Subjects -> PUBLIC ADMINISTRATION (Total: 284 journals)
    - MUNICIPAL GOVERNMENT (9 journals)
    - PUBLIC ADMINISTRATION (248 journals)
    - SECURITY (27 journals)

PUBLIC ADMINISTRATION (248 journals)                  1 2 | Last

Showing 1 - 200 of 357 Journals sorted by number of followers
Police Journal : Theory, Practice and Principles     Hybrid Journal   (Followers: 322)
Journal of Management & Organization     Full-text available via subscription   (Followers: 277)
Academy of Management Annals     Full-text available via subscription   (Followers: 93)
Journal of European Public Policy     Hybrid Journal   (Followers: 71)
Governance : An International Journal of Policy, Administration and Institutions     Hybrid Journal   (Followers: 55)
Public Administration Review     Hybrid Journal   (Followers: 53)
International Journal of Public Leadership     Hybrid Journal   (Followers: 51)
Journal of Public Administration Research and Theory     Hybrid Journal   (Followers: 46)
Public Administration     Hybrid Journal   (Followers: 41)
European Journal of Social Work     Hybrid Journal   (Followers: 35)
Social Policy & Administration     Hybrid Journal   (Followers: 31)
International Journal of Public Administration     Hybrid Journal   (Followers: 29)
Clinical Social Work Journal     Hybrid Journal   (Followers: 28)
Government Information Quarterly     Hybrid Journal   (Followers: 28)
Human Resource Development Quarterly     Hybrid Journal   (Followers: 28)
Journal of Public Administration     Full-text available via subscription   (Followers: 28)
Government and Opposition     Full-text available via subscription   (Followers: 27)
Cities     Hybrid Journal   (Followers: 26)
Public Choice     Hybrid Journal   (Followers: 26)
Human Service Organizations Management, Leadership and Governance     Hybrid Journal   (Followers: 24)
Public Policy and Administration     Hybrid Journal   (Followers: 24)
American Review of Public Administration     Hybrid Journal   (Followers: 24)
Journal of Public Administration and Governance     Open Access   (Followers: 24)
Public Policy And Administration     Open Access   (Followers: 24)
Journal of Nursing Management     Hybrid Journal   (Followers: 23)
Prison Journal     Hybrid Journal   (Followers: 22)
Evaluation     Hybrid Journal   (Followers: 21)
Public Administration and Development     Hybrid Journal   (Followers: 19)
The Review of International Organizations     Hybrid Journal   (Followers: 19)
Public Policy and Administration Research     Open Access   (Followers: 19)
Poverty & Public Policy     Hybrid Journal   (Followers: 17)
Law, Innovation and Technology     Hybrid Journal   (Followers: 16)
Public Policy     Full-text available via subscription   (Followers: 16)
Australian Social Work     Hybrid Journal   (Followers: 15)
Critical Policy Studies     Hybrid Journal   (Followers: 15)
Journal of Social Work Education     Hybrid Journal   (Followers: 15)
International Review of Public Administration     Hybrid Journal   (Followers: 15)
Administration     Open Access   (Followers: 15)
Journal of Public Administration and Policy Research     Open Access   (Followers: 15)
Electronic Government, an International Journal     Hybrid Journal   (Followers: 14)
Policy Sciences     Hybrid Journal   (Followers: 14)
Policy Studies     Hybrid Journal   (Followers: 14)
Journal of Comparative Policy Analysis : Research and Practice     Hybrid Journal   (Followers: 14)
Social Work Education: The International Journal     Hybrid Journal   (Followers: 14)
Public Personnel Management     Hybrid Journal   (Followers: 14)
Local Government Studies     Hybrid Journal   (Followers: 13)
Social Service Review     Full-text available via subscription   (Followers: 12)
Policy & Internet     Hybrid Journal   (Followers: 12)
Journal of Higher Education Outreach and Engagement     Open Access   (Followers: 12)
International Tax and Public Finance     Hybrid Journal   (Followers: 11)
Journal of Community Practice     Hybrid Journal   (Followers: 11)
International Journal of Public Sector Performance Management     Hybrid Journal   (Followers: 11)
Research on Economic Inequality     Hybrid Journal   (Followers: 10)
Politics and Governance     Open Access   (Followers: 10)
Citizenship Studies     Hybrid Journal   (Followers: 9)
Policy Studies Journal     Hybrid Journal   (Followers: 9)
Canadian Public Administration/Administration Publique Du Canada     Hybrid Journal   (Followers: 9)
eJournal of eDemocracy and Open Government     Open Access   (Followers: 9)
Asia Pacific Journal of Public Administration     Hybrid Journal   (Followers: 9)
Administrative Theory & Praxis     Full-text available via subscription   (Followers: 8)
Middle East Law and Governance     Hybrid Journal   (Followers: 8)
Frontiers in Public Health Services and Systems Research     Open Access   (Followers: 8)
Public Works Management & Policy     Hybrid Journal   (Followers: 7)
Publius: The Journal of Federalism     Hybrid Journal   (Followers: 7)
Gesundheitsökonomie & Qualitätsmanagement     Hybrid Journal   (Followers: 7)
Surveillance and Society     Open Access   (Followers: 7)
Public Sector     Full-text available via subscription   (Followers: 7)
State and Local Government Review     Hybrid Journal   (Followers: 7)
Journal of Entrepreneurship and Public Policy     Hybrid Journal   (Followers: 7)
Teaching Public Administration     Hybrid Journal   (Followers: 7)
Growth and Change     Hybrid Journal   (Followers: 6)
Journal of Developing Areas     Full-text available via subscription   (Followers: 6)
Just Policy: A Journal of Australian Social Policy     Full-text available via subscription   (Followers: 6)
PLOS Currents : Disasters     Open Access   (Followers: 6)
Public Organization Review     Hybrid Journal   (Followers: 5)
Law, Democracy & Development     Open Access   (Followers: 5)
Risk, Hazards & Crisis in Public Policy     Hybrid Journal   (Followers: 5)
NISPAcee Journal of Public Administration and Policy     Open Access   (Followers: 5)
Parliaments, Estates and Representation     Hybrid Journal   (Followers: 5)
European Journal of Government and Economics     Open Access   (Followers: 5)
Journal of Organisational Transformation & Social Change     Hybrid Journal   (Followers: 4)
Administrative Sciences     Open Access   (Followers: 4)
Commonwealth Journal of Local Governance     Open Access   (Followers: 4)
Singapore Economic Review, The     Hybrid Journal   (Followers: 4)
International Affairs and Global Strategy     Open Access   (Followers: 4)
Statistics and Public Policy     Open Access   (Followers: 4)
African Journal of Governance and Development     Open Access   (Followers: 4)
Africa’s Public Service Delivery and Performance Review     Open Access   (Followers: 4)
Policy & Governance Review     Open Access   (Followers: 4)
Journal of Governance and Public Policy     Open Access   (Followers: 4)
Journal of Public Budgeting, Accounting & Financial Management     Hybrid Journal   (Followers: 4)
Congress & the Presidency: A Journal of Capital Studies     Hybrid Journal   (Followers: 3)
