Subjects -> BUSINESS AND ECONOMICS (Total: 3530 journals)
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    - CONSUMER EDUCATION AND PROTECTION (20 journals)
    - COOPERATIVES (4 journals)
    - ECONOMIC SCIENCES: GENERAL (201 journals)
    - ECONOMIC SYSTEMS, THEORIES AND HISTORY (235 journals)
    - FASHION AND CONSUMER TRENDS (20 journals)
    - HUMAN RESOURCES (103 journals)
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    - MICROECONOMICS (23 journals)
    - PRODUCTION OF GOODS AND SERVICES (143 journals)
    - PUBLIC FINANCE, TAXATION (37 journals)
    - TRADE AND INDUSTRIAL DIRECTORIES (2 journals)

PRODUCTION OF GOODS AND SERVICES (143 journals)                     

Showing 1 - 137 of 137 Journals sorted alphabetically
Asia Pacific Journal of Marketing and Logistics     Hybrid Journal   (Followers: 8)
Asian Journal of Marketing     Open Access   (Followers: 6)
Australasian Marketing Journal (AMJ)     Hybrid Journal   (Followers: 4)
BMC Health Services Research     Open Access   (Followers: 26)
Capital Markets Law Journal     Hybrid Journal   (Followers: 4)
Cleaner Environmental Systems     Open Access  
Cleaner Production Letters     Hybrid Journal  
Cleaner Waste Systems     Open Access   (Followers: 9)
Consumption Markets & Culture     Hybrid Journal   (Followers: 6)
Customer Needs and Solutions     Hybrid Journal   (Followers: 4)
Direct Marketing An International Journal     Hybrid Journal   (Followers: 4)
Disaster Prevention and Management     Hybrid Journal   (Followers: 28)
Economic & Labour Market Review     Hybrid Journal   (Followers: 13)
Electronic Markets     Hybrid Journal   (Followers: 6)
Emerging Markets Review     Hybrid Journal   (Followers: 10)
European Journal of Marketing     Hybrid Journal   (Followers: 22)
Financial Markets, Institutions & Instruments     Hybrid Journal   (Followers: 38)
Food Packaging and Shelf Life     Hybrid Journal   (Followers: 3)
Foundations and Trends® in Marketing     Full-text available via subscription   (Followers: 12)
Future Business Journal     Open Access   (Followers: 2)
Global Journal of Emerging Market Economies     Hybrid Journal   (Followers: 1)
Health Services and Outcomes Research Methodology     Hybrid Journal   (Followers: 6)
Health Services Management Research     Hybrid Journal   (Followers: 16)
Health Services Research     Hybrid Journal   (Followers: 20)
i+Diseño : Revista científico-académica internacional de Innovación, Investigación y Desarrollo en Diseño     Open Access  
Independent Journal of Management & Production     Open Access   (Followers: 1)
Ingeniería y Competitividad     Open Access  
International Journal of Advanced Operations Management     Hybrid Journal   (Followers: 7)
International Journal of Bank Marketing     Hybrid Journal   (Followers: 4)
International Journal of Business and Emerging Markets     Hybrid Journal   (Followers: 1)
International Journal of Business Forecasting and Marketing Intelligence     Hybrid Journal   (Followers: 3)
International Journal of Electronic Marketing and Retailing     Hybrid Journal   (Followers: 5)
International Journal of Emerging Markets     Hybrid Journal   (Followers: 3)
International Journal of Entrepreneurial Venturing     Hybrid Journal   (Followers: 1)
International Journal of Financial Services Management     Hybrid Journal   (Followers: 1)
International Journal of Information Systems and Supply Chain Management     Full-text available via subscription   (Followers: 9)
International Journal of Inventory Research     Hybrid Journal  
International Journal of Lean Six Sigma     Hybrid Journal   (Followers: 8)
International Journal of Logistics Economics and Globalisation     Hybrid Journal   (Followers: 3)
International Journal of Managing Projects in Business     Hybrid Journal   (Followers: 3)
International Journal of Market Research     Hybrid Journal   (Followers: 14)
International Journal of Nonprofit & Voluntary Sector Marketing     Hybrid Journal   (Followers: 7)
International Journal of Pharmaceutical and Healthcare Marketing     Hybrid Journal   (Followers: 4)
International Journal of Planning and Scheduling     Hybrid Journal   (Followers: 2)
International Journal of Product Development     Hybrid Journal   (Followers: 1)
International Journal of Production Economics     Hybrid Journal   (Followers: 19)
International Journal of Production Management and Engineering     Open Access   (Followers: 4)
International Journal of Production Research     Hybrid Journal   (Followers: 13)
International Journal of Productivity and Quality Management     Hybrid Journal   (Followers: 4)
International Journal of Quality and Service Sciences     Hybrid Journal   (Followers: 2)
International Journal of Quality Innovation     Open Access   (Followers: 4)
International Journal of Research in Marketing     Hybrid Journal   (Followers: 18)
International Journal of Service Industry Management     Hybrid Journal   (Followers: 2)
International Journal of Services and Standards     Hybrid Journal   (Followers: 1)
International Journal of Services Operations and Informatics     Hybrid Journal   (Followers: 1)
International Journal of Services Sciences     Hybrid Journal  
International Journal of Supply Chain and Inventory Management     Hybrid Journal   (Followers: 6)
International Journal of Supply Chain and Operations Resilience     Hybrid Journal   (Followers: 2)
International Journal of Supply Chain Management     Open Access   (Followers: 14)
International Journal of Systems Science : Operations & Logistics     Hybrid Journal  
International Journal of Technology Marketing     Hybrid Journal   (Followers: 3)
International Journal of Trade and Global Markets     Hybrid Journal   (Followers: 2)
Internet Reference Services Quarterly     Hybrid Journal   (Followers: 33)
JCMS : Journal of Common Market Studies     Hybrid Journal   (Followers: 51)
Journal of Advances in Management Research     Hybrid Journal   (Followers: 1)
Journal of Benefit-Cost Analysis     Hybrid Journal   (Followers: 2)
Journal of Business & Industrial Marketing     Hybrid Journal   (Followers: 8)
Journal of Business Logistics     Hybrid Journal   (Followers: 8)
Journal of Business Venturing     Hybrid Journal   (Followers: 29)
Journal of Cleaner Production     Hybrid Journal   (Followers: 27)
Journal of Consumer Marketing     Hybrid Journal   (Followers: 19)
Journal of Database Marketing & Customer Strategy Management     Hybrid Journal   (Followers: 5)
Journal of Direct Data and Digital Marketing Practice     Hybrid Journal   (Followers: 7)
Journal of Emerging Knowledge on Emerging Markets     Open Access  
Journal of Entrepreneurial Finance     Open Access   (Followers: 1)
Journal of Financial Markets     Hybrid Journal   (Followers: 31)
Journal of Food Products Marketing     Hybrid Journal   (Followers: 1)
Journal of Foodservice Business Research     Hybrid Journal  
Journal of Global Marketing     Hybrid Journal   (Followers: 3)
Journal of Global Operations and Strategic Sourcing     Hybrid Journal   (Followers: 1)
Journal of Health Services Research and Policy     Hybrid Journal   (Followers: 16)
Journal of International Consumer Marketing     Hybrid Journal   (Followers: 9)
Journal of International Financial Markets, Institutions and Money     Hybrid Journal   (Followers: 19)
Journal of Loss Prevention in the Process Industries     Hybrid Journal   (Followers: 7)
Journal of Marketing     Full-text available via subscription   (Followers: 54)
Journal of Marketing Communications     Hybrid Journal   (Followers: 11)
Journal of Marketing Education     Hybrid Journal   (Followers: 7)
Journal of Marketing Research     Full-text available via subscription   (Followers: 74)
Journal of Nonprofit & Public Sector Marketing     Hybrid Journal   (Followers: 5)
Journal of Operations and Supply Chain Management     Open Access   (Followers: 5)
Journal of Political Marketing     Hybrid Journal   (Followers: 3)
Journal of Prediction Markets     Full-text available via subscription   (Followers: 1)
Journal of Product Innovation Management     Hybrid Journal   (Followers: 23)
Journal of Production Research & Management     Full-text available via subscription   (Followers: 3)
Journal of Productivity Analysis     Hybrid Journal   (Followers: 4)
Journal of Progressive Human Services     Hybrid Journal   (Followers: 1)
Journal of Public Policy & Marketing     Full-text available via subscription   (Followers: 14)
Journal of Relationship Marketing     Hybrid Journal   (Followers: 7)
Journal of Retailing and Consumer Services     Hybrid Journal   (Followers: 5)
Journal of Service Research     Hybrid Journal   (Followers: 6)
Journal of Services Marketing     Hybrid Journal   (Followers: 11)
Journal of Strategic Marketing     Hybrid Journal   (Followers: 9)
Journal of Targeting Measurement and Analysis for Marketing     Hybrid Journal   (Followers: 1)
Journal of Technology Management & Innovation     Open Access   (Followers: 5)
Journal of the Academy of Marketing Science     Hybrid Journal   (Followers: 26)
Journal of Vacation Marketing     Hybrid Journal   (Followers: 2)
Logistics     Open Access   (Followers: 1)
Logistics Journal     Open Access   (Followers: 2)
Management and Administrative Sciences Review     Open Access  
Management and Production Engineering Review     Open Access   (Followers: 1)
Manufacturing & Service Operations Management     Full-text available via subscription   (Followers: 18)
Marketing Intelligence & Planning     Hybrid Journal   (Followers: 4)
Marketing Letters     Hybrid Journal   (Followers: 10)
Marketing Review     Full-text available via subscription  
Marketing Science     Full-text available via subscription   (Followers: 37)
Psychological Services     Full-text available via subscription   (Followers: 4)
Psychology & Marketing     Hybrid Journal   (Followers: 11)
Qualitative Market Research: An International Journal     Hybrid Journal   (Followers: 3)
Quantitative Marketing and Economics     Hybrid Journal   (Followers: 4)
Reproduction Fertility and Development     Hybrid Journal   (Followers: 4)
Review of Pacific Basin Financial Markets and Policies     Hybrid Journal  
Revista Eletrônica Academicus     Open Access  
Revue Interventions économiques     Open Access   (Followers: 1)
Service Business     Hybrid Journal   (Followers: 1)
Service Oriented Computing and Applications     Hybrid Journal   (Followers: 2)
Service Science     Full-text available via subscription   (Followers: 1)
Services Marketing Quarterly     Hybrid Journal   (Followers: 5)
Social Marketing Quarterly     Hybrid Journal   (Followers: 6)
Strategy Management Logistics     Open Access   (Followers: 2)
Supply Chain Forum : an International Journal     Full-text available via subscription   (Followers: 6)
Sustainable Production and Consumption     Full-text available via subscription   (Followers: 1)
Technology Operation Management     Hybrid Journal  
The Journal of Futures Markets     Hybrid Journal   (Followers: 6)
The Service Industries Journal     Hybrid Journal   (Followers: 4)
Universal Journal of Industrial and Business Management     Open Access   (Followers: 1)
Venture Capital: An International Journal of Entrepreneurial Finance     Hybrid Journal   (Followers: 1)
WPOM - Working Papers on Operations Management     Open Access   (Followers: 1)

           

Similar Journals
Journal Cover
International Journal of Emerging Markets
Journal Prestige (SJR): 0.474
Citation Impact (citeScore): 2
Number of Followers: 3  
 
Hybrid Journal Hybrid journal   * Containing 4 Open Access Open Access article(s) in this issue *
ISSN (Print) 1746-8809 - ISSN (Online) 1746-8817
Published by Emerald Homepage  [360 journals]
  • Do commodities hedge regional stock markets at the same effectiveness
           level' Evidence from MGARCH models

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      Authors: Rania Zghal , Amel Melki , Ahmed Ghorbel
      Abstract: This present work aims at looking into whether or not introducing commodities in international equity portfolios helps reduce the market risk and if hedging is carried out with the same effectiveness across different regional stock markets. The authors determine the optimal hedge ratios and hedging effectiveness of a number of commodity-hedged emerging and developed equity markets, using three versions of MGARCH model: DCC, ADCC and GO-GARCH. The authors also use a rolling window estimation procedure for the purpose of constructing out-of-sample one-step-ahead forecasts of dynamic conditional correlations and optimal hedge ratios. Empirical results evince that commodities significantly display effective risk-reducing hedge instruments in short and long runs. The main finding is that commodities do not seem to hedge regional stock markets in the same way. They tend to provide evidence of a rather effective hedging regarding mainly the East European and Latin American stock markets. The authors study whether commodities can hedge stock markets at regional context and if hedging effectiveness differ from one region to another.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-23
      DOI: 10.1108/IJOEM-09-2021-1420
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Measuring and assessing international diversification strategies of Indian
           companies

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      Authors: Aparna Bhatia , Meenu Khurana
      Abstract: The paper aims to measure the nature and extent of international diversification followed by Indian companies over the period 2009–10 to 2017–18. The study also aims to assess the pattern of transition of companies to various strategies of international diversification. Jacquemin and Berry’s (1979) entropy approach has been applied to measure the extent and assess the nature of international diversification. Further, the study deploys two-dimensional categorical framework advocated by Vachani (1991) and categorizes the firms into four international diversification strategies. Larger proportion of companies in internationally low diversification (ILD) strategy reveals low extent of international diversification of Indian companies. The pattern of diversification depicts that the trend of moving forward is speeding up sequentially toward higher strategies of growth. Both the extent and pattern depict that the nature of diversification is shifting from relatedness to un-relatedness with transitions from intra-regions to inter-regions. The study confirms the applicability of eclectic theory and psychic distance Uppsala model in determining the preference of international diversification strategies and process of internationalization respectively in Indian firms. The paper is first of its kind on account of several reasons. First, such a comprehensive evaluation of preferences for international diversification strategies has never been taken up with reference to emerging economies, especially India. Second, the paper is not static and does not limit itself only to the identification of favored strategies of Indian companies but also gauges the transitional behavior of Indian companies across different strategies at different points of time. In fact it is the first study to statistically research the applicability of psychic distance model in firms in emerging economy. Third, the results not only measure the quantum of international diversification but also assess the extent of relatedness and un-relatedness followed by Indian companies.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-23
      DOI: 10.1108/IJOEM-12-2021-1858
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Role of word-of-mouth communication in consumer brand relationship
           initiation and maintenance: insights from the bottom of pyramid markets

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      Authors: Shubhomoy Banerjee , S. Sreejesh
      Abstract: The study's primary purpose is to establish the direct and indirect roles of word-of-mouth communication (WOM) in initiating and maintaining consumer loyalty in the bottom of pyramid (BOP) markets in the Indian context. In addition, the study seeks to evaluate the conditions (viz. extent of media usage, brand distribution intensity and brand social connections) under which WOM leads to the initiation and maintenance of consumer brand loyalty. The study hypotheses were formulated following the social identity theory. Later, a questionnaire-based survey was conducted among 898 rural BOP consumers. Structural equation modelling technique was applied to test the study hypotheses. Results suggested a positive effect of WOM on brand credibility and self-brand connections-indicative of the initiation of strong cognitive and affective relationships respectively. Brand credibility and self-brand connections also mediated the paths between WOM and brand loyalty-indicative of the maintenance and continuation of strong affect-laden relationships. These indirect relationships were moderated by the extent of media usage, brand distribution intensity and brand social connections. This is among the first studies that holistically evaluate the role of WOM in developing customer loyalty to rural BOP consumers against the backdrop of the systemic deficiencies in these markets.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-20
      DOI: 10.1108/IJOEM-03-2021-0401
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Internationalization of Turkish business groups: motives and institutional
           context

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      Authors: Kader Sahin , Ekrem Tatoğlu , Kubra Mert , Tuğba Kaplan , Ismail Golgeci
      Abstract: This paper aims to investigate the internationalization motives behind location choice among emerging country business groups (EBGs) and the way in which institutional factors affect Türkiye’s foreign direct investment (FDI). This study develops a multi-perspective framework that integrates the ownership, location and internalization (OLI) paradigm (Dunning and Lundan, 2008) and the linkage, leverage and learning (LLL) model (Mathews, 2006) with neo-institutional theory to explain the internationalization of EBGs. It adopts a multiple-case study research method relying on 14 semi-structured interviews with top executives to explore the internationalization strategy of a set of Turkish BGs. This study supports the combination of the OLI paradigm, the LLL model and neo-institutional theory to explain EBGs’ internationalizing behaviors. Turkish BGs have adopted both asset exploitation and asset augmentation internationalization strategies. The institutional legitimacy mechanism moderates the internationalization motives of Turkish BGs, and their host country location choice and normative pressures are more salient than their regulative and cognitive pressures. This study is based on a sample of EBGs from Türkiye, and this restriction limits the generalizability/applicability of the findings to BGs globally. Few studies have considered EBGs and their internationalization strategies in the international business field. This paper puts forward an integrated framework for analyzing internationalization and legitimacy in the institutional context of EBGs. This study highlights that BGs bridge institutional voids. Focusing on Turkish BGs helps to answer Granovetter’s Coasian question and contributes to the understanding of emerging countries’ economic development.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-20
      DOI: 10.1108/IJOEM-06-2021-0974
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Antecedents of freight transportation for sustainable supply chain in the
           post-COVID era: an emerging market study

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      Authors: Ashish Dwivedi , Saurabh Pratap , Fuli Zhou
      Abstract: In past years, the global supply chain has witnessed devastating effects of coronavirus (COVID-19) disease. However, the COVID-19 pandemic has renewed the interest of the Sustainable Supply Chain (SSC) stakeholders on sustainability. The stakeholders are now rethinking their business processes and strategy to make them sustainable. In this context, the relevant literature is required to support emerging markets to formulate sustainability-focussed strategies. The purpose of this study is to provide a comprehensive analysis of potential antecedents that leads towards sustainable development of freight transportation in emerging markets. Initially, the antecedents of the Sustainable Freight Transport (SFT) system are derived from the literature survey followed by verification from the experts. Then, the potential antecedents are categorized under four (social, organizational, operational and environmental) broad categories. Afterwards, a Neutrosophic Analytic Network Process (N-ANP) method is employed to obtain the priority weights of the identified potential antecedents. The paper identified and ranked 17 antecedents of the SFT system. According to the study’s findings, the top three antecedents of SFT are “the presence of a multimodal transportation system,” “circularity in SFT” and “traffic congestion management”. The results from the study advocate the promotion of existing multi-modal transport facilities which is promising to achieve sustainability. The results suggested the adoption of the digital twin to manage the transport operations. This study sheds light on how to achieve sustainability in the freight transportation system post-COVID era highlighting the potential antecedents. The study’s findings will assist practitioners in developing SFT strategies in the face of such pandemics in future.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-16
      DOI: 10.1108/IJOEM-01-2022-0065
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • POLI advantages of state-owned multinationals

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      Authors: Andrei Panibratov , Olga Garanina , Abdul-Kadir Ameyaw , Amit Anand
      Abstract: The authors revisit the traditional OLI paradigm with the objective to allocate politics within the set of internationalization advantages by building on the political strategy literature. The authors outline the specific role of political advantage that facilitates and propels the international expansion of state-owned multinational enterprises (SOMNEs) from emerging markets. A conceptual paper which explains the role of political advantage in the internationalization of SOMNEs. The authors expand the scope of the OLI to capture the impact of firms' home governments' policies and relationships with host countries which are leveraged by SOMNEs in their internationalization. The authors define political advantage as a new type of advantage which depends on and is sourced from external actors. The authors argue that P-advantage is a multifaceted and unstable part of POLI composition, which is contingent on political shifts and may be leveraged by various firms. The authors also assert that political capabilities have limitations in sustaining political advantage, which may be compensated via enhancing the political activity of firms. The authors conceptualize the POLI-advantages paradigm for the internationalization of SOMNEs by proposing that in addition to the traditional ownership, location, and internalization advantages, firms can capitalize on their political advantage to enter markets where internationalization might have been difficult without their political connections.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-16
      DOI: 10.1108/IJOEM-12-2021-1872
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Nonlinear effects of bank regulation stringency on bank lending in
           selected sub-Saharan African countries

         This is an Open Access Article Open Access Article

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      Authors: Retselisitsoe I. Thamae , Nicholas M. Odhiambo
      Abstract: This paper aims to investigate the nonlinear effects of bank regulation stringency on bank lending in 23 sub-Saharan African (SSA) countries over the period 1997–2017. This study employs the dynamic panel threshold regression (PTR) model, which addresses endogeneity and heterogeneity problems within a nonlinear framework. It also uses indices of entry barriers, mixing of banking and commerce restrictions, activity restrictions and capital regulatory requirements from the updated databases of the World Bank's Bank Regulation and Supervision Surveys as measures of bank regulation. The linearity test results support the existence of nonlinear effects in the relationship between bank lending and entry barriers or capital regulations in the selected SSA economies. The dynamic PTR estimation results reveal that bank lending responds positively when the stringency of entry barriers is below the threshold of 62.8%. However, once the stringency of entry barriers exceeds that threshold level, bank credit reacts negatively and significantly. By contrast, changes in capital regulation stringency do not affect bank lending, either below or above the obtained threshold value of 76.5%. These results can help policymakers design bank regulatory measures that will promote the resilience and safety of the banking system but at the same time not bring unintended effects to bank lending. To the best of the authors’ knowledge, this is the first study to examine the nonlinear effects of bank regulatory measures on bank lending using the dynamic PTR model and SSA context.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-09
      DOI: 10.1108/IJOEM-03-2022-0506
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • A social constructivist perspective on novice entrepreneurial learning in
           business incubators

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      Authors: Thomas Wing Yan Man , Ron Berger , Matti Rachamim
      Abstract: Using the social constructivist perspective of learning, this study aims to examine the patterns and the key areas of entrepreneurial learning based on a case study of 16 participants who were the incubatees of two technology-based business incubators in China. The key research question is: how do novice entrepreneurs, focusing on technology-based business incubators, learn from a social constructivist perspective' The researchers applied a qualitative methodology in this study as they wanted to understand better the complexity of the learning process that is hard to achieve quantitatively. The qualitative data was collected through in-depth interviews with the incubatees, who were the managers and owners of their businesses. The interviews with the entrepreneurs were mainly focused on the learning patterns and the factors influencing learning through the use of the critical incident technique. This will allow incubator managers to better evaluate the extent of effective entrepreneurial learning within the incubator's eco-system. The results show that the participants learn through socially constructivist systems that are structured around the support provided by the incubators. Learning in this context takes place in an extended spectrum, and participants are more interested in learning from networking with experienced entrepreneurs rather than from other incubatees or formal courses. Findings of this study help incubator managers and novice entrepreneurs to better shape learning and teamwork in an effort to improve the learning process. Policy makers should consider introducing schemes that encourage novice entrepreneurs to exhibit the creativity and innovation behaviour reported by experienced entrepreneurs. The focus of this study is primarily on incubators as the context of learning, whereas the macro-environmental factors, such as the socio-cultural and regulatory environments in China, were considered as playing a subtle role and would affect the incubatees' learning indirectly. The paper is based on a relatively small sample size and is geographically located in Ningbo, China. As such, the authors call for further research for comparative studies with a larger sample size so that a possible theory of entrepreneurial learning in the context of incubators might emerge in the future.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-09
      DOI: 10.1108/IJOEM-11-2021-1784
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Does firms and managerial experience matter for exporting' The case of
           selected EU member and non-member countries

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      Authors: Andrzej Cieślik , Jan Jakub Michałek , Anna Michałek
      Abstract: The main goal of this paper is to study empirically the importance of experience of top managers and firms for export performance, having controlled for a number of firm characteristics. The study is based on the probit model applied to the 2020 edition of the BEEPS firm level survey. The authors analyze firms in 15 EU member and 15 non-member countries. The results indicate that firm experience can increase the probability of direct exporting, but is not significant for indirect exporting. The results also support the importance of interaction between experience of managers and experience of firms. The authors conclude that only the combination of managerial and firm experience can have a positive and significant effect for direct exporting. This relationship is more pronounced in the case of EU members. The main limitations of our approach are related to data constraints. These include availability of only cross-sectional data and the limited number of individual characteristics of managers. The importance of experience for exporting suggests that firms can break into foreign markets by hiring more experienced managers. Post-communist countries can improve their export performance by hiring more experienced managers that would stimulate direct exports. Moreover, they can also export indirectly through intermediaries. In contrast to previous studies, the authors used a model proposed by Jørgensen and Schroder (2008) in which the authors endogenized the costs of exporting by linking them to firm and managerial experience. Then, the authors validated empirically the importance of experience for firm export performance, having controlled for the set of individual firm characteristics.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-09
      DOI: 10.1108/IJOEM-12-2021-1879
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of spirituality on the conspicuous consumption of fashion consumers
           of generation Z: moderating role of dispositional positive emotions

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      Authors: Indrila Goswami Varma , Bhawana Chanana , Rambabu Lavuri , Jaspreet Kaur
      Abstract: The unprecedented pandemic of COVID-19 is not a typical crisis. This crisis has irrevocably altered human behavior, most notably consumption behavior. The uncertainty caused due to economic insecurity and fears of death have resulted in a paradigm shift away from consumer materialism and toward consumer spiritualism. The present study examines the effect of various dimensions of “spirituality” on consumers’ conspicuous consumption of fashion. The study employs a descriptive empirical research design to determine the impact of multiple dimensions of spirituality on the conspicuous consumption of Generation Z in India. These dimensions include General spirituality belief, Global personal spirituality and reincarnation spirituality. Additionally, the moderating effect of dispositional positive emotion on the relationships mentioned above has been investigated. The data were accumulated through purposive sampling from 517 Generation Z consumers and analyzed using structural equation modeling. Reincarnation, general personal and global personal spirituality had a direct positive impact on conspicuous consumption of fashion. Dispositional positive emotion had a positive moderation effect between the reincarnation, general personal and global personal spirituality and conspicuous consumption. The study will assist fashion brands and retailers in better understanding consumer behavior and associated opportunities and threats post COVID-19. For merchants and business owners in emerging countries, this study will help them to apply new techniques for keeping customers. It is useful to evaluate a shopper’s views towards spirituality, disposition and conspicuous consumption.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-08
      DOI: 10.1108/IJOEM-01-2022-0159
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Domestic total factor productivity with trade and heterogenous foreign
           direct investment in developing countries: a case of Vietnamese
           manufacturing

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      Authors: Pham Thi Bich Ngoc , Huynh Quoc Vu , Pham Dinh Long
      Abstract: This paper aims to examine spillover effects of heterogenous foreign direct investment (FDI) enterprises (domestic vs. export-oriented) through horizontal and vertical linkages and absorptive capacity effect on domestic firms' total factor productivity (TFP). It clarifies the spillover effect on domestic firms in accordance with industrial zones, business size, technology sector and geographical agglomeration, respectively. The dataset used is based on Vietnamese manufacturing firms during 2011–2014, input–output (I–O) Table 2012. This paper is conducted in two steps: (1) TFP is estimated by using a semi-parametric approach developed by Levinsohn and Petrin (2003); (2) Regression with panel data for domestic firms, applying the fixed effect method. In terms of domestic-oriented FDI (DFDI) enterprise group: TFP spillover through horizontal linkages is found negative for domestic firms but positive for those participating in export. Additionally, backward linkages have a negative impact on TFP for most domestic enterprises, except for those operating in the high-tech sector. In terms of export-oriented FDI (EFDI) enterprise group, horizontal linkages have a negative impact on domestic firms' TFP including domestic ones participating in export whereas backward linkage is an important channel with positive effects. Absorptive capacity enables firms to improve productivity through linkages with EFDI and DFDI enterprises. Exporters located in industrial zones or regions with numerous exporters can receive better impacts through backward linkages EFDI. Comprehensively, this is the first paper to detect FDI heterogeneity in their behavior when entering a developing country like Vietnam. The added value in this study comes from the export ability of local firms which is in line with Melitz (2003) theory that they can excel in absorping the TFP spillover from competing with DFDI competitors or from supplying to EFDI enterprises. Moreover, the role of small and medium-sized enterprises (SMEs), low technology, high technology and learning by regions affecting the impact through both horizontal and vertical linkages are included for analysis.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-09-01
      DOI: 10.1108/IJOEM-08-2021-1333
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impacts of the COVID-19 pandemic on international trade in developing
           countries: evidence from Vietnam

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      Authors: Chung Van Dong , Hoan Quang Truong
      Abstract: The coronavirus disease (COVID-19) pandemic has been negatively affecting international trade between countries; however, there is a lack of empirical studies on developing countries such as Vietnam. This article aims to investigate how the COVID-19 cases and related deaths and policy response by Vietnam and trading partners to the pandemic affect Vietnam's export activities. The authors use the monthly trade data from the General Department of Vietnam Customs and employ the Poisson pseudo-maximum-likelihood (PPML) estimator to empirically investigate the effects of COVID-19 and policy response to the pandemic on Vietnam's exports at aggregate and sectoral levels over a 33-month period. In the first year of the pandemic (January–December 2020) as well as the whole study period (January 2019–September 2021), trading partners' COVID-19 burden adversely affected Vietnam's aggregate exports, and the effect of COVID-19 deaths is significantly larger than that of COVID-19 cases. In the first year of the pandemic, estimates show a negative effect of Vietnam's COVID-19 cases on its exports, while no evidence reveals the impact of Vietnam's COVID-19 deaths. However, during the entire study period, there are remarkable adverse effects of Vietnam's COVID-19 deaths on its exports. The effect of the COVID-19 burden in Vietnam and in its trading partners differs significantly across major subsectors. In the first year, there is a positive role of government response to the pandemic by Vietnam and its trading partners in Vietnam's aggregate exports, while in the whole study period, only a positive effect of Vietnam's government response is found. Economic support and free trade agreements (FTAs) have a positive effect on Vietnam's exports. In the first year of the pandemic, Vietnam's export losses due to COVID-19 outweighed its export gains from the pandemic. However, Vietnam's exports have significantly improved over the nine months of 2021. Efforts should aim to reduce the number of COVID-19 deaths rather than focus on reducing the number of COVID-19 cases. The application of stringency measures by both exporters and importers should be minimized, or at least those measures need to be combined with health methods, such as testing policy and contact tracing, short-term investment in healthcare and especially investments in vaccines. In addition, economic support, particularly debt relief, needs to be widely applied to assist firms, especially those involved in international trade. The expansion of FTA networks and diversifying export destinations may be helpful in maintaining production networks and export activities. In the long-term period, the application of stringency measures by both exporters and importers should be minimized, or at least those measures need to be combined with health methods such as testing policy and contact tracing, short-term investment in healthcare and especially investments in vaccines. In addition, economic assistance, particularly debt relief, needs to be widely applied to assist firms, especially those involved in international trade activities. To the best of the authors’ knowledge, the paper is among the first studies empirically investigating the impacts of COVID-19 and policy response to the pandemic on aggregate and sectoral exports from Vietnam. The paper also measures the absolute value of export gain and export loss due to the pandemic between Vietnam and trading countries.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-31
      DOI: 10.1108/IJOEM-09-2021-1395
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Can exchange rate policies and trade partners' income enhance the trade
           balance in Algeria' Evidence from the nonlinear ARDL model

