International Journal of Emerging MarketsTable of Contents for International Journal of Emerging Markets. List of articles from the current issue, including Just Accepted (EarlyCite)https://www.emerald.com/insight/publication/issn/1746-8809/vol/19/iss/4?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestInternational Journal of Emerging MarketsEmerald Publishing LimitedInternational Journal of Emerging MarketsInternational Journal of Emerging Marketshttps://www.emerald.com/insight/proxy/containerImg?link=/resource/publication/journal/3547dda14a9e1b72a87e1936490a5d3c/urn:emeraldgroup.com:asset:id:binary:ijoem.cover.jpghttps://www.emerald.com/insight/publication/issn/1746-8809/vol/19/iss/4?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestInvestment and economic growth: do institutions and economic freedom matter?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1086/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Investment and economic growth: do institutions and economic freedom matter?
Haman Mahamat Addi, Attahir Babaji Abubakar
International Journal of Emerging Markets, Vol. 19, No. 4, pp.825-845

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.

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Investment and economic growth: do institutions and economic freedom matter?10.1108/IJOEM-07-2021-1086International Journal of Emerging Markets2022-08-11© 2022 Emerald Publishing LimitedHaman Mahamat AddiAttahir Babaji AbubakarInternational Journal of Emerging Markets1942022-08-1110.1108/IJOEM-07-2021-1086https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1086/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Work environment, HR practices and millennial employee retention in hospitality and tourism in Bangladeshhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0859/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Work environment, HR practices and millennial employee retention in hospitality and tourism in Bangladesh
Md Asadul Islam, Dieu Hack-Polay, Mahfuzur Rahman, Mosharrof Hosen, Abigail Hunt, Sujana Shafique
International Journal of Emerging Markets, Vol. 19, No. 4, pp.846-867

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.

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Work environment, HR practices and millennial employee retention in hospitality and tourism in Bangladesh10.1108/IJOEM-06-2021-0859International Journal of Emerging Markets2022-08-23© 2022 Emerald Publishing LimitedMd Asadul IslamDieu Hack-PolayMahfuzur RahmanMosharrof HosenAbigail HuntSujana ShafiqueInternational Journal of Emerging Markets1942022-08-2310.1108/IJOEM-06-2021-0859https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0859/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Innovating, exit or both? Strategic responses to crisis revisited from resource redeployment perspective: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0656/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAlthough 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.Innovating, exit or both? Strategic responses to crisis revisited from resource redeployment perspective: evidence from China
Jun Jin, Shijing Li, Zan Chen, Liying Wang
International Journal of Emerging Markets, Vol. 19, No. 4, pp.868-894

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.

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Innovating, exit or both? Strategic responses to crisis revisited from resource redeployment perspective: evidence from China10.1108/IJOEM-05-2021-0656International Journal of Emerging Markets2022-08-08© 2022 Emerald Publishing LimitedJun JinShijing LiZan ChenLiying WangInternational Journal of Emerging Markets1942022-08-0810.1108/IJOEM-05-2021-0656https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0656/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Two-way knowledge spillovers in the presence of heterogeneous foreign subsidiaries: evidence from an emerging countryhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1690/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Two-way knowledge spillovers in the presence of heterogeneous foreign subsidiaries: evidence from an emerging country
Nadia Albis Salas, Isabel Alvarez, John Cantwell
International Journal of Emerging Markets, Vol. 19, No. 4, pp.895-920

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.

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Two-way knowledge spillovers in the presence of heterogeneous foreign subsidiaries: evidence from an emerging country10.1108/IJOEM-11-2021-1690International Journal of Emerging Markets2022-08-10© 2022 Emerald Publishing LimitedNadia Albis SalasIsabel AlvarezJohn CantwellInternational Journal of Emerging Markets1942022-08-1010.1108/IJOEM-11-2021-1690https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1690/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Managerial ability and goodwill impairment: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1265/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Managerial ability and goodwill impairment: evidence from China
Qiubin Huang, Mengyuan Xiong
International Journal of Emerging Markets, Vol. 19, No. 4, pp.921-940

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.

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Managerial ability and goodwill impairment: evidence from China10.1108/IJOEM-08-2021-1265International Journal of Emerging Markets2022-08-09© 2022 Emerald Publishing LimitedQiubin HuangMengyuan XiongInternational Journal of Emerging Markets1942022-08-0910.1108/IJOEM-08-2021-1265https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1265/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Structure of banking industry and firms' risk-taking: firm-level evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0648/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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.Structure of banking industry and firms' risk-taking: firm-level evidence from China
Habib Hussain Khan
International Journal of Emerging Markets, Vol. 19, No. 4, pp.941-963

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.

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Structure of banking industry and firms' risk-taking: firm-level evidence from China10.1108/IJOEM-04-2022-0648International Journal of Emerging Markets2022-08-15© 2022 Emerald Publishing LimitedHabib Hussain KhanInternational Journal of Emerging Markets1942022-08-1510.1108/IJOEM-04-2022-0648https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0648/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Impact of skepticism on CRM luxury campaign participation intention of Generation Zhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1568/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Impact of skepticism on CRM luxury campaign participation intention of Generation Z
Sujo Thomas, Viral Bhatt, Ritesh Patel
International Journal of Emerging Markets, Vol. 19, No. 4, pp.964-988

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.

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Impact of skepticism on CRM luxury campaign participation intention of Generation Z10.1108/IJOEM-10-2021-1568International Journal of Emerging Markets2022-08-11© 2022 Emerald Publishing LimitedSujo ThomasViral BhattRitesh PatelInternational Journal of Emerging Markets1942022-08-1110.1108/IJOEM-10-2021-1568https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1568/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Capital mobility in Latin American and Caribbean countries: alternative view on the “Feldstein-Horioka” coefficienthttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2021-0533/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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).Capital mobility in Latin American and Caribbean countries: alternative view on the “Feldstein-Horioka” coefficient
Valeryia Yersh
International Journal of Emerging Markets, Vol. 19, No. 4, pp.989-1006

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).

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Capital mobility in Latin American and Caribbean countries: alternative view on the “Feldstein-Horioka” coefficient10.1108/IJOEM-04-2021-0533International Journal of Emerging Markets2022-08-09© 2022 Emerald Publishing LimitedValeryia YershInternational Journal of Emerging Markets1942022-08-0910.1108/IJOEM-04-2021-0533https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2021-0533/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
How does domestic market fragmentation affect enterprise innovation performance? Empirical evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2019-0945/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.How does domestic market fragmentation affect enterprise innovation performance? Empirical evidence from China
Xiao-Feng Qi, Lihong Zhou
International Journal of Emerging Markets, Vol. 19, No. 4, pp.1007-1025

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.

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How does domestic market fragmentation affect enterprise innovation performance? Empirical evidence from China10.1108/IJOEM-11-2019-0945International Journal of Emerging Markets2022-08-11© 2022 Emerald Publishing LimitedXiao-Feng QiLihong ZhouInternational Journal of Emerging Markets1942022-08-1110.1108/IJOEM-11-2019-0945https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2019-0945/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Does infrastructural development allure foreign direct investment? The role of Belt and Road Initiativeshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0395/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestChina'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.Does infrastructural development allure foreign direct investment? The role of Belt and Road Initiatives
Faheem Ur Rehman, Md. Monirul Islam, Kazi Sohag
International Journal of Emerging Markets, Vol. 19, No. 4, pp.1026-1050

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.

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Does infrastructural development allure foreign direct investment? The role of Belt and Road Initiatives10.1108/IJOEM-03-2022-0395International Journal of Emerging Markets2022-08-30© 2022 Emerald Publishing LimitedFaheem Ur RehmanMd. Monirul IslamKazi SohagInternational Journal of Emerging Markets1942022-08-3010.1108/IJOEM-03-2022-0395https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0395/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
International Journal of Emerging Markets: a bibliometric review 2006–2020https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0668/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestInternational 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.International Journal of Emerging Markets: a bibliometric review 2006–2020
Ashish Kumar, Shikha Sharma, Ritu Vashistha, Vikas Srivastava, Mosab I. Tabash, Ziaul Haque Munim, Andrea Paltrinieri
International Journal of Emerging Markets, Vol. 19, No. 4, pp.1051-1089

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.

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International Journal of Emerging Markets: a bibliometric review 2006–202010.1108/IJOEM-05-2021-0668International Journal of Emerging Markets2022-08-25© 2022 Ashish Kumar, Shikha Sharma, Ritu Vashistha, Vikas Srivastava, Mosab I. Tabash, Ziaul Haque Munim and Andrea PaltrinieriAshish KumarShikha SharmaRitu VashisthaVikas SrivastavaMosab I. TabashZiaul Haque MunimAndrea PaltrinieriInternational Journal of Emerging Markets1942022-08-2510.1108/IJOEM-05-2021-0668https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0668/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Ashish Kumar, Shikha Sharma, Ritu Vashistha, Vikas Srivastava, Mosab I. Tabash, Ziaul Haque Munim and Andrea Paltrinierihttp://creativecommons.org/licences/by/4.0/legalcode
Public debt sustainability: a bibliometric co-citation visualization analysishttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0724/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDue 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.Public debt sustainability: a bibliometric co-citation visualization analysis
Amanpreet Kaur, Vikas Kumar, Rahul Sindhwani, Punj Lata Singh, Abhishek Behl
International Journal of Emerging Markets, Vol. 19, No. 4, pp.1090-1110

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.

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Public debt sustainability: a bibliometric co-citation visualization analysis10.1108/IJOEM-04-2022-0724International Journal of Emerging Markets2022-08-29© 2022 Emerald Publishing LimitedAmanpreet KaurVikas KumarRahul SindhwaniPunj Lata SinghAbhishek BehlInternational Journal of Emerging Markets1942022-08-2910.1108/IJOEM-04-2022-0724https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0724/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Examining significance of “downside beta” as a measure of risk – evidence from Indian equity markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2021-0026/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMany studies have shown that from a theoretical and empirical point of view, downside risk-based measures of risk are better than the traditional ones. Despite academic appeal and practical implications, downside risk has not been thoroughly examined in markets outside developed country markets. Using downside beta as a measure of downside risk, this study examines the relationship between downside beta and stock returns in Indian equity market, an emerging market with unique investor, asset and market characteristics. This is an empirical study done by using ranked portfolio return analysis and regression analysis methodologies. The study results show that downside risk, as measured by downside beta, is distinctly priced in the Indian equity market. There is a direct positive relationship between downside beta and contemporaneous realized returns, indicating a premium for downside risk. Downside risk carries a higher weightage than upside potential in the aggregate return of the stock portfolios. Downside beta is a better measure of systematic risk than conventional market beta and downside coskewness. The empirical results support the adoption of downside beta in practice and provide a case for replacing traditional beta with downside beta in asset pricing applications, trading and investment strategies, and capital allocation decision-making. This is one of the first in-depth studies examining downside beta in Indian equity markets using a broad sample of individual stock returns covering a wide time range of 22 years. To the best of our knowledge, this study is the first one to compare downside beta and downside coskewness using individual stock data from the Indian equity market.Examining significance of “downside beta” as a measure of risk – evidence from Indian equity market
Sivakumar Menon, Pitabas Mohanty, Uday Damodaran, Divya Aggarwal
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Many studies have shown that from a theoretical and empirical point of view, downside risk-based measures of risk are better than the traditional ones. Despite academic appeal and practical implications, downside risk has not been thoroughly examined in markets outside developed country markets. Using downside beta as a measure of downside risk, this study examines the relationship between downside beta and stock returns in Indian equity market, an emerging market with unique investor, asset and market characteristics.

This is an empirical study done by using ranked portfolio return analysis and regression analysis methodologies.

The study results show that downside risk, as measured by downside beta, is distinctly priced in the Indian equity market. There is a direct positive relationship between downside beta and contemporaneous realized returns, indicating a premium for downside risk. Downside risk carries a higher weightage than upside potential in the aggregate return of the stock portfolios. Downside beta is a better measure of systematic risk than conventional market beta and downside coskewness.

The empirical results support the adoption of downside beta in practice and provide a case for replacing traditional beta with downside beta in asset pricing applications, trading and investment strategies, and capital allocation decision-making.

This is one of the first in-depth studies examining downside beta in Indian equity markets using a broad sample of individual stock returns covering a wide time range of 22 years. To the best of our knowledge, this study is the first one to compare downside beta and downside coskewness using individual stock data from the Indian equity market.

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Examining significance of “downside beta” as a measure of risk – evidence from Indian equity market10.1108/IJOEM-01-2021-0026International Journal of Emerging Markets2023-05-12© 2023 Emerald Publishing LimitedSivakumar MenonPitabas MohantyUday DamodaranDivya AggarwalInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-1210.1108/IJOEM-01-2021-0026https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2021-0026/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Development finance, institutional quality and human development in the MENA regionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2021-0108/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe majority of MENA countries suffer low levels of human development, coupled with scarcity of funding resources, low level of governance, and poor institutional environment. Consequently, this research aims at detecting the impact of development finance resources and institutional quality on the human development in the MENA region, in order to examine if/why the MENA countries fail to efficiently exploit all the available financial inflows to promote human development and boost living standards. This study tests the short- and long-run impact of six financing resources representing injections in the economy and four institutional quality variables on the human development index in the MENA region. It adopts co-integration analysis, vector error correction model, and Granger causality test on a sample of 13 MENA countries over the period 1996–2019. This research finds that domestic credit to private sector and exports of goods and services do not have any significant added value for human development in the MENA region. In contrast, government expenditures and migrant remittances are found to be crucial in promoting human development in both the short- and long-run. FDI and ODA do enhance human development, but only in the short-run. In parallel, control of corruption, government effectiveness and regulation quality are essential boosters of human development in the MENA region, but with different importance, while political stability was found to be irrelevant. To the authors’ best knowledge, this is the first study that examines the impact of financial inflows and institutional quality on the overall human development index in the MENA region. The contribution of this paper lies in unlocking for policymakers the potential impactful financing resources to serve national developmental plans, in an endeavour to catch up to the SDGs amid the additional challenges imposed by governance and institutional environment.Development finance, institutional quality and human development in the MENA region
Ali Awdeh, Zouhour Jomaa
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The majority of MENA countries suffer low levels of human development, coupled with scarcity of funding resources, low level of governance, and poor institutional environment. Consequently, this research aims at detecting the impact of development finance resources and institutional quality on the human development in the MENA region, in order to examine if/why the MENA countries fail to efficiently exploit all the available financial inflows to promote human development and boost living standards.

This study tests the short- and long-run impact of six financing resources representing injections in the economy and four institutional quality variables on the human development index in the MENA region. It adopts co-integration analysis, vector error correction model, and Granger causality test on a sample of 13 MENA countries over the period 1996–2019.

This research finds that domestic credit to private sector and exports of goods and services do not have any significant added value for human development in the MENA region. In contrast, government expenditures and migrant remittances are found to be crucial in promoting human development in both the short- and long-run. FDI and ODA do enhance human development, but only in the short-run. In parallel, control of corruption, government effectiveness and regulation quality are essential boosters of human development in the MENA region, but with different importance, while political stability was found to be irrelevant.

To the authors’ best knowledge, this is the first study that examines the impact of financial inflows and institutional quality on the overall human development index in the MENA region. The contribution of this paper lies in unlocking for policymakers the potential impactful financing resources to serve national developmental plans, in an endeavour to catch up to the SDGs amid the additional challenges imposed by governance and institutional environment.

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Development finance, institutional quality and human development in the MENA region10.1108/IJOEM-01-2021-0108International Journal of Emerging Markets2022-10-05© 2022 Emerald Publishing LimitedAli AwdehZouhour JomaaInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-0510.1108/IJOEM-01-2021-0108https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2021-0108/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
How Russian MNEs navigate institutional complexity at homehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2021-0140/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper examines how Russian multinational enterprises (MNEs) operating in the metallurgical industry strategise under the highly complex conditions of their home institutional environment. The findings are based on a qualitative multiple-case study of eight Russian metallurgical MNEs that took place in 2014–2015. The authors conducted 34 semi-structured interviews, made observations and took reflexive field notes. The analysis reveals that Russian MNEs utilise four different strategies–cooperation, persuasion, avoidance and adaptation–when dealing with federal and regional home governments. These MNEs simultaneously utilise multiple strategies while capitalising on their own organisational attributes. Unlike many other studies, this paper examines institutional complexity within two distinct layers of the Russian Government, regional and federal, rather than considering the aggregate notion of “home government”. The paper also identifies and analyses MNEs’ specific strategies to navigate different layers of institutional complexity.How Russian MNEs navigate institutional complexity at home
Anna Earl, Snejina Michailova, Christina Stringer
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper examines how Russian multinational enterprises (MNEs) operating in the metallurgical industry strategise under the highly complex conditions of their home institutional environment.

The findings are based on a qualitative multiple-case study of eight Russian metallurgical MNEs that took place in 2014–2015. The authors conducted 34 semi-structured interviews, made observations and took reflexive field notes.

The analysis reveals that Russian MNEs utilise four different strategies–cooperation, persuasion, avoidance and adaptation–when dealing with federal and regional home governments. These MNEs simultaneously utilise multiple strategies while capitalising on their own organisational attributes.

Unlike many other studies, this paper examines institutional complexity within two distinct layers of the Russian Government, regional and federal, rather than considering the aggregate notion of “home government”. The paper also identifies and analyses MNEs’ specific strategies to navigate different layers of institutional complexity.

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How Russian MNEs navigate institutional complexity at home10.1108/IJOEM-01-2021-0140International Journal of Emerging Markets2022-12-23© 2022 Emerald Publishing LimitedAnna EarlSnejina MichailovaChristina StringerInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2310.1108/IJOEM-01-2021-0140https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2021-0140/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Performance evaluation models applied to the Brazilian mutual funds markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2021-0153/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper analyzes alternative performance evaluation models applied to equity mutual funds under conditional and unconditional approaches in the Brazilian market. The analysis is conducted using CAPM's single factor, Fama–French three and five factors, under their conditional and unconditional versions in a sample of 896 equity mutual funds from 2008 to 2019. The results suggest that the use of three- or five-factor models is especially relevant to reduce the effect of market anomalies in performance assessment. Additionally, results show that conditional approaches, adding time-varying alphas and betas with macroeconomic variables, provide higher explanatory power than their unconditional peers. The results are relevant in the unique economic environment characterized by historically high interest rate and high market volatility.Performance evaluation models applied to the Brazilian mutual funds market
Diogo Corso Kruk, Rene Coppe Pimentel
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper analyzes alternative performance evaluation models applied to equity mutual funds under conditional and unconditional approaches in the Brazilian market.

The analysis is conducted using CAPM's single factor, Fama–French three and five factors, under their conditional and unconditional versions in a sample of 896 equity mutual funds from 2008 to 2019.

The results suggest that the use of three- or five-factor models is especially relevant to reduce the effect of market anomalies in performance assessment. Additionally, results show that conditional approaches, adding time-varying alphas and betas with macroeconomic variables, provide higher explanatory power than their unconditional peers.

The results are relevant in the unique economic environment characterized by historically high interest rate and high market volatility.

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Performance evaluation models applied to the Brazilian mutual funds market10.1108/IJOEM-01-2021-0153International Journal of Emerging Markets2022-11-08© 2022 Emerald Publishing LimitedDiogo Corso KrukRene Coppe PimentelInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-0810.1108/IJOEM-01-2021-0153https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2021-0153/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The effect of perceived financial risk on purchase intention in Pakistanhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0001/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose is to understand the fundamental mechanism of the consumer decision-making process and how perceived financial risk of search and experience goods influences electronic word-of-mouth adoption (e-WOMA) on social networking sites (SNSs), which will lead to purchase intention. Drawing on information processing theory, the study conceptualizes a moderated mediation model to investigate the underlying influence of perceived financial risk and online social ties on e-WOMA and the subsequent effect on online purchase intention. Survey data from 275 individuals were analyzed through statistical tools using Statistical Package for the Social Sciences (SPSS). The results revealed that e-WOMA mediates the effect of perceived financial risk of search and experience goods on online purchase intention. Strength of online social ties on SNSs positively moderates the electric word of mouth adoption for both the experience and search goods. The limitation of this study was about the researcher's restrictions related to the length of the survey. Moreover, causal explanations can't be deduced as this is a cross-sectional study. This research offers insight into the consumers that allow marketers to dive into the target market. Marketers should focus on social ties importance while selling products/services of markets online. The study is novel in the context of an emerging economy to educate marketers on the product categorization of search goods and experience goods based on financial risk.The effect of perceived financial risk on purchase intention in Pakistan
Shahid Khokhar, Maayda Shahid, Sana Hafeez, Muhammad Shahid Tufail
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose is to understand the fundamental mechanism of the consumer decision-making process and how perceived financial risk of search and experience goods influences electronic word-of-mouth adoption (e-WOMA) on social networking sites (SNSs), which will lead to purchase intention.

Drawing on information processing theory, the study conceptualizes a moderated mediation model to investigate the underlying influence of perceived financial risk and online social ties on e-WOMA and the subsequent effect on online purchase intention. Survey data from 275 individuals were analyzed through statistical tools using Statistical Package for the Social Sciences (SPSS).

The results revealed that e-WOMA mediates the effect of perceived financial risk of search and experience goods on online purchase intention. Strength of online social ties on SNSs positively moderates the electric word of mouth adoption for both the experience and search goods.

The limitation of this study was about the researcher's restrictions related to the length of the survey. Moreover, causal explanations can't be deduced as this is a cross-sectional study.

This research offers insight into the consumers that allow marketers to dive into the target market. Marketers should focus on social ties importance while selling products/services of markets online.

The study is novel in the context of an emerging economy to educate marketers on the product categorization of search goods and experience goods based on financial risk.

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The effect of perceived financial risk on purchase intention in Pakistan10.1108/IJOEM-01-2022-0001International Journal of Emerging Markets2022-10-06© 2022 Emerald Publishing LimitedShahid KhokharMaayda ShahidSana HafeezMuhammad Shahid TufailInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-0610.1108/IJOEM-01-2022-0001https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0001/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Barriers to the adoption of digital servitization: a case of the Sri Lankan manufacturing sectorhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0011/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research aims to identify, examine and evaluate barriers to the adoption of digital servitization in manufacturing firms in the case of the Sri Lankan manufacturing sector and analyze the inter-relationships among digital servitization barriers. Based on the comprehensive literature review, 13 barriers were identified. The grey decision-making trial and evaluation laboratory (grey-DEMATEL) approach was used to uncover and analyze the relationships among barriers in terms of their overall influence and dependencies. A prominent barrier to the success of adopting digital servitization in the Sri Lankan manufacturing sector is the lack of digital strategy in developing activities related to the design of digital service packages, organizational structures and processes. Supply chain integration is the most influential factor, which plays an important role in developing a competitive advantage by encouraging innovation process capabilities in servitized companies. Industry practitioners can develop guidelines for adopting digital servitization practices based on the importance and interdependencies of different barriers and thereby prioritize projects within a program of digital servitization adoption in their organizations. Research studies on barriers to digital servitization are limited to exploratory nature and have adopted mainly the qualitative approach, such as in-depth interviews. No empirical study has investigated the inter-relationships among digital servitization adoption barriers in the manufacturing sector. This study provides a holistic view of different barriers to the adoption of digital servitization in the manufacturing sector as a basis for developing comprehensive digital servitization strategies to manage and leverage complexity in digital transformation.Barriers to the adoption of digital servitization: a case of the Sri Lankan manufacturing sector
Weerabahu Mudiyanselage Samanthi Kumari Weerabahu, Premaratne Samaranayake, Dilupa Nakandala, Henry Lau, Dasun Nirmala Malaarachchi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research aims to identify, examine and evaluate barriers to the adoption of digital servitization in manufacturing firms in the case of the Sri Lankan manufacturing sector and analyze the inter-relationships among digital servitization barriers.

Based on the comprehensive literature review, 13 barriers were identified. The grey decision-making trial and evaluation laboratory (grey-DEMATEL) approach was used to uncover and analyze the relationships among barriers in terms of their overall influence and dependencies.

A prominent barrier to the success of adopting digital servitization in the Sri Lankan manufacturing sector is the lack of digital strategy in developing activities related to the design of digital service packages, organizational structures and processes. Supply chain integration is the most influential factor, which plays an important role in developing a competitive advantage by encouraging innovation process capabilities in servitized companies.

Industry practitioners can develop guidelines for adopting digital servitization practices based on the importance and interdependencies of different barriers and thereby prioritize projects within a program of digital servitization adoption in their organizations.

Research studies on barriers to digital servitization are limited to exploratory nature and have adopted mainly the qualitative approach, such as in-depth interviews. No empirical study has investigated the inter-relationships among digital servitization adoption barriers in the manufacturing sector. This study provides a holistic view of different barriers to the adoption of digital servitization in the manufacturing sector as a basis for developing comprehensive digital servitization strategies to manage and leverage complexity in digital transformation.

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Barriers to the adoption of digital servitization: a case of the Sri Lankan manufacturing sector10.1108/IJOEM-01-2022-0011International Journal of Emerging Markets2022-12-14© 2022 Emerald Publishing LimitedWeerabahu Mudiyanselage Samanthi Kumari WeerabahuPremaratne SamaranayakeDilupa NakandalaHenry LauDasun Nirmala MalaarachchiInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-1410.1108/IJOEM-01-2022-0011https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0011/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Cross-cultural business-to-business communication – the experiences of Polish companies with the Chinese and Americanshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0013/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe main purpose of the study is to identify the differences and similarities in the communication between B2B participants in cross-cultural environments. The research methods used in the study are two-fold: the literature analysis is complemented by primary qualitative research conducted in small- and medium-sized enterprises operating in Poland and doing business internationally. The research was focused on two culturally different markets: China and the United States. In the empirical research, the authors used one of the qualitative methods – Individual Depth Interview (IDI). General findings showed that the strongest influence of culture was identified among older (+50 years old) business partners. The younger ones are eager to adapt and try to understand others' viewpoints. The research results may be used in creating business communication models in the countries researched for companies that plan to enter both American and Chinese markets. The results of the study may have useful applied managerial value and be used in cooperation between SMEs' B2B business partners, not only from Poland but also from the whole region of Central and Eastern Europe and the United States and China. The findings may help to understand and communicate with culturally different social groups such as co-workers, students, teachers, etc. The research presented in the paper covers the gap in the literature because it relates to some new factors (like cultural heritage, age and type of industry) which determine the effectiveness of personal business communication between partners in the international marketplace.Cross-cultural business-to-business communication – the experiences of Polish companies with the Chinese and Americans
Małgorzata Bartosik-Purgat, Wiktoria Rakowska
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The main purpose of the study is to identify the differences and similarities in the communication between B2B participants in cross-cultural environments.

The research methods used in the study are two-fold: the literature analysis is complemented by primary qualitative research conducted in small- and medium-sized enterprises operating in Poland and doing business internationally. The research was focused on two culturally different markets: China and the United States. In the empirical research, the authors used one of the qualitative methods – Individual Depth Interview (IDI).

General findings showed that the strongest influence of culture was identified among older (+50 years old) business partners. The younger ones are eager to adapt and try to understand others' viewpoints. The research results may be used in creating business communication models in the countries researched for companies that plan to enter both American and Chinese markets.

The results of the study may have useful applied managerial value and be used in cooperation between SMEs' B2B business partners, not only from Poland but also from the whole region of Central and Eastern Europe and the United States and China.

The findings may help to understand and communicate with culturally different social groups such as co-workers, students, teachers, etc.

The research presented in the paper covers the gap in the literature because it relates to some new factors (like cultural heritage, age and type of industry) which determine the effectiveness of personal business communication between partners in the international marketplace.

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Cross-cultural business-to-business communication – the experiences of Polish companies with the Chinese and Americans10.1108/IJOEM-01-2022-0013International Journal of Emerging Markets2023-05-30© 2023 Małgorzata Bartosik-Purgat and Wiktoria RakowskaMałgorzata Bartosik-PurgatWiktoria RakowskaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-3010.1108/IJOEM-01-2022-0013https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0013/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Małgorzata Bartosik-Purgat and Wiktoria Rakowskahttp://creativecommons.org/licences/by/4.0/legalcode
Contentions in the study of China’s political economy: building common groundhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0014/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestA main challenge in studying China is that different views clash. A more serious challenge is that studies that are critical of or dissent from the Chinese government policies are labeled “anti-China” by the Chinese authorities, affecting the free academic exchange of ideas on China. This article discusses this issue and proposes a long-term solution. This is a perspective study and uses the qualitative approach to develop the authors’ arguments. The authors argue that the contention in China-related studies is derived primarily from the different perspectives that scholars use. This study identifies two main perspectives: the China-centric view and the rest of the world’s view. The combination of the clash of perspectives and the interference of the Chinese state hinders the development of our knowledge regarding China. Using Rawls’ theory of justice and the veil of ignorance, the authors propose to build common ground for the China study community based on academic freedom, equality and the rule of law. This study further shows that building the common ground is feasible. The authors’ proposed common ground will help create a free environment for meaningful exchange between different perspectives and reduce the risks in China studies. The authors’ angle to examine the contentiousness and riskiness of China studies is new. It is the first time that different perspectives on China studies are delineated and compared, the costs of the contentiousness and riskiness are assessed, and the long-term consequences of different paths are examined.Contentions in the study of China’s political economy: building common ground
Shaomin Li, Matthew Farrell
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

A main challenge in studying China is that different views clash. A more serious challenge is that studies that are critical of or dissent from the Chinese government policies are labeled “anti-China” by the Chinese authorities, affecting the free academic exchange of ideas on China. This article discusses this issue and proposes a long-term solution.

This is a perspective study and uses the qualitative approach to develop the authors’ arguments.

The authors argue that the contention in China-related studies is derived primarily from the different perspectives that scholars use. This study identifies two main perspectives: the China-centric view and the rest of the world’s view. The combination of the clash of perspectives and the interference of the Chinese state hinders the development of our knowledge regarding China. Using Rawls’ theory of justice and the veil of ignorance, the authors propose to build common ground for the China study community based on academic freedom, equality and the rule of law. This study further shows that building the common ground is feasible.

The authors’ proposed common ground will help create a free environment for meaningful exchange between different perspectives and reduce the risks in China studies.

The authors’ angle to examine the contentiousness and riskiness of China studies is new. It is the first time that different perspectives on China studies are delineated and compared, the costs of the contentiousness and riskiness are assessed, and the long-term consequences of different paths are examined.

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Contentions in the study of China’s political economy: building common ground10.1108/IJOEM-01-2022-0014International Journal of Emerging Markets2022-11-01© 2022 Emerald Publishing LimitedShaomin LiMatthew FarrellInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-0110.1108/IJOEM-01-2022-0014https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0014/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Technology investments from China into other emerging economies: a push and pull perspective on the Eurasia regionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0016/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDrawn from the push–pull perspective, this research aims to identify the determinants of Chinese technology's outward foreign direct investments (OFDI) into the Eurasian region. The authors argue that contrary to the extant literature, technology-driven OFDI from emerging-market multinationals (EMNEs) do not always seek developed countries, and EMNEs' technology investments in emerging economies are rising indicating that there are factors in these economies that can prove attractive. The authors recognize the influence of the macroeconomic environment and the interaction of home and host-country institutional contexts that influence the location choice of EMNEs technology-driven OFDI into other emerging economies, mediated by the industry sector and firm's ownership structure. The authors test our hypotheses using a sample of 1,656 observations of Chinese MNEs' tech-investments in the Eurasian region from 2005 to 2019. The study results indicate that bilateral diplomatic relations pave the way of the host-country institutional environment for Chinese MNEs uncovering the role of the Chinese government as an OFDI facilitator. This study also unveils a lower technology level of the Chinese MNEs' investments in the Eurasian region connoting an interest in market opportunities exploitation through their existing technologies – through its comparative advantage in the global markets – rather than strategic assets acquisition aiming at augmenting their technological capabilities. This trend is similar to that of other major foreign direct investment (FDI) source countries. This research contributes to a better understanding of the characteristics and the location choice of technology investments from EMNEs into other emerging economies that have received scant attention in the literature. In addition, it extends the institutional theory by analyzing how home-country institutions, through bilateral diplomatic relations, may smooth the host country institutional environment for home-country MNEs' foreign investments and contributes as well to the debate on the applicability of the existing theoretical framework in the case of emerging-market MNEs.Technology investments from China into other emerging economies: a push and pull perspective on the Eurasia region
Alvar Castello Esquerdo, Andrei Panibratov, Daria Klishevich
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Drawn from the push–pull perspective, this research aims to identify the determinants of Chinese technology's outward foreign direct investments (OFDI) into the Eurasian region.

The authors argue that contrary to the extant literature, technology-driven OFDI from emerging-market multinationals (EMNEs) do not always seek developed countries, and EMNEs' technology investments in emerging economies are rising indicating that there are factors in these economies that can prove attractive. The authors recognize the influence of the macroeconomic environment and the interaction of home and host-country institutional contexts that influence the location choice of EMNEs technology-driven OFDI into other emerging economies, mediated by the industry sector and firm's ownership structure. The authors test our hypotheses using a sample of 1,656 observations of Chinese MNEs' tech-investments in the Eurasian region from 2005 to 2019.

The study results indicate that bilateral diplomatic relations pave the way of the host-country institutional environment for Chinese MNEs uncovering the role of the Chinese government as an OFDI facilitator. This study also unveils a lower technology level of the Chinese MNEs' investments in the Eurasian region connoting an interest in market opportunities exploitation through their existing technologies – through its comparative advantage in the global markets – rather than strategic assets acquisition aiming at augmenting their technological capabilities. This trend is similar to that of other major foreign direct investment (FDI) source countries.

This research contributes to a better understanding of the characteristics and the location choice of technology investments from EMNEs into other emerging economies that have received scant attention in the literature. In addition, it extends the institutional theory by analyzing how home-country institutions, through bilateral diplomatic relations, may smooth the host country institutional environment for home-country MNEs' foreign investments and contributes as well to the debate on the applicability of the existing theoretical framework in the case of emerging-market MNEs.

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Technology investments from China into other emerging economies: a push and pull perspective on the Eurasia region10.1108/IJOEM-01-2022-0016International Journal of Emerging Markets2023-06-29© 2023 Emerald Publishing LimitedAlvar Castello EsquerdoAndrei PanibratovDaria KlishevichInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-2910.1108/IJOEM-01-2022-0016https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0016/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does CEO openness matter when explaining firm internationalization decisions: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0031/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe impact of executive characteristics on firm internationalization has already been extensively explored. However, relatively few studies have examined the critical role of chief executive officer (CEO) personality attributes, and especially CEO openness, in firm internationalization. This research aims to deepen the understanding of firm internationalization, by exploring whether and when CEO openness influences firm internationalization. A sample of private high-tech listed firms in China is used, with data from 2004 to 2020. Based on upper echelons theory, this study theorizes and finds that CEO openness will positively influence firm internationalization. Further, based on the behavioral theory of the firm, this study finds that the performance aspiration gap weakens the positive effect of CEO openness on firm internationalization, but also finds that the potential slack strengthens this effect. First, the study reinterprets firm internationalization strategies from the perspective of CEO openness, a personality attribute; CEO openness is an important but so far rarely discussed topic in the field of international business. Second, for the first time, problemistic search and slack search into a research framework are introduced to explore the relationship between CEO characteristics and firm internationalization. This approach can further define the boundary conditions under which CEOs can project their values, preferences and personalities into the process of formulating and implementing a firm's internationalization strategy.Does CEO openness matter when explaining firm internationalization decisions: evidence from China
Weihong Chen, Xi Zhong, Hailin Lan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The impact of executive characteristics on firm internationalization has already been extensively explored. However, relatively few studies have examined the critical role of chief executive officer (CEO) personality attributes, and especially CEO openness, in firm internationalization. This research aims to deepen the understanding of firm internationalization, by exploring whether and when CEO openness influences firm internationalization.

A sample of private high-tech listed firms in China is used, with data from 2004 to 2020.

Based on upper echelons theory, this study theorizes and finds that CEO openness will positively influence firm internationalization. Further, based on the behavioral theory of the firm, this study finds that the performance aspiration gap weakens the positive effect of CEO openness on firm internationalization, but also finds that the potential slack strengthens this effect.

First, the study reinterprets firm internationalization strategies from the perspective of CEO openness, a personality attribute; CEO openness is an important but so far rarely discussed topic in the field of international business. Second, for the first time, problemistic search and slack search into a research framework are introduced to explore the relationship between CEO characteristics and firm internationalization. This approach can further define the boundary conditions under which CEOs can project their values, preferences and personalities into the process of formulating and implementing a firm's internationalization strategy.

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Does CEO openness matter when explaining firm internationalization decisions: evidence from China10.1108/IJOEM-01-2022-0031International Journal of Emerging Markets2022-11-17© 2022 Emerald Publishing LimitedWeihong ChenXi ZhongHailin LanInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-1710.1108/IJOEM-01-2022-0031https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0031/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Chinese cross-border acquisitions: stylised facts and new directionshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0040/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestChinese multinational enterprises’ (MNEs) unprecedented, aggressive cross-border mergers and acquisitions (CBMAs) have led to several studies examining Chinese CBMAs, which importantly has also led to some degree of “theorising”. This study aims to undertake a “non-theoretical” fact-finding exercise before any theorising and empirical “causal” examination for a better understanding of the phenomenon (the rise of Chinese CBMAs). This study uses a “stylised facts” approach which documents “empirical regularities” concerning Chinese CBMAs and thus guides new research questions. Several facts are documented. Firstly, both the value and frequency of Chinese CBMAs are catching up to greenfield investments, with CBMA deals being larger in scale but lower in frequency. Secondly, Chinese CBMAs show a global reach away from the regional orientation of their early years. Thirdly, Chinese MNEs are possibly transforming their value chain with industrial upgrading as an aim. Fourthly, Chinese “full” acquisitions of targets have surged, especially in OECD countries, suggestive of Chinese MNEs’ “radical” acquisition approaches. The gathered facts lend support to the view of the need for such fact-finding exercises to explicate and shed “new” light on the phenomenon (beyond our “current” views/beliefs). An understanding of the underlying trends beyond bare facts can also identify new knowledge, which can in turn provide new directions for research.Chinese cross-border acquisitions: stylised facts and new directions
Shuang Hu, Saileshsingh Gunessee, Chang Liu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Chinese multinational enterprises’ (MNEs) unprecedented, aggressive cross-border mergers and acquisitions (CBMAs) have led to several studies examining Chinese CBMAs, which importantly has also led to some degree of “theorising”. This study aims to undertake a “non-theoretical” fact-finding exercise before any theorising and empirical “causal” examination for a better understanding of the phenomenon (the rise of Chinese CBMAs).

This study uses a “stylised facts” approach which documents “empirical regularities” concerning Chinese CBMAs and thus guides new research questions.

Several facts are documented. Firstly, both the value and frequency of Chinese CBMAs are catching up to greenfield investments, with CBMA deals being larger in scale but lower in frequency. Secondly, Chinese CBMAs show a global reach away from the regional orientation of their early years. Thirdly, Chinese MNEs are possibly transforming their value chain with industrial upgrading as an aim. Fourthly, Chinese “full” acquisitions of targets have surged, especially in OECD countries, suggestive of Chinese MNEs’ “radical” acquisition approaches.

The gathered facts lend support to the view of the need for such fact-finding exercises to explicate and shed “new” light on the phenomenon (beyond our “current” views/beliefs). An understanding of the underlying trends beyond bare facts can also identify new knowledge, which can in turn provide new directions for research.

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Chinese cross-border acquisitions: stylised facts and new directions10.1108/IJOEM-01-2022-0040International Journal of Emerging Markets2022-11-22© 2022 Emerald Publishing LimitedShuang HuSaileshsingh GunesseeChang LiuInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2210.1108/IJOEM-01-2022-0040https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0040/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Internal corporate governance and cash flow manipulationhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0044/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors examine whether internal corporate governance mechanisms are effective in curbing cash flow manipulation through real activities, misclassification, and timing. The sample comprises of firms from an emerging market, India with data for years 2004 through 2015. The authors use the methodology given in Roychowdhury (2006). The authors find that corporate boards in India play an active role in curbing cash flow manipulation through real activities but fail to control cash flow manipulation through misclassification and timing. The study suggests that corporate boards should pay more attention to the reported cash flow numbers. Regulators can reduce the opportunities available for cash flow misclassification by fixing relevant accounting and governance norms. Auditors can also help by critically focusing on the cash flow classifications presented by management. This study, to the authors’ knowledge, is the first study that talks about the role of internal governance in a trade-off between different cash flow manipulation techniques.Internal corporate governance and cash flow manipulation
Neerav Nagar, Mehul Raithatha
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The authors examine whether internal corporate governance mechanisms are effective in curbing cash flow manipulation through real activities, misclassification, and timing.

The sample comprises of firms from an emerging market, India with data for years 2004 through 2015. The authors use the methodology given in Roychowdhury (2006).

The authors find that corporate boards in India play an active role in curbing cash flow manipulation through real activities but fail to control cash flow manipulation through misclassification and timing.

The study suggests that corporate boards should pay more attention to the reported cash flow numbers. Regulators can reduce the opportunities available for cash flow misclassification by fixing relevant accounting and governance norms. Auditors can also help by critically focusing on the cash flow classifications presented by management.

This study, to the authors’ knowledge, is the first study that talks about the role of internal governance in a trade-off between different cash flow manipulation techniques.

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Internal corporate governance and cash flow manipulation10.1108/IJOEM-01-2022-0044International Journal of Emerging Markets2022-10-14© 2022 Emerald Publishing LimitedNeerav NagarMehul RaithathaInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1410.1108/IJOEM-01-2022-0044https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0044/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Asymmetric effects of policy uncertainty on real sector variables in emerging markets: evidence from Brazil, India, China and South Africahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0056/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigated the asymmetric effects of changes in policy uncertainty on real sector variables in Brazil, China, India and South Africa. The study used the nonlinear autoregressive distributed lag (NARDL) modeling framework. The results showed that both in the long run and short run, rising uncertainty not only increases consumer prices significantly in these economies, but also impedes aggregate and sectoral output growths, and deters investment, employment and private consumption. Contrary to economic expectation, the results also showed that in the long run, declining uncertainty impedes aggregate and sectoral output growths in these economies, and significantly hinders employment in South Africa and Brazil. This suggests that in the long run, economic agents in these economies somewhat behave as if uncertainty is rising. The authors also found significant asymmetric effects in the response of real sector variables to uncertainty both in the long run and short run, which justifies the choice of NARDL framework for this study. The sample is limited to Brazil, India, China and South Africa. While Brazil, India and China are three of the most prominent large emerging market economies, South Africa is the largest emerging market economy in Africa. To lessen the adverse effects of policy uncertainty observed in the results, there is need for sound institutions and policy regimes that can promote predictable policy responses in these economies so that policy neither serves as a source of uncertainty nor as a channel through which the effects of other shocks are transmitted. Apart from using the NARDL framework to capture the asymmetric effects of policy uncertainty, this study also accounted for the sectoral effects of uncertainty in emerging markets.Asymmetric effects of policy uncertainty on real sector variables in emerging markets: evidence from Brazil, India, China and South Africa
Jonathan E. Ogbuabor, Victor A. Malaolu, Anthony Orji
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigated the asymmetric effects of changes in policy uncertainty on real sector variables in Brazil, China, India and South Africa.

The study used the nonlinear autoregressive distributed lag (NARDL) modeling framework.

The results showed that both in the long run and short run, rising uncertainty not only increases consumer prices significantly in these economies, but also impedes aggregate and sectoral output growths, and deters investment, employment and private consumption. Contrary to economic expectation, the results also showed that in the long run, declining uncertainty impedes aggregate and sectoral output growths in these economies, and significantly hinders employment in South Africa and Brazil. This suggests that in the long run, economic agents in these economies somewhat behave as if uncertainty is rising. The authors also found significant asymmetric effects in the response of real sector variables to uncertainty both in the long run and short run, which justifies the choice of NARDL framework for this study.

The sample is limited to Brazil, India, China and South Africa. While Brazil, India and China are three of the most prominent large emerging market economies, South Africa is the largest emerging market economy in Africa.

To lessen the adverse effects of policy uncertainty observed in the results, there is need for sound institutions and policy regimes that can promote predictable policy responses in these economies so that policy neither serves as a source of uncertainty nor as a channel through which the effects of other shocks are transmitted.

Apart from using the NARDL framework to capture the asymmetric effects of policy uncertainty, this study also accounted for the sectoral effects of uncertainty in emerging markets.

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Asymmetric effects of policy uncertainty on real sector variables in emerging markets: evidence from Brazil, India, China and South Africa10.1108/IJOEM-01-2022-0056International Journal of Emerging Markets2022-11-14© 2022 Emerald Publishing LimitedJonathan E. OgbuaborVictor A. MalaoluAnthony OrjiInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-1410.1108/IJOEM-01-2022-0056https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0056/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
“Connected we stand, disconnected we fall”. Analyzing the importance of digital platforms in transnational supply chain managementhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0073/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study seeks to explore the importance of digital platforms in restoring global supply chains interrupted by the coronavirus pandemic. Specifically, the research focuses on internally developed digital platforms and their potential to ensure supply chain continuity between developed and emerging markets. Multiple comparative case studies have been selected for the research methodology. Eight cases concerning digital platform implementation for global SC management – four from developed countries and four from emerging markets – have been selected. The four pairs of cases represent four global supply chain mechanisms. The results revealed that the use of internally developed digital platforms serves as a quick solution for immediate problems caused by ripple effects in global supply chain and negative environmental conditions. Digital platforms could therefore facilitate reciprocal monitoring and information exchanges between SC partners in different countries. The digital platform research stream is in its early stages. Research thus far has mostly focused on externally developed digital platforms managed by an orchestrator. The platforms' usefulness in the dialogue between developed and emerging markets requires further exploration.“Connected we stand, disconnected we fall”. Analyzing the importance of digital platforms in transnational supply chain management
Anna Marrucci, Riccardo Rialti, Raffaele Donvito, Faheem Uddin Syed
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study seeks to explore the importance of digital platforms in restoring global supply chains interrupted by the coronavirus pandemic. Specifically, the research focuses on internally developed digital platforms and their potential to ensure supply chain continuity between developed and emerging markets.

Multiple comparative case studies have been selected for the research methodology. Eight cases concerning digital platform implementation for global SC management – four from developed countries and four from emerging markets – have been selected. The four pairs of cases represent four global supply chain mechanisms.

The results revealed that the use of internally developed digital platforms serves as a quick solution for immediate problems caused by ripple effects in global supply chain and negative environmental conditions. Digital platforms could therefore facilitate reciprocal monitoring and information exchanges between SC partners in different countries.

The digital platform research stream is in its early stages. Research thus far has mostly focused on externally developed digital platforms managed by an orchestrator. The platforms' usefulness in the dialogue between developed and emerging markets requires further exploration.

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“Connected we stand, disconnected we fall”. Analyzing the importance of digital platforms in transnational supply chain management10.1108/IJOEM-01-2022-0073International Journal of Emerging Markets2022-11-21© 2022 Anna Marrucci, Riccardo Rialti, Raffaele Donvito and Faheem Uddin SyedAnna MarrucciRiccardo RialtiRaffaele DonvitoFaheem Uddin SyedInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2110.1108/IJOEM-01-2022-0073https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0073/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Anna Marrucci, Riccardo Rialti, Raffaele Donvito and Faheem Uddin Syedhttp://creativecommons.org/licences/by/4.0/legalcode
The performance of business groups during institutional transition and economic downturn in a developing countryhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0077/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestPakistan has experienced financial liberalization with rapid ups and downs in economic growth due to domestic issues during the last 2 decades. Motivated by inconclusive and conflicting time-driven findings about the performance of the business groups, this study examines the performance of business groups in Pakistan for a relatively long period from 2003 to 2018. The study uses 3,821 firm-year observations from non-financial firms listed on the Pakistan Stock Exchange (PSX). For the estimation, pooled ordinary least squares (OLS) with industry- and year fixed effects and two-step system generalized methods of moments (GMM) are used. The study finds that group-affiliated firms outperform independent firms in accounting performance, while underperform in market performance. The outperformance is mainly driven by medium-sized business groups, while underperformance is driven by small and large business groups. Further, the study documents that the underperformance in terms of market performance of firms affiliated with small and large groups is greater before the economic downturn, while outperformance in terms of the accounting measure of firms affiliated with medium-sized groups is greater during the economic downturn. These findings support our time-driven concerns. Overall, the authors' findings are consistent with institutional and transaction cost theories. Business groups are important channels to reduce market inefficiencies. Business groups may enhance the affiliated firms' resources and resistance capacity through active utilization of the internal capital market, specifically when market conditions are not ideal for affiliates. However, effective utilization of internal capital markets depends on group size. Therefore, investors should deliberate on the size of business groups and diversification within business groups. The authors extend the literature by providing fresh evidence related to the performance of business groups in the Pakistani context while accounting for the role of the size of business groups.The performance of business groups during institutional transition and economic downturn in a developing country
Aamir Inam Bhutta, Jahanzaib Sultan, Muhammad Fayyaz Sheikh, Muhammad Sajid, Rizwan Mushtaq
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Pakistan has experienced financial liberalization with rapid ups and downs in economic growth due to domestic issues during the last 2 decades. Motivated by inconclusive and conflicting time-driven findings about the performance of the business groups, this study examines the performance of business groups in Pakistan for a relatively long period from 2003 to 2018.

The study uses 3,821 firm-year observations from non-financial firms listed on the Pakistan Stock Exchange (PSX). For the estimation, pooled ordinary least squares (OLS) with industry- and year fixed effects and two-step system generalized methods of moments (GMM) are used.

The study finds that group-affiliated firms outperform independent firms in accounting performance, while underperform in market performance. The outperformance is mainly driven by medium-sized business groups, while underperformance is driven by small and large business groups. Further, the study documents that the underperformance in terms of market performance of firms affiliated with small and large groups is greater before the economic downturn, while outperformance in terms of the accounting measure of firms affiliated with medium-sized groups is greater during the economic downturn. These findings support our time-driven concerns. Overall, the authors' findings are consistent with institutional and transaction cost theories.

Business groups are important channels to reduce market inefficiencies. Business groups may enhance the affiliated firms' resources and resistance capacity through active utilization of the internal capital market, specifically when market conditions are not ideal for affiliates. However, effective utilization of internal capital markets depends on group size. Therefore, investors should deliberate on the size of business groups and diversification within business groups.

The authors extend the literature by providing fresh evidence related to the performance of business groups in the Pakistani context while accounting for the role of the size of business groups.

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The performance of business groups during institutional transition and economic downturn in a developing country10.1108/IJOEM-01-2022-0077International Journal of Emerging Markets2023-02-27© 2023 Emerald Publishing LimitedAamir Inam BhuttaJahanzaib SultanMuhammad Fayyaz SheikhMuhammad SajidRizwan MushtaqInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2710.1108/IJOEM-01-2022-0077https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0077/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Are you a trend setter or a straggler? Social drivers and customer shift toward co-creating value with self-service technologieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0078/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestFuture service interactions are anticipated to use humanoid robots in a society that is shifting to a digitalized era. Currently, it is evident that many businesses are replacing service interactions with self-service technologies (SSTs). This movement creates substantial societal changes that researchers have not paid sufficient attention to comprehend. In this setting, the purpose of this study is to examine the social drivers that influence customer mobility toward co-creating value via SSTs. The study also seeks to discover variations in customers' willingness and capacity to adopt SSTs. To fulfill the research aims, a qualitative technique was adopted, with semistructured interviews conducted with 25 SST users from varied demographic backgrounds. To recruit individuals for the study, a nonprobabilistic purposeful sampling technique was adopted, with the goal of employing information-rich instances. The data were analyzed using thematic analysis. The study identified eight social drivers that are important in the customer transition toward co-creating value with SSTs. According to the study, SSTs are characterized as a social trend in which adoption is accepted (social norm) and modifies social connections in a new direction. Using SSTs has evolved into a socializing tool that gives people social acknowledgment. Some people see SSTs as social pressure, putting them at a disadvantage if they do not adopt. People, on the other hand, acquire sufficient social support and independence to use SSTs. Customers were categorized into four groups depending on their willingness and ability to embrace SSTs: trendsetters, dreamers, old-fashioned and stragglers. In practice, service providers can use this knowledge to successfully promote their SSTs and create enhanced client experiences through technological interfaces. The study adds new knowledge by identifying social determinants in customer shifts toward SSTs, a phenomenon that has not been studied previously, and it adds to marketing theory by proposing a typology to group customers based on their ability and willingness to embrace SSTs.Are you a trend setter or a straggler? Social drivers and customer shift toward co-creating value with self-service technologies
Badra Sandamali Galdolage
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Future service interactions are anticipated to use humanoid robots in a society that is shifting to a digitalized era. Currently, it is evident that many businesses are replacing service interactions with self-service technologies (SSTs). This movement creates substantial societal changes that researchers have not paid sufficient attention to comprehend. In this setting, the purpose of this study is to examine the social drivers that influence customer mobility toward co-creating value via SSTs. The study also seeks to discover variations in customers' willingness and capacity to adopt SSTs.

To fulfill the research aims, a qualitative technique was adopted, with semistructured interviews conducted with 25 SST users from varied demographic backgrounds. To recruit individuals for the study, a nonprobabilistic purposeful sampling technique was adopted, with the goal of employing information-rich instances. The data were analyzed using thematic analysis.

The study identified eight social drivers that are important in the customer transition toward co-creating value with SSTs. According to the study, SSTs are characterized as a social trend in which adoption is accepted (social norm) and modifies social connections in a new direction. Using SSTs has evolved into a socializing tool that gives people social acknowledgment. Some people see SSTs as social pressure, putting them at a disadvantage if they do not adopt. People, on the other hand, acquire sufficient social support and independence to use SSTs. Customers were categorized into four groups depending on their willingness and ability to embrace SSTs: trendsetters, dreamers, old-fashioned and stragglers.

In practice, service providers can use this knowledge to successfully promote their SSTs and create enhanced client experiences through technological interfaces.

The study adds new knowledge by identifying social determinants in customer shifts toward SSTs, a phenomenon that has not been studied previously, and it adds to marketing theory by proposing a typology to group customers based on their ability and willingness to embrace SSTs.

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Are you a trend setter or a straggler? Social drivers and customer shift toward co-creating value with self-service technologies10.1108/IJOEM-01-2022-0078International Journal of Emerging Markets2022-11-23© 2022 Emerald Publishing LimitedBadra Sandamali GaldolageInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2310.1108/IJOEM-01-2022-0078https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0078/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Sustainable supply chain in emerging economies during and post COVID-19 pandemic: a systematic literature review and future research directionshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0092/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestCOVID-19 pandemic interrupted global supply chains (SCs) affecting both developed and developing countries. In context of the COVID-19 pandemic, numerous studies were conducted on sustainable supply chain (SSC) in emerging markets (EMs). However, the contributions of these studies require to be systematically reviewed to provide a platform of knowledge. The purpose of this review is to systematically explore the relevant literature on SSC management during the COVID-19 pandemic in EMs. The authors applied Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework to perform a systematic literature review. Scopus database was used to extract the relevant literature, and 51 journal articles along with 5 conference proceedings were included in the study. This study identified the major contents along with four different themes, which are the impacts of COVID-19 on the SC, recovery strategies to alleviate the adverse impacts of COVID-19, sustainable practices to improve SC performance and resilience activities to assure firms' survivability. Furthermore, the research reveals that interview/survey/case study–based research and review articles focusing on various industries have dominated the field of SSC management in the context of EMs. This research enriches the literature by providing an overall scenario of SSC during the COVID-19 pandemic in the context of emerging economies.Sustainable supply chain in emerging economies during and post COVID-19 pandemic: a systematic literature review and future research directions
Humaira Nafisa Ahmed, Sayem Ahmed, Muztoba Ahmad Khan, Syed Mithun Ali
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

COVID-19 pandemic interrupted global supply chains (SCs) affecting both developed and developing countries. In context of the COVID-19 pandemic, numerous studies were conducted on sustainable supply chain (SSC) in emerging markets (EMs). However, the contributions of these studies require to be systematically reviewed to provide a platform of knowledge. The purpose of this review is to systematically explore the relevant literature on SSC management during the COVID-19 pandemic in EMs.

The authors applied Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework to perform a systematic literature review. Scopus database was used to extract the relevant literature, and 51 journal articles along with 5 conference proceedings were included in the study.

This study identified the major contents along with four different themes, which are the impacts of COVID-19 on the SC, recovery strategies to alleviate the adverse impacts of COVID-19, sustainable practices to improve SC performance and resilience activities to assure firms' survivability. Furthermore, the research reveals that interview/survey/case study–based research and review articles focusing on various industries have dominated the field of SSC management in the context of EMs.

This research enriches the literature by providing an overall scenario of SSC during the COVID-19 pandemic in the context of emerging economies.

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Sustainable supply chain in emerging economies during and post COVID-19 pandemic: a systematic literature review and future research directions10.1108/IJOEM-01-2022-0092International Journal of Emerging Markets2022-12-02© 2022 Emerald Publishing LimitedHumaira Nafisa AhmedSayem AhmedMuztoba Ahmad KhanSyed Mithun AliInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-0210.1108/IJOEM-01-2022-0092https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0092/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Determinants of positive financial behavior: a parallel mediation modelhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0124/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDrawing from socialization theory this study investigates the effect of financial socialization and mediating role of “attitude toward money” (ATM) and financial literacy on the financial behavior of young adults in an emerging economy. A cross-sectional survey of 302 young adults was conducted and responses were analyzed to determine the key antecedents of financial behavior. The model was tested using OLS regression. Parallel mediation was tested using Process Macro in SPSS. ATM, subjective financial literacy, objective financial literacy are positively associated with financial behavior. Furthermore, parallel mediation analysis establishes the role of ATM and subjective financial literacy as a mediator between financial socialization and financial behavior. These findings have implications for both financial and academic institutions and policymakers. Academic institutions should introduce personal wealth management courses at early stages in their courses to help young adults make appropriate financial decisions. Policymakers should emphasize creating a habit of budgeting and managing expenses among young adults in addition to promoting financial literacy. This study focuses on determinants of financial behavior in young adults and specifically, argues that involving parents to financially socialize their children have a crucial impact on subjective financial literacy and ATM which has not been explored in previous literature.Determinants of positive financial behavior: a parallel mediation model
Asheesh Pandey, Utkarsh
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Drawing from socialization theory this study investigates the effect of financial socialization and mediating role of “attitude toward money” (ATM) and financial literacy on the financial behavior of young adults in an emerging economy.

A cross-sectional survey of 302 young adults was conducted and responses were analyzed to determine the key antecedents of financial behavior. The model was tested using OLS regression. Parallel mediation was tested using Process Macro in SPSS.

ATM, subjective financial literacy, objective financial literacy are positively associated with financial behavior. Furthermore, parallel mediation analysis establishes the role of ATM and subjective financial literacy as a mediator between financial socialization and financial behavior.

These findings have implications for both financial and academic institutions and policymakers. Academic institutions should introduce personal wealth management courses at early stages in their courses to help young adults make appropriate financial decisions. Policymakers should emphasize creating a habit of budgeting and managing expenses among young adults in addition to promoting financial literacy.

This study focuses on determinants of financial behavior in young adults and specifically, argues that involving parents to financially socialize their children have a crucial impact on subjective financial literacy and ATM which has not been explored in previous literature.

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Determinants of positive financial behavior: a parallel mediation model10.1108/IJOEM-01-2022-0124International Journal of Emerging Markets2023-02-03© 2023 Emerald Publishing LimitedAsheesh Pandey UtkarshInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-0310.1108/IJOEM-01-2022-0124https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0124/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Illiquidity and stock returns: the moderating role of investors' holding period in Central and Eastern European marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0125/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe positive illiquidity–return relationship (so-called liquidity premium) is a well-established pattern in international developed stock markets. The magnitude of liquidity premium should increase with market illiquidity. Existing studies, however, do not confirm this conjecture with regard to frontier markets. This may result from applying different approaches to the investors' holding period. The paper aims to identify the role of the holding period in shaping the illiquidity–return relationship in emerging and frontier stock markets, which are arguably considered illiquid. The authors utilise the data on stocks listed on fourteen exchanges in Central and Eastern Europe. The authors regress stock returns on liquidity measures variously transformed to reflect the clientele effect in a liquidity–return relationship. The authors show that the investors' holding period moderates the illiquidity–return relationship in CEE markets and also show that the liquidity premium in these markets is statistically and economically relevant. The findings may be of great interest to investors, companies and regulators. Investors and companies should take liquidity into account when making decisions; regulators should employ liquidity-enhancing actions to decrease companies' cost of capital and expand firms' investment opportunities, which will improve growth perspectives for the entire economy. These findings enrich the understanding of the role that the investors' holding period plays in the illiquidity–return relationship in CEE markets. To the best knowledge, this is the first study which investigates the effect of holding period on liquidity premium in emerging and frontier markets.Illiquidity and stock returns: the moderating role of investors' holding period in Central and Eastern European markets
Szymon Stereńczak
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The positive illiquidity–return relationship (so-called liquidity premium) is a well-established pattern in international developed stock markets. The magnitude of liquidity premium should increase with market illiquidity. Existing studies, however, do not confirm this conjecture with regard to frontier markets. This may result from applying different approaches to the investors' holding period. The paper aims to identify the role of the holding period in shaping the illiquidity–return relationship in emerging and frontier stock markets, which are arguably considered illiquid.

The authors utilise the data on stocks listed on fourteen exchanges in Central and Eastern Europe. The authors regress stock returns on liquidity measures variously transformed to reflect the clientele effect in a liquidity–return relationship.

The authors show that the investors' holding period moderates the illiquidity–return relationship in CEE markets and also show that the liquidity premium in these markets is statistically and economically relevant.

The findings may be of great interest to investors, companies and regulators. Investors and companies should take liquidity into account when making decisions; regulators should employ liquidity-enhancing actions to decrease companies' cost of capital and expand firms' investment opportunities, which will improve growth perspectives for the entire economy.

These findings enrich the understanding of the role that the investors' holding period plays in the illiquidity–return relationship in CEE markets. To the best knowledge, this is the first study which investigates the effect of holding period on liquidity premium in emerging and frontier markets.

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Illiquidity and stock returns: the moderating role of investors' holding period in Central and Eastern European markets10.1108/IJOEM-01-2022-0125International Journal of Emerging Markets2022-10-28© 2022 Szymon StereńczakSzymon StereńczakInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-2810.1108/IJOEM-01-2022-0125https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0125/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Szymon Stereńczakhttp://creativecommons.org/licences/by/4.0/legalcode
How to evaluate company directors at state owned enterprises? A framework of virtue and competence based on the Chinese experiencehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0150/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper proposes a framework for director evaluation in the context of Chinese state-owned enterprises (SOEs), taking into account the influences of traditional and modern Chinese ideologies. Following the Delphi method, a series of semi-structured interviews were conducted with Chinese SOE directors. The framework used has been validated by examining seven dimensions of virtue and four dimensions of competence functions in Chinese SOEs. Effective and representative characteristics of each dimension are identified through interviews. First, through this research, indicators of virtue have been materialized and those of competence have been specified in a broader range. Second, this research provides advice for training of candidate directors whose experience were in private firms before they step in as SOE directors.How to evaluate company directors at state owned enterprises? A framework of virtue and competence based on the Chinese experience
Xuhong Xu, Tiancheng Hu, Rui Guo, Shang Chen, Lutao Ning
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper proposes a framework for director evaluation in the context of Chinese state-owned enterprises (SOEs), taking into account the influences of traditional and modern Chinese ideologies.

Following the Delphi method, a series of semi-structured interviews were conducted with Chinese SOE directors.

The framework used has been validated by examining seven dimensions of virtue and four dimensions of competence functions in Chinese SOEs. Effective and representative characteristics of each dimension are identified through interviews.

First, through this research, indicators of virtue have been materialized and those of competence have been specified in a broader range. Second, this research provides advice for training of candidate directors whose experience were in private firms before they step in as SOE directors.

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How to evaluate company directors at state owned enterprises? A framework of virtue and competence based on the Chinese experience10.1108/IJOEM-01-2022-0150International Journal of Emerging Markets2023-04-11© 2023 Emerald Publishing LimitedXuhong XuTiancheng HuRui GuoShang ChenLutao NingInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-1110.1108/IJOEM-01-2022-0150https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0150/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Contouring of the regulatory governance framework in emerging economies: a novel multidimensional approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0156/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestGlobally, the governance has shifted from positivist to the regulatory-centric approach, necessitating accurate contouring of regulatory governance framework. The study proposes a novel approach to unravel the regulatory governance framework in the context of the Indian electronics industry – extendable to other sectors in India and other emerging economies. The research objective has been operationalized through document analysis and thematic analysis of semi-structured interview transcripts in three steps: (1) arrive at parameters of the regulatory governance framework, (2) identify instruments against each parameter and (3) characterize parameters in terms of dominant instruments and their underlying modalities. The authors have adopted a set of 6 Cs modalities (control, communications, competition, consensus, code and collaboration) and regulatory space theory to analyze existing modalities mix in the dominant instruments. In summary, the study has (1) identified eight macro and twenty micro regulatory governance parameters, (2) mapped regulatory governance parameters with instruments and institutions (3) revealed the top two dominant modalities for each regulatory governance parameter. The existing modality characteristics of regulatory governance parameters can be used by manufacturers, investors and other stakeholders to make a realistic assessment of regulatory governance and reduce regulatory risk and regulatory burden. The multidimensional use of parameters, instruments and modalities broadens the understanding of the existing regulatory governance framework and may assist the regulators in optimizing it to meet market requirements.Contouring of the regulatory governance framework in emerging economies: a novel multidimensional approach
Brajesh Mishra, Avanish Kumar
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Globally, the governance has shifted from positivist to the regulatory-centric approach, necessitating accurate contouring of regulatory governance framework. The study proposes a novel approach to unravel the regulatory governance framework in the context of the Indian electronics industry – extendable to other sectors in India and other emerging economies.

The research objective has been operationalized through document analysis and thematic analysis of semi-structured interview transcripts in three steps: (1) arrive at parameters of the regulatory governance framework, (2) identify instruments against each parameter and (3) characterize parameters in terms of dominant instruments and their underlying modalities. The authors have adopted a set of 6 Cs modalities (control, communications, competition, consensus, code and collaboration) and regulatory space theory to analyze existing modalities mix in the dominant instruments.

In summary, the study has (1) identified eight macro and twenty micro regulatory governance parameters, (2) mapped regulatory governance parameters with instruments and institutions (3) revealed the top two dominant modalities for each regulatory governance parameter.

The existing modality characteristics of regulatory governance parameters can be used by manufacturers, investors and other stakeholders to make a realistic assessment of regulatory governance and reduce regulatory risk and regulatory burden.

The multidimensional use of parameters, instruments and modalities broadens the understanding of the existing regulatory governance framework and may assist the regulators in optimizing it to meet market requirements.

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Contouring of the regulatory governance framework in emerging economies: a novel multidimensional approach10.1108/IJOEM-01-2022-0156International Journal of Emerging Markets2023-11-14© 2023 Emerald Publishing LimitedBrajesh MishraAvanish KumarInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-1410.1108/IJOEM-01-2022-0156https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0156/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Impact of spirituality on the conspicuous consumption of fashion consumers of generation Z: moderating role of dispositional positive emotionshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0159/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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.Impact of spirituality on the conspicuous consumption of fashion consumers of generation Z: moderating role of dispositional positive emotions
Indrila Goswami Varma, Bhawana Chanana, Rambabu Lavuri, Jaspreet Kaur
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Impact of spirituality on the conspicuous consumption of fashion consumers of generation Z: moderating role of dispositional positive emotions10.1108/IJOEM-01-2022-0159International Journal of Emerging Markets2022-09-08© 2022 Emerald Publishing LimitedIndrila Goswami VarmaBhawana ChananaRambabu LavuriJaspreet KaurInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-0810.1108/IJOEM-01-2022-0159https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0159/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Determinants of time-varying equity risk premia in an emerging markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0168/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to document the time varying risk premia for market, size, value and momentum factors for an emerging market using a sophisticated conditional asset pricing model. The focus of this study is Turkish stock market denominated in local currency with its peculiar risk premia. The authors employ Gagliardini et al.'s (2016) econometric method that uses cross-sectional and time series information simultaneously to infer the path of risk premia from individual stocks. Using this methodology, the authors assess several conditioning information and conclude that local dividend yield, inflation and exchange rates have the most explanatory power. The authors document the time varying risk premia in Turkey over three decades. Existing studies on dynamic estimation of risk premia lack a consensus as to which state variables should be included and to what extent they impact the magnitude of the premium. The authors extend the conditioning information set beyond the ones existing in the literature to determine variables that are specifically important for an emerging market.Determinants of time-varying equity risk premia in an emerging market
Işıl Candemir, Cenk C. Karahan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to document the time varying risk premia for market, size, value and momentum factors for an emerging market using a sophisticated conditional asset pricing model. The focus of this study is Turkish stock market denominated in local currency with its peculiar risk premia.

The authors employ Gagliardini et al.'s (2016) econometric method that uses cross-sectional and time series information simultaneously to infer the path of risk premia from individual stocks.

Using this methodology, the authors assess several conditioning information and conclude that local dividend yield, inflation and exchange rates have the most explanatory power. The authors document the time varying risk premia in Turkey over three decades.

Existing studies on dynamic estimation of risk premia lack a consensus as to which state variables should be included and to what extent they impact the magnitude of the premium. The authors extend the conditioning information set beyond the ones existing in the literature to determine variables that are specifically important for an emerging market.

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Determinants of time-varying equity risk premia in an emerging market10.1108/IJOEM-01-2022-0168International Journal of Emerging Markets2022-09-30© 2022 Emerald Publishing LimitedIşıl CandemirCenk C. KarahanInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-3010.1108/IJOEM-01-2022-0168https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0168/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Accounting information quality and cash holdings—Moderating effects based on state ownerships and local appointmentshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0173/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to explore the continuity and stability of the impact of accounting information quality on cash holdings, and the moderating effect of this relationship on state ownerships and local appointments. Based on China's companies from 2011 to 2019, the authors divided cross-section and panel samples, adopted a linear and classification model and performed grouping regression. The authors find that: first, the quality of corporate accounting information can significantly improve the level of cash holding, giving play to the strategic value effect of cash holding. But that boost is based on economies being able to solve agency problems. Second, the reduction of earnings management and the improvement of accounting information quality of NSOEs improve the level of cash holdings, while SOEs are on the contrary. Third, local appointments can play to the emotional strengths of their hometowns and play a synergistic role in this relationship, but the supervision effect of remote appointments is not obvious. Through endogeneity and other tests, the conclusion is robust. Based on the agency and information asymmetry theory, the authors considered China's institutional and cultural factors, optimized accounting information's measurement and expanded the research boundary of the accounting field. The authors believe that applicable scenarios should be fully considered in the concluding relationship between accounting information quality and cash holdings. Enterprises should give full play to the advantages of cash holdings in strategic decision-making and financial efficiency, improve the quality of accounting information and also consider state ownerships and the differences in directors' emotions to reduce internal agency costs.Accounting information quality and cash holdings—Moderating effects based on state ownerships and local appointments
Liangyu Zhu, Yulong Sun
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to explore the continuity and stability of the impact of accounting information quality on cash holdings, and the moderating effect of this relationship on state ownerships and local appointments.

Based on China's companies from 2011 to 2019, the authors divided cross-section and panel samples, adopted a linear and classification model and performed grouping regression.

The authors find that: first, the quality of corporate accounting information can significantly improve the level of cash holding, giving play to the strategic value effect of cash holding. But that boost is based on economies being able to solve agency problems. Second, the reduction of earnings management and the improvement of accounting information quality of NSOEs improve the level of cash holdings, while SOEs are on the contrary. Third, local appointments can play to the emotional strengths of their hometowns and play a synergistic role in this relationship, but the supervision effect of remote appointments is not obvious.

Through endogeneity and other tests, the conclusion is robust. Based on the agency and information asymmetry theory, the authors considered China's institutional and cultural factors, optimized accounting information's measurement and expanded the research boundary of the accounting field. The authors believe that applicable scenarios should be fully considered in the concluding relationship between accounting information quality and cash holdings. Enterprises should give full play to the advantages of cash holdings in strategic decision-making and financial efficiency, improve the quality of accounting information and also consider state ownerships and the differences in directors' emotions to reduce internal agency costs.

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Accounting information quality and cash holdings—Moderating effects based on state ownerships and local appointments10.1108/IJOEM-01-2022-0173International Journal of Emerging Markets2023-10-03© 2023 Emerald Publishing LimitedLiangyu ZhuYulong SunInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-0310.1108/IJOEM-01-2022-0173https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0173/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How much does interpersonal matter to business performance? The mediating role of relationship learning in an emerging market contexthttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0175/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestBy adopting learning theory and a guanxi perspective, this study aims to investigate the effects of interpersonal guanxi (interpersonal networks or connections) and relationship learning on companies’ business performance when operating in a large emerging market. Using a sample of 294 sales managers and salespeople in the Chinese hotel sector, the authors empirically test the authors' arguments through a structural equation modeling (SEM) approach. The authors' findings indicate that strong interpersonal guanxi tends to generate more positive business performance. Furthermore, the authors find that relationship learning plays a mediating role in the association between interpersonal guanxi and hotel companies’ business performance in a Chinese context. Finally, the authors empirically explore the moderating effect of inter-firm dependence on the contribution of interpersonal guanxi to relationship learning. Findings demonstrate that this effect varies significantly based on inter-firm dependence, with interpersonal guanxi exhibiting a greater positive impact if such dependence is high. This study enriches our understanding of interpersonal guanxi and of how companies can enhance the companies' business performance in an emerging market context.How much does interpersonal matter to business performance? The mediating role of relationship learning in an emerging market context
Lilei Wang, Yumei Dang, Shufeng (Simon) Xiao, Xing'an Xu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

By adopting learning theory and a guanxi perspective, this study aims to investigate the effects of interpersonal guanxi (interpersonal networks or connections) and relationship learning on companies’ business performance when operating in a large emerging market.

Using a sample of 294 sales managers and salespeople in the Chinese hotel sector, the authors empirically test the authors' arguments through a structural equation modeling (SEM) approach.

The authors' findings indicate that strong interpersonal guanxi tends to generate more positive business performance. Furthermore, the authors find that relationship learning plays a mediating role in the association between interpersonal guanxi and hotel companies’ business performance in a Chinese context. Finally, the authors empirically explore the moderating effect of inter-firm dependence on the contribution of interpersonal guanxi to relationship learning. Findings demonstrate that this effect varies significantly based on inter-firm dependence, with interpersonal guanxi exhibiting a greater positive impact if such dependence is high.

This study enriches our understanding of interpersonal guanxi and of how companies can enhance the companies' business performance in an emerging market context.

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How much does interpersonal matter to business performance? The mediating role of relationship learning in an emerging market context10.1108/IJOEM-01-2022-0175International Journal of Emerging Markets2022-12-20© 2022 Emerald Publishing LimitedLilei WangYumei DangShufeng (Simon) XiaoXing'an XuInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2010.1108/IJOEM-01-2022-0175https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2022-0175/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
How is geopolitical risk associated with food prices?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0004/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study investigates the inter-linkages between geopolitical risk (GPR) and food price (FP). By employing the bootstrap full- and sub-sample rolling-window Granger causality tests. The empirical results show that there is a time-varying bidirectional causality between GPR and FP. High GPR leads to a rise in FP, suggesting that geopolitical events usually may disrupt supply and demand conditions in food markets, and even trigger global food crises. However, the negative effect of GPR on FP does not support this view in certain periods. This is mainly because GPR is also related to the global economic situation and oil price, which together have impacts on the food market. These results cannot always be supported by the inter-temporal capital asset pricing model, which states that GPR affects FP in a positive manner. Conversely, there is a positive impact of FP on GPR, indicating that the food market is an effective tool that can reflect global geopolitical environment. In the context of the Russia–Ukraine conflict, these analyses can assist investors and policymakers to understand the sensitivity of FP to GPR. Also, it will provide significant revelations for governments to attach importance to the role of food price information in predicting geopolitical events, thus contributing to a more stable international environment.How is geopolitical risk associated with food prices?
Ting-Ting Sun, Chi Wei Su
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study investigates the inter-linkages between geopolitical risk (GPR) and food price (FP).

By employing the bootstrap full- and sub-sample rolling-window Granger causality tests.

The empirical results show that there is a time-varying bidirectional causality between GPR and FP. High GPR leads to a rise in FP, suggesting that geopolitical events usually may disrupt supply and demand conditions in food markets, and even trigger global food crises. However, the negative effect of GPR on FP does not support this view in certain periods. This is mainly because GPR is also related to the global economic situation and oil price, which together have impacts on the food market. These results cannot always be supported by the inter-temporal capital asset pricing model, which states that GPR affects FP in a positive manner. Conversely, there is a positive impact of FP on GPR, indicating that the food market is an effective tool that can reflect global geopolitical environment.

In the context of the Russia–Ukraine conflict, these analyses can assist investors and policymakers to understand the sensitivity of FP to GPR. Also, it will provide significant revelations for governments to attach importance to the role of food price information in predicting geopolitical events, thus contributing to a more stable international environment.

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How is geopolitical risk associated with food prices?10.1108/IJOEM-01-2023-0004International Journal of Emerging Markets2024-01-30© 2023 Emerald Publishing LimitedTing-Ting SunChi Wei SuInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-3010.1108/IJOEM-01-2023-0004https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0004/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Religiosity and ethics in the labor market: resume fraud and judgmenthttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0007/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestLabor market studies show that job applicants are naturally inclined to embellish or omit information on their resumes, to gain advantage over other applicants. Religiosity can reveal much about an individual's sense of right and wrong and it has importance as a social force with a foundational role in ethical development. The study’s objective is to clarify the relationship between personal religiosity and the intentional deceitful presentation of information on resumes, as well as the judgment of situations with ethical content. The study is comprised of Jewish adult participants that submitted a resume in search of a job in the past 30 weeks in Israel. The questionnaire included questions regarding resume fraud, tolerance towards unethical and illegal behaviors and demographic and occupational questions. The authors' results indicate that religious status may be a predictor of resume deception. Religious applicants reported more rigorous moral ethics, manifested by less tolerant attitudes toward unethical and illegal behaviors in comparison to seculars, which in turn, were associated with decreased tendency to deceive on resumes. For many countries, and especially emerging markets, the Covid pandemic negatively affected the economy and creating sufficient employment may be a challenge. A better understanding of the personal factors associated with problematic job searching behaviors is relevant. Despite the recognized importance of religion as a social force with a foundational role in ethical development, there is a lack of research on the impact of religiosity on ethical decisions in the labor market. The authors propose explanations for the results based on the theory of planned behavior and perceptions of normative beliefs.Religiosity and ethics in the labor market: resume fraud and judgment
Zeev Shtudiner, Liza Zvi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Labor market studies show that job applicants are naturally inclined to embellish or omit information on their resumes, to gain advantage over other applicants. Religiosity can reveal much about an individual's sense of right and wrong and it has importance as a social force with a foundational role in ethical development. The study’s objective is to clarify the relationship between personal religiosity and the intentional deceitful presentation of information on resumes, as well as the judgment of situations with ethical content.

The study is comprised of Jewish adult participants that submitted a resume in search of a job in the past 30 weeks in Israel. The questionnaire included questions regarding resume fraud, tolerance towards unethical and illegal behaviors and demographic and occupational questions.

The authors' results indicate that religious status may be a predictor of resume deception. Religious applicants reported more rigorous moral ethics, manifested by less tolerant attitudes toward unethical and illegal behaviors in comparison to seculars, which in turn, were associated with decreased tendency to deceive on resumes.

For many countries, and especially emerging markets, the Covid pandemic negatively affected the economy and creating sufficient employment may be a challenge. A better understanding of the personal factors associated with problematic job searching behaviors is relevant.

Despite the recognized importance of religion as a social force with a foundational role in ethical development, there is a lack of research on the impact of religiosity on ethical decisions in the labor market. The authors propose explanations for the results based on the theory of planned behavior and perceptions of normative beliefs.

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Religiosity and ethics in the labor market: resume fraud and judgment10.1108/IJOEM-01-2023-0007International Journal of Emerging Markets2023-09-05© 2023 Emerald Publishing LimitedZeev ShtudinerLiza ZviInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-0510.1108/IJOEM-01-2023-0007https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0007/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Causal interactions and financial contagion among the BRICS stock markets under rare events: a Liang causality analysishttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to investigate dynamics of causal interactions and financial risk contagion among BRICS stock markets under rare events. Two methods are adopted: The new causal inference technique, namely, the Liang causality analysis based on information flow theory and the dynamic causal index (DCI) are used to measure the financial risk contagion. The causal relationships among the BRICS stock markets estimated by the Liang causality analysis are significantly stronger in the mid-periods of rare events than in the pre- and post-periods. Moreover, different rare events have heterogeneous effects on the causal relationships. Notably, under rare events, there is almost no significant Liang's causality between the Chinese and other four stock markets, except for a few moments, indicating that the former can provide a relatively safe haven within the BRICS. According to the DCIs, the causal linkages have significantly increased during rare events, implying that their connectivity becomes stronger under extreme conditions. The obtained results not only provide important implications for investors to reasonably allocate regional financial assets, but also yield some suggestions for policymakers and financial regulators in effective supervision, especially in extreme environments. This paper uses the Liang causality analysis to construct the causal networks among BRICS stock indices and characterize their causal linkages. Furthermore, the DCI derived from the causal networks is applied to measure the financial risk contagion of the BRICS countries under three rare events.Causal interactions and financial contagion among the BRICS stock markets under rare events: a Liang causality analysis
Xunfa Lu, Jingjing Sun, Guo Wei, Ching-Ter Chang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to investigate dynamics of causal interactions and financial risk contagion among BRICS stock markets under rare events.

Two methods are adopted: The new causal inference technique, namely, the Liang causality analysis based on information flow theory and the dynamic causal index (DCI) are used to measure the financial risk contagion.

The causal relationships among the BRICS stock markets estimated by the Liang causality analysis are significantly stronger in the mid-periods of rare events than in the pre- and post-periods. Moreover, different rare events have heterogeneous effects on the causal relationships. Notably, under rare events, there is almost no significant Liang's causality between the Chinese and other four stock markets, except for a few moments, indicating that the former can provide a relatively safe haven within the BRICS. According to the DCIs, the causal linkages have significantly increased during rare events, implying that their connectivity becomes stronger under extreme conditions.

The obtained results not only provide important implications for investors to reasonably allocate regional financial assets, but also yield some suggestions for policymakers and financial regulators in effective supervision, especially in extreme environments.

This paper uses the Liang causality analysis to construct the causal networks among BRICS stock indices and characterize their causal linkages. Furthermore, the DCI derived from the causal networks is applied to measure the financial risk contagion of the BRICS countries under three rare events.

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Causal interactions and financial contagion among the BRICS stock markets under rare events: a Liang causality analysis10.1108/IJOEM-01-2023-0055International Journal of Emerging Markets2023-08-22© 2023 Emerald Publishing LimitedXunfa LuJingjing SunGuo WeiChing-Ter ChangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-2210.1108/IJOEM-01-2023-0055https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0055/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Market risk exposure determinants during the COVID-19 outbreak: between competitiveness and inequalityhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0080/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe objective of this research is to identify the economic, demographic, sanitary and even cultural factors which explain the variability in the cross-section of returns in different markets globally during the first weeks after the outbreak of COVID-19. Building on the event study methodology and using seemingly unrelated equations, the authors created several indicators on the impact of the pandemic in 75 different markets. Then, and using cross-sectional regressions robust to heteroscedasticity and using an algorithm to select independent variables from more than 30 factors, the authors determine which factors were behind the different stock market reactions to the pandemic. Higher currency depreciation, inflation, interest rate or government deficit led to higher returns, while higher life expectancy, ageing population, GDP per capita or health spending led to the opposite effect. However, the positive effect of competitiveness and the negative effect of income inequality stand out for their statistical and economic significance. This research provides a global view of investors' reaction to an extreme and unique event. Using a sample of 75 capital markets and testing the relevance of more than 30 variables from all categories, it is, to the authors' knowledge, the largest and most ambitious study of its kind.Market risk exposure determinants during the COVID-19 outbreak: between competitiveness and inequality
Pedro L. Angosto-Fernández, Victoria Ferrández-Serrano
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The objective of this research is to identify the economic, demographic, sanitary and even cultural factors which explain the variability in the cross-section of returns in different markets globally during the first weeks after the outbreak of COVID-19.

Building on the event study methodology and using seemingly unrelated equations, the authors created several indicators on the impact of the pandemic in 75 different markets. Then, and using cross-sectional regressions robust to heteroscedasticity and using an algorithm to select independent variables from more than 30 factors, the authors determine which factors were behind the different stock market reactions to the pandemic.

Higher currency depreciation, inflation, interest rate or government deficit led to higher returns, while higher life expectancy, ageing population, GDP per capita or health spending led to the opposite effect. However, the positive effect of competitiveness and the negative effect of income inequality stand out for their statistical and economic significance.

This research provides a global view of investors' reaction to an extreme and unique event. Using a sample of 75 capital markets and testing the relevance of more than 30 variables from all categories, it is, to the authors' knowledge, the largest and most ambitious study of its kind.

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Market risk exposure determinants during the COVID-19 outbreak: between competitiveness and inequality10.1108/IJOEM-01-2023-0080International Journal of Emerging Markets2024-01-08© 2023 Emerald Publishing LimitedPedro L. Angosto-FernándezVictoria Ferrández-SerranoInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-0810.1108/IJOEM-01-2023-0080https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0080/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Structural supply chain complexity index and construct validity: a data-driven empirical approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0086/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestGiven the lack of focus on a standardized measurement framework (e.g. benchmarking tool) to assess and quantify complexity within the supply chain, this study has developed a unified supply chain complexity (SCC) index and validated its utility by examining the relationship with firm performance. More importantly, it examines the role of firm owners' business knowledge, sales strategy and board management on the relationship between SCC and firm performance. In this study, the unit of analysis is Indian manufacturing companies listed on the Bombay Stock Exchange (BSE). This research has merged panel data from two secondary data sources: Bloomberg and Prowess and empirically operationalized five key SCC drivers, namely, number of suppliers, the number of supplier countries, the number of products, the number of plants and the number of customers. The study employs panel data regression analyses to examine the proposed conceptual model and associated hypotheses. Moreover, the present study employs models that incorporate robust standard errors to account for heteroscedasticity. The results show that complexity has a negative and significant effect on firm performance. Further, the study reveals that an owner's business knowledge and the firm's effective sales strategy and board management can significantly lessen the negative effect of SCC. This study develops an SCC index and validates its utility. Also, it presents a novel idea to operationalize the measure for SCC characteristics using secondary databases like Prowess and Bloomberg.Structural supply chain complexity index and construct validity: a data-driven empirical approach
Pushpesh Pant, Shantanu Dutta, S.P. Sarmah
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Given the lack of focus on a standardized measurement framework (e.g. benchmarking tool) to assess and quantify complexity within the supply chain, this study has developed a unified supply chain complexity (SCC) index and validated its utility by examining the relationship with firm performance. More importantly, it examines the role of firm owners' business knowledge, sales strategy and board management on the relationship between SCC and firm performance.

In this study, the unit of analysis is Indian manufacturing companies listed on the Bombay Stock Exchange (BSE). This research has merged panel data from two secondary data sources: Bloomberg and Prowess and empirically operationalized five key SCC drivers, namely, number of suppliers, the number of supplier countries, the number of products, the number of plants and the number of customers. The study employs panel data regression analyses to examine the proposed conceptual model and associated hypotheses. Moreover, the present study employs models that incorporate robust standard errors to account for heteroscedasticity.

The results show that complexity has a negative and significant effect on firm performance. Further, the study reveals that an owner's business knowledge and the firm's effective sales strategy and board management can significantly lessen the negative effect of SCC.

This study develops an SCC index and validates its utility. Also, it presents a novel idea to operationalize the measure for SCC characteristics using secondary databases like Prowess and Bloomberg.

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Structural supply chain complexity index and construct validity: a data-driven empirical approach10.1108/IJOEM-01-2023-0086International Journal of Emerging Markets2023-11-06© 2023 Emerald Publishing LimitedPushpesh PantShantanu DuttaS.P. SarmahInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-0610.1108/IJOEM-01-2023-0086https://www.emerald.com/insight/content/doi/10.1108/IJOEM-01-2023-0086/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investor attention, analysts coverage and idiosyncratic volatility puzzle: based on behavioral perspectivehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2021-0289/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestConsidering the role of analysts in disseminating information, the paper explains the idiosyncratic volatility puzzle of China's stock market. As the largest developing country, China's research can provide meaningful reference for the research of financial markets in other new countries. From the perspective of behavior, establishing a direct link between individual investor attention and stock price overvaluation. The authors find that there is a significant idiosyncratic volatility puzzle in China's stock market. Due to the role of mispricing, individual investor attention significantly enhances the idiosyncratic volatility effect, that is, as individual investor attention increases, the greater the idiosyncratic volatility, the lower the expected return. Attention can explain the idiosyncratic volatility puzzle in China's stock market. In addition, due to the role of information production and dissemination, securities analysts can reduce the degree of market information asymmetry and enhance the transparency of market information. China is the second largest economy in the world, and few scholars analyze it from the perspective of investors' attention. The authors believe this paper has the potential in contributing to the academia.Investor attention, analysts coverage and idiosyncratic volatility puzzle: based on behavioral perspective
Xinmin Tian, Zhiqiang Zhang, Cheng Zhang, Mingyu Gao
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Considering the role of analysts in disseminating information, the paper explains the idiosyncratic volatility puzzle of China's stock market. As the largest developing country, China's research can provide meaningful reference for the research of financial markets in other new countries.

From the perspective of behavior, establishing a direct link between individual investor attention and stock price overvaluation.

The authors find that there is a significant idiosyncratic volatility puzzle in China's stock market. Due to the role of mispricing, individual investor attention significantly enhances the idiosyncratic volatility effect, that is, as individual investor attention increases, the greater the idiosyncratic volatility, the lower the expected return. Attention can explain the idiosyncratic volatility puzzle in China's stock market. In addition, due to the role of information production and dissemination, securities analysts can reduce the degree of market information asymmetry and enhance the transparency of market information.

China is the second largest economy in the world, and few scholars analyze it from the perspective of investors' attention. The authors believe this paper has the potential in contributing to the academia.

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Investor attention, analysts coverage and idiosyncratic volatility puzzle: based on behavioral perspective10.1108/IJOEM-02-2021-0289International Journal of Emerging Markets2022-10-17© 2022 Emerald Publishing LimitedXinmin TianZhiqiang ZhangCheng ZhangMingyu GaoInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1710.1108/IJOEM-02-2021-0289https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2021-0289/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Foreign direct investment, technological transfer, employment generation and economic growth: new evidence from Ghanahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0200/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the effect of foreign direct investment (FDI) on employment and economic growth in Ghana and examines the role of technology in these relationships. This study applied the autoregressive distributed lag (ARDL) bounds testing approach to cointegration and Granger causality tests to data from 1995 to 2017. Based on the empirical analysis, the key findings are as follows: FDI does not affect economic growth or employment in Ghana. However, technology moderates the relationship between FDI and economic growth and FDI and employment in the short run. The study also finds that technology exerts a positive effect on economic growth in both short and long run, whereas trade has a significantly negative effect on economic growth in Ghana. The greatest constraint that faced the authors is the nonavailability of data,. The transfer of technology agreement enshrined in the GIPC Act should be made more robust and unambiguous, to make it a strict requirement for MNEs to be allowed to operate in Ghana. This increases Ghana's gains from FDI inflow. The GIPC should tighten its monitoring regime so that MNEs do not exceed their expatriate employment quotas. This will ease the burden of unemployment among the youth in Ghana. This study adds a new dimension to the literature on the impact of FDI on emerging economies by examining the role of technology in the association between FDI and growth, and FDI and employment.Foreign direct investment, technological transfer, employment generation and economic growth: new evidence from Ghana
William Obeng-Amponsah, Erasmus Owusu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the effect of foreign direct investment (FDI) on employment and economic growth in Ghana and examines the role of technology in these relationships.

This study applied the autoregressive distributed lag (ARDL) bounds testing approach to cointegration and Granger causality tests to data from 1995 to 2017.

Based on the empirical analysis, the key findings are as follows: FDI does not affect economic growth or employment in Ghana. However, technology moderates the relationship between FDI and economic growth and FDI and employment in the short run. The study also finds that technology exerts a positive effect on economic growth in both short and long run, whereas trade has a significantly negative effect on economic growth in Ghana.

The greatest constraint that faced the authors is the nonavailability of data,.

The transfer of technology agreement enshrined in the GIPC Act should be made more robust and unambiguous, to make it a strict requirement for MNEs to be allowed to operate in Ghana. This increases Ghana's gains from FDI inflow.

The GIPC should tighten its monitoring regime so that MNEs do not exceed their expatriate employment quotas. This will ease the burden of unemployment among the youth in Ghana.

This study adds a new dimension to the literature on the impact of FDI on emerging economies by examining the role of technology in the association between FDI and growth, and FDI and employment.

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Foreign direct investment, technological transfer, employment generation and economic growth: new evidence from Ghana10.1108/IJOEM-02-2022-0200International Journal of Emerging Markets2023-08-30© 2023 Emerald Publishing LimitedWilliam Obeng-AmponsahErasmus OwusuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-3010.1108/IJOEM-02-2022-0200https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0200/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effect of corporate social responsibility on environmental performance: the mediating role of green innovation and green human resource managementhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0211/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research looks at the link between corporate social responsibility (CSR) and environmental performance, considering the immediate mutual interaction and the potential mediation of specific variables like green innovation and green human resource management (GHRM). Partial least squares path modeling was used to investigate a sample of 460 respondents in multinational textile manufacturing companies in Ethiopia. The findings of this study reveal a direct and positive relationship between CSR and environmental performance. In addition, the researchers observed an indirect effect on the relationship by using GHRM and green innovation as mediators. The study applied a cross-sectional methodology, and experts are not sure that CSR, GHRM, and green innovation in Textile manufacturing companies provide the same results over time. Consequently, future researchers can utilize the same method of investigation to see if outcomes change or stay the same over time. Second the study was conducted in Ethiopia. As a resut, it is possible that our study results will not be generalizable to other emerging nations. We propose expanding research to include more nations with developing markets. Executives of textile manufacturing companies can adopt the present study framework of performance in developing economies to reduce waste, pollution and air emissions, and conserve water, energy and nonrenewable resources that enhance environmental performance. The discovery of the present research makes significant contributions to the literature on the impact of CSR on environmental performance as a pioneering study by incorporating CSR, GHRM, green innovation and environmental performance under one research model in an emerging economy context.The effect of corporate social responsibility on environmental performance: the mediating role of green innovation and green human resource management
Shenbei Zhou, Wudie Atinaf Tiruneh, Moges Assefa Legese
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research looks at the link between corporate social responsibility (CSR) and environmental performance, considering the immediate mutual interaction and the potential mediation of specific variables like green innovation and green human resource management (GHRM).

Partial least squares path modeling was used to investigate a sample of 460 respondents in multinational textile manufacturing companies in Ethiopia.

The findings of this study reveal a direct and positive relationship between CSR and environmental performance. In addition, the researchers observed an indirect effect on the relationship by using GHRM and green innovation as mediators.

The study applied a cross-sectional methodology, and experts are not sure that CSR, GHRM, and green innovation in Textile manufacturing companies provide the same results over time. Consequently, future researchers can utilize the same method of investigation to see if outcomes change or stay the same over time. Second the study was conducted in Ethiopia. As a resut, it is possible that our study results will not be generalizable to other emerging nations. We propose expanding research to include more nations with developing markets.

Executives of textile manufacturing companies can adopt the present study framework of performance in developing economies to reduce waste, pollution and air emissions, and conserve water, energy and nonrenewable resources that enhance environmental performance.

The discovery of the present research makes significant contributions to the literature on the impact of CSR on environmental performance as a pioneering study by incorporating CSR, GHRM, green innovation and environmental performance under one research model in an emerging economy context.

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The effect of corporate social responsibility on environmental performance: the mediating role of green innovation and green human resource management10.1108/IJOEM-02-2022-0211International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedShenbei ZhouWudie Atinaf TirunehMoges Assefa LegeseInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-02-2022-0211https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0211/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Bail-in credibility: evidence from emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0215/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestSome controversial cases of bail-in in the emerging countries have raised the question about whether for those countries to have in place a regulation for the bail-in is appropriate or not. To assess appropriateness, this paper investigates bail-in credibility among investors, as crucial condition for the credibility’s smooth implementation, by measuring the yield spread between bailinable and non-bailinable bonds. The authors compare the yield spread of banks located in emerging countries that have in place a framework for the bail-in to the comparable yield spread measured for banks located in emerging countries without such framework. The comparison permits to detect whether there is a significant difference between the two spreads, which would suggest that bail-in regulation has been deemed credible by market participants where enforced, or not, which in this case would signal a problem of credibility. The authors' results point out a significantly higher yield spread for banks located in emerging countries that have adopted a framework for the bail-in of creditors. Bail-in regulation has, therefore, being deemed credible in the adopting emerging countries, thus ensuring a crucial condition for bail-in regulation's smooth application. The authors also point out bank size and country's gross domestic product (GDP) growth as crucial moderators of bail-in expectations of market participants that can guide the implementation of bail-in rules in emerging countries. This paper contributes to the literature on the credibility of bail-in with a new perspective from the emerging countries.Bail-in credibility: evidence from emerging markets
Giulio Velliscig, Stefano Piserà, Maurizio Polato, Josanco Floreani
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Some controversial cases of bail-in in the emerging countries have raised the question about whether for those countries to have in place a regulation for the bail-in is appropriate or not. To assess appropriateness, this paper investigates bail-in credibility among investors, as crucial condition for the credibility’s smooth implementation, by measuring the yield spread between bailinable and non-bailinable bonds.

The authors compare the yield spread of banks located in emerging countries that have in place a framework for the bail-in to the comparable yield spread measured for banks located in emerging countries without such framework. The comparison permits to detect whether there is a significant difference between the two spreads, which would suggest that bail-in regulation has been deemed credible by market participants where enforced, or not, which in this case would signal a problem of credibility.

The authors' results point out a significantly higher yield spread for banks located in emerging countries that have adopted a framework for the bail-in of creditors. Bail-in regulation has, therefore, being deemed credible in the adopting emerging countries, thus ensuring a crucial condition for bail-in regulation's smooth application. The authors also point out bank size and country's gross domestic product (GDP) growth as crucial moderators of bail-in expectations of market participants that can guide the implementation of bail-in rules in emerging countries.

This paper contributes to the literature on the credibility of bail-in with a new perspective from the emerging countries.

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Bail-in credibility: evidence from emerging markets10.1108/IJOEM-02-2022-0215International Journal of Emerging Markets2022-10-18© 2022 Giulio Velliscig, Stefano Piserà, Maurizio Polato and Josanco FloreaniGiulio VelliscigStefano PiseràMaurizio PolatoJosanco FloreaniInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1810.1108/IJOEM-02-2022-0215https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0215/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Giulio Velliscig, Stefano Piserà, Maurizio Polato and Josanco Floreanihttp://creativecommons.org/licences/by/4.0/legalcode
Impact of imports from China on Indian manufacturing performance: an analysis of trade competitivenesshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0223/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe focus of this paper is to provide an assessment of the impact of imports from China on Indian manufacturing and capture the multifarious dimensions of India–China bilateral trade flows. By examining the comparative disadvantage imports (RCA<1), the paper critically examines their significance on India's industry output and performance and underlines factors beyond trade competitiveness. For examining the impact of India's manufacturing imports from China on industry performance, four stages of analysis is adopted. First, the imports with RCA <1 have been identified. For these, BRCA was also computed. Second, trends in industry performance associated with high imports from China. Third, for estimating the impact of imports on industry output, augmented production function was specified and estimated with imports from China as a potential determinant. And fourth, comparison of industry performance between India and China. The impact of imports from China on industry output is positive and significant. A 1% increase/decrease in the share of China in world imports will result in output increasing by 0.31%. The rise in imports from China seems to be on account of non-availability of necessary intermediate and capital goods domestically, thereby making these imports critical and complementary for production. This negates the threat perception of imports from China. The paper recognizes the need for understanding the firm heterogeneity in import decisions and R&D intensity of imports. Across industries, the drivers for firms' decisions to import are “learning by importing’ and “self-selection” (Camino-Magro et al., 2020). Also, another important dimension at the firm-level analysis is the elasticity of substitution between foreign and domestic inputs. If the elasticity of substitution is low then high import barriers will lead to reduction of domestic output. These firm-level issues are important for effective policy interventions. One, the inward looking focus of the industry which is exhibited in low export intensity will not provide the necessary impetus to propel the manufacturing sector to a higher technology frontier and translate the productivity gains to export competitiveness. Two, unless the domestic manufacturing is propelled from the current low/medium technology to high technology products, the current policy thrust on “self-reliance” cannot be realized. Analysis is based on manufacturing imports with RCA<1 from China thereby underlining factors beyond trade competitiveness not covered by RCA methodology. Complementing the quantitative analysis with economic policy developments in China and India and contrasting the same has provided insights into the real factors determining India–China bilateral trade.Impact of imports from China on Indian manufacturing performance: an analysis of trade competitiveness
Sunitha Raju
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The focus of this paper is to provide an assessment of the impact of imports from China on Indian manufacturing and capture the multifarious dimensions of India–China bilateral trade flows. By examining the comparative disadvantage imports (RCA<1), the paper critically examines their significance on India's industry output and performance and underlines factors beyond trade competitiveness.

For examining the impact of India's manufacturing imports from China on industry performance, four stages of analysis is adopted. First, the imports with RCA <1 have been identified. For these, BRCA was also computed. Second, trends in industry performance associated with high imports from China. Third, for estimating the impact of imports on industry output, augmented production function was specified and estimated with imports from China as a potential determinant. And fourth, comparison of industry performance between India and China.

The impact of imports from China on industry output is positive and significant. A 1% increase/decrease in the share of China in world imports will result in output increasing by 0.31%. The rise in imports from China seems to be on account of non-availability of necessary intermediate and capital goods domestically, thereby making these imports critical and complementary for production. This negates the threat perception of imports from China.

The paper recognizes the need for understanding the firm heterogeneity in import decisions and R&D intensity of imports. Across industries, the drivers for firms' decisions to import are “learning by importing’ and “self-selection” (Camino-Magro et al., 2020). Also, another important dimension at the firm-level analysis is the elasticity of substitution between foreign and domestic inputs. If the elasticity of substitution is low then high import barriers will lead to reduction of domestic output. These firm-level issues are important for effective policy interventions.

One, the inward looking focus of the industry which is exhibited in low export intensity will not provide the necessary impetus to propel the manufacturing sector to a higher technology frontier and translate the productivity gains to export competitiveness. Two, unless the domestic manufacturing is propelled from the current low/medium technology to high technology products, the current policy thrust on “self-reliance” cannot be realized.

Analysis is based on manufacturing imports with RCA<1 from China thereby underlining factors beyond trade competitiveness not covered by RCA methodology. Complementing the quantitative analysis with economic policy developments in China and India and contrasting the same has provided insights into the real factors determining India–China bilateral trade.

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Impact of imports from China on Indian manufacturing performance: an analysis of trade competitiveness10.1108/IJOEM-02-2022-0223International Journal of Emerging Markets2023-03-27© 2023 Emerald Publishing LimitedSunitha RajuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2710.1108/IJOEM-02-2022-0223https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0223/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The growth effects of financial integration in the ASEAN countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0224/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestFinancial integration has played an essential role in achieving economic growth in the members of the Association of Southeast Asian Nations (ASEAN). However, its effects on economic growth in the region in the long run have been underexamined. This paper examines these effects for the ASEAN member countries. A fully modified ordinary least squares (FMOLS) estimation is used to take into account two critical econometric issues in panel data analysis, including (1) cross-sectional dependence and (2) slope heterogeneity. The dynamic ordinary least squares estimation is also used for robustness analysis. The authors use the generalized least squares estimation to examine the effects in the short run. This study’s empirical results confirm the important role of financial integration to economic growth in the ASEAN countries in the short term. However, the effects appear to disappear in the long term. The authors also find capital, labor, and human development positively contribute to economic growth in the region. International trade plays a significant role in supporting economic growth in the ASEAN in the short run. However, its effect seems to weaken in the long run. The growth effects of financial integration in the ASEAN region in the long term have largely been neglected. As such, the authors examine these effects using updated data on financial integration. The authors extend this study’s analysis by considering foreign direct investment and financial depth as the alternative proxies for financial integration. Other estimation technique is also used as the robustness check.The growth effects of financial integration in the ASEAN countries
Duc Hong Vo, Chi Minh Ho
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Financial integration has played an essential role in achieving economic growth in the members of the Association of Southeast Asian Nations (ASEAN). However, its effects on economic growth in the region in the long run have been underexamined. This paper examines these effects for the ASEAN member countries.

A fully modified ordinary least squares (FMOLS) estimation is used to take into account two critical econometric issues in panel data analysis, including (1) cross-sectional dependence and (2) slope heterogeneity. The dynamic ordinary least squares estimation is also used for robustness analysis. The authors use the generalized least squares estimation to examine the effects in the short run.

This study’s empirical results confirm the important role of financial integration to economic growth in the ASEAN countries in the short term. However, the effects appear to disappear in the long term. The authors also find capital, labor, and human development positively contribute to economic growth in the region. International trade plays a significant role in supporting economic growth in the ASEAN in the short run. However, its effect seems to weaken in the long run.

The growth effects of financial integration in the ASEAN region in the long term have largely been neglected. As such, the authors examine these effects using updated data on financial integration. The authors extend this study’s analysis by considering foreign direct investment and financial depth as the alternative proxies for financial integration. Other estimation technique is also used as the robustness check.

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The growth effects of financial integration in the ASEAN countries10.1108/IJOEM-02-2022-0224International Journal of Emerging Markets2023-06-19© 2023 Emerald Publishing LimitedDuc Hong VoChi Minh HoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1910.1108/IJOEM-02-2022-0224https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0224/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investigating the effects of institutional distance and experience on acquisition performance across emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0225/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study combines institutional and organizational learning perspectives to investigate the impact of institutional distance and institution-specific cross-border acquisition experience in emerging markets on cross-border acquisition performance. The sample consists of 874 transactions involving targets across 37 emerging markets by 484 different acquirers from 45 developed and emerging markets. The authors decompose institutional distance and acquisition experience along their cultural, administrative, geographic and economic dimensions. The authors find that cultural, administrative and geographic distance have a negative impact on acquisition performance. In contrast, economic distance does not appear detrimental to acquisition performance across markets. The study provides evidence that a company may apply learnings from previous transactions in similar cultural and economic emerging market environments to elevate the likelihood of a successful acquisition. This study offers a more fine-grained perspective of the distance concept by decomposing the concepts of institutional distance and acquisition experience along different institutional dimensions. The research across 37 emerging markets sheds light on which of the similarities and differences between these markets are relevant concerning acquisition experience and performance.Investigating the effects of institutional distance and experience on acquisition performance across emerging markets
Martin A. Goetz, Dirk Morschett
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study combines institutional and organizational learning perspectives to investigate the impact of institutional distance and institution-specific cross-border acquisition experience in emerging markets on cross-border acquisition performance.

The sample consists of 874 transactions involving targets across 37 emerging markets by 484 different acquirers from 45 developed and emerging markets. The authors decompose institutional distance and acquisition experience along their cultural, administrative, geographic and economic dimensions.

The authors find that cultural, administrative and geographic distance have a negative impact on acquisition performance. In contrast, economic distance does not appear detrimental to acquisition performance across markets. The study provides evidence that a company may apply learnings from previous transactions in similar cultural and economic emerging market environments to elevate the likelihood of a successful acquisition.

This study offers a more fine-grained perspective of the distance concept by decomposing the concepts of institutional distance and acquisition experience along different institutional dimensions. The research across 37 emerging markets sheds light on which of the similarities and differences between these markets are relevant concerning acquisition experience and performance.

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Investigating the effects of institutional distance and experience on acquisition performance across emerging markets10.1108/IJOEM-02-2022-0225International Journal of Emerging Markets2023-04-27© 2023 Emerald Publishing LimitedMartin A. GoetzDirk MorschettInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-2710.1108/IJOEM-02-2022-0225https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0225/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Returns and volatility spillover between agricultural commodities and emerging stock markets: new evidence from COVID-19 and Russian-Ukrainian warhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0226/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigate the return and volatility spillover among agricultural commodities and emerging stock markets during various crises, including the COVID-19 pandemic and the Russian-Ukrainian war. This return and volatility spillover is estimated using Diebold and Yilmaz (2012, 2014) approach. The results reveal the weak connectedness between agricultural commodities and emerging stock markets. Corn and sugar are the highest and lowest transmitters, respectively, whereas soya bean and coffee are the largest and smallest recipients of spillover over time. Most equity indices are the net recipient except for India, China, Indonesia, Argentina and Mexico, during the entire sample period. Most commodities are net transmitters of volatility spillover except coffee and soya bean. At the same time, major equity indices are the net recipient of the volatility spillover except for India, Indonesia, China, Argentina, Malaysia and Korea. In addition, the return and volatility spillover increase during various crises like the COVID-19 pandemic and the Russian-Ukrainian war, but the major increase in spillovers occurs during the COVID-19 pandemic. The empirical results show a weak relationship between agricultural commodities and emerging stock markets which is helpful for investors and portfolio managers in the construction and reallocation of their portfolios under different periods, most notably under COVID-19 and the Russian-Ukrainian war. It is an original paper.Returns and volatility spillover between agricultural commodities and emerging stock markets: new evidence from COVID-19 and Russian-Ukrainian war
Maria Babar, Habib Ahmad, Imran Yousaf
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigate the return and volatility spillover among agricultural commodities and emerging stock markets during various crises, including the COVID-19 pandemic and the Russian-Ukrainian war.

This return and volatility spillover is estimated using Diebold and Yilmaz (2012, 2014) approach.

The results reveal the weak connectedness between agricultural commodities and emerging stock markets. Corn and sugar are the highest and lowest transmitters, respectively, whereas soya bean and coffee are the largest and smallest recipients of spillover over time. Most equity indices are the net recipient except for India, China, Indonesia, Argentina and Mexico, during the entire sample period. Most commodities are net transmitters of volatility spillover except coffee and soya bean. At the same time, major equity indices are the net recipient of the volatility spillover except for India, Indonesia, China, Argentina, Malaysia and Korea. In addition, the return and volatility spillover increase during various crises like the COVID-19 pandemic and the Russian-Ukrainian war, but the major increase in spillovers occurs during the COVID-19 pandemic.

The empirical results show a weak relationship between agricultural commodities and emerging stock markets which is helpful for investors and portfolio managers in the construction and reallocation of their portfolios under different periods, most notably under COVID-19 and the Russian-Ukrainian war.

It is an original paper.

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Returns and volatility spillover between agricultural commodities and emerging stock markets: new evidence from COVID-19 and Russian-Ukrainian war10.1108/IJOEM-02-2022-0226International Journal of Emerging Markets2023-02-06© 2023 Emerald Publishing LimitedMaria BabarHabib AhmadImran YousafInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-0610.1108/IJOEM-02-2022-0226https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0226/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Innovation subsidies and entrepreneurial activity in an emerging markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0242/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to find that entrepreneurial activities can spur entrepreneurial firms' superior performance, but this effect is contingent on the different levels of government innovation subsidies. Extending the institutional perspective explanation and entrepreneurship perspective explanation, this study examines how a firm's entrepreneurial orientation (EO) affects its superior performance when it receives innovation subsidies. Entrepreneurial firms in China, an emerging economy, are taken as the context for empirical evidence. A large-scale questionnaire survey is used for firm data collection. Ordinary least squares (OLS) regression is employed to test the hypothesized model using a sample of 287 entrepreneurial firms. The results show a curvilinear, inverse U-shaped moderating effect in the relationship between EO and firm performance. This relationship is strongest at intermediate levels of innovation subsidies but is comparatively weaker when innovation subsidies are low or high. The study contributes to entrepreneurship research by examining the nonlinear moderating effect of innovation subsidies on entrepreneurial firms' performance. The study also contributes to entrepreneurship theory by elaborating on the innovation subsidy scheme and how it facilitates the development of entrepreneurial activity.Innovation subsidies and entrepreneurial activity in an emerging market
Chun-Hsien Wang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to find that entrepreneurial activities can spur entrepreneurial firms' superior performance, but this effect is contingent on the different levels of government innovation subsidies. Extending the institutional perspective explanation and entrepreneurship perspective explanation, this study examines how a firm's entrepreneurial orientation (EO) affects its superior performance when it receives innovation subsidies.

Entrepreneurial firms in China, an emerging economy, are taken as the context for empirical evidence. A large-scale questionnaire survey is used for firm data collection. Ordinary least squares (OLS) regression is employed to test the hypothesized model using a sample of 287 entrepreneurial firms.

The results show a curvilinear, inverse U-shaped moderating effect in the relationship between EO and firm performance. This relationship is strongest at intermediate levels of innovation subsidies but is comparatively weaker when innovation subsidies are low or high.

The study contributes to entrepreneurship research by examining the nonlinear moderating effect of innovation subsidies on entrepreneurial firms' performance. The study also contributes to entrepreneurship theory by elaborating on the innovation subsidy scheme and how it facilitates the development of entrepreneurial activity.

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Innovation subsidies and entrepreneurial activity in an emerging market10.1108/IJOEM-02-2022-0242International Journal of Emerging Markets2023-01-03© 2022 Emerald Publishing LimitedChun-Hsien WangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-0310.1108/IJOEM-02-2022-0242https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0242/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Tax incentives and upward R&D manipulation – evidence from the R&D tax deduction policy in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0254/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper investigates whether China's R&D tax deduction policy triggers firms to manipulate their R&D expenditures upward. This paper employs the ratio of actual tax savings as a proxy for the benefits of the R&D tax deduction policy based on manually collected and systematically cross-checked data. The relationship between tax benefits and abnormal R&D spending is estimated in a sample of Chinese A-share listed companies for the period 2007–2018. The findings suggest that tax deductions lead to positive abnormal R&D spending and that this deviation in R&D spending may be attributed to firms' upward R&D manipulation for tax avoidance. The results also indicate that this behavior is more significant for the period after the policy revision, in non-HNTEs (high and new technology enterprises), and in firms with a high ratio of R&D expenses. It is difficult to establish a sophisticated and unified model to identify the specific strategy of upward R&D manipulation that firms use to obtain tax benefits. Managers should take into account upward R&D manipulation when designing governance mechanisms. Policymakers in developing countries may further pursue preferential tax policies that cover every stage of innovation activities gradually; the local provincial governments need to leverage their proximity and flexibility advantages to develop a tax collection and administration system. This study contributes to the understanding of the complex effect of R&D tax incentives and helps more fully illuminate firms' upward R&D manipulation behavior from the perspective of tax planning strategies, which are underexplored in previous research.Tax incentives and upward R&D manipulation – evidence from the R&D tax deduction policy in China
Yanan He, Xindong Zhang, Panpan Hao, Xiaoyong Dai, Haiyan Xue
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper investigates whether China's R&D tax deduction policy triggers firms to manipulate their R&D expenditures upward.

This paper employs the ratio of actual tax savings as a proxy for the benefits of the R&D tax deduction policy based on manually collected and systematically cross-checked data. The relationship between tax benefits and abnormal R&D spending is estimated in a sample of Chinese A-share listed companies for the period 2007–2018.

The findings suggest that tax deductions lead to positive abnormal R&D spending and that this deviation in R&D spending may be attributed to firms' upward R&D manipulation for tax avoidance. The results also indicate that this behavior is more significant for the period after the policy revision, in non-HNTEs (high and new technology enterprises), and in firms with a high ratio of R&D expenses.

It is difficult to establish a sophisticated and unified model to identify the specific strategy of upward R&D manipulation that firms use to obtain tax benefits.

Managers should take into account upward R&D manipulation when designing governance mechanisms. Policymakers in developing countries may further pursue preferential tax policies that cover every stage of innovation activities gradually; the local provincial governments need to leverage their proximity and flexibility advantages to develop a tax collection and administration system.

This study contributes to the understanding of the complex effect of R&D tax incentives and helps more fully illuminate firms' upward R&D manipulation behavior from the perspective of tax planning strategies, which are underexplored in previous research.