International Journal of Environmental Policy and Decision Making     Hybrid Journal   (Followers: 3)
Electronic Journal of e-Government     Full-text available via subscription   (Followers: 3)
International Journal of Electronic Government Research     Full-text available via subscription   (Followers: 3)
International Journal of Information Systems for Crisis Response and Management     Full-text available via subscription   (Followers: 3)
Pittsburgh Tax Review     Open Access   (Followers: 3)
Nordic Tax Journal     Open Access   (Followers: 3)
Public Governance Research     Open Access   (Followers: 3)
Perspectives on Public Management and Governance     Full-text available via subscription   (Followers: 3)
Governance Journal     Open Access   (Followers: 3)
Études rurales     Open Access   (Followers: 2)
Gaceta Sanitaria     Open Access   (Followers: 2)
Accounting and the Public Interest     Full-text available via subscription   (Followers: 2)
Georgia Journal of Public Policy     Open Access   (Followers: 2)
Journal of Economic and Administrative Sciences     Hybrid Journal   (Followers: 2)
Regional Science Policy & Practice     Hybrid Journal   (Followers: 2)
Journal of Park and Recreation Administration     Full-text available via subscription   (Followers: 2)
Journal of Chinese Governance     Hybrid Journal   (Followers: 2)
European Policy Analysis     Hybrid Journal   (Followers: 2)
National Civic Review     Hybrid Journal   (Followers: 1)
Journal of Asian Public Policy     Hybrid Journal   (Followers: 1)
Cuadernos de Relaciones Laborales     Open Access   (Followers: 1)
Éthique publique     Open Access   (Followers: 1)
BAR. Brazilian Administration Review     Open Access   (Followers: 1)
Gestión y Política Pública     Open Access   (Followers: 1)
Federal Governance     Open Access   (Followers: 1)
Revista de Administração IMED     Open Access   (Followers: 1)
The Philanthropist     Open Access   (Followers: 1)
South Asian Journal of Macroeconomics and Public Finance     Hybrid Journal   (Followers: 1)
Studi Organizzativi     Full-text available via subscription   (Followers: 1)
Visión de futuro     Open Access   (Followers: 1)
Journal of Economics, Finance and Administrative Science     Open Access   (Followers: 1)
Journal of Development and Administrative Studies     Open Access   (Followers: 1)
In Vestigium Ire     Open Access   (Followers: 1)
Revista Desenvolvimento Social     Open Access   (Followers: 1)
Tendencias     Open Access   (Followers: 1)
Administory. Zeitschrift für Verwaltungsgeschichte     Open Access   (Followers: 1)
Journal of Social Studies     Open Access   (Followers: 1)
Jurnal Administrasi Publik : Public Administration Journal     Open Access   (Followers: 1)
Journal of Public Procurement     Hybrid Journal   (Followers: 1)
International Journal of Organization Theory and Behavior     Hybrid Journal   (Followers: 1)
Gestão Pública : Práticas e Desafios     Open Access   (Followers: 1)
Arbetsliv i omvandling     Open Access   (Followers: 1)
International Review of Public Policy     Open Access   (Followers: 1)
Journal of Public Affairs Education     Hybrid Journal   (Followers: 1)
Corrections : Policy, Practice and Research     Hybrid Journal   (Followers: 1)
Retos de la Dirección     Open Access  
Investigación Administrativa     Open Access  
Territory, Politics, Governance     Hybrid Journal  
International Journal of Community Well-Being     Hybrid Journal  
Molung Educational Frontier     Open Access  
Journal of Administrative and Management     Open Access  
FEU Academic Review     Open Access  
Dhammathas Academic Journal     Open Access  
Public Inspiration     Open Access  
Economic and Regional Studies / Studia Ekonomiczne i Regionalne     Open Access  
Jurnal Niara     Open Access  
Icelandic Review of Politics and Administration     Open Access  
Stat & Styring     Full-text available via subscription  
Revista de Direito da Administração Pública     Open Access  
Sosyoekonomi     Open Access  
ESPAÇO PÚBLICO : Revista do Mestrado Profissional em Políticas Públicas da UFPE     Open Access  
Revista de Administração     Open Access  
Administración Pública y Sociedad     Open Access  
Perspectivas em Políticas Públicas     Open Access  
JKAP (Jurnal Kebijakan dan Administrasi Publik)     Open Access  
Revista Iberoamericana de Estudios Municipales     Open Access  
Estado, Gobierno y Gestión Pública     Open Access  
Políticas Públicas     Open Access  
Revista Política y Estrategia     Open Access  
TEC Empresarial     Open Access  
Sinergia : Revista do Instituto de Ciências Econômicas, Administrativas e Contábeis     Open Access  
ECA Sinergia : Revista Especializada en Economía, Contabilidad y Administración     Open Access  
Revista Foco     Open Access  
Revue Gouvernance     Open Access  
Revista de Direito Sociais e Políticas Públicas     Open Access  
Revista Digital de Derecho Administrativo     Open Access  
Transylvanian Review of Administrative Sciences     Open Access  
Jurnal Bina Praja : Journal of Home Affairs Governance     Open Access  
Revista de Administração Geral     Open Access  
Jurnal Ilmiah Administrasi Publik     Open Access  
Cadernos Gestão Pública e Cidadania     Open Access  
Revista Eurolatinoamericana de Derecho Administrativo     Open Access  
Journal of Social and Administrative Sciences     Open Access  
Prawo Budżetowe Państwa i Samorządu     Open Access  
Law and Administration in Post-Soviet Europe     Open Access  
RACE - Revista de Administração, Contabilidade e Economia     Open Access  
Organizações & Sociedade     Open Access  
Rivista trimestrale di scienza dell'amministrazione     Full-text available via subscription  
FOR Rivista per la formazione     Full-text available via subscription  
Sri Lanka Journal of Development Administration     Open Access  
Wroclaw Review of Law, Administration & Economics     Open Access  
Journal of Science and Sustainable Development     Full-text available via subscription  
eJournal of Public Affairs     Open Access  
Administração Pública e Gestão Social     Open Access  
Revista Mexicana de Análisis Político y Administración Pública     Open Access  
Revista Brasileira de Administração Científica     Open Access  
Future Studies Research Journal : Trends and Strategies     Open Access  
REAd : Revista eletrônica de administração     Open Access  
Pyramides     Open Access  
Documentos y Aportes en Administración Pública y Gestión Estatal     Open Access  
Cuadernos de Administración     Open Access  
AQ - Australian Quarterly     Full-text available via subscription  
Orientación y Sociedad : Revista Internacional e Interdisciplinaria de Orientación Vocacional Ocupacional     Open Access  
Revista Panamericana de Salud Pública     Open Access  
EURE (Santiago) - Revista Latinoamericana de Estudios Urbano Regionales     Open Access  
Acta Universitatis Danubius. Administratio     Open Access  
Liinc em Revista     Open Access  
Ids Working Papers     Hybrid Journal  