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      Authors: Mouyad Alsamara , Karim Mimouni , Karim Barkat , Diana Kayaly
      Abstract: This paper aims to examine the effects of the real exchange rate on trade balance in Algeria and investigates whether it represents a viable tool to sustain and improve trade performance using the nonlinear autoregressive distributed lag (NARDL) estimation technique and data from Algeria over the period 1980–2018. This study also highlights the role of trading partners with large income endowments in enhancing the trade balance. The NARDL model is used to unveil potential short and long run nonlinear responses of the trade balance to shocks in real exchange rates and detect whether these responses are different in terms of sign and magnitude. The paper also provides a dynamic multiplier analysis that tests the existence of a J-Curve pattern in Algeria with several policy recommendations. The findings confirm the existence of a J-curve pattern in Algeria where domestic currency depreciation will worsen the trade balance in the short run and improve it in the long run. The authors also find that the asymmetrical effect of real exchange rate on trade balance is different in sign and magnitude. Finally, the results indicate that an increase in trade partners' income increases the trade balance in Algeria. The findings are of utmost importance with several policy implications. While some works investigated the nonlinear response of trade balance to real exchange rate movements, their results remain inconclusive and seem to depend on the characteristics of the country/region of study. Moreover, the role of trade partners and their potential impact on trade balance has been relatively overlooked in the literature. The authors fill this gap by examining the asymmetric impacts of real exchange rate and the effect of trade partners' income on trade balance in Algeria.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-30
      DOI: 10.1108/IJOEM-02-2022-0341
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Does infrastructural development allure foreign direct investment' The
           role of Belt and Road Initiatives

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      Authors: Faheem Ur Rehman , Md. Monirul Islam , Kazi Sohag
      Abstract: China's Belt and Road Initiative (BRI) is the most ambitious investment strategy for infrastructural development belonging to the significant potential for stimulating regional economic growth in Asia, Europe and Africa. This study aims to investigate the impact of infrastructure on spurring inward foreign direct investment (FDI) within the purview of human capital, GDP per capita, foreign aid, trade, domestic investment, population and institutional quality in BRI countries. In doing so, the authors analyze panel data from 2000 to 2019 within the framework of the system generalized method of movement (GMM) approach for 66 BRI countries from Europe, Asia, Africa and the Middle East. The investigated results demonstrate that aggregate and disaggregate infrastructure indices, e.g. transport, telecommunications, financial and energy infrastructures, are the driving forces in attracting foreign direct investment (FDI) in the BRI countries. In addition, control variables (i.e. institutional quality, human capital, trade, domestic investment, foreign aid and GDP per capita) play an essential role in spurring FDI inflows. The authors’ study uniquely investigates both the pre- (2000–2012) and post- (2013–2019) BRI scenarios using the aggregate and disaggregate infrastructural components from the perspectives of full and clustered sample regions, such as Asia, Europe, Africa and the Middle East. The study provides several policy implications.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-30
      DOI: 10.1108/IJOEM-03-2022-0395
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Effect of presidential elections on investor herding behaviour in African
           stock markets

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      Authors: Godwin Musah , Daniel Domeher , Imhotep Alagidede
      Abstract: The purpose of this paper is to investigate investor herding behaviour and the effect of presidential elections on investor herding behaviour in African stock markets at the sector level. The study segregates listed firms into financial, consumer goods, consumer services and basic materials sectors and uses the cross-sectional absolute deviation approach as a metric of detecting herding in each of the sectors. The authors extend the model to tease out the effect of presidential elections on investor herding behaviour. The study reveals that sectoral differences are fundamental to the evolution of herding. Herding is prominent in a financial services sector dominated by banks. The phenomenon also prevails in markets with smaller consumer goods and services sectors. A post-presidential election effect on investor herding is found for the consumer goods and services sectors of Ghana and a pre-presidential election effect is documented in Nigeria's consumer services sector. The authors conclude that post-presidential election effect is as a result of political connections whilst a pre-presidential election effect is attributable to political business cycles. The study is based on four African countries due to data constraints. Nonetheless, the study is the first in Africa to the best of the authors' knowledge, and the results are very solid and have a lot of practical and policy implications. The study has implications for investors as it guides investment behaviour in pre- and post-presidential election periods. Past studies on investor herding behaviour in African stock markets have largely concentrated on the aggregate market. Knowledge on sectoral differences in investor herding is almost non-existent for African stock markets. Furthermore, premised on the fact that stock markets react to presidential elections, there is no known study that have attempted to examine the effect of presidential elections on investor herding behaviour. This paper contributes to the literature by providing evidence on sectoral differences in investor herding behaviour and the effect of presidential elections on sectoral herding behaviour.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-30
      DOI: 10.1108/IJOEM-06-2021-0960
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Institutional distance and Chinese investment efficiency in Africa: a
           stochastic frontier analysis

         This is an Open Access Article Open Access Article

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      Authors: Elyas Abdulahi Mohamued , Muhammad Asif Khan , Natanya Meyer , József Popp , Judit Oláh
      Abstract: This study aims to analyse the efficiency effects of institutional distance on Chinese outward foreign direct investment (FDI) in Africa. The study utilised the true fixed-effect stochastic frontier analysis (SFA) model. Data from 2003 to 2016 (14 years) were acquired from 42 targeted African countries, which are included in the analysis. The results reveal that FDI flow efficiency can be maximised with a high institutional distance between China and African countries. Contrariwise, comparable institutional distance, measured by the rule of law, regulatory quality and government effectiveness between the host and home countries, reflected a significant positive impact for Chinese outward foreign direct investment (OFDIs), indicating Chinese MNEs can invest directly in a country with comparable institutional characteristics. There have been limited exceptional studies that assessed the effect of institutional distance between emerging countries. However, none of these studies investigated the effect of institutional distance between China and Africa at a national level. Using the advantage of the SFA model, this study assesses the efficiency effects of institutional distance between the host and home country.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-30
      DOI: 10.1108/IJOEM-12-2020-1480
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Public debt sustainability: a bibliometric co-citation visualization
           analysis

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      Authors: Amanpreet Kaur , Vikas Kumar , Rahul Sindhwani , Punj Lata Singh , Abhishek Behl
      Abstract: Due to the financial disturbances created by the COVID-19 pandemic and the burden on the government exchequer, it is expected to see a rise in the knowledge base of the research corpus so far as the government's fiscal sustainability is concerned. Therefore, the present research examines a systematic quantitative analysis of public debt sustainability research by applying a bibliometric approach. Research also analyzes journals, institutions, countries and authors contributing to public debt sustainability. This paper scrutinizes the published scientific research on public debt sustainability based on the dataset of 535 articles from 1991 to 2021 obtained from the Scopus database. Biblioshiny (R-based application) and VoSviewer software were used to perform bibliometric analysis through Performance analysis and science mapping techniques. The authors combined co-citation analysis (CCA), bibliometric analysis, keyword co-occurrence analysis (KCA) and a conceptual thematic map of the most cited articles to find the intellectual structure. The research identified three dominating clusters, e.g. fiscal sustainability and policy rules, empirical sustainability testing and debt and growth dynamics. Another finding was that most articles were analytical and empirical and few descriptive articles were found. Owing to the empirical nature of the domain, the issues concerning public debt sustainability have continued to change over the past decades for different economies, reflecting the complexity and diversity of economic structures of different economies at different times. The insight of this article provides academicians and researchers with a more refined comprehension of the conceptual and intellectual structure of the research corpus. The present research complements the existing literature review studies by pushing the research towards emerging or less developed issues such as financial and debt crises.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-29
      DOI: 10.1108/IJOEM-04-2022-0724
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • International Journal of Emerging Markets: a bibliometric
           review 2006–2020

         This is an Open Access Article Open Access Article

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      Authors: Ashish Kumar , Shikha Sharma , Ritu Vashistha , Vikas Srivastava , Mosab I. Tabash , Ziaul Haque Munim , Andrea Paltrinieri
      Abstract: International Journal of Emerging Markets (IJoEM) is a leading journal that publishes high-quality research focused on emerging markets. In 2020, IJoEM celebrated its fifteenth anniversary, and the objective of this paper is to conduct a retrospective analysis to commensurate IJoEM's milestone. Data used in this study were extracted using the Scopus database. Bibliometric analysis, using several indicators, is adopted to reveal the major trends and themes of a journal. Mapping of bibliographic data is carried using VOSviewer. Study findings indicate that IJoEM has been growing for publications and citations since its inception. Four significant research directions emerged, i.e. consumer behaviour, financial markets, financial institutions and corporate governance and strategic dimensions based on cluster analysis of IJoEM's publications. The identified future research directions are focused on emergent investments opportunities, trends in behavioural finance, emerging role technology-financial companies, changing trends in corporate governance and the rising importance of strategic management in emerging markets. To the best of the authors' knowledge, this is the first study to conduct a comprehensive bibliometric analysis of IJoEM. The study presents the key themes and trends emerging from a leading journal considered a high-quality research journal for research on emerging markets by academicians, scholars and practitioners.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-25
      DOI: 10.1108/IJOEM-05-2021-0668
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Post COVID-19's opportunities for customer-centric green supply chain
           management and customers' resilience; the moderate effect of corporate
           social responsibility

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      Authors: Moustafa Mohamed Nazief Haggag Kotb Kholaif , Xiao Ming , Gutama Kusse Getele
      Abstract: This research aims to profoundly investigate the post-COVID-19's opportunities for customer-centric green supply chain management (GSCM) and perceived customer resilience by studying the correlation between fear-uncertainty of COVID-19, customer-centric GSCM, and the perceived customers' resilience. Moreover, to examine how the perceived corporate social responsibility (CSR) activities moderates the relationship among the variables. In this study partial least squares structural equation modeling (PLS-SEM) was adopted on a sample of 298 managers and customers in the Egyptian small and medium enterprises (SMEs) market for data analysis and hypotheses testing. Preliminary results indicate that the fear-uncertainty of COVID-19 positively affects customer-centric GSCM. Also, external CSR moderates the association between fear-uncertainty towards COVID-19 and customer-centric GSCM. However, internal CSR does not moderate this relationship. Customer-centric GSCM has a significant positive impact on the perceived environmental and social resilience. However, it has an insignificant effect on the perceived financial resilience. Also, customer-centric GSCM has a significant mediation outcome on the relation between fear-uncertainty of COVID-19 and the perceived environmental and social resilience. However, this relation is insignificant regarding the perceived financial resilience. Managers could develop a consistent strategy for applying CSR practices, providing clear information and focusing on their procedures to meet their customer needs during COVID-19. Governments and managers should develop a consistent strategy to apply customer-oriented green practices to achieve customers' resilience, especially during the pandemic. Based on the “social-cognitive,” “stakeholder” and “consumer culture” theories, this study shed light on the optimistic side of the COVID-19 pandemic, as it also brings the concepts of social responsibility, resilience and green practices back into the light, which helps in solving customers' issues and help to achieve their resilience.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-25
      DOI: 10.1108/IJOEM-11-2021-1730
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The theory of multinational enterprises in the digital era:
           state-of-the-art and research priorities

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      Authors: Fei Li , Yan Chen , Jaime Ortiz , Mengyang Wei
      Abstract: Deglobalization and the coronavirus disease 2019 (COVID-19) pandemic have severely hindered multinational enterprise (MNE) investment. At the same time, digital technology is seriously challenging it with traditional production factor flows. Few studies have realized that the impact of digitalization is not limited to either transaction costs or the location-boundness of firm-specific advantages (FSAs), but extends to profound changes in the fundamental essence of MNEs. There is still limited understanding of this body of knowledge as a whole, including how its subtopics are interrelated. This study took the production factor change perspective to review MNE theory in the digital era. Therefore, this study aims to identify any upcoming and undeveloped themes in order to provide a platform suited to direct future research. This paper presents a summary and a review of 151 articles published between 2007 and 2020. Such review was conducted to systematically explain the connotations and influential mechanisms of digital empowerment on MNE theory. This was achieved by using the CiteSpace citation visualization tool to build a keyword co-occurrence network. The research findings pertain to how digitalization expands, breaks through, and even reshapes traditional MNE theory from four distinctive angles: the influential factors of internationalization, the process of internationalization, competitive advantage, and location choice. The findings are followed by the presentation of future research directions. This paper presents an examination of MNE theory in the digital era from the perspective of production factor change. In doing so, it identifies significant theoretical innovation opportunities for future scholarly research priorities.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-23
      DOI: 10.1108/IJOEM-03-2021-0366
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Work environment, HR practices and millennial employee retention in
           hospitality and tourism in Bangladesh

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      Authors: Md Asadul Islam , Dieu Hack-Polay , Mahfuzur Rahman , Mosharrof Hosen , Abigail Hunt , Sujana Shafique
      Abstract: This study examines the relationship between HR practices and millennial employee retention in the tourism industry in Bangladesh. It investigates the moderating role of the work environment in the relationship between HR practices and employee retention in the industry. The researchers used non-probability judgemental sampling to collect 384 questionnaires through a survey of millennial employees. Partial least square-based structural equation model (PLS-SEM) was used to analyse the data. The results reveal that HR practices included in this paper have significant relationships with millennial employee retention in the tourism industry in Bangladesh, except employee participation in decision-making. In addition, the results show that the work environment only moderates the relationship between two HR practices (compensation, training and development) and millennial employee retention. The results suggest that managers in tourism organisations must develop HR practices and foster a positive work environment to retain millennials. This is the only study that examines the moderating role of the work environment on the relationship between five selected HR practices (training and development, job security, performance appraisal, employee participation, compensation) and millennial employee retention. Previous studies used fewer HR variables.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-23
      DOI: 10.1108/IJOEM-06-2021-0859
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Structure of banking industry and firms' risk-taking: firm-level
           evidence from China

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      Authors: Habib Hussain Khan
      Abstract: The purpose of this study is to explore the possible impact of banking market structure on the idiosyncratic risk of financially dependent firms in China. The study analyzes firm-level data for China from 1999 to 2018 using a two-step dynamic panel system generalized method of moments (GMM). The findings imply that bank competition lowers corporate risk, particularly among firms that are highly dependent on external funding for their financing needs. The findings are consistent with alternative indicators of competition, corporate risk, and financial dependence. The analysis of the transmission mechanism – the channel through which competition affects corporate risk – reveals that bank competition reduces corporate risk by curtailing financing constraints faced by firms. The competition-enhancing policy should consider the optimum level of bank competition for financial and economic stability. Further research is necessary to define the “desirable” or “optimum” level of bank competition. In China, where the banking sector is still highly concentrated, the findings of this study call for policies aimed at encouraging healthy competition among banks. Nevertheless, such a policy must also consider the extent of bank competition that is optimal for the economy, particularly for financial and economic stability. The paper provides the first evidence of the possible linkage between bank competition and corporate risk in China.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-15
      DOI: 10.1108/IJOEM-04-2022-0648
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Investment and economic growth: do institutions and economic freedom
           matter'

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      Authors: Haman Mahamat Addi , Attahir Babaji Abubakar
      Abstract: This paper analyzes the effect of institutional quality and economic freedom on investment and economic growth in sub-Saharan Africa (SSA). Focusing on a panel of 27 countries, the study employed the panel fixed and random effect models to analyze data spanning from 2005 to 2018. The study also employed the Wu–Hausman test to determine if the endogeneity problem exists in the model. The findings of the study show that individually, an improvement in economic freedom stimulates economic growth while the improvement in institutional quality is effective in spurring investment. However, the interaction effect of improvement in institutional quality and economic freedom is the stimulation of both investment and economic growth. The findings are robust to alternative model specifications. The study implies that for SSA countries to effectively achieve higher investment and economic growth outcomes, there is the need to simultaneously strengthen institutional quality and improve economic freedom. Focusing on either of the factors without the other leads to less desirable growth and investment outcomes. The study examined the combined influence of institutional quality and economic freedom on investment and growth in SSA. To the best of the authors’ knowledge, no study has investigated this in the context of SSA.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-11
      DOI: 10.1108/IJOEM-07-2021-1086
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of skepticism on CRM luxury campaign participation intention of
           Generation Z

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      Authors: Sujo Thomas , Viral Bhatt , Ritesh Patel
      Abstract: This study examines the influence of consumer skepticism on cause-related marketing (CRM) campaign participation intentions of Generation Z consumers from emerging market perspective. This study was undertaken due to the paucity of relevant literature in the public domain to directly investigate whether and how consumers' skepticism affects CRM participation intentions, specifically in the luxury retailing context. A survey was conducted among 552 Generation Z consumers and path analysis was used to examine the direct and indirect effects of skepticism. The mediation and moderation analysis was used to explore and test the authors' hypotheses via partial least squares structural equation modeling (PLS SEM). The authors' findings provide empirical evidence that corporate social responsibility, religiosity and cause involvement positively affects consumer participation intentions, and this link is also established indirectly through skepticism toward the CRM campaign. These findings provide novel theoretical contributions by establishing skepticism's complex role in determining the CRM participation intention in the Generation Z consumers' context. This study further demonstrates the moderating effect of gender and luxury store format on consumer skepticism and CRM participation intentions. The Generation z group will represent a quarter of the Asia–Pacific region's population by 2025. However, little is known about Generation z consumers' CRM participation intentions. This research would help practitioners, including luxury retailers, CRM managers and advertising professionals, to effectively design CRM campaigns. The paper contributes by highlighting the theoretical implications and managerial implications based on the current findings in the emerging market context.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-11
      DOI: 10.1108/IJOEM-10-2021-1568
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • How does domestic market fragmentation affect enterprise innovation
           performance' Empirical evidence from China

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      Authors: Xiao-Feng Qi , Lihong Zhou
      Abstract: This paper aims to explore the impact of domestic market fragmentation on the innovation performance of enterprises and its mechanism from the perspective of market segmentation, a government behavior with Chinese characteristics. In order to verify the theoretical hypothesis proposed in the previous article, that is, whether domestic market fragmentation can effectively improve the innovation performance of enterprises, this paper bases on the data of listed companies from 2010 to 2016, empirically testing the theoretical hypothesis by constructing a measurement model. Domestic market fragmentation has a significant inhibitory effect on enterprise innovation performance. Domestic market fragmentation has heterogeneous effects on innovation performance of enterprises and regions. It is undeniable that domestic market fragmentation does have a certain support effect on state-owned enterprises but the support effect is achieved by distorting regional resource allocation and creating an unfair market environment. Firstly, this paper explores the impact mechanism of domestic market fragmentation on corporate innovation performance from the perspective of market segmentation, a government behavior with Chinese characteristics, so as to expand and enrich the relevant research on enterprise innovation. Secondly, from the perspective of corporate innovation performance, this paper provides new evidence for the “curse effect” of domestic market fragmentation. Thirdly, this paper tries to shake the domestic market fragmentation support theory from the perspective of distortion effect brought by the “hand of support” of domestic market fragmentation.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-11
      DOI: 10.1108/IJOEM-11-2019-0945
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Two-way knowledge spillovers in the presence of heterogeneous foreign
           subsidiaries: evidence from an emerging country

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      Authors: Nadia Albis Salas , Isabel Alvarez , John Cantwell
      Abstract: This paper explains the mechanisms underlying the generation of two-way knowledge spillovers through the interaction of subsidiaries with differentiated local responsibilities and domestic firms. The study is based on firm-level panel data from a census of Colombian manufacturing firms for the period 2003–2012. The estimation procedure involves two stages. In the first one, total factor productivity (TFP) of foreign and domestic firms is estimated. In a second step, we estimate conventional spillovers (from foreign-owned to local firms) and reverse spillovers (from local to foreign-owned firms) separately, using a random effect approach. This study’s findings reveal that only locally creative subsidiaries enjoy positive and significant two-way knowledge spillover effects. The connectivity of subsidiaries to local and international networks is reinforced by reciprocal relationships among actors that enhance bidirectional knowledge flows, these being favored by the dynamics of clustering effects. The paper contributes with new empirical evidence about the mechanism explaining how the technological heterogeneity of subsidiaries plays a determinant role in the generation of both knowledge flows from foreign to domestic firms and to the reverse, all integrated into the same framework.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-10
      DOI: 10.1108/IJOEM-11-2021-1690
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Capital mobility in Latin American and Caribbean countries: alternative
           view on the “Feldstein-Horioka” coefficient

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      Authors: Valeryia Yersh
      Abstract: The purpose of this study is to examine two issues, namely the degree of current account deficit (CAD) sustainability and the degree of capital mobility. The sample for this study comprises 24 Latin American and Caribbean countries, including three regional agreements: Andean Community, MERCOSUR (Mercado Común del Sur), and SICA (Central American Integration System). This study employs the dynamic common correlated effects mean group (DCCEMG) estimator in a panel data set to investigate the long-run relationship between savings and investment along with short-run dynamics. The findings indicate that CAD is weakly sustainable in the Latin American and Caribbean region, MERCOSUR, and SICA, while CAD is strongly unsustainable in the Andean Community. The sub-period analysis reveals that CAD has been adversely affected by the 2008 crisis. However, in the post-crisis period, CAD has been slowly decreasing in the Latin American and Caribbean region and Andean Community, whereas CAD has continued increasing in MERCOSUR and SICA. Further, the estimates of error-correction terms and short-run coefficients indicate that the Andean Community and MERCOSUR observe a higher degree of long-run and short-run capital mobility than SICA. The results carry fundamental implications for policy-making processes aimed at maintaining sustainable CADs. This study gives an alternative interpretation of the “Feldstein-Horioka” coefficient in terms of CAD sustainability and analyses the saving–investment relationship in light of Chudik and Pesaran (2015).
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-09
      DOI: 10.1108/IJOEM-04-2021-0533
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Internationalization and domestic political support: a differentiation of
           R&D-related foreign and domestic firms in Turkey

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      Authors: Timo Kleiner-Schaefer , Ekrem Tatoglu , Ingo Liefner
      Abstract: This paper contributes insights into how different firm types in the emerging market (EM) of Turkey respond to upgrading pressures in terms of internationalization and the usage of domestic political support. It seeks to highlight how the usage of and the responses to different strategies, connections and policy instruments vary with firm types. Binary logistic regression analysis is used to differentiate and identify characteristics of firms regarding market-seeking strategies and their usage of institutional and financial support. The analysis is based on survey data from firms located in the metro-region of Istanbul: advanced market multinational enterprises (AMNEs), Turkish MNEs (TMNEs) and domestic Turkish firms (DTFs). Different types of firms within the population of innovative firms in the EM setting of Turkey show significant variety regarding the usage of and the responses to key factors affecting internationalization. AMNEs particularly benefit from investment and export incentives as well as from establishing political connections in Turkey. DTFs significantly use tax incentives and primarily seek advanced markets. TMNEs particularly benefit from investment and export incentives and prefer to target advanced markets. Using Turkey as a single-country setting is a limitation to the generalizability of the results. Future studies could use more cases of AMNEs to compare different countries of origin. In addition, the intended focus on R&D-related firms produces specific outcomes for such companies. National and regional policies need to pursue different strategies for the surveyed groups of firms to attract and maintain foreign direct investments (FDIs) of AMNEs as well as to support outward FDIs of domestic firms and EM MNEs. In particular, policies for market entries and knowledge sourcing in advanced markets are becoming a crucial factor for EM firms in overcoming a shortage of resources at home. This paper’s findings challenge existing theories such as the concept of psychic distance or liabilities of foreignness, which do not always provide an adequate explanation for internationalization activities of EM firms. In addition, it is highly relevant to apply an eclectic or multidimensional concept when conducting research in EMs in order to capture the interrelated constructs of upgrading, internationalization and political support.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-09
      DOI: 10.1108/IJOEM-07-2019-0502
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Managerial ability and goodwill impairment: evidence from China

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      Authors: Qiubin Huang , Mengyuan Xiong
      Abstract: This paper aims to examine the effects of managerial ability (MA) on the likelihood and the timeliness of goodwill impairment and explore whether the desirable effect of MA vary with the degree of agency problems. The authors propose a unified framework to simultaneously examine the effects of MA on the likelihood and the timeliness of goodwill impairment by incorporating a market-based impairment indicator (denoted as BTM), MA and the interaction of BTM with MA to this study’s regression model to account for the likelihood of goodwill impairment. BTM addresses the timeliness of goodwill impairment. This study finds that firms with higher MA have lower likelihood of goodwill impairment, and such firms are more likely to recognize goodwill impairment in a timely manner when the underlying value of goodwill is economically impaired. This desirable effect of MA is more pronounced in non-state-owned enterprise (SOEs) and firms without chief executive officer (CEO) duality. Firms can reduce the losses arising from goodwill impairment by enhancing the ability of their management teams combined with improved corporate governance structure. This paper provides novel insights on understanding the role of MA in not only reducing the likelihood but also enhancing the timeliness of goodwill impairment. The findings help advance the upper echelons theory by uncovering the heterogenous effects of executives with different levels of ability.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-09
      DOI: 10.1108/IJOEM-08-2021-1265
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Does KAM disclosure make a difference in emerging markets' An
           investigation into audit fees and report lag

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      Authors: Saeed Rabea Baatwah , Ehsan Saleh Almoataz , Waddah Kamal Omer , Khaled Salmen Aljaaidi
      Abstract: This study investigates the consequences of the key audit matter (KAM) disclosure requirement by considering two salient audit proxies: audit fees and audit report lag. This investigation is relevant because most auditors worldwide are required to expand their audit report including discussion on key matters faced in the audit engagement. However, the emerging literature on the implications of KAM is inconclusive. Using a distinctive dataset of 601 year-observations for firms listed on the Omani capital market over 2012–2019, this study employs pooled panel data regression with robust standard error. Results indicate that auditors increased their fees considerably during the period of KAM but substantially shortened audit report lag. Conversely, using the KAM period as a sample, the authors find marginal or insignificant evidence for the effect of the number of KAM on both proxies. In additional analyses, this study shows that entity-level risk KAM is associated with higher fees and shorter audit report lag, while KAM related to account-level risk does not have the same effect. Interestingly, it is observed that KAM disclosure is strongly associated with higher fees and high-quality audit even when the auditors issue their report in a shorter time. This study contributes to the limited research examining the consequences of KAM in emerging markets. It is also the first to show that KAM is associated with shorter audit report lag.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-09
      DOI: 10.1108/IJOEM-10-2021-1606
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Innovating, exit or both' Strategic responses to crisis revisited from
           resource redeployment perspective: evidence from China

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      Authors: Jun Jin , Shijing Li , Zan Chen , Liying Wang
      Abstract: Although scholars in strategic management have identified innovating and exit as firms’ two sequential strategic responses to long-run crisis, the potential interdependency has yet remained implicit. Specifically, in the context of Chinese Privately Owned Enterprises (POEs), this study investigates the interrelationship of these two strategic responses during long-run crisis. Building on resource redeployment perspective, the authors propose that firms tend to simultaneously leverage innovating and exit responses. The authors use the data from the 2010 Chinese POEs survey to verify how firms in the long-term crisis made strategic responses after the 2008 financial crisis. Besides, the authors utilize Probit regressions as the basic analysis and further employ bivariate Probit regressions to conduct robustness tests. This study provides empirical evidence confirming that firms in the long-run period of the crisis tend to adopt both exit and innovating strategies at the same time, that is, the strategy of resource redeployment. Moreover, this study further finds that government subsidies, the degree of marketization and firm’s organizational capability could all accentuate the decision-making of firms’ resource redeployment. The authors thus contribute to the study of strategic responses to crisis in strategic management by dynamically find out the interdependency of two responses and enrich the research on resource redeployment perspective by identifying three influential positive antecedents, adding to the ongoing investigation on positive drivers of resource redeployment.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-08
      DOI: 10.1108/IJOEM-05-2021-0656
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Managerial religiosity, attitudes towards women as managers and supportive
           HR practices

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      Authors: Kumar Krishna Biswas , Brendan Boyle , Sneh Bhardwaj , Parth Patel
      Abstract: The authors' study aims to examine to what extent managerial religiosity does influence human resource (HR) managers' attitudes towards women as managers (ATWM), and whether such posi(nega)tive attitudes can facilitate or impede the adoption of supportive HR practices (SHRP). This study empirically examines a theoretical model by employing partial least squares-based structural equation modelling (PLS-SEM) using quantitative survey data from 182 HR managers in Bangladesh. The authors' findings reveal that individual religiosity may adversely affect HR managers' attitudes towards recognising women as managers, and such stereotyped attitudes, in turn, may attenuate the adoption of supportive HR practices in organisations operating particularly in highly religious socio-culture environments. The findings of the authors based on self-report, cross-sectional survey data collected from HR managers/equivalent working in the Bangladeshi organisations may unlikely to predict the ATWM held by the top leaders in organisations and other employees in similar socio-cultural settings. The authors' findings suggest that religiosity cannot be ignored in management development and recruitment processes for HR managers, particularly in a society characterised by relatively weaker formal institutions and people with a higher degree of religiosity. To the best of the authors' knowledge, this study is the first attempt explicating how top management's religiosity interacts with the attitudes towards the acceptance of women as managers and how such attitudes can influence the adoption of supportive HR practices.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-05
      DOI: 10.1108/IJOEM-01-2021-0154
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Shariah compliance and stock price synchronicity: evidence from India

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      Authors: Omar Farooq , Neveen Ahmed
      Abstract: This paper aims to document the effect of shariah compliance on stock price synchronicity. This paper uses the data of non-financial firms from India and various estimation procedures (pooled OLS and instrument variable regression) to test the arguments presented in this paper. The time period of the study ranges between 2000 and 2019. The results show that shariah-compliant firms have significantly higher levels of synchronicity than non-compliant firms. The findings hold after comprehensive inclusion of relevant controls and to a number of sensitivity tests. The authors attribute this result to the unique financial characteristics (lower levels of leverage, liquidity and cash) of shariah-compliant firms. The paper argues that these characteristics are related to better information environment which is responsible for higher levels of synchronicity. The paper also shows that the difference in the synchronicity levels of the two groups is less pronounced for those shariah-compliant firms that have relatively high levels of leverage and cash ratios. The authors believe that this is an initial attempt to document the impact of shariah compliance on stock price synchronicity.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-02
      DOI: 10.1108/IJOEM-07-2021-1149
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Tax reform and investment efficiency: evidence from China's replacement of
           business tax with VAT

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      Authors: Yajie Bai , Maoguo Wu
      Abstract: Extensive macro- and micro-economics research has been conducted on China's tax reform, which replaced business tax with value-added tax (VAT). However, existing studies have not clarified the reform's impact on firm-level investment decisions. Hence, this study explored the effect of replacing business tax with VAT on firms' investment efficiency. The study used 2010–2018 data from China's A-share listed companies and a difference-in-differences (DID) model to explore the effect of the reform on firm-level investment decisions. The authors found that China's tax reform has improved investment efficiency in underinvested firms, increased liquidity and decreased the level of reliance on external financing. The tax reform had a greater effect on investment efficiency in firms with lower liquidity and higher external financing reliance. Its effect was also more significant among non-state-owned and small companies. This study fills the aforementioned research gap by exploring the effects of China's tax reform, thus providing a theoretical reference and a basis for policymaking.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-08-02
      DOI: 10.1108/IJOEM-08-2021-1295
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Financial sector development, anti-money laundering regulations and
           economic growth

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      Authors: Isaac Ofoeda , Elikplimi Agbloyor , Joshua Yindenaba Abor
      Abstract: This study examines the influence of anti-money laundering (AML) regulations on the financial development-economic growth nexus around the world. The study uses data from 165 countries spanning continents, income levels, and regulatory regimes from 2012 to 2018. The Prais–Winsten (1954) and Hansen (2000) panel threshold estimation approaches were used to assess the study's hypothesized relationships. Financial development, according to the research, generally stimulates economic growth. However, the authors find evidence of AML regulations' threshold effect on the finance-growth connection, with the impact of finance on growth being positive below the threshold value. Above the threshold, however, the authors observe a negative influence. Further, the authors find that AML regulations have a considerable detrimental impact on the finance-growth nexus over the threshold for developed countries. However, the authors find a positive but insignificant effect of finance on growth below the AML regulations threshold for African countries, while finance positively impacts growth above the AML regulations threshold. The findings of the study imply that countries must make conscious efforts to combat the incidence of money laundering by establishing policies to improve financial transparency and standards, promoting public sector transparency and accountability, reducing legal and political risk, and combating bribery and corruption. This study contributes to the literature as it is the first attempt to examine the moderating role of AML regulations in the finance-growth nexus. Also, the study examines the threshold effect of how AML regulations impact the finance-growth nexus.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-22
      DOI: 10.1108/IJOEM-12-2021-1823
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Does the stock liquidity drive the trade credit of publicly listed firms
           in Saudi Arabia'

