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Organizations and Markets in Emerging Economies
Number of Followers: 1  Open Access journalISSN (Print) 2029-4581 - ISSN (Online) 2345-0037 Published by Vilnius University  [38 journals]
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- Editorial Board and Table of Contents
Authors: Sigitas Urbonavicius
Pages: 1 - 5
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of Scholarly Trends and Influential Works
Authors: Shridhi Jain, Shubham Singhania, Varda Sardana, Amiya Kumar Mohapatra
Pages: 6 - 26
Abstract: The need to address global concerns has led to an increase in the significance of sustainable capitalism, which is located at the intersection of economics, business, and environmental studies. This study aims to delve into the theoretic evolution and academic structure of the relationship between sustainability and capitalism, by employing a bibliometric analysis. Relying on 687 documents, sourced from the Scopus database, this paper provides a thorough overview of the evolution of sustainable capitalism, highlighting significant turning points, essential themes, and new research directions. VOS-Viewer and R-Studio were used for implementing the techniques of citation, co-citation, and keyword analysis. The findings from the study have implications for multiple stakeholders. While the analysis could help researchers have a better understanding of the field and explore future research agendas, it can push the corporate houses to take necessary remedial actions for their past capitalist behavior. The study will also be beneficial for developing countries to understand the pressing issue of environmental damage and come up with cheaper yet effective ways to implement circular models of the economy.
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Authors: Husam Arman, Shaikha Al-Fulaij, Sulayman Al-Qudsi , Ahmad Alawadhi, Mohammad Al Ali
Pages: 27 - 50
Abstract: This paper assesses empirically the COVID-19 effect on businesses and the potential dynamic changes regarding post-COVID-19 automation and technology penetration using various logistic regression models. A field survey was used to collect the necessary data for testing various hypotheses. This study demonstrates the severity of the pandemic on businesses and how it has changed their perspectives on technology as a critical aspect of survival and future success. The results showed that capital-intensive firms are more resilient to the crisis. In addition, the firms that were affected severely in terms of employment due to the pandemic believe that technology will significantly impact hiring, investment, and value added. This paper investigates a unique phenomenon represented by COVID-19, its impact on businesses in a resource-rich context and their responsiveness concerning technology deployment and automation.
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Characteristics, Influencer Credibility, Plan Value, and Trust
Authors: Agatha Jane Kristabel, Serli Wijaya, Ferry Jaolis
Pages: 51 - 73
Abstract: The COVID-19 pandemic has heightened public awareness regarding the importance of health insurance. Several factors influencing the choice of an insurance brand include the plan value, agent characteristics, referrals, and consumer trust. Over the past five years, the use of influencers has expanded as they are believed to influence consumer intentions to purchase insurance services. Primary data was collected through a survey of 181 respondents who did not have an insurance policy but had seen the content of the insurance company’s marketing communications presented by influencers. Using SEM-PLS to analyze the primary data, the study found that agent characteristics and influencer credibility directly affect an insurance brand’s consumer trust and purchase intention. Meanwhile, referrals have a significant direct effect on consumer trust but not directly on purchase intention. Conversely, the plan value offered by insurance companies directly affects purchase intention but has no direct influence on consumer trust. Despite finding that consumer trust was insignificant in mediating the effect of referrals, agent characteristics, plan values, and influencer credibility on purchase intention, this study validates the role of agent characteristics, plan values, and influencer credibility in influencing consumer’s intention to purchase insurance products.