        1 2 | Last

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Journal of Economics, Finance and Administrative Science
Journal Prestige (SJR): 0.217
Citation Impact (citeScore): 1
Number of Followers: 1  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2077-1886 - ISSN (Online) 2218-0648
Published by Emerald Homepage  [362 journals]
  • Consumers’ purchase intention of rapid COVID-19 tests

    • Authors: Klender Cortez, Martha del Pilar Rodríguez-García, Christian Reich
      Abstract: This research aims to analyse the variables related to the purchase intention of COVID-19 rapid tests in Monterrey, Mexico's metropolitan area. The chosen method was probit regression. The results show that purchase intention depends on the consumer's perceived value and the perception of having a potential contagion and/or presenting symptoms related to the virus. Regarding limitations, the sampling method used in this investigation is a nonprobabilistic convenience approach delivered through a digital platform, which may not be the first option in other contexts. The findings indicate that the probability of the purchase intention of rapid COVID tests increases when consumers perceive symptoms of the disease and when they have higher education or are female rather than concerning price or income, as suggested by classical demand theory. Probabilistic sampling was impossible due to the difficulty of collecting surveys during the COVID-19 pandemic. Instead, a nonprobabilistic sample of a representative random selection of different zip codes from the responses received was considered. The originality of the paper is its contribution to consumer behaviour during the COVID-19 pandemic in a Latin American context.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-05-18
      DOI: 10.1108/JEFAS-11-2021-0245
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • The effect of gender and code of ethics on budgetary slack
           ethical judgment: experimental evidence from Indonesia

    • Authors: Jurica Lucyanda, Mahfud Sholihin
      Abstract: This research aims to study budgetary slack from a behavioural perspective, especially examining the effect of gender and code of ethics on budgetary slack ethical judgment. This study adopts the experimental method of 2 × 3 between-subjects mixed factorial design with 102 participants to test the hypotheses. The participants are undergraduate and postgraduate accounting students at a major university in Indonesia. The results show that gender affects budgetary slack ethical judgment, in which women judge budgetary slack as more unethical than men. Additionally, the results indicate that individuals consider budgetary slack more unethical when a code of ethics is present than when it is absent. This study contributes to the management accounting literature and behavioural research by understanding budgetary slack from an ethical perspective. Additionally, this study contributes to ethics literature by identifying the effect of gender and code of ethics on budgetary slack righteous judgment.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-05-17
      DOI: 10.1108/JEFAS-05-2021-0044
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • The impact of omnichannel integrated marketing communications (IMC) on
           product and retail service satisfaction

    • Authors: Vera Butkouskaya, Olga Oyner, Sergey Kazakov
      Abstract: This study reviewed three customer-perceived components of integrated marketing communications (IMCs): consistency, interactivity and connectivity, as predictors of positive customer evaluation (product and retail service satisfaction). The customer data from 260 surveys were analysed using structural equation modelling (SEM). The data were collected from the emerging economy in the Moscow region (Russia). The results reported that IMC consistency positively impacts product and service satisfaction. However, the effect of IMC interactivity was only significant in the case of service satisfaction. Meanwhile, IMC connectivity positively influenced only product satisfaction. The study contributes to the marketing communications theory by defining three components of omnichannel IMC. It also adds to the customer behaviour theory by confirming the diverse nature of product and service evaluation. This study focuses on the retail industry. This research suggests that three components of IMC should be applied together towards enhancing the customer's positive post-purchase evaluation. Meanwhile, consistency enhances product and service satisfaction, interactive impacts satisfaction with the organization and connectivity with the retail service. The shift toward omnichannel marketing requires a broader perspective on communication integration. This research reports a novelty result of estimating the separate effect of each component of omnichannel IMC (consistency, interactivity and connectivity) on product and service satisfaction.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-05-17
      DOI: 10.1108/JEFAS-09-2022-0237
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • Sustainable marketing activities, event image, perceived value and
           tourists’ behavioral intentions in the sports tourism