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      Authors: Mohammed Bajaher , Fekri Ali Shawtari
      Abstract: This study aims to examine the influence of stock liquidity on the trade credit of publicly listed companies in Saudi Arabia. In this study various econometric models were used to test the data of 900 firms listed in Saudi Arabia during the period of 2010–2019. The robust results of the various econometric models indicate that firms are more willing to offer trade credit to customers when stock liquidity is greater; however, they are less likely to rely on obtaining more payables from suppliers. The findings further indicate that payables and receivables are indeed related, but not exclusively, in the sense that more payables lead to more receivables. The study also reveals a pattern of persistence in payables and receivables during the period of study. The sample of the present study is only made up of Saudi listed companies. Future research could extend the sample of this study taking into account listed firms in the Middle East and North Africa (MENA) region as a whole so as to gain more insights from the entire region including oil-producing and non–oil-producing countries. More studies are needed to further examine the impact of alternative options for credit access and their linkage to stock liquidity. Finally the difference in difference (DiD) method of analysis as quasi experimental method can be another extension of this research. The findings would provide implications for managers and investors by recognizing the potential role of stock liquidity in affecting trade credit and understanding the association between the stock liquidity and trade credit. Management of the firms should look for the ways to enhance the stock liquidity of the firms so as to help in reducing the extreme debts usage and therefore, alternative source of funds can be available accordingly. Once the advantage of stock market is identified, firms' managers should search for chances and policies that can promote stock liquidity and hence make use of the advantages of being liquid. This paper provides new evidence from the emerging market, particularly the Saudi Arabia. The attempt is one of the first in the region to broaden the knowledge about the effects of stock liquidity on trade credit. It provides market participants with insights on the role of stock liquidity in financial flexibility.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-21
      DOI: 10.1108/IJOEM-05-2021-0692
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Does digital financial innovation enhance financial deepening and growth
           in Kenya'

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      Authors: Roseline Misati , Jared Osoro , Maureen Odongo , Farida Abdul
      Abstract: The purpose of this paper is to examine the effect of digital financial innovation on financial depth and economic growth in Kenya. The study utilized autoregressive distributed lag (ARDL) model, which is preferable over other time series methods as the model allows application of co-integration tests to time series with different integration orders and is flexible to the sample size including small and finite. The main findings of this paper are as follows: first, there is evidence of a positive relationship between digital financial innovation and financial depth with the strongest impact emanating from Internet usage and mobile financial services and the lowest impact from bank branches; second, the results reveal a significant positive impact of financial depth on economic growth consistent with the supply-leading finance theory. The results of the study imply a need for investment in technology-enabling infrastructure for digital financial services (DFS) and a redesign of strategies to avoid further financial exclusion of low-income earners due to the unaffordability of digital devices and financial and digital illiteracy. The study is original and important for policymakers as the study provides insights on the components of financial innovation that are growth-enhancing in Kenya, considering that some aspects of innovation can be growth-retarding as was demonstrated during the global financial crisis.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-20
      DOI: 10.1108/IJOEM-09-2021-1389
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Are emerging economies’ credit cycles synchronized' Fresh evidence
           from time–frequency analysis

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      Authors: Seema Saini , Utkarsh Kumar , Wasim Ahmad
      Abstract: To the best of our knowledge, no study has examined credit cycle synchronizations in the context of emerging economies. Studying the credit cycles synchronization across BRICS (Brazil, Russia, India, China and South Africa) countries is crucial given the magnitude of trade and financial integration among member counties. The enormity of the trade and financial linkages among BRICS countries and growth spillovers from emerging economies to advanced and low-income countries provide the rationale and motivation to study the synchronization of credit cycles across BRICS. The study investigates the credit cycles coherence across BRICS economies from 1996Q2 to 2020Q4. The synchronization analysis is done using the noval wavelet approach. The analysis examines not only the coherence but also the extent of credit cycle synchronization that varies across frequencies and over time among different pairs of nations. The authors find heterogeneity in the credit cycles' synchronization among the member nations. China and India are very much in sync with the other BRICS countries. China's high-frequency credit cycle mostly leads the other countries' credit cycles before the global financial crisis and shows a mix of lead/lag relationships post-financial crisis. Interestingly, most of the time, India's low-frequency credit cycles lead the member countries' credit cycles, and Brazil's low frequency credit cycle lag behind the other BRICS countries' credit cycles, except for Russia. The results are crucial from the macroprudential policymaker's perspective. The empirical design is applicable to a similar set of countries and may not directly fit each emerging economy. The findings will help understand the marked deepening of trade, technology, investment and financial interdependence across the world. BRICS acronym requires no introduction, but such analysis may help understand the interaction at the monetary policy level. This is the first study that highlights the need to understand the credit variable interactions for BRICS nations.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-20
      DOI: 10.1108/IJOEM-12-2021-1927
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • How appreciative leadership affects employees' helping behaviors' The
           mediating role of emotions and the moderating role of organizational trust
           

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      Authors: Muhammad Asim , Zhiying Liu , Usman Ghani , Muhammad Athar Nadeem , Umme Farva Hashmi , Yi Xu
      Abstract: This study, based on social exchange theory, aims to explore the association between appreciative leadership and employees' helping behaviors by investigating the mediation role of emotional reactions (pride, anxiety), and choosing organizational trust as a boundary condition between appreciative leadership and helping behaviors. A total sample of 285 reliable questionnaires were collected in three time lags from employees working in the Pakistani education and banking sectors. PROCESS macro using SPSS and AMOS are employed for data analyses of the proposed model. The findings reveal that appreciative leadership has positive impacts on employees' helping behaviors and emotional reactions (pride, anxiety) mediate the relationship of appreciative leadership and employees' helping behaviors. In addition, the results show that high organizational trust strengthens the positive relationship between appreciative leadership and employees' helping behaviors. This research has provided empirical proof between the relationship of appreciative leadership and helping behaviors and the findings are of great significance for managers, employees, and organizations. The study proposes that leaders should have appreciative behavior while treating their subordinates. Moreover, it is revealed that the role of organizational trust should be given more attention and importance because it is a factor moderating the employees' helping behaviors. The present study, among the first empirical efforts investigating the relationship between appreciative leadership and helping behaviors, organizational trust as a moderator, enriches the existing academic literature of and provides worthy insight into the research on appreciative leadership and helping behaviors.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-19
      DOI: 10.1108/IJOEM-04-2021-0487
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Drivers of digital supply chain transformation in SMEs and large
           enterprises – a case of COVID-19 disruption risk

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      Authors: Vu Minh Ngo , Hiep Cong Pham , Huan Huu Nguyen
      Abstract: Digital transformation in supply chains (SCs) has emerged as one of the most effective ways to minimize SC disruption risks. Given the unprecedented impact of the COVID-19 pandemic on global SCs, this study aims to identify and provide empirical evidence about the drivers of digital SC transformation, considering the interactivity between environmental dynamism, technology, and organizational capabilities during the pandemic era. Using partial least squares structural equation modeling (PLS-SEM), this study examines 923 firms in Vietnam to ascertain the drivers of digital SC transformation between small- and medium-sized enterprises (SMEs) and large enterprises, based on the technology–organization–environment (TOE) as an overarching framework. This study finds that greater digital SC transformation adoption could be achieved under the interactivity between the TOE components of firms' technological competencies, learning capabilities, and disruptions in socioeconomic environments due to the COVID-19 pandemic. Moreover, a multigroup analysis shows that the drivers of digital SC transformation differ between SMEs and large enterprises. SMEs were found to be more motivated by the COVID-19 disruption risk when adopting digital SC models. This study represents an original and novel contribution from Vietnam as an emerging market to the literature on the impact of COVID-19 on the global value chain. Apart from the unique dataset at the firm level, the analysis of interactions between external and internal drivers of digital SC transformation could provide crucial managerial implications for SMEs to survive major disruptions, such as those caused by the COVID-19 pandemic.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-19
      DOI: 10.1108/IJOEM-10-2021-1561
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The impact of gender and political embeddedness on firm performance:
           evidence from China

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      Authors: Ying Teng , Eli Gimmon , Sibylle Heilbrunn , Shenyi Song
      Abstract: This study explored the mediating effect of political embeddedness on the relationship between gender and performance of private enterprises in the emerging economy of China. Political embeddedness is examined in terms of personal characteristics of owners and their firm. Secondary data were collected from the Chinese Private Enterprises Survey for the years 2002, 2006, 2014 and 2016 using responses to identical questions. Tobit models were implemented to examine hypotheses related to the gender gap. A bootstrapping approach was applied to examine hypotheses related to mediation through political embeddedness. The gender effect on enterprise performance was found to be partially mediated by political embeddedness at the personal level and even more strongly by political embeddedness at the firm level, which is beyond the well-known mediation effect of bank loans. The Chinese sample, in which guanxi plays a significant role with respect to women-led firms, may limit the generalizability of the findings to other emerging economies. Given the mediating effects on firm performance of political embeddedness at the personal and firm levels, women business owners in China should pursue political involvement, possibly with the support of policymakers and mentors. The relationship between businesswomen and political embeddedness is underexplored. This study innovates by applying the gender lens to the notion of political embeddedness and extending the construct of personal political embeddedness to the firm level.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-18
      DOI: 10.1108/IJOEM-10-2021-1610
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Corporate governance, litigation risk and firm performance:
           a mediation moderating model

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      Authors: Abdul Waheed , Hamid Mahmood , Jun Wen
      Abstract: The purpose of this research is to investigate how the negative effect of litigation risk on firm performance could be controlled through the channel of voluntary disclosure and under the condition of institutional ownership. To get the objectives, the study analyzed an unbalanced panel of 918 non-financial listed Chinese firms from 2010 to 18. To capture any expected unobserved heteroscedasticity and autocorrelation in the unbalanced sample, the authors have applied fixed effect regression with robust standard errors clustered at the firms' levels as suggested by Newey and West (1987). The research provides that the good disclosure practices and presence of institutional ownership in corporations raise the trust of the investors by making the corporate operation clear in the eyes of the stakeholders. This increases the corporate credibility and as consequence corporations are protected against litigation risk. Thus, in the light of the information asymmetry and signaling theories, voluntary disclosure practices, and financial institutions' ownership, bridges the information gap and transmit a positive signal in the market regarding the better financial performance of the corporations. These findings are helpful for the corporate managers for effective strategic decisions, regulatory authorities for policy formulation, and individual investors for developing a diversified investment portfolio. By applying the mediation and moderation effects, the research enhances the understanding of the underlying causes of the association between a firm's litigation risk and its performance. The current research contributes to the literature, that agency issues which create litigation risk could be settled internally with voluntary disclosure practices and externally with institutional ownership.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-15
      DOI: 10.1108/IJOEM-02-2022-0320
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Can intermediary and disintermediary be compatible in coordination
           management: affordance, fusion and actualization of blockchain and
           conventional systems

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      Authors: Daojun Sun , Limin Deng , Wenchi Ying
      Abstract: This study investigates into how organizations enable the compatibility between intermediary role of conventional systems with disintermediary potentials of blockchain toward the coordination of multiple actors in operations management. The data were collected from 31 interviewees of the case organizations. We conduct an in-depth case study of successful BC implementation in operations management, by using affordance-actualization (A-A) theory as the theoretical lens. This study identifies the incompatibility between the affordances of conventional systems and blockchain in coordination/operations management and offers a process model in which a fusion phase enables the affordances to be compatible and then to be actualized. The fusion phase extends A-A theory by transposing and connecting in the context of operations management. The result also shows that blockchain technology has decentralized potentials to address the issues caused by centralized organizations or information systems, while not to replace the intermediary roles of centralized organizations or information systems. This study makes important theoretical contributions to the literature on blockchain used in operations management, the roles of blockchain enablement and affordance-actualization theory. The findings can also help IT practitioners to implement BC-based applications effectively.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-15
      DOI: 10.1108/IJOEM-07-2021-1125
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Residents' waste mobile recycling planned behavior model: the role
           of environmental concern and risk perception

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      Authors: Yong-Sheng Chang , Zhang Yue , Madeeha Qureshi , Muhammad Imran Rasheed , Song Wu , Michael Yao-Ping Peng
      Abstract: The purpose of this research is to investigate the relationships of environmental concern and risk perception with residents' waste mobile recycling behavior in the scenario of continuously increasing electronic waste (aka e-waste) around the world. For empirically testing proposed research model, this study utilized convenience sampling strategy and collected 346 responses from residents in the People’s Republic of China (PRC) through an online survey. The hypotheses were tested utilizing the structural equation modeling (SEM) framework through Mplus 7.0 program (Muthen and Muthen, 1998–2012). Robust maximum likelihood (MLR) was used as the method of estimation. The results revealed that environmental concern is positively associated with individuals' intentions to recycle waste mobile phones and that the relationship between concern for the environment and individuals' intention to recycle is mediated by the factors such as individuals' mobile phone recycling attitude and subjective norms. The results further indicated that individuals' information security risk perception moderates the relationship between individuals' intention for recycling and subsequent recycling behavior. This study provides substantial theoretical and practical implications for residents' e-waste recycling behavior while considering their environmental concern and information security risk perceptions.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-15
      DOI: 10.1108/IJOEM-08-2021-1215
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Determinants of foreign direct investment: employment status and potential
           of food processing industry in India

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      Authors: Satya Prasad Padhi
      Abstract: The paper underpins an advanced domestic manufacturing that comes with some advanced employment specialization status of individual industries as the key determinant of foreign direct investment (FDI) and considers how FDI in the food processing industry in India relates to this focal point. This paper investigates how inward FDI inflows relate to domestic investment and revival in the industry using Auto Regressive Distributed lags (ARDL) model over the period 2000–2017. The model allows for different specifications to study whether FDI is responsible for the revival or the prior revival induces the FDI. The results show the lack of proper advanced specialized employment status of the food processing industry. FDI in food processing is mainly guided by exports and imports opportunities and FDI plays no role in the revival of advanced growth in the industry. This finding explains why FDI in the industry is predominantly service sector oriented. The paper underlines (1) the proper conceptualization of human capital as an important determinant of FDI; (2) reinterpretation of Kaldor's technical progress function that uncovers how employment dynamics embedded in intermediate goods specializations play a key role in supporting a higher pace of investment (and FDI); (3) labor costs' importance should involve not only the wage rate but also the advantages that a specialized employment base and (4) FDI in manufacturing demands a greater policy focus on developing domestic bases of intermediate goods specializations.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-14
      DOI: 10.1108/IJOEM-09-2021-1481
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Islamic religiosity and consumer ethnocentrism in post-Arab Spring
           countries

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      Authors: Sedki Karoui , Samy Belaid , Romdhane Khemakhem
      Abstract: Religious tendencies have increased in post-Arab Spring countries, raising the question of whether this geopolitical event has affected consumers' orientations towards foreign products, including those that have positive country-of-origin image. This paper investigates the effect of Islamic religiosity on the relationship between consumer ethnocentrism and buying intention towards products from a developed country (France) in an Arab Spring country (Tunisia). A survey questionnaire was lunched and data was collected from 492 Tunisian consumers living in both rural and urban areas. Research hypotheses were tested using a Partial Least Square- Structural Equation Modelling (PLS-SEM) method. Tunisian consumers do not associate their ethnocentric feelings towards French products with their Islamic religiosity. Results show that both highly and moderately religious Tunisians trust French products because of their high country-of-origin image and their potential social connotations. The results of this paper contribute to the literature that focuses on understanding consumption behaviours in developing countries in the aftermath of geopolitical events such as the Arab Spring.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-12
      DOI: 10.1108/IJOEM-07-2021-1012
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Economic policy uncertainty and investment-cash flow sensitivity: evidence
           from India

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      Authors: Gaurav Gupta , Jitendra Mahakud , Vishal Kumar Singh
      Abstract: This study examines the impact of economic policy uncertainty (EPU) on the investment-cash flow sensitivity (ICFS) of Indian manufacturing firms. This study uses the fixed-effect method to investigate the effect of EPU on ICFS from 2004 to 2019. This study finds that EPU increases ICFS, which is more (less) during the crisis (before and post-crisis) period. The authors also find that the effect of EPU on ICFS is more for smaller, younger and standalone (SA) firms than the larger, matured and business group affiliated (BGA) firms. This study also reveals that EPU reduces corporate investment (CI). Further, the authors find that cash flow is more significant for the investment of financially constrained firms and the negative effect of EPU is more for these firms. This study considers the Indian manufacturing sector. Therefore, this study can be extended by analyzing the relationship between EPU and ICFS for the service sector. First, this study can be useful for corporates, academicians and government bodies to understand the effect of EPU on ICFS and CI. Second, this study will help corporates to focus on internal funds to finance corporates' investment during the crisis period because EPU increases the cost of external finance which may increase ICFS and reduce CI. Third, lending agencies, investors and stakeholders should also focus on the firm's nature, ownership, size and age because these factors play a crucial role to reduce or increase the negative effect of EPU on ICFS. Fourth, the Government should make appropriate policy measures in terms of concessional interest rates to increase the easy availability of external finance for SA, small size, and young firms to reduce the negative effect of EPU on CI because these firms are considered as more financially constrained firms. This study adds new inputs to the current literature of EPU in several ways. First, this study is one of the main studies focused on the relationship between EPU and ICFS (CI). Especially in emerging countries like India, examining this relationship extends previous research. Second, this study also examines the impact of EPU on ICFS for BGA, SA, small, large, matured and young firms as well as crisis and non-crisis periods. Third, this study uses the sample of the Indian manufacturing sector which has emerged the qualities to become a global manufacturing hub and attracting global investors. Therefore, examining the effect of EPU on ICFS for these firms will be more interesting.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-12
      DOI: 10.1108/IJOEM-11-2020-1415
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of merger on stock returns and economic value added (EVA) of the
           acquiring firms: a study from Indian corporate sector

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      Authors: Puja Aggarwal Gulati , Sonia Garg
      Abstract: This paper attempts to examine the impact of merger on the stock returns and economic value added (EVA) of acquiring firms to know if the mergers are successful corporate restructuring strategies for the firms. In total, 108 Indian firms are studied using paired sample t-test and Wilcoxon signed rank test for comparing the EVA of acquiring firms in short, medium and long term after merger. The effect of merger announcements on stock returns is analyzed by way of event study. An event window of −20 to +20 is taken and an estimation window of 256 (-276 -20) days is used in the study. The authors find that mergers lead to significant improvement in the EVA of acquiring firms. However, the increase in financial performance and EVA is witnessed only in long term. The authors did not find any significant impact of merger announcement on the stock returns of acquiring firms. The study is a first of study's kind, which evaluates both short-term (using event study methodology) and long-term (using EVA) impact of value addition to an acquirer after Merger & Acquisition (M&A). The study contributes to existing literature on the signaling theory of announcement of M&As and synergy gain theory of completed M&As by providing evidence from the context of an emerging market like India.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-12
      DOI: 10.1108/IJOEM-11-2021-1694
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Designing energy policy in the presence of underground economy: the case
           of Pakistan

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      Authors: Muhammad Ahad , Saqib Farid , Zaheer Anwer
      Abstract: In the presence of informal sector in the country, designing an energy policy and the pursuit of higher economic growth become challenging for emerging economies. These economies are usually resource starved, and the presence of underground economy leads to faulty estimates of energy demand. The authors explore the energy–growth nexus in the presence of underground economy for Pakistan, an emerging economy host to large informal sector and facing recurring energy crises. The authors evaluate the impact of underground economy on energy demand in the presence of explanatory variables, including official gross domestic product (GDP), foreign direct investment and financial development. The authors first assess the influence of official economy on the consumption of energy. The authors investigate how energy consumption is influenced solely by underground economy. Finally, the authors evaluate the impact of true GDP on the energy consumption. The authors employ combined cointegration method of Bayer and Hanck (2013) and then apply vector error correction model. The results reveal that official GDP, underground economy and true GDP positively and significantly affect energy consumption in both short and long run. Similarly, financial development as well as foreign direct investment enhance energy consumption. The authors find unidirectional causality between energy consumption and official GDP variables (OGDP → EC), underground economy (UE → EC) and true GDP variables (TGDP → EC) in the long run. The authors observe bidirectional causality in the short run between energy consumption and official GDP (OGDP ↔ EC) and true GDP (TGDP ↔ EC). To the best of the authors' knowledge, no study examines the causal relationship of energy consumption and underground economy. Overall, the findings assist policymakers to consider and implement different energy-related policies considering the significant role of underground economy for energy consumption in Pakistan.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-05
      DOI: 10.1108/IJOEM-03-2022-0486
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Transactive memory system and entrepreneurial team performance: the impact
           of ability to improvise and market competition

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      Authors: Wei Hu , Fawad Ahmed , Yuchao Su
      Abstract: Drawing upon the social exchange theory, this study examines the interplay of transactive memory system (TMS) with improvisation and market competition intensity for the impact on entrepreneurship performance. This study used the temporal separation technique and used a questionnaire survey to collect data with a final sample of 423 valid responses forming 74 entrepreneurial teams from firms across 6 cities in China. The expertise and credibility of the TMS has a significant positive impact on entrepreneurial performance and improvisation which mediates the relationship between the expertise and credibility of the TMS and entrepreneurial performance. The intensity of market competition positively moderates the mediating role of improvisation between the expertise and credibility of the TMS and entrepreneurial performance. This study contributes to the literature on entrepreneurship in emerging economies and entrepreneurial teams. Literature on TMS lacks studies on entrepreneurship performance. The authors' contextualized TMS perspective examines the impact of specific behavior of improvisation and, therefore, holds the promise to offer a novel angle to investigate how exactly TMS impacts entrepreneurship performance while engaging in micro-level processes and entrepreneurial phenomena such as surprises and response to surprises through improvisation. The study adds the context of social exchange theory to performance of entrepreneurial teams.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-05
      DOI: 10.1108/IJOEM-09-2021-1340
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Fear of COVID-19 and employee engagement: does emotional stability
           matter'

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      Authors: Sadia Shaheen , Sehar Zulfiqar , Bashir Ahmad , Muhammad Ahmad-ur-Rehman
      Abstract: Fear of COVID-19 is a new workplace hazard that has made drastic changes at workplaces globally. Based on the conservation of resource (COR) theory, this research investigates the relationship between fear of COVID-19 and employee engagement. Furthermore, this study examines the moderating role of emotional stability in the relationship between fear of COVID-19 and employee engagement. Data were collected using self-administrated questionnaires from bank employees located in different cities of Pakistan. PROCESS macro by Hayes et al. (2017) was used to analyze 267 valid responses. Consistent with the hypotheses of this study, fear of COVID-19 was negatively associated with employee engagement. In addition, the moderating role of emotional stability was confirmed in the relationship between fear of COVID-19 and employee engagement. The findings of this study support the notion that fear of COVID-19 can be considered a workplace stressor that affects employee engagement. By contrast, emotional stability acts as a personal resource with a buffering effect. This study investigates only the moderating mechanism in the relationship between fear of COVID-19 and work engagement. A self-reported questionnaire was used to collect the data. For future studies, other sources can be used to reflect the actual situation. This study is currently relevant because of the sudden occurrence of the COVID-19 pandemic that has mentally and emotionally challenged the service employees. Unlike most prior studies, which investigated the impact of fear of COVID-19 on the health sector professionals, this study investigated the impact on the bank employees. Moreover, this study is among the first to provide insights on the role of employee's personality to maintain positive work attitudes during uncertain circumstances from COVID-19.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-05
      DOI: 10.1108/IJOEM-12-2020-1461
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Should Bangladesh join Regional Comprehensive Economic Partnership
           (RCEP)' The gravity explanation of Bangladesh dilemma

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      Authors: Gour Gobinda Goswami , Farhan Khan , Kazi Labiba , Farhanaj Achol , Tapas Kumar Saha , Aunanna Zulfikar
      Abstract: The scope of this work is to explore whether Regional Comprehensive Economic Partnership (RCEP) would be beneficial to Bangladesh, given Bangladesh's strong ties with India and the west. Using extended gravity equation and data from Head and Mayer (2021) and the Direction of Trade Statistic (IMF, 2021) for Bangladesh with its applicable partner countries from 1972 till 2019, the authors attempted to examine the potential impact of joining RCEP while keeping its relationship with South Asian Association for Regional Cooperation (SAARC), and other existing economic integration schemes intact. Using traditional pooled ordinary least squares, two-stage least square and generalized method of moment techniques, it has been revealed that conventional partners in the South led by India are still beneficial to Bangladeshs trading line. Joining RCEP provides ample avenues for trade expansion without replacing the positive effects of SAARC. Traditional partners from European, American and South Asian trading opportunities are still paying enough dividends to Bangladesh. RCEP is providing a trade-enhancing chance for Bangladesh in the eastern direction. This paper provides a policy suggestion to look east policy of government. A total overhaul of her tax structure through minimizing excessive reliance on import tariff revenue is desired to facilitate her to join RCEP in the future because most of its prospective RCEP partners are import partners. This is the first and the only study which explores the feasibility of Bangladesh to join the RCEP by using the most recently updated gravity data in a panel framework. Since its inception on November 15, 2020, Regional Comprehensive Economic Partnership (RCEP) has emerged as one of the largest economic integration areas in the world.As a borderline country between South Asia and RCEP, Bangladesh is in a fix to take a decision either to join or not to join RCEP if they are invited.This paper used the gravity equation in an extended form by taking Bangladesh with its 197 trading partners’ trade data for 1972–2019.The findings postulate that the existing relationship with SAARC countries is still beneficial to its welfare, and RCEP is also economically helpful in enhancing its trade.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-07-01
      DOI: 10.1108/IJOEM-03-2022-0442
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Estimating a financial uncertainty index for Saudi Arabia

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      Authors: Hedi Ben Haddad , Sohale Altamimi , Imed Mezghani , Imed Medhioub
      Abstract: This study seeks to build a financial uncertainty index for Saudi Arabia. This index serves as a leading indicator of Saudi economic activity and helps to describe economic fluctuations and forecast economic trends. This study adopts an extension of the Jurado et al. (2015) procedure by combining financial uncertainty factors with their net spillover effects on GDP and inflation to construct an aggregate financial uncertainty index. The authors consider 13 monthly financial variables for Saudi Arabia from January 2010 to June 2021. The empirical results show that the constructed financial uncertainty estimates are good leading indicators of economic activity. The robustness analysis suggests that the authors’ proposed financial uncertainty estimators outperform the alternative estimates used by other existing approaches to estimate the financial conditions index. To the best of the authors’ knowledge, this is the first attempt at constructing a financial uncertainty index for Saudi Arabia. This study extends the empirical literature, from which the authors propose a novel conceptual framework for building a financial uncertainty index by combining the approach of Jurado et al. (2015) and the time-varying connectedness network approach proposed by Antonakakis et al. (2020)
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-29
      DOI: 10.1108/IJOEM-02-2022-0248
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Supply chain analytics and post-pandemic performance: mediating role of
           triple-A supply chain strategies

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      Authors: Syed Abdul Rehman Khan , Arsalan Zahid Piprani , Zhang Yu
      Abstract: The abrupt outbreak of coronavirus disease (COVID-19) hit every nation in 2020–2021, causing a worldwide pandemic. The worldwide COVID-19 epidemic, described as a “black swan”, has severely disrupted manufacturing firms' supply chain. The purpose of this study is to investigate how supply chain data analytics enable the effective deployment of agility, adaptability and alignment (3As) strategies, resulting in improving post-COVID disruption performance. It also analyses the indirect effect of supply chain data analytics on disruption performance through the 3As supply chain strategies. The hypothesis and theoretical framework were tested using a questionnaire survey. The authors employed structural equation modelling through the SMART PLS version 3.2.7 to analyse data from 163 textile firms located in Pakistan. The results revealed that the supply chain data analytics contributed positively and significantly to the agility and adaptability, while all 3As supply chain strategies impacted the PPERF substantially. Further, the connection between supply chain data analytics (SCDA) and disruption performance has substantially been influenced through 3As supply chain strategies. The results imply that in the event of low likelihood, high effect disruptions, managers and decision-makers should focus their efforts on integrating data analytics capabilities with 3As supply chain policies to ensure long-term company success. This research sheds fresh light on the importance of data analytics in effectively implementing 3As strategies for sustaining company performance amid COVID-19 disruptions.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-29
      DOI: 10.1108/IJOEM-11-2021-1744
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The role of intellectual capital and service agility in banking service
           provision: the perspective of Brazilian export companies

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      Authors: Mara Mataveli , Juan-Carlos Ayala Calvo , Alfonso J. Gil
      Abstract: Banks in emerging markets such as Brazil provide a wide range of services to companies to facilitate the export process. The objective of the present study was to analyze, from the perspective of Brazilian export companies, the relationships between banking intellectual capital (human and organizational), banking agility, banking technologies and company size in banking service provision. A sample of 318 Brazilian export companies was surveyed with questionnaires. The research model was tested using structural equation modeling, namely the partial least squares (PLS-SEM) technique and SmartPLS. Banking intellectual capital affects banking service provision, banking agility mediates the relationship between intellectual capitals and banking service provision and technology does not moderate the relationship between agility and banking service provision. The size of the company does not moderate the relationship between intellectual capital and banking service provision. This work indicates that intellectual capital and the banking agility strategy are critical in the provision of banking service provision for exports. This work illustrates the effect of banks' intangible resources on the provision of banking services from the perspective of Brazilian export companies.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-28
      DOI: 10.1108/IJOEM-02-2020-0190
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The role of cognitive heuristic-driven biases in investment management
           activities and market efficiency: a research synthesis

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      Authors: Maqsood Ahmad
      Abstract: This article aims to systematically review the literature published in recognized journals focused on cognitive heuristic-driven biases and their effect on investment management activities and market efficiency. It also includes some of the research work on the origins and foundations of behavioral finance, and how this has grown substantially to become an established and particular subject of study in its own right. The study also aims to provide future direction to the researchers working in this field. For doing research synthesis, a systematic literature review (SLR) approach was applied considering research studies published within the time period, i.e. 1970–2021. This study attempted to accomplish a critical review of 176 studies out of 256 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioral finance domain-related explicitly to cognitive heuristic-driven biases and their effect on investment management activities and market efficiency as well as on the origins and foundations of behavioral finance. This review reveals that investors often use cognitive heuristics to reduce the risk of losses in uncertain situations, but that leads to errors in judgment; as a result, investors make irrational decisions, which may cause the market to overreact or underreact – in both situations, the market becomes inefficient. Overall, the literature demonstrates that there is currently no consensus on the usefulness of cognitive heuristics in the context of investment management activities and market efficiency. Therefore, a lack of consensus about this topic suggests that further studies may bring relevant contributions to the literature. Based on the gaps analysis, three major categories of gaps, namely theoretical and methodological gaps, and contextual gaps, are found, where research is needed. The skillful understanding and knowledge of the cognitive heuristic-driven biases will help the investors, financial institutions and policymakers to overcome the adverse effect of these behavioral biases in the stock market. This article provides a detailed explanation of cognitive heuristic-driven biases and their influence on investment management activities and market efficiency, which could be very useful for finance practitioners, such as an investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making their financial management strategies. Currently, no recent study exists, which reviews and evaluates the empirical research on cognitive heuristic-driven biases displayed by investors. The current study is original in discussing the role of cognitive heuristic-driven biases in investment management activities and market efficiency as well as the history and foundations of behavioral finance by means of research synthesis. This paper is useful to researchers, academicians, policymakers and those working in the area of behavioral finance in understanding the role that cognitive heuristic plays in investment management activities and market efficiency.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-28
      DOI: 10.1108/IJOEM-07-2020-0749
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The determinants of IPO initial returns in emerging markets:
           a quantile regression

