{"title":"National Output and Market Return Integration of G-7 Countries: A Perspective from Principal Component Analysis","authors":"Galin Todorov","doi":"10.51240/jibe.2018.2.3","DOIUrl":"https://doi.org/10.51240/jibe.2018.2.3","url":null,"abstract":"This study explores the evolution of integration in output trends, cycles, and market returns for G-7 countries. We use unobserved component model to decompose national output levels and identify quantitatively significant trend and cycle components. For all countries, trend components dominate both in terms of magnitude and importance due to the permanent nature of the shocks they capture. Using principal component analysis, we reveal the existence of common factors driving the volatility in trends, cycles, and market returns. A central contribution of our work is the construction of quantifiable measures of output trend, cycle, and market return integration, referred to as indices of integration. Our indices display high volatility with no trend. In addition, a null hypothesis for white noise could not be rejected for the trend and cycle integration indices. Our study is not able to establish a relationship between integration and national output and market return levels.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131049759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Analysis of the Effects of Security Breaches on Firm Value","authors":"Stoyu I. Ivanov","doi":"10.51240/jibe.2018.2.1","DOIUrl":"https://doi.org/10.51240/jibe.2018.2.1","url":null,"abstract":"The purpose of this study is to examine, on intradaily market microstructure basis, fifteen recent occurrences of corporate security breaches to extend our understanding of market efficiency. We document minor average price responses to announcements of a security breach in the firms??target of an attack, contrary to many other corporate announcement studies, which document immediate price reaction to an announcement. Surprisingly, we find that the matching firms in our study have a stronger market microstructure response to the announcement of the attack instead. This study suggests to high-frequency investors, such as hedge funds, that they should focus their attention and scarce resources on developing trading strategies on other corporate events and announcements rather than on the announcement of security breaches.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116611730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Creating Competitive Advantage by Going Abroad: A Case Study of Tata Steel","authors":"TaeGyeom Kim","doi":"10.51240/jibe.2018.2.2","DOIUrl":"https://doi.org/10.51240/jibe.2018.2.2","url":null,"abstract":"Through different types of mergers and acquisitions, what started off as a motive for Tata Steel to increase their market expansion had led to diversifying their investments, gaining experiences and new knowledge sets through market and technology learning about different business environments. While the existing studies most simply look at fragmented cases of what advantages Tata Steel had in comparison with other steel firms to go abroad, this paper demonstrates that Tata Steel’s competitive advantages were not innate, but rather created through continuous learning, collaboration, and outward investments based on the Imbalance Theory. Thus, hadn’t been Tata Steel’s motive to learn market and technology in different business settings after market expansion, it would have not become the top global steel player today.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"250 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133735690","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Entrepreneurship in Transition Economies: Is There an Entrepreneurial Characteristic Similarity to Western Entrepreneur?","authors":"Thomas P. Bradley, P. Eberle","doi":"10.51240/JIBE.2018.2.5","DOIUrl":"https://doi.org/10.51240/JIBE.2018.2.5","url":null,"abstract":"This empirical study consists of two parts. The first part of the study examines the cultural characteristics and dimensions of entrepreneurs and factory workers in transition economies during the early transition period to determine if their cultural values were similar to those found in other nations. The second part of the study compares the differences in Hofstede’s cultural dimension scores between entrepreneurs and workers in market economies. It might seem extraordinary that after more than 70 years of a centralized nonentrepreneurial society that all of the communist nations that the current authors studied had essentially the same cultural differences among entrepreneurs that were found in capitalist nations with a long history of entrepreneurial activity.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129028442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Contagion Effects of European Union Macroeconomic Instability in Emerging Markets: Evidence from India","authors":"Vighneswara Swamy","doi":"10.51240/jibe.2018.2.4","DOIUrl":"https://doi.org/10.51240/jibe.2018.2.4","url":null,"abstract":"This paper examines the European Union (EU) macroeconomic instability and its contagion effects on emerging market economies. Given the large economic weight of the EU in the world, the contagion of the crisis and its potentially devastating effects are necessitating a renewed attention from the researchers and international financial institutions in analyzing the nature and implications of sovereign debt on the political economy of developing and emerging economies in general, particularly India. Though the crisis is epicentered in the EU, its knock-on effects are felt all across the globe. The emerging and developing economies (EDEs) have posted lower growth on account of the worsening external environment and a weakening internal demand during the period of the Eurozone debt crisis. While presenting the contemporary literature on the topic, this paper analyses the causes of the sovereign debt crisis presents implications for sovereign debt crises and draws lessons particularly for emerging markets such as India.