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Clients: Differences Across Four Countries
Authors: Vytautas Dikcius, Karina Adomaviciute - Sakalauske, Neringa Vilkaite - Vaitone, Sigita Kirse
Pages: 74 - 89
Abstract: The concept of loyalty has remained a central theme in business for over 50 years. This concept has gained additional attention with the growth of online retailing due to rapidly changing retail environments. Numerous studies have focused on the a ntecedents of online store loyalty; however, unlike previous works, the present study explores a conceptual perception of loyalty. This study provides insights into behavioral and attitudinal perspectives and concentrates on the importance of the affective dimension of attitudinal loyalty. Additionally, this study analyzes differences in attitudinal loyalty toward online stores between loyal and disloyal respondents. The study was based on a survey performed in four countries—the USA, China, Spain, and Lithuania. The results highlight the importance of the affective aspect of loyalty and differences in its evaluation among the surveyed countries. The findings reveal significant and stable differences in perception of the three dimensions of attitudinal loyalty between loyal and disloyal respondents; however, in contrast to expectations, the disloyal respondents exhibited very high levels of attitudinal loyalty. These findings contribute to better measurement and interpretation of loyalty for both scientific studies and business practitioners.
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Shopping Experiences of Consumers with Visual Impairment in India
Authors: Greeshma Benny Thadikaran, Sandeep Kumar Singh
Pages: 90 - 108
Abstract: Online shopping has become increasingly prevalent in recent years, overshadowing traditional brick-and-mortar shopping. Research has tried to understand the online shopping experiences of various consumers. However, the online shopping experiences of consumers with visual impairment (CWV) gained less attention. This study captures the online shopping experiences of CWV by employing a phenomenological qualitative approach. Data was collected from CWV through semi-structured interviews. The sample size of this study was fifteen, and data was analyzed using NVivo14. The findings indicate a growing preference for online shopping among the CWV. The results explore the accessibility-related issues encountered by CWV and strategies employed to overcome them. Additionally, the paper underscores the benefits of independence and the impact of online shopping on the personal growth and well-being of CWV. The study provides insights to marketers to foster inclusion in the digital marketplace. This study helps marketers and other stakeholders to understand the online shopping experiences of CWV and ensures consumer well-being and inclusion.
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Developing Nations is Illustrated by the Vietnamese Manufacturing Sectors
Case
Authors: Nguyen Dac Dung
Pages: 109 - 126
Abstract: This article proposes a model to examine the impact of trade liberalization on productivity growth in developing countries, exemplified by Vietnam, which is positioned at a technological distance from the frontier. Built upon the Schumpeterian framework and Total Factor Productivity (TFP) analysis, the study illustrates that free trade can directly influence the technological gap of a small developing nation by necessitating the importation of all intermediate goods from its dominant trading partner, a developed country. Moreover, trade liberalization has a negative impact on Vietnam’s productivity growth, with domestic competition and trade barriers emerging as significant factors. Additionally, the research concludes that the national economic policies of Vietnam during the 2016–2020 period were ineffective, partially attributed to the failure of state-owned enterprises. As a result, international trade openness may lead to enduring adverse consequences for smaller developing countries, like Vietnam, and serves as a noteworthy example of diminishing innovation.
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Authors: Himani Singla, Vijay Singh
Pages: 127 - 145
Abstract: The aim of this study is to examine the impact of corporate characteristics on voluntary disclosures of management discussion and analysis (MD&A) reports in India. Using a formal tone, the data was extracted from the annual reports of the top 100 listed firms available on the CMIE Prowess database for seven years (2016–2022). After excluding 23 companies from the financial and insurance sector, a panel regression method with the assistance of Gretl software was employed to investigate the relationship between the Management Discussion and Analysis Disclosure Index (MDADI) for voluntary aspects and various corporate attributes, with a total of 490 firm years of balanced observations. In India, firms follow the mandatory compliance of the MD&A reports, but voluntary disclosures are somehow those which are not much emphasized but are a good indication of firm performance and their accountability towards their stakeholders (Mayew et al., 2015). Our empirical findings reveal that profitability as a proxy to firm performance has a significant positive relationship with MD&A voluntary disclosures. Further, an insignificant association between VDS (Voluntary Disclosure Score) and the board size, presence of independent directors and firm size was found. This indicates that firm performance plays a significant role in adding more voluntary disclosures in MD&A reports. The possible reason for this could be the use of “Management Impression Strategy” in the MD&A reports, which means managers disclose more only when the firm has earned more and use impressive language to attract stakeholders. The outcomes of this research offer valuable insights for regulators, policymakers, and listed companies in India, aiding in the enhancement of MD&A reporting quality. Additionally, this study provides a roadmap for future research on MD&A reporting quality and corporate attributes in other emerging countries that have similar regulatory frameworks. This paper makes a timely and pertinent contribution to the scholarly discourse by shedding light on the relationship between MD&A disclosures and firm attributes. Its findings provide valuable insights for both academia and industry.