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      Authors: Amira Akl Ahmed , Bosy Ahmed Gamaleldin Fathy , Nagwa Abdl-Allah Samak
      Abstract: This article investigates the determinants of cross-section variation of initial public offerings' (IPOs) first-day returns in a sample of 710 issues across seven emerging markets between 2013 and 2017. Ordinary least squares regression (OLS) and the semi-parametric quantile regression (QR) technique are employed. QR enables to analyse beyond the explanatory variables' relative mean effect at various points in the endogenous variable distribution. Furthermore, parameter estimates under QR are robust to the existence of outliers and long tails in the data distribution. Underpricing varies across countries with an average of 78%. According to the OLS results, independent variables explain 26% of the variation of IPOs' first-day returns. Findings show that employing QR is important, given the non-normality of the data and because each quantile is associated with a different effect of explanatory variables. In addition to firm-specific, market-specific and issue-specific factors, the paper extends IPOs' underpricing literature through studying the impact of country-specific characteristics, largely neglected by literature, on IPO underpricing.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-27
      DOI: 10.1108/IJOEM-01-2021-0112
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Adaptation strategy, international experience and export performance of
           Moroccan handicraft firms: the mediating role of partnerships

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      Authors: Sara Dassouli , Virginia Bodolica , Harit Satt , Mohamed M'hamdi
      Abstract: This paper aims to examine the specific role that partnerships play in the relationship between adaptation strategy, international experience, and export performance of handicraft firms in an emerging country setting. The authors' purpose is to identify the key factors that may contribute to the success of export activities of small handicraft companies in international markets. Drawing on a non-probability sampling technique, the authors collected survey data from 410 handicraft companies located in Morocco. The authors' conceptual model, which draws on the network theory, was tested using covariance-based Structural Equation Modeling by means of AMOS 24 Software. The results indicate that adaptation marketing strategy and partnerships impact positively the export performance of handicraft firms. Partnerships also play an intermediary role by partially (fully) mediating the relationship between adaptation strategy (international experience) and export performance. This study may assist marketers and entrepreneurs in handicraft companies to better understand the causal relationship between adaptation strategy, marketing experience and export performance of entrepreneurs' firms. Managers in these companies should be aware of the importance that partnerships play in boosting the export performance through marketing practices and experience. The authors' paper contributes to the scant literature on the adaptation marketing strategy and export performance and the intermediary role of partnerships in the specific context of handicraft businesses operating in North African emerging markets, namely Morocco.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-27
      DOI: 10.1108/IJOEM-01-2021-0127
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Conditional impact of credit growth on macroeconomic and financial
           aggregates: evidence from Turkey

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      Authors: Omer Cayirli , Koray Kayalidere , Huseyin Aktas
      Abstract: The purpose of this paper is to investigate the impact of changes in credit stock on real and financial indicators in Turkey with a focus on conditional and time-varying dynamics. In addition to lag-augmented vector autoregression (LA-VAR) based time-varying Granger causality tests, threshold models and a research setting that identifies high/low states of credit growth based on 24-month moving averages are used to explore regime-dependent behavior. For investigating the asymmetric dynamics, the authors use a methodology that identifies good/bad news in credit growth based on 24-month moving averages and standard deviations. Results strongly suggest that the impact of changes in credit stock induces conditional responses. Moreover, we find evidence for asymmetric responses. In the case of Turkey, efforts to spur growth through credit produce a strong negative byproduct, a depreciation in the exchange rate. The authors also find that changes in credit stock have become more relevant for uncertainties in inflation and exchange rate expectations, particularly in the era after mid-2018 in which credit growth volatility has increased noticeably. This study provides a comprehensive analysis of time-varying and conditional responses to a change in credit stock in a major emerging economy. Using a moving threshold based only on the available information in the analysis of state-dependency represents a new approach.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-27
      DOI: 10.1108/IJOEM-09-2021-1448
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Government expenditure–shadow economy nexus: the role of fiscal
           deficit

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      Authors: Toan Pham-Khanh Tran , Ngoc Phu Tran , Phuc Van Nguyen , Duc Hong Vo
      Abstract: The effects of government expenditure on the shadow economy have been investigated. However, the effect from a moderating factor that affects this relationship has been largely ignored in the existing literature. This paper investigates how fiscal deficit moderates the effects of government expenditure on the shadow economy for 32 Asian countries for the past two decades since 2000. The authors use various techniques, which allow cross-sectional dependence and slope homogeneity in panel data analysis, to examine this relationship in both the long run and short run. The analysis also considers the marginal effects of government expenditure on the shadow economy at different degrees of fiscal deficits. Empirical findings from this paper indicate that an increase in government expenditure and fiscal deficit will increase the shadow economy size. Interestingly, the effects of government expenditure on the shadow economy will intensify with a greater degree of the budget deficit. The authors also find that enhancing economic growth to improve income per capita and extending international trade appears to reduce the shadow economy in the Asian countries. The authors consider that policies targeting reducing shadow economy should follow conventional economic policies on economic growth, unemployment and inflation. To the best of the authors’ knowledge, this is the first empirical study conducted to examine the moderating role of fiscal deficit in the government expenditure–shadow economy nexus in Asian countries.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-27
      DOI: 10.1108/IJOEM-12-2021-1934
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Financial integration and capital structure decisions of listed firms:
           evidence from China

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      Authors: Ahsan Ahmed , Rozaimah Zainudin , Shahrin Saaid Shaharuddin
      Abstract: This paper investigates the impact of financial integration on the capital structure of the firms operating in mainland China, examining the firm-level and country-level integrating variables for 2,878 listed Chinese firms over the period of 1991–2016 in regard to the firms' capital structures. Finally, the study revisits the associations for the state-owned and multinational firms in the context of China. A large sample of unbalanced data from firms were used to explore the relationship firm-level and country-level integrating variables has with firm leverage and maturity; this is accomplished using the fixed effect model. For robustness, a system-generalised method of moments was used. The results indicate that internationalisation positively impacts the leverage and debt maturity of all listed Chinese firms and multinational firms and that state-owned firms are financed mainly by the state. For country-level integration, the authors find that credit and equity markets are negatively related to a firm's leverage. A negative relation with credit markets suggests that Chinese firms have much cheaper financing options than the benefits that arise from credit market integration. Moreover, the effect of equity market integration is more pronounced on Chinese firms' capital structure and debt maturity than credit market integration. The results provide valuable implications of financial integration for policymakers as well as capital structure decision-making for managers in China. Few studies have examined the impact of integration on firms' capital structures in developing countries. After controlling for unobserved heterogeneity and endogeneity, this study adds new multilevel integration evidence on the capital structure of Chinese firms.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-23
      DOI: 10.1108/IJOEM-05-2021-0757
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Antecedents and consequences of organisational citizenship behaviour: a
           mediated-moderation examination in an emerging economy

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      Authors: Ritu Tayal , Mamta Tripathi , Nishant Singh , Umesh Bamel
      Abstract: The objective of this paper is to employ a model to expand the literature's comprehension of the organisational citizenship behaviour (OCB) phenomenon in the Indian banking sector. The authors examine OCB as a mediator of the relationship between job embeddedness (JE), self-efficacy (SE) and organisation effectiveness (OE). The authors also verify the moderating role of affective commitment (AC) on the JE, SE and OE relationship. Data for the purpose of this paper are collected from 568 employees in 89 branches of banks located in North and Central India using a survey questionnaire. The data collected were analysed using structural equation modelling (SEM). The findings confirm the positive association between JE, SE and OE. The results also suggest that OCB mediates the association between the independent and dependent variables. Furthermore, the authors observed that AC moderates the OCB and OE relationship. The results of this examination will assist the employees to realise the substance of OCB in directing their performance towards OE. This investigation will inspire bank managers to notice that employee readiness to put in extra effort in a bank is primarily the effect of apt individual characteristics, namely JE and SE, that can be shaped and developed. Furthermore, this study draws the attention of bank managers towards the significance of AC, as an essential phenomenon to emotionally attach the employees to their organisation. This study contributes to the existing literature on OCB by examining how OCB leads to desired outcomes and the conditions that promote the effect of OCB. The authors address these questions by building on a more contemporary perspective, i.e., PsyCap.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-23
      DOI: 10.1108/IJOEM-09-2021-1383
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Supply chain relational capital and firm performance: an empirical enquiry
           from India

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      Authors: Pushpesh Pant , Shantanu Dutta , S.P. Sarmah
      Abstract: The purpose of this paper is to examine how over-reliance on buyer-supplier relational capital (created through the interconnected supply chain and social network) impacts firm performance in the context of the emerging market, i.e. India. The study uses the Prowess database (on Indian firms) to identify the firms that rely heavily on relational capital and employs panel data regression analyses to test the effect of relational capital on firm performance (supply chain performance and financial performance). The results show that over-reliance on relational capital leads to lower supply chain performance (proxied by supply chain cycle) and financial performance (proxied by Tobin's Q). The results also reveal that supply chain performance mediates the relationship between over-reliance on relational capital and financial performance. Together, these results indicate that over-reliance on relational capital created through the interconnected supply chain and social network for supply chain management may negatively affect a firm's competitive advantage, which in turn can significantly impede its financial performance. In light of the supply chain literature and relevant theories, the study develops an objective understanding of over-reliance relational capital created through the interconnected supply chain and social network, by relying on a large panel dataset of manufacturing firms and hence contributes to the supply chain literature. Also, it presents a novel idea to operationalize the measure for relational capital using the Prowess database.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-21
      DOI: 10.1108/IJOEM-05-2021-0663
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of government ownership on private sector enterprises’
           environmental responsibility: empirical evidence from Chinese listed firms
           

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      Authors: Han Yu , Ciji Song , Zengji Song
      Abstract: Against the background of actively promoting the reform of mixed ownership in China, this study regards government ownership in private sector enterprises (PSEs) as an important political connection mechanism and examines private holding listed companies in high-polluting industries that sold China A-shares from 2012 to 2019. Using regression models such as Tobit and negative binomial estimation, the research empirically examines the impact of government ownership in PSEs on the corporate fulfillment of their environmental responsibilities. Government ownership can effectively promote PSEs to fulfill their environmental responsibilities. Government ownership, as a corporate-level political connection mechanism, enables the government to provide firms with more environmental protection subsidies and environmental tax incentives, encouraging firms to fulfill their environmental responsibilities. When considering the policy risks faced by PSEs, government ownership effectively reduces the impact of policy uncertainty on firms’ fulfillment of environmental responsibilities. Additionally, verifying the economic development level of the city in which the firm is located makes the positive impact of government ownership on fulfillment of environmental responsibilities of PSEs in regions with lower economic development levels more significant. Unlike existing studies that generally use the personal political identity of entrepreneurs to measure the political connections of PSEs, this study regards government ownership in PSEs as an important political connection mechanism. It provides a useful reference for China to formulate environmental protection policies for PSEs.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-21
      DOI: 10.1108/IJOEM-08-2021-1249
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Analyzing the effects of COVID-19 pandemic on supplier performance
           evaluation factors via fuzzy cognitive map with a hybrid learning system

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      Authors: Pinar Kocabey Çiftçi
      Abstract: The COVID-19 pandemic has proven that how supply chain management (SCM) can become a crucial process for sustainability of the world's production/service. The global supply chain crisis during pandemic has affected most of the sectors. Home and personal care products manufacturers are among them. In this study (1) the problems at SCM of personal and home care products manufacturers during pandemic are discussed with the help of medium-size manufacturer and (2) the factors affecting suppliers' performance for the relevant sector during COVID-19 are analyzed comprehensively. The importance of the factors is evaluated using fuzzy cognitive maps that can help to reveal hidden casual relationships with the help of expert knowledge. In order to eliminate subjectivity due to usage of expert knowledge, the maps are trained with a hybrid learning approach that consists of Non-linear Learning and Extended Great Deluge Algorithms to increase robustness of the analysis. The findings of the study indicate that the factors such as general quality level of products/services, compliance to delivery time, communication skills and total production capacity of suppliers have been crucial factors during pandemic. While the implementation of the hybrid learning approach on supply chain can fill the gap in the relevant literature, the promising results of the study can prove the convenience of the methodology to model the of complex systems like supply chain processes.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-14
      DOI: 10.1108/IJOEM-12-2021-1925
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Nexus among board characteristics, earnings management and dividend
           payout: evidence from an emerging market

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      Authors: Malik Abu Afifa , Isam Saleh , Aseel Al-shoura , Hien Vo Van
      Abstract: The direct nexus between board characteristics, earnings management (EM) practices and dividend payout is examined in this study, followed by an examination of the indirect mediation impact of EM practices in the nexus between board characteristics and dividend payout. It aims to provide new empirical evidence from the Jordanian market, which is an emerging market. The study population consists of all service firms that were listed on the Amman Stock Exchange (ASE) between 2012 and 2019. Due to the lack of availability of their complete data during the period, four service firms were omitted from the population; hence, a sample of 43 service firms was acquired over the time frame (2012–2019), yielding a total of 344 firm-year observations. Moreover, panel data analysis was employed in this study, and data for the study were acquired from yearly reports as well as the ASE's database. Based on the GMM estimator findings, board size and independence have a negative and significant influence on the EM, but CEO/chairman duality has a positive and significant impact. Simultaneously, the impacts of female representation on the board of directors and the number of board meetings were both positive but insignificant. The findings also found that four board characteristics, including board size, female representation on the board of directors, CEO/chairman duality and the number of board meetings, had a significant negative or positive effect on dividend payout, while board independence did not. Additional findings show that EM practices have a direct negative insignificant effect on dividend payout, whereas EM practices partially mediate the relationship between board characteristics and dividend payout. The current study's limitation is that it only searched in Jordanian service firms listed on ASE from 2012 to 2019 to fulfill the study's objectives; thus, we urge that future work explores the study models for other sectors, whether in Jordan or other growing markets such as the Middle East and North Africa. The findings of this study may be utilized by analysts, investors and other strategic decision-makers to enhance Jordan's financial market's efficiency and efficacy. These findings will improve policymakers' willingness to impose appropriate constraints, perhaps boosting Jordan's financial market performance and efficacy. These findings may also help investors make more enlightened judgments by utilizing board characteristics and EM factors that predict firm dividend policy. Contradictions in the results of earlier investigations inspired the current study, with the findings filling a gap in the existing literature. This study differs from previous studies by constructing a novel research model and analyzing the mediating influence of EM in the nexus between board characteristics and dividend payout.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-13
      DOI: 10.1108/IJOEM-12-2021-1907
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The role of artificial intelligence in effective business operations
           during COVID-19

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      Authors: Yasheng Chen , Mohammad Islam Biswas , Md. Shamim Talukder
      Abstract: The pressure to survive in a highly competitive market by using artificial intelligence (AI) has further demonstrated the need for automation in business operations during a crisis, such as COVID-19. Prior research finds managers' mixed perceptions about the use of technology in business, which underscores the need to better understand their perceptions of adopting AI for automation in business operations during COVID-19. Based on social exchange theory, the authors investigated managers' perceptions of using AI in business for effective operations during the COVID-19 pandemic. This study collected data through a survey conducted in China (N = 429) and ran structural equation modeling to examine the proposed research model and structural relationships using Smart PLS software. The results show that using AI in supply chain management, inventory management, business models, and budgeting are positively associated with managers' satisfaction. Further, the relationship between managers' satisfaction and effective business operations was found to be positively significant. In addition, the findings suggest that top management support and the working environment have moderating effects on the relationship between managers' satisfaction and effective business operations. The results of this study can guide firms to adopt an AI usage policy and execution strategy, according to managers' perceptions and psychological responses to AI. The study can be used to manage the behavior of managers within organizations. This will ultimately improve society's perception of the employment of AI in business operations. The study's outcomes provide valuable insights into business management and information systems with AI application as a business response to any crisis in the future.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-10
      DOI: 10.1108/IJOEM-11-2021-1666
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Cultural distance and post-acquisition performance: the role of
           absorptive capacity

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      Authors: Stephanie Tonn Goulart Moura , Christian Falaster , Bernardo Silva-Rêgo
      Abstract: Cultural distance can be a challenge for internationalization. However, in some instances, it is possible that different cultures could represent a benefit for multinational enterprises (MNEs) from emerging contexts. Drawing on the knowledge-based view (KBV), the authors propose that greater cultural distances lead to benefits for multinationals seeking to absorb new knowledge overseas. The authors performed ordinary least squares regressions with moderation tests over a database containing 101 cross-border acquisitions to test the study’s hypotheses. The acquisitions were performed by Brazilian firms between 1995 and 2015, targeting 24 host countries. The study’s results indicate that cultural distance positively affects the firm's post-acquisition performance and that absorptive capacity moderates these results, improving the positive effect. The study suggests that cultural diversity is an asset for the multinationals in question. When deciding to invest in a foreign country, managers should consider this cultural diversity as one more value creation driver, especially if the firm has well-developed innovation capabilities. The study’s findings contribute to the international business literature providing further evidence that emerging markets multinationals can create value in acquisitions through the firm's abilities to exploit cultural asymmetries. Thus, the authors also emphasize that absorptive capacity plays a strategic role in multinational's international strategies.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-07
      DOI: 10.1108/IJOEM-08-2021-1251
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The acceptance and continued use of blockchain technology in supply chain
           management: a unified model from supply chain professional's stance

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      Authors: Khuram Shahzad , Qingyu Zhang , Muhammad Kaleem Khan , Muhammad Ashfaq , Muhammad Hafeez
      Abstract: This study pinpoints the critical factors influencing the acceptance of blockchain technology in supply chain management in the light of the extended unified theory of acceptance and use of technology (UTAUT2) with additional factors personal innovativeness in technology and user's self-efficacy. The questionnaire-based data was obtained from SC professionals in China (Beijing). The essential factors influencing it are evaluated through structural equation modeling (SEM), using AMOS software. The empirical findings specify that performance expectancy, facilitating conditions, price value, hedonic motivation, user self-efficacy, and personal innovativeness are positively influencing user satisfaction. User satisfaction has a substantial progressive effect on habit. Furthermore, facilitating conditions, price value, habit, user self-efficacy, personal innovativeness, and user satisfaction have a progressive impact on continued intention to use blockchain technology in supply chain management. Although numerous studies investigated the influencing factors of blockchain technology adoption in supply chain management, no study examined the determinants of UTAUT2. However, this study not only empirically studied the UTAUT2 model but also extended it with the most influencing elements such as personal innovativeness in technology and user's self-efficacy. Furthermore, this study contributes to the BT-enabled SCM literature by studying the continued use and acceptance, rather than testing behavioral intention and initial adoption which is common in previous studies of BT-enabled SCM. Finally, this study discusses the limitations, future directions, and managerial implications of the results so that supply chain professionals can deliver what supply chain stakeholders require.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-07
      DOI: 10.1108/IJOEM-11-2021-1714
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Sustainable supply chain management performance in post COVID-19 era in an
           emerging economy: a big data perspective

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      Authors: Qasim Ali Nisar , Shahbaz Haider , Irfan Ameer , Muhammad Sajjad Hussain , Sonaina Safi Gill , Awan Usama
      Abstract: Big data analytics capabilities are the driving force and deemed as an operational excellence approach to improving the green supply chain performance in the post COVID-19 situation. Motivated by the COVID-19 epidemic and the problems it poses to the supply chain's long-term viability, this study used dynamic capabilities theory as a foundation to assess the imperative role of big data analytics capabilities (management, talent and technological) toward green supply chain performance. This study was quantitative and cross-sectional. Data were collected from 374 executives through a survey questionnaire method by applying an appropriate random sampling technique. The authors employed PLS-SEM to analyze the data. The findings revealed that big data analytics capabilities play a significant role in boosting up sustainable supply chain performance. It was found that big data analytics capabilities significantly contributed to supply chain risk management and innovative green product development that ultimately enhanced innovation and learning performance. Moreover, innovation and green learning performance has a significant and positive relationship with sustainable supply chain performance. In the post COVID-19 situation, organizations can enhance their sustainable supply chain performance by giving extra attention to big data analytics capabilities and supply chain risk and innovativeness. The paper specifically emphasizes on the factors that result in the sustainability in supply chain integrated with the big data analytics. Additionally, it offers the boundary condition for gaining the sustainable supply chain management.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-07
      DOI: 10.1108/IJOEM-12-2021-1807
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Social franchise chains operating in African countries: are their social
           goals aligned with the 2030 United Nations sustainable development
           goals'

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      Authors: Rozenn Perrigot , Komlanvi Elom Gbetchi
      Abstract: Social franchise chains have social goals rather than – or in addition to – commercial or profit-making goals. But are these social goals, disclosed by social franchisors, aligned with the Sustainable Development Goals (SDGs) and, if so, which ones' The authors examine the disclosure of SDG-related information on websites of 69 social franchise chains operating in Africa. The authors' main findings show that social goals disclosed by social franchisors are aligned with certain SDGs that are general in nature and not just sector-dependent, except in the case of education. The authors' paper contributes to the practice by providing examples of the types and varieties of social goals social franchisors can pursue. Moreover, entrepreneurs might be encouraged to launch their franchise concept as franchisors who contribute to SDGs at an international, national or regional level or to join franchise chains as franchisees who contribute to SDGs at the local level. The authors' findings show the potential for social franchise chains in developing countries to target and contribute to achieving SDGs. The authors' paper adds to the limited literature on SDGs and, more specifically, on the role of the private sector, in particular social franchisors, in targeting and achieving SDGs.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-06-03
      DOI: 10.1108/IJOEM-10-2021-1640
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Empirical evidence of the relationship between terrorism and firm
           financial performance in Nigeria

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      Authors: Godwin Okafor , Camilo Calderon
      Abstract: This paper investigates the relationship between terrorism and firm financial performance in Nigeria. The country has become one of the riskiest countries in Sub-Saharan Africa due to the intensity of recent terror attacks. Also, there is a growing focus on the importance of firms, given firms' economic contribution towards growth, employment and economic and industrial transformation. However, no study has tried establishing a relationship between terrorism and firm financial performance. Therefore, providing empirical proof of this relationship is the primary purpose and motivation of this paper. Data from the World Bank Enterprise Survey (WBES) and the Global Terrorism Database (GTD) were used for this study. The baseline analysis was estimated using the pooled ordinary least squares regression technique. For robustness checks, the fixed effects technique was used to control for heterogeneity across the authors' sample of firms and unobserved factors that are time-invariant, while the IV technique was employed to control for any potential endogeneity. The results obtained from the regression analysis were robust to different econometric estimations and approaches. Terrorism was found to have a consistent and significant negative impact on firm financial performance. Furthermore, the marginal effect of terrorism on firm performance was more substantial when state-level terrorism data were used. Studies often focus on the impact of political instability (which is a measure subjectively based on perception) on foreign direct investment or on the activities of multinational corporations. The authors' research is new in supplying evidence of the relationship between terrorism (an objective measure) and the financial performance of manufacturing firms in Nigeria. Methodologically, this study also employed spatially distributed incidents of terrorism within the country. This is because incidents of terrorism are often spatially distributed within a country (i.e. province or state). This will provide new evidence of the effects of within-country variations of terrorism on firm financial performance.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-31
      DOI: 10.1108/IJOEM-04-2021-0639
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Are ESG indexes a safe-haven or hedging asset' Evidence from the
           COVID-19 pandemic in China

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      Authors: Stefano Piserà , Helen Chiappini
      Abstract: The aim of the paper is to investigate the risk-hedging and/or safe haven properties of environmental, social and governance (ESG) index during the COVID-19 in China. This paper employs the DCC, VCC, CCC as well as Newey–West estimator regression. The findings provide empirical evidence of the risk hedging properties of ESG indexes as well as of the environmental, social and governance thematic indexes during the outbreak of the COVID-19 crisis. The results also support the superior risk hedging properties of ESG indexes over cryptocurrency. However, the authors do not find any safe haven properties of ESG, Bitcoin, gold and West Texas Intermediate (WTI). The paper offers therefore, practical policy implications for asset managers, central bankers and investors suggesting the pandemic risk-hedging opportunities of ESG investments. The study represents one of the first empirical contributions examining safe-haven and hedging properties of ESG indexes compared to traditional and innovative safe haven assets, during the eruption of the COVID-19 crisis.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-31
      DOI: 10.1108/IJOEM-07-2021-1018
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Islamic financial literacy and Islamic banks selection: an exploratory
           study using multiple correspondence analysis on banks' small business
           customers

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      Authors: Mohammed Ali Al-Awlaqi , Ammar Mohamed Aamer
      Abstract: Although Islamic banks offer superior financial services than other interest-based conventional banks, they could not expand their share and dominate the markets in several Islamic countries. This problem could be attributed to some causes not addressed. The current study proposes Islamic financial literacy as an important factor that could help aggress this problem. Due to a wide variety of Islamic financial services and the lack of understanding of these services, the banks' small business customers are indifferent between Islamic and interested-based conventional services to finance their business. This study uses the exploratory technique of multiple correspondence analysis to detect any potential role of Islamic financial literacy in customers' preference for Islamic banks over conventional ones. The potential effect was tested with other essential factors, such as the customers' age, gender, and educational level. This analysis was conducted on a data set from 2061 banks' small businesses customers using the mall-intercept survey method. The study shows a low level of Islamic financial literacy among Yemeni banks' small business owners' customers. Furthermore, despite integrating some critical factors that could influence the actual bank selection process among Yemini banks' customers, the authors found a decisive potential role of Islamic financial literacy as one of the key determinants of bank selection preferences. This is the first paper to explore the potential role of Islamic financial literacy on the actual selection between Islamic Banks and their counterparts: the conventional banks in Yemen. The research results could build a more comprehensive theoretical model on Islamic banks' customer behavior.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-31
      DOI: 10.1108/IJOEM-09-2021-1354
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Idiosyncratic volatility, turnover and the cross-section of stock returns:
           evidence from the Korean stock market

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      Authors: Jungmu Kim , Changjun Lee , Woo-Hyuk Lee , Youngkyung Ok , Thuy Thi Thu Truong
      Abstract: The authors aim to understand the driving forces behind the idiosyncratic volatility puzzle in the Korean stock market. The authors study the Korean stock market because previous works report a strong idiosyncratic volatility puzzle in Korea, and the market for the exchange-traded funds (ETFs) including low volatility ETFs has experienced drastic growth in Korea. Using common stocks listed either on KOSPI or KOSDAQ over the period 1997–2016, the authors estimate idiosyncratic volatility using the Fama–French three-factor model. In addition, based on prior literature, the authors use turnover as a proxy for overvaluation. The authors then study the role of turnover in understanding the idiosyncratic volatility puzzle in Korea. The authors find that turnover is highly associated with idiosyncratic volatility. Turnover is extremely large among firms with high idiosyncratic volatility and the puzzle disappears after we control for turnover, meaning that turnover subsumes the explanatory power of idiosyncratic volatility for equity returns. The authors also find underperformance of stocks with high turnover and high idiosyncratic volatility exclusively during earnings announcement periods. Overall, our finding implies that the puzzle arises since high idiosyncratic volatility stocks due to high turnover are overvalued and experience correction afterwards. Literature has suggested explanations based on lottery preferences of investors and market frictions behind the idiosyncratic volatility puzzle. What makes our study distinct from previous work is that we find the role of turnover in understanding the idiosyncratic volatility puzzle using turnover measure as a proxy for overvaluation in the Korean stock market.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-27
      DOI: 10.1108/IJOEM-09-2021-1499
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Developing a resilient healthcare supply chain to prevent disruption in
           the wake of emergency health crisis

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      Authors: Md Kamal Hossain , Vikas Thakur , Yigit Kazancoglu
      Abstract: The study aims to identify and analyse the drivers of resilient healthcare supply chain (HCSC) preparedness in emergency health outbreaks to prevent disruption in healthcare services delivery in the context of India. The present study has opted for the grey clustering method to identify and analyse the drivers of resilient HCSC preparedness during health outbreaks into high, moderate and low important grey classes based on Grey-Delphi, analytic hierarchy process (AHP) and Shannon's information entropy (IE) theory. The drivers of the resilient HCSC are scrutinised using the Grey-Delphi technique. By implementing AHP and Shannon's IE theory and depending upon structure, process and outcome measures of HCSC, eleven drivers of a resilient HCSC preparedness are clustered as highly important, three drivers into moderately important, and two drivers into a low important group. The analysis and insights developed in the present study would help to plan and execute a viable, resilient emergency HCSC preparedness during the emergence of any health outbreak along with the stakeholders' coordination. The results of the study offer information, rationality, constructiveness, and universality that enable the wider application of AHP-IE/Grey clustering analysis to HCSC resilience in the wake of pandemics.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-26
      DOI: 10.1108/IJOEM-10-2021-1628
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Corporate social responsibility and corporate innovation efficiency:
           evidence from China

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      Authors: Ling Yuan , Li Zheng , Yong Xu
      Abstract: This study aims to analyse the impact of corporate social responsibility (CSR) on corporate innovation efficiency and the mechanism underlying this effect. Data of non-financial listed companies operating in China from 2010 to 2019 were employed. Dual fixed-effects and dynamic panel models were used to explore the relationship between CSR and corporate innovation efficiency, and analyse its heterogeneity. The researchers found that CSR reduces innovation efficiency in China. Further, (1) when enterprises conduct CSR to obtain excess returns, it is easy to form excess goodwill; (2) under the pressure of the government and society, enterprises passively assume CSR, thereby crowding out R&D funds; and (3) regardless of whether companies in the high-tech industry actively or passively assume social responsibilities, CSR will not have a significant impact on their innovation efficiency. The sample of this research is limited to Chinese A-share listed companies and lacks consideration for small and medium-sized enterprises. Therefore, whether the conclusions of this article are applicable to small and medium-sized enterprises or family enterprises needs further verification. The research explores the intrinsic motivation and possible consequences of CSR from the dual perspectives of corporate active and passive. The ultimate goal of a firm is to make a profit. In practice, few enterprises pay without any return. Perhaps some companies actively assume social responsibilities in order to obtain greater benefits, while passively assume social responsibilities due to oppression. This study analyses the impact of CSR on corporate innovation efficiency from both active and passive perspectives. The results have important implications for government officials and entrepreneurs.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-24
      DOI: 10.1108/IJOEM-09-2021-1364
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Assessing the role of international transmission channels of sovereign
           risk: a multidimensional spatial econometrics approach