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133179600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Enterprising SEZ Enclaves and Economic Development in India","authors":"Sazzad Parwez","doi":"10.51240/jibe.2018.1.1","DOIUrl":"https://doi.org/10.51240/jibe.2018.1.1","url":null,"abstract":"This paper is based on the premises of economic development through the creation of economic enclaves across the region-seeking industrialization in the context of India. The study suggests that Special Economic Zones policy has attracted a considerable amount of export-oriented investment and production, employment creation, and technical know-how. However, the policy has not met the desired results considering the objective of economic development. Assessment leads to understanding that competitiveness of domestic firms and linkages with foreign affiliates can be strengthened by the adoption of institutional re-structuring to create the conducive environment for further industrialization. It may lead to related spillovers to have positive impacts on the overall economy.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121353574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Examining the Effectiveness of the Make In India Initiative in Fostering Innovation in Business","authors":"Alka Pandita, Savita Gupta, R. Kiran","doi":"10.51240/jibe.2018.1.5","DOIUrl":"https://doi.org/10.51240/jibe.2018.1.5","url":null,"abstract":"The purpose of this research study is to understand how successful this Make in India initiative (MII) is after three years of its launch. The present paper is based on an exploratory study that has been carried out by collecting primary data to measure the viewpoint of the public. This helps the understanding of whether people consider MII as a long-term effort, therefore, to enable India emerge as a manufacturing hub. A structured equation modelling – partial least squares (SEM-PLS) model is developed related to the ease of doing business, impact of MII, policies undertaken, and performance outcomes under the MII project. The results of the study showed the parameters like impact of MII, ethical issues, and ease of doing business are related to outcomes of the project. This research study helps gain an insight into the environment in which business operates, understand what these factors represent and how these are accepted by the people in general.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126490779","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Firm's Profitability is Analyzed in Relationship Marketing","authors":"Said Echchakoui, Rachid Ghilal","doi":"10.51240/jibe.2018.1.2","DOIUrl":"https://doi.org/10.51240/jibe.2018.1.2","url":null,"abstract":"While relationship marketing is viewed as an important driver in the development of the firm’s profitability, the condition of this profitability seldom receives much attention. In this study, we employ a dynamic exchange model between firm and customer to explore the conditions affecting the firm’s profitability from a relationship perspective. The application of this model reveals explicitly that relationship marketing is not always profitable. The firm-customer relationship profitability depends on the customer life value (margin and retention rate), the duration of the firm-customer relationship, and the marketing budget to retain the customer and the customer acquisition cost.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134568580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bayesian and EVT Value-At-Risk Estimates of India's Non-Financial Firms","authors":"P. Sinha, Shalini Agnihotri","doi":"10.51240/jibe.2018.1.3","DOIUrl":"https://doi.org/10.51240/jibe.2018.1.3","url":null,"abstract":"The Companies Act 2013 has made it mandatory for firm’s Board of Directors Report to include a statement indicating elements of risk faced by companies. In the IMF report of March 2015, it is mentioned that India’s non-financial company’s external commercial borrowings rose by 107% between March 2010 to March 2014. The stress test based on exchange rate and profits demonstrated continuing high vulnerabilities of the firms. Looking at both the important factors, the current study estimates the Value-at-Risk (VaR) of 106 non-financial Indian firms. It is well a documented fact that return series is nonnormal, therefore taking bivariate distribution of return and foreign exchange rate. VaR is calculated using the extreme value theory method and Bayesian method. The results suggest that Bayesian method provides the best VaR estimates","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120965090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Does Shacho-Kai Contribute to the Competitiveness of Keiretsu Network? A Comparative Study with the Case of Chaebol","authors":"Sang-Oh Yoo","doi":"10.51240/jibe.2018.1.4","DOIUrl":"https://doi.org/10.51240/jibe.2018.1.4","url":null,"abstract":"This study analyzes how the shacho-kai (presidents’ meeting) have contributed to the competitiveness of the Japanese keiretsu network. shacho-kai had been touched upon by various literatures as one of the important elements of the keiretsu, but there had been no attempt to analyze the shacho-kai in detail with comprehensive framework. Thus, this study analyzes the shacho-kai of Mitsubishi group by applying the ABCD model, which is a framework to explain competitiveness or the success factors and compare with the case of sajangdan-hoeui of Samsung, South Korea. Samsung’s sajangdan-hoeui has shown superiority in speed and diligence whereas shacho-kai of Mitsubishi was better in synergy creation and goal orientation factors.","PeriodicalId":102591,"journal":{"name":"Journal of International Business and Economy","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121446129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}