    • Authors: Junfeng Wang, Vera Butkouskaya
      Abstract: This study constructs the influence mechanism model of sustainable marketing activities (SMAs), event image, commemorative product perceived value and tourists’ behavioral intentions (TBIs) in the sports tourism context of the Beijing Winter Olympic Games. Additionally, the article discusses the role of event image and product perceived value in enhancing the SMAs’ effect on TBIs. The research analyzed 315 valid questionnaires from tourists in the Chinese market by structural equation modeling. The results indicate that SMAs positively impact sports tourism event image, tourists’ perceived commemorative product value and TBIs. Meanwhile, event image and product perceived value mediate the SMAs and TBIs relationship. Considering SMAs as essential for sustainable development, this paper contributes to the strategic management discipline. Additionally, the research expands the analysis of event image and product perceived value in the brand theory and customer behavior research. The article outlines the principal value of SMAs implementation in enhancing behavioral intentions. It also reveals that a favorable event image and good perceived value can enhance SMAs’ effectiveness toward positively influencing TBIs, especially purchase intentions. It provides a new vision for nonprofit organizations to prioritize SMAs’ implementation in marketing strategies. It is pioneering work with a complex research framework for SMAs implementation in the sports tourism context.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-05-08
      DOI: 10.1108/JEFAS-09-2022-0219
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • Cultural communication differences in initial public offering
           documentation: the case of China

    • Authors: Anamari Irizarry Quintero, Javier Rodríguez Ramirez, Camille Villafañe-Rodríguez
      Abstract: Written communication differences across cultures can set the tone for effective or disastrous business relationships. Although English has been the go-to language in business, managers from different countries can significantly differ in how they convey the firms' information. This study explored these differences by examining the documentation presented by foreign corporations as part of their initial public offering (IPO) in the USA, particularly Chinese firms. This work examined cultural-related differences in written communications by looking at foreign corporations' descriptions of their strengths, strategies and challenges included in F-1 documents submitted to the Securities and Exchange Commission (SEC) as part of the IPO process. The sample consisted of 97 American depositary receipts (ADRs) identified in the Bank of New York Mellon's ADR directory from 2003 to 2015. This study found that Chinese firms significantly differ from other countries' firms in depicting their strengths, strategies and challenges. Limitations have to do with the sample size. Future research may address this by considering other depositary markets, not just the USA. The results will be significant for potential ADRs investors; they must be conscious of these differences in the written documentation submitted by Chinese firms compared to other foreign firms. The market should also be aware of these differences, as the Chinese seem less open to sharing information about the under spinning of their operations and financial prospects.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-04-28
      DOI: 10.1108/JEFAS-07-2021-0123
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • Sensitivities-based method and expected shortfall for market risk under
           FRTB: its impact on options risk capital

    • Authors: Carlos Alexander Grajales, Santiago Medina Hurtado
      Abstract: This paper measures different market risk impacts on options portfolios under the new Fundamental Review of the Trading Book (FRTB) regulation, issued in Basel and coming into effect in 2023. This paper first suggests an algorithm for implementing the FRTB standardised approach via the sensitivities-based method to estimate a portfolio's risk capital and presents an illustration applied to an option position. Second, it proposes a methodology to estimate the expected shortfall in options portfolios from the FRTB internal models approach. In this regard, an application is developed to measure expected shortfall (ES) and value at risk (VaR) impacts under FRTB versus conventional VaR in a currency option position by considering stress scenarios from the 2007–9 and 2020–1 crises and back-testing procedures. The suggested algorithm satisfactorily captures impacts via the sensitivities-based method, and higher risk capital demands are expected for emerging economies. Also, the planned FRTB methodology to measure ES and VaR is appropriate; in particular, historical metrics perform well. Astonishingly, their revealed impacts are more significant under the 2020–1 pandemic crisis than the 2007–9 financial crisis. The proposals developed weave a communication bridge between the standardised and internal approaches of FRTB regulation, which can be scaled up technologically and institutionally.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-04-27
      DOI: 10.1108/JEFAS-12-2021-0268
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • Impact of ICT diffusion and financial development on economic growth in
           developing countries

    • Authors: Anushka Verma, Prajakta Sandeep Dandgawhal, Arun Kumar Giri
      Abstract: The present study aimed to examine the relationship between information and communication technologies (ICT) diffusion, financial development and economic growth in the panel of developing countries for 2005–2019. The study employed the principal component analysis (PCA) to extract the index of ICT diffusion. First-generation panel unit root tests such as Levine Lin Chu (LLC), Im Pesaran Shin (IPS), Augmented Dickey-Fuller (ADF) and Phillips and Perron (PP) were employed to check the stationarity of the variables. Pedroni and Kao co-integration techniques were used to examine the existence of the long-run relationship, and co-integration coefficients were estimated using FMOLS and dynamic ordinary least squares (DOLS). The panel Granger causality approach examined the short-run and long-run causality. The results confirmed that ICT diffusion, financial development and trade openness accelerate growth, whereas inflation dampens economic growth. Further, the causality test showed bidirectional causality between ICT growth and financial development growth but a unidirectional causality from financial development to ICT diffusion in developing countries. The study recommends synchronizing public and private sector investment for a synergistic effect on ICT infrastructure and adequate investment in the financial sector to increase the growth rate in developing countries. Economic policies should be adopted toward incentives and subsidies to ensure affordable ICT services for disadvantaged communities. Also, training programs focussing on enhancing digital literacy to enable all segments of the population to use digital platforms for financial services are recommended.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-04-25
      DOI: 10.1108/JEFAS-09-2021-0185
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • Prospect theory in the financial decision-making process: An empirical
           study of two Argentine universities

    • Authors: Rogelio Ladrón de Guevara Cortés, Leticia Eva Tolosa, María Paula Rojo
      Abstract: This paper aims to provide empirical evidence for using the prospect theory (PT) basic assumptions in the Argentine context. Mainly, this study analysed the financial decision-making process in students of the economic-administrative academic area of two universities, one public and one private, in Córdoba. The analysis methodology included (1) the descriptive statistical analysis to identify the presence of the certainty, reflection and isolation effects; (2) the construction of a set of indicators on the application of the PT; (3) the chi-squared independence test, to determine if the decisions made are independent of the degree course taken; (4) the non-parametric Kruskal–Wallis test, to determine if the decisions made by individuals vary according to the semesters taken or students' levels of progress; and (5) the non-parametric Mann–Whitney test, to determine if there are differences between the decisions made by men and women. The empirical results provided evidence on the effects of certainty, reflection and isolation in both universities, concluding that the study participants make financial decisions in situations of uncertainty based more on PT than on expected utility theory. This study contributes to the empirical evidence in a different Latin-American context, confirming that individuals make financial decisions based on the PT independently of their degree course, semester, level of advance, gender or the kind of university where they belong (public or private).
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-04-25
      DOI: 10.1108/JEFAS-12-2021-0272
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • The role of digitalization in the FDI – income inequality
           relationship in developed and developing countries

