaths, which implies that the value of other currencies against the US dollar has been depreciated. However, the impact of WPUI is insignificant. On studying the time-varying impact of the pandemic, the study reveals that the Covid-19 has an asymmetric impact on exchange rate over different time frames. Further, it is observed that though daily confirmed cases and daily deaths show a uniform effect, WPUI puts an asymmetric effect on the exchange rate owing to the nature of economies.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.56
      Issue No: Vol. 12, No. 2 (2021)
  • The Impact of Currency Misalignment on Trade Balance of Emerging Market

    • Authors: Abdullahil Mamun, Emrah Eray Akça, Harun Bal
      Pages: 285 - 304
      Abstract: This study is an attempt to examine the impact of currency misalignment on the trade balance of emerging market economies from 1980 through 2016. It firstly measures the equilibrium RER and corresponding misalignment series of 21 EMEs separately adopting a single equation approach and then includes them in the trade regression together with undervaluation and overvaluation to estimate the dynamic relationship between the trade balance and real exchange rate misalignment employing the system generalized method of moment estimation approach. The study suggests that, being a composite series of undervaluation and overvaluation, higher real exchange rate misalignment helps recover trade imbalances. It also identifies that undervaluation improves trade balance, while overvaluation cuts it down. The study identifies that the misalignment series of RER for most of the EMEs are substantially dominated by overvaluation episodes, and hence the opposing impact of undervaluation and currency misalignment on the trade balance of EMEs is not surprising. From the policy perspective, competitiveness achieved through currency movements helps emerging market economies not only to improve trade balance but also to withstand vulnerability that arises from huge external borrowings creating a strong external payment position.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.57
      Issue No: Vol. 12, No. 2 (2021)
  • Decomposition of the Sources of Real Exchange Rate Misalignment in Egypt:
           Evidence from the ARDL Model

    • Authors: Rana Hosni
      Pages: 305 - 331
      Abstract: This paper examines the behavior of the real exchange rate in Egypt over the period 1965–2018 by attempting to pursue three interrelated purposes. The first is to investigate the extent of deviations between the actual exchange rate and its equilibrium level and illustrate the magnitude of any currency misalignments. The second is to search for the different phases of over- and undervaluation of the local currency and explain the accompanying economic policies and/or factors leading to them. The third and ultimate purpose is to explore the role of transitory and permanent factors in deviating the actual real exchange rate from its equilibrium level. Understanding these factors should help in the design of economic policies directed to address the misalignment of the local currency. An autoregressive distributed lag (ARDL) bound test approach is used and conducted for both the bilateral and effective real exchange rates to achieve these three purposes during the selected period. To derive the equilibrium exchange rate estimate, the behavioral equilibrium exchange rate (BEER) approach is adopted. The findings reveal that the Egyptian pound was misaligned from its equilibrium value during most of the examined period. The results confirm the relative importance of the terms of trade and degree of openness variables in determining the equilibrium real exchange rate in Egypt followed by investment ratio and government consumption variables. The local currency witnessed a recent phase of overvaluation, which began in 2009, until the free float of the local currency in November 2016, after which, the Egyptian pound was found to have experienced a new phase of undervaluation till the end of the period examined. The findings show a considerable relative impact of fundamental-based factors over a prolonged period spanning from 1986 to 2003 and at the end of the period examined as well. Moreover, the documented results lend general support to the fact that both permanent or fundamental-based factors and short-run shocks prove to be important influential factors impacting currency misalignment in Egypt.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.58
      Issue No: Vol. 12, No. 2 (2021)
  • Tax Planning, Corporate Governance and Financial Performance of Selected
           Quoted Non-Financial Companies in Nigeria (2007–2018)

    • Authors: John Olayiwola, Stephanie Okoro
      Pages: 332 - 352
      Abstract: This study examines the interactive effect of tax planning and corporate governance on the financial performance of 50 non-financial quoted companies in Nigeria between 2007 and 2018. The study sample that covers 9 sectors was selected purposively through stratified random sampling. Data used were collected from the audited annual reports and accounts of selected quoted companies in Nigeria and fact books published by the Nigeria Stock Exchange. A system GMM was employed to estimate the dynamic models, and results show that ownership structure (OS) and capital intensity (CI) exerted a significant and positive impact on the returns on assets. This implies that OS plays a significant role to ensure that CI triggers an increase in the return on assets of the quoted Nigerian companies. However, board diversity and thin capitalization wielded a significant and negative influence on return on assets. This study thus recommends that companies should put in place a strong corporate governance mechanism that will monitor, check and balance tax planning activities and strategies adopted by the management of quoted companies in Nigeria.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.59
      Issue No: Vol. 12, No. 2 (2021)
  • Information Flow Between the Zimbabwe Stock Exchange and the Johannesburg
           Stock Exchange: A Transfer Entropy Approach