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Tax incentives and upward R&D manipulation – evidence from the R&D tax deduction policy in China10.1108/IJOEM-02-2022-0254International Journal of Emerging Markets2023-06-29© 2023 Emerald Publishing LimitedYanan HeXindong ZhangPanpan HaoXiaoyong DaiHaiyan XueInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-2910.1108/IJOEM-02-2022-0254https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0254/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Gauging investors' investment decisions in the crypto market through the PRISM of behavioral biases: a fuzzy AHP approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0263/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestResearch in the domain of behavioral finance has proven that investors demonstrate irrational behavior while making investment decisions. In a similar domain, the primary objective of this research is to prioritize the behavioral biases that influence cryptocurrency investors' investment decisions in the Indian context. A fuzzy analytic hierarchy process (F-AHP) was used to prioritize the behavioral factors impacting cryptocurrency investors' investment decisions. Overconfidence and optimism, anchoring, representativeness, information availability, herding, regret aversion, and loss aversion are among the primary biases evaluated in the present study. The findings suggested that the two most important influential criteria were herding and regret aversion, with loss aversion and information availability being the least influential criteria. Opinions of family, friends, and colleagues about investment in cryptocurrency, the sale of cryptocurrencies that have increased in value, the avoidance of selling currencies that have decreased in value, the agony of holding losing cryptocurrencies for too long rather than selling winning cryptocurrencies too soon, and the purchase of cryptocurrencies that have fallen significantly from their all-time high are the most important sub-criteria. This survey only covered active cryptocurrency participants. Additionally, the study was limited to individual crypto investors in one country, India, with a sample size of 467 participants. Although the sample size is appropriate, a larger sample size might reflect the more realistic scenario of the Indian crypto market. The study is relevant to individual and institutional cryptocurrency investors, crypto portfolio managers, policymakers, researchers, market regulators, and society at large. To the best of the authors' knowledge, no prior research has attempted to explain how the overall importance of various criteria and sub-criteria related to behavioral factors that influence the decision-making process of crypto retail investors can be assessed and how the priority of focus can be established, particularly in the Indian context.Gauging investors' investment decisions in the crypto market through the PRISM of behavioral biases: a fuzzy AHP approach
Kirti Sood, Prachi Pathak, Jinesh Jain, Sanjay Gupta
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Research in the domain of behavioral finance has proven that investors demonstrate irrational behavior while making investment decisions. In a similar domain, the primary objective of this research is to prioritize the behavioral biases that influence cryptocurrency investors' investment decisions in the Indian context.

A fuzzy analytic hierarchy process (F-AHP) was used to prioritize the behavioral factors impacting cryptocurrency investors' investment decisions. Overconfidence and optimism, anchoring, representativeness, information availability, herding, regret aversion, and loss aversion are among the primary biases evaluated in the present study.

The findings suggested that the two most important influential criteria were herding and regret aversion, with loss aversion and information availability being the least influential criteria. Opinions of family, friends, and colleagues about investment in cryptocurrency, the sale of cryptocurrencies that have increased in value, the avoidance of selling currencies that have decreased in value, the agony of holding losing cryptocurrencies for too long rather than selling winning cryptocurrencies too soon, and the purchase of cryptocurrencies that have fallen significantly from their all-time high are the most important sub-criteria.

This survey only covered active cryptocurrency participants. Additionally, the study was limited to individual crypto investors in one country, India, with a sample size of 467 participants. Although the sample size is appropriate, a larger sample size might reflect the more realistic scenario of the Indian crypto market.

The study is relevant to individual and institutional cryptocurrency investors, crypto portfolio managers, policymakers, researchers, market regulators, and society at large.

To the best of the authors' knowledge, no prior research has attempted to explain how the overall importance of various criteria and sub-criteria related to behavioral factors that influence the decision-making process of crypto retail investors can be assessed and how the priority of focus can be established, particularly in the Indian context.

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Gauging investors' investment decisions in the crypto market through the PRISM of behavioral biases: a fuzzy AHP approach10.1108/IJOEM-02-2022-0263International Journal of Emerging Markets2023-06-27© 2023 Emerald Publishing LimitedKirti SoodPrachi PathakJinesh JainSanjay GuptaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-2710.1108/IJOEM-02-2022-0263https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0263/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Effects of supply chain learning on green innovation and moderating role of green transformational leadershiphttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0268/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the effect of supply chain (SC) learning (i.e. supplier and customer learnings) on green innovation (i.e. green product and process innovations) and investigates the moderating role of green transformational leadership in the SC learning-green innovation linkage in the construction industry. Data are gathered from construction firms in Vietnam by a questionnaire survey. Hypotheses of the study framework are tested by hierarchical regression analysis. Both supplier and customer learnings have positive effects on green innovation (both green process and product innovations). Furthermore, green transformational leadership moderates the linkage between supplier learning and green innovation but does not moderate the linkage between customer learning and green innovation. Construction firms need to constantly develop capabilities of SC learning for promoting their green innovation. The present study is one of the first attempts in construction that investigates the importance of SC learning to achieving green innovation as well as the role of green transformational leadership for strengthening the effect of green learning on green innovation.Effects of supply chain learning on green innovation and moderating role of green transformational leadership
Tho Pham, Hai Thanh Pham
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the effect of supply chain (SC) learning (i.e. supplier and customer learnings) on green innovation (i.e. green product and process innovations) and investigates the moderating role of green transformational leadership in the SC learning-green innovation linkage in the construction industry.

Data are gathered from construction firms in Vietnam by a questionnaire survey. Hypotheses of the study framework are tested by hierarchical regression analysis.

Both supplier and customer learnings have positive effects on green innovation (both green process and product innovations). Furthermore, green transformational leadership moderates the linkage between supplier learning and green innovation but does not moderate the linkage between customer learning and green innovation.

Construction firms need to constantly develop capabilities of SC learning for promoting their green innovation.

The present study is one of the first attempts in construction that investigates the importance of SC learning to achieving green innovation as well as the role of green transformational leadership for strengthening the effect of green learning on green innovation.

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Effects of supply chain learning on green innovation and moderating role of green transformational leadership10.1108/IJOEM-02-2022-0268International Journal of Emerging Markets2023-09-21© 2023 Emerald Publishing LimitedTho PhamHai Thanh PhamInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-2110.1108/IJOEM-02-2022-0268https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0268/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Herding or reverse herding: the reaction to change in investor sentiment in the Chinese and Pakistani marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0270/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestInvestor sentiment (optimism or pessimism) may influence investors to follow others (herding) while taking their investment decisions. Herding may result in bubbles and crashes in the financial markets. The purpose of the study is to examine the presence of herding and the effects of investor sentiment on herding in China and Pakistan. The investor sentiment is captured by five variables (trading volume, advance/decline ratio, weighted price-to-earnings ratio, relative strength index and interest rates) and a sentiment index developed through principal component analysis (PCA). The study uses daily prices of 2,184 firms from China and 568 firms from Pakistan for the period 2005 to 2018. The study finds that herding prevails in China while reverse herding prevails in Pakistan. Interestingly, as investors become optimistic, herding in China and reverse herding in Pakistan decrease. This indicates that herding and reverse herding are greater during pessimistic periods. Further, the increase in herding in one market reduces herding in the other market. Moreover, optimistic sentiment in the Chinese market increases herding in the Pakistani market but the reverse is not true. Considering the greater global financial liberalization, and better opportunities for emotion sharing, this study has important implications for regulators and investors. Market participants need to understand the prevalent irrational behavior before trading in the markets. Since individual proxies may depict different picture of the relationship between sentiment and herding therefore the study also develops a sentiment index through PCA and incorporates this index in the analysis. Further, this study examines cross-country effects of herding and investor sentiment.Herding or reverse herding: the reaction to change in investor sentiment in the Chinese and Pakistani markets
Muhammad Fayyaz Sheikh, Aamir Inam Bhutta, Tahira Parveen
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Investor sentiment (optimism or pessimism) may influence investors to follow others (herding) while taking their investment decisions. Herding may result in bubbles and crashes in the financial markets. The purpose of the study is to examine the presence of herding and the effects of investor sentiment on herding in China and Pakistan.

The investor sentiment is captured by five variables (trading volume, advance/decline ratio, weighted price-to-earnings ratio, relative strength index and interest rates) and a sentiment index developed through principal component analysis (PCA). The study uses daily prices of 2,184 firms from China and 568 firms from Pakistan for the period 2005 to 2018.

The study finds that herding prevails in China while reverse herding prevails in Pakistan. Interestingly, as investors become optimistic, herding in China and reverse herding in Pakistan decrease. This indicates that herding and reverse herding are greater during pessimistic periods. Further, the increase in herding in one market reduces herding in the other market. Moreover, optimistic sentiment in the Chinese market increases herding in the Pakistani market but the reverse is not true.

Considering the greater global financial liberalization, and better opportunities for emotion sharing, this study has important implications for regulators and investors. Market participants need to understand the prevalent irrational behavior before trading in the markets.

Since individual proxies may depict different picture of the relationship between sentiment and herding therefore the study also develops a sentiment index through PCA and incorporates this index in the analysis. Further, this study examines cross-country effects of herding and investor sentiment.

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Herding or reverse herding: the reaction to change in investor sentiment in the Chinese and Pakistani markets10.1108/IJOEM-02-2022-0270International Journal of Emerging Markets2023-04-03© 2023 Emerald Publishing LimitedMuhammad Fayyaz SheikhAamir Inam BhuttaTahira ParveenInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-0310.1108/IJOEM-02-2022-0270https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0270/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does financial inclusion reduce income inequality? Empirical evidence from Asian economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0271/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe present study examines the significance of financial inclusion in reducing income inequality in the Asian context. This study uses panel estimation techniques such as the Pedroni cointegration test, Kao residual-based test, FMOLS, ARDL and Granger causality, a dataset consisting of the Gini coefficient index, three dimensions of financial inclusion measures and one added variable on financial depth, spanning from 2005 to 2019. The study finds that in the long-run, income inequality disparity is highly influenced by financial inclusion indicators, such as the number of bank branches, deposit accounts, outstanding loans and domestic credit to the private sector. Whereas in the short run, disparities in income are unaffected by all the indicators of financial inclusion. Further, unidirectional causality from financial inclusion indicators to income inequality necessitates the need for policymakers to design policies and programs that would enhance access to financial services as an essential mechanism to reduce income disparity. Studies based on a panel of Asian countries that have undergone impressive growth of financial inclusion initiatives since the past decade—but are still facing widening income inequality—are conspicuously rare in the literature. The empirical analysis fills this void by showing the significant role financial inclusion indicators play in steering the Asian economies toward income equality throughout the study period.Does financial inclusion reduce income inequality? Empirical evidence from Asian economies
Anushka Verma, Arun Kumar Giri
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The present study examines the significance of financial inclusion in reducing income inequality in the Asian context.

This study uses panel estimation techniques such as the Pedroni cointegration test, Kao residual-based test, FMOLS, ARDL and Granger causality, a dataset consisting of the Gini coefficient index, three dimensions of financial inclusion measures and one added variable on financial depth, spanning from 2005 to 2019.

The study finds that in the long-run, income inequality disparity is highly influenced by financial inclusion indicators, such as the number of bank branches, deposit accounts, outstanding loans and domestic credit to the private sector. Whereas in the short run, disparities in income are unaffected by all the indicators of financial inclusion. Further, unidirectional causality from financial inclusion indicators to income inequality necessitates the need for policymakers to design policies and programs that would enhance access to financial services as an essential mechanism to reduce income disparity.

Studies based on a panel of Asian countries that have undergone impressive growth of financial inclusion initiatives since the past decade—but are still facing widening income inequality—are conspicuously rare in the literature. The empirical analysis fills this void by showing the significant role financial inclusion indicators play in steering the Asian economies toward income equality throughout the study period.

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Does financial inclusion reduce income inequality? Empirical evidence from Asian economies10.1108/IJOEM-02-2022-0271International Journal of Emerging Markets2022-11-18© 2022 Emerald Publishing LimitedAnushka VermaArun Kumar GiriInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-1810.1108/IJOEM-02-2022-0271https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0271/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Economic growth through digitalization in Africa: does financial sector development play a mediating role?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0278/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to analyse economic growth in Africa focussing on the role of digitalization and financial sector development. The authors employ country-level data from 36 African countries over the period 2000–2020 and used fixed effect, random effect and the Hausman–Taylor estimation techniques. The study, first finds that, digitalization propels financial sector development in Africa. Building on this, the study further finds that, digitalization conditioned on financial sector development at best does not promote economic growth in Africa. However, results of the net effects suggest that digitalization, overall, improve economic growth in Africa. In the current environment of a sluggish global economy, digitalization can play an important role in assisting policymakers to spur economic growth. This has attracted the attention of many researchers in the developed world. However, little is done about the subject matter in Africa. The findings of this paper are novel in the African sub-region with important policy implications.Economic growth through digitalization in Africa: does financial sector development play a mediating role?
Abdul Ganiyu Iddrisu, Bei Chen
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to analyse economic growth in Africa focussing on the role of digitalization and financial sector development.

The authors employ country-level data from 36 African countries over the period 2000–2020 and used fixed effect, random effect and the Hausman–Taylor estimation techniques.

The study, first finds that, digitalization propels financial sector development in Africa. Building on this, the study further finds that, digitalization conditioned on financial sector development at best does not promote economic growth in Africa. However, results of the net effects suggest that digitalization, overall, improve economic growth in Africa.

In the current environment of a sluggish global economy, digitalization can play an important role in assisting policymakers to spur economic growth. This has attracted the attention of many researchers in the developed world. However, little is done about the subject matter in Africa.

The findings of this paper are novel in the African sub-region with important policy implications.

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Economic growth through digitalization in Africa: does financial sector development play a mediating role?10.1108/IJOEM-02-2022-0278International Journal of Emerging Markets2022-12-13© 2022 Emerald Publishing LimitedAbdul Ganiyu IddrisuBei ChenInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-1310.1108/IJOEM-02-2022-0278https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0278/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Assessing the effect of domestic and foreign R&D on export: empirical evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0282/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAlthough the theoretical arguments provide several channels through which innovation affects export, empirical validation of this relationship is scarce. Further, the impact of the diverse channels of domestic and foreign research and development (R&D) on export is assessed in isolation by previous studies. This paper empirically investigates the impact of technological innovation on export capacity and intensity of industrial enterprises in emerging countries by considering three channels of domestic innovation and foreign R&D spillovers, namely internal R&D, embodied knowledge and disembodied knowledge in a unified framework. Data on China's industrial enterprises in the manufacturing sector are extracted from the China National Bureau of Statistics (NBSC), the Ministry of Science and Technology of China (MST) and the UN Comtrade database for the period from 1998 to 2020. The instrumental variables two-stage least squares (IV-2SLS) and three-stage least squares (IV-3SLS) methods are used to control for the possible endogeneity bias and the problem of cross-equation correlation between residuals. The results show that internal R&D is a critical factor to enhance the export performance of enterprises in emerging countries, while the effect of embodied spillovers and public–private collaboration on export capacity and intensity of industrial enterprises is substantial. Further, disembodied knowledge that is acquired through licensing of technology from advanced countries does not directly contribute to the export performance of enterprises but requires a threshold level of internal R&D capability. This study’s results also report a greater effect of embodied knowledge spillovers on export capacity and export intensity than internal R&D in emerging countries. The results are consistent to changes in the sample period and the estimation methods. The findings of the paper suggest that developing countries can speed up the process of export upgrading by relying on both domestic and foreign R&D efforts. The findings would help policymakers to keep in mind the relative importance of internal R&D and embodied and disembodied knowledge spillovers for export performance before formulating a catch-up strategy and the outcome would encourage them to consider prior related knowledge in terms of internal R&D capability while acquiring external technology. This study fills the gap in the existing literature by providing empirical validation of the innovation–export interplay and simultaneously assessing the effect of three diverse channels of technological innovation on the export performance of industrial enterprises. This paper enunciates important policy lessons for emerging countries' smooth transition to a knowledge-based economy.Assessing the effect of domestic and foreign R&D on export: empirical evidence from China
Abdul Rauf, Yongwen Bao
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Although the theoretical arguments provide several channels through which innovation affects export, empirical validation of this relationship is scarce. Further, the impact of the diverse channels of domestic and foreign research and development (R&D) on export is assessed in isolation by previous studies. This paper empirically investigates the impact of technological innovation on export capacity and intensity of industrial enterprises in emerging countries by considering three channels of domestic innovation and foreign R&D spillovers, namely internal R&D, embodied knowledge and disembodied knowledge in a unified framework.

Data on China's industrial enterprises in the manufacturing sector are extracted from the China National Bureau of Statistics (NBSC), the Ministry of Science and Technology of China (MST) and the UN Comtrade database for the period from 1998 to 2020. The instrumental variables two-stage least squares (IV-2SLS) and three-stage least squares (IV-3SLS) methods are used to control for the possible endogeneity bias and the problem of cross-equation correlation between residuals.

The results show that internal R&D is a critical factor to enhance the export performance of enterprises in emerging countries, while the effect of embodied spillovers and public–private collaboration on export capacity and intensity of industrial enterprises is substantial. Further, disembodied knowledge that is acquired through licensing of technology from advanced countries does not directly contribute to the export performance of enterprises but requires a threshold level of internal R&D capability. This study’s results also report a greater effect of embodied knowledge spillovers on export capacity and export intensity than internal R&D in emerging countries. The results are consistent to changes in the sample period and the estimation methods. The findings of the paper suggest that developing countries can speed up the process of export upgrading by relying on both domestic and foreign R&D efforts.

The findings would help policymakers to keep in mind the relative importance of internal R&D and embodied and disembodied knowledge spillovers for export performance before formulating a catch-up strategy and the outcome would encourage them to consider prior related knowledge in terms of internal R&D capability while acquiring external technology.

This study fills the gap in the existing literature by providing empirical validation of the innovation–export interplay and simultaneously assessing the effect of three diverse channels of technological innovation on the export performance of industrial enterprises. This paper enunciates important policy lessons for emerging countries' smooth transition to a knowledge-based economy.

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Assessing the effect of domestic and foreign R&D on export: empirical evidence from China10.1108/IJOEM-02-2022-0282International Journal of Emerging Markets2023-01-24© 2023 Emerald Publishing LimitedAbdul RaufYongwen BaoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-2410.1108/IJOEM-02-2022-0282https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0282/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Multiscale analysis of the complex interaction between uncertainty and the international commodity markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0284/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to systematically reveal the complex interaction between uncertainty and the international commodity market (CRB). A composite uncertainty index and five categorical uncertainty indices, together with wavelet analysis and detrended cross-correlation analysis, were used. First, in the time-frequency domain, the coherency and lead-lag relationship between uncertainty and the commodity markets were investigated. Furthermore, the transmission direction of the cross-correlation over different lag periods and asymmetry in this cross-correlation under different trends were identified. First, there is significant coherency between uncertainties and CRB mainly in the short and medium terms, with natural disaster and public health uncertainties tending to lead CRB. Second, uncertainty impacts CRB more markedly over shorter lag periods, whereas the impact of CRB on uncertainty gradually increases with longer lag periods. Third, the cross-correlation is asymmetric and multifractal under different trends. Finally, from the perspective of lag periods and trends, the interaction of uncertainty with the Chinese commodity market is significantly different from its interaction with CRB. First, this study comprehensively constructs a composite uncertainty index based on five types of uncertainty. Second, this study provides a scientific perspective on examining the core and diverse interactions between uncertainty and CRB, as achieved by investigating the interactions of CRB with five categorical and composite uncertainties. Third, this study provides a new research framework to enable multiscale analysis of the complex interaction between uncertainty and the commodity markets.Multiscale analysis of the complex interaction between uncertainty and the international commodity market
Chao Liu, Wei Zhang, Qiwei Xie, Chao Wang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to systematically reveal the complex interaction between uncertainty and the international commodity market (CRB).

A composite uncertainty index and five categorical uncertainty indices, together with wavelet analysis and detrended cross-correlation analysis, were used. First, in the time-frequency domain, the coherency and lead-lag relationship between uncertainty and the commodity markets were investigated. Furthermore, the transmission direction of the cross-correlation over different lag periods and asymmetry in this cross-correlation under different trends were identified.

First, there is significant coherency between uncertainties and CRB mainly in the short and medium terms, with natural disaster and public health uncertainties tending to lead CRB. Second, uncertainty impacts CRB more markedly over shorter lag periods, whereas the impact of CRB on uncertainty gradually increases with longer lag periods. Third, the cross-correlation is asymmetric and multifractal under different trends. Finally, from the perspective of lag periods and trends, the interaction of uncertainty with the Chinese commodity market is significantly different from its interaction with CRB.

First, this study comprehensively constructs a composite uncertainty index based on five types of uncertainty. Second, this study provides a scientific perspective on examining the core and diverse interactions between uncertainty and CRB, as achieved by investigating the interactions of CRB with five categorical and composite uncertainties. Third, this study provides a new research framework to enable multiscale analysis of the complex interaction between uncertainty and the commodity markets.

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Multiscale analysis of the complex interaction between uncertainty and the international commodity market10.1108/IJOEM-02-2022-0284International Journal of Emerging Markets2022-11-22© 2022 Emerald Publishing LimitedChao LiuWei ZhangQiwei XieChao WangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2210.1108/IJOEM-02-2022-0284https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0284/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Russian global export flow and potential: evidence from augmented gravity modelhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0285/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe Russian export flow is highly concentrated on few trading partners that results in its high vulnerability to external shock. Furthermore, the Russian–Ukraine conflict and corresponding western sanctions has enhanced the need of export markets diversification for Russia. Therefore, this study is a baseline attempt to explore determinants of export flow along with identifying potential export markets. This objective is realized by employing an augmented version of gravity model on export flow of Russian Federation to 108 trading partners from 2000 to 2020. The augmented gravity model of export flow is estimated by using employing contemporary panel econometrics such as panel generalized ordinary least square estimation technique with cross-sectional weight along with heteroskedasticity consistent white coefficients is employed to explore impact of selected macroeconomic and policy variables. Furthermore, the sensitivity analysis is performed by using panel random effect along with the Driscoll–Kraay standard errors with pooled ordinary least squares (OLS) regression and random effect generalized least square (GLS) estimator techniques. The estimated result of panel GLS technique is subjected to in-sampled forecasting technique to explore potential export markets. The findings show that an increase in the income of trading partners and enhancement of domestic production capacity has significant positive impact on Russian export flow, whereas geographic distance has a significant negative impact. Income of trading partners emerged as major determinant of export flow with high explanatory power. Among augmented variables, the real exchange rate reveals a significant positive impact of lower intensity, whereas binary variables for the common border, common history and preferential/free trade agreement show a significant positive impact. The finding of export potential reveals a high concentration of export with existence of large potential for exports across the globe. For instance, many developing countries in Asia, Africa and America reveal high potential for Russian exports. The findings urge Russian Federation to diversify its export markets by targeting potential export markets. Many emerging developing countries are witnessing a high potential for Russian exports, therefore attempts should be taken to diversify toward them. The expansion of existing transportation facilities along with development of cargo trade can be important policy instrument to realize objective of export diversification. This study is the first comprehensive analysis that employs augmented gravity model to explore potential export markets for Russian Federation by using panel data of 108 global trading partners from 2000 to 2020. This finding of this study provides a framework of export diversification toward potential markets across the globe.Russian global export flow and potential: evidence from augmented gravity model
Shujaat Abbas, Valentin Shtun, Veronika Sapogova, Vakhrushev Gleb
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The Russian export flow is highly concentrated on few trading partners that results in its high vulnerability to external shock. Furthermore, the Russian–Ukraine conflict and corresponding western sanctions has enhanced the need of export markets diversification for Russia. Therefore, this study is a baseline attempt to explore determinants of export flow along with identifying potential export markets. This objective is realized by employing an augmented version of gravity model on export flow of Russian Federation to 108 trading partners from 2000 to 2020.

The augmented gravity model of export flow is estimated by using employing contemporary panel econometrics such as panel generalized ordinary least square estimation technique with cross-sectional weight along with heteroskedasticity consistent white coefficients is employed to explore impact of selected macroeconomic and policy variables. Furthermore, the sensitivity analysis is performed by using panel random effect along with the Driscoll–Kraay standard errors with pooled ordinary least squares (OLS) regression and random effect generalized least square (GLS) estimator techniques. The estimated result of panel GLS technique is subjected to in-sampled forecasting technique to explore potential export markets.

The findings show that an increase in the income of trading partners and enhancement of domestic production capacity has significant positive impact on Russian export flow, whereas geographic distance has a significant negative impact. Income of trading partners emerged as major determinant of export flow with high explanatory power. Among augmented variables, the real exchange rate reveals a significant positive impact of lower intensity, whereas binary variables for the common border, common history and preferential/free trade agreement show a significant positive impact. The finding of export potential reveals a high concentration of export with existence of large potential for exports across the globe. For instance, many developing countries in Asia, Africa and America reveal high potential for Russian exports.

The findings urge Russian Federation to diversify its export markets by targeting potential export markets. Many emerging developing countries are witnessing a high potential for Russian exports, therefore attempts should be taken to diversify toward them. The expansion of existing transportation facilities along with development of cargo trade can be important policy instrument to realize objective of export diversification.

This study is the first comprehensive analysis that employs augmented gravity model to explore potential export markets for Russian Federation by using panel data of 108 global trading partners from 2000 to 2020. This finding of this study provides a framework of export diversification toward potential markets across the globe.

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Russian global export flow and potential: evidence from augmented gravity model10.1108/IJOEM-02-2022-0285International Journal of Emerging Markets2023-05-15© 2023 Emerald Publishing LimitedShujaat AbbasValentin ShtunVeronika SapogovaVakhrushev GlebInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-1510.1108/IJOEM-02-2022-0285https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0285/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Do international paid remittances hinder the financial development of GCC host countries?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0292/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe present study aims to compare the effect of international paid remittances on financial development in three Gulf Cooperation Council (GCC) countries from 1985 to 2020. The study applied the bound cointegration technique and the autoregressive distributed lag (ARDL) method for long- and short-run estimations as well as diagnostic tests to increase robustness. The ARDL long-run results showed that international paid remittances had a significant negative effect on financial development in Oman and Saudi Arabia but an insignificant negative effect in Bahrain. The error correction model for the short run of the ARDL slowdown model showed that international paid remittances had a significant positive effect on financial development in Oman, Bahrain, and Saudi Arabia. Few studies have examined remittance outflows from GCC countries, which are enriched by oil wealth and located in one of the most stable geographical areas in the world. The findings from this study can help policymakers understand how to enable remittances and investments in order to establish regulations that will preserve remittance inflows and meet target services.Do international paid remittances hinder the financial development of GCC host countries?
Faris Alshubiri, Syed Jamil
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The present study aims to compare the effect of international paid remittances on financial development in three Gulf Cooperation Council (GCC) countries from 1985 to 2020.

The study applied the bound cointegration technique and the autoregressive distributed lag (ARDL) method for long- and short-run estimations as well as diagnostic tests to increase robustness.

The ARDL long-run results showed that international paid remittances had a significant negative effect on financial development in Oman and Saudi Arabia but an insignificant negative effect in Bahrain. The error correction model for the short run of the ARDL slowdown model showed that international paid remittances had a significant positive effect on financial development in Oman, Bahrain, and Saudi Arabia.

Few studies have examined remittance outflows from GCC countries, which are enriched by oil wealth and located in one of the most stable geographical areas in the world. The findings from this study can help policymakers understand how to enable remittances and investments in order to establish regulations that will preserve remittance inflows and meet target services.

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Do international paid remittances hinder the financial development of GCC host countries?10.1108/IJOEM-02-2022-0292International Journal of Emerging Markets2023-06-01© 2023 Emerald Publishing LimitedFaris AlshubiriSyed JamilInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-0110.1108/IJOEM-02-2022-0292https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0292/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The share of FDI in the value added of innovative and other industries in Polandhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0300/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the share of foreign direct investment (FDI) in creating the value added (VA) of innovative and other industries in Poland in 2004–2020. In terms of the empirical analysis of FDI stocks, their locations were divided into innovative and other industries. The differences in the creation of VA are presented by domestic and foreign enterprises. The impact of FDI stocks in individual industries on gross domestic product (GDP) changes was assessed using the vector error correction model (VECM). FDI from innovative industries generated approx. 7% VA of the Polish economy in the years 2004–2020. In 2009–2018, the share of VA of foreign enterprises in innovative industries in Poland showed a faster growth (by 5 pp) than in other industries. The results of decomposition confirm that the level of explanation of GDP by FDI in innovative industries is higher than in other industries. Changes in the classification of activities reduce the time series period available. This study explains the participation of foreign and domestic enterprises in creating VA. The results are useful to pursuing the national investment policy. The economic results of domestic and foreign enterprises in the host country affect the economic growth and development and ultimately the socio-economic conditions of life. This work provides some additional explanations for the inconclusive results of international research into the impact of FDI on GDP or the spillovers effects. Its usefulness concerns the detailed impact of FDI by industrial structures on GDP.The share of FDI in the value added of innovative and other industries in Poland
Aneta Maria Kosztowniak
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the share of foreign direct investment (FDI) in creating the value added (VA) of innovative and other industries in Poland in 2004–2020.

In terms of the empirical analysis of FDI stocks, their locations were divided into innovative and other industries. The differences in the creation of VA are presented by domestic and foreign enterprises. The impact of FDI stocks in individual industries on gross domestic product (GDP) changes was assessed using the vector error correction model (VECM).

FDI from innovative industries generated approx. 7% VA of the Polish economy in the years 2004–2020. In 2009–2018, the share of VA of foreign enterprises in innovative industries in Poland showed a faster growth (by 5 pp) than in other industries. The results of decomposition confirm that the level of explanation of GDP by FDI in innovative industries is higher than in other industries.

Changes in the classification of activities reduce the time series period available.

This study explains the participation of foreign and domestic enterprises in creating VA. The results are useful to pursuing the national investment policy.

The economic results of domestic and foreign enterprises in the host country affect the economic growth and development and ultimately the socio-economic conditions of life.

This work provides some additional explanations for the inconclusive results of international research into the impact of FDI on GDP or the spillovers effects. Its usefulness concerns the detailed impact of FDI by industrial structures on GDP.

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The share of FDI in the value added of innovative and other industries in Poland10.1108/IJOEM-02-2022-0300International Journal of Emerging Markets2022-12-06© 2020 Aneta Maria KosztowniakAneta Maria KosztowniakInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-0610.1108/IJOEM-02-2022-0300https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0300/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2020 Aneta Maria Kosztowniakhttp://creativecommons.org/licences/by/4.0/legalcode
Inclusive business, private sector credit and economic welfare: evidence from Africahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0306/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper seeks to examine the interrelationship between inclusive business, private sector credit and economic welfare in Africa. The study uses the seemingly unrelated regression, system generalized method of moments and bootstrap quantile regression in a panel of 54 economies in Africa, over the period 2006–2020. The authors show that countries that provide more credit to the private sector have better incentives to enhance the ease of doing business. The authors find that ease of doing business and domestic credit to the private sector have a positive and significant effect on economic welfare at higher quantile levels. The authors find that ease of doing business substitutes private sector credit to boost economic welfare, while business account complements private sector credit to boost economic welfare. The authors show that the marginal effect of inclusive business on economic welfare is greater in countries that provide more credit to the private sector. The implication is that countries that focus on developing their private sector (through credit expansion) should be able to encourage or facilitate the inclusion of businesses to achieve a sustainable economic welfare. The implication is that policymakers should be able to develop their business environment through inclusive financing so as to build business confidence in the society. The paper examines the interrelationship between inclusive business, private sector credit and economic welfare in Africa.Inclusive business, private sector credit and economic welfare: evidence from Africa
Daniel Ofori-Sasu, Smile Dzisi, Franklin Dodzi Odoom
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper seeks to examine the interrelationship between inclusive business, private sector credit and economic welfare in Africa.

The study uses the seemingly unrelated regression, system generalized method of moments and bootstrap quantile regression in a panel of 54 economies in Africa, over the period 2006–2020.

The authors show that countries that provide more credit to the private sector have better incentives to enhance the ease of doing business. The authors find that ease of doing business and domestic credit to the private sector have a positive and significant effect on economic welfare at higher quantile levels. The authors find that ease of doing business substitutes private sector credit to boost economic welfare, while business account complements private sector credit to boost economic welfare. The authors show that the marginal effect of inclusive business on economic welfare is greater in countries that provide more credit to the private sector.

The implication is that countries that focus on developing their private sector (through credit expansion) should be able to encourage or facilitate the inclusion of businesses to achieve a sustainable economic welfare.

The implication is that policymakers should be able to develop their business environment through inclusive financing so as to build business confidence in the society.

The paper examines the interrelationship between inclusive business, private sector credit and economic welfare in Africa.

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Inclusive business, private sector credit and economic welfare: evidence from Africa10.1108/IJOEM-02-2022-0306International Journal of Emerging Markets2023-07-24© 2023 Emerald Publishing LimitedDaniel Ofori-SasuSmile DzisiFranklin Dodzi OdoomInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-2410.1108/IJOEM-02-2022-0306https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0306/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Personal determinants of early-stage strategic entrepreneurship: an empirical comparison of Vietnam and Taiwanhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0316/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research explores how individual factors drive early-stage strategic entrepreneurship (SE) in Vietnam and Taiwan. The authors extend SE and integrate knowledge spillover theory to gain insights into the relationship between individual factors and SE. The research highlights the importance of a dual process, which involves advantage-creating by innovation, as value creation and capture, and advantage-leveraging by growth and international expansion, as value retention and capture. Innovation-oriented SE (ISE), growth-oriented SE (GSE) and internationalization-oriented SE (ITSE) are identified as new measures of SE. There are six hypotheses containing the effect of six personal characteristics have on SE. The authors employed logit regression to estimate the effect of independent variables on SE based on a pooled cross-sectional dataset drawn from Global Entrepreneurship Monitoring (GEM) in Vietnam and Taiwan during 2013–2018. Opportunity sensing, education, self-funding ability, startup knowledge and skills and startup experience are crucial to the engagement of at least one type of SE in Vietnam. In contrast, education, self-funding ability and start-up knowledge and skills are key factors in Taiwan. This study contributes to the extension of SE at the individual level in the early phase of new venturing and the integration of knowledge spillover theory. In order to drive early-stage SE further, the authors recommend to prioritize learning from spillovers within and among organizations, industries and communities, as well as through quality institutions, in addition to the individual drivers.Personal determinants of early-stage strategic entrepreneurship: an empirical comparison of Vietnam and Taiwan
Shihmin Lo, My-Linh Tran, Pei-Fen Chen, Huy Cuong Vo Thai
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research explores how individual factors drive early-stage strategic entrepreneurship (SE) in Vietnam and Taiwan. The authors extend SE and integrate knowledge spillover theory to gain insights into the relationship between individual factors and SE. The research highlights the importance of a dual process, which involves advantage-creating by innovation, as value creation and capture, and advantage-leveraging by growth and international expansion, as value retention and capture.

Innovation-oriented SE (ISE), growth-oriented SE (GSE) and internationalization-oriented SE (ITSE) are identified as new measures of SE. There are six hypotheses containing the effect of six personal characteristics have on SE. The authors employed logit regression to estimate the effect of independent variables on SE based on a pooled cross-sectional dataset drawn from Global Entrepreneurship Monitoring (GEM) in Vietnam and Taiwan during 2013–2018.

Opportunity sensing, education, self-funding ability, startup knowledge and skills and startup experience are crucial to the engagement of at least one type of SE in Vietnam. In contrast, education, self-funding ability and start-up knowledge and skills are key factors in Taiwan.

This study contributes to the extension of SE at the individual level in the early phase of new venturing and the integration of knowledge spillover theory. In order to drive early-stage SE further, the authors recommend to prioritize learning from spillovers within and among organizations, industries and communities, as well as through quality institutions, in addition to the individual drivers.

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Personal determinants of early-stage strategic entrepreneurship: an empirical comparison of Vietnam and Taiwan10.1108/IJOEM-02-2022-0316International Journal of Emerging Markets2023-10-09© 2023 Emerald Publishing LimitedShihmin LoMy-Linh TranPei-Fen ChenHuy Cuong Vo ThaiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-0910.1108/IJOEM-02-2022-0316https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0316/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effect of Chinese foreign direct investment on Africa's industrialization processhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0327/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study empirically investigates the long-run and interactive effect of Chinese foreign direct investment (CFDI) on Africa's industrialization process. The authors employed industry and manufacturing value-added (% GDP) as the dependent variables and applied the two-step GMM and panel-corrected standard errors' (PCSE) techniques involving a panel of 49 African countries from 2003 to 2020. The industry value-added (% GDP) results show that the presence of CFDI propels industrial productivity by contributing to value-addition in the short and long run. Moreover, the study shows that the magnitude of the CFDI effect on industrialization is pronounced in the short-run when it is associated with labor and natural resources. This result reveals efficiency-seeking behavior of CFDI and the CFDI-Africa industrialization nexus is not primarily resource-driven. More importantly, the authors found human capital, electricity and political stability, as primary factors that magnify CFDI's effect on industrialization in the short and long run. This study is the first to use macro-level data to empirically investigate and find the significant effect of CFDI on Africa's industrialization in the long run. More importantly, the authors investigated channels through which CFDI magnifies industrialization in Africa in the short and long run.The effect of Chinese foreign direct investment on Africa's industrialization process
Eugene Misa Darko, Kangning Xu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study empirically investigates the long-run and interactive effect of Chinese foreign direct investment (CFDI) on Africa's industrialization process.

The authors employed industry and manufacturing value-added (% GDP) as the dependent variables and applied the two-step GMM and panel-corrected standard errors' (PCSE) techniques involving a panel of 49 African countries from 2003 to 2020.

The industry value-added (% GDP) results show that the presence of CFDI propels industrial productivity by contributing to value-addition in the short and long run. Moreover, the study shows that the magnitude of the CFDI effect on industrialization is pronounced in the short-run when it is associated with labor and natural resources. This result reveals efficiency-seeking behavior of CFDI and the CFDI-Africa industrialization nexus is not primarily resource-driven. More importantly, the authors found human capital, electricity and political stability, as primary factors that magnify CFDI's effect on industrialization in the short and long run.

This study is the first to use macro-level data to empirically investigate and find the significant effect of CFDI on Africa's industrialization in the long run. More importantly, the authors investigated channels through which CFDI magnifies industrialization in Africa in the short and long run.

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The effect of Chinese foreign direct investment on Africa's industrialization process10.1108/IJOEM-02-2022-0327International Journal of Emerging Markets2022-12-15© 2022 Emerald Publishing LimitedEugene Misa DarkoKangning XuInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-1510.1108/IJOEM-02-2022-0327https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0327/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Do Turkish firms benefit from GVC participation?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0334/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study evaluates the effects of GVC participation on firm productivity and profitability. Hence this study aims to find evidence whether there is a clear difference between the productivity and profitability effects of simple and complex backward and forward participations for Turkish firms. The authors employ a firm level data from the Türkiye's both first and second top 500 industrial enterprises from 1993 to 2019. In addition, the authors calculate country-sector level both backward and forward GVC participation indices with their simple and complex sub-indices for each year from 1990 to 2015 from the Full Eora data of the Eora Global Supply Chain Database. The authors estimate the model with OLS and fixed effects. To understand the role of the 2008 global crisis, the authors also undertake estimations for the pre-crisis and post-crisis. The authors also divide the data by R&D intensity of sectors. While backward GVC participation lowers both labor productivity and profitability growth, forward GVC participation promotes both. Moreover, simple and complex backward participation have similarly negative effects on productivity and profitability growth, simple and complex forward participation have the completely opposite effects though. The authors then provide substantial evidence for the differing effects of participation on productivity and profitability growth between pre-crisis and post-crisis periods. Interestingly, backward participation has a negative impact for both hi-tech and low-tech firms while forward participation boosts the productivity growth only for low-tech firms, probably due to the relatively more upstream position of low-tech firms. To the best of the knowledge, no previous study has yet examined the profitability effects of GVC for firms. Second, in addition to overall backward and forward GVC participation rates, the authors also calculate and utilize simple and complex GVC measures in the estimations. Third, to reveal whether the global financial crisis leads to a shift in the productivity and profitability effects of GVCs, the authors separately run the regressions for the pre- and post-crisis periods. Fourth, the authors then investigate the argument that hi-tech sectors/firms could benefit more from joining GVCs compared to firms in low-tech technology sectors.Do Turkish firms benefit from GVC participation?
Abdullah Altun, Taner Turan, Halit Yanikkaya
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study evaluates the effects of GVC participation on firm productivity and profitability. Hence this study aims to find evidence whether there is a clear difference between the productivity and profitability effects of simple and complex backward and forward participations for Turkish firms.

The authors employ a firm level data from the Türkiye's both first and second top 500 industrial enterprises from 1993 to 2019. In addition, the authors calculate country-sector level both backward and forward GVC participation indices with their simple and complex sub-indices for each year from 1990 to 2015 from the Full Eora data of the Eora Global Supply Chain Database. The authors estimate the model with OLS and fixed effects. To understand the role of the 2008 global crisis, the authors also undertake estimations for the pre-crisis and post-crisis. The authors also divide the data by R&D intensity of sectors.

While backward GVC participation lowers both labor productivity and profitability growth, forward GVC participation promotes both. Moreover, simple and complex backward participation have similarly negative effects on productivity and profitability growth, simple and complex forward participation have the completely opposite effects though. The authors then provide substantial evidence for the differing effects of participation on productivity and profitability growth between pre-crisis and post-crisis periods. Interestingly, backward participation has a negative impact for both hi-tech and low-tech firms while forward participation boosts the productivity growth only for low-tech firms, probably due to the relatively more upstream position of low-tech firms.

To the best of the knowledge, no previous study has yet examined the profitability effects of GVC for firms. Second, in addition to overall backward and forward GVC participation rates, the authors also calculate and utilize simple and complex GVC measures in the estimations. Third, to reveal whether the global financial crisis leads to a shift in the productivity and profitability effects of GVCs, the authors separately run the regressions for the pre- and post-crisis periods. Fourth, the authors then investigate the argument that hi-tech sectors/firms could benefit more from joining GVCs compared to firms in low-tech technology sectors.

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Do Turkish firms benefit from GVC participation?10.1108/IJOEM-02-2022-0334International Journal of Emerging Markets2023-05-11© 2023 Emerald Publishing LimitedAbdullah AltunTaner TuranHalit YanikkayaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-1110.1108/IJOEM-02-2022-0334https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0334/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Can exchange rate policies and trade partners' income enhance the trade balance in Algeria? Evidence from the nonlinear ARDL modelhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0341/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Can exchange rate policies and trade partners' income enhance the trade balance in Algeria? Evidence from the nonlinear ARDL model
Mouyad Alsamara, Karim Mimouni, Karim Barkat, Diana Kayaly
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Can exchange rate policies and trade partners' income enhance the trade balance in Algeria? Evidence from the nonlinear ARDL model10.1108/IJOEM-02-2022-0341International Journal of Emerging Markets2022-08-30© 2022 Emerald Publishing LimitedMouyad AlsamaraKarim MimouniKarim BarkatDiana KayalyInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-08-3010.1108/IJOEM-02-2022-0341https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2022-0341/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Exploring digital transformation and technological innovation in emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0147/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research aims to fill the research gaps regarding customer preferences for digitalisation to create value for retailers and customers, as well as focus on retail change and shopping behaviour in grocery retail stores in the emerging market. This paper contributes to the research in this area by evaluating customers' and retailers' attitudes towards digital transformation in retailing through interviews. Methodologically, 200 questionnaires were gathered, and data were analysed with the partial least squared structural equation modelling method. The findings of this study reveal that the effect of digital transformation in the retail industry will be more apparent in an emerging market. The paper's originality consists in understanding the future retail structure in an emerging market. Notably, focussing on business-to-consumer businesses appears helpful in distinguishing between behavioural (buying) intention and online buying behaviour (actual usage) in an emerging market.Exploring digital transformation and technological innovation in emerging markets
Mehrgan Malekpour, Mohammadbashir Sedighi, Federica Caboni, Vincenzo Basile, Ciro Troise
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research aims to fill the research gaps regarding customer preferences for digitalisation to create value for retailers and customers, as well as focus on retail change and shopping behaviour in grocery retail stores in the emerging market.

This paper contributes to the research in this area by evaluating customers' and retailers' attitudes towards digital transformation in retailing through interviews. Methodologically, 200 questionnaires were gathered, and data were analysed with the partial least squared structural equation modelling method.

The findings of this study reveal that the effect of digital transformation in the retail industry will be more apparent in an emerging market.

The paper's originality consists in understanding the future retail structure in an emerging market. Notably, focussing on business-to-consumer businesses appears helpful in distinguishing between behavioural (buying) intention and online buying behaviour (actual usage) in an emerging market.

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Exploring digital transformation and technological innovation in emerging markets10.1108/IJOEM-02-2023-0147International Journal of Emerging Markets2023-08-30© 2023 Mehrgan Malekpour, Mohammadbashir Sedighi, Federica Caboni, Vincenzo Basile and Ciro TroiseMehrgan MalekpourMohammadbashir SedighiFederica CaboniVincenzo BasileCiro TroiseInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-3010.1108/IJOEM-02-2023-0147https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0147/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Mehrgan Malekpour, Mohammadbashir Sedighi, Federica Caboni, Vincenzo Basile and Ciro Troisehttp://creativecommons.org/licences/by/4.0/legalcode
Drivers of MSME loan defaults using survival analysis: implications for lenders and policy plannershttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0156/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors analyse the determinants of loan defaults in micro, small and medium enterprises (MSME) loans in India from the survival duration perspective to draw inferences that have implications for lenders and policymakers. The authors use the Kaplan–Meier survivor function and the Cox Proportional Hazard model to analyse 4.29 lakhs MSME loan account data originated by a large bank having a national presence from 1st January 2016 to 31st December 2020. The estimated Kaplan–Meier survival function by various categories of loan and socio-demographic characteristics reflects heterogeneity and identifies the trigger points for actions. The authors identify the key identified default drivers. The authors find that the subsidy amount is more effective at the lower level and its effectiveness diminishes significantly beyond an optimum level. The simulated values show that the effects of rising interest rates on survival rates vary across industries and types of loans. The identified points of inflection in the default dynamics would help banks to initiate actions to prevent loan defaults. The default drivers identified would foster more nuanced lending decisions. The study estimation of the survival rate based on the simulated values of interest rate and subsidy provides insight for policymakers. This study is the first to investigate default drivers in MSME loans in India using micro-data. The study findings will act as signposts for the planners to guide the direction of the interest rate to be charged by banks in MSME loans, interest subvention and tailoring subsidy levels to foster sustainable growth.Drivers of MSME loan defaults using survival analysis: implications for lenders and policy planners
Asish Saha, Lim Hock-Eam, Siew Goh Yeok
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The authors analyse the determinants of loan defaults in micro, small and medium enterprises (MSME) loans in India from the survival duration perspective to draw inferences that have implications for lenders and policymakers.

The authors use the Kaplan–Meier survivor function and the Cox Proportional Hazard model to analyse 4.29 lakhs MSME loan account data originated by a large bank having a national presence from 1st January 2016 to 31st December 2020.

The estimated Kaplan–Meier survival function by various categories of loan and socio-demographic characteristics reflects heterogeneity and identifies the trigger points for actions. The authors identify the key identified default drivers. The authors find that the subsidy amount is more effective at the lower level and its effectiveness diminishes significantly beyond an optimum level. The simulated values show that the effects of rising interest rates on survival rates vary across industries and types of loans.

The identified points of inflection in the default dynamics would help banks to initiate actions to prevent loan defaults. The default drivers identified would foster more nuanced lending decisions. The study estimation of the survival rate based on the simulated values of interest rate and subsidy provides insight for policymakers.

This study is the first to investigate default drivers in MSME loans in India using micro-data. The study findings will act as signposts for the planners to guide the direction of the interest rate to be charged by banks in MSME loans, interest subvention and tailoring subsidy levels to foster sustainable growth.

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Drivers of MSME loan defaults using survival analysis: implications for lenders and policy planners10.1108/IJOEM-02-2023-0156International Journal of Emerging Markets2023-12-22© 2023 Emerald Publishing LimitedAsish SahaLim Hock-EamSiew Goh YeokInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-2210.1108/IJOEM-02-2023-0156https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0156/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Network connectedness and portfolio hedging of green bonds, stock markets and commoditieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0160/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the impact of the COVID-19 pandemic on the time-frequency connectedness between green bonds, stock markets and commodities (Brent and Gold), with a particular focus on China and its implication for portfolio diversification across different frequencies. To this end, the authors implement the frequency connectedness approach of Barunik and Krehlik (2018), followed by the network connectedness before and during the COVID-19 outbreak. In particular, the authors implement more involvement in portfolio allocation and risk management by estimating hedge ratios and hedging effectiveness for green bonds and other financial assets. The time-frequency domain spillover results show that gold is the net transmitter of shocks to green bonds in the long run, whereas green Bonds are the net recipients of shocks, irrespective of time horizons. The subsample analysis for the pandemic crisis period shows that green bonds dominate the network connectedness dynamic, mainly because it is strongly connected with the SP500 index and China (SSE). Thus, green bonds may serve as a potential diversifier asset at different time horizons. Likewise, the authors empirically confirm that green bonds have sizeable diversification benefits and hedges for investors towards stock markets and commodity stock pairs before and during the COVID-19 outbreak for both the short and long term. Gold only offers diversification gains in the long run, while Brent does not provide the desired diversification gains. Thus, the study highlights that green bonds are only an effective diversified. This study contributes to the existing literature by improving the understanding of the interconnectedness and hedging opportunities in short- and long-term horizons between green bonds, commodities and equity markets during the COVID-19 pandemic shock, with a particular focus on China. This study's findings provide more implications regarding portfolio allocation and risk management by estimating hedge ratios and hedging effectiveness.Network connectedness and portfolio hedging of green bonds, stock markets and commodities
Taicir Mezghani, Fatma Ben Hamadou, Mouna Boujelbène-Abbes
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the impact of the COVID-19 pandemic on the time-frequency connectedness between green bonds, stock markets and commodities (Brent and Gold), with a particular focus on China and its implication for portfolio diversification across different frequencies.

To this end, the authors implement the frequency connectedness approach of Barunik and Krehlik (2018), followed by the network connectedness before and during the COVID-19 outbreak. In particular, the authors implement more involvement in portfolio allocation and risk management by estimating hedge ratios and hedging effectiveness for green bonds and other financial assets.

The time-frequency domain spillover results show that gold is the net transmitter of shocks to green bonds in the long run, whereas green Bonds are the net recipients of shocks, irrespective of time horizons. The subsample analysis for the pandemic crisis period shows that green bonds dominate the network connectedness dynamic, mainly because it is strongly connected with the SP500 index and China (SSE). Thus, green bonds may serve as a potential diversifier asset at different time horizons. Likewise, the authors empirically confirm that green bonds have sizeable diversification benefits and hedges for investors towards stock markets and commodity stock pairs before and during the COVID-19 outbreak for both the short and long term. Gold only offers diversification gains in the long run, while Brent does not provide the desired diversification gains. Thus, the study highlights that green bonds are only an effective diversified.

This study contributes to the existing literature by improving the understanding of the interconnectedness and hedging opportunities in short- and long-term horizons between green bonds, commodities and equity markets during the COVID-19 pandemic shock, with a particular focus on China. This study's findings provide more implications regarding portfolio allocation and risk management by estimating hedge ratios and hedging effectiveness.

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Network connectedness and portfolio hedging of green bonds, stock markets and commodities10.1108/IJOEM-02-2023-0160International Journal of Emerging Markets2023-09-15© 2023 Emerald Publishing LimitedTaicir MezghaniFatma Ben HamadouMouna Boujelbène-AbbesInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-1510.1108/IJOEM-02-2023-0160https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0160/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Impact of corporate social responsibility on bank performance in emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0208/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates the relationship between corporate social responsibility (CSR) and financial performance of the banking sector from the prospective of emerging countries. This study obtained balance sheet and income statement data for 173 banks in 20 emerging countries from the Bankscope database from 2005–2018. The CSR-related data were taken from the Thomson Reuters ASSET4 database. Moreover, macroeconomic controls such as GDP per capita, inflation, and financial development are attained from the GFDD. The series of institutional quality indices (Political Stability, Rule of Law, Control of Corruption, Government Effectiveness, and Regulatory Quality) is obtained from the WGI. At the same time, national culture and bank regulation are attained from Hofstede Insights and Barth et al. (2013). We used the panel fixed-effects model in our baseline estimations, while 2SLS and GMM were applied to control for endogeneity. The finding shows that CSR activities significantly improve bank performance, but the effect varies across the bank. Only environmentally friendly activities have shown a significant positive relationship with banking performance for CSR dimensions. However, the social and government dimensions did not significantly affect bank performance. Moreover, a sound institutional and regulatory environment and national norms play an important role in the nexus of CSR activities and bank performance. This study provides empirical evidence that sheds light on CSR and bank performance in an emerging market context.Impact of corporate social responsibility on bank performance in emerging markets
Mohsin Shabir, Jiang Ping, Özcan Işik, Kamran Razzaq
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates the relationship between corporate social responsibility (CSR) and financial performance of the banking sector from the prospective of emerging countries.

This study obtained balance sheet and income statement data for 173 banks in 20 emerging countries from the Bankscope database from 2005–2018. The CSR-related data were taken from the Thomson Reuters ASSET4 database. Moreover, macroeconomic controls such as GDP per capita, inflation, and financial development are attained from the GFDD. The series of institutional quality indices (Political Stability, Rule of Law, Control of Corruption, Government Effectiveness, and Regulatory Quality) is obtained from the WGI. At the same time, national culture and bank regulation are attained from Hofstede Insights and Barth et al. (2013). We used the panel fixed-effects model in our baseline estimations, while 2SLS and GMM were applied to control for endogeneity.

The finding shows that CSR activities significantly improve bank performance, but the effect varies across the bank. Only environmentally friendly activities have shown a significant positive relationship with banking performance for CSR dimensions. However, the social and government dimensions did not significantly affect bank performance. Moreover, a sound institutional and regulatory environment and national norms play an important role in the nexus of CSR activities and bank performance.

This study provides empirical evidence that sheds light on CSR and bank performance in an emerging market context.

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Impact of corporate social responsibility on bank performance in emerging markets10.1108/IJOEM-02-2023-0208International Journal of Emerging Markets2024-03-14© 2024 Emerald Publishing LimitedMohsin ShabirJiang PingÖzcan IşikKamran RazzaqInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-1410.1108/IJOEM-02-2023-0208https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0208/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Employee treatment and stock price crash risk: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0237/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the impact of employee treatment on stock price crash risk in emerging markets. The study further sheds light on the economic channels and boundary conditions between employee treatment and crash risk. This study employs a large-scale archival dataset of Chinese A-share listed firms covering 2010 to 2021. To establish causality, the study leverages multi-way fixed effects, Oster’s test, change regression and instrumental variable methods to alleviate endogeneity concerns. The results reveal that employee-friendly treatment leads to a lower crash risk. Moreover, improving internal control quality and enhancing firm reputation appear to be the two plausible economic channels through which employee treatment mitigates crash risk. Cross-sectionally, the documented impact is more evident for human-capital-intensive firms, firms with weaker external monitoring and those operating in fiercely competitive industries. This study is among the first to show that employee treatment has a favorable consequence for shareholder benefit through reducing crash risk. The study thus adds to the ongoing debate regarding the relationship between employee treatment and shareholder wealth. The study also extends the nascent literature on the role of rank-and-file employees in shaping corporate information landscapes.Employee treatment and stock price crash risk: evidence from China
Maochuan Wang, Xixiong Xu, Siqi Wang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the impact of employee treatment on stock price crash risk in emerging markets. The study further sheds light on the economic channels and boundary conditions between employee treatment and crash risk.

This study employs a large-scale archival dataset of Chinese A-share listed firms covering 2010 to 2021. To establish causality, the study leverages multi-way fixed effects, Oster’s test, change regression and instrumental variable methods to alleviate endogeneity concerns.

The results reveal that employee-friendly treatment leads to a lower crash risk. Moreover, improving internal control quality and enhancing firm reputation appear to be the two plausible economic channels through which employee treatment mitigates crash risk. Cross-sectionally, the documented impact is more evident for human-capital-intensive firms, firms with weaker external monitoring and those operating in fiercely competitive industries.

This study is among the first to show that employee treatment has a favorable consequence for shareholder benefit through reducing crash risk. The study thus adds to the ongoing debate regarding the relationship between employee treatment and shareholder wealth. The study also extends the nascent literature on the role of rank-and-file employees in shaping corporate information landscapes.

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Employee treatment and stock price crash risk: evidence from China10.1108/IJOEM-02-2023-0237International Journal of Emerging Markets2023-12-19© 2023 Emerald Publishing LimitedMaochuan WangXixiong XuSiqi WangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-1910.1108/IJOEM-02-2023-0237https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0237/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effect of tighter tax loss offsetting rules on firms' innovation: evidence from South Koreahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0239/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates how the introduction of a stricter loss carryforward offset rule affects firms' innovation. This study investigates the overall impact of a Korean tax reform that introduced a tighter loss deduction through a difference-in-differences approach and regression discontinuity design. This study finds that firms subject to the more restrictive tax loss offset provisions tend to file fewer patents than firms not subject to the provision. The authors further find that this effect is more pronounced for firms with high R&D intensity, more investment opportunities and weaker monitoring mechanisms. The results of this study suggest that more restrictive loss carryforward provisions may deter firms from innovation. This study contributes to the literature on the impact of tax loss rules, the effect of tax policies on investments and the real effects of corporate taxation. This study sheds light on the debate of the consequences of a Korean tax reform. Specifically, the authors examine whether a stricter tax loss offset policy indeed dampens corporate innovation. This study exploits a unique and infrequent exogenous tax policy change. The South Korean tax reform creates a treatment group of large firms that were affected by the tax reform, and a control group of small and medium-sized firms that were unaffected. This study takes advantage of this setting to examine the research question.The effect of tighter tax loss offsetting rules on firms' innovation: evidence from South Korea
Jae Yeon Sim, Natalie Kyung Won Kim, Jeong-Taek Kim
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates how the introduction of a stricter loss carryforward offset rule affects firms' innovation.

This study investigates the overall impact of a Korean tax reform that introduced a tighter loss deduction through a difference-in-differences approach and regression discontinuity design.

This study finds that firms subject to the more restrictive tax loss offset provisions tend to file fewer patents than firms not subject to the provision. The authors further find that this effect is more pronounced for firms with high R&D intensity, more investment opportunities and weaker monitoring mechanisms.

The results of this study suggest that more restrictive loss carryforward provisions may deter firms from innovation. This study contributes to the literature on the impact of tax loss rules, the effect of tax policies on investments and the real effects of corporate taxation.

This study sheds light on the debate of the consequences of a Korean tax reform. Specifically, the authors examine whether a stricter tax loss offset policy indeed dampens corporate innovation.

This study exploits a unique and infrequent exogenous tax policy change. The South Korean tax reform creates a treatment group of large firms that were affected by the tax reform, and a control group of small and medium-sized firms that were unaffected. This study takes advantage of this setting to examine the research question.

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The effect of tighter tax loss offsetting rules on firms' innovation: evidence from South Korea10.1108/IJOEM-02-2023-0239International Journal of Emerging Markets2023-11-20© 2023 Emerald Publishing LimitedJae Yeon SimNatalie Kyung Won KimJeong-Taek KimInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-2010.1108/IJOEM-02-2023-0239https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0239/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Is COVID-19 a turning point? Evidence from CEOs' investment behavior and risk tolerancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0264/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study explores the influence of the coronavirus disease 2019 (COVID-19) career experience on the investment behavior and risk tolerance of chief executive officers (CEOs). Specifically, this study focuses on CEOs' abilities to allocate financial assets and maintain solvency. This study adopts a comprehensive approach to analyze financial assets and asset-to-liability ratios. Financial data and individual information of CEOs from listed companies are collected from 2020Q1 to 2021Q4, along with statistics on confirmed COVID-19 cases. Instrumental and alternative variables are used to examine the robustness and endogeneity of the research, ensuring a thorough analysis. A significant positive correlation is revealed between CEOs' COVID-19 career experience and their capacity to effectively allocate financial assets. However, COVID-19 has a negative effect on firm performance in terms of solvency. These findings contribute to the empirical evidence linking the pandemic to company performance, representing part of the initial research in this area. The study suggests that the implementation of potential policy implications, such as loose monetary policies and tax and fee reduction measures, may alleviate the tax burden on listed companies.Is COVID-19 a turning point? Evidence from CEOs' investment behavior and risk tolerance
Md Jahidur Rahman, Hongtao Zhu, Sun Beiyi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study explores the influence of the coronavirus disease 2019 (COVID-19) career experience on the investment behavior and risk tolerance of chief executive officers (CEOs). Specifically, this study focuses on CEOs' abilities to allocate financial assets and maintain solvency.

This study adopts a comprehensive approach to analyze financial assets and asset-to-liability ratios. Financial data and individual information of CEOs from listed companies are collected from 2020Q1 to 2021Q4, along with statistics on confirmed COVID-19 cases. Instrumental and alternative variables are used to examine the robustness and endogeneity of the research, ensuring a thorough analysis.

A significant positive correlation is revealed between CEOs' COVID-19 career experience and their capacity to effectively allocate financial assets. However, COVID-19 has a negative effect on firm performance in terms of solvency. These findings contribute to the empirical evidence linking the pandemic to company performance, representing part of the initial research in this area.

The study suggests that the implementation of potential policy implications, such as loose monetary policies and tax and fee reduction measures, may alleviate the tax burden on listed companies.

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Is COVID-19 a turning point? Evidence from CEOs' investment behavior and risk tolerance10.1108/IJOEM-02-2023-0264International Journal of Emerging Markets2023-12-11© 2023 Emerald Publishing LimitedMd Jahidur RahmanHongtao ZhuSun BeiyiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-1110.1108/IJOEM-02-2023-0264https://www.emerald.com/insight/content/doi/10.1108/IJOEM-02-2023-0264/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Role of word-of-mouth communication in consumer brand relationship initiation and maintenance: insights from the bottom of pyramid marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2021-0401/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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.Role of word-of-mouth communication in consumer brand relationship initiation and maintenance: insights from the bottom of pyramid markets
Shubhomoy Banerjee, S. Sreejesh
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Role of word-of-mouth communication in consumer brand relationship initiation and maintenance: insights from the bottom of pyramid markets10.1108/IJOEM-03-2021-0401International Journal of Emerging Markets2022-09-20© 2022 Emerald Publishing LimitedShubhomoy BanerjeeS. SreejeshInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-2010.1108/IJOEM-03-2021-0401https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2021-0401/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The effect of subnational legal effectiveness and social trust on foreign firm performance: from subnational analysis in emerging economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2021-0452/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to verify the respective and interactive effects of subnational formal and informal institutions (i.e. legal effectiveness and social trust) on foreign firm performance, and further identify the contingent factor (i.e. institutional experience) that moderates these relationships. Drawing on the institutional-based view, this study develops several hypotheses that are tested using a comprehensive dataset from four main data sources. The authors’ unit of analysis is foreign firms operating in China. The authors ran ordinary least squares (OLS) regression model to investigate the effects. A series of robustness tests and endogeneity tests were performed. The results show that both legal effectiveness and social trust at subnational level positively affect foreign firm performance respectively. Legal effectiveness and social trust at subnational level have complementary effect in promoting the performance of foreign firms. Foreign firm's institutional experience in target region of emerging economies host country strengthens the positive impact of subnational legal effectiveness on performance, but weakens the positive impact of subnational social trust on performance. It is important to fully understand the impact of heterogeneous institutional environments of subnational regions in emerging economies on foreign firm performance, which would help foreign firm make a more suitable secondary choice decision of investment destinations at the subnational regional level. First, drawing on institutional-based view, the authors incorporate the subnational formal and informal institutional factors to investigate their impacts on foreign firm performance by switching the attention from national level to subnational level in emerging economy host countries. Second, this research furthers existing studies by bridging a missing link between both subnational formal and informal institutional environments and foreign firms' outcomes. Third, the authors prove that the model of subnational formal and informal institutions in influencing foreign firms' performance is contingent on their institutional experience in target subnational region of emerging economy host country.The effect of subnational legal effectiveness and social trust on foreign firm performance: from subnational analysis in emerging economies
Yu Jia, Yongqing Ye, Zhuang Ma, Tao Wang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to verify the respective and interactive effects of subnational formal and informal institutions (i.e. legal effectiveness and social trust) on foreign firm performance, and further identify the contingent factor (i.e. institutional experience) that moderates these relationships.

Drawing on the institutional-based view, this study develops several hypotheses that are tested using a comprehensive dataset from four main data sources. The authors’ unit of analysis is foreign firms operating in China. The authors ran ordinary least squares (OLS) regression model to investigate the effects. A series of robustness tests and endogeneity tests were performed.

The results show that both legal effectiveness and social trust at subnational level positively affect foreign firm performance respectively. Legal effectiveness and social trust at subnational level have complementary effect in promoting the performance of foreign firms. Foreign firm's institutional experience in target region of emerging economies host country strengthens the positive impact of subnational legal effectiveness on performance, but weakens the positive impact of subnational social trust on performance.

It is important to fully understand the impact of heterogeneous institutional environments of subnational regions in emerging economies on foreign firm performance, which would help foreign firm make a more suitable secondary choice decision of investment destinations at the subnational regional level.

First, drawing on institutional-based view, the authors incorporate the subnational formal and informal institutional factors to investigate their impacts on foreign firm performance by switching the attention from national level to subnational level in emerging economy host countries. Second, this research furthers existing studies by bridging a missing link between both subnational formal and informal institutional environments and foreign firms' outcomes. Third, the authors prove that the model of subnational formal and informal institutions in influencing foreign firms' performance is contingent on their institutional experience in target subnational region of emerging economy host country.

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The effect of subnational legal effectiveness and social trust on foreign firm performance: from subnational analysis in emerging economies10.1108/IJOEM-03-2021-0452International Journal of Emerging Markets2022-10-12© 2022 Emerald Publishing LimitedYu JiaYongqing YeZhuang MaTao WangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1210.1108/IJOEM-03-2021-0452https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2021-0452/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Remittance flows and welfare implications: the Nigerian experiencehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0348/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIn Africa, recent data show that Nigeria is the second top remittance recipient behind Egypt, but welfare seems deteriorating. Most related reviewed literature is micro-based with surveys, giving credence to the dearth of macro-based literature whose gap this study attempted to fill. Thus, the main purpose of this study is to examine remittance flows and its welfare implications in Nigeria. The study used quarterly data (1980Q1–2020Q4) from World Development Indicators (2020) and applied the dynamic ordinary least squares (DOLS) model. Remittance flows were found to be significantly improving the welfare of Nigerians by about 0.04% for a percentage remittance increase. Financial sector development results show that while loans decrease welfare per individual significantly by 0.25% given a 1% increase in the loans accessible by the private sector, a percentage increase in broad money supply in circulation raises welfare per individual significantly by about 0.43%. Since remittance is found to improve welfare, the study recommends that relevant stakeholders should endeavor to eliminate all form of bottlenecks (payment delays, remitting costs, transfer delays, poor policies and policy inconsistencies) inherent in remitting funds back to Nigeria. The implication of this is that if the impediments are minimized, remittances are bound to rise which will ultimately lead to improved welfare. The existing literature revealed that there exists very limited or no macro-based study in this context, hence this novelty study.Remittance flows and welfare implications: the Nigerian experience
Ikenna Paulinus Nwodo, Ambrose Nnaemeka Omeje, Chukwu Ugwu Okereke
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

In Africa, recent data show that Nigeria is the second top remittance recipient behind Egypt, but welfare seems deteriorating. Most related reviewed literature is micro-based with surveys, giving credence to the dearth of macro-based literature whose gap this study attempted to fill. Thus, the main purpose of this study is to examine remittance flows and its welfare implications in Nigeria.

The study used quarterly data (1980Q1–2020Q4) from World Development Indicators (2020) and applied the dynamic ordinary least squares (DOLS) model.

Remittance flows were found to be significantly improving the welfare of Nigerians by about 0.04% for a percentage remittance increase. Financial sector development results show that while loans decrease welfare per individual significantly by 0.25% given a 1% increase in the loans accessible by the private sector, a percentage increase in broad money supply in circulation raises welfare per individual significantly by about 0.43%.

Since remittance is found to improve welfare, the study recommends that relevant stakeholders should endeavor to eliminate all form of bottlenecks (payment delays, remitting costs, transfer delays, poor policies and policy inconsistencies) inherent in remitting funds back to Nigeria. The implication of this is that if the impediments are minimized, remittances are bound to rise which will ultimately lead to improved welfare.

The existing literature revealed that there exists very limited or no macro-based study in this context, hence this novelty study.

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Remittance flows and welfare implications: the Nigerian experience10.1108/IJOEM-03-2022-0348International Journal of Emerging Markets2023-11-17© 2023 Emerald Publishing LimitedIkenna Paulinus NwodoAmbrose Nnaemeka OmejeChukwu Ugwu OkerekeInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-1710.1108/IJOEM-03-2022-0348https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0348/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Religious atmosphere and corporate poverty alleviation: empirical evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0351/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study explores whether religion plays an important role in corporate poverty alleviation. Religious atmosphere affects managers' attitude towards corporate social responsibility (CSR) and then influences corporate poverty alleviation. This study first examines the impact of religious atmosphere on corporate poverty alleviation and then investigates whether formal institutions, such as law enforcement environments and ownership, influence the relationship between religious atmosphere and corporate poverty alleviation behavior. In 2016, the Chinese government initiated a nationwide campaign aiming to eliminate poverty in China by 2020. The authors conduct empirical tests with data on Chinese listed firms from 2016 to 2020. The religious atmosphere is measured by the number of Buddhist monasteries and Taoist temples within a certain radius around Chinese listed firms' registered addresses. The authors adopt the ordinary least squares (OLS) method for regression and take the two-stage least squares (2SLS) method to address the endogeneity issue. The results show a positive relationship between religious atmosphere and corporate poverty alleviation donations. Law enforcement attenuates the positive association between the religious atmosphere and corporate poverty alleviation donations. Religion and corporate poverty alleviation donations have a more positive association for non-state-owned enterprises (non-SOEs) than for state-owned enterprises (SOEs). The authors' findings have important implications. First, this study inspires incorporating the ethical value of traditional culture, such as religion, into CSR. Second, the findings imply that informal institutions have a greater impact on corporate decision-making when formal institutions are weak, suggesting that informal institutions should be emphasized when promoting CSR in countries where formal institutions are relatively weak. The study investigates only religious influence on corporate poverty alleviation based on Buddhism and Taoism, but the authors do not examine the impacts of other religions. Future research may examine the relationships between other religions and corporate poverty alleviation in China. This study illustrates the positive role played by religion in promoting CSR by relating religious atmosphere to corporate poverty alleviation. It fills the research gap between religion and CSR and also contributes to the literature on determinants of corporate poverty alleviation.Religious atmosphere and corporate poverty alleviation: empirical evidence from China
Dechang Zheng, Shuang Tao, Chengtao Jiang, Yinglun Tang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study explores whether religion plays an important role in corporate poverty alleviation. Religious atmosphere affects managers' attitude towards corporate social responsibility (CSR) and then influences corporate poverty alleviation. This study first examines the impact of religious atmosphere on corporate poverty alleviation and then investigates whether formal institutions, such as law enforcement environments and ownership, influence the relationship between religious atmosphere and corporate poverty alleviation behavior.

In 2016, the Chinese government initiated a nationwide campaign aiming to eliminate poverty in China by 2020. The authors conduct empirical tests with data on Chinese listed firms from 2016 to 2020. The religious atmosphere is measured by the number of Buddhist monasteries and Taoist temples within a certain radius around Chinese listed firms' registered addresses. The authors adopt the ordinary least squares (OLS) method for regression and take the two-stage least squares (2SLS) method to address the endogeneity issue.

The results show a positive relationship between religious atmosphere and corporate poverty alleviation donations. Law enforcement attenuates the positive association between the religious atmosphere and corporate poverty alleviation donations. Religion and corporate poverty alleviation donations have a more positive association for non-state-owned enterprises (non-SOEs) than for state-owned enterprises (SOEs).

The authors' findings have important implications. First, this study inspires incorporating the ethical value of traditional culture, such as religion, into CSR. Second, the findings imply that informal institutions have a greater impact on corporate decision-making when formal institutions are weak, suggesting that informal institutions should be emphasized when promoting CSR in countries where formal institutions are relatively weak. The study investigates only religious influence on corporate poverty alleviation based on Buddhism and Taoism, but the authors do not examine the impacts of other religions. Future research may examine the relationships between other religions and corporate poverty alleviation in China.

This study illustrates the positive role played by religion in promoting CSR by relating religious atmosphere to corporate poverty alleviation. It fills the research gap between religion and CSR and also contributes to the literature on determinants of corporate poverty alleviation.

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Religious atmosphere and corporate poverty alleviation: empirical evidence from China10.1108/IJOEM-03-2022-0351International Journal of Emerging Markets2022-10-28© 2022 Dechang Zheng, Shuang Tao, Chengtao Jiang and Yinglun TangDechang ZhengShuang TaoChengtao JiangYinglun TangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-2810.1108/IJOEM-03-2022-0351https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0351/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Dechang Zheng, Shuang Tao, Chengtao Jiang and Yinglun Tanghttp://creativecommons.org/licences/by/4.0/legalcode
Quantile-based spillover connectedness among stochastic volatilities of ESG equities, Islamic and conventional stocks with implications for portfolio managementhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0362/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the relationship between stock markets, environmental, social and governance (ESG) factors and Shariah-compliant in an integrated framework. The authors employ the multivariate factor stochastic volatility (mvFSV) framework to extract the volatility of the different sectoral indices. Based on this evidence, the authors employ the quantile vector autoregressive (QVAR) approach to examine the dynamic spillover connectedness among the aforementioned indices. The study emphasizes the following major findings: (1) significant time-varying spillover connectedness across quantiles, (2) bidirectional and asymmetric spillover effect among the ESG index and the other sectoral indices, (3) the strength of spillover connectedness is time-varying across quantiles, (4) based on the perspective of portfolio optimization, ESG market is a significant strong forecasting contributor to conventional and Shariah-compliant markets, (5) overall, the findings point out serious quantile pass-through effect among ESG index and the other sectoral indices during the COVID-19 health crisis. This study extends the previous literature in the following ways. First, to the best of the researchers’ knowledge, none of the existing studies have investigated the relationship between stock markets, ESG factors and Shariah-compliant in an integrated framework. Second, this study extends the previous scholarships by applying the mvFSV. Third, the authors propose a new rolling version to estimate dynamic spillovers, namely the rolling-window quantile VAR method. This approach provides a great advantage in computing the dynamics of return and variance spillover between variables in terms not only of the overall factor but also of the net (pairwise) aspect.Quantile-based spillover connectedness among stochastic volatilities of ESG equities, Islamic and conventional stocks with implications for portfolio management
Mahdi Ghaemi Asl, Rabeh Khalfaoui, Hamid Reza Tavakkoli, Sami Ben Jabeur
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the relationship between stock markets, environmental, social and governance (ESG) factors and Shariah-compliant in an integrated framework.

The authors employ the multivariate factor stochastic volatility (mvFSV) framework to extract the volatility of the different sectoral indices. Based on this evidence, the authors employ the quantile vector autoregressive (QVAR) approach to examine the dynamic spillover connectedness among the aforementioned indices.

The study emphasizes the following major findings: (1) significant time-varying spillover connectedness across quantiles, (2) bidirectional and asymmetric spillover effect among the ESG index and the other sectoral indices, (3) the strength of spillover connectedness is time-varying across quantiles, (4) based on the perspective of portfolio optimization, ESG market is a significant strong forecasting contributor to conventional and Shariah-compliant markets, (5) overall, the findings point out serious quantile pass-through effect among ESG index and the other sectoral indices during the COVID-19 health crisis.

This study extends the previous literature in the following ways. First, to the best of the researchers’ knowledge, none of the existing studies have investigated the relationship between stock markets, ESG factors and Shariah-compliant in an integrated framework. Second, this study extends the previous scholarships by applying the mvFSV. Third, the authors propose a new rolling version to estimate dynamic spillovers, namely the rolling-window quantile VAR method. This approach provides a great advantage in computing the dynamics of return and variance spillover between variables in terms not only of the overall factor but also of the net (pairwise) aspect.

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Quantile-based spillover connectedness among stochastic volatilities of ESG equities, Islamic and conventional stocks with implications for portfolio management10.1108/IJOEM-03-2022-0362International Journal of Emerging Markets2023-02-09© 2023 Emerald Publishing LimitedMahdi Ghaemi AslRabeh KhalfaouiHamid Reza TavakkoliSami Ben JabeurInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-0910.1108/IJOEM-03-2022-0362https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0362/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Evaluating the efficiency of defined benefit pension plans in a developing markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0364/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe cost-to-asset ratio is a vital efficiency ratio for any financial institution, as it measures its operating expenses to its asset base. This study uses this ratio to evaluate the efficiency of defined benefit pension plans (DBPPs) in the Republic of Congo using financial and macroeconomic indicators. Under the financial indicator, the authors apply vector autoregression (VAR) to a dataset covering 120 months from 2011 to 2020. In addition, the authors use 12 years of data from 2009 to 2020 and the random effects model under macroeconomic indicators. Assets and costs together Granger cause the efficiency of the DBPP. However, there is no Granger causality from the combination of assets and costs on the DB public and industry PP efficiencies. The random effects model results show that macroconnect level variables significantly lower the cost-to-asset ratio, thereby improving the PP's efficiency. Macrodisconnect level variables significantly increase the cost-to-asset ratio, thereby deteriorating PP efficiency. The study is limited to a developing economy in sub-Saharan Africa, which may hinder the generalization of the results. Future studies could use panel samples from sub-Saharan Africa so that inferences could be drawn for the continent and comparisons made with others. To the best of the authors knowledge, this study is the first in sub-Saharan Africa to assess the efficiency of DBPPs using financial and macroeconomic indicators.Evaluating the efficiency of defined benefit pension plans in a developing market
Bruvine Orchidée Mazonga Mfoutou, Richard Danquah
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The cost-to-asset ratio is a vital efficiency ratio for any financial institution, as it measures its operating expenses to its asset base. This study uses this ratio to evaluate the efficiency of defined benefit pension plans (DBPPs) in the Republic of Congo using financial and macroeconomic indicators.

Under the financial indicator, the authors apply vector autoregression (VAR) to a dataset covering 120 months from 2011 to 2020. In addition, the authors use 12 years of data from 2009 to 2020 and the random effects model under macroeconomic indicators.

Assets and costs together Granger cause the efficiency of the DBPP. However, there is no Granger causality from the combination of assets and costs on the DB public and industry PP efficiencies. The random effects model results show that macroconnect level variables significantly lower the cost-to-asset ratio, thereby improving the PP's efficiency. Macrodisconnect level variables significantly increase the cost-to-asset ratio, thereby deteriorating PP efficiency.

The study is limited to a developing economy in sub-Saharan Africa, which may hinder the generalization of the results. Future studies could use panel samples from sub-Saharan Africa so that inferences could be drawn for the continent and comparisons made with others.

To the best of the authors knowledge, this study is the first in sub-Saharan Africa to assess the efficiency of DBPPs using financial and macroeconomic indicators.

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Evaluating the efficiency of defined benefit pension plans in a developing market10.1108/IJOEM-03-2022-0364International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedBruvine Orchidée Mazonga MfoutouRichard DanquahInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-03-2022-0364https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0364/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How the real estate indexes have performed during the COVID-19 crisis? Multifractal analysis revisited with wavelethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0383/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to test the existence of stylized facts, such as the volatility clustering, heavy tails seen on financial series, long-term dependence and multifractality on the returns of four real estate indexes using different types of indexes: conventional and Islamic by comparing pre and during COVID-19 pandemic. Firstly, the authors examined the characteristics of the indexes. Secondly, the authors estimated the parameters of the stable distribution. Then, the long memory is detected via the estimation of the Hurst exponents. Afterwards, the authors determine the graphs of the multifractal detrended fluctuation analysis (MF-DFA). Finally, the authors apply the WTMM method. The results suggest that the real estate indexes are far from being efficient and that the lowest level of multifractality was observed for Islamic indexes. The inefficiency behavior of real estate indexes gives us an idea about the prediction of the behavior of future returns in these markets on the basis of past informations. Similarly, market participants would do well to reassess their investment and risk management framework to mitigate new and somewhat higher levels of risk of their exposures during the turbulent period. To the authors’ knowledge, this is the first real estate market study employing STL decomposition before applying the MF-DFA in the context of the COVID-19 crisis. Likewise, the study is the first investigation that focuses on these four indexes.How the real estate indexes have performed during the COVID-19 crisis? Multifractal analysis revisited with wavelet
Ons Zaouga, Nadia Loukil
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to test the existence of stylized facts, such as the volatility clustering, heavy tails seen on financial series, long-term dependence and multifractality on the returns of four real estate indexes using different types of indexes: conventional and Islamic by comparing pre and during COVID-19 pandemic.

Firstly, the authors examined the characteristics of the indexes. Secondly, the authors estimated the parameters of the stable distribution. Then, the long memory is detected via the estimation of the Hurst exponents. Afterwards, the authors determine the graphs of the multifractal detrended fluctuation analysis (MF-DFA). Finally, the authors apply the WTMM method.

The results suggest that the real estate indexes are far from being efficient and that the lowest level of multifractality was observed for Islamic indexes.

The inefficiency behavior of real estate indexes gives us an idea about the prediction of the behavior of future returns in these markets on the basis of past informations. Similarly, market participants would do well to reassess their investment and risk management framework to mitigate new and somewhat higher levels of risk of their exposures during the turbulent period.

To the authors’ knowledge, this is the first real estate market study employing STL decomposition before applying the MF-DFA in the context of the COVID-19 crisis. Likewise, the study is the first investigation that focuses on these four indexes.

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How the real estate indexes have performed during the COVID-19 crisis? Multifractal analysis revisited with wavelet10.1108/IJOEM-03-2022-0383International Journal of Emerging Markets2023-03-27© 2023 Emerald Publishing LimitedOns ZaougaNadia LoukilInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2710.1108/IJOEM-03-2022-0383https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0383/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Health tourism and government supportshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0391/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHealth tourism is a relatively new branch of international tourism that has developed more rapidly than other tourism sectors in recent years. This study aimed to investigate the effect of government supports on health tourism development by considering the mediating role of internal and external infrastructures. The study population consisted of all experts of two hospitals in Iran, which are frequently visited by foreign tourists (N = 151). A questionnaire, developed by combining standard and researcher-made questionnaires, was used to collect the data. The confirmatory factor analysis (CFA) model was developed in SmartPLS 3 to test the hypotheses. The main hypothesis test results indicated that government supports positively affect the development of health tourism. Internal and external infrastructures were also found to mediate the relationship between government supports and health tourism development. In addition, the sub-hypothesis test results showed that internal and external infrastructures are positively affected by government supports, which puts forth the development of health tourism. As the results explained, the most important aspects of internal infrastructures affected by government support were health service quality, cost of health services and applying advanced medical technologies, respectively. Also, different aspects of external infrastructures affected by government supports are as follows: economic, infrastructures and cultural factors. This study is the first of its kind to examine the impact of both medical and non-medical factors on health tourism and signifies the crucial role of governments in the development of health tourism.Health tourism and government supports
Mohammadjavad Shabankareh, Alireza Nazarian, Mohammad Hassan Golestaneh, Fereshteh Dalouchi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Health tourism is a relatively new branch of international tourism that has developed more rapidly than other tourism sectors in recent years. This study aimed to investigate the effect of government supports on health tourism development by considering the mediating role of internal and external infrastructures.

The study population consisted of all experts of two hospitals in Iran, which are frequently visited by foreign tourists (N = 151). A questionnaire, developed by combining standard and researcher-made questionnaires, was used to collect the data. The confirmatory factor analysis (CFA) model was developed in SmartPLS 3 to test the hypotheses.

The main hypothesis test results indicated that government supports positively affect the development of health tourism. Internal and external infrastructures were also found to mediate the relationship between government supports and health tourism development. In addition, the sub-hypothesis test results showed that internal and external infrastructures are positively affected by government supports, which puts forth the development of health tourism. As the results explained, the most important aspects of internal infrastructures affected by government support were health service quality, cost of health services and applying advanced medical technologies, respectively. Also, different aspects of external infrastructures affected by government supports are as follows: economic, infrastructures and cultural factors.

This study is the first of its kind to examine the impact of both medical and non-medical factors on health tourism and signifies the crucial role of governments in the development of health tourism.

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Health tourism and government supports10.1108/IJOEM-03-2022-0391International Journal of Emerging Markets2023-07-20© 2023 Emerald Publishing LimitedMohammadjavad ShabankarehAlireza NazarianMohammad Hassan GolestanehFereshteh DalouchiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-2010.1108/IJOEM-03-2022-0391https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0391/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investigating the influence of perceived organizational justice on counterproductive work behaviours: mediating role of negative emotionshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0392/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestUsing the theoretical lens of appraisal theory, this research aims to investigate the interrelationship between employees' organizational justice perceptions and counterproductive work behaviours (CWBs) through the mediation of negative emotions. To this end, a sample comprised of 207 banking sector employees of Pakistan was utilized to test hypothesized relationships. The collected data were analyzed through the partial least structural equation modelling technique. Results show that counterwork behaviours are influenced by distributive and procedural justice perceptions. The mediating effects of negative emotions were also statistically significant between procedural, interpersonal and informational justice perceptions and counterwork behaviours. No gender differences were found between distributive, interpersonal and informational justice perceptions and counterwork behaviours. However, the authors found that procedural justice perceptions of female employees are strongly related to CWBs as compared to male employees. This research contributes to the existing organizational behaviour literature by empirically testing the hypothesized relationships using the theoretical lens of appraisal theory with advanced quantitative data analysis techniques.Investigating the influence of perceived organizational justice on counterproductive work behaviours: mediating role of negative emotions
Rabail Aisha, Nisar Ahmed Channa, Manzoor Ali Mirani, Naveed Akhtar Qureshi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Using the theoretical lens of appraisal theory, this research aims to investigate the interrelationship between employees' organizational justice perceptions and counterproductive work behaviours (CWBs) through the mediation of negative emotions.

To this end, a sample comprised of 207 banking sector employees of Pakistan was utilized to test hypothesized relationships. The collected data were analyzed through the partial least structural equation modelling technique.

Results show that counterwork behaviours are influenced by distributive and procedural justice perceptions. The mediating effects of negative emotions were also statistically significant between procedural, interpersonal and informational justice perceptions and counterwork behaviours. No gender differences were found between distributive, interpersonal and informational justice perceptions and counterwork behaviours. However, the authors found that procedural justice perceptions of female employees are strongly related to CWBs as compared to male employees.

This research contributes to the existing organizational behaviour literature by empirically testing the hypothesized relationships using the theoretical lens of appraisal theory with advanced quantitative data analysis techniques.

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Investigating the influence of perceived organizational justice on counterproductive work behaviours: mediating role of negative emotions10.1108/IJOEM-03-2022-0392International Journal of Emerging Markets2022-11-21© 2022 Emerald Publishing LimitedRabail AishaNisar Ahmed ChannaManzoor Ali MiraniNaveed Akhtar QureshiInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2110.1108/IJOEM-03-2022-0392https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0392/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Firm-level perception of uncertainty and overseas investment: evidence from China's listed firmshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0396/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to provide a textual approach to quantify the perception of uncertainty from management side and investigate how firms manage their overseas investment dynamics when perceiving an increase in economic policy uncertainty (EPU). Using a textual analysis approach, the study evaluates firm-level perception of EPU. Based on the data from China's listed firms between 2007 and 2018, it examines the association between firm-level perception of EPU and overseas investment using probit model and fixed effects regression with robust standard error adjusted for heteroscedasticity and clustered by firm. The study finds that the level of EPU perceived by individual firms is heterogeneous. Moreover, it finds that firm-level perception of EPU is positively associated with firms' overseas investment. When perceiving an increase in EPU, firms are more likely to invest abroad and their overseas investment is more diverse. Further analysis shows that the positive association between firm-level perception of EPU and overseas investment is weaker in firms with higher financing cost, investment irreversibility and management incentive but stronger in firms with more intensive industry competition. However, it does not find significant difference in the impact of firm-level perception of EPU on overseas investment of state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). The results are robust to using alternative measures of primary variables and to endogeneity concerns. First, although the data on outward foreign direct investment (OFDI) at the national and provincial levels are comprehensive, the data on OFDI at the firm level are still relatively scarce. As the firm-level OFDI data become available, future study could be extended to OFDI flow. Second, future study could use other information disclosed by firms to evaluate their perception of EPU from host countries and examine the impact of bilateral EPU on overseas investment. Third, by evaluating firm-level perception of uncertainty in terms of a particular type of economic policies, such as fiscal policy, monetary policy, trade policy and foreign investment policy, future study could probe the sources of EPU affecting firms' overseas investment. First, although uncertainty increases the volatility of firms' investment activities, firms can recognize and seize investment opportunities in an uncertain economic environment and make profits through resource integration. Second, as the association between firm-level perception of EPU and overseas investment depends on firm and industry characteristics, firms with higher financing cost, investment irreversibility and management incentive should be more cautious when making overseas investment decisions during uncertainty times. Third, governments should increase the transparency and the stability of their economic policies to help firms plan their investment policies. The study extends the literature related to EPU measurement by constructing a firm-level perception index of EPU based on firms' annual reports using a textual analysis approach. Moreover, it sheds some light on the mechanism of how firms modulate their overseas investment activities under uncertainty.Firm-level perception of uncertainty and overseas investment: evidence from China's listed firms
Chao He, Yanxi Li, Runxiang Xu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to provide a textual approach to quantify the perception of uncertainty from management side and investigate how firms manage their overseas investment dynamics when perceiving an increase in economic policy uncertainty (EPU).

Using a textual analysis approach, the study evaluates firm-level perception of EPU. Based on the data from China's listed firms between 2007 and 2018, it examines the association between firm-level perception of EPU and overseas investment using probit model and fixed effects regression with robust standard error adjusted for heteroscedasticity and clustered by firm.

The study finds that the level of EPU perceived by individual firms is heterogeneous. Moreover, it finds that firm-level perception of EPU is positively associated with firms' overseas investment. When perceiving an increase in EPU, firms are more likely to invest abroad and their overseas investment is more diverse. Further analysis shows that the positive association between firm-level perception of EPU and overseas investment is weaker in firms with higher financing cost, investment irreversibility and management incentive but stronger in firms with more intensive industry competition. However, it does not find significant difference in the impact of firm-level perception of EPU on overseas investment of state-owned enterprises (SOEs) and non-state-owned enterprises (non-SOEs). The results are robust to using alternative measures of primary variables and to endogeneity concerns.

First, although the data on outward foreign direct investment (OFDI) at the national and provincial levels are comprehensive, the data on OFDI at the firm level are still relatively scarce. As the firm-level OFDI data become available, future study could be extended to OFDI flow. Second, future study could use other information disclosed by firms to evaluate their perception of EPU from host countries and examine the impact of bilateral EPU on overseas investment. Third, by evaluating firm-level perception of uncertainty in terms of a particular type of economic policies, such as fiscal policy, monetary policy, trade policy and foreign investment policy, future study could probe the sources of EPU affecting firms' overseas investment.

First, although uncertainty increases the volatility of firms' investment activities, firms can recognize and seize investment opportunities in an uncertain economic environment and make profits through resource integration. Second, as the association between firm-level perception of EPU and overseas investment depends on firm and industry characteristics, firms with higher financing cost, investment irreversibility and management incentive should be more cautious when making overseas investment decisions during uncertainty times. Third, governments should increase the transparency and the stability of their economic policies to help firms plan their investment policies.

The study extends the literature related to EPU measurement by constructing a firm-level perception index of EPU based on firms' annual reports using a textual analysis approach. Moreover, it sheds some light on the mechanism of how firms modulate their overseas investment activities under uncertainty.

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Firm-level perception of uncertainty and overseas investment: evidence from China's listed firms10.1108/IJOEM-03-2022-0396International Journal of Emerging Markets2022-11-23© 2022 Emerald Publishing LimitedChao HeYanxi LiRunxiang XuInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2310.1108/IJOEM-03-2022-0396https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0396/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The impact of corruption on companies' engagement in sustainability reporting practices: an empirical examinationhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0418/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to investigate whether the perceived level of corruption influences companies' decision to address principles and standards aimed, inter alia, at fighting corruption [i.e. Sustainable Development Goals (SDGs), (2) United Nations Global Compact (UNGC), (3) International Standards Organisation (ISO) 26,000 and (4) Organisation for Economic Co-operation and Development (OECD) Guidelines] in companies' sustainability reporting. The paper uses a sample of 1,171 sustainability reports published in the year 2017 by organisations from Asia and Africa's low- and middle-income countries. Results from the Probit model reveal that corruption negatively affects corporate sustainability reporting activity. Indeed, the more companies are exposed to high levels of corruption, the less likely they appear to engage in sustainability reporting. Furthermore, the authors find clear regional and sector-level differences in the extent to which companies engage in sustainability reporting. The results show that Asian companies operating in the agricultural and financial services sectors exhibit significantly higher reporting activity, whilst those operating in the construction and mining sectors report less than the sectors' peers. The authors' findings provide important implications for understanding companies' behaviour in the sustainability reporting in emerging economies as well as for designing corporate social responsibility (CSR) disclosure initiatives in the future. This paper provides a better understanding of the impact of corruption on companies' reporting behaviour in the context of emerging economies.The impact of corruption on companies' engagement in sustainability reporting practices: an empirical examination
Antonella Francesca Cicchiello, Amirreza Kazemikhasragh, Salvatore Perdichizzi, Andrea Rey
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to investigate whether the perceived level of corruption influences companies' decision to address principles and standards aimed, inter alia, at fighting corruption [i.e. Sustainable Development Goals (SDGs), (2) United Nations Global Compact (UNGC), (3) International Standards Organisation (ISO) 26,000 and (4) Organisation for Economic Co-operation and Development (OECD) Guidelines] in companies' sustainability reporting.

The paper uses a sample of 1,171 sustainability reports published in the year 2017 by organisations from Asia and Africa's low- and middle-income countries.

Results from the Probit model reveal that corruption negatively affects corporate sustainability reporting activity. Indeed, the more companies are exposed to high levels of corruption, the less likely they appear to engage in sustainability reporting. Furthermore, the authors find clear regional and sector-level differences in the extent to which companies engage in sustainability reporting. The results show that Asian companies operating in the agricultural and financial services sectors exhibit significantly higher reporting activity, whilst those operating in the construction and mining sectors report less than the sectors' peers.

The authors' findings provide important implications for understanding companies' behaviour in the sustainability reporting in emerging economies as well as for designing corporate social responsibility (CSR) disclosure initiatives in the future.

This paper provides a better understanding of the impact of corruption on companies' reporting behaviour in the context of emerging economies.

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The impact of corruption on companies' engagement in sustainability reporting practices: an empirical examination10.1108/IJOEM-03-2022-0418International Journal of Emerging Markets2023-05-02© 2023 Emerald Publishing LimitedAntonella Francesca CicchielloAmirreza KazemikhasraghSalvatore PerdichizziAndrea ReyInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0210.1108/IJOEM-03-2022-0418https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0418/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Institutional theory and multinational corporation internationalization strategy: a systematic review and future research agendahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0444/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study reviews the literature on institutional theory in international business and examines the institutional factors behind the success or failure of multinational corporations (MNCs) in emerging markets. This systematic literature review analysed 116 peer-reviewed articles published in leading journals between 2005 and 2022. The R package Bibliometrix and VOSviewer visualization software were used for analysis. A hybrid methodology combining bibliometric and content analyses was utilized to obtain a descriptive evaluation of the publication impact along with a keyword co-occurrence map, context-specific institutional effects and subsidiary strategies. The Journal of International Business Studies, along with influential authors such as Mike W. Peng, Klaus Meyer, and Mehmet Demirbag, have taken the lead in advancing institutional theories for MNC internationalization in emerging markets. The clusters from the co-word analysis revealed dominant MNC entry modes, institutional distances and MNC localization strategies. The content analysis highlights how the institutional environment is operationalized across the macro-, micro- and meso-institutional contexts and how the MNC subsidiary responds in emerging markets. Meso-level interactions emphasize the relational aspects of business strategies in emerging markets. Contextualizing subsidiary strategies and institutional forms can help managers align their strategic responses to the dynamic relationship between subsidiaries and the institutional environment. The review findings will enable policymakers to simplify regulatory policies and encourage MNC subsidiary networks with local stakeholders in emerging markets. Legitimacy strategies such as corporate community involvement in emerging markets are crucial for enhancing societal support and removing stakeholders' scepticism for MNC business operations in emerging markets. Moral legitimacy should be implemented by managers, such as lending support to disaster management efforts and humanitarian crises, as they expand to new business environments of emerging markets. This study is the first to explore institutional diversity and subsidiary strategic responses in a three-layered institutional context. The findings highlight the relevance of contextualizing institutional perspectives for international business scholars and practitioners as they help build context-specific theoretical frameworks and business strategies. Future research recommendations are suggested in the macro-, micro- and meso-institutional contexts.Institutional theory and multinational corporation internationalization strategy: a systematic review and future research agenda
Anuradha Saikia, Sharad Nath Bhattacharya, Rohit Dwivedi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study reviews the literature on institutional theory in international business and examines the institutional factors behind the success or failure of multinational corporations (MNCs) in emerging markets.

This systematic literature review analysed 116 peer-reviewed articles published in leading journals between 2005 and 2022. The R package Bibliometrix and VOSviewer visualization software were used for analysis. A hybrid methodology combining bibliometric and content analyses was utilized to obtain a descriptive evaluation of the publication impact along with a keyword co-occurrence map, context-specific institutional effects and subsidiary strategies.

The Journal of International Business Studies, along with influential authors such as Mike W. Peng, Klaus Meyer, and Mehmet Demirbag, have taken the lead in advancing institutional theories for MNC internationalization in emerging markets. The clusters from the co-word analysis revealed dominant MNC entry modes, institutional distances and MNC localization strategies. The content analysis highlights how the institutional environment is operationalized across the macro-, micro- and meso-institutional contexts and how the MNC subsidiary responds in emerging markets. Meso-level interactions emphasize the relational aspects of business strategies in emerging markets.

Contextualizing subsidiary strategies and institutional forms can help managers align their strategic responses to the dynamic relationship between subsidiaries and the institutional environment. The review findings will enable policymakers to simplify regulatory policies and encourage MNC subsidiary networks with local stakeholders in emerging markets.

Legitimacy strategies such as corporate community involvement in emerging markets are crucial for enhancing societal support and removing stakeholders' scepticism for MNC business operations in emerging markets. Moral legitimacy should be implemented by managers, such as lending support to disaster management efforts and humanitarian crises, as they expand to new business environments of emerging markets.

This study is the first to explore institutional diversity and subsidiary strategic responses in a three-layered institutional context. The findings highlight the relevance of contextualizing institutional perspectives for international business scholars and practitioners as they help build context-specific theoretical frameworks and business strategies. Future research recommendations are suggested in the macro-, micro- and meso-institutional contexts.

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Institutional theory and multinational corporation internationalization strategy: a systematic review and future research agenda10.1108/IJOEM-03-2022-0444International Journal of Emerging Markets2024-01-23© 2023 Emerald Publishing LimitedAnuradha SaikiaSharad Nath BhattacharyaRohit DwivediInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-2310.1108/IJOEM-03-2022-0444https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0444/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The mediating effect of entrepreneurship on financial support and economic growth in African emerging economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0453/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe aim of the research is to examine in depth the relationship between financial support, entrepreneurship and economic growth in emerging African economies. The study adopts the system-generalized methods of moments (sys-GMM) technique for data analysis and hypothesis testing on a sample of 34 African emerging economies (340 observations) from 2010 to 2019. The results show that there is significant positive correlation between financial support, entrepreneurship, and economic growth. Moreover, entrepreneurship served as a partial mediator between financial support and economic growth in African emerging economies. This research suggests that African governments should focus on entrepreneurial systems, which are essentially networks driven by the pursuit of individual opportunities and the promotion of new business creation; and introduce other forms of financial assistance, such as loans, loan guarantees, interest subsidies, technical assistance, insurance, etc. The main novelty of the paper is that the authors empirically investigate the mediating role of entrepreneurship in the association between financial support and economic growth in 34 African emerging economies.The mediating effect of entrepreneurship on financial support and economic growth in African emerging economies
Luisa Tomas Cumba, Xiaoxia Huang, Zenglian Zhang, Sagheer Muhammad
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The aim of the research is to examine in depth the relationship between financial support, entrepreneurship and economic growth in emerging African economies.

The study adopts the system-generalized methods of moments (sys-GMM) technique for data analysis and hypothesis testing on a sample of 34 African emerging economies (340 observations) from 2010 to 2019.

The results show that there is significant positive correlation between financial support, entrepreneurship, and economic growth. Moreover, entrepreneurship served as a partial mediator between financial support and economic growth in African emerging economies.

This research suggests that African governments should focus on entrepreneurial systems, which are essentially networks driven by the pursuit of individual opportunities and the promotion of new business creation; and introduce other forms of financial assistance, such as loans, loan guarantees, interest subsidies, technical assistance, insurance, etc.

The main novelty of the paper is that the authors empirically investigate the mediating role of entrepreneurship in the association between financial support and economic growth in 34 African emerging economies.

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The mediating effect of entrepreneurship on financial support and economic growth in African emerging economies10.1108/IJOEM-03-2022-0453International Journal of Emerging Markets2024-02-26© 2024 Emerald Publishing LimitedLuisa Tomas CumbaXiaoxia HuangZenglian ZhangSagheer MuhammadInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-2610.1108/IJOEM-03-2022-0453https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0453/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Can SMEs' quality management promote supply chain financing performance? An explanation based on signalling theoryhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0456/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to examine how the quality management of small and medium-sized enterprises (SMEs) impacts their supply chain financing performance (SCFP). This study also investigates the mediating roles of organisational dependence between quality management and the SCFP of SMEs, as well as the moderating role of environmental dynamics. Questionnaires were administered to 248 financial managers responsible for supply chain finance (SCF) in SMEs in China. Data analysis techniques used include necessary condition analysis and multiple regression analysis. Research findings show that, in SCF, the quality management of SMEs positively predicts their SCFP through the mediation of the organisational dependence of the focal enterprises in the supply chain network. Environmental dynamics are also found to moderate the relationship between quality management and SCFP through the organisational dependence of capital providers. To the best of our knowledge, this is the first study to explore the relationships between SMEs' quality management and their SCFP. Also, this study provides a new theoretical lens through which to study SCF by introducing signalling theory.Can SMEs' quality management promote supply chain financing performance? An explanation based on signalling theory
Qiang Lu, Yudong Yang, Miao Yu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to examine how the quality management of small and medium-sized enterprises (SMEs) impacts their supply chain financing performance (SCFP). This study also investigates the mediating roles of organisational dependence between quality management and the SCFP of SMEs, as well as the moderating role of environmental dynamics.

Questionnaires were administered to 248 financial managers responsible for supply chain finance (SCF) in SMEs in China. Data analysis techniques used include necessary condition analysis and multiple regression analysis.

Research findings show that, in SCF, the quality management of SMEs positively predicts their SCFP through the mediation of the organisational dependence of the focal enterprises in the supply chain network. Environmental dynamics are also found to moderate the relationship between quality management and SCFP through the organisational dependence of capital providers.

To the best of our knowledge, this is the first study to explore the relationships between SMEs' quality management and their SCFP. Also, this study provides a new theoretical lens through which to study SCF by introducing signalling theory.

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Can SMEs' quality management promote supply chain financing performance? An explanation based on signalling theory10.1108/IJOEM-03-2022-0456International Journal of Emerging Markets2022-10-20© 2022 Emerald Publishing LimitedQiang LuYudong YangMiao YuInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-2010.1108/IJOEM-03-2022-0456https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0456/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Untangling the nexus between supplier relationship management and competitive advantage: insights on the role of procurement performance and supply chain responsivenesshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0459/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study examines the intricate interplay between supplier relationship management (SRM), procurement performance, supply chain responsiveness (SCR) and competitive advantage. Additionally, the study examines the mediating role of procurement performance and SCR in the link between SRM and competitive advantage. A research model grounded in the resource-based view and dynamic capabilities theory (DCT) was developed and tested using partial least squares structural equation modeling (PLS-SEM). Data were obtained from 122 firms in Ghana. The study revealed that SRM has a positive and significant effect on procurement performance, SCR and competitive advantage. Additionally, SCR has a positive and significant effect on competitive advantage; however, procurement performance has a negative and insignificant effect on competitive advantage. It was also revealed that SCR partially mediates the relationship between SRM and competitive advantage but fully mediates the relationship between procurement performance and competitive advantage. Also, it was also revealed that procurement performance does not mediate the relationship between SRM and competitive advantage. The study contributes to literature by highlighting the mediating role of SCR in influencing the effect of SRM and procurement performance on competitive advantage. Practically, the study findings highlight the need for firms to seek, build and manage meaningful relationships with their suppliers in order to enhance their competency and capability to influence their competitive position in the marketplace. To the best of the researchers' knowledge, no prior study has examined the effect of SRM on procurement performance and SCR. Additionally, no previous study has examined the mediating role of procurement performance and SCR on the link between SRM and competitive advantage.Untangling the nexus between supplier relationship management and competitive advantage: insights on the role of procurement performance and supply chain responsiveness
Ishmael Nanaba Acquah, David Asamoah, Caleb Amankwaa Kumi, Joseph Akyeh, Priscilla Agyemang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study examines the intricate interplay between supplier relationship management (SRM), procurement performance, supply chain responsiveness (SCR) and competitive advantage. Additionally, the study examines the mediating role of procurement performance and SCR in the link between SRM and competitive advantage.

A research model grounded in the resource-based view and dynamic capabilities theory (DCT) was developed and tested using partial least squares structural equation modeling (PLS-SEM). Data were obtained from 122 firms in Ghana.

The study revealed that SRM has a positive and significant effect on procurement performance, SCR and competitive advantage. Additionally, SCR has a positive and significant effect on competitive advantage; however, procurement performance has a negative and insignificant effect on competitive advantage. It was also revealed that SCR partially mediates the relationship between SRM and competitive advantage but fully mediates the relationship between procurement performance and competitive advantage. Also, it was also revealed that procurement performance does not mediate the relationship between SRM and competitive advantage.

The study contributes to literature by highlighting the mediating role of SCR in influencing the effect of SRM and procurement performance on competitive advantage.

Practically, the study findings highlight the need for firms to seek, build and manage meaningful relationships with their suppliers in order to enhance their competency and capability to influence their competitive position in the marketplace.

To the best of the researchers' knowledge, no prior study has examined the effect of SRM on procurement performance and SCR. Additionally, no previous study has examined the mediating role of procurement performance and SCR on the link between SRM and competitive advantage.

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Untangling the nexus between supplier relationship management and competitive advantage: insights on the role of procurement performance and supply chain responsiveness10.1108/IJOEM-03-2022-0459International Journal of Emerging Markets2023-11-22© 2023 Emerald Publishing LimitedIshmael Nanaba AcquahDavid AsamoahCaleb Amankwaa KumiJoseph AkyehPriscilla AgyemangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-2210.1108/IJOEM-03-2022-0459https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0459/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The role of digital orientation in moderating the relationship between innovation and internationalizationhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0464/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research aims to examine the moderating role of digital orientation (DO) on the relationship between innovation and internationalization by framing the relationship under an agency, resource-based view (RBV) and organization orientation (OO) theory. This study focuses on a sample of 392 listed companies in Malaysia from 2011 to 2018 and estimates the model under the double clustered regression, dynamic GMM panel model and one-lagged model to tackle endogeneity and reversal causality. This study also did a logit model as an additional robustness check. The findings support the RBV perspective: Companies with intensive innovation have high internationalization. However, the findings refute OO theory by revealing the evidence that DO leads to low internationalization. Supplemental analysis suggests that innovation impact on internationalization occurs in assets and sales internationalization (exports). According to the RBV theory, innovation is strategic value creation for the organization to achieve competitiveness. A company can expand its market internationally when the business process is more productive and efficient due to innovation. The innovation process is closely related to DO. Hence, this research explores whether DO may strengthen the effect of innovation on the internationalization process. This study examines the effect of DO on innovation and internationalization implementation by contesting agency theory, RBV theory and OO theory within an emerging country context.The role of digital orientation in moderating the relationship between innovation and internationalization
Hui Wei You, Rayenda Khresna Brahmana
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research aims to examine the moderating role of digital orientation (DO) on the relationship between innovation and internationalization by framing the relationship under an agency, resource-based view (RBV) and organization orientation (OO) theory.

This study focuses on a sample of 392 listed companies in Malaysia from 2011 to 2018 and estimates the model under the double clustered regression, dynamic GMM panel model and one-lagged model to tackle endogeneity and reversal causality. This study also did a logit model as an additional robustness check.

The findings support the RBV perspective: Companies with intensive innovation have high internationalization. However, the findings refute OO theory by revealing the evidence that DO leads to low internationalization. Supplemental analysis suggests that innovation impact on internationalization occurs in assets and sales internationalization (exports).

According to the RBV theory, innovation is strategic value creation for the organization to achieve competitiveness. A company can expand its market internationally when the business process is more productive and efficient due to innovation. The innovation process is closely related to DO. Hence, this research explores whether DO may strengthen the effect of innovation on the internationalization process.

This study examines the effect of DO on innovation and internationalization implementation by contesting agency theory, RBV theory and OO theory within an emerging country context.

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The role of digital orientation in moderating the relationship between innovation and internationalization10.1108/IJOEM-03-2022-0464International Journal of Emerging Markets2023-03-17© 2023 Emerald Publishing LimitedHui Wei YouRayenda Khresna BrahmanaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-1710.1108/IJOEM-03-2022-0464https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0464/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Are political connections a curse for banks of the MENA region? The moderating effect of ownership structurehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0480/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the effect of political connections on the performance of banks in the MENA region separately and then moderated by family, institutional and state ownership. A hierarchical regression method was used for a sample of 111 banks operating in 10 MENA countries observed from 2009 to 2019. The results indicate significant negative relationships between political connections and bank performance. Furthermore, institutional and family ownership moderates this relationship; institutional investors and family shareholders attenuate separately the negative impact of political connections on bank performance. Moreover, state ownership positively moderates this relationship; states as shareholders accentuate the negative relationship between political connections and bank performance. Splitting our sample according to bank-specific features (banks in authoritarian regimes versus hybrid regimes, Islamic banks versus conventional banks) confirms our findings. Our results are robust to an alternative measure of bank performance. Banks operating in the MENA region have to be aware of the consequence of political connections. In addition, they have to take into account the role of ownership structure when they seek to attenuate the harmful effect of political connections. This paper offers an in-depth understanding of the impact of political connections on bank performance by drawing from two institutional logics: resource dependence logic and agency logic. Some recommendations on the importance of changing the existing ownership structure are highlighted, encouraging some investors to take part in the capital of banks in this region.Are political connections a curse for banks of the MENA region? The moderating effect of ownership structure
Imen Khanchel, Naima Lassoued, Oummema Ferchichi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the effect of political connections on the performance of banks in the MENA region separately and then moderated by family, institutional and state ownership.

A hierarchical regression method was used for a sample of 111 banks operating in 10 MENA countries observed from 2009 to 2019.

The results indicate significant negative relationships between political connections and bank performance. Furthermore, institutional and family ownership moderates this relationship; institutional investors and family shareholders attenuate separately the negative impact of political connections on bank performance. Moreover, state ownership positively moderates this relationship; states as shareholders accentuate the negative relationship between political connections and bank performance. Splitting our sample according to bank-specific features (banks in authoritarian regimes versus hybrid regimes, Islamic banks versus conventional banks) confirms our findings. Our results are robust to an alternative measure of bank performance.

Banks operating in the MENA region have to be aware of the consequence of political connections. In addition, they have to take into account the role of ownership structure when they seek to attenuate the harmful effect of political connections.

This paper offers an in-depth understanding of the impact of political connections on bank performance by drawing from two institutional logics: resource dependence logic and agency logic. Some recommendations on the importance of changing the existing ownership structure are highlighted, encouraging some investors to take part in the capital of banks in this region.

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Are political connections a curse for banks of the MENA region? The moderating effect of ownership structure10.1108/IJOEM-03-2022-0480International Journal of Emerging Markets2023-05-02© 2023 Emerald Publishing LimitedImen KhanchelNaima LassouedOummema FerchichiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0210.1108/IJOEM-03-2022-0480https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0480/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Working capital management and firm performance: evidence from emerging African marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0490/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper aims to investigate the empirical impact of working capital management (WCM) on firm performance (FP) in the emerging markets of Africa. This paper also aims to investigate this relationship during the global financial crisis of 2008 (GFC, 2008). The sample of this study comprises two leading emerging markets in Africa (Egypt and South Africa) based on the MSCI world market classification list for the period 2007–2020. The study employs various regression techniques such as fixed effect and system generalized method of moments. In addition to baseline regressions, the authors applied various preliminary tests and, finally robustness measures. Besides the dependent, independent variables, the study uses firm-level and country macroeconomic-level explanatory variables. The study's results indicate that (1) WCM and FP exhibit a direct relationship and (2) the WCM components such as cash conversion cycle, average collection period and the average age of inventory, have a significant inverse relationship, whereas the average payment period has a direct relationship with FP. The robustness results are assessed based on the selection of an alternative proxy for FP measurement, controlling for industry, country, year effect and the exclusion of the GFC 2008. This study has various implications in terms of theoretical, societal and practical application for practitioners, managers, investors and regulators. In terms of theoretical implications, this is the first study that contributes to the existing body of knowledge in corporate finance and managerial accounting in relation to the examination of this relationship in the African region. Finally, practitioners, including regulators, can benefit from the study's findings while devising investment policies for investors in the region. More specifically, the financial sector conduct authority (FSCA) in South Africa and the financial regulatory authority (FRA) in Egypt can consider these findings to devise financial policies that aim to foster the FP. Society benefits from the study's findings too. The efficient management of the WCM components will raise firm profits and investment opportunities for the society in Egypt and South Africa. A firm with good performance levels will increase salaries and will provide compensation to their employees in terms of bonuses. These compensations are one of the sources for achieving FP, which is evident from existing literature as well in the case of corporate governance studies. These compensations have psychological impacts as well. As society has its basic needs and goods, compensation levels will be tilted less toward societal ethical issues. This study has various distinguishing features, which prior studies mostly lack, as most of these studies are on an individual country dataset, shorter periods, mixed results, lesser explanatory variables and no country-related control variables. The authors addressed all these challenges and provided robust results based on various measurement alternatives for the African markets. The study's results confirm a direct relationship between WCM and FP for South Africa and Egypt reflecting the emerging markets in Africa.Working capital management and firm performance: evidence from emerging African markets
Umar Nawaz Kayani, Christopher Gan, Tonmoy Choudhury, Ahmad Arslan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The paper aims to investigate the empirical impact of working capital management (WCM) on firm performance (FP) in the emerging markets of Africa. This paper also aims to investigate this relationship during the global financial crisis of 2008 (GFC, 2008).

The sample of this study comprises two leading emerging markets in Africa (Egypt and South Africa) based on the MSCI world market classification list for the period 2007–2020. The study employs various regression techniques such as fixed effect and system generalized method of moments. In addition to baseline regressions, the authors applied various preliminary tests and, finally robustness measures. Besides the dependent, independent variables, the study uses firm-level and country macroeconomic-level explanatory variables.

The study's results indicate that (1) WCM and FP exhibit a direct relationship and (2) the WCM components such as cash conversion cycle, average collection period and the average age of inventory, have a significant inverse relationship, whereas the average payment period has a direct relationship with FP. The robustness results are assessed based on the selection of an alternative proxy for FP measurement, controlling for industry, country, year effect and the exclusion of the GFC 2008.

This study has various implications in terms of theoretical, societal and practical application for practitioners, managers, investors and regulators. In terms of theoretical implications, this is the first study that contributes to the existing body of knowledge in corporate finance and managerial accounting in relation to the examination of this relationship in the African region. Finally, practitioners, including regulators, can benefit from the study's findings while devising investment policies for investors in the region. More specifically, the financial sector conduct authority (FSCA) in South Africa and the financial regulatory authority (FRA) in Egypt can consider these findings to devise financial policies that aim to foster the FP.

Society benefits from the study's findings too. The efficient management of the WCM components will raise firm profits and investment opportunities for the society in Egypt and South Africa. A firm with good performance levels will increase salaries and will provide compensation to their employees in terms of bonuses. These compensations are one of the sources for achieving FP, which is evident from existing literature as well in the case of corporate governance studies. These compensations have psychological impacts as well. As society has its basic needs and goods, compensation levels will be tilted less toward societal ethical issues.