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      Authors: Peipei Liu , Wei-Qiang Huang
      Abstract: This study is the first that aims to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model. Multiple spatial weight matrices can capture the contiguity of spatial units from various dimensions, which could be exploited to improve the precision of inference as well as prediction accuracy. To the best of the authors’ knowledge, this is the first study to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model. With network structure analysis, this study finds that they contain different information content from the perspective of graphical display, node strength and correlation. Developed and emerging countries all play major roles in trade connection, while only developed countries play major roles in financial linkage. Second, by applying the multidimensional SAR model, only the spatial autocorrelation coefficients for trade and financial linkages are significant during the full sample period, which is in sharp contrast to published studies using the SAR model with a single matrix. Third, the spillover channels that play major roles in various periods are different. Only trade channel plays a role during crisis periods and it is the most important. Fourth, the spatial correlation among countries greatly amplifies the shock’s impacts on one market. And spatial effect for developed countries is larger than those for emerging countries, while the mean spatial effect of a unit shock in the USA on emerging countries is slightly greater than that on developed countries. Multiple spatial weight matrices can capture the contiguity of spatial units from various dimensions, which could be exploited to improve the precision of inference as well as prediction accuracy. To the best of the authors’ knowledge, this is the first study to investigate international transmission channels of sovereign risk among G20 and explore its influential factors by applying the multidimensional SAR model.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-23
      DOI: 10.1108/IJOEM-11-2021-1764
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Understanding digital entrepreneurial intentions: A capital theory
           perspective

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      Authors: Ajaz Akbar Mir , Sharfa Hassan , Sher Jahan Khan
      Abstract: Digital entrepreneurship is a highly topical, sub-specialist and contemporary branch of entrepreneurship which is providing ever-increasing range of platforms for pursuing entrepreneurship-related career options. While the academic discourses in this area are increasingly growing, there is an equal level of scant attention paid to inquire how proclivity toward this career choice is developed and influenced. In the present study, this gap has been addressed by identifying major antecedents of digital entrepreneurship intentions under the aegis of capital theory. Using the survey data from 287 respondents, structural equation modeling was utilized to explore the association of four antecedents: digital entrepreneurial competence, innovative cognition, social media adroitness and digital entrepreneurship role models on the goal intentions. Subsequently the association between goal intention and implementation intention to start a digital venture was also examined. The analysis confirms the significant impact of the identified antecedents on the digital entrepreneurial volition of potential entrepreneurs. Our results demonstrate that innovativeness has the greatest impact on the goal intentions to create new digital ventures followed by the presence of role models. Digital competence is also a significant contributor in enhancing the propensity to start digital ventures while being digitally adroit has the least impact on such inclination. Lastly, our study provides empirical evidence to the linkage between goal and implementation intentions. This paper informs practice on entrepreneurship education especially the role of skill-based education programs to enhance the information technology–related knowledge of students and incubation support for hands-on-training on the various dimensions of digital ventures. At policy-level institutions providing entrepreneurial education can design special tasks and learning activities that are focused on acquainting students with design thinking perspectives and lean start-up approaches.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-19
      DOI: 10.1108/IJOEM-05-2021-0687
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Strategic asset-seeking foreign direct investments by emerging market
           firms: the role of institutional distance

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      Authors: Yang Yang , Jia Xu , Jonathan P. Allen , Xiaohua Yang
      Abstract: This study examines the impact of formal and informal institutional distances on the foreign ownership strategies of emerging market firms (EMFs). This is an empirical study relying on two sets of data collected over two time periods, 2006–2008 and 2017–2019, for publicly-listed Chinese companies. Greater formal institutional distances in the host and home countries make EMFs less likely to use joint ventures (JVs), while greater informal distances make EMFs more likely to use the JVs. When both formal and informal institutional distances are high, the use of JVs is more likely. These results are affected by the goal of the foreign direct investment (FDI) project, with strategic asset-seeking (SAS) FDI projects favoring the use of wholly owned subsidiaries (WOSs). This study relies on cross-sectional data from publicly-listed Chinese companies, which may limit the generalizability of the findings. EMFs investing in advanced countries should carefully assess the tradeoffs between transactional cost efficiency and legitimacy in making their foreign ownership decisions. If the goal is to access strategic assets, EMFs should consider WOSs to ensure the transfer of strategic assets and create value for the parent company. The findings show that formal and informal distances between institutions have different impacts on foreign ownership strategies, providing empirical evidence for the need to balance conflicting cost-efficiency and legitimacy considerations when businesses make such strategic decisions. The authors show how this balance depends on the goal of the FDI project.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-17
      DOI: 10.1108/IJOEM-04-2020-0346
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Procyclicality of loan-loss provisions and competitive environment –
           a global perspective

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      Authors: Małgorzata Anna Olszak , Iwona Kowalska
      Abstract: Despite the extensive debate on the impact of bank competition on risk-taking, there is no evidence of its role in procyclicality of loan-loss provisions (LLPs). The purpose of this study is to find out what is the role of competition in the procyclicality of LLPs. Using over 70,000 bank-level observations in 103 countries in 2004–2015 and the LLPs model, this study interacts competition with business cycle to check what is the effect of competition on procyclicality of LLPs. This study finds that intense competition is associated with more procyclicality of LLPs. Increased procyclicality of LLPs in a more competitive environment is binding for high-income countries. The opposite effect is shown for low-income countries. Future research can be extended by testing the role of additional factors – such as regulations, supervision or institutional protection of shareholders' rights, in the association between procyclicality and competition. The main message of this paper is that the competitive environment changes the procyclicality of LLPs. The results are important from the point of view of the COVID-19 pandemic because government interventions during lockdowns will affect competition in the banking industry and in other industries of the economy. This paper contributes to the extant research in three dimensions. First, it shows that competition is an important factor behind procyclicality of LLPs. Second, it adds to the research on the links between competition and financial stability. Third, it shows that the link between competition and procyclicality of LLPs depends on the economic development of the country in which the banks are located.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-13
      DOI: 10.1108/IJOEM-01-2022-0060
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Identifying and analysis of key flexible sustainable supply
           chain management strategies toward overcoming the post-COVID-19 impacts

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      Authors: Tazim Ahmed , Chitra Lekha Karmaker , Sumaiya Benta Nasir , Md. Abdul Moktadir
      Abstract: The emerging markets are facing a lot of risks and disruptions across their supply chains (SCs) due to the deadly coronavirus disease 2019 (COVID-19) pandemic. To mitigate the significant post-COVID-19 consequences, organizations should modify their existing strategies and focus more on the key flexible sustainable SC (SSC) strategies. Still now, a limited number of studies have highlighted about the flexible strategies what firms should adopt to reduce the rampant effects in the context of emerging markets. This study presents an integrated approach including Delphi method, Bayesian, and the Best-Worst-Method (BWM) to identify, assess and evaluate the importance of the key flexible SSC strategies for the footwear industry in the emerging market context. The results found the manufacturing flexibility through automation integration as the most important flexible SSC strategy to improve the flexibility and sustainability of modern SCs. Also, developing omni-channel distribution and retailing strategies and increasing the level of preparedness by using artificial intelligent are crucial strategies for overcoming the post-COVID-19 impacts. The novelty of this research is that the research connects a link among flexible strategies, SCs sustainability, and the impacts of the COVID-19 pandemic. Moreover, the research proposes a novel and intelligent framework based on Delphi and Bayesian-BWM to identify and analyze the key flexible SSC strategies to build up sustainable and robust SCs which can withstand in the post-COVID-19 world.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-10
      DOI: 10.1108/IJOEM-12-2021-1830
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Barriers to achieving sustainability in pharmaceutical supply chains in
           the post-COVID-19 era

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      Authors: Sharmine Akther Liza , Naimur Rahman Chowdhury , Sanjoy Kumar Paul , Mohammad Morshed , Shah Murtoza Morshed , M.A. Tanvir Bhuiyan , Md. Abdur Rahim
      Abstract: The recent pandemic caused by coronavirus disease 2019 (COVID-19) has significantly impacted the operational performances of pharmaceutical supply chains (SCs), especially in emerging economies that are critically vulnerable due to their inadequate resources. Finding the possible barriers that continue to impede the sustainable performance of SCs in the post-COVID-19 era has become essential. This study aims to investigate and analyze the barriers to achieving sustainability in the pharmaceutical SC of an emerging economy in a bid to help decision-makers recognize the most influential barriers. To achieve the goals, two decision-making tools are integrated to analyze the most critical barriers: interpretive structural modeling (ISM) and the matrix of cross-impact multiplications applied to classification (MICMAC). In contrast to other multi-criteria decision-making (MCDM) approaches, ISM develops a hierarchical decision tool for decision-makers and cluster analysis of the barriers using the MICMAC method based on their driving and dependency powers. The findings reveal that the major barriers are in a four-level hierarchical relationship where “Insufficient SC strategic plans to ensure agility during crisis” acts as the most critical barrier, followed by “Poor information structure among SC contributors,” and “Inadequate risk management policy under pandemic.” Finally, the MICMAC analysis validates the findings from the ISM approach. This study provides meaningful insights into barriers to achieving sustainability in pharmaceutical SCs in the post-COVID-19 era. The study can help pharmaceutical SC practitioners to better understand what can go wrong in post-COVID-19, and develop actionable strategies to ensure sustainability and resilience in practitioners' SCs.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-04
      DOI: 10.1108/IJOEM-11-2021-1680
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • How export-oriented SMEs from emerging markets respond to the CSR-related
           code of conduct: a content analysis of auditing reports

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      Authors: Changdong Chen , Yunxia Zhu , Ruochen Jiang , Lifeng Zhu
      Abstract: This study aims to explore how emerging SMEs respond to the multifaceted contents of CSR-related code of conduct (COC) from external stakeholders and the underlying constraining forces and mechanisms shaping such responses. This study opted for a qualitative methodology using the content analysis, and the data were collected from the auditing reports on Chinese export-oriented SMEs carried out by a public and independent third-party agency. The findings showed that SMEs from emerging markets present a short-termism orientation in the response to external CSR-related COC, and the study developed a threefold response typology implemented by SMEs, capturing economic interest and moral rightness as two dimensions shaping such responsive patterns. The study furthermore showed that whether SMEs' responses are more symbolic or substantive depends on managers' beliefs regarding the economic-moral conflict tension involved in the implementation of CSR-related COC. This paper explores emerging SMEs' response strategy to CSR-related issues formulated by external stakeholders and clarifies the underlying decision-making road map to alleviate the tension involved in corporate social responsibility implementation.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-04
      DOI: 10.1108/IJOEM-12-2021-1808
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The link between corporate governance, corporate social sustainability and
           credit risk of Islamic bonds

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      Authors: Awais Ur Rehman , Saqib Farid , Muhammad Abubakr Naeem
      Abstract: Motivated by lack of empirical research on sukuk (Islamic bonds) defaults and factors influencing the credit risk in sukuk industry, the study investigates the impact of corporate governance (CG) practices and corporate social sustainability (CS) disclosures on default risk of Islamic bonds in an emerging market. In the Malaysian context the authors use generalized method of moments (GMM) to examine the mitigating effect of CG structure and CS disclosures on distance to default (DD) of sukuk issuers. The results show that although both CG and CS have a significant and positive relationship with distance to default, the contribution of CS to augment DD is higher. Moreover, different CG variables have a varied relationship with distance to default, while the association is positive for all three pillars of CS, videlicet economic, social and environmental sustainability. The findings of the study hold important implications for issuers, subscribers and regulators in the sukuk industry. Limited research investigates the relationship between CG, CS and default risk of Islamic bonds. In light of this, the study attempts to fill the theoretical void in literature by examining the relationship among the underlying variables.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-03
      DOI: 10.1108/IJOEM-02-2021-0210
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Promoting a heritage product to domestic youth markets:
           should it be localized'

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      Authors: Afred Suci , Hui-Chih Wang , Her-Sen Doong
      Abstract: Localization, glocalization, and standardization advertising strategies have scarcely been examined in the context of internationally acknowledged heritage products aimed at young domestic consumers in emerging markets. This study investigated two essential advertising cues: endorser nationality (local vs Western) and language (local vs English). National pride and gender effects were also analyzed. Eight brochure types were constructed to represent localized, glocalized, and standardized print advertisements and examine their effects on brand image and purchase intention. MANOVA, MANCOVA, and moderated mediation analysis were employed to test the model. The localization presenting same-sex endorsement is the best fit for promoting an internationally acknowledged heritage product to young, educated domestic consumers who have a low-to-moderate level of national pride (NP). This study provides theoretical implications in localization, NP, and gender effect in ad strategy. This study fills a literature gap regarding the effects of localization, glocalization, and standardization advertising strategies on culturally bound heritage products aimed at young consumers in emerging markets. The moderating effect of NP adds to the novelty of this study.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-03
      DOI: 10.1108/IJOEM-07-2021-1033
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Google Trends and cryptocurrencies: a nonparametric causality-in-quantiles
           analysis

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      Authors: Syed Ali Raza , Larisa Yarovaya , Khaled Guesmi , Nida Shah
      Abstract: This article aims to uncover the impact of Google Trends on cryptocurrency markets beyond Bitcoin during the time of increased attention to altcoins, especially during the COVID-19 pandemic. This paper analyses the nexus among the Google Trends and six cryptocurrencies, namely Bitcoin, New Economy Movement (NEM), Dash, Ethereum, Ripple and Litecoin by utilizing the causality-in-quantiles technique on data comprised of the years January 2016–March 2021. The findings show that Google Trends cause the Litecoin, Bitcoin, Ripple, Ethereum and NEM prices at majority of the quantiles except for Dash. The findings will help investors to develop more in-depth understanding of impact of Google Trends on cryptocurrency prices and build successful trading strategies in a more matured digital assets ecosystem.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-05-03
      DOI: 10.1108/IJOEM-10-2021-1522
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Covid-19 and consumers' online purchase intention among an older-aged
           group of Kosovo

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      Authors: Asdren Toska , Jusuf Zeqiri , Veland Ramadani , Samuel Ribeiro-Navarrete
      Abstract: This study aims to investigate the online purchase intention of an older-aged group in Kosovo. Very few studies have analyzed the online purchase intention of these age groups in emerging countries including Kosovo, during the COVID-19 pandemic, which led to an increased usage of online shopping among older adults. The study used a quantitative methodology and a structured questionnaire was used for collecting the data. Structural equation modeling (SEM) using partial least squares (PLS) was used to analyze 262 responses from an older-aged group of consumers from Kosovo. The findings of this study showed that COVID-19 as a perceived risk affected online purchase intention. In addition, panic from perceived risk, perceived usefulness of social media and delivery in time also positively impacted the online purchase intention of this group of generations. The study provides theoretical implications to consumer behavior literature during pandemics and how certain age groups behave during their purchase intention. The study also provides insight into other studies in emerging countries to see similarities and differences in online purchase behavior.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-26
      DOI: 10.1108/IJOEM-12-2021-1875
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Ethical leadership, workplace spirituality, and job satisfaction:
           moderating role of self-efficacy

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      Authors: Junaid Aftab , Huma Sarwar , Alina Kiran , Muhammad Imran Qureshi , Muhammad Ishtiaq Ishaq , Sadaf Ambreen , Arqam Javed Kayani
      Abstract: In the 21st century, spirituality is becoming an interesting phenomenon in the workplace and has been discussed by academicians, researchers, and practitioners alike. This growing knowledge offers important insights and calls for conceptual and empirical studies on workplace spirituality. Accordingly, the current research aims to examine how ethical leadership (EL) helps to foster workplace spirituality and job satisfaction (JS) in the information technology (IT) industry. Additionally, it investigates the mediating role of workplace spirituality and moderating role of self-efficacy (SE) in the relationship between EL and JS. Using a cross-sectional design, the data were collected from 268 employees in the IT industry and analyzed on SmartPLS 3.2 using structural equation modeling. The findings indicated that EL promotes a sense of spirituality and increases JS. Additionally, results suggested that workplace spirituality partially mediates, and SE moderates the relationship between EL and JS. The results suggest that the top executives should work on identifying and developing ethical qualities to promote a sense of meaningfulness (workplace spirituality) and increase JS. The research provides an important contribution to the academic literature by exploring the role of EL in fostering spirituality among employees and the moderation of SE on the relationship between EL and JS in the services industry.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-19
      DOI: 10.1108/IJOEM-07-2021-1121
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Determinants of satisfaction with imported Asian pears in the US:
           moderating role of Korea's country image

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      Authors: Sunhee Seo , Kawon Kim , Soo Yeon Im
      Abstract: This study aimed to investigate the effects of accessibility, quality perception, and price perception on consumer satisfaction with imported fruit, specifically imported Asian pears. The moderating role of the country image was also assessed. A total of 413 Americans aged over 19 years who had purchased imported Asian pears were surveyed through an online questionnaire. Structural equation modeling and multiple group analysis were conducted to test the hypotheses. Accessibility, quality perception, and price perception exhibited a significant impact on consumer satisfaction with imported Asian pears and influenced behavioral intention through satisfaction. Multiple group analysis results revealed a moderating effect of the country image on these relationships. Accessibility had a significant impact on consumer satisfaction of consumers with a high country image of Korea, whereas prices had no significant impact on them. In contrast, price was determined as a key satisfaction factor for consumers with a low country image of Korea, whereas accessibility did not have a significant impact. This study contributes to the literature on imported fruits and provides practical implications for promoting the consumption of imported Asian pears in the US.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-19
      DOI: 10.1108/IJOEM-09-2021-1394
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Whether, how and why home country environments influence emerging market
           firm acquisition behavior

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      Authors: Rama Krishna Reddy , Frances Fabian , Sung-Jin Park
      Abstract: According to the 2019 World Investment Report, recent events in deglobalization have made many countries, especially developed markets, resist inward foreign direct investment (FDI) as ceding control to foreign countries. At the same time, many emerging market firms (EMFs) have been increasing their acquisitions in developed markets. The authors elaborate three unconventional motives that justify such acquisitions, and test whether conditions in home countries related to these motives predict the pursuit of greater or lesser equity control. Understanding how home country conditions may spur seeking greater equity control can help policymakers and business firm decision-makers improve these dynamics. Examining data covering the period 2006–2018, the authors test hypotheses using a sample of 4,130 acquisitions by EMFs into developed markets, and test hypotheses to investigate “How does the institutional and resource environment of an EMF's home country relate to the respective EMF acquisition behavior of seeking equity control'” The authors found that higher institutional quality, poorer factor market development, and higher capital market quality in the home country are related to higher equity positions sought. Acquiring and target firm managers, along with other stakeholders, can gain insights on how to respond to acquisition opportunities by recognizing how home country conditions influence emerging market internationalizing behaviors into developed markets. The compilation of this data uniquely covers 48 different emerging markets and further concentrates on the relatively less understood pre-deal phase for EMNEs entering developed markets.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-15
      DOI: 10.1108/IJOEM-08-2021-1274
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Career resilience and professional attitudes of tourism practitioners in
           China under the COVID-19 pandemic

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      Authors: Zhi-Fei Li , Jia-Wei Zhao , Shengliang Deng
      Abstract: This paper investigates the current psychological state of Chinese tourism practitioners and their career resilience during the ongoing COVID-19 pandemic. It empirically examines the effects of COVID-19 on Chinese tourism practitioners' professional attitudes and their career belief in the future. The study is intended to guide enterprises and governments to design effective strategies/policies to deal with the effect of this unfavorable environment. The sample consists of 442 tourism practitioners in 313 tourism enterprises in China. The data were collected via a targeted online survey based on a well-structured questionnaire. The data were analyzed using statistical procedures including multilevel regression analysis. The study results show that Chinese tourism practitioners have strong career resilience in the face of current turbulent time. After testing, the model shows that career beliefs and social support have a significant positive impact on the professional attitudes of tourism practitioners, and that career resilience has a partial mediating effect on their career beliefs, social support and professional attitude. This study enriches the existing literature on career belief, social support and career resilience. It provides a new interpretation on how career belief and social support impact career resilience and thus shape tourism practitioners' professional attitudes during pandemics.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-12
      DOI: 10.1108/IJOEM-01-2021-0042
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Technology-based business incubators: the impacts on resources of startups
           in Brazil

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      Authors: Clarissa Dourado Freire , Mário Sacomano Neto , Herick Fernando Moralles , Luiz Guilherme Rodrigues Antunes
      Abstract: This paper aims to analyze the influence of technology-based business incubators (TBIs) on the resources of technology startups in Brazil. The authors identify which resources are offered and explore the importance of resources for TBIs and startups. The theoretical background is based on the resource-based view, the resource dependency theory and total factor productivity. The study is characterized by a descriptive approach. The method includes a multiple case study and a survey. For data collection, we conducted interviews with three managers from TBIs and distributed questionnaires to 30 startup founders. The content analysis supports the identification of the resources, while the quantitative approach explores the relationship between total factor productivity and resources. Resources are the linkage between startups and TBIs, promoting the development and continuity of these organizations. Among the resources offered by TBIs, the most representative is physical resources, due to the early stage of startups. TBIs do not offer financial resources directly but facilitate access through networks with other actors. The research implications depict the importance of resources as a link between TBIs and startups. The results highlight how TBIs play an important role in promoting entrepreneurship and innovation in the context of emerging economies such as Brazil. This article performs a multi-theoretical analysis, addressing the perspectives concerning resources. No previous study has used this combination of perspectives to analyze the relationship between TBIs and startups in Brazil, filling the gap about this subject in emerging economies.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-12
      DOI: 10.1108/IJOEM-08-2020-0900
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Capability upgrading through technological proximity: evidence from a
           leading Chinese e-bike firm

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      Authors: Huanhuan Ma , Jingqin Su , Shuai Zhang , Sijia Zhang
      Abstract: The rapid growth of emerging market firms (EMFs) has been a topic of interest for the past two decades, especially in China. However, few studies have discussed how and why EMFs can impel the upgrading of their capabilities to quickly win competitive advantages in the global market. In this context, the purpose of this paper is to unravel the implausible upgrading phenomenon from the perspective of technological proximity. This paper adopts a single case study, specifically that of a leading Chinese e-bike firm, with a special focus on the dynamic nature of the capability upgrading process and underlying mechanisms. The results show that taking advantage of technological proximity is an important way for EMFs to climb the ladder of capability upgrading. The stage-based process reveals how capability upgrading is achieved through elaborate actions related to technological proximity. Furthermore, this study finds three learning mechanisms behind the technological proximity, which enable firms to successfully upgrade to higher levels of capabilities. In particular, the trigger role played by contextual conditions in guiding firms' capability upgrading is highlighted and characterized. This study enriches traditional capability upgrading literature from a technological proximity perspective, especially the traditional static upgrading research related to EMFs. The authors also contribute to the conceptualization of technological proximity. However, the research setting is China's e-bike industry; therefore, the study's generalizability to other emerging markets and industries may be limited. The results show that it is important to recognize the value of the transfer and sharing of technology between proximal industries for local governments. Also, appropriate policies should be developed to break down the technology barriers between these industries. Moreover, rather than catching up with the superior technologies of multinational corporations in advanced countries, focusing on products with high technological proximity in local or regional areas may be more helpful for EMFs' upgrading. This paper investigates the capability upgrading process and mechanisms in EMFs, particularly with respect to the role played by technological proximity.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-07
      DOI: 10.1108/IJOEM-04-2021-0548
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The role of education in filling the gender gap in financial inclusion in
           low-income economies

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      Authors: Saeed Pahlevan Sharif , Navaz Naghavi , Hassam Waheed , Kizito Uyi Ehigiamusoe
      Abstract: This study aims to investigate whether gender predicts financial inclusion and whether education can fill the gender gap in financial inclusion when controlling for the effects of supply side factors of financial inclusion in low-income economies. This study aims to investigate whether gender predicts financial inclusion and whether education can fill the gender gap in financial inclusion when controlling for the effects of supply side factors of financial inclusion in low-income economies. The findings provided support for the gender gap in financial inclusion using the most basic measure of financial inclusion. However, using formal savings and access to credit, the gender gap hypothesis is not supported. Moreover, the results revealed that education reduces the gender gap in the basic form of financial inclusion. However, this study could not find any significant difference between men and women's financial inclusion in terms of saving at a bank or borrowing from a bank though men tend to save more than women informally. The current study contributes to the literature by examining the role of education in the relationship between gender gap and financial inclusion when controlling for the effects of heterogeneous infrastructure and the supply side factors of financial inclusion among the selected countries.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-05
      DOI: 10.1108/IJOEM-07-2021-0991
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Investor personality as a predictor of investment intention – mediating
           role of overconfidence bias and financial literacy

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      Authors: Riidhi Jain , Dipasha Sharma , Abhishek Behl , Aviral Kumar Tiwari
      Abstract: The purpose of this study is to examine the role of personality traits (PTs) of individual investors on their investment intention (II). Further, to study the mediating role of overconfidence (OC) bias and financial literacy (FL) on the relationship between PTs and II. The present study uses the quantitative approach for the data collection from the sample of 327 Indian investors investing in the stock market. The questionnaire was divided into segments to assess the investor’s PTs, OC, FL and II. The PT has been measured using the Big Five Personality Traits. Confirmatory factor analysis was used to test the reliability and validity of the constructs. The hypothesis was tested using structural equation modeling. Findings of the study show that the PTs of an individual investor are associated with FL and II but insignificant with OC bias. Further, the FL and OC bias have a positive and significant influence on II. In addition, the mediation analysis showed that FL partly mediates the relationship between PTs and II. The present study is helpful for financial companies, government, personal finance advisors and individual investors; they can keep in mind the behavior-related traits that can influence the investment decisions and design the portfolio accordingly. The policy-makers can implement programs on FL to enhance investment decisions in India. This paper is unique that covers the mediating role of psychological bias, i.e. OC bias and FL, between the PTs and II of an Indian investor.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-04-04
      DOI: 10.1108/IJOEM-12-2021-1885
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Consumers' intention toward buying ethically produced products in
           Bangladesh

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      Authors: Yi-Hui Ho , Syed Shah Alam , Mst. Nilufar Ahsan , Chieh-Yu Lin
      Abstract: While many companies begin to promote ethically produced products, much remains to be known about consumers' buying intention toward these products. This paper attempts to integrate the theory of planned behavior and the Hunt–Vitell theory of marketing ethics to explore the buying intention toward ethically produced food products in a developing economy. Data were collected through a questionnaire survey in Bangladesh. Structural equation modeling technique was used to test the research model. Research findings showed that deontological evaluation and teleological evaluation have significantly positive effects on perceived behavioral control and subjective norm. Perceived behavioral control, subjective norm, attitude, hedonic and utilitarian value have significantly positive effects on buying intention toward ethically produced foods. The results are practically and theoretically meaningful because the integrated model holds well explanatory power to predict consumers' intention toward buying ethical foods and thereby understand consumers' ethical decision-makings.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-31
      DOI: 10.1108/IJOEM-02-2021-0216
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Re-configuring ownership structure, board characteristics and firm value
           nexus in Malaysia: the role of board gender and ethnic diversity

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      Authors: Sitara Karim , Muhammad Abubakr Naeem , Rusmawati Binti Ismail
      Abstract: This study serves two objectives; first, it examined the impact of ownership structure and board characteristics on firm value; second, the moderating effects of board gender diversity (women appearance on board) and board ethnic diversity (Chinese, Indian, and Foreign ethnicities) have been examined on the relationship between ownership structure, board characteristics, and firm value. The dynamic model, system generalized method of moments (S-GMM hereafter), is employed to control potential dynamic endogeneity, reverse causality, simultaneity and unobserved heterogeneity persistent in corporate governance-performance relationships during 2006–2017 of 483 Malaysian listed companies. Findings pertaining to objective one reveal that there is a weak linkage between ownership structure and firm value, whereas board characteristics significantly affect firm performance based on resource dependence theory. While considering the results of objective two, there is mixed evidence of moderating impact of board gender and ethnic diversity on ownership structure, board characteristics and performance nexus. The findings of the study are practically significant for regulatory bodies, namely, Bursa Malaysia, Securities Commission (SC) Malaysia, and policymakers to develop guidelines for ownership structure variables. Moreover, Malaysian firms need to disperse their concentrated ownership structure for enhanced firm value. In addition, board characteristics significantly affect firm performance in Malaysian listed companies. The paper contributes to multiple aspects: first, it examined the impact of ownership structure and board characteristics on firm performance. Second, the moderating effect of board gender and board ethnic diversity contributes to research significant and valuable for the researchers and practitioners. Finally, the study employed S-GMM, controlling for dynamic endogeneity considered a main econometric problem for CG-performance relationships.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-30
      DOI: 10.1108/IJOEM-01-2021-0004
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of real earnings management on earnings persistence –
           evidence from India

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      Authors: Srikanth Potharla
      Abstract: The present study aims to examine the relationship between real earnings management and earnings persistence and also to test how the group affiliation of the firms influences this relationship. The study draws the sample of listed non-financial firms in the Indian market from the year 2011 to 2018 and applies panel least squares regression with industry and year fixed effects. Future performance of a firm is measured by one year leading value of return on assets. The interaction term of real earnings management and return on assets is used to measure the impact of real earnings management on earnings persistence. The firm-specific controlling variables are also included in the empirical model. The robustness of the results is tested by sub-dividing the sample into group affiliated and non-group affiliated firms. The findings of the study reveal that opportunistic earnings management has a significant impact on earnings persistence when real earnings management is measured through abnormal increase in operating cash flows and abnormal reduction in discretionary expenditure. On the other hand, signalling earnings management has a significant impact on earnings persistence when real earnings management is measured through abnormal increase in the level of production. The results also reveal that REM has more negative implications on group affiliated firms compared to non-group affiliated firms supporting the theory of entrenchment effect. This is the first study in the Indian context which tests the implications of real earnings management on earnings persistence by using three alternative measures of real earnings management. The study contributes to the existing literature on the implications of real earnings management in emerging markets like India.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-30
      DOI: 10.1108/IJOEM-05-2020-0576
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Do consumer boycotts really matter with global companies'
           The moderating effect of gender differences

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      Authors: Changju Kim , Xiuyan Yan , Soohyun Park
      Abstract: Drawing on the theory of planned behavior, this study aims to conduct an empirical investigation on whether and how psychological and motivational factors (i.e. attitudes, subjective norms and perceived behavioral control) affect actual purchase behavior. It does so through the lens of boycott intention and gender differences in the context of boycott campaigns. Focusing on the South Korean boycott campaign against Japanese companies, this study employs a structural equation model using survey data from 571 South Korean consumers to test the hypotheses. While the three psychological and motivational factors inhibit all three dimensions of actual purchase behavior (i.e. purchase frequency, number of items purchased and purchase amount) through increased boycott intention, perceived behavioral control of boycotts directly curb South Korean consumers from purchasing Japanese products. Additionally, the effect of boycott intention on overall actual purchase behavior is stronger for men than for women, suggesting a moderating role of gender. To mitigate the devastating impact of unexpected consumers' boycott campaigns, this study advises that global brand management and attractive online channels are essential while considering the differential impact of gender. By conceptualizing three dimensions of actual purchase behavior capturing behavioral changes before and after a boycott, this study highlights the linkages between psychological and motivational factors, intentions and behaviors. Additionally, this study attempts to clarify the previously conflicting evidence on gender's role in boycott campaigns while taking a culture-inclusive psychologies approach to gender.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-29
      DOI: 10.1108/IJOEM-03-2021-0312
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Role of imported raw materials in the performance of inward foreign direct
           investments in Ethiopia