    • Authors: Kingstone Nyakurukwa
      Pages: 353 - 376
      Abstract: The purpose of this paper is to determine whether there was information flow between the stock markets of Zimbabwe and South Africa during the time the Zimbabwean economy was dollarized. The author used econophysics-based Shannonian and Rényian transfer entropy estimates to establish the flow of information between the markets in tranquil periods as well as at the tails of return distributions. The only significant Shannonian transfer entropy estimate was from Johannesburg Stock Exchange (JSE) resources index to Zimbabwe Stock Exchange (ZSE) mining index. The findings show that the only significant tail dependence was between JSE All Share Index (JALSH) and ZSE Mining on the one hand, and between JSE Resources and ZSE Mining on the other hand. However, the magnitudes of the effective transfer entropy values are relatively low, showing that there are weak linkages between the Zimbabwe Stock Exchange and the Johannesburg Stock Exchange. The lack of significant information flows between the exchanges of the two countries offer opportunities to fund managers for portfolio diversification. From a government point of view, it is imperative that the tempo of economic and political reform be accelerated so that integration between the markets can be fast-tracked. Integrated markets will benefit Zimbabwe as this will reduce the cost of equity and accelerate economic growth.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.60
      Issue No: Vol. 12, No. 2 (2021)
  • Bank Liquidity Hoarding Strategies in Uncertain Times: New Evidence from
           an Emerging Market with Bank-level Data

    • Authors: Van Dan Dang, Hoang Chung Nguyen
      Pages: 377 - 398
      Abstract: The paper explores the impact of uncertainty on bank liquidity hoarding, particularly providing new insights on the nature of the impact by bank-level heterogeneity. We consider the cross-sectional dispersion of shocks to key bank variables to estimate uncertainty in the banking sector and include all banking items to construct a comprehensive measure of bank liquidity hoarding. Using a sample of Vietnamese banks during 2007–2019, we document that banks tend to increase total liquidity hoarding in response to higher uncertainty; this pattern is still valid for on- and off-balance sheet liquidity hoarding. Further analysis with bank-level heterogeneity indicates that the impact of banking uncertainty on liquidity hoarding is significantly stronger for weaker banks, i. e., banks that are smaller, more poorly capitalized, and riskier. In testing the “search for yield” hypothesis to explain the linkage between uncertainty and bank liquidity hoarding, we do not find it to be the case. Our findings remain extremely robust after multiple robustness tests.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.61
      Issue No: Vol. 12, No. 2 (2021)
  • Is Bitcoin Price Driven by Macro-financial Factors and Liquidity' A
           Global Consumer Survey Empirical Study

    • Authors: Shinta Amalina Hazrati Havidz, Viendya Ervina Karman, Indra Yudha Mambea
      Pages: 399 - 414
      Abstract: This research aims to utilize macro-financial and liquidity elements as the factors that may affect the price of Bitcoin as the largest cryptocurrency in terms of market capitalization. The macro-financial factors analyzed in this study were foreign exchange, stock market index, interest rates, and gold, while liquidity ratio is the internal factor. This study applied a fixed-effect model (FEM) and Generalized Method of Moments (GMM) on gathered weekly data from 1 January 2017 to 29 December 2019 from 18 countries with the total of 2,826 observations. The analysis revealed that US Dollar amplifies Bitcoin trading; an increase in interest rate will decrease investors’ intention to invest in Bitcoin as a speculative asset, and gold could replace Bitcoin as a substitute asset. Moreover, Bitcoin was found to be highly liquid, which attracts many investors, while the stock market index proved to be insignificant.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.62
      Issue No: Vol. 12, No. 2 (2021)
  • Entrepreneurship and Small Island Economies

    • Authors: Paul Pounder, Naresh Gopal
      Pages: 415 - 439
      Abstract: Over the past two decades, the study of entrepreneurship and its importance to the economy has increased in appeal to academics, practitioners and governments. This study explores entrepreneurship in small island economies within regions based on Total Entrepreneurial Activity (TEA) and Established Business Ownership (EBO) as observed in the Global Entrepreneurship Monitor (GEM) dataset. This research uses the pooled regression model to study the impact of TEA and EBO on economic growth. The findings highlight that new venture creation is a driver that improves gross domestic product (GDP); however, there are significant differences across SIDS in the orientation of TEA and EBO that suggest that other contextual issues like culture, education system, and entrepreneurial support elements influence entrepreneurial behaviour across regions as well. The more advanced of these nations like Singapore and Puerto Rico benefit from knowledge networks and scientific mobility, while the smaller economies in the Caribbean and Pacific Region show less openness to pursuing entrepreneurial endeavours. These findings provide a foundation for further research on varying types of combinations of both economic factors and contextual differences that lend to the transitioning process towards an emerging economy. 
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.63
      Issue No: Vol. 12, No. 2 (2021)
  • Does Emigration Hurt the Economy' Evidence from Lithuania