This study has various distinguishing features, which prior studies mostly lack, as most of these studies are on an individual country dataset, shorter periods, mixed results, lesser explanatory variables and no country-related control variables. The authors addressed all these challenges and provided robust results based on various measurement alternatives for the African markets. The study's results confirm a direct relationship between WCM and FP for South Africa and Egypt reflecting the emerging markets in Africa.

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Working capital management and firm performance: evidence from emerging African markets10.1108/IJOEM-03-2022-0490International Journal of Emerging Markets2023-08-01© 2023 Emerald Publishing LimitedUmar Nawaz KayaniChristopher GanTonmoy ChoudhuryAhmad ArslanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-0110.1108/IJOEM-03-2022-0490https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0490/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Board committees and financial performance: exploring the effects of gender diversity in the emerging economy of Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0491/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to highlight the impact of introducing women directors to board committees, thereby empowering them to contribute to decision-making, and as a result, influence firms’ financial performance in an emerging economy. This study uses a fixed-effects panel data regression model to test the impact of gender diversity on corporate boards as well as board committees on firms’ financial performance. Two widely used diversity measures, the Blau index and the Shannon index, have been used to enhance the robustness of the results. The findings suggest that gender diversity on prominent board committees (remuneration committee and nomination committee) positively affects firms’ financial performance when measured by the market-based performance measure, but it is insignificant when measured through accounting-based performance indicator. Furthermore, the benefits of gender diversity accrue to the firms only when women are part of prominent committees and are engaged in governance mechanisms, rather than just being appointed on corporate boards as a means of tokenism. This study is among the first to investigate the relationship between gender diversity and financial performance through the lens of committee assignments. Moreover, the unique cultural and institutional setting offered by India, which is an emerging economy, provides a fertile ground for understanding the role of women leaders in the workforce.Board committees and financial performance: exploring the effects of gender diversity in the emerging economy of India
Shubham Singhania, Jagvinder Singh, Deepti Aggrawal
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to highlight the impact of introducing women directors to board committees, thereby empowering them to contribute to decision-making, and as a result, influence firms’ financial performance in an emerging economy.

This study uses a fixed-effects panel data regression model to test the impact of gender diversity on corporate boards as well as board committees on firms’ financial performance. Two widely used diversity measures, the Blau index and the Shannon index, have been used to enhance the robustness of the results.

The findings suggest that gender diversity on prominent board committees (remuneration committee and nomination committee) positively affects firms’ financial performance when measured by the market-based performance measure, but it is insignificant when measured through accounting-based performance indicator. Furthermore, the benefits of gender diversity accrue to the firms only when women are part of prominent committees and are engaged in governance mechanisms, rather than just being appointed on corporate boards as a means of tokenism.

This study is among the first to investigate the relationship between gender diversity and financial performance through the lens of committee assignments. Moreover, the unique cultural and institutional setting offered by India, which is an emerging economy, provides a fertile ground for understanding the role of women leaders in the workforce.

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Board committees and financial performance: exploring the effects of gender diversity in the emerging economy of India10.1108/IJOEM-03-2022-0491International Journal of Emerging Markets2022-10-13© 2022 Emerald Publishing LimitedShubham SinghaniaJagvinder SinghDeepti AggrawalInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1310.1108/IJOEM-03-2022-0491https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0491/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Does financial development enhance the growth effect of FDI? A multidimensional analysis in emerging and developing Asiahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0495/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the role of financial development (FD) in enhancing the growth effect of foreign direct investment (FDI) in emerging and developing Asia from 1996 to 2019. The study exploits the new broad-based Financial Development Index of the International Monetary Fund (IMF) and adopts panel smooth transition regression (PSTR) to perform alternative empirical models for a multidimensional analysis of the FD threshold effect in the growth–FDI nexus. The results show two thresholds of FD mediating the nonlinear effect of FDI on growth. FD beyond a certain level will enhance the growth effect of FDI, but very high levels of FD will not induce foreign investment to benefit economic growth in emerging and developing Asian economies. The impact of financial institutions on the FDI–growth link is stronger than that of financial markets. Besides, FDI’s effect on growth has an inverted-U shape conditional on financial depth, whereas it is positively associated with the accessibility and efficiency of the financial system. These results suggest policy implications for emerging and developing Asian countries, emphasizing the other side of “too much finance” and the potential for improvement in the access to and efficiency of the financial system to boost the effects of FDI and FD in the growth of these economies. The study is the first multifaceted investigation into the influence of FD on the growth effect of FDI. Beyond the previous empirical evidence showing only the impact of credit from banking sector, this study shows different mediating effects of different financial sectors and three dimensions of financing (depth, access and efficiency). The study suggests essential implications for the region in adjusting long-run policies to enhance the FDI–FD–growth link.Does financial development enhance the growth effect of FDI? A multidimensional analysis in emerging and developing Asia
Thu-Ha Thi An, Shin-Hui Chen, Kuo-Chun Yeh
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the role of financial development (FD) in enhancing the growth effect of foreign direct investment (FDI) in emerging and developing Asia from 1996 to 2019.

The study exploits the new broad-based Financial Development Index of the International Monetary Fund (IMF) and adopts panel smooth transition regression (PSTR) to perform alternative empirical models for a multidimensional analysis of the FD threshold effect in the growth–FDI nexus.

The results show two thresholds of FD mediating the nonlinear effect of FDI on growth. FD beyond a certain level will enhance the growth effect of FDI, but very high levels of FD will not induce foreign investment to benefit economic growth in emerging and developing Asian economies. The impact of financial institutions on the FDI–growth link is stronger than that of financial markets. Besides, FDI’s effect on growth has an inverted-U shape conditional on financial depth, whereas it is positively associated with the accessibility and efficiency of the financial system.

These results suggest policy implications for emerging and developing Asian countries, emphasizing the other side of “too much finance” and the potential for improvement in the access to and efficiency of the financial system to boost the effects of FDI and FD in the growth of these economies.

The study is the first multifaceted investigation into the influence of FD on the growth effect of FDI. Beyond the previous empirical evidence showing only the impact of credit from banking sector, this study shows different mediating effects of different financial sectors and three dimensions of financing (depth, access and efficiency). The study suggests essential implications for the region in adjusting long-run policies to enhance the FDI–FD–growth link.

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Does financial development enhance the growth effect of FDI? A multidimensional analysis in emerging and developing Asia10.1108/IJOEM-03-2022-0495International Journal of Emerging Markets2023-04-11© 2023 Emerald Publishing LimitedThu-Ha Thi AnShin-Hui ChenKuo-Chun YehInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-1110.1108/IJOEM-03-2022-0495https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0495/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Discard the false and retain the true: the effect of hypocrisy on the cognitive legitimacy of social enterpriseshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0497/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHypocrisy often observed in the social responsibility practices of commercial enterprises is more likely to occur in social enterprises. However, this issue has received little research attention. This study explores, from a consumer perspective, the formation of perceived hypocrisy and its impact on the cognitive legitimacy of social enterprises. This research conducted two experiments, and data were collected from 515 subjects in China to test the proposed hypotheses. Behavioral inconsistency in social enterprises leads to consumers' perceived hypocrisy. The higher the perceived hypocrisy towards social enterprises, the weaker their cognitive legitimacy of social enterprises. At a lower level of inconsistency, the perceived hypocrisy of social enterprises was lower than that of commercial enterprises. Egoistic attribution to prosocial behavior moderated the negative effect of perceived hypocrisy on cognitive legitimacy. The stronger the egoistic attribution, the greater is the negative effect of perceived hypocrisy on the cognitive legitimacy of social enterprises. Social entrepreneurs should be acutely aware of the harmful effects of hypocrisy on social enterprises. Social enterprises should not exaggerate their propaganda or be consistent with their words and actions. This study innovatively analyzes the damage to the cognitive legitimacy of social enterprises caused by the hypocrisy that tends to occur in commercial enterprises and argues from the consumer viewpoint. These findings enrich the perspective on exploring social enterprise legitimacy.Discard the false and retain the true: the effect of hypocrisy on the cognitive legitimacy of social enterprises
Kun Zhang, Xiu-e Zhang, Xuejiao Xu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Hypocrisy often observed in the social responsibility practices of commercial enterprises is more likely to occur in social enterprises. However, this issue has received little research attention. This study explores, from a consumer perspective, the formation of perceived hypocrisy and its impact on the cognitive legitimacy of social enterprises.

This research conducted two experiments, and data were collected from 515 subjects in China to test the proposed hypotheses.

Behavioral inconsistency in social enterprises leads to consumers' perceived hypocrisy. The higher the perceived hypocrisy towards social enterprises, the weaker their cognitive legitimacy of social enterprises. At a lower level of inconsistency, the perceived hypocrisy of social enterprises was lower than that of commercial enterprises. Egoistic attribution to prosocial behavior moderated the negative effect of perceived hypocrisy on cognitive legitimacy. The stronger the egoistic attribution, the greater is the negative effect of perceived hypocrisy on the cognitive legitimacy of social enterprises.

Social entrepreneurs should be acutely aware of the harmful effects of hypocrisy on social enterprises. Social enterprises should not exaggerate their propaganda or be consistent with their words and actions.

This study innovatively analyzes the damage to the cognitive legitimacy of social enterprises caused by the hypocrisy that tends to occur in commercial enterprises and argues from the consumer viewpoint. These findings enrich the perspective on exploring social enterprise legitimacy.

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Discard the false and retain the true: the effect of hypocrisy on the cognitive legitimacy of social enterprises10.1108/IJOEM-03-2022-0497International Journal of Emerging Markets2023-06-19© 2023 Emerald Publishing LimitedKun ZhangXiu-e ZhangXuejiao XuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1910.1108/IJOEM-03-2022-0497https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0497/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Nonlinear effects of bank regulation stringency on bank lending in selected sub-Saharan African countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0506/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Nonlinear effects of bank regulation stringency on bank lending in selected sub-Saharan African countries
Retselisitsoe I. Thamae, Nicholas M. Odhiambo
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Nonlinear effects of bank regulation stringency on bank lending in selected sub-Saharan African countries10.1108/IJOEM-03-2022-0506International Journal of Emerging Markets2022-09-09© 2022 Retselisitsoe I. Thamae and Nicholas M. OdhiamboRetselisitsoe I. ThamaeNicholas M. OdhiamboInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-0910.1108/IJOEM-03-2022-0506https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0506/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Retselisitsoe I. Thamae and Nicholas M. Odhiambohttp://creativecommons.org/licences/by/4.0/legalcode
How does high-performance work system influence employees' creativity? The role of critical reflection and human resource management attributionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0508/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestHigh-performance work system (HPWS) is considered a solid predictor of both organizational and individual outcomes. The current study examines the impact of employees' perception of HPWS and supervisor-rated employee creativity (EC). Critical reflection is hypothesized as a mediator of the above relationship. Human resource management (HRM) attribution moderates the indirect relationship between HPWS and EC and completes a moderated mediation model. A quantitative research design is adopted with data collected from 531 employees and their direct supervisors from 12 firms in Vietnam. Partial least square structural equation modelling is used to test the hypotheses. Employees' perception of HPWS is significantly associated with supervisor-rated creativity. Critical reflection has been found to partially mediate the above relationship. In addition, employees' exploiting attribution of HPWS intensifies the positive relationship between HPWS and critical reflection. The research suggests that HPWS can be viewed from both the bright and dark sides. The resource offered by HPWS goes hand in hand with pressure from high-performance expectations. Employees may need to engage in a resource investment decision to avoid net resource loss. In addition, attention should be paid to employees' perception of the justification for HPWS implementation. This study offers an alternative way to explain the association between HPWS and employee creativity. Based on the Conservation of Resource Theory, employee creativity is viewed as a stress coping strategy with HPWS conceptualized as a stressor. In addition, the mediating role of critical reflection represents a novelty. Furthermore, the role of HRM attributions is explained.How does high-performance work system influence employees' creativity? The role of critical reflection and human resource management attribution
Phuong Tran Huy
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

High-performance work system (HPWS) is considered a solid predictor of both organizational and individual outcomes. The current study examines the impact of employees' perception of HPWS and supervisor-rated employee creativity (EC). Critical reflection is hypothesized as a mediator of the above relationship. Human resource management (HRM) attribution moderates the indirect relationship between HPWS and EC and completes a moderated mediation model.

A quantitative research design is adopted with data collected from 531 employees and their direct supervisors from 12 firms in Vietnam. Partial least square structural equation modelling is used to test the hypotheses.

Employees' perception of HPWS is significantly associated with supervisor-rated creativity. Critical reflection has been found to partially mediate the above relationship. In addition, employees' exploiting attribution of HPWS intensifies the positive relationship between HPWS and critical reflection.

The research suggests that HPWS can be viewed from both the bright and dark sides. The resource offered by HPWS goes hand in hand with pressure from high-performance expectations. Employees may need to engage in a resource investment decision to avoid net resource loss. In addition, attention should be paid to employees' perception of the justification for HPWS implementation.

This study offers an alternative way to explain the association between HPWS and employee creativity. Based on the Conservation of Resource Theory, employee creativity is viewed as a stress coping strategy with HPWS conceptualized as a stressor. In addition, the mediating role of critical reflection represents a novelty. Furthermore, the role of HRM attributions is explained.

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How does high-performance work system influence employees' creativity? The role of critical reflection and human resource management attribution10.1108/IJOEM-03-2022-0508International Journal of Emerging Markets2023-04-26© 2023 Emerald Publishing LimitedPhuong Tran HuyInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-2610.1108/IJOEM-03-2022-0508https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0508/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Extreme quantile connectedness and spillovers between oil and Vietnamese stock markets: a sectoral analysishttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0513/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the extreme quantile connectedness and spillovers between West Texas Intermediate (WTI) crude oil futures and ten Vietnamese stock market sectors. Knowledge of such links is important to both investors and policymakers in understanding the transmission of shocks across markets. The authors employ the extreme quantile connectedness methodology of Ando et al. (2022). Initial results show that the size of spillovers is higher during bearish markets than bullish markets and under major financial, political, energy and pandemic events. The oil market is a net receiver of spillovers during downward markets and net contributors during upward markets. The banking sector is a net contributor of spillovers, whereas consumer discretionary and consumer staples are net receivers for different quantiles. The role of the remaining sectors as net receivers/contributors is sensitive to the quantiles. Oil has a large spillover effect on the electricity sector for all quantiles. Comparing all crises, oil offers the best hedging effectiveness to the Vietnamese sector during the coronavirus disease 2019 (COVID-19) crisis. Moreover, oil was a cheap hedge asset during oil crises. Finally, oil provides the highest hedging effectiveness for healthcare during the global financial crisis (GFC) and consumer staples during the European debt crisis (EDC), oil crisis and COVID-19. Acknowledging the presence of heterogeneity in the relation between oil and economic sectors under different market conditions, this study is the first to examine the extreme quantile connectedness between oil and Vietnamese sectors.Extreme quantile connectedness and spillovers between oil and Vietnamese stock markets: a sectoral analysis
Walid Mensi, Salem Adel Ziadat, Xuan Vinh Vo, Sang Hoon Kang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the extreme quantile connectedness and spillovers between West Texas Intermediate (WTI) crude oil futures and ten Vietnamese stock market sectors. Knowledge of such links is important to both investors and policymakers in understanding the transmission of shocks across markets.

The authors employ the extreme quantile connectedness methodology of Ando et al. (2022).

Initial results show that the size of spillovers is higher during bearish markets than bullish markets and under major financial, political, energy and pandemic events. The oil market is a net receiver of spillovers during downward markets and net contributors during upward markets. The banking sector is a net contributor of spillovers, whereas consumer discretionary and consumer staples are net receivers for different quantiles. The role of the remaining sectors as net receivers/contributors is sensitive to the quantiles. Oil has a large spillover effect on the electricity sector for all quantiles. Comparing all crises, oil offers the best hedging effectiveness to the Vietnamese sector during the coronavirus disease 2019 (COVID-19) crisis. Moreover, oil was a cheap hedge asset during oil crises. Finally, oil provides the highest hedging effectiveness for healthcare during the global financial crisis (GFC) and consumer staples during the European debt crisis (EDC), oil crisis and COVID-19.

Acknowledging the presence of heterogeneity in the relation between oil and economic sectors under different market conditions, this study is the first to examine the extreme quantile connectedness between oil and Vietnamese sectors.

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Extreme quantile connectedness and spillovers between oil and Vietnamese stock markets: a sectoral analysis10.1108/IJOEM-03-2022-0513International Journal of Emerging Markets2022-10-17© 2022 Emerald Publishing LimitedWalid MensiSalem Adel ZiadatXuan Vinh VoSang Hoon KangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1710.1108/IJOEM-03-2022-0513https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0513/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Bank opacity and stability in an emerging markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0514/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper analyzes the impact of bank opacity on financial stability in an emerging economy. Based on a unique dataset of 31 Vietnamese commercial banks from 2007 to 2019, the paper captures earnings opacity via discretionary loan loss provisions and reflects individual bank stability through the accounting-based Z-score index and its disaggregate components. The least squares dummy variable corrected (LSDVC) approach is employed for empirical analysis. In contradiction to most studies on developed economies, earnings management improves bank financial stability in Vietnam. Earnings management is more important for the financial stability of smaller banks. Further, the effect of financial information disclosure on bank stability is strengthened by unfavorable macroeconomic conditions, particularly economic downturns, the global financial crisis and uncertain times in banking. This is the first study to shed light on how bank opacity influences bank financial stability in an emerging market. The evidence with the conditioning roles of bank size and macroeconomic factors, such as uncertainty in banking, is entirely novel in the related literature. Additionally, the paper contributes to a growing body of banking literature by using the LSDVC estimator to examine the association between bank opacity and bank stability.Bank opacity and stability in an emerging market
Van Dan Dang, Japan Huynh
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The paper analyzes the impact of bank opacity on financial stability in an emerging economy.

Based on a unique dataset of 31 Vietnamese commercial banks from 2007 to 2019, the paper captures earnings opacity via discretionary loan loss provisions and reflects individual bank stability through the accounting-based Z-score index and its disaggregate components. The least squares dummy variable corrected (LSDVC) approach is employed for empirical analysis.

In contradiction to most studies on developed economies, earnings management improves bank financial stability in Vietnam. Earnings management is more important for the financial stability of smaller banks. Further, the effect of financial information disclosure on bank stability is strengthened by unfavorable macroeconomic conditions, particularly economic downturns, the global financial crisis and uncertain times in banking.

This is the first study to shed light on how bank opacity influences bank financial stability in an emerging market. The evidence with the conditioning roles of bank size and macroeconomic factors, such as uncertainty in banking, is entirely novel in the related literature. Additionally, the paper contributes to a growing body of banking literature by using the LSDVC estimator to examine the association between bank opacity and bank stability.

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Bank opacity and stability in an emerging market10.1108/IJOEM-03-2022-0514International Journal of Emerging Markets2023-03-02© 2023 Emerald Publishing LimitedVan Dan DangJapan HuynhInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-0210.1108/IJOEM-03-2022-0514https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0514/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Why do consumers resist digital innovations? An innovation resistance theory perspectivehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0529/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDespite the efforts of governments and firms, consumer resistance toward digital innovations in the retail finance space continues to manifest rather visibly. Yet, the causes of consumer resistance toward innovations such as online procurement of financial products continue to remain under-explored. The present study attempts to address this gap by examining barriers that may constitute Indian consumers' resistance to buying financial products marketed digitally, using insurance as an exemplar. Precisely, the study measures five classic innovation resistance theory (IRT) barriers constituting consumers' resistance toward procuring digitally marketed insurance and examines the influence of consumers' demographic characteristics, measured through age and gender. The conceptual model, resting on the theoretical proposition of IRT, was tested using data collected from 420 smartphone users. Given that, the data did not satisfy the multivariate assumptions of normality, homoscedasticity and linearity, artificial neural network approach was used for analysis. The analysis served as the basis for determining the relative importance of the five barriers in influencing consumer resistance. The results indicated that the image barrier was the most influential barrier impacting consumer resistance, followed by usage, tradition, risk and value barriers. Moreover, as revealed by the values of correlations, the direction of influence was positive. Notably, the relationship of all barriers except tradition with consumer resistance was found to be nonlinear. The study makes a novel contribution in two ways – one by extending IRT to a new area, i.e., resistance to buying financial products online, thereby further enhancing its applicability, and the other by exploring consumer resistance to e-procurement of life and nonlife insurance, which to the best of the authors' knowledge, has not been examined so far despite the established exigency.Why do consumers resist digital innovations? An innovation resistance theory perspective
Manish Talwar, Laura Corazza, Rahul Bodhi, Areej Malibari
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Despite the efforts of governments and firms, consumer resistance toward digital innovations in the retail finance space continues to manifest rather visibly. Yet, the causes of consumer resistance toward innovations such as online procurement of financial products continue to remain under-explored. The present study attempts to address this gap by examining barriers that may constitute Indian consumers' resistance to buying financial products marketed digitally, using insurance as an exemplar. Precisely, the study measures five classic innovation resistance theory (IRT) barriers constituting consumers' resistance toward procuring digitally marketed insurance and examines the influence of consumers' demographic characteristics, measured through age and gender.

The conceptual model, resting on the theoretical proposition of IRT, was tested using data collected from 420 smartphone users. Given that, the data did not satisfy the multivariate assumptions of normality, homoscedasticity and linearity, artificial neural network approach was used for analysis. The analysis served as the basis for determining the relative importance of the five barriers in influencing consumer resistance.

The results indicated that the image barrier was the most influential barrier impacting consumer resistance, followed by usage, tradition, risk and value barriers. Moreover, as revealed by the values of correlations, the direction of influence was positive. Notably, the relationship of all barriers except tradition with consumer resistance was found to be nonlinear.

The study makes a novel contribution in two ways – one by extending IRT to a new area, i.e., resistance to buying financial products online, thereby further enhancing its applicability, and the other by exploring consumer resistance to e-procurement of life and nonlife insurance, which to the best of the authors' knowledge, has not been examined so far despite the established exigency.

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Why do consumers resist digital innovations? An innovation resistance theory perspective10.1108/IJOEM-03-2022-0529International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedManish TalwarLaura CorazzaRahul BodhiAreej MalibariInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-03-2022-0529https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0529/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
ESG-CFP relationship: exploring the moderating role of financial slackhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0536/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims at examining the contentions of the agency theory by exploring the direct relationship between environmental, social and governance (ESG) disclosure score and corporate financial performance (CFP) from the years 2016–2020. It also tests for the adaptability of slack resources theory by testing this relationship in the presence of a moderating variable (financial slack). The study relies on the data obtained from Bloomberg database of 112 companies belonging to different sectors. It employs the use of partial least square structure equation modelling (PLS-SEM) for carrying out the empirical analysis. The results obtained show that there exists a negative relationship between ESG and CFP of the sample firms. These results lend support to the propositions of both the agency theory. Further, the financial slack in the organizations does not ensure a firm's responsible behavior. The paper provides important implications both from the perspective of managers as well as policymakers. The results of this study will aid the managers in reducing the instances of information asymmetry in the market, thereby tackling the issue of principle agent problems within an organization. From the policy marking perspective, the results of this study will help the regulatory authorities in implementing the necessary rules, regulations and laws that will ensure increased participation from the corporate sector in disclosing their sustainability-related information. This study is one of its kind to explore the impact of a moderating variable on the ESG-CFP relationship in the context of an emerging economy. It also contributes to the present stream of literature by providing both a theoretical and empirical support to the propositions under consideration.ESG-CFP relationship: exploring the moderating role of financial slack
Aanchal Singh, Subir Verma, Samik Shome
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims at examining the contentions of the agency theory by exploring the direct relationship between environmental, social and governance (ESG) disclosure score and corporate financial performance (CFP) from the years 2016–2020. It also tests for the adaptability of slack resources theory by testing this relationship in the presence of a moderating variable (financial slack).

The study relies on the data obtained from Bloomberg database of 112 companies belonging to different sectors. It employs the use of partial least square structure equation modelling (PLS-SEM) for carrying out the empirical analysis.

The results obtained show that there exists a negative relationship between ESG and CFP of the sample firms. These results lend support to the propositions of both the agency theory. Further, the financial slack in the organizations does not ensure a firm's responsible behavior.

The paper provides important implications both from the perspective of managers as well as policymakers. The results of this study will aid the managers in reducing the instances of information asymmetry in the market, thereby tackling the issue of principle agent problems within an organization. From the policy marking perspective, the results of this study will help the regulatory authorities in implementing the necessary rules, regulations and laws that will ensure increased participation from the corporate sector in disclosing their sustainability-related information.

This study is one of its kind to explore the impact of a moderating variable on the ESG-CFP relationship in the context of an emerging economy. It also contributes to the present stream of literature by providing both a theoretical and empirical support to the propositions under consideration.

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ESG-CFP relationship: exploring the moderating role of financial slack10.1108/IJOEM-03-2022-0536International Journal of Emerging Markets2023-06-13© 2023 Emerald Publishing LimitedAanchal SinghSubir VermaSamik ShomeInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1310.1108/IJOEM-03-2022-0536https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2022-0536/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The nexus between cash conversion cycle and operating performance: novel evidence from MENA regionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0310/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis article examines the relationship between the cash conversion cycle (CCC) and profitability in countries in the Middle East and North Africa (MENA) region. The authors used dynamic panel methodology to analyze a dataset consisting of 395 firms from nonfinancial sectors in the MENA countries from 2013 to 2018. The authors developed several models consisting of different measures of profitability, CCC and the components of CCC. The control variables were used in the models at different levels. The results bring out a significantly positive relationship between the CCC and profitability. However, mixed results have been obtained for industry and country details. The quadratic model revealed an inverted U-shaped relationship and the presence of an optimal point of CCC. The robustness checks have confirmed the results of the main models. The results of the study imply that corporate managers and policymakers ought to pay equal attention to the components of CCC when developing working capital policies and be aware of the optimal level of CCC. This paper handles the endogeneity problem that is inherent in the relationship. It investigates and confirms the nonlinear characteristics of the relationship. To the best of the authors' knowledge, this study is the first to use dynamic panel models to examine the CCC and its relationship with profitability in the MENA context.The nexus between cash conversion cycle and operating performance: novel evidence from MENA region
Ilker Yilmaz, Haitham Nobanee
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This article examines the relationship between the cash conversion cycle (CCC) and profitability in countries in the Middle East and North Africa (MENA) region.

The authors used dynamic panel methodology to analyze a dataset consisting of 395 firms from nonfinancial sectors in the MENA countries from 2013 to 2018. The authors developed several models consisting of different measures of profitability, CCC and the components of CCC. The control variables were used in the models at different levels.

The results bring out a significantly positive relationship between the CCC and profitability. However, mixed results have been obtained for industry and country details. The quadratic model revealed an inverted U-shaped relationship and the presence of an optimal point of CCC. The robustness checks have confirmed the results of the main models.

The results of the study imply that corporate managers and policymakers ought to pay equal attention to the components of CCC when developing working capital policies and be aware of the optimal level of CCC.

This paper handles the endogeneity problem that is inherent in the relationship. It investigates and confirms the nonlinear characteristics of the relationship. To the best of the authors' knowledge, this study is the first to use dynamic panel models to examine the CCC and its relationship with profitability in the MENA context.

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The nexus between cash conversion cycle and operating performance: novel evidence from MENA region10.1108/IJOEM-03-2023-0310International Journal of Emerging Markets2023-12-25© 2023 Emerald Publishing LimitedIlker YilmazHaitham NobaneeInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-2510.1108/IJOEM-03-2023-0310https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0310/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The impact of cryptocurrencies capitalization on banking deposits variability in the UAE: evidence from the NARDL approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0351/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to analyze the effect of cryptocurrency capitalization market development on bank deposits variability in the United Arab Emirates (UAE) spanning the period 2005M1–2020M4 using the novel nonlinear autoregressive distributive lag (NARDL). The study employs the NARDL recently developed by Shin et al. (2014) to estimate the long and short-run relationships between the variables rather than the widely known ARDL (Pesaran et al., 2001), which suffers from a complex structure in the estimation equation that usually includes lags and differences in both short and long terms. The implementation of NARDL required several proceedings after plotting the descriptive data, commencing with unit root tests, selection of lag length, estimating the long-and-short variables coefficients, heteroscedasticity test and Wald test for symmetries. The long-run estimations of the positive and negative asymmetric coefficients indicate that cryptocurrencies capitalization has a negative impact on bank deposits in the UAE. Further, the short-run estimations coefficients exhibit that both significant positive and negative partial sum squares of cryptocurrencies decrease bank deposits. The study has applied to the UAE spanning the period 2005M1–2020M4 using the NARDL. The short-run estimations coefficients exhibit that both significant positive and negative partial sum squares of cryptocurrencies decreases bank deposits, which means that the increase in the magnitude of cryptocurrencies capitalization stimulates depositors and speculators to adjust their portfolios towards contracting their deposits in banks to invest partially in cryptocurrencies, on the other hand, the decline in cryptocurrencies capitalization process spur depositors and speculators to reduce their deposits for purchasing cryptocurrencies at lower prices. The study infers that individuals and businesses are cautious when investing in cryptocurrencies, and they need more certainty and trust to include these types of assets in their portfolios. The fluctuation in cryptocurrencies capitalization prompts speculators to change their deposits according to the cryptocurrencies' prices. This study explores the short-and long-run asymmetric impacts of cryptocurrencies capitalization development on bank deposits volatility in the UAE, based on a NARDL, for providing a manifest depiction of whether the cryptocurrencies industry might be a threat to conventional banking system performance in the potential future.The impact of cryptocurrencies capitalization on banking deposits variability in the UAE: evidence from the NARDL approach
Hatem Ahmed Adela
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to analyze the effect of cryptocurrency capitalization market development on bank deposits variability in the United Arab Emirates (UAE) spanning the period 2005M1–2020M4 using the novel nonlinear autoregressive distributive lag (NARDL).

The study employs the NARDL recently developed by Shin et al. (2014) to estimate the long and short-run relationships between the variables rather than the widely known ARDL (Pesaran et al., 2001), which suffers from a complex structure in the estimation equation that usually includes lags and differences in both short and long terms. The implementation of NARDL required several proceedings after plotting the descriptive data, commencing with unit root tests, selection of lag length, estimating the long-and-short variables coefficients, heteroscedasticity test and Wald test for symmetries.

The long-run estimations of the positive and negative asymmetric coefficients indicate that cryptocurrencies capitalization has a negative impact on bank deposits in the UAE. Further, the short-run estimations coefficients exhibit that both significant positive and negative partial sum squares of cryptocurrencies decrease bank deposits.

The study has applied to the UAE spanning the period 2005M1–2020M4 using the NARDL.

The short-run estimations coefficients exhibit that both significant positive and negative partial sum squares of cryptocurrencies decreases bank deposits, which means that the increase in the magnitude of cryptocurrencies capitalization stimulates depositors and speculators to adjust their portfolios towards contracting their deposits in banks to invest partially in cryptocurrencies, on the other hand, the decline in cryptocurrencies capitalization process spur depositors and speculators to reduce their deposits for purchasing cryptocurrencies at lower prices.

The study infers that individuals and businesses are cautious when investing in cryptocurrencies, and they need more certainty and trust to include these types of assets in their portfolios. The fluctuation in cryptocurrencies capitalization prompts speculators to change their deposits according to the cryptocurrencies' prices.

This study explores the short-and long-run asymmetric impacts of cryptocurrencies capitalization development on bank deposits volatility in the UAE, based on a NARDL, for providing a manifest depiction of whether the cryptocurrencies industry might be a threat to conventional banking system performance in the potential future.

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The impact of cryptocurrencies capitalization on banking deposits variability in the UAE: evidence from the NARDL approach10.1108/IJOEM-03-2023-0351International Journal of Emerging Markets2023-10-17© 2023 Emerald Publishing LimitedHatem Ahmed AdelaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-1710.1108/IJOEM-03-2023-0351https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0351/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Determinants of young adults' slow fashion attitudes and idea adoption intentions in Canada, China and South Africahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0362/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestLarge, influential and profitable young adults are being targeted for fast fashion that negatively impacts the environment. The transition from a fast to an environmentally friendly slow fashion is a challenging process and culturally dependent. The process starts with slow fashion idea adoption. Thus, the authors modified an information acceptance model (IACM) to examine information characteristics (idea/information quality, credibility, usefulness, source credibility) and consumer factors (need for idea and attitudes) impacting intentions to adopt the slow fashion idea in Canada, South Africa (individualists) and China (collectivists). Cross-sectional data were collected from South African (n = 197), Chinese (n = 304) and Canadian (n = 227) young adults (18–35 years old) at universities in metropolitan cities. Partial least squares structural equation modeling was used to analyze the data. The results show that while most information characteristics and consumer factors are vital for slow fashion attitudes and intention formation, information quality and trust in the sources were a problem in individualistic cultures as opposed to the collectivist culture. This finding confirms the greater tendency of collectivists to trust disseminated information on environmental issues. In all cultures, attitudes impacted idea adoption intentions. On testing IACM, the multigroup analyses showed no significant differences between young adults in the individualistic cultures. Attitudes mediated most relationships and were highly explained by IACM (South Africa, 49.6%; China, 74.5%; and Canada, 64.5%). In emerging and developed markets, this study informs environmentalists and green fashion brands of information characteristics that can create positive attitudes and slow fashion idea adoption intentions among influential young adults.Determinants of young adults' slow fashion attitudes and idea adoption intentions in Canada, China and South Africa
Helen Inseng Duh, Hong Yu, Marike Venter de Villiers, Vladimira Steffek, Dan Shao
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Large, influential and profitable young adults are being targeted for fast fashion that negatively impacts the environment. The transition from a fast to an environmentally friendly slow fashion is a challenging process and culturally dependent. The process starts with slow fashion idea adoption. Thus, the authors modified an information acceptance model (IACM) to examine information characteristics (idea/information quality, credibility, usefulness, source credibility) and consumer factors (need for idea and attitudes) impacting intentions to adopt the slow fashion idea in Canada, South Africa (individualists) and China (collectivists).

Cross-sectional data were collected from South African (n = 197), Chinese (n = 304) and Canadian (n = 227) young adults (18–35 years old) at universities in metropolitan cities. Partial least squares structural equation modeling was used to analyze the data.

The results show that while most information characteristics and consumer factors are vital for slow fashion attitudes and intention formation, information quality and trust in the sources were a problem in individualistic cultures as opposed to the collectivist culture. This finding confirms the greater tendency of collectivists to trust disseminated information on environmental issues. In all cultures, attitudes impacted idea adoption intentions. On testing IACM, the multigroup analyses showed no significant differences between young adults in the individualistic cultures. Attitudes mediated most relationships and were highly explained by IACM (South Africa, 49.6%; China, 74.5%; and Canada, 64.5%).

In emerging and developed markets, this study informs environmentalists and green fashion brands of information characteristics that can create positive attitudes and slow fashion idea adoption intentions among influential young adults.

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Determinants of young adults' slow fashion attitudes and idea adoption intentions in Canada, China and South Africa10.1108/IJOEM-03-2023-0362International Journal of Emerging Markets2024-01-22© 2024 Emerald Publishing LimitedHelen Inseng DuhHong YuMarike Venter de VilliersVladimira SteffekDan ShaoInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-2210.1108/IJOEM-03-2023-0362https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0362/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
CEO risk preference and M&A payment method: considering the non-economic factorshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0375/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors investigate the effects of Chinese acquirer’s chief executive officer (CEO) risk preference on mergers and acquisitions (M&A) payment method and the moderating roles played by acquirer’s ownership, industry relatedness and whether the M&A is cross-border. Using 4,624 worldwide M&A deals conducted by Chinese firms from 2009 to 2021, the authors conduct multiple linear regression and ordered probit regression. And comprehensive indexes constructed based on the observed features of acquirer’s CEOs are used to be the proxy for CEO risk preference. The results show that the higher-level Chinese acquirer’s CEO risk preference is overall positively associated with using more stock in payment. Moreover, the above relationship is strengthened if the ownership of the acquirer is state-owned. The authors highlight the importance of the non-economic factors and demonstrate a relationship between the Chinese acquirer’s CEO risk preference and the M&A payment method, providing support for and enriching the upper echelons theory (UET). Moreover, the unique risk priorities of Chinese acquirers’ CEOs are revealed.CEO risk preference and M&A payment method: considering the non-economic factors
Jianquan Guo, He Cheng
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The authors investigate the effects of Chinese acquirer’s chief executive officer (CEO) risk preference on mergers and acquisitions (M&A) payment method and the moderating roles played by acquirer’s ownership, industry relatedness and whether the M&A is cross-border.

Using 4,624 worldwide M&A deals conducted by Chinese firms from 2009 to 2021, the authors conduct multiple linear regression and ordered probit regression. And comprehensive indexes constructed based on the observed features of acquirer’s CEOs are used to be the proxy for CEO risk preference.

The results show that the higher-level Chinese acquirer’s CEO risk preference is overall positively associated with using more stock in payment. Moreover, the above relationship is strengthened if the ownership of the acquirer is state-owned.

The authors highlight the importance of the non-economic factors and demonstrate a relationship between the Chinese acquirer’s CEO risk preference and the M&A payment method, providing support for and enriching the upper echelons theory (UET). Moreover, the unique risk priorities of Chinese acquirers’ CEOs are revealed.

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CEO risk preference and M&A payment method: considering the non-economic factors10.1108/IJOEM-03-2023-0375International Journal of Emerging Markets2024-02-08© 2024 Emerald Publishing LimitedJianquan GuoHe ChengInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-0810.1108/IJOEM-03-2023-0375https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0375/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
How does terrorism hollow out the sustainable economic growth in Big Ten Countries?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0384/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe main objective of this research is to investigate if there is a long-term relationship between “terrorism” and sustainable “economic growth” in Big Ten Countries. The data was tested via Panel ARDL Analysis. The growth rate (GR) is the dependent variable, and the “Global Terror Index (GTI)” is the independent variable as the terror indicator. The ratio of Foreign Direct Investment (FDI) to the Gross Domestic Product (GDP), and the ratio of External Balance (EB) to Gross Domestic Product (GDP) are included in the model as the control variables due to their effect on the growth rate. A Panel ARDL analysis is conducted to examine the existence of long-term co-integration between terror and the economy. The planning of the study, the formation of its theoretical and conceptual framework, and the literature research were carried out in 2 months, and the collection of data, the creation of the methodology and the analysis of the analyzes were carried out in 2 months, the interpretation of the findings and the development of policy recommendations were carried out within a period of 1 month. The entire study was completed in a total of 5 months. Results showed that “Terror” has a negative impact on “Growth Rate” in the long term while “External Balance” and “Foreign Direct Investment” positively affect the Growth Rate. The coefficients for the short term are not statistically significant. The sample is only limited to Big Ten including China, India, Indonesia, South Korea, Argentina, Brazil, Mexico, Turkey, Poland and South Africa. The period for annual data collection covers the years between 2002 and 2019 and due to the unavailability of data. Considering the risks and the mutual negative effect that turns into a vicious circle between terrorism and the economy, it is necessary to eliminate the problems that cause terrorism in the mentioned countries, on the one hand, and to develop policies that will improve economic performance on the other. Trustful law enforcement bodies have to be established and supported by all technological means to prevent terror. The conditions causing terror have to be investigated carefully and the problems causing terror or internal conflict have to be solved. International cooperation against terrorism has to be strengthened and partnerships, information, experience sharing have to be supported at the maximum levels. It is certain that terror might have a negative influence on the performance of economies. But the limited number of studies within this vein and the small size of their sample groups mostly including single-country case studies require conducting a study by using a larger sample group of countries. Big Ten here represents at least half of the population of the world and different regions of the Globe.How does terrorism hollow out the sustainable economic growth in Big Ten Countries?
Ahmet Keser, Ibrahim Cutcu, Sunil Tiwari, Mehmet Vahit Eren, S.S. Askar, Mohamed Abouhawwash
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The main objective of this research is to investigate if there is a long-term relationship between “terrorism” and sustainable “economic growth” in Big Ten Countries.

The data was tested via Panel ARDL Analysis. The growth rate (GR) is the dependent variable, and the “Global Terror Index (GTI)” is the independent variable as the terror indicator. The ratio of Foreign Direct Investment (FDI) to the Gross Domestic Product (GDP), and the ratio of External Balance (EB) to Gross Domestic Product (GDP) are included in the model as the control variables due to their effect on the growth rate. A Panel ARDL analysis is conducted to examine the existence of long-term co-integration between terror and the economy. The planning of the study, the formation of its theoretical and conceptual framework, and the literature research were carried out in 2 months, and the collection of data, the creation of the methodology and the analysis of the analyzes were carried out in 2 months, the interpretation of the findings and the development of policy recommendations were carried out within a period of 1 month. The entire study was completed in a total of 5 months.

Results showed that “Terror” has a negative impact on “Growth Rate” in the long term while “External Balance” and “Foreign Direct Investment” positively affect the Growth Rate. The coefficients for the short term are not statistically significant.

The sample is only limited to Big Ten including China, India, Indonesia, South Korea, Argentina, Brazil, Mexico, Turkey, Poland and South Africa. The period for annual data collection covers the years between 2002 and 2019 and due to the unavailability of data.

Considering the risks and the mutual negative effect that turns into a vicious circle between terrorism and the economy, it is necessary to eliminate the problems that cause terrorism in the mentioned countries, on the one hand, and to develop policies that will improve economic performance on the other.

Trustful law enforcement bodies have to be established and supported by all technological means to prevent terror. The conditions causing terror have to be investigated carefully and the problems causing terror or internal conflict have to be solved. International cooperation against terrorism has to be strengthened and partnerships, information, experience sharing have to be supported at the maximum levels.

It is certain that terror might have a negative influence on the performance of economies. But the limited number of studies within this vein and the small size of their sample groups mostly including single-country case studies require conducting a study by using a larger sample group of countries. Big Ten here represents at least half of the population of the world and different regions of the Globe.

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How does terrorism hollow out the sustainable economic growth in Big Ten Countries?10.1108/IJOEM-03-2023-0384International Journal of Emerging Markets2023-06-05© 2023 Emerald Publishing LimitedAhmet KeserIbrahim CutcuSunil TiwariMehmet Vahit ErenS.S. AskarMohamed AbouhawwashInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-0510.1108/IJOEM-03-2023-0384https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0384/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effects of social capital on cross-cultural eWOM communication in minority-mainstream consumer interactions on social mediahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0389/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestSocial media sites facilitate electronic word of mouth (eWOM) communication among consumers of diverse cultures and ethnicities. Based on the theory of planned behaviour (TPB), the present research proposes a conceptual framework for minority consumers' engagement in eWOM associated with the mainstream culture. The model incorporates social capital and social interaction as key factors that affect cross-cultural eWOM communication between minority and mainstream consumers. This research also aims to explore the responses of minority consumers to eWOM communications originating with members of the majority group. A structural equation modelling (SEM) procedure was applied to data collected from social media (Facebook) users (N = 539) from two minority communities: Israeli Arab and Israeli Ultra-Orthodox Jewish minorities. The findings show that: (a) minority consumers' engagement with eWOM is indirectly related to social capital, (b) this relationship is mediated by minority consumers' attitudes and their subjective norms regarding eWOM engagement with dominant cultural groups, (c) social interaction of minorities with the dominant culture enhances the influence of social capital on eWOM engagement and (d) behavioural engagement with eWOM varies across cultural minorities, depending on the minority group’s unique cultural characteristics. The findings have managerial implications for practitioners who use social media in their marketing and business activities, as they demonstrate that the effectiveness of eWOM communication is contingent on the cultural characteristics of the ethnic minority consumer groups being targeted by managers. The present research contributes to the theory of consumer engagement by demonstrating that engagement is contingent on the intercultural social context in which eWOM is communicated.The effects of social capital on cross-cultural eWOM communication in minority-mainstream consumer interactions on social media
Shalom Levy, Yaniv Gvili, Hayiel Hino
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Social media sites facilitate electronic word of mouth (eWOM) communication among consumers of diverse cultures and ethnicities. Based on the theory of planned behaviour (TPB), the present research proposes a conceptual framework for minority consumers' engagement in eWOM associated with the mainstream culture. The model incorporates social capital and social interaction as key factors that affect cross-cultural eWOM communication between minority and mainstream consumers. This research also aims to explore the responses of minority consumers to eWOM communications originating with members of the majority group.

A structural equation modelling (SEM) procedure was applied to data collected from social media (Facebook) users (N = 539) from two minority communities: Israeli Arab and Israeli Ultra-Orthodox Jewish minorities.

The findings show that: (a) minority consumers' engagement with eWOM is indirectly related to social capital, (b) this relationship is mediated by minority consumers' attitudes and their subjective norms regarding eWOM engagement with dominant cultural groups, (c) social interaction of minorities with the dominant culture enhances the influence of social capital on eWOM engagement and (d) behavioural engagement with eWOM varies across cultural minorities, depending on the minority group’s unique cultural characteristics.

The findings have managerial implications for practitioners who use social media in their marketing and business activities, as they demonstrate that the effectiveness of eWOM communication is contingent on the cultural characteristics of the ethnic minority consumer groups being targeted by managers.

The present research contributes to the theory of consumer engagement by demonstrating that engagement is contingent on the intercultural social context in which eWOM is communicated.

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The effects of social capital on cross-cultural eWOM communication in minority-mainstream consumer interactions on social media10.1108/IJOEM-03-2023-0389International Journal of Emerging Markets2024-01-08© 2023 Emerald Publishing LimitedShalom LevyYaniv GviliHayiel HinoInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-0810.1108/IJOEM-03-2023-0389https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0389/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
What affects organic farming adoption in emerging economies? A missing link in the Indian agriculture sectorhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0390/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis article intends to explore critical factors that affect the adoption of organic farming in emerging economies. The authors respond to the calls from policymakers, non-government organizations, business firms and scholars to improve the farmers' awareness of the negative impact of synthetic chemical pesticides, phosphorus, potassium fertilizers and mineral nitrogen used in traditional farming. Through self-administered survey questionnaires, responses were obtained from 397 farmers (conventional) regarding organic farming adoption in Haryana (India). The survey responses were collected between October 2022 and December 2022. The authors apply the “partial least squares structural equation modeling” (PLS-SEM) to test the framed hypotheses. The present article demonstrates six critical determinants of organic farming adoption, i.e. behavioral, cultivation, economic, governmental, marketing, and social factors. These six factors drive 71.0% (R2) variation in organic farming adoption. Governmental factors have a positive but insignificant influence on organic farming adoption. Interestingly, the impact of behavioral and cultivation factors is crucial per path coefficient values. For the first time, the authors conducted a study on organic farming adoption in Haryana that lies in its context-specific implementation, utilization of localized knowledge and expertise, regional policy support, agricultural diversification and community participation. Future research can build upon by adding agriculture scientists to the study to respond to the cost, quality of the crop and impact of socio-economic policies as moderators/mediators on adoption decisions.What affects organic farming adoption in emerging economies? A missing link in the Indian agriculture sector
Jitender Kumar, Sudhir Rana, Vinki Rani, Anjali Ahuja
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This article intends to explore critical factors that affect the adoption of organic farming in emerging economies. The authors respond to the calls from policymakers, non-government organizations, business firms and scholars to improve the farmers' awareness of the negative impact of synthetic chemical pesticides, phosphorus, potassium fertilizers and mineral nitrogen used in traditional farming.

Through self-administered survey questionnaires, responses were obtained from 397 farmers (conventional) regarding organic farming adoption in Haryana (India). The survey responses were collected between October 2022 and December 2022. The authors apply the “partial least squares structural equation modeling” (PLS-SEM) to test the framed hypotheses.

The present article demonstrates six critical determinants of organic farming adoption, i.e. behavioral, cultivation, economic, governmental, marketing, and social factors. These six factors drive 71.0% (R2) variation in organic farming adoption. Governmental factors have a positive but insignificant influence on organic farming adoption. Interestingly, the impact of behavioral and cultivation factors is crucial per path coefficient values.

For the first time, the authors conducted a study on organic farming adoption in Haryana that lies in its context-specific implementation, utilization of localized knowledge and expertise, regional policy support, agricultural diversification and community participation. Future research can build upon by adding agriculture scientists to the study to respond to the cost, quality of the crop and impact of socio-economic policies as moderators/mediators on adoption decisions.

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What affects organic farming adoption in emerging economies? A missing link in the Indian agriculture sector10.1108/IJOEM-03-2023-0390International Journal of Emerging Markets2023-08-15© 2023 Emerald Publishing LimitedJitender KumarSudhir RanaVinki RaniAnjali AhujaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-1510.1108/IJOEM-03-2023-0390https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0390/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Connectedness across commodities, stocks, exchange rates and bonds markets in Africa: the Covid-19 pandemic casehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0411/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study measures the total systemic risks and connectedness across commodities, stocks, exchange rates and bond markets in Africa during the Covid-19 pandemic. The study uses the Diebold-Yilmaz spillover and connectedness measures in a generalized VAR framework. The author calculates the net transmitters or receivers of shocks between two assets and visualizes their strength using a network analysis tool. The study found low systemic risks across all assets and countries. However, we found higher systemic risks in the forex market than in the stock and bond markets, and in South Africa than in other countries. The dynamic analysis found time-varying connectedness return shocks, which increased during the peak periods of the first and second waves of the pandemic. We found both gold and oil as net receivers of shocks. Overall, over half of all assets were net receivers, and others were net transmitters of return shocks. The network connectedness plot shows high net pairwise connectedness from Morocco to South Africa stock market. The study has implications for policymakers to develop the capacities of local investors and markets to limit portfolio outflows during a crisis. Previous studies have analyzed spillovers across asset classes in a single country or a single asset across countries. This paper contributes to the literature on network connectedness across assets and countries.Connectedness across commodities, stocks, exchange rates and bonds markets in Africa: the Covid-19 pandemic case
Robert Owusu Boakye, Lord Mensah, Sanghoon Kang, Kofi Osei
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study measures the total systemic risks and connectedness across commodities, stocks, exchange rates and bond markets in Africa during the Covid-19 pandemic.

The study uses the Diebold-Yilmaz spillover and connectedness measures in a generalized VAR framework. The author calculates the net transmitters or receivers of shocks between two assets and visualizes their strength using a network analysis tool.

The study found low systemic risks across all assets and countries. However, we found higher systemic risks in the forex market than in the stock and bond markets, and in South Africa than in other countries. The dynamic analysis found time-varying connectedness return shocks, which increased during the peak periods of the first and second waves of the pandemic. We found both gold and oil as net receivers of shocks. Overall, over half of all assets were net receivers, and others were net transmitters of return shocks. The network connectedness plot shows high net pairwise connectedness from Morocco to South Africa stock market.

The study has implications for policymakers to develop the capacities of local investors and markets to limit portfolio outflows during a crisis.

Previous studies have analyzed spillovers across asset classes in a single country or a single asset across countries. This paper contributes to the literature on network connectedness across assets and countries.

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Connectedness across commodities, stocks, exchange rates and bonds markets in Africa: the Covid-19 pandemic case10.1108/IJOEM-03-2023-0411International Journal of Emerging Markets2024-03-05© 2024 Emerald Publishing LimitedRobert Owusu BoakyeLord MensahSanghoon KangKofi OseiInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-0510.1108/IJOEM-03-2023-0411https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0411/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
How to improve the financial performance of Islamic banks in the MENA region? A Shariah governance perspectivehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0434/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to investigate the impact of Shariah Advisory Board (SAB), Audit committee (AC) and board of directors (BD) characteristics on the performance of Islamic banks (IBs) in the MENA region. The paper employs a quantitative approach, utilizing both ordinary least squares (OLS) regression and panel data analysis (random effects models) to examine the relationship between corporate governance variables and the performance of IBs. The sample consists of 50 IBs from 10 countries, spanning a seven-year period (2010–2016), with the exclusion of the Covid-19 pandemic period. To ensure the robustness of the results, various sensitivity tests were conducted, including pooled regression OLS and subsample analysis based on adhering to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards. The study's findings suggest that the size of the SAB and the membership of at least one member of the SAB on the AAOIFI have a notable adverse effect on the performance of IBs. On the other hand, the AC independence has a positive influence on bank performance. However, there was no significant impact observed for AC size, meeting frequency and BD characteristics on bank performance. The research also revealed nuanced relationships between governance variables and bank performance when analyzing the sample based on AAOIFI adoption. Among banks not adhering to AAOIFI standards, SAB size and CEO duality negatively affected return on assets, while AC independence positively impacted it. For AAOIFI-compliant banks, AC independence significantly improved bank performance, whereas AC meetings exhibited a negative effect. Furthermore, there were no significant relationships observed for return on equity among banks not adhering to AAOIFI standards, whereas AAOIFI-compliant banks experienced positive impacts from AC independence. These results offer valuable insights into the intricate connection between governance attributes and bank performance, particularly in the context of AAOIFI standards adoption. The study's findings have important practical implications for various stakeholders in the Islamic banking industry. For bank practitioners and management, the study highlights the significance of enhancing the independence of AC to improve decision-making and risk management, leading to better bank performance. Moreover, careful selection of SAB members can mitigate potential negative effects on performance. Policymakers may consider promoting AAOIFI standards to shape the relationship between governance and bank performance. Investors can use the insights to make informed decisions, and banks with stronger governance may attract more investments. Through quantitative analysis and AAOIFI-based sample division, this study adds to the growing literature on corporate governance and the performance of IBs by examining the impact of multiple corporate governance variables on the performance of IBs in the MENA region. To provide a theoretical basis for this relationship, three theories, namely agency, stewardship and stakeholder theories, are employed and discussed.How to improve the financial performance of Islamic banks in the MENA region? A Shariah governance perspective
Ines Kateb, Olfa Nafti, Asma Zeddini
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to investigate the impact of Shariah Advisory Board (SAB), Audit committee (AC) and board of directors (BD) characteristics on the performance of Islamic banks (IBs) in the MENA region.

The paper employs a quantitative approach, utilizing both ordinary least squares (OLS) regression and panel data analysis (random effects models) to examine the relationship between corporate governance variables and the performance of IBs. The sample consists of 50 IBs from 10 countries, spanning a seven-year period (2010–2016), with the exclusion of the Covid-19 pandemic period. To ensure the robustness of the results, various sensitivity tests were conducted, including pooled regression OLS and subsample analysis based on adhering to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards.

The study's findings suggest that the size of the SAB and the membership of at least one member of the SAB on the AAOIFI have a notable adverse effect on the performance of IBs. On the other hand, the AC independence has a positive influence on bank performance. However, there was no significant impact observed for AC size, meeting frequency and BD characteristics on bank performance. The research also revealed nuanced relationships between governance variables and bank performance when analyzing the sample based on AAOIFI adoption. Among banks not adhering to AAOIFI standards, SAB size and CEO duality negatively affected return on assets, while AC independence positively impacted it. For AAOIFI-compliant banks, AC independence significantly improved bank performance, whereas AC meetings exhibited a negative effect. Furthermore, there were no significant relationships observed for return on equity among banks not adhering to AAOIFI standards, whereas AAOIFI-compliant banks experienced positive impacts from AC independence. These results offer valuable insights into the intricate connection between governance attributes and bank performance, particularly in the context of AAOIFI standards adoption.

The study's findings have important practical implications for various stakeholders in the Islamic banking industry. For bank practitioners and management, the study highlights the significance of enhancing the independence of AC to improve decision-making and risk management, leading to better bank performance. Moreover, careful selection of SAB members can mitigate potential negative effects on performance. Policymakers may consider promoting AAOIFI standards to shape the relationship between governance and bank performance. Investors can use the insights to make informed decisions, and banks with stronger governance may attract more investments.

Through quantitative analysis and AAOIFI-based sample division, this study adds to the growing literature on corporate governance and the performance of IBs by examining the impact of multiple corporate governance variables on the performance of IBs in the MENA region. To provide a theoretical basis for this relationship, three theories, namely agency, stewardship and stakeholder theories, are employed and discussed.

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How to improve the financial performance of Islamic banks in the MENA region? A Shariah governance perspective10.1108/IJOEM-03-2023-0434International Journal of Emerging Markets2023-11-06© 2023 Emerald Publishing LimitedInes KatebOlfa NaftiAsma ZeddiniInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-0610.1108/IJOEM-03-2023-0434https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0434/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Factors affecting buying decisions of Islamic banking products: the moderating role of religious beliefhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0439/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to examine the impact of the marketing mix, customer perceptions, and religion on the buying decision of Islamic banking products in an emerging market namely the United Arab Emirates (UAE). This study adopts a quantitative approach to analyze the data of 435 respondents collected through an online survey during January–February 2022. Data analysis of direct and moderating relationships are done through Smart PLS (partial least squares) using structural equation modelling (SEM) technique. The results indicate that marketing mix (product, price, place and promotion) and customer perceptions have a positive direct relation with the buying decision of Islamic banking products in the UAE. However, moderation analysis shows that religion is a non-significant moderator for the above relationships. This study combines potential variables from the perspectives of marketing, human mindset, and individual beliefs. The findings of this study provide a wider understanding of consumer behavior toward Islamic banking products. Marketers of the Islamic banking industry can utilize these findings for effective market segmentation and well-crafted marketing strategies. This will ultimately contribute to the sustainable growth and development of the Islamic banking industry in the UAE and other regions.Factors affecting buying decisions of Islamic banking products: the moderating role of religious belief
Husam-Aldin Nizar Al-Malkawi, Shahid Rizwan, Adel Sarea
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to examine the impact of the marketing mix, customer perceptions, and religion on the buying decision of Islamic banking products in an emerging market namely the United Arab Emirates (UAE).

This study adopts a quantitative approach to analyze the data of 435 respondents collected through an online survey during January–February 2022. Data analysis of direct and moderating relationships are done through Smart PLS (partial least squares) using structural equation modelling (SEM) technique.

The results indicate that marketing mix (product, price, place and promotion) and customer perceptions have a positive direct relation with the buying decision of Islamic banking products in the UAE. However, moderation analysis shows that religion is a non-significant moderator for the above relationships.

This study combines potential variables from the perspectives of marketing, human mindset, and individual beliefs. The findings of this study provide a wider understanding of consumer behavior toward Islamic banking products. Marketers of the Islamic banking industry can utilize these findings for effective market segmentation and well-crafted marketing strategies. This will ultimately contribute to the sustainable growth and development of the Islamic banking industry in the UAE and other regions.

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Factors affecting buying decisions of Islamic banking products: the moderating role of religious belief10.1108/IJOEM-03-2023-0439International Journal of Emerging Markets2023-11-24© 2023 Emerald Publishing LimitedHusam-Aldin Nizar Al-MalkawiShahid RizwanAdel SareaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-2410.1108/IJOEM-03-2023-0439https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0439/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Nonstate ownership, agency costs and corporate performance: evidence from Chinese state-owned enterpriseshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0443/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe primary objective of introducing nonstate ownership into state-owned enterprises (SOEs) is to enhance corporate performance. This study explores how nonstate ownership affects corporate performance, emphasizing agency costs as the primary mechanism. Using data from 2010 to 2019 for listed SOEs, the authors measure nonstate ownership based on shareholding ratios, control rights and shareholding–control matching. The authors also use fixed-effects and mediation-effects models, with agency costs as the primary mechanism. Increased nonstate shareholding ratios, stronger control rights and improved shareholding–control matching promote SOE performance. Nonstate shareholding ratios boost performance through resource effects, while control rights and shareholding–control matching promote performance by mitigating agency costs. A heterogeneity analysis indicates stronger effects in local SOEs and highly marketized regions. Moreover, control rights and shareholding–control matching reinforce the positive impact of shareholding ratios on performance. The mixed-ownership reform of Chinese SOEs aims to optimize shareholding and control structures between state and nonstate shareholders. Therefore, research on the impact of nonstate shareholding ratios, control rights and shareholding–control matching on corporate performance is highly pertinent. However, existing studies have focused on the effects of single factors on performance, without exploration of the economic implications of shareholding–control matching. This study not only prioritizes the optimization of shareholding and control structures but also underscores the importance of granting nonstate shareholders control rights proportionate to their shareholding, providing critical evidence of the value of improving SOEs' ownership structure.Nonstate ownership, agency costs and corporate performance: evidence from Chinese state-owned enterprises
Qi-an Chen, Anze Bao, Junpei Chen, Yi Lu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The primary objective of introducing nonstate ownership into state-owned enterprises (SOEs) is to enhance corporate performance. This study explores how nonstate ownership affects corporate performance, emphasizing agency costs as the primary mechanism.

Using data from 2010 to 2019 for listed SOEs, the authors measure nonstate ownership based on shareholding ratios, control rights and shareholding–control matching. The authors also use fixed-effects and mediation-effects models, with agency costs as the primary mechanism.

Increased nonstate shareholding ratios, stronger control rights and improved shareholding–control matching promote SOE performance. Nonstate shareholding ratios boost performance through resource effects, while control rights and shareholding–control matching promote performance by mitigating agency costs. A heterogeneity analysis indicates stronger effects in local SOEs and highly marketized regions. Moreover, control rights and shareholding–control matching reinforce the positive impact of shareholding ratios on performance.

The mixed-ownership reform of Chinese SOEs aims to optimize shareholding and control structures between state and nonstate shareholders. Therefore, research on the impact of nonstate shareholding ratios, control rights and shareholding–control matching on corporate performance is highly pertinent. However, existing studies have focused on the effects of single factors on performance, without exploration of the economic implications of shareholding–control matching. This study not only prioritizes the optimization of shareholding and control structures but also underscores the importance of granting nonstate shareholders control rights proportionate to their shareholding, providing critical evidence of the value of improving SOEs' ownership structure.

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Nonstate ownership, agency costs and corporate performance: evidence from Chinese state-owned enterprises10.1108/IJOEM-03-2023-0443International Journal of Emerging Markets2023-12-07© 2023 Emerald Publishing LimitedQi-an ChenAnze BaoJunpei ChenYi LuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-0710.1108/IJOEM-03-2023-0443https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0443/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Inflation and stock market growth: the case of IPO withdrawalhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0452/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDriven by the anticipated global stagflation, this straightforward yet novel study examines the cost of inflation as a macroeconomic factor by investigating its influence on stock market growth. Thus, this paper aims to examine the impact of inflation on the probability of initial public offering (IPO) withdrawal decision. The paper employs a large dataset that covers the period January 1995–December 2019 and comprises 33,536 successful or withdrawn IPOs from 22 nations with various legal and cultural systems. This study applies a probit model utilizing version 15 of Stata statistical software. This study finds that inflation is substantially and positively correlated with the likelihood of IPO withdrawal. Results of this study show that the IPO withdrawal decision increases up to 90% when the inflation rate climbs by 10%. Multiple robustness tests provide consistent findings. This study's implications are important for researchers, investment banks, underwriters, issuers, regulators and stock exchanges. When processing IPO proposals, investment banks, underwriters and issuers must consider inflation projections to avoid negative effects, as demonstrated by the findings. In addition, regulators and stock exchanges must be aware of the detrimental impact of inflation on competitiveness in attracting new listings. To the best of the authors’ knowledge, this study is the first to present convincing evidence of a major relationship between IPO withdrawal decision and inflation.Inflation and stock market growth: the case of IPO withdrawal
Fouad Jamaani, Abdullah M. Alawadhi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Driven by the anticipated global stagflation, this straightforward yet novel study examines the cost of inflation as a macroeconomic factor by investigating its influence on stock market growth. Thus, this paper aims to examine the impact of inflation on the probability of initial public offering (IPO) withdrawal decision.

The paper employs a large dataset that covers the period January 1995–December 2019 and comprises 33,536 successful or withdrawn IPOs from 22 nations with various legal and cultural systems. This study applies a probit model utilizing version 15 of Stata statistical software.

This study finds that inflation is substantially and positively correlated with the likelihood of IPO withdrawal. Results of this study show that the IPO withdrawal decision increases up to 90% when the inflation rate climbs by 10%. Multiple robustness tests provide consistent findings.

This study's implications are important for researchers, investment banks, underwriters, issuers, regulators and stock exchanges. When processing IPO proposals, investment banks, underwriters and issuers must consider inflation projections to avoid negative effects, as demonstrated by the findings. In addition, regulators and stock exchanges must be aware of the detrimental impact of inflation on competitiveness in attracting new listings.

To the best of the authors’ knowledge, this study is the first to present convincing evidence of a major relationship between IPO withdrawal decision and inflation.

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Inflation and stock market growth: the case of IPO withdrawal10.1108/IJOEM-03-2023-0452International Journal of Emerging Markets2023-11-21© 2023 Emerald Publishing LimitedFouad JamaaniAbdullah M. AlawadhiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-2110.1108/IJOEM-03-2023-0452https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0452/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Economic institutions, political institutions and public debt in Sub-Saharan Africahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0490/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study assessed the role of political institutions in the relationship between economic institutions and public debt in Sub-Saharan Africa. Based on data availability, the study was done for 40 Sub-Saharan African countries from 2010 to 2019 employing generalized method of moment. The authors documented a negative and significant relationship between economic institutions and public debt as well as a negative and significant effect of political institutions on public debt in SSA. Also, the study recorded that political institutions play a negative and significant role in the economic institutions-public debt nexus in Sub-Saharan Africa. However, a threshold of 3.691 is given when it comes to the role of political institutions in the association between government spending and public debt nexus in SSA. The authors failed to take certain indicators of economic institutions, such as freedom to trade internationally, the size of government and legal system and property into consideration. The authors suggest that democracy is necessary for boosting economic institutions-induced public debt reduction in SSA. The novelty of this study is evident in two ways: first, the authors assessed the relationship between economic institutions and public debt in SSA using novel measures such as government integrity, tax burden and government spending from the Heritage Foundation instead of traditional institution measures from World Governance Indicators used by earlier studies. The authors further contribute to literature by being the first to consider the foundational role of political institutions in employing economic institutions to fight high public debt in SSA. Again, the authors included the threshold at which political institutions can cause economic institutions to have a desired impact on public debt in SSA.Economic institutions, political institutions and public debt in Sub-Saharan Africa
Victoria Abena Nutassey, Bomi Cyril Nomlala, Mabutho Sibanda
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study assessed the role of political institutions in the relationship between economic institutions and public debt in Sub-Saharan Africa.

Based on data availability, the study was done for 40 Sub-Saharan African countries from 2010 to 2019 employing generalized method of moment.

The authors documented a negative and significant relationship between economic institutions and public debt as well as a negative and significant effect of political institutions on public debt in SSA. Also, the study recorded that political institutions play a negative and significant role in the economic institutions-public debt nexus in Sub-Saharan Africa. However, a threshold of 3.691 is given when it comes to the role of political institutions in the association between government spending and public debt nexus in SSA.

The authors failed to take certain indicators of economic institutions, such as freedom to trade internationally, the size of government and legal system and property into consideration.

The authors suggest that democracy is necessary for boosting economic institutions-induced public debt reduction in SSA.

The novelty of this study is evident in two ways: first, the authors assessed the relationship between economic institutions and public debt in SSA using novel measures such as government integrity, tax burden and government spending from the Heritage Foundation instead of traditional institution measures from World Governance Indicators used by earlier studies. The authors further contribute to literature by being the first to consider the foundational role of political institutions in employing economic institutions to fight high public debt in SSA. Again, the authors included the threshold at which political institutions can cause economic institutions to have a desired impact on public debt in SSA.

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Economic institutions, political institutions and public debt in Sub-Saharan Africa10.1108/IJOEM-03-2023-0490International Journal of Emerging Markets2023-07-17© 2023 Emerald Publishing LimitedVictoria Abena NutasseyBomi Cyril NomlalaMabutho SibandaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-1710.1108/IJOEM-03-2023-0490https://www.emerald.com/insight/content/doi/10.1108/IJOEM-03-2023-0490/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Uncover the heterogeneity of EMNE's institutional difficulty perception and its behavioral orientation – evidence of Chinese MNEs' FDI in Taiwanhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2021-0513/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe existing research on institutional distance implicitly posits the monotonic effect of contextual differences on the multinational enterprise (MNE) behaviors (e.g. entry mode, research and development (R&D) investment and subsidiary reverse knowledge transfer). Namely, MNEs from the same home to the same host countries are thought to have homogenous perceptions on the institutional influences and thus behave similarly. However, the authors argue that MNEs, due to their different performance aspirations in host countries, will have heterogenous perceptions on such contextual influences and thereafter behave differently. Drawing on the behavioral theory of the firm and employing a unique sample comprised of 140 Chinese MNEs' foreign direct investments (FDIs) in Taiwan in 2017, the authors developed and tested the hypotheses. The authors found that the emerging-market MNEs' (EMNEs’) perceptions of higher local institutional difficulties will be strengthened when their local performances are below their aspiration levels, making them more risk-taking. Nevertheless, EMNEs' local experiences and local equity-based partnerships will mitigate such negative perceptions, mitigating their risk-taking orientation. The empirical findings make contributes to the international business (IB) literature by extending knowledge on the determinants and conditions of the heterogeneity in EMNEs' behavioral orientations when in face of the same institutional distance. The authors also provide managerial implications by showing that EMNEs' firm-specific resources (i.e. local experience and local equity-based partnership) will alter their perceptions of local institutional difficulties, leading to different behavioral orientations.Uncover the heterogeneity of EMNE's institutional difficulty perception and its behavioral orientation – evidence of Chinese MNEs' FDI in Taiwan
Chun-Ping Yeh, Yi-Chi Hsiao, Sebastian Gebhadt
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The existing research on institutional distance implicitly posits the monotonic effect of contextual differences on the multinational enterprise (MNE) behaviors (e.g. entry mode, research and development (R&D) investment and subsidiary reverse knowledge transfer). Namely, MNEs from the same home to the same host countries are thought to have homogenous perceptions on the institutional influences and thus behave similarly. However, the authors argue that MNEs, due to their different performance aspirations in host countries, will have heterogenous perceptions on such contextual influences and thereafter behave differently.

Drawing on the behavioral theory of the firm and employing a unique sample comprised of 140 Chinese MNEs' foreign direct investments (FDIs) in Taiwan in 2017, the authors developed and tested the hypotheses.

The authors found that the emerging-market MNEs' (EMNEs’) perceptions of higher local institutional difficulties will be strengthened when their local performances are below their aspiration levels, making them more risk-taking. Nevertheless, EMNEs' local experiences and local equity-based partnerships will mitigate such negative perceptions, mitigating their risk-taking orientation.

The empirical findings make contributes to the international business (IB) literature by extending knowledge on the determinants and conditions of the heterogeneity in EMNEs' behavioral orientations when in face of the same institutional distance. The authors also provide managerial implications by showing that EMNEs' firm-specific resources (i.e. local experience and local equity-based partnership) will alter their perceptions of local institutional difficulties, leading to different behavioral orientations.

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Uncover the heterogeneity of EMNE's institutional difficulty perception and its behavioral orientation – evidence of Chinese MNEs' FDI in Taiwan10.1108/IJOEM-04-2021-0513International Journal of Emerging Markets2023-09-21© 2023 Emerald Publishing LimitedChun-Ping YehYi-Chi HsiaoSebastian GebhadtInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-2110.1108/IJOEM-04-2021-0513https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2021-0513/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The influence of government affiliations on firm product innovation in a dynamic institutional environment: insights from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2021-0622/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestBuilding on resource dependence theory and the dynamic institution-based view, this paper examines the influence of government affiliations on firm product innovation in a dynamic institutional environment. Using unique panel data of Chinese manufacturing firms covering a period of 12 years (1998–2009) with 2,564,547 firm-year observations, this study chooses the panel Tobit model with random effects to explore the influence of government affiliations on firm product innovation, followed by an analysis to test the moderation effects of dynamic institutional environments. The study findings suggest that Chinese firms with higher-level government affiliations have a relatively high product innovation performance. It finds that this innovation stimulating effect is contingent on the dynamic nature of the institutional environment. To be specific, a high speed of institutional transition may depress the positive innovation effects of government affiliations, while a more synchronized transition speed of institutional components may enhance the positive innovation effects of firms' government affiliations. This study adds to a better understanding of the drivers of product innovation in Chinese firms that are situated in environments that are characterized by institutional change, using and contributing to resource dependence theory and the dynamic institution-based view.The influence of government affiliations on firm product innovation in a dynamic institutional environment: insights from China
Chun Yang, Bart Bossink, Peter Peverelli
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Building on resource dependence theory and the dynamic institution-based view, this paper examines the influence of government affiliations on firm product innovation in a dynamic institutional environment.

Using unique panel data of Chinese manufacturing firms covering a period of 12 years (1998–2009) with 2,564,547 firm-year observations, this study chooses the panel Tobit model with random effects to explore the influence of government affiliations on firm product innovation, followed by an analysis to test the moderation effects of dynamic institutional environments.

The study findings suggest that Chinese firms with higher-level government affiliations have a relatively high product innovation performance. It finds that this innovation stimulating effect is contingent on the dynamic nature of the institutional environment. To be specific, a high speed of institutional transition may depress the positive innovation effects of government affiliations, while a more synchronized transition speed of institutional components may enhance the positive innovation effects of firms' government affiliations.

This study adds to a better understanding of the drivers of product innovation in Chinese firms that are situated in environments that are characterized by institutional change, using and contributing to resource dependence theory and the dynamic institution-based view.

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The influence of government affiliations on firm product innovation in a dynamic institutional environment: insights from China10.1108/IJOEM-04-2021-0622International Journal of Emerging Markets2023-04-04© 2023 Emerald Publishing LimitedChun YangBart BossinkPeter PeverelliInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-0410.1108/IJOEM-04-2021-0622https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2021-0622/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The informativeness of the top holdings of Chinese equity mutual fundshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0553/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to determine whether the stock holdings of equity mutual funds are informative for predicting future stock performance in the Chinese market. It is a puzzle that actively managed mutual funds underperform passive benchmarks, whereas retail investors still delegate investment decisions to the fund managers. The present study sheds light on whether mutual fund managers possess security selection skills in their top ten holdings. By regression analysis and portfolio sorting, this study focuses on 830 Chinese A-share stocks in the industry research reports from the Guotai Junan Securities Company. It collects mutual fund's top ten holdings data from the Wind Financial Terminal between 2019Q1 and 2021Q1. As robustness checks, the result holds for the fixed-effect model, an additional measure of ranks in the top ten holdings, the predictability test based on the confusion matrix and two stage least square (2SLS) regression. The authors find that the top ten holdings by equity mutual funds are informative for predicting stock performance and can provide valuable information for investors to support their decision-making. The findings of this study provide insightful guidance for retail investors in making investment decisions and support the hypothesis that active fund management adds value. Firstly, the authors find that the top ten holdings of Chinese mutual funds show significantly positive signals for future stock excess returns, indicating the selection skills of fund managers. Secondly, the above positive relationship exhibits a diminishing marginal effect with more funds holding this stock. Thirdly, the authors find that the predictability horizon of the number of overweighing funds is up to three quarters and then diminishes in the fourth quarter. Finally, investors have a 59% prediction accuracy for the whole stock sample and an 85% precision conditional on the predicted positive subsample to outperform the market. The authors also address the endogeneity and reverse causality issues.The informativeness of the top holdings of Chinese equity mutual funds
Shuyi Yao, Jianing Zhang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to determine whether the stock holdings of equity mutual funds are informative for predicting future stock performance in the Chinese market. It is a puzzle that actively managed mutual funds underperform passive benchmarks, whereas retail investors still delegate investment decisions to the fund managers. The present study sheds light on whether mutual fund managers possess security selection skills in their top ten holdings.

By regression analysis and portfolio sorting, this study focuses on 830 Chinese A-share stocks in the industry research reports from the Guotai Junan Securities Company. It collects mutual fund's top ten holdings data from the Wind Financial Terminal between 2019Q1 and 2021Q1. As robustness checks, the result holds for the fixed-effect model, an additional measure of ranks in the top ten holdings, the predictability test based on the confusion matrix and two stage least square (2SLS) regression.

The authors find that the top ten holdings by equity mutual funds are informative for predicting stock performance and can provide valuable information for investors to support their decision-making.

The findings of this study provide insightful guidance for retail investors in making investment decisions and support the hypothesis that active fund management adds value.

Firstly, the authors find that the top ten holdings of Chinese mutual funds show significantly positive signals for future stock excess returns, indicating the selection skills of fund managers. Secondly, the above positive relationship exhibits a diminishing marginal effect with more funds holding this stock. Thirdly, the authors find that the predictability horizon of the number of overweighing funds is up to three quarters and then diminishes in the fourth quarter. Finally, investors have a 59% prediction accuracy for the whole stock sample and an 85% precision conditional on the predicted positive subsample to outperform the market. The authors also address the endogeneity and reverse causality issues.

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The informativeness of the top holdings of Chinese equity mutual funds10.1108/IJOEM-04-2022-0553International Journal of Emerging Markets2022-12-30© 2022 Emerald Publishing LimitedShuyi YaoJianing ZhangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-3010.1108/IJOEM-04-2022-0553https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0553/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Mediating role of profitability relating financial leverage and stock returnshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0557/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to highlight firms' profitability as an alternative channel by which changes in leverage could affect stock returns in an imperfect market setting. The author also analytically argues that the benefits of debt, if any, may accrue beyond the usual tax benefit channel. The author used multivariate regression models based on firms' characteristics and the models' changes along with a two-stage least-square (2SLS) type procedure to estimate the impact of leverage changes on stock returns. The author controls for the varying arbitrage risk that is measured by forecasted idiosyncratic volatility of stock prices and overcome simultaneous or endogenous determination by using inter-temporal non-synchronous variation in leverage and control variables. The author finds that increase in leverage increase (decrease) stock returns for firms with the gross operating profitability higher (lower) than the cost of debt. The author also finds that the variation in arbitrage risk does not substitute for the primary effect of leverage changes on stock returns. The author's findings provide tacit support to the recent literature attempting to resolve the empirically puzzling pattern of the negative relationship between profitability and leverage. The findings suggest inclusion of profitability as a crucial asset-pricing factor in the contemporary empirical models. The non-trivial role of profitability in determining the effect of leverage on firms' stock returns that may be useful to managers, credit analysts and policy makers to assess the impact of net profitability on any change in leverage and its ensuing consequences on firms' value. The paper develops analytical insights into the marginal role of profitability in influencing the relationship between firms' financing decisions and firms' stock returns beyond the conventional mechanisms of tax benefits, bankruptcy costs and information asymmetry.Mediating role of profitability relating financial leverage and stock returns
Gaurav Singh Chauhan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to highlight firms' profitability as an alternative channel by which changes in leverage could affect stock returns in an imperfect market setting. The author also analytically argues that the benefits of debt, if any, may accrue beyond the usual tax benefit channel.

The author used multivariate regression models based on firms' characteristics and the models' changes along with a two-stage least-square (2SLS) type procedure to estimate the impact of leverage changes on stock returns. The author controls for the varying arbitrage risk that is measured by forecasted idiosyncratic volatility of stock prices and overcome simultaneous or endogenous determination by using inter-temporal non-synchronous variation in leverage and control variables.

The author finds that increase in leverage increase (decrease) stock returns for firms with the gross operating profitability higher (lower) than the cost of debt. The author also finds that the variation in arbitrage risk does not substitute for the primary effect of leverage changes on stock returns.

The author's findings provide tacit support to the recent literature attempting to resolve the empirically puzzling pattern of the negative relationship between profitability and leverage. The findings suggest inclusion of profitability as a crucial asset-pricing factor in the contemporary empirical models.

The non-trivial role of profitability in determining the effect of leverage on firms' stock returns that may be useful to managers, credit analysts and policy makers to assess the impact of net profitability on any change in leverage and its ensuing consequences on firms' value.

The paper develops analytical insights into the marginal role of profitability in influencing the relationship between firms' financing decisions and firms' stock returns beyond the conventional mechanisms of tax benefits, bankruptcy costs and information asymmetry.

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Mediating role of profitability relating financial leverage and stock returns10.1108/IJOEM-04-2022-0557International Journal of Emerging Markets2023-01-04© 2022 Emerald Publishing LimitedGaurav Singh ChauhanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-0410.1108/IJOEM-04-2022-0557https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0557/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Gimmick or revolution: can corporate digital transformation improve accounting information quality?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0572/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study explores the impact mechanism of corporate digital transformation (CDT) on the quality of accounting information. Samples of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2020 are used as a research sample. The empirical analysis is based on the ordinary least squares regression model, and mediation and moderation effect models were used in further analysis. This study finds that CDT enhances accounting information quality by alleviating the agency problem. This positive effect is more significant among firms that exhibit less media coverage, have low industry competition and are not subject to cyber-attack. This study extends the economic consequences of CDT and enriches the literature on the factors that affect accounting information quality. Further, this study's findings guide the government to actively promote CDT, facilitate the digital upgrading of industries and improve accounting information quality and efficiency in capital markets.Gimmick or revolution: can corporate digital transformation improve accounting information quality?
Wanyi Chen, Weiyu Cai, Yingfan Hu, Yuke Zhang, Qinyuan Yu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study explores the impact mechanism of corporate digital transformation (CDT) on the quality of accounting information.

Samples of A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2020 are used as a research sample. The empirical analysis is based on the ordinary least squares regression model, and mediation and moderation effect models were used in further analysis.

This study finds that CDT enhances accounting information quality by alleviating the agency problem. This positive effect is more significant among firms that exhibit less media coverage, have low industry competition and are not subject to cyber-attack.

This study extends the economic consequences of CDT and enriches the literature on the factors that affect accounting information quality. Further, this study's findings guide the government to actively promote CDT, facilitate the digital upgrading of industries and improve accounting information quality and efficiency in capital markets.

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Gimmick or revolution: can corporate digital transformation improve accounting information quality?10.1108/IJOEM-04-2022-0572International Journal of Emerging Markets2022-12-12© 2022 Emerald Publishing LimitedWanyi ChenWeiyu CaiYingfan HuYuke ZhangQinyuan YuInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-1210.1108/IJOEM-04-2022-0572https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0572/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Performance of franchisee: the role of reciprocal resources, relationship quality and cultural sensitivityhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0581/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to reveal the impact mechanism of franchisor-owned resources, franchise relationship quality and franchisee's dynamic capabilities on franchisee performance, with the moderating role of cultural sensitivity. The sample consisted of 290 middle managers and team leaders at 113 hotels and food and beverage settings participating in the international- and domestic franchises in Ho Chi Minh City, Vietnam. A partial least squares structural equation model (PLS-SEM) is used to analyse the data. The result reveals that franchisor-owned resources, franchise relationship quality and franchisee's dynamic capabilities significantly impacted franchisee performance. Furthermore, cultural sensitivity has a beneficial role in the effect of franchise relationship quality on franchisee performance. This study develops an integrated analytical framework of franchisee performance from the franchisee's perspective, contributing to integrating international business theory in franchising studies, namely the resource-based view, dynamic capability view and relationship-marketing theory.Performance of franchisee: the role of reciprocal resources, relationship quality and cultural sensitivity
Tien Dung Luu, Khanh Huyen Nguyen Mai, Cuong Chi Huynh, Ngoc Huong Thi Phan, Nga Thanh Le, Thao Nguyen Diep Le
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to reveal the impact mechanism of franchisor-owned resources, franchise relationship quality and franchisee's dynamic capabilities on franchisee performance, with the moderating role of cultural sensitivity.

The sample consisted of 290 middle managers and team leaders at 113 hotels and food and beverage settings participating in the international- and domestic franchises in Ho Chi Minh City, Vietnam. A partial least squares structural equation model (PLS-SEM) is used to analyse the data.

The result reveals that franchisor-owned resources, franchise relationship quality and franchisee's dynamic capabilities significantly impacted franchisee performance. Furthermore, cultural sensitivity has a beneficial role in the effect of franchise relationship quality on franchisee performance.

This study develops an integrated analytical framework of franchisee performance from the franchisee's perspective, contributing to integrating international business theory in franchising studies, namely the resource-based view, dynamic capability view and relationship-marketing theory.

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Performance of franchisee: the role of reciprocal resources, relationship quality and cultural sensitivity10.1108/IJOEM-04-2022-0581International Journal of Emerging Markets2023-04-03© 2023 Emerald Publishing LimitedTien Dung LuuKhanh Huyen Nguyen MaiCuong Chi HuynhNgoc Huong Thi PhanNga Thanh LeThao Nguyen Diep LeInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-0310.1108/IJOEM-04-2022-0581https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0581/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Do performance measures matter for stock mutual funds? An international analysishttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0584/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to evaluate whether the classification of the equity mutual fund depends on the performance measure used. The sample for this study includes stock mutual funds for the USA, Europe and emerging market economies covering the period 2010 to 2020. Using more than 20 performance measures the results are compared using the Sharpe ratio as the reference. The results show that performance measures based on absolute reward–risk ratios like Sortino, Treynor, etc. have similar rankings, because in general the numerator (mean excess return) is the same. However, when the authors employ other types of performance measures, results may be significantly different, especially in the case of metrics for “incremental returns”, i.e. alphas. Focussing on markets, their results show that choosing performance measures is more relevant for emerging markets. The sample is only limited to the USA, Europe and the emerging market, and there are other performance metrics in the literature which have not been covered in this work. The ordering of equity mutual funds depends on the measure used, specially if investors employ factor models to measure excess returns (alphas). Hence, policy formulation on disclosure of mutual fund performance should encourage the use of several metrics from different families. Investors must be aware of the different rankings made and the most appropriate metrics based on their preferences. This paper focusses specifically on the effect that performance metrics have on relative fund performance. Previous studies have ignored alpha metrics to rank funds, which are commonly employed by investors. The authors’ study performs an analysis for three different markets considering the two main developed ones (the American and European equity markets), as well as the emerging one, largely ignored until now.Do performance measures matter for stock mutual funds? An international analysis
Pablo Durán Santomil, Pablo Crisanto Lombardero Fernández, Luis Otero González
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to evaluate whether the classification of the equity mutual fund depends on the performance measure used.

The sample for this study includes stock mutual funds for the USA, Europe and emerging market economies covering the period 2010 to 2020. Using more than 20 performance measures the results are compared using the Sharpe ratio as the reference.

The results show that performance measures based on absolute reward–risk ratios like Sortino, Treynor, etc. have similar rankings, because in general the numerator (mean excess return) is the same. However, when the authors employ other types of performance measures, results may be significantly different, especially in the case of metrics for “incremental returns”, i.e. alphas. Focussing on markets, their results show that choosing performance measures is more relevant for emerging markets.

The sample is only limited to the USA, Europe and the emerging market, and there are other performance metrics in the literature which have not been covered in this work.

The ordering of equity mutual funds depends on the measure used, specially if investors employ factor models to measure excess returns (alphas). Hence, policy formulation on disclosure of mutual fund performance should encourage the use of several metrics from different families. Investors must be aware of the different rankings made and the most appropriate metrics based on their preferences.

This paper focusses specifically on the effect that performance metrics have on relative fund performance. Previous studies have ignored alpha metrics to rank funds, which are commonly employed by investors. The authors’ study performs an analysis for three different markets considering the two main developed ones (the American and European equity markets), as well as the emerging one, largely ignored until now.

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Do performance measures matter for stock mutual funds? An international analysis10.1108/IJOEM-04-2022-0584International Journal of Emerging Markets2022-10-13© 2022 Emerald Publishing LimitedPablo Durán SantomilPablo Crisanto Lombardero FernándezLuis Otero GonzálezInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1310.1108/IJOEM-04-2022-0584https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0584/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Transgenerational control intention and employment practices of family firms in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0589/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the employment practices of family firms in emerging markets. Drawing from the social exchange theory, the authors propose that transgenerational control intention enhances the motivation for family owners to engage in favorable employment practices as inducement for future contribution of employees. Multilevel regression models were applied to test the hypotheses with a sample of 3033 Chinese private family firms. The results show that the employment practices of family firms are positively associated with transgenerational control intention, and the effect of transgenerational control intention is contingent on regional social trust. This study highlights the role of transgenerational control intention of family owners in motivating favorable employment in family firms. The study adds nuance to the variances in employment behaviors of family firms as well as the family owner-employee exchange relationship in emerging markets.Transgenerational control intention and employment practices of family firms in China
Jiawen Chen, Pengfei Li, Linlin Liu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the employment practices of family firms in emerging markets. Drawing from the social exchange theory, the authors propose that transgenerational control intention enhances the motivation for family owners to engage in favorable employment practices as inducement for future contribution of employees.

Multilevel regression models were applied to test the hypotheses with a sample of 3033 Chinese private family firms.

The results show that the employment practices of family firms are positively associated with transgenerational control intention, and the effect of transgenerational control intention is contingent on regional social trust.

This study highlights the role of transgenerational control intention of family owners in motivating favorable employment in family firms. The study adds nuance to the variances in employment behaviors of family firms as well as the family owner-employee exchange relationship in emerging markets.

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Transgenerational control intention and employment practices of family firms in China10.1108/IJOEM-04-2022-0589International Journal of Emerging Markets2023-08-17© 2023 Emerald Publishing LimitedJiawen ChenPengfei LiLinlin LiuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-1710.1108/IJOEM-04-2022-0589https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0589/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature reviewhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0601/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe main objective of this paper is to analyze works of literature on SRI sukuk to highlight the potential for these kinds of instruments in financing more sustainable financial systems (SFSs). The analysis mainly accentuates a dearth of knowledge on the various challenges and opportunities in the realm of SRI. This paper pioneers the bibliometric and systematic literature review of the development of the SRI sukuk from 2016 (the first available year in the field) to and 2021. The study findings highlighted several pertinent SRI issues: the lack of standardization due to the different interpretations of Shariah and green, the lack of retail investors, which inevitably produce a lack of liquidity in the secondary market, thus limiting their growth, its funding allocation’ close resemblance to green financing, and the role of Malaysia and Indonesia as global sustainable financial hubs to stimulate the development of Shariah-compliant sustainable instruments and contribute to the international debate about the building of a global standardized framework related to sustainable investments. The integration of the environmental principles of a green bond with the Shariah-compliant financial structure of a sukuk, the SRI sukuk, represents a vital crossroad in both sustainable and Islamic finance. Social-impact sukuk and green sukuk is an undervalued instrument that could play an important role in financing a more sustainable economic and financial system, including Islamic investing. This kind of instruments, which is based on a “pay for success” principle in the conventional layout, perfectly fit with the profit-and-lost sharing’s (PLS's) ethicality, the sustainability principles of Islamic finance and the religious principles of Islamic law.Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review
Andrea Delle Foglie, J.S. Keshminder
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The main objective of this paper is to analyze works of literature on SRI sukuk to highlight the potential for these kinds of instruments in financing more sustainable financial systems (SFSs). The analysis mainly accentuates a dearth of knowledge on the various challenges and opportunities in the realm of SRI.

This paper pioneers the bibliometric and systematic literature review of the development of the SRI sukuk from 2016 (the first available year in the field) to and 2021.

The study findings highlighted several pertinent SRI issues: the lack of standardization due to the different interpretations of Shariah and green, the lack of retail investors, which inevitably produce a lack of liquidity in the secondary market, thus limiting their growth, its funding allocation’ close resemblance to green financing, and the role of Malaysia and Indonesia as global sustainable financial hubs to stimulate the development of Shariah-compliant sustainable instruments and contribute to the international debate about the building of a global standardized framework related to sustainable investments.

The integration of the environmental principles of a green bond with the Shariah-compliant financial structure of a sukuk, the SRI sukuk, represents a vital crossroad in both sustainable and Islamic finance. Social-impact sukuk and green sukuk is an undervalued instrument that could play an important role in financing a more sustainable economic and financial system, including Islamic investing. This kind of instruments, which is based on a “pay for success” principle in the conventional layout, perfectly fit with the profit-and-lost sharing’s (PLS's) ethicality, the sustainability principles of Islamic finance and the religious principles of Islamic law.

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Challenges and opportunities of SRI sukuk toward financial system sustainability: a bibliometric and systematic literature review10.1108/IJOEM-04-2022-0601International Journal of Emerging Markets2022-12-20© 2022 Emerald Publishing LimitedAndrea Delle FoglieJ.S. KeshminderInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2010.1108/IJOEM-04-2022-0601https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0601/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Service supply chain risk management in the public healthcare sectorhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0627/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study research aims to examine the effects of supply chain management practices on risk mitigating (RM) by studying the correlation between social ties, institutional support, interagency cooperation and external flexibility in public healthcare sectors. Moreover, this research examines the impact of RM on supplier trust, and also the authors examine the relationship among supplier trust and logistics performance. The authors used a structural equation model (SEM) based on 539 quantitative data from Ethiopian healthcare organizations. The model included control variables like company size and position to understand better how employees perceive risk mitigation. The study's findings indicate that interagency collaboration and external flexibility positively affects RM. On the other hand, RM positively impacts supplier trust and also the supplier trust has a positive effects on performance dimensions. This study also shows that RM has not positively impacting institutional support and social ties. The study investigation may help the pharmaceutical industry, healthcare service SC agencies and other stakeholders better understand the effects of supply chain management practices on RM and obtain information on progress made thus far. This research helps managers and their organizations to manage the risk associated with their organizations. Though, this study focuses on Ethiopian healthcare SCM. The authors expect the findings might apply to other countries organizations with comparable demographic or SCM features.Service supply chain risk management in the public healthcare sector
Gutama Kusse Getele, Xiong Ruoliu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study research aims to examine the effects of supply chain management practices on risk mitigating (RM) by studying the correlation between social ties, institutional support, interagency cooperation and external flexibility in public healthcare sectors. Moreover, this research examines the impact of RM on supplier trust, and also the authors examine the relationship among supplier trust and logistics performance.

The authors used a structural equation model (SEM) based on 539 quantitative data from Ethiopian healthcare organizations. The model included control variables like company size and position to understand better how employees perceive risk mitigation.

The study's findings indicate that interagency collaboration and external flexibility positively affects RM. On the other hand, RM positively impacts supplier trust and also the supplier trust has a positive effects on performance dimensions. This study also shows that RM has not positively impacting institutional support and social ties.

The study investigation may help the pharmaceutical industry, healthcare service SC agencies and other stakeholders better understand the effects of supply chain management practices on RM and obtain information on progress made thus far.

This research helps managers and their organizations to manage the risk associated with their organizations. Though, this study focuses on Ethiopian healthcare SCM. The authors expect the findings might apply to other countries organizations with comparable demographic or SCM features.

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Service supply chain risk management in the public healthcare sector10.1108/IJOEM-04-2022-0627International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedGutama Kusse GeteleXiong RuoliuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-04-2022-0627https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0627/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Dynamic connectedness among Pakistani stock markets and its major trading partnershttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0629/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestInternationalization and financial deregulation have caused market participants and policymakers to consider the significance of financial connectedness and the spillover effects of shocks. In this context, this research is a pioneering effort to investigate the direction and magnitude of return volatility spillovers between Pakistan’s financial markets and those of its key trade partners. This paper examines the relationship between return and volatility spillover in the financial markets of Pakistan and its major trading partners. Ten countries are selected for empirical examination of dynamic connectedness among Pakistan and its major trading partner’s stock markets. This study utilizes a spillover index approach model and considers daily, weekly and monthly datasets spanning 25 years from 1995 to 2019. The results indicate that stock markets provide efficient channels for return and volatility spillovers. Moreover, it is found that the intensity of spillovers during the financial crisis is more intense as these crises are major determinants of contagion; consequently, investors, speculators and policymakers use these events for their respective purposes. Researchers, practitioners, policymakers and investors may all benefit from the findings in areas including risk management, portfolio diversification and trading methods.Dynamic connectedness among Pakistani stock markets and its major trading partners
Muhammad Akram, Ahmed Imran Hunjra, Imran Riaz Malik, Mamdouh Abdulaziz Saleh Al-Faryan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Internationalization and financial deregulation have caused market participants and policymakers to consider the significance of financial connectedness and the spillover effects of shocks. In this context, this research is a pioneering effort to investigate the direction and magnitude of return volatility spillovers between Pakistan’s financial markets and those of its key trade partners. This paper examines the relationship between return and volatility spillover in the financial markets of Pakistan and its major trading partners.

Ten countries are selected for empirical examination of dynamic connectedness among Pakistan and its major trading partner’s stock markets. This study utilizes a spillover index approach model and considers daily, weekly and monthly datasets spanning 25 years from 1995 to 2019.

The results indicate that stock markets provide efficient channels for return and volatility spillovers. Moreover, it is found that the intensity of spillovers during the financial crisis is more intense as these crises are major determinants of contagion; consequently, investors, speculators and policymakers use these events for their respective purposes.

Researchers, practitioners, policymakers and investors may all benefit from the findings in areas including risk management, portfolio diversification and trading methods.

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Dynamic connectedness among Pakistani stock markets and its major trading partners10.1108/IJOEM-04-2022-0629International Journal of Emerging Markets2023-03-03© 2023 Emerald Publishing LimitedMuhammad AkramAhmed Imran HunjraImran Riaz MalikMamdouh Abdulaziz Saleh Al-FaryanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-0310.1108/IJOEM-04-2022-0629https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0629/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investor attention and the COVID-19 concept stocks in China's stock markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0630/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper investigates the impact of investor attention on the COVID-19 concept stocks in China's stock market from the perspectives of the macroeconomy, the stock market and the COVID-19 pandemic. On the basis of controlling the time effects and individual fixed effects, this paper studies the impact of investor attention on the COVID-19 concept stocks in China's stock market through a set of fixed effect panel data models. Among them, investor attention focuses on macroeconomy, stock market and the COVID-19 pandemic, respectively, while stock indicators cover return, volatility and turnover. In addition, this paper also examines the heterogeneity influence of investor attention on the COVID-19 concept stocks from the perspective of time and stock classification. Findings indicate that the attention to macroeconomy does not have a statistically significant effect on the return, unlike the attention to stock market and COVID-19 incident. Three types of investor attention have significant positive effects on the volatility and turnover rate. During the outbreak of the domestic epidemic, the impact of investor attention was significantly higher than that during the outbreak of the epidemic overseas. A finer-grained analysis shows that the attention to stock market has significantly increased the return of preventive type and treatment type stocks, while diagnostic-related stocks have been most affected by the attention to COVID-19 incident. The major limitation of this work is the construction of investor attention. Although Baidu index is widely used, investor attention can be assessed more accurately based on more unstructured data. In addition, the effect of the COVID-19 can also be investigated in a longer time domain. Further research can be combined with the dynamics of the COVID-19 pandemic to more comprehensively evaluate its impact on the stock market. The research proves that investor attention plays an important role in stock pricing and provides empirical evidence on the behavioral foundations of the conceptual sector of the stock market under uncertainty. It also has practical implications for regulators and investors interested in conducting accurate asset allocation and risk assessment.Investor attention and the COVID-19 concept stocks in China's stock market
Zhe Liu, Chong Huang, Benshuo Yang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper investigates the impact of investor attention on the COVID-19 concept stocks in China's stock market from the perspectives of the macroeconomy, the stock market and the COVID-19 pandemic.

On the basis of controlling the time effects and individual fixed effects, this paper studies the impact of investor attention on the COVID-19 concept stocks in China's stock market through a set of fixed effect panel data models. Among them, investor attention focuses on macroeconomy, stock market and the COVID-19 pandemic, respectively, while stock indicators cover return, volatility and turnover. In addition, this paper also examines the heterogeneity influence of investor attention on the COVID-19 concept stocks from the perspective of time and stock classification.

Findings indicate that the attention to macroeconomy does not have a statistically significant effect on the return, unlike the attention to stock market and COVID-19 incident. Three types of investor attention have significant positive effects on the volatility and turnover rate. During the outbreak of the domestic epidemic, the impact of investor attention was significantly higher than that during the outbreak of the epidemic overseas. A finer-grained analysis shows that the attention to stock market has significantly increased the return of preventive type and treatment type stocks, while diagnostic-related stocks have been most affected by the attention to COVID-19 incident.

The major limitation of this work is the construction of investor attention. Although Baidu index is widely used, investor attention can be assessed more accurately based on more unstructured data. In addition, the effect of the COVID-19 can also be investigated in a longer time domain. Further research can be combined with the dynamics of the COVID-19 pandemic to more comprehensively evaluate its impact on the stock market.

The research proves that investor attention plays an important role in stock pricing and provides empirical evidence on the behavioral foundations of the conceptual sector of the stock market under uncertainty. It also has practical implications for regulators and investors interested in conducting accurate asset allocation and risk assessment.

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Investor attention and the COVID-19 concept stocks in China's stock market10.1108/IJOEM-04-2022-0630International Journal of Emerging Markets2022-11-01© 2022 Emerald Publishing LimitedZhe LiuChong HuangBenshuo YangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-0110.1108/IJOEM-04-2022-0630https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0630/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Under rising environmental uncertainty Chinese enterprises pursue fame or profits? Evidence from corporate social responsibility and financial investmenthttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0639/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to evaluate the impact of environmental uncertainty on corporate social responsibility (CSR), and involves corporate financial investment as mediating factor into this relationship to identify whether Chinese enterprises pursue fame or profit under rising environmental uncertainty. Data of listed companies in China from 2010 to 2019 are employed. Fixed effect and mediating effect models were used to explore the relationship between environmental uncertainty, corporate financial investment, and CSR. The heterogeneity influence and moderating effect are discussed by using the method of grouping test and adding interactive items. The study finds that rising environmental uncertainty has a negative impact on CSR. It stimulates managements' short-sighted motivation, so that enterprises prioritize financial investment that can solve short-term goals, rather than CSR performance. This inhibitory effect is caused by holding illiquid financial assets with the motivation of “speculative profit seeking.” The negative effect is greater in the samples of state-owned enterprises, nonfamily enterprises and enterprises with low risk-taking. It provides a decision-making direction for implementation of CSR governance and the construction of CSR system, particularly in emerging market economies. CSR is widely known in developed countries for its formation, development and role, but its effectiveness and behavioral motivation are less mentioned in emerging markets. In the future, the research in this area needs to be further advanced. The study makes significant contributions to the mechanisms behind the link between environmental uncertainty and CSR by taking corporate financial investment as an intermediary factor into the analysis, especially in the unique market context of China.Under rising environmental uncertainty Chinese enterprises pursue fame or profits? Evidence from corporate social responsibility and financial investment
Xudong Zhuang, Junshan Duan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to evaluate the impact of environmental uncertainty on corporate social responsibility (CSR), and involves corporate financial investment as mediating factor into this relationship to identify whether Chinese enterprises pursue fame or profit under rising environmental uncertainty.

Data of listed companies in China from 2010 to 2019 are employed. Fixed effect and mediating effect models were used to explore the relationship between environmental uncertainty, corporate financial investment, and CSR. The heterogeneity influence and moderating effect are discussed by using the method of grouping test and adding interactive items.

The study finds that rising environmental uncertainty has a negative impact on CSR. It stimulates managements' short-sighted motivation, so that enterprises prioritize financial investment that can solve short-term goals, rather than CSR performance. This inhibitory effect is caused by holding illiquid financial assets with the motivation of “speculative profit seeking.” The negative effect is greater in the samples of state-owned enterprises, nonfamily enterprises and enterprises with low risk-taking.

It provides a decision-making direction for implementation of CSR governance and the construction of CSR system, particularly in emerging market economies.

CSR is widely known in developed countries for its formation, development and role, but its effectiveness and behavioral motivation are less mentioned in emerging markets. In the future, the research in this area needs to be further advanced.

The study makes significant contributions to the mechanisms behind the link between environmental uncertainty and CSR by taking corporate financial investment as an intermediary factor into the analysis, especially in the unique market context of China.

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Under rising environmental uncertainty Chinese enterprises pursue fame or profits? Evidence from corporate social responsibility and financial investment10.1108/IJOEM-04-2022-0639International Journal of Emerging Markets2023-06-12© 2023 Emerald Publishing LimitedXudong ZhuangJunshan DuanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1210.1108/IJOEM-04-2022-0639https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0639/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Sustainability performance of digitalized manufacturing industry in COVID era: a comparative study between developed and developing economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0647/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study aims to identify the extent to which industry 4.0 (IR4.0) adoption impacts the sustainable manufacturing (SM) performance of the manufacturing industry, focusing on the comparative analysis between developed and developing economies amid coronavirus disease 2019 (COVID-19) pandemic. The study proposes a conceptual model formed on seminal theories and literature using the cross-sectional design. For data collection, a purposive sampling method is used where 154 Malaysian (developing) and Australian (developed) manufacturing firms' data were collected. Partial least square-based structural equation modeling is employed to test the hypothesis and proposed research model. This study finds that adoption of IR4.0 technologies does not directly influence the sustainability performance of the manufacturing industry, but rather the trajectories of SM (efficiency, flexibility, automation and big data and granularity) fully mediate the relationship between IR4.0 adoption and sustainability manufacturing performance. The comparative analysis between Australia and Malaysia shows no significant difference in the relationships or the framework; hence, the differences between developed and developing countries are not significant in this mechanism. The study contributes to the insights of the managers regarding COVID-19 and the implementation of IR4.0 in the SM domain. The policymakers would further get better insights since the study pays attention to sustainable development goal, industry, innovation, infrastructure and responsible production.Sustainability performance of digitalized manufacturing industry in COVID era: a comparative study between developed and developing economies
Mina Hemmati, Md Shah Newaz, Muhammad Khalilur Rahman, Andrea Appolloni, Suhaiza Zailani
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study aims to identify the extent to which industry 4.0 (IR4.0) adoption impacts the sustainable manufacturing (SM) performance of the manufacturing industry, focusing on the comparative analysis between developed and developing economies amid coronavirus disease 2019 (COVID-19) pandemic.

The study proposes a conceptual model formed on seminal theories and literature using the cross-sectional design. For data collection, a purposive sampling method is used where 154 Malaysian (developing) and Australian (developed) manufacturing firms' data were collected. Partial least square-based structural equation modeling is employed to test the hypothesis and proposed research model.

This study finds that adoption of IR4.0 technologies does not directly influence the sustainability performance of the manufacturing industry, but rather the trajectories of SM (efficiency, flexibility, automation and big data and granularity) fully mediate the relationship between IR4.0 adoption and sustainability manufacturing performance. The comparative analysis between Australia and Malaysia shows no significant difference in the relationships or the framework; hence, the differences between developed and developing countries are not significant in this mechanism.

The study contributes to the insights of the managers regarding COVID-19 and the implementation of IR4.0 in the SM domain. The policymakers would further get better insights since the study pays attention to sustainable development goal, industry, innovation, infrastructure and responsible production.

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Sustainability performance of digitalized manufacturing industry in COVID era: a comparative study between developed and developing economies10.1108/IJOEM-04-2022-0647International Journal of Emerging Markets2022-12-27© 2022 Emerald Publishing LimitedMina HemmatiMd Shah NewazMuhammad Khalilur RahmanAndrea AppolloniSuhaiza ZailaniInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2710.1108/IJOEM-04-2022-0647https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0647/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Modeling transformational leadership, supply chain collaboration and firm performance – a case of Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0651/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe competitive rivalry, rapid change and high business volatility necessitate inter-organizational collaboration, including the supply chain (SC). This paper develops an interpretive model of the effect of the chief executive officers’ (CEO's) transformational leadership (TL) style on SC collaboration and, consequently, on the firm's performance. Total interpretive structural modeling (TISM) is adopted to develop a hierarchical model to delineate the association between the elements of TL, SC collaboration and firm performance. Furthermore, the model has been validated statistically. The TISM analysis results suggest that the TL style elements require maximum attention and are strategic. These elements drive factors of SC collaboration leading to improved firm performance. Therefore, CEO leadership is critical for SC collaboration to effectively affect firm performance. The TISM framework in this paper preferred the majority approach over the fuzzy one, which requires a much larger data set. However, the bias of the majority approach can be eliminated by having multiple consultations with participants. Further, the development and validation of the paper was limited to manufacturing small and medium enterprises (SMEs) in India. The model can also be tested in large organizations to garner additional insights. This study uniquely integrates TL and SC collaboration elements to explain firm performance. The TISM framework explains not only the “what” and “how” but also the “why” of theory building. This study also adds methodological value by combining triangulation with the interpretive tool.Modeling transformational leadership, supply chain collaboration and firm performance – a case of India
Mahesh H. Prabhu, Amit Kumar Srivastava
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The competitive rivalry, rapid change and high business volatility necessitate inter-organizational collaboration, including the supply chain (SC). This paper develops an interpretive model of the effect of the chief executive officers’ (CEO's) transformational leadership (TL) style on SC collaboration and, consequently, on the firm's performance.

Total interpretive structural modeling (TISM) is adopted to develop a hierarchical model to delineate the association between the elements of TL, SC collaboration and firm performance. Furthermore, the model has been validated statistically.

The TISM analysis results suggest that the TL style elements require maximum attention and are strategic. These elements drive factors of SC collaboration leading to improved firm performance. Therefore, CEO leadership is critical for SC collaboration to effectively affect firm performance.

The TISM framework in this paper preferred the majority approach over the fuzzy one, which requires a much larger data set. However, the bias of the majority approach can be eliminated by having multiple consultations with participants. Further, the development and validation of the paper was limited to manufacturing small and medium enterprises (SMEs) in India. The model can also be tested in large organizations to garner additional insights.

This study uniquely integrates TL and SC collaboration elements to explain firm performance. The TISM framework explains not only the “what” and “how” but also the “why” of theory building. This study also adds methodological value by combining triangulation with the interpretive tool.

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Modeling transformational leadership, supply chain collaboration and firm performance – a case of India10.1108/IJOEM-04-2022-0651International Journal of Emerging Markets2023-01-16© 2022 Emerald Publishing LimitedMahesh H. PrabhuAmit Kumar SrivastavaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-1610.1108/IJOEM-04-2022-0651https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0651/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The dynamic interdependence structure and risk spillover effect between Sino-US stock marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0654/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to explore the dynamic interdependence structure and risk spillover effect between the Chinese stock market and the US stock market. This paper mainly uses the multivariate R-vine copula-complex network analysis and the multivariate R-vine copula-CoVaR model and selects stock price indices and their subsector indices as samples. The empirical results indicate that the Energy, Materials and Financials sectors have leading roles in the interdependent structure of the Chinese and US stock markets, while the Utilities and Real Estate sectors have the least important positions. The comprehensive influence of the Chinese stock market is similar to that of the US stock market but with smaller differences in the influence of different sectors of the US stock market on the overall interdependent structure system. Over time, the interdependent structure of both stock markets changed; the sector status gradually equalized; the contribution of the same sector in different countries to the interdependent structure converged; and the degree of interaction between the two stock markets was positively correlated with the degree of market volatility. This paper employs the methods of nonlinear cointegration and the R-vine copula function to explore the interactive relationship and risk spillover effect between the Chinese stock market and the US stock market. This paper proposes the R-vine copula-complex network analysis method to creatively construct the interdependent network structure of the two stock markets. This paper combines the generalized CoVaR method with the R-vine copula function, introduces the stock market decline and rise risk and further discusses the risk spillover effect between the two stock markets.The dynamic interdependence structure and risk spillover effect between Sino-US stock markets
Menggen Chen, Yuanren Zhou
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to explore the dynamic interdependence structure and risk spillover effect between the Chinese stock market and the US stock market.

This paper mainly uses the multivariate R-vine copula-complex network analysis and the multivariate R-vine copula-CoVaR model and selects stock price indices and their subsector indices as samples.

The empirical results indicate that the Energy, Materials and Financials sectors have leading roles in the interdependent structure of the Chinese and US stock markets, while the Utilities and Real Estate sectors have the least important positions. The comprehensive influence of the Chinese stock market is similar to that of the US stock market but with smaller differences in the influence of different sectors of the US stock market on the overall interdependent structure system. Over time, the interdependent structure of both stock markets changed; the sector status gradually equalized; the contribution of the same sector in different countries to the interdependent structure converged; and the degree of interaction between the two stock markets was positively correlated with the degree of market volatility.

This paper employs the methods of nonlinear cointegration and the R-vine copula function to explore the interactive relationship and risk spillover effect between the Chinese stock market and the US stock market. This paper proposes the R-vine copula-complex network analysis method to creatively construct the interdependent network structure of the two stock markets. This paper combines the generalized CoVaR method with the R-vine copula function, introduces the stock market decline and rise risk and further discusses the risk spillover effect between the two stock markets.

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The dynamic interdependence structure and risk spillover effect between Sino-US stock markets10.1108/IJOEM-04-2022-0654International Journal of Emerging Markets2022-11-29© 2022 Emerald Publishing LimitedMenggen ChenYuanren ZhouInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2910.1108/IJOEM-04-2022-0654https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0654/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Government support, employee motivation and job performance in the COVID-19 times: evidence from Turkish SMEs during the short work periodhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0689/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to explore the effect of government support (short work allowances – SWA) on SME employees' job performance and employee motivation perceptions, during the COVID-19 pandemic in Turkey. Survey data were collected from 2,781 employees working in SMEs registered to Small and Medium Enterprises Development Organization (SMEDO) in Turkey. The relationships were assessed through structural equation modeling with bootstrap estimation. The results support the proposed framework illustrating the positive effect of government support on employees' perceived motivation and job performance. Findings indicate that employee motivation has exhibited a mediating effect between government support and job performance. Another important finding is that, contrary to the classical understanding of Herzberg's two-factor theory, SWA system was able to perform as a motivating factor during the pandemic by meeting the hygiene needs. Since this is a cross-sectional research study, causal inferences cannot be derived from the research results. There is a lack of empirical study on SME employees' perceptions on the government support during the pandemic, especially on the perspectives of emerging economies are infrequent. Turkey's case is unique in terms of providing insights on how perceived employee motivation is increased by the government supports (SWA) in Turkey, and how this motivation mediates the job performance perceptions. Besides, the impacts of government support are mostly studied at the firm or macro-levels, this study's unit of analysis is at individual level. Regarding the criticism from the motivation perspective of two-factor theory, COVID-19 context and its impact on the motivation needs have not been elaborated before. This article starts new discussions on how crisis contexts influence individual motivator factors.Government support, employee motivation and job performance in the COVID-19 times: evidence from Turkish SMEs during the short work period
Cevahir Uzkurt, Semih Ceyhan, Emre Burak Ekmekcioglu, Musab Talha Akpinar
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to explore the effect of government support (short work allowances – SWA) on SME employees' job performance and employee motivation perceptions, during the COVID-19 pandemic in Turkey.

Survey data were collected from 2,781 employees working in SMEs registered to Small and Medium Enterprises Development Organization (SMEDO) in Turkey. The relationships were assessed through structural equation modeling with bootstrap estimation.

The results support the proposed framework illustrating the positive effect of government support on employees' perceived motivation and job performance. Findings indicate that employee motivation has exhibited a mediating effect between government support and job performance. Another important finding is that, contrary to the classical understanding of Herzberg's two-factor theory, SWA system was able to perform as a motivating factor during the pandemic by meeting the hygiene needs.

Since this is a cross-sectional research study, causal inferences cannot be derived from the research results.

There is a lack of empirical study on SME employees' perceptions on the government support during the pandemic, especially on the perspectives of emerging economies are infrequent. Turkey's case is unique in terms of providing insights on how perceived employee motivation is increased by the government supports (SWA) in Turkey, and how this motivation mediates the job performance perceptions. Besides, the impacts of government support are mostly studied at the firm or macro-levels, this study's unit of analysis is at individual level. Regarding the criticism from the motivation perspective of two-factor theory, COVID-19 context and its impact on the motivation needs have not been elaborated before. This article starts new discussions on how crisis contexts influence individual motivator factors.

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Government support, employee motivation and job performance in the COVID-19 times: evidence from Turkish SMEs during the short work period10.1108/IJOEM-04-2022-0689International Journal of Emerging Markets2023-04-25© 2023 Emerald Publishing LimitedCevahir UzkurtSemih CeyhanEmre Burak EkmekciogluMusab Talha AkpinarInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-2510.1108/IJOEM-04-2022-0689https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0689/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Trade protection and firm innovation in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0700/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe author investigates the effect of trade protection on domestic firm innovation in China and explores the channel through which trade protection affects corporate innovation. Using a sample of Chinese A-share manufacturing companies from 2003 to 2019, the author starts with a univariate analysis by examining the innovation output after trade protection for all samples. The author uses the natural logarithm of one plus the number of trade protection cases received by the industry to which the firm belongs in a particular year to proxy for trade protection. The author finds that trade protection significantly encourages firms’ patent application, particularly substantive patents, which is stronger in non-state-owned enterprises. Moreover, the mitigation of financial constraint is plausible channel that allows trade protection to promote innovation. For practitioners, they should seize the dividends of national policies. In the process of implementing trade protection, they should concentrate on improving their innovation level and enhancing their core competitiveness. When they are not subject to trade protection, they can also make profits and develop in the long run. For policy makers, in the early stage of industry development, trade protection can be used to ease the companies’ financing constraints and improve the companies’ profits, which will help them concentrate their efforts, promote innovation and further develop. However, in the mid-term development of the industry, policy makers should reduce trade protection. Through the entry of foreign capital, companies face increased competition, which can enhance the companies’ motivation for long-term development. Overall, this paper sheds light on the real effects of trade protection and the determinants of innovation. First, the paper sheds light on the impact of international trade on firms’ innovation. Second, this study also contributes to the emerging literature on the effect of trade policy uncertainty on financial constraint. Third, the paper adds to the stream of literature on the drivers of innovation.Trade protection and firm innovation in China
Tao Huang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The author investigates the effect of trade protection on domestic firm innovation in China and explores the channel through which trade protection affects corporate innovation.