    • Authors: Van Bon Nguyen
      Abstract: The study aims to use individuals using the internet and fixed broadband subscriptions as a proxy for digitalization to empirically assess the effects of Foreign Direct Investment (FDI), digitalization, their interaction on income inequality in developed and developing countries from 2002 to 2019. The paper used the system general method of moments (GMM) estimators for 30 developed and 35 developing countries. FDI increases income inequality in developed countries but decreases it in developing countries, digitalization reduces income inequality in both groups, interaction term narrows income inequality in developed countries but widens it in developing countries. The paper is the first to introduce digitalization into the FDI – income inequality relationship. Furthermore, it provides empirical evidence to show the difference in the role of digitalization in this relationship between developed and developing countries.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-04-13
      DOI: 10.1108/JEFAS-09-2021-0189
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • Market reaction to firms' investments in CSR projects

    • Authors: Victoria Cherkasova, Elena Fedorova, Igor Stepnov
      Abstract: The purpose of this paper is to determine the impact of corporate investments in corporate social responsibility (CSR), measured by the environmental, social and government (ESG) rating, on the market valuation of a firm's stocks and to explain the regional differences in the degree of this influence. The empirical study uses linear and non-linear panel regression models for a panel sample of 951 firms listed in Asia, North America and Europe operating in innovative industries. The CSR score was found to be significant in terms of stock excess return on the regional level. However, this finding cannot be extrapolated to the global scale. ESG rating is priced by the European and North American markets negatively, while in the Asian market, it is positive. This penalty (negative influence) is greater than the reward for one point increase in ESG rating. The results of this empirical study could be used by firms' managers to adjust strategies aimed at stock value growth and by investors to select an investment strategy to maximize return. The impact of investments in CSR on stock excess return over a defined benchmark is assessed. The study reveals regional differences in the impact of CSR investment using a sample of Asian, European and North American firms. The authors apply a more advanced lagged CSR performance (d.ESG) assessment based on the methodology of Zhang and Rajagopalan (2010).
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2023-03-27
      DOI: 10.1108/JEFAS-08-2021-0150
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2023)
  • Strategic perspective of error management the role of leadership and an
           error management culture: a mediation model

    • Authors: Margarida Freitas Oliveira, Eulália Santos, Vanessa Ratten
      Abstract: Errors are inevitable, resulting from the human condition itself, system failures and the interaction of both. It is essential to know how to deal with their occurrence, managing them. However, the negative tone associated with them makes it difficult for most organizations to talk about mistakes clearly and transparently, for fear of being harmed, preventing their detection, treatment and recovery. Consequently, errors are not managed, remaining accumulated in the system, turning into successive failures. Organizations need to recognize the inevitability of errors, making the system robust, through leadership and an organizational culture of error management. This study aims to understand the role of these influencing variables in an error management approach. In this paper methodology of a quantitative nature based on a questionnaire survey that analyses error management, leadership and the organizational culture of error management of 380 workers in Portuguese companies. The results demonstrate that leadership directly influences error management and indirectly through the organizational culture of error management, giving this last variable a mediating role. The study covers companies from different sectors of activity on a topic that is little explored in Portugal, but part of the daily life of organizations, which should deserve greater attention from directors and managers, as they assume a privileged position to promote and develop error management mechanisms. Error management must be the daily work of leaders. This study contributes to theoretical knowledge and business practice on error management.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-12-07
      DOI: 10.1108/JEFAS-01-2022-0028
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2022)
  • Creation of shared value in cooperatives: informal institutions’
           perspective of small-sized banana growers from Colombia

    • Authors: Marcela Maestre Matos, Jahir Lombana-Coy, Francisco J. Mesias
      Abstract: This study aims to identify informal institutions for bottom-of-the-pyramid (BoP) business models in the agricultural sector through the case study of banana growers’ cooperatives. A case study of six banana cooperatives from Colombia was conducted. The research followed a mixed design, using both qualitative and quantitative data and the application of structural equations. This study shows that social capital, networking and alliances are essential in BoP businesses.
      Authors defined a model of informal institutional factors for the generation of economic and social value in inclusive business, using the new institutional theory and the conceptual development of BoP in agri-business.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-10-24
      DOI: 10.1108/JEFAS-09-2021-0186
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2022)
  • Editorial: Journal aim and scope and ongoing positioning
    • Editorial: Journal aim and scope and ongoing positioning
      Nestor U. Salcedo
      Journal of Economics, Finance and Administrative Science, Vol. 27, No. 54, pp.198-201Journal of Economics, Finance and Administrative Science2022-12-13
      DOI: 10.1108/JEFAS-06-2022-331
      Issue No: Vol. 27, No. 54 (2022)
  • Risk-managed time-series momentum: an emerging economy experience

    • Authors: Simarjeet Singh, Nidhi Walia, Stelios Bekiros, Arushi Gupta, Jigyasu Kumar, Amar Kumar Mishra
      Abstract: This research study aims to design a novel risk-managed time-series momentum approach. The present study also examines the time-series momentum effect in the Indian equity market. Apart from this, the study also proposes a novel risk-managed time-series momentum approach. The study considers the adjusted monthly closing prices of the stocks listed on the Bombay Stock Exchange from January 1996 to December 2020 to formulate long-short portfolios. Newey–West t statistics were used to test the significance of momentum returns. The present research has considered standard risk factors, i.e. market, size and value, to evaluate the risk-adjusted performance of time-series momentum portfolios. The present research reports a substantial absolute momentum effect in the Indian equity market. However, absolute momentum strategies are exposed to occasional severe losses. The proposed time-series momentum approach not only yields 2.5 times higher return than the standard time-series momentum approach but also causes substantial enhancement in downside risks and higher-order moments. The study's outcomes offer valuable insights for professional investors, capital market regulators and asset management companies. This study is one of the pioneers attempting to test the time-series momentum effect in emerging economies. Besides, current research contributes to the escalating literature on risk-managed momentum by suggesting a novel revised time-series momentum approach.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-11-14
      DOI: 10.1108/JEFAS-08-2021-0159
      Issue No: Vol. 27, No. 54 (2022)
  • Assessing the possibility of winning a WTO dispute before being involved