    • Authors: Gindrute Kasnauskiene, Remigijus Kavalnis
      Pages: 440 - 458
      Abstract: This study explores the economic impact of population emigration with special reference to the case of Lithuania. For this reason, we developed a SVAR model and applied related IRF and FEVD tools using quarterly data for the period of 2001-2020. Our findings reveal that a positive shock in emigration is related to lower unemployment. It is also found that the increased emigration is linked to higher real wage growth but with a lower confidence interval. Moreover, our estimates suggest that international out-migration increases real GDP growth in the short term, with no significant effects in the long run perspective. Finally, we found that most of the emigrants-to-be were inactive for a long term prior to departure, which offers a new look into the consequences of Lithuanian emigration, suggesting that the economic losses of emigration could be overstated. This study contributes to the knowledge about the impact of emigration on the economy and specifies directions for further studies in the field.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.64
      Issue No: Vol. 12, No. 2 (2021)
  • Linking the Robo-advisors Phenomenon and Behavioural Biases in Investment
           Management: An Interdisciplinary Literature Review and Research Agenda

    • Authors: Nomeda Lisauskiene, Valdone Darskuviene
      Pages: 459 - 477
      Abstract: Technological advancements bring continuous changes into the investment industry. The paper aims to provide insights on future research agenda based on a review of the current stance of research on the links between the Robo-advisors phenomenon and behavioural biases of individual investors. A qualitative investigation method has been applied for literature review on Robo-advisors and their impact on behavioural biases. The key findings indicate that Robo-advisors can help users to make better informed and less biased decisions. However, Robo-advisors activate the investors’ automatic system processes. The resulting passive investment approach could lead to alienation of the investors from the stock market, decreasing their understanding of the investment process that could widen a gap between different clusters of investors. The paper makes several contributions to the literature. First, it provides arguments on why a dual process theoretical framework in the relationship between financial advisory and investment behavioural biases is applicable. Second, it studies the Robo-advisor phenomenon and proposes a comprehensive definition of Robo-advisors. Third, the literature review suggests drivers of the Robo-advisors effect on the changes of behavioural biases as a future research direction.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.65
      Issue No: Vol. 12, No. 2 (2021)
  • Consumer Entitlement Inventory: A Scale Extension and Application to the
           Vietnamese Retail Context

    • Authors: Si Van Nguyen, Minh Vo
      Pages: 478 - 502
      Abstract: The consumer entitlement (CE) construct is a key variable in the exchange process in retail environments. The original Consumer Entitlement Inventory (CEI) was developed and applied within Western cultural boundaries. The main contribution of this study is the extension of the original CEI to better fit the Vietnamese context and to demonstrate its applicability in the context of an emerging economy with a Confucian culture. The study also contributes to expanding the range of identified boycott motives in the literature and clarifying their mechanism via social exchange theory. The extended CEI scale was tested using exploratory factor analysis and confirmatory factor analysis, using a sample of 603 respondents. Qualitative and quantitative research results show that the extended CEI has two dimensions, namely intransigence, and demand and distinction, with adequate content, reliability, convergent validity, and discriminant validity. This study also aimed to apply the extended CEI to an exploration of the relationship between CE and willingness to boycott. Research results from another independent study with 450 respondents using a structural equation model confirmed the positive relationship between CE and willingness to boycott. In addition, theoretical implications are discussed.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.66
      Issue No: Vol. 12, No. 2 (2021)
  • The Role of Animosity, Religiosity, and Allocentrism in Shaping Purchase
           Intention through Ethnocentrism and Brand Image

    • Authors: Kunthi Afrilinda Kusumawardani, Monica Yolanda
      Pages: 503 - 525
      Abstract: With the long history of the relationship between Indonesia and China, various sentiments may arise and influence the consumer purchasing decision. This study aims to determine the impact of animosity towards China, religiosity, and allocentrism of the Indonesians on the intention to purchase Chinese brands smartphones, mediated by consumer ethnocentrism and brand image. This study has 215 valid responses and was carried out using SPSS 25. Structural Equation Modelling (SEM) was performed using AMOS 22. The results show that consumer ethnocentrism is significantly influenced by animosity, religiosity, and allocentrism. Brand image can mediate between consumer ethnocentrism and purchase intention. This study gives a better understanding of Indonesian consumer ethnocentrism with animosity towards China, religiosity, and allocentrism, which will affect the Chinese brand image and Indonesians’ intention to purchase the product.
      PubDate: 2021-12-22
      DOI: 10.15388/omee.2021.12.67
      Issue No: Vol. 12, No. 2 (2021)
  • Bibliographic Data

    • Authors: Sigitas Urbonavičius
      Pages: 526 - 526
      PubDate: 2021-12-22
      Issue No: Vol. 12, No. 2 (2021)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Tel: +00 44 (0)131 4513762

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