Using a sample of Chinese A-share manufacturing companies from 2003 to 2019, the author starts with a univariate analysis by examining the innovation output after trade protection for all samples. The author uses the natural logarithm of one plus the number of trade protection cases received by the industry to which the firm belongs in a particular year to proxy for trade protection.

The author finds that trade protection significantly encourages firms’ patent application, particularly substantive patents, which is stronger in non-state-owned enterprises. Moreover, the mitigation of financial constraint is plausible channel that allows trade protection to promote innovation.

For practitioners, they should seize the dividends of national policies. In the process of implementing trade protection, they should concentrate on improving their innovation level and enhancing their core competitiveness. When they are not subject to trade protection, they can also make profits and develop in the long run.

For policy makers, in the early stage of industry development, trade protection can be used to ease the companies’ financing constraints and improve the companies’ profits, which will help them concentrate their efforts, promote innovation and further develop. However, in the mid-term development of the industry, policy makers should reduce trade protection. Through the entry of foreign capital, companies face increased competition, which can enhance the companies’ motivation for long-term development.

Overall, this paper sheds light on the real effects of trade protection and the determinants of innovation. First, the paper sheds light on the impact of international trade on firms’ innovation. Second, this study also contributes to the emerging literature on the effect of trade policy uncertainty on financial constraint. Third, the paper adds to the stream of literature on the drivers of innovation.

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Trade protection and firm innovation in China10.1108/IJOEM-04-2022-0700International Journal of Emerging Markets2022-11-28© 2022 Emerald Publishing LimitedTao HuangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2810.1108/IJOEM-04-2022-0700https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0700/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The relationship between institutional ownership and idiosyncratic volatility: evidence from the stock markets of China and the USAhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0710/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper investigates the relationship between institutional ownership and idiosyncratic volatility in Chinese and the USA stock markets and explores the potential explanations. In this paper, the authors use the panel data regressions and the dynamic tests of two-way Granger causality in the panel VAR model to examine the relationship between institutional ownership and idiosyncratic volatility in Chinese and the USA stock markets. The authors find that the institutional ownership in the Chinese (the USA) stock market is significantly and positively (negatively) related to idiosyncratic volatility through various tests. This paper indicates that institutional investors in the USA are more prudent and risk-averse, while the Chinese institutional investors are not because of high risk-bearing capacity. This paper deepens the authors’ understanding on the relationship between institutional ownership and idiosyncratic volatility and in the USA and the Chinese stock markets. This paper explains the opposite relationships between institutional ownership and idiosyncratic volatility in the stock markets in China and USA.The relationship between institutional ownership and idiosyncratic volatility: evidence from the stock markets of China and the USA
Yu Hu, Xiaoquan Jiang, Wenjun Xue
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper investigates the relationship between institutional ownership and idiosyncratic volatility in Chinese and the USA stock markets and explores the potential explanations.

In this paper, the authors use the panel data regressions and the dynamic tests of two-way Granger causality in the panel VAR model to examine the relationship between institutional ownership and idiosyncratic volatility in Chinese and the USA stock markets.

The authors find that the institutional ownership in the Chinese (the USA) stock market is significantly and positively (negatively) related to idiosyncratic volatility through various tests. This paper indicates that institutional investors in the USA are more prudent and risk-averse, while the Chinese institutional investors are not because of high risk-bearing capacity.

This paper deepens the authors’ understanding on the relationship between institutional ownership and idiosyncratic volatility and in the USA and the Chinese stock markets. This paper explains the opposite relationships between institutional ownership and idiosyncratic volatility in the stock markets in China and USA.

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The relationship between institutional ownership and idiosyncratic volatility: evidence from the stock markets of China and the USA10.1108/IJOEM-04-2022-0710International Journal of Emerging Markets2022-11-24© 2022 Emerald Publishing LimitedYu HuXiaoquan JiangWenjun XueInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2410.1108/IJOEM-04-2022-0710https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0710/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The nexus of human resource management, corporate social responsibility and sustainable performance in upscale hotels: a mixed-method studyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0714/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestConsidering the significance of the human resource management (HRM) and corporate social responsibility (CSR) relationship, the aim of this research is twofold: first is to measure the cultural differences between HRM, CSR and sustainable performance relationship (study 1) and second is to identify the how HRM instigates CSR and sustainable performance (study 2) in the hospitality industry of UK and Pakistan. A mixed-method approach was used to collect the qualitative and quantitative data from upscale hotels. In Study 1, a multi-respondent and time-lagged strategy was employed to collect the data from 162 Pakistani and 290 UK upscale hotels. In Study 2, in-depth semi-structured interviews were conducted to understand the HRM–CSR–performance nexus. The results of Study 1 highlight the significant cultural differences in the relationships of HRM–CSR–performance, while Study 2 explains that ethical culture, shared objectives, transparency, training and development, and economic incentives are the factors that push the employees to take part in CSR-related activities and attaining higher sustainable performance. This study addresses the debate on the difference between cross-cultural studies related to implementing Western theories in shaping, developing and implementing business strategies, including CSR, HRM and sustainable performance in an Asian context.The nexus of human resource management, corporate social responsibility and sustainable performance in upscale hotels: a mixed-method study
Muhammad Ishtiaq Ishaq, Huma Sarwar, Simona Franzoni, Ofelia Palermo
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Considering the significance of the human resource management (HRM) and corporate social responsibility (CSR) relationship, the aim of this research is twofold: first is to measure the cultural differences between HRM, CSR and sustainable performance relationship (study 1) and second is to identify the how HRM instigates CSR and sustainable performance (study 2) in the hospitality industry of UK and Pakistan.

A mixed-method approach was used to collect the qualitative and quantitative data from upscale hotels. In Study 1, a multi-respondent and time-lagged strategy was employed to collect the data from 162 Pakistani and 290 UK upscale hotels. In Study 2, in-depth semi-structured interviews were conducted to understand the HRM–CSR–performance nexus.

The results of Study 1 highlight the significant cultural differences in the relationships of HRM–CSR–performance, while Study 2 explains that ethical culture, shared objectives, transparency, training and development, and economic incentives are the factors that push the employees to take part in CSR-related activities and attaining higher sustainable performance.

This study addresses the debate on the difference between cross-cultural studies related to implementing Western theories in shaping, developing and implementing business strategies, including CSR, HRM and sustainable performance in an Asian context.

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The nexus of human resource management, corporate social responsibility and sustainable performance in upscale hotels: a mixed-method study10.1108/IJOEM-04-2022-0714International Journal of Emerging Markets2023-03-03© 2023 Muhammad Ishtiaq Ishaq, Huma Sarwar, Simona Franzoni and Ofelia PalermoMuhammad Ishtiaq IshaqHuma SarwarSimona FranzoniOfelia PalermoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-0310.1108/IJOEM-04-2022-0714https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0714/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Muhammad Ishtiaq Ishaq, Huma Sarwar, Simona Franzoni and Ofelia Palermohttp://creativecommons.org/licences/by/4.0/legalcode
Diversity–performance nexus in an emerging economy: an investigation of family and non-family firmshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0727/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe empirical study aims to examine the impact of board diversity with respect to gender and nationality on firm performance in an emerging economy. This research further splits the sample into family and non-family domains and investigates the diversity–performance nexus in isolation. The sample consists of 183 listed companies in Bangladesh over the period 2007 to 2017. This study employed the generalised method of moments (GMM) technique to address the possible endogeneity issue in the governance–performance connection. To underscore the strength of diversity, three distinctive assessment measures were used: percentage representation of females and foreign directors, the Blau index and the Shannon index. The results for the full sample models reveal that board heterogeneity regarding both female and foreign directors positively and significantly influences firm performance as measured by return on assets (ROA). Further to this, female directors in family-owned businesses have a positive association with profitability, whereas foreign nationals demonstrate a significant positive association with performance in non-family firms. Additionally, at least three women directors are needed to make a positive difference in profitability; however, a sole director with foreign nationality is capable of demonstrating a similar impact on performance. The findings are significant for policymakers and organisations that advocate diversity on corporate boards of directors, and the minimum number of diverse board members needs to be considered depending on the identity to bring about a significant change in organisational outcome. Therefore, the findings of this study may be applied to other emerging economies with similar institutional characteristics. This study reinforces the existing stock of knowledge on the impact of board diversity on the profitability of firms, especially in the context of an emerging economy – Bangladesh. Irrespective of the given backdrop, this study finds that both gender and nationality diversity in the case of Bangladesh is found to have a positive and significant effect on financial performance with respect to all the diversity metrics, i.e. the proportionate number of female and foreign directors on the boards, the Blau index and the Shannon index.Diversity–performance nexus in an emerging economy: an investigation of family and non-family firms
Md Tariqul Islam, Shrabani Saha, Mahfuzur Rahman
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The empirical study aims to examine the impact of board diversity with respect to gender and nationality on firm performance in an emerging economy. This research further splits the sample into family and non-family domains and investigates the diversity–performance nexus in isolation.

The sample consists of 183 listed companies in Bangladesh over the period 2007 to 2017. This study employed the generalised method of moments (GMM) technique to address the possible endogeneity issue in the governance–performance connection. To underscore the strength of diversity, three distinctive assessment measures were used: percentage representation of females and foreign directors, the Blau index and the Shannon index.

The results for the full sample models reveal that board heterogeneity regarding both female and foreign directors positively and significantly influences firm performance as measured by return on assets (ROA). Further to this, female directors in family-owned businesses have a positive association with profitability, whereas foreign nationals demonstrate a significant positive association with performance in non-family firms. Additionally, at least three women directors are needed to make a positive difference in profitability; however, a sole director with foreign nationality is capable of demonstrating a similar impact on performance.

The findings are significant for policymakers and organisations that advocate diversity on corporate boards of directors, and the minimum number of diverse board members needs to be considered depending on the identity to bring about a significant change in organisational outcome. Therefore, the findings of this study may be applied to other emerging economies with similar institutional characteristics.

This study reinforces the existing stock of knowledge on the impact of board diversity on the profitability of firms, especially in the context of an emerging economy – Bangladesh. Irrespective of the given backdrop, this study finds that both gender and nationality diversity in the case of Bangladesh is found to have a positive and significant effect on financial performance with respect to all the diversity metrics, i.e. the proportionate number of female and foreign directors on the boards, the Blau index and the Shannon index.

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Diversity–performance nexus in an emerging economy: an investigation of family and non-family firms10.1108/IJOEM-04-2022-0727International Journal of Emerging Markets2023-05-09© 2023 Emerald Publishing LimitedMd Tariqul IslamShrabani SahaMahfuzur RahmanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0910.1108/IJOEM-04-2022-0727https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2022-0727/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Mitigating the effects of a pandemic in sub-Saharan Africa: are fiscal and monetary policy complementary or contradictory?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2023-0503/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study examined the roles of fiscal and monetary policy in reducing poverty in sub-Saharan Africa (SSA), while accounting for macroeconomic disruptions. In particular, the study examined the complementarity of fiscal and monetary policy to mitigate shocks and reduce poverty in SSA. The study adopts the fixed effect (within regression) model to account for country-specific characteristics, and a cross-sectional dependence – consistent model to control for the potential cross-sectional in panel data modelling. The study used the dummy variable approach to account for the macroeconomic shocks. The authors assigned 1 to the following years – 2008, 2014 and 2020; and 0 otherwise to take care of the global financial crisis, commodity terms of trade shocks and the COVID-19 pandemic respectively. The study found that fiscal policy (particularly, government spending on health and education) has the greater capacity to reduce the level of poverty in SSA. The results also indicate that fiscal policy and monetary policy can work in tandem to reduce the negative effects of a pandemic. However, the study found an optimal threshold level of monetary policy beyond which monetary policy reduces the effectiveness of fiscal policy to reduce poverty in SSA. The research and policy implications are discussed. The study, unlike previous studies, accounts for the impact of macroeconomic shocks in the monetary/fiscal policy and poverty literature.Mitigating the effects of a pandemic in sub-Saharan Africa: are fiscal and monetary policy complementary or contradictory?
Olumide O. Olaoye, Mulatu F. Zerihun
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study examined the roles of fiscal and monetary policy in reducing poverty in sub-Saharan Africa (SSA), while accounting for macroeconomic disruptions. In particular, the study examined the complementarity of fiscal and monetary policy to mitigate shocks and reduce poverty in SSA.

The study adopts the fixed effect (within regression) model to account for country-specific characteristics, and a cross-sectional dependence – consistent model to control for the potential cross-sectional in panel data modelling. The study used the dummy variable approach to account for the macroeconomic shocks. The authors assigned 1 to the following years – 2008, 2014 and 2020; and 0 otherwise to take care of the global financial crisis, commodity terms of trade shocks and the COVID-19 pandemic respectively.

The study found that fiscal policy (particularly, government spending on health and education) has the greater capacity to reduce the level of poverty in SSA. The results also indicate that fiscal policy and monetary policy can work in tandem to reduce the negative effects of a pandemic. However, the study found an optimal threshold level of monetary policy beyond which monetary policy reduces the effectiveness of fiscal policy to reduce poverty in SSA. The research and policy implications are discussed.

The study, unlike previous studies, accounts for the impact of macroeconomic shocks in the monetary/fiscal policy and poverty literature.

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Mitigating the effects of a pandemic in sub-Saharan Africa: are fiscal and monetary policy complementary or contradictory?10.1108/IJOEM-04-2023-0503International Journal of Emerging Markets2023-09-14© 2023 Emerald Publishing LimitedOlumide O. OlaoyeMulatu F. ZerihunInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-1410.1108/IJOEM-04-2023-0503https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2023-0503/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Connecting higher education and renewable energy to attain sustainability for BRICS countries: A climate Kuznets curve perspectivehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2023-0555/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIncreased trapped heat in the atmosphere leads to global warming and economic activity is the primary culprit. This study proposes the nonlinear impact of economic activity on cooling degree days to develop a climate Kuznets curve (CKC). Further, this study explores the moderating role of higher education and renewable energy in diminishing the climate-altering effects of economic activity. All the selected BRICS economies range from 1992 to 2020. The CKC analysis uses a distribution and outlier robust panel quantile autoregressive distributed lagged model. Results confirmed a U-shaped CKC, controlling for population density, renewable energy, tertiary education enrollment and innovation. The moderating role of renewable energy and education can be exploited to tackle the progressively expanding climate challenges. Hence, education and renewable energy intervention can help in reducing CKC-based global warming. This study highlighted the incorporation of climate change mitigating curriculum in education, so that the upcoming economic agents are well equipped to reduce global warming which must be addressed globally. This study is instrumental in developing the climate change-based economic activity Kuznets curve and assessing the potential of higher education and renewable energy policy intervention.Connecting higher education and renewable energy to attain sustainability for BRICS countries: A climate Kuznets curve perspective
Mubasher Iqbal, Shajara Ul-Durar, Noman Arshed, Khuram Shahzad, Umer Ayub
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Increased trapped heat in the atmosphere leads to global warming and economic activity is the primary culprit. This study proposes the nonlinear impact of economic activity on cooling degree days to develop a climate Kuznets curve (CKC). Further, this study explores the moderating role of higher education and renewable energy in diminishing the climate-altering effects of economic activity.

All the selected BRICS economies range from 1992 to 2020. The CKC analysis uses a distribution and outlier robust panel quantile autoregressive distributed lagged model.

Results confirmed a U-shaped CKC, controlling for population density, renewable energy, tertiary education enrollment and innovation. The moderating role of renewable energy and education can be exploited to tackle the progressively expanding climate challenges. Hence, education and renewable energy intervention can help in reducing CKC-based global warming.

This study highlighted the incorporation of climate change mitigating curriculum in education, so that the upcoming economic agents are well equipped to reduce global warming which must be addressed globally.

This study is instrumental in developing the climate change-based economic activity Kuznets curve and assessing the potential of higher education and renewable energy policy intervention.

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Connecting higher education and renewable energy to attain sustainability for BRICS countries: A climate Kuznets curve perspective10.1108/IJOEM-04-2023-0555International Journal of Emerging Markets2023-09-01© 2023 Emerald Publishing LimitedMubasher IqbalShajara Ul-DurarNoman ArshedKhuram ShahzadUmer AyubInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-0110.1108/IJOEM-04-2023-0555https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2023-0555/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Revisiting the debt–growth nexus in sub-Saharan Africa: fresh evidence from panel nonlinear ARDL approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2023-0598/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestWhile some countries have used debt to drive economic growth, the asymmetric effect on sub-Saharan African (SSA) countries has received little attention in the empirical literature. This paper therefore examines the asymmetric effect of external debts on economic growth. The panel nonlinear autoregressive distributed lag (NARDL) approach was employed in the study for 29 sub-Saharan African countries from 1990 to 2021. The cross-sectional dependence test was used to determine the presence of cross-sectional dependence, while the second-generation panel unit root tests was used to examine the unit-root properties. The empirical results show that external debt has an asymmetric effect on economic growth in both the short and long run. In the long run, a positive shock in external debts of 1% triggers an upturn in economic growth by 0.216% while a negative shock triggers 0.354% decline in economic growth. This implies that the negative shock of external debts has a much stronger impact on economic growth than the positive shock. In the short run, a positive shock in external debts by 1% triggers a decline in economic growth by 0.641%, while a negative shock of 1% triggers a fall in economic growth of 0.170%. The paper used the NARDL model to examine the asymmetric impact of external debt on the economic growth of SSA countries, which has not been extensively studied. It is recommended that governments in the selected countries in sub-Saharan Africa should drive economic growth by promoting domestic revenue mobilization since external debts impede economic growth.Revisiting the debt–growth nexus in sub-Saharan Africa: fresh evidence from panel nonlinear ARDL approach
John Kwaku Amoh, Abdallah Abdul-Mumuni, Richard Amankwa Fosu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

While some countries have used debt to drive economic growth, the asymmetric effect on sub-Saharan African (SSA) countries has received little attention in the empirical literature. This paper therefore examines the asymmetric effect of external debts on economic growth.

The panel nonlinear autoregressive distributed lag (NARDL) approach was employed in the study for 29 sub-Saharan African countries from 1990 to 2021. The cross-sectional dependence test was used to determine the presence of cross-sectional dependence, while the second-generation panel unit root tests was used to examine the unit-root properties.

The empirical results show that external debt has an asymmetric effect on economic growth in both the short and long run. In the long run, a positive shock in external debts of 1% triggers an upturn in economic growth by 0.216% while a negative shock triggers 0.354% decline in economic growth. This implies that the negative shock of external debts has a much stronger impact on economic growth than the positive shock. In the short run, a positive shock in external debts by 1% triggers a decline in economic growth by 0.641%, while a negative shock of 1% triggers a fall in economic growth of 0.170%.

The paper used the NARDL model to examine the asymmetric impact of external debt on the economic growth of SSA countries, which has not been extensively studied. It is recommended that governments in the selected countries in sub-Saharan Africa should drive economic growth by promoting domestic revenue mobilization since external debts impede economic growth.

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Revisiting the debt–growth nexus in sub-Saharan Africa: fresh evidence from panel nonlinear ARDL approach10.1108/IJOEM-04-2023-0598International Journal of Emerging Markets2024-02-09© 2024 Emerald Publishing LimitedJohn Kwaku AmohAbdallah Abdul-MumuniRichard Amankwa FosuInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-0910.1108/IJOEM-04-2023-0598https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2023-0598/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Credit risks, national governance and profitability in microfinancing sector: evidence from some emerging economies of world importancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2023-0665/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe world order is experiencing unremitting changes. With this, the national governance of emerging economies is also becoming robust. Therefore, the current study examines the efficacy of national governance in the context of emerging economies by investigating its effects on the profitability of the microfinancing sector. Further, the study inspects if national governance mitigates the impact of credit risks to protect profitability. The study considers panel data from 224 microfinancing institutions from five economies of world importance: Brazil, Russia, India, China and South Africa (BRICS). The study uses dynamic panel data modeling, particularly the generalized method of moments, alongside multiple univariate and multivariate techniques. The findings indicate that credit risks negatively impact profitability. In addition, the study documents a significant positive linkage between national governance and profitability. However, national governance fails to restrict the adverse effects of credit risks. National governance is found to be effective in reducing internal agency problems; the monitoring effects successfully limit the moral hazards due to managers' actions. Conversely, the national governance in these economies misses the mark in regulating the moral hazards due to borrowers' behavior. The current study provides fresh perspectives on the efficacy of national governance in microfinancing in the setting of emerging economies.Credit risks, national governance and profitability in microfinancing sector: evidence from some emerging economies of world importance
Kuldeep Singh
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The world order is experiencing unremitting changes. With this, the national governance of emerging economies is also becoming robust. Therefore, the current study examines the efficacy of national governance in the context of emerging economies by investigating its effects on the profitability of the microfinancing sector. Further, the study inspects if national governance mitigates the impact of credit risks to protect profitability.

The study considers panel data from 224 microfinancing institutions from five economies of world importance: Brazil, Russia, India, China and South Africa (BRICS). The study uses dynamic panel data modeling, particularly the generalized method of moments, alongside multiple univariate and multivariate techniques.

The findings indicate that credit risks negatively impact profitability. In addition, the study documents a significant positive linkage between national governance and profitability. However, national governance fails to restrict the adverse effects of credit risks. National governance is found to be effective in reducing internal agency problems; the monitoring effects successfully limit the moral hazards due to managers' actions. Conversely, the national governance in these economies misses the mark in regulating the moral hazards due to borrowers' behavior.

The current study provides fresh perspectives on the efficacy of national governance in microfinancing in the setting of emerging economies.

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Credit risks, national governance and profitability in microfinancing sector: evidence from some emerging economies of world importance10.1108/IJOEM-04-2023-0665International Journal of Emerging Markets2023-09-04© 2023 Emerald Publishing LimitedKuldeep SinghInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-0410.1108/IJOEM-04-2023-0665https://www.emerald.com/insight/content/doi/10.1108/IJOEM-04-2023-0665/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Blockchain technology adoption in Halal traceability scheme of the food supply chain: evidence from Indonesian firmshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0678/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper examines the intent to adopt blockchain-facilitated Halal traceability (BFHT) scheme in Indonesian firms' Halal food supply chain (SC). This study integrates Halal-focused attitude, innovation diffusion and institutional theories to construct the model. Data collection uses a simple random sampling method. Respondents are company leaders with experience and knowledge regarding Halal SC. The SEM-PLS approach was applied to test the hypothetical structure. The intent to adopt BFHT is considerably affected by perceived attractiveness, as perceived attractiveness is considerably affected by institutional forces, which are significantly influenced by Halal-focused attitude. Firms that follow a completely Halal-focused attitude show higher awareness regarding institutional forces that motivate them to adopt a BFHT. This research is among the initial works regarding Halal SCs that integrate Halal-focused attitude, innovation diffusion and institutional theories to recognise firms' intent to adopt a BFHT scheme.Blockchain technology adoption in Halal traceability scheme of the food supply chain: evidence from Indonesian firms
Eli Sumarliah, Tieke Li, Bailin Wang, Safeer Ullah Khan, Sher Zaman Khan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The paper examines the intent to adopt blockchain-facilitated Halal traceability (BFHT) scheme in Indonesian firms' Halal food supply chain (SC). This study integrates Halal-focused attitude, innovation diffusion and institutional theories to construct the model.

Data collection uses a simple random sampling method. Respondents are company leaders with experience and knowledge regarding Halal SC. The SEM-PLS approach was applied to test the hypothetical structure.

The intent to adopt BFHT is considerably affected by perceived attractiveness, as perceived attractiveness is considerably affected by institutional forces, which are significantly influenced by Halal-focused attitude. Firms that follow a completely Halal-focused attitude show higher awareness regarding institutional forces that motivate them to adopt a BFHT.

This research is among the initial works regarding Halal SCs that integrate Halal-focused attitude, innovation diffusion and institutional theories to recognise firms' intent to adopt a BFHT scheme.

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Blockchain technology adoption in Halal traceability scheme of the food supply chain: evidence from Indonesian firms10.1108/IJOEM-05-2021-0678International Journal of Emerging Markets2023-01-10© 2022 Emerald Publishing LimitedEli SumarliahTieke LiBailin WangSafeer Ullah KhanSher Zaman KhanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-1010.1108/IJOEM-05-2021-0678https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0678/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Do commuters intend to avail electric street cars as public transport? Evidence from urban Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0793/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestElectric street car (ESC) is a globally popular clean and safe electric transport system for urban agglomeration. India envisions achieving “all-electric transport” by 2030, yet ESC as a modal transport alternative is not distinct in the policy discussion. The emerging market for electric transportation in urban spaces requires a detailed demand study at the service user level to remove behavioural barriers and design integrated energy planning in developing economies. This paper explores the probabilistic uptake intentions of the daily public transport commuters for ESCs over e-buses from the only Indian city with operational ESCs, Kolkata. Using a random utility model on primary survey data from daily commuters, the authors identify demographic, psychometric and socio-economic factors influencing probabilistic uptake of ESC over e-buses. It estimates that 38% of the commuters demand ESC over e-buses, given the alternatives' comparative details. Factors like frequent availability and technological upgradation would increase the uptake of ESCs. The study highlights that even though there are infrastructural challenges in the implementation of ESC, so does any other electric transport system; it is worth considering as a decarbonising transport alternative, given the high up-take intension of the users. This is the first attempt to study the demand for ESC in developing economies, identifying the factors which may be considered in the sustainable urban transportation policy perspective.Do commuters intend to avail electric street cars as public transport? Evidence from urban India
Oindrila Dey, Debalina Chakravarty
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Electric street car (ESC) is a globally popular clean and safe electric transport system for urban agglomeration. India envisions achieving “all-electric transport” by 2030, yet ESC as a modal transport alternative is not distinct in the policy discussion. The emerging market for electric transportation in urban spaces requires a detailed demand study at the service user level to remove behavioural barriers and design integrated energy planning in developing economies. This paper explores the probabilistic uptake intentions of the daily public transport commuters for ESCs over e-buses from the only Indian city with operational ESCs, Kolkata.

Using a random utility model on primary survey data from daily commuters, the authors identify demographic, psychometric and socio-economic factors influencing probabilistic uptake of ESC over e-buses.

It estimates that 38% of the commuters demand ESC over e-buses, given the alternatives' comparative details. Factors like frequent availability and technological upgradation would increase the uptake of ESCs.

The study highlights that even though there are infrastructural challenges in the implementation of ESC, so does any other electric transport system; it is worth considering as a decarbonising transport alternative, given the high up-take intension of the users.

This is the first attempt to study the demand for ESC in developing economies, identifying the factors which may be considered in the sustainable urban transportation policy perspective.

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Do commuters intend to avail electric street cars as public transport? Evidence from urban India10.1108/IJOEM-05-2021-0793International Journal of Emerging Markets2022-12-13© 2022 Emerald Publishing LimitedOindrila DeyDebalina ChakravartyInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-1310.1108/IJOEM-05-2021-0793https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0793/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Poverty eradication in sub-Saharan Africa: a government-led or private sector-driven approach?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0807/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper contributes to the literature on investment and poverty in sub-Saharan Africa (SSA). Specifically, the study examined the separate role of private and public investment in poverty reduction in a panel of 40 sub-Saharan African countries. For robustness, the study adopts a variety of estimation techniques. These include the fixed effect (within) regression model, the two-step system generalised method of moments (GMM) and the pooled OLS with Driscoll-Kraay robust standard errors to account for the well-known problems of endogeneity, heterogeneity and cross-sectional dependence inherent in panel data. The empirical results show that the reducing impact of public investment on poverty is marginal, while private investment has a significant reducing impact on poverty. The study also found that access to social services, such as water and sanitation, and credit are important determinants of investment in SSA. The research and policy implications are discussed. The study investigated the separate effect of private and public investments on poverty in SSA, unlike the existing studies that adopted total investment.Poverty eradication in sub-Saharan Africa: a government-led or private sector-driven approach?
Olumide Olaoye, Segun Thompson Bolarinwa, Muhammad Yaseen
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The paper contributes to the literature on investment and poverty in sub-Saharan Africa (SSA). Specifically, the study examined the separate role of private and public investment in poverty reduction in a panel of 40 sub-Saharan African countries.

For robustness, the study adopts a variety of estimation techniques. These include the fixed effect (within) regression model, the two-step system generalised method of moments (GMM) and the pooled OLS with Driscoll-Kraay robust standard errors to account for the well-known problems of endogeneity, heterogeneity and cross-sectional dependence inherent in panel data.

The empirical results show that the reducing impact of public investment on poverty is marginal, while private investment has a significant reducing impact on poverty. The study also found that access to social services, such as water and sanitation, and credit are important determinants of investment in SSA. The research and policy implications are discussed.

The study investigated the separate effect of private and public investments on poverty in SSA, unlike the existing studies that adopted total investment.

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Poverty eradication in sub-Saharan Africa: a government-led or private sector-driven approach?10.1108/IJOEM-05-2021-0807International Journal of Emerging Markets2023-03-27© 2023 Emerald Publishing LimitedOlumide OlaoyeSegun Thompson BolarinwaMuhammad YaseenInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2710.1108/IJOEM-05-2021-0807https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2021-0807/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Can Confucian culture promote enterprise total factor productivity? Evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0739/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines whether Confucian culture can promote enterprise total factor productivity (TFP), and it also studies how transmission mechanism works on enterprise TFP. Based on the data of A-share listed companies on Shanghai and Shenzhen stock markets from 2008 to 2019, this study measures the influence of Confucian culture on enterprise TFP by the number of Confucian academies and Confucian temples within three radius ranges of a company's registered address. The empirical results show that Confucian culture has a positive effect on the enterprise TFP. The transmission mechanism test shows that Confucian culture can promote the TFP of Chinese enterprises through reducing agency cost, improving agency efficiency and enhancing innovation. The findings in this study provide implications for policymakers, scholars and enterprises. The results show that Confucian culture can enhance the TFP of Chinese enterprises. Especially in emerging markets including China, the Confucian culture, as an informal institution, can effectively complement formal institutions, promoting enterprise TFP. This study expands the literature on Confucian culture in two aspects: the influence of Confucian culture on TFP and its transmission mechanism. To the authors' knowledge, this is the first study to identify a link between Confucian culture and enterprise TFP.Can Confucian culture promote enterprise total factor productivity? Evidence from China
Ni Xiong, Longzheng Du
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines whether Confucian culture can promote enterprise total factor productivity (TFP), and it also studies how transmission mechanism works on enterprise TFP.

Based on the data of A-share listed companies on Shanghai and Shenzhen stock markets from 2008 to 2019, this study measures the influence of Confucian culture on enterprise TFP by the number of Confucian academies and Confucian temples within three radius ranges of a company's registered address.

The empirical results show that Confucian culture has a positive effect on the enterprise TFP. The transmission mechanism test shows that Confucian culture can promote the TFP of Chinese enterprises through reducing agency cost, improving agency efficiency and enhancing innovation.

The findings in this study provide implications for policymakers, scholars and enterprises. The results show that Confucian culture can enhance the TFP of Chinese enterprises. Especially in emerging markets including China, the Confucian culture, as an informal institution, can effectively complement formal institutions, promoting enterprise TFP.

This study expands the literature on Confucian culture in two aspects: the influence of Confucian culture on TFP and its transmission mechanism. To the authors' knowledge, this is the first study to identify a link between Confucian culture and enterprise TFP.

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Can Confucian culture promote enterprise total factor productivity? Evidence from China10.1108/IJOEM-05-2022-0739International Journal of Emerging Markets2023-05-05© 2023 Emerald Publishing LimitedNi XiongLongzheng DuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0510.1108/IJOEM-05-2022-0739https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0739/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A decade of biodiversity conservation: insights into corporate social responsibility in an emerging market contexthttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0744/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate whether Brazilian companies have increased their reporting on biodiversity within the past decade and whether reporting practices are linked to the government's stance on environmental protection, media coverage and industry biodiversity risk. Using content analysis and ordinary least squares regression models, the authors examine sustainability reports from Brazilian listed and non-listed companies from 2010 to 2020. This study’s empirical analysis indicates that companies have decreased their reporting on biodiversity over the decade. Findings suggest that biodiversity reporting is associated with the level of scrutiny from external constituents, such as industry biodiversity and the president's own public policy agenda and partially by media coverage. The literature seems to lack an understanding of how political factors may drive social and environmental reporting practices, especially biodiversity reporting. This study addresses this issue by examining the relationship between the government's stance on environmental protection. By focusing on biodiversity reporting in an emerging country like Brazil, this study also generates insights into a highly impactful yet under-researched context.A decade of biodiversity conservation: insights into corporate social responsibility in an emerging market context
Evelize Culpi Mann, Heitor Murilo Gomes, Amanda Jasmine Williamson, Manuel Castelo Branco
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate whether Brazilian companies have increased their reporting on biodiversity within the past decade and whether reporting practices are linked to the government's stance on environmental protection, media coverage and industry biodiversity risk.

Using content analysis and ordinary least squares regression models, the authors examine sustainability reports from Brazilian listed and non-listed companies from 2010 to 2020.

This study’s empirical analysis indicates that companies have decreased their reporting on biodiversity over the decade. Findings suggest that biodiversity reporting is associated with the level of scrutiny from external constituents, such as industry biodiversity and the president's own public policy agenda and partially by media coverage.

The literature seems to lack an understanding of how political factors may drive social and environmental reporting practices, especially biodiversity reporting. This study addresses this issue by examining the relationship between the government's stance on environmental protection. By focusing on biodiversity reporting in an emerging country like Brazil, this study also generates insights into a highly impactful yet under-researched context.

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A decade of biodiversity conservation: insights into corporate social responsibility in an emerging market context10.1108/IJOEM-05-2022-0744International Journal of Emerging Markets2023-06-13© 2023 Emerald Publishing LimitedEvelize Culpi MannHeitor Murilo GomesAmanda Jasmine WilliamsonManuel Castelo BrancoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1310.1108/IJOEM-05-2022-0744https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0744/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Imported inputs, firms' capabilities and productivity: evidence from emerging South Asian economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0745/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe main purpose of this study is to examine the impact of imported inputs on firms' productivity in selected South Asian economies, namely Pakistan, India and Bangladesh. Furthermore, this study explores the complementarity between firms' capabilities and imported inputs in an augmented productivity framework. A dataset comprising 7117 manufacturing firms of selected South Asian economies was taken from the World Bank for 2013 and 2014. The empirical analysis was based on stochastic frontier models, the ordinary least square method and instrumental variable estimation techniques. The empirical results show that imported inputs have positive and significant effects on the firms' productivity in the selected countries. Moreover, the study findings demonstrate that firms' capabilities play a complementary role in expanding the firms' production frontier. The study outcomes suggest that reducing tariffs on imported inputs will enhance the firms' productivity in the selected emerging economies. However, the study further finds that the potential gain of imported inputs is conditional on the firm's capabilities. It implies that firms operating in these countries can improve their performance by allocating more resources to capabilities, such as workers’ training, management and internal R&D effort. The existing literature on the subject is sceptical about the positive impact of imported inputs on firms' productivity in the case of developing countries. In this regard, the shortage of skilled labour and firms' capabilities are compelling rationales that need to be explored. Thus, the potential contribution of the study lies in explaining the moderating role of firm's capabilities operating in the selected emerging economies in the nexus of imported inputs and productivity.Imported inputs, firms' capabilities and productivity: evidence from emerging South Asian economies
Muhammad Luqman, Ghulam Murtaza
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The main purpose of this study is to examine the impact of imported inputs on firms' productivity in selected South Asian economies, namely Pakistan, India and Bangladesh. Furthermore, this study explores the complementarity between firms' capabilities and imported inputs in an augmented productivity framework.

A dataset comprising 7117 manufacturing firms of selected South Asian economies was taken from the World Bank for 2013 and 2014. The empirical analysis was based on stochastic frontier models, the ordinary least square method and instrumental variable estimation techniques.

The empirical results show that imported inputs have positive and significant effects on the firms' productivity in the selected countries. Moreover, the study findings demonstrate that firms' capabilities play a complementary role in expanding the firms' production frontier.

The study outcomes suggest that reducing tariffs on imported inputs will enhance the firms' productivity in the selected emerging economies. However, the study further finds that the potential gain of imported inputs is conditional on the firm's capabilities. It implies that firms operating in these countries can improve their performance by allocating more resources to capabilities, such as workers’ training, management and internal R&D effort.

The existing literature on the subject is sceptical about the positive impact of imported inputs on firms' productivity in the case of developing countries. In this regard, the shortage of skilled labour and firms' capabilities are compelling rationales that need to be explored. Thus, the potential contribution of the study lies in explaining the moderating role of firm's capabilities operating in the selected emerging economies in the nexus of imported inputs and productivity.

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Imported inputs, firms' capabilities and productivity: evidence from emerging South Asian economies10.1108/IJOEM-05-2022-0745International Journal of Emerging Markets2023-06-13© 2023 Emerald Publishing LimitedMuhammad LuqmanGhulam MurtazaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1310.1108/IJOEM-05-2022-0745https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0745/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Tax avoidance, CSR performance and financial impacts: evidence from BRICS economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0747/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to analyse the recently highly debated topics of the Tax avoidance–Corporate social responsibility (CSR) performance nexus and to further investigate the impacts of engaging in socially responsible activities on financial performance and bank debt financing constraints, at a disaggregate level (firm level). The sample for this study includes all publicly listed companies headquartered in BRICS countries from 2014 to 2020. The study employs detailed financial accounting information and the Environmental, Social and Governance scores released by Thomas Reuters EIKON database, which is regarded as the most authoritative indicator of CSR performance. Both pooled and panel data regression models are employed, and robustness tests that use a wide range of model specifications, measures and estimators are performed. The study finds robust evidence that corporate tax avoidance is negatively associated with CSR performance. The authors also find that firms with better CSR performance have healthier financial performance and lower costs of bank debt. Overall, the research findings are supportive of the corporate culture theory, which suggests that firms behave ethically consistent in both CSR practices and tax payment. CSR performance and the engagement of tax avoidance activities have been documented in the literature to be vital elements investors care about. This study focuses specifically on the association between them and further elaborates their impacts in the financial markets. To the best of the authors' knowledge, this is the first study which investigates the nexus in a sample that includes the most powerful emerging markets in the world. The results of this study are generalisable in terms of the implications of CSR management to many other emerging markets.Tax avoidance, CSR performance and financial impacts: evidence from BRICS economies
Meng Du, Yang Li
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to analyse the recently highly debated topics of the Tax avoidance–Corporate social responsibility (CSR) performance nexus and to further investigate the impacts of engaging in socially responsible activities on financial performance and bank debt financing constraints, at a disaggregate level (firm level).

The sample for this study includes all publicly listed companies headquartered in BRICS countries from 2014 to 2020. The study employs detailed financial accounting information and the Environmental, Social and Governance scores released by Thomas Reuters EIKON database, which is regarded as the most authoritative indicator of CSR performance. Both pooled and panel data regression models are employed, and robustness tests that use a wide range of model specifications, measures and estimators are performed.

The study finds robust evidence that corporate tax avoidance is negatively associated with CSR performance. The authors also find that firms with better CSR performance have healthier financial performance and lower costs of bank debt. Overall, the research findings are supportive of the corporate culture theory, which suggests that firms behave ethically consistent in both CSR practices and tax payment.

CSR performance and the engagement of tax avoidance activities have been documented in the literature to be vital elements investors care about. This study focuses specifically on the association between them and further elaborates their impacts in the financial markets. To the best of the authors' knowledge, this is the first study which investigates the nexus in a sample that includes the most powerful emerging markets in the world. The results of this study are generalisable in terms of the implications of CSR management to many other emerging markets.

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Tax avoidance, CSR performance and financial impacts: evidence from BRICS economies10.1108/IJOEM-05-2022-0747International Journal of Emerging Markets2023-01-31© 2022 Emerald Publishing LimitedMeng DuYang LiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-3110.1108/IJOEM-05-2022-0747https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0747/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Local government debt and earnings management: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0758/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the effect of local government debt (LGD) on corporate earnings management using 25,624 firm-year observations from 2007 to 2019. Pooled ordinary least squares (OLS) regression is used to examine the impact of LGD on earnings management. A difference-in-differences (DID) method is also used to alleviate potential endogeneity. Results show that LGD motivates firms to increase earnings management, especially income-decreasing earnings management. Findings are robust to DID method and robustness tests. Heterogeneity analyses show that the positive effect of LGD on earnings management is pronounced in firms with political dependence and moderated by external governance mechanisms. Further discussions indicate that tax enforcement is an underlying channel for LGD to affect earnings management. Firms engage in downward real earnings management by increasing their abnormal discretionary expenditures and higher LGD leads to a greater book-tax difference in those firms that manipulate income-decreasing earnings management. This study contributes towards examining the political costs hypothesis, the microeconomic effects of LGD and the determinants of earnings management.Local government debt and earnings management: evidence from China
Hongji Xie, Shulin Xu, Zefeng Tong
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the effect of local government debt (LGD) on corporate earnings management using 25,624 firm-year observations from 2007 to 2019.

Pooled ordinary least squares (OLS) regression is used to examine the impact of LGD on earnings management. A difference-in-differences (DID) method is also used to alleviate potential endogeneity.

Results show that LGD motivates firms to increase earnings management, especially income-decreasing earnings management. Findings are robust to DID method and robustness tests. Heterogeneity analyses show that the positive effect of LGD on earnings management is pronounced in firms with political dependence and moderated by external governance mechanisms. Further discussions indicate that tax enforcement is an underlying channel for LGD to affect earnings management. Firms engage in downward real earnings management by increasing their abnormal discretionary expenditures and higher LGD leads to a greater book-tax difference in those firms that manipulate income-decreasing earnings management.

This study contributes towards examining the political costs hypothesis, the microeconomic effects of LGD and the determinants of earnings management.

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Local government debt and earnings management: evidence from China10.1108/IJOEM-05-2022-0758International Journal of Emerging Markets2023-08-08© 2023 Emerald Publishing LimitedHongji XieShulin XuZefeng TongInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-0810.1108/IJOEM-05-2022-0758https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0758/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The incentive effect of government subsidies on the digital transformation of manufacturing enterpriseshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0766/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestChina's digital economy is flourishing and playing a pivotal role in the national economy. Government subsidies, as an important tool for the national treasury, are a “reassurance” for the digital transformation of manufacturing enterprises. The purpose of this paper is to investigate the relations between the digital transformation of manufacturing enterprises and government subsidies to provide inspiration for promoting the digitization and upgrading of China's manufacturing industry and facilitate enterprises' innovative development. Based on the panel data of 2,928 manufacturing listed companies in China from 2016 to 2020, this paper empirically tests the effect of subsidies on the digital transformation of manufacturing enterprises using fixed-effect econometric regression. The results illustrate that subsidies effectively incentivize digital transformation in manufacturing enterprises, and verify different situations through heterogeneity. Further analysis of the moderating effect shows that the innovation level and servitization level of manufacturing enterprises positively moderated the relationship between government subsidies and the enterprise's digital transformation. Based on Chinese manufacturing enterprise samples, this paper empirically tests the incentive effect of government subsidies on the digital transformation of manufacturing enterprises, therefore clarifying the main regulatory effects. This paper could provide enlightenment for manufacturing enterprises to make good use of government subsidies to improve their digital ability, thereby enhancing competitiveness in the digital economy era.The incentive effect of government subsidies on the digital transformation of manufacturing enterprises
Xueqi Zhao, Longwen Zhao, Xiaozhe Sun, Yibing Xing
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

China's digital economy is flourishing and playing a pivotal role in the national economy. Government subsidies, as an important tool for the national treasury, are a “reassurance” for the digital transformation of manufacturing enterprises. The purpose of this paper is to investigate the relations between the digital transformation of manufacturing enterprises and government subsidies to provide inspiration for promoting the digitization and upgrading of China's manufacturing industry and facilitate enterprises' innovative development.

Based on the panel data of 2,928 manufacturing listed companies in China from 2016 to 2020, this paper empirically tests the effect of subsidies on the digital transformation of manufacturing enterprises using fixed-effect econometric regression.

The results illustrate that subsidies effectively incentivize digital transformation in manufacturing enterprises, and verify different situations through heterogeneity. Further analysis of the moderating effect shows that the innovation level and servitization level of manufacturing enterprises positively moderated the relationship between government subsidies and the enterprise's digital transformation.

Based on Chinese manufacturing enterprise samples, this paper empirically tests the incentive effect of government subsidies on the digital transformation of manufacturing enterprises, therefore clarifying the main regulatory effects. This paper could provide enlightenment for manufacturing enterprises to make good use of government subsidies to improve their digital ability, thereby enhancing competitiveness in the digital economy era.

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The incentive effect of government subsidies on the digital transformation of manufacturing enterprises10.1108/IJOEM-05-2022-0766International Journal of Emerging Markets2023-02-08© 2023 Emerald Publishing LimitedXueqi ZhaoLongwen ZhaoXiaozhe SunYibing XingInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-0810.1108/IJOEM-05-2022-0766https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0766/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Discretionary impacts of the risk management committee attributes on firm performance: do board size matter?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0782/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestWhile there is an increased demand from various corporate stakeholders on the need for public companies to have risk management frameworks as well as a stand-alone risk management committee to mitigate risks and simultaneously improve performance, this study investigates the effects of the risk management committee attributes on firm performance, and the role of board size is highlighted on this relationship in Malaysian listed companies. Both accounting- and market-based performance measures have been used for measuring performance. A dynamic model using the generalized method of moments (GMM) has been employed to control for potential endogeneity, simultaneity and unobserved heterogeneity. The findings reveal that risk management committee attributes such as size, independence and meetings negatively affect book-based performance measures and positively affect market-based performance measures. Moreover, board size positively moderates the risk management committee attributes and performance relationship. The study embraces the predictions of agency theory and resource dependence theory. The findings are practically significant for Bursa Malaysia, Securities Commission Malaysia to assess the compliance of the Corporate Governance Code (MCCG, 2017) and for academia to further explore significant relationships in other emerging economies. The paper contributes to multiple aspects: first, it studies the impact of risk management committee attributes on firm performance; second, it investigates the moderating effect of board size on RMC–performance relationship; in the end, the study employs dynamic modeling for estimation process to avoid dynamic endogeneity considered a main econometric problem for CG–performance relationships.Discretionary impacts of the risk management committee attributes on firm performance: do board size matter?
Sitara Karim, Samuel A. Vigne, Brian M. Lucey, Muhammad Abubakr Naeem
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

While there is an increased demand from various corporate stakeholders on the need for public companies to have risk management frameworks as well as a stand-alone risk management committee to mitigate risks and simultaneously improve performance, this study investigates the effects of the risk management committee attributes on firm performance, and the role of board size is highlighted on this relationship in Malaysian listed companies.

Both accounting- and market-based performance measures have been used for measuring performance. A dynamic model using the generalized method of moments (GMM) has been employed to control for potential endogeneity, simultaneity and unobserved heterogeneity.

The findings reveal that risk management committee attributes such as size, independence and meetings negatively affect book-based performance measures and positively affect market-based performance measures. Moreover, board size positively moderates the risk management committee attributes and performance relationship. The study embraces the predictions of agency theory and resource dependence theory.

The findings are practically significant for Bursa Malaysia, Securities Commission Malaysia to assess the compliance of the Corporate Governance Code (MCCG, 2017) and for academia to further explore significant relationships in other emerging economies.

The paper contributes to multiple aspects: first, it studies the impact of risk management committee attributes on firm performance; second, it investigates the moderating effect of board size on RMC–performance relationship; in the end, the study employs dynamic modeling for estimation process to avoid dynamic endogeneity considered a main econometric problem for CG–performance relationships.

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Discretionary impacts of the risk management committee attributes on firm performance: do board size matter?10.1108/IJOEM-05-2022-0782International Journal of Emerging Markets2022-11-29© 2022 Emerald Publishing LimitedSitara KarimSamuel A. VigneBrian M. LuceyMuhammad Abubakr NaeemInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2910.1108/IJOEM-05-2022-0782https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0782/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Glasgow climate pact and the global clean energy index constituent stockshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0815/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examined the impact of the Glasgow Climate Pact on the abnormal returns of global clean energy stocks. Further, this study examines which country-specific and firm-specific variables drive the cumulative abnormal returns (CARs) of clean energy stocks. The authors used the event study method and cross-sectional multivariate regression model. The clean energy stocks in this study are limited to 81 constituent firms of the S&P Global Clean Energy Index across 17 nations. The final sample includes 80 firms and the sample period ranges from January 26, 2021, to December 07, 2021. The study finds that the Glasgow Climate Pact negatively affects the stock returns of clean energy firms. Moreover, the climate change performance index (CCPI) positively impacts cumulative abnormal returns (CARs), signifying that clean energy investors react positively to firms in nations with good CCPI scores. The environmental, social and governance (ESG) measure for the shorter window (−1, +1) exhibited a negative relationship with CARs. The firm-specific variables (BTM, stock liquidity, size and past returns) exhibit a negative relationship with CARs in different event windows. The authors use the CCPI as a proxy for the stringency of environmental policies in any nation. The authors extend the existing literature by employing firm-specific variables and supporting previous findings. Their findings have policy implications for clean energy investors, policymakers and other market participants. Climate risks impact the global financial market, so the findings have implications for global regulatory bodies. Currently, there are bankruptcy cases due to climate risks. Because financial markets must play a critical role in shifting the economy toward a green one, regulators can use the cross-sectional drivers of this study to shape policy. It is also critical for regulators to reduce stock price volatility in the event of the implementation of environmental regulations and improve environmental disclosures by publicly traded companies. Furthermore, governments are interested in researching the effects of environmental regulations to protect stakeholders' interests. These regulations significantly impact emerging markets because they lack the same solid institutional frameworks as developed markets. The authors provide evidence that firms with better ESG scores and larger firm sizes have experienced fewer abnormal returns, as these firms have stable financial and non-financial fundamentals. This timely study on the ongoing regulatory shift in environmental policy will help investors, policymakers, firms and other stakeholders make relevant decisions.Glasgow climate pact and the global clean energy index constituent stocks
Dharen Kumar Pandey, Rahul Kumar, Vineeta Kumari
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examined the impact of the Glasgow Climate Pact on the abnormal returns of global clean energy stocks. Further, this study examines which country-specific and firm-specific variables drive the cumulative abnormal returns (CARs) of clean energy stocks.

The authors used the event study method and cross-sectional multivariate regression model. The clean energy stocks in this study are limited to 81 constituent firms of the S&P Global Clean Energy Index across 17 nations. The final sample includes 80 firms and the sample period ranges from January 26, 2021, to December 07, 2021.

The study finds that the Glasgow Climate Pact negatively affects the stock returns of clean energy firms. Moreover, the climate change performance index (CCPI) positively impacts cumulative abnormal returns (CARs), signifying that clean energy investors react positively to firms in nations with good CCPI scores. The environmental, social and governance (ESG) measure for the shorter window (−1, +1) exhibited a negative relationship with CARs. The firm-specific variables (BTM, stock liquidity, size and past returns) exhibit a negative relationship with CARs in different event windows.

The authors use the CCPI as a proxy for the stringency of environmental policies in any nation. The authors extend the existing literature by employing firm-specific variables and supporting previous findings. Their findings have policy implications for clean energy investors, policymakers and other market participants.

Climate risks impact the global financial market, so the findings have implications for global regulatory bodies. Currently, there are bankruptcy cases due to climate risks. Because financial markets must play a critical role in shifting the economy toward a green one, regulators can use the cross-sectional drivers of this study to shape policy. It is also critical for regulators to reduce stock price volatility in the event of the implementation of environmental regulations and improve environmental disclosures by publicly traded companies. Furthermore, governments are interested in researching the effects of environmental regulations to protect stakeholders' interests. These regulations significantly impact emerging markets because they lack the same solid institutional frameworks as developed markets.

The authors provide evidence that firms with better ESG scores and larger firm sizes have experienced fewer abnormal returns, as these firms have stable financial and non-financial fundamentals. This timely study on the ongoing regulatory shift in environmental policy will help investors, policymakers, firms and other stakeholders make relevant decisions.

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Glasgow climate pact and the global clean energy index constituent stocks10.1108/IJOEM-05-2022-0815International Journal of Emerging Markets2023-01-09© 2022 Emerald Publishing LimitedDharen Kumar PandeyRahul KumarVineeta KumariInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-0910.1108/IJOEM-05-2022-0815https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0815/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
On the connection between clean energy stocks and African stock markets: does uncertainty due to infectious diseases matter?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0818/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAs financial markets for environmentally friendly investment grow in both scope and size, analyzing the relationship between green financial markets and African stocks becomes an important issue. Therefore, this paper examines the role of infectious disease-based uncertainty on the dynamic spillovers between African stock markets and clean energy stocks. The authors employ the dynamic spillover in time and frequency domains and the nonparametric causality-in-quantiles approach over the period of November 30, 2010, to August 18, 2021. These findings are discernible in this study's analysis. First, the authors find evidence of strong connectedness between the African stock markets and the clean energy market, and long-lived but weak in the short and medium investment horizons. Second, the BDS test shows that nonlinearity is crucial when examining the role of infectious disease-based equity market volatility in affecting the interactions between clean energy stocks and African stock markets. Third, the causal analysis provides evidence in support of a nonlinear causal relationship between uncertainties due to infectious diseases and the connection between both markets, mostly at lower and median quantiles. Considering the global and recent use of clean energy equities and the stock markets for hedging and speculative purposes, one may argue that rising uncertainties may significantly influence risk transmissions across these markets. This study, therefore, is the first to examine the role of pandemic uncertainty on the connection between clean stocks and the African stock markets.On the connection between clean energy stocks and African stock markets: does uncertainty due to infectious diseases matter?
Ismail Fasanya, Oluwatomisin Oyewole
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

As financial markets for environmentally friendly investment grow in both scope and size, analyzing the relationship between green financial markets and African stocks becomes an important issue. Therefore, this paper examines the role of infectious disease-based uncertainty on the dynamic spillovers between African stock markets and clean energy stocks.

The authors employ the dynamic spillover in time and frequency domains and the nonparametric causality-in-quantiles approach over the period of November 30, 2010, to August 18, 2021.

These findings are discernible in this study's analysis. First, the authors find evidence of strong connectedness between the African stock markets and the clean energy market, and long-lived but weak in the short and medium investment horizons. Second, the BDS test shows that nonlinearity is crucial when examining the role of infectious disease-based equity market volatility in affecting the interactions between clean energy stocks and African stock markets. Third, the causal analysis provides evidence in support of a nonlinear causal relationship between uncertainties due to infectious diseases and the connection between both markets, mostly at lower and median quantiles.

Considering the global and recent use of clean energy equities and the stock markets for hedging and speculative purposes, one may argue that rising uncertainties may significantly influence risk transmissions across these markets. This study, therefore, is the first to examine the role of pandemic uncertainty on the connection between clean stocks and the African stock markets.

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On the connection between clean energy stocks and African stock markets: does uncertainty due to infectious diseases matter?10.1108/IJOEM-05-2022-0818International Journal of Emerging Markets2023-08-14© 2023 Ismail Fasanya and Oluwatomisin OyewoleIsmail FasanyaOluwatomisin OyewoleInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-1410.1108/IJOEM-05-2022-0818https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0818/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Ismail Fasanya and Oluwatomisin Oyewolehttp://creativecommons.org/licences/by/4.0/legalcode
Mitigated liability of origin: a more salient category triggered by M&A as an establishment modehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0826/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to explore how the establishment modes used by emerging economy multinational corporations (EE-MNCs) influence their subsequent experiences of liability of origin (LOO) in developed economies based on the causal-model theory of categorization. Taking Chinese listed firms' direct investments in developed economies as the sample, this paper utilizes Heckman (1979)'s self-selection model to examine the effect of establishment modes. Besides, when checking the robustness, subsample analyses and 2SLS regressions are used to rule out the alternative explanation associated with LOO mitigation. EE-MNCs that enter a developed economy by greenfield investment experience heightened LOO while entries using M&A are associated with the mitigated liability. When EEMNCs enter a more institutionally distant developed country, the establishment modes will be more determinant of their subsequent experiences of this liability. Moreover, the effect of establishment modes can recede when EE-MNCs have established their presence in a developed country for a longer time. This paper utilizes the causal-model theory of categorization to articulate the underlying mechanisms through which the country-of-origin cue is weakened by the cue transmitted by M&A. It further considers the context-saliency of the cue of M&A and clarifies boundary conditions for the effectiveness of this establishment mode to mitigate LOO.Mitigated liability of origin: a more salient category triggered by M&A as an establishment mode
Yan Zuo
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to explore how the establishment modes used by emerging economy multinational corporations (EE-MNCs) influence their subsequent experiences of liability of origin (LOO) in developed economies based on the causal-model theory of categorization.

Taking Chinese listed firms' direct investments in developed economies as the sample, this paper utilizes Heckman (1979)'s self-selection model to examine the effect of establishment modes. Besides, when checking the robustness, subsample analyses and 2SLS regressions are used to rule out the alternative explanation associated with LOO mitigation.

EE-MNCs that enter a developed economy by greenfield investment experience heightened LOO while entries using M&A are associated with the mitigated liability. When EEMNCs enter a more institutionally distant developed country, the establishment modes will be more determinant of their subsequent experiences of this liability. Moreover, the effect of establishment modes can recede when EE-MNCs have established their presence in a developed country for a longer time.

This paper utilizes the causal-model theory of categorization to articulate the underlying mechanisms through which the country-of-origin cue is weakened by the cue transmitted by M&A. It further considers the context-saliency of the cue of M&A and clarifies boundary conditions for the effectiveness of this establishment mode to mitigate LOO.

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Mitigated liability of origin: a more salient category triggered by M&A as an establishment mode10.1108/IJOEM-05-2022-0826International Journal of Emerging Markets2023-08-04© 2023 Emerald Publishing LimitedYan ZuoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-0410.1108/IJOEM-05-2022-0826https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0826/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A six-factor asset pricing model of China's stock market from the perspective of institutional investors' dominancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0834/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestChina's stock market, which serves as an example of emerging markets, is steadily maturing in the context of globalization. In order to analyze the pricing mechanism of China's stock market, this paper builds a six-factor model to address the market features that are structurally efficient but not entirely efficient. This study updates the Fama–French factor model's construction process to account for the unique features of China's stock market before creating a model that incorporates size, volume, value, profitability, and profit-income factors based on institutional investors' trading behavior and research preferences. The SWS three-tier sector stock index's monthly and quarterly data for the years 2016–2021 are used as samples for this study. The results imply that China's stock market is structurally efficient and exhibits high levels of rationality in the region dominated by institutional investors. Specifically, big-size and high-volume portfolios that perform well in terms of liquidity can receive trading premiums. Growth-style sectors prevail at present, and investing in sectors with strong profitability and reliable financial reporting data can produce better returns. The research on China's stock market can be extended to improve the understanding of the development process of similar emerging markets, thereby promoting their improvement. To enhance the development of emerging markets, the regulators should attach great importance to the role of local institutional investors in driving the market to maturity. It is crucial to adopt a structured approach to examine the market pricing mechanism throughout the middle stage of the transition from developing to mature markets. This study offers a structured viewpoint on asset pricing in growing emerging markets by combining the multi-factor pricing model approach with behavioral finance theories.A six-factor asset pricing model of China's stock market from the perspective of institutional investors' dominance
Xiaoguang Zhou, Yuxuan Lin, Jie Zhong
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

China's stock market, which serves as an example of emerging markets, is steadily maturing in the context of globalization. In order to analyze the pricing mechanism of China's stock market, this paper builds a six-factor model to address the market features that are structurally efficient but not entirely efficient.

This study updates the Fama–French factor model's construction process to account for the unique features of China's stock market before creating a model that incorporates size, volume, value, profitability, and profit-income factors based on institutional investors' trading behavior and research preferences. The SWS three-tier sector stock index's monthly and quarterly data for the years 2016–2021 are used as samples for this study.

The results imply that China's stock market is structurally efficient and exhibits high levels of rationality in the region dominated by institutional investors. Specifically, big-size and high-volume portfolios that perform well in terms of liquidity can receive trading premiums. Growth-style sectors prevail at present, and investing in sectors with strong profitability and reliable financial reporting data can produce better returns.

The research on China's stock market can be extended to improve the understanding of the development process of similar emerging markets, thereby promoting their improvement. To enhance the development of emerging markets, the regulators should attach great importance to the role of local institutional investors in driving the market to maturity. It is crucial to adopt a structured approach to examine the market pricing mechanism throughout the middle stage of the transition from developing to mature markets.

This study offers a structured viewpoint on asset pricing in growing emerging markets by combining the multi-factor pricing model approach with behavioral finance theories.

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A six-factor asset pricing model of China's stock market from the perspective of institutional investors' dominance10.1108/IJOEM-05-2022-0834International Journal of Emerging Markets2022-10-20© 2022 Emerald Publishing LimitedXiaoguang ZhouYuxuan LinJie ZhongInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-2010.1108/IJOEM-05-2022-0834https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0834/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Consumer adoption behaviour in ride-sharing economy: an integrated TAM-ECM frameworkhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0837/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe sharing economy is changing the way people use products and services, and the success of sharing-based apps like bicycle and automobile sharing has drawn a lot of interest across the world. The purpose of this research is to investigate the factors affecting the consumer's adoption of ride-sharing services. With this aim, the current study integrates the Technology Acceptance Model (TAM) and Expectancy Confirmation Model (ECM) with a further extension of consumer trust and social norms. Using a survey-based research design, data were collected from 558 respondents using multi-stage convenience sampling on 5 point Likert scale. Confirmatory factor analysis is conducted followed by structural equation modelling using IBM AMOS-22. The findings of the study report crucial determinants for the consumer's continuance intention and actual use of these services. Perceived usefulness, consumer satisfaction, trust and subjective norms were found positively associated with the continuous intention to use ride-sharing services, whereas perceived ease of use was found to be insignificant. This study also highlights antecedents for the consumer's trust towards these services and found reputation, propensity to trust as a significant contributor whereas structural assurance was found insignificant to establish the trust among the users. The research on consumer adoption towards ride-sharing services are meagre and this study adds the value to the field by integrating TAM and ECM model with further extension of consumer trust and social norms and empirically test the proposed model.Consumer adoption behaviour in ride-sharing economy: an integrated TAM-ECM framework
Shailesh Pandita, Hari Govind Mishra, Aasif Ali Bhat
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The sharing economy is changing the way people use products and services, and the success of sharing-based apps like bicycle and automobile sharing has drawn a lot of interest across the world. The purpose of this research is to investigate the factors affecting the consumer's adoption of ride-sharing services.

With this aim, the current study integrates the Technology Acceptance Model (TAM) and Expectancy Confirmation Model (ECM) with a further extension of consumer trust and social norms. Using a survey-based research design, data were collected from 558 respondents using multi-stage convenience sampling on 5 point Likert scale. Confirmatory factor analysis is conducted followed by structural equation modelling using IBM AMOS-22.

The findings of the study report crucial determinants for the consumer's continuance intention and actual use of these services. Perceived usefulness, consumer satisfaction, trust and subjective norms were found positively associated with the continuous intention to use ride-sharing services, whereas perceived ease of use was found to be insignificant. This study also highlights antecedents for the consumer's trust towards these services and found reputation, propensity to trust as a significant contributor whereas structural assurance was found insignificant to establish the trust among the users.

The research on consumer adoption towards ride-sharing services are meagre and this study adds the value to the field by integrating TAM and ECM model with further extension of consumer trust and social norms and empirically test the proposed model.

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Consumer adoption behaviour in ride-sharing economy: an integrated TAM-ECM framework10.1108/IJOEM-05-2022-0837International Journal of Emerging Markets2023-10-31© 2023 Emerald Publishing LimitedShailesh PanditaHari Govind MishraAasif Ali BhatInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-3110.1108/IJOEM-05-2022-0837https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0837/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The evolution of organizational design: the case of digital startupshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0847/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAlong their journey to achieve exponential growth, startups must process a vast amount of information and make quick decisions, reevaluate and adjust strategies and simultaneously redesign their organization along with the venture lifecycle. This paper delineates the evolution of startups' organizational design and identifies the influencing factors in every phase of the lifecycle. This study adopts an explorative qualitative approach using a multiple case study methodology for six Indonesian startups. Indonesia is chosen as an emerging country in Southeast Asia with tremendous growth in digital startup businesses. The research findings suggest that, as they experience exponential growth, startups strive to manage the tension between being structured and being flexible and hence remain innovative by combining management-centric and employee-centric approaches. In particular, this study identified three main factors that potentially influence the evolution of startups' organizational design: founders, investors and the characteristics of business and market. The present study focuses mainly on Indonesian digital startups and does not fully explain how the influencing factors work in each phase of the venture journey. This study offers practical contributions for startups pursuing business growth by focusing on the importance of balancing the tension between structured and flexible organizational design and placing more attention on founders, investors and business-market characteristics. This empirical study is among the first to delineate nuances of organizational design evolution during the startup lifecycle by adopting an explorative qualitative method.The evolution of organizational design: the case of digital startups
Indria Handoko, Hendro A. Tjaturpriono
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Along their journey to achieve exponential growth, startups must process a vast amount of information and make quick decisions, reevaluate and adjust strategies and simultaneously redesign their organization along with the venture lifecycle. This paper delineates the evolution of startups' organizational design and identifies the influencing factors in every phase of the lifecycle.

This study adopts an explorative qualitative approach using a multiple case study methodology for six Indonesian startups. Indonesia is chosen as an emerging country in Southeast Asia with tremendous growth in digital startup businesses.

The research findings suggest that, as they experience exponential growth, startups strive to manage the tension between being structured and being flexible and hence remain innovative by combining management-centric and employee-centric approaches. In particular, this study identified three main factors that potentially influence the evolution of startups' organizational design: founders, investors and the characteristics of business and market.

The present study focuses mainly on Indonesian digital startups and does not fully explain how the influencing factors work in each phase of the venture journey.

This study offers practical contributions for startups pursuing business growth by focusing on the importance of balancing the tension between structured and flexible organizational design and placing more attention on founders, investors and business-market characteristics.

This empirical study is among the first to delineate nuances of organizational design evolution during the startup lifecycle by adopting an explorative qualitative method.

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The evolution of organizational design: the case of digital startups10.1108/IJOEM-05-2022-0847International Journal of Emerging Markets2023-12-05© 2023 Emerald Publishing LimitedIndria HandokoHendro A. TjaturprionoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-0510.1108/IJOEM-05-2022-0847https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0847/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The impact of COVID-19 information overload on Vietnamese consumers' online purchase intentionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0860/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestUsing data from Vietnam to reveal which factors affected the impressive growth of Vietnam's e-commerce during the COVID-19 pandemic. Drawing on the Stimulus–Organism–Response (S-O-R) framework, the study proposed a conceptual model in which the influence of COVID-19 information overload (IO) on online purchase intention (OPI) was discovered. The authors were also interested in examining the moderator roles of self-construal (SC), perceived ease of use (PEOU) and perceived usefulness (PU) in inducing the intention to make an online purchase. Perceived threat (PT) and cyberchondria (C) played full mediation roles in the impact of IO on OPI. Moreover, PT was found to be a partial mediator of the relationship between IO and C. Furthermore, interdependent self-construal (IntSC) positively moderated the positive effect of IO on PT. Finally, PU and PEOU showed significant moderated moderation effects, in which PU moderated the effects of PT and C on OPI, whereas PU itself was moderated by PEOU. Understanding the positive effects of IO, C and PT on OPI can be useful for marketers. In addition, managers should improve the ease-of-use and usefulness of online stores/platforms to attract more consumers to online channels. Marketers and managers should learn more about how to take advantage of IO, PT and C. For instance, to sell medical supplements, marketer should push up related-health information such as obesity, diabetics, to make consumers perceive a threat to their health and search for ways to improve their health condition. This is the time when advertisements for medical supplements bring into play. This method can be applied in many different fields. The key is that marketers should find out what is the threat that their targeted customers can perceive and then spread out a huge amount of relevant information. The government should control infodemic and guide people to obtain official information. This helps to restrain the PT and C, which seriously harm people's health and affect their behaviors, such as making unusual or panicked purchases. This study also suggests a considerable concern that residents of Asian cultures, where IntSC is dominant, may perceive threat more than residents of Western cultures. Limited research addresses the relationship between PEOU and PU when they act as moderators. Current research not only explains the moderation effect of PU under the influence of PEOU but also suggests that PEOU may be more important than PU in emerging markets due to customers' inexperience in online markets or channels. It also explores the factors that influenced OPI in Vietnam during the COVID-19 outbreak and contributes to the scientific literature on Vietnam, especially in terms of discovering the tendency of SC, which has not been mentioned before in research about Vietnamese.The impact of COVID-19 information overload on Vietnamese consumers' online purchase intention
Lydia Qianqian Li, Quynh Ngoc Bui, Hui Yan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Using data from Vietnam to reveal which factors affected the impressive growth of Vietnam's e-commerce during the COVID-19 pandemic.

Drawing on the Stimulus–Organism–Response (S-O-R) framework, the study proposed a conceptual model in which the influence of COVID-19 information overload (IO) on online purchase intention (OPI) was discovered. The authors were also interested in examining the moderator roles of self-construal (SC), perceived ease of use (PEOU) and perceived usefulness (PU) in inducing the intention to make an online purchase.

Perceived threat (PT) and cyberchondria (C) played full mediation roles in the impact of IO on OPI. Moreover, PT was found to be a partial mediator of the relationship between IO and C. Furthermore, interdependent self-construal (IntSC) positively moderated the positive effect of IO on PT. Finally, PU and PEOU showed significant moderated moderation effects, in which PU moderated the effects of PT and C on OPI, whereas PU itself was moderated by PEOU.

Understanding the positive effects of IO, C and PT on OPI can be useful for marketers. In addition, managers should improve the ease-of-use and usefulness of online stores/platforms to attract more consumers to online channels.

Marketers and managers should learn more about how to take advantage of IO, PT and C. For instance, to sell medical supplements, marketer should push up related-health information such as obesity, diabetics, to make consumers perceive a threat to their health and search for ways to improve their health condition. This is the time when advertisements for medical supplements bring into play. This method can be applied in many different fields. The key is that marketers should find out what is the threat that their targeted customers can perceive and then spread out a huge amount of relevant information.

The government should control infodemic and guide people to obtain official information. This helps to restrain the PT and C, which seriously harm people's health and affect their behaviors, such as making unusual or panicked purchases. This study also suggests a considerable concern that residents of Asian cultures, where IntSC is dominant, may perceive threat more than residents of Western cultures.

Limited research addresses the relationship between PEOU and PU when they act as moderators. Current research not only explains the moderation effect of PU under the influence of PEOU but also suggests that PEOU may be more important than PU in emerging markets due to customers' inexperience in online markets or channels. It also explores the factors that influenced OPI in Vietnam during the COVID-19 outbreak and contributes to the scientific literature on Vietnam, especially in terms of discovering the tendency of SC, which has not been mentioned before in research about Vietnamese.

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The impact of COVID-19 information overload on Vietnamese consumers' online purchase intention10.1108/IJOEM-05-2022-0860International Journal of Emerging Markets2023-08-25© 2023 Emerald Publishing LimitedLydia Qianqian LiQuynh Ngoc BuiHui YanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-2510.1108/IJOEM-05-2022-0860https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0860/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Antecedents of internationalization of Taiwanese SMEs: a resource-based viewhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0875/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aimed to explore the antecedents of small- and medium-sized enterprises (SMEs) internationalization and to compare the different resources required to enter different geographical regions. This study adds to the discussion on internationalization from a resource-based view (RBV) and a focus on dynamic capability, especially the linkage with resources such as digital capability, domestic industrial networks and the business-to-business (B2B) model. This study used secondary data collected by an SME association in 2020, using a logistic regression model to examine the hypotheses. The respondents were selected according to stratified random sampling. Digital capability and the B2B model significantly and positively affect the likelihood of internationalization by SMEs, while domestic industrial networks were negatively correlated with this process. In addition, Taiwanese SMEs with high digital capability tend to expand to North America, Europe, Southeast Asia, Northeast Asia, Oceania and the Middle East. Smaller firms tend to develop in Southeast Asia, whereas larger firms opt to establish business in Oceania. A research limitation is the generalizability of the sample. Findings could be enhanced if future studies include more industries and draw comparisons among different industries or countries. Future studies could explore digital entrepreneurship from a global perspective. Managers need to emphasize better the development of digital capabilities and skills for SMEs. With limited financial resources and workforce, SMEs can strengthen the competence in international markets by adopting a suitable business model. When SMEs join an association to expand SMEs foreign networks, the study suggests that SMEs carefully evaluate the characteristics of each industrial association first, given that some associations are domestic-oriented. As for public policymakers, a project grant can be used to provide digital capability training for SME employees and owners or promote building a B2B model when internationalizing. The authors' findings fill the research gaps in RBVs of internationalization, especially in linking resources such as digital capability, domestic industrial networks and the B2B model. The outcomes of this research serve as a reference not only to policymakers for improving the current SME ecosystem, but also to business practitioners positioning themselves in this system.Antecedents of internationalization of Taiwanese SMEs: a resource-based view
Yi-An Chen, Shiau-Ling Guo, Kuo-Feng Huang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aimed to explore the antecedents of small- and medium-sized enterprises (SMEs) internationalization and to compare the different resources required to enter different geographical regions. This study adds to the discussion on internationalization from a resource-based view (RBV) and a focus on dynamic capability, especially the linkage with resources such as digital capability, domestic industrial networks and the business-to-business (B2B) model.

This study used secondary data collected by an SME association in 2020, using a logistic regression model to examine the hypotheses. The respondents were selected according to stratified random sampling.

Digital capability and the B2B model significantly and positively affect the likelihood of internationalization by SMEs, while domestic industrial networks were negatively correlated with this process. In addition, Taiwanese SMEs with high digital capability tend to expand to North America, Europe, Southeast Asia, Northeast Asia, Oceania and the Middle East. Smaller firms tend to develop in Southeast Asia, whereas larger firms opt to establish business in Oceania.

A research limitation is the generalizability of the sample. Findings could be enhanced if future studies include more industries and draw comparisons among different industries or countries. Future studies could explore digital entrepreneurship from a global perspective.

Managers need to emphasize better the development of digital capabilities and skills for SMEs. With limited financial resources and workforce, SMEs can strengthen the competence in international markets by adopting a suitable business model. When SMEs join an association to expand SMEs foreign networks, the study suggests that SMEs carefully evaluate the characteristics of each industrial association first, given that some associations are domestic-oriented. As for public policymakers, a project grant can be used to provide digital capability training for SME employees and owners or promote building a B2B model when internationalizing.

The authors' findings fill the research gaps in RBVs of internationalization, especially in linking resources such as digital capability, domestic industrial networks and the B2B model. The outcomes of this research serve as a reference not only to policymakers for improving the current SME ecosystem, but also to business practitioners positioning themselves in this system.

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Antecedents of internationalization of Taiwanese SMEs: a resource-based view10.1108/IJOEM-05-2022-0875International Journal of Emerging Markets2023-03-13© 2023 Emerald Publishing LimitedYi-An ChenShiau-Ling GuoKuo-Feng HuangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-1310.1108/IJOEM-05-2022-0875https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0875/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Do firm attributes impact CSR participation? Evidence from a developing economyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0876/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAmidst the growing awareness regarding the social accountability of corporates, the study has attempted to investigate how firm characteristics like size and performance influence corporate social responsibility (CSR) activities in India. 236 Indian firms listed on the National Stock Exchange (Nifty 500 index) have been selected for the empirical analysis. The independent variable firm size has been defined through total assets, operation scale and resource access. Another important factor, firm's performance, is also considered as the independent variable. CSR, the dependent variable, has been measured using Bloomberg's Environmental, Social and Governance (ESG) disclosure scores. Findings of the dynamic panel data analysis have revealed an inversed U-shape relationship between companies' size and CSR, i.e. CSR participation is positively related with small-sized firms, but as the firms become larger in size, their relationship with CSR becomes negative. A negative relationship has also been found between firm performance and CSR, while the age of the firm exhibits a positive association with CSR participation. Poor performance of the larger firms suggests that government regulatory bodies need to take strict steps to enhance supervision. Clear regulations are required to be framed and enforced upon large companies to promote consistent participation in CSR. The present study has endeavoured to offer a distinct viewpoint by considering firm size and CSR to be related in a non-linear manner and has brought forward relevant information from the perspective of an emerging economy like India.Do firm attributes impact CSR participation? Evidence from a developing economy
Nidhi Agarwala, Ritu Pareek, Tarak Nath Sahu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Amidst the growing awareness regarding the social accountability of corporates, the study has attempted to investigate how firm characteristics like size and performance influence corporate social responsibility (CSR) activities in India.

236 Indian firms listed on the National Stock Exchange (Nifty 500 index) have been selected for the empirical analysis. The independent variable firm size has been defined through total assets, operation scale and resource access. Another important factor, firm's performance, is also considered as the independent variable. CSR, the dependent variable, has been measured using Bloomberg's Environmental, Social and Governance (ESG) disclosure scores.

Findings of the dynamic panel data analysis have revealed an inversed U-shape relationship between companies' size and CSR, i.e. CSR participation is positively related with small-sized firms, but as the firms become larger in size, their relationship with CSR becomes negative. A negative relationship has also been found between firm performance and CSR, while the age of the firm exhibits a positive association with CSR participation.

Poor performance of the larger firms suggests that government regulatory bodies need to take strict steps to enhance supervision. Clear regulations are required to be framed and enforced upon large companies to promote consistent participation in CSR. The present study has endeavoured to offer a distinct viewpoint by considering firm size and CSR to be related in a non-linear manner and has brought forward relevant information from the perspective of an emerging economy like India.

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Do firm attributes impact CSR participation? Evidence from a developing economy10.1108/IJOEM-05-2022-0876International Journal of Emerging Markets2023-03-24© 2023 Emerald Publishing LimitedNidhi AgarwalaRitu PareekTarak Nath SahuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2410.1108/IJOEM-05-2022-0876https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0876/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Systemic risk in China new energy stock marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0883/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of the paper is to assess the systemic risk in the new energy stock markets of China. This paper first uses the VaR method to study individual stock market risks. It then introduces the DCC model to capture the dynamic conditional correlation among the new energy stock markets. The paper shows a generally upward trend of the stock market risk over time in the recent decade. Among all the markets considered, the solar power market demonstrates the highest risk, closely followed by the wind power market, while the hydropower market exhibits the lowest risk. Furthermore, the average dynamic conditional correlations among the new energy markets stay high during the period under investigation though daily correlations vary and significantly declined in 2020. To the best of the authors’ knowledge, this paper is the first of its kind to study the systemic risk within the new energy stock market context. In addition, it not only investigates individual new energy stock market risks but also examines the dynamic linkages among those markets, thus providing comprehensive and unprecedented evidence of systemic risk in China new energy markets, which have useful implications for both regulators and investors.Systemic risk in China new energy stock markets
Hui Hong, Shitong Wu, Chien-Chiang Lee
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of the paper is to assess the systemic risk in the new energy stock markets of China.

This paper first uses the VaR method to study individual stock market risks. It then introduces the DCC model to capture the dynamic conditional correlation among the new energy stock markets.

The paper shows a generally upward trend of the stock market risk over time in the recent decade. Among all the markets considered, the solar power market demonstrates the highest risk, closely followed by the wind power market, while the hydropower market exhibits the lowest risk. Furthermore, the average dynamic conditional correlations among the new energy markets stay high during the period under investigation though daily correlations vary and significantly declined in 2020.

To the best of the authors’ knowledge, this paper is the first of its kind to study the systemic risk within the new energy stock market context. In addition, it not only investigates individual new energy stock market risks but also examines the dynamic linkages among those markets, thus providing comprehensive and unprecedented evidence of systemic risk in China new energy markets, which have useful implications for both regulators and investors.

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Systemic risk in China new energy stock markets10.1108/IJOEM-05-2022-0883International Journal of Emerging Markets2022-12-02© 2022 Emerald Publishing LimitedHui HongShitong WuChien-Chiang LeeInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-0210.1108/IJOEM-05-2022-0883https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2022-0883/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
A wavelet analysis of investing in cryptocurrencies in the Indian stock markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0698/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study is designed to examine the dynamic interrelationships between four cryptocurrencies (Bitcoin, Ethereum, Dogecoin and Cardano) and the Indian equity market. Additionally, the study seeks to investigate the potential safe haven, hedge and diversification uses of these digital currencies within the Indian equity market. This study employs the wavelet approach to examine the time-varying volatility of the studied assets and the lead-lag relationship between stocks and cryptocurrencies. The authors execute the entire analysis using daily data from 1st October 2017 to 30th September 2023. The result of the study shows that financial distress due to the pandemic and the Russian invasion of Ukraine have a negative effect on the Indian equities and cryptocurrency markets, escalating their price volatility. Also, the connectedness between the returns of stock and digital currency exhibits a strong positive relationship during periods of financial distress. Additionally, cryptocurrencies serve as a tool of diversification or hedging in the Indian equities markets during normal financial circumstances, but they do not serve as a diversifier or safe haven during periods of financial turmoil. This study contributes to understanding the relationship between the Indian equity market and four cryptocurrencies using wavelet techniques in the time and frequency domains, considering both normal and crisis times. This can offer valuable insights into the potential of cryptocurrencies inside the Indian equities markets, mainly with respect to varying financial conditions and investment horizons.A wavelet analysis of investing in cryptocurrencies in the Indian stock market
Susovon Jana, Tarak Nath Sahu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study is designed to examine the dynamic interrelationships between four cryptocurrencies (Bitcoin, Ethereum, Dogecoin and Cardano) and the Indian equity market. Additionally, the study seeks to investigate the potential safe haven, hedge and diversification uses of these digital currencies within the Indian equity market.

This study employs the wavelet approach to examine the time-varying volatility of the studied assets and the lead-lag relationship between stocks and cryptocurrencies. The authors execute the entire analysis using daily data from 1st October 2017 to 30th September 2023.

The result of the study shows that financial distress due to the pandemic and the Russian invasion of Ukraine have a negative effect on the Indian equities and cryptocurrency markets, escalating their price volatility. Also, the connectedness between the returns of stock and digital currency exhibits a strong positive relationship during periods of financial distress. Additionally, cryptocurrencies serve as a tool of diversification or hedging in the Indian equities markets during normal financial circumstances, but they do not serve as a diversifier or safe haven during periods of financial turmoil.

This study contributes to understanding the relationship between the Indian equity market and four cryptocurrencies using wavelet techniques in the time and frequency domains, considering both normal and crisis times. This can offer valuable insights into the potential of cryptocurrencies inside the Indian equities markets, mainly with respect to varying financial conditions and investment horizons.

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A wavelet analysis of investing in cryptocurrencies in the Indian stock market10.1108/IJOEM-05-2023-0698International Journal of Emerging Markets2024-01-15© 2023 Emerald Publishing LimitedSusovon JanaTarak Nath SahuInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-1510.1108/IJOEM-05-2023-0698https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0698/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Family embeddedness and next generation aspirations to take over the family business: insights from the MENA regionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0722/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study delves into the aspirations of young individuals to assume leadership roles in their family businesses. It assesses the impact of family embeddedness and the perception of positive family business performance on succession intentions and investigates potential gender differences in this context. Hierarchical multiple regression was determined for utilizing a sample of university students in seven countries from the Middle East–North African (MENA) region (N = 3,908). The present study’s findings suggest that embeddedness in the family business has a much stronger role in shaping the succession intentions than previously envisioned. Females are more inclined to take over the family business when they perceive that the family business is not performing well. This study provides important insights into the dynamic of family business succession intentions and family embeddedness. By providing a better understanding of some of the key drivers of family business succession intentions, it enables families in the MENA region to develop better family plans to engage with their successors effectively.Family embeddedness and next generation aspirations to take over the family business: insights from the MENA region
Safiya Mukhtar Alshibani, Abdullah M. Aljarodi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study delves into the aspirations of young individuals to assume leadership roles in their family businesses. It assesses the impact of family embeddedness and the perception of positive family business performance on succession intentions and investigates potential gender differences in this context.

Hierarchical multiple regression was determined for utilizing a sample of university students in seven countries from the Middle East–North African (MENA) region (N = 3,908).

The present study’s findings suggest that embeddedness in the family business has a much stronger role in shaping the succession intentions than previously envisioned. Females are more inclined to take over the family business when they perceive that the family business is not performing well.

This study provides important insights into the dynamic of family business succession intentions and family embeddedness. By providing a better understanding of some of the key drivers of family business succession intentions, it enables families in the MENA region to develop better family plans to engage with their successors effectively.

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Family embeddedness and next generation aspirations to take over the family business: insights from the MENA region10.1108/IJOEM-05-2023-0722International Journal of Emerging Markets2024-03-26© 2024 Emerald Publishing LimitedSafiya Mukhtar AlshibaniAbdullah M. AljarodiInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-2610.1108/IJOEM-05-2023-0722https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0722/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Do green bonds reduce CO emissions? Evidence from developed and developing nationshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0765/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe rapid global economic development in the last century, led by industrialization, brings environmental issues to the forefront as a serious concern. While some country-specific studies are undertaken to find the effectiveness of different mechanisms for funding environment-friendly projects, to the authors' knowledge, no study has been conducted to examine the impact of green bonds (GBs) on CO2 emissions for a global sample. Against this backdrop, this study examines the general impact of GBs on CO2 emissions and its differential impact for developed and developing countries and country categorizations based on sustainable development. The study selects a sample of 44 countries from 2016–2020. The authors use trend analysis and box plots to analyze the present GBs and CO2 emissions scenarios. Further, the panel data regression model is used to examine the overall impact of GBs on CO2 emissions and uncover the variation in such relationships regarding country-level economic and sustainable development. Generalized methods of moments (GMM) and instrumental variables (IV) models are used for robustness. The yearly trend of GBs is upward at the global level, while CO2 emissions exhibit a marginal decline during the study period. However, significant variations are observed in such trends between developed and developing countries and country-level sustainable development. The authors' regression results show that GBs significantly negatively impact CO2 emissions globally. In addition, the effect of GBs on CO2 emissions is strongly negative for developing countries, while the same influence becomes weak for developed nations. Similar variations exist between countries based on sustainable development. This is the first study in extant literature to examine such a relationship for a global sample of 44 countries. Further, this study makes a novel contribution by analyzing the variations in the GBs-CO2 emissions nexus for developed and developing countries and country-level sustainable development.Do green bonds reduce CO emissions? Evidence from developed and developing nations
Rupjyoti Saha, Santi Gopal Maji
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The rapid global economic development in the last century, led by industrialization, brings environmental issues to the forefront as a serious concern. While some country-specific studies are undertaken to find the effectiveness of different mechanisms for funding environment-friendly projects, to the authors' knowledge, no study has been conducted to examine the impact of green bonds (GBs) on CO2 emissions for a global sample. Against this backdrop, this study examines the general impact of GBs on CO2 emissions and its differential impact for developed and developing countries and country categorizations based on sustainable development.

The study selects a sample of 44 countries from 2016–2020. The authors use trend analysis and box plots to analyze the present GBs and CO2 emissions scenarios. Further, the panel data regression model is used to examine the overall impact of GBs on CO2 emissions and uncover the variation in such relationships regarding country-level economic and sustainable development. Generalized methods of moments (GMM) and instrumental variables (IV) models are used for robustness.

The yearly trend of GBs is upward at the global level, while CO2 emissions exhibit a marginal decline during the study period. However, significant variations are observed in such trends between developed and developing countries and country-level sustainable development. The authors' regression results show that GBs significantly negatively impact CO2 emissions globally. In addition, the effect of GBs on CO2 emissions is strongly negative for developing countries, while the same influence becomes weak for developed nations. Similar variations exist between countries based on sustainable development.

This is the first study in extant literature to examine such a relationship for a global sample of 44 countries. Further, this study makes a novel contribution by analyzing the variations in the GBs-CO2 emissions nexus for developed and developing countries and country-level sustainable development.

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Do green bonds reduce CO emissions? Evidence from developed and developing nations10.1108/IJOEM-05-2023-0765International Journal of Emerging Markets2023-12-12© 2023 Emerald Publishing LimitedRupjyoti SahaSanti Gopal MajiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-1210.1108/IJOEM-05-2023-0765https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0765/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Parent company personnel embeddedness and stock price crash risk: evidence from Chinese enterprise groupshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0797/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the influence of parent company personnel embedding on the stock price crash risk (SPCR) of listed companies, along with the moderating effect of disparate locations between parent and subsidiary companies and other major shareholders. This research empirically tests hypotheses based on a sample of listed subsidiaries in China during the period between 2006 and 2021. Our results demonstrate that personnel embeddedness in the parent company significantly alleviates SPCR in subsidiaries. This effect is even more substantial when the parent and subsidiary companies are in different places. However, other major shareholders in the subsidiary company weaken it. Our additional analysis indicates that, relative to executive embeddedness, director embeddedness exerts a stronger effect on the SPCR of the subsidiary. Mechanism examination reveals that the information asymmetry and the level of internal control (IC) within the subsidiary are significant channels through which the personnel embeddedness from the parent company influences the SPCR of the subsidiary. This study expands the literature on how personnel arrangements in corporate groups within emerging countries influence SPCR. We have extended the traditional concept of interlocking directorates to corporate groups, thereby broadening the understanding of the governance effects of interlocking directors and executives from a group perspective.Parent company personnel embeddedness and stock price crash risk: evidence from Chinese enterprise groups
Yanxi Li, Delin Meng, YunGe Hu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the influence of parent company personnel embedding on the stock price crash risk (SPCR) of listed companies, along with the moderating effect of disparate locations between parent and subsidiary companies and other major shareholders.

This research empirically tests hypotheses based on a sample of listed subsidiaries in China during the period between 2006 and 2021.

Our results demonstrate that personnel embeddedness in the parent company significantly alleviates SPCR in subsidiaries. This effect is even more substantial when the parent and subsidiary companies are in different places. However, other major shareholders in the subsidiary company weaken it. Our additional analysis indicates that, relative to executive embeddedness, director embeddedness exerts a stronger effect on the SPCR of the subsidiary. Mechanism examination reveals that the information asymmetry and the level of internal control (IC) within the subsidiary are significant channels through which the personnel embeddedness from the parent company influences the SPCR of the subsidiary.

This study expands the literature on how personnel arrangements in corporate groups within emerging countries influence SPCR. We have extended the traditional concept of interlocking directorates to corporate groups, thereby broadening the understanding of the governance effects of interlocking directors and executives from a group perspective.

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Parent company personnel embeddedness and stock price crash risk: evidence from Chinese enterprise groups10.1108/IJOEM-05-2023-0797International Journal of Emerging Markets2024-02-27© 2024 Emerald Publishing LimitedYanxi LiDelin MengYunGe HuInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-2710.1108/IJOEM-05-2023-0797https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0797/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Economic uncertainty and stock market asymmetric volatility: analysis based on the asymmetric GARCH-MIDAS modelhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0841/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestWe aim to clarify the effect of economic uncertainty on Chinese stock market fluctuations. We extend the understanding of the asymmetric connectedness between economic uncertainty and stock market risk and provide different characteristics of spillovers from economic uncertainty to both upside and downside risk. Furthermore, we aim to provide the different impact patterns of stock market volatility following several exogenous shocks. We construct a Chinese economic uncertainty index using a Factor-Augmented Variable Auto-Regressive Stochastic Volatility (FAVAR-SV) model for high-dimensional data. We then examine the asymmetric impact of realized volatility and economic uncertainty on the long-term volatility components of the stock market through the asymmetric Generalized Autoregressive Conditional Heteroskedasticity-Mixed Data Sampling (GARCH-MIDAS) model. Negative news, including negative return-related volatility and higher economic uncertainty, has a greater impact on the long-term volatility components than positive news. During the financial crisis of 2008, economic uncertainty and realized volatility had a significant impact on long-term volatility components but did not constitute long-term volatility components during the 2015 A-share stock market crash and the 2020 COVID-19 pandemic. The two-factor asymmetric GARCH-MIDAS model outperformed the other two models in terms of explanatory power, fitting ability and out-of-sample forecasting ability for the long-term volatility component. Many GARCH series models can also combine the GARCH series model with the MIDAS method, including but not limited to Exponential GARCH (EGARCH) and Threshold GARCH (TGARCH). These diverse models may exhibit distinct reactions to economic uncertainty. Consequently, further research should be undertaken to juxtapose alternative models for assessing the stock market response. Our conclusions have important implications for stakeholders, including policymakers, market regulators and investors, to promote market stability. Understanding the asymmetric shock arising from economic uncertainty on volatility enables market participants to assess the potential repercussions of negative news, engage in timely and effective volatility prediction, implement risk management strategies and offer a reference for financial regulators to preemptively address and mitigate systemic financial risks. First, in the face of domestic and international uncertainties and challenges, policymakers must increase communication with the market and improve policy transparency to effectively guide market expectations. Second, stock market authorities should improve the basic regulatory system of the capital market and optimize investor structure. Third, investors should gradually shift to long-term value investment concepts and jointly promote market stability. This study offers a novel perspective on incorporating a Chinese economic uncertainty index constructed by a high-dimensional FAVAR-SV model into the asymmetric GARCH-MIDAS model.Economic uncertainty and stock market asymmetric volatility: analysis based on the asymmetric GARCH-MIDAS model
Zaifeng Wang, Tiancai Xing, Xiao Wang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

We aim to clarify the effect of economic uncertainty on Chinese stock market fluctuations. We extend the understanding of the asymmetric connectedness between economic uncertainty and stock market risk and provide different characteristics of spillovers from economic uncertainty to both upside and downside risk. Furthermore, we aim to provide the different impact patterns of stock market volatility following several exogenous shocks.

We construct a Chinese economic uncertainty index using a Factor-Augmented Variable Auto-Regressive Stochastic Volatility (FAVAR-SV) model for high-dimensional data. We then examine the asymmetric impact of realized volatility and economic uncertainty on the long-term volatility components of the stock market through the asymmetric Generalized Autoregressive Conditional Heteroskedasticity-Mixed Data Sampling (GARCH-MIDAS) model.

Negative news, including negative return-related volatility and higher economic uncertainty, has a greater impact on the long-term volatility components than positive news. During the financial crisis of 2008, economic uncertainty and realized volatility had a significant impact on long-term volatility components but did not constitute long-term volatility components during the 2015 A-share stock market crash and the 2020 COVID-19 pandemic. The two-factor asymmetric GARCH-MIDAS model outperformed the other two models in terms of explanatory power, fitting ability and out-of-sample forecasting ability for the long-term volatility component.

Many GARCH series models can also combine the GARCH series model with the MIDAS method, including but not limited to Exponential GARCH (EGARCH) and Threshold GARCH (TGARCH). These diverse models may exhibit distinct reactions to economic uncertainty. Consequently, further research should be undertaken to juxtapose alternative models for assessing the stock market response.

Our conclusions have important implications for stakeholders, including policymakers, market regulators and investors, to promote market stability. Understanding the asymmetric shock arising from economic uncertainty on volatility enables market participants to assess the potential repercussions of negative news, engage in timely and effective volatility prediction, implement risk management strategies and offer a reference for financial regulators to preemptively address and mitigate systemic financial risks.

First, in the face of domestic and international uncertainties and challenges, policymakers must increase communication with the market and improve policy transparency to effectively guide market expectations. Second, stock market authorities should improve the basic regulatory system of the capital market and optimize investor structure. Third, investors should gradually shift to long-term value investment concepts and jointly promote market stability.

This study offers a novel perspective on incorporating a Chinese economic uncertainty index constructed by a high-dimensional FAVAR-SV model into the asymmetric GARCH-MIDAS model.

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Economic uncertainty and stock market asymmetric volatility: analysis based on the asymmetric GARCH-MIDAS model10.1108/IJOEM-05-2023-0841International Journal of Emerging Markets2024-02-26© 2024 Emerald Publishing LimitedZaifeng WangTiancai XingXiao WangInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-2610.1108/IJOEM-05-2023-0841https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0841/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Analyzing the market performance of Romanian firms: do the COVID-19 crisis and classification type matter?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0842/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestStock market performance is paramount to every country, as it signifies economic growth, business performance, wealth maximization, savings deployment and consumer confidence. This study investigates the disparities in the market performance of listed firms in Romania. This study also examines whether the COVID-19 crisis affected market performance. The data were collected from 69 firms listed on the Bucharest Stock Exchange (BSE) from 2018 to 2022, belonging to 11 sectors. This study used several methods to achieve its objectives. Difference tests were considered to analyze the performance of Romanian companies before and during the COVID-19 crisis, as well as across sectors. Regression analysis was also conducted to estimate the effect of the COVID-19 crisis and classification type on Romanian companies' performance. Additional analyses were performed to verify the findings of the present study. The study’s findings indicate a clear difference in market performance between the pre-crisis and crisis periods. The COVID-19 pandemic had an adverse and significant impact on market performance. However, after the market contraction in the early stage of the COVID-19 pandemic outbreak, the stock market outperformed the pre-pandemic capitalization levels and the regional and global indices evolution. Furthermore, there was a difference in market performance across sectors. In particular, the communication services sector has specifically demonstrated accelerated growth. This research examines the variation in the market performance of companies before and during the COVID-19 pandemic and across different sectors. It also provides evidence of the potential impact of COVID-19 on firms' market performance. This research contributes to a better understanding of how sectors perform during times of crisis.Analyzing the market performance of Romanian firms: do the COVID-19 crisis and classification type matter?
Alina Cristina Nuta, Ahmed Mohamed Habib, Serdar Neslihanoglu, Tamanna Dalwai, Calin Mihai Rangu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Stock market performance is paramount to every country, as it signifies economic growth, business performance, wealth maximization, savings deployment and consumer confidence. This study investigates the disparities in the market performance of listed firms in Romania. This study also examines whether the COVID-19 crisis affected market performance.

The data were collected from 69 firms listed on the Bucharest Stock Exchange (BSE) from 2018 to 2022, belonging to 11 sectors. This study used several methods to achieve its objectives. Difference tests were considered to analyze the performance of Romanian companies before and during the COVID-19 crisis, as well as across sectors. Regression analysis was also conducted to estimate the effect of the COVID-19 crisis and classification type on Romanian companies' performance. Additional analyses were performed to verify the findings of the present study.

The study’s findings indicate a clear difference in market performance between the pre-crisis and crisis periods. The COVID-19 pandemic had an adverse and significant impact on market performance. However, after the market contraction in the early stage of the COVID-19 pandemic outbreak, the stock market outperformed the pre-pandemic capitalization levels and the regional and global indices evolution. Furthermore, there was a difference in market performance across sectors. In particular, the communication services sector has specifically demonstrated accelerated growth.

This research examines the variation in the market performance of companies before and during the COVID-19 pandemic and across different sectors. It also provides evidence of the potential impact of COVID-19 on firms' market performance. This research contributes to a better understanding of how sectors perform during times of crisis.

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Analyzing the market performance of Romanian firms: do the COVID-19 crisis and classification type matter?10.1108/IJOEM-05-2023-0842International Journal of Emerging Markets2024-01-15© 2023 Emerald Publishing LimitedAlina Cristina NutaAhmed Mohamed HabibSerdar NeslihanogluTamanna DalwaiCalin Mihai RanguInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-1510.1108/IJOEM-05-2023-0842https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0842/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Impact of announcements on capital market performance in emerging markets: a parametric and non-parametric analysishttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0852/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability. Employing a multifaceted approach, the study combines parametric and nonparametric tests, robustness checks, and regression analysis to assess the impact of Airbnb’s announcements on emerging economy stock markets. Airbnb’s announcements affect emerging economies' stock markets with a distinct pattern of cumulative abnormal returns (CAR): negative before the announcement and positive afterward. Informed investors strategically leverage this opportunity through short selling before the announcement and acquiring positions following it. Regression analysis validates these trends, revealing that stock index returns and inbound tourism affect CAR before announcements, while GDP growth influences CAR afterward. Announcements pertaining to emerging economies exert a more pronounced impact on stock indices compared to city-specific announcements, with COVID-19 period announcements demonstrating greater significance in abnormal returns than non-COVID-19 period announcements. This study advances existing literature through a comprehensive range of statistical tests, differentiation between emerging countries and cities, introduction of five macroeconomic variables, and reliance on credible primary Airbnb data. It highlights the potential for investors to leverage Airbnb announcements in emerging markets for stock market profits, emphasizing the need for adaptive investment strategies considering broader macroeconomic factors.Impact of announcements on capital market performance in emerging markets: a parametric and non-parametric analysis
Tchai Tavor
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability.

Employing a multifaceted approach, the study combines parametric and nonparametric tests, robustness checks, and regression analysis to assess the impact of Airbnb’s announcements on emerging economy stock markets.

Airbnb’s announcements affect emerging economies' stock markets with a distinct pattern of cumulative abnormal returns (CAR): negative before the announcement and positive afterward. Informed investors strategically leverage this opportunity through short selling before the announcement and acquiring positions following it. Regression analysis validates these trends, revealing that stock index returns and inbound tourism affect CAR before announcements, while GDP growth influences CAR afterward. Announcements pertaining to emerging economies exert a more pronounced impact on stock indices compared to city-specific announcements, with COVID-19 period announcements demonstrating greater significance in abnormal returns than non-COVID-19 period announcements.

This study advances existing literature through a comprehensive range of statistical tests, differentiation between emerging countries and cities, introduction of five macroeconomic variables, and reliance on credible primary Airbnb data. It highlights the potential for investors to leverage Airbnb announcements in emerging markets for stock market profits, emphasizing the need for adaptive investment strategies considering broader macroeconomic factors.

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Impact of announcements on capital market performance in emerging markets: a parametric and non-parametric analysis10.1108/IJOEM-05-2023-0852International Journal of Emerging Markets2024-02-19© 2024 Emerald Publishing LimitedTchai TavorInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-1910.1108/IJOEM-05-2023-0852https://www.emerald.com/insight/content/doi/10.1108/IJOEM-05-2023-0852/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Country and corporate reputation from an internationalization perspective: a comparative study of industries from an emerging markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0884/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestReputation transfer between countries and companies, and its impact on the internationalization process of organizations is an emerging topic in the international business and marketing field. Using the resource-based view (RBV) and institutional theory as a theoretical framework, this study aims to describe the relationship between Colombia's reputation and its companies' perception from the perspective of the food and software industries. This qualitative, exploratory and descriptive study is based on data collected through the application of 24 interviews with experts and Colombian and global company's leaders. An analysis of the concepts, categories and relationships was conducted, followed by thick descriptions. There is reputation transfer between countries and organizations in the following cases: (1) during initial stages of the internationalization process, (2) within companies and industries that share values with the country of origin perceptions and (3) when the country of origin institutional context leverages the reputation transfer between companies and countries. It contributes to the field by helping to the conceptualization of the process and adding important elements to the transfer process, such as actors and values, especially in country repositioning cases. The study provides inputs to policymakers for the creation of the country brand and the management of country image, and to businesses in their corporate image and reputation strategies. The uniqueness of this paper is based on the analysis of reputation transfer in an emerging country that is repositioning its image and reputation.Country and corporate reputation from an internationalization perspective: a comparative study of industries from an emerging market
Ana-Maria Parente-Laverde, Laura Rojas-DeFrancisco, Izaias Martins
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Reputation transfer between countries and companies, and its impact on the internationalization process of organizations is an emerging topic in the international business and marketing field. Using the resource-based view (RBV) and institutional theory as a theoretical framework, this study aims to describe the relationship between Colombia's reputation and its companies' perception from the perspective of the food and software industries.

This qualitative, exploratory and descriptive study is based on data collected through the application of 24 interviews with experts and Colombian and global company's leaders. An analysis of the concepts, categories and relationships was conducted, followed by thick descriptions.

There is reputation transfer between countries and organizations in the following cases: (1) during initial stages of the internationalization process, (2) within companies and industries that share values with the country of origin perceptions and (3) when the country of origin institutional context leverages the reputation transfer between companies and countries.

It contributes to the field by helping to the conceptualization of the process and adding important elements to the transfer process, such as actors and values, especially in country repositioning cases.

The study provides inputs to policymakers for the creation of the country brand and the management of country image, and to businesses in their corporate image and reputation strategies.

The uniqueness of this paper is based on the analysis of reputation transfer in an emerging country that is repositioning its image and reputation.

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Country and corporate reputation from an internationalization perspective: a comparative study of industries from an emerging market10.1108/IJOEM-06-2021-0884International Journal of Emerging Markets2022-09-27© 2022 Emerald Publishing LimitedAna-Maria Parente-LaverdeLaura Rojas-DeFranciscoIzaias MartinsInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-2710.1108/IJOEM-06-2021-0884https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0884/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
What do online reviews communicate? An evidence from emerging economyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0892/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestOnline brand is becoming a popular and major gateway for consumers for booking various services specifically when they travel for several purposes. The present study aims to explore whether exposure to two separate yet similar modes of communication intervene consumer's brand trust and their subsequent loyalty intention toward the brand. The study further aims to investigate whether consumer's price consciousness has any influence on association between brand trust and brand loyalty in the process of decision -making. The present study follows a different approach to data collection. The data have been retrieved from online brand (Oyo) page on Facebook through Google Form application. In all, 289 useable responses were retrieved from the travelers aged between 18 and 30. Structural equation modeling using SPSS 25.0 and Amos 26.0 has been applied to examine the effects of brand communication and online reviews on brand loyalty through brand trust. Empirical evidence supports that even after having strong brand communication, online reviews play a crucial role in consumer's brand loyalty through brand trust. The study further reveals that price consciousness acts as a significant moderator in the relationship between consumer's brand trust and brand loyalty. The current research contributes to the online brand and marketing knowledge by empirically showing the pertinence of consumer–brand relationship in an online brand context through a parsimonious model by examining how the two distinct mechanisms of communication influences consumer brand trust and loyalty intention. The parsimonious framework of consumer–brand relationship adds to explicating the dual marketing challenges of communication and to draw a positive consumer response (i.e. consumer brand loyalty). The study attempts to examine the impact of two distinct yet identical modes of communication which facilitate shaping consumer brand trust that reinforce the strategic value of the circumstance and equips it with solid theoretical structure within an endeavor of the strategic significance of online brand managers.What do online reviews communicate? An evidence from emerging economy
Salahuddin Ahmed, Sapna Singh, Nagaraj Samala
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Online brand is becoming a popular and major gateway for consumers for booking various services specifically when they travel for several purposes. The present study aims to explore whether exposure to two separate yet similar modes of communication intervene consumer's brand trust and their subsequent loyalty intention toward the brand. The study further aims to investigate whether consumer's price consciousness has any influence on association between brand trust and brand loyalty in the process of decision -making.

The present study follows a different approach to data collection. The data have been retrieved from online brand (Oyo) page on Facebook through Google Form application. In all, 289 useable responses were retrieved from the travelers aged between 18 and 30. Structural equation modeling using SPSS 25.0 and Amos 26.0 has been applied to examine the effects of brand communication and online reviews on brand loyalty through brand trust.

Empirical evidence supports that even after having strong brand communication, online reviews play a crucial role in consumer's brand loyalty through brand trust. The study further reveals that price consciousness acts as a significant moderator in the relationship between consumer's brand trust and brand loyalty.

The current research contributes to the online brand and marketing knowledge by empirically showing the pertinence of consumer–brand relationship in an online brand context through a parsimonious model by examining how the two distinct mechanisms of communication influences consumer brand trust and loyalty intention.

The parsimonious framework of consumer–brand relationship adds to explicating the dual marketing challenges of communication and to draw a positive consumer response (i.e. consumer brand loyalty). The study attempts to examine the impact of two distinct yet identical modes of communication which facilitate shaping consumer brand trust that reinforce the strategic value of the circumstance and equips it with solid theoretical structure within an endeavor of the strategic significance of online brand managers.

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What do online reviews communicate? An evidence from emerging economy10.1108/IJOEM-06-2021-0892International Journal of Emerging Markets2023-06-08© 2023 Emerald Publishing LimitedSalahuddin AhmedSapna SinghNagaraj SamalaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-0810.1108/IJOEM-06-2021-0892https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0892/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does overconfidence blur out the investment efficiency? The managerial overconfidence and internal financing effect on investment efficiency: evidence from MENA regionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0931/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to investigate whether managerial overconfidence has an impact on investment inefficiency beyond its influence on the use of internal financing or whether internal financing behaves as a full intermediary. The study employed three dependent variables, namely business investment scale, overinvestment and underinvestment, and analyzed data from 282 firms across five different industries listed in 11 Middle East/North Africa (MENA) countries between 2013 and 2019 using regression analysis via least square dummy variable (LSDV). The findings indicate that while internal financing can provide funding for investment opportunities and address capital shortages, it may also result in overinvestment, particularly in companies led by overconfident managers. Stakeholders, including shareholders and board of directors, should pay attention to the chief executive officer (CEO)'s behavioral aspects such as overconfidence in decision-making while undertaking new investment projects. Additionally, regulators and policymakers in emerging markets like MENA should re-evaluate the corporate governance framework, devise a corporate governance index and promote boardroom gender diversity as it can significantly reduce risk. This study adds to the limited research on the impact of managerial overconfidence on investment efficiency in the MENA region. By focusing on this region, which has unique economic, political and social characteristics, the study provides new insights into the role of behavioral biases in investment decision-making in emerging markets.Does overconfidence blur out the investment efficiency? The managerial overconfidence and internal financing effect on investment efficiency: evidence from MENA region
Osama El-Ansary, Aya M. Ahmed
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to investigate whether managerial overconfidence has an impact on investment inefficiency beyond its influence on the use of internal financing or whether internal financing behaves as a full intermediary.

The study employed three dependent variables, namely business investment scale, overinvestment and underinvestment, and analyzed data from 282 firms across five different industries listed in 11 Middle East/North Africa (MENA) countries between 2013 and 2019 using regression analysis via least square dummy variable (LSDV).

The findings indicate that while internal financing can provide funding for investment opportunities and address capital shortages, it may also result in overinvestment, particularly in companies led by overconfident managers.

Stakeholders, including shareholders and board of directors, should pay attention to the chief executive officer (CEO)'s behavioral aspects such as overconfidence in decision-making while undertaking new investment projects. Additionally, regulators and policymakers in emerging markets like MENA should re-evaluate the corporate governance framework, devise a corporate governance index and promote boardroom gender diversity as it can significantly reduce risk.

This study adds to the limited research on the impact of managerial overconfidence on investment efficiency in the MENA region. By focusing on this region, which has unique economic, political and social characteristics, the study provides new insights into the role of behavioral biases in investment decision-making in emerging markets.

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Does overconfidence blur out the investment efficiency? The managerial overconfidence and internal financing effect on investment efficiency: evidence from MENA region10.1108/IJOEM-06-2021-0931International Journal of Emerging Markets2023-05-02© 2023 Emerald Publishing LimitedOsama El-AnsaryAya M. AhmedInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0210.1108/IJOEM-06-2021-0931https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0931/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Effect of presidential elections on investor herding behaviour in African stock marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0960/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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.Effect of presidential elections on investor herding behaviour in African stock markets
Godwin Musah, Daniel Domeher, Imhotep Alagidede
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Effect of presidential elections on investor herding behaviour in African stock markets10.1108/IJOEM-06-2021-0960International Journal of Emerging Markets2022-08-30© 2022 Emerald Publishing LimitedGodwin MusahDaniel DomeherImhotep AlagidedeInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-08-3010.1108/IJOEM-06-2021-0960https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0960/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Internationalization of Turkish business groups: motives and institutional contexthttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0974/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Internationalization of Turkish business groups: motives and institutional context
Kader Sahin, Ekrem Tatoğlu, Kubra Mert, Tuğba Kaplan, Ismail Golgeci
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Internationalization of Turkish business groups: motives and institutional context10.1108/IJOEM-06-2021-0974International Journal of Emerging Markets2022-09-20© 2022 Emerald Publishing LimitedKader SahinEkrem TatoğluKubra MertTuğba KaplanIsmail GolgeciInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-2010.1108/IJOEM-06-2021-0974https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2021-0974/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The impacts of capital inflows on bank lending in the ASEAN-6 countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0892/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors investigate the impacts of international capital inflows on bank lending in the Association of Southeast Asian Nations-6 (ASEAN-6) countries on the dynamics of both bank loan volumes and credit risk-taking. The authors further explore the heterogenous impacts of different components of the foreign capital. As a robustness check, the authors also examine the role of crisis periods and agency problem on the relationship between international capital inflows and bank lending. The authors explore the impacts of international capital inflows on bank lending in the ASEAN-6 countries, including Malaysia, Indonesia, Thailand, Philippines, Singapore and Vietnam. The authors employ quarterly data from 2005Q1 to 2021Q2 from 45 commercial banks in the ASEAN-6 countries. The article uses bank-fixed and time-fixed effects in the panel dataset to account for any unobserved heterogeneity. The authors find that capital inflows to the ASEAN-6 countries are associated with higher bank loan growth and lower loan loss provisions to net interest income ratios. Moreover, the positive relationships between capital inflows to the bank loan growth and credit risk-taking are mainly driven by the dynamics in foreign direct investments (FDIs) and other inflow (OI) components. Contrary to the global financial crisis (GFC), the authors note that the mediating role of capital inflows on bank lending is of particular importance in the COVID-19 pandemic. This study has some limitations that provide vendors for future research. First, while the authors focus on the impact of capital inflows on bank-level lending activities, future research can also explore the role of foreign capital on bank efficiency and financial stability. Second, although foreign capital fluctuates the most during crisis periods, the movement of capital inflows is also sensitive to other periods of heightened global uncertainty. Thus, rather than focus on the behavior of foreign capital during crisis periods, future research can examine and explore the impacts of capital inflows in different periods of “stop” and “surge” for sudden contraction and boom in capital inflows to the ASEAN-6 countries. First, the authors provide a comprehensive analysis of international capital inflows' impact on bank lending in the ASEAN region on both bank loan volumes and credit risk-taking. Second, the authors provide evidence of the impact of different forms of foreign capital on the bank lending. Third, the authors investigate the heterogeneous impact of foreign capital on crisis periods and bank sizes, which the authors emphasize the unusual characteristics of the COVID-19 crisis compared with the GFC.The impacts of capital inflows on bank lending in the ASEAN-6 countries
Trung H. Le, Nhung Nguyen, Minh Pham
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The authors investigate the impacts of international capital inflows on bank lending in the Association of Southeast Asian Nations-6 (ASEAN-6) countries on the dynamics of both bank loan volumes and credit risk-taking. The authors further explore the heterogenous impacts of different components of the foreign capital. As a robustness check, the authors also examine the role of crisis periods and agency problem on the relationship between international capital inflows and bank lending.

The authors explore the impacts of international capital inflows on bank lending in the ASEAN-6 countries, including Malaysia, Indonesia, Thailand, Philippines, Singapore and Vietnam. The authors employ quarterly data from 2005Q1 to 2021Q2 from 45 commercial banks in the ASEAN-6 countries. The article uses bank-fixed and time-fixed effects in the panel dataset to account for any unobserved heterogeneity.

The authors find that capital inflows to the ASEAN-6 countries are associated with higher bank loan growth and lower loan loss provisions to net interest income ratios. Moreover, the positive relationships between capital inflows to the bank loan growth and credit risk-taking are mainly driven by the dynamics in foreign direct investments (FDIs) and other inflow (OI) components. Contrary to the global financial crisis (GFC), the authors note that the mediating role of capital inflows on bank lending is of particular importance in the COVID-19 pandemic.

This study has some limitations that provide vendors for future research. First, while the authors focus on the impact of capital inflows on bank-level lending activities, future research can also explore the role of foreign capital on bank efficiency and financial stability. Second, although foreign capital fluctuates the most during crisis periods, the movement of capital inflows is also sensitive to other periods of heightened global uncertainty. Thus, rather than focus on the behavior of foreign capital during crisis periods, future research can examine and explore the impacts of capital inflows in different periods of “stop” and “surge” for sudden contraction and boom in capital inflows to the ASEAN-6 countries.

First, the authors provide a comprehensive analysis of international capital inflows' impact on bank lending in the ASEAN region on both bank loan volumes and credit risk-taking. Second, the authors provide evidence of the impact of different forms of foreign capital on the bank lending. Third, the authors investigate the heterogeneous impact of foreign capital on crisis periods and bank sizes, which the authors emphasize the unusual characteristics of the COVID-19 crisis compared with the GFC.