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      Authors: Mumin Dayan , Frank Yat Cheong Leung , Muammer Ozer
      Abstract: Drawing on the resource dependence theory (RDT), this paper investigates ownership composition, export intensity, and industry class as moderating factors to investigate the role of imported raw materials in performance of inward foreign direct investment (IFDI) in Ethiopia. The hypotheses were tested using secondary data obtained from the 2016 Central Statistical Agency (CSA) on Large- and Medium-Scale Manufacturing and Electricity Industries Survey. The data included basic quantitative information on the country's manufacturing industry. The data items for the 2016 manufacturing and electricity industries surveyed are the numbers of proprietors or establishments involved in various sectors. The report did not record small firms that employed fewer than 10 people and did not use power-driven machinery. Two-Stage least squares (2SLS) regression analysis was performed to test the proposed hypotheses. The results of this study indicate that three moderators (ownership composition, export intensity, and industry classification) interact with the hypothetical relationships between imported raw materials and performance. These findings enrich the knowledge of IFDI firms' operations in Ethiopia and in other least-developed countries (LDCs). The findings could provide information for IFDI firms that are looking to invest in LDCs. Like all social science research, this study has some limitations. First, the research was conducted with the data found in the Report on Large- and Medium-Scale Manufacturing and Electricity Industries Survey In 2016. This was the first year of the second five-year Growth and Transformation Plan (GTP II), a national development plan for the 2016–2020 period. Continual research on IFDI in Ethiopia in the following years will be needed to get a full picture of the effects of the determinants on IFDIs. To IFDI investors, the result of this thesis demonstrates several alternatives to overcoming hurdles in manufacturing operation. The results find that J.V. firms make better use of imported raw materials than W.O. subsidiaries in order to achieve better performance. Concerning the choice between focusing on export or domestic markets, the study suggests that domestic market—oriented companies require less imported raw materials to achieve better performance. Concerning the comparative advantage on different industries, this study found the performance of firms in Industry 12 depended on imported raw materials. These findings highlight the challenges and opportunities for potential foreign investors. Ownership composition, market factors, and industry factors should be well considered in making investment decisions. This is one of few studies on IFDI in Ethiopia, the most populous LDC. Ownership composition, export intensity, and industry class are used as moderating variables to investigate the difference between imported raw materials and the level of expatriate deployment to IFDI performance. For IFDI investors, the results of this study demonstrate several alternatives to overcoming hurdles in manufacturing operation.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-29
      DOI: 10.1108/IJOEM-09-2020-1097
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Asymmetric dynamics in sovereign credit default swaps pricing: evidence
           from emerging countries

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      Authors: Serdar Simonyan , Sema Bayraktar
      Abstract: This paper examines the relationship between sovereign credit default swaps (CDS) and several macroeconomic factors in an asymmetric setting and distinguishes between short-run and long-run impacts. Country-specific factors (e.g. equity index, international reserves, interest rate and industrial production) and global factors (e.g. US stock volatility [VIX], geopolitical risk and oil price) are the main explanatory variables. This analysis uses a nonlinear autoregressive distributed lag approach that enables us to study both long-run and short-run dynamics. This study results show that two country-specific factors (equity index and international reserves) and two global factors (VIX and oil price) are the most important factors and affect CDS asymmetrically. The asymmetric relationships between sovereign CDS and variables in bull and bear markets can also be studied. Consideration of asymmetries in the variance could also be a fruitful step taken for further research. The findings imply that investors and portfolio managers should design their investment and hedging decisions related to government bonds by taking into account the existence of an asymmetric relationship. Moreover, policymakers can benefit from this asymmetric information in the timing of debt issuance. This paper examines the relationship between sovereign CDS and several macroeconomic factors in an asymmetric setting and distinguishes between short-run and long-run impacts.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-28
      DOI: 10.1108/IJOEM-03-2021-0469
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • More structure or better social practices' Using a contingency lens to
           address ambidexterity gaps in innovative SMEs

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      Authors: Carolina Rojas-Córdova , Julio A. Pertuze , Amanda Jasmine Williamson , Michael Leatherbee
      Abstract: Environmental uncertainty (EU) and firm size (FS) generate inertial forces that can push small and medium-sized enterprises (SMEs) to emphasize either exploration or exploitation. In this article, the authors explore how structural (e.g. formal processes, control and discipline) and social (e.g. employee support and decision-making involvement) managerial instruments counteract such inertial forces and enable SME ambidexterity. Building on the organization-context literature, the authors propose a model in which EU and firms' size moderate the relationship between structural and social managerial instruments on SME ambidexterity. The authors examined a moderation model using surveys of chief executive officers (CEOs) and performance archival data from 237 Chilean SMEs. The authors find that the positive effect of structure on SME ambidexterity decreases with FS. In contrast, social instruments have a positive effect on ambidexterity for larger firms, especially for those operating in uncertain environments. In cases in which EU and firms' size reinforce the exploration or exploitation tendencies of SMEs, structural and social instruments play a complementary role in achieving ambidexterity. The authors contribute by proposing a contingent mix of structural and social instruments to enable SME ambidexterity. These results inform policymakers and SME managers by suggesting strategies to promote ambidexterity based on firms' size and EU.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-28
      DOI: 10.1108/IJOEM-04-2021-0572
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Foreign direct investment inflows and energy diversification in emerging
           seven economies: evidence from a panel data analysis

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      Authors: Mohd Irfan , Raj Kumar Ojha
      Abstract: Higher economic growth accompanied by rising energy demand poses severe challenges to the long-term environmental sustainability of E7 economies, including Brazil, China, India, Indonesia, Mexico, Russia and Turkey. Thus, this paper explores the influence of foreign direct investment (FDI) inflows on energy diversification for E7 economies. The dataset is panel data for emerging seven (E7) economies, covering the period 1992–2017. The empirical investigation relies on econometric techniques: panel cointegration test and panel autoregressive distributed lag model. The findings reveal that energy diversification and FDI inflows are cointegrated. In the long run, higher FDI inflows encourage energy diversification, but energy efficiency improvements discourage energy diversification. In the short run, the effects of FDI inflows on energy diversification vary across E7 economies, highlighting the role of country-specific factors in determining the short-run influence of FDI inflows on energy diversification. The findings suggested that FDI policies should encourage the adoption of nonconventional energy resources to stimulate energy diversification in E7 economies. Besides, better coordination between energy diversification and energy efficiency policies is required in the long run for a successful transition towards low-carbon economy goals. This study is a unique empirical exercise that uncovers a cointegrating relationship between energy diversification and FDI inflows for E7 economies. Moreover, the analysis provides homogenous long-run and heterogeneous (country-specific) short-run coefficient estimates for the effect of FDI inflows on energy diversification.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-25
      DOI: 10.1108/IJOEM-09-2020-1137
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Does family size matter to investors' Evidence from mutual fund flow
           in Saudi Arabia

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      Authors: Bader Jawid Alsubaiei
      Abstract: This study aims to examine the role of fund family size on the money flow of Saudi Arabian open-end equity mutual funds. The author also investigates whether the relationship between fund flow and past return varies based on the fund's family size. The study analyses 256 equity funds that operated in Saudi Arabia from 2006 until 2017. Pooled and fixed-effect regression models are used to test the relationship between mutual fund flow and family size. The results indicate that fund flow is higher for large size family funds. The results also show that the relationship between mutual fund flow and past performance is more pronounced for large size families, which supports the concept that investors pay extra attention to funds' return and size. The author provides evidence of the significant effect of family size of mutual funds on future money flow, which helps fund managers to understand investors' motivations for allocating their cash. This paper contributes to the literature by examining the impact of family size level on the interaction between fund flow and past performance. This study is believed to be the first to investigate the family size factor in Saudi Arabia using a comprehensive data set.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-22
      DOI: 10.1108/IJOEM-09-2021-1441
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Does foreign direct investment stimulate the output growth of the formal
           economic sector in Vietnam: a subnational-level analysis

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      Authors: Thi Bich Thuy Dao , Vi Dung Ngo
      Abstract: This study focuses on the relationship between foreign direct investment (FDI) and economic growth of the formal sector comprising all foreign and domestic registered enterprises engaged in production of goods and services. This study uses a balanced longitudinal data set for the period from 2006 to 2014 from secondary sources in 63 provinces/cities of Vietnam. The generalized method of moments (GMM) estimation for a dynamic panel data model is applied. The greater the share of FDI in capital resource, the more favorable the output growth in the whole formal sector. The FDI enterprises are more productive than domestic formal firms, and the output growth of FDI firms creates a positive spillover effect on the output growth of domestic firms. The effect of FDI on economic growth is investigated at subnational level for the whole formal economic sector as well as the formal domestic firms. The domestic and foreign industrial agglomerations and the business environment are also examined.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-22
      DOI: 10.1108/IJOEM-09-2021-1506
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Examining the role of China's outward direct investment in realizing
           carbon neutrality: empirical evidence from Belt and Road countries

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      Authors: Qingyan Jiang , Cuihong Yang , Jie Wu , Yan Xia
      Abstract: Known as the major capital providers in Belt and Road countries and the largest carbon emitter in the world, what role China's outward direct investment (ODI) plays in carbon neutralization has become a matter of concern. This study aims to measure the impact of China's ODI on the carbon emissions of Belt and Road countries. Based on an econometric model and an inter-regional input–output model, a new model measuring the carbon emission effects of ODI is developed. The empirical results show that (1) in general, China's ODI generates an emission-reduction effect in Belt and Road countries; (2) The relationship between the emission-reduction effect and income level of host countries shows an approximate inverted U-shaped trend; and (3) China's ODI generates stronger emission-reduction effects on capital-intensive industries. This study quantitatively measures the scale of carbon emission-increase and reduction effect, which is relatively lacking in previous studies. This study explores the heterogeneity from the perspectives of regions, countries and industries. The authors have compiled an inter-regional input–output table for the Belt and Road countries for 2014 to provide a broad basis for the study of related issues.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-21
      DOI: 10.1108/IJOEM-09-2021-1492
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of foreign and domestic ETFs on the volatility and
           pricing-efficiency of constituents during turbulent and tranquil times:
           Indian evidence

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      Authors: Vanita Tripathi , Aakanksha Sethi
      Abstract: The purpose of this study is to ascertain how foreign and domestic Exchange Traded Funds (ETFs) investing in Indian equities affect their return volatility and pricing efficiency. Further, we investigate how the difference in market timings affect the impact of ETFs on their constituents. Lastly, we examine how these effects vary during tranquil and turmoil periods in the ETF markets. The study is based on quarterly data for stocks comprising the CNX Nifty 50 Index from 2009Q1 to 2019Q3. The data on holdings of 45 domestic and 196 foreign ETFs in the sample stocks were obtained from Thomson Reuters' Eikon. The paper employs a panel-regression methodology with stock and time fixed effects and robust standard errors. Foreign ETFs from North America and the Asia Pacific largely have an adverse impact on stocks' return volatility. In times of turmoil, stocks with higher coverage of European, North American and Domestic funds are susceptible to volatility shocks emanating from these regions. European and Asia Pacific ETFs are associated with improved price discovery while North American funds impound a mean-reverting component in stock prices. However, in turbulent markets, both positive and negative impacts of ETFs on pricing efficiency coexist. To the best of the authors' knowledge, this is the first study that examines the impact of domestic as well as foreign ETFs on the equities of an emerging market. Furthermore, the study is unique as we investigate how the effects of ETFs vary in turbulent and tranquil markets. Moreover, the paper examines the role of asynchronous market timings in determining the ETF impact. The paper adds to the growing literature on the unintended consequences of index-linked products.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-15
      DOI: 10.1108/IJOEM-03-2021-0311
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Overcoming the liability of origin: cross-listing in developed economies
           as a signal

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      Authors: Jiang Wei , Jie Zheng , Yan Zuo
      Abstract: The purpose of this paper is to investigate the role of cross-listing in overcoming liability of origin (LOO) facing emerging economy corporations (EECs). This paper takes Chinese firms' cross-listing in Hong Kong and the firms' establishment of international joint ventures (IJVs) with foreign partners as the research setting. This is an empirical study using Heckman's self-selection model as the primary econometric technique and two-stage least square (2SLS) regressions as the supplementary estimation procedure. Cross-listing in developed economies can serve as a signal for EECs to overcome the LOO. In addition, the regional institutional voids of emerging economies (EEs) and state ownership are prominent boundary conditions shaping this effect. Only Chinese firms and the firms' cross-listing in Hong Kong are considered for the empirical context as a result of data availability. This paper provides a practical solution for EECs whose internationalisation tends to be hindered by the LOO. This study is of high importance in that it centres on a distinctive and challenging problem faced with EECs—the LOO. Besides, it ascribes this liability to a matter of information asymmetries and explores how cross-listing can serve as a signal to cope with this challenge.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-14
      DOI: 10.1108/IJOEM-01-2021-0111
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Corporate R&D spending, subsidies and stock market reactions to seasoned
           equity offering announcements: evidence from China

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      Authors: Xin Xiang
      Abstract: This study focuses on an emerging market, China, and investigates the effects of corporate research and development (R&D) spending and subsidies on stock market reactions to seasoned equity offering (SEO) announcements. The study uses a sample of SEOs announced over the period of 2003–2018 in the Chinese A-share market. The cumulative abnormal stock returns (CARs) are adopted to measure the stock market response to SEOs. The R&D spending-to-sales ratio (R&D subsidies) in 2 years before SEO announcements is used to measure the pre-SEO R&D spending (R&D subsidies). The instrumental variable (IV) regression method is applied to address the endogeneity problem in the robustness test. This study demonstrates that firms with high R&D spending suffer stock overpricing and experience a negative market reaction when they announce SEOs, but R&D subsidies alleviate stock overpricing and mitigate the negative relationship between R&D spending and SEO market reactions. Although the prior studies have demonstrated that information asymmetry, which causes stock overpricing, explains negative stock market reactions to SEOs, it is unclear if a certain factor that causes information asymmetry affects SEO market reactions. This study fills this gap and focuses on R&D spending, demonstrating that R&D spending is negatively related to SEO performance.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-10
      DOI: 10.1108/IJOEM-06-2021-0916
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • High-performance work systems and organizational citizenship behavior: the
           role of goal congruence and servant leadership

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      Authors: Md. Shamsul Arefin , Omar Faroque , Junwei Zhang , Lirong Long
      Abstract: Aligning employees' goals with organizational goals is an overarching objective of an organization to increase employees' outcomes and, ultimately, the firm's performance. Employees' perceived goal congruence is proposed to be an important mediator of the effect of high-performance work systems (HPWS) on organizational citizenship behaviors (OCB). In this paper, the authors proposed and tested a moderated mediation model that depicted how servant leadership increased or restrained these effects. This study used data from 56 managers and 322 employees working in Bangladeshi organizations. The study conducted cross-level analyses using hierarchical linear modeling (HLM) to examine the hypothetical relationships among variables. This study revealed that employees' perceived goal congruence mediated the influence of HPWS on OCB. Consistent with the moderated mediation prediction, employee-perceived goal congruence mediated the relationship between HPWS and OCB when servant leadership is high. This study examined how and when HPWS affects OCB by incorporating perceived goal congruence and servant leadership as mediating and moderating variables, respectively.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-09
      DOI: 10.1108/IJOEM-03-2019-0209
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Workplace spirituality, knowledge-hiding and the mediating role of
           organizational identification: evidence from Pakistan

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      Authors: Muhammad Muavia , Ghulam Hussain , Umar Farooq Sahibzada , Wan Khairuzzaman Wan Ismail
      Abstract: This research aims to investigate relationship between workplace spirituality and employees' knowledge-hiding as mediated by organizational identification. In this research, a time-lagged design is employed and multi-source data are collected through self-administered questionnaires. A sample of 305 focal respondents and 1,048 of the respondents' peers is used to test the hypotheses using AMOS (analysis of moment structures) 24.0. The results reveal that two dimensions of workplace spirituality – meaningful work and values alignment –play significant roles in reducing knowledge-hiding in terms of workplace spirituality's three dimensions of evasive hiding, rationalized hiding and “playing dumb.” However, contrary to expectations, a sense of community has significant positive effects on the dimensions of knowledge-hiding. The study also reveals that organizational identification significantly mediates the relationships between the dimensions of workplace spirituality and those of knowledge-hiding. This pioneer study introduces workplace spirituality (which differs from religious spirituality) and the significance of workplace spirituality in the workplace in the religious and conservative society of Pakistan. This study uses the lens of social identity theory (SIT) to establish for the first-time organizational identity as a mediating mechanism between workplace spirituality and knowledge-hiding to offer new insights for theory and practice.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-09
      DOI: 10.1108/IJOEM-03-2021-0388
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The impacts of economic policy uncertainties on carbon dioxide emissions
           of emerging and low-income developing countries: the moderating role of
           institutional quality

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      Authors: Dinkneh Gebre Borojo , Jiang Yushi , Miao Miao
      Abstract: This study is aimed to examine the effects of the economic policy uncertainty (EPU) on carbon dioxide (CO2) emissions. It further aimed to investigate the moderating role of institutional quality on the impacts of EPU on CO2 emissions. The authors apply the two-step system-generalized method of moments (GMM) for 112 emerging economies and low-income developing countries (hereafter, developing countries) for the period 2000–2019. The findings reveal that the effects of EPU on CO2 emissions are positive. Specifically, a percent increase in EPU results in a 0.047% increase in CO2 emissions in developing countries. However, the effects of institutional quality on CO2 emissions are negative, certifying that strong institutional quality reduces emissions. Also, the results confirm that the positive effect of EPU on CO2 emissions is weaker in countries with relatively strong institutional quality. Policymakers should be more vigilant while designing and implementing economic policies. Also, the government should support firms investing in environment-friendly innovations during high EPU. Besides, developing countries should improve institutional quality to mitigate the effect of EPU on CO2 emissions. This study is the first in its kind to examine the impacts of EPU on CO2 emissions in developing countries. It also provides a different viewpoint on the EPU–CO2 relationship and reinterprets it through the moderating role of institutional quality.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-09
      DOI: 10.1108/IJOEM-07-2021-1044
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Multidimensional performance measures and factors and their linkage with
           performance

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      Authors: Kamilah Ahmad , Shafie Mohamed Zabri , Siti Anisah Atan
      Abstract: This study investigates the extent to which performance measures (PMs) are used, the relationship between multidimensional PMs and firm performance and the factors related to firms' PM use. The authors surveyed a sample of Malaysian manufacturing firms. Participants responded to a questionnaire indicating their use of PMs, firm performance, level of managerial commitment, degree of environmental uncertainty and firm's use of technology. The results indicate a high degree of PM use related to financial indicators, internal efficiency and customer-related metrics. The results also demonstrate that firm performance has significant positive relationships with use of PMs related to quality and customers, efficiency, innovativeness and social responsibility, as well as comprehensive PM use. Industry variation, firm size, technology use and environmental uncertainty are also significantly related to PM use. Performance measurement systems (PMSs) are an important tool for improving organisational strategy in rapidly changing markets. These findings underscore the significant role of PMSs in manufacturing firms' performance, including emerging economies. The results suggest that individual PMS approaches should align with each firm's evolving needs and the characteristics of the sector and environment in which each firm operates. This study advances understandings of the contingency approach to PMSs in manufacturing environments.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-08
      DOI: 10.1108/IJOEM-05-2021-0797
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Internationalization of from China to Africa

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      Authors: Abdoulkadre Ado
      Abstract: This study focuses on the use of guanxi by African returnees from China in Africa. It explains how returnees understood and leveraged guanxi to collaborate with Chinese partners. This study uses semi-structured interviews to document how guanxi is increasingly extending beyond Chinese borders. It focuses on Ethiopia, Kenya and Tanzania and analyzes the returnees' mobilization of guanxi in Sino–African business contexts. African returnees play an increasingly important role in guanxi internationalization in Africa. Returnees' understanding of guanxi is shaped by their African traditions and their Chinese experiences, creating their new cultural capital and a dynamic Sino–African business mindset. This paper reveals an emerging shift in the business mindset among African returnees once initiated in guanxi. In addition, guanxi is increasingly practiced by African organizations.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-07
      DOI: 10.1108/IJOEM-01-2021-0025
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Systematic review of eWOM literature in emerging economy using ACI
           framework

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      Authors: Gobinda Roy , Biplab Datta , Srabanti Mukherjee , Avinash K. Shrivastava
      Abstract: The purpose of this study is to conduct a systematic study of important research trends and published electronic word of mouth (eWOM) studies over the past 20 years in the emerging economy. This research is designed to identify the key areas of eWOM based on the Antecedents-Consequence-Intervention (ACI) framework. This paper is also aimed to analyze the current research status of each WOM area and critically review each area for developing future research directions. 616 articles were selected from 112 journals for in-depth review analysis. For the systematic review of articles, an ACI framework was adopted. This paper used systematic review analysis methodology to critically analyze important research studies in each area of the ACI framework with a set of research questions. Results identify six significant areas of eWOM, i.e. WOM antecedents, outcomes, senders, receivers, eWOM platform and eWOM management representing the whole environment. The result highlights increasing research interest on mixed eWOM and rich eWOM content and market-level source credibility factors. Research also identifies research gaps based on the ACI framework. Analyzing the recent trends in the eWOM environment with the SLR approach and linking these trends to the ACI framework with a future research agenda in the emerging market indicated a pioneering attempt in eWOM research.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-04
      DOI: 10.1108/IJOEM-08-2021-1313
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Conformity by information or relation' An exploration of investors'
           response in equity crowdfunding

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      Authors: Yaokuang Li , Li Ling , Juan Wu , Daru Zhang , Weizhong Fu
      Abstract: This paper aims to investigate the role of informational and relational mechanisms on equity crowdfunding investors' conformity behaviors by focusing on a relational culture of China. The data of 108 financing projects and 7,688 investment records from a union of Chinese equity crowdfunding platforms are gathered. Lead investors' response to a campaign and follow-investors’ former links explain investors' conformity by social network analysis (SNA) and ordinary least squares (OLS) analysis. The results show that informational and relational influences drive conformity in Chinese equity crowdfunding. Moreover, the informational influence weakens in a highly centralized structure of linked investors. The results add new knowledge to follow-investors’ conformity behaviors in equity crowdfunding and enrich the literature on conformity theory by finding the contextual effect of information-influenced conformity and the adaption of conformity theory to cultural uniqueness. Besides, this preliminary work also suggests opportunities for future research. The paper inspires new consideration on a strategical use of follow-investors’ conformity mentality to promote successfully financing and reminds platform managers to be alert to the interference of small groups formed based on informal relationships to the normal financing order. This is the first study that discovers the non-informational influence and the limited influence of information on equity crowdfunding conformity through contextual concerns.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-02
      DOI: 10.1108/IJOEM-05-2021-0701
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Do board characteristics play a moderating role in M&A decisions
           of family firms'

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      Authors: Mehul Raithatha , Radha Ladkani
      Abstract: The purpose of this paper is to examine the moderating effect of the board of directors on the strategic decisions made by family firms, and to understand the board attributes that can alleviate the aversion of family-owned firms toward mergers and acquisitions (M&A). The study uses a sample of several firms listed in India from 2006 to 2019 with 19,813 firm-year observations. The empirical tests have been performed using logistic and negative binomial regressions. The study also tests for endogeneity with the help of Heckman (1979) two-step treatment effects model. The study shows that board characteristics like smaller board-size, presence of outside directors, lower intensity of board activity, presence of busier board members and separation of board chair and CEO positions alleviate the inhibition of family firms toward M&A. The findings imply that investors and policymakers can encourage family firms to have smaller boards, more independent directors, passive boards and CEO nonduality to reduce their aversion toward risky activities. Family-owned firms could consider a board comprising members with multiple directorships who can bring wider knowledge and expertise which can reduce the perceived threat to socioemotional wealth (SEW) and alleviate their aversion toward M&A. Ownership concentration in family firms posits a unique challenge in terms of their aversion toward M&A. This study is one of the few that highlight the relevance of the monitoring and advisory role of the board in alleviating this aversion in an emerging market like India.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-02
      DOI: 10.1108/IJOEM-07-2021-1068
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The impact of uncertainty-fear against COVID-19 on corporate social
           responsibility and labor practices issues

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      Authors: Moustafa Mohamed Nazief Haggag Kotb Kholaif , Xiao Ming
      Abstract: The research aims to profoundly investigate the correlation between uncertainty-fear against COVID-19, corporate social responsibility (CSR) and labor practices issues based on ISO 26000. Partial least squares structural equation modeling (PLS-SEM) was adopted for data analysis and hypotheses testing on a sample of 304 managers and employees in the Egyptian small and medium enterprises (SMEs). Preliminary results indicate that the uncertainty-fear against COVID-19 positively affects CSR practices in SMEs. CSR positively impacts labor practices dimensions. However, CSR has an insignificant effect on the social protection and work condition dimension. Also, CSR has a significant mediating role in the association between uncertainty-fear toward the pandemic and labor practices. But, this relation is insignificant regarding social protection and work condition dimension. Managers could develop a consistent strategy for applying CSR practices, providing clear information and focusing on their procedures to protect their workforce during COVID-19. Governments should impose policies to guarantee that all employees have the same opportunities and not discriminate directly or indirectly in any labor practice. Based on both the “stakeholder” and “social-cognitive” theories, this study shed light on the optimistic side of the COVID-19 pandemic, as it also brings the concepts of social responsibility, sustainability and green practices back into the light, which helps in solving labor issues.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-01
      DOI: 10.1108/IJOEM-03-2021-0457
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Medical tourism brand equity in emerging markets: scale development
           and empirical validation

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      Authors: Diya Guha Roy , Sujoy Bhattacharya , Srabanti Mukherjee
      Abstract: This research theoretically proposed and empirically validated a Customer-Based Brand Equity (CBBE) scale specifically for Medical Tourism for emerging economies including recent findings from tourism theories such as gravity model and signalling theory, but more specifically accommodating political, cultural, economic, legal and social influences. In-depth literature reviews from tourism, medical tourism, healthcare and hospitality domains are used to propose the theoretical model. The authors have used the lavaan package in R for the empirical analysis and model verification. The research included, tested and verified the established latent variables such as “brand awareness”, “brand association”, “perceived quality” and “loyalty”, along with new observed variables for the CBBE scale from the theoretical perspectives of this research. “Infrastructure” has emerged as a new scale construct and “culture” was found to be a moderating variable for “perceived quality” in the CBBE scale, which are novel additions to the literature. The research contributed to scale refining, latent construct assessment, and fine-tuning of the observed variables for the mentioned theoretical gaps.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-03-01
      DOI: 10.1108/IJOEM-05-2021-0805
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • A long-memory analysis for the CBOE Brazil ETF volatility index

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      Authors: Edson Zambon Monte
      Abstract: The main goal of this paper is to investigate whether there is long-memory behavior in the CBOE Brazil ETF volatility index (named here VIXBR). As structural breaks may create a spurious long-range dependence, the presence of structural breaks is also gauged. The study considers the period from October 2011 to March 2021, using daily data. To test the long-memory behavior, three empirical approaches are adopted: GPH, ELW and robust GPH (RGPH) estimator. To estimate the structural break points adopted to date the subsamples, the ICSS algorithm is used. Results considering the total period (TP) and subsamples show that the breaks did not create a spurious long-memory behavior and together with the rolling estimation, reveal strong evidence of the long-range dependence in the CBOE Brazil ETF volatility index. The higher degree of persistent of the VIXBR series suggests an extended period of increased uncertainty that agents need consider when making their investment decision. As possible extension of this study is to investigate the behavior of long memory and structural breaks for different frequencies (weekly, monthly, among others). The presence of long-range dependence in the CBOE Brazil ETF volatility index reveals that the past information is important for the predictability of risks, and therefore, can help to protect against market risks, which has important implications regarding the future decisions of economic agents (for example, policy makers and investors). Brazil is an emerging capital market (ECM) that has attracted a great deal of attention from investors and investment funds seeking to diversify its assets. This paper contributes to the empirical financial literature, by studying the long-memory behavior of the CBOE Brazil ETF volatility index, considering possible structural breaks. To the best of knowledge, this has not been done so far.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-28
      DOI: 10.1108/IJOEM-03-2021-0352
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of coupling of technological innovation and standardisation on
           industrial development

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      Authors: Jing Yang , Lushen Shao , Xiang Jin , Lijun Zhou
      Abstract: Using the industrial data between 2000 and 2016, this study analysed the process of coupling and coordinated development of technological innovation and standardisation. Accordingly, the study considered the high-tech industry (five sub-sectors) in China as the research object. Based on the summary of innovation and standardisation literature review, this study constructed a theoretical model of the influence of technological innovation and standardisation on industrial development from the perspective of the coupling system. Furthermore, the study employed multivariate linear regression analysis to explore coupling coordination relationships. The study results revealed that high coupling coordination between technological innovation and standardisation is highly conducive to industrial development. Moreover, requirements for standardisation levels differ owing to different stages and characteristics in each segmented industry. This study primarily contributes to the literature by using a bibliometrics tool to summarise related literature on innovation and standardisation and provides a new perspective of reviewing, and it also offers new evidence on the coupling coordination relationship between innovation and standardisation in the high-tech industry.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-22
      DOI: 10.1108/IJOEM-05-2021-0758
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • An investigation of the impacts of asset ratio policy on the banking
           system during the Covid-19 crisis in Turkey

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      Authors: Serife Genc Ileri
      Abstract: This paper provides a quantitative assessment of the “asset ratio” rule defined in Turkey as part of measures taken to stimulate the economy amid the Covid-19 pandemic. The main objective of the new rule was to boost credit growth in the economy and provide lending for credit-constrained households and firms that are in need. A secondary aim was to shift the denomination structure of the deposits toward domestic currency. Hence, the paper focus particularly on how the policy affected the growth rate of loans and the share of domestic deposits relative to foreign ones among the commercial banks. The policy was also heavily criticized due to the possibility that it will subjugate the banking system to excessive risk. The paper explore this possible impact by measuring how much the policy affected the default risk allowances in the banking system. The new policy required banks with deposits above a threshold level, i.e. large banks, to maintain a certain asset ratio. Banks with deposits below the threshold, i.e. small banks, were held exempt from it. The paper implement a difference-in difference methodology to assess the quantitative impacts of the asset ratio policy by taking large banks as the treatment group, and small banks as the control group. Difference-in-difference estimation results suggest that the asset ratio policy resulted in a 9.6% rise in loans and an 8.4% rise in government securities. Deposits also increased, with no significant change in their composition. The policy initially generated a 7% increase in the credit risk allowances of banks in the treatment group, which vanished in the following periods. Based on all these, the paper argue that the policy was successful in providing liquidity to the economy without jeopardizing the financial stability. The findings of this study show that asset ratio policy is effective in increasing credit growth in countries with limited policy space such as Turkey. While saying this, the importance of the robust and prudent structure of the banking system in the economy should be underlined. Otherwise, the policy may have an unintended consequence of raising systemic risk. The policy suggestions also apply to advanced countries where the monetary policy has reached a natural limit due to the zero lower bound (ZLB). The ZLB problem encouraged these countries to use quantitative easing schemes in the aftermath of the Covid-19 crisis, just like the global financial crisis. However, it may take a long time to undo the effects of this policy on the balance sheets of central banks. In such cases, asset ratio policy can also be considered as an alternative tool for advanced economies notwithstanding the fact that the banking system should be prudent, well-capitalized and the country should have enough fiscal space. The main objective of the asset ratio policy was to help SMEs that were in urgent need of liquidity at the beginning of the crisis. The bank balance sheet data used in this paper does not contain information about the borrowers of the loans extended during the implementation of the policy. Analysis of this dimension using matched bank-firm level data will better demonstrate the success of the policy in achieving this goal. The paper address this as the main limitation of the paper and leave that analysis for future research. This paper provides an important contribution to the literature by assessing a new unique policy whose objective is to stimulate loans and mitigate the impact of the Covid-19 crisis on the economy. The policy in question is predicted to have effects on the asset and liability structure and risk exposure of the banking system in Turkey. The quantitative analysis in this study estimates these impacts and discusses the effectiveness of the new policy in providing a relief for firms and households in need. Whether or not the policy caused a disruption in the sound structure of the banking system in Turkey is another question addressed in the paper.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-22
      DOI: 10.1108/IJOEM-05-2021-0796
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Monetary policy decisions and bank profitability: evidence from an
           emerging economy