    • Authors: Nikolai Klishch, Alexander Larionov
      Abstract: This article focuses on whether there is a chance to win a World Trade Organization (WTO) trade dispute at the consultation stage. The study suggests an approach to resolving trade disputes on a bilateral level before involving formal WTO resolution procedures. The model describes the determinants of the probability of winning a trade dispute. The econometric model estimates two different groups of factors available during the consultation period – macroeconomic factors and the institutional features of the trade dispute, such as the number of third parties. The data includes WTO trade disputes from 1995 to 2014. The suggested model predicts the result of trade disputes with a probability of 76.64%. The research proves that institutional factors such as the number of third parties and the subject of the trade dispute influence the probability of winning. The results of the study help predict the probability of winning a trade dispute at the consultation stage so that countries can decide whether to pursue a trade dispute. The research presents several new hypotheses on the results of trade disputes. The authors show that the higher the number of countries involved, the higher the chance of the complainant winning and that if major parties such as the US or the European Union (EU) are involved as third parties, the chance of the complainant winning increases.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-11-08
      DOI: 10.1108/JEFAS-08-2020-0301
      Issue No: Vol. 27, No. 54 (2022)
  • Reinvesting in equity crowdfunding: the case of digital workers

    • Authors: Rayan Faisal A. Makki, Stefan Van Hemmen
      Abstract: The purpose of this study is to investigate the initial investment's motivations and study the reinvesting motivations. The results revealed differences in reinvestors' motivations of reinvestors in both winning and losing situations. Specifically, financial return and excitement motives were supported for win and loss situations, while recognition was supported for loss and pleasure in win situations. The impact of intrinsic and extrinsic motivations on reinvestors was tested using the structural equation model. Furthermore, the framework was analysed with survey data from a total of 355 digital workers from Amazon Mechanical Turk, one of the world's largest crowdsourcing platforms. The results indicate that there are differences in the motivations for reinvestors when they are in both winning and losing situations. Financial return and excitement motives were supported for win and loss situation, while recognition was supported in loss and pleasure in win situation. This study makes it possible to better understand the motivations behind crowdfunding reinvestment among digital workers. To build on this work, more studies should be conducted with different samples to test the generalisability of these results. Moreover, future studies on different samples could determine whether the same motivations would hold for other investors or whether another motivation would have greater impact on these reinvestment decisions. While previous research on equity crowdfunding has predominantly focused on intrinsic and extrinsic motivations for participating and investing in equity crowdfunding platforms, the motives that specifically affect winning or losing situations for reinvestors have been largely overlooked.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-11-03
      DOI: 10.1108/JEFAS-07-2021-0116
      Issue No: Vol. 27, No. 54 (2022)
  • Analysing the linkage between total factor productivity and tourism growth
           in Latin American countries

    • Authors: Panayiotis Tzeremes
      Abstract: The study aims to investigate the nexus between total factor productivity and tourism growth in Latin American countries for time series data from 1995 to 2017. Using the extension of the Granger noncausality test in the nonlinear time-varying of Ajmi et al. (2015), the study points out the interconnectedness between the variables during the period. The study found nonlinear causality between the variables. Particularly, studying the conclusions for the time-varying Granger causality fashion, it can be noticed that the one-way causality from total factor productivity to tourism growth is obtained for Argentina, Bolivia, Brazil, Uruguay and Venezuela, while the vice versa is confirmed for Chile, Ecuador and Nicaragua. Lastly, the study dissected the plots of the curve causality. In view of the results, some crucial policy implications could be suggested, such as, under certain circumstances and as an exceptional case, the use of policy instruments such as targeted investment, marketing and the support of tourism organizations focused on driving a tourism-led-based productivity and/or tourism programs and projects. The current work is distinguished from the existing body of understanding in several substantial directions. This work explores, for the first time, the linkages between the total factor productivity index and tourism growth for Latin American countries. No single attempt has been known to investigate this interaction by using nonlinear causality, and this study determines the shape of the curve between the total factor productivity index and tourism growth for each country.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-11-02
      DOI: 10.1108/JEFAS-08-2019-0179
      Issue No: Vol. 27, No. 54 (2022)
  • Shadow economy in Palestinian territories using currency demand approach

    • Authors: Mohammad Kamal Abuamsha, S. Shumali
      Abstract: The study aims at estimating the shadow economy (SE) using the method of demand for currency in Palestine for the period 2008–2018 by studying the relationship between a group of variables that affect the ratio of money traded outside the banking system to the money supply in the broad sense. The study has adopted analytical and descriptive research methods to estimate SE in Palestinian territories. The data has been obtained from the inflation reports issued by the Palestinian Monetary Authority for ten years, from 2008 to 2018. A standard model was constructed using EViews version 8 for statistical data processing after converting the annual data to quarterly data. The authors demonstrated that the size of the SE in Palestinian territories has varied over time, and the annual average of its size during the study period reached about $1764.893 (in millions). This amount constitutes about 15.5% of the gross domestic product. The study provides recommendations for reducing the size of the SE in Palestinian territories. The current study shows that shadow economics could significantly matter for economic policy design by policymakers. This study deals directly with Tanzi’s “estimation of shadow economy in Palestinian territories” concept and its impact on economic policies.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-11-01
      DOI: 10.1108/JEFAS-04-2021-0021
      Issue No: Vol. 27, No. 54 (2022)
  • Financial fragility and financial stress during the COVID-19 crisis:
           evidence from Colombian households