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The impacts of capital inflows on bank lending in the ASEAN-6 countries10.1108/IJOEM-06-2022-0892International Journal of Emerging Markets2023-03-10© 2023 Emerald Publishing LimitedTrung H. LeNhung NguyenMinh PhamInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-1010.1108/IJOEM-06-2022-0892https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0892/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Indian start-ups going public: return and volatility of stocks during bear and bull regimeshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0898/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestStart-ups are successful in receiving valuation in billions of US dollars prior to initial public offering (IPO). However, to sustain higher valuation, the stocks need to perform consistently after the IPO. Short-run stock performance of India-based start-ups during the first year of IPO listing from March 2021 to March 2022 is analysed. The paper deals with the new generation start-ups' stock performance in emerging market in terms of total and abnormal return generated in comparison to the market (NIFTY-200). Further, the volatility of returns during bear and bull regimes is analysed through a family of Markov-switching GARCH models using both normal and skewed distributions. The results suggest that start-up stocks are more volatile during bear regime than in the bull run in market-based economies where price limit policy does not apply. Besides, the cumulative abnormal return over the market return was lower for majority of start-up IPO stocks. Though negative returns of the start-up stocks during the first year of IPO need not be surprising, higher volatility during bear regime is a matter of concern as it could severely impact retail investors and founders. The results hold implication for IPO regulation in emerging markets and for retail investors desirous of investing in start-up stocks. Volatility of return is examined using a state-space model during the first year of the start-up IPO listing. The study contributes to the emerging market IPO literature by examining IPO performance in market-based economy. Previous IPO performance studies in emerging markets are predominantly based on ecosystems where start-ups are subjected to price limit policy, and it does not reflect the true nature of IPO performance across emerging markets.Indian start-ups going public: return and volatility of stocks during bear and bull regimes
Khanindra Ch. Das
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Start-ups are successful in receiving valuation in billions of US dollars prior to initial public offering (IPO). However, to sustain higher valuation, the stocks need to perform consistently after the IPO. Short-run stock performance of India-based start-ups during the first year of IPO listing from March 2021 to March 2022 is analysed.

The paper deals with the new generation start-ups' stock performance in emerging market in terms of total and abnormal return generated in comparison to the market (NIFTY-200). Further, the volatility of returns during bear and bull regimes is analysed through a family of Markov-switching GARCH models using both normal and skewed distributions.

The results suggest that start-up stocks are more volatile during bear regime than in the bull run in market-based economies where price limit policy does not apply. Besides, the cumulative abnormal return over the market return was lower for majority of start-up IPO stocks.

Though negative returns of the start-up stocks during the first year of IPO need not be surprising, higher volatility during bear regime is a matter of concern as it could severely impact retail investors and founders. The results hold implication for IPO regulation in emerging markets and for retail investors desirous of investing in start-up stocks.

Volatility of return is examined using a state-space model during the first year of the start-up IPO listing. The study contributes to the emerging market IPO literature by examining IPO performance in market-based economy. Previous IPO performance studies in emerging markets are predominantly based on ecosystems where start-ups are subjected to price limit policy, and it does not reflect the true nature of IPO performance across emerging markets.

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Indian start-ups going public: return and volatility of stocks during bear and bull regimes10.1108/IJOEM-06-2022-0898International Journal of Emerging Markets2023-07-25© 2023 Emerald Publishing LimitedKhanindra Ch. DasInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-2510.1108/IJOEM-06-2022-0898https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0898/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Symmetric and asymmetric frequency-domain causality between tourism demand and exchange rates in Türkiye: a regional comparisonhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0899/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates if the causal relationships between the exchange rates and selected inbound markets’ tourism demand are temporary or permanent, and compares market reactions in Türkiye. Tourism demand is examined with a regional approach, focusing on the geographical markets, namely Europe, Commonwealth of Independent States (CIS) members and Asian countries, as the top inbound tourism markets, in addition to the total number of inbound tourists to Türkiye. Granger, frequency-domain causality, asymmetric Toda–Yamamoto, and asymmetric frequency-domain causality tests were employed to investigate and compare markets on exchange rate–tourism demand relationship for 2008M01-2020M02. The results indicate that exchange rates affect European tourism demand both in the short and long run. The meaning of this Frequency Domain Causality (FDC) analysis finding shows that the exchange rate has both permanent and temporary effects on European tourists. The relationships are statistically insignificant for CIS members and Asian countries. The exchange rates also permanently affect total inbound tourism demand, but the independent variable has no short-run (temporary) effects on total demand. Asymmetric causality tests confirmed a permanent causality relationship from the positive and negative components of exchange rates to the positive and negative components of European and total tourism demand. The Granger causality test provides information on the presence of a causal relation, while the FDC test, an extended version of Granger causality, enlightens the short- (temporary) and long-run (permanent) relationships and allows for analyzing the duration of the impact. In addition, asymmetric causality relationships are also investigated in the study. Besides, this study is the first in the literature to examine the relationship between tourism demand and the exchange rate regionally (continentally) for Türkiye.Symmetric and asymmetric frequency-domain causality between tourism demand and exchange rates in Türkiye: a regional comparison
Şerif Canbay, İnci Oya Coşkun, Mustafa Kırca
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates if the causal relationships between the exchange rates and selected inbound markets’ tourism demand are temporary or permanent, and compares market reactions in Türkiye.

Tourism demand is examined with a regional approach, focusing on the geographical markets, namely Europe, Commonwealth of Independent States (CIS) members and Asian countries, as the top inbound tourism markets, in addition to the total number of inbound tourists to Türkiye. Granger, frequency-domain causality, asymmetric Toda–Yamamoto, and asymmetric frequency-domain causality tests were employed to investigate and compare markets on exchange rate–tourism demand relationship for 2008M01-2020M02.

The results indicate that exchange rates affect European tourism demand both in the short and long run. The meaning of this Frequency Domain Causality (FDC) analysis finding shows that the exchange rate has both permanent and temporary effects on European tourists. The relationships are statistically insignificant for CIS members and Asian countries. The exchange rates also permanently affect total inbound tourism demand, but the independent variable has no short-run (temporary) effects on total demand. Asymmetric causality tests confirmed a permanent causality relationship from the positive and negative components of exchange rates to the positive and negative components of European and total tourism demand.

The Granger causality test provides information on the presence of a causal relation, while the FDC test, an extended version of Granger causality, enlightens the short- (temporary) and long-run (permanent) relationships and allows for analyzing the duration of the impact. In addition, asymmetric causality relationships are also investigated in the study. Besides, this study is the first in the literature to examine the relationship between tourism demand and the exchange rate regionally (continentally) for Türkiye.

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Symmetric and asymmetric frequency-domain causality between tourism demand and exchange rates in Türkiye: a regional comparison10.1108/IJOEM-06-2022-0899International Journal of Emerging Markets2023-03-29© 2023 Emerald Publishing LimitedŞerif Canbayİnci Oya CoşkunMustafa KırcaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2910.1108/IJOEM-06-2022-0899https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0899/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The impact of Covid-19 pandemic on the value relevance of cash flows: evidence from bankshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0902/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper is motivated by the ongoing debate on the value relevance of cash flow statement (CFS) between bank regulators, on one hand, and accounting standard setters, on the other hand. The importance and usefulness of cash flows during economic turmoil exacerbated by the Covid-19 pandemic has recently gained attention. Hence, this paper investigates the impact of Covid-19 pandemic on the value relevance of cash flows (CF) beyond accounting earnings and book equity. A panel of 236 bank-year observations is examined for value relevance in emerging capital markets of Gulf Cooperation Council (GCC) countries. Using value relevance regression, operating and non-operating CF items are tested for value relevance beyond earnings and book value of equity during the periods 2018–2019 (pre-pandemic) and 2020–2021 (pandemic). There is limited value relevance of CF beyond accounting earnings and the book value of equity. The distinction between operating and non-operating CF is not informative. However, the value relevance is significant during the pandemic, indicating that investors rely on CF for valuation purposes at times of uncertainty, corroborating further research on CF distress predictive ability. This paper provides novel evidence on value relevance of CF and its superiority to accounting earnings and equity values during times of uncertainty. It extends a small body of research in the banking sector in emerging markets. Hence, it complements prior literature and has practical implications to accounting standard setters and bank regulators in emerging markets.The impact of Covid-19 pandemic on the value relevance of cash flows: evidence from banks
Heba Abou-El-Sood
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper is motivated by the ongoing debate on the value relevance of cash flow statement (CFS) between bank regulators, on one hand, and accounting standard setters, on the other hand. The importance and usefulness of cash flows during economic turmoil exacerbated by the Covid-19 pandemic has recently gained attention. Hence, this paper investigates the impact of Covid-19 pandemic on the value relevance of cash flows (CF) beyond accounting earnings and book equity.

A panel of 236 bank-year observations is examined for value relevance in emerging capital markets of Gulf Cooperation Council (GCC) countries. Using value relevance regression, operating and non-operating CF items are tested for value relevance beyond earnings and book value of equity during the periods 2018–2019 (pre-pandemic) and 2020–2021 (pandemic).

There is limited value relevance of CF beyond accounting earnings and the book value of equity. The distinction between operating and non-operating CF is not informative. However, the value relevance is significant during the pandemic, indicating that investors rely on CF for valuation purposes at times of uncertainty, corroborating further research on CF distress predictive ability.

This paper provides novel evidence on value relevance of CF and its superiority to accounting earnings and equity values during times of uncertainty. It extends a small body of research in the banking sector in emerging markets. Hence, it complements prior literature and has practical implications to accounting standard setters and bank regulators in emerging markets.

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The impact of Covid-19 pandemic on the value relevance of cash flows: evidence from banks10.1108/IJOEM-06-2022-0902International Journal of Emerging Markets2023-04-12© 2023 Emerald Publishing LimitedHeba Abou-El-SoodInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-1210.1108/IJOEM-06-2022-0902https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0902/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Audit quality and corporate trade credit: evidence from the Asian emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0903/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to examine whether companies with high audit quality (AQ) are expected to use trade credit (TC) as a financing source. Traditionally, vendors are most likely to extend TC to creditworthy customers. The author uses the data from 134,099 firm-year observations of nine Asian emerging markets from 2001 to 2017. Further, to check the impact of AQ on trade credit, the authors employ ordinary least square (OLS) with fixed effects, cluster effect regression and random effect. The findings indicate that vendors extend more TC to the companies audited by the BIG4 auditors as, these independent practitioners have greater competencies, expert intellectual capital, global networking connections, and high investment in information technology. The authors, therefore, conjecture that the company's use of TC increases with their improved AQ, especially audited by BIG4. The results are found consistent with this prediction and robust to the alternative measures of trade credit. Similarly, this positive association is more pronounced with the BIG4 partner's unqualified audit opinion. This study uses the sample of Asian Emerging countries but the researchers cannot generalize the results to developed countries or other regions. This paper's findings have significant implications for the management, board of directors, shareholders and suppliers. Further, results are in favor of appointing BIG4 auditors to gain the trust of suppliers. Despite the wide-ranging literature that discusses the importance of quality audits in enhancing the firms' financial disclosures that leads to better access to finance through investors and lenders. But the TC as a financing source is ignored in relation to AQ. The study’s results extend the literature associating companies' AQ with financial decisions.Audit quality and corporate trade credit: evidence from the Asian emerging markets
Asif Saeed, Zahid Munir, Muhammad Wasif Zafar
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to examine whether companies with high audit quality (AQ) are expected to use trade credit (TC) as a financing source. Traditionally, vendors are most likely to extend TC to creditworthy customers.

The author uses the data from 134,099 firm-year observations of nine Asian emerging markets from 2001 to 2017. Further, to check the impact of AQ on trade credit, the authors employ ordinary least square (OLS) with fixed effects, cluster effect regression and random effect.

The findings indicate that vendors extend more TC to the companies audited by the BIG4 auditors as, these independent practitioners have greater competencies, expert intellectual capital, global networking connections, and high investment in information technology. The authors, therefore, conjecture that the company's use of TC increases with their improved AQ, especially audited by BIG4. The results are found consistent with this prediction and robust to the alternative measures of trade credit. Similarly, this positive association is more pronounced with the BIG4 partner's unqualified audit opinion.

This study uses the sample of Asian Emerging countries but the researchers cannot generalize the results to developed countries or other regions.

This paper's findings have significant implications for the management, board of directors, shareholders and suppliers. Further, results are in favor of appointing BIG4 auditors to gain the trust of suppliers.

Despite the wide-ranging literature that discusses the importance of quality audits in enhancing the firms' financial disclosures that leads to better access to finance through investors and lenders. But the TC as a financing source is ignored in relation to AQ. The study’s results extend the literature associating companies' AQ with financial decisions.

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Audit quality and corporate trade credit: evidence from the Asian emerging markets10.1108/IJOEM-06-2022-0903International Journal of Emerging Markets2022-11-01© 2022 Emerald Publishing LimitedAsif SaeedZahid MunirMuhammad Wasif ZafarInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-0110.1108/IJOEM-06-2022-0903https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0903/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Does perceived behavioral control mediate customers' innovativeness and continuance intention of e-money? The moderating role of perceived risk and e-securityhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0914/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestWith the emergence of coronavirus disease 2019 (COVID-19), the usage of e-money has been reinforced to reach the next level. Therefore, this study aims to examine the mediating role of perceived behavioral control (PBC) on the nexus of customers' innovativeness and continuance intention of electronic money (e-money). This study also explores the moderating roles of perceived risk (PR) and electronic security (e-security) in relationships. The authors employed a structured questionnaire for data collection and the partial least squares structural equation modeling (PLS-SEM) for empirical estimations. The authors' findings reveal that customers' innovativeness promotes continuance intention of using e-money and demonstrate that PBC partially mediates the relation between customers' innovativeness and continuance intention of using e-money. The empirical findings also reveal that PR negatively moderates the relationship between customers' innovativeness and continuance intention and the relationship between customers' innovativeness and PBC. The empirical findings also exhibit that perceived e-security enhances the degree of the relationship between customers' innovativeness and continuance intention and the relationship between customers' innovativeness and PBC. The findings shed light on an important factor that increases the likelihood of repeat e-money usage and has direct managerial implications for customer experience and risk concerns. Hence, the findings imply that e-money service providers should run a promotional advertisement highlighting what additional features are included or offered and how these could be beneficial for the customers. Furthermore, e-money service providers should provide some tutorial videos in order to increase innovative customers' control over e-money services as well as highlight how risk and security are protected. This paper integrates three key theories: the diffusion of innovation (DOI) theory, the theory of planned behavior (TPB) and the PR theory in post-adoption behavior of e-money usage. The current study also attempts to fill a literature gap by examining the moderating role of PR and e-security, which could be useful within the relationship between customers' innovativeness, PBC and customers' continued intentions of e-money usage.Does perceived behavioral control mediate customers' innovativeness and continuance intention of e-money? The moderating role of perceived risk and e-security
Mohammad Enamul Hoque, Perengki Susanto, Najeeb Ullah Shah, Husnil Khatimah, Abdullah Al Mamun
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

With the emergence of coronavirus disease 2019 (COVID-19), the usage of e-money has been reinforced to reach the next level. Therefore, this study aims to examine the mediating role of perceived behavioral control (PBC) on the nexus of customers' innovativeness and continuance intention of electronic money (e-money). This study also explores the moderating roles of perceived risk (PR) and electronic security (e-security) in relationships.

The authors employed a structured questionnaire for data collection and the partial least squares structural equation modeling (PLS-SEM) for empirical estimations.

The authors' findings reveal that customers' innovativeness promotes continuance intention of using e-money and demonstrate that PBC partially mediates the relation between customers' innovativeness and continuance intention of using e-money. The empirical findings also reveal that PR negatively moderates the relationship between customers' innovativeness and continuance intention and the relationship between customers' innovativeness and PBC. The empirical findings also exhibit that perceived e-security enhances the degree of the relationship between customers' innovativeness and continuance intention and the relationship between customers' innovativeness and PBC.

The findings shed light on an important factor that increases the likelihood of repeat e-money usage and has direct managerial implications for customer experience and risk concerns. Hence, the findings imply that e-money service providers should run a promotional advertisement highlighting what additional features are included or offered and how these could be beneficial for the customers. Furthermore, e-money service providers should provide some tutorial videos in order to increase innovative customers' control over e-money services as well as highlight how risk and security are protected.

This paper integrates three key theories: the diffusion of innovation (DOI) theory, the theory of planned behavior (TPB) and the PR theory in post-adoption behavior of e-money usage. The current study also attempts to fill a literature gap by examining the moderating role of PR and e-security, which could be useful within the relationship between customers' innovativeness, PBC and customers' continued intentions of e-money usage.

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Does perceived behavioral control mediate customers' innovativeness and continuance intention of e-money? The moderating role of perceived risk and e-security10.1108/IJOEM-06-2022-0914International Journal of Emerging Markets2023-03-30© 2022 Emerald Publishing LimitedMohammad Enamul HoquePerengki SusantoNajeeb Ullah ShahHusnil KhatimahAbdullah Al MamunInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-3010.1108/IJOEM-06-2022-0914https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0914/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The bubble contagion effect between crude oil and oil-exporting stock markets: the case of GCC countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0915/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the existence of bubbles and their contagion effect in crude oil and stock markets of oil-exporting countries Gulf Cooperation Council (GCC) from 2016 to 2021. The authors use Generalized Sup augmented Dickey–Fuller (GSADF) and Backward Sup augmented Dickey–Fuller (BSADF) to significantly identify multiple bubbles stock and oil markets with precise dates. Furthermore, the authors check the contagion effect of bubbles between crude oil and GCC stock markets based on the time-varying Granger causality test. First, the authors find empirical evidence of downwards bubbles in crude oil prices and in all GCC stock indexes (except the Saudi stock index) during the corona virus disease 2019 (COVID-19) outbreak. Second, the authors do not detect empirical evidence of bubble transmission between crude oil markets and GCC stock markets (except with the Dubai Financial Market index). The findings of this study would illuminate policymakers not to limit the factors of systematic financial crises in oil-exporting countries to crude oil and to consider factors such as monetary policy and economic diversification measures. This study has also crucial implications for investors. In fact, investors should not ignore the responses of the stock markets to oil price shocks that are heterogeneous across countries when looking for investment opportunities in the GCC region. The study justifies the changing nature of the bubble contagion effect through the novel implementation of the time-varying Granger causality test to detect whether bubble contagion exists between oil and GCC stock markets and if that does, in which direction.The bubble contagion effect between crude oil and oil-exporting stock markets: the case of GCC countries
Ismail Ben Douissa, Tawfik Azrak
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the existence of bubbles and their contagion effect in crude oil and stock markets of oil-exporting countries Gulf Cooperation Council (GCC) from 2016 to 2021.

The authors use Generalized Sup augmented Dickey–Fuller (GSADF) and Backward Sup augmented Dickey–Fuller (BSADF) to significantly identify multiple bubbles stock and oil markets with precise dates. Furthermore, the authors check the contagion effect of bubbles between crude oil and GCC stock markets based on the time-varying Granger causality test.

First, the authors find empirical evidence of downwards bubbles in crude oil prices and in all GCC stock indexes (except the Saudi stock index) during the corona virus disease 2019 (COVID-19) outbreak. Second, the authors do not detect empirical evidence of bubble transmission between crude oil markets and GCC stock markets (except with the Dubai Financial Market index).

The findings of this study would illuminate policymakers not to limit the factors of systematic financial crises in oil-exporting countries to crude oil and to consider factors such as monetary policy and economic diversification measures. This study has also crucial implications for investors. In fact, investors should not ignore the responses of the stock markets to oil price shocks that are heterogeneous across countries when looking for investment opportunities in the GCC region.

The study justifies the changing nature of the bubble contagion effect through the novel implementation of the time-varying Granger causality test to detect whether bubble contagion exists between oil and GCC stock markets and if that does, in which direction.

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The bubble contagion effect between crude oil and oil-exporting stock markets: the case of GCC countries10.1108/IJOEM-06-2022-0915International Journal of Emerging Markets2023-03-14© 2023 Emerald Publishing LimitedIsmail Ben DouissaTawfik AzrakInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-1410.1108/IJOEM-06-2022-0915https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0915/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Examining the trade-led Kuznets hypothesis for emerging economies: a multivariate frameworkhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0916/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe present study aims to investigate the non-linear relationship between trade and income inequality to address goal 10 of sustainable development goals (SDGs) using the Kuznets Curve (KC) framework for major emerging countries during 1991–2020. For this purpose, recent econometric techniques, such as Common Correlated Effect (CCE) and Dynamic Common Correlated Effect (DCCE) estimators have been employed to deal with the cross-section dependence (CD) that arises in panel data, while the robustness of the study is checked through Driscoll–Kraay standard errors method. The empirical results of the study confirm the existence of inverted “U-shaped” relationship between trade and income inequality suggesting evidence for the trade-led KC in the panel of emerging countries. Along with the non-linear model, the threshold value is estimated to be between 3.5 and 4% of gross domestic product (GDP). The authors' findings support that trade contributes significantly toward reducing income inequality and helps in achieving goal 10 of SDGs. Hence, trade policies appear to be more egalitarian. The results widen the scope for further research and provide insights for regulators and policymakers in modeling trade policies and changing the status quo trade policy framework accordingly. The present study is a pioneering attempt to examine the non-linear relationship between trade and income inequality under the KC framework in light of the Agenda 2030 for sustainable development. The study also considers other explanatory factors that have an impact on income inequality. Furthermore, the study considers other explanatory factors that have an impact on income inequality, and the attempt to estimate the threshold value for the trade-led KC is novel and interesting.Examining the trade-led Kuznets hypothesis for emerging economies: a multivariate framework
Neha Jain, Geetilaxmi Mohapatra
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The present study aims to investigate the non-linear relationship between trade and income inequality to address goal 10 of sustainable development goals (SDGs) using the Kuznets Curve (KC) framework for major emerging countries during 1991–2020.

For this purpose, recent econometric techniques, such as Common Correlated Effect (CCE) and Dynamic Common Correlated Effect (DCCE) estimators have been employed to deal with the cross-section dependence (CD) that arises in panel data, while the robustness of the study is checked through Driscoll–Kraay standard errors method.

The empirical results of the study confirm the existence of inverted “U-shaped” relationship between trade and income inequality suggesting evidence for the trade-led KC in the panel of emerging countries. Along with the non-linear model, the threshold value is estimated to be between 3.5 and 4% of gross domestic product (GDP).

The authors' findings support that trade contributes significantly toward reducing income inequality and helps in achieving goal 10 of SDGs. Hence, trade policies appear to be more egalitarian. The results widen the scope for further research and provide insights for regulators and policymakers in modeling trade policies and changing the status quo trade policy framework accordingly.

The present study is a pioneering attempt to examine the non-linear relationship between trade and income inequality under the KC framework in light of the Agenda 2030 for sustainable development. The study also considers other explanatory factors that have an impact on income inequality. Furthermore, the study considers other explanatory factors that have an impact on income inequality, and the attempt to estimate the threshold value for the trade-led KC is novel and interesting.

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Examining the trade-led Kuznets hypothesis for emerging economies: a multivariate framework10.1108/IJOEM-06-2022-0916International Journal of Emerging Markets2023-05-22© 2023 Emerald Publishing LimitedNeha JainGeetilaxmi MohapatraInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-2210.1108/IJOEM-06-2022-0916https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0916/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
What do border disputes cost? Evidence from an emerging markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0918/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study aims to examine the impact of six events related to the escalating Indo-China border conflicts in 2020 on the Indian stock market, including the role of firm-specific variables. This study employs an event-study method on a sample of 481 firms from August 23, 2019 to March 3, 2022. A cross-sectional regression is employed to examine the association between event-led abnormal returns and firm characteristics. The results show that, although the individual events reflect heterogeneous effects on stock market returns, the average impact of the event categories is negative. The study also found that net working capital, current ratio, financial leverage and operating cash flows are significant financial performance indicators and drive cumulative abnormal returns. Further, size anomaly is absent, indicating that more prominent firms are resilient to new information. The ongoing conflict between Russia and Ukraine is an example of how these disagreements can devolve into a disaster for the parties to the war. Although wars have an impact on markets at the global level, the impacts of border disputes are local. Border disputes are ongoing, and the study's findings can be used to empower investors to make risk-averting decisions that make their portfolios resilient to such events. This study provides firm-level insight into the impacts of border conflicts on stock markets. The authors compare the magnitude of such impacts on two types of events, namely injuries and casualties due to country-specific border tensions and a government ban on Chinese apps. Key implications for policymakers, stakeholders and academics are presented.What do border disputes cost? Evidence from an emerging market
Vineeta Kumari, Dharen Kumar Pandey, Satish Kumar, Emma Xu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study aims to examine the impact of six events related to the escalating Indo-China border conflicts in 2020 on the Indian stock market, including the role of firm-specific variables.

This study employs an event-study method on a sample of 481 firms from August 23, 2019 to March 3, 2022. A cross-sectional regression is employed to examine the association between event-led abnormal returns and firm characteristics.

The results show that, although the individual events reflect heterogeneous effects on stock market returns, the average impact of the event categories is negative. The study also found that net working capital, current ratio, financial leverage and operating cash flows are significant financial performance indicators and drive cumulative abnormal returns. Further, size anomaly is absent, indicating that more prominent firms are resilient to new information.

The ongoing conflict between Russia and Ukraine is an example of how these disagreements can devolve into a disaster for the parties to the war. Although wars have an impact on markets at the global level, the impacts of border disputes are local. Border disputes are ongoing, and the study's findings can be used to empower investors to make risk-averting decisions that make their portfolios resilient to such events.

This study provides firm-level insight into the impacts of border conflicts on stock markets. The authors compare the magnitude of such impacts on two types of events, namely injuries and casualties due to country-specific border tensions and a government ban on Chinese apps. Key implications for policymakers, stakeholders and academics are presented.

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What do border disputes cost? Evidence from an emerging market10.1108/IJOEM-06-2022-0918International Journal of Emerging Markets2022-12-09© 2022 Emerald Publishing LimitedVineeta KumariDharen Kumar PandeySatish KumarEmma XuInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-0910.1108/IJOEM-06-2022-0918https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0918/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Is there a liability of foreignness or foreign privilege in developing nation compliance monitoring?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0940/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestDrawing on the international business and game theory literature, this study assesses foreign firm treatment in the early stages of regulatory enforcement. Treating regulation intensity as an exposure variable, negative binomial regression models were applied to firm-level data from 32 emerging markets (n = 15,331) to identify the determinants of inspection interactions. Robustness checks also were performed via variable substitutions for several predictors and an alternative form of statistical testing (i.e. Tobit regression, since it arguably better addresses dependent variables with corner solution responses). Controlling for multiple organizational, regulatory and national characteristics, the findings are consistent with a foreign privilege, manifesting in reduced vulnerability to multiple encounters with labor inspection officials. Moreover, inward FDI stock was negatively related to the general probability of repeat interactions regardless of locus of ownership, an effect that was not moderated by stage of development or the regulatory influence of host interest groups. This collectively suggests that foreign firms not only are favored in compliance monitoring but also work post-entry to influence agencies to generally benefit business. More comprehensive assessments were precluded given the lack of information on reasons for contact, citations and fines, and inspectorate reactions to company responses. Second, enforcement-risk management was measured indirectly since investors' internal dealings and actions toward officials are unavailable in secondary sources. These findings have important implications for social responsibility, suggesting CSR stakeholders need to track enforcement more closely and exert pressure where needed so rights are not sacrificed for economic development. This study provides the most rigorous assessment to date of the role that firm, government and economic factors play in national inspection targeting. It also examined whether foreign owners pool and leverage their political influence to impact general inspection activity, a previously untested prospect.Is there a liability of foreignness or foreign privilege in developing nation compliance monitoring?
Gary W. Florkowski
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Drawing on the international business and game theory literature, this study assesses foreign firm treatment in the early stages of regulatory enforcement.

Treating regulation intensity as an exposure variable, negative binomial regression models were applied to firm-level data from 32 emerging markets (n = 15,331) to identify the determinants of inspection interactions. Robustness checks also were performed via variable substitutions for several predictors and an alternative form of statistical testing (i.e. Tobit regression, since it arguably better addresses dependent variables with corner solution responses).

Controlling for multiple organizational, regulatory and national characteristics, the findings are consistent with a foreign privilege, manifesting in reduced vulnerability to multiple encounters with labor inspection officials. Moreover, inward FDI stock was negatively related to the general probability of repeat interactions regardless of locus of ownership, an effect that was not moderated by stage of development or the regulatory influence of host interest groups. This collectively suggests that foreign firms not only are favored in compliance monitoring but also work post-entry to influence agencies to generally benefit business.

More comprehensive assessments were precluded given the lack of information on reasons for contact, citations and fines, and inspectorate reactions to company responses. Second, enforcement-risk management was measured indirectly since investors' internal dealings and actions toward officials are unavailable in secondary sources.

These findings have important implications for social responsibility, suggesting CSR stakeholders need to track enforcement more closely and exert pressure where needed so rights are not sacrificed for economic development.

This study provides the most rigorous assessment to date of the role that firm, government and economic factors play in national inspection targeting. It also examined whether foreign owners pool and leverage their political influence to impact general inspection activity, a previously untested prospect.

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Is there a liability of foreignness or foreign privilege in developing nation compliance monitoring?10.1108/IJOEM-06-2022-0940International Journal of Emerging Markets2023-06-14© 2023 Emerald Publishing LimitedGary W. FlorkowskiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1410.1108/IJOEM-06-2022-0940https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0940/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Forecasting VaR and ES using the joint regression combined forecasting model in the Chinese stock markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0941/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to better jointly estimate Value at Risk (VaR) and expected shortfall (ES) by using the joint regression combined forecasting (JRCF) model. Combining different forecasting models in financial risk measurement can improve their prediction accuracy by integrating the individual models’ information. This paper applies the JRCF model to measure VaR and ES at 5%, 2.5% and 1% probability levels in the Chinese stock market. While ES is not elicitable on its own, the joint elicitability property of VaR and ES is established by the joint consistent scoring functions, which further refines the ES’s backtest. In addition, a variety of backtesting and evaluation methods are used to analyze and compare the alternative risk measurement models. The empirical results show that the JRCF model outperforms the competing models. Based on the evaluation results of the joint scoring functions, the proposed model obtains the minimum scoring function value compared to the individual forecasting models and the average combined forecasting model overall. Moreover, Murphy diagrams’ results further reveal that this model has consistent comparative advantages among all considered models. The JRCF model of risk measures is proposed, and the application of the joint scoring functions of VaR and ES is expanded. Additionally, this paper comprehensively backtests and evaluates the competing risk models and examines the characteristics of Chinese financial market risks.Forecasting VaR and ES using the joint regression combined forecasting model in the Chinese stock market
Xunfa Lu, Kang Sheng, Zhengjun Zhang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to better jointly estimate Value at Risk (VaR) and expected shortfall (ES) by using the joint regression combined forecasting (JRCF) model.

Combining different forecasting models in financial risk measurement can improve their prediction accuracy by integrating the individual models’ information. This paper applies the JRCF model to measure VaR and ES at 5%, 2.5% and 1% probability levels in the Chinese stock market. While ES is not elicitable on its own, the joint elicitability property of VaR and ES is established by the joint consistent scoring functions, which further refines the ES’s backtest. In addition, a variety of backtesting and evaluation methods are used to analyze and compare the alternative risk measurement models.

The empirical results show that the JRCF model outperforms the competing models. Based on the evaluation results of the joint scoring functions, the proposed model obtains the minimum scoring function value compared to the individual forecasting models and the average combined forecasting model overall. Moreover, Murphy diagrams’ results further reveal that this model has consistent comparative advantages among all considered models.

The JRCF model of risk measures is proposed, and the application of the joint scoring functions of VaR and ES is expanded. Additionally, this paper comprehensively backtests and evaluates the competing risk models and examines the characteristics of Chinese financial market risks.

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Forecasting VaR and ES using the joint regression combined forecasting model in the Chinese stock market10.1108/IJOEM-06-2022-0941International Journal of Emerging Markets2022-12-29© 2022 Emerald Publishing LimitedXunfa LuKang ShengZhengjun ZhangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2910.1108/IJOEM-06-2022-0941https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0941/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The relationship between auditing industry specialization and the relative derivatives use for earnings management: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0947/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates the effect of auditing industry specialization (AIS) on the relative derivatives use for earnings management. The sample chosen in this study comprises 30,599 firm-year observations of Chinese public companies from 2005 to 2018. The sample is divided into two time periods (2005–2013 and 2014–2018) according to the year when IFRS 9 was implemented (IFRS 9, first discussed by the International Accounting Standards Board in March 2008, is based on an expected credit loss model for determining new and existing expected credit losses on financial assets. The definition was completed in July 2014 and implemented in 2018). AIS was gauged with respect to audit firms and individual auditors, and measured by market share in number and scale of clients. Linear regression is adopted to test hypotheses. Moreover, two-stage least square model (2SLS) is used to eliminate the concern of possible endogeneity. When gauged with respect to client scale, the scale-based AIS constrained the level of derivatives use for earnings management in the first period (2005–2013) while increased the level in the second period (2014–2018). The findings sustain for the analysis of audit firms and that of individual auditors, and for different definitions of AIS. The positive AIS-IN relation after the adoption of IFRS 9 implies the sacrifice audit independence. This could be indebted to the government policy that favors local audit firms to be comparable to international Big 4 audit firms, and therefore results in competition among local auditors/audit firms in securing number rather than quality of clients. The data of AIS in China are collected using a Python web crawler.The relationship between auditing industry specialization and the relative derivatives use for earnings management: evidence from China
Wen-Jye Hung, Pei-Gi Shu, Ya-Min Wang, Tsui-Lin Chiang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates the effect of auditing industry specialization (AIS) on the relative derivatives use for earnings management.

The sample chosen in this study comprises 30,599 firm-year observations of Chinese public companies from 2005 to 2018. The sample is divided into two time periods (2005–2013 and 2014–2018) according to the year when IFRS 9 was implemented (IFRS 9, first discussed by the International Accounting Standards Board in March 2008, is based on an expected credit loss model for determining new and existing expected credit losses on financial assets. The definition was completed in July 2014 and implemented in 2018). AIS was gauged with respect to audit firms and individual auditors, and measured by market share in number and scale of clients. Linear regression is adopted to test hypotheses. Moreover, two-stage least square model (2SLS) is used to eliminate the concern of possible endogeneity.

When gauged with respect to client scale, the scale-based AIS constrained the level of derivatives use for earnings management in the first period (2005–2013) while increased the level in the second period (2014–2018). The findings sustain for the analysis of audit firms and that of individual auditors, and for different definitions of AIS.

The positive AIS-IN relation after the adoption of IFRS 9 implies the sacrifice audit independence. This could be indebted to the government policy that favors local audit firms to be comparable to international Big 4 audit firms, and therefore results in competition among local auditors/audit firms in securing number rather than quality of clients.

The data of AIS in China are collected using a Python web crawler.

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The relationship between auditing industry specialization and the relative derivatives use for earnings management: evidence from China10.1108/IJOEM-06-2022-0947International Journal of Emerging Markets2023-05-12© 2023 Emerald Publishing LimitedWen-Jye HungPei-Gi ShuYa-Min WangTsui-Lin ChiangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-1210.1108/IJOEM-06-2022-0947https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0947/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Beyond the COVID-19 pandemic: what builds organizational resilience capacity?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0948/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe outbreak of the coronavirus pandemic (COVID-19) has severely disrupted businesses around the world. To address the impact of operational and strategic business disruptions, this paper contributes to the practice of a firm's management in terms of identifying the determinants of organizational resilience (OR) and creating a hierarchical model of the potential sources of a firm's adaptive capability. A novel research framework integrating Pareto analysis, grey theory and total interpretive structural modeling (TISM) has been applied to, first, identify the sources of a company's resilience and, second, to determine contextual relations among these sources of OR. The findings of the survey highlight three primary sources that allow companies to build companies' resilience: access to financial resources, digitization level and supply chain (SC) collaboration. The authors' model shows that resilience cannot be viewed as a particular feature but rather as a dynamic intertwined network of different co-dependent sources. The proposed hierarchical model indicates that the most crucial sources of company's resilience in the recent pandemic are access to financial resources, digitization level and SC collaboration. The study takes an original investigation on cognitive grounds, touching on the problem of firms' resilience to the unique nature of the crisis caused by the COVID-19 pandemic. The study also represents one of the few attempts to use integrated Pareto analysis, grey theory and TISM to examine this critical area of firm management.Beyond the COVID-19 pandemic: what builds organizational resilience capacity?
Anna Matysek-Jędrych, Katarzyna Mroczek-Dąbrowska, Aleksandra Kania
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The outbreak of the coronavirus pandemic (COVID-19) has severely disrupted businesses around the world. To address the impact of operational and strategic business disruptions, this paper contributes to the practice of a firm's management in terms of identifying the determinants of organizational resilience (OR) and creating a hierarchical model of the potential sources of a firm's adaptive capability.

A novel research framework integrating Pareto analysis, grey theory and total interpretive structural modeling (TISM) has been applied to, first, identify the sources of a company's resilience and, second, to determine contextual relations among these sources of OR.

The findings of the survey highlight three primary sources that allow companies to build companies' resilience: access to financial resources, digitization level and supply chain (SC) collaboration. The authors' model shows that resilience cannot be viewed as a particular feature but rather as a dynamic intertwined network of different co-dependent sources.

The proposed hierarchical model indicates that the most crucial sources of company's resilience in the recent pandemic are access to financial resources, digitization level and SC collaboration.

The study takes an original investigation on cognitive grounds, touching on the problem of firms' resilience to the unique nature of the crisis caused by the COVID-19 pandemic. The study also represents one of the few attempts to use integrated Pareto analysis, grey theory and TISM to examine this critical area of firm management.

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Beyond the COVID-19 pandemic: what builds organizational resilience capacity?10.1108/IJOEM-06-2022-0948International Journal of Emerging Markets2022-12-26© 2022 Emerald Publishing LimitedAnna Matysek-JędrychKatarzyna Mroczek-DąbrowskaAleksandra KaniaInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2610.1108/IJOEM-06-2022-0948https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0948/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Role of perceived brand globalness and localness in developing consumer word-of-mouth in the hospitality industryhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0964/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to examine the role of perceived brand globalness (PBG) and perceived brand localness (PBL) in developing consumer word-of-mouth (CWOM) via brand attitude (BATT) by incorporating the moderating role of consumer ethnocentrism (CET) and perceived brand origin (PBO) as well as considering brand familiarity (BF) as a covariate in the context of global and local quick-service restaurant (QSR) brands in emerging markets. This study obtained 764 responses from Chinese consumers through an online survey and analyzed the data using the maximum-likelihood estimation technique with structural equation modeling. After controlling brand familiarity, this study revealed that PBG and PBL are critical components that drive brand attitude, which positively improves CWOM toward global and local QSR brands. Similarly, PBG and PBL are important brand attributes that directly influence CWOM. Importantly, this research found the significant role of PBO on brand attitude toward perceived local brands compared to global QSR brands. Although this study did not discover the influence of CET as expected. However, these insights may assist global and local managers to rethink their strategies in emerging markets. This study was conducted exclusively in China. However, additional studies may be considered in other countries, such as comparing Asian vs European consumers. This study provides recommendations to global and local managers to support them in designing and executing several brand positioning strategies in the QSR industry. This novel study contributes to the accessibility–diagnosticity theory and signaling theory by examining consumers' perceptions of global and local QSR brands.Role of perceived brand globalness and localness in developing consumer word-of-mouth in the hospitality industry
Asif Ali Safeer, Yewang Zhou
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to examine the role of perceived brand globalness (PBG) and perceived brand localness (PBL) in developing consumer word-of-mouth (CWOM) via brand attitude (BATT) by incorporating the moderating role of consumer ethnocentrism (CET) and perceived brand origin (PBO) as well as considering brand familiarity (BF) as a covariate in the context of global and local quick-service restaurant (QSR) brands in emerging markets.

This study obtained 764 responses from Chinese consumers through an online survey and analyzed the data using the maximum-likelihood estimation technique with structural equation modeling.

After controlling brand familiarity, this study revealed that PBG and PBL are critical components that drive brand attitude, which positively improves CWOM toward global and local QSR brands. Similarly, PBG and PBL are important brand attributes that directly influence CWOM. Importantly, this research found the significant role of PBO on brand attitude toward perceived local brands compared to global QSR brands. Although this study did not discover the influence of CET as expected. However, these insights may assist global and local managers to rethink their strategies in emerging markets.

This study was conducted exclusively in China. However, additional studies may be considered in other countries, such as comparing Asian vs European consumers.

This study provides recommendations to global and local managers to support them in designing and executing several brand positioning strategies in the QSR industry.

This novel study contributes to the accessibility–diagnosticity theory and signaling theory by examining consumers' perceptions of global and local QSR brands.

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Role of perceived brand globalness and localness in developing consumer word-of-mouth in the hospitality industry10.1108/IJOEM-06-2022-0964International Journal of Emerging Markets2023-04-07© 2023 Emerald Publishing LimitedAsif Ali SafeerYewang ZhouInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-0710.1108/IJOEM-06-2022-0964https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0964/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Corporate net working capital: evidence from Shariah compliancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0976/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper examines the influence of Shariah compliance (SC) on firms' net working capital (NWC) target and adjustment speed. The study samples of non-financial firms taken from six Gulf Cooperation countries between 2005 and 2019 and employs static and dynamic models to answer the present study research questions. The outcomes of the study indicate that SC is one of the major determinants of the decision made by the corporation regarding their NWC. More specifically, enterprises that are compliant with restrictions within Shariah are seen to have laid targets of their NWC at a level that exceeds that of enterprises that are not compliant. Furthermore, compared to conventional firms, they seem to have higher speed when adjusting to meet set NWC targets. Submission to Islamic laws limits the choices from which an enterprise can outsource capital from existing funding instruments. Therefore, they experience a higher expected cost of bankruptcy. That being the case, such financial managers should readily maintain and adjust to higher NWC targets to meet current corporate needs, alleviate the risk of bankruptcy and lower dependency on expensive external funding options. To the authors’ knowledge, this is the first study to explore the influence of SC on firms' NWC target and adjustment speed.Corporate net working capital: evidence from Shariah compliance
Abdullah Bugshan, Faisal Alnori, Husam Ananzeh
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper examines the influence of Shariah compliance (SC) on firms' net working capital (NWC) target and adjustment speed.

The study samples of non-financial firms taken from six Gulf Cooperation countries between 2005 and 2019 and employs static and dynamic models to answer the present study research questions.

The outcomes of the study indicate that SC is one of the major determinants of the decision made by the corporation regarding their NWC. More specifically, enterprises that are compliant with restrictions within Shariah are seen to have laid targets of their NWC at a level that exceeds that of enterprises that are not compliant. Furthermore, compared to conventional firms, they seem to have higher speed when adjusting to meet set NWC targets. Submission to Islamic laws limits the choices from which an enterprise can outsource capital from existing funding instruments. Therefore, they experience a higher expected cost of bankruptcy. That being the case, such financial managers should readily maintain and adjust to higher NWC targets to meet current corporate needs, alleviate the risk of bankruptcy and lower dependency on expensive external funding options.

To the authors’ knowledge, this is the first study to explore the influence of SC on firms' NWC target and adjustment speed.

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Corporate net working capital: evidence from Shariah compliance10.1108/IJOEM-06-2022-0976International Journal of Emerging Markets2023-08-22© 2023 Emerald Publishing LimitedAbdullah BugshanFaisal AlnoriHusam AnanzehInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-2210.1108/IJOEM-06-2022-0976https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0976/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Machine learning and manager selection: evidence from South Africahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0998/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates whether the skilled minority of active equity managers in emerging markets can be identified using a machine learning (ML) framework that incorporates a large set of performance characteristics. The study uses a cross-section of South African active equity managers from January 2002 to December 2021. The performance characteristics are analysed using ML models, with a particular focus on gradient boosters, and naïve selection techniques such as momentum and style alpha. The out-of-sample nominal, excess and risk-adjusted returns are evaluated, and precision tests are conducted to assess the accuracy of the performance predictions. A minority of active managers exhibit skill that results in generating alpha, even after accounting for fees, and show that ML models, particularly gradient boosters, are superior at identifying non-linearities. LightGBM (LG) achieves the highest out-of-sample nominal, excess and risk-adjusted return and proves to be the most accurate predictor of performance in precision tests. Naïve selection techniques, such as momentum and style alpha, outperform most ML models in forecasting emerging market active manager performance. The authors contribute to the literature by demonstrating that a ML approach that incorporates a large set of performance characteristics can be used to identify skilled active equity managers in emerging markets. The findings suggest that both ML models and naïve selection techniques can be used to predict performance, but the former is more accurate in predicting ex ante performance. This study has practical implications for investment practitioners and academics interested in active asset manager performance in emerging markets.Machine learning and manager selection: evidence from South Africa
Daniel Page, Yudhvir Seetharam, Christo Auret
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates whether the skilled minority of active equity managers in emerging markets can be identified using a machine learning (ML) framework that incorporates a large set of performance characteristics.

The study uses a cross-section of South African active equity managers from January 2002 to December 2021. The performance characteristics are analysed using ML models, with a particular focus on gradient boosters, and naïve selection techniques such as momentum and style alpha. The out-of-sample nominal, excess and risk-adjusted returns are evaluated, and precision tests are conducted to assess the accuracy of the performance predictions.

A minority of active managers exhibit skill that results in generating alpha, even after accounting for fees, and show that ML models, particularly gradient boosters, are superior at identifying non-linearities. LightGBM (LG) achieves the highest out-of-sample nominal, excess and risk-adjusted return and proves to be the most accurate predictor of performance in precision tests. Naïve selection techniques, such as momentum and style alpha, outperform most ML models in forecasting emerging market active manager performance.

The authors contribute to the literature by demonstrating that a ML approach that incorporates a large set of performance characteristics can be used to identify skilled active equity managers in emerging markets. The findings suggest that both ML models and naïve selection techniques can be used to predict performance, but the former is more accurate in predicting ex ante performance. This study has practical implications for investment practitioners and academics interested in active asset manager performance in emerging markets.

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Machine learning and manager selection: evidence from South Africa10.1108/IJOEM-06-2022-0998International Journal of Emerging Markets2023-07-28© 2023 Emerald Publishing LimitedDaniel PageYudhvir SeetharamChristo AuretInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-2810.1108/IJOEM-06-2022-0998https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-0998/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The impact of heterogeneity of service trade policy restrictions on manufacturing exports of China: focus on free trade agreementshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1008/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestBased on the research of free trade agreements on alleviating service trade policy heterogeneity and its impact on manufacturing exports, this article aims to not only provide a basis for China's strategy of promoting regional economic integration, but also provide a policy reference for the manufacturing industry to expand the export market space. This study uses the two principles of “answering” and “scoring” to quantify the indicators of service trade policy heterogeneity to test the relationship between heterogeneity of service trade policy, free trade agreement and manufacturing export. According to empirical study, the export of Chinese manufacturing firms is severely hampered by the variety of service trade regulations, and the bigger the enterprise, the more hampered it is. In comparison to communications, transport and commerce, the financial industry's policy heterogeneity has a greater negative impact on certain industries. The major methods used to reduce the impact of service trade policy heterogeneity on manufacturing exports are product price increases and product quantity reductions. Also, by reducing the heterogeneity of service trade regulations and fostering industrial exports, the free trade agreement that China has signed can be quite successful. The open commitment in the area of national treatment, however, can reduce policy heterogeneity and advance manufacturing. In the area of market access, the effect of export is superior to the open promise. Thus, in order to effectively support the stabilization of international trade, China should actively encourage the negotiation and signing of higher-quality and mutually beneficial free trade agreements.The impact of heterogeneity of service trade policy restrictions on manufacturing exports of China: focus on free trade agreements
Ming Gao, Fanchao Zhuo
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Based on the research of free trade agreements on alleviating service trade policy heterogeneity and its impact on manufacturing exports, this article aims to not only provide a basis for China's strategy of promoting regional economic integration, but also provide a policy reference for the manufacturing industry to expand the export market space.

This study uses the two principles of “answering” and “scoring” to quantify the indicators of service trade policy heterogeneity to test the relationship between heterogeneity of service trade policy, free trade agreement and manufacturing export.

According to empirical study, the export of Chinese manufacturing firms is severely hampered by the variety of service trade regulations, and the bigger the enterprise, the more hampered it is. In comparison to communications, transport and commerce, the financial industry's policy heterogeneity has a greater negative impact on certain industries. The major methods used to reduce the impact of service trade policy heterogeneity on manufacturing exports are product price increases and product quantity reductions. Also, by reducing the heterogeneity of service trade regulations and fostering industrial exports, the free trade agreement that China has signed can be quite successful. The open commitment in the area of national treatment, however, can reduce policy heterogeneity and advance manufacturing.

In the area of market access, the effect of export is superior to the open promise. Thus, in order to effectively support the stabilization of international trade, China should actively encourage the negotiation and signing of higher-quality and mutually beneficial free trade agreements.

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The impact of heterogeneity of service trade policy restrictions on manufacturing exports of China: focus on free trade agreements10.1108/IJOEM-06-2022-1008International Journal of Emerging Markets2023-07-25© 2023 Emerald Publishing LimitedMing GaoFanchao ZhuoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-2510.1108/IJOEM-06-2022-1008https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1008/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Dynamic causality between oil prices and stock market indexes in Russia and China: does US financial instability matter?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1018/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the dynamic bidirectional causality between oil price (OIL) and stock market indexes in net oil-exporting (Russia) and net oil-importing (China) countries. The authors use monthly data for the period starting from October 1995 to October 2021. In this study, the bootstrap rolling-window Granger causality approach introduced by Balcilar et al. (2010) and the probit regression model are performed in order to identify the bidirectional causality. The results show that the causal periods mainly occur during economic, financial and health crises. For oil-exporting country, the results suggest that any increase (decrease) in the OIL leads to an appreciation (depreciation) in the stock market index. The effect of the stock market on OIL is more relevant for the oil-importing country than that for the oil-exporting one. The COVID-19 consequences are demonstrated in the impact of oil on the Russian stock market. The probit regression shows that the US financial instabilities increase the probability of causality between OIL and stock market indexes in Russia and China. The dynamic relationship between the variables must be taken into account in investment decisions. As financial instabilities in the USA drive the relationship between oil and stocks, investors should consider geopolitical, economic and financial elements when constructing their portfolios. Shareholders are required to include other assets in their portfolios since oil–stock relationship is highly risky. This study provides further evidence of the bidirectional oil–stock causal link. Additionally, it examines the impact of financial instabilities on the probability that the OIL and the stock market index cause each other through the Granger effect.Dynamic causality between oil prices and stock market indexes in Russia and China: does US financial instability matter?
Amal Ghedira, Mohamed Sahbi Nakhli
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the dynamic bidirectional causality between oil price (OIL) and stock market indexes in net oil-exporting (Russia) and net oil-importing (China) countries.

The authors use monthly data for the period starting from October 1995 to October 2021. In this study, the bootstrap rolling-window Granger causality approach introduced by Balcilar et al. (2010) and the probit regression model are performed in order to identify the bidirectional causality.

The results show that the causal periods mainly occur during economic, financial and health crises. For oil-exporting country, the results suggest that any increase (decrease) in the OIL leads to an appreciation (depreciation) in the stock market index. The effect of the stock market on OIL is more relevant for the oil-importing country than that for the oil-exporting one. The COVID-19 consequences are demonstrated in the impact of oil on the Russian stock market. The probit regression shows that the US financial instabilities increase the probability of causality between OIL and stock market indexes in Russia and China.

The dynamic relationship between the variables must be taken into account in investment decisions. As financial instabilities in the USA drive the relationship between oil and stocks, investors should consider geopolitical, economic and financial elements when constructing their portfolios. Shareholders are required to include other assets in their portfolios since oil–stock relationship is highly risky.

This study provides further evidence of the bidirectional oil–stock causal link. Additionally, it examines the impact of financial instabilities on the probability that the OIL and the stock market index cause each other through the Granger effect.

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Dynamic causality between oil prices and stock market indexes in Russia and China: does US financial instability matter?10.1108/IJOEM-06-2022-1018International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedAmal GhediraMohamed Sahbi NakhliInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-06-2022-1018https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1018/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
What role do international remittance inflows play in boosting agricultural productivity? Empirical analysis of emerging Asian economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1019/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis article investigates the long-run impact of remittance inflows on agricultural productivity (AGP) in emerging Asian economies (Bangladesh, Sri Lanka, Malaysia, India, Nepal, Philippines, Pakistan, and Vietnam), employing a panel dataset from 2000 to 2018. This study initially applies cross-sectional dependence (CSD), second-generation unit root, Pedroni, and Westerlund panel co-integration techniques. Next, it uses the augmented mean group (AMG) and common correlated effect mean group (CCEMG) methods to investigate the long-term impact of remittance inflows on AGP while controlling for several other important determinants of agricultural growth, such as cultivated area, fertilizers, temperature change, credit, and labor force. The empirical findings are as follows: The results first revealed the existence of CSD and long-term co-integration between AGP and its determinants. Second, remittance inflows significantly boosted AGP, indicating that remittance inflows played a crucial role in improving AGP. Third, global warming (changes in temperature) negatively impacts AGP. Finally, additional critical elements, for instance, cultivated area, fertilizers, credit, and labor force, positively affect AGP. This study suggests that policymakers of emerging Asian economies should develop an exclusive remittance-receiving system and introduce remittance investment products to utilize foreign funds and mitigate agricultural production risks effectively. This is the first empirical examination of the long-term impact of remittance flows on agricultural output in emerging Asian economies. This study utilized robust estimation methods for panel data sets, such as the Pedroni, Westerlund, AMG, and CCEMG tests.What role do international remittance inflows play in boosting agricultural productivity? Empirical analysis of emerging Asian economies
Abbas Ali Chandio, Uzma Bashir, Waqar Akram, Muhammad Usman, Munir Ahmad, Yuansheng Jiang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This article investigates the long-run impact of remittance inflows on agricultural productivity (AGP) in emerging Asian economies (Bangladesh, Sri Lanka, Malaysia, India, Nepal, Philippines, Pakistan, and Vietnam), employing a panel dataset from 2000 to 2018.

This study initially applies cross-sectional dependence (CSD), second-generation unit root, Pedroni, and Westerlund panel co-integration techniques. Next, it uses the augmented mean group (AMG) and common correlated effect mean group (CCEMG) methods to investigate the long-term impact of remittance inflows on AGP while controlling for several other important determinants of agricultural growth, such as cultivated area, fertilizers, temperature change, credit, and labor force.

The empirical findings are as follows: The results first revealed the existence of CSD and long-term co-integration between AGP and its determinants. Second, remittance inflows significantly boosted AGP, indicating that remittance inflows played a crucial role in improving AGP. Third, global warming (changes in temperature) negatively impacts AGP. Finally, additional critical elements, for instance, cultivated area, fertilizers, credit, and labor force, positively affect AGP.

This study suggests that policymakers of emerging Asian economies should develop an exclusive remittance-receiving system and introduce remittance investment products to utilize foreign funds and mitigate agricultural production risks effectively.

This is the first empirical examination of the long-term impact of remittance flows on agricultural output in emerging Asian economies. This study utilized robust estimation methods for panel data sets, such as the Pedroni, Westerlund, AMG, and CCEMG tests.

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What role do international remittance inflows play in boosting agricultural productivity? Empirical analysis of emerging Asian economies10.1108/IJOEM-06-2022-1019International Journal of Emerging Markets2023-08-29© 2023 Emerald Publishing LimitedAbbas Ali ChandioUzma BashirWaqar AkramMuhammad UsmanMunir AhmadYuansheng JiangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-2910.1108/IJOEM-06-2022-1019https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1019/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How consumers react differently toward humanoid vs. nonhumanoid robots after service failures: a moderated chain mediation modelhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1023/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestWith the increasing use of robots in service scenarios in hospitality industries, service failure frequently occurs during the service process, and consumers may react differently toward humanoid vs. nonhumanoid robots due to different performance expectancies. This study focuses on consumers' reactions to service failures by humanoid vs. nonhumanoid robots and the different impacts on brand forgiveness and revisit intentions through performance expectancy for different genders. The study used a sample of 280 participants to test the moderated chain mediation model. The participants were instructed to report their performance expectancies for humanoid/nonhumanoid robots and imagine a hotel check-in scenario in which a service failure occurs. Brand forgiveness, brand revisit intention and other demographic information were assessed. The results show that consumers have higher performance expectancy for nonhumanoid robots. This performance expectancy generates brand forgiveness and revisit intentions for male consumers but does not affect female consumers' forgiveness and revisit behaviors. This study contributes to the literature by taking a long-term perspective to investigate the outcomes after service failure, providing evidence for pending questions in previous studies and enriching studies of gender differences. Additionally, this study provides practical implications to consider the use of anthropomorphism in robots, advocate for functional confidence in robots and target consumers across genders.How consumers react differently toward humanoid vs. nonhumanoid robots after service failures: a moderated chain mediation model
Mengwei Zhang, Jinsheng Cui, Jianan Zhong
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

With the increasing use of robots in service scenarios in hospitality industries, service failure frequently occurs during the service process, and consumers may react differently toward humanoid vs. nonhumanoid robots due to different performance expectancies. This study focuses on consumers' reactions to service failures by humanoid vs. nonhumanoid robots and the different impacts on brand forgiveness and revisit intentions through performance expectancy for different genders.

The study used a sample of 280 participants to test the moderated chain mediation model. The participants were instructed to report their performance expectancies for humanoid/nonhumanoid robots and imagine a hotel check-in scenario in which a service failure occurs. Brand forgiveness, brand revisit intention and other demographic information were assessed.

The results show that consumers have higher performance expectancy for nonhumanoid robots. This performance expectancy generates brand forgiveness and revisit intentions for male consumers but does not affect female consumers' forgiveness and revisit behaviors.

This study contributes to the literature by taking a long-term perspective to investigate the outcomes after service failure, providing evidence for pending questions in previous studies and enriching studies of gender differences. Additionally, this study provides practical implications to consider the use of anthropomorphism in robots, advocate for functional confidence in robots and target consumers across genders.

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How consumers react differently toward humanoid vs. nonhumanoid robots after service failures: a moderated chain mediation model10.1108/IJOEM-06-2022-1023International Journal of Emerging Markets2023-03-01© 2023 Emerald Publishing LimitedMengwei ZhangJinsheng CuiJianan ZhongInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-0110.1108/IJOEM-06-2022-1023https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1023/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How the second largest shareholder affects cash dividends? An empirical study in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1029/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIn public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder can actively participate in corporate governance and protect the interests of investors, its impact has not been fully understood. This research investigates how shareholding ratio and ownership type of the second largest shareholder moderate the relationship between controlling shareholder's shareholding ratio and cash dividends. The authors conducted econometrics analysis based on a panel data of China's A-share listed companies from 2007 to 2017. The authors find that the controlling shareholder's shareholding ratio has a significant negative impact on cash dividends. However, this influence is conditional on the shareholding ratio of the second largest shareholder. The negative impact is weakened when the second largest shareholder holds a large proportion of shares or when the shareholding gap between the second largest and the controlling shareholder is small. This research extends the existing literature by highlighting the nuanced moderating effect of the second largest shareholder on the relationship between the controlling shareholder and cash dividends, thus making a unique contribution to the understanding of corporate governances in the emerging financial market in China.How the second largest shareholder affects cash dividends? An empirical study in China
Qian Wang, Xiaobo Tang, Huigang Liang, Yajiong Xue, Xiaolin Sun
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

In public firms, the largest shareholder can make decisions on cash dividends in favor of its own interests at the expense of other investors. While the second largest shareholder can actively participate in corporate governance and protect the interests of investors, its impact has not been fully understood. This research investigates how shareholding ratio and ownership type of the second largest shareholder moderate the relationship between controlling shareholder's shareholding ratio and cash dividends.

The authors conducted econometrics analysis based on a panel data of China's A-share listed companies from 2007 to 2017.

The authors find that the controlling shareholder's shareholding ratio has a significant negative impact on cash dividends. However, this influence is conditional on the shareholding ratio of the second largest shareholder. The negative impact is weakened when the second largest shareholder holds a large proportion of shares or when the shareholding gap between the second largest and the controlling shareholder is small.

This research extends the existing literature by highlighting the nuanced moderating effect of the second largest shareholder on the relationship between the controlling shareholder and cash dividends, thus making a unique contribution to the understanding of corporate governances in the emerging financial market in China.

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How the second largest shareholder affects cash dividends? An empirical study in China10.1108/IJOEM-06-2022-1029International Journal of Emerging Markets2023-06-23© 2023 Emerald Publishing LimitedQian WangXiaobo TangHuigang LiangYajiong XueXiaolin SunInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-2310.1108/IJOEM-06-2022-1029https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2022-1029/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investors’ intention toward green investment: an extension of the theory of planned behaviorhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2023-0874/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates how to motivate behavioral intentions toward green investment (BIGI) with the moderating effect of social media platforms usage (SMPU) among individual investors in Egypt. The study used partial least squares structural equation modeling (PLS-SEM) to analyze the data and test hypotheses based on a sample of 550 individual investors with investment experience. The results show that attitude, subjective norm (SN), and perceived behavioral control (PBC) have a significant relationship with investors' behavioral intention toward green investment. The moderating effect of (SMPU) supported the relationship between (SN), (PBC), and (BIGI), but (SMPU) does not support the relationship between attitude and (BIGI). This study provides some implications for investment providers, service providers, and policymakers. Despite the increasing global interest in climate change and its consequent opportunities and challenges for business, previous studies did not strongly emphasize green investment. So, based on the theory of planned behavior (TPB), this study sheds light on the motivational factors that may push investors' behavioral intentions toward green investment. With the increasing interest in digital transformation, the study also examined how digital platforms support (BIGI), especially in Egypt as a developing country.Investors’ intention toward green investment: an extension of the theory of planned behavior
Waleed Hemdan, Jian Zhang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates how to motivate behavioral intentions toward green investment (BIGI) with the moderating effect of social media platforms usage (SMPU) among individual investors in Egypt.

The study used partial least squares structural equation modeling (PLS-SEM) to analyze the data and test hypotheses based on a sample of 550 individual investors with investment experience.

The results show that attitude, subjective norm (SN), and perceived behavioral control (PBC) have a significant relationship with investors' behavioral intention toward green investment. The moderating effect of (SMPU) supported the relationship between (SN), (PBC), and (BIGI), but (SMPU) does not support the relationship between attitude and (BIGI).

This study provides some implications for investment providers, service providers, and policymakers.

Despite the increasing global interest in climate change and its consequent opportunities and challenges for business, previous studies did not strongly emphasize green investment. So, based on the theory of planned behavior (TPB), this study sheds light on the motivational factors that may push investors' behavioral intentions toward green investment. With the increasing interest in digital transformation, the study also examined how digital platforms support (BIGI), especially in Egypt as a developing country.

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Investors’ intention toward green investment: an extension of the theory of planned behavior10.1108/IJOEM-06-2023-0874International Journal of Emerging Markets2024-03-29© 2024 Emerald Publishing LimitedWaleed HemdanJian ZhangInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-2910.1108/IJOEM-06-2023-0874https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2023-0874/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Investigating the unexpected determinants of cryptocurrency adoption in the UAEhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2023-0924/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestFinancial inclusion provides access to financial infrastructure, facilitating money transfers. Therefore, blockchain and cryptocurrencies might boost worldwide financial acceptance. However, the UAE has one of the lowest cryptocurrency adoption rates. This study explores the UAE customer adoption and use of cryptocurrencies. Using a scale, the authors created a structural model and obtained 270 responses from a snowball-distributed online questionnaire, assessed by five cryptocurrency specialists. Performance expectations (PE), price value (PV), Hedonic motivation (HM) and consumer innovativeness (CI) were the most significant predictors of behavioural intention (BI). Surprisingly, BI is not a reliable indication of actual consumption. Facilitating conditions (FC) are the most accurate predictor of cryptocurrency usage (CU), indicating that adoption might be increased by providing the necessary structures and processes to lead users. This research adds to the body of knowledge by examining the adoption and implementation of cryptocurrencies in the UAE and by developing and evaluating new constructs based on current notions. The study also contributes to the current understanding of cryptocurrencies and blockchain adoption. The conclusions of the research advise marketers on how to boost the commercialisation of cryptocurrencies in the UAE market and may pave the way for other studies to assist impending developments in the UAE cryptocurrency industry. This research offers novel insights into significant predictors of cryptocurrency product uptake in the financial and banking business.Investigating the unexpected determinants of cryptocurrency adoption in the UAE
Devid Jegerson, Charilaos Mertzanis, Mehmood Khan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Financial inclusion provides access to financial infrastructure, facilitating money transfers. Therefore, blockchain and cryptocurrencies might boost worldwide financial acceptance. However, the UAE has one of the lowest cryptocurrency adoption rates. This study explores the UAE customer adoption and use of cryptocurrencies.

Using a scale, the authors created a structural model and obtained 270 responses from a snowball-distributed online questionnaire, assessed by five cryptocurrency specialists.

Performance expectations (PE), price value (PV), Hedonic motivation (HM) and consumer innovativeness (CI) were the most significant predictors of behavioural intention (BI). Surprisingly, BI is not a reliable indication of actual consumption. Facilitating conditions (FC) are the most accurate predictor of cryptocurrency usage (CU), indicating that adoption might be increased by providing the necessary structures and processes to lead users.

This research adds to the body of knowledge by examining the adoption and implementation of cryptocurrencies in the UAE and by developing and evaluating new constructs based on current notions. The study also contributes to the current understanding of cryptocurrencies and blockchain adoption.

The conclusions of the research advise marketers on how to boost the commercialisation of cryptocurrencies in the UAE market and may pave the way for other studies to assist impending developments in the UAE cryptocurrency industry.

This research offers novel insights into significant predictors of cryptocurrency product uptake in the financial and banking business.

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Investigating the unexpected determinants of cryptocurrency adoption in the UAE10.1108/IJOEM-06-2023-0924International Journal of Emerging Markets2023-10-30© 2023 Emerald Publishing LimitedDevid JegersonCharilaos MertzanisMehmood KhanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-3010.1108/IJOEM-06-2023-0924https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2023-0924/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A study on the co-movement and influencing factors of stock markets between India and the other Asia–Pacific countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2023-0965/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe aim of this study is to examine the nature and determinants of stock market integration between India and other Asia–Pacific countries (Malaysia, Hong Kong, Singapore, South Korea, Japan, China, Indonesia, the Philippines, Thailand and Taiwan) over the period 1991–2021. Unit root tests, the dynamic conditional correlation-Glosten Jagannathan and Runkle-generalized autoregressive conditional heteroscedasticity (DCC-GJR-GARCH), pooled ordinary least squares (OLS) regression and random effects models are employed for the analysis. The empirical results show that the DCC between each pair of sample countries is less than 0.5, indicating weak ties between the pairs of sample countries. Also, the DCC between India and other Asia–Pacific stock markets is positive and low, implying low level of integration. The correlation between India and China stock markets is found to be the highest, implying significant level of integration. The main reason for it would be strong economic linkages and bilateral trade relationship between India and China. Moreover, gross domestic product (GDP), interest rate (IR), consumer price index (CPI)-inflation and money supply (MS) differentials are the major driver of stock market integration between India and other Asia–Pacific countries. The findings of the study have important implications for investors, portfolio managers and policymakers. It is found that the DCC between India and other Asia–Pacific countries (considered in the study) except China is low, which indicates weak ties between the pairs of sample countries. This implies that the Indian stock market provides good investment opportunities for foreign investors. Also, investors and portfolio managers can attain more diversified benefits and can minimize country risk by investing across Asia–Pacific countries. Further, knowledge about the factors that integrate the Indian stock market with the other Asia–Pacific stock markets will help policymakers frame suitable economic and financial stabilization policies. This study contributes to the extant literature: first, by examining the linkages of Indian stock market with other Asia–Pacific countries; second, although previous studies confirmed the existence of linkages among the various stock markets, few researchers pay attention to the factors driving the process of stock market integration. This study provides additional evidence by examining the significant macroeconomic factors driving the process of such integration in the Asia–Pacific region considered under the study.A study on the co-movement and influencing factors of stock markets between India and the other Asia–Pacific countries
Khushboo Aggarwal, V. Raveendra Saradhi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The aim of this study is to examine the nature and determinants of stock market integration between India and other Asia–Pacific countries (Malaysia, Hong Kong, Singapore, South Korea, Japan, China, Indonesia, the Philippines, Thailand and Taiwan) over the period 1991–2021.

Unit root tests, the dynamic conditional correlation-Glosten Jagannathan and Runkle-generalized autoregressive conditional heteroscedasticity (DCC-GJR-GARCH), pooled ordinary least squares (OLS) regression and random effects models are employed for the analysis.

The empirical results show that the DCC between each pair of sample countries is less than 0.5, indicating weak ties between the pairs of sample countries. Also, the DCC between India and other Asia–Pacific stock markets is positive and low, implying low level of integration. The correlation between India and China stock markets is found to be the highest, implying significant level of integration. The main reason for it would be strong economic linkages and bilateral trade relationship between India and China. Moreover, gross domestic product (GDP), interest rate (IR), consumer price index (CPI)-inflation and money supply (MS) differentials are the major driver of stock market integration between India and other Asia–Pacific countries.

The findings of the study have important implications for investors, portfolio managers and policymakers. It is found that the DCC between India and other Asia–Pacific countries (considered in the study) except China is low, which indicates weak ties between the pairs of sample countries. This implies that the Indian stock market provides good investment opportunities for foreign investors. Also, investors and portfolio managers can attain more diversified benefits and can minimize country risk by investing across Asia–Pacific countries. Further, knowledge about the factors that integrate the Indian stock market with the other Asia–Pacific stock markets will help policymakers frame suitable economic and financial stabilization policies.

This study contributes to the extant literature: first, by examining the linkages of Indian stock market with other Asia–Pacific countries; second, although previous studies confirmed the existence of linkages among the various stock markets, few researchers pay attention to the factors driving the process of stock market integration. This study provides additional evidence by examining the significant macroeconomic factors driving the process of such integration in the Asia–Pacific region considered under the study.

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A study on the co-movement and influencing factors of stock markets between India and the other Asia–Pacific countries10.1108/IJOEM-06-2023-0965International Journal of Emerging Markets2024-02-01© 2023 Emerald Publishing LimitedKhushboo AggarwalV. Raveendra SaradhiInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-0110.1108/IJOEM-06-2023-0965https://www.emerald.com/insight/content/doi/10.1108/IJOEM-06-2023-0965/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Management and monitoring of the displaced commercial risk: a prescriptive approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2018-0407/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe displaced commercial risk is one of the specific risks in the Islamic finance that creates a serious debate among practitioners and researchers about its management. The purpose of this paper is to assess a new approach to manage this risk using machine learning algorithms. To attempt this purpose, the authors use several machine learning algorithms applied to a set of financial data related to banks from different regions and consider the deposit variation intensity as an indicator. Results show acceptable prediction accuracy. The model could be used to optimize the prudential reserves for banks and the incomes distributed to depositors. However, the model uses several variables as proxies since data are not available for some specific indicators, such as the profit equalization reserves and the investment risk reserves. Previous studies have analyzed the origin and impact of DCR. To the best of authors’ knowledge, none of them has provided an ex ante management tool for this risk. Furthermore, the authors suggest the use of a new approach based on machine learning algorithms.Management and monitoring of the displaced commercial risk: a prescriptive approach
Othmane Touri, Rida Ahroum, Boujemâa Achchab
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The displaced commercial risk is one of the specific risks in the Islamic finance that creates a serious debate among practitioners and researchers about its management. The purpose of this paper is to assess a new approach to manage this risk using machine learning algorithms.

To attempt this purpose, the authors use several machine learning algorithms applied to a set of financial data related to banks from different regions and consider the deposit variation intensity as an indicator.

Results show acceptable prediction accuracy. The model could be used to optimize the prudential reserves for banks and the incomes distributed to depositors.

However, the model uses several variables as proxies since data are not available for some specific indicators, such as the profit equalization reserves and the investment risk reserves.

Previous studies have analyzed the origin and impact of DCR. To the best of authors’ knowledge, none of them has provided an ex ante management tool for this risk. Furthermore, the authors suggest the use of a new approach based on machine learning algorithms.

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Management and monitoring of the displaced commercial risk: a prescriptive approach10.1108/IJOEM-07-2018-0407International Journal of Emerging Markets2020-01-07© 2020 Emerald Publishing LimitedOthmane TouriRida AhroumBoujemâa AchchabInternational Journal of Emerging Marketsahead-of-printahead-of-print2020-01-0710.1108/IJOEM-07-2018-0407https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2018-0407/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2020 Emerald Publishing Limited
The fit between GLOBE cultural dimensions, budget transparency and performance management across emerging economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2020-0735/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThere is a dearth of research that investigates the impact of national culture on budgeting and management indexes in the public sector across developing countries. Limited studies in accounting and management have explained the role of national culture in shaping organisational and individual values. It is posited that national cultural variables impact budget transparency and performance management. This study contributes to the literature by examining these relations in 16 developing countries. Adopting an unbalanced timing framework, the current paper seeks to fulfill this gap and applies four cultural dimensions from the GLOBE study (House et al., 2004) as explanatory variables to investigate whether national culture is associated with budget transparency and performance management or not, particularly in the context of developing countries. The paper uses budget transparency as the first dependent variable, based on the OECD database from Qi and Mensah (2011), along with performance management as the second dependent variable, from the BTI Project (2016), according to the leadership's political performance management. Generally, the empirical findings reveal a minimal relation among GLOBE cultural variables with budget transparency and performance management. Particularly, the empirical findings indicate that only performance orientation has a significant relation with budget transparency and performance management. The findings of this paper suggest that any plan to improve a nation's budget transparency should consider the links between budgeting, performance management and the culture of those that run them. The formal adoption of new methods by performance management may not be enough without accompanying efforts to transform performance orientation as an index of national culture.The fit between GLOBE cultural dimensions, budget transparency and performance management across emerging economies
Hamid Zarei, Hassan Yazdifar, Ahmad Nasseri, Mohsen Dahmarde Ghaleno
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

There is a dearth of research that investigates the impact of national culture on budgeting and management indexes in the public sector across developing countries. Limited studies in accounting and management have explained the role of national culture in shaping organisational and individual values. It is posited that national cultural variables impact budget transparency and performance management. This study contributes to the literature by examining these relations in 16 developing countries.

Adopting an unbalanced timing framework, the current paper seeks to fulfill this gap and applies four cultural dimensions from the GLOBE study (House et al., 2004) as explanatory variables to investigate whether national culture is associated with budget transparency and performance management or not, particularly in the context of developing countries. The paper uses budget transparency as the first dependent variable, based on the OECD database from Qi and Mensah (2011), along with performance management as the second dependent variable, from the BTI Project (2016), according to the leadership's political performance management.

Generally, the empirical findings reveal a minimal relation among GLOBE cultural variables with budget transparency and performance management. Particularly, the empirical findings indicate that only performance orientation has a significant relation with budget transparency and performance management.

The findings of this paper suggest that any plan to improve a nation's budget transparency should consider the links between budgeting, performance management and the culture of those that run them.

The formal adoption of new methods by performance management may not be enough without accompanying efforts to transform performance orientation as an index of national culture.

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The fit between GLOBE cultural dimensions, budget transparency and performance management across emerging economies10.1108/IJOEM-07-2020-0735International Journal of Emerging Markets2022-11-22© 2022 Emerald Publishing LimitedHamid ZareiHassan YazdifarAhmad NasseriMohsen Dahmarde GhalenoInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2210.1108/IJOEM-07-2020-0735https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2020-0735/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The relationship between corporate governance and cost of equity: evidence from the ISIS era in Iraqhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2020-0739/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe cost of equity (COE) and corporate governance structure are the most critical factors affecting competition among publicly held companies. Accordingly, the present paper aims to examine the relationship between corporate governance and the COE in the wake of the Islamic State of Iraq and Syria (ISIS) in Iraq. Our statistical sample includes 34 companies listed on the Iraq Stock Exchange from 2012 to 2017. Board structure (i.e. board size, board independence, CEO tenure, board meetings frequency and CEO duality) and ownership structure (managerial ownership, institutional ownership and state ownership) are considered proxies for corporate governance structure. Besides, the authors employ the Capital Asset Pricing Model to measure the COE as our dependent variable. Multiple regression analysis and Exploratory Factor Analysis are also used to estimate the research models. Our results suggest that corporate governance structure plays a significant role in reducing COE during the ISIS era. Furthermore, the authors find that corporate governance can be an alternative to COE reduction in Iraq’s absence of national security. Our findings also indicate that board size, board meeting frequency, managerial ownership and institutional ownership are negatively associated with COE. Although this study has been thoroughly considered and cautiously planned, the specific period chosen to conduct the research (i.e. the ISIS era) could be a significant limitation since financial disclosure of listed companies may have been of lower quality during this period. However, to relatively alleviate this limitation and maintain the authenticity of the findings, the authors exclude low-quality financial statements, particularly non-audited financial reports, from the statistical sample. Furthermore, practitioners of emerging markets that are suffering from a weak external corporate governance combination can use the findings of this paper as a guideline to compensate the existing market deficiencies by improving internal corporate governance for observing further cash sources with lower cost. The findings also propose to international agencies that the business environment in Iraq is heavily affected by the ISIS phenomenon and needs financial aid to recover from its side effects. Furthermore, macroeconomists may use this paper to make more decisive macroeconomic indicators predictions. This paper is among the pioneer investigations and elaborates on how the agency conflict is resolved effectively. The board and managerial characteristics and different forms of ownership might be applicable to provide cheaper funds for companies listed in emerging markets suffering from weak external corporate governance combinations.The relationship between corporate governance and cost of equity: evidence from the ISIS era in Iraq
Mahdi Salehi, Mahdi Moradi, Saad Faysal
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The cost of equity (COE) and corporate governance structure are the most critical factors affecting competition among publicly held companies. Accordingly, the present paper aims to examine the relationship between corporate governance and the COE in the wake of the Islamic State of Iraq and Syria (ISIS) in Iraq.

Our statistical sample includes 34 companies listed on the Iraq Stock Exchange from 2012 to 2017. Board structure (i.e. board size, board independence, CEO tenure, board meetings frequency and CEO duality) and ownership structure (managerial ownership, institutional ownership and state ownership) are considered proxies for corporate governance structure. Besides, the authors employ the Capital Asset Pricing Model to measure the COE as our dependent variable. Multiple regression analysis and Exploratory Factor Analysis are also used to estimate the research models.

Our results suggest that corporate governance structure plays a significant role in reducing COE during the ISIS era. Furthermore, the authors find that corporate governance can be an alternative to COE reduction in Iraq’s absence of national security. Our findings also indicate that board size, board meeting frequency, managerial ownership and institutional ownership are negatively associated with COE.

Although this study has been thoroughly considered and cautiously planned, the specific period chosen to conduct the research (i.e. the ISIS era) could be a significant limitation since financial disclosure of listed companies may have been of lower quality during this period. However, to relatively alleviate this limitation and maintain the authenticity of the findings, the authors exclude low-quality financial statements, particularly non-audited financial reports, from the statistical sample. Furthermore, practitioners of emerging markets that are suffering from a weak external corporate governance combination can use the findings of this paper as a guideline to compensate the existing market deficiencies by improving internal corporate governance for observing further cash sources with lower cost. The findings also propose to international agencies that the business environment in Iraq is heavily affected by the ISIS phenomenon and needs financial aid to recover from its side effects. Furthermore, macroeconomists may use this paper to make more decisive macroeconomic indicators predictions.

This paper is among the pioneer investigations and elaborates on how the agency conflict is resolved effectively. The board and managerial characteristics and different forms of ownership might be applicable to provide cheaper funds for companies listed in emerging markets suffering from weak external corporate governance combinations.

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The relationship between corporate governance and cost of equity: evidence from the ISIS era in Iraq10.1108/IJOEM-07-2020-0739International Journal of Emerging Markets2023-01-03© 2022 Emerald Publishing LimitedMahdi SalehiMahdi MoradiSaad FaysalInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-0310.1108/IJOEM-07-2020-0739https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2020-0739/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Perceptions of market orientation in emerging economy entrepreneurship: evidence from crowdfundinghttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1000/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to examine how crowdfunding backer perceptions of market orientation and foreignness impact crowdfunding performance in emerging economies. Using content analysis software, the authors analyzed 756 Kickstarter campaign narratives from the emerging economies of Brazil, Russia, India, China, and South Africa for the period between 2009 and 2019. The authors’ results show that behavioral market orientation signals are positively related to amounts raised while decision criteria signals are negatively related. The authors also find that foreign entrepreneur status interacts with the two market orientations to impact funding amounts. When creating crowdfunding campaigns in emerging economies, domestic entrepreneurs should use high levels of behavioral market orientation rhetoric but low levels of decision criteria rhetoric within their campaign narratives. This study unpacks the components of market orientation and examines their positive and negative effects on crowdfunding success in the context of emerging economies.Perceptions of market orientation in emerging economy entrepreneurship: evidence from crowdfunding
Steven A. Creek, Joshua D. Maurer, Justin K. Kent
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to examine how crowdfunding backer perceptions of market orientation and foreignness impact crowdfunding performance in emerging economies.

Using content analysis software, the authors analyzed 756 Kickstarter campaign narratives from the emerging economies of Brazil, Russia, India, China, and South Africa for the period between 2009 and 2019.

The authors’ results show that behavioral market orientation signals are positively related to amounts raised while decision criteria signals are negatively related. The authors also find that foreign entrepreneur status interacts with the two market orientations to impact funding amounts.

When creating crowdfunding campaigns in emerging economies, domestic entrepreneurs should use high levels of behavioral market orientation rhetoric but low levels of decision criteria rhetoric within their campaign narratives.

This study unpacks the components of market orientation and examines their positive and negative effects on crowdfunding success in the context of emerging economies.

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Perceptions of market orientation in emerging economy entrepreneurship: evidence from crowdfunding10.1108/IJOEM-07-2021-1000International Journal of Emerging Markets2023-02-06© 2023 Emerald Publishing LimitedSteven A. CreekJoshua D. MaurerJustin K. KentInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-0610.1108/IJOEM-07-2021-1000https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1000/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investors’ financial aspirations excite investment decisions: current income, future inheritance expectations, and short-term and long-term decisions—The Matthew Effect in Pakistan’s emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1098/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestFollowing behavioral finance and monetary wisdom, the authors theorize: Decision-makers (investors) adopt deep-rooted personal values (the love-of-money attitudes/avaricious financial aspirations) as a lens to frame critical concerns (short-term and long-term investment decisions) in the immediate-proximal (current income) and distal-omnibus (future inheritance) contexts to maximize expected utility and ultimate serenity across context, people and time. The authors collected data from 277 active equity traders (professional money managers and individual investors) in Pakistan’s two most robust investment hubs—Karachi and Lahore. The authors measured their love-of-money attitude (avaricious monetary aspirations), short-term and long-term investment decisions and demographic variables and collected data during Pakistan's bear markets (Pakistan Stock Exchange, PSX-100). Investors’ love of money relates to short-term and long-term decisions. However, these relationships are significant for money managers but non-significant for individual investors. Further, investors’ current income moderates this relationship for short-term investment decisions but not long-term decisions. The intensity of the aspirations-to-short-term investment relationship is much higher for investors with low-income levels than those with average and high-income levels. Future inheritance moderates the relationships between aspirations and short-term and long-term decisions. Regardless of their love-of-money orientations, investors with future inheritance have higher magnitudes of short-term and long-term investments than those without future inheritance. The intensity of the aspirations-to-investments relationship is more potent for investors without future inheritance than those with inheritance. Investors with low avaricious monetary aspirations and without inheritance expectations show the lowest short-term and long-term investment decisions. Investors' current income and future inheritance moderate the relationships between their love of money attitude and short-term and long-term decisions differently in Pakistan's bear markets. The authors help investors make financial decisions and help financial institutions, asset management companies, brokerage houses and investment banks identify marketing strategies and investor segmentation and provide individualized services. Professional money managers have a stronger short-term orientation than individual investors. Lack of wealth (current income and future inheritance) motivates greedy investors to take more risks and become more vulnerable than non-greedy ones—investors’ financial resources and wealth matter. The Matthew Effect in investment decisions exists in Pakistan’s emerging economy.Investors’ financial aspirations excite investment decisions: current income, future inheritance expectations, and short-term and long-term decisions—The Matthew Effect in Pakistan’s emerging markets
Samra Chaudary, Sohail Zafar, Thomas Li-Ping Tang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Following behavioral finance and monetary wisdom, the authors theorize: Decision-makers (investors) adopt deep-rooted personal values (the love-of-money attitudes/avaricious financial aspirations) as a lens to frame critical concerns (short-term and long-term investment decisions) in the immediate-proximal (current income) and distal-omnibus (future inheritance) contexts to maximize expected utility and ultimate serenity across context, people and time.

The authors collected data from 277 active equity traders (professional money managers and individual investors) in Pakistan’s two most robust investment hubs—Karachi and Lahore. The authors measured their love-of-money attitude (avaricious monetary aspirations), short-term and long-term investment decisions and demographic variables and collected data during Pakistan's bear markets (Pakistan Stock Exchange, PSX-100).

Investors’ love of money relates to short-term and long-term decisions. However, these relationships are significant for money managers but non-significant for individual investors. Further, investors’ current income moderates this relationship for short-term investment decisions but not long-term decisions. The intensity of the aspirations-to-short-term investment relationship is much higher for investors with low-income levels than those with average and high-income levels. Future inheritance moderates the relationships between aspirations and short-term and long-term decisions. Regardless of their love-of-money orientations, investors with future inheritance have higher magnitudes of short-term and long-term investments than those without future inheritance. The intensity of the aspirations-to-investments relationship is more potent for investors without future inheritance than those with inheritance. Investors with low avaricious monetary aspirations and without inheritance expectations show the lowest short-term and long-term investment decisions. Investors' current income and future inheritance moderate the relationships between their love of money attitude and short-term and long-term decisions differently in Pakistan's bear markets.

The authors help investors make financial decisions and help financial institutions, asset management companies, brokerage houses and investment banks identify marketing strategies and investor segmentation and provide individualized services.

Professional money managers have a stronger short-term orientation than individual investors. Lack of wealth (current income and future inheritance) motivates greedy investors to take more risks and become more vulnerable than non-greedy ones—investors’ financial resources and wealth matter. The Matthew Effect in investment decisions exists in Pakistan’s emerging economy.

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Investors’ financial aspirations excite investment decisions: current income, future inheritance expectations, and short-term and long-term decisions—The Matthew Effect in Pakistan’s emerging markets10.1108/IJOEM-07-2021-1098International Journal of Emerging Markets2022-10-04© 2022 Emerald Publishing LimitedSamra ChaudarySohail ZafarThomas Li-Ping TangInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-0410.1108/IJOEM-07-2021-1098https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1098/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
COVID-19 and service innovation strategies of tourism and hospitality SMEs in an emerging countryhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1102/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the impact of COVID-19 on tourism and hospitality small and medium-sized enterprises (SMEs) in an emerging country located in Latin America and identifies service innovation strategies adopted by these firms to survive a prolonged crisis. A qualitative investigation was conducted drawing on a framework of imposed service innovation. Data were obtained from in-depth interviews with owners/managers of 20 SMEs in the hospitality and tourism sector in Chile. Findings show that the effect of COVID-19 on SMEs includes a decline in demand due to lockdowns and restrictions, with minimal government support. Tourism and hospitality SMEs developed different service innovation strategies to confront the crisis, and several businesses were even able to exploit new opportunities for future growth. The effect of COVID-19 and SMEs' service innovation strategies to confront a prolonged crisis is a topic that is largely unexplored, particularly in the tourism and hospitality sector. The findings contribute to the literature on emerging markets, crisis management and SME innovation in tourism and hospitality. The findings provide managerial implications for SME managers, governments and policymakers.COVID-19 and service innovation strategies of tourism and hospitality SMEs in an emerging country
Constanza Bianchi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the impact of COVID-19 on tourism and hospitality small and medium-sized enterprises (SMEs) in an emerging country located in Latin America and identifies service innovation strategies adopted by these firms to survive a prolonged crisis.

A qualitative investigation was conducted drawing on a framework of imposed service innovation. Data were obtained from in-depth interviews with owners/managers of 20 SMEs in the hospitality and tourism sector in Chile.

Findings show that the effect of COVID-19 on SMEs includes a decline in demand due to lockdowns and restrictions, with minimal government support. Tourism and hospitality SMEs developed different service innovation strategies to confront the crisis, and several businesses were even able to exploit new opportunities for future growth.

The effect of COVID-19 and SMEs' service innovation strategies to confront a prolonged crisis is a topic that is largely unexplored, particularly in the tourism and hospitality sector. The findings contribute to the literature on emerging markets, crisis management and SME innovation in tourism and hospitality. The findings provide managerial implications for SME managers, governments and policymakers.

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COVID-19 and service innovation strategies of tourism and hospitality SMEs in an emerging country10.1108/IJOEM-07-2021-1102International Journal of Emerging Markets2022-10-07© 2022 Emerald Publishing LimitedConstanza BianchiInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-0710.1108/IJOEM-07-2021-1102https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1102/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
FDI and productivity: facts versus fiction of high growthhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1134/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to study the role of foreign direct investment (FDI) channels in improving local firms' productivity. Two transmission channels of knowledge spillovers are empirically investigated. The study focuses on the role of high-growth firms (HGFs) that are assumed to have a higher absorptive capacity. A threshold regression model that considers country and sector fixed effects is applied to investigate 8525 firms across 50 sectors in 12 developing countries in the East Asia and Pacific (EAP) region. The author's findings indicate that first, larger firms with external market linkages are more productive. Second, high-growth enterprises are powerful engines of job creation; however, the firms do not outperform other firms in terms of capacity in absorbing FDI spillovers and do not have higher productivity. The findings highlight the necessity of rethinking public policy priorities to support firm growth. Policies to maximize the gains from FDI spillovers are discussed. This is the first study to investigate the strength of FDI spillover channels across different sectors, and the channels' impact on the productivity of local enterprises in the EAP region. This study also explores the potential role of high-growth firms (HGFs) in this interaction via job creation and improving output growth rate.FDI and productivity: facts versus fiction of high growth
Amin Sokhanvar
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to study the role of foreign direct investment (FDI) channels in improving local firms' productivity. Two transmission channels of knowledge spillovers are empirically investigated. The study focuses on the role of high-growth firms (HGFs) that are assumed to have a higher absorptive capacity.

A threshold regression model that considers country and sector fixed effects is applied to investigate 8525 firms across 50 sectors in 12 developing countries in the East Asia and Pacific (EAP) region.

The author's findings indicate that first, larger firms with external market linkages are more productive. Second, high-growth enterprises are powerful engines of job creation; however, the firms do not outperform other firms in terms of capacity in absorbing FDI spillovers and do not have higher productivity.

The findings highlight the necessity of rethinking public policy priorities to support firm growth. Policies to maximize the gains from FDI spillovers are discussed.

This is the first study to investigate the strength of FDI spillover channels across different sectors, and the channels' impact on the productivity of local enterprises in the EAP region. This study also explores the potential role of high-growth firms (HGFs) in this interaction via job creation and improving output growth rate.

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FDI and productivity: facts versus fiction of high growth10.1108/IJOEM-07-2021-1134International Journal of Emerging Markets2023-05-09© 2023 Emerald Publishing LimitedAmin SokhanvarInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0910.1108/IJOEM-07-2021-1134https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1134/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Authoritarian leadership and firm-level voluntary turnover among SMEs in Thailand: Does benevolent leadership matter?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1144/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research aims to examine the impact of authoritarian leadership on firm-level voluntary turnover among small and medium-sized enterprises (SMEs) in Thailand and asks whether benevolent leadership can mitigate the adverse impact of authoritarian leadership. A total of 110 owner-managers of SMEs and 951 employees in Thailand were invited to participate in the study. Tobit regression was used for analyzing aggregated data (i.e. employees' assessment of owner-managers' leadership styles) and firm-level voluntary turnover data provided by SME owner-managers. The results showed that authoritarian leadership was positively related to voluntary turnover, whereas benevolent leadership was negatively related to voluntary turnover. Furthermore, the relationship between authoritarian leadership and voluntary turnover was moderated by benevolent leadership, such that the highest levels of voluntary turnover rates were observed among firms with high-authoritarian and low-benevolent leaders. In contrast, firms with high-authoritarian and high-benevolent leaders were not necessarily associated with high turnover rates. These results were observed for both the voluntary turnover rates of full-time and part-time employees and the weighted voluntary turnover rate. These findings suggest that owner-managers of SMEs should take a balanced leadership approach to managing their employees, acting as paternalistic leaders who tread a fine line between being “strict and cold” and being “strict and warm.” They can achieve this by showing care and genuine concern for employees when enacting authority. While past research has shed important light on the additive and joint effects of authoritarian and benevolent leadership styles on individual-level outcomes, this study contributes to this body of work by being among the first to show that these effects are also isomorphic at the organizational level of analysis.Authoritarian leadership and firm-level voluntary turnover among SMEs in Thailand: Does benevolent leadership matter?
Wisanupong Potipiroon, Orisa Chumphong
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research aims to examine the impact of authoritarian leadership on firm-level voluntary turnover among small and medium-sized enterprises (SMEs) in Thailand and asks whether benevolent leadership can mitigate the adverse impact of authoritarian leadership.

A total of 110 owner-managers of SMEs and 951 employees in Thailand were invited to participate in the study. Tobit regression was used for analyzing aggregated data (i.e. employees' assessment of owner-managers' leadership styles) and firm-level voluntary turnover data provided by SME owner-managers.

The results showed that authoritarian leadership was positively related to voluntary turnover, whereas benevolent leadership was negatively related to voluntary turnover. Furthermore, the relationship between authoritarian leadership and voluntary turnover was moderated by benevolent leadership, such that the highest levels of voluntary turnover rates were observed among firms with high-authoritarian and low-benevolent leaders. In contrast, firms with high-authoritarian and high-benevolent leaders were not necessarily associated with high turnover rates. These results were observed for both the voluntary turnover rates of full-time and part-time employees and the weighted voluntary turnover rate.

These findings suggest that owner-managers of SMEs should take a balanced leadership approach to managing their employees, acting as paternalistic leaders who tread a fine line between being “strict and cold” and being “strict and warm.” They can achieve this by showing care and genuine concern for employees when enacting authority.

While past research has shed important light on the additive and joint effects of authoritarian and benevolent leadership styles on individual-level outcomes, this study contributes to this body of work by being among the first to show that these effects are also isomorphic at the organizational level of analysis.

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Authoritarian leadership and firm-level voluntary turnover among SMEs in Thailand: Does benevolent leadership matter?10.1108/IJOEM-07-2021-1144International Journal of Emerging Markets2022-12-20© 2022 Emerald Publishing LimitedWisanupong PotipiroonOrisa ChumphongInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2010.1108/IJOEM-07-2021-1144https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1144/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Entrepreneurial orientation and firm performance in SMEs: the mediating role of entrepreneurial competencies and moderating role of environmental dynamismhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1151/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestEntrepreneurial orientation is among the vital factors that contribute to performance, especially for small and medium-sized enterprises (SMEs). However, the empirical studies provide mixed results and call for new studies to examine this relationship. Therefore, this study aims to determine the entrepreneurial orientation's (EO) direct and indirect impact (via entrepreneurial competencies) on firm performance. Additionally, the moderating role of environmental dynamism is also tested in entrepreneurial competencies and firm performance relationships. The data (N = 332) were collected from managerial rank employees, using a self-administered questionnaire, working in different SMEs in Pakistan. In addition, structural equation modeling (SEM) was executed using SmartPLS 3.2. The study's results demonstrate that EO positively influences entrepreneurial competencies and firm performance, and entrepreneurial competencies also mediate the relationship between EO and performance. Additionally, environmental dynamism strengthens the positive relationship between entrepreneurial competencies and performance. This study identifies that entrepreneurial competency is the missing link between EO and firm performance, due to which the relationship between them is indecisive. This study also contributes to the contingency perspective by explaining the role of environmental dynamism as a boundary condition in strengthening the relationship between entrepreneurial competencies and SMEs' performance in an emerging economy.Entrepreneurial orientation and firm performance in SMEs: the mediating role of entrepreneurial competencies and moderating role of environmental dynamism
Junaid Aftab, Monica Veneziani, Huma Sarwar, Muhammad Ishtiaq Ishaq
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Entrepreneurial orientation is among the vital factors that contribute to performance, especially for small and medium-sized enterprises (SMEs). However, the empirical studies provide mixed results and call for new studies to examine this relationship. Therefore, this study aims to determine the entrepreneurial orientation's (EO) direct and indirect impact (via entrepreneurial competencies) on firm performance. Additionally, the moderating role of environmental dynamism is also tested in entrepreneurial competencies and firm performance relationships.

The data (N = 332) were collected from managerial rank employees, using a self-administered questionnaire, working in different SMEs in Pakistan. In addition, structural equation modeling (SEM) was executed using SmartPLS 3.2.

The study's results demonstrate that EO positively influences entrepreneurial competencies and firm performance, and entrepreneurial competencies also mediate the relationship between EO and performance. Additionally, environmental dynamism strengthens the positive relationship between entrepreneurial competencies and performance.

This study identifies that entrepreneurial competency is the missing link between EO and firm performance, due to which the relationship between them is indecisive. This study also contributes to the contingency perspective by explaining the role of environmental dynamism as a boundary condition in strengthening the relationship between entrepreneurial competencies and SMEs' performance in an emerging economy.

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Entrepreneurial orientation and firm performance in SMEs: the mediating role of entrepreneurial competencies and moderating role of environmental dynamism10.1108/IJOEM-07-2021-1151International Journal of Emerging Markets2022-12-28© 2022 Emerald Publishing LimitedJunaid AftabMonica VenezianiHuma SarwarMuhammad Ishtiaq IshaqInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2810.1108/IJOEM-07-2021-1151https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2021-1151/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Dynamic change of international arms trade network structure and its influence mechanismhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1058/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to analyze the dynamic changes of the arms trade network not only from the network structure but also the influence mechanism from the aspects of the economy, politics, security, strategy and transaction costs. The study employs the Temporal Exponential Random Graph Model and the Separable Temporal Exponential Random Graph Model to analyze the endogenous network structure effect, the attribute effect and the exogenous network effect of 47 major arms trading countries from 2015 to 2020. The results show that the international arms trade market is unevenly distributed, and there are great differences in military technology. There is a fixed hierarchical structure in the arms trade, but the rise of emerging countries is expected to break this situation. In international arms trade relations, economic forces dominate, followed by political, security and strategic factors. Economic and political factors play an important role in the arms trade. Therefore, countries should strive to improve their economic strength and military technology. Also, countries should increase political mutual trust and gain a foothold in the industrial chain of arms production to enhance their military power. The contribution of this paper is to analyze the special trade area of arms trade from a dynamic network perspective by incorporating economic, political, security, strategic and transaction cost factors together into the TERGM and STERGM models.Dynamic change of international arms trade network structure and its influence mechanism
Xin-Yi Wang, Bo Chen, Yu Song
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to analyze the dynamic changes of the arms trade network not only from the network structure but also the influence mechanism from the aspects of the economy, politics, security, strategy and transaction costs.

The study employs the Temporal Exponential Random Graph Model and the Separable Temporal Exponential Random Graph Model to analyze the endogenous network structure effect, the attribute effect and the exogenous network effect of 47 major arms trading countries from 2015 to 2020.

The results show that the international arms trade market is unevenly distributed, and there are great differences in military technology. There is a fixed hierarchical structure in the arms trade, but the rise of emerging countries is expected to break this situation. In international arms trade relations, economic forces dominate, followed by political, security and strategic factors.

Economic and political factors play an important role in the arms trade. Therefore, countries should strive to improve their economic strength and military technology. Also, countries should increase political mutual trust and gain a foothold in the industrial chain of arms production to enhance their military power.

The contribution of this paper is to analyze the special trade area of arms trade from a dynamic network perspective by incorporating economic, political, security, strategic and transaction cost factors together into the TERGM and STERGM models.

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Dynamic change of international arms trade network structure and its influence mechanism10.1108/IJOEM-07-2022-1058International Journal of Emerging Markets2023-04-27© 2023 Emerald Publishing LimitedXin-Yi WangBo ChenYu SongInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-2710.1108/IJOEM-07-2022-1058https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1058/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Business environment and productivity in Africa: macro evidencehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1059/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestAfrica's business environment (BE) is characteristically unfriendly and poses severe development challenges. This study evaluates the impact of business climate on productivity in sub-Saharan Africa (SSA). Macroeconomic data for 51 sub-Saharan African economies from 1990 to 2018 are employed for the analysis. The seemingly unrelated regression model is used to address inter-sectorial linkages. The study uncovers several findings. First, a high start-up cost substantially leads to productivity losses by limiting the funds available for investment in productivity-enhancing labour and technology and limiting the number of businesses that see the light of day. The productivity impacts of start-up costs are most enormous for industry, followed by services and agriculture. Second, economies with favourable financing environments tend to be more productive economy wide and sector wise. Third, high taxes and tax inefficiency lower productivity by reducing the resource envelope of firms, thus lowering investment amounts. Fourth, poor business infrastructure inflicts the most damage on productivity. Lastly, business administration and macroeconomic environments impact sectoral and economy-wide productivity. SSA economies must strive to lower the cost of starting a business as high start-up costs injure productivity. One way of reducing start-up costs is to create a one-stop shop for registering and formalising a business. Another way is to automate business registration and administrative processes to reduce red tape and corruption. The authors extend the body of knowledge by analysing sectoral and economy-wide productivity effects of various business climate indicators while accounting for inter-sectoral linkages, cross-sectional dependence and endogeneity.Business environment and productivity in Africa: macro evidence
Issahaku Haruna, Charles Godfred Ackah
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Africa's business environment (BE) is characteristically unfriendly and poses severe development challenges. This study evaluates the impact of business climate on productivity in sub-Saharan Africa (SSA).

Macroeconomic data for 51 sub-Saharan African economies from 1990 to 2018 are employed for the analysis. The seemingly unrelated regression model is used to address inter-sectorial linkages.

The study uncovers several findings. First, a high start-up cost substantially leads to productivity losses by limiting the funds available for investment in productivity-enhancing labour and technology and limiting the number of businesses that see the light of day. The productivity impacts of start-up costs are most enormous for industry, followed by services and agriculture. Second, economies with favourable financing environments tend to be more productive economy wide and sector wise. Third, high taxes and tax inefficiency lower productivity by reducing the resource envelope of firms, thus lowering investment amounts. Fourth, poor business infrastructure inflicts the most damage on productivity. Lastly, business administration and macroeconomic environments impact sectoral and economy-wide productivity.

SSA economies must strive to lower the cost of starting a business as high start-up costs injure productivity. One way of reducing start-up costs is to create a one-stop shop for registering and formalising a business. Another way is to automate business registration and administrative processes to reduce red tape and corruption.

The authors extend the body of knowledge by analysing sectoral and economy-wide productivity effects of various business climate indicators while accounting for inter-sectoral linkages, cross-sectional dependence and endogeneity.

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Business environment and productivity in Africa: macro evidence10.1108/IJOEM-07-2022-1059International Journal of Emerging Markets2023-10-16© 2023 Emerald Publishing LimitedIssahaku HarunaCharles Godfred AckahInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-1610.1108/IJOEM-07-2022-1059https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1059/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Ownership structure and firm sustainable investments: evidence from emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1062/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe aim of this study is to examine the ownership impact on firm sustainable investments (FSIs). In particular, this research examines the link between institutional investor ownership (IIO), managerial ownership (MOWN) and FSIs in the tourism industry in Malaysia. This study uses a data set of 346 firm-year observations from 2008 to 2020 and applies feasible generalized least squares (FGLS) regression analysis. The study sample is based on tourism firms listed on Bursa Malaysia (the Malaysian Stock Exchange). There is a significant positive association between IIO and FSIs. When IIO is classified into foreign (FIIO) and local (LIIO), this significant association is mainly driven by FIIO. In addition, there is a significant, positive association between managerial ownership (MOWN) and firm sustainable investments (FSIs). These findings imply that firm ownership has an influence on FSIs in the tourism industry. This is the first attempt to consider IIO and MOWN simultaneously in a single model estimation. The findings contribute to emerging capital markets where the involvement of ownership concentration in the governance of publicly listed firms is a common practice.Ownership structure and firm sustainable investments: evidence from emerging markets
Ameen Qasem, Abdulalem Mohammed, Enrico Battisti, Alberto Ferraris
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The aim of this study is to examine the ownership impact on firm sustainable investments (FSIs). In particular, this research examines the link between institutional investor ownership (IIO), managerial ownership (MOWN) and FSIs in the tourism industry in Malaysia.

This study uses a data set of 346 firm-year observations from 2008 to 2020 and applies feasible generalized least squares (FGLS) regression analysis. The study sample is based on tourism firms listed on Bursa Malaysia (the Malaysian Stock Exchange).

There is a significant positive association between IIO and FSIs. When IIO is classified into foreign (FIIO) and local (LIIO), this significant association is mainly driven by FIIO. In addition, there is a significant, positive association between managerial ownership (MOWN) and firm sustainable investments (FSIs). These findings imply that firm ownership has an influence on FSIs in the tourism industry.

This is the first attempt to consider IIO and MOWN simultaneously in a single model estimation. The findings contribute to emerging capital markets where the involvement of ownership concentration in the governance of publicly listed firms is a common practice.

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Ownership structure and firm sustainable investments: evidence from emerging markets10.1108/IJOEM-07-2022-1062International Journal of Emerging Markets2023-05-01© 2023 Emerald Publishing LimitedAmeen QasemAbdulalem MohammedEnrico BattistiAlberto FerrarisInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0110.1108/IJOEM-07-2022-1062https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1062/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effect of integrated reporting trends on shareholders' fund: does financial leverage matter?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1069/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIn many societies, environmental problems have had some negative impacts on both social and economic features with issues like capital structure seriously affected. In this write-up, an attempt has been made to pinpoint the influence of the combined effects of integrated reporting and financial leverage on the value of a firm. In most emerging markets, investment is heavily dependent on foreign capital inflow which is mainly in the form of financial leverage. It is, therefore, necessary to know how this shapes the net worth of firms in which they are invested. Shareholders' fund is a major factor in determining the level of investment and economic stability of a nation and consequently improvements in sustainable development. Hence, the moderating role of financial leverage in the integrated reporting-shareholders’ funds relationship aims to warrant this research. All listed firms on the Nigerian Stock Exchange (NSE) as of 31st December 2021 were affected by this research. Filtering resulted in the use of 77 companies as a sample for the study covering a period of 12 years (2010–2021) with a total of 788 observations. Analyses of data were done through line graphs to show the trend and flow of disclosures between 2010 and 2021. Furthermore, linear regression was also applied to help determine the multiple effects of financial leverage and integrated reporting on shareholders' funds. The outcomes showed that economic disclosure was 100% throughout the period of observation as opposed to environmental and social disclosures which, fluctuate throughout the period with an average of slightly over 55%. It was also discovered that a low but significant financial leverage moderated the interaction of integrated reporting on shareholders' funds. Stakeholders and policymakers should, therefore, put in place rules, regulations, standards, structures and administrative networks to enable firms to comply with local rules, guidelines and upgraded standards of international worth on sustainability issues. This research explores the problem of the effects of integrated reporting on investment capital as it affects developing economies. Results from this study could go a long way in narrowing the lack of interest in sustainability issues by prospective investors coupled with the low level of environmental and social reporting by firms in African economies that are mostly underdeveloped.The effect of integrated reporting trends on shareholders' fund: does financial leverage matter?
Alhassan Haladu, Saeed Awadh Bin-Nashwan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

In many societies, environmental problems have had some negative impacts on both social and economic features with issues like capital structure seriously affected. In this write-up, an attempt has been made to pinpoint the influence of the combined effects of integrated reporting and financial leverage on the value of a firm. In most emerging markets, investment is heavily dependent on foreign capital inflow which is mainly in the form of financial leverage. It is, therefore, necessary to know how this shapes the net worth of firms in which they are invested. Shareholders' fund is a major factor in determining the level of investment and economic stability of a nation and consequently improvements in sustainable development. Hence, the moderating role of financial leverage in the integrated reporting-shareholders’ funds relationship aims to warrant this research.

All listed firms on the Nigerian Stock Exchange (NSE) as of 31st December 2021 were affected by this research. Filtering resulted in the use of 77 companies as a sample for the study covering a period of 12 years (2010–2021) with a total of 788 observations. Analyses of data were done through line graphs to show the trend and flow of disclosures between 2010 and 2021. Furthermore, linear regression was also applied to help determine the multiple effects of financial leverage and integrated reporting on shareholders' funds.

The outcomes showed that economic disclosure was 100% throughout the period of observation as opposed to environmental and social disclosures which, fluctuate throughout the period with an average of slightly over 55%. It was also discovered that a low but significant financial leverage moderated the interaction of integrated reporting on shareholders' funds.

Stakeholders and policymakers should, therefore, put in place rules, regulations, standards, structures and administrative networks to enable firms to comply with local rules, guidelines and upgraded standards of international worth on sustainability issues.

This research explores the problem of the effects of integrated reporting on investment capital as it affects developing economies. Results from this study could go a long way in narrowing the lack of interest in sustainability issues by prospective investors coupled with the low level of environmental and social reporting by firms in African economies that are mostly underdeveloped.

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The effect of integrated reporting trends on shareholders' fund: does financial leverage matter?10.1108/IJOEM-07-2022-1069International Journal of Emerging Markets2023-02-14© 2022 Emerald Publishing LimitedAlhassan HaladuSaeed Awadh Bin-NashwanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-1410.1108/IJOEM-07-2022-1069https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1069/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Analyzing the barriers to sustainable procurement in an emerging economy: an interpretive structural modeling approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1082/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to identify, using a literature review and expert panel input, what impedes organizations from implementing sustainable procurement, particularly in an emerging economy context. The extant literature review was carried out to explore and identify the barriers to sustainable procurement. Using interpretive structural modeling (ISM), the authors established a contextual relationship among the 22 identified barriers. These barriers are then classified into different categories, using the matrice d’impacts cross-multiplication appliqúe an classment (MICMAC) technique, based on their driving and dependence power. The findings improve our understanding of the critical barriers and their direct and indirect effect on each other in obstructing sustainable procurement practices. The study is the first of its kind in identifying the barriers to sustainable procurement and developing a hierarchical relationship among barriers using an integrated ISM–MICMAC methodology based on data from an emerging economy (Pakistan). With a focus on sustainable practices, this study also responds to the United Nations Sustainable Development Goals. The results of the hierarchical model help understand which barriers are the most crucial to be fixed immediately (i.e. absence of environmental laws and lack of consumer pressure) and how different barriers could influence each other, specifically in emerging economies. The practitioners can use the findings to make more informed decisions to mitigate the crucial barriers that could impede their goals of sustainable procurement. The study is the first of its kind to identify the barriers to sustainable procurement and develop a contextual relation and hierarchical framework in the Pakistani context.Analyzing the barriers to sustainable procurement in an emerging economy: an interpretive structural modeling approach
Abdul Rehman Shaikh, Asad Qazi, Imran Ali, Andrea Appolloni
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to identify, using a literature review and expert panel input, what impedes organizations from implementing sustainable procurement, particularly in an emerging economy context.

The extant literature review was carried out to explore and identify the barriers to sustainable procurement. Using interpretive structural modeling (ISM), the authors established a contextual relationship among the 22 identified barriers. These barriers are then classified into different categories, using the matrice d’impacts cross-multiplication appliqúe an classment (MICMAC) technique, based on their driving and dependence power.

The findings improve our understanding of the critical barriers and their direct and indirect effect on each other in obstructing sustainable procurement practices. The study is the first of its kind in identifying the barriers to sustainable procurement and developing a hierarchical relationship among barriers using an integrated ISM–MICMAC methodology based on data from an emerging economy (Pakistan). With a focus on sustainable practices, this study also responds to the United Nations Sustainable Development Goals.

The results of the hierarchical model help understand which barriers are the most crucial to be fixed immediately (i.e. absence of environmental laws and lack of consumer pressure) and how different barriers could influence each other, specifically in emerging economies. The practitioners can use the findings to make more informed decisions to mitigate the crucial barriers that could impede their goals of sustainable procurement.

The study is the first of its kind to identify the barriers to sustainable procurement and develop a contextual relation and hierarchical framework in the Pakistani context.

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Analyzing the barriers to sustainable procurement in an emerging economy: an interpretive structural modeling approach10.1108/IJOEM-07-2022-1082International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedAbdul Rehman ShaikhAsad QaziImran AliAndrea AppolloniInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-07-2022-1082https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1082/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Performance relative to aspiration and SMEs' internationalization speed: the moderating effects of policy knowledge and institutional distancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study seeks to explore the relationship between performance relative to aspiration and SMEs' internationalization speed, and moderating effects of top management's policy knowledge and institutional distance between the above relation. This study tests the authors’ hypotheses using data on Chinese manufacturing SMEs over a 5-year period from 2013 to 2017. The authors leverage archival panel data on publicly listed companies on the SME Board, GEM and New OTC Market in the Shanghai and Shenzhen Stock Exchanges. The authors then collected data from the WIND and ZEPHYR databases. The results confirm a U-shaped relation between performance relative to aspiration and SMEs' internationalization speed, and show that this relation is steepening by top management's policy knowledge in home country but flattening by institutional distance as environmental dynamics. The study findings contribute to the international business field by exploring how a firm's risk situation in internationalization can change, thereby influencing SMEs' international expansion.Performance relative to aspiration and SMEs' internationalization speed: the moderating effects of policy knowledge and institutional distance
Ying Zhang, Cong Cheng
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study seeks to explore the relationship between performance relative to aspiration and SMEs' internationalization speed, and moderating effects of top management's policy knowledge and institutional distance between the above relation.

This study tests the authors’ hypotheses using data on Chinese manufacturing SMEs over a 5-year period from 2013 to 2017. The authors leverage archival panel data on publicly listed companies on the SME Board, GEM and New OTC Market in the Shanghai and Shenzhen Stock Exchanges. The authors then collected data from the WIND and ZEPHYR databases.

The results confirm a U-shaped relation between performance relative to aspiration and SMEs' internationalization speed, and show that this relation is steepening by top management's policy knowledge in home country but flattening by institutional distance as environmental dynamics.

The study findings contribute to the international business field by exploring how a firm's risk situation in internationalization can change, thereby influencing SMEs' international expansion.

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Performance relative to aspiration and SMEs' internationalization speed: the moderating effects of policy knowledge and institutional distance10.1108/IJOEM-07-2022-1090International Journal of Emerging Markets2023-07-13© 2023 Emerald Publishing LimitedYing ZhangCong ChengInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-1310.1108/IJOEM-07-2022-1090https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1090/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Intraday price discovery and volatility transmission between the dual-listed stock index futures and spot markets – new evidence from Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1097/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study empirically explores the intraday price discovery mechanism and volatility transmission effect between the dual-listed Indian Nifty index futures traded simultaneously on the onshore Indian exchange, National Stock Exchange (NSE) and offshore Singapore Exchange (SGX) and its spot market by using high-frequency data. This study applies the vector error correction model to analyze the lead-lag relationship in price discovery among three markets. The contributions of individual markets in assimilating new information into prices are measured using various measures, Hasbrouck's (1995) information share, Lien and Shrestha's (2009) modified information share and Gonzalo and Granger's (1995) component share. Additionally, the Granger causality test is conducted to determine the causal relationship. Lastly, the BEKK-GARCH specification is employed to analyze the volatility transmission. This study provides robust evidence that Nifty futures lead the spot in price discovery. The offshore SGX Nifty futures consistently ranked first in contributing to price discovery, followed by onshore NSE Nifty futures and finally by the spot. Empirical results also show unidirectional causality and volatility transmission from Nifty futures to spot, as well as bidirectional causal relationship and volatility spillovers between NSE and SGX Nifty futures. These novel findings provide fresh insights into the informational efficiency of the dual-listed Indian Nifty futures, which is distinct from previous literature. These findings can potentially help market participants, policymakers, stock exchanges and regulators. Unlike previous studies in this area, this is the first study that empirically examines the intraday price discovery mechanism and volatility spillover between the dual-listed futures markets and its spot market using 5-min overlapping price data and trivariate econometric models.Intraday price discovery and volatility transmission between the dual-listed stock index futures and spot markets – new evidence from India
Sivakumar Sundararajan, Senthil Arasu Balasubramanian
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study empirically explores the intraday price discovery mechanism and volatility transmission effect between the dual-listed Indian Nifty index futures traded simultaneously on the onshore Indian exchange, National Stock Exchange (NSE) and offshore Singapore Exchange (SGX) and its spot market by using high-frequency data.