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      Authors: Gloria Clarissa Dzeha , Christopher Boachie , Maryam Kriese , Baah Aye Kusi
      Abstract: This study provides empirical evidence for the first time on how different measures of monetary policy affect banking profitability in Ghana. Providing empirical evidence on how different measures of monetary policy affect banking profitability in Ghana using 29 banks for period between 2006 and 2016, new monetary indexes are developed and a robust panel random effect models is employed with year effect controls. The results show that while increase in monetary policy basis point reduced banking profitability, average monetary policy rate stimulated banking profitability. Interestingly, the monetary policy basis point and rate indexes developed reduced and enhanced banking profitability, respectively. While these results may sound contradictory, they have both theoretical and empirical backing. Thus, basis point increments serve a monetary policy tightening condition which leads to higher loan prices, lower borrowing and declined profitability in the short run. However, in the long run, banks adjusted their loan prices and deposits to reflect basis point changes in their favor, hence the positive effect of average monetary policy rate on banking profitability. Additionally, monetary policy easing which represents decline in monetary policy basis point and rate enhances banking profitability. These findings imply bank managers may take advantage of monetary policy easing to maximize profits in the banking sector of Ghana. Also, the monetary policy committee must be mindful of monetary policy tightening through basis point change since upward basis point increments reduce banking profitability. This study provides empirical evidence for the first time on how different measures of monetary policy (developing indexes from monetary policy basis point and monetary policy rate) affect banking profitability in an emerging economy as Ghana.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-21
      DOI: 10.1108/IJOEM-08-2020-0992
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Regional business cycles in emerging economies: a review of the literature

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      Authors: Alcides Padilla , Jorge David Quintero Otero
      Abstract: This article offers a review of the literature on regional business cycles (BCs) in emerging economies. The objective is synthesizing the existing studies based on theoretical, empirical and methodological approaches. The methodological framework includes the following stages: research questions, bibliography location, the selection of articles and the evaluation of the literature, analysis and synthesis, and the reporting and use of results. The evidence suggests that expansionary phases last longer than recessions'; public expenditure shows a pro-cyclical behavior; and factors such as productive structure and international trade explain the synchronization of regional BCs. Up until now, there is no research that performs a review of regional BCs in emerging economics.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-21
      DOI: 10.1108/IJOEM-09-2021-1484
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Challenges in creating egalitarian logistic ecosystem:
           cases of app-based cab aggregators (ABCAs)

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      Authors: Nikhil Kewal Krishna Mehta , Rohit Sharma , Shreyas Chavan
      Abstract: Given the increasing volatility, uncertainty, complexity, and ambiguity, egalitarian ecosystems may play an important role to establish equality among various stakeholders. With this idea, the study aimed to understand conflicts and challenges in creating an egalitarian ecosystem in the application-based cab aggregator (ABCA) market. Narratives of various stakeholders involved in the ABCA business were collected. The study involved narrations from direct and indirect stakeholders up to saturation till common themes were found. Grounded theory methodology using constant comparison was explored to interpret the results. After the results were obtained, root cause analysis was undertaken using the why–why methodology to understand ground-level reality. In total, 13 major issues were identified using grounded theory for narrative analysis that cab aggregator companies, driver-partners, and riders faced. The stakeholders' inability in the ecosystem to see each other's problems could be accorded to their self-interest, rational boundedness and asymmetric information. These findings collude with Banaji et al. (2004) and Chugh et al. (2005). This study explained each stakeholder's perspectives about their counterparts that influence non-egalitarianism. The study further suggested possible areas for solving the issues and promoting cooperation.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-17
      DOI: 10.1108/IJOEM-02-2021-0193
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Exploring factors influencing bicycle-sharing adoption in India: a UTAUT
           2 based mixed-method approach

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      Authors: Prasanta Kr Chopdar , Miltiadis D. Lytras , Anna Visvizi
      Abstract: Bicycle sharing offers a novel way to create smart and sustainable mobility solutions for the future. The purpose of this study is to draw on the Unified Theory of Acceptance and Use of Technology 2 (UTAUT 2) framework for identifying the factors necessary to predict bike-sharing intention among users in India. Data were collected through a questionnaire distributed across four major cities in India, and 515 responses were analyzed. A sequential approach was employed to analyze the data using Partial Least Square–Structural Equation Modeling (PLS-SEM) and Fuzzy-set Qualitative Comparative Analysis (fsQCA). The findings from PLS analysis revealed that performance expectancy, effort expectancy, facilitating conditions, hedonic motivation and price value are the salient variables that affect users' intentions to participate in bike sharing. In addition, based on fsQCA, six configurations of causal conditions are presented as intermediate solutions that produce the same results. Although antecedent conditions, such as habit and social influence, had an insignificant effect on individuals' BSI, they create conditions sufficient to encourage users' participation in bike sharing in combination with other variables. A few limitations of this research and the implications of the findings in terms of theory and policy implications are also discussed. The reported study is one of the earliest to explain bike-sharing adoption in India using the UTAUT 2 model.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-15
      DOI: 10.1108/IJOEM-06-2021-0862
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The role of value added across economic sectors in modulating the effects
           of FDI on TFP and economic growth dynamics

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      Authors: Simplice Asongu , Christelle Meniago , Raufhon Salahodjaev
      Abstract: This study investigates (1) the effect of foreign direct investment (FDI) on total factor productivity (TFP) and economic growth dynamics and (2) the relevance of value added from three economic sectors in modulating the established effect of FDI on TFP and economic growth dynamics. The geographical and temporal scopes are respectively 25 Sub-Saharan African countries and the period 1980–2014. The empirical evidence is based on non-interactive and interactive generalised method of moments. The following main findings are established. First, FDI has a positive effect on gross domestic product (GDP) growth, GDP per capita and welfare real TFP. Second, the effect of FDI is negative on real GDP and TFP while the impact is insignificant on real TFP growth and welfare TFP. Third, values added to the three economic sectors largely modulate FDI to produce negative net effects on TFP and growth dynamics. Policy implications are discussed with particular emphasis on the need to complement added value across various economic sectors in order to leverage on the benefits of FDI in TFP and economic growth. To the best of the authors’ knowledge, this is the first study to assess how value added from various economic sectors affect the relevance of FDI on macroeconomic outcomes.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-15
      DOI: 10.1108/IJOEM-10-2018-0547
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Loan to value ratio and housing loan default – evidence from
           microdata in India

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      Authors: Asish Saha , Debasis Rooj , Reshmi Sengupta
      Abstract: This study aims to investigate the factors that drive housing loan default in India based on unique micro-level data drawn from a public sector bank's credit files with a national presence in India. The authors address endogeneity in the loan to value ratio (LTV) while deciphering the drivers of default. The study uses a probit regression approach to analyze the relationship between the probability of default and the explanatory variables. The authors introduce two instrumental variables to address the issue of endogeneity. The authors also add state-level demographic and several other control variables, including an indicator variable that captures the recent regulatory change. The authors’ analysis is based on 102,327 housing loans originated by the bank between January 2001 and December 2017. The authors find that addressing the endogeneity issue is essential to specify default drivers, especially LTV, correctly. The nature of employment, gender, socio-religious category and age have a distinct bearing on housing loan defaults. Apart from the LTV ratio, the other key determinants of default are the interest rate, frequency of repayment, prepayment options and the loan period. The findings suggest that the population classification of branch location plays a significant role in loan default. The authors find that an increase in per capita income and an increase in the number of employed people in the state, which reflects borrowers' ability to pay by borrowers, reduce the probability of default. The change in the regulatory classification of loan assets by the Reserve Bank of India did not bear the main results. The non-availability of the house price index in analyzing the default dynamics in the Indian housing finance market for the period covered under the study has constrained our analysis. The applicability of the equity theory of default, strategic default, borrowers' characteristics and personality traits are potential research areas in the Indian housing finance market. The study's findings are expected to provide valuable inputs to the banks and the housing finance companies to explore and formulate appropriate strategic options in lending to this sector. It has highlighted various vistas of tailor-making housing loan product offerings by the commercial banks to ensure and steady and healthy growth of their loan portfolio. It has also highlighted the regulatory and policy underpinnings to ensure the healthy growth of the Indian housing finance market. The study provides a fresh perspective on the default drivers in the Indian housing finance market based on micro-level data. In our analysis, the authors find clear evidence of endogeneity in LTV and argue that any attempts to decipher the default drivers of housing loans without addressing the issue of endogeneity may lead to faulty interpretation. Therefore, this study is unique in recognizing endogeneity and has gone deeper in identifying the default drivers in the Indian housing market not addressed by earlier papers on the Indian housing market. The authors also control for the regulatory changes in the Indian housing finance market and include state-level control variables like per capita GDP and the number of workers per thousand to capture the borrowers' ability to pay characteristics.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-15
      DOI: 10.1108/IJOEM-10-2020-1272
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Volatility spillover analysis between stocks and exchange rate markets in
           short and long terms in East European and Eurasian countries

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      Authors: Dejan Živkov , Marina Gajić-Glamočlija , Jasmina Đurašković
      Abstract: This paper researches a bidirectional volatility transmission effect between stocks and exchange rate markets in the six East European and Eurasian countries. Research process involves creation of transitory and permanent volatilities via optimal component generalized autoregressive heteroscedasticity (CGARCH) model, while these volatilities are subsequently embedded in Markov switching model. This study’s results indicate that bidirectional volatility transmission exists between the markets in the selected countries, whereas the effect from exchange rate to stocks is stronger than the other way around in both short-term and long-term. In particular, the authors find that long-term spillover effect from exchange rate to stocks is stronger than the short-term counterpart in all countries, which could suggest that flow-oriented model better explains the nexus between the markets than portfolio-balance approach. On the other hand, short-term volatility transfer from stock to exchange rate is stronger than its long-term equivalent. This suggests that portfolio-balance theory also has a role in explaining the transmission effect from stock to exchange rate market, but a decisive fact is from which direction spillover effect is observed. This paper is the first one that analyses the volatility nexus between stocks and exchange rate in short and long term in the four East European and two Eurasian countries.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-14
      DOI: 10.1108/IJOEM-01-2021-0082
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Is financial development crucial to achieving the “2030 agenda
           of sustainable development”' Evidence from Asian countries

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      Authors: Purnima Khemani , Dilip Kumar
      Abstract: Achieving sustainable development goals (SDGs) demands mobilising finance and aligning it with elements of sustainability. This study, thus, aims to investigate the impact of financial development of an economy on the achievement of SDGs. The authors analyse a sample of 35 Asian countries based on their SDG trends and representative SDG indicators. An ordered probit model is employed for analysing the impact of financial development on the SDG trend. Subsequently, pairwise Granger causality test is employed for investigating the causality between the SDG and the financial development. The findings indicate that financial development positively impacts the progress towards SDG achievement in the areas: (1) gender equality, (2) economic growth, (3) industry, innovation and infrastructure and (4) sustainable cities and communities; and adversely impacts the climate action. The causality test indicates a bidirectional causality for financial development and industry, infrastructure and innovation, financial development and sustainable cities and communities and financial development and climate action, and unidirectional causality from gender equality to financial development. The findings have implications for the government of a nation as well as the private businesses. The goals allow businesses to implement well-articulated strategies which pay attention to the SDGs. The novelty of the paper is that the authors provide evidence supporting the view that focusing on building a resilient and robust financial system is of importance for the achievement of SDGs.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-11
      DOI: 10.1108/IJOEM-06-2021-0853
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • FDI and inequality in Sub-Saharan Africa: does democracy matter'
         This is an Open Access Article Open Access Article

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      Authors: Sean Gossel
      Abstract: This paper investigates whether democracy plays a mediating role in the relationship between foreign direct investment (FDI) and inequality in Sub-Saharan Africa (SSA). The empirical analysis is conducted using fixed effects and system GMM (Generalised Method of Moments) on a panel of 38 Sub-Saharan African countries covering the period of 1990–2018. The results find that FDI has no direct effect on inequality whereas democracy reduces inequality directly in both the short run and the long run. The sensitivity analyses find that democracy improves equality regardless of the magnitude of FDI, resource endowment or democratic deepening whereas FDI only reduces inequality once a moderate level of democracy has been achieved. The results discussed above thus have four policy implications. First, these results show that although democracy has inequality reducing benefits, SSA is unlikely to significantly reduce inequality unless the region purposefully diversifies its trade and FDI away from natural resources. Second, the region should continue to expand credit access to reduce inequality and attract FDI. Third, policymakers should undertake reforms that will reduce youth inequality. Lastly, the region should focus on long-run democratic reforms rather than on short-run democratization to improve governance and investor confidence. Although there are existing studies that examine the association between FDI and inequality, FDI and democracy and democracy and inequality, this is the first study to explicitly examine the effect of democracy on the association between FDI and inequality in SSA, and the first study to separately consider the possible varied effects of contemporaneous democratization versus the long-run accumulation of democratic capital. In addition, rather than measure inequality by income alone, this study uses the more appropriate Human Development Index to account for SSA's sociological, education and income disparities.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-10
      DOI: 10.1108/IJOEM-03-2021-0321
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The mediating role of financial service branding on investment decisions:
           an emerging market's perspective

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      Authors: Robert Kwame Dzogbenuku , George Kofi Amoako , Albert Martins
      Abstract: This study seeks to assess the mediating role of financial service branding on investment decisions from the perspective of financial service investors. Field data were obtained from 403 individuals and corporate investors in financial service institutions who invested savings and pensions funds into short to medium term financial instruments from an emerging market in sub-Saharan Africa (SSA). Data were analysed using the partial least squares structural equation modelling technique (PLS-SEM). Branding significantly mediates return on investment (ROI) decisions. However, the ROI did not have a significant direct effect on investment decisions. ROI has a significant indirect effect on investment decisions due to branding influence on investors. Data collected was cross sectional. Future research can use longitudinal data for better long term planning. Study can also be done in other emerging economies to determine how the financial sector characteristics for each country can be a source of difference from branding and investment standpoint. Although consumer investment decisions are logically influenced largely by ROI, investors place savings and pensions into financial instruments largely managed by reliable corporate brands with solid reputation known as safe havens for hedging lifetime investments. This study covers the research gap in brand power and the reputation of financial service institutions as well as the investment decisions of financial service investors in emerging Sub-Saharan African.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-10
      DOI: 10.1108/IJOEM-05-2021-0718
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Studying key antecedents of disruptive technology adoption in the digital
           supply chain: an Indian perspective

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      Authors: Tarit Mitra , Rohit Kapoor , Narain Gupta
      Abstract: The study examines the key drivers of the adoption of disruptive technologies (DTs) in the digital supply chain (DSC) in developing nations. The data were collected using well-established measures grounded in the diffusion of innovation (
      DOI ) theory. The hypotheses were tested using the structural equation modeling (SEM) approach using SmartPLS. The authors control for the demographics and apply the required statistical diagnostics for robust findings. The compatibility and IT expertise were the two key factors in adopting the DTs in DSC in developing nations. The organizations with higher compatibility and internal IT expertise and competence witness a higher level of adoption of DT. The perceived cost and complexity were not found statistically significant. This may be probably because developing nations such as India do not perceive the technology adoption complex. The research enhances DTs adoption, assuming it is organizational innovation. This study makes a theoretical contribution to the
      DOI literature. The practicing managers should pay attention to addressing the existing technology compatibility issues and spend efforts on training employees to increase the IT expertise to improve the adoption of DT. The greater adoption of the DTs in DSCs can reduce wastages in supply chains by a faster sense and response and greater technological flexibility with transparency and information sharing. The key antecedent to the acceptance of the DTs in developing nations is compatibility than complexity and IT expertise than the cost. The study's originality lies in the fact that most studies on technology adoption study a single technology, but this study captures a holistic view on a group of technologies under industry 4.0.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-10
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • How consumer uncertainty intervene country of origin image and consumer
           purchase intention' The moderating role of brand image

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      Authors: Talat Islam , Mawra Hussain
      Abstract: Country of origin is a well-studied topic for developed countries that have a favourable image. However, how country of origin image affects the consumers of an emerging country on a frontier market with high uncertainty avoidance still needs to be shed light. Therefore, this study investigated the relationship of country of origin image with consumer purchase intention through consumer uncertainty. The study further explored the conditional effect of brand image between country of origin and consumer uncertainty. The data for this study was collected from 400 Pakistani consumers. As this study assessed purchase intentions and consumer uncertainty related to high technology products of China, therefore, the consumers of the Huawei brand were selected. The findings revealed a negative influence of country of origin image on consumer purchase intentions both directly and indirectly through consumer uncertainty. Furthermore, the positive brand image of high tech products was found to moderate the effect of country of origin image on consumer uncertainty. This study is the first of its kind that explores the intervening role of consumer uncertainty between country of origin image and consumer purchase intention in an emerging market. In addition, the study highlights the importance of strong brand image as it buffers consumer uncertainty because of stereotypes.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-10
      DOI: 10.1108/IJOEM-08-2021-1194
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Work-related social media use and employee-related outcomes:
           a moderated mediation model

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      Authors: Rahul Bodhi , Adeel Luqman , Maryam Hina , Armando Papa
      Abstract: Recently, work-related social media use (WSMU) in organisations and its association with employee outcomes have received considerable research attention. This study examines the association between WSMU, psychological well-being (PW) and innovative work performance (IP). In addition, it explores the mediating role of PW and the moderating role of fear of missing out (FoMO). A sample of 233 employees working in different organisations was recruited from India to complete the survey. Structural equation modelling was applied to analyse the data. The result reveals that WSMU has a positive and direct effect on IP. Moreover, the indirect effect via PW among the association was positive and significant. Furthermore, FoMO moderates the indirect relationship between WSMU and IP. This research is a pioneering work that has contributed to the scarce literature by exploring the relationship between employees' social media use, PW and IP. This research has important theoretical and management contributions because it examines the impact of WSMU on IP, mediating role of PW and moderating role of FoMO among the association between WSMU and employee outcomes.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-10
      DOI: 10.1108/IJOEM-09-2021-1359
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Will music with or without fragrance in retail stores increase consumer
           purchase behaviour in emerging markets'

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      Authors: Rajesh Srivastava
      Abstract: This paper studied the effects of music plus fragrance or music alone on consumer purchase behaviour, footfalls and repeat visits to retail stores in the context of the mall. A primary research was conducted through a structured questionnaire. A field study was conducted in two malls that attract the maximum crowd. The data from 250 respondents were analysed in total. As per the present study, the combination of playing music with fragrance is more effective compared to playing music or fragrance alone on shopping behaviour, footfalls and repeat visits in retail stores in emerging markets like India. The study is more confined to a comparative study of the effectiveness of music with or without fragrance on consumer purchase behaviour and footfalls in retail stores located in malls. In view of research design, this could be a limitation of the study as types of music and other ambiance factors are not considered. The present study can be extended to religion as the religiosity of respondents may give a different response. The urban respondents may vary when compared to rural consumers. Therefore, the study can be extended by adding the rural or A-city mall or smaller malls in big cities. Research can be extended in the coronavirus disease 2019 (COVID-19) era to see if there is a change in consumer behaviour. It can also be extended to consumer's preference for different music and different fragrances. This paper provides marketing managers and retail owners with valuable insights on the importance of using music with fragrance in retail stores to create unique consumer experiences in emerging markets that are different from developed countries. Managers should try to create both music, and fragrance in the store to improve purchase intention, and stay longer. To ensure that the planned music and fragrance approach creates the ambiance for consumers, marketing managers are advised to conduct market research. Special care should be taken for younger visitors to the store by creating the right ambiance. The present research will help many offline retailers' managers to strive for new competitive advantages through creating favourable shopping environments by understanding cultural differences. The research gives direction to use music with a fragrance in the retail ambiance in the malls which will lead to improved consumer purchase, more footfalls, repeat visits and staying longer in emerging markets like India, which is a destination for global brands. Integration of three models of impulse buying (Rook and Fisher, 1995), individualism and collectivism (Triandis, 1995) and stimulus–organism–response (S–O–R) model of Mehrabian and Russell (1974) is used to explain the complex behaviour of consumers towards more purchases and repeat visits. The study will shed light on the quandary that retailers in the organised sector face in emerging markets such as India regarding the use of music and fragrance, as well as the impact on purchase behaviour, footfalls and repeat visits.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-10
      DOI: 10.1108/IJOEM-10-2021-1533
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Service sector subsidiary performance in emerging markets: is it who or
           what you know'

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      Authors: Sven Dahms , Ambika Zutshi , Sandeep Puri
      Abstract: This research investigates performance determinants of service sector foreign-owned subsidiaries located in an emerging market. The focus is on the two dimensions of organizational networks (Who do you know') and competencies (What do you know'). Data were collected via a large-scale survey of managing directors located in the midrange emerging economy of Taiwan. The data are analyzed using partial least squares structured equation modeling (PLS-SEM) and fuzzy set qualitative comparative analysis (fsQCA) techniques. The results show the importance of intraorganizational network strength as a key determinant of subsidiary performance, and that combinations of interorganizational network strength and competencies can determine performance in several subsidiaries. This article offers new insights by testing a theoretical framework based on network perspective and the competence-based view of the firm in an emerging market context. It also offers an additional twist by employing symmetric (PLS-SEM) and nonsymmetric (fsQCA) methods to test the framework. This allows to arrive at robust conclusions about the complementarity and substitutability of the applied theories. This research also contributes to the current literature by providing fine-grained insights into the nature and impact of competencies and networks. It is also one of the few studies to focus specifically on service sector subsidiaries.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-09
      DOI: 10.1108/IJOEM-04-2021-0540
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Busy commissioners and firm performance: evidence from Indonesia

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      Authors: Irwan Trinugroho , Tastaftiyan Risfandy , Mamduh M. Hanafi , Raditya Sukmana
      Abstract: Using the Indonesian setting where the government formally limits the presence of busy commissioners, the authors investigate whether a board containing busy commissioners could be beneficial or detrimental for firm performance. The authors propose an econometric model focusing on the impact of busy commissioners on the firm's profitability. The authors are also interested in investigating whether the effect is different between small and large firms and between mature and non-mature firms. A sample of 392 Indonesian listed firms from 2014 to 2020 is used in this study. The authors find a negative association between busyness and performance and this result is robust across different estimations and econometrics strategies. The authors also document that the negative impact of busy directors diminishes particularly in young and small firms. The authors also find that the impact is more pronounced in state-owned firms. From a firm point of view, the result suggests that the companies should be aware that appointing busy commissioners in the board structure can detriment market-based performance. The listed firms should also understand that busy commissioners are inefficient, especially if these firms are large, mature and state-owned. To the best of the authors’ knowledge, this is the first study investigating the relation between busy commissioners and performance by considering age, firm size and state-owned firms as a moderator in a sample of Indonesian listed firms.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-08
      DOI: 10.1108/IJOEM-01-2020-0007
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Green corporate reputation and innovation: the role of non-supply chain
           learning and green supply chain knowledge

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      Authors: Yaw Agyabeng-Mensah , Ebenezer Afum , Charles Baah
      Abstract: The growing relevance of environmental sustainability calls for identification of factors that contribute to green innovation and build green corporate reputation. Drawing on the resource-based view theory, this study aims to explore the influence of green logistics knowledge, green customer knowledge, green supplier knowledge, green competitor knowledge, non-supply chain learning on green innovation and green corporate reputation. This study adopts the quantitative research method where questionnaire is used to gather data from managers of the sampled 208 small and medium enterprises (SMEs). The structural equation modelling is used to analyse the survey data and test the proposed hypotheses. The findings reveal that non-supply chain learning, green customer knowledge and green competitor knowledge have both direct and indirect impact on green innovation and green corporate reputation. However, green supplier knowledge and green logistics knowledge directly impact green innovation but indirectly impact green corporate reputation through green innovation. Despite the growing literature exploring the relationship between learning, innovation and reputation, their literature in emerging economies remains underdeveloped. This study provides empirical evidence to confirm the role of non-supply chain learning and green supply chain knowledge in building green corporate reputation and developing green innovation of SMEs in an emerging economy.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-08
      DOI: 10.1108/IJOEM-08-2021-1277
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • COVID-19, stock prices, exchange rates and sovereign bonds:
           a wavelet-based analysis for Brazil and India

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      Authors: Veli Yilanci , Ugur Korkut Pata
      Abstract: This study aims to investigate the impact of the rise in coronavirus disease 2019 (COVID-19) cases on stock prices, exchange rates and sovereign bond yields in both Brazil and India. The authors employ the wavelet transform coherence (WTC) and continuous wavelet transform (CWT) techniques on daily data from March 17, 2020 to May 8, 2021. The findings show that COVID-19 has no impact on exchange rates but slightly increases sovereign bond yields from 2021 onwards. In contrast, the effect of COVID-19 on stock prices is quite high in both countries. There is a considerable consistency between COVID-19 cases and stock prices across different time–frequency dimensions. The rise in COVID-19 cases has an increasing effect on stock prices in Brazil and India, especially in the high-frequency ranges. As far as the authors know, no prior study has simultaneously analyzed the effects of the COVID-19 pandemic on exchange rates, stock prices and sovereign bonds in Brazil and India.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-08
      DOI: 10.1108/IJOEM-09-2021-1465
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Determinants of medical tourism: application of Fuzzy Analytical
           Hierarchical Process

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      Authors: Sunita Guru , Anamika Sinha , Pradeep Kautish
      Abstract: The study aims to facilitate the medical tourists visiting emerging countries for various kinds of ailments by ranking the possible destinations to avail medical treatments. A Fuzzy Analytical Hierarchical Process (FAHP) with a mixed-method approach is applied to analyze data collected from patients and substantiate it with medical tour operators in India to gain managerial insights on the choice-making patterns of the patients. India is a preferred emerging market location due to the low cost and high medical staff quality. India offers value for money, whereas Singapore and Thailand are preferred destinations for quality and technology. The study will facilitate the emerging markets' governments, hospitals and medical tourists to understand the importance of various determinants responsible for availing medical treatment outside their country. The study recommends that cost and quality care are the patients' prime focus; government policies must provide clear guidelines on what the hospitals and country environment can offer and accordingly align the marketing strategies. This study is the first attempt to rank various factors affecting medical tourism using the FAHP approach.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-07
      DOI: 10.1108/IJOEM-08-2021-1173
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The foreignness effect on internationalisation depth: the perspective of
           multicomplexity and the duality of foreignness

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      Authors: I-Fan Yen , Hsin Mei Lin , Yi-Tien Shih
      Abstract: The literature on foreignness has, to date, stressed the liability of foreignness (LOF) and the advantage of foreignness (AOF). Drawing on industrial organisation theory, institutional theory, the resource-based view of the firm and the literature on networking, the authors’ research develops an integrated framework to explore the impact of foreignness on internationalisation depth from the perspective of the duality of foreignness (LOF versus AOF) within multiple dimensions. These dimensions are isomorphism, home country of origin, institutional distance and dual embeddedness of multinational enterprises (MNEs). In this study, the authors empirically test hypotheses arising from this new theoretical framework by examining the characteristics of a sample of 324 Chinese MNEs (CMNEs) that were operating in 63 countries from 1999 to 2018. Employing regression analysis on a panel of 9,410 observations, the results show that foreignness does exhibit multilevel complexity and duality. The authors’ empirical results show that isomorphism pressures, country of origin and institutional distance have a negative effect on internationalisation depth (as an outcome of LOF) but that dual embeddedness, on the part of MNEs, exerts a positive impact on internationalisation depth (as an outcome of AOF). The implications for research on multilevel complexity and the duality of foreignness are discussed, and managerial implications are outlined. The implications of the authors’ findings for MNEs should not be generalised to developed countries without examining the characteristics of both China as an emerging country and its MNEs. The second limit is regarding ownership; this framework has limitations due to choosing China and its OFDIs for testing internationalisation depth. Finally, for subsequent research, examining the dynamics of foreignness completes the nature of multicomplexity, defined by external and internal factors of foreignness changing over time and space. CMNE managers are advised to actively scrutinise their behaviours in the local country to overcome the differences in routines, values and practices inherent in local institutions (Chen et al., 2019). The results imply that CMNEs should be careful not to overuse their home country image when penetrating a new market. Thus, a strategy to reduce a home government's hegemonic or otherwise negative image may be wise when operating abroad. Finally, the authors’ model suggests that CMNEs equipped with great RCN CIPs for identifying, scanning and interpreting local institutions can enhance internationalisation depth. The authors’ research contributes to research on foreignness by emphasising foreignness as a construct of multilevel complexity. The authors argue that foreignness arises due to varying factors at the host, home, host-home levels and at the level of the organisational entity. The authors’ definition of foreignness and empirical results supports the notion that isomorphism pressures (host country-level factors), country-of-origin of home country (home country-level factors) and institutional distance (host-home country-level factors) are inextricably negatively linked with internationalisation depth (as effects of LOF). By contrast, the dual embeddedness of MNEs (the factor of organisational level) represents a positive relationship with internationalisation depth (as effects of AOF).
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-03
      DOI: 10.1108/IJOEM-12-2020-1522
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Inbound tourism demand elasticities of MENA countries: the role of
           internal and external conflicts

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      Authors: Ojonugwa Usman , Andrew Adewale Alola , George Ike
      Abstract: In this paper, the authors investigate the inbound tourism demand elasticities of the Middle East and North African (MENA) countries. The authors emphasize the role of external and internal conflicts, world gross domestic product and relative prices over the period 1995–2017. This study applies the heterogeneous panel data estimators based on the fully modified-OLS (FM-OLS), dynamic-OLS (DOLS) and the recently developed method of moments quantile regression (MMQR). The empirical results indicate that the effect of external and internal conflicts on inbound tourism demand is negative and inelastic with external conflict having a stronger effect. The effect of both classifications of conflicts diminishes as the market share of the tourist destination increases. In addition, the role of the world GDP on tourism demand is positive and elastic, suggesting that tourism is a luxury good while an increase in relative prices diminishes inbound tourism demand. The paper, therefore, concludes that if policy measures are not put in place to curtail incidences of conflicts, economic growth in these countries may suffer setbacks. This by implications could affect the attainment of the sustainable development goals (SDGs) targets.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-02
      DOI: 10.1108/IJOEM-04-2021-0650
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Entrepreneurship, gender and success in Lebanon

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      Authors: Hayfaa Tlaiss
      Abstract: The aim of this paper is to explore how men entrepreneurs construe their success and the influence of the socio-cultural context and political and economic turbulence on their construals of success in the context of the Arab country of Lebanon. To achieve the objective, the author draw on intersectionality theory and capitalise on twenty in-depth, semi-structured interviews with men entrepreneurs. The findings reveal how construals of success by men entrepreneurs occur at the nexus between patriarchy, gendered expectations and adverse economic and political conditions. As a result, success is construed through the perseverance and legitimacy of their business and their compliance with expected family roles. These construals unfold as the men hold themselves accountable for and do gender and success per the ideal expectations indoctrinated by patriarchy. The originality of this study lies in its theoretical contributions. First, it is the first study to explore the construals of success by men entrepreneurs in an Arab Middle Eastern country. Second, it contributes to a growing body of work that explores gender as a situated practice and demonstrates how it is performed by men entrepreneurs while construing their success. Third, it contributes to research on intersectionality in entrepreneurship and sheds light on the interconnections of gender, patriarchal socio-cultural values, economic and political conditions and entrepreneurship in Arab countries.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-01
      DOI: 10.1108/IJOEM-01-2021-0145
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Shaping the attitudes of Russian managers in ethical issues – personal
           attributes and environmental pressure