    • Authors: Raúl Armando Cardona-Montoya, Vivian Cruz, Samuel Arturo Mongrut
      Abstract: Our findings indicate that workers with more financial education were more prepared to face the negative effects on their finances from COVID. This ability reduces the probability of becoming financially fragile and experiencing financial stress. The authors applied a survey questionnaire to 856 Colombian adults and used principal component analysis to build an index for each factor. Then, the authors used a linear regression model with the indexes to test our hypotheses and verify our results using a structural equation model. Our findings indicate that workers who have more financial education are more prepared to face the negative effects on their finances, which reduces the probability of becoming financially fragile and having financial stress. The authors found that there is no significant relationship between financial literacy and financial fragility, neither between financial literacy and financial stress, so a better financial education will not lower financial fragility and stress unless it is being applied by households through better financial preparedness. It is important to highlight that the pandemic not only taught us to improve biosecurity measures but also that financial strength, ability to work remotely and income diversification were key factors in facing this adverse shock, the authors show that high levels of financial education have a positively relationship with the ability of individuals to manage their resources, so private and public institutions  have to  promote better financial education. This is the first study that applies the four different indexes to an emerging country (i.e. Colombia), and the first one to create and use a financial stress index.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-10-28
      DOI: 10.1108/JEFAS-01-2022-0005
      Issue No: Vol. 27, No. 54 (2022)
  • Economic policy uncertainty of China and investment opportunities: a tale
           of ASEAN stock markets

    • Authors: Hassanudin Mohd Thas Thaker, Mohamed Asmy Mohd Thas Thaker, Muhammad Rizky Prima Sakti, Imtiaz Sifat, Anwar Allah Pitchay, Hafezali Iqbal Hussain
      Abstract: The purpose of this paper is to examine the effect of economic policy uncertainty (EPU) of China on investment opportunities in five ASEAN economies. This paper employs advanced empirical approaches, such as Multivariate DCC-GARCH and Continuous Wavelet Transform (CWT) to test the research objective. The period of analysis involved monthly data from 2003 until 2019. This paper provides evidence where the Malaysian stock market to be the least exposed to risks emanating from Chinese EPU, followed by Singapore, the Philippines, Thailand and Indonesia. Results for investment opportunities based on time horizon suggest, for a short-term holding period, investors are better off investing in Singapore and Indonesia, while, for medium-term holding periods, all ASEAN markets appear lucrative except for the Philippines. From a managerial perspective, the outcome or findings of this study are expected to aid the retail and institutional investors in designing better strategies on diversifying a stock portfolio with different holding periods. Theoretically, the findings of this study contribute fresh insights into an emerging strand of literature focusing on the transmission of regional policy. Methodologically as well, this study is a novel venture to the best of authors' knowledge.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-06-14
      DOI: 10.1108/JEFAS-04-2021-0032
      Issue No: Vol. 27, No. 54 (2022)
  • Is there a price bubble in the exchange rates of the developing countries'
           The case of BRICS and Turkey

    • Authors: Hakan Yildirim, Saffet Akdag, Andrew Adewale Alola
      Abstract: The last decades have experienced increasingly integrated global political and economic dynamics ranging especially from the influence of exchange rates and trade amid other sources of uncertainties. The purpose of this study is to examine the exchange rate dynamics of Brazil, Russia, India, China, and South Africa (BRICS) and the Republic of Turkey. Given this perceived global dynamics, the current study examined the BRICS countries and the Republic of Turkey's exchange rate dynamics by using the United States (US) monthly dollar exchange rate data between January 2002 and August 2019. The price bubble which is expressed as exceeding the real value of assets' prices which is observably caused by speculative movements is investigated by using the Supremum Augmented Dickey-Fuller (SADF) and the Generalized Supremum Augmented Dickey-Fuller (GSADF) approaches. Accordingly, the GSADF test results opined that there are price bubbles in the dollar exchange rate of other countries except for the United States Dollar (USD)/Indian Rupee (INR) exchange rate. As the related countries are classified as developing countries in terms of their structure, they are also expectedly the subject of speculative exchange rate movements. Speculative movements in exchange rates may cause serious problems in national economies. Thus, the current study provides a policy framework to the BRICS countries and the Republic of Turkey.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-05-31
      DOI: 10.1108/JEFAS-04-2021-0025
      Issue No: Vol. 27, No. 54 (2022)
  • The impact of real exchange rates on real stock prices

    • Authors: Hock Tsen Wong
      Abstract: The study examines the impact of real exchange rates and asymmetric real exchange rates on real stock prices in Malaysia, the Philippines, Singapore, Korea, Japan, the United Kingdom (UK), Germany, Hong Kong and Indonesia. This study uses the asymmetric autoregressive distributed lag (ARDL) approach and non-linear autoregressive distributed lag (NARDL) approach. The asymmetric ARDL approach shows more economic variables are found to be statistically significant than the ARDL approach. The asymmetric real exchange rate is mostly found to have a significant impact on the real stock price. Moreover, real output and real interest rates are found to have a significant impact on the real stock price. The Asian financial crisis (1997–1998) and the global financial crisis (2008–2009) are found to have a significant impact on the real stock price in some economies. Economic variables are important in the determination of stock prices. It is important to examine the impact of asymmetric real exchange rate on the real stock price as the depreciation of real exchange rate could have different impacts than the appreciation of real exchange rate on the real stock price. The previous studies in the literature mostly found the significant impact of nominal exchange rate on the nominal stock price.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-05-25
      DOI: 10.1108/JEFAS-03-2021-0011
      Issue No: Vol. 27, No. 54 (2022)
  • Return and volatility spillover between India and leading Asian and global
           equity markets: an empirical analysis