This study applies the vector error correction model to analyze the lead-lag relationship in price discovery among three markets. The contributions of individual markets in assimilating new information into prices are measured using various measures, Hasbrouck's (1995) information share, Lien and Shrestha's (2009) modified information share and Gonzalo and Granger's (1995) component share. Additionally, the Granger causality test is conducted to determine the causal relationship. Lastly, the BEKK-GARCH specification is employed to analyze the volatility transmission.

This study provides robust evidence that Nifty futures lead the spot in price discovery. The offshore SGX Nifty futures consistently ranked first in contributing to price discovery, followed by onshore NSE Nifty futures and finally by the spot. Empirical results also show unidirectional causality and volatility transmission from Nifty futures to spot, as well as bidirectional causal relationship and volatility spillovers between NSE and SGX Nifty futures. These novel findings provide fresh insights into the informational efficiency of the dual-listed Indian Nifty futures, which is distinct from previous literature.

These findings can potentially help market participants, policymakers, stock exchanges and regulators.

Unlike previous studies in this area, this is the first study that empirically examines the intraday price discovery mechanism and volatility spillover between the dual-listed futures markets and its spot market using 5-min overlapping price data and trivariate econometric models.

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Intraday price discovery and volatility transmission between the dual-listed stock index futures and spot markets – new evidence from India10.1108/IJOEM-07-2022-1097International Journal of Emerging Markets2023-08-08© 2023 Emerald Publishing LimitedSivakumar SundararajanSenthil Arasu BalasubramanianInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-0810.1108/IJOEM-07-2022-1097https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1097/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Outward foreign direct investment from post-socialist to advanced economies: motives and determinants of Slovene investment in Germanyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1112/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestLong regarded as a far-fetched notion, companies from post-socialist economies (PSEs) increasingly compete with companies from advanced economies in their domestic markets and abroad. This study identifies PSE companies' motives and determinants of outward foreign direct investment (OFDI) in advanced economies. This study analyses Slovenian business activities in Germany by juxtaposing eight Slovenian investors and three exporters using a multiple case study approach. The authors use content analysis to examine rich data from semi-structured interviews, databases and internal and external documents to provide comprehensive and in-depth insights into PSE investments in advanced economies. The authors identify market-seeking motives and competitive advantages which differ from those of other emerging economy companies and offer theoretical suggestions. In contrast to findings from other emerging economies, the authors identify firm- and country-specific advantages, such as high technology, high service quality, a highly educated labour force, and European Union membership, which Slovene companies have employed to enter the advanced German market. This study represents the first application of springboard theory to explain PSE company investment in advanced economies. The authors offer contextualised explanations of PSE investments in advanced host economies, which have been lacking thus far. The authors also contribute to the scarcity of studies on the effects of supranational institutions on OFDI from emerging economies.Outward foreign direct investment from post-socialist to advanced economies: motives and determinants of Slovene investment in Germany
Andreas M. Hilger, Zlatko Nedelko, Thomas Steger
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Long regarded as a far-fetched notion, companies from post-socialist economies (PSEs) increasingly compete with companies from advanced economies in their domestic markets and abroad. This study identifies PSE companies' motives and determinants of outward foreign direct investment (OFDI) in advanced economies.

This study analyses Slovenian business activities in Germany by juxtaposing eight Slovenian investors and three exporters using a multiple case study approach. The authors use content analysis to examine rich data from semi-structured interviews, databases and internal and external documents to provide comprehensive and in-depth insights into PSE investments in advanced economies.

The authors identify market-seeking motives and competitive advantages which differ from those of other emerging economy companies and offer theoretical suggestions. In contrast to findings from other emerging economies, the authors identify firm- and country-specific advantages, such as high technology, high service quality, a highly educated labour force, and European Union membership, which Slovene companies have employed to enter the advanced German market.

This study represents the first application of springboard theory to explain PSE company investment in advanced economies. The authors offer contextualised explanations of PSE investments in advanced host economies, which have been lacking thus far. The authors also contribute to the scarcity of studies on the effects of supranational institutions on OFDI from emerging economies.

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Outward foreign direct investment from post-socialist to advanced economies: motives and determinants of Slovene investment in Germany10.1108/IJOEM-07-2022-1112International Journal of Emerging Markets2023-07-06© 2023 Emerald Publishing LimitedAndreas M. HilgerZlatko NedelkoThomas StegerInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-0610.1108/IJOEM-07-2022-1112https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1112/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Long-term earnings growth forecasts: investor sentiment or valuation difficulty?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1116/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis article analyzes the hypothesis that analysts issue higher long-term earnings growth (LTG) forecasts following a market-wide investor sentiment. This study analyzed 193 publicly traded Brazilian firms listed on B3 (Brasil, Bolsa, Balcão), totaling 2,291 observations. To address the potential selection bias resulting from analysts' preference for more liquid firms, this study used the Heckman model in the analysis with samples with only one analyst and the entire sample. The study also applied other robustness tests to ensure the reliability of the findings. The results suggest that market-wide investor sentiment influences LTG when the firm's stocks are difficult to value. Market optimism did not reflect five-year profit growth after the forecast issue, suggesting lower forecast accuracy during high investor sentiment values. Volatile-earnings firms have relevant implications in LTG forecasts during bullish moments. According to the study’s evidence, investors' decisions and policymakers' and regulators' rules should consider analysts' expertise as independent information when considering LTG as input for valuation models, even under market optimism. This paper contributes to the literature on the influence of investor sentiment on analysts' forecasts by incorporating two crucial elements in the discussion: the scenario free from herding behavior, as usually only one analyst issues LGT forecast for Brazilian firms, and the analysis of research hypotheses incorporates the difficulty of pricing a firm given the uncertainty of its earnings as an explanation to bullish forecast.Long-term earnings growth forecasts: investor sentiment or valuation difficulty?
Kléber Formiga Miranda, Márcio André Veras Machado
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This article analyzes the hypothesis that analysts issue higher long-term earnings growth (LTG) forecasts following a market-wide investor sentiment.

This study analyzed 193 publicly traded Brazilian firms listed on B3 (Brasil, Bolsa, Balcão), totaling 2,291 observations. To address the potential selection bias resulting from analysts' preference for more liquid firms, this study used the Heckman model in the analysis with samples with only one analyst and the entire sample. The study also applied other robustness tests to ensure the reliability of the findings.

The results suggest that market-wide investor sentiment influences LTG when the firm's stocks are difficult to value. Market optimism did not reflect five-year profit growth after the forecast issue, suggesting lower forecast accuracy during high investor sentiment values.

Volatile-earnings firms have relevant implications in LTG forecasts during bullish moments. According to the study’s evidence, investors' decisions and policymakers' and regulators' rules should consider analysts' expertise as independent information when considering LTG as input for valuation models, even under market optimism.

This paper contributes to the literature on the influence of investor sentiment on analysts' forecasts by incorporating two crucial elements in the discussion: the scenario free from herding behavior, as usually only one analyst issues LGT forecast for Brazilian firms, and the analysis of research hypotheses incorporates the difficulty of pricing a firm given the uncertainty of its earnings as an explanation to bullish forecast.

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Long-term earnings growth forecasts: investor sentiment or valuation difficulty?10.1108/IJOEM-07-2022-1116International Journal of Emerging Markets2023-10-05© 2023 Emerald Publishing LimitedKléber Formiga MirandaMárcio André Veras MachadoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-0510.1108/IJOEM-07-2022-1116https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1116/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Crypto goes East: analyzing Bitcoin, technological and regulatory contagions in Asia–Pacific financial markets using asset pricinghttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1127/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study provides a comprehensive analysis of the potential contagion of Bitcoin on financial markets and sheds light on the complex interplay between technological advancements, accounting regulatory and financial market stability. The study employs a multi-faceted approach to analyze the impact of BTC systemic risk, technological factors and regulatory variables on Asia–Pacific financial markets. Initially, a single-index model is used to estimate the systematic risk of BTC to financial markets. The study then uses ordinary least squares (OLS) to assess the potential impact of systemic risk, technological factors and regulatory variables on financial markets. To further control for time-varying factors common to all countries, a fixed effect (FE) panel data analysis is implemented. Additionally, a multinomial logistic regression model is utilized to evaluate the presence of contagion. Results indicate that Bitcoin's systemic risk to the Asia–Pacific financial markets is relatively weak. Furthermore, technological advancements and international accounting standard adoption appear to indirectly stabilize these markets. The degree of contagion is also found to be stronger in foreign currencies (FX) than in stock index (INDEX) markets. This study has several limitations that should be considered when interpreting the study findings. First, the definition of financial contagion is not universally accepted, and the study results are based on the specific definition and methodology. Second, the matching of daily financial market and BTC data with annual technological and regulatory variable data may have limited the strength of the study findings. However, the authors’ use of both parametric and nonparametric methods provides insights that may inspire further research into cryptocurrency markets and financial contagions. Based on the authors analysis, they suggest that financial market regulators prioritize the development and adoption of new technologies and international accounting standard practices, rather than focusing solely on the potential risks associated with cryptocurrencies. While a cryptocurrency crash could harm individual investors, it is unlikely to pose a significant threat to the overall financial system. To the best of the authors knowledge, they have not found an asset pricing approach to assess a possible contagion. The authors have developed a new method to evaluate whether there is a contagion from BTC to financial markets. A simple but intuitive asset pricing method to evaluate a systematic risk from a factor is a single index model. The single index model has been extensively used in stock markets but has not been used to evaluate the systemic risk potentials of cryptocurrencies. The authors followed Morck et al. (2000) and Durnev et al. (2004) to assess whether there is a systemic risk from BTC to financial markets. If the BTC possesses a systematic risk, the explanatory power of the BTC index model should be high. Therefore, the first implied contribution is to re-evaluate the findings from Aslanidis et al. (2019), Dahir et al. (2019) and Handika et al. (2019), using a different method.Crypto goes East: analyzing Bitcoin, technological and regulatory contagions in Asia–Pacific financial markets using asset pricing
Gatot Soepriyanto, Shinta Amalina Hazrati Havidz, Rangga Handika
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study provides a comprehensive analysis of the potential contagion of Bitcoin on financial markets and sheds light on the complex interplay between technological advancements, accounting regulatory and financial market stability.

The study employs a multi-faceted approach to analyze the impact of BTC systemic risk, technological factors and regulatory variables on Asia–Pacific financial markets. Initially, a single-index model is used to estimate the systematic risk of BTC to financial markets. The study then uses ordinary least squares (OLS) to assess the potential impact of systemic risk, technological factors and regulatory variables on financial markets. To further control for time-varying factors common to all countries, a fixed effect (FE) panel data analysis is implemented. Additionally, a multinomial logistic regression model is utilized to evaluate the presence of contagion.

Results indicate that Bitcoin's systemic risk to the Asia–Pacific financial markets is relatively weak. Furthermore, technological advancements and international accounting standard adoption appear to indirectly stabilize these markets. The degree of contagion is also found to be stronger in foreign currencies (FX) than in stock index (INDEX) markets.

This study has several limitations that should be considered when interpreting the study findings. First, the definition of financial contagion is not universally accepted, and the study results are based on the specific definition and methodology. Second, the matching of daily financial market and BTC data with annual technological and regulatory variable data may have limited the strength of the study findings. However, the authors’ use of both parametric and nonparametric methods provides insights that may inspire further research into cryptocurrency markets and financial contagions.

Based on the authors analysis, they suggest that financial market regulators prioritize the development and adoption of new technologies and international accounting standard practices, rather than focusing solely on the potential risks associated with cryptocurrencies. While a cryptocurrency crash could harm individual investors, it is unlikely to pose a significant threat to the overall financial system.

To the best of the authors knowledge, they have not found an asset pricing approach to assess a possible contagion. The authors have developed a new method to evaluate whether there is a contagion from BTC to financial markets. A simple but intuitive asset pricing method to evaluate a systematic risk from a factor is a single index model. The single index model has been extensively used in stock markets but has not been used to evaluate the systemic risk potentials of cryptocurrencies. The authors followed Morck et al. (2000) and Durnev et al. (2004) to assess whether there is a systemic risk from BTC to financial markets. If the BTC possesses a systematic risk, the explanatory power of the BTC index model should be high. Therefore, the first implied contribution is to re-evaluate the findings from Aslanidis et al. (2019), Dahir et al. (2019) and Handika et al. (2019), using a different method.

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Crypto goes East: analyzing Bitcoin, technological and regulatory contagions in Asia–Pacific financial markets using asset pricing10.1108/IJOEM-07-2022-1127International Journal of Emerging Markets2023-12-05© 2023 Emerald Publishing LimitedGatot SoepriyantoShinta Amalina Hazrati HavidzRangga HandikaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-0510.1108/IJOEM-07-2022-1127https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1127/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does gratuitous behaviour promote workplace nonviolence? Exploring the mediating role of constructive deviancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1129/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study evaluates gratitude's role in developing nonviolent work behaviour. It also examines the mediating effect of constructive deviance in the relationship between gratitude and nonviolent work behaviour. The study is based on responses from 424 working professionals engaged in different Indian industries: banks, insurance, IT, manufacturing, hotel and software. The respondents were approached both physically and electronically using convenience sampling. Also, the data were collected in three phases four months apart, utilizing the benefits of a repeated cross-sectional research design. Structural equation modelling examines the relationship between gratitude and nonviolent work behaviour. Model fit indices are also assessed for two models (without a mediator and with a mediator). Total, direct and indirect effects are calculated using AMOS 21 to study the mediating effect of constructive deviance. Findings reveal that all three dimensions of gratitude (lack of sense of deprivation, simple appreciation and appreciation for others) are positively associated with nonviolent work behaviour. The results also confirm the mediating effect of constructive deviance. This is one of the pioneer studies exploring gratitude's role in ensuring nonviolent work behaviour.Does gratuitous behaviour promote workplace nonviolence? Exploring the mediating role of constructive deviance
Naval Garg, Nidhi Sharma
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study evaluates gratitude's role in developing nonviolent work behaviour. It also examines the mediating effect of constructive deviance in the relationship between gratitude and nonviolent work behaviour.

The study is based on responses from 424 working professionals engaged in different Indian industries: banks, insurance, IT, manufacturing, hotel and software. The respondents were approached both physically and electronically using convenience sampling. Also, the data were collected in three phases four months apart, utilizing the benefits of a repeated cross-sectional research design. Structural equation modelling examines the relationship between gratitude and nonviolent work behaviour. Model fit indices are also assessed for two models (without a mediator and with a mediator). Total, direct and indirect effects are calculated using AMOS 21 to study the mediating effect of constructive deviance.

Findings reveal that all three dimensions of gratitude (lack of sense of deprivation, simple appreciation and appreciation for others) are positively associated with nonviolent work behaviour. The results also confirm the mediating effect of constructive deviance.

This is one of the pioneer studies exploring gratitude's role in ensuring nonviolent work behaviour.

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Does gratuitous behaviour promote workplace nonviolence? Exploring the mediating role of constructive deviance10.1108/IJOEM-07-2022-1129International Journal of Emerging Markets2023-07-17© 2023 Emerald Publishing LimitedNaval GargNidhi SharmaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-1710.1108/IJOEM-07-2022-1129https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1129/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Predicting breakthrough innovation engagement via hybrid intelligence: a moderated mediation model of self-extinction and social intelligencehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1140/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims at investigating how hybrid intelligence might enhance employee engagement in breakthrough innovation. Specifically, it empirically examines the mediating role of self-extinction and moderating role of social intelligence. This study, using the lens of socio-technical system (STS) theory, collected data from 317 employees through cross-sectional survey. The hypotheses were tested using MPlus 8.3 by applying Structural Equation Modelling (SEM). The results support the proposed model, suggesting that hybrid intelligence fosters employees' breakthrough innovation engagement and such a relationship is fully mediated by self-extinction. Besides, the findings provide support for the positive moderating impact of social intelligence on such indirect relationships in a way that high social intelligence will further strengthen the relationship. As a pioneering contribution, the study uncovers the social mechanism that underlies hybrid intelligence–breakthrough innovation engagement relationship via self-extinction. The research suggests managers leveraging employees' social intelligence for playing a critical role in countering the negative impact of self-extinction by enhancing the employees' engagement in the breakthrough innovation process.Predicting breakthrough innovation engagement via hybrid intelligence: a moderated mediation model of self-extinction and social intelligence
Syed Mudasser Abbas, Zhiqiang Liu, Muhammad Khushnood
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims at investigating how hybrid intelligence might enhance employee engagement in breakthrough innovation. Specifically, it empirically examines the mediating role of self-extinction and moderating role of social intelligence.

This study, using the lens of socio-technical system (STS) theory, collected data from 317 employees through cross-sectional survey. The hypotheses were tested using MPlus 8.3 by applying Structural Equation Modelling (SEM).

The results support the proposed model, suggesting that hybrid intelligence fosters employees' breakthrough innovation engagement and such a relationship is fully mediated by self-extinction. Besides, the findings provide support for the positive moderating impact of social intelligence on such indirect relationships in a way that high social intelligence will further strengthen the relationship.

As a pioneering contribution, the study uncovers the social mechanism that underlies hybrid intelligence–breakthrough innovation engagement relationship via self-extinction. The research suggests managers leveraging employees' social intelligence for playing a critical role in countering the negative impact of self-extinction by enhancing the employees' engagement in the breakthrough innovation process.

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Predicting breakthrough innovation engagement via hybrid intelligence: a moderated mediation model of self-extinction and social intelligence10.1108/IJOEM-07-2022-1140International Journal of Emerging Markets2023-09-07© 2023 Emerald Publishing LimitedSyed Mudasser AbbasZhiqiang LiuMuhammad KhushnoodInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-0710.1108/IJOEM-07-2022-1140https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1140/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
What's in a name? Exploring the intellectual structure of social financehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1142/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper offers a bibliometric analysis of the scientific literature on social finance. It provides an overview of the research field by identifying gaps in the existing academic literature and presenting future research directions. The study uses co-word analysis and visualization mapping techniques. This study's findings show that the social finance research field comprises five main research clusters and four main research hotspots—impact investing, social entrepreneurship, social impact bonds, and social innovation—which represent the core of this research domain. The authors also identify the researchers and the research institutions that have contributed to the development of social finance. In addition, emerging research areas are mapped and discussed. Compared with most previous literature reviews, this work provides a more complete and objective analysis of the entire social finance landscape by revealing the trends and evolving dynamics that characterize its development. To this end, clear terminological boundaries have not yet been established in social finance. The field appears immature because only a few researchers have contributed to it, and papers have yet to be published by top finance journals. Finally, the findings of this research provide directions for future studies.What's in a name? Exploring the intellectual structure of social finance
Rosella Carè, Olaf Weber
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper offers a bibliometric analysis of the scientific literature on social finance. It provides an overview of the research field by identifying gaps in the existing academic literature and presenting future research directions.

The study uses co-word analysis and visualization mapping techniques.

This study's findings show that the social finance research field comprises five main research clusters and four main research hotspots—impact investing, social entrepreneurship, social impact bonds, and social innovation—which represent the core of this research domain. The authors also identify the researchers and the research institutions that have contributed to the development of social finance. In addition, emerging research areas are mapped and discussed.

Compared with most previous literature reviews, this work provides a more complete and objective analysis of the entire social finance landscape by revealing the trends and evolving dynamics that characterize its development. To this end, clear terminological boundaries have not yet been established in social finance. The field appears immature because only a few researchers have contributed to it, and papers have yet to be published by top finance journals. Finally, the findings of this research provide directions for future studies.

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What's in a name? Exploring the intellectual structure of social finance10.1108/IJOEM-07-2022-1142International Journal of Emerging Markets2023-07-18© 2023 Emerald Publishing LimitedRosella CarèOlaf WeberInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-1810.1108/IJOEM-07-2022-1142https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1142/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
External finance dependence, financial development and exports: a firm-level study from Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1156/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to add to the growing literature on the trade–finance nexus by exploring the interplay between a country's level of financial development, the external finance dependence of firms and their exporting decisions. The study first develops a theoretical model to motivate the idea that a firm's liquidity (financial) position and its home country's level of financial development act as substitute factors in its export market entry decisions. It then empirically tests whether an improvement in a country's financial development level enhances the number of entrants in the foreign markets and boosts the exports of incumbent exporters using firm-level data of manufacturing firms in India for the period 1993–2020. Empirical results suggest that a higher level of financial development helps increase the exporting probability of firms that rely more on external finance for their operations. Further, the study finds that the sunk costs-induced hysteresis effect plays a major role in firms' exporting decisions and financial factors don't play a significant role in the exporting activities of incumbent exporters. The findings suggest that a well-developed financial market is necessary to help more and more firms initiate their foreign market operations. The results underscore that trade-liberalisation measures alone may not increase India's exports and the government must complement them with financial sector reforms. Studies highlighting the role of financial sector development in helping financially-constrained Indian firms overcome the entry barriers associated with exporting are extremely limited. This study contributes to this nascent literature by conducting an empirical investigation on an extensive database of Indian manufacturing firms. Moreover, in contrast to the previous firm-level studies in this area, this empirical analysis uses the actual values of external finance raised by the firms as a critical factor in determining their extensive and intensive margin of exports instead of the usual balance sheet variables such as liquidity and leverage.External finance dependence, financial development and exports: a firm-level study from India
Puneet Kumar Arora, Jaydeep Mukherjee
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to add to the growing literature on the trade–finance nexus by exploring the interplay between a country's level of financial development, the external finance dependence of firms and their exporting decisions.

The study first develops a theoretical model to motivate the idea that a firm's liquidity (financial) position and its home country's level of financial development act as substitute factors in its export market entry decisions. It then empirically tests whether an improvement in a country's financial development level enhances the number of entrants in the foreign markets and boosts the exports of incumbent exporters using firm-level data of manufacturing firms in India for the period 1993–2020.

Empirical results suggest that a higher level of financial development helps increase the exporting probability of firms that rely more on external finance for their operations. Further, the study finds that the sunk costs-induced hysteresis effect plays a major role in firms' exporting decisions and financial factors don't play a significant role in the exporting activities of incumbent exporters.

The findings suggest that a well-developed financial market is necessary to help more and more firms initiate their foreign market operations. The results underscore that trade-liberalisation measures alone may not increase India's exports and the government must complement them with financial sector reforms.

Studies highlighting the role of financial sector development in helping financially-constrained Indian firms overcome the entry barriers associated with exporting are extremely limited. This study contributes to this nascent literature by conducting an empirical investigation on an extensive database of Indian manufacturing firms. Moreover, in contrast to the previous firm-level studies in this area, this empirical analysis uses the actual values of external finance raised by the firms as a critical factor in determining their extensive and intensive margin of exports instead of the usual balance sheet variables such as liquidity and leverage.

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External finance dependence, financial development and exports: a firm-level study from India10.1108/IJOEM-07-2022-1156International Journal of Emerging Markets2023-10-09© 2023 Emerald Publishing LimitedPuneet Kumar AroraJaydeep MukherjeeInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-0910.1108/IJOEM-07-2022-1156https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1156/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The impact of China's trade and FDI on Africa's GVC participation and economic upgradinghttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1184/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the impact of China's trade and foreign direct investment (FDI) on Africa's global value chain (GVC) participation and economic upgrading. The study covered 48 African countries, cutting across the western, eastern, central, southern and northern subregions to cover the heterogeneity of the continent. The study adopted feasible generalized least squares panel VAR-Granger causality Wald test and system generalized methods of moments techniques for estimation. Overall, China's FDI to Africa and US-Africa trade have a linear relationship with Africa's GVC involvement and economic upgrading. The findings suggest that although China-Africa trade has a positive impact on GVC engagement and upgrading, the marginal effect decreases in the face of US-Africa and EU-Africa trade. This study provides new evidence on the impact of China's FDI and trade on African economies' GVC participation and economic upgrading. To the best of the authors’ knowledge, this is the first study to empirically explore the effects of China's FDI and trade on Africa's GVC integration and economic upgrading as well as from the perspectives of backward and forward GVC participation. Furthermore, the study empirically examines whether the effects of Africa's economic cooperation with China relative to its GVC engagement differ from those of Europe (EU) and the US via a comparative regression.The impact of China's trade and FDI on Africa's GVC participation and economic upgrading
Derrick Anquanah Cudjoe, Yumei He, Hanhui Hu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the impact of China's trade and foreign direct investment (FDI) on Africa's global value chain (GVC) participation and economic upgrading.

The study covered 48 African countries, cutting across the western, eastern, central, southern and northern subregions to cover the heterogeneity of the continent. The study adopted feasible generalized least squares panel VAR-Granger causality Wald test and system generalized methods of moments techniques for estimation.

Overall, China's FDI to Africa and US-Africa trade have a linear relationship with Africa's GVC involvement and economic upgrading. The findings suggest that although China-Africa trade has a positive impact on GVC engagement and upgrading, the marginal effect decreases in the face of US-Africa and EU-Africa trade.

This study provides new evidence on the impact of China's FDI and trade on African economies' GVC participation and economic upgrading. To the best of the authors’ knowledge, this is the first study to empirically explore the effects of China's FDI and trade on Africa's GVC integration and economic upgrading as well as from the perspectives of backward and forward GVC participation. Furthermore, the study empirically examines whether the effects of Africa's economic cooperation with China relative to its GVC engagement differ from those of Europe (EU) and the US via a comparative regression.

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The impact of China's trade and FDI on Africa's GVC participation and economic upgrading10.1108/IJOEM-07-2022-1184International Journal of Emerging Markets2023-05-22© 2023 Emerald Publishing LimitedDerrick Anquanah CudjoeYumei HeHanhui HuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-2210.1108/IJOEM-07-2022-1184https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1184/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Spillovers and connectedness between Chinese and ASEAN stock markets during bearish and bullish market statuseshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1194/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the tail connectedness between the Chinese and Association of Southeast Asian Nations (ASEAN) stock markets. More specifically, the authors measure the return spillovers at three quantile levels: median (t = 0.5), lower extreme (t = 0.05) and upper extreme (t = 0.95). The connectedness at extreme upper and lower quantiles provides insightful information to investors regarding tail risk propagation, which ultimately suggests that investors adjust their portfolios according to the extreme bullish and bearish market conditions. The authors employ the quantile connectedness approach of Ando et al. (2022) to examine the quantile transmission mechanism among the ASEAN and Chinese stock markets. The results show significant evidence of a higher level of connectedness between Chinese and ASEAN stock markets at extreme upper and lower quantiles compared to the median quantiles, which suggests the use of a quantile-based connectedness approach instead of an average-measure-based one. Furthermore, the time-varying connectedness analysis shows that the total spillovers reach the highest peaks during the global financial crisis, the Chinese stock market crash and the COVID-19 pandemic at the upper, lower and median quantiles. Finally, the static and dynamic pairwise spillovers between the Chinese and ASEAN markets vary over quantiles as well. This study is the first attempt to examine quantile vector autoregression (VAR)-based return spillovers between China and ASEAN stock markets during different market statuses. Besides, the COVID-19 has intensified the uncertainty in Asian countries, mainly China and ASEAN economies.Spillovers and connectedness between Chinese and ASEAN stock markets during bearish and bullish market statuses
Imran Yousaf, Walid Mensi, Xuan Vinh Vo, Sanghoon Kang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the tail connectedness between the Chinese and Association of Southeast Asian Nations (ASEAN) stock markets. More specifically, the authors measure the return spillovers at three quantile levels: median (t = 0.5), lower extreme (t = 0.05) and upper extreme (t = 0.95). The connectedness at extreme upper and lower quantiles provides insightful information to investors regarding tail risk propagation, which ultimately suggests that investors adjust their portfolios according to the extreme bullish and bearish market conditions.

The authors employ the quantile connectedness approach of Ando et al. (2022) to examine the quantile transmission mechanism among the ASEAN and Chinese stock markets.

The results show significant evidence of a higher level of connectedness between Chinese and ASEAN stock markets at extreme upper and lower quantiles compared to the median quantiles, which suggests the use of a quantile-based connectedness approach instead of an average-measure-based one. Furthermore, the time-varying connectedness analysis shows that the total spillovers reach the highest peaks during the global financial crisis, the Chinese stock market crash and the COVID-19 pandemic at the upper, lower and median quantiles. Finally, the static and dynamic pairwise spillovers between the Chinese and ASEAN markets vary over quantiles as well.

This study is the first attempt to examine quantile vector autoregression (VAR)-based return spillovers between China and ASEAN stock markets during different market statuses. Besides, the COVID-19 has intensified the uncertainty in Asian countries, mainly China and ASEAN economies.

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Spillovers and connectedness between Chinese and ASEAN stock markets during bearish and bullish market statuses10.1108/IJOEM-07-2022-1194International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedImran YousafWalid MensiXuan Vinh VoSanghoon KangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-07-2022-1194https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1194/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
COVID-19 impact on tourism inflow in selected Asia-Pacific countries: a gravity model frameworkhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1196/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe main objective of this paper is to examine the impact of COVID-19 on the tourism flows of eight Asia-Pacific Countries: Australia, Hong Kong, Malaysia, New Zealand, the Philippines, Singapore, Taiwan and Thailand. Using monthly data from 2019M1 to 2021M10 and 48 origin and eight destination countries in a panel Poisson pseudo-maximum likelihood (PPML) estimation technique and gravity equation framework, this paper finds that after controlling for gravity determinants, COVID-19 periods have a 0.689% lower tourism inflow than in non-COVID-19 periods. The total observations in this paper are 12,138. A 1% increase in COVID-19 transmission in the origin country leads to a 0.037% decline in tourism flow in the destination country, while the reduction is just 0.011% from the destination. On the mortality side, the corresponding decline in tourism flows from origin countries is 0.030%, whereas it is 0.038% from destination countries. A 1% increase in vaccine intensity in the destination country leads to a 0.10% improvement in tourism flows, whereas vaccinations at the source have no statistically significant effect. The results are also robust at a 1% level in a pooled OLS and random-effects specification for the same model. The findings provide insights into managing tourism flows concerning transmission, death and vaccination coverage in destination and origin countries. The COVID-19-induced tourism decline may also be considered another channel through which the global recession has been aggravated. If we convert this decline in terms of loss of GDP, the global figure will be huge, and airline industries will have to cut down many service products for a long time to recover from the COVID-19-induced tourism decline. It is to be realized by the policymaker and politicians that infectious diseases have no national boundary, and the problem is not local or national. That’s why it is to be faced globally with cooperation from all the countries. This is the first paper to address tourism disruption due to COVID-19 in eight Asia-Pacific countries using a gravity model framework. Asia-Pacific countries are traditionally globalized through tourism channelsThis pattern was severely affected by COVID-19 transmission and mortality and improved through vaccinationThe gravity model can be used to quantify the loss in the tourism sector due to COVID-19 shocksTransmission and mortality should be controlled both at the origin and the destination countriesVaccinations in destination countries significantly raise tourism flowsCOVID-19 impact on tourism inflow in selected Asia-Pacific countries: a gravity model framework
Gour Gobinda Goswami, Md. Rubaiyath Sarwar, Md. Mahbubur Rahman
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The main objective of this paper is to examine the impact of COVID-19 on the tourism flows of eight Asia-Pacific Countries: Australia, Hong Kong, Malaysia, New Zealand, the Philippines, Singapore, Taiwan and Thailand.

Using monthly data from 2019M1 to 2021M10 and 48 origin and eight destination countries in a panel Poisson pseudo-maximum likelihood (PPML) estimation technique and gravity equation framework, this paper finds that after controlling for gravity determinants, COVID-19 periods have a 0.689% lower tourism inflow than in non-COVID-19 periods. The total observations in this paper are 12,138.

A 1% increase in COVID-19 transmission in the origin country leads to a 0.037% decline in tourism flow in the destination country, while the reduction is just 0.011% from the destination. On the mortality side, the corresponding decline in tourism flows from origin countries is 0.030%, whereas it is 0.038% from destination countries. A 1% increase in vaccine intensity in the destination country leads to a 0.10% improvement in tourism flows, whereas vaccinations at the source have no statistically significant effect. The results are also robust at a 1% level in a pooled OLS and random-effects specification for the same model.

The findings provide insights into managing tourism flows concerning transmission, death and vaccination coverage in destination and origin countries.

The COVID-19-induced tourism decline may also be considered another channel through which the global recession has been aggravated. If we convert this decline in terms of loss of GDP, the global figure will be huge, and airline industries will have to cut down many service products for a long time to recover from the COVID-19-induced tourism decline.

It is to be realized by the policymaker and politicians that infectious diseases have no national boundary, and the problem is not local or national. That’s why it is to be faced globally with cooperation from all the countries.

This is the first paper to address tourism disruption due to COVID-19 in eight Asia-Pacific countries using a gravity model framework.

  1. Asia-Pacific countries are traditionally globalized through tourism channels

  2. This pattern was severely affected by COVID-19 transmission and mortality and improved through vaccination

  3. The gravity model can be used to quantify the loss in the tourism sector due to COVID-19 shocks

  4. Transmission and mortality should be controlled both at the origin and the destination countries

  5. Vaccinations in destination countries significantly raise tourism flows

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COVID-19 impact on tourism inflow in selected Asia-Pacific countries: a gravity model framework10.1108/IJOEM-07-2022-1196International Journal of Emerging Markets2023-03-29© 2023 Emerald Publishing LimitedGour Gobinda GoswamiMd. Rubaiyath SarwarMd. Mahbubur RahmanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2910.1108/IJOEM-07-2022-1196https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2022-1196/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How does rapid internationalization explain emerging-market multinationals' innovation? The moderating role of organizational capacityhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2023-1182/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to investigate the impact of rapid internationalization by emerging-market multinational enterprises (EMNEs) on their innovation performance. It also seeks to identify any potential moderating factors that could influence this relationship. By analyzing data from listed Chinese MNEs from 2012 to 2022, this study applies a negative binomial regression model to test the research hypotheses. This study uncovers an inverted U-shaped relationship between the internationalization speed of EMNEs and their innovation performance. It also suggests that strong absorptive, learning and managerial capacities could play positive moderating roles in the effect of internationalization speed on EMNEs’ innovation performance. This study highlights rapid global expansion, promoting new knowledge acquisition for EMNEs. However, due to time-compression dilemmas with limited EMNE firm-specific advantages, overly accelerated internationalization hinders learning effectiveness. Additionally, this study reveals the critical importance of three firm-specific capacities in EMNEs – absorptive, learning and managerial capacities – in efficiently assimilating newly acquired knowledge from foreign markets and enhancing their innovation performance through rapid internationalization.How does rapid internationalization explain emerging-market multinationals' innovation? The moderating role of organizational capacity
Xiaoyuan Li
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to investigate the impact of rapid internationalization by emerging-market multinational enterprises (EMNEs) on their innovation performance. It also seeks to identify any potential moderating factors that could influence this relationship.

By analyzing data from listed Chinese MNEs from 2012 to 2022, this study applies a negative binomial regression model to test the research hypotheses.

This study uncovers an inverted U-shaped relationship between the internationalization speed of EMNEs and their innovation performance. It also suggests that strong absorptive, learning and managerial capacities could play positive moderating roles in the effect of internationalization speed on EMNEs’ innovation performance.

This study highlights rapid global expansion, promoting new knowledge acquisition for EMNEs. However, due to time-compression dilemmas with limited EMNE firm-specific advantages, overly accelerated internationalization hinders learning effectiveness. Additionally, this study reveals the critical importance of three firm-specific capacities in EMNEs – absorptive, learning and managerial capacities – in efficiently assimilating newly acquired knowledge from foreign markets and enhancing their innovation performance through rapid internationalization.

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How does rapid internationalization explain emerging-market multinationals' innovation? The moderating role of organizational capacity10.1108/IJOEM-07-2023-1182International Journal of Emerging Markets2024-02-26© 2024 Emerald Publishing LimitedXiaoyuan LiInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-2610.1108/IJOEM-07-2023-1182https://www.emerald.com/insight/content/doi/10.1108/IJOEM-07-2023-1182/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Reverse innovations bridging the gap between entrepreneurial orientation and international performancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1178/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to elucidate the relationship between entrepreneurial orientation, reverse innovation and international performance of emerging economy multinational enterprises (EMNEs). The authors analyze archival data of Chinese limited companies between 2010 and 2016, including 11,230 firm-year observations about 1708 firms. In order to test the study’s mediation hypotheses, the authors apply an ordinary least square (OLS) regression. The authors find evidence that the entrepreneurial orientation of EMNEs has a positive effect on reverse innovations. Furthermore, the authors find positive effects of reverse innovation on the international performance of EMNEs. This pattern of results suggests that the relationship between entrepreneurial orientation and international performance is partially mediated by reverse innovation. The study’s findings help managers in EMNEs to promote reverse innovation by building and using their entrepreneurial orientation. It also helps them to set out and gauge the chances of success of their internationalization strategies. The findings also hold relevance for firms in developed economies as well, as they may understand which emerging economy competitors stand to threaten their positions. The strategic role of reverse innovations – i.e. clean slate, super value and technologically advanced products originating from emerging markets – has generated considerable research attention. It is clear that reverse innovations impact the international performance of EMNEs. Yet how entrepreneurial orientation influences international performance is still underexplored. Thus, the current study clarifies the mechanism by examining and testing the mediating role of reverse innovation among the entrepreneurial orientation–international performance link.Reverse innovations bridging the gap between entrepreneurial orientation and international performance
Hammad Bin Azam Hashmi, Ward Ooms, Cosmina L. Voinea, Marjolein C.J. Caniëls
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to elucidate the relationship between entrepreneurial orientation, reverse innovation and international performance of emerging economy multinational enterprises (EMNEs).

The authors analyze archival data of Chinese limited companies between 2010 and 2016, including 11,230 firm-year observations about 1708 firms. In order to test the study’s mediation hypotheses, the authors apply an ordinary least square (OLS) regression.

The authors find evidence that the entrepreneurial orientation of EMNEs has a positive effect on reverse innovations. Furthermore, the authors find positive effects of reverse innovation on the international performance of EMNEs. This pattern of results suggests that the relationship between entrepreneurial orientation and international performance is partially mediated by reverse innovation.

The study’s findings help managers in EMNEs to promote reverse innovation by building and using their entrepreneurial orientation. It also helps them to set out and gauge the chances of success of their internationalization strategies. The findings also hold relevance for firms in developed economies as well, as they may understand which emerging economy competitors stand to threaten their positions.

The strategic role of reverse innovations – i.e. clean slate, super value and technologically advanced products originating from emerging markets – has generated considerable research attention. It is clear that reverse innovations impact the international performance of EMNEs. Yet how entrepreneurial orientation influences international performance is still underexplored. Thus, the current study clarifies the mechanism by examining and testing the mediating role of reverse innovation among the entrepreneurial orientation–international performance link.

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Reverse innovations bridging the gap between entrepreneurial orientation and international performance10.1108/IJOEM-08-2021-1178International Journal of Emerging Markets2023-03-07© 2023 Hammad Bin Azam Hashmi, Ward Ooms, Cosmina L. Voinea and Marjolein C.J. CaniëlsHammad Bin Azam HashmiWard OomsCosmina L. VoineaMarjolein C.J. CaniëlsInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-0710.1108/IJOEM-08-2021-1178https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1178/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Hammad Bin Azam Hashmi, Ward Ooms, Cosmina L. Voinea and Marjolein C.J. Caniëlshttp://creativecommons.org/licences/by/4.0/legalcode
Ratees' reactions to equal versus equitable performance outcomes: evidence from Pakistan and Japanhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1182/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestRatees' reactions to performance appraisal (PA) system suggest how effective the system is. However, there is less clarity about those different reactions that good versus poor performing ratees show vis-à-vis their performance appraisals. This paper seeks to examine the possible PA responses (PA fairness and PA satisfaction) of the ratees for the cases where they receive equitable versus equal performance-based rewards and punishments. Two studies were designed. Study 1 was a scenario-based experiment in Pakistan (N = 100 students) and Study 2 was based on surveys in Japan (N = 123 employed students) and Pakistan (N = 111 full-time working professionals). Data were analyzed using one-way repeated measures (Study 1) and structural equation modeling (Study 2). Overall, good performers considered PA fairer and more satisfying under equity than under equality. However, poor performers considered PA fairer under equity than under equality. The study has value for PA theorists and managers, as it offers: (a) an understanding on the differential effect of equity versus equality, on employees' perceptions of fairness and satisfaction in a PA setting; (b) clarity about the likely disparity between good and poor performers' reactions toward perceived fairness and satisfaction; and, (c) ratee reactions from both organizational and social perspectives contributing to the philosophical debate questioning whether both distributive fairness and retributive fairness should operate under similar or different normative principles.Ratees' reactions to equal versus equitable performance outcomes: evidence from Pakistan and Japan
Saiqa Naz, Muhammad Zahid Iqbal, Malik Ikramullah, Muhammad Mustafa Raziq, Saddam Khalid
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Ratees' reactions to performance appraisal (PA) system suggest how effective the system is. However, there is less clarity about those different reactions that good versus poor performing ratees show vis-à-vis their performance appraisals. This paper seeks to examine the possible PA responses (PA fairness and PA satisfaction) of the ratees for the cases where they receive equitable versus equal performance-based rewards and punishments.

Two studies were designed. Study 1 was a scenario-based experiment in Pakistan (N = 100 students) and Study 2 was based on surveys in Japan (N = 123 employed students) and Pakistan (N = 111 full-time working professionals). Data were analyzed using one-way repeated measures (Study 1) and structural equation modeling (Study 2).

Overall, good performers considered PA fairer and more satisfying under equity than under equality. However, poor performers considered PA fairer under equity than under equality.

The study has value for PA theorists and managers, as it offers: (a) an understanding on the differential effect of equity versus equality, on employees' perceptions of fairness and satisfaction in a PA setting; (b) clarity about the likely disparity between good and poor performers' reactions toward perceived fairness and satisfaction; and, (c) ratee reactions from both organizational and social perspectives contributing to the philosophical debate questioning whether both distributive fairness and retributive fairness should operate under similar or different normative principles.

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Ratees' reactions to equal versus equitable performance outcomes: evidence from Pakistan and Japan10.1108/IJOEM-08-2021-1182International Journal of Emerging Markets2023-02-03© 2023 Emerald Publishing LimitedSaiqa NazMuhammad Zahid IqbalMalik IkramullahMuhammad Mustafa RaziqSaddam KhalidInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-0310.1108/IJOEM-08-2021-1182https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1182/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Herding behavior in integrated financial markets: the case of MILAhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1202/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIt has been argued in the literature that structural changes in the financial markets, such as integration, have the potential to cause herding behavior or correlated behavioral patterns in traders. The purpose of this study is to investigate whether there is any financial herding behavior in the Latin American Integrated Market (MILA), a transnational stock market composed of Chile, Peru, Colombia and Mexico stock exchanges and whether there is any ARCH or GARCH effect in the herding behavior models. This study uses the modified return dispersion approach on daily index return data. The sample period is from January 03, 2002 to May 07, 2019. The data are obtained from the MILA database. To count time-varying volatilities in herding models, the authors run ARCH family regression with GARCH (1,1) settings. Hwang and Salmon (2004) model is used as a robustness test. The authors found strong herding behavior under the general market conditions and moderate and partial herding behavior under some specified markets circumstances, such as bull and bear markets and high-low volatility states. Moreover, the pre-MILA period exhibits more herding behavior than the post-MILA period. The empirical results show that most of the ARCH and GARCH effects are statistically significant, implying that the past information of stock returns and market volatility significantly affect the volatility of following periods, which can also explain the formation of herding tendency among investors. Finally, the results of the robustness tests (Hwang and Salmon, 2004) confirm herding in all periods, except full sample period for Mexico and post-MILA period for Mexico and Colombia. This study investigates the herding behavior in the MILA market in terms of market return, volatility and timing. A limitation of the paper is that the authors have not included other factors on the formation of herding behavior, such as macroeconomic factors, effects of regional or international markets and policy influences. The authors will explore the issue in the extension of the paper. As MILA is the first virtual integration of stock exchanges without merging, the study provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are useful for academics, investors and policymakers in their investment and decision makings. The paper provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are not only useful in practical implications, but also in social implications. This study contributes to the herding literature by examining four different hypotheses in respect of the unique case of transnational stock exchange without fusions or corporate mergers, where each market maintains its independence and regulatory autonomy. The authors also contribute to the literature by including both ARCH and GARCH effects in the herding behavioral models along the Hwang and Salmon (2004) approach.Herding behavior in integrated financial markets: the case of MILA
João Paulo Vieito, Christian Espinosa, Wing-Keung Wong, Munkh-Ulzii Batmunkh, Enkhbayar Choijil, Mustafa Hussien
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

It has been argued in the literature that structural changes in the financial markets, such as integration, have the potential to cause herding behavior or correlated behavioral patterns in traders. The purpose of this study is to investigate whether there is any financial herding behavior in the Latin American Integrated Market (MILA), a transnational stock market composed of Chile, Peru, Colombia and Mexico stock exchanges and whether there is any ARCH or GARCH effect in the herding behavior models.

This study uses the modified return dispersion approach on daily index return data. The sample period is from January 03, 2002 to May 07, 2019. The data are obtained from the MILA database. To count time-varying volatilities in herding models, the authors run ARCH family regression with GARCH (1,1) settings. Hwang and Salmon (2004) model is used as a robustness test.

The authors found strong herding behavior under the general market conditions and moderate and partial herding behavior under some specified markets circumstances, such as bull and bear markets and high-low volatility states. Moreover, the pre-MILA period exhibits more herding behavior than the post-MILA period. The empirical results show that most of the ARCH and GARCH effects are statistically significant, implying that the past information of stock returns and market volatility significantly affect the volatility of following periods, which can also explain the formation of herding tendency among investors. Finally, the results of the robustness tests (Hwang and Salmon, 2004) confirm herding in all periods, except full sample period for Mexico and post-MILA period for Mexico and Colombia.

This study investigates the herding behavior in the MILA market in terms of market return, volatility and timing. A limitation of the paper is that the authors have not included other factors on the formation of herding behavior, such as macroeconomic factors, effects of regional or international markets and policy influences. The authors will explore the issue in the extension of the paper.

As MILA is the first virtual integration of stock exchanges without merging, the study provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are useful for academics, investors and policymakers in their investment and decision makings.

The paper provides useful findings and draws good inferences of herding behavior in the MILA market in terms of market return, volatility and timing which are not only useful in practical implications, but also in social implications.

This study contributes to the herding literature by examining four different hypotheses in respect of the unique case of transnational stock exchange without fusions or corporate mergers, where each market maintains its independence and regulatory autonomy. The authors also contribute to the literature by including both ARCH and GARCH effects in the herding behavioral models along the Hwang and Salmon (2004) approach.

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Herding behavior in integrated financial markets: the case of MILA10.1108/IJOEM-08-2021-1202International Journal of Emerging Markets2023-04-07© 2023 Emerald Publishing LimitedJoão Paulo VieitoChristian EspinosaWing-Keung WongMunkh-Ulzii BatmunkhEnkhbayar ChoijilMustafa HussienInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-0710.1108/IJOEM-08-2021-1202https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1202/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Deconstructed entrepreneurial orientation and export performance: mediating role of differentiation and cost leadership strategy from the developing country contexthttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1209/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe aim of this study is to examine the effects of innovativeness (INN), proactiveness, (PRC) and risk-taking (RIT) on the export performance of apparel small and medium-sized enterprises (SMEs) and the role of differentiation and low-cost leadership (LCL) strategies as mediating effects between entrepreneurial orientation (EO) dimensions and the performance of exporting firms. INN, RIT and PRC are considered EO dimensions. A cross-sectional survey was carried out by providing a questionnaire to the owners, directors and senior managers of the apparel SMEs – the primary data of 550 treated by structural equation modeling (SEM) technique for final data analysis. The study has revealed the positive dimensional effect of EO on export performance. For the mediation effects of differentiation and LCL, differentiation strategy (DS) positively mediates between INN, PRC and export performance. However, no mediation has been found between RIT and export performance. On the other hand, LCL has found positive effects between INN, RIT and export performance. However, the mediation effect was absent between PRC and export performance. Limitations/implications- This study has been conducted on only Muslim owners, senior export managers and directors of apparel SMEs in Bangladesh. It has examined the two main competitive strategies as a mediator between EO dimensions and export performance. The findings of this study are based on one country data analysis. EO, differentiation and low-cost leadership (LCL) strategy are resources and capabilities of an organization to create a competitive advantage to enhance performance. The factors of this research are helpful for SME practitioners. The direct and indirect effects (differentiation and LCL strategy) of EO dimensions on export performance in an emerging country, i.e. the South-Asia region, is a pioneer study. Therefore, current research has theoretical and managerial implications for the international business and strategic management literature.Deconstructed entrepreneurial orientation and export performance: mediating role of differentiation and cost leadership strategy from the developing country context
Kamal Hossain, Mohammad Nurul Alam, Mohd Rizal Muwazir, Ali Alsiehemy, Noor Azlinna Azizan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The aim of this study is to examine the effects of innovativeness (INN), proactiveness, (PRC) and risk-taking (RIT) on the export performance of apparel small and medium-sized enterprises (SMEs) and the role of differentiation and low-cost leadership (LCL) strategies as mediating effects between entrepreneurial orientation (EO) dimensions and the performance of exporting firms. INN, RIT and PRC are considered EO dimensions.

A cross-sectional survey was carried out by providing a questionnaire to the owners, directors and senior managers of the apparel SMEs – the primary data of 550 treated by structural equation modeling (SEM) technique for final data analysis.

The study has revealed the positive dimensional effect of EO on export performance. For the mediation effects of differentiation and LCL, differentiation strategy (DS) positively mediates between INN, PRC and export performance. However, no mediation has been found between RIT and export performance. On the other hand, LCL has found positive effects between INN, RIT and export performance. However, the mediation effect was absent between PRC and export performance.

Limitations/implications- This study has been conducted on only Muslim owners, senior export managers and directors of apparel SMEs in Bangladesh. It has examined the two main competitive strategies as a mediator between EO dimensions and export performance. The findings of this study are based on one country data analysis.

EO, differentiation and low-cost leadership (LCL) strategy are resources and capabilities of an organization to create a competitive advantage to enhance performance. The factors of this research are helpful for SME practitioners.

The direct and indirect effects (differentiation and LCL strategy) of EO dimensions on export performance in an emerging country, i.e. the South-Asia region, is a pioneer study. Therefore, current research has theoretical and managerial implications for the international business and strategic management literature.

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Deconstructed entrepreneurial orientation and export performance: mediating role of differentiation and cost leadership strategy from the developing country context10.1108/IJOEM-08-2021-1209International Journal of Emerging Markets2023-09-26© 2023 Emerald Publishing LimitedKamal HossainMohammad Nurul AlamMohd Rizal MuwazirAli AlsiehemyNoor Azlinna AzizanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-2610.1108/IJOEM-08-2021-1209https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1209/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does the stakeholder's relationship affect supply chain resilience and organizational performance? Empirical evidence from the supply chain community of Pakistanhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1218/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe aim of this paper is to investigate the role of the stakeholder's relationship with supply chain resilience (SCR) and organizational performance (OP) using the lens of stakeholder theory in the manufacturing and service industry. Investigating the supply chain community in Pakistan, this paper explores the relationship between SCR, OP and the stakeholder's relationship (including customers and suppliers). A partial least square (PLS) – structural equation modeling (SEM) technique using SmartPLS 3.3.3 was used to test the hypotheses. Data were collected through a survey (questionnaire) completed by 202 supply chain representatives. All respondents were supply chain professionals working in different organizations in Pakistan. The findings of the study revealed that supplier relationship (SR) and customer relationship (CR) have a positive and significant impact on SCR and a positive and significant relationship between SCR and OP. A positive and significant relationship between customer relationship and OP was also noted. The mediating role of SCR is also found positive and significant. The outcomes of the study will help managers to strengthen SCR through relationship management. The study is also helpful to increase OP through stakeholder management. This study empirically tests an inclusive model with a PLS-SEM technique where SCR plays a mediating role in the mechanism, which is crucial since the supplier and customer (stakeholder) relationship has been never tested to gauge the OP by positioning SCR as a mediator while using the lens of stakeholder theory.Does the stakeholder's relationship affect supply chain resilience and organizational performance? Empirical evidence from the supply chain community of Pakistan
Asad Ali Qazi, Andrea Appolloni, Abdul Rehman Shaikh
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The aim of this paper is to investigate the role of the stakeholder's relationship with supply chain resilience (SCR) and organizational performance (OP) using the lens of stakeholder theory in the manufacturing and service industry. Investigating the supply chain community in Pakistan, this paper explores the relationship between SCR, OP and the stakeholder's relationship (including customers and suppliers).

A partial least square (PLS) – structural equation modeling (SEM) technique using SmartPLS 3.3.3 was used to test the hypotheses. Data were collected through a survey (questionnaire) completed by 202 supply chain representatives. All respondents were supply chain professionals working in different organizations in Pakistan.

The findings of the study revealed that supplier relationship (SR) and customer relationship (CR) have a positive and significant impact on SCR and a positive and significant relationship between SCR and OP. A positive and significant relationship between customer relationship and OP was also noted. The mediating role of SCR is also found positive and significant.

The outcomes of the study will help managers to strengthen SCR through relationship management. The study is also helpful to increase OP through stakeholder management.

This study empirically tests an inclusive model with a PLS-SEM technique where SCR plays a mediating role in the mechanism, which is crucial since the supplier and customer (stakeholder) relationship has been never tested to gauge the OP by positioning SCR as a mediator while using the lens of stakeholder theory.

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Does the stakeholder's relationship affect supply chain resilience and organizational performance? Empirical evidence from the supply chain community of Pakistan10.1108/IJOEM-08-2021-1218International Journal of Emerging Markets2022-10-12© 2022 Asad Ali Qazi, Andrea Appolloni and Abdul Rehman ShaikhAsad Ali QaziAndrea AppolloniAbdul Rehman ShaikhInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1210.1108/IJOEM-08-2021-1218https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1218/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Asad Ali Qazi, Andrea Appolloni and Abdul Rehman Shaikhhttp://creativecommons.org/licences/by/4.0/legalcode
Trust-in-government and social economic norms: assessing the heterogeneity of consumers in the USA and Mexico using the VBN theoryhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1225/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe improper disposal of potentially harmful products is a problem that affects both developed and emerging countries. Using the Values-Beliefs-Norms (VBN) theory, this research attempts to uncover the key differences and similarities between both contexts and to extend the theory to include trust-in-government (TIG) as a moderating variable. The data used in this study were drawn from two samples: Mexicans and Americans by administering a paper and pencil survey. To test the conceptual model and to contrast the results, partial least squares (PLS-SEM) and multigroup analysis were used. This research finds that consumers in emerging countries like Mexico are less likely to act on their beliefs to engage in protesting behaviors when confronted with an environmental problem such as the improper disposal of potentially harmful products. Consumers on both sides of the border are more likely to engage in consumer activism behaviors if social economic norms (SEN) are considered. Furthermore, the multi-group analysis revealed that US consumers' TIG moderates the relationship between awareness of consequences (AC) and consumer activism intention (CAI) contrasting with Mexican consumers where such moderating relationship does not exist. This research makes a significant contribution to the literature by evaluating TIG as an important predictor of consumer activism behaviors. TIG can significantly affect consumer activism behaviors in the United States, but not in Mexico. It also demonstrates that SEN rather than social benefit norms (SBN) can trigger CAI in both samples.Trust-in-government and social economic norms: assessing the heterogeneity of consumers in the USA and Mexico using the VBN theory
Sergio Enrique Robles-Avila, Md Nazmus Sakib
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The improper disposal of potentially harmful products is a problem that affects both developed and emerging countries. Using the Values-Beliefs-Norms (VBN) theory, this research attempts to uncover the key differences and similarities between both contexts and to extend the theory to include trust-in-government (TIG) as a moderating variable.

The data used in this study were drawn from two samples: Mexicans and Americans by administering a paper and pencil survey. To test the conceptual model and to contrast the results, partial least squares (PLS-SEM) and multigroup analysis were used.

This research finds that consumers in emerging countries like Mexico are less likely to act on their beliefs to engage in protesting behaviors when confronted with an environmental problem such as the improper disposal of potentially harmful products. Consumers on both sides of the border are more likely to engage in consumer activism behaviors if social economic norms (SEN) are considered. Furthermore, the multi-group analysis revealed that US consumers' TIG moderates the relationship between awareness of consequences (AC) and consumer activism intention (CAI) contrasting with Mexican consumers where such moderating relationship does not exist.

This research makes a significant contribution to the literature by evaluating TIG as an important predictor of consumer activism behaviors. TIG can significantly affect consumer activism behaviors in the United States, but not in Mexico. It also demonstrates that SEN rather than social benefit norms (SBN) can trigger CAI in both samples.

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Trust-in-government and social economic norms: assessing the heterogeneity of consumers in the USA and Mexico using the VBN theory10.1108/IJOEM-08-2021-1225International Journal of Emerging Markets2023-03-23© 2023 Emerald Publishing LimitedSergio Enrique Robles-AvilaMd Nazmus SakibInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2310.1108/IJOEM-08-2021-1225https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1225/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Do macroprudential regulations condition the role of financial inclusion for ensuring financial stability? Cross-country perspectivehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1232/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestEmpirical studies, to date, show that financial inclusion (FI) enhances financial stability (FS) by promoting a large deposit base, reducing information asymmetry, and strengthening market power on the one hand, and leads to financial fragility by expanding credit without proper screening, increasing operational costs, and provoking borrowers' moral hazard on the other. Thus, the most important issue is to maintain FS while extending formal financial services to the impoverished and disadvantaged segments of society. Therefore, this paper investigates the efficacy of macroprudential regulations (MPRs) to align these policy divergences. To accomplish the objective and facilitate policy implications, the authors use aggregated and disaggregated measures of both FI and MPRs, employ advanced econometric models that minimize endogeneity and ensure robustness, and investigate their joint effectiveness in upholding FS using data of 138 countries spanning the 2004–2017 years. The findings indicate that the effectiveness of MPRs is instrument specific. Some MPRs that obstruct access to formal financial services, in particular, moderate the advantage of FI in achieving FS, while others boost the effect of inclusion in attaining financial sector stability. Therefore, prudence should be emphasized while designing MPRs as a tool for aligning the policy trade-off between FI and FS. To the best of the authors knowledge, this paper extends previous empirical research by investigating the conditioning impact of MPRs in the FI-FS nexus.Do macroprudential regulations condition the role of financial inclusion for ensuring financial stability? Cross-country perspective
Mallika Saha, Kumar Debasis Dutta
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Empirical studies, to date, show that financial inclusion (FI) enhances financial stability (FS) by promoting a large deposit base, reducing information asymmetry, and strengthening market power on the one hand, and leads to financial fragility by expanding credit without proper screening, increasing operational costs, and provoking borrowers' moral hazard on the other. Thus, the most important issue is to maintain FS while extending formal financial services to the impoverished and disadvantaged segments of society. Therefore, this paper investigates the efficacy of macroprudential regulations (MPRs) to align these policy divergences.

To accomplish the objective and facilitate policy implications, the authors use aggregated and disaggregated measures of both FI and MPRs, employ advanced econometric models that minimize endogeneity and ensure robustness, and investigate their joint effectiveness in upholding FS using data of 138 countries spanning the 2004–2017 years.

The findings indicate that the effectiveness of MPRs is instrument specific. Some MPRs that obstruct access to formal financial services, in particular, moderate the advantage of FI in achieving FS, while others boost the effect of inclusion in attaining financial sector stability. Therefore, prudence should be emphasized while designing MPRs as a tool for aligning the policy trade-off between FI and FS.

To the best of the authors knowledge, this paper extends previous empirical research by investigating the conditioning impact of MPRs in the FI-FS nexus.

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Do macroprudential regulations condition the role of financial inclusion for ensuring financial stability? Cross-country perspective10.1108/IJOEM-08-2021-1232International Journal of Emerging Markets2022-10-24© 2022 Emerald Publishing LimitedMallika SahaKumar Debasis DuttaInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-2410.1108/IJOEM-08-2021-1232https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1232/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Country-of-origin and online retailing ethics: the mediating role of trust and satisfaction on purchase intentionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1233/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestOnline shoppers feel insecure due to the various unethical practices of e-tailers. It is, therefore, crucial for online retailers to alleviate customer concerns. Extant literature indicates that country-of-origin (COO) cues influence consumer perception. A relatively underexplored phenomenon in an emerging market context, the COO image of the online retailer, i.e. a foreign-origin online retailer (FOOR) or an Indian-origin online retailer (IOOR), needs validation. The current study investigates customer expectations of online retailers' ethical behaviour against the backdrop of online retailer-based signals in emerging markets. The researchers floated an online questionnaire using a seven-point Likert scale. The authors sought recipient responses in Google Forms shared via e-mails and social media connections. The authors analysed 1,018 useable responses using partial least square structural equation modelling (PLS-SEM) in Smart PLS 3. The empirical study examined the influence of the consumer perception of ethics of online retailers (CPEOR) and COO on consumer purchase intention. It validated the proposed research model. The research findings inform that the CPEOR and the COO influence purchase intention through the mediation effects of trust and satisfaction. Results indicate that privacy, security, non-deception, fulfilment, customer service, FOOR and IOOR strongly predict consumer trust. In contrast, privacy, non-deception, fulfilment, customer service and FOOR strongly predict consumer satisfaction. However, security and IOOR did not influence consumer satisfaction. The study results have theoretical and practical implications for academic researchers and online retailing managers. Future studies can validate the model in different geo-demographic scenarios and e-commerce settings. The study enriches the extant literature on CPEOR in the Indian context. This study is pioneering work examining consumer purchase intention by adding the COO construct to the CPEOR model.Country-of-origin and online retailing ethics: the mediating role of trust and satisfaction on purchase intention
Saptarshi Bhattacharya, Rajendra Prasad Sharma, Ashish Gupta
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Online shoppers feel insecure due to the various unethical practices of e-tailers. It is, therefore, crucial for online retailers to alleviate customer concerns. Extant literature indicates that country-of-origin (COO) cues influence consumer perception. A relatively underexplored phenomenon in an emerging market context, the COO image of the online retailer, i.e. a foreign-origin online retailer (FOOR) or an Indian-origin online retailer (IOOR), needs validation. The current study investigates customer expectations of online retailers' ethical behaviour against the backdrop of online retailer-based signals in emerging markets.

The researchers floated an online questionnaire using a seven-point Likert scale. The authors sought recipient responses in Google Forms shared via e-mails and social media connections. The authors analysed 1,018 useable responses using partial least square structural equation modelling (PLS-SEM) in Smart PLS 3.

The empirical study examined the influence of the consumer perception of ethics of online retailers (CPEOR) and COO on consumer purchase intention. It validated the proposed research model. The research findings inform that the CPEOR and the COO influence purchase intention through the mediation effects of trust and satisfaction. Results indicate that privacy, security, non-deception, fulfilment, customer service, FOOR and IOOR strongly predict consumer trust. In contrast, privacy, non-deception, fulfilment, customer service and FOOR strongly predict consumer satisfaction. However, security and IOOR did not influence consumer satisfaction.

The study results have theoretical and practical implications for academic researchers and online retailing managers. Future studies can validate the model in different geo-demographic scenarios and e-commerce settings.

The study enriches the extant literature on CPEOR in the Indian context. This study is pioneering work examining consumer purchase intention by adding the COO construct to the CPEOR model.

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Country-of-origin and online retailing ethics: the mediating role of trust and satisfaction on purchase intention10.1108/IJOEM-08-2021-1233International Journal of Emerging Markets2022-12-05© 2022 Emerald Publishing LimitedSaptarshi BhattacharyaRajendra Prasad SharmaAshish GuptaInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-0510.1108/IJOEM-08-2021-1233https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1233/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Credit constraints in Colombia: evidence from the use of credit cards among low- and middle-income individualshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1241/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors estimate the determinants of the value of purchases of semi-durable goods using permanent and transitory income, and the demographic characteristics of customers. The purpose is to identify whether individuals face remaining liquidity constraints, and how this friction affects their purchases. This study uses anonymized data of 516,525 credit card holders, with more than 7,501,065 records of purchases between 2010 and 2015. The authors decompose the income of individuals into permanent and transitory components to test the prevalence of the life cycle–permanent income hypothesis (LC–PIH). Determinants of the value of purchases for constrained and unconstrained consumers are estimated, considering the period in which individual characteristics are valid, the decisions not to make purchases in some months, and the potential endogeneity of the interest rate and the transitory component of income. The authors present evidence of liquidity constraints for individuals who have used a high percentage of the credit limit on their cards. For these restricted customers, the value of purchases is inelastic to the interest rate, whereas the response is sizable for customers who are less restricted. The restricted customers increase the value of purchases when faced with increases in their credit limit. The elasticity of the value of purchases of semi-durable goods to permanent income is less than that for transitory income; regardless of the constraints, this still supports the LC–PIH. This credit card is targeted at low- and middle-income individuals in Bogotá. Although the results might be considered as indicative of the behavior of those with similar characteristics in Colombia, the authors regard this work as the study of a particular case. A limitation of this work is that the authors do not have alternative sources of credit at an individual level. The broad credit channel of monetary policy does not apply to the restricted customers. This should be considered not only by the monetary authority, to understand the true extent of this policy, but also by the financial institutions that use this business model. The monetary authority should be cautious not to overreact when intervening in the money market to try to prompt an adequate consumer response. Financial institutions have the policy of modifying the credit limits of their customers' credit cards which affects the well-being of restricted customers. Given that the card is aimed at low and middle income individuals, the credit limits of customers who use a high percentage of their credit limit might be increased. This is the first paper to study liquidity restrictions with a retail credit card in Colombia and Latin America using information on customers' characteristics. The results are highly relevant for the implementation of monetary policy.Credit constraints in Colombia: evidence from the use of credit cards among low- and middle-income individuals
Luis E. Arango, Ingri K. Quevedo
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The authors estimate the determinants of the value of purchases of semi-durable goods using permanent and transitory income, and the demographic characteristics of customers. The purpose is to identify whether individuals face remaining liquidity constraints, and how this friction affects their purchases.

This study uses anonymized data of 516,525 credit card holders, with more than 7,501,065 records of purchases between 2010 and 2015. The authors decompose the income of individuals into permanent and transitory components to test the prevalence of the life cycle–permanent income hypothesis (LC–PIH). Determinants of the value of purchases for constrained and unconstrained consumers are estimated, considering the period in which individual characteristics are valid, the decisions not to make purchases in some months, and the potential endogeneity of the interest rate and the transitory component of income.

The authors present evidence of liquidity constraints for individuals who have used a high percentage of the credit limit on their cards. For these restricted customers, the value of purchases is inelastic to the interest rate, whereas the response is sizable for customers who are less restricted. The restricted customers increase the value of purchases when faced with increases in their credit limit. The elasticity of the value of purchases of semi-durable goods to permanent income is less than that for transitory income; regardless of the constraints, this still supports the LC–PIH.

This credit card is targeted at low- and middle-income individuals in Bogotá. Although the results might be considered as indicative of the behavior of those with similar characteristics in Colombia, the authors regard this work as the study of a particular case. A limitation of this work is that the authors do not have alternative sources of credit at an individual level.

The broad credit channel of monetary policy does not apply to the restricted customers. This should be considered not only by the monetary authority, to understand the true extent of this policy, but also by the financial institutions that use this business model. The monetary authority should be cautious not to overreact when intervening in the money market to try to prompt an adequate consumer response.

Financial institutions have the policy of modifying the credit limits of their customers' credit cards which affects the well-being of restricted customers. Given that the card is aimed at low and middle income individuals, the credit limits of customers who use a high percentage of their credit limit might be increased.

This is the first paper to study liquidity restrictions with a retail credit card in Colombia and Latin America using information on customers' characteristics. The results are highly relevant for the implementation of monetary policy.

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Credit constraints in Colombia: evidence from the use of credit cards among low- and middle-income individuals10.1108/IJOEM-08-2021-1241International Journal of Emerging Markets2022-12-16© 2022 Emerald Publishing LimitedLuis E. ArangoIngri K. QuevedoInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-1610.1108/IJOEM-08-2021-1241https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1241/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The configuration of the largest Brazilian banks' board of directors: trajectories and capitals of Latin America's financial elitehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1262/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to analyze the configuration of the board of directors of the five largest banks operating in Brazil, which are members of a financial elite that directly influences the socioeconomic life in Latin America. This assessment is inspired by Bourdieu's sociological approach and in the discussion on his work in organization studies and economic sociology. It addresses the organization as a field and investigates its associated field of power. The authors conducted qualitative research and relationally analyzed data related to the trajectory and the social properties of the councilors using the statistical technique called multiple correspondence analysis (MCA). The results show that forms of social and cultural capital are particularly influential in the production of distinctions among banks' board members. Moreover, councils' priorities and configurations are diverse: some idealized and based on knowledge, others pragmatic and based on customs, others still anchored in a double logic of market satisfaction and family wealth preservation. Understanding the objective power relations among these top agents may be crucial for effectively regulating certain aspects of their activities. Furthermore, understanding how different forms of capital affect the relative position of the board members may help us reduce representative bias in what seems today an inner circle. This study is relevant because it makes an in-depth analysis of the composition of one of the most influential financial elites in Latin America, combining sociological theory and advanced statistical techniques for qualitative grouping (MCA).The configuration of the largest Brazilian banks' board of directors: trajectories and capitals of Latin America's financial elite
Marcio Luis Vila, Silvio Eduardo Alvarez Candido, Gustavo Mendonca Ferratti, Mário Sacomano Neto
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to analyze the configuration of the board of directors of the five largest banks operating in Brazil, which are members of a financial elite that directly influences the socioeconomic life in Latin America.

This assessment is inspired by Bourdieu's sociological approach and in the discussion on his work in organization studies and economic sociology. It addresses the organization as a field and investigates its associated field of power. The authors conducted qualitative research and relationally analyzed data related to the trajectory and the social properties of the councilors using the statistical technique called multiple correspondence analysis (MCA).

The results show that forms of social and cultural capital are particularly influential in the production of distinctions among banks' board members. Moreover, councils' priorities and configurations are diverse: some idealized and based on knowledge, others pragmatic and based on customs, others still anchored in a double logic of market satisfaction and family wealth preservation.

Understanding the objective power relations among these top agents may be crucial for effectively regulating certain aspects of their activities. Furthermore, understanding how different forms of capital affect the relative position of the board members may help us reduce representative bias in what seems today an inner circle.

This study is relevant because it makes an in-depth analysis of the composition of one of the most influential financial elites in Latin America, combining sociological theory and advanced statistical techniques for qualitative grouping (MCA).

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The configuration of the largest Brazilian banks' board of directors: trajectories and capitals of Latin America's financial elite10.1108/IJOEM-08-2021-1262International Journal of Emerging Markets2023-01-25© 2022 Emerald Publishing LimitedMarcio Luis VilaSilvio Eduardo Alvarez CandidoGustavo Mendonca FerrattiMário Sacomano NetoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-2510.1108/IJOEM-08-2021-1262https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1262/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The key enablers of SMEs readiness in Industry 4.0: a case of Malaysiahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1291/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study sheds light on the internal enabling factors towards emerging market (EM) small and medium-sized enterprises’ (SMEs) preparedness for Industry 4.0 (I4.0) using three dimensions: managerial, operational and technological readiness. The study uses convenience sampling, having online and paper-based surveys and collecting 110 responses from manufacturing Malaysian SMEs. This sample allowed assessing the relationships of the hypothesized variables through the structural model of data analysis. This study’s findings demonstrate that financial capability and perceived benefits enhance Malaysian SMEs' managerial, operational and technological readiness. Using Malaysia's case, this paper extends the discussion of the key drivers that underline the decision of EM firms to adopt I4.0. This study’s results provide valuable insights for policymakers to improve the digital ecosystem. Also, understanding critical drivers for I4.0 readiness would encourage SMEs in Malaysia to embrace new digital technologies. Although digital transformation towards I4.0 for manufacturing SMEs would be decisive, little is known about how ready these Malaysian firms are to adopt it or the driving factors that motivate them. Meanwhile, inadequate readiness causes a high failure rate in implementing new technology, processes or organizational changes.The key enablers of SMEs readiness in Industry 4.0: a case of Malaysia
Daisy Mui Hung Kee, Miguel Cordova, Sabai Khin
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study sheds light on the internal enabling factors towards emerging market (EM) small and medium-sized enterprises’ (SMEs) preparedness for Industry 4.0 (I4.0) using three dimensions: managerial, operational and technological readiness.

The study uses convenience sampling, having online and paper-based surveys and collecting 110 responses from manufacturing Malaysian SMEs. This sample allowed assessing the relationships of the hypothesized variables through the structural model of data analysis.

This study’s findings demonstrate that financial capability and perceived benefits enhance Malaysian SMEs' managerial, operational and technological readiness.

Using Malaysia's case, this paper extends the discussion of the key drivers that underline the decision of EM firms to adopt I4.0.

This study’s results provide valuable insights for policymakers to improve the digital ecosystem. Also, understanding critical drivers for I4.0 readiness would encourage SMEs in Malaysia to embrace new digital technologies.

Although digital transformation towards I4.0 for manufacturing SMEs would be decisive, little is known about how ready these Malaysian firms are to adopt it or the driving factors that motivate them. Meanwhile, inadequate readiness causes a high failure rate in implementing new technology, processes or organizational changes.

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The key enablers of SMEs readiness in Industry 4.0: a case of Malaysia10.1108/IJOEM-08-2021-1291International Journal of Emerging Markets2023-06-12© 2023 Emerald Publishing LimitedDaisy Mui Hung KeeMiguel CordovaSabai KhinInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1210.1108/IJOEM-08-2021-1291https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1291/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Firm internationalization approaches and performance: the moderating role of the home country's formal institutionshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1299/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates how the degree of internationalization (DOI) affects the financial performance of emerging market companies by making the distinction between export intensity and multinationality (i.e. foreign direct investment). The authors argue that the different DOI-performance patterns in the literature relate to different internationalization approaches, which are moderated in distinct ways by formal institutions in the home country. Based on data of Brazilian firms in several industries and with different internationalization patterns including 100 exporting firms and 30 multinational companies with varying degrees of multinationality over a period of five consecutive years, the authors test their hypotheses using an unbalanced panel data with 346 firm-year observations. In order to test how the quality of formal institutions moderate the DOI-performance relationships, the authors estimate the changes in the slope of the regression line by adding and subtracting one standard deviation to the Worldwide Governance Indicators (WGI) variables. A positive and linear association between export intensity-performance (EI-P) highlights the location specific comparative advantages of exporting Brazilian firms, while the multinationality-performance (M-P) relationship points to a horizontal S-shape pattern which conforms to the theoretical assumptions of the three-stage internationalization process. Formal institutions moderate positively the EI-P relationship, but moderate negatively each of the three stages of the M-P relationship. The findings from this study provide critical insights that contribute to the ongoing debate on how formal institutions in the home country affect the DOI-performance relationship of emerging market companies (EMCs). However, the authors consider that it has limitations as they focused exclusively on formal institutions captured by governance institutions in the Brazilian context. This study provides relevant insights to managers and policy makers. Findings reveal that strong formal institutions in the home country make it easier (cheaper) for EMCs to invest abroad, and, at the same time, increase the efficiency of exporting firms and positively influence financial performance. Moreover, results show that during downturns in their domestic markets, multinational EMCs outperform domestic firms. In that sense, while policy makers can promote the internationalization and competitiveness of EMCs by implementing more supportive formal institutions, managers should consider a proactive approach and invest abroad when conditions in the home country are favorable. By making the distinction between export intensity and multinationality this study contributes to the literature on the DOI-performance of EMCs providing a more nuanced view on how formal institutions in the home country moderate the EI-P and M-P relationships in different ways.Firm internationalization approaches and performance: the moderating role of the home country's formal institutions
Henrique Correa da Cunha, Mohamed Amal, Dinorá Eliete Floriani, Maria Tereza Leme Fleury
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates how the degree of internationalization (DOI) affects the financial performance of emerging market companies by making the distinction between export intensity and multinationality (i.e. foreign direct investment). The authors argue that the different DOI-performance patterns in the literature relate to different internationalization approaches, which are moderated in distinct ways by formal institutions in the home country.

Based on data of Brazilian firms in several industries and with different internationalization patterns including 100 exporting firms and 30 multinational companies with varying degrees of multinationality over a period of five consecutive years, the authors test their hypotheses using an unbalanced panel data with 346 firm-year observations. In order to test how the quality of formal institutions moderate the DOI-performance relationships, the authors estimate the changes in the slope of the regression line by adding and subtracting one standard deviation to the Worldwide Governance Indicators (WGI) variables.

A positive and linear association between export intensity-performance (EI-P) highlights the location specific comparative advantages of exporting Brazilian firms, while the multinationality-performance (M-P) relationship points to a horizontal S-shape pattern which conforms to the theoretical assumptions of the three-stage internationalization process. Formal institutions moderate positively the EI-P relationship, but moderate negatively each of the three stages of the M-P relationship.

The findings from this study provide critical insights that contribute to the ongoing debate on how formal institutions in the home country affect the DOI-performance relationship of emerging market companies (EMCs). However, the authors consider that it has limitations as they focused exclusively on formal institutions captured by governance institutions in the Brazilian context.

This study provides relevant insights to managers and policy makers. Findings reveal that strong formal institutions in the home country make it easier (cheaper) for EMCs to invest abroad, and, at the same time, increase the efficiency of exporting firms and positively influence financial performance. Moreover, results show that during downturns in their domestic markets, multinational EMCs outperform domestic firms. In that sense, while policy makers can promote the internationalization and competitiveness of EMCs by implementing more supportive formal institutions, managers should consider a proactive approach and invest abroad when conditions in the home country are favorable.

By making the distinction between export intensity and multinationality this study contributes to the literature on the DOI-performance of EMCs providing a more nuanced view on how formal institutions in the home country moderate the EI-P and M-P relationships in different ways.

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Firm internationalization approaches and performance: the moderating role of the home country's formal institutions10.1108/IJOEM-08-2021-1299International Journal of Emerging Markets2023-02-06© 2023 Emerald Publishing LimitedHenrique Correa da CunhaMohamed AmalDinorá Eliete FlorianiMaria Tereza Leme FleuryInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-0610.1108/IJOEM-08-2021-1299https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1299/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Domestic total factor productivity with trade and heterogenous foreign direct investment in developing countries: a case of Vietnamese manufacturinghttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1333/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Domestic total factor productivity with trade and heterogenous foreign direct investment in developing countries: a case of Vietnamese manufacturing
Pham Thi Bich Ngoc, Huynh Quoc Vu, Pham Dinh Long
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Domestic total factor productivity with trade and heterogenous foreign direct investment in developing countries: a case of Vietnamese manufacturing10.1108/IJOEM-08-2021-1333International Journal of Emerging Markets2022-09-01© 2022 Emerald Publishing LimitedPham Thi Bich NgocHuynh Quoc VuPham Dinh LongInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-0110.1108/IJOEM-08-2021-1333https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2021-1333/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
CSR in domestic and foreign SMEs in Kenya: on the relationship between the SME manager’s values, emotional commitment to long-term socio-economic development and the firm's CSR practiceshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1210/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestCorporate social responsibility (CSR) remains a prevalent topic for businesses worldwide, especially for those operating in developing countries. The attention on small and medium-sized enterprises' (SMEs') CSR engagement in developing countries has been neglected, although SMEs play a vital role in socio-economic development in African countries like Kenya. This paper aims to conceptualize the relationship between the SME manager's values, ethics, emotional commitment to long-term socio-economic development and the firm's CSR practices. The authors conducted seven semi-structured interviews with Kenyan and German SMEs located in Nairobi. A deductive-inductive analysis approach was chosen, confirming previous findings and contributing new ideas to the International Business (IB) literature. This paper develops a concept linking the values and beliefs of the SME manager with the firm's CSR practices in developing countries via the manager's emotional commitment to local long-term socio-economic development. The Kenyan managers tend to show a higher degree of emotional commitment, which the authors explain by two drivers: (1) philanthropic, self-motivated driver and (2) expectation-based, environment-motivated driver. The authors' findings add to the literature on SMEs' CSR engagement in developing countries by looking at the individual level of analysis. This paper develops a concept linking the values and beliefs of the SME manager with the firm's CSR practices in developing countries.CSR in domestic and foreign SMEs in Kenya: on the relationship between the SME manager’s values, emotional commitment to long-term socio-economic development and the firm's CSR practices
Clara Lina Dziuron, Tilo F. Halaszovich
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Corporate social responsibility (CSR) remains a prevalent topic for businesses worldwide, especially for those operating in developing countries. The attention on small and medium-sized enterprises' (SMEs') CSR engagement in developing countries has been neglected, although SMEs play a vital role in socio-economic development in African countries like Kenya. This paper aims to conceptualize the relationship between the SME manager's values, ethics, emotional commitment to long-term socio-economic development and the firm's CSR practices.

The authors conducted seven semi-structured interviews with Kenyan and German SMEs located in Nairobi. A deductive-inductive analysis approach was chosen, confirming previous findings and contributing new ideas to the International Business (IB) literature.

This paper develops a concept linking the values and beliefs of the SME manager with the firm's CSR practices in developing countries via the manager's emotional commitment to local long-term socio-economic development. The Kenyan managers tend to show a higher degree of emotional commitment, which the authors explain by two drivers: (1) philanthropic, self-motivated driver and (2) expectation-based, environment-motivated driver. The authors' findings add to the literature on SMEs' CSR engagement in developing countries by looking at the individual level of analysis.

This paper develops a concept linking the values and beliefs of the SME manager with the firm's CSR practices in developing countries.

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CSR in domestic and foreign SMEs in Kenya: on the relationship between the SME manager’s values, emotional commitment to long-term socio-economic development and the firm's CSR practices10.1108/IJOEM-08-2022-1210International Journal of Emerging Markets2023-07-05© 2023 Emerald Publishing LimitedClara Lina DziuronTilo F. HalaszovichInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-0510.1108/IJOEM-08-2022-1210https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1210/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investigating pension choice factors among the faculty of public sector universities in Pakistanhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1212/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research designed, optimized and tested a context-specific scale to evaluate public sector employees' pension choices. The authors developed the scale using a comprehensive process of interviews and focus groups with experts across academia and finance. The authors used the refined scale to collect data from 564 faculty members in public sector universities following a multistage systematic cluster sampling technique. The findings revealed diversity in choice across different socio-economic and demographic variables. The results revealed that items related to the defined benefit pension system explain most of the data variance and are preferred widely. This is followed by a preference for monetizing pension benefits and a defined contribution system. These findings indicated the need for flexible pension plans. Therefore, the progressive movement towards monetization and the shift from defined benefit to a defined contribution pension system due to economic pressures must be accurately calculated and introduced where it is suitable. Although the theory of introducing a defined contribution pension system and monetization system is appealing, its practical implementation may not be encouraging for all employees.Investigating pension choice factors among the faculty of public sector universities in Pakistan
Muhammad Wahab, Muhammad Aamir Khan, Muhammad Siddique, Fakhrul Hasan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research designed, optimized and tested a context-specific scale to evaluate public sector employees' pension choices.

The authors developed the scale using a comprehensive process of interviews and focus groups with experts across academia and finance. The authors used the refined scale to collect data from 564 faculty members in public sector universities following a multistage systematic cluster sampling technique. The findings revealed diversity in choice across different socio-economic and demographic variables.

The results revealed that items related to the defined benefit pension system explain most of the data variance and are preferred widely. This is followed by a preference for monetizing pension benefits and a defined contribution system. These findings indicated the need for flexible pension plans.

Therefore, the progressive movement towards monetization and the shift from defined benefit to a defined contribution pension system due to economic pressures must be accurately calculated and introduced where it is suitable.

Although the theory of introducing a defined contribution pension system and monetization system is appealing, its practical implementation may not be encouraging for all employees.

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Investigating pension choice factors among the faculty of public sector universities in Pakistan10.1108/IJOEM-08-2022-1212International Journal of Emerging Markets2023-04-06© 2023 Emerald Publishing LimitedMuhammad WahabMuhammad Aamir KhanMuhammad SiddiqueFakhrul HasanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-0610.1108/IJOEM-08-2022-1212https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1212/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The determinants of export performance in the digital transformation era: empirical evidence from manufacturing firmshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1223/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates the impact of big data analytics capabilities on export performance. Moreover, it assesses the mediating effect of the supply chain innovation and moderating effect of supply chain agility. This study is based on primary data that were collected from the manufacturing sector operating in Jordan. A total of 327 responses were used for the final data analysis. Data analysis was performed via a partial least square structural equation modeling (PLS-SEM) approach. The results of the data analysis supported a positive relationship between big data analytics capabilities and the export performance as well as a mediating effect of supply chain innovation. It was confirmed that supply chain agility moderated the relationship of supply chain innovation and export performance. This study developed a theoretical and empirical model to investigate the relationship between big data analytics capabilities, export performance, supply chain innovation and supply chain agility. This study offers new theoretical and managerial contributions that add value to the supply chain management literature by testing the moderated-mediated model of these constructs in the manufacturing sector in Jordan.The determinants of export performance in the digital transformation era: empirical evidence from manufacturing firms
Ayman Wael AL-Khatib
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates the impact of big data analytics capabilities on export performance. Moreover, it assesses the mediating effect of the supply chain innovation and moderating effect of supply chain agility.

This study is based on primary data that were collected from the manufacturing sector operating in Jordan. A total of 327 responses were used for the final data analysis. Data analysis was performed via a partial least square structural equation modeling (PLS-SEM) approach.

The results of the data analysis supported a positive relationship between big data analytics capabilities and the export performance as well as a mediating effect of supply chain innovation. It was confirmed that supply chain agility moderated the relationship of supply chain innovation and export performance.

This study developed a theoretical and empirical model to investigate the relationship between big data analytics capabilities, export performance, supply chain innovation and supply chain agility. This study offers new theoretical and managerial contributions that add value to the supply chain management literature by testing the moderated-mediated model of these constructs in the manufacturing sector in Jordan.

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The determinants of export performance in the digital transformation era: empirical evidence from manufacturing firms10.1108/IJOEM-08-2022-1223International Journal of Emerging Markets2023-01-09© 2022 Emerald Publishing LimitedAyman Wael AL-KhatibInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-0910.1108/IJOEM-08-2022-1223https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1223/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The determinants of life insurance companies profitability in South Africa: new evidence from a dynamic panel threshold estimation techniquehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1225/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestInsurance companies play a significant role in every economy; hence, it is essential to investigate and understand the factors that propel their profitability. Unlike previous studies that present a linear relationship, this study provides initial evidence by exploring the non-linear impacts of the determinants of profitability amongst life insurers in South Africa. The study uses a panel dataset of 62 life insurers in South Africa, covering 2013–2019. The generalised method of moments and the dynamic panel threshold estimation technique were used to estimate the relationship. The empirical results from the direct relationship reveal that investment income and solvency significantly predict life insurance companies' profitability. On the other hand, underwriting risk, reinsurance and size reduce profitability. Further, the dynamic panel threshold analysis confirms non-linearities in the relationships. The results show that insurance size, investment income and solvency promote profitability beyond a threshold level, implying a propelling effect on life insurers' profitability at higher levels. Below the threshold, these factors have an adverse effect. The study further points to underwriting risk, reinsurance and leverage having a reduced effect on life insurers' profitability when they fall above the threshold level. The findings suggest that insurers interested in boosting their profit position must commit more resources to maintain their solvency and manage their assets and returns on investment. The study further recommends that effective control of underwriting risk is critical to the profitability of the life insurance industry. The study contributes to the literature by providing first-time evidence on the determinants of life insurance companies' profitability by way of exploring threshold effects in South Africa.The determinants of life insurance companies profitability in South Africa: new evidence from a dynamic panel threshold estimation technique
Sylvester Senyo Horvey, Jones Odei-Mensah, Albert Mushai
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Insurance companies play a significant role in every economy; hence, it is essential to investigate and understand the factors that propel their profitability. Unlike previous studies that present a linear relationship, this study provides initial evidence by exploring the non-linear impacts of the determinants of profitability amongst life insurers in South Africa.

The study uses a panel dataset of 62 life insurers in South Africa, covering 2013–2019. The generalised method of moments and the dynamic panel threshold estimation technique were used to estimate the relationship.

The empirical results from the direct relationship reveal that investment income and solvency significantly predict life insurance companies' profitability. On the other hand, underwriting risk, reinsurance and size reduce profitability. Further, the dynamic panel threshold analysis confirms non-linearities in the relationships. The results show that insurance size, investment income and solvency promote profitability beyond a threshold level, implying a propelling effect on life insurers' profitability at higher levels. Below the threshold, these factors have an adverse effect. The study further points to underwriting risk, reinsurance and leverage having a reduced effect on life insurers' profitability when they fall above the threshold level.

The findings suggest that insurers interested in boosting their profit position must commit more resources to maintain their solvency and manage their assets and returns on investment. The study further recommends that effective control of underwriting risk is critical to the profitability of the life insurance industry.

The study contributes to the literature by providing first-time evidence on the determinants of life insurance companies' profitability by way of exploring threshold effects in South Africa.

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The determinants of life insurance companies profitability in South Africa: new evidence from a dynamic panel threshold estimation technique10.1108/IJOEM-08-2022-1225International Journal of Emerging Markets2024-01-04© 2023 Emerald Publishing LimitedSylvester Senyo HorveyJones Odei-MensahAlbert MushaiInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-0410.1108/IJOEM-08-2022-1225https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1225/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Media sentiment, news and liquidity of Chinese property developer stocks amidst the shadow of a mortgage crisis in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1232/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study examines the relationship between news intensity, media sentiment and market microstructure invariance-implied measures of trading activity and liquidity of Chinese property developer stocks during the 2020–2022 Chinese property sector crisis. The authors adopt the extension of the news article invariance hypothesis, which is a generalization of the market microstructure invariance conjecture, from January 2020 to January 2022 to test specific quantitative relationships between the arrival rate of public information, trading activity and a nonlinear function of a proxy for the probability of informed trading. Empirical tests are based on a dataset of 22,412 firm-day observations and two count-data models to correct for overdispersion and the excess number of zeros. Seventy-five stocks of Chinese companies from the property development industry (including the China Evergrande Group) were included in the sample. The authors reject the news article invariance hypothesis but document a positive and significant relationship between the flow of public information and risk liquidity. Additionally, the authors find that the proxy for informed trading activity is positively related to the arrival rates of public information from October 2021 to January 2022. The findings support the hypothesis that negative (positive) media sentiment induces significant deterioration (insignificant improvement) in stock liquidity. The authors find that an increase in the number of news articles about a company corresponds to a higher liquidity of Chinese property developers' stocks after controlling for media sentiment.Media sentiment, news and liquidity of Chinese property developer stocks amidst the shadow of a mortgage crisis in China
Sergei Gurov, Tamara Teplova
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study examines the relationship between news intensity, media sentiment and market microstructure invariance-implied measures of trading activity and liquidity of Chinese property developer stocks during the 2020–2022 Chinese property sector crisis.

The authors adopt the extension of the news article invariance hypothesis, which is a generalization of the market microstructure invariance conjecture, from January 2020 to January 2022 to test specific quantitative relationships between the arrival rate of public information, trading activity and a nonlinear function of a proxy for the probability of informed trading. Empirical tests are based on a dataset of 22,412 firm-day observations and two count-data models to correct for overdispersion and the excess number of zeros. Seventy-five stocks of Chinese companies from the property development industry (including the China Evergrande Group) were included in the sample.

The authors reject the news article invariance hypothesis but document a positive and significant relationship between the flow of public information and risk liquidity. Additionally, the authors find that the proxy for informed trading activity is positively related to the arrival rates of public information from October 2021 to January 2022.

The findings support the hypothesis that negative (positive) media sentiment induces significant deterioration (insignificant improvement) in stock liquidity. The authors find that an increase in the number of news articles about a company corresponds to a higher liquidity of Chinese property developers' stocks after controlling for media sentiment.

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Media sentiment, news and liquidity of Chinese property developer stocks amidst the shadow of a mortgage crisis in China10.1108/IJOEM-08-2022-1232International Journal of Emerging Markets2023-09-12© 2023 Emerald Publishing LimitedSergei GurovTamara TeplovaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-1210.1108/IJOEM-08-2022-1232https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1232/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Are Islamic and conventional banks decoupled? Empirical evidence from Turkeyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1233/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates the determinants of net interest margin (NIM) and tests the decoupling hypothesis in Turkey's Islamic and conventional banks. This study has employed a panel quantile model (PQM) to assess the net interest margin (NIM) and test the decoupling hypothesis in the dual banking system of Turkey. The empirical results show that the impact of equity is positive for both Islamic and conventional banks but relatively more robust for Islamic banks. Moreover, it is observed that return on assets has a positive association with NIM in both types of banking systems. Interestingly, the impact increases from lower to higher quantiles, but a higher acceleration rate is observed for Islamic banks. The study also finds that, as bank stability increases, NIM decreases for both groups of banks but more stably for Islamic banks, resulting in lower margins than conventional banks. Thus, the paper confirms the decoupling hypothesis and suggests that, to increase profit margins, Islamic banks need to increase assets and equity. The paper confirms the decoupling hypothesis and suggests that to increase profit margin, Islamic banks need to increase assets and equity. Since both equity and assets contribute positively to interest margins, policymakers in the industry need to increase the size of equity and assets to get maximum returns. This is one of the first studies to investigate NIM's determinants and test the decoupling hypothesis in the Turkish dual banking system using a non-parametric MCMC panel quantile regression (QRM) model.Are Islamic and conventional banks decoupled? Empirical evidence from Turkey
Shabeer Khan, Hakan Aslan, Uzair Abdullah Khan, M.I. Bhatti
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates the determinants of net interest margin (NIM) and tests the decoupling hypothesis in Turkey's Islamic and conventional banks.

This study has employed a panel quantile model (PQM) to assess the net interest margin (NIM) and test the decoupling hypothesis in the dual banking system of Turkey.

The empirical results show that the impact of equity is positive for both Islamic and conventional banks but relatively more robust for Islamic banks. Moreover, it is observed that return on assets has a positive association with NIM in both types of banking systems. Interestingly, the impact increases from lower to higher quantiles, but a higher acceleration rate is observed for Islamic banks. The study also finds that, as bank stability increases, NIM decreases for both groups of banks but more stably for Islamic banks, resulting in lower margins than conventional banks. Thus, the paper confirms the decoupling hypothesis and suggests that, to increase profit margins, Islamic banks need to increase assets and equity.

The paper confirms the decoupling hypothesis and suggests that to increase profit margin, Islamic banks need to increase assets and equity.

Since both equity and assets contribute positively to interest margins, policymakers in the industry need to increase the size of equity and assets to get maximum returns.

This is one of the first studies to investigate NIM's determinants and test the decoupling hypothesis in the Turkish dual banking system using a non-parametric MCMC panel quantile regression (QRM) model.

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Are Islamic and conventional banks decoupled? Empirical evidence from Turkey10.1108/IJOEM-08-2022-1233International Journal of Emerging Markets2022-12-16© 2022 Emerald Publishing LimitedShabeer KhanHakan AslanUzair Abdullah KhanM.I. BhattiInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-1610.1108/IJOEM-08-2022-1233https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1233/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The role of signals in new venture financing in the context of an emerging market: a configurational approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1234/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study proposes a portfolio of new venture signals that are likely to attract investors' attention in the context of an emerging market and examines how they work in combination to affect the likelihood of obtaining funding. The authors use data on early-stage venture capital investments for high-tech start-ups in Turkey. The authors adopt a configurational approach and use fuzzy QCA and regression analysis. The findings suggest that financing of new ventures in an emerging economy is shaped by signals of context-specific capabilities that are required to survive and thrive in this market environment alongside and in interaction with signals of general capabilities required for business success. Different combinations of these signals provide equifinal pathways to obtain funding. Furthermore, signals that differ in type and content interact in complex ways to affect investors' decisions. The findings suggest that entrepreneurs with no prior experience in the emerging market context can increase their chances of obtaining funding by affiliating with a venture development organization. Another promising strategy is to form a founding team that includes members affiliated with a developed country together with members who have emerging market experience. Finally, entrepreneurs may consider combining signals of context-specific capabilities with signals of general capabilities as they work in a complementary way to attract funding. This study addresses two major shortcomings of the literature on new venture signaling, first, by positing the emerging market context as a unique signaling environment and, second, by demonstrating the value of considering signals as portfolios with potential interdependencies.The role of signals in new venture financing in the context of an emerging market: a configurational approach
Başak Topaler, Gülcan Adar
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study proposes a portfolio of new venture signals that are likely to attract investors' attention in the context of an emerging market and examines how they work in combination to affect the likelihood of obtaining funding.

The authors use data on early-stage venture capital investments for high-tech start-ups in Turkey. The authors adopt a configurational approach and use fuzzy QCA and regression analysis.

The findings suggest that financing of new ventures in an emerging economy is shaped by signals of context-specific capabilities that are required to survive and thrive in this market environment alongside and in interaction with signals of general capabilities required for business success. Different combinations of these signals provide equifinal pathways to obtain funding. Furthermore, signals that differ in type and content interact in complex ways to affect investors' decisions.

The findings suggest that entrepreneurs with no prior experience in the emerging market context can increase their chances of obtaining funding by affiliating with a venture development organization. Another promising strategy is to form a founding team that includes members affiliated with a developed country together with members who have emerging market experience. Finally, entrepreneurs may consider combining signals of context-specific capabilities with signals of general capabilities as they work in a complementary way to attract funding.

This study addresses two major shortcomings of the literature on new venture signaling, first, by positing the emerging market context as a unique signaling environment and, second, by demonstrating the value of considering signals as portfolios with potential interdependencies.

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The role of signals in new venture financing in the context of an emerging market: a configurational approach10.1108/IJOEM-08-2022-1234International Journal of Emerging Markets2023-04-21© 2023 Emerald Publishing LimitedBaşak TopalerGülcan AdarInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-2110.1108/IJOEM-08-2022-1234https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1234/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effect of social media marketing on voting intention; an application of multidimensional panel datahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1250/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the effect of social media marketing on voting intention applying a combination of fuzzy logic methodology and a multidimensional panel data model. The study adopts a multidimensional panel data method that includes several fixed effects. The dependent variable is a multifaceted construct that measures the participants’ intention to vote. The independent variables are electronic word of mouth (eWOM), customisation (CUS), entertainment (ENT), interaction (INT), trendiness (TRD), candidate’s perceived image (CPI), religious beliefs (RB), gender and age. The grouping variables that signify fixed effects are employment status, level of education, mostly used social media and religion. First, the significance of said fixed effects was tested through an ANOVA process. Then, the main model was estimated, including the significant grouping variables as fixed effects. Employment status and level of education were significant fixed effects. Also, eWOM, ENT, INT, CPI, RB and gender significantly affected participants’ voting intention. Being based on a questionnaire that asked participants about how they perceive different aspects of social media, the present study is limited to their perceptions. Therefore, further studies covering the voters’ behaviour in action could be efficient complements to the present study. The findings could guide the political parties into prioritizing the aspects of social media in forming an effective campaign resulting in being elected. The findings have the potential to help the public in making better informed decisions when voting. Furthermore, the results of this study indicate applications for social media which are beyond leisure time fillers. Fuzzy logic and multidimensional panel data estimates are this study’s novelty and originality. Structural equation modelling and crisp linguistic values have been used in previous studies on social media’s effect on voting intent. The former refines the data gathered from a questionnaire, and the latter considers the possibility of including different grouping factors to achieve a more efficient and less biased estimation.The effect of social media marketing on voting intention; an application of multidimensional panel data
Massoud Moslehpour, Aviral Kumar Tiwari, Sahand Ebrahimi Pourfaez
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the effect of social media marketing on voting intention applying a combination of fuzzy logic methodology and a multidimensional panel data model.

The study adopts a multidimensional panel data method that includes several fixed effects. The dependent variable is a multifaceted construct that measures the participants’ intention to vote. The independent variables are electronic word of mouth (eWOM), customisation (CUS), entertainment (ENT), interaction (INT), trendiness (TRD), candidate’s perceived image (CPI), religious beliefs (RB), gender and age. The grouping variables that signify fixed effects are employment status, level of education, mostly used social media and religion. First, the significance of said fixed effects was tested through an ANOVA process. Then, the main model was estimated, including the significant grouping variables as fixed effects.

Employment status and level of education were significant fixed effects. Also, eWOM, ENT, INT, CPI, RB and gender significantly affected participants’ voting intention.

Being based on a questionnaire that asked participants about how they perceive different aspects of social media, the present study is limited to their perceptions. Therefore, further studies covering the voters’ behaviour in action could be efficient complements to the present study.

The findings could guide the political parties into prioritizing the aspects of social media in forming an effective campaign resulting in being elected.

The findings have the potential to help the public in making better informed decisions when voting. Furthermore, the results of this study indicate applications for social media which are beyond leisure time fillers.

Fuzzy logic and multidimensional panel data estimates are this study’s novelty and originality. Structural equation modelling and crisp linguistic values have been used in previous studies on social media’s effect on voting intent. The former refines the data gathered from a questionnaire, and the latter considers the possibility of including different grouping factors to achieve a more efficient and less biased estimation.

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The effect of social media marketing on voting intention; an application of multidimensional panel data10.1108/IJOEM-08-2022-1250International Journal of Emerging Markets2024-03-12© 2024 Emerald Publishing LimitedMassoud MoslehpourAviral Kumar TiwariSahand Ebrahimi PourfaezInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-1210.1108/IJOEM-08-2022-1250https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1250/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
The choice of destination country of international franchise networks: the case of Mexican franchisorshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1254/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis article examines the influence of market opportunity, risk, and distance on the choice of destination country for Mexican franchises. The research hypotheses are developed under the theoretical approaches of institutional theory, agency theory, and transaction costs theory and were contrasted on the data obtained from 52 Mexican international franchisors operating in 37 countries as of 2016. This study uses linear regression with ordinary minimums using the STATA 13.1 software. The results reveal that a larger market size, a greater level of economic freedom, and a smaller geographic distance are determining factors in the choice of destination country. No statistical significance was found in the variables GDP per capita, level of democracy and cultural distance. This research contributes to the theoretical and practical field. On the theoretical side, this study integrates institutional theory, agency theory, and transaction cost theory to evaluate the factors of the destination country that influence the internationalization process of the franchise. Another contribution of this study is to apply theories and models of developed economies to the process of internationalization of franchises in an emerging economy. Additionally, this study is based on a model that considers the distance, opportunities and risks that are considered by Mexican franchisors in the selection of the international markets in which they maintain operations. This study contains important practical implications that can serve as relevant information for decision-making in the franchise sector and its internationalization. This data is valuable for new models of Mexican franchises that decide to start their internationalization process.The choice of destination country of international franchise networks: the case of Mexican franchisors
Cesario Armando Flores Villanueva, María del Carmen Gaytán Ramírez, Aleida Núñez García
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This article examines the influence of market opportunity, risk, and distance on the choice of destination country for Mexican franchises.

The research hypotheses are developed under the theoretical approaches of institutional theory, agency theory, and transaction costs theory and were contrasted on the data obtained from 52 Mexican international franchisors operating in 37 countries as of 2016. This study uses linear regression with ordinary minimums using the STATA 13.1 software.

The results reveal that a larger market size, a greater level of economic freedom, and a smaller geographic distance are determining factors in the choice of destination country. No statistical significance was found in the variables GDP per capita, level of democracy and cultural distance.

This research contributes to the theoretical and practical field. On the theoretical side, this study integrates institutional theory, agency theory, and transaction cost theory to evaluate the factors of the destination country that influence the internationalization process of the franchise. Another contribution of this study is to apply theories and models of developed economies to the process of internationalization of franchises in an emerging economy. Additionally, this study is based on a model that considers the distance, opportunities and risks that are considered by Mexican franchisors in the selection of the international markets in which they maintain operations. This study contains important practical implications that can serve as relevant information for decision-making in the franchise sector and its internationalization. This data is valuable for new models of Mexican franchises that decide to start their internationalization process.

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The choice of destination country of international franchise networks: the case of Mexican franchisors10.1108/IJOEM-08-2022-1254International Journal of Emerging Markets2023-05-23© 2023 Emerald Publishing LimitedCesario Armando Flores VillanuevaMaría del Carmen Gaytán RamírezAleida Núñez GarcíaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-2310.1108/IJOEM-08-2022-1254https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1254/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Government-business relations and strategic patenting: evidence from China's patent boomhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1255/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of the study is to propose a new perspective to explain how China's rapid growth in patenting is partially driven by corporate strategic patenting to influence local governments. The authors highlight the role of strategic patenting and local government-business relations in creating the gap between the patent boom and underlying technological progress in China. The authors investigate the relationship between local government-business relations and corporate strategic patenting behaviors, measured as a higher ratio of patent filings to patent awards, by collecting data from three successive NADS surveys of government-business relations in 292 Chinese municipalities, paired with detailed patenting and subsidy data of 3,756 publicly listed corporations obtained through text mining. The authors find that, while R&D investment and patent subsidies do drive corporate patenting, firms in jurisdictions with lower-quality government-business relations are more likely to engage in strategic patenting. Moreover, the negative impact of government-business relations on strategic patenting is moderated by political connections, as the strategic patenting of firms without political connections is more sensitive to government-business relations. The authors further show that firms obtain significant benefits from patenting in the form of additional subsidies from local innovation and industrial policies in the years following. Rolling back patent subsidies will reduce strategic patenting to a limited extent. The local governments in emerging markets need to increase the capacity to implement industrial policy and provide market-based opportunities for firms to access innovation inputs. The authors provide an updated and fresh perspective to understand the phenomenon of China's patent boom by showing that patenting can be driven by corporate strategies to adapt to local institutions and influence government policy. The authors extend the analysis of strategic patenting to emerging markets.Government-business relations and strategic patenting: evidence from China's patent boom
Ruoyan Zhu, Yin Li, Li Tang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of the study is to propose a new perspective to explain how China's rapid growth in patenting is partially driven by corporate strategic patenting to influence local governments. The authors highlight the role of strategic patenting and local government-business relations in creating the gap between the patent boom and underlying technological progress in China.

The authors investigate the relationship between local government-business relations and corporate strategic patenting behaviors, measured as a higher ratio of patent filings to patent awards, by collecting data from three successive NADS surveys of government-business relations in 292 Chinese municipalities, paired with detailed patenting and subsidy data of 3,756 publicly listed corporations obtained through text mining.

The authors find that, while R&D investment and patent subsidies do drive corporate patenting, firms in jurisdictions with lower-quality government-business relations are more likely to engage in strategic patenting. Moreover, the negative impact of government-business relations on strategic patenting is moderated by political connections, as the strategic patenting of firms without political connections is more sensitive to government-business relations. The authors further show that firms obtain significant benefits from patenting in the form of additional subsidies from local innovation and industrial policies in the years following.

Rolling back patent subsidies will reduce strategic patenting to a limited extent. The local governments in emerging markets need to increase the capacity to implement industrial policy and provide market-based opportunities for firms to access innovation inputs.

The authors provide an updated and fresh perspective to understand the phenomenon of China's patent boom by showing that patenting can be driven by corporate strategies to adapt to local institutions and influence government policy. The authors extend the analysis of strategic patenting to emerging markets.

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Government-business relations and strategic patenting: evidence from China's patent boom10.1108/IJOEM-08-2022-1255International Journal of Emerging Markets2023-04-19© 2023 Emerald Publishing LimitedRuoyan ZhuYin LiLi TangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-1910.1108/IJOEM-08-2022-1255https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1255/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Nash equilibrium in emerging partnership-based Islamic banking industry with a Bayesian game-theoretic approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1274/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestA hypothesis developed in this paper models the relationship between the borrower and the bank as a dynamic game based on incomplete information (business game) and seeks an equilibrium point at which the facilitated applicant can act according to the terms of the loan agreement once the contract is signed and meet the requirements of the contract. The primary assumption in the formation of the Islamic bank in Islamic society is that the members of the society are Muslims and act according to religious orders. However, the non-fulfillment of divine principles and orders is always possible. In partnership agreements, the risk of infringement is reduced and corrupt contracts are prevented in some circumstances. Our basic model was constructed using the Beer-Quiche classic game, which has been modified dynamically along with a generalization of complexity terms. The information asymmetry led us to use a heterogeneous belief system to evaluate the probability of the customer transmitting a low credit risk signal to the bank and the probability of the customer transmitting a high credit risk signal to the bank. There are several assumptions of the basic model that are released in the extended model by the presence of a social inspector, by exploring credit risk signals in the generalized model and by considering various commitment levels in the comprehensive model. As a result, it is observed that there is no Nash equilibrium in cases where the customer applies separation strategies. But if the pulling strategies are applied, the Nash equilibrium can be achieved under certain conditions, including inspection bodies in the banking system, the creation of necessary transparency and the proper treatment of criminals by government and regulatory bodies. So, by using alternative belief systems, applying different filters and paying attention to all sectors of the economy, new Nash equilibrium points can be achieved. Moreover, multi-stage facilities payment reduces the risk of corrupt contracts. This paper sets out to analyze Nash Equilibrium and its possible encounter in Islamic Banking for the first time, utilizing a Bayesian Game-Theoretic framework. A major aspect of the research is the contribution to a better understanding of the role of transparency and government oversight in the implementation of Islamic banking regulatory standards.Nash equilibrium in emerging partnership-based Islamic banking industry with a Bayesian game-theoretic approach
Mahdi Ghaemi Asl, Ali Ghasemoghli, Rabeh Khalfaoui
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

A hypothesis developed in this paper models the relationship between the borrower and the bank as a dynamic game based on incomplete information (business game) and seeks an equilibrium point at which the facilitated applicant can act according to the terms of the loan agreement once the contract is signed and meet the requirements of the contract.

The primary assumption in the formation of the Islamic bank in Islamic society is that the members of the society are Muslims and act according to religious orders. However, the non-fulfillment of divine principles and orders is always possible. In partnership agreements, the risk of infringement is reduced and corrupt contracts are prevented in some circumstances. Our basic model was constructed using the Beer-Quiche classic game, which has been modified dynamically along with a generalization of complexity terms. The information asymmetry led us to use a heterogeneous belief system to evaluate the probability of the customer transmitting a low credit risk signal to the bank and the probability of the customer transmitting a high credit risk signal to the bank. There are several assumptions of the basic model that are released in the extended model by the presence of a social inspector, by exploring credit risk signals in the generalized model and by considering various commitment levels in the comprehensive model.

As a result, it is observed that there is no Nash equilibrium in cases where the customer applies separation strategies. But if the pulling strategies are applied, the Nash equilibrium can be achieved under certain conditions, including inspection bodies in the banking system, the creation of necessary transparency and the proper treatment of criminals by government and regulatory bodies. So, by using alternative belief systems, applying different filters and paying attention to all sectors of the economy, new Nash equilibrium points can be achieved. Moreover, multi-stage facilities payment reduces the risk of corrupt contracts.

This paper sets out to analyze Nash Equilibrium and its possible encounter in Islamic Banking for the first time, utilizing a Bayesian Game-Theoretic framework. A major aspect of the research is the contribution to a better understanding of the role of transparency and government oversight in the implementation of Islamic banking regulatory standards.

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Nash equilibrium in emerging partnership-based Islamic banking industry with a Bayesian game-theoretic approach10.1108/IJOEM-08-2022-1274International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedMahdi Ghaemi AslAli GhasemoghliRabeh KhalfaouiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-08-2022-1274https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1274/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Business model transformation: what is known and what is to be further developed?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1282/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper presents a systematic literature review on business model transformation (BMT). The aim of the study is to determine the main research streams in BMT literature, develop a conceptual model on BMT research, and identify potential directions for future research. The authors use systematic literature review approach and provide a detailed protocol to meet reliability requirements. The study is based on the multilayer in-depth analysis of 92 articles published in leading international journal in general management, international business, strategy, innovation, and organization studies. The paper identifies a crucial importance of further research on BMT with regards to the context specificity of a company's country of origin, transformation of value delivery and value capture blocks of BMs, entrepreneurial techniques of BMT management, and international aspects of BMT. By a means of systematic literature review, the paper envisages the current state of knowledge about BMT, traces the development of BMT research, classifies it, and identifies potential directions for future inquiries.Business model transformation: what is known and what is to be further developed?
Aleksandra Selezneva, Anna Veselova, Amitabh Anand
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The paper presents a systematic literature review on business model transformation (BMT). The aim of the study is to determine the main research streams in BMT literature, develop a conceptual model on BMT research, and identify potential directions for future research.

The authors use systematic literature review approach and provide a detailed protocol to meet reliability requirements. The study is based on the multilayer in-depth analysis of 92 articles published in leading international journal in general management, international business, strategy, innovation, and organization studies.

The paper identifies a crucial importance of further research on BMT with regards to the context specificity of a company's country of origin, transformation of value delivery and value capture blocks of BMs, entrepreneurial techniques of BMT management, and international aspects of BMT.

By a means of systematic literature review, the paper envisages the current state of knowledge about BMT, traces the development of BMT research, classifies it, and identifies potential directions for future inquiries.

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Business model transformation: what is known and what is to be further developed?10.1108/IJOEM-08-2022-1282International Journal of Emerging Markets2023-06-19© 2023 Emerald Publishing LimitedAleksandra SeleznevaAnna VeselovaAmitabh AnandInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1910.1108/IJOEM-08-2022-1282https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1282/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Move to innovation: place-based industrial relocation policy and firm innovation in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1299/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates whether and how place-based industrial relocation policy affects firm innovation. By exploiting the establishment of China's National Industrial Relocation Demonstration Zones (NIRDZs) as a quasi-natural experiment in a difference-in-differences design, the authors examine the externalities of industrial policies that support sustainable development and growth from the perspectives of firms' patenting activities. The study consistently finds that the NIRDZs policy significantly boosts local firm innovation, translating into a 60.46% increase in the patent applications of treated firms. The estimation results remain robust to a series of alternative specifications. Moreover, heterogeneity analysis suggests that the firms that benefited most were state-owned enterprises, firms with higher productivity, or firms in non-high-tech industries. Further, the authors find that the NIRDZs policy stimulates firm innovation mainly in the form of utility model patents, followed by designs and invention patents. The results provide suggestions and implications for policymakers to improve the efficiency of state-led industrial policies and avoid “government failure” in policy implementation. This study provides suggestions and implications for policymakers to improve the efficiency of state-led industrial policies and avoid “government failure” in the policy implementation. This study fills the research gap by exploiting quasi-experiments to assess the effectiveness of state-led industrial policies for emerging economies. (2) The analysis sheds empirical light on how corporate innovation is motivated and financed by selective and functional industrial policies. (3) Theoretically, the results rationalize why state-led industrial relocation fuel innovation capabilities of localities from Marshall externalities and competition crowding-out effects.Move to innovation: place-based industrial relocation policy and firm innovation in China
Xian Zheng, Jinchuan Huang, Ziqing Yuan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates whether and how place-based industrial relocation policy affects firm innovation.

By exploiting the establishment of China's National Industrial Relocation Demonstration Zones (NIRDZs) as a quasi-natural experiment in a difference-in-differences design, the authors examine the externalities of industrial policies that support sustainable development and growth from the perspectives of firms' patenting activities.

The study consistently finds that the NIRDZs policy significantly boosts local firm innovation, translating into a 60.46% increase in the patent applications of treated firms. The estimation results remain robust to a series of alternative specifications. Moreover, heterogeneity analysis suggests that the firms that benefited most were state-owned enterprises, firms with higher productivity, or firms in non-high-tech industries. Further, the authors find that the NIRDZs policy stimulates firm innovation mainly in the form of utility model patents, followed by designs and invention patents.

The results provide suggestions and implications for policymakers to improve the efficiency of state-led industrial policies and avoid “government failure” in policy implementation.

This study provides suggestions and implications for policymakers to improve the efficiency of state-led industrial policies and avoid “government failure” in the policy implementation.

This study fills the research gap by exploiting quasi-experiments to assess the effectiveness of state-led industrial policies for emerging economies. (2) The analysis sheds empirical light on how corporate innovation is motivated and financed by selective and functional industrial policies. (3) Theoretically, the results rationalize why state-led industrial relocation fuel innovation capabilities of localities from Marshall externalities and competition crowding-out effects.