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      Authors: Marc Oberhauser , Dirk Holtbrügge , Igor Gurkov
      Abstract: The purpose of this study is to investigate how the attitudes of Russian managers are affected by personal attributes, environmental conditions and also cognitive processes. Based on social cognitive theory, the authors developed hypotheses and tested them against data collected from 173 Russian managers via an online survey. A linear regression analysis revealed several determinants of ethical attitudes within the Russian context. The findings suggest that personal values (i.e. political orientation), environmental conditions (i.e. hierarchical level, ownership – state-owned versus private – of the current employer, industry in which a manager works) as well as cognitive processes (i.e. the presence (absence) of multilingualism at the workplace) strongly affect ethical attitudes of Russian managers in several issues related to both job ethics (relations inside the organization) and business ethics (relations outside the organization). Revealing a positive effect of multilingualism as cognitive process on managers' ethical attitudes, this study calls for incorporating a second lingua franca, for example, English, within the working context. The study provides an in-depth investigation of the determinants of ethical attitudes in Russia. Conducting a single-country study, the authors are able to reveal locally meaningful determinants that may otherwise be overlooked.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-01
      DOI: 10.1108/IJOEM-05-2021-0779
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Policy-oriented restart of supply and demand after COVID-19: firm-level
           evidence for China

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      Authors: Chao Liang , Bai Liu , Hing Kai Chan
      Abstract: China is the only major economy in the world that has achieved positive gross domestic product (GDP) growth in 2020. The paper aims to explore the effect of China's public policy restarting supply and consumption after coronavirus disease-2019 (COVID-19). Affected by the epidemic, global economic growth slowed down. Using the stock price data of Chinese A-share listed company, combining natural experiment and event study method, the paper examines the policy effects of work resumption and consumer vouchers. Compared with demand capacity, the work resumption has a more significant role in promoting the supply industry. Issuing consumer vouchers can effectively promote local demand recovery, and the effect is mainly concentrated in the industries involved in consumption vouchers. At the same time, public management capacity and the income level of residents play an important role in restarting supply and demand. Understanding China's public policies and effects are of positive significance to the restoration of economic development in other countries. The study contributes to knowledge by empirically examining the effect of China's public policies against the COVID-19 pandemic. The paper also expands the scope of policy-oriented research based on the perspective of supply and demand capacity building.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-01
      DOI: 10.1108/IJOEM-08-2021-1284
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Do and harmonious leadership matter in the sociocultural integration by
           Chinese multinational enterprises in The Netherlands'

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      Authors: Zhe Sun , Liang Zhao , Hongji Wei , Xiaoming Wang , Rosanne Rosalie Riemersma
      Abstract: The study aims to examine the effects of guanxi and harmonious leadership on acquisition performance and the role of sociocultural integration as a mediating mechanism impacting the above links, with a focus on Chinese cross-border acquisitions in The Netherlands. Data were collected through survey questionnaire with 91 respondents who work in Dutch-acquired companies. Regression analysis was used for exploring the relationship. The study finds that both guanxi and harmonious leadership are positive to acquisition performance, and sociocultural integration represents a significant mediating mechanism by which guanxi and harmonious leadership can result in improved acquisition performance. This study contributes to culture research by emphasizing the clarification of specific Chinese cultural values and cultural practices in cross-border acquisitions and examining the role of guanxi and harmonious leadership in acquisition performance. Meanwhile, this study helps to unveil Chinese cross-border acquisitions in The Netherlands by examining the mediating force – sociocultural integration.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-02-01
      DOI: 10.1108/IJOEM-11-2020-1350
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Corporate environmental responsibility and innovation: empirical evidence
           from Vietnam

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      Authors: Van Ha Nguyen , Nam Hoang Vu
      Abstract: This study aims to examine the relationship between corporate environmental responsibility (CER) practices and different types of innovation carried out by small- and medium-sized enterprises (SMEs) in Vietnam. The authors employ the bivariate probit model and the two-stage least squares regression model to estimate the effects of CER on process innovation and product innovation of SMEs. The findings show that while CER is not significantly related to product innovation, it has a positive and significant effect on process innovation. Further analysis indicates that CER engagement increases labor productivity and financial performance of SMEs. Corporate managers should view implementation of environmental responsibility practices as a strategy to foster process innovation and boost labor productivity and financial performance. For policy makers, government support for firms proactively engaging in CER practices could encourage firms to pursue innovative activities, which are vital to their long-term success as well as to the society's prosperity. This study makes several important contributions. First, the authors provide new empirical evidence regarding the different effects of engaging in environmentally friendly practices on firm innovation in an under-examined emerging market setting. Second, the authors enrich our understanding of potential benefits of CER implementation. Third, the findings suggest that firm innovation may play a mediating role in the CER–firm performance association.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-31
      DOI: 10.1108/IJOEM-05-2021-0689
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Multifractality during upside/downside trends in the MENA stock markets:
           the effects of the global financial crisis, oil crash and COVID-19
           pandemic

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      Authors: Walid Mensi , Imran Yousaf , Xuan Vinh Vo , Sang Hoon Kang
      Abstract: This paper examines asymmetric multifractality (A-MF) in the leading Middle East and North Africa (MENA) stock markets under different turbulent periods (global financial crisis [GFC] and European sovereign debt crisis [ESDC], oil price crash and COVID-19 pandemic). This study applies the asymmetric multifractal detrended fluctuation analysis (A-MF-DFA) method of Cao et al. (2013) to identify A-MF and MENA stock market efficiency during the COVID-19 pandemic. The results show strong evidence of different patterns of MF during upward and downward trends. Inefficiency is higher during upward trends than during downward trends in most of the stock markets in the whole sample period, and the opposite is true during financial crises. The Turkish stock market is the least inefficient during upward and downward trends. A-MF intensifies with an increase in scales. The evolution of excessive A-MF for MENA stock returns is heterogeneous. Most of the stock markets are more inefficient during a pandemic crisis than during an oil crash and other financial crises. However, the inefficiency of the Saudi Arabia and Qatar stock markets is highly sensitive to oil price crashes. Overall, the level of inefficiency varies across market trends, scales and stock markets and over time. The findings of this study provide investors and policymakers with valuable insights into efficient investment strategies, risk management and financial stability. This paper first explores A-MF in the MENA emerging stock markets. The A-MF analysis provides useful information to investors regarding asset allocation, portfolio risk management and investment strategies during bullish and bearish market states. In addition, this paper examines A-MF under different turbulent periods, such as the GFC, the ESDC, the 2014–2016 oil crash and the COVID-19 pandemic.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-28
      DOI: 10.1108/IJOEM-08-2021-1177
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Entrepreneurs' exit strategies and their determinants: the role of
           perceived exit challenges

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      Authors: Izabela Koładkiewicz , Łukasz Kozłowski , Marta Wojtyra-Perlejewska
      Abstract: The study aims to investigate whether the perceived problems in exiting a business—as well as the scope of and access to external support—may impact an entrepreneur's decision regarding the exit strategy, that is, the choice between the stewardship and harvest exit strategy. The authors have collected data from 302 entrepreneurs using a novel survey instrument and subjected the sample to structural equation modeling (SEM) and ordered logit regressions. The results reveal that potential difficulties in implementing an exit strategy, the scope of external support anticipated by the exiting entrepreneur and access to such support influence the potential choice of an exit strategy. Furthermore, the findings indicate that the stewardship exit strategy is preferred over the harvest exit strategy by entrepreneurs who face potential difficulties in obtaining external support or foresee problems related to a potential exit strategy. This study provides new insights into an entrepreneur's exit phenomenon by adding new elements, such as perceived problems involved in exiting a business as well as the scope of and access to external support, to the list of factors that may affect the choice of an exit strategy.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-27
      DOI: 10.1108/IJOEM-08-2021-1260
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Framework and determinants of benchmarking: a theoretical analysis
           and case study in Vietnam

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      Authors: Viet Hoang , Khanh-Duy Nguyen , Hoang-Le Nguyen
      Abstract: This study aims to develop a benchmarking model with productivity, management, and sustainability indicators (PMS), measure the performance of furniture firms in Vietnam, explore the causes of performance gaps, and identify the barriers and factors of benchmarking practice. The article uses both qualitative and quantitative methods. Literature review, exploratory interviews and a grounded-theory process are employed to develop a benchmarking framework and identify performance gaps, barriers and factors of benchmarking practice. The PMS benchmarking model and quantitative analysis are utilized to assess performance indicators. The study proposes the PMS benchmarking model and measures performance indicators of furniture firms. The sources of performance gaps are explored as design, material supply, the economy of scale, market, management systems and openness. Benchmarking practice encounters barriers of difficult indicators, unsuitable firms, insufficient benchmarking knowledge, reluctance to share data, unavailable and unreliable data, and weak engagement. Benchmarking practice is determined by core factors: leader; internal factors: systems, engagement, strategy, scope, culture; external factors: customers, suppliers, associations, support, competition. Firms could learn benchmarking indicators and the causes of these gaps to improve their performance. When implementing a benchmarking study, scholars and practitioners need to pay attention to barriers and factors of the benchmarking practice to ensure effective results. This study develops the PMS benchmarking model and estimates performance indicators in an emerging country with the performance gap justification. It provides readers with benchmarking barriers with solutions and success factors of benchmarking practice.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-26
      DOI: 10.1108/IJOEM-04-2021-0553
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Debt maturity structure and firm investment in the financially constrained
           environment

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      Authors: Muhammad Nouman , Ijaz Ahmad , Muhammad Fahad Siddiqi , Farman Ullah Khan , Mohammad Fayaz , Idrees Ali Shah
      Abstract: The financial policies of the modern world corporations and their investment decisions are generally considered as interrelated because the agency problems, associated with the debt level and its maturity structure, give rise to incentives for overinvestment or underinvestment. The present study empirically investigates the linkage between debt maturity structure and firm investment in a financially constrained environment, using Pakistan as a case study, to determine how the institutional environment in which firms operate affect these decisions and their linkage. The empirical analysis is carried in a panel data setting using panel regression models as the baseline methods. Moreover, generalized methods of moments (GMM) estimators are used, coupled with the instrumental variables approach, for robustness and improving the efficiency and consistency of estimates. Results suggest that firms rely more on short financing in Pakistan. Thus, given the capital structure which is characterized by higher proportion of short-term financing, the higher level of leverage is less likely to cause underinvestment problem. However, the underinvestment problem do persists in the firms that have higher portion of long-term debt. These findings imply that the debt-overhang problem may persist even in the financially constrained environments where attractive investment opportunities are limited, and long-term financing is difficult to acquire. This study contributes to the literature by revealing how corporate investment and financing decisions and their linkage is influenced by the institutional environment of the less developed countries which is characterized by underdeveloped financial markets, inefficient legal system and weak investor protection system.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-26
      DOI: 10.1108/IJOEM-08-2020-0908
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Corporate social responsibility and SMEs' performance: mediating role of
           corporate image, corporate reputation and customer loyalty

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      Authors: Thanh Tiep Le
      Abstract: The purpose of the paper is to evaluate the essential role of corporate social responsibility (CSR) on SMEs' performance by exploring the mediating role of corporate image (CI), corporate reputation (CR) and customer loyalty (CL) between CSR and firm performance (FP) in the context of an emerging country. Based on an extended literature review on CSR, CI, CR and CL studies, the authors evaluate the impact of these four constructs on SMEs' performance in an emerging market. The paper follows a quantitative approach. The study sample was composed of 482 responses covering top executives, managers and experts. The Smart PLS SEM version 3.3.2 was used to analyse the data of the small- and medium-sized enterprises (SMEs) of Vietnam in the year 2020–2021. The authors' findings reveal significant and positive relationships amongst CSR, FP, CSR and CI, CSR and CR, CSR and CL, and most importantly, the findings add value to the current knowledge by exploring the mediating effect of CI, CR and CL between CSR and FP. The study was conducted in Vietnam. As a result, the findings of the study might not be applicable for other countries, if the economic and environmental settings are different from that of Vietnam. Therefore, future research should consider for other countries, other regions. Second, due to the purpose and priority of the study, CI, CR, and CL was employed as mediators amongst the relationship between CSR and FP. Thus, future research should consider other mediators or moderators in such a relationship to see how CSR generates outcomes in the new associations. The study regarding the role of CSR in enhancing the performance of SMEs can motivate firm's chief executive officers (CEOs) to be proactive in getting involved and practising CSR in a consistent manner. Second, the above discussion draws a very important implication for the executive level, the management level of the enterprise, which enterprises should balance the interests of business, customers, other stakeholders, the environment and society in order to optimise CSR outcomes for improving competitiveness and developing sustainably. This implication is particularly important to the survival and development of SMEs in a challenging emerging economy. The study widens the literature regarding relationship between CSR and SMEs' performance. Besides, the study supports stakeholder theory that explains why CSR positively affects firm's performance. The significant mediating roles of CI, CR and CL were positively confirmed in the study. Although previous studies determined that such roles are strategic source of competitive advantages of enterprises, however, how CSR involved in enhancing the roles has not been deeply explored and integrated. Third, the findings of the study support the resource-based view (RBV) and resource-based perspective that explains why firm should engage in CSR activities, and CI, CR and CL can enhance firm's performance by providing strategic source of competitive advantages that facilitate business to improve its performance in sustainable direction. To the best of the authors' knowledge, the current literature on CSR and FP shows that, to date, there has been little empirical research on the mediating mechanism of CI, CR and CL in the link between CSR and FP for SMEs. The findings of the study may have great implications for entrepreneurs and top management with respect to the strategic perspectives to drive the businesses and to improve firm's performance in a sustainable direction in the context of emerging markets. In addition, the finding might be of great interest to – and motivate – SMEs' managers to engage with CSR actions where such businesses were or are situated during and after the coronavirus disease-2019 (COVID-19) pandemic. By that understanding, the Government might allow for innovative and groundbreaking policies or the reformation of old policies to leverage businesses to promote their strengths towards sustainable development in the new economic settings. The findings of the study may be a significant contribution to SMEs in Vietnam and in other emerging economies.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-25
      DOI: 10.1108/IJOEM-07-2021-1164
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Empirical comparison of -compliant vs conventional mutual fund performance

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      Authors: Naseem Al Rahahleh , M. Ishaq Bhatti
      Abstract: This paper investigates the performance of locally focused equity mutual funds (LFEFs) in Saudi Arabia as compared with the performance of benchmark funds. More specifically, the focal question pertains to whether Shariah-compliant mutual funds (SMFs) and conventional mutual funds (CMFs) outperform their respective benchmarks. Undertaken in the context of Saudi Arabia's economic planning under Vision 2030, the study offers a foundation for determining whether and the extent to which Shariah-compliant investment strategies are competitive—a matter of considerable importance across 57 Muslim countries. The Carhart four-factor model is applied to a sample of 39 Saudi Arabian mutual funds (MFs) using the monthly net asset value (NAV) per share. The sample period, April 2007 to October 2016, is considered in its entirety and as three sub-periods, i.e. low-, medium- and high-volatility. The results show that the locally focused equity mutual funds (LFEFs) significantly outperformed their benchmark, i.e. the Tadawul All Share Index (TASI), during the full sample period and the low-volatility period. According to the empirical comparison, the CMFs also outperformed their TASI benchmark for the full sample period and the low-volatility period. However, the SMFs neither outperformed nor underperformed their S&P Saudi Arabia Domestic Shariah Index benchmark. That is, for each of the SMFs included in the sample, the Jensen's alpha was insignificant for both the full sample and all three volatility sub-periods. In this paper, the four-factor model is used in the context of a single country. The results, therefore, may not be generalizable to the multi-country level in the Gulf Council Cooperation (GCC) region given differences between the member countries in terms of financial structure and economic focus. The results reported constitute a useful guide for policymakers and faith-based-sensitive investors concerned about the Shariah compliancy of their portfolios given that there is very little difference between how CMFs and SMFs performed in the focal period. This research can be extended to include other Islamic countries in the GCC region as a basis for identifying optimal investment vehicles, i.e. those most likely to produce high returns at low risk. The work reported in this paper is original and constitutes a valuable asset for ethnoreligious-sensitive investors. The research has not been published in any capacity and is not under consideration for publication elsewhere.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-21
      DOI: 10.1108/IJOEM-05-2020-0565
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Revisiting expectation confirmation model to measure the effectiveness of
           multichannel bank services for elderly consumers

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      Authors: Neena Sinha , Nidhi Singh
      Abstract: This study aims to understand the expectations of elderly bank customers with mobile banking services and to measure its impact on their long-term satisfaction and continued intention. The study is based on two theories, expectations-confirmation theory (ECT) and hedonic adaptation theory. A self-administered longitudinal survey was completed with a sample of 208 elder customers who do not use mobile banking services. Latent growth curve modelling approach was used to determine the change in their post-adoption experience over four time points. Results of the study confirm that the use of mobile banking services prolongs the duration of customer satisfaction and continued intention level, post-adoption, reinforcing the hedonic adaptation theory. Mobile banking services are going to be a significant component of the multichannel banking agenda. But it might be interesting to review other digital channels of banking services. The key contribution of this study is that it measures the expectation-confirmation link of elderly customers with mobile banking services. The study sheds light on factors that positively influence customer inclination and adoption of multichannel banking services in the long run, which is important for the commercial success of such channels. The study highlights the importance of elder customers' pre-expectations, related dimensions which are important for post-adoption experiences of mobile banking services to improve customers' satisfaction and continued intention in the long run. This is crucial for the commercial success of banks. This is the first such study that used the expectation confirmation model (ECT) and related it with hedonic adaptation theory to assess elderly customer's post-adoption satisfaction and continued usage of mobile banking services over time.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-17
      DOI: 10.1108/IJOEM-03-2021-0361
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The impact of market orientation on small firm performance:
           a configurational approach

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      Authors: Sanjay Chaudhary , Deepak Sangroya , Elisa Arrigo , Giuseppe Cappiello
      Abstract: In this study, the authors examine the influence of market orientation on small firms' performance. The authors theorize that the association between market orientation and small firm performance provides an incomplete picture in a competitive environment. The application of configuration approach which involves simultaneous consideration of market orientation, strategic flexibility and competition intensity is crucial to examine driver of firm performance. The sample of the research study consists of 272 small firms from an emerging economy, India. Ordinary least squares regression has been used to investigate the hypothesized relationships. The authors noted that the three-way interaction between market orientation, strategic flexibility and competition intensity elucidates variance in small firm performance over and above a contingency model and a direct relationship. The findings contribute to the existing literature by exhibiting the effect of market orientation on firm performance. The configuration model suggests that small firms can outperform competitors in a lower competitive environment if they have high market orientation and high strategic flexibility investment. To leverage market opportunities and achieve better firm performance, small firms’ owners should analyze the usefulness of current capabilities in a changing competitive environment concurrently and align market orientation to those conditions. The strategic management and marketing literature suggests that relationship between market orientation and performance is ambiguous. The findings offer insights to managers regarding the appropriate use of strategic flexibility in leveraging the benefits of market orientation in a highly competitive environment. Furthermore, by collecting data from the context of an emerging economy, India, the authors attempt to strengthen the applicability of market orientation in different contexts.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-14
      DOI: 10.1108/IJOEM-03-2021-0411
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Developing a competitiveness index at sub-national level for India:
           an economic growth measure

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      Authors: Nirmalkumar Singh Moirangthem , Barnali Nag
      Abstract: The objective of this study is threefold–first, to develop a Regional Competitiveness Index (RCI) for measuring competitiveness of sub-national regions for India; second, to test this index for its ability to explain regional growth, which validates usage and applicability of this index; and third, to further investigate if the competitiveness of states is in turn caused by economic growth, i.e. it is tested if there is a bidirectional causality between competitiveness and regional growth. The data of indicators used in the index are from sources available freely in public domain. The competitiveness index is constructed using equal weightage supported by principal component analysis (PCA) technique. The causal relationship analysis is done using panel data of 10 years from 2008 to 2017 for 32 Indian states/union territories. The generalized method of moments (GMMs) is used for this dynamic regression estimation. Based on RCI score, states have been ranked and through rank analysis, the authors observe the performance status of these sub-national regions and are able to categorize them as improving, no change or deteriorating in regional competitiveness. Using the GMM estimation, the association between RCI and economic growth is found to be significant at 10% level. This shows that regional competitiveness as captured through the RCI score is able to explain regional economic growth and economic disparity among the sub-national units. Further, that RCI score is found to Granger-cause growth, while growth does not lead to better RCI scores. This establishes the usefulness of RCI as an important policy variable to compare states and provide direction for sectoral reforms. The limitations of the study include (1) broad assumption that these sub-national regions belong to a uniform macro-economic and technology environment, and (2) data constraints as it is a longitudinal study. The study implies that the composite index could capture differences in regional competitiveness explaining regional economic disparity and that competitiveness causes higher economic growth and not vice versa. The RCI score can prove to be a useful indicator of economic performance of different states and can be used by national and state policymakers to compare and assess regional disparity among different states. The pillar-wise scores will be useful for in-depth study of weakness and strength of the sub-national territories. Construction of an RCI for sub-national territories and analysis of panel data for longitudinal study of ten years is unique in the regional competitiveness literature.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-11
      DOI: 10.1108/IJOEM-02-2021-0209
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Entry-level job pursuit intention: assessing person-environment
           fit in India

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      Authors: Atri Sengupta , Shashank Mittal
      Abstract: Person-environment (PE) fit theory suggests that value congruence (fit) leads to the job pursuits intention (Cable and Judge, 1996) which is also influenced by cultural norms (Ma and Allen, 2009). Due to stringent job market condition along with its people, as a part of collectivistic culture, having poor self-concept consistency, value congruence may unfold different phenomenon in Indian context. Therefore, the present study intends to explore the existing fit theory on different cultural norms and different job market condition with entry-level job pursuits as participants. The fit was measured both objectively and subjectively in a mixed method research design. Top 100 institutes ranked in NIRF (National Institutional Ranking Framework) (under Management category) were approached for data collection and 41 institutes agreed to participate. Data were collected in four phases from 2,714 entry-level job pursuits and domain experts based on web-based job advertisements. Krippendorff's alpha was calculated for measuring objective fit, and the subjective fit was measured through quadratic structural equation modeling with response surface analysis. Findings revealed lack of value congruence objectively; and no influencing role of subjective fit in job pursuits intention. This indicated that neither Indian employers nor entry-level job pursuits were concerned about value congruence. The post-hoc analysis suggested that poor self-concept consistency as a cultural norm led to such atypical findings. The present study suggests that fit may lead to different phenomena of entry-level job pursuits intention with different contextual and cultural norms.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-11
      DOI: 10.1108/IJOEM-02-2021-0293
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Fundamental analysis and the use of financial statement information to
           separate winners and losers in frontier markets: evidence from Vietnam

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      Authors: Tuan Ho , Y Trong Nguyen , Hieu Truong Manh Tran , Dinh-Tri Vo
      Abstract: The pupose of the paper is to study the usefulness of Piotroski (2000)'s F-score in separating winners and losers in Vietnam. The authors adopt a portfolio analysis and regression analysis on a sample of 501 of listed firms between 2009 and 2019 in Vietnam. The authors find that a hedge strategy that buys high-F-score firms and sells low-F-score firms yield market-adjusted return of over 30 percent annually, which is statistically and economically significant. The hedge strategy based on F-score is not only profitable for value (high book-to-market [BM]) firms but also earn abnormal returns in a sample of growth (low BM) firms, suggesting that the usefulness of F-score strategy is not just a phenomenon in value firms as documented in previous literature. Whilst the authors' paper documents economically significant returns obtained from the F-score strategy, the authors do not examine what drives the abnormal returns. The results provide supporting evidence for the use of financial statement analysis as a screening tool to improve the performance of value investment in Vietnam stock market and for the training of financial reporting and fundamental analysis in universities. The authors' research is the first study examining the F-score strategy in Vietnam that provides insights about the usefulness of fundamental analysis in separating winners and losers in a frontier market and contributes to the literature on fundamental analysis and market efficiency in emerging and frontier markets.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-07
      DOI: 10.1108/IJOEM-03-2020-0279
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Can market state and market volatility explain time-varying momentum
           profits in South Africa'

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      Authors: Mwangele Kaluba , Yudhvir Seetharam
      Abstract: While the momentum anomaly is prevalent in South Africa, few have examined the reasons influencing it. This study examines whether momentum profits vary through time and are affected by the state of the market and market volatility between 1998 and 2019. The authors consider combinations of portfolio construction, such as the lookback period, weighting scheme, measure of volatility and the volatility window period. They further examine the interaction of momentum with sentiment, default risk and semi-deviation as a measure of risk, as a means of testing whether behavioural factors have significant influence. The results generally show that neither volatility nor market state has explanatory power on momentum profits. These results make the momentum anomaly in South Africa an even greater mystery than before as they do not conform to the existing literature from developed economies. The authors do, however, find that default risk is a significant predictor of momentum profits, which is a useful additional factor for those fund managers who utilise momentum strategies. This implies that a fundamental factor, default risk, is a potential explanation for the market-related momentum anomaly.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-07
      DOI: 10.1108/IJOEM-03-2021-0406
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Examining the nexus between transformational leadership and follower's
           radical creativity: the role of creative process engagement and leader
           creativity expectation

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      Authors: Md. Nurun Nabi , Zhiqiang Liu , Najmul Hasan
      Abstract: The primary objective of this study is to examine the nexus between transformational leadership (TL) and followers' radical creativity (FRC). In contrast, creative process engagement (CPE) and leader creativity expectation (LCE) was employed as a mediating and a moderator role, respectively. A quantitative exploratory survey was applied as a research design, and 293 valid responses were collected from industry-university collaborative team leaders-followers. The authors performed descriptive and partial least square based structural equation modeling (PLS-SEM) analysis using the SPSS 23 and Smart-PLS 3.0 package program to test the hypothesis. Empirical results revealed that the TL positively and significantly influences the FRC. Therefore, the mediation of CPE bridges the relationship between TL and FRC, while the moderating role of LCE was insignificant. TL with higher CPE indirectly enhances the FRC. Unlike the prior conventional componential theory of creativity (CTC), this study extends the scope of CTC addressing CPE and LCE to investigate the nexus between TL and FRC and contributes to the current literature leaders-followers relationship. Practically, this research contributes to the growing body of the literature demonstrating how organizations might foster radical creativity in their employees and how to inspire followers to participate in radical creativity activities that might enhance organizational performance. This study has broadened the scope of the CTC by emphasizing the mediating function of CPE in promoting particular aspects of followers' creativity.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-07
      DOI: 10.1108/IJOEM-05-2021-0659
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Natural resources and economic growth: evidence from Brunei Darussalam

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      Authors: Muhammad Tahir , Umar Burki , Arshad Hayat
      Abstract: This paper explores the relationship between natural resources and economic growth of Brunei Darussalam, an underresearched area in the available literature. Annual data are sourced from reliable sources for the period 1989–2020. Appropriate cointegration techniques for time series data are employed to estimate the specified models and extract results. The results provide evidence about the positive and significant role that natural resources have played in the economic growth of Brunei Darussalam. Similarly, trade openness and domestic investment have also positively and significantly impacted the long-run economic growth. On the other hand, the impacts of government expenditure and the growth of human capital on economic growth are although positive but insignificant statistically in the long run. The short-run results show that natural resources, government expenditures and domestic investment have influenced economic growth both positively and significantly. Moreover, the positive and significant impact of trade openness on economic growth, which was observed in the long run, turned negative and insignificant in the short run. Finally, the insignificant positive relationship between the growth of human capital and economic growth observed in the long run remained the same in the short run. This paper studies the resource curse hypothesis for Brunei Darussalam for the first time, and therefore, the findings will be of significant interest for policymakers and researchers.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-06
      DOI: 10.1108/IJOEM-05-2021-0762
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Cultural values, entrepreneurial team structure and performance of SMEs

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      Authors: Mohammad Bashokuh-E-Ajirloo , Bahman Khodapanah , Mehdi Alizadeh , Mehdi Ebrahimzadeh
      Abstract: The main objective of this study is to explain the relationship between members' cultural values on structure and performance of the entrepreneurial teams that located in Tehran. Data used in this study are collected by a questionnaire distributed among managers and other executive members of SMEs located in Tehran. One hundred and thirty-nine participants completed the questionnaires, and their responses were analyzed using partial least squares technique. Measures showed good convergent and discriminant validity. Furthermore, Cronbach's alpha, as reliability indicator for all measures, is at the acceptable level. Research finding shows that all hypothesis supported in Iran contex. Entrepreneurial team members' cultural values have positive and significant effect on the entrepreneurial team structure. Entrepreneurial team members' cultural values have significant effect on the entrepreneurial team performance and also, the structure of the entrepreneurial team has a positive and significant effect on the entrepreneurial team performance. These studies mostly focused on technical dimensions of entrepreneurial teams and overlooked the cultural values of their members.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-04
      DOI: 10.1108/IJOEM-06-2019-0459
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Cooperation in a minimum-waste innovation ecosystem: a case study of the
           Czech Hemp Cluster

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      Authors: Jindrich Spicka
      Abstract: Innovation ecosystems face many environmental challenges. The literature review shows that innovation ecosystems accelerate innovation activity, but empirical studies have not provided enough case studies focusing on the minimum-waste business strategy as one aspect of the circular economy. Various forms of interaction between members occur in the innovation ecosystems, which determines the level of cooperation. This paper aims to show the structure and forms of cooperation in an innovation ecosystem using the Czech Hemp Cluster (CHC) and its surroundings and suggest research directions in the field of interaction between members in an innovation ecosystem. Although hemp is associated with the production and distribution of narcotics, it is a versatile plant supporting the minimum-waste business strategy. The research is based on a theoretical part of a literature review of major scientific articles on innovation ecosystems from 2016 to 2021. The case study of the CHC and the hemp ecosystem is based on qualitative research in the form of a content analysis of the mission of the cluster members. In addition to content analysis, the classic multidimensional scaling method and hierarchical cluster analysis were used to reveal ecological guilds. The case study highlighted the specific relationship between the cluster and the ecosystem. The cluster does not determine the ecosystem boundaries, but the ecosystem is a much broader system of cooperation and interaction between organisations. Clusters emerge after an ecosystem has existed for a particular time to coordinate collaboration and information between organisations and stakeholders. The analysis of the CHC revealed the specific role of non-profit organisations (NPOs) in the innovation ecosystem. NPOs are not engaged in primary functions in the value chain, but they provide supporting activities through coordinated networking, disseminating information on innovation, awareness-raising and stakeholder education. Compared to natural ecosystems, innovation ecosystems are typically characterised by higher forms of collaboration between members. An exciting opportunity for research on innovation ecosystems is the ecological guilds taken from natural ecosystems and whose identification can help define the boundaries of innovation ecosystems. An opportunity for further research is the comparison of NPO-based and government-based clusters playing a central role in developing innovation ecosystems. Regarding the problematic generalisability of the case study to the entire agricultural production, a challenge is a search for minimum-waste business models in agriculture characterised by the biological nature of production. Theoretical and empirical studies have not yet considered innovation ecosystems in the minimum-waste context to a sufficient extent. The paper builds on previous scholarly studies focusing on innovation ecosystems and, for the first time, discusses the role of NPOs in the innovation ecosystem. The CHC case study adds a suitable minimum-waste business model to the still very scarce literature on sustainable innovation ecosystems. The article discusses the purpose and forms of cooperation in an innovation ecosystem, identifies a complementarity of roles in the innovation cluster and describes the interrelationship between the cluster and the ecosystem. Discussion of the ecosystem leader in the cluster-based innovation ecosystem shows the differences between Czech, Polish and German life science ecosystems.
      Citation: International Journal of Emerging Markets
      PubDate: 2022-01-03
      DOI: 10.1108/IJOEM-08-2021-1189
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • International Journal of Emerging Markets

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