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Total Dollarization in Zimbabwe
Authors: Blessing Katuka, Calvin Mudzingiri, Edson Vengesai
Pages: 146 - 164
Abstract: The availability of bank loans is a vital component in determining the investment and spending patterns that influence economic growth. This article examines the threshold effect of loan growth on non-performing loans (NPLs) in the Zimbabwean banking industry during dollarization. The study employed panel threshold regression models developed by Seo et al. (2019) and Kremer et al. (2013) on a panel of thirteen banks from 2009 to 2017. The study revealed that locally owned banks held a higher percentage of NPLs (12.7%) than foreign-owned banks (6.1%) during the period under study. The study also documents a loan growth threshold level of 38%. On average, the industry lends excessively, as demonstrated by the 48% loan growth rate. Primarily, local banks dominate this rate by lending above the threshold compared to foreign banks. The study observed that, below and above the threshold, loan growth exerts a negative and significant effect on NPLs. Based on the results, it can be recommended that banks should devise strategies to maintain a steady loan growth rate, enhance profitability, and effectively monitor liquidity risk exposure. The findings provide insights into reviewing bank credit policies and prudential guidelines.
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Emerging Economy
Authors: Laxmidhar Samal
Pages: 165 - 187
Abstract: The paper examines the leverage effects and the spillover effects in the base metal cash and futures market. The study also attempts to find the trend and the pattern of volatility clustering in the base metal markets of India. Further, the significance of the risk premium and the possible downside risk of the market are also examined. The study confirms that unlike aluminium futures market, leverage effect is found for copper futures traded at MCX, India. Similar to aluminium, it is evident that the market advances generate larger volatility than the market turbulence in the cash and futures market of nickel. The study finds that the variance term (ξ) is not statistically significant for both cash and futures markets, which indicates that the risk premium of the asset is not significant to hedge. Further, unlike copper and aluminium, short-run volatility spillover is absent from the futures to the cash market of nickel. The paper concludes that the long-run volatility shock of futures has a persistent effect on the cash market of aluminium, copper and nickel and vice-versa. Future research might address the cross-volatility spillover between the base metal futures market. Further, the spillover between the Indian and London base metal futures markets is left for future research.
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Market Conditions: Is the Experience of Emerging Markets Different'
Authors: Thabo J. Gopane, Mukundi Ravhura
Pages: 188 - 208
Abstract: The predominant tradition in the literature is to scrutinise the competitive performance of passive and active investment strategies with less regard to the prevailing market climate. The thesis of this paper is that volatile market conditions may necessitate investment strategy adjustments. Such readjustments may confound empirical comparison of passive and active investing if econometric models do not adapt accordingly. Currently, the literature cannot give a stylised fact of whether the historical claims of passive–active relationships relate to normal market conditions or not, which is a flaw. The present study reduces the flagged knowledge gap by answering the question whether passive investment outperforms active investing under normal market conditions. The study applies the parametric and non-parametric risk-adjusted models of the Jensen alpha and Sharpe index. The empirical analysis is based on the weekly returns of 16 unit trusts listed on South Africa’s Johannesburg Stock Exchange for ten years (between 2009 and 2019). Consistent with the hypothesis of inefficient capital markets in developing economies, the study finds that active investing significantly outperforms passive investment strategy under normal market conditions. The results should benefit investors and policymakers in the era of increasing competitiveness, digitalisation, and globalisation.
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