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Move to innovation: place-based industrial relocation policy and firm innovation in China10.1108/IJOEM-08-2022-1299International Journal of Emerging Markets2023-04-13© 2023 Emerald Publishing LimitedXian ZhengJinchuan HuangZiqing YuanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-1310.1108/IJOEM-08-2022-1299https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1299/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Corporate entrepreneurship in a collectivist culture: the role of time availabilityhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1304/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate whether the model containing five organisational determinants of corporate entrepreneurship developed by Kuratko, Hornsby and Covin is valid in Serbia. The model was tested on a sample that included managers and employees from four banks in Serbia. The Corporate Entrepreneurship Assessment Instrument (CEAI) was used as the research instrument and factor analysis was used as the basic statistical method. This study examined whether the 48 items that compose the CEAI could be grouped in the context of the national culture of Serbia to provide the five determinants that were identified by Kuratko, Hornsby and Covin. The results show that the factor analysis identified four determinants identical to those in the CEAI model. However, time availability failed the validity test in previous studies conducted in Serbia and other countries with collectivist cultures. It can be concluded that collectivism connected with high-power distance, uncertainty avoidance and the polychromatic concept of time caused the cultural limitation of time availability as a determinant of corporate entrepreneurship. This study indicates that national culture could be a factor that determines the validity of organisational determinants of corporate entrepreneurship and that these factors cannot be taken for granted in cultures other than those in which the theory of corporate entrepreneurship arose. Finally, corporate entrepreneurship has been investigated in the banking industry, which is unusual because it is globally renowned for its conservatism.Corporate entrepreneurship in a collectivist culture: the role of time availability
Nebojša Janićijević, Ljiljana Kontić
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate whether the model containing five organisational determinants of corporate entrepreneurship developed by Kuratko, Hornsby and Covin is valid in Serbia.

The model was tested on a sample that included managers and employees from four banks in Serbia. The Corporate Entrepreneurship Assessment Instrument (CEAI) was used as the research instrument and factor analysis was used as the basic statistical method. This study examined whether the 48 items that compose the CEAI could be grouped in the context of the national culture of Serbia to provide the five determinants that were identified by Kuratko, Hornsby and Covin.

The results show that the factor analysis identified four determinants identical to those in the CEAI model. However, time availability failed the validity test in previous studies conducted in Serbia and other countries with collectivist cultures. It can be concluded that collectivism connected with high-power distance, uncertainty avoidance and the polychromatic concept of time caused the cultural limitation of time availability as a determinant of corporate entrepreneurship.

This study indicates that national culture could be a factor that determines the validity of organisational determinants of corporate entrepreneurship and that these factors cannot be taken for granted in cultures other than those in which the theory of corporate entrepreneurship arose. Finally, corporate entrepreneurship has been investigated in the banking industry, which is unusual because it is globally renowned for its conservatism.

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Corporate entrepreneurship in a collectivist culture: the role of time availability10.1108/IJOEM-08-2022-1304International Journal of Emerging Markets2023-07-27© 2023 Emerald Publishing LimitedNebojša JanićijevićLjiljana KontićInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-2710.1108/IJOEM-08-2022-1304https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1304/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Corporate philanthropy and corporate social irresponsibility during the COVID-19 pandemic: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1310/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the perspective of corporate philanthropy during the coronavirus disease 2019 (COVID-19) in China for firms with various levels of corporate social responsibility (CSR). Specifically, the study appraises the impact of the COVID-19 pandemic on the stock returns and sustainable development of Chinese-listed companies and determines the likelihood of paying donations vis-à-vis firm reputation. The study used data from 117 Chinese-listed firms engaged in philanthropy during the COVID-19 pandemic. The authors also utilized the stock returns and cash donation data, and owing to the cross-sectional data and continuous nature of dependent variables, they employed the ordinary least squares regression to test the research hypotheses. The results show that irresponsible actions have a positive relationship with donations. The study particularly reveals that irresponsible firms have significant negative abnormal returns during the first wave of the COVID-19 pandemic. To the best of our knowledge, this is the first empirical study to explore the perspective of corporate philanthropy during the COVID-19 pandemic for companies with different CSR levels. This study contributes to the empirical research on CSR and provides insights for managerial-cum-financial decisions to encourage managers of irresponsible firms to pursue philanthropic behaviors after crisis events.Corporate philanthropy and corporate social irresponsibility during the COVID-19 pandemic: evidence from China
Muhammad Ishfaq Ahmad, Martin Cepel, Enrico Battisti, Ramiz Ur Rehman
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the perspective of corporate philanthropy during the coronavirus disease 2019 (COVID-19) in China for firms with various levels of corporate social responsibility (CSR). Specifically, the study appraises the impact of the COVID-19 pandemic on the stock returns and sustainable development of Chinese-listed companies and determines the likelihood of paying donations vis-à-vis firm reputation.

The study used data from 117 Chinese-listed firms engaged in philanthropy during the COVID-19 pandemic. The authors also utilized the stock returns and cash donation data, and owing to the cross-sectional data and continuous nature of dependent variables, they employed the ordinary least squares regression to test the research hypotheses.

The results show that irresponsible actions have a positive relationship with donations. The study particularly reveals that irresponsible firms have significant negative abnormal returns during the first wave of the COVID-19 pandemic.

To the best of our knowledge, this is the first empirical study to explore the perspective of corporate philanthropy during the COVID-19 pandemic for companies with different CSR levels. This study contributes to the empirical research on CSR and provides insights for managerial-cum-financial decisions to encourage managers of irresponsible firms to pursue philanthropic behaviors after crisis events.

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Corporate philanthropy and corporate social irresponsibility during the COVID-19 pandemic: evidence from China10.1108/IJOEM-08-2022-1310International Journal of Emerging Markets2023-05-25© 2023 Emerald Publishing LimitedMuhammad Ishfaq AhmadMartin CepelEnrico BattistiRamiz Ur RehmanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-2510.1108/IJOEM-08-2022-1310https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1310/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The influence of e-satisfaction on users' e-loyalty toward e-wallet payment apps: a mediated-moderated modelhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1313/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this study is to investigate the antecedent factors influencing e-loyalty toward e-wallet payment apps in developing countries (e.g. Jordan). This study also investigates the mediating role of perceived usefulness (PU) and the moderating role of electronic word of mouth (e-WOM) toward these apps. An online questionnaire was used for data collection from 251 actual users of e-wallet payment apps. To estimate and test the research-proposed model, the partial least squares structural equation modeling (PLS-SEM) was employed. The results mainly confirm that perceived trust (PT), perceived financial cost (PFC) and perceived ease of use were found to be determinants of PU; perceived security (PS), PT, PFC, perceived ease of use and perceived enjoyment (PE) were found to be determinants of e-satisfaction, whereas e-satisfaction and e-WOM were found to be determinants of e-loyalty toward e-wallet payment apps. Likewise, the results support the significant effect of the moderating effect of e-WOM. Conversely, the direct and indirect impact of PU and perceived health benefits (PHB) on e-satisfaction is not supported; therefore, hypotheses H4, H5 and H9 were rejected. This study contributes to the understanding of the critical success factors underlying e-wallet apps during and post-COVID-19 era, which can help policymakers in banks and other financial institutions (service providers) to increase the diffusion rate of financial inclusion by the usage of e-wallet apps.The influence of e-satisfaction on users' e-loyalty toward e-wallet payment apps: a mediated-moderated model
Manaf Al-Okaily
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this study is to investigate the antecedent factors influencing e-loyalty toward e-wallet payment apps in developing countries (e.g. Jordan). This study also investigates the mediating role of perceived usefulness (PU) and the moderating role of electronic word of mouth (e-WOM) toward these apps.

An online questionnaire was used for data collection from 251 actual users of e-wallet payment apps. To estimate and test the research-proposed model, the partial least squares structural equation modeling (PLS-SEM) was employed.

The results mainly confirm that perceived trust (PT), perceived financial cost (PFC) and perceived ease of use were found to be determinants of PU; perceived security (PS), PT, PFC, perceived ease of use and perceived enjoyment (PE) were found to be determinants of e-satisfaction, whereas e-satisfaction and e-WOM were found to be determinants of e-loyalty toward e-wallet payment apps. Likewise, the results support the significant effect of the moderating effect of e-WOM. Conversely, the direct and indirect impact of PU and perceived health benefits (PHB) on e-satisfaction is not supported; therefore, hypotheses H4, H5 and H9 were rejected.

This study contributes to the understanding of the critical success factors underlying e-wallet apps during and post-COVID-19 era, which can help policymakers in banks and other financial institutions (service providers) to increase the diffusion rate of financial inclusion by the usage of e-wallet apps.

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The influence of e-satisfaction on users' e-loyalty toward e-wallet payment apps: a mediated-moderated model10.1108/IJOEM-08-2022-1313International Journal of Emerging Markets2023-10-19© 2023 Emerald Publishing LimitedManaf Al-OkailyInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-10-1910.1108/IJOEM-08-2022-1313https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1313/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The impact of leadership behaviors on startup's entrepreneurship in Vietnamese Southern areas in the time of Covid-19https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1314/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper examines the impact of leadership behaviors on startup's entrepreneurship in Vietnamese southern areas in the time of Covid-19. The paper uses OLS regression model to evaluate the impact of leadership behaviors on startup's entrepreneurship in Vietnamese southern areas. Besides, the paper also uses AHP method to identify the factors that influence leadership behaviors in startups in the context of economic shock like the Covid-19 pandemic. Results reveal that the transformational leadership behavior has a positive correlation with startup's entrepreneurship while the transactional and laissez-faire leadership behaviors are negatively related to startup's entrepreneurship. In addition, using AHP method, certain determinants of leadership behaviors in startups have been specified; among which, the most profound influencing factors are respectively hi-tech use (0.081), training policy (0.079) and check (0.78). In contrast, the factors with negligible impacts include recruitment policy (0.004) and culture (0.037) in startups in the context of economic shock like the Covid-19 pandemic. This research only evaluates this impact in the Covid-19 times. In the future, comparisons between the time after the Covid-19 at traditional enterprises and state enterprises are to be done to clarify the difference of this impact. By using OLS model and AHP model with the data collected from 209 start-ups, the paper examines the impact of leadership behaviors on start-up's entrepreneurship in the time context of economic shock like the Covid-19 pandemic and propose some recommendations to enhance entrepreneurship in startups in the developing countries. This study is a step forward in the entrepreneurship research branch that investigates the entrepreneurship issue from the perspectives of social and interpersonal processes. With the identification of the leadership behaviors’ role in shaping start-up's entrepreneurship come highly applicable implications towards the emergence of more effective entrepreneurial startups in the time of Covid-19 and this prevalent digital context. With the identification of the leadership behaviors' role in shaping startup's entrepreneurship come highly applicable implications toward the emergence of more effective entrepreneurial startups in the time of Covid-19 and this prevalent digital context. This study is conducted to analyze the impact of leadership behaviors on startup's entrepreneurship in the southern areas of Viet Nam having the most startups but affected the most seriously by the Covid-19 pandemic, which has not research on this topic for startups in a developing country like Vietnam in the context of an economic shock.The impact of leadership behaviors on startup's entrepreneurship in Vietnamese Southern areas in the time of Covid-19
Thi-Hong-Diep Pham, Quoc Hoi Le, Huong Ho
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper examines the impact of leadership behaviors on startup's entrepreneurship in Vietnamese southern areas in the time of Covid-19.

The paper uses OLS regression model to evaluate the impact of leadership behaviors on startup's entrepreneurship in Vietnamese southern areas. Besides, the paper also uses AHP method to identify the factors that influence leadership behaviors in startups in the context of economic shock like the Covid-19 pandemic.

Results reveal that the transformational leadership behavior has a positive correlation with startup's entrepreneurship while the transactional and laissez-faire leadership behaviors are negatively related to startup's entrepreneurship. In addition, using AHP method, certain determinants of leadership behaviors in startups have been specified; among which, the most profound influencing factors are respectively hi-tech use (0.081), training policy (0.079) and check (0.78). In contrast, the factors with negligible impacts include recruitment policy (0.004) and culture (0.037) in startups in the context of economic shock like the Covid-19 pandemic.

This research only evaluates this impact in the Covid-19 times. In the future, comparisons between the time after the Covid-19 at traditional enterprises and state enterprises are to be done to clarify the difference of this impact.

By using OLS model and AHP model with the data collected from 209 start-ups, the paper examines the impact of leadership behaviors on start-up's entrepreneurship in the time context of economic shock like the Covid-19 pandemic and propose some recommendations to enhance entrepreneurship in startups in the developing countries.

This study is a step forward in the entrepreneurship research branch that investigates the entrepreneurship issue from the perspectives of social and interpersonal processes. With the identification of the leadership behaviors’ role in shaping start-up's entrepreneurship come highly applicable implications towards the emergence of more effective entrepreneurial startups in the time of Covid-19 and this prevalent digital context.

With the identification of the leadership behaviors' role in shaping startup's entrepreneurship come highly applicable implications toward the emergence of more effective entrepreneurial startups in the time of Covid-19 and this prevalent digital context. This study is conducted to analyze the impact of leadership behaviors on startup's entrepreneurship in the southern areas of Viet Nam having the most startups but affected the most seriously by the Covid-19 pandemic, which has not research on this topic for startups in a developing country like Vietnam in the context of an economic shock.

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The impact of leadership behaviors on startup's entrepreneurship in Vietnamese Southern areas in the time of Covid-1910.1108/IJOEM-08-2022-1314International Journal of Emerging Markets2023-09-12© 2023 Emerald Publishing LimitedThi-Hong-Diep PhamQuoc Hoi LeHuong HoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-1210.1108/IJOEM-08-2022-1314https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1314/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Social media and the bottom of the pyramid: a systematic literature review and future research agendahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1340/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study aims to present a systematic literature review (SLR) to understand the current status of research on social media usage among the bottom of the pyramid (BOP). The purpose of this study is to identify the research gaps in this domain and review future research agendas by using theory, context, characteristics and methods [TCCM] framework. An SLR, keywords co-occurrence and TCCM analysis were used to analyse and synthesize insights from 44 studies gained from Web of Science and Scopus databases. The findings suggest that the USA and India are popular contexts for studying BOP. The BOP population uses social media to gain utilitarian, hedonic and social values. Further, social media can help BOP explore “entrepreneurship” opportunities, value co-creation and bring innovations. This study expands the intellectual boundaries of social media at BOP and suggests multidisciplinary research. Additionally, adopting novel theoretical lenses helped determine social media's impact on BOP.Social media and the bottom of the pyramid: a systematic literature review and future research agenda
Jitender Kumar, Archit Vinod Tapar, Somraj Bhattacharjee
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study aims to present a systematic literature review (SLR) to understand the current status of research on social media usage among the bottom of the pyramid (BOP). The purpose of this study is to identify the research gaps in this domain and review future research agendas by using theory, context, characteristics and methods [TCCM] framework.

An SLR, keywords co-occurrence and TCCM analysis were used to analyse and synthesize insights from 44 studies gained from Web of Science and Scopus databases.

The findings suggest that the USA and India are popular contexts for studying BOP. The BOP population uses social media to gain utilitarian, hedonic and social values. Further, social media can help BOP explore “entrepreneurship” opportunities, value co-creation and bring innovations.

This study expands the intellectual boundaries of social media at BOP and suggests multidisciplinary research. Additionally, adopting novel theoretical lenses helped determine social media's impact on BOP.

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Social media and the bottom of the pyramid: a systematic literature review and future research agenda10.1108/IJOEM-08-2022-1340International Journal of Emerging Markets2023-05-29© 2023 Emerald Publishing LimitedJitender KumarArchit Vinod TaparSomraj BhattacharjeeInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-2910.1108/IJOEM-08-2022-1340https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2022-1340/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Understanding corruption in India: determinants, nonlinear dynamics and policy implicationshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2023-1273/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this research is to evaluate corruption in the context of India, spanning the period between 1988 and 2021. Additionally, it aims to provide an in-depth comprehension of the factors that drive its prevalence and to propose policy directives for addressing these underlying issues. The study instead of relying on perception-based measures, takes a distinct approach by formulating a corruption index derived from reported instances, thus ensuring a more objective assessment. Furthermore, we employ stochastic frontier analysis to tackle the issue of under-reporting within the corruption index based on reported cases. Subsequently, an auto regressive distributed lag (ARDL) methodology is applied to ascertain the principal drivers of corruption, encompassing both long and short factors. This study reveals that corruption in India is notably influenced by economic growth and income inequality. Conversely, government effectiveness and globalization display a tendency to mitigate corruption. However, our rigorous analysis demonstrates that financial development does not wield a substantial influence in our study. Moreover, our inquiry uncovers a nonlinear relationship between economic growth and corruption. Additionally, we ascertain that the long run and short run impacts of corruption remain relatively stable across both models utilized in our study. This study differs from previous research in the subsequent manners. Primarily, we employed an objective measure to formulate the corruption index, coupled with addressing the underreporting issues via stochastic frontier analysis. Moreover, this study pioneers the identification of a non-linear relationship between corruption and economic growth within the Indian context, a facet unexplored in previous investigations.Understanding corruption in India: determinants, nonlinear dynamics and policy implications
Kumar Shaurav, Abdhut Deheri, Badri Narayan Rath
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this research is to evaluate corruption in the context of India, spanning the period between 1988 and 2021. Additionally, it aims to provide an in-depth comprehension of the factors that drive its prevalence and to propose policy directives for addressing these underlying issues.

The study instead of relying on perception-based measures, takes a distinct approach by formulating a corruption index derived from reported instances, thus ensuring a more objective assessment. Furthermore, we employ stochastic frontier analysis to tackle the issue of under-reporting within the corruption index based on reported cases. Subsequently, an auto regressive distributed lag (ARDL) methodology is applied to ascertain the principal drivers of corruption, encompassing both long and short factors.

This study reveals that corruption in India is notably influenced by economic growth and income inequality. Conversely, government effectiveness and globalization display a tendency to mitigate corruption. However, our rigorous analysis demonstrates that financial development does not wield a substantial influence in our study. Moreover, our inquiry uncovers a nonlinear relationship between economic growth and corruption. Additionally, we ascertain that the long run and short run impacts of corruption remain relatively stable across both models utilized in our study.

This study differs from previous research in the subsequent manners. Primarily, we employed an objective measure to formulate the corruption index, coupled with addressing the underreporting issues via stochastic frontier analysis. Moreover, this study pioneers the identification of a non-linear relationship between corruption and economic growth within the Indian context, a facet unexplored in previous investigations.

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Understanding corruption in India: determinants, nonlinear dynamics and policy implications10.1108/IJOEM-08-2023-1273International Journal of Emerging Markets2024-02-06© 2024 Emerald Publishing LimitedKumar ShauravAbdhut DeheriBadri Narayan RathInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-0610.1108/IJOEM-08-2023-1273https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2023-1273/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Fostering entrepreneurship and development in rural mountainous regions: the role of SEZs and local economic dynamics in Gilgit-Baltistanhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2023-1310/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the perceptions and opinions of relevant stakeholders regarding entrepreneurship opportunities and growth in the Gilgit-Baltistan (GB) province of Pakistan. Specifically, it focuses on the role of special economic zones (SEZs), such as Maqpondass SEZ and the China–Pakistan Economic Corridor (CPEC), in fostering nascent entrepreneurship (NE) and promoting regional development. The study employs ordered logistic regression to estimate the relationship between various independent variables and nascent entrepreneurship (NE). The independent variables include awareness of CPEC (AAC), awareness of Maqpondass SEZ (AAMEZ), SEZ incentives (SEZInc), regional market competitiveness (RMC), loan availability (LA) and education and experience (EE). The findings indicate a robust positive relationship between SEZ-based industries and the growth of local small businesses and enterprises in Gilgit-Baltistan. Furthermore, the study suggests that government incentives, access to finance, skill development, relevant knowledge, and connections with local businesses facilitate the establishment of new ventures. The study underscores the importance of focusing on human capital development, providing financial assistance, and creating incentives for adopting advanced technology to foster the growth of local businesses in Gilgit-Baltistan through SEZs. It emphasizes the need for policymakers and stakeholders to prioritize initiatives that support entrepreneurship and innovation in the region. This study contributes to the existing literature by providing novel insights into the perceptions of entrepreneurship development in Gilgit-Baltistan, particularly concerning the influence of natural resources and SEZs. It fills a gap in the research by offering valuable implications for policymakers, researchers, and practitioners seeking to promote sustainable economic development in the region.Fostering entrepreneurship and development in rural mountainous regions: the role of SEZs and local economic dynamics in Gilgit-Baltistan
Sajida Batool, Saranjam Baig, Mehmood Khalid, Khalid Mehmood Alam
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the perceptions and opinions of relevant stakeholders regarding entrepreneurship opportunities and growth in the Gilgit-Baltistan (GB) province of Pakistan. Specifically, it focuses on the role of special economic zones (SEZs), such as Maqpondass SEZ and the China–Pakistan Economic Corridor (CPEC), in fostering nascent entrepreneurship (NE) and promoting regional development.

The study employs ordered logistic regression to estimate the relationship between various independent variables and nascent entrepreneurship (NE). The independent variables include awareness of CPEC (AAC), awareness of Maqpondass SEZ (AAMEZ), SEZ incentives (SEZInc), regional market competitiveness (RMC), loan availability (LA) and education and experience (EE).

The findings indicate a robust positive relationship between SEZ-based industries and the growth of local small businesses and enterprises in Gilgit-Baltistan. Furthermore, the study suggests that government incentives, access to finance, skill development, relevant knowledge, and connections with local businesses facilitate the establishment of new ventures.

The study underscores the importance of focusing on human capital development, providing financial assistance, and creating incentives for adopting advanced technology to foster the growth of local businesses in Gilgit-Baltistan through SEZs. It emphasizes the need for policymakers and stakeholders to prioritize initiatives that support entrepreneurship and innovation in the region.

This study contributes to the existing literature by providing novel insights into the perceptions of entrepreneurship development in Gilgit-Baltistan, particularly concerning the influence of natural resources and SEZs. It fills a gap in the research by offering valuable implications for policymakers, researchers, and practitioners seeking to promote sustainable economic development in the region.

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Fostering entrepreneurship and development in rural mountainous regions: the role of SEZs and local economic dynamics in Gilgit-Baltistan10.1108/IJOEM-08-2023-1310International Journal of Emerging Markets2024-03-21© 2024 Emerald Publishing LimitedSajida BatoolSaranjam BaigMehmood KhalidKhalid Mehmood AlamInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-2110.1108/IJOEM-08-2023-1310https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2023-1310/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Non-financial sustainability reporting and firm reputation. Evidence from Chinese listed companieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2023-1319/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study highlights the influence of non-financial sustainability reporting and firm reputation (FR) on the China Stock Exchange. The study is based on the components of sustainability reporting that influence FR. A simple ordinary least squares (OLS) regression model is initially run to test the hypotheses. Advanced econometric methods are used to detect the presence of heteroskedasticity. The study utilizes fixed-effect, two-stage least squares (2SLS) and two-step generalized method of moments (GMM) regression models to address endogeneity issues. Findings suggest that NFSR has a negative influence on FR. Conversely, environmental, social and governance (ESG) sustainability reporting exhibited positive associations with a FR in fixed-effect, 2SLS and GMM results. This study has limitations, and data collection is restricted to the period from January 2018 to June 2023, limiting the scope of findings due to data constraints. Brand equity measurement is considered only one aspect of a company's activities, and other methods can also be considered for measuring brand equity. Another limitation is a standardized method for measuring NFSR. While this study used the Arianpoor and Salehi (2021) model to measure sustainability reporting in the Chinese market, future research could explore different methods. The findings of this study have important practical implications for corporate management, highlighting reputation challenges and the strategic importance of sustainability. Managers are encouraged to use NFSR strategically to enhance their reputation and corporate strategy. The social implications highlight ownership and regulatory structures, promoting enhanced sustainability reporting in China's business culture. This insight informs policymakers, businesses and stakeholders regarding the importance of sustainability reporting, guiding decisions on corporate reputation and sustainability regulations. The research indicates the importance of context-specific sustainability reporting for enhancing reputation. It provides insights into sustainability's impact on a company's reputation, promoting responsible practices for a sustainable global economy. To the best of the authors' knowledge, this is the first research that utilizes the NFSR frameworks and a sample of firms in China to discuss sustainability reporting with different guidelines.Non-financial sustainability reporting and firm reputation. Evidence from Chinese listed companies
Zain Ul Abideen, Han Fuling
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study highlights the influence of non-financial sustainability reporting and firm reputation (FR) on the China Stock Exchange. The study is based on the components of sustainability reporting that influence FR.

A simple ordinary least squares (OLS) regression model is initially run to test the hypotheses. Advanced econometric methods are used to detect the presence of heteroskedasticity. The study utilizes fixed-effect, two-stage least squares (2SLS) and two-step generalized method of moments (GMM) regression models to address endogeneity issues.

Findings suggest that NFSR has a negative influence on FR. Conversely, environmental, social and governance (ESG) sustainability reporting exhibited positive associations with a FR in fixed-effect, 2SLS and GMM results.

This study has limitations, and data collection is restricted to the period from January 2018 to June 2023, limiting the scope of findings due to data constraints. Brand equity measurement is considered only one aspect of a company's activities, and other methods can also be considered for measuring brand equity. Another limitation is a standardized method for measuring NFSR. While this study used the Arianpoor and Salehi (2021) model to measure sustainability reporting in the Chinese market, future research could explore different methods.

The findings of this study have important practical implications for corporate management, highlighting reputation challenges and the strategic importance of sustainability. Managers are encouraged to use NFSR strategically to enhance their reputation and corporate strategy.

The social implications highlight ownership and regulatory structures, promoting enhanced sustainability reporting in China's business culture. This insight informs policymakers, businesses and stakeholders regarding the importance of sustainability reporting, guiding decisions on corporate reputation and sustainability regulations.

The research indicates the importance of context-specific sustainability reporting for enhancing reputation. It provides insights into sustainability's impact on a company's reputation, promoting responsible practices for a sustainable global economy. To the best of the authors' knowledge, this is the first research that utilizes the NFSR frameworks and a sample of firms in China to discuss sustainability reporting with different guidelines.

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Non-financial sustainability reporting and firm reputation. Evidence from Chinese listed companies10.1108/IJOEM-08-2023-1319International Journal of Emerging Markets2024-01-03© 2023 Emerald Publishing LimitedZain Ul AbideenHan FulingInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-0310.1108/IJOEM-08-2023-1319https://www.emerald.com/insight/content/doi/10.1108/IJOEM-08-2023-1319/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Generation “Z” willingness to participate in crowdshipping services to achieve sustainable last-mile delivery in emerging markethttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1345/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to provide trilogy in the emerging market for the establishment of business, economy and environment which is the new word for the development of any nation to attain sustainable development. This research explores the prospective crowdshipper's willingness to participate in crowdshipping services through a motivational factor. To understand the trend and future of this concept, Google Trends Analysis (GTA) has been used. The theoretical model has been validated empirically using a survey of 287 Indian (Generation Y and Z) urban participants, but focused is on Generation “Z” participants and subsequent analysis have been carried out using structural equation modelling. A theoretical framework has been developed connecting the various factions of the crowdsourcing process thus providing an overall view of the process strategy for logistics start-ups. This conceptual framework of sharing economy in emerging market can benefit the prospective suppliers and their target receivers. Particularly trust in crowdshipper plays a significant mediating role between subject factors and next generation user willingness to participate in crowdshipping services for sustainable last-mile delivery. The present theoretical foundations and frameworks have been studied to get an idea of the main aspects of the field. It has the potential to provide the impetus for collaboration with the various stakeholders thus achieving the sustainable development process. The practical inference of this study is the usability in terms of the plugin application for e-retailer in emerging markets.Generation “Z” willingness to participate in crowdshipping services to achieve sustainable last-mile delivery in emerging market
Chandra Kant Upadhyay, Vijayshri Tiwari, Vineet Tiwari
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to provide trilogy in the emerging market for the establishment of business, economy and environment which is the new word for the development of any nation to attain sustainable development. This research explores the prospective crowdshipper's willingness to participate in crowdshipping services through a motivational factor.

To understand the trend and future of this concept, Google Trends Analysis (GTA) has been used. The theoretical model has been validated empirically using a survey of 287 Indian (Generation Y and Z) urban participants, but focused is on Generation “Z” participants and subsequent analysis have been carried out using structural equation modelling.

A theoretical framework has been developed connecting the various factions of the crowdsourcing process thus providing an overall view of the process strategy for logistics start-ups. This conceptual framework of sharing economy in emerging market can benefit the prospective suppliers and their target receivers. Particularly trust in crowdshipper plays a significant mediating role between subject factors and next generation user willingness to participate in crowdshipping services for sustainable last-mile delivery.

The present theoretical foundations and frameworks have been studied to get an idea of the main aspects of the field. It has the potential to provide the impetus for collaboration with the various stakeholders thus achieving the sustainable development process. The practical inference of this study is the usability in terms of the plugin application for e-retailer in emerging markets.

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Generation “Z” willingness to participate in crowdshipping services to achieve sustainable last-mile delivery in emerging market10.1108/IJOEM-09-2021-1345International Journal of Emerging Markets2022-11-29© 2022 Emerald Publishing LimitedChandra Kant UpadhyayVijayshri TiwariVineet TiwariInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2910.1108/IJOEM-09-2021-1345https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1345/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Government influence on logistics and supply chain innovations: assessing implications for firm performance and societal impact in an emerging economyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1348/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestSignificant unexplored research gaps exist in relation to assessing how governments influence innovations in the logistics and supply chains of SMEs to mitigate risks. This study emphasizes the impacts of regulatory coercion and government subsidization on logistics and supply chain innovations and the corresponding effect of logistics and supply chain innovations on financial performance, logistics and supply chain robustness, green competitiveness, social and environmental responsibilities. Using a quantitative approach, partial least square structural equation modeling and a survey research design, data were collected and analyzed on 210 logistics and manufacturing firms. The results support the fundamentals of the stakeholder theory and natural resources-based view (NRBV) regarding the positive impacts of regulatory coercion and government subsidization on logistics and supply chain innovations. Furthermore, logistics and supply chain innovations significantly influenced firm performance (financial performance, logistics and supply chain robustness and green competitiveness) and societal impact (social and environmental responsibilities). Particularly, while logistics and supply chain innovations had insignificant influence on social and environmental responsibilities, the effects of logistics and supply chain robustness were significant. The study presents empirical findings on the impact of government influences on logistics and supply chain management and the corresponding implications for firms and society. Thus, this study contributes to corporate social responsibility (CSR) and logistics and supply chain literature and provides guidance for policymakers, industry players, scholars and practitioners.Government influence on logistics and supply chain innovations: assessing implications for firm performance and societal impact in an emerging economy
Charles Baah, Yaw Agyabeng-Mensah, Ebenezer Afum, Innocent Senyo Kwasi Acquah, Dacosta Essel
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Significant unexplored research gaps exist in relation to assessing how governments influence innovations in the logistics and supply chains of SMEs to mitigate risks. This study emphasizes the impacts of regulatory coercion and government subsidization on logistics and supply chain innovations and the corresponding effect of logistics and supply chain innovations on financial performance, logistics and supply chain robustness, green competitiveness, social and environmental responsibilities.

Using a quantitative approach, partial least square structural equation modeling and a survey research design, data were collected and analyzed on 210 logistics and manufacturing firms.

The results support the fundamentals of the stakeholder theory and natural resources-based view (NRBV) regarding the positive impacts of regulatory coercion and government subsidization on logistics and supply chain innovations. Furthermore, logistics and supply chain innovations significantly influenced firm performance (financial performance, logistics and supply chain robustness and green competitiveness) and societal impact (social and environmental responsibilities). Particularly, while logistics and supply chain innovations had insignificant influence on social and environmental responsibilities, the effects of logistics and supply chain robustness were significant.

The study presents empirical findings on the impact of government influences on logistics and supply chain management and the corresponding implications for firms and society. Thus, this study contributes to corporate social responsibility (CSR) and logistics and supply chain literature and provides guidance for policymakers, industry players, scholars and practitioners.

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Government influence on logistics and supply chain innovations: assessing implications for firm performance and societal impact in an emerging economy10.1108/IJOEM-09-2021-1348International Journal of Emerging Markets2023-02-27© 2023 Emerald Publishing LimitedCharles BaahYaw Agyabeng-MensahEbenezer AfumInnocent Senyo Kwasi AcquahDacosta EsselInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2710.1108/IJOEM-09-2021-1348https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1348/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The role of trust and e-WOM in the crowdfunding participation: the case of equity crowdfunding platforms in financial services in Iranhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1358/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe aim of this research is to examine the roles of trust and electronic word-of-mouth (e-WOM) in crowdfunding (CF) participation for equity CF by taking into account the following antecedents of trust and e-WOM: intrinsic motivation (IM), extrinsic motivation (EM), deterrents, venture quality (VQ), third-party seal (TPS), value congruence (VC) and perceived accreditation (PA). In this research, a survey among 408 active and potential funders in Iran was conducted. The statistical analysis used partial least squares structural equation modeling (PLS-SEM). The results of this research revealed a significant influence of trust and e-WOM on participation in CF for equity CF. Extrinsic motivation had the greatest impact on trust and VC had the greatest impact on e-WOM. This research extends the equity CF research area to CF success and considers the effects of some parameters on CF participation. This research provides many theoretical and practical implications.The role of trust and e-WOM in the crowdfunding participation: the case of equity crowdfunding platforms in financial services in Iran
Mehri Dehghani, Katarzyna Piwowar-Sulej, Ebrahim Salari, Daniele Leone, Fatemeh Habibollah
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The aim of this research is to examine the roles of trust and electronic word-of-mouth (e-WOM) in crowdfunding (CF) participation for equity CF by taking into account the following antecedents of trust and e-WOM: intrinsic motivation (IM), extrinsic motivation (EM), deterrents, venture quality (VQ), third-party seal (TPS), value congruence (VC) and perceived accreditation (PA).

In this research, a survey among 408 active and potential funders in Iran was conducted. The statistical analysis used partial least squares structural equation modeling (PLS-SEM).

The results of this research revealed a significant influence of trust and e-WOM on participation in CF for equity CF. Extrinsic motivation had the greatest impact on trust and VC had the greatest impact on e-WOM.

This research extends the equity CF research area to CF success and considers the effects of some parameters on CF participation. This research provides many theoretical and practical implications.

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The role of trust and e-WOM in the crowdfunding participation: the case of equity crowdfunding platforms in financial services in Iran10.1108/IJOEM-09-2021-1358International Journal of Emerging Markets2023-01-10© 2022 Emerald Publishing LimitedMehri DehghaniKatarzyna Piwowar-SulejEbrahim SalariDaniele LeoneFatemeh HabibollahInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-1010.1108/IJOEM-09-2021-1358https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1358/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
On the dynamics of expectations, uncertainty and economic growth: an empirical analysis for the case of Uruguayhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1360/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestFrom these data, the authors construct an uncertainty index through the use of a vector autoregressive (VAR) model to measure the impact of uncertainty on GDP, controlling for inflation, which may affect macroeconomic performance. Results indicate that uncertainty is negatively correlated with the economic cycle and the inter-annual variation of the biannual average product. This study empirically explores the dynamics of expectations of the Uruguayan manufacturing firms about industrial economic growth. This study explores the dynamics of the industrial economic growth expectations of Uruguayan manufacturing firms. The empirical research is based on firms' expectations data collected through a monthly survey carried out by the Chamber of Industries of Uruguay (CIU) in 2003–2018. Granger causality tests show that uncertainty Granger-causes industrial production growth and a one standard deviation shock on uncertainty generates a contraction in the industrial production growth rate. Finally, the authors use statistical and network tools to identify groups of firms with similar performance on expectations. Results show that higher uncertainty is associated with smaller, more interconnected groups of firms, and that the number of homogeneous groups and the distance between groups increases with uncertainty. These findings suggest that policies focused on the coordination of expectations can lead to the development of stable opinion groups. The paper introduces new data and new methodologies to analyze the dynamics of expectations of manufacturing firms about industrial economic growth. An empirical approach to compare expectations of firms is introduced.The occurrence of groups of opinion is tested.Central companies in the network of expectations are detected.More uncertainty implies a higher degree of discrepancy between the overall firm’s opinions and more compact opinion groups.On the dynamics of expectations, uncertainty and economic growth: an empirical analysis for the case of Uruguay
Juan Gabriel Brida, Bibiana Lanzilotta, Lucia Rosich
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

From these data, the authors construct an uncertainty index through the use of a vector autoregressive (VAR) model to measure the impact of uncertainty on GDP, controlling for inflation, which may affect macroeconomic performance. Results indicate that uncertainty is negatively correlated with the economic cycle and the inter-annual variation of the biannual average product.

This study empirically explores the dynamics of expectations of the Uruguayan manufacturing firms about industrial economic growth. This study explores the dynamics of the industrial economic growth expectations of Uruguayan manufacturing firms. The empirical research is based on firms' expectations data collected through a monthly survey carried out by the Chamber of Industries of Uruguay (CIU) in 2003–2018.

Granger causality tests show that uncertainty Granger-causes industrial production growth and a one standard deviation shock on uncertainty generates a contraction in the industrial production growth rate. Finally, the authors use statistical and network tools to identify groups of firms with similar performance on expectations. Results show that higher uncertainty is associated with smaller, more interconnected groups of firms, and that the number of homogeneous groups and the distance between groups increases with uncertainty. These findings suggest that policies focused on the coordination of expectations can lead to the development of stable opinion groups.

The paper introduces new data and new methodologies to analyze the dynamics of expectations of manufacturing firms about industrial economic growth.

  1. An empirical approach to compare expectations of firms is introduced.

  2. The occurrence of groups of opinion is tested.

  3. Central companies in the network of expectations are detected.

  4. More uncertainty implies a higher degree of discrepancy between the overall firm’s opinions and more compact opinion groups.

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On the dynamics of expectations, uncertainty and economic growth: an empirical analysis for the case of Uruguay10.1108/IJOEM-09-2021-1360International Journal of Emerging Markets2022-11-22© 2022 Emerald Publishing LimitedJuan Gabriel BridaBibiana LanzilottaLucia RosichInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2210.1108/IJOEM-09-2021-1360https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1360/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Outward foreign direct investment and the economic growth of Central, East and Southeast Europe: an asymmetric approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1388/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestPrevious studies have mostly estimated there to be a symmetric effect in the Foreign direct investment (FDI) inflow regarding the economic growth of Central, East and Southeast European (CESEE) countries. However, for the CESEE countries, as well as for the majority of countries around the world, there has been no study that has estimated the symmetric and asymmetric effect of outward FDI on economic growth. The main objective of this study is to estimate whether the relation between outward FDI and economic growth in CESEE countries is symmetric or asymmetric. This study includes a sample based on eight CESEE countries. The authors used the linear and non-linear autoregressive distributed lag (ARDL) model and annual data for the period from 1990 to 2020. In the long run, in the linear ARDL model, a significant symmetrical effect due to OFDI on the economic growth of Romania and Slovenia was found, while in the non-linear ARDL model, a significant asymmetric effect of OFDI on the economic growth of Bulgaria, Poland, Romania, Russia, Slovenia and Slovakia was found. In six out of the eight countries, asymmetry was found while symmetry was found in the other two. Poorer symmetry results can be ascribed to the lack of linear model neglecting the asymmetric behaviour of the positive and negative change decomposition as part of the OFDI movement, which leads to the wrong conclusion. This is the first study to evaluate the asymmetric effect of outward FDI on the economic growth of eight CESEE countries.Outward foreign direct investment and the economic growth of Central, East and Southeast Europe: an asymmetric approach
Safet Kurtovic, Blerim Halili, Nehat Maxhuni, Bujar Krasniqi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Previous studies have mostly estimated there to be a symmetric effect in the Foreign direct investment (FDI) inflow regarding the economic growth of Central, East and Southeast European (CESEE) countries. However, for the CESEE countries, as well as for the majority of countries around the world, there has been no study that has estimated the symmetric and asymmetric effect of outward FDI on economic growth. The main objective of this study is to estimate whether the relation between outward FDI and economic growth in CESEE countries is symmetric or asymmetric.

This study includes a sample based on eight CESEE countries. The authors used the linear and non-linear autoregressive distributed lag (ARDL) model and annual data for the period from 1990 to 2020.

In the long run, in the linear ARDL model, a significant symmetrical effect due to OFDI on the economic growth of Romania and Slovenia was found, while in the non-linear ARDL model, a significant asymmetric effect of OFDI on the economic growth of Bulgaria, Poland, Romania, Russia, Slovenia and Slovakia was found. In six out of the eight countries, asymmetry was found while symmetry was found in the other two. Poorer symmetry results can be ascribed to the lack of linear model neglecting the asymmetric behaviour of the positive and negative change decomposition as part of the OFDI movement, which leads to the wrong conclusion.

This is the first study to evaluate the asymmetric effect of outward FDI on the economic growth of eight CESEE countries.

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Outward foreign direct investment and the economic growth of Central, East and Southeast Europe: an asymmetric approach10.1108/IJOEM-09-2021-1388International Journal of Emerging Markets2023-03-31© 2023 Emerald Publishing LimitedSafet KurtovicBlerim HaliliNehat MaxhuniBujar KrasniqiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-3110.1108/IJOEM-09-2021-1388https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1388/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Impacts of the COVID-19 pandemic on international trade in developing countries: evidence from Vietnamhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1395/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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.Impacts of the COVID-19 pandemic on international trade in developing countries: evidence from Vietnam
Chung Van Dong, Hoan Quang Truong
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Impacts of the COVID-19 pandemic on international trade in developing countries: evidence from Vietnam10.1108/IJOEM-09-2021-1395International Journal of Emerging Markets2022-08-31© 2022 Emerald Publishing LimitedChung Van DongHoan Quang TruongInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-08-3110.1108/IJOEM-09-2021-1395https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1395/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Do commodities hedge regional stock markets at the same effectiveness level? Evidence from MGARCH modelshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1420/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis 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.Do commodities hedge regional stock markets at the same effectiveness level? Evidence from MGARCH models
Rania Zghal, Amel Melki, Ahmed Ghorbel
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Do commodities hedge regional stock markets at the same effectiveness level? Evidence from MGARCH models10.1108/IJOEM-09-2021-1420International Journal of Emerging Markets2022-09-23© 2022 Emerald Publishing LimitedRania ZghalAmel MelkiAhmed GhorbelInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-2310.1108/IJOEM-09-2021-1420https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1420/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Sustainability-oriented technology adoption in Tonga: the impact of Government's incentives and internal factorshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1424/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe paper seeks to investigate the impacts of government's incentives and internal aspects (i.e. firms' ethics and firms' attitudes) on the implementation of sustainability-oriented technology (SOT) among small and medium-sized enterprises (SMEs) in Tonga. Those aspects are imperative to examine as numerous enterprises in developing nations possess insufficient assets that suspend applying innovations, specifically SOT incorporated with enterprise management. Thus, it is unavoidable for an intermediary to intervene in technology implementation, and developing the more effective implementation process is reckoned. Meanwhile, governments possess the assets and authority to motivate the SOT implementation extensively. Therefore, this paper assesses governmental factors as influencing drivers for realizing cost-effective and well-organized implementation. The paper employs the partial least squares structural equation modeling (PLS-SEM) technique to assess the information collected from 266 Tongan SMEs. The outcomes indicate that government's policy and subsidies positively and significantly shape firms' ethics and attitudes regarding SOT implementation in Tonga. The research analyzes the SOT implementation in a single country of Tonga; thus, the findings cannot be generalized to other emerging countries. Besides, this study selects SMEs as the sample; hence, it cannot be used to explain the behaviors of large companies. The research is the first attempt to assess such impacts in the SMEs of a South Pacific nation.Sustainability-oriented technology adoption in Tonga: the impact of Government's incentives and internal factors
Malia Faasolo, Eli Sumarliah
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The paper seeks to investigate the impacts of government's incentives and internal aspects (i.e. firms' ethics and firms' attitudes) on the implementation of sustainability-oriented technology (SOT) among small and medium-sized enterprises (SMEs) in Tonga. Those aspects are imperative to examine as numerous enterprises in developing nations possess insufficient assets that suspend applying innovations, specifically SOT incorporated with enterprise management. Thus, it is unavoidable for an intermediary to intervene in technology implementation, and developing the more effective implementation process is reckoned. Meanwhile, governments possess the assets and authority to motivate the SOT implementation extensively. Therefore, this paper assesses governmental factors as influencing drivers for realizing cost-effective and well-organized implementation.

The paper employs the partial least squares structural equation modeling (PLS-SEM) technique to assess the information collected from 266 Tongan SMEs.

The outcomes indicate that government's policy and subsidies positively and significantly shape firms' ethics and attitudes regarding SOT implementation in Tonga.

The research analyzes the SOT implementation in a single country of Tonga; thus, the findings cannot be generalized to other emerging countries. Besides, this study selects SMEs as the sample; hence, it cannot be used to explain the behaviors of large companies.

The research is the first attempt to assess such impacts in the SMEs of a South Pacific nation.

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Sustainability-oriented technology adoption in Tonga: the impact of Government's incentives and internal factors10.1108/IJOEM-09-2021-1424International Journal of Emerging Markets2022-12-02© 2022 Emerald Publishing LimitedMalia FaasoloEli SumarliahInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-0210.1108/IJOEM-09-2021-1424https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1424/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Competitive or collaborative? Customer concentration and real earnings managementhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1493/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestEmerging markets are characterized by weak institutions and strong relationships, which give rise to different market characteristics in supply chain relationships. This study investigates the impact of customer concentration on suppliers' real earnings management. Based on China's relationship-based transaction, this study selects 2007–2019 Shenzhen and Shanghai Stock Exchange A-share manufacturing listed companies as the research samples. The empirical analysis is derived from the ordinary least square regression model with industry and year fixed effects, and cross-sectional analysis is used for further analysis. It is found that the higher the degree of customer concentration, the more likely a company is to engage in real earnings management mainly through discretionary expenses instead of accrual-based earnings management. Further research shows that when suppliers provide customers with higher commercial credit and make more relationship-specific investments, and when major customers are also major suppliers, the effect of customer concentration on real earnings management is more significant. It can be seen from the results that high customer concentration is beneficial for suppliers to cooperate with major customers in emerging markets. This research expands the relationship between customer relationship-based transaction and earnings management from the perspective of collaboration. These conclusions are of great significance for market regulators to reform information disclosure related to customers and for participants to pay attention to the composition of major customers of the company.Competitive or collaborative? Customer concentration and real earnings management
Lei Zhu, Wanyi Chen, Qianwen Zheng
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Emerging markets are characterized by weak institutions and strong relationships, which give rise to different market characteristics in supply chain relationships. This study investigates the impact of customer concentration on suppliers' real earnings management.

Based on China's relationship-based transaction, this study selects 2007–2019 Shenzhen and Shanghai Stock Exchange A-share manufacturing listed companies as the research samples. The empirical analysis is derived from the ordinary least square regression model with industry and year fixed effects, and cross-sectional analysis is used for further analysis.

It is found that the higher the degree of customer concentration, the more likely a company is to engage in real earnings management mainly through discretionary expenses instead of accrual-based earnings management. Further research shows that when suppliers provide customers with higher commercial credit and make more relationship-specific investments, and when major customers are also major suppliers, the effect of customer concentration on real earnings management is more significant. It can be seen from the results that high customer concentration is beneficial for suppliers to cooperate with major customers in emerging markets.

This research expands the relationship between customer relationship-based transaction and earnings management from the perspective of collaboration. These conclusions are of great significance for market regulators to reform information disclosure related to customers and for participants to pay attention to the composition of major customers of the company.

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Competitive or collaborative? Customer concentration and real earnings management10.1108/IJOEM-09-2021-1493International Journal of Emerging Markets2022-11-01© 2022 Emerald Publishing LimitedLei ZhuWanyi ChenQianwen ZhengInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-0110.1108/IJOEM-09-2021-1493https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1493/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Commodification of academic research in emerging countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1517/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestIn this paper we explore potential barriers for commodification of academic research in emerging countries. We carried out an exploratory study employing a mixed-method sequential exploratory design. Initially, qualitative interviews were performed to identify cognitive, structural, and ideological barriers associated with commodification. Subsequently, we administered a survey at three universities in Kazakhstan to gather quantitative data. The quantitative insights served to complement our qualitative findings and facilitate the interpretation of the observed patterns within the broader population. We found that a too rapid shift toward commercialization exacerbated concerns among faculty members and created obstacles to commodification. The obstacles identified through inductive clustering of themes from exploratory qualitative interviews were grouped into three intentionally broad categories: cognitive, structural, and ideological barriers. We argue that in emerging economies, the path to commodifying academic research should start with developing local infrastructure to address identified structural, cognitive, and ideological barriers. This, in turn, will lead to more successful commercialization and redefine the role of academics in society. Our study has several limitations related to its empirical scope. We concentrated solely on one country, Kazakhstan. For future research, it is crucial to broaden the investigation to include more studies from the Central Asia region and other emerging economies. We believe that while there may be some minor institutional differences, the findings are generalizable to all post-socialist countries. However, incorporating a diverse range of institutions, particularly those with foreign ownership or private capital, would enhance the comprehensiveness of the findings. Furthermore, collecting a more extensive and balanced sample of responses from industry partners, academics, and students would have provided more valuable insights. By including a broader representation of stakeholders, we could have gained a more nuanced understanding of the complexities surrounding commodification in higher education. Given the exploratory nature of this study, it is essential to regard the findings as a source of inspiration rather than empirical confirmation. Our research has practical implications for managing universities in emerging markets, as well as important policy implications, both for international actors and local governmental bodies. Our findings carry implications for policymakers. The focus that international institutions place on the matter of commodification and commercialization of knowledge is a positive step. Challenges emerge when this matter is approached with a narrow perspective. Drawing on the empirical context of the Republic of Kazakhstan, a country often overlooked in the literature on emerging markets, we find evidence that knowledge has indeed transformed into a commodity. The rapid shift toward commercialization, driven by substantial institutional pressures, may have occurred too precipitously in this particular context. In light of these findings, we advocate for a more balanced and contextually nuanced discourse concerning both the commodification and commercialization of knowledge. This study represents one of the few endeavors into exploring commodification within the context of emerging economies. In recent decades, universities have faced substantial pressures to commodify academic research. While there has been a significant volume of research discussing and documenting the success of commodification in developed country universities, those in emerging economies have faced similar pressures without achieving comparable success. This paper delves into the reasons why.Commodification of academic research in emerging countries
Dana Minbaeva, Bahtiyar O. Minbayev
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

In this paper we explore potential barriers for commodification of academic research in emerging countries.

We carried out an exploratory study employing a mixed-method sequential exploratory design. Initially, qualitative interviews were performed to identify cognitive, structural, and ideological barriers associated with commodification. Subsequently, we administered a survey at three universities in Kazakhstan to gather quantitative data. The quantitative insights served to complement our qualitative findings and facilitate the interpretation of the observed patterns within the broader population.

We found that a too rapid shift toward commercialization exacerbated concerns among faculty members and created obstacles to commodification. The obstacles identified through inductive clustering of themes from exploratory qualitative interviews were grouped into three intentionally broad categories: cognitive, structural, and ideological barriers. We argue that in emerging economies, the path to commodifying academic research should start with developing local infrastructure to address identified structural, cognitive, and ideological barriers. This, in turn, will lead to more successful commercialization and redefine the role of academics in society.

Our study has several limitations related to its empirical scope. We concentrated solely on one country, Kazakhstan. For future research, it is crucial to broaden the investigation to include more studies from the Central Asia region and other emerging economies. We believe that while there may be some minor institutional differences, the findings are generalizable to all post-socialist countries. However, incorporating a diverse range of institutions, particularly those with foreign ownership or private capital, would enhance the comprehensiveness of the findings. Furthermore, collecting a more extensive and balanced sample of responses from industry partners, academics, and students would have provided more valuable insights. By including a broader representation of stakeholders, we could have gained a more nuanced understanding of the complexities surrounding commodification in higher education. Given the exploratory nature of this study, it is essential to regard the findings as a source of inspiration rather than empirical confirmation.

Our research has practical implications for managing universities in emerging markets, as well as important policy implications, both for international actors and local governmental bodies.

Our findings carry implications for policymakers. The focus that international institutions place on the matter of commodification and commercialization of knowledge is a positive step. Challenges emerge when this matter is approached with a narrow perspective. Drawing on the empirical context of the Republic of Kazakhstan, a country often overlooked in the literature on emerging markets, we find evidence that knowledge has indeed transformed into a commodity. The rapid shift toward commercialization, driven by substantial institutional pressures, may have occurred too precipitously in this particular context. In light of these findings, we advocate for a more balanced and contextually nuanced discourse concerning both the commodification and commercialization of knowledge.

This study represents one of the few endeavors into exploring commodification within the context of emerging economies. In recent decades, universities have faced substantial pressures to commodify academic research. While there has been a significant volume of research discussing and documenting the success of commodification in developed country universities, those in emerging economies have faced similar pressures without achieving comparable success. This paper delves into the reasons why.

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Commodification of academic research in emerging countries10.1108/IJOEM-09-2021-1517International Journal of Emerging Markets2024-03-15© 2024 Emerald Publishing LimitedDana MinbaevaBahtiyar O. MinbayevInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-1510.1108/IJOEM-09-2021-1517https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2021-1517/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Is B Corp certification sufficiently attractive to emerging markets? A conceptual study of B Corps in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2022-1350/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to explore how firms enter or exit B Corp certification faced with the tension between local and B Corp institutions, providing a better understanding of the unique impact of institutional complexity on B Corps' decision-making. This paper applies multi-case analysis to 20 Chinese firms in various stages of B Corp certification, including eight certified B Corps, six decertified firms and six candidates. The qualitative data was used to code separately for two research questions. The study findings reveal that: (1) Participants who can obtain expected social and economic benefits by innovating their operational mode to efficiently deal with this tension attempt to continuously pursue B Corp certification. A self-renewal model was developed to show how firms hybridize the two institutional logics; (2) Participants who find it hard to mitigate this tension tend to compromise with the local institution and conform less with the B Corp institution due to high opportunity and accounting costs, low short-term benefits and collective culture. By highlighting the different responses of firms to institutional complexity, this study contributes to B Corp research, social identity theory and institutional complexity, providing practical implications for B Lab strategies in China.Is B Corp certification sufficiently attractive to emerging markets? A conceptual study of B Corps in China
Guangming Xiang, Zheng He, Tianli Feng, Zhenzhen Feng
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to explore how firms enter or exit B Corp certification faced with the tension between local and B Corp institutions, providing a better understanding of the unique impact of institutional complexity on B Corps' decision-making.

This paper applies multi-case analysis to 20 Chinese firms in various stages of B Corp certification, including eight certified B Corps, six decertified firms and six candidates. The qualitative data was used to code separately for two research questions.

The study findings reveal that: (1) Participants who can obtain expected social and economic benefits by innovating their operational mode to efficiently deal with this tension attempt to continuously pursue B Corp certification. A self-renewal model was developed to show how firms hybridize the two institutional logics; (2) Participants who find it hard to mitigate this tension tend to compromise with the local institution and conform less with the B Corp institution due to high opportunity and accounting costs, low short-term benefits and collective culture.

By highlighting the different responses of firms to institutional complexity, this study contributes to B Corp research, social identity theory and institutional complexity, providing practical implications for B Lab strategies in China.

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Is B Corp certification sufficiently attractive to emerging markets? A conceptual study of B Corps in China10.1108/IJOEM-09-2022-1350International Journal of Emerging Markets2024-01-29© 2024 Emerald Publishing LimitedGuangming XiangZheng HeTianli FengZhenzhen FengInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-2910.1108/IJOEM-09-2022-1350https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2022-1350/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Joint foreign ownership and global value chains effects on productivity: a comparison of firms from Poland and Germanyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2022-1357/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study aims to examine the joint effects of foreign ownership (FO) and involvement in global value chains (GVCs) on the productivity performance of firms from a catching-up country (Poland) and a leader economy (Germany). The authors use micro-level data on firms combined with several sector-level GVC participation measures. The authors investigate whether the link between productivity and the overall sectoral degree of involvement in global production structures depends on a firm's ownership. The authors verify the robustness of the obtained results by using an instrumental variables approach and weighted regression. The results show that domestically owned firms are less productive than foreign ones, which is particularly true at low GVC participation levels. However, as GVC involvement increases, the FO productivity premium decreases, leading to productivity catching up between foreign and domestically owned firms. This mechanism is similar in Poland and Germany. However, in the leader country (Germany), the productivity performance of domestically owned firms is more stable along the distribution of GVC involvement. This study contributes to the foreign direct investment (FDI)–productivity literature by comparing the catching-up and developed countries' perspectives and incorporating the productivity–GVC relationship into the FDI analysis. The authors show that the FO premium is not confined to the developing context but is also present in a leader country. Moreover, the link between productivity and the overall sectoral degree of involvement in global production structures depends on a firm's ownership.Joint foreign ownership and global value chains effects on productivity: a comparison of firms from Poland and Germany
Sabina Szymczak, Aleksandra Parteka, Joanna Wolszczak-Derlacz
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study aims to examine the joint effects of foreign ownership (FO) and involvement in global value chains (GVCs) on the productivity performance of firms from a catching-up country (Poland) and a leader economy (Germany).

The authors use micro-level data on firms combined with several sector-level GVC participation measures. The authors investigate whether the link between productivity and the overall sectoral degree of involvement in global production structures depends on a firm's ownership. The authors verify the robustness of the obtained results by using an instrumental variables approach and weighted regression.

The results show that domestically owned firms are less productive than foreign ones, which is particularly true at low GVC participation levels. However, as GVC involvement increases, the FO productivity premium decreases, leading to productivity catching up between foreign and domestically owned firms. This mechanism is similar in Poland and Germany. However, in the leader country (Germany), the productivity performance of domestically owned firms is more stable along the distribution of GVC involvement.

This study contributes to the foreign direct investment (FDI)–productivity literature by comparing the catching-up and developed countries' perspectives and incorporating the productivity–GVC relationship into the FDI analysis. The authors show that the FO premium is not confined to the developing context but is also present in a leader country. Moreover, the link between productivity and the overall sectoral degree of involvement in global production structures depends on a firm's ownership.

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Joint foreign ownership and global value chains effects on productivity: a comparison of firms from Poland and Germany10.1108/IJOEM-09-2022-1357International Journal of Emerging Markets2023-05-16© 2023 Sabina Szymczak, Aleksandra Parteka and Joanna Wolszczak-DerlaczSabina SzymczakAleksandra PartekaJoanna Wolszczak-DerlaczInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-1610.1108/IJOEM-09-2022-1357https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2022-1357/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Sabina Szymczak, Aleksandra Parteka and Joanna Wolszczak-Derlaczhttp://creativecommons.org/licences/by/4.0/legalcode
Government expenditure structure, technological progress and economic growthhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2022-1384/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the differences in the economic stimulus effects, transmission mechanisms, and output multipliers of government consumption, government traditional investment, and government science and technology investment. This study constructs and estimates a New Keynesian model of endogenous technological progress embedded in the research and development (R&D) and technology transfer sectors. Using Chinese macroeconomic time series data from 1996 to 2019, this study calibrates and estimates the model and analyzes the impulse response function and a counterfactual simulation of expenditure structure adjustment. The results show that compared with the traditional dynamic stochastic general equilibrium (DSGE) model, the endogenous process of technological progress amplifies the impact of government consumption shock and traditional government investment shock on the macroeconomy, leading to greater economic cycle fluctuations. As government investment in science and technology has positive external spillover effects on firm R&D activities and the application of innovation achievements, it can promote more sustainable economic growth than government consumption and traditional investment in the long run. This study constructs an extended New Keynesian model with different types of government spending, which includes endogenous technological progress within the R&D and technology transfer sectors, thereby linking fiscal policy, business cycle fluctuations and long-term economic growth. This model can study the macroeconomic impact of fiscal expenditure structure adjustment when fiscal expansion is limited. In the Bayesian estimation of model parameters, this study not only uses macroeconomic variables but also adds a sequence of private R&D investment.Government expenditure structure, technological progress and economic growth
Zeqi Liu, Zefeng Tong, Zhonghua Zhang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the differences in the economic stimulus effects, transmission mechanisms, and output multipliers of government consumption, government traditional investment, and government science and technology investment.

This study constructs and estimates a New Keynesian model of endogenous technological progress embedded in the research and development (R&D) and technology transfer sectors. Using Chinese macroeconomic time series data from 1996 to 2019, this study calibrates and estimates the model and analyzes the impulse response function and a counterfactual simulation of expenditure structure adjustment.

The results show that compared with the traditional dynamic stochastic general equilibrium (DSGE) model, the endogenous process of technological progress amplifies the impact of government consumption shock and traditional government investment shock on the macroeconomy, leading to greater economic cycle fluctuations. As government investment in science and technology has positive external spillover effects on firm R&D activities and the application of innovation achievements, it can promote more sustainable economic growth than government consumption and traditional investment in the long run.

This study constructs an extended New Keynesian model with different types of government spending, which includes endogenous technological progress within the R&D and technology transfer sectors, thereby linking fiscal policy, business cycle fluctuations and long-term economic growth. This model can study the macroeconomic impact of fiscal expenditure structure adjustment when fiscal expansion is limited. In the Bayesian estimation of model parameters, this study not only uses macroeconomic variables but also adds a sequence of private R&D investment.

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Government expenditure structure, technological progress and economic growth10.1108/IJOEM-09-2022-1384International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedZeqi LiuZefeng TongZhonghua ZhangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-09-2022-1384https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2022-1384/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does country risk moderates the financial market development and shadow economy nexus? Evidence from fast-emerging countries analysishttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2022-1472/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe shadow economy (SE) has been a serious issue with varied dimensions in all countries that significantly affect economic growth. Therefore, all countries have made an effort to tackle the SE by pursuing several measures. This study aims to investigate the impact of financial markets (stock and bond) in reducing the SE while considering the role of country risk (political, economic and financial) in N-11 countries. The study employed first-generation methodological techniques, including a unit root test to identify stationarity in the series, a panel cointegration test and panel autoregressive distributive lag (ARDL) to estimate long-run and short-run relationships. Finally, the Granger causality is applied to determine the direction of the causal relationship. The study explored that country risk factors are crucial in reducing the size of the SE. Moreover, the significant moderating role of country risk factors in the financial market development and SE nexus suggests that by controlling the country's risk, financial market development can negatively affect the SE. Due to the availability of data, the study used data, ranging from 1995 to 2015, because the tax burden data is available from 1995 while the maximum data for the SE is available till 2015, using Medina and Schneider's (2019) data estimates for the SE. The previous studies have focused explicitly on the role of financial institutions' development in the SE. To the best of the author's knowledge, no previous study is attempted to investigate the role of financial markets (bonds and stock) in the size of the SE. Furthermore, previous studies have ignored the important role of country risk factors in the size of the SE. This study investigates the impact of country risk on the SE and the moderating role of country risk in the development of financial markets and the SE nexus.Does country risk moderates the financial market development and shadow economy nexus? Evidence from fast-emerging countries analysis
Sami Ur Rahman, Faisal Faisal, Fariha Sami, Friedrich Schneider
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The shadow economy (SE) has been a serious issue with varied dimensions in all countries that significantly affect economic growth. Therefore, all countries have made an effort to tackle the SE by pursuing several measures. This study aims to investigate the impact of financial markets (stock and bond) in reducing the SE while considering the role of country risk (political, economic and financial) in N-11 countries.

The study employed first-generation methodological techniques, including a unit root test to identify stationarity in the series, a panel cointegration test and panel autoregressive distributive lag (ARDL) to estimate long-run and short-run relationships. Finally, the Granger causality is applied to determine the direction of the causal relationship.

The study explored that country risk factors are crucial in reducing the size of the SE. Moreover, the significant moderating role of country risk factors in the financial market development and SE nexus suggests that by controlling the country's risk, financial market development can negatively affect the SE.

Due to the availability of data, the study used data, ranging from 1995 to 2015, because the tax burden data is available from 1995 while the maximum data for the SE is available till 2015, using Medina and Schneider's (2019) data estimates for the SE.

The previous studies have focused explicitly on the role of financial institutions' development in the SE. To the best of the author's knowledge, no previous study is attempted to investigate the role of financial markets (bonds and stock) in the size of the SE. Furthermore, previous studies have ignored the important role of country risk factors in the size of the SE. This study investigates the impact of country risk on the SE and the moderating role of country risk in the development of financial markets and the SE nexus.

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Does country risk moderates the financial market development and shadow economy nexus? Evidence from fast-emerging countries analysis10.1108/IJOEM-09-2022-1472International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedSami Ur RahmanFaisal FaisalFariha SamiFriedrich SchneiderInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-09-2022-1472https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2022-1472/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Assessing the development of green innovation in China through patent evolution: the hallmark of government policy and private enterpriseshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2023-1512/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to develop a comprehensive overview of green innovation (GI) in China, which is carried out by reviewing the evolution of GI from 2000 to 2019, and the main type of technology, actors and localizations. When appropriate, GI is compared to non-GI. The study uses patent data from the European Patent Office database (PATSTAT); these data are processed to map trends and identify the main contributors to GI and the location of such innovation. The findings are then discussed and complemented with academic literature. Key findings reveal an increasing divergence between GI and nongreen innovation after the 2008 crisis. It is also observed that solar energy appears to be the main component of GI in China, with a shift from photovoltaic thermal energy to solar photovoltaic energy after 2008. Other areas, such as waste management, greenhouse gases capture and climate change adaptation, are less innovative. Companies play an essential role in the development of all types of innovation. In terms of location, green patents are mainly filed in China’s three main megacities. The study also highlights the significant role of the Chinese state, which led policies shaping the trajectories and forms of GI. This study expands knowledge on GI in China, highlighting its main specificities and the role of key actors. It provides to the reader a comprehensive picture of China’s green policies and innovation realities. The results can therefore be used to improve the understanding of GI evolution in China and facilitate the formulation of new research questions.Assessing the development of green innovation in China through patent evolution: the hallmark of government policy and private enterprises
Alexandre Coussa, Philippe Gugler, Jonathan Reidy
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to develop a comprehensive overview of green innovation (GI) in China, which is carried out by reviewing the evolution of GI from 2000 to 2019, and the main type of technology, actors and localizations. When appropriate, GI is compared to non-GI.

The study uses patent data from the European Patent Office database (PATSTAT); these data are processed to map trends and identify the main contributors to GI and the location of such innovation. The findings are then discussed and complemented with academic literature.

Key findings reveal an increasing divergence between GI and nongreen innovation after the 2008 crisis. It is also observed that solar energy appears to be the main component of GI in China, with a shift from photovoltaic thermal energy to solar photovoltaic energy after 2008. Other areas, such as waste management, greenhouse gases capture and climate change adaptation, are less innovative. Companies play an essential role in the development of all types of innovation. In terms of location, green patents are mainly filed in China’s three main megacities. The study also highlights the significant role of the Chinese state, which led policies shaping the trajectories and forms of GI.

This study expands knowledge on GI in China, highlighting its main specificities and the role of key actors. It provides to the reader a comprehensive picture of China’s green policies and innovation realities. The results can therefore be used to improve the understanding of GI evolution in China and facilitate the formulation of new research questions.

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Assessing the development of green innovation in China through patent evolution: the hallmark of government policy and private enterprises10.1108/IJOEM-09-2023-1512International Journal of Emerging Markets2024-02-19© 2024 Emerald Publishing LimitedAlexandre CoussaPhilippe GuglerJonathan ReidyInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-02-1910.1108/IJOEM-09-2023-1512https://www.emerald.com/insight/content/doi/10.1108/IJOEM-09-2023-1512/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Spatial relationship between financial development, energy consumption and economic growth in emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2020-1207/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study aims to discover the spatial relationship between financial development, energy consumption and economic growth in 11 ASIA countries, using panel data from 1980 to 2016. The study applies three popular spatial models, namely, (1) spatial error model (SEM), (2) spatial autoregressive model (SAR) and (3) spatial Durbin model (SDM), to explore the direct and spillover effect of financial development and energy consumption on economic growth. Furthermore, a novel test proposed by Juodis et al. (2020) is employed to check the Granger non-causality between each pair of variables. The empirical outcomes found direct and spillover effects of financial development and energy consumption on economic growth in 11 ASIA countries. Accordingly, an expansion of the financial development in country i is beneficial for the growth of the host country and neighboring countries, and vice versa. However, an increase in energy consumption in country i leads to a decrease in the economic growth of neighboring countries. The test of Granger non-causality indicated a bidirectional causality between financial development and economic growth, and unidirectional causality running from economic growth to energy consumption. Spillover effects of financial development and energy consumption on growth have largely been ignored in previous studies, especially in emerging countries. Thus, the study enriches the literature and provides some policy implications for ASIA countries. Spillover effects of financial development and energy consumption on growth have largely been ignored in previous studies, especially in emerging countries. Thus, the study enriches the literature and provides some policy implications for ASIA countries. Spillover effects of financial development and energy consumption on growth have largely been ignored in previous studies, especially in emerging countries. Thus, the study enriches the literature and provides some policy implications for ASIA countries.Spatial relationship between financial development, energy consumption and economic growth in emerging markets
Nguyen Minh Ha, Bui Hoang Ngoc
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study aims to discover the spatial relationship between financial development, energy consumption and economic growth in 11 ASIA countries, using panel data from 1980 to 2016.

The study applies three popular spatial models, namely, (1) spatial error model (SEM), (2) spatial autoregressive model (SAR) and (3) spatial Durbin model (SDM), to explore the direct and spillover effect of financial development and energy consumption on economic growth. Furthermore, a novel test proposed by Juodis et al. (2020) is employed to check the Granger non-causality between each pair of variables.

The empirical outcomes found direct and spillover effects of financial development and energy consumption on economic growth in 11 ASIA countries. Accordingly, an expansion of the financial development in country i is beneficial for the growth of the host country and neighboring countries, and vice versa. However, an increase in energy consumption in country i leads to a decrease in the economic growth of neighboring countries. The test of Granger non-causality indicated a bidirectional causality between financial development and economic growth, and unidirectional causality running from economic growth to energy consumption.

Spillover effects of financial development and energy consumption on growth have largely been ignored in previous studies, especially in emerging countries. Thus, the study enriches the literature and provides some policy implications for ASIA countries.

Spillover effects of financial development and energy consumption on growth have largely been ignored in previous studies, especially in emerging countries. Thus, the study enriches the literature and provides some policy implications for ASIA countries.

Spillover effects of financial development and energy consumption on growth have largely been ignored in previous studies, especially in emerging countries. Thus, the study enriches the literature and provides some policy implications for ASIA countries.

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Spatial relationship between financial development, energy consumption and economic growth in emerging markets10.1108/IJOEM-10-2020-1207International Journal of Emerging Markets2023-03-28© 2023 Emerald Publishing LimitedNguyen Minh HaBui Hoang NgocInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2810.1108/IJOEM-10-2020-1207https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2020-1207/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Tax rate motivated profit shifting and base erosion by multinational corporations: Indian evidencehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1541/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestProfit shifting is a matter of great concern for governments internationally. It leads to the loss of tax revenues and puts multinational corporations (MNCs) in a disparate position. Lately, due to the aggressive stance of the Indian taxman, several Indian MNCs are planning to minimise their tax outflows. This paper aims to study profit-shifting drawing from the institutional theory for the Indian MNCs. The sample comprises 679 MNCs listed on the Bombay Stock Exchange or the National Stock Exchange with either Indian parents with foreign subsidiaries (553) or Indian subsidiaries of a foreign parent (126) for FY 2013–14 to FY 2018–19. A fixed-effect panel regression technique was invoked to examine tax rate differential motivated profit-shifting undertaken by MNCs with the moderating effect of international presence and patents. The results suggest that MNCs shift their profits to take advantage of differences in global tax rates when they have an international presence in at least five tax countries. Further, profit shifting is likely towards no-tax compared to low-tax countries, with the presence of patents in an MNC group having no significant impact. Losses to the government revenue due to profit shifting by MNCs are rather severe in emerging economies. The study provides the first empirical evidence of the direction of profit shifting with the moderating effect of the extent of global presence and group patents, which would interest scholars in the field. The findings provide valuable insights to the policymakers, highlighting the urgent need to operationalise the general anti-avoidance taxation rules.Tax rate motivated profit shifting and base erosion by multinational corporations: Indian evidence
Suveera Gill, Taruntej Singh Arora, Karan Gandhi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Profit shifting is a matter of great concern for governments internationally. It leads to the loss of tax revenues and puts multinational corporations (MNCs) in a disparate position. Lately, due to the aggressive stance of the Indian taxman, several Indian MNCs are planning to minimise their tax outflows. This paper aims to study profit-shifting drawing from the institutional theory for the Indian MNCs.

The sample comprises 679 MNCs listed on the Bombay Stock Exchange or the National Stock Exchange with either Indian parents with foreign subsidiaries (553) or Indian subsidiaries of a foreign parent (126) for FY 2013–14 to FY 2018–19. A fixed-effect panel regression technique was invoked to examine tax rate differential motivated profit-shifting undertaken by MNCs with the moderating effect of international presence and patents.

The results suggest that MNCs shift their profits to take advantage of differences in global tax rates when they have an international presence in at least five tax countries. Further, profit shifting is likely towards no-tax compared to low-tax countries, with the presence of patents in an MNC group having no significant impact.

Losses to the government revenue due to profit shifting by MNCs are rather severe in emerging economies. The study provides the first empirical evidence of the direction of profit shifting with the moderating effect of the extent of global presence and group patents, which would interest scholars in the field. The findings provide valuable insights to the policymakers, highlighting the urgent need to operationalise the general anti-avoidance taxation rules.

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Tax rate motivated profit shifting and base erosion by multinational corporations: Indian evidence10.1108/IJOEM-10-2021-1541International Journal of Emerging Markets2022-11-07© 2022 Emerald Publishing LimitedSuveera GillTaruntej Singh AroraKaran GandhiInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-0710.1108/IJOEM-10-2021-1541https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1541/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Volatility transmission dynamics between energy and financial indices of emerging markets: a comparison between the subprime crisis and the COVID-19 pandemichttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1551/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to analyze the volatility transmission between an energy stock index and a financial stock index in emerging markets during recent high instability periods. The study considers the impact of both the period under analysis and the data frequency on the direction and intensity of the contagion, as well as the effect of the potential spillovers on the risk measures. These questions still lack definitive answers and have become more relevant in a context of financially unsettling events such as COVID-19 crises. This study employs an extension of the dynamic conditional correlation (DCC) model that allows for the time-varying dependence relationship between the variables. This dependence is analyzed at daily, weekly and monthly basis using data from the Bloomberg platform on energy and stock market indices for emerging markets between 2001 and 2021. The results for a sample spanning from 2001 to mid-2021 show bidirectional volatility transmission on a daily basis, whereas only evidence of volatility transmission from the financial to the energy exists for weekly and monthly frequencies. However, considering different subsamples of daily data, the authors only find volatility transmission from financial (energy) index to the energy (financial) during the Great Recession (COVID-19) as a consequence of the different source of the shock and transmission channels. This study reveals that volatility transmission between energy and stocks in emerging markets has changed and presents a unidirectional pattern from energy to financial markets during the COVID-19 period in contrast to calm and the sub-prime crisis intervals. These results differ from previous studies, focused on global markets, that show bidirectional spillovers during this period.Volatility transmission dynamics between energy and financial indices of emerging markets: a comparison between the subprime crisis and the COVID-19 pandemic
Jesús Molina-Muñoz, Andrés Mora–Valencia, Javier Perote, Santiago Rodríguez-Raga
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to analyze the volatility transmission between an energy stock index and a financial stock index in emerging markets during recent high instability periods. The study considers the impact of both the period under analysis and the data frequency on the direction and intensity of the contagion, as well as the effect of the potential spillovers on the risk measures. These questions still lack definitive answers and have become more relevant in a context of financially unsettling events such as COVID-19 crises.

This study employs an extension of the dynamic conditional correlation (DCC) model that allows for the time-varying dependence relationship between the variables. This dependence is analyzed at daily, weekly and monthly basis using data from the Bloomberg platform on energy and stock market indices for emerging markets between 2001 and 2021.

The results for a sample spanning from 2001 to mid-2021 show bidirectional volatility transmission on a daily basis, whereas only evidence of volatility transmission from the financial to the energy exists for weekly and monthly frequencies. However, considering different subsamples of daily data, the authors only find volatility transmission from financial (energy) index to the energy (financial) during the Great Recession (COVID-19) as a consequence of the different source of the shock and transmission channels.

This study reveals that volatility transmission between energy and stocks in emerging markets has changed and presents a unidirectional pattern from energy to financial markets during the COVID-19 period in contrast to calm and the sub-prime crisis intervals. These results differ from previous studies, focused on global markets, that show bidirectional spillovers during this period.

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Volatility transmission dynamics between energy and financial indices of emerging markets: a comparison between the subprime crisis and the COVID-19 pandemic10.1108/IJOEM-10-2021-1551International Journal of Emerging Markets2023-04-03© 2023 Emerald Publishing LimitedJesús Molina-MuñozAndrés Mora–ValenciaJavier PeroteSantiago Rodríguez-RagaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-0310.1108/IJOEM-10-2021-1551https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1551/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Do family companies invest more in internal audit function (IAF) than non-family companies?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1565/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestMotivated by the growing interest of governance regulators and researchers on internal audit function (IAF), this study examines the influence of family ownership on the levels of investment in IAF. A sample of Malaysian listed companies for the period 2009 to 2016 is used. To test our hypothesis, the authors use pooled panel data regression based on two-way cluster-robust standard errors (firm and year). The findings show that family ownership is negatively related to investment in IAF; in particular, investment in IAF is lower for family companies than non-family companies. This study contributes to existing knowledge of IAF, and it provides significant insights for regulators and managers into the variation in governance structures between family and non-family companies, particularly in emerging markets in which substantial family ownership is common.Do family companies invest more in internal audit function (IAF) than non-family companies?
Adel Ali Al-Qadasi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Motivated by the growing interest of governance regulators and researchers on internal audit function (IAF), this study examines the influence of family ownership on the levels of investment in IAF.

A sample of Malaysian listed companies for the period 2009 to 2016 is used. To test our hypothesis, the authors use pooled panel data regression based on two-way cluster-robust standard errors (firm and year).

The findings show that family ownership is negatively related to investment in IAF; in particular, investment in IAF is lower for family companies than non-family companies.

This study contributes to existing knowledge of IAF, and it provides significant insights for regulators and managers into the variation in governance structures between family and non-family companies, particularly in emerging markets in which substantial family ownership is common.

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Do family companies invest more in internal audit function (IAF) than non-family companies?10.1108/IJOEM-10-2021-1565International Journal of Emerging Markets2023-01-02© 2022 Emerald Publishing LimitedAdel Ali Al-QadasiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-0210.1108/IJOEM-10-2021-1565https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1565/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Comovements and hedging effectiveness between conventional and Islamic cryptocurrencies: evidence from the COVID-19 pandemichttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1571/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the dynamics of the comovement and causal relationship between conventional (Bitcoin, Ethereum and Binance coin) and Islamic (OneGram, X8X token and HelloGold) cryptocurrencies. This study uses wavelet coherence approach to examine the time-varying lead-lag relationship between conventional and Islamic cryptocurrencies. Furthermore, the authors use BEKK-GARCH model to estimate the optimal weights, hedge ratio and hedging effectiveness in pre-COVID-19 and during the COVID-19 period. The authors find no significant comovement in pre-COVID-19. However, the authors find significant positive comovement in conventional and Islamic cryptocurrencies at the beginning of the pandemic, and in most cases, conventional cryptocurrencies are leading. X8X and HelloGold have no/weak correlation with conventional cryptocurrencies, implying that investors can diversify the risk by making an Islamic and conventional cryptocurrencies portfolio. The authors also calculate the optimal weights, hedge ratio and hedging effectiveness using the BEKK-GARCH model. Based on the optimal weights, for the portfolios of conventional–Islamic cryptocurrencies, investors are suggested to increase their investment in Islamic cryptocurrencies during the COVID-19 than normal period. The results of hedge ratios show that hedging costs are higher during COVID-19 than before. The findings of the paper offer several practical policy implications for investors, portfolio manager, Shariah advisors and policymakers pertaining to asset allocation, risk management, forecasting and diversification. Specifically, investors can maximize the risk adjusted returns of their conventional cryptocurrencies portfolio by adding some portions of Islamic cryptocurrencies. Considering the comovement is time-varying, investors/manager should adjust their investment strategies frequently. For the entrepreneurs in crypto-industry, it is advised to introduce new Islamic cryptocurrencies, as it has a huge growth potential because of their distinct features and performance. This is the first study that explores the linkages between conventional and Islamic cryptocurrencies, therefore this study extends the literature of Islamic finance, stablecoins and cryptocurrencies in pre-COVID-19 and during COVID-19 period. The study results provide insights to conventional crypto investor on how to manage their portfolio during normal and turbulent period.Comovements and hedging effectiveness between conventional and Islamic cryptocurrencies: evidence from the COVID-19 pandemic
Shoaib Ali, Imran Yousaf, Xuan Vinh Vo
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the dynamics of the comovement and causal relationship between conventional (Bitcoin, Ethereum and Binance coin) and Islamic (OneGram, X8X token and HelloGold) cryptocurrencies.

This study uses wavelet coherence approach to examine the time-varying lead-lag relationship between conventional and Islamic cryptocurrencies. Furthermore, the authors use BEKK-GARCH model to estimate the optimal weights, hedge ratio and hedging effectiveness in pre-COVID-19 and during the COVID-19 period.

The authors find no significant comovement in pre-COVID-19. However, the authors find significant positive comovement in conventional and Islamic cryptocurrencies at the beginning of the pandemic, and in most cases, conventional cryptocurrencies are leading. X8X and HelloGold have no/weak correlation with conventional cryptocurrencies, implying that investors can diversify the risk by making an Islamic and conventional cryptocurrencies portfolio. The authors also calculate the optimal weights, hedge ratio and hedging effectiveness using the BEKK-GARCH model. Based on the optimal weights, for the portfolios of conventional–Islamic cryptocurrencies, investors are suggested to increase their investment in Islamic cryptocurrencies during the COVID-19 than normal period. The results of hedge ratios show that hedging costs are higher during COVID-19 than before.

The findings of the paper offer several practical policy implications for investors, portfolio manager, Shariah advisors and policymakers pertaining to asset allocation, risk management, forecasting and diversification. Specifically, investors can maximize the risk adjusted returns of their conventional cryptocurrencies portfolio by adding some portions of Islamic cryptocurrencies. Considering the comovement is time-varying, investors/manager should adjust their investment strategies frequently. For the entrepreneurs in crypto-industry, it is advised to introduce new Islamic cryptocurrencies, as it has a huge growth potential because of their distinct features and performance.

This is the first study that explores the linkages between conventional and Islamic cryptocurrencies, therefore this study extends the literature of Islamic finance, stablecoins and cryptocurrencies in pre-COVID-19 and during COVID-19 period. The study results provide insights to conventional crypto investor on how to manage their portfolio during normal and turbulent period.

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Comovements and hedging effectiveness between conventional and Islamic cryptocurrencies: evidence from the COVID-19 pandemic10.1108/IJOEM-10-2021-1571International Journal of Emerging Markets2023-03-28© 2023 Emerald Publishing LimitedShoaib AliImran YousafXuan Vinh VoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2810.1108/IJOEM-10-2021-1571https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1571/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Empirical evidence of SMEs' ecopreneurship posture, green competitiveness and community-based performance: the neglected missing linkages of green practiceshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1577/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this paper is to investigate the direct and mediation effects of small- and medium-sized enterprises' (SMEs) ecopreneurship posture (EP), green inbound practices (GIP), green production practices (GPP), green outbound practices (GOP), community-based performance (CBP) and green competitiveness (GC). Empirical data for the study were garnered by utilizing questionnaire from Ghanaian manufacturing SMEs. Structural equation modeling, specifically partial least squares is applied to test the hypothesized relationships. The findings suggest that SMEs' EP, GIP and GPP have significant positive effects on CBP and GC. However, while GOP has a significant effect on GC, it has no significant effect on CBP. Moreover, the mediation result demonstrates that while GIP and GPP significantly mediates the relationship between SMEs' EP and CBP, GOP does not provide any mediation mechanism through which SMEs' EP influence CBP. The result further confirms the mediation roles of GIP, GPP and GOP between SMEs' EP and GC. This research offers novel empirical evidence by exploring the mediation roles of GIP, GPP and GOP between EP, CBP and GC through the lenses of the natural resource-based view and stakeholder theoretical perspectives.Empirical evidence of SMEs' ecopreneurship posture, green competitiveness and community-based performance: the neglected missing linkages of green practices
Ebenezer Afum, Yaw Agyabeng-Mensah, Charles Baah, Innocent Senyo Kwasi Acquah, Martin Boakye Osei
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this paper is to investigate the direct and mediation effects of small- and medium-sized enterprises' (SMEs) ecopreneurship posture (EP), green inbound practices (GIP), green production practices (GPP), green outbound practices (GOP), community-based performance (CBP) and green competitiveness (GC).

Empirical data for the study were garnered by utilizing questionnaire from Ghanaian manufacturing SMEs. Structural equation modeling, specifically partial least squares is applied to test the hypothesized relationships.

The findings suggest that SMEs' EP, GIP and GPP have significant positive effects on CBP and GC. However, while GOP has a significant effect on GC, it has no significant effect on CBP. Moreover, the mediation result demonstrates that while GIP and GPP significantly mediates the relationship between SMEs' EP and CBP, GOP does not provide any mediation mechanism through which SMEs' EP influence CBP. The result further confirms the mediation roles of GIP, GPP and GOP between SMEs' EP and GC.

This research offers novel empirical evidence by exploring the mediation roles of GIP, GPP and GOP between EP, CBP and GC through the lenses of the natural resource-based view and stakeholder theoretical perspectives.

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Empirical evidence of SMEs' ecopreneurship posture, green competitiveness and community-based performance: the neglected missing linkages of green practices10.1108/IJOEM-10-2021-1577International Journal of Emerging Markets2023-01-19© 2023 Emerald Publishing LimitedEbenezer AfumYaw Agyabeng-MensahCharles BaahInnocent Senyo Kwasi AcquahMartin Boakye OseiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-1910.1108/IJOEM-10-2021-1577https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1577/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Institutional quality, employment, FDI and environmental degradation in developing countries: evidence from the balanced panel GMM estimatorhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1583/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe main purpose of this research is to examine the impact of institutional quality and sectoral employment on environmental degradation in developing countries. This paper also re-examined the validity of the Environmental Kuznets Curve (EKC) hypothesis and estimated the long run impact of explanatory variables on CO2 emissions. In this paper, the balanced panel data for the period 2002–2016 was used based on data availability and applied two-step SYS-GMM estimators. The results showed that institutional quality such as government effectiveness (GE) and the rule of law (RL) reduce CO2 emissions and promote environmental quality in developing countries. Interestingly, the authors found new evidence that employment in agriculture and industry has a positive impact on pollution, while employment in the service sector was negatively associated with CO2 emissions, and the validity of the EKC hypothesis was confirmed. In addition, the research suggests that strong institutional frameworks and their effective implementation are the most important panacea and should be treated as a top priority to counteract environmental degradation and achieve the UN Sustainable Development Goals. This is the first study to examine the short run and long run effects of institutional quality and sectoral employment on environmental degradation using the balanced panel data for a large sample of developing countries. This paper also used a special technique of Driscoll and Kraay standard error approach to confirm the robustness results and showed the different roles of sectoral employment on environmental quality.Institutional quality, employment, FDI and environmental degradation in developing countries: evidence from the balanced panel GMM estimator
Sorphasith Xaisongkham, Xia Liu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The main purpose of this research is to examine the impact of institutional quality and sectoral employment on environmental degradation in developing countries. This paper also re-examined the validity of the Environmental Kuznets Curve (EKC) hypothesis and estimated the long run impact of explanatory variables on CO2 emissions.

In this paper, the balanced panel data for the period 2002–2016 was used based on data availability and applied two-step SYS-GMM estimators.

The results showed that institutional quality such as government effectiveness (GE) and the rule of law (RL) reduce CO2 emissions and promote environmental quality in developing countries. Interestingly, the authors found new evidence that employment in agriculture and industry has a positive impact on pollution, while employment in the service sector was negatively associated with CO2 emissions, and the validity of the EKC hypothesis was confirmed. In addition, the research suggests that strong institutional frameworks and their effective implementation are the most important panacea and should be treated as a top priority to counteract environmental degradation and achieve the UN Sustainable Development Goals.

This is the first study to examine the short run and long run effects of institutional quality and sectoral employment on environmental degradation using the balanced panel data for a large sample of developing countries. This paper also used a special technique of Driscoll and Kraay standard error approach to confirm the robustness results and showed the different roles of sectoral employment on environmental quality.

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Institutional quality, employment, FDI and environmental degradation in developing countries: evidence from the balanced panel GMM estimator10.1108/IJOEM-10-2021-1583International Journal of Emerging Markets2022-10-24© 2022 Sorphasith Xaisongkham and Xia LiuSorphasith XaisongkhamXia LiuInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-2410.1108/IJOEM-10-2021-1583https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1583/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Sorphasith Xaisongkham and Xia Liuhttp://creativecommons.org/licences/by/4.0/legalcode
Financial inclusion matter for poverty, income inequality and financial stability in developing countries: new evidence from public good theoryhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1627/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to examine the influence of financial inclusion (FI) on poverty, income inequality and financial stability from the perspective of public good (PG) theory in developing countries. This study applies the fixed effects model (FEM), pooled ordinary least square (OLS) regression and generalized method of moment (GMM) across panal data of 69 developing countries from 2002 to 2020 inclusive. Multiple regression analyses show that FI reduces poverty and income inequality while improving financial stability. Secondary enrolment ratio, GDP per capita, and trade openness reduce poverty and income inequality. However, a higher inflation rate increases poverty and income inequality while reducing financial stability. Finally, age dependency ratio and population do not affect poverty, income inequality or financial stability. The regulators and policymakers in developing countries should raise the level of formal FI by expanding the size of the formal financial sector and improving the access of the large unbanked population to financial products/services. Improving FI enables the unbanked population to take over productive activities and ease consumption, which in turn complementing economic growth. The increase in FI enables the developing countries to include the financially excluded population through formal financial products and services, which improve financial stability and eradicate poverty and income inequality in society. Thus, the FI enhances the social welfare of society. This is the first study that examines the impact of FI poverty, income inequality and financial stability in the context of developing countries. This study contributes to the theoretical implications of the PG theory by examining the influence of FI on poverty, income inequality and financial stability in the context of developing countries.Financial inclusion matter for poverty, income inequality and financial stability in developing countries: new evidence from public good theory
Ismail Khan, Iftikhar Khan
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to examine the influence of financial inclusion (FI) on poverty, income inequality and financial stability from the perspective of public good (PG) theory in developing countries.

This study applies the fixed effects model (FEM), pooled ordinary least square (OLS) regression and generalized method of moment (GMM) across panal data of 69 developing countries from 2002 to 2020 inclusive.

Multiple regression analyses show that FI reduces poverty and income inequality while improving financial stability. Secondary enrolment ratio, GDP per capita, and trade openness reduce poverty and income inequality. However, a higher inflation rate increases poverty and income inequality while reducing financial stability. Finally, age dependency ratio and population do not affect poverty, income inequality or financial stability.

The regulators and policymakers in developing countries should raise the level of formal FI by expanding the size of the formal financial sector and improving the access of the large unbanked population to financial products/services. Improving FI enables the unbanked population to take over productive activities and ease consumption, which in turn complementing economic growth.

The increase in FI enables the developing countries to include the financially excluded population through formal financial products and services, which improve financial stability and eradicate poverty and income inequality in society. Thus, the FI enhances the social welfare of society.

This is the first study that examines the impact of FI poverty, income inequality and financial stability in the context of developing countries. This study contributes to the theoretical implications of the PG theory by examining the influence of FI on poverty, income inequality and financial stability in the context of developing countries.

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Financial inclusion matter for poverty, income inequality and financial stability in developing countries: new evidence from public good theory10.1108/IJOEM-10-2021-1627International Journal of Emerging Markets2023-03-06© 2023 Emerald Publishing LimitedIsmail KhanIftikhar KhanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-0610.1108/IJOEM-10-2021-1627https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1627/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Commodity price volatility, risk exposure and development of financial institutionshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1629/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the dynamics of financial institution development among economies in sub-Saharan Africa (SSA) and how volatility in forex-adjusted price of key globally traded, commodities and macroeconomic risk influence such development. The study is based on data collected from the period starting 2001 to 2019 for relevant variables; and the empirical test was performed using the two-step system generalized method of moments (TSS-GMM) estimation method. Empirical estimates suggest that volatility in forex-adjusted prices of crude oil and cocoa are inimical to development of financial institutions among economies in the sub-region. On the other hand, volatility in the price of gold is found to have a significant positive effect on development of financial institutions. Additionally, political instability is found to exacerbate the adverse effect of volatility in the price of globally traded commodities on the development of financial institutions in the sub-region. The study verifies how volatility in forex-adjusted prices of key traded commodities on the global market influence development of financial institutions in the sub-region. Additionally, the study examines the impact of macroeconomic risk, a principal component analysis (PCA) constructed index on the development trajectory of financial institutions. Finally, the authors examine the moderating role of institutional quality and political instability in the relationship in question.Commodity price volatility, risk exposure and development of financial institutions
Rexford Abaidoo, Elvis Kwame Agyapong
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the dynamics of financial institution development among economies in sub-Saharan Africa (SSA) and how volatility in forex-adjusted price of key globally traded, commodities and macroeconomic risk influence such development.

The study is based on data collected from the period starting 2001 to 2019 for relevant variables; and the empirical test was performed using the two-step system generalized method of moments (TSS-GMM) estimation method.

Empirical estimates suggest that volatility in forex-adjusted prices of crude oil and cocoa are inimical to development of financial institutions among economies in the sub-region. On the other hand, volatility in the price of gold is found to have a significant positive effect on development of financial institutions. Additionally, political instability is found to exacerbate the adverse effect of volatility in the price of globally traded commodities on the development of financial institutions in the sub-region.

The study verifies how volatility in forex-adjusted prices of key traded commodities on the global market influence development of financial institutions in the sub-region. Additionally, the study examines the impact of macroeconomic risk, a principal component analysis (PCA) constructed index on the development trajectory of financial institutions. Finally, the authors examine the moderating role of institutional quality and political instability in the relationship in question.

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Commodity price volatility, risk exposure and development of financial institutions10.1108/IJOEM-10-2021-1629International Journal of Emerging Markets2023-03-14© 2023 Emerald Publishing LimitedRexford AbaidooElvis Kwame AgyapongInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-1410.1108/IJOEM-10-2021-1629https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1629/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Effects of marketization on the evolution of firms' R&D efficiency: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1634/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestPrevious studies demonstrate that market-oriented reform has contributed significantly to China's economic growth from the efficiency-based economic view. But some argue that state-owned firms have access to policy information, scarce resources, and government support, and thus state-owned firms might foster innovation. This study tries to find out either market force or state ownership helps improve firms' R&D efficiency. Using data from China's high-tech industry, we employed the fixed-effect stochastic frontier model and the spatial panel Han-Philips linear dynamic regression model to investigate the relationship between market-oriented reform and the dynamic evolution of R&D efficiency in both temporal and spatial dimensions. Moreover, we examined whether the relationship is affected in a state-owned economy and an industry protection environment. The results indicate the following: (1) the R&D efficiency of China's high-tech industry has improved steadily and has converged gradually across its regions during the market-oriented reform; (2) the marketization degree is positively correlated with R&D efficiency and its regional convergence; (3) the state-owned economy and industry protection have significantly weakened the ability of market forces to shape R&D efficiency — i.e. they reduce, rather than enhance, R&D efficiency. This investigation helps understand the drivers of R&D efficiency in transition economies, and the findings are also helpful in defining the boundaries and constraints of market forces.Effects of marketization on the evolution of firms' R&D efficiency: evidence from China
Qingyu Zhang, Xiude Chen, Mei Cao
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Previous studies demonstrate that market-oriented reform has contributed significantly to China's economic growth from the efficiency-based economic view. But some argue that state-owned firms have access to policy information, scarce resources, and government support, and thus state-owned firms might foster innovation. This study tries to find out either market force or state ownership helps improve firms' R&D efficiency.

Using data from China's high-tech industry, we employed the fixed-effect stochastic frontier model and the spatial panel Han-Philips linear dynamic regression model to investigate the relationship between market-oriented reform and the dynamic evolution of R&D efficiency in both temporal and spatial dimensions. Moreover, we examined whether the relationship is affected in a state-owned economy and an industry protection environment.

The results indicate the following: (1) the R&D efficiency of China's high-tech industry has improved steadily and has converged gradually across its regions during the market-oriented reform; (2) the marketization degree is positively correlated with R&D efficiency and its regional convergence; (3) the state-owned economy and industry protection have significantly weakened the ability of market forces to shape R&D efficiency — i.e. they reduce, rather than enhance, R&D efficiency.

This investigation helps understand the drivers of R&D efficiency in transition economies, and the findings are also helpful in defining the boundaries and constraints of market forces.

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Effects of marketization on the evolution of firms' R&D efficiency: evidence from China10.1108/IJOEM-10-2021-1634International Journal of Emerging Markets2022-10-03© 2022 Emerald Publishing LimitedQingyu ZhangXiude ChenMei CaoInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-0310.1108/IJOEM-10-2021-1634https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1634/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
The role of environmental concern and technology show-off on electric vehicles adoption: the case of Macauhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1637/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestResearch on battery electric vehicles (BEVs) has typically considered environmental concern a key determinant of behavioral intention that leads individuals to prefer electric vehicles. This paper challenges this assumption and argues that technology frameworks may require new variables to capture consumers' preferences. A UTAUT2-based study has been developed to assess the role of environmental concern in the BEVs context and put forward the technology show-off (TS) concept to explain the technology's acceptance. A quantitative and cross-sectional look at behavioral intention is adopted. The study uses structural equation modeling to analyze a sample of 236 Macau residents to determine the relevance of the factors behind the choice to adopt BEVs. The findings indicate that environmental concern and price may be relevant to explain behavioral intention to adopt the BEVs technology. Furthermore, the UTAUT2 framework seems to benefit from adding new variables, with TS playing a pertinent role in explaining technology acceptance. The findings show that environmental concern fails to build an argument for the shift to full electric mobility and promote the desired behavioral change toward adopting BEVs. Herein lies the necessity to consider new variables that can better describe the characteristics of modern society. This paper proposes the TS construct, combining visibility and trialability as significant determinants of behavioral intention to use technology. The study also stresses the need to reconsider the role of environmental concerns' impact on consumer decision-making.The role of environmental concern and technology show-off on electric vehicles adoption: the case of Macau
Alessandro Lampo, Susana C. Silva, Paulo Duarte
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Research on battery electric vehicles (BEVs) has typically considered environmental concern a key determinant of behavioral intention that leads individuals to prefer electric vehicles. This paper challenges this assumption and argues that technology frameworks may require new variables to capture consumers' preferences. A UTAUT2-based study has been developed to assess the role of environmental concern in the BEVs context and put forward the technology show-off (TS) concept to explain the technology's acceptance.

A quantitative and cross-sectional look at behavioral intention is adopted. The study uses structural equation modeling to analyze a sample of 236 Macau residents to determine the relevance of the factors behind the choice to adopt BEVs.

The findings indicate that environmental concern and price may be relevant to explain behavioral intention to adopt the BEVs technology. Furthermore, the UTAUT2 framework seems to benefit from adding new variables, with TS playing a pertinent role in explaining technology acceptance.

The findings show that environmental concern fails to build an argument for the shift to full electric mobility and promote the desired behavioral change toward adopting BEVs. Herein lies the necessity to consider new variables that can better describe the characteristics of modern society.

This paper proposes the TS construct, combining visibility and trialability as significant determinants of behavioral intention to use technology. The study also stresses the need to reconsider the role of environmental concerns' impact on consumer decision-making.

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The role of environmental concern and technology show-off on electric vehicles adoption: the case of Macau10.1108/IJOEM-10-2021-1637International Journal of Emerging Markets2023-05-05© 2023 Emerald Publishing LimitedAlessandro LampoSusana C. SilvaPaulo DuarteInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0510.1108/IJOEM-10-2021-1637https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1637/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Measuring fiscal stress via fiscal vulnerability index: a case of Turkish economyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1638/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to develop a compound measure, which is fiscal vulnerability index, provides early warning signals of fiscal sustainability problems for Türkiye's economy. The index is constructed using twelve distinct fiscal indicators and applying the portfolio method, which considers the time-varying cross-correlation structure between the subindices. Dynamics of the fiscal vulnerability index indicate that it accurately predicts to the well-known fiscal crisis occurring in Türkiye's recent history. As a result, such a compound measure should be used in the early identification of fiscal vulnerability in Türkiye. The main contribution of this paper, relative to existing papers, is that a fiscal vulnerability index was constructed by employing the most contemporaneous method and evaluating its performance in terms of capturing historical stress periods.Measuring fiscal stress via fiscal vulnerability index: a case of Turkish economy
Yusuf Yildirim
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to develop a compound measure, which is fiscal vulnerability index, provides early warning signals of fiscal sustainability problems for Türkiye's economy.

The index is constructed using twelve distinct fiscal indicators and applying the portfolio method, which considers the time-varying cross-correlation structure between the subindices.

Dynamics of the fiscal vulnerability index indicate that it accurately predicts to the well-known fiscal crisis occurring in Türkiye's recent history. As a result, such a compound measure should be used in the early identification of fiscal vulnerability in Türkiye.

The main contribution of this paper, relative to existing papers, is that a fiscal vulnerability index was constructed by employing the most contemporaneous method and evaluating its performance in terms of capturing historical stress periods.

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Measuring fiscal stress via fiscal vulnerability index: a case of Turkish economy10.1108/IJOEM-10-2021-1638International Journal of Emerging Markets2023-11-03© 2023 Emerald Publishing LimitedYusuf YildirimInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-0310.1108/IJOEM-10-2021-1638https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2021-1638/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Superposition effect of online news on fintech platformshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1525/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe rise of the mobile Internet has accumulated much text information in various online financial forums. Such information often contains the emotional attitudes of investors toward financial technology (fintech) platforms, so extracting the sentimental tendency information has great practical value for the development of fintech platforms. Based on the investor sentiment theory, the paper aims to analyze the relevant social media data and test the influence path of online news evaluation on the stock price fluctuation of fintech platforms. Taking Oriental Fortune as the research object, this paper selects multiple variables such as stock bar popularity, snowball popularity, news popularity and news sentiment scores collected by UQER and combines the sentiment scores of single daily news into a daily sentiment score. Based on the period from November 1, 2019 to March 31, 2020, during the emergence of the coronavirus disease 2019 (COVID-19) pandemic as the background, the authors conduct the Granger causality test based on the vector autoregressive (VAR) model and analyze the relevant evaluation of Oriental Fortune through the empirical model. The authors' results show that different online evaluations impact the rise and fall of stock prices differently, while news popularity has the most significant impact. Besides, news sentiment scores on share price fluctuation have a relatively substantial influence. These findings indicate that the authoritative news evaluation can strongly guide investors to make relevant investment behavior operations in the information dissemination process, significantly affecting stock prices. The research findings of this paper have good inspiration and reference values for investors and financial regulators.Superposition effect of online news on fintech platforms
Huosong Xia, Siyi Chen, Justin Z. Zhang, Yulong Liu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The rise of the mobile Internet has accumulated much text information in various online financial forums. Such information often contains the emotional attitudes of investors toward financial technology (fintech) platforms, so extracting the sentimental tendency information has great practical value for the development of fintech platforms. Based on the investor sentiment theory, the paper aims to analyze the relevant social media data and test the influence path of online news evaluation on the stock price fluctuation of fintech platforms.

Taking Oriental Fortune as the research object, this paper selects multiple variables such as stock bar popularity, snowball popularity, news popularity and news sentiment scores collected by UQER and combines the sentiment scores of single daily news into a daily sentiment score. Based on the period from November 1, 2019 to March 31, 2020, during the emergence of the coronavirus disease 2019 (COVID-19) pandemic as the background, the authors conduct the Granger causality test based on the vector autoregressive (VAR) model and analyze the relevant evaluation of Oriental Fortune through the empirical model.

The authors' results show that different online evaluations impact the rise and fall of stock prices differently, while news popularity has the most significant impact. Besides, news sentiment scores on share price fluctuation have a relatively substantial influence. These findings indicate that the authoritative news evaluation can strongly guide investors to make relevant investment behavior operations in the information dissemination process, significantly affecting stock prices.

The research findings of this paper have good inspiration and reference values for investors and financial regulators.

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Superposition effect of online news on fintech platforms10.1108/IJOEM-10-2022-1525International Journal of Emerging Markets2023-06-16© 2023 Emerald Publishing LimitedHuosong XiaSiyi ChenJustin Z. ZhangYulong LiuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-1610.1108/IJOEM-10-2022-1525https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1525/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Examining the relationship between fear of COVID-19 and digital financial service usage among Pakistani SMEshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1528/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis research aimed to find out both direct and mediating relationships between the fear of COVID-19 (FC) and the usage of digital financial services (UDFS) via mediator financial anxiety (FA). It also attempted to ascertain the moderated effect of education of small and medium-sized enterprise (SME) owners (ESO), i.e. business degree holders (BDH) vs nonbusiness degree holders (NBDH), in the relationship between FC and the UDFS. This research employed a simple random sampling technique. In total, 387 complete responses were collected from Pakistani SMEs. The complete analysis was performed using Statistical Package for the Social Sciences (SPSS) 23, AMOS 24, Process Marco 4.1, and Interaction 1.7. According to the findings, FC leads to UDFS and FA mediates this relationship. Additionally, the findings show that the ESO between FC and UDFS was moderated. However, conditional analysis shows that BDH-SME owners strengthened the moderated relationship between FC and UDFS compared to NBDH-SME owners, who did not show any relationship. Policymakers might use the study's findings to promote business education, which has been recognized as essential for making sound financial decisions. Finally, because the study is cross-sectional, the authors are unable to draw definitive generalizations. The key novelty of this research work lies in the inclusion of FA as a mediator and the education of SME owners as a moderator in understanding the relationship between FC and the UDFS. This study illuminated the positive aspects of the COVID-19 epidemic based on the theory of emotional finance, risk avoidance theory and theories of emotion.Examining the relationship between fear of COVID-19 and digital financial service usage among Pakistani SMEs
Salman Mahmood, Shuhui Wen, Shoaib Aslam, Muhammad Rizwan Khan, Fahad Ur Rehman
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This research aimed to find out both direct and mediating relationships between the fear of COVID-19 (FC) and the usage of digital financial services (UDFS) via mediator financial anxiety (FA). It also attempted to ascertain the moderated effect of education of small and medium-sized enterprise (SME) owners (ESO), i.e. business degree holders (BDH) vs nonbusiness degree holders (NBDH), in the relationship between FC and the UDFS.

This research employed a simple random sampling technique. In total, 387 complete responses were collected from Pakistani SMEs. The complete analysis was performed using Statistical Package for the Social Sciences (SPSS) 23, AMOS 24, Process Marco 4.1, and Interaction 1.7.

According to the findings, FC leads to UDFS and FA mediates this relationship. Additionally, the findings show that the ESO between FC and UDFS was moderated. However, conditional analysis shows that BDH-SME owners strengthened the moderated relationship between FC and UDFS compared to NBDH-SME owners, who did not show any relationship.

Policymakers might use the study's findings to promote business education, which has been recognized as essential for making sound financial decisions. Finally, because the study is cross-sectional, the authors are unable to draw definitive generalizations.

The key novelty of this research work lies in the inclusion of FA as a mediator and the education of SME owners as a moderator in understanding the relationship between FC and the UDFS. This study illuminated the positive aspects of the COVID-19 epidemic based on the theory of emotional finance, risk avoidance theory and theories of emotion.

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Examining the relationship between fear of COVID-19 and digital financial service usage among Pakistani SMEs10.1108/IJOEM-10-2022-1528International Journal of Emerging Markets2023-11-30© 2023 Emerald Publishing LimitedSalman MahmoodShuhui WenShoaib AslamMuhammad Rizwan KhanFahad Ur RehmanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-3010.1108/IJOEM-10-2022-1528https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1528/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Dynamic efficiency in MENA stock markets during COVID-19 outbreak and vaccineshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1566/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper examines the time-varying efficiency of nine major Middle East and North Africa (MENA) stock markets namely Egypt, Bahrain, UAE, Jordan, Saudi Arabia, Oman, Qatar, Morocco and Tunisia during times of COVID-19 pandemic outbreak and vaccines. The authors use two econometric approaches: (1) autocorrelation tests including the wild bootstrap automatic variance ratio test, the automatic portmanteau test and the Generalized spectral test, and (2) a non-Bayesian generalized least squares-based time-varying model with statistical inferences. The results show that the degree of stock market efficiency of Egyptian, Bahraini, Saudi, Moroccan and Tunisian stock markets is influenced by the COVID-19 pandemic crisis. Furthermore, the authors find a tendency toward efficiency in most of the MENA markets after the announcement of the COVID-19's vaccine approval. Finally, the Jordanian, Omani, Qatari and UAE stock markets remain globally efficient during the three sub-periods of the COVID-19 pandemic outbreak. The results have important implications for asset allocations and financial risk management. Portfolio managers may maximize the benefit of arbitrage opportunities by taking strategic long and short positions in these markets during downward trend periods. Policymakers should implement the action plans and reforms to protect the stock markets from global shocks and ensure the stability of the stock markets.Dynamic efficiency in MENA stock markets during COVID-19 outbreak and vaccines
Mohamed Malek Belhoula, Walid Mensi, Kamel Naoui
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper examines the time-varying efficiency of nine major Middle East and North Africa (MENA) stock markets namely Egypt, Bahrain, UAE, Jordan, Saudi Arabia, Oman, Qatar, Morocco and Tunisia during times of COVID-19 pandemic outbreak and vaccines.

The authors use two econometric approaches: (1) autocorrelation tests including the wild bootstrap automatic variance ratio test, the automatic portmanteau test and the Generalized spectral test, and (2) a non-Bayesian generalized least squares-based time-varying model with statistical inferences.

The results show that the degree of stock market efficiency of Egyptian, Bahraini, Saudi, Moroccan and Tunisian stock markets is influenced by the COVID-19 pandemic crisis. Furthermore, the authors find a tendency toward efficiency in most of the MENA markets after the announcement of the COVID-19's vaccine approval. Finally, the Jordanian, Omani, Qatari and UAE stock markets remain globally efficient during the three sub-periods of the COVID-19 pandemic outbreak.

The results have important implications for asset allocations and financial risk management. Portfolio managers may maximize the benefit of arbitrage opportunities by taking strategic long and short positions in these markets during downward trend periods. Policymakers should implement the action plans and reforms to protect the stock markets from global shocks and ensure the stability of the stock markets.

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Dynamic efficiency in MENA stock markets during COVID-19 outbreak and vaccines10.1108/IJOEM-10-2022-1566International Journal of Emerging Markets2024-01-09© 2023 Emerald Publishing LimitedMohamed Malek BelhoulaWalid MensiKamel NaouiInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-0910.1108/IJOEM-10-2022-1566https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1566/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effect of sovereign credit ratings on democracy in sub-Saharan Africahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1570/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates (1) whether democratization drives sovereign credit ratings (SCR) changes (the “democratic advantage”) or whether SCR changes affect democratization, (2) whether the degree of democratization in sub-Saharan African (SSA) countries affects the associations and (3) whether the associations are significantly affected by resource dependence. This study investigates the effects of SCR changes on democracy in 22 SSA countries over the period of 2000–2020 VEC Granger causality/block exogeneity Wald tests, and impulse responses and variance decomposition analyses with Cholesky ordering and Monte Carlo standard errors in a panel VECM framework. The full sample impulse responses find that a SCR shock has a long-run detrimental effect on the democracy and political rights but only a short-run positive impact on civil liberties. Among the sub-samples, it is found that the extent of natural resource dependence does not affect the magnitude of SCR shocks on democratization mentioned above but it is found that a SCR shock affects long-run democracy in SSA countries that are relatively more democratic but is more likely to drive democratic deepening in less democratic SSA countries. The full sample variance decompositions further finds that the variance of SCR to a political rights shock outweighs the effects of all the macroeconomic factors, whereas in more diversified SSA countries, the variances of SCR are much greater for democracy and political rights shocks, which suggests that democratization and political rights in diversified SSA economies are severely affected by SCR changes. In the case of the high and low democracy sub-samples, it is found that the variance of SCR in the relatively higher democracy sub-sample is greater than in the low democracy sub-sample. These results have three implications for democratization in SSA. First, the effect of a SCR change is not a democratically agnostic and impacts political rights to a greater extent than civil liberties. Second, SCR changes have the potential to spark a negative cycle in SSA countries whereby a downgrade leads to a deterioration in socio-political stability coupled with increased financial economic constraints that in turn drive further downgrades and macroeconomic hardship. Finally, SCR changes are potentially detrimental for democracy in more democratic SSA countries but democratically supportive in less democratic SSA countries. Thus, SSA countries that are relatively politically sophisticated are more exposed to the effects of SCR changes, whereas less politically sophisticated SSA countries can proactively shape their SCRs by undertaking political reforms. This study is the first to examine the associations between SCR and democracy in SSA. This is critical literature for the Africa’s scholarly work given that the debate on unfair rating actions and claims of subjective rating methods is ongoing.The effect of sovereign credit ratings on democracy in sub-Saharan Africa
Sean Gossel, Misheck Mutize
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates (1) whether democratization drives sovereign credit ratings (SCR) changes (the “democratic advantage”) or whether SCR changes affect democratization, (2) whether the degree of democratization in sub-Saharan African (SSA) countries affects the associations and (3) whether the associations are significantly affected by resource dependence.

This study investigates the effects of SCR changes on democracy in 22 SSA countries over the period of 2000–2020 VEC Granger causality/block exogeneity Wald tests, and impulse responses and variance decomposition analyses with Cholesky ordering and Monte Carlo standard errors in a panel VECM framework.

The full sample impulse responses find that a SCR shock has a long-run detrimental effect on the democracy and political rights but only a short-run positive impact on civil liberties. Among the sub-samples, it is found that the extent of natural resource dependence does not affect the magnitude of SCR shocks on democratization mentioned above but it is found that a SCR shock affects long-run democracy in SSA countries that are relatively more democratic but is more likely to drive democratic deepening in less democratic SSA countries. The full sample variance decompositions further finds that the variance of SCR to a political rights shock outweighs the effects of all the macroeconomic factors, whereas in more diversified SSA countries, the variances of SCR are much greater for democracy and political rights shocks, which suggests that democratization and political rights in diversified SSA economies are severely affected by SCR changes. In the case of the high and low democracy sub-samples, it is found that the variance of SCR in the relatively higher democracy sub-sample is greater than in the low democracy sub-sample.

These results have three implications for democratization in SSA. First, the effect of a SCR change is not a democratically agnostic and impacts political rights to a greater extent than civil liberties. Second, SCR changes have the potential to spark a negative cycle in SSA countries whereby a downgrade leads to a deterioration in socio-political stability coupled with increased financial economic constraints that in turn drive further downgrades and macroeconomic hardship. Finally, SCR changes are potentially detrimental for democracy in more democratic SSA countries but democratically supportive in less democratic SSA countries. Thus, SSA countries that are relatively politically sophisticated are more exposed to the effects of SCR changes, whereas less politically sophisticated SSA countries can proactively shape their SCRs by undertaking political reforms.

This study is the first to examine the associations between SCR and democracy in SSA. This is critical literature for the Africa’s scholarly work given that the debate on unfair rating actions and claims of subjective rating methods is ongoing.

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The effect of sovereign credit ratings on democracy in sub-Saharan Africa10.1108/IJOEM-10-2022-1570International Journal of Emerging Markets2024-03-18© 2024 Sean Gossel and Misheck MutizeSean GosselMisheck MutizeInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-1810.1108/IJOEM-10-2022-1570https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1570/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Sean Gossel and Misheck Mutizehttp://creativecommons.org/licences/by/4.0/legalcode
Is manufacturing trade a stepping stone or an obstacle to service trade?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1585/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors empirically examined the theoretically recognized industrial linkages between manufacturing and services from the trade perspective. In particular, they confirmed the trade effect of manufacturing on services, given that global value chain fragmentation pervades and splits manufacturing and services segments separately in developed and developing countries. Based on observations of 47 countries with manufacturing and service trade data from 1990 to 2020 and with gravity model specification, the authors primarily used the Poisson pseudo-maximum likelihood (PPML) estimation with multiple levels of fixed effects. Considering that many zero values are included in the dependent variable and potential endogeneity, other methods such as Tobit regression, Heckman estimation and two-stage least squares estimation (2SLS) are used. Subsample estimation also supplemented the empirical research. The results showed that manufacturing trade is a stepping-stone rather than an obstacle to service trade. This finding exhibited significant robustness under different model specifications, instrumental variable estimation and subsample checks. Moreover, in contrast to the north–north country ties, manufacturing trade between northern and southern countries has played a prominent stepping-stone role; meanwhile, manufacturing trade among core–peripheral countries has a considerably more significant impact than the outcomes of core–core and peripheral–peripheral countries. The authors provided direct clarification and revealed that trade in manufacturing remains the demand basis for service trade. As trade in manufacturing and services are typical phenomena of transnational production linkages, the authors suggested exploring the underlying role of global value chain (GVC) fragmentation and the offset and even barrier effect of biased institutional arrangements on GVC fragmentation.Is manufacturing trade a stepping stone or an obstacle to service trade?
Jian Chen, Di Zhao, Yan-Nan Yu, Si-Yuan Wang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The authors empirically examined the theoretically recognized industrial linkages between manufacturing and services from the trade perspective. In particular, they confirmed the trade effect of manufacturing on services, given that global value chain fragmentation pervades and splits manufacturing and services segments separately in developed and developing countries.

