Business and Management Studies最新