    • Authors: Aswini Kumar Mishra, Saksham Agrawal, Jash Ashish Patwa
      Abstract: The study uses the multivariate GARCH-BEKK model (which was first proposed by Baba et al. (1990) and then further developed by Engle and Kroner (1995)) to examine the return and volatility spillover between India and four leading Asian (namely, China, Japan, Singapore and Hong Kong) and two global (namely, the United Kingdom and the United States) equity markets. The study employs a multivariate GARCH-BEKK model to quantify return correlation and volatility transmission across the pre- and post-2008 global financial crisis periods (apart from other conventional time series modelling like cointegration, Granger causality using vector error correction model (VECM)). The results show a tendency of the Indian stock market index to move along with the US and Hong Kong market indices. The decrease in the value of the co-integration coefficient during the recession was explained by reduced investor confidence in developing countries. The result further shows a clear distinction in terms of volatility spillover between the Asian market vis-a-vis US and UK markets. Volatility transmission from India to Asian markets was found to be significantly higher as compared to the US and UK. So also, the study’s results show a puzzling result giving us comparable co-integration ranks for phase 2 (expansion) and phase 3 (slow-down) of the business cycle in most cases. In Granger causality testing, the results were unable to ascertain the difference between phase 2 (expansion) and phase 3 (slowdown). However, the multivariate GARCH (MGARCH)-BEKK model showed a clear reduction in volatility transmission to NIFTY50 (is the flagship index on the National Stock Exchange of India Ltd. (NSE)) as India entered slow-down. This shows that the Indian economy does go through different business cycles, and the changes in parameters hence prove hypothesis 3 to be true with respect to volatility transmission to India from International markets. The results show that for all countries, the volatility transmitted to India increases significantly going from phase 1 (recession) to phase 2 (expansion) and reduces again once the countries enter slow-down in phase 3 (slowdown). This shows that during expansion shocks and impulses in international markets affect the Indian markets significantly, supporting the increase in co-integration in phase 2 (expansion). During expansion, developing markets like India become profitable for investors, due to the high growth rate when compared to developed countries. This implies that a significant amount of capital enters Indian markets, which is susceptible to the volatility of international markets. The volatility transmission from India to the US and UK was insignificant in phase 1 (recession and recovery) and phase 3 (slow-down) showing a weak linkage between the markets during volatile time periods.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-05-17
      DOI: 10.1108/JEFAS-06-2021-0082
      Issue No: Vol. 27, No. 54 (2022)
  • Determination of the world stock indices' co-movements by association rule

    • Authors: Burcu Kartal, Mehmet Fatih Sert, Melih Kutlu
      Abstract: This study aims to provide preliminary information to the investor by determining which indices co-movement, with the data mining method. In this context, data sets containing daily opening and closing prices between 2001 and 2019 have been created for 11 stock market indexes in the world. The association rule algorithm, one of the data mining techniques, is used in the analysis of the data. It is observed that the US stock market indices take part in the highest confidence levels between association rules. The XU100 stock index co-movement with both the European stock market indices and the US stock indices. In addition, the Hang Seng Index (HSI) (Hong Kong) takes part in the association rules of all stock market indices. The important issue for data sets is that the opening/closing values of the same day or the previous day are taken into account according to the open or closed status of other stock market indices by taking the opening time of the stock exchange index to be created. Therefore, data sets are arranged for each stock market index, separately. As a result of this data set arranging process, it is possible to find out co-movements of the stock market indexes. It is proof that the world stock indices have co-movement, and this continues as a cycle.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-04-05
      DOI: 10.1108/JEFAS-04-2020-0150
      Issue No: Vol. 27, No. 54 (2022)
  • Testing the market efficiency in Indian stock market: evidence from
           Bombay Stock Exchange broad market indices

    • Authors: Rajesh Elangovan, Francis Gnanasekar Irudayasamy, Satyanarayana Parayitam
      Abstract: Despite volumes of research on the efficient market hypothesis (EMH) over the last six decades, the results are inconclusive as some studies supported the hypothesis, and some studies rejected it. The study aims to examine the market efficiency of the Indian stock market. For analysis, nine Bombay Stock Exchange (BSE) broad market indices were selected covering the study period from 01 January 2011 to 31 December 2020. The data collected for this study are daily open, high, low and closing prices of selected indices. The tools used in this study are: (1) unit root test to check the stationarity of time series, (2) descriptive statistics, (3) autocorrelation and (4) runs test. The empirical findings of the study reveal that BSE broad market indices do not follow a random walk and Indian stock market is as weak-form inefficient. The findings from this study provide several avenues for future research. One of the research implications is that anomalies in the statistical results by different academicians in the finance area need to be explained by future researchers. Investment companies need to understand that extraordinary skills are required to beat the market to make abnormal returns. In an inefficient market where securities do not reflect the complete available information, it is challenging for the investment brokers to convince the customers about the portfolios they recommend to the public that the rate of return would be more than expected. As economic growth is related to the growth in the financial sector, developing countries like India depend on the accuracy of the information. In the presence of asymmetric information, the fluctuations in the stock market would have serious harmful consequences on the economy. Amid several controversies surrounding the EMH testing, this study is a modest attempt to provide evidence that the Indian stock market is in weak-form inefficient. However, it is essential to link investors' behaviour and trends observed in the financial sector to fully understand the implications of EMH.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-04-05
      DOI: 10.1108/JEFAS-04-2021-0040
      Issue No: Vol. 27, No. 54 (2022)
  • Pakistan: a study of market's returns and anomalies

    • Authors: Sana Tauseef, Philippe Dupuy
      Abstract: This paper aims to expand foreign investors' understanding of potential return enhancement and risk diversification advantages offered by equity market of Pakistan through comparing its performance to performances in other markets and investigating what matters for investing in Pakistan's market. Comparative analysis of Pakistan Stock Exchange is performed using data for 22 developed and 22 emerging markets over the period 1993–2019. Cross-sectional analysis is performed using data for 130 non-financial firms from Pakistan and Carhart (1997) and Fama and French (2015) models are applied. The role of liquidity with five-factor model is analyzed using turnover rate and Amihud (2002) illiquidity cost as liquidity measures. Pakistan's equity offers substantial diversification benefits if added to developed market portfolios. However, observed large returns come together with inverted premia for most traditional factors indicating that investors may want to invest preferably in big stocks with low book-to-market and momentum. Finally, global investors can invest in high yielding stocks with low liquidity risk owing to positive connection between liquidity and returns. This study will provide investment model for foreign investors to enhance their portfolio returns. Policy makers in Pakistan must identify regulatory steps to facilitate foreign investments. To the best of the authors' knowledge, this is the first study which identifies efficiency gains offered by Pakistan's equity for global investors.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-03-15
      DOI: 10.1108/JEFAS-06-2021-0098
      Issue No: Vol. 27, No. 54 (2022)
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