Based on observations of 47 countries with manufacturing and service trade data from 1990 to 2020 and with gravity model specification, the authors primarily used the Poisson pseudo-maximum likelihood (PPML) estimation with multiple levels of fixed effects. Considering that many zero values are included in the dependent variable and potential endogeneity, other methods such as Tobit regression, Heckman estimation and two-stage least squares estimation (2SLS) are used. Subsample estimation also supplemented the empirical research.

The results showed that manufacturing trade is a stepping-stone rather than an obstacle to service trade. This finding exhibited significant robustness under different model specifications, instrumental variable estimation and subsample checks. Moreover, in contrast to the north–north country ties, manufacturing trade between northern and southern countries has played a prominent stepping-stone role; meanwhile, manufacturing trade among core–peripheral countries has a considerably more significant impact than the outcomes of core–core and peripheral–peripheral countries.

The authors provided direct clarification and revealed that trade in manufacturing remains the demand basis for service trade. As trade in manufacturing and services are typical phenomena of transnational production linkages, the authors suggested exploring the underlying role of global value chain (GVC) fragmentation and the offset and even barrier effect of biased institutional arrangements on GVC fragmentation.

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Is manufacturing trade a stepping stone or an obstacle to service trade?10.1108/IJOEM-10-2022-1585International Journal of Emerging Markets2023-05-04© 2023 Emerald Publishing LimitedJian ChenDi ZhaoYan-Nan YuSi-Yuan WangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-0410.1108/IJOEM-10-2022-1585https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1585/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
State of the art and future scenarios for bio-packaging market transition: evidence from Polandhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1614/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe purpose of this article is twofold. First, this study characterises the current state of the bio-packaging market's development. Second, it identifies key factors influencing and possible scenarios of the bio-packaging market transition to increase the market share of compostable packaging. The results of 29 in-depth interviews (IDIs) with representatives of the key groups of bio-packaging supply chains' (SCs') stakeholders were the input for the consideration of the research problem. The main economic, legal, social and technological enablers and barriers to the bio-packaging regime transition are recognised, and their impact at the market level is explained. The authors recognised the hybrid transition scenario towards an increase in the market share of compostable packaging related to the three traditional pathways of transformation, reconfiguration and technological substitution. This study contributes to a better understanding of the socio-technical system theory by examining interdependencies between landscape (external environment), market regime (bio-packaging market) and niche innovations (compostable packaging) as well as system transition pathways. The findings and conclusions on bio-packaging market developments can be important lessons learnt to be applied in different countries due to the same current development stage of the compostable packaging lifecycle worldwide.State of the art and future scenarios for bio-packaging market transition: evidence from Poland
Barbara Ocicka, Grażyna Kędzia, Jakub Brzeziński
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The purpose of this article is twofold. First, this study characterises the current state of the bio-packaging market's development. Second, it identifies key factors influencing and possible scenarios of the bio-packaging market transition to increase the market share of compostable packaging.

The results of 29 in-depth interviews (IDIs) with representatives of the key groups of bio-packaging supply chains' (SCs') stakeholders were the input for the consideration of the research problem.

The main economic, legal, social and technological enablers and barriers to the bio-packaging regime transition are recognised, and their impact at the market level is explained. The authors recognised the hybrid transition scenario towards an increase in the market share of compostable packaging related to the three traditional pathways of transformation, reconfiguration and technological substitution.

This study contributes to a better understanding of the socio-technical system theory by examining interdependencies between landscape (external environment), market regime (bio-packaging market) and niche innovations (compostable packaging) as well as system transition pathways. The findings and conclusions on bio-packaging market developments can be important lessons learnt to be applied in different countries due to the same current development stage of the compostable packaging lifecycle worldwide.

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State of the art and future scenarios for bio-packaging market transition: evidence from Poland10.1108/IJOEM-10-2022-1614International Journal of Emerging Markets2023-12-04© 2023 Barbara Ocicka, Grażyna Kędzia and Jakub BrzezińskiBarbara OcickaGrażyna KędziaJakub BrzezińskiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-12-0410.1108/IJOEM-10-2022-1614https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1614/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Barbara Ocicka, Grażyna Kędzia and Jakub Brzezińskihttp://creativecommons.org/licences/by/4.0/legalcode
Dialect connectedness and tunneling: evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1627/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the effects of dialect connectedness between the chairman and the chief executive officer (CEO) (DCCC) on the tunneling activities of controlling shareholders. This study uses abnormal related-party transactions (ARPT) as a proxy for tunneling activities and traces dialects of chairmen and CEOs based on the respective birthplace information. Baseline results are examined using a fixed-effects model. The results remain robust when using the instrumental variable approach, propensity score matching (PSM) technique, changing the measurement of tunneling and Heckman two-step selection model. The results show that DCCC reduces tunneling activities. This negative association is more pronounced for non-state-owned enterprises and firms whose chairmen and CEOs work in the respective hometowns. DCCC restrains tunneling activities through mechanisms by establishing an informal supervisory effect on CEOs because the CEOs fear reputational damage and strengthening cooperation between chairmen and CEOs. Further analyses suggest that this negative association is more significant when chairmen and CEOs are non-controlling shareholders, but the association is weakened during the coronavirus disease 2019 (COVID-19) crisis. As dialect is a carrier of culture, this study's results imply that cultural proximity can replace formal mechanisms to enhance corporate governance.Dialect connectedness and tunneling: evidence from China
Chen Song
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the effects of dialect connectedness between the chairman and the chief executive officer (CEO) (DCCC) on the tunneling activities of controlling shareholders.

This study uses abnormal related-party transactions (ARPT) as a proxy for tunneling activities and traces dialects of chairmen and CEOs based on the respective birthplace information. Baseline results are examined using a fixed-effects model. The results remain robust when using the instrumental variable approach, propensity score matching (PSM) technique, changing the measurement of tunneling and Heckman two-step selection model.

The results show that DCCC reduces tunneling activities. This negative association is more pronounced for non-state-owned enterprises and firms whose chairmen and CEOs work in the respective hometowns. DCCC restrains tunneling activities through mechanisms by establishing an informal supervisory effect on CEOs because the CEOs fear reputational damage and strengthening cooperation between chairmen and CEOs. Further analyses suggest that this negative association is more significant when chairmen and CEOs are non-controlling shareholders, but the association is weakened during the coronavirus disease 2019 (COVID-19) crisis.

As dialect is a carrier of culture, this study's results imply that cultural proximity can replace formal mechanisms to enhance corporate governance.

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Dialect connectedness and tunneling: evidence from China10.1108/IJOEM-10-2022-1627International Journal of Emerging Markets2023-04-28© 2023 Emerald Publishing LimitedChen SongInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-2810.1108/IJOEM-10-2022-1627https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2022-1627/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Promoting green growth through identification of sustainable strategies: a hybrid approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2023-1586/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe aim of the paper is to rank and analyze the key strategies to sustainable finance adoption in the manufacturing sector using Fuzzy Delphi method (FDM), Interpretive Structural Modeling (ISM) and MICMAC (impact matrix cross-reference multiplication applied to a classification) analysis. The study develops a novel framework to identify and analyze the mutual relationships among set of sustainable policies using extensive literature survey and experts opinion. Initially, the study found 14 strategies to implement sustainable finance with the help of vast literature. Then, the list of identified factors were screened through Fuzzy Delphi Method (FDM). Based on driving and dependence power, the final list of factors are divided into three categories. The study findings reveal that “environmental rules and practices”, “financial incentives, tax reduction and subsidy”, have strongest driving power for promoting sustainable financial system in Pakistani manufacturing sector. Furthermore, “environmental awareness” and “long term vision” are found to be highly influenced by other corresponding elements in a system. The ISM approach assists professionals, academics, and managers in identifying and ranking policies in implementing green business techniques. The hierarchical representation of ISM results provides a roadmap for decision-makers to navigate and prioritize factors effectively, facilitating the implementation of strategies that contribute to sustainable growth within organizations. The study results provide interesting clues regarding green finance policies that provide the foundations, incentives, protections or other provisions that support the ecological conservancy’s mission. Specifically, the findings guide that government must offer research grants to private enterprises, research and development institutions, and universities to promote environmental protection and develop transformative technologies such as waste recycling, renewable energy, carbon capture, and power consumption. The exploration of strategies for sustainable finance adoption with the help of mixed methodological approach and classification of these strategies on the basis of importance level is a new attempt in the field of manufacturing sector.Promoting green growth through identification of sustainable strategies: a hybrid approach
Sajid Ullah, Farman Ullah Khan, Imran Saeed
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The aim of the paper is to rank and analyze the key strategies to sustainable finance adoption in the manufacturing sector using Fuzzy Delphi method (FDM), Interpretive Structural Modeling (ISM) and MICMAC (impact matrix cross-reference multiplication applied to a classification) analysis.

The study develops a novel framework to identify and analyze the mutual relationships among set of sustainable policies using extensive literature survey and experts opinion. Initially, the study found 14 strategies to implement sustainable finance with the help of vast literature. Then, the list of identified factors were screened through Fuzzy Delphi Method (FDM). Based on driving and dependence power, the final list of factors are divided into three categories.

The study findings reveal that “environmental rules and practices”, “financial incentives, tax reduction and subsidy”, have strongest driving power for promoting sustainable financial system in Pakistani manufacturing sector. Furthermore, “environmental awareness” and “long term vision” are found to be highly influenced by other corresponding elements in a system.

The ISM approach assists professionals, academics, and managers in identifying and ranking policies in implementing green business techniques. The hierarchical representation of ISM results provides a roadmap for decision-makers to navigate and prioritize factors effectively, facilitating the implementation of strategies that contribute to sustainable growth within organizations.

The study results provide interesting clues regarding green finance policies that provide the foundations, incentives, protections or other provisions that support the ecological conservancy’s mission. Specifically, the findings guide that government must offer research grants to private enterprises, research and development institutions, and universities to promote environmental protection and develop transformative technologies such as waste recycling, renewable energy, carbon capture, and power consumption.

The exploration of strategies for sustainable finance adoption with the help of mixed methodological approach and classification of these strategies on the basis of importance level is a new attempt in the field of manufacturing sector.

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Promoting green growth through identification of sustainable strategies: a hybrid approach10.1108/IJOEM-10-2023-1586International Journal of Emerging Markets2024-03-14© 2024 Emerald Publishing LimitedSajid UllahFarman Ullah KhanImran SaeedInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-1410.1108/IJOEM-10-2023-1586https://www.emerald.com/insight/content/doi/10.1108/IJOEM-10-2023-1586/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Family control, R&D expenses and firm efficiency: evidence from Taiwanese cultural and creative industrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2020-1291/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestFirst, this study assesses the link between research and development (R&D) expenses and firm efficiency. Second, this study explores how family control moderates the link between the two. This study uses two measures of time-based firm efficiency, namely, a window slacks-based measure (WSBM) and a window epsilon-based measure (WEBM) of data envelopment analysis (DEA). Then, 216 firm-year observations are analyzed in the Taiwanese cultural and creative industries from 2005 to 2017. This study finds that R&D expenses significantly worsen firm efficiency, and that family control positively moderates this effect. A further test separating the sample into family-controlled and nonfamily-controlled firms indicates that R&D expenses negatively affect the efficiency of nonfamily-controlled firms but positively affect that of family-controlled firms. The existing literature has examined the link between R&D expenses and corporate performance. However, the process by which R&D expenses affect corporate performance from a production perspective remains unknown. Overall, this study provides insights for policymakers to scrutinize resource management and R&D expenses from the production and resource-based perspectives.Family control, R&D expenses and firm efficiency: evidence from Taiwanese cultural and creative industries
Qian Long Kweh, Hanh Thi My Le, Irene Wei Kiong Ting, Wen-Min Lu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

First, this study assesses the link between research and development (R&D) expenses and firm efficiency. Second, this study explores how family control moderates the link between the two.

This study uses two measures of time-based firm efficiency, namely, a window slacks-based measure (WSBM) and a window epsilon-based measure (WEBM) of data envelopment analysis (DEA). Then, 216 firm-year observations are analyzed in the Taiwanese cultural and creative industries from 2005 to 2017.

This study finds that R&D expenses significantly worsen firm efficiency, and that family control positively moderates this effect. A further test separating the sample into family-controlled and nonfamily-controlled firms indicates that R&D expenses negatively affect the efficiency of nonfamily-controlled firms but positively affect that of family-controlled firms.

The existing literature has examined the link between R&D expenses and corporate performance. However, the process by which R&D expenses affect corporate performance from a production perspective remains unknown.

Overall, this study provides insights for policymakers to scrutinize resource management and R&D expenses from the production and resource-based perspectives.

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Family control, R&D expenses and firm efficiency: evidence from Taiwanese cultural and creative industries10.1108/IJOEM-11-2020-1291International Journal of Emerging Markets2023-04-11© 2023 Emerald Publishing LimitedQian Long KwehHanh Thi My LeIrene Wei Kiong TingWen-Min LuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-1110.1108/IJOEM-11-2020-1291https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2020-1291/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The effects of government spending on consumption and the real exchange rate: a comparison between developed and developing countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2020-1395/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe degree of development and the way to identify a fiscal shock matter in evaluating the effects of the fiscal policy. This paper contributes to the debate on the effects of a fiscal expansion on private consumption and the real effective exchange rate. This paper uses a sign-restriction method to identify a fiscal shock in the panel structural VAR analysis in the context of both developed and developing countries. The authors’ find that (1) private consumption increases in response to a positive government spending shock in both groups, yet such consumption effect is greater in developing than industrial countries; (2) the response of real effective exchange rate to the government spending shock varies across groups: it depreciates in developed countries and appreciates in developing countries; (3) trade balance improves in both groups. This study sheds light on the differential effects of fiscal shock on consumption and real exchange rate in both developed and developing economies.The effects of government spending on consumption and the real exchange rate: a comparison between developed and developing countries
Yu Li, Xiaoyang Zhu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The degree of development and the way to identify a fiscal shock matter in evaluating the effects of the fiscal policy. This paper contributes to the debate on the effects of a fiscal expansion on private consumption and the real effective exchange rate.

This paper uses a sign-restriction method to identify a fiscal shock in the panel structural VAR analysis in the context of both developed and developing countries.

The authors’ find that (1) private consumption increases in response to a positive government spending shock in both groups, yet such consumption effect is greater in developing than industrial countries; (2) the response of real effective exchange rate to the government spending shock varies across groups: it depreciates in developed countries and appreciates in developing countries; (3) trade balance improves in both groups.

This study sheds light on the differential effects of fiscal shock on consumption and real exchange rate in both developed and developing economies.

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The effects of government spending on consumption and the real exchange rate: a comparison between developed and developing countries10.1108/IJOEM-11-2020-1395International Journal of Emerging Markets2023-02-13© 2023 Emerald Publishing LimitedYu LiXiaoyang ZhuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-1310.1108/IJOEM-11-2020-1395https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2020-1395/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Corporate governance, enforcement institutions and corporate liquidity in the MENA regionhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1673/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study examines the effects of corporate governance and countrywide institutions and risk factors on corporate liquidity. Using firm-level data, the authors analyze the effect of corporate governance and various economic, regulatory and social institutions on the liquidity of firms operating in the Middle East and North Africa (MENA) region. The authors use fixed-effects, firm-specific and country-level controls, disaggregated analysis, sensitivity and endogeneity analysis to test the robustness of the estimates. The corporate governance characteristics of firms influence in diverse ways their liquidity decisions. The independence and diversity of the board and institutional ownership are especially strong predictors. The effect also depends on the size of the firm and the degree of economic development and exhibits time sensitivity and nonlinearity. Enforcement institutions and risk factors play a strong role. The analysis contributes to the literature by using a large sample of countries and firms over a larger period, distinguishing between poorer and richer countries and using sensitivity and endogeneity analysis. The analysis considers explicitly the role of regulatory and enforcement conditions, social structures and religious beliefs.Corporate governance, enforcement institutions and corporate liquidity in the MENA region
Charilaos Mertzanis, Nejla Ellili, Hazem Marashdeh, Haitham Nobanee
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study examines the effects of corporate governance and countrywide institutions and risk factors on corporate liquidity.

Using firm-level data, the authors analyze the effect of corporate governance and various economic, regulatory and social institutions on the liquidity of firms operating in the Middle East and North Africa (MENA) region. The authors use fixed-effects, firm-specific and country-level controls, disaggregated analysis, sensitivity and endogeneity analysis to test the robustness of the estimates.

The corporate governance characteristics of firms influence in diverse ways their liquidity decisions. The independence and diversity of the board and institutional ownership are especially strong predictors. The effect also depends on the size of the firm and the degree of economic development and exhibits time sensitivity and nonlinearity. Enforcement institutions and risk factors play a strong role.

The analysis contributes to the literature by using a large sample of countries and firms over a larger period, distinguishing between poorer and richer countries and using sensitivity and endogeneity analysis. The analysis considers explicitly the role of regulatory and enforcement conditions, social structures and religious beliefs.

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Corporate governance, enforcement institutions and corporate liquidity in the MENA region10.1108/IJOEM-11-2021-1673International Journal of Emerging Markets2023-06-06© 2022 Emerald Publishing LimitedCharilaos MertzanisNejla ElliliHazem MarashdehHaitham NobaneeInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-0610.1108/IJOEM-11-2021-1673https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1673/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Heterogeneity of investor sentiment, geopolitical risk and economic policy uncertainty: do Islamic banks differ during COVID-19 pandemic?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1679/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examined the impact of; COVID-19 investor sentiment, COVID-19 cases, geopolitical risk (GPR), economic policy uncertainty (EPU), oil returns and Islamic banking on bank stock returns. In addition, it examined whether Islamic bank stock returns differed from conventional banks when interacting with selected variables. This study consisted of 137 conventional and Islamic stock market listed banks in 16 Middle East and North Africa (MENA) countries from February 2020 to July 2021. Monthly data were used for bank stock returns, number of COVID-19 cases, COVID-19 investor sentiment, oil price and EPU, while GPR data were obtained annually. This paper used unconditional quantile regression (UQR) in its analysis. COVID-19 investor sentiment and EPU negatively influenced bank stock returns. However, oil returns were only positive and significant in first quantile. Conversely, GPR negatively impacted bank returns up to the median quantile, while the impact was positive in upper quantiles. Islamic banks outperformed conventional banks in all quantiles. Additionally, GPR negatively influenced Islamic bank returns up to 75th quantile, while oil returns negatively impacted Islamic bank returns up to 95th quantile. Ultimately, COVID-19 investor sentiment and EPU positively influenced Islamic bank returns up to 95th quantile. Market conditions must be considered when implementing investment decisions and policies, as the effects of market shocks are mostly asymmetrical. For example, it is important for international investors to take into consideration asymmetric factors, such as market uncertainty in oil market. Especially in bearish Islamic markets, bad news concerning uncertainty can be perceived as riskier than good news. A change in health sentiment, such as COVID-19 cases and COVID-19 investor sentiment, can be used to determine future direction of conventional and Islamic stock markets. Asymmetric effects associated with market news can make portfolio management more effective. COVID-19 investor sentiment states can be used to predict Islamic market index dynamics in MENA region. This paper offered insight into heterogeneity of market conditions and dependencies of Islamic banks' stock market returns on COVID-19 investor sentiment and uncertainty, among others that should be considered when implementing investment decisions and policies.Heterogeneity of investor sentiment, geopolitical risk and economic policy uncertainty: do Islamic banks differ during COVID-19 pandemic?
Mohamed Albaity, Ray Saadaoui Mallek, Hasan Mustafa
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examined the impact of; COVID-19 investor sentiment, COVID-19 cases, geopolitical risk (GPR), economic policy uncertainty (EPU), oil returns and Islamic banking on bank stock returns. In addition, it examined whether Islamic bank stock returns differed from conventional banks when interacting with selected variables.

This study consisted of 137 conventional and Islamic stock market listed banks in 16 Middle East and North Africa (MENA) countries from February 2020 to July 2021. Monthly data were used for bank stock returns, number of COVID-19 cases, COVID-19 investor sentiment, oil price and EPU, while GPR data were obtained annually. This paper used unconditional quantile regression (UQR) in its analysis.

COVID-19 investor sentiment and EPU negatively influenced bank stock returns. However, oil returns were only positive and significant in first quantile. Conversely, GPR negatively impacted bank returns up to the median quantile, while the impact was positive in upper quantiles. Islamic banks outperformed conventional banks in all quantiles. Additionally, GPR negatively influenced Islamic bank returns up to 75th quantile, while oil returns negatively impacted Islamic bank returns up to 95th quantile. Ultimately, COVID-19 investor sentiment and EPU positively influenced Islamic bank returns up to 95th quantile.

Market conditions must be considered when implementing investment decisions and policies, as the effects of market shocks are mostly asymmetrical. For example, it is important for international investors to take into consideration asymmetric factors, such as market uncertainty in oil market. Especially in bearish Islamic markets, bad news concerning uncertainty can be perceived as riskier than good news.

A change in health sentiment, such as COVID-19 cases and COVID-19 investor sentiment, can be used to determine future direction of conventional and Islamic stock markets. Asymmetric effects associated with market news can make portfolio management more effective. COVID-19 investor sentiment states can be used to predict Islamic market index dynamics in MENA region.

This paper offered insight into heterogeneity of market conditions and dependencies of Islamic banks' stock market returns on COVID-19 investor sentiment and uncertainty, among others that should be considered when implementing investment decisions and policies.

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Heterogeneity of investor sentiment, geopolitical risk and economic policy uncertainty: do Islamic banks differ during COVID-19 pandemic?10.1108/IJOEM-11-2021-1679International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedMohamed AlbaityRay Saadaoui MallekHasan MustafaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-11-2021-1679https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1679/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Disclosure of nonfinancial information in integrated reporting: the Brazilians professionals investors's perspectivehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1699/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the nonfinancial information related to capitals (intellectual, human, social and relationship, and natural) demanded by professional investors in their decision-making process, which can improve the usefulness of integrated reporting for this target audience. A Systematic Literature Review in the Scopus, Web of Science and Google Scholar databases enabled the identification of information demanded by professional investors. This information was presented to experienced Brazilian investors participating in a focus group to align the theory on this topic with professional practice. The results allow us to conclude that the focus group participants' perception is aligned with the international literature, both in the importance given to most of the nonfinancial information items identified and in the lack of interest in using integrated reporting in investment decisions. Nonetheless, the general perception of the focus group is not aligned with the literature procedures in terms of social and environmental information. A study with a larger scope and the adoption of other approaches can contribute to broaden the understanding of the perspectives of professional investors in Brazil, as well as in other regions. The authors provide evidence that contributes to discussions about the information to be disclosed in integrated reports. Their results are useful to legislators, regulators, report preparers and investors. The authors investigate the information demanded by professional investors in their decision-making process aiming to fill the literature gap relating the determinants of the integrated reporting disclosure and what is demanded by this target audience as a minimum content to be reported. As an additional result they offer interesting contributions to the literature providing reflections on nonfinancial information which have become important for Brazilian investors as from the COVID-19 pandemic.Disclosure of nonfinancial information in integrated reporting: the Brazilians professionals investors's perspective
Cíntia de Melo de Albuquerque Ribeiro, José Paulo Cosenza, Luís Perez Zotez, Júlio Vieira Neto
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the nonfinancial information related to capitals (intellectual, human, social and relationship, and natural) demanded by professional investors in their decision-making process, which can improve the usefulness of integrated reporting for this target audience.

A Systematic Literature Review in the Scopus, Web of Science and Google Scholar databases enabled the identification of information demanded by professional investors. This information was presented to experienced Brazilian investors participating in a focus group to align the theory on this topic with professional practice.

The results allow us to conclude that the focus group participants' perception is aligned with the international literature, both in the importance given to most of the nonfinancial information items identified and in the lack of interest in using integrated reporting in investment decisions. Nonetheless, the general perception of the focus group is not aligned with the literature procedures in terms of social and environmental information.

A study with a larger scope and the adoption of other approaches can contribute to broaden the understanding of the perspectives of professional investors in Brazil, as well as in other regions.

The authors provide evidence that contributes to discussions about the information to be disclosed in integrated reports. Their results are useful to legislators, regulators, report preparers and investors.

The authors investigate the information demanded by professional investors in their decision-making process aiming to fill the literature gap relating the determinants of the integrated reporting disclosure and what is demanded by this target audience as a minimum content to be reported. As an additional result they offer interesting contributions to the literature providing reflections on nonfinancial information which have become important for Brazilian investors as from the COVID-19 pandemic.

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Disclosure of nonfinancial information in integrated reporting: the Brazilians professionals investors's perspective10.1108/IJOEM-11-2021-1699International Journal of Emerging Markets2022-10-10© 2022 Emerald Publishing LimitedCíntia de Melo de Albuquerque RibeiroJosé Paulo CosenzaLuís Perez ZotezJúlio Vieira NetoInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1010.1108/IJOEM-11-2021-1699https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1699/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Can the transmission of entrepreneurs' We Media information improve the value relevance of earnings? Evidence from Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1700/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestFollowing the growing adoption of social media, many entrepreneurs are launching personal social media channels. This study focuses on the effect of entrepreneurs' shared information on We Media platforms on the value relevance of their earnings. Using entrepreneurs' We Media data collected from A-share-listed companies on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2018, this study investigates the effect of the data on the value relevance of earnings using the modified Ohlson model. The authors applied textual analysis to retrieve entrepreneurial We Media data acquired manually from Weibo. We Media platforms can increase the value relevance of earnings. Entrepreneurs can enhance investor trust by establishing social ties with investors. Investors are more likely to recognize earnings information publicized by enterprises, owing to internal consistency. Particularly, value relevance improves significantly with more personal information being posted and more “likes” being acquired on entrepreneurs' We Media accounts. This positive effect is more obvious in privately owned and highly marketized regions. The findings extend the research on the economic consequences of We Media as an important information channel, enrich the research on the social media posting behavior of entrepreneurs and provide a reference for enterprises to instill trust using new information disclosure methods and for governments to establish a safe internet environment to promote the sustainable development of the capital market.Can the transmission of entrepreneurs' We Media information improve the value relevance of earnings? Evidence from China
Tong Sun, Wanyi Chen
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Following the growing adoption of social media, many entrepreneurs are launching personal social media channels. This study focuses on the effect of entrepreneurs' shared information on We Media platforms on the value relevance of their earnings.

Using entrepreneurs' We Media data collected from A-share-listed companies on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2018, this study investigates the effect of the data on the value relevance of earnings using the modified Ohlson model. The authors applied textual analysis to retrieve entrepreneurial We Media data acquired manually from Weibo.

We Media platforms can increase the value relevance of earnings. Entrepreneurs can enhance investor trust by establishing social ties with investors. Investors are more likely to recognize earnings information publicized by enterprises, owing to internal consistency. Particularly, value relevance improves significantly with more personal information being posted and more “likes” being acquired on entrepreneurs' We Media accounts. This positive effect is more obvious in privately owned and highly marketized regions.

The findings extend the research on the economic consequences of We Media as an important information channel, enrich the research on the social media posting behavior of entrepreneurs and provide a reference for enterprises to instill trust using new information disclosure methods and for governments to establish a safe internet environment to promote the sustainable development of the capital market.

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Can the transmission of entrepreneurs' We Media information improve the value relevance of earnings? Evidence from China10.1108/IJOEM-11-2021-1700International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedTong SunWanyi ChenInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-11-2021-1700https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1700/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does institutional quality matter for foreign direct investment flows? Empirical evidence from BRICS economieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1713/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study attempts to assess the role that institutional quality (IQ) plays in influencing inflows and outflows of Foreign Direct Investment (FDI) for BRICS nations as burgeoning FDI is flowing into and out of these countries. Moreover, this paper explores the impact of individual governance indicators separately on the FDI flows. The study analyses this nexus for these emerging economies for the period 1996–2019 using autoregressive distributed lag technique. The study indicates a significant and positive coefficient for IQ in India and South Africa, suggesting that improving IQ would enhance the IFDI. However, for outward FDI (OFDI)–IQ linkage, the results show a negatively significant impact of IQ on OFDI for Brazil and Russia. Additionally, the authors observe control of corruption as a significant institutional component for attracting inward FDI for Brazil, India and South Africa, whereas it is an insignificant factor for Russia and China. Further, the authors notably find that upgrading the governance indicators will decrease the level of OFDI for Brazil, Russia, China and South Africa. On the contrary, findings suggest that improving the IQ will foster the OFDI for India. This study uses time-series analysis instead of cross-country analysis (used extensively in literature), avoiding heterogeneity. Further, this study explores the IFDI–IQ link for BRICS nations, which are captivating a significant chunk of IFDI, and still not given much attention in the extant literature. Moreover, the authors identify the impact of IQ on the OFDI, neglected by the existing studies.Does institutional quality matter for foreign direct investment flows? Empirical evidence from BRICS economies
Surbhi Gupta, Surendra S. Yadav, P.K. Jain
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study attempts to assess the role that institutional quality (IQ) plays in influencing inflows and outflows of Foreign Direct Investment (FDI) for BRICS nations as burgeoning FDI is flowing into and out of these countries. Moreover, this paper explores the impact of individual governance indicators separately on the FDI flows.

The study analyses this nexus for these emerging economies for the period 1996–2019 using autoregressive distributed lag technique.

The study indicates a significant and positive coefficient for IQ in India and South Africa, suggesting that improving IQ would enhance the IFDI. However, for outward FDI (OFDI)–IQ linkage, the results show a negatively significant impact of IQ on OFDI for Brazil and Russia. Additionally, the authors observe control of corruption as a significant institutional component for attracting inward FDI for Brazil, India and South Africa, whereas it is an insignificant factor for Russia and China. Further, the authors notably find that upgrading the governance indicators will decrease the level of OFDI for Brazil, Russia, China and South Africa. On the contrary, findings suggest that improving the IQ will foster the OFDI for India.

This study uses time-series analysis instead of cross-country analysis (used extensively in literature), avoiding heterogeneity. Further, this study explores the IFDI–IQ link for BRICS nations, which are captivating a significant chunk of IFDI, and still not given much attention in the extant literature. Moreover, the authors identify the impact of IQ on the OFDI, neglected by the existing studies.

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Does institutional quality matter for foreign direct investment flows? Empirical evidence from BRICS economies10.1108/IJOEM-11-2021-1713International Journal of Emerging Markets2023-03-28© 2023 Emerald Publishing LimitedSurbhi GuptaSurendra S. YadavP.K. JainInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-2810.1108/IJOEM-11-2021-1713https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1713/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Dynamic trade and technology linkages: a perspective from global value chain upgradation of Asian countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1723/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe focus is on determining the long-term relationship in explaining how technological capabilities interact with trade and global value chain (GVC) participation to aid in the upgradation process using a panel auto-regressive distributed lag (ARDL) model. The results suggest that export of both low-skill and medium-skill technology-intensive manufactures and patents by residents positively and significantly impact GVC participation. This paper examines the dynamic linkages between GVC participation and technological capability of major Asian countries in a comparative (1995–2018) perspective. This implies that certain sectors enable greater integration into GVCs in the long-run, supported by critical learning variables. Further, with the help of the panel causality test, a bi-directional flow between GVC participation and export of high-technology manufactures and import of labour-intensive technology manufactures is witnessed. Even a one-way flow from research and development (R&D) intensity to GVC participation is seen. The technological capabilities are found to be characterising the initial structure of local enterprises in trade and GVCs, as well as the extent to which emerging-market firms may harness knowledge flows and migrate into high-tech industries.Dynamic trade and technology linkages: a perspective from global value chain upgradation of Asian countries
Kashika Arora, Areej Aftab Siddique
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The focus is on determining the long-term relationship in explaining how technological capabilities interact with trade and global value chain (GVC) participation to aid in the upgradation process using a panel auto-regressive distributed lag (ARDL) model. The results suggest that export of both low-skill and medium-skill technology-intensive manufactures and patents by residents positively and significantly impact GVC participation.

This paper examines the dynamic linkages between GVC participation and technological capability of major Asian countries in a comparative (1995–2018) perspective.

This implies that certain sectors enable greater integration into GVCs in the long-run, supported by critical learning variables. Further, with the help of the panel causality test, a bi-directional flow between GVC participation and export of high-technology manufactures and import of labour-intensive technology manufactures is witnessed. Even a one-way flow from research and development (R&D) intensity to GVC participation is seen.

The technological capabilities are found to be characterising the initial structure of local enterprises in trade and GVCs, as well as the extent to which emerging-market firms may harness knowledge flows and migrate into high-tech industries.

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Dynamic trade and technology linkages: a perspective from global value chain upgradation of Asian countries10.1108/IJOEM-11-2021-1723International Journal of Emerging Markets2022-12-27© 2022 Emerald Publishing LimitedKashika AroraAreej Aftab SiddiqueInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-12-2710.1108/IJOEM-11-2021-1723https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1723/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Do institutional determinants matter for FDI inflows location choice? Evidence from sub-national panel data in Indiahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1725/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe present paper makes an attempt to investigate the determinants that affect FDI inflows distribution among Indian states. Together with traditional determinants, the impact of institutional determinants on state-level FDI inflows distribution in India has been analysed. The study uses panel data for a period of 20 years (2000–2019) for 17 groups of Indian states (29 states and 7 UTs). The empirical evidence is based on the panel data method and the findings support Dunning's OLI theory. As the data for some indicators for the institutional environment is not available at the state level, hence we used component analysis to arrive at the single component for the institutional factor. The study takes into account corruption, legal system, industrial disputes, man-days lost, labour availability, political risk, protection of IPR and agglomeration as potential macroeconomic and institutional determinants. Results show that FDI inflows into Indian states is driven mainly by institutional environment. From our analysis, the author infers that the institutional variables such as legal system, IPR, corruption, political instability play an important role in determining the distribution of FDI inflows at the state level in India. Together with that GFCF and agglomeration are also important determinants of state-wise FDI inflows. The major limitation of the study is that it doesn't include moderated impact of economic and institutional determinants of FDI inflows in Indian states, which can be an avenue for future research. Future research can also carried out taking district-level data to further examine the determinants at district level in India. The contribution of the present paper is three-fold, first, the author constructs a measure of different institutional variables, after normalization of data for the period 2000–2019, and the author choose the highest explaining factor with the highest variance explained then we constructed the indices for select variable, which further has been used in the panel data analysis technique. The author has found that macroeconomic variables, as well as institutional variables, are significant to attract FDI at the state level in India. The paper shows that corruption, political risk, IPR and legal system are the major institutional determinants of FDI inflows in India at the state level. States with higher domestic investment attract more FDI inflows, moreover, agglomeration is a very important determinant as the investors are more confident in investing at the same location, the reason behind this may be that the investors want to avoid the registration procedure for new land, administrative formalities or they feel more secure at the same place and keen to invest at the same place again.Do institutional determinants matter for FDI inflows location choice? Evidence from sub-national panel data in India
Vandana Goswami
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The present paper makes an attempt to investigate the determinants that affect FDI inflows distribution among Indian states. Together with traditional determinants, the impact of institutional determinants on state-level FDI inflows distribution in India has been analysed.

The study uses panel data for a period of 20 years (2000–2019) for 17 groups of Indian states (29 states and 7 UTs). The empirical evidence is based on the panel data method and the findings support Dunning's OLI theory. As the data for some indicators for the institutional environment is not available at the state level, hence we used component analysis to arrive at the single component for the institutional factor. The study takes into account corruption, legal system, industrial disputes, man-days lost, labour availability, political risk, protection of IPR and agglomeration as potential macroeconomic and institutional determinants.

Results show that FDI inflows into Indian states is driven mainly by institutional environment. From our analysis, the author infers that the institutional variables such as legal system, IPR, corruption, political instability play an important role in determining the distribution of FDI inflows at the state level in India. Together with that GFCF and agglomeration are also important determinants of state-wise FDI inflows.

The major limitation of the study is that it doesn't include moderated impact of economic and institutional determinants of FDI inflows in Indian states, which can be an avenue for future research. Future research can also carried out taking district-level data to further examine the determinants at district level in India.

The contribution of the present paper is three-fold, first, the author constructs a measure of different institutional variables, after normalization of data for the period 2000–2019, and the author choose the highest explaining factor with the highest variance explained then we constructed the indices for select variable, which further has been used in the panel data analysis technique. The author has found that macroeconomic variables, as well as institutional variables, are significant to attract FDI at the state level in India. The paper shows that corruption, political risk, IPR and legal system are the major institutional determinants of FDI inflows in India at the state level. States with higher domestic investment attract more FDI inflows, moreover, agglomeration is a very important determinant as the investors are more confident in investing at the same location, the reason behind this may be that the investors want to avoid the registration procedure for new land, administrative formalities or they feel more secure at the same place and keen to invest at the same place again.

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Do institutional determinants matter for FDI inflows location choice? Evidence from sub-national panel data in India10.1108/IJOEM-11-2021-1725International Journal of Emerging Markets2023-03-17© 2023 Emerald Publishing LimitedVandana GoswamiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-03-1710.1108/IJOEM-11-2021-1725https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1725/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Dynamic common correlated effects of financial inclusion on economic growth: empirical evidence from Organization of Islamic Cooperation (OIC) countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1751/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestFinancial inclusion is a critical component of financial development, which disseminates accessible financial services to benefit all parts of society and consequently promotes economic growth. The study explores the dynamic common correlated effects of financial inclusion on economic growth in Organization of Islamic Cooperation (OIC) countries. The conventional econometric techniques overlook heterogeneity and cross-sectional dependence and provide false results. Hence, a unique methodology, ‘Dynamic Common Correlated Effects (DCCE)’, is used, which can efficiently tackle the above-mentioned issues. The DCCE estimation indicates a positive and significant impact of financial inclusion on economic growth in overall and higher-income OIC economies. Moreover, in the lower-income OIC group, financial inclusion is inversely correlated with economic growth, which converts into a positive linkage by including an interaction term of financial inclusion and institutional quality. Based on the research outcomes, it is recommended that policymakers and governments of OIC economies seek to increase financial inclusion to achieve sustainable, optimal and inclusive economic growth. The DCCE technique in this study considers heterogeneity and cross-sectional dependence among countries and thus provides robust findings.Dynamic common correlated effects of financial inclusion on economic growth: empirical evidence from Organization of Islamic Cooperation (OIC) countries
Imran Sharif Chaudhry, Zulkornain Yusop, Muzafar Shah Habibullah
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Financial inclusion is a critical component of financial development, which disseminates accessible financial services to benefit all parts of society and consequently promotes economic growth. The study explores the dynamic common correlated effects of financial inclusion on economic growth in Organization of Islamic Cooperation (OIC) countries.

The conventional econometric techniques overlook heterogeneity and cross-sectional dependence and provide false results. Hence, a unique methodology, ‘Dynamic Common Correlated Effects (DCCE)’, is used, which can efficiently tackle the above-mentioned issues.

The DCCE estimation indicates a positive and significant impact of financial inclusion on economic growth in overall and higher-income OIC economies. Moreover, in the lower-income OIC group, financial inclusion is inversely correlated with economic growth, which converts into a positive linkage by including an interaction term of financial inclusion and institutional quality.

Based on the research outcomes, it is recommended that policymakers and governments of OIC economies seek to increase financial inclusion to achieve sustainable, optimal and inclusive economic growth.

The DCCE technique in this study considers heterogeneity and cross-sectional dependence among countries and thus provides robust findings.

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Dynamic common correlated effects of financial inclusion on economic growth: empirical evidence from Organization of Islamic Cooperation (OIC) countries10.1108/IJOEM-11-2021-1751International Journal of Emerging Markets2023-02-15© 2022 Emerald Publishing LimitedImran Sharif ChaudhryZulkornain YusopMuzafar Shah HabibullahInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-1510.1108/IJOEM-11-2021-1751https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1751/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Cross-country comparison of operant resources in logistics outsourcing relationshipshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1753/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to explore the gaps concerning the organizational operant resources (OORs) of logistics service providers (LSPs) expected in outsourcing relationships. The study considers the views of both manufacturing firms (M-firms) and LSPs in India and DACH region (Germany, Austria and Switzerland) seeking gaps within and across regions. This research employed a survey targeting executives from large M-firms and LSPs in both India and DACH. The perceptions about the importance and improvement expectations of 17 OORs are analyzed. A modified version of importance-improvement analysis (A-B), a novel comparative A-B analysis (CABA) method, has been proposed to identify the importance and improvement gaps in OORs between M-firms and LSPs within and across India and the DACH region. There are more gaps between M-firms and LSPs in India compared to DACH. Cross-country comparisons reveal that LSPs in India and DACH have similar perceptions concerning the OORs, but M-firms in India have significantly higher improvement expectations than those in DACH. This study proposes an analytical approach that enables managers to identify improvement areas and better align with their outsourcing relationship partners. It also highlights aspects that need to be considered while entering emerging markets such as India. The analysis approach using CABA is novel. Also, among the cross-country studies, this is the first to compare outsourcing relationships in India with the DACH region while involving both users' and service providers' perspectives.Cross-country comparison of operant resources in logistics outsourcing relationships
Ziaul Haque Munim, Dhanavanth Reddy Maditati, Sebastian Kummer, Hans-Joachim Schramm
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to explore the gaps concerning the organizational operant resources (OORs) of logistics service providers (LSPs) expected in outsourcing relationships. The study considers the views of both manufacturing firms (M-firms) and LSPs in India and DACH region (Germany, Austria and Switzerland) seeking gaps within and across regions.

This research employed a survey targeting executives from large M-firms and LSPs in both India and DACH. The perceptions about the importance and improvement expectations of 17 OORs are analyzed. A modified version of importance-improvement analysis (A-B), a novel comparative A-B analysis (CABA) method, has been proposed to identify the importance and improvement gaps in OORs between M-firms and LSPs within and across India and the DACH region.

There are more gaps between M-firms and LSPs in India compared to DACH. Cross-country comparisons reveal that LSPs in India and DACH have similar perceptions concerning the OORs, but M-firms in India have significantly higher improvement expectations than those in DACH.

This study proposes an analytical approach that enables managers to identify improvement areas and better align with their outsourcing relationship partners. It also highlights aspects that need to be considered while entering emerging markets such as India.

The analysis approach using CABA is novel. Also, among the cross-country studies, this is the first to compare outsourcing relationships in India with the DACH region while involving both users' and service providers' perspectives.

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Cross-country comparison of operant resources in logistics outsourcing relationships10.1108/IJOEM-11-2021-1753International Journal of Emerging Markets2023-11-03© 2023 Emerald Publishing LimitedZiaul Haque MunimDhanavanth Reddy MaditatiSebastian KummerHans-Joachim SchrammInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-0310.1108/IJOEM-11-2021-1753https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1753/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The joint effect of value diversity and emotional intelligence on team creativity: evidence from Vietnamhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1759/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the relationship between a team’s value diversity (VD) and creativity and investigate the moderating effect of emotional intelligence (EI) to explain inconsistent results regarding this relationship. We conducted a cross-sectional sequential study with 340 employees and tested the hypothesis in a laboratory setting with 180 undergraduate students. EI had a moderating effect on the relationship between a team’s VD and creativity in that the relationship was positive among teams with high EI. However, the relationship tended to be negative in the long term among teams with low EI. Managers should pay attention to how teams benefit from VD because it can help or harm team performance. By assigning people with different EI levels into suitable teams and providing EI interventions, organizations may manage affective consequences and enjoy more benefits of cognitive consequences resulting from VD. No previous study has investigated the effect of a team’s EI in the relationship between VD and team creativity. Drawing on the categorization-elaboration model of diversity and affective events theory, through the present two-study design, we obtained data from multiple sources and improved limitations in measurements of previous studies, thereby broadening the literature by highlighting the dynamic relationship between a team’s EI, VD and creativity in the Vietnamese context.The joint effect of value diversity and emotional intelligence on team creativity: evidence from Vietnam
Nhu Ngoc Nguyen, Phong Tuan Nham, Yoshi Takahashi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the relationship between a team’s value diversity (VD) and creativity and investigate the moderating effect of emotional intelligence (EI) to explain inconsistent results regarding this relationship.

We conducted a cross-sectional sequential study with 340 employees and tested the hypothesis in a laboratory setting with 180 undergraduate students.

EI had a moderating effect on the relationship between a team’s VD and creativity in that the relationship was positive among teams with high EI. However, the relationship tended to be negative in the long term among teams with low EI.

Managers should pay attention to how teams benefit from VD because it can help or harm team performance. By assigning people with different EI levels into suitable teams and providing EI interventions, organizations may manage affective consequences and enjoy more benefits of cognitive consequences resulting from VD.

No previous study has investigated the effect of a team’s EI in the relationship between VD and team creativity. Drawing on the categorization-elaboration model of diversity and affective events theory, through the present two-study design, we obtained data from multiple sources and improved limitations in measurements of previous studies, thereby broadening the literature by highlighting the dynamic relationship between a team’s EI, VD and creativity in the Vietnamese context.

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The joint effect of value diversity and emotional intelligence on team creativity: evidence from Vietnam10.1108/IJOEM-11-2021-1759International Journal of Emerging Markets2024-03-28© 2024 Emerald Publishing LimitedNhu Ngoc NguyenPhong Tuan NhamYoshi TakahashiInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-2810.1108/IJOEM-11-2021-1759https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1759/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Corporate tax avoidance and stock price crash risk: the moderating effects of corporate governancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1767/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to investigate the relationship between corporate tax avoidance and stock price crash risk and the moderating effects of corporate governance. This study investigates the relationship between corporate tax avoidance and stock price crash risk using the sample consisting of listed firms in Vietnam for the period of 2011–2020 using panel regressions. The authors find that there is a positive relationship between tax avoidance and stock price crash risk. Foreign ownership weakens the impacts of tax avoidance on stock price crash risk, while managerial ownership strengthens the impacts. Female Chief Executive Officers (CEOs) and female chairpersons weaken this relationship. Board gender diversity and state ownership have insignificant moderating impacts. These findings could help the stock market build better internal monitoring mechanisms to reduce the impacts of tax avoidance on future stock price crash risk. Investors can recognize the characteristics of corporate governance, especially foreign ownership, managerial ownership, female CEOs and female chairpersons when making investment decisions. The policy makers should consider policies to attract foreign investment and support women entrepreneurship. This paper contributes to the literature on the impacts of tax avoidance on stock price crash risk in emerging countries. This paper is the first to investigate the influence of corporate governance mechanisms including state ownership, foreign ownership, female CEOs and chairpersons and board gender diversity on this relationship.Corporate tax avoidance and stock price crash risk: the moderating effects of corporate governance
Hanh Minh Thai, Khue Ngoc Dang, Normaziah Mohd Nor, Hien Thi Nguyen, Khiem Van Nguyen
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to investigate the relationship between corporate tax avoidance and stock price crash risk and the moderating effects of corporate governance.

This study investigates the relationship between corporate tax avoidance and stock price crash risk using the sample consisting of listed firms in Vietnam for the period of 2011–2020 using panel regressions.

The authors find that there is a positive relationship between tax avoidance and stock price crash risk. Foreign ownership weakens the impacts of tax avoidance on stock price crash risk, while managerial ownership strengthens the impacts. Female Chief Executive Officers (CEOs) and female chairpersons weaken this relationship. Board gender diversity and state ownership have insignificant moderating impacts.

These findings could help the stock market build better internal monitoring mechanisms to reduce the impacts of tax avoidance on future stock price crash risk. Investors can recognize the characteristics of corporate governance, especially foreign ownership, managerial ownership, female CEOs and female chairpersons when making investment decisions. The policy makers should consider policies to attract foreign investment and support women entrepreneurship.

This paper contributes to the literature on the impacts of tax avoidance on stock price crash risk in emerging countries. This paper is the first to investigate the influence of corporate governance mechanisms including state ownership, foreign ownership, female CEOs and chairpersons and board gender diversity on this relationship.

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Corporate tax avoidance and stock price crash risk: the moderating effects of corporate governance10.1108/IJOEM-11-2021-1767International Journal of Emerging Markets2023-02-17© 2023 Emerald Publishing LimitedHanh Minh ThaiKhue Ngoc DangNormaziah Mohd NorHien Thi NguyenKhiem Van NguyenInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-1710.1108/IJOEM-11-2021-1767https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1767/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
A social constructivist perspective on novice entrepreneurial learning in business incubatorshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1784/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestUsing 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.A social constructivist perspective on novice entrepreneurial learning in business incubators
Thomas Wing Yan Man, Ron Berger, Matti Rachamim
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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A social constructivist perspective on novice entrepreneurial learning in business incubators10.1108/IJOEM-11-2021-1784International Journal of Emerging Markets2022-09-09© 2022 Emerald Publishing LimitedThomas Wing Yan ManRon BergerMatti RachamimInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-0910.1108/IJOEM-11-2021-1784https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1784/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Shortening the distance between firms for M&A: the influence of small-world network structure on mergers and acquisitionshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1792/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestA small-world network is a type of network structure in which nodes are highly clustered and at short distances without being directly linked. This article analyzes whether the network of interlocking directorates among the largest Brazilian corporations follows a small-world network structure and if the small-world properties (high clustering and short distance between nodes) influence the occurrence of M&A at the domestic and international level. The authors tested hypotheses regarding the relationship between small-world network properties and M&A based on a sample of large publicly-listed corporations in Brazil for the time series of 2000–2015 and using network analysis and regression techniques (probit and OLS). The results show that while the Brazilian corporate network fits the small-world features of high clustering and short path lengths, only the distance among connected firms has a significant effect on international M&A: the shorter the distance between firms, the more likely firms undertake M&A abroad. Moreover, being integrated into the main component has a significant positive effect on national and international M&A. These findings suggest that the information and knowledge to undertake M&A can be better acquired by belonging to large business communities and not local cohesive clusters. This research contributes to theories and ongoing debates about the network effects on organizational decisions and the determinants of M&A in emerging markets. In addition, this is the first study to analyze the impact of small-world networks on international M&A while controlling for country-level variables.Shortening the distance between firms for M&A: the influence of small-world network structure on mergers and acquisitions
Thiago de Sousa Barros, Julián Cárdenas, Ariane Ribeiro Hott
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

A small-world network is a type of network structure in which nodes are highly clustered and at short distances without being directly linked. This article analyzes whether the network of interlocking directorates among the largest Brazilian corporations follows a small-world network structure and if the small-world properties (high clustering and short distance between nodes) influence the occurrence of M&A at the domestic and international level.

The authors tested hypotheses regarding the relationship between small-world network properties and M&A based on a sample of large publicly-listed corporations in Brazil for the time series of 2000–2015 and using network analysis and regression techniques (probit and OLS).

The results show that while the Brazilian corporate network fits the small-world features of high clustering and short path lengths, only the distance among connected firms has a significant effect on international M&A: the shorter the distance between firms, the more likely firms undertake M&A abroad. Moreover, being integrated into the main component has a significant positive effect on national and international M&A. These findings suggest that the information and knowledge to undertake M&A can be better acquired by belonging to large business communities and not local cohesive clusters.

This research contributes to theories and ongoing debates about the network effects on organizational decisions and the determinants of M&A in emerging markets. In addition, this is the first study to analyze the impact of small-world networks on international M&A while controlling for country-level variables.

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Shortening the distance between firms for M&A: the influence of small-world network structure on mergers and acquisitions10.1108/IJOEM-11-2021-1792International Journal of Emerging Markets2022-09-27© 2022 Emerald Publishing LimitedThiago de Sousa BarrosJulián CárdenasAriane Ribeiro HottInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-2710.1108/IJOEM-11-2021-1792https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2021-1792/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Dynamic connectedness among the BRICS markets and the recent pandemic: an application of TVP-VAR approachhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1673/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study analyses the impact of the Covid-19 on stock market performance of BRICS nations together. BRICS countries comprise almost 30% of the global GDP and around 50% of the world’s economic growth. As BRICS nations have gained the attraction as financial investment destinations, their financial markets have apparently been as potential opportunities for foreign portfolio investors. While there is extensive research on the impact of the Covid-19 pandemic on individual economies and global financial markets, this paper is among the first to systematically investigate the dynamic connectedness of these emerging economies during the pandemic using the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach. We categorise our data into two distinct periods: the pre-Covid period spanning from January 1, 2018, to March 10, 2020, and the Covid crisis period extending from March 11, 2020, to June 4, 2021. To achieve our research objectives, we employ the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach to assess dynamic connectedness. Our findings reveal that among the BRICS nations, Brazil and South Africa serve as net transmitters of shocks, while China and India act as net receivers of shocks during the Covid crisis. However, the total connectedness index (TCI) has exhibited a notable increase throughout this crisis period. This paper makes several notable contributions to the academic literature by offering a unique focus on BRICS economies during the Covid-19 pandemic, providing practical insights for stakeholders, emphasising the importance of risk management and investment strategy, exploring diversification implications and introducing advanced methodology for analysing interconnected financial markets. The results have important implications for the investors, the hedge funds, portfolio managers and the policymakers in BRICS stock markets. The investors, investment houses, portfolio managers and policymakers can develop investment strategies and policies in the light of the findings of this study to cope up the future pandemic crisis. This study is one of its kind that examines the dynamic connectedness of BRICS with recently developed TVP-VAR approach across pandemic crisis.Dynamic connectedness among the BRICS markets and the recent pandemic: an application of TVP-VAR approach
Suzan Dsouza, Narinder Pal Singh, Johnson Ayobami Oliyide
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study analyses the impact of the Covid-19 on stock market performance of BRICS nations together. BRICS countries comprise almost 30% of the global GDP and around 50% of the world’s economic growth. As BRICS nations have gained the attraction as financial investment destinations, their financial markets have apparently been as potential opportunities for foreign portfolio investors. While there is extensive research on the impact of the Covid-19 pandemic on individual economies and global financial markets, this paper is among the first to systematically investigate the dynamic connectedness of these emerging economies during the pandemic using the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach.

We categorise our data into two distinct periods: the pre-Covid period spanning from January 1, 2018, to March 10, 2020, and the Covid crisis period extending from March 11, 2020, to June 4, 2021. To achieve our research objectives, we employ the Time-Varying Parameter Vector Autoregressions (TVP-VAR) approach to assess dynamic connectedness.

Our findings reveal that among the BRICS nations, Brazil and South Africa serve as net transmitters of shocks, while China and India act as net receivers of shocks during the Covid crisis. However, the total connectedness index (TCI) has exhibited a notable increase throughout this crisis period. This paper makes several notable contributions to the academic literature by offering a unique focus on BRICS economies during the Covid-19 pandemic, providing practical insights for stakeholders, emphasising the importance of risk management and investment strategy, exploring diversification implications and introducing advanced methodology for analysing interconnected financial markets.

The results have important implications for the investors, the hedge funds, portfolio managers and the policymakers in BRICS stock markets. The investors, investment houses, portfolio managers and policymakers can develop investment strategies and policies in the light of the findings of this study to cope up the future pandemic crisis.

This study is one of its kind that examines the dynamic connectedness of BRICS with recently developed TVP-VAR approach across pandemic crisis.

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Dynamic connectedness among the BRICS markets and the recent pandemic: an application of TVP-VAR approach10.1108/IJOEM-11-2022-1673International Journal of Emerging Markets2024-03-25© 2024 Emerald Publishing LimitedSuzan DsouzaNarinder Pal SinghJohnson Ayobami OliyideInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-03-2510.1108/IJOEM-11-2022-1673https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1673/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2024 Emerald Publishing Limited
Firm size relationship with persistent innovation and employment growth: evidence from an emerging economyhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1698/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestPrevious evidence has shown a generally positive relationship between continuously developed innovation, known as innovation persistence and employment growth in firms. This study investigates whether firm size moderates this relationship and how, considering persistent product and process innovation. The authors studied the influence of firm size on the relationship between innovation persistence and employment using a 10-year panel database of firms based on national innovation surveys. The authors consider firm size as sales and measure innovation persistence through the hazard rate of innovation spells. To assess the main model, they use a system generalized method of moments (GMM) estimator. The authors' main findings indicate that firm size negatively moderates the relationship between persistent innovation and employment growth. These results suggest that the positive effects of product and process persistent innovation on employment growth decrease as firm size increases. The authors also find evidence indicating that the moderator role of firm size is greater when firms innovate more persistently. Robustness tests with different specifications confirm the results. The authors show that firm size negatively affects the strength of the relationship between innovation persistence and employment growth in product and process innovations. The authors also show that the moderator role of firm size is greater when firms are more persistent in generating product and process innovation. Additionally, using a panel dataset, they provide evidence from a sample of firms in a developing country where no studies on this matter have previously been conducted.Firm size relationship with persistent innovation and employment growth: evidence from an emerging economy
Alejandra Parrao, Tomás Reyes, Alfonso Cruz, Kristel Schön Molina
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

Previous evidence has shown a generally positive relationship between continuously developed innovation, known as innovation persistence and employment growth in firms. This study investigates whether firm size moderates this relationship and how, considering persistent product and process innovation.

The authors studied the influence of firm size on the relationship between innovation persistence and employment using a 10-year panel database of firms based on national innovation surveys. The authors consider firm size as sales and measure innovation persistence through the hazard rate of innovation spells. To assess the main model, they use a system generalized method of moments (GMM) estimator.

The authors' main findings indicate that firm size negatively moderates the relationship between persistent innovation and employment growth. These results suggest that the positive effects of product and process persistent innovation on employment growth decrease as firm size increases. The authors also find evidence indicating that the moderator role of firm size is greater when firms innovate more persistently. Robustness tests with different specifications confirm the results.

The authors show that firm size negatively affects the strength of the relationship between innovation persistence and employment growth in product and process innovations. The authors also show that the moderator role of firm size is greater when firms are more persistent in generating product and process innovation. Additionally, using a panel dataset, they provide evidence from a sample of firms in a developing country where no studies on this matter have previously been conducted.

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Firm size relationship with persistent innovation and employment growth: evidence from an emerging economy10.1108/IJOEM-11-2022-1698International Journal of Emerging Markets2024-01-09© 2023 Emerald Publishing LimitedAlejandra ParraoTomás ReyesAlfonso CruzKristel Schön MolinaInternational Journal of Emerging Marketsahead-of-printahead-of-print2024-01-0910.1108/IJOEM-11-2022-1698https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1698/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Extreme risk spillovers and hedging strategies between Indonesia sectorial stocks and commodity marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1721/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study examines the risk spillovers between Indonesian sectorial stocks (Energy, Basic Materials, Industrials, Consumer Cyclicals, Consumer Non-cyclical and Financials), the aggregate index (IDX) and two commodities (gold and West Texas Intermediate Crude Oil [WTI] futures). The study uses two methodologies: the TVP-VAR model of Antonakakis and Gabauer (2017) and the quantile connectedness approach of Ando et al. (2022). The data cover the period from October 04, 2010, to April 5, 2022. The results show that the IDX, industrials and materials are net transmitters, while the financials, consumer noncyclical and energy sectors are the dominant shock receivers. Using the quantile connectedness approach, the role of each sector is heterogeneous and asymmetric, and the return spillover is stronger at lower and higher quantiles. Furthermore, the portfolio hedging results show that oil offers more diversification gains than gold, and hedging oil is more effective during the pandemic. This study provides valuable insights for investors to diversify their portfolios and for policymakers to develop policies, regulations and risk management tools to promote stability in the Indonesian stock market. The results can inform the design of market regulations and the development of risk management tools to ensure the stability and resilience of the market. This study is the first to examine the spillovers between commodities and Indonesian sectors, recognizing the presence of heterogeneity in the relationship under different market conditions. It provides important portfolio diversification insights for equity investors interested in the Indonesian stock market and policymakers.Extreme risk spillovers and hedging strategies between Indonesia sectorial stocks and commodity markets
Rim El Khoury, Walid Mensi, Muneer M. Alshater, Sanghoon Kang
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study examines the risk spillovers between Indonesian sectorial stocks (Energy, Basic Materials, Industrials, Consumer Cyclicals, Consumer Non-cyclical and Financials), the aggregate index (IDX) and two commodities (gold and West Texas Intermediate Crude Oil [WTI] futures).

The study uses two methodologies: the TVP-VAR model of Antonakakis and Gabauer (2017) and the quantile connectedness approach of Ando et al. (2022). The data cover the period from October 04, 2010, to April 5, 2022.

The results show that the IDX, industrials and materials are net transmitters, while the financials, consumer noncyclical and energy sectors are the dominant shock receivers. Using the quantile connectedness approach, the role of each sector is heterogeneous and asymmetric, and the return spillover is stronger at lower and higher quantiles. Furthermore, the portfolio hedging results show that oil offers more diversification gains than gold, and hedging oil is more effective during the pandemic.

This study provides valuable insights for investors to diversify their portfolios and for policymakers to develop policies, regulations and risk management tools to promote stability in the Indonesian stock market. The results can inform the design of market regulations and the development of risk management tools to ensure the stability and resilience of the market.

This study is the first to examine the spillovers between commodities and Indonesian sectors, recognizing the presence of heterogeneity in the relationship under different market conditions. It provides important portfolio diversification insights for equity investors interested in the Indonesian stock market and policymakers.

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Extreme risk spillovers and hedging strategies between Indonesia sectorial stocks and commodity markets10.1108/IJOEM-11-2022-1721International Journal of Emerging Markets2023-04-25© 2023 Emerald Publishing LimitedRim El KhouryWalid MensiMuneer M. AlshaterSanghoon KangInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-2510.1108/IJOEM-11-2022-1721https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1721/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The derivatives debate: do derivatives disclosures add value during difficult times?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1753/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates whether the disclosure of derivatives is value relevant in emerging markets and evaluates the effects of the 2008/2009 global financial crisis on the value relevance of derivative disclosures. Panel regression models using sub-samples and a crisis interaction term were applied to a sample of the 200 largest non-financial firms by market capitalization listed on the Johannesburg Stock Exchange (JSE) from 2005 to 2017 to assess the consequences of the financial crisis. The results suggest that the disclosure of derivatives is value relevant in the hitherto understudied context of emerging markets. The 2008/2009 financial crisis had a significant impact on derivatives use and the value relevance of derivatives disclosure by JSE-listed companies. Companies should reconsider both how they employ derivatives as part of their risk management practices and how they communicate derivatives use to stakeholders in the financial statements. The findings facilitate a comparative analysis across various market contexts by researchers and assist investors in better decision-making. The findings can influence regulatory practices and can help standard setters to review disclosure requirements. The benefits of corporate hedging were studied from an emerging market perspective, using an original dataset and approach to investigate the effects of international financial volatility on emerging markets. The authors tested whether companies are valued differently, based on their disclosure of the use of derivatives in the financial statements, and the effect of the financial crisis on the value relevance derivatives disclosures.The derivatives debate: do derivatives disclosures add value during difficult times?
Franz Eduard Toerien, John H. Hall, Leon Brümmer
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates whether the disclosure of derivatives is value relevant in emerging markets and evaluates the effects of the 2008/2009 global financial crisis on the value relevance of derivative disclosures.

Panel regression models using sub-samples and a crisis interaction term were applied to a sample of the 200 largest non-financial firms by market capitalization listed on the Johannesburg Stock Exchange (JSE) from 2005 to 2017 to assess the consequences of the financial crisis.

The results suggest that the disclosure of derivatives is value relevant in the hitherto understudied context of emerging markets. The 2008/2009 financial crisis had a significant impact on derivatives use and the value relevance of derivatives disclosure by JSE-listed companies.

Companies should reconsider both how they employ derivatives as part of their risk management practices and how they communicate derivatives use to stakeholders in the financial statements. The findings facilitate a comparative analysis across various market contexts by researchers and assist investors in better decision-making. The findings can influence regulatory practices and can help standard setters to review disclosure requirements.

The benefits of corporate hedging were studied from an emerging market perspective, using an original dataset and approach to investigate the effects of international financial volatility on emerging markets. The authors tested whether companies are valued differently, based on their disclosure of the use of derivatives in the financial statements, and the effect of the financial crisis on the value relevance derivatives disclosures.

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The derivatives debate: do derivatives disclosures add value during difficult times?10.1108/IJOEM-11-2022-1753International Journal of Emerging Markets2023-09-15© 2023 Franz Eduard Toerien, John H. Hall and Leon BrümmerFranz Eduard ToerienJohn H. HallLeon BrümmerInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-09-1510.1108/IJOEM-11-2022-1753https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1753/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Franz Eduard Toerien, John H. Hall and Leon Brümmerhttp://creativecommons.org/licences/by/4.0/legalcode
Risk transmission between equity market of China and its trading partners: new evidence from various financial criseshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1763/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors examine the volatility connections between the equity markets of China and its trading partners from developed and emerging markets during the various crises episodes (i.e. the Asian Crisis of 1997, the Global Financial Crisis, the Chinese Market Crash of 2015 and the COVID-19 outbreak). The authors use the GARCH and Wavelet approaches to estimate causalities and connectedness. According to the findings, China and developed equity markets are connected via risk transmission in the long term across various crisis episodes. In contrast, China and emerging equity markets are linked in short and long terms. The authors observe that China leads the stock markets of India, Indonesia and Malaysia at higher frequencies. Even China influences the French, Japanese and American equity markets despite the Chinese crisis. Finally, these causality findings reveal a bi-directional causality among China and its developed trading partners over short- and long-time scales. The connectedness varies across crisis episodes and frequency (short and long run). The study's findings provide helpful information for portfolio hedging, especially during various crises. The authors examine the volatility connections between the equity markets of China and its trading partners from developed and emerging markets during the various crisis episodes (i.e. the Asian Crisis of 1997, the Global Financial Crisis, the Chinese Market Crash of 2015 and the COVID-19 outbreak). Previously, none of the studies have examined the connectedness between Chinese and its trading partners' equity markets during these all crises.Risk transmission between equity market of China and its trading partners: new evidence from various financial crises
Ijaz Younis, Imran Yousaf, Waheed Ullah Shah, Cheng Longsheng
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The authors examine the volatility connections between the equity markets of China and its trading partners from developed and emerging markets during the various crises episodes (i.e. the Asian Crisis of 1997, the Global Financial Crisis, the Chinese Market Crash of 2015 and the COVID-19 outbreak).

The authors use the GARCH and Wavelet approaches to estimate causalities and connectedness.

According to the findings, China and developed equity markets are connected via risk transmission in the long term across various crisis episodes. In contrast, China and emerging equity markets are linked in short and long terms. The authors observe that China leads the stock markets of India, Indonesia and Malaysia at higher frequencies. Even China influences the French, Japanese and American equity markets despite the Chinese crisis. Finally, these causality findings reveal a bi-directional causality among China and its developed trading partners over short- and long-time scales. The connectedness varies across crisis episodes and frequency (short and long run). The study's findings provide helpful information for portfolio hedging, especially during various crises.

The authors examine the volatility connections between the equity markets of China and its trading partners from developed and emerging markets during the various crisis episodes (i.e. the Asian Crisis of 1997, the Global Financial Crisis, the Chinese Market Crash of 2015 and the COVID-19 outbreak). Previously, none of the studies have examined the connectedness between Chinese and its trading partners' equity markets during these all crises.

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Risk transmission between equity market of China and its trading partners: new evidence from various financial crises10.1108/IJOEM-11-2022-1763International Journal of Emerging Markets2023-06-01© 2023 Emerald Publishing LimitedIjaz YounisImran YousafWaheed Ullah ShahCheng LongshengInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-0110.1108/IJOEM-11-2022-1763https://www.emerald.com/insight/content/doi/10.1108/IJOEM-11-2022-1763/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Spillovers and tail dependence between oil and US sectoral stock markets before and during  COVID-19 pandemichttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1799/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper examines the extreme dependence and asymmetric risk spillovers between crude oil futures and ten US stock sector indices (consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecommunication and utilities) before and during COVID-19 outbreak. This study is based on the rationale that stock sectors exhibit heterogeneity in their response to oil prices depending on whether they are classified as oil-intensive or non-oil-intensive sectors and the possible time variation in the dependence and risk spillover effects. The authors employ static and dynamic symmetric and asymmetric copula models as well as Conditional Value at Risk (VaR) (CoVaR). Finally, they use robustness tests to validate their results. Before the COVID-19 pandemic, crude oil returns showed an asymmetric tail dependence with all stock sector returns, except health care and industrials (materials), where an average (symmetric tail) dependence is identified. During the COVID-19 pandemic, crude oil returns exhibit a lower tail dependency with the returns of all stock sectors, except financials and consumer discretionary. Furthermore, there is evidence of downside and upside risk asymmetric spillovers from crude oil to stock sectors and vice versa. Finally, the risk spillovers from stock sectors to crude oil are higher than those from crude oil to stock sectors, and they significantly increase during the pandemic. There is heterogeneity in the linkages and the asymmetric bidirectional systemic risk between crude oil and US economic sectors during bearish and bullish market conditions; this study is the first to investigate the average and extreme tail dependence and asymmetric spillovers between crude oil and US stock sectors.Spillovers and tail dependence between oil and US sectoral stock markets before and during  COVID-19 pandemic
Walid Mensi, Waqas Hanif, Elie Bouri, Xuan Vinh Vo
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper examines the extreme dependence and asymmetric risk spillovers between crude oil futures and ten US stock sector indices (consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecommunication and utilities) before and during COVID-19 outbreak. This study is based on the rationale that stock sectors exhibit heterogeneity in their response to oil prices depending on whether they are classified as oil-intensive or non-oil-intensive sectors and the possible time variation in the dependence and risk spillover effects.

The authors employ static and dynamic symmetric and asymmetric copula models as well as Conditional Value at Risk (VaR) (CoVaR). Finally, they use robustness tests to validate their results.

Before the COVID-19 pandemic, crude oil returns showed an asymmetric tail dependence with all stock sector returns, except health care and industrials (materials), where an average (symmetric tail) dependence is identified. During the COVID-19 pandemic, crude oil returns exhibit a lower tail dependency with the returns of all stock sectors, except financials and consumer discretionary. Furthermore, there is evidence of downside and upside risk asymmetric spillovers from crude oil to stock sectors and vice versa. Finally, the risk spillovers from stock sectors to crude oil are higher than those from crude oil to stock sectors, and they significantly increase during the pandemic.

There is heterogeneity in the linkages and the asymmetric bidirectional systemic risk between crude oil and US economic sectors during bearish and bullish market conditions; this study is the first to investigate the average and extreme tail dependence and asymmetric spillovers between crude oil and US stock sectors.

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Spillovers and tail dependence between oil and US sectoral stock markets before and during  COVID-19 pandemic10.1108/IJOEM-12-2021-1799International Journal of Emerging Markets2023-02-28© 2023 Emerald Publishing LimitedWalid MensiWaqas HanifElie BouriXuan Vinh VoInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-2810.1108/IJOEM-12-2021-1799https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1799/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
An integrated model to study workplace passion and job satisfaction among hotel employees: an emerging market perspectivehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1803/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe present study is intended to examine the association between work passion (WP) (obsessive and harmonious) and job satisfaction (JS) of hotel employees in India. It further examines the mediating influence of psychological empowerment (PE) and organizational identification (OI) on the relationship. The study has taken conservation of resources (COR) perspectives to support the association. This research work has used a time lag survey on a sample of 290 employees belonging to hotels located in four states of India. Structural equation modeling was utilized to test the hypothesized relationship. Results derived from path analysis proved the hypothesized relationships. OI and PE were found to be the complementary mediators between workplace passion and JS. The study was conducted on hotels, the research can be further expanded to other industries. Future research might examine the effect of increased WP, strong organizational identity and increased JS on some of the citizenship behaviors. The present study data were collected using self-report questionnaires; no data were collected to find out whether the passion for work or stronger OI with the hotel is an outcome of some unique initiative taken by their respective hotels. Top officials can promote entrepreneurial culture, form employee-friendly policies, develop a climate of trust which in return will facilitate the cognitive as well as emotional satisfaction with the organization fostering WP and JS. The researchers in past have mostly studied the harmonious passion and JS association but there is a dearth of studies exploring the obsessive passion and JS relationship in the Indian context. In addition, associating OI and PE in predicting JS can also add as a unique contribution to the literature.An integrated model to study workplace passion and job satisfaction among hotel employees: an emerging market perspective
Deepti Pathak, Shalini Srivastava, Prasoon M. Tripathi, Ritika Gugnani
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The present study is intended to examine the association between work passion (WP) (obsessive and harmonious) and job satisfaction (JS) of hotel employees in India. It further examines the mediating influence of psychological empowerment (PE) and organizational identification (OI) on the relationship. The study has taken conservation of resources (COR) perspectives to support the association.

This research work has used a time lag survey on a sample of 290 employees belonging to hotels located in four states of India. Structural equation modeling was utilized to test the hypothesized relationship.

Results derived from path analysis proved the hypothesized relationships. OI and PE were found to be the complementary mediators between workplace passion and JS.

The study was conducted on hotels, the research can be further expanded to other industries. Future research might examine the effect of increased WP, strong organizational identity and increased JS on some of the citizenship behaviors. The present study data were collected using self-report questionnaires; no data were collected to find out whether the passion for work or stronger OI with the hotel is an outcome of some unique initiative taken by their respective hotels.

Top officials can promote entrepreneurial culture, form employee-friendly policies, develop a climate of trust which in return will facilitate the cognitive as well as emotional satisfaction with the organization fostering WP and JS.

The researchers in past have mostly studied the harmonious passion and JS association but there is a dearth of studies exploring the obsessive passion and JS relationship in the Indian context. In addition, associating OI and PE in predicting JS can also add as a unique contribution to the literature.

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An integrated model to study workplace passion and job satisfaction among hotel employees: an emerging market perspective10.1108/IJOEM-12-2021-1803International Journal of Emerging Markets2023-02-15© 2023 Emerald Publishing LimitedDeepti PathakShalini SrivastavaPrasoon M. TripathiRitika GugnaniInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-02-1510.1108/IJOEM-12-2021-1803https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1803/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Learning through exploitative and exploratory overseas R&D: impacts on EMNEs' innovation performancehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1811/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine whether exploitative and exploratory overseas R&D have independent and significant effects on emerging economy multinational enterprises' (EMNEs’) innovation performance and whether top management team (TMT) nationality diversity and openness have a moderating effect on these relationships. This study analyzes data collected from Chinese-listed manufacturing enterprises for 2007 to 2018. Empirical results show that both exploitative and exploratory overseas R&D can help improve EMNEs' innovation performance. The authors further find that TMT nationality diversity and TMT openness strengthen the aforementioned relationships. This study presents the first empirical evidence showing whether and when exploitative and exploratory overseas R&D have independent and heterogeneous effects on EMNEs' innovation performance.Learning through exploitative and exploratory overseas R&D: impacts on EMNEs' innovation performance
Xi Zhong, Weihong Chen
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine whether exploitative and exploratory overseas R&D have independent and significant effects on emerging economy multinational enterprises' (EMNEs’) innovation performance and whether top management team (TMT) nationality diversity and openness have a moderating effect on these relationships.

This study analyzes data collected from Chinese-listed manufacturing enterprises for 2007 to 2018.

Empirical results show that both exploitative and exploratory overseas R&D can help improve EMNEs' innovation performance. The authors further find that TMT nationality diversity and TMT openness strengthen the aforementioned relationships.

This study presents the first empirical evidence showing whether and when exploitative and exploratory overseas R&D have independent and heterogeneous effects on EMNEs' innovation performance.

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Learning through exploitative and exploratory overseas R&D: impacts on EMNEs' innovation performance10.1108/IJOEM-12-2021-1811International Journal of Emerging Markets2022-11-17© 2022 Emerald Publishing LimitedXi ZhongWeihong ChenInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-1710.1108/IJOEM-12-2021-1811https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1811/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
M&A performance in emerging markets: do they behave in unison or otherwise?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1827/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe study aims to evaluate and compare the mergers and acquisitions (M&As) performance utilising a sample of deals originating from Brazil, Russia, India, China and South Africa (BRICS). In addition to nation-wise performance analysis, a further sub-sample analysis is conducted based on the target location (domestic and cross-border), development status (developed and emerging) and the acquired ownership stakes (majority and minority). The final sample of the study includes 7,105 deals announced between 2000 and 2019. M&A performance is proxied by the abnormal returns earned over the select event windows. Multiple parametric and non-parametric tests are employed for testing the robustness. The results indicate significant performance differences across BRICS markets, with the highest and lowest abnormal returns reported for Chinese and Russian acquirers, respectively. The disaggregated analysis also affirms the performance differences for the select sub-samples. The study highlights the need for acknowledging and expounding the differences in M&As across emerging markets. Further, the results of the study provide a possible explanation of the disagreement over the M&A performance results reported in the previous literature. Acknowledging and understanding the potential performance differences based on location, ownership strategies and development status can aid executives in sharpening decision-making and also help general investors. The study contributes by examining a comprehensive sample of deals across five major emerging economies, as against the majority of previous studies which have their results based on either single nation samples or have utilised only a sub-sample of domestic or foreign acquisitions.M&A performance in emerging markets: do they behave in unison or otherwise?
Sakshi Kukreja, Girish C. Maheshwari, Archana Singh
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The study aims to evaluate and compare the mergers and acquisitions (M&As) performance utilising a sample of deals originating from Brazil, Russia, India, China and South Africa (BRICS). In addition to nation-wise performance analysis, a further sub-sample analysis is conducted based on the target location (domestic and cross-border), development status (developed and emerging) and the acquired ownership stakes (majority and minority).

The final sample of the study includes 7,105 deals announced between 2000 and 2019. M&A performance is proxied by the abnormal returns earned over the select event windows. Multiple parametric and non-parametric tests are employed for testing the robustness.

The results indicate significant performance differences across BRICS markets, with the highest and lowest abnormal returns reported for Chinese and Russian acquirers, respectively. The disaggregated analysis also affirms the performance differences for the select sub-samples.

The study highlights the need for acknowledging and expounding the differences in M&As across emerging markets. Further, the results of the study provide a possible explanation of the disagreement over the M&A performance results reported in the previous literature.

Acknowledging and understanding the potential performance differences based on location, ownership strategies and development status can aid executives in sharpening decision-making and also help general investors.

The study contributes by examining a comprehensive sample of deals across five major emerging economies, as against the majority of previous studies which have their results based on either single nation samples or have utilised only a sub-sample of domestic or foreign acquisitions.

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M&A performance in emerging markets: do they behave in unison or otherwise?10.1108/IJOEM-12-2021-1827International Journal of Emerging Markets2022-11-21© 2022 Emerald Publishing LimitedSakshi KukrejaGirish C. MaheshwariArchana SinghInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-11-2110.1108/IJOEM-12-2021-1827https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1827/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Measuring and assessing international diversification strategies of Indian companieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1858/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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.Measuring and assessing international diversification strategies of Indian companies
Aparna Bhatia, Meenu Khurana
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Measuring and assessing international diversification strategies of Indian companies10.1108/IJOEM-12-2021-1858International Journal of Emerging Markets2022-09-23© 2022 Emerald Publishing LimitedAparna BhatiaMeenu KhuranaInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-2310.1108/IJOEM-12-2021-1858https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1858/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Predicting the link between employees' task performance and propensity to take charge: the role of family supportive supervision and LMXhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1859/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe authors examined how employee led exchange benefits the organizations. Specifically, the authors aim at investigating the mediating role of family supportive supervision between employee performance and taking charge behavior. The authors further examined leader-member exchange (LMX) as a boundary condition between employee performance and family supportive supervision. The authors collected data from 295 employees and their supervisors working in various public sector organizations of Pakistan on a convenience basis. Specifically, data on family supportive supervision and LMX was collected from employees; whereas, data on employee performance and taking charge was collected from their supervisors between June–September 2021. The statistical analysis reveals that high-performing employees are reciprocated by the high family-supportive supervision which increases their work-life balance and they further reciprocate by showing a propensity to take charge. In addition, LMX is noted to strengthen the association between employees' performance and family supportive supervision. This study explains how managers can extend the stream of employees' performance by highlighting the role of family-supportive supervision and LMX. The managers through high LMX and provision of family-supportive supervision can boost the employees' outcomes from job performance to extra-role performance (i.e. taking charge). This study adds value to the existing body of knowledge by considering performance as a predictor of various organizational-level consequences. Recent studies have considered the negative consequences of employees' performance, while the positive aspect has been called for an investigation.Predicting the link between employees' task performance and propensity to take charge: the role of family supportive supervision and LMX
Ishfaq Ahmed, Talat Islam, Rabia Afzal, Imlak Iqbal, Muhammad Asim Faheem
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The authors examined how employee led exchange benefits the organizations. Specifically, the authors aim at investigating the mediating role of family supportive supervision between employee performance and taking charge behavior. The authors further examined leader-member exchange (LMX) as a boundary condition between employee performance and family supportive supervision.

The authors collected data from 295 employees and their supervisors working in various public sector organizations of Pakistan on a convenience basis. Specifically, data on family supportive supervision and LMX was collected from employees; whereas, data on employee performance and taking charge was collected from their supervisors between June–September 2021.

The statistical analysis reveals that high-performing employees are reciprocated by the high family-supportive supervision which increases their work-life balance and they further reciprocate by showing a propensity to take charge. In addition, LMX is noted to strengthen the association between employees' performance and family supportive supervision.

This study explains how managers can extend the stream of employees' performance by highlighting the role of family-supportive supervision and LMX. The managers through high LMX and provision of family-supportive supervision can boost the employees' outcomes from job performance to extra-role performance (i.e. taking charge).

This study adds value to the existing body of knowledge by considering performance as a predictor of various organizational-level consequences. Recent studies have considered the negative consequences of employees' performance, while the positive aspect has been called for an investigation.

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Predicting the link between employees' task performance and propensity to take charge: the role of family supportive supervision and LMX10.1108/IJOEM-12-2021-1859International Journal of Emerging Markets2023-01-11© 2022 Emerald Publishing LimitedIshfaq AhmedTalat IslamRabia AfzalImlak IqbalMuhammad Asim FaheemInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-1110.1108/IJOEM-12-2021-1859https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1859/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
POLI advantages of state-owned multinationalshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1872/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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.POLI advantages of state-owned multinationals
Andrei Panibratov, Olga Garanina, Abdul-Kadir Ameyaw, Amit Anand
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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POLI advantages of state-owned multinationals10.1108/IJOEM-12-2021-1872International Journal of Emerging Markets2022-09-16© 2022 Emerald Publishing LimitedAndrei PanibratovOlga GaraninaAbdul-Kadir AmeyawAmit AnandInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-1610.1108/IJOEM-12-2021-1872https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1872/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
COVID-19, firm characteristics and stock volatility: new evidence from the Indian tourism sectorhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1877/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper provides new evidence on Indian tourism firms by investigating the role of a firm's financial conditions typified by its leverage, earnings, size, cash holdings, and excess cash in moderating the pandemic-led idiosyncratic volatility in its stock prices. The authors employ a firm-level panel comprising 82 publicly-listed tourism firms from India. Firm risk is estimated for the period beginning January 2020 to December 2020. This paper finds non-linear effects of the pandemic on the idiosyncratic risk of the sample firms. Precisely, stock price volatility rises, but as the market absorbs this information, volatility subsides even as the disease spreads further. Further, lower levels of past debt and earnings and higher cash holdings ameliorate the pandemic's effects on tourism firms' risk. Contrasting the view that “excess” cash reflects poor operational performance, we show that “excess” cash firms are better prepared to face the adverse effects of the pandemic. This study’s sample period fully encompasses the first wave of the pandemic (January–December 2020) of the novel coronavirus infection spread. To the best of the authors’ knowledge, this is the first study to assess the moderating effects of company fundamentals on the risk of Indian tourism firms. In doing so, the authors account for non-linear effects of the pandemic on firms' idiosyncratic volatility over time.COVID-19, firm characteristics and stock volatility: new evidence from the Indian tourism sector
Rupika Khanna, Chandan Sharma, Abhay Pant
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper provides new evidence on Indian tourism firms by investigating the role of a firm's financial conditions typified by its leverage, earnings, size, cash holdings, and excess cash in moderating the pandemic-led idiosyncratic volatility in its stock prices.

The authors employ a firm-level panel comprising 82 publicly-listed tourism firms from India. Firm risk is estimated for the period beginning January 2020 to December 2020.

This paper finds non-linear effects of the pandemic on the idiosyncratic risk of the sample firms. Precisely, stock price volatility rises, but as the market absorbs this information, volatility subsides even as the disease spreads further. Further, lower levels of past debt and earnings and higher cash holdings ameliorate the pandemic's effects on tourism firms' risk. Contrasting the view that “excess” cash reflects poor operational performance, we show that “excess” cash firms are better prepared to face the adverse effects of the pandemic.

This study’s sample period fully encompasses the first wave of the pandemic (January–December 2020) of the novel coronavirus infection spread.

To the best of the authors’ knowledge, this is the first study to assess the moderating effects of company fundamentals on the risk of Indian tourism firms. In doing so, the authors account for non-linear effects of the pandemic on firms' idiosyncratic volatility over time.

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COVID-19, firm characteristics and stock volatility: new evidence from the Indian tourism sector10.1108/IJOEM-12-2021-1877International Journal of Emerging Markets2022-10-18© 2022 Emerald Publishing LimitedRupika KhannaChandan SharmaAbhay PantInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-1810.1108/IJOEM-12-2021-1877https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1877/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Foreign direct investment by multinational corporations in emerging economies: a comprehensive bibliometric analysishttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1878/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study introduces a comprehensive bibliometric analysis of the foreign direct investment (FDI) literature by multinational corporations (MNCs) focusing on emerging economies to identify the most influential authors, journals and articles in FDI research and reveals the fields' conceptual and intellectual structures. The purpose of this paper is to address these issues. The study analyzed 533 articles published between 1974 and 2020 in 226 academic journals indexed in the Web of Science (WoS) and Scopus databases. We used the R language for statistical computing to map author collaboration, co-word and develop a conceptual and intellectual map of the field. The results show that, although the FDI literature has many authors, few dominate the field. The International Business Review (IBR) and International Journal of Emerging Markets (IJoEM) are the main sources of the publications. Moreover, bibliometric laws show that our dataset follows the Lotka law of scientific productivity and Bradford law of scattering, identifying the core journals. Finally, FDI by MNCs in emerging economies research is divided into four sub-research themes related to (1) FDI determinants, (2) entry mode, (3) MNCs and FDI performance and (4) the internationalization process. The current article provides several starting points for practitioners and researchers investigating FDI. It contributes to broadening the vision of the field and offers recommendations for future studies.Foreign direct investment by multinational corporations in emerging economies: a comprehensive bibliometric analysis
Ahmed Nazzal, Maria-Victòria Sánchez-Rebull, Angels Niñerola
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study introduces a comprehensive bibliometric analysis of the foreign direct investment (FDI) literature by multinational corporations (MNCs) focusing on emerging economies to identify the most influential authors, journals and articles in FDI research and reveals the fields' conceptual and intellectual structures. The purpose of this paper is to address these issues.

The study analyzed 533 articles published between 1974 and 2020 in 226 academic journals indexed in the Web of Science (WoS) and Scopus databases. We used the R language for statistical computing to map author collaboration, co-word and develop a conceptual and intellectual map of the field.

The results show that, although the FDI literature has many authors, few dominate the field. The International Business Review (IBR) and International Journal of Emerging Markets (IJoEM) are the main sources of the publications. Moreover, bibliometric laws show that our dataset follows the Lotka law of scientific productivity and Bradford law of scattering, identifying the core journals. Finally, FDI by MNCs in emerging economies research is divided into four sub-research themes related to (1) FDI determinants, (2) entry mode, (3) MNCs and FDI performance and (4) the internationalization process.

The current article provides several starting points for practitioners and researchers investigating FDI. It contributes to broadening the vision of the field and offers recommendations for future studies.

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Foreign direct investment by multinational corporations in emerging economies: a comprehensive bibliometric analysis10.1108/IJOEM-12-2021-1878International Journal of Emerging Markets2023-01-31© 2023 Ahmed Nazzal, Maria-Victòria Sánchez-Rebull and Angels NiñerolaAhmed NazzalMaria-Victòria Sánchez-RebullAngels NiñerolaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-01-3110.1108/IJOEM-12-2021-1878https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1878/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Ahmed Nazzal, Maria-Victòria Sánchez-Rebull and Angels Niñerolahttp://creativecommons.org/licences/by/4.0/legalcode
Does firms and managerial experience matter for exporting? The case of selected EU member and non-member countrieshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1879/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe 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.Does firms and managerial experience matter for exporting? The case of selected EU member and non-member countries
Andrzej Cieślik, Jan Jakub Michałek, Anna Michałek
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

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.

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Does firms and managerial experience matter for exporting? The case of selected EU member and non-member countries10.1108/IJOEM-12-2021-1879International Journal of Emerging Markets2022-09-09© 2022 Emerald Publishing LimitedAndrzej CieślikJan Jakub MichałekAnna MichałekInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-09-0910.1108/IJOEM-12-2021-1879https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1879/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Emerald Publishing Limited
Institutional distance and cross-border acquisitions into emerging markets: the moderating effect of context experiencehttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1897/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to examine the multidimensional nature of institutional distance as a driver of acquisition decisions in emerging markets. Then, this study aims to offer a nuanced perspective on the role of its various formal and informal dimensions by taking into account the potential contingency role played by a firm’s context experience. Building on institutional economics and organizational institutionalism, this study explores the heterogeneity of institutional distance and its effects on the decision to enter emerging versus advanced markets through cross-border acquisitions. Thus, institutional distance is disentangled into its formal and informal dimensions, the former being captured by regulatory efficiency, country governance and financial development. Furthermore, our framework examines the moderating effect of an acquiring firm’s experience in institutionally similar environments, defined as context experience. The hypotheses are analyzed on a sample of 496 cross-border acquisitions by Italian companies in 41 countries from 2008 to 2018. Findings indicate that at an increasing distance in terms of regulatory efficiency and financial development, acquiring firms are less likely to enter emerging markets, while informal institutional distance is positively associated with such acquisitions. Context experience mitigates the negative effect of formal distance and enhances the positive effect of informal distance. This study contributes to institutional distance literature in multiple ways. First, by bridging institutional economics and organizational institutionalism and second, by examining the heterogeneity of formal and informal dimensions of distance, this study offers a finer-grained perspective on how institutional distance affects acquisition decisions. Finally, it offers a contingency perspective on the role of context experience.Institutional distance and cross-border acquisitions into emerging markets: the moderating effect of context experience
Donatella Depperu, Ilaria Galavotti, Federico Baraldi
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to examine the multidimensional nature of institutional distance as a driver of acquisition decisions in emerging markets. Then, this study aims to offer a nuanced perspective on the role of its various formal and informal dimensions by taking into account the potential contingency role played by a firm’s context experience.

Building on institutional economics and organizational institutionalism, this study explores the heterogeneity of institutional distance and its effects on the decision to enter emerging versus advanced markets through cross-border acquisitions. Thus, institutional distance is disentangled into its formal and informal dimensions, the former being captured by regulatory efficiency, country governance and financial development. Furthermore, our framework examines the moderating effect of an acquiring firm’s experience in institutionally similar environments, defined as context experience. The hypotheses are analyzed on a sample of 496 cross-border acquisitions by Italian companies in 41 countries from 2008 to 2018.

Findings indicate that at an increasing distance in terms of regulatory efficiency and financial development, acquiring firms are less likely to enter emerging markets, while informal institutional distance is positively associated with such acquisitions. Context experience mitigates the negative effect of formal distance and enhances the positive effect of informal distance.

This study contributes to institutional distance literature in multiple ways. First, by bridging institutional economics and organizational institutionalism and second, by examining the heterogeneity of formal and informal dimensions of distance, this study offers a finer-grained perspective on how institutional distance affects acquisition decisions. Finally, it offers a contingency perspective on the role of context experience.

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Institutional distance and cross-border acquisitions into emerging markets: the moderating effect of context experience10.1108/IJOEM-12-2021-1897International Journal of Emerging Markets2022-10-04© 2022 Donatella Depperu, Ilaria Galavotti and Federico BaraldiDonatella DepperuIlaria GalavottiFederico BaraldiInternational Journal of Emerging Marketsahead-of-printahead-of-print2022-10-0410.1108/IJOEM-12-2021-1897https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1897/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2022 Donatella Depperu, Ilaria Galavotti and Federico Baraldihttp://creativecommons.org/licences/by/4.0/legalcode
Exploring the impact of ambient air quality standards on firm innovation: evidence from listed industrial companies in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1899/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis paper aims to identify the impact of the new ambient air quality standards (AAQS) on firm innovation. Taking listed companies from 2009 to 2014 as the research object, the authors focus on the quasinatural experiment of the pilot policy of the new AAQS and apply the time-varying difference-in-differences (DID) method to conduct the empirical test. The authors find that the new AAQS has a negative effect on firm innovation, and this negative impact may be caused by the increased environmental expenditures following the implementation of the new AAQS. Furthermore, the authors find that firm profitability and state ownership weaken this negative effect, but the effect of the degree of industrial pollution is statistically insignificant. The study is an initial effort to explore the causal effect of the new AAQS on firm innovation. This study enriches the literature on the impact of environmental regulations on firm innovation and provides some reference value for the formulation of environmental regulation policies in developing countries.Exploring the impact of ambient air quality standards on firm innovation: evidence from listed industrial companies in China
Min Huang, Xiaobo Li
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This paper aims to identify the impact of the new ambient air quality standards (AAQS) on firm innovation.

Taking listed companies from 2009 to 2014 as the research object, the authors focus on the quasinatural experiment of the pilot policy of the new AAQS and apply the time-varying difference-in-differences (DID) method to conduct the empirical test.

The authors find that the new AAQS has a negative effect on firm innovation, and this negative impact may be caused by the increased environmental expenditures following the implementation of the new AAQS. Furthermore, the authors find that firm profitability and state ownership weaken this negative effect, but the effect of the degree of industrial pollution is statistically insignificant.

The study is an initial effort to explore the causal effect of the new AAQS on firm innovation. This study enriches the literature on the impact of environmental regulations on firm innovation and provides some reference value for the formulation of environmental regulation policies in developing countries.

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Exploring the impact of ambient air quality standards on firm innovation: evidence from listed industrial companies in China10.1108/IJOEM-12-2021-1899International Journal of Emerging Markets2023-05-15© 2023 Emerald Publishing LimitedMin HuangXiaobo LiInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-05-1510.1108/IJOEM-12-2021-1899https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2021-1899/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Business groups and the impact of industry relatedness on firms' borrowing costshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1812/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study analyzes whether industry relatedness between a corporate borrower and its group peers significantly affects that firm's borrowing cost. A regression analysis is run on bank-loan data of a sample of Indonesian companies for 2010–2020. The main variables of interest are the natural logarithms of the borrowing firm's number of affiliates classified within either similar 2- or 4-digit GICS industries, and the Caves weighted index of these firms' related diversification. This index measures how firms in a group are diversified in relation to the borrower. The dependent variable is the all-in credit spread, stated in basis points, over the LIBOR or similar benchmark, as of the loan issuance date. Findings support the industry-relatedness hypothesis and contradict the risk-reduction hypothesis and show that banks charge lower loan spreads on a borrowing firm that either operates within a similar industry as its affiliate or diversifies into related sectors or industries. Consistent with the co-insurance-effect hypothesis, the results also underline the importance of the parent and first-layer firms as supporting instead of the tunneling vehicles within business groups. These conclusions hold even after segregating the sample and using the loan maturity as the dependent variable. This study uses a unique diversification measurement based on the borrowing firm's sector or industry, relative to other group members, and offers new insights on business group diversification and bank loan costs.Business groups and the impact of industry relatedness on firms' borrowing costs
Yane Chandera
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study analyzes whether industry relatedness between a corporate borrower and its group peers significantly affects that firm's borrowing cost.

A regression analysis is run on bank-loan data of a sample of Indonesian companies for 2010–2020. The main variables of interest are the natural logarithms of the borrowing firm's number of affiliates classified within either similar 2- or 4-digit GICS industries, and the Caves weighted index of these firms' related diversification. This index measures how firms in a group are diversified in relation to the borrower. The dependent variable is the all-in credit spread, stated in basis points, over the LIBOR or similar benchmark, as of the loan issuance date.

Findings support the industry-relatedness hypothesis and contradict the risk-reduction hypothesis and show that banks charge lower loan spreads on a borrowing firm that either operates within a similar industry as its affiliate or diversifies into related sectors or industries. Consistent with the co-insurance-effect hypothesis, the results also underline the importance of the parent and first-layer firms as supporting instead of the tunneling vehicles within business groups. These conclusions hold even after segregating the sample and using the loan maturity as the dependent variable.

This study uses a unique diversification measurement based on the borrowing firm's sector or industry, relative to other group members, and offers new insights on business group diversification and bank loan costs.

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Business groups and the impact of industry relatedness on firms' borrowing costs10.1108/IJOEM-12-2022-1812International Journal of Emerging Markets2023-06-21© 2023 Emerald Publishing LimitedYane ChanderaInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-2110.1108/IJOEM-12-2022-1812https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1812/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does CEO celebrity affect IPO underpricing? Evidence from the strategic emerging industries in Chinahttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1815/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe interaction between evaluators is underestimated in legitimacy literature. This study aims to examine the impact of CEO celebrity on initial public offerings (IPOs) underpricing in Strategic Emerging Industries (SEIs). Based on legitimacy and limited attention effect, this study introduces a new antecedent to the asset pricing literature under a particular sample. This paper illustrates how CEO celebrity promotes IPO underpricing by enhancing the legitimacy and then explores how the CEO characteristics can moderate this relationship. Using 1,128 IPO companies in China SEIs from 2010 to 2019, cross-section data is used to build a multiple linear regression model to test the hypotheses. The result indicates that CEO celebrity is positively related to IPO underpricing. Founder CEO and CEO duality amplify the relationship. Further analysis shows that the relationship between CEO celebrity and IPO underpricing is more pronounced in firms with high Baidu search and low market sentiment. This study provides insights into how CEO celebrity as notable internal information shapes the formation of investors' preliminary impressions of firms. The evidence consists of legitimacy and limited attention perspective by showing how investors favor, follow and hype the stocks with celebrity CEOs. The results extend the knowledge about how CEO characteristics influence information frictions in asset pricing during IPO.Does CEO celebrity affect IPO underpricing? Evidence from the strategic emerging industries in China
Shuai Yang, Yu Zhao, Chao Wu
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The interaction between evaluators is underestimated in legitimacy literature. This study aims to examine the impact of CEO celebrity on initial public offerings (IPOs) underpricing in Strategic Emerging Industries (SEIs). Based on legitimacy and limited attention effect, this study introduces a new antecedent to the asset pricing literature under a particular sample.

This paper illustrates how CEO celebrity promotes IPO underpricing by enhancing the legitimacy and then explores how the CEO characteristics can moderate this relationship. Using 1,128 IPO companies in China SEIs from 2010 to 2019, cross-section data is used to build a multiple linear regression model to test the hypotheses.

The result indicates that CEO celebrity is positively related to IPO underpricing. Founder CEO and CEO duality amplify the relationship. Further analysis shows that the relationship between CEO celebrity and IPO underpricing is more pronounced in firms with high Baidu search and low market sentiment.

This study provides insights into how CEO celebrity as notable internal information shapes the formation of investors' preliminary impressions of firms. The evidence consists of legitimacy and limited attention perspective by showing how investors favor, follow and hype the stocks with celebrity CEOs. The results extend the knowledge about how CEO characteristics influence information frictions in asset pricing during IPO.

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Does CEO celebrity affect IPO underpricing? Evidence from the strategic emerging industries in China10.1108/IJOEM-12-2022-1815International Journal of Emerging Markets2023-08-21© 2023 Emerald Publishing LimitedShuai YangYu ZhaoChao WuInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-2110.1108/IJOEM-12-2022-1815https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1815/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Does the OFDI promotion effect of the Belt and Road “crowd in” or “crowd out” domestic investment?https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1877/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to determine how and through what mechanisms the outward foreign direct investment (OFDI) promotion effect of the Belt and Road initiative (BRI-OFDI) affects domestic investment. It is motivated by the context that China is fostering a new development pattern, as well as by the impetus from the Belt and Road initiative for the new pattern. Drawing on data of Chinese-listed companies, this study uses a difference-in-difference method to explore the effect of the BRI-OFDI on domestic investment and a mediation model to illustrate the mechanisms. The BRI-OFDI has a significantly positive effect on domestic investment, meaning that the Belt and Road initiative's OFDI promotion effect crowds in domestic investment. The results are heterogeneous: the crowding-in effect mainly exists in non-state-owned and technology-intensive enterprises, while a crowding-out effect is seen in state-owned and labor-intensive enterprises. The easing of corporate financing constraints and the expansion of market demand are two important mechanisms. This study uses the Belt and Road initiative as an exogenous shock to investigate the impact of the initiative-induced OFDI promotion effect on domestic investment. It addresses the potential endogeneity issue confronting the studies on the relationship between OFDI and domestic investment in the literature. The authors focus on the possible spillover effects of the Belt and Road initiative discussing the impact of the BRI-OFDI on domestic investment from the micro-firm perspective. It offers a new perspective to objectively assess the initiative's policy effect.Does the OFDI promotion effect of the Belt and Road “crowd in” or “crowd out” domestic investment?
Pengfei Ge, Xiaoxu Wu, Bole Zhou, Xianfeng Han
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to determine how and through what mechanisms the outward foreign direct investment (OFDI) promotion effect of the Belt and Road initiative (BRI-OFDI) affects domestic investment. It is motivated by the context that China is fostering a new development pattern, as well as by the impetus from the Belt and Road initiative for the new pattern.

Drawing on data of Chinese-listed companies, this study uses a difference-in-difference method to explore the effect of the BRI-OFDI on domestic investment and a mediation model to illustrate the mechanisms.

The BRI-OFDI has a significantly positive effect on domestic investment, meaning that the Belt and Road initiative's OFDI promotion effect crowds in domestic investment. The results are heterogeneous: the crowding-in effect mainly exists in non-state-owned and technology-intensive enterprises, while a crowding-out effect is seen in state-owned and labor-intensive enterprises. The easing of corporate financing constraints and the expansion of market demand are two important mechanisms.

This study uses the Belt and Road initiative as an exogenous shock to investigate the impact of the initiative-induced OFDI promotion effect on domestic investment. It addresses the potential endogeneity issue confronting the studies on the relationship between OFDI and domestic investment in the literature. The authors focus on the possible spillover effects of the Belt and Road initiative discussing the impact of the BRI-OFDI on domestic investment from the micro-firm perspective. It offers a new perspective to objectively assess the initiative's policy effect.

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Does the OFDI promotion effect of the Belt and Road “crowd in” or “crowd out” domestic investment?10.1108/IJOEM-12-2022-1877International Journal of Emerging Markets2023-06-26© 2023 Emerald Publishing LimitedPengfei GeXiaoxu WuBole ZhouXianfeng HanInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-06-2610.1108/IJOEM-12-2022-1877https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1877/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
The ebb and flow of trade credit: implications for financing financially dependent firm growthhttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1903/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study investigates the significance of trade credit (TC) as an alternative source of funding in financing the growth of financially dependent firms. Panel data analysis using the difference generalized method of moments (GMM) and fixed-effects ordinary least squares (FE-OLS) is conducted on annual data from publicly listed firms across a number of developing economies. The data cover the period from 2003 to 2019. The findings indicate that financially dependent firms rely on TC to manage their growth, especially when they have exhausted their debt capacity. This dependence on TC displays a cyclical pattern. As firms enhance their financial position, they tend to scale back their dependence. Nevertheless, firms with significant growth opportunities continue utilizing TC for at least two years after their initial identification as financially dependent. The author's conclusion highlights that TC can be a valuable and accessible source of funding, especially in developing economies where the real sector may require alternative financing channels. Hence, TC has the potential to play a very significant role in financing corporate growth in these economies. The current study adds to the existing body of literature by revealing that access to alternative sources of finance is also critical for firms that are dependent on external sources and for firms that have exhausted their financial debt capacity.The ebb and flow of trade credit: implications for financing financially dependent firm growth
Bahadır Karakoç
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study investigates the significance of trade credit (TC) as an alternative source of funding in financing the growth of financially dependent firms.

Panel data analysis using the difference generalized method of moments (GMM) and fixed-effects ordinary least squares (FE-OLS) is conducted on annual data from publicly listed firms across a number of developing economies. The data cover the period from 2003 to 2019.

The findings indicate that financially dependent firms rely on TC to manage their growth, especially when they have exhausted their debt capacity. This dependence on TC displays a cyclical pattern. As firms enhance their financial position, they tend to scale back their dependence. Nevertheless, firms with significant growth opportunities continue utilizing TC for at least two years after their initial identification as financially dependent.

The author's conclusion highlights that TC can be a valuable and accessible source of funding, especially in developing economies where the real sector may require alternative financing channels. Hence, TC has the potential to play a very significant role in financing corporate growth in these economies.

The current study adds to the existing body of literature by revealing that access to alternative sources of finance is also critical for firms that are dependent on external sources and for firms that have exhausted their financial debt capacity.

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The ebb and flow of trade credit: implications for financing financially dependent firm growth10.1108/IJOEM-12-2022-1903International Journal of Emerging Markets2023-11-13© 2023 Emerald Publishing LimitedBahadır KarakoçInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-11-1310.1108/IJOEM-12-2022-1903https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1903/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
How prone are emerging markets' sectoral indices to global uncertainties? Evidence from the quantile connectedness approach with portfolio implicationshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1920/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThere has been a burgeoning interest in exploring the impact of uncertainty factors on share returns. However, studies on the influence of global financial uncertainties on emerging market sectoral indices are scarce. Thus, there is a need to have a thorough investigation of the connection between global financial uncertainties and emerging market sectoral indices. To fill this gap, using the theoretical framework of international portfolio diversification (IPD) and utilizing data from 2008 to 2021, this study examines the spillover connection between global uncertainty indices (GUIs) and leading sectoral indices of 28 emerging markets. The authors employ the quantile spillover-based connectedness approach and minimum connectedness portfolio approach to explore the dynamic connectedness among sectoral indices and global uncertainty indices (GUIs) as well as portfolio implication. The study found high connectedness among all indices, especially at higher and lower quantiles. Among GUIs, the authors find that stock market volatility (VIX) and oil volatility index (OVX) are strongly interconnected with all leading emerging markets' sectoral indices. Among sectoral indices, the linkage between the financial (F-Index), information technology (IT-Index), and consumer discretionary (CD-Index) sectors shows moderate interconnectedness. In contrast, the communication services (CS-Index) sector has low interconnectedness with the system. In terms of spillover effects, the authors find EVZ, OVX, and the IT sectors to be net recipients for the entire period. The authors also explored portfolio diversification benefits by employing a minimum connectedness portfolio approach. The cumulative returns' findings show a slight decline in the portfolio's value after 2010; during 2012, the pattern remained stable; from 2014 to 2020, the portfolio performed negatively, that is, underperformance due to different events in that period, including COVID-19. The Consumer Discretionary sector is found to be significant because of having the largest weight, 51%, in the portfolio during the study period. The study suggests that investors should invest in the communication services sector as it is the least connected. However, the connectedness increases during COVID-19, which implies that it may be difficult for investors to benefit from IPD in a crisis period. Hence, to obtain the benefits from IPD, the evidence suggests that investors need to consider Consumer Discretionary sector while considering assets for investment. The study's uniqueness is that the authors have investigated spillover between GUIs and 28 emerging markets sectoral indices by employing a quantile spillover-based connectedness approach and minimum connectedness portfolio approach with a special focus on portfolio implication.How prone are emerging markets' sectoral indices to global uncertainties? Evidence from the quantile connectedness approach with portfolio implications
Shabeer Khan, Mohd Ziaur Rehman, Mohammad Rahim Shahzad, Naimat U Khan, Lutfi Abdul Razak
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

There has been a burgeoning interest in exploring the impact of uncertainty factors on share returns. However, studies on the influence of global financial uncertainties on emerging market sectoral indices are scarce. Thus, there is a need to have a thorough investigation of the connection between global financial uncertainties and emerging market sectoral indices. To fill this gap, using the theoretical framework of international portfolio diversification (IPD) and utilizing data from 2008 to 2021, this study examines the spillover connection between global uncertainty indices (GUIs) and leading sectoral indices of 28 emerging markets.

The authors employ the quantile spillover-based connectedness approach and minimum connectedness portfolio approach to explore the dynamic connectedness among sectoral indices and global uncertainty indices (GUIs) as well as portfolio implication.

The study found high connectedness among all indices, especially at higher and lower quantiles. Among GUIs, the authors find that stock market volatility (VIX) and oil volatility index (OVX) are strongly interconnected with all leading emerging markets' sectoral indices. Among sectoral indices, the linkage between the financial (F-Index), information technology (IT-Index), and consumer discretionary (CD-Index) sectors shows moderate interconnectedness. In contrast, the communication services (CS-Index) sector has low interconnectedness with the system. In terms of spillover effects, the authors find EVZ, OVX, and the IT sectors to be net recipients for the entire period. The authors also explored portfolio diversification benefits by employing a minimum connectedness portfolio approach. The cumulative returns' findings show a slight decline in the portfolio's value after 2010; during 2012, the pattern remained stable; from 2014 to 2020, the portfolio performed negatively, that is, underperformance due to different events in that period, including COVID-19. The Consumer Discretionary sector is found to be significant because of having the largest weight, 51%, in the portfolio during the study period.

The study suggests that investors should invest in the communication services sector as it is the least connected. However, the connectedness increases during COVID-19, which implies that it may be difficult for investors to benefit from IPD in a crisis period. Hence, to obtain the benefits from IPD, the evidence suggests that investors need to consider Consumer Discretionary sector while considering assets for investment.

The study's uniqueness is that the authors have investigated spillover between GUIs and 28 emerging markets sectoral indices by employing a quantile spillover-based connectedness approach and minimum connectedness portfolio approach with a special focus on portfolio implication.

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How prone are emerging markets' sectoral indices to global uncertainties? Evidence from the quantile connectedness approach with portfolio implications10.1108/IJOEM-12-2022-1920International Journal of Emerging Markets2023-07-17© 2023 Emerald Publishing LimitedShabeer KhanMohd Ziaur RehmanMohammad Rahim ShahzadNaimat U KhanLutfi Abdul RazakInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-07-1710.1108/IJOEM-12-2022-1920https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1920/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited
Investigating the asymmetric effect of income inequality on financial fragility in South Africa and selected emerging markets: a Bayesian approach with hierarchical priorshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1929/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThis study aims to test the validity of the Rajan theory in South Africa and other selected emerging markets (Chile, Peru and Brazil) during the period 1975–2019. In this study, the researchers used time-series data to estimate a Bayesian Vector Autoregression (BVAR) model with hierarchical priors. The BVAR technique has the advantage of being able to accommodate a wide cross-section of variables without running out of degrees of freedom. It is also able to deal with dense parameterization by imposing structure on model coefficients via prior information and optimal choice of the degree of formativeness. The results for all countries except Peru confirmed the Rajan hypotheses, indicating that inequality contributes to high indebtedness, resulting in financial fragility. However, for Peru, this study finds it contradicts the theory. This study controlled for monetary policy shock and found the results differing country-specific. The findings suggest that an escalating level of inequality leads to financial fragility, which implies that policymakers ought to be cautious of excessive inequality when endeavouring to contain the risk of financial fragility, by implementing sound structural reform policies that aim to attract investments consistent with job creation, development and growth in these countries. Policymakers should also be cautious when implementing policy tools (redistributive policies, a sound monetary policy), as they seem to increase the risk of excessive credit growth and financial fragility, and they need to treat income inequality as an important factor relevant to macroeconomic aggregates and financial fragility.Investigating the asymmetric effect of income inequality on financial fragility in South Africa and selected emerging markets: a Bayesian approach with hierarchical priors
Lindokuhle Talent Zungu, Lorraine Greyling
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

This study aims to test the validity of the Rajan theory in South Africa and other selected emerging markets (Chile, Peru and Brazil) during the period 1975–2019.

In this study, the researchers used time-series data to estimate a Bayesian Vector Autoregression (BVAR) model with hierarchical priors. The BVAR technique has the advantage of being able to accommodate a wide cross-section of variables without running out of degrees of freedom. It is also able to deal with dense parameterization by imposing structure on model coefficients via prior information and optimal choice of the degree of formativeness.

The results for all countries except Peru confirmed the Rajan hypotheses, indicating that inequality contributes to high indebtedness, resulting in financial fragility. However, for Peru, this study finds it contradicts the theory. This study controlled for monetary policy shock and found the results differing country-specific.

The findings suggest that an escalating level of inequality leads to financial fragility, which implies that policymakers ought to be cautious of excessive inequality when endeavouring to contain the risk of financial fragility, by implementing sound structural reform policies that aim to attract investments consistent with job creation, development and growth in these countries. Policymakers should also be cautious when implementing policy tools (redistributive policies, a sound monetary policy), as they seem to increase the risk of excessive credit growth and financial fragility, and they need to treat income inequality as an important factor relevant to macroeconomic aggregates and financial fragility.

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Investigating the asymmetric effect of income inequality on financial fragility in South Africa and selected emerging markets: a Bayesian approach with hierarchical priors10.1108/IJOEM-12-2022-1929International Journal of Emerging Markets2023-08-18© 2023 Lindokuhle Talent Zungu and Lorraine GreylingLindokuhle Talent ZunguLorraine GreylingInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-08-1810.1108/IJOEM-12-2022-1929https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1929/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Lindokuhle Talent Zungu and Lorraine Greylinghttp://creativecommons.org/licences/by/4.0/legalcode
The role of digital business transformation in frugal innovation and SMEs’ resilience in emerging marketshttps://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1937/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatestThe present study aims to examine the relationships between digital business transformation, organizational learning, frugal innovation and Small and Medium Enterprises (SMEs) resilience in emerging markets. Empirical data collection has been implemented using a questionnaire method from 214 owners and managers of SMEs. The partial least squares structural equation modeling (PLS-SEM) approach was used to examine the measurement model and test hypotheses. The results show that digital business transformation significantly impacts frugal innovation and SMEs' resilience in emerging markets. They also confirm the significant impact of frugal innovation on SMEs' resilience. Furthermore, the results revealed that organizational learning significantly impacts digital business transformation, frugal innovation and SMEs' resilience. This study provides novel insights into the existing theories and literature regarding the determinants of SMEs' resilience in emerging markets. It also provides practical contributions, confirming the SMEs' need to develop their dynamic capabilities, including digital transformation, frugal innovation and organizational learning to maintain their resilience.The role of digital business transformation in frugal innovation and SMEs’ resilience in emerging markets
Khaled Al Omoush, Carlos Lassala, Samuel Ribeiro-Navarrete
International Journal of Emerging Markets, Vol. ahead-of-print, No. ahead-of-print, pp.-

The present study aims to examine the relationships between digital business transformation, organizational learning, frugal innovation and Small and Medium Enterprises (SMEs) resilience in emerging markets.

Empirical data collection has been implemented using a questionnaire method from 214 owners and managers of SMEs. The partial least squares structural equation modeling (PLS-SEM) approach was used to examine the measurement model and test hypotheses.

The results show that digital business transformation significantly impacts frugal innovation and SMEs' resilience in emerging markets. They also confirm the significant impact of frugal innovation on SMEs' resilience. Furthermore, the results revealed that organizational learning significantly impacts digital business transformation, frugal innovation and SMEs' resilience.

This study provides novel insights into the existing theories and literature regarding the determinants of SMEs' resilience in emerging markets. It also provides practical contributions, confirming the SMEs' need to develop their dynamic capabilities, including digital transformation, frugal innovation and organizational learning to maintain their resilience.

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The role of digital business transformation in frugal innovation and SMEs’ resilience in emerging markets10.1108/IJOEM-12-2022-1937International Journal of Emerging Markets2023-04-19© 2023 Emerald Publishing LimitedKhaled Al OmoushCarlos LassalaSamuel Ribeiro-NavarreteInternational Journal of Emerging Marketsahead-of-printahead-of-print2023-04-1910.1108/IJOEM-12-2022-1937https://www.emerald.com/insight/content/doi/10.1108/IJOEM-12-2022-1937/full/html?utm_source=rss&utm_medium=feed&utm_campaign=rss_journalLatest© 2023 Emerald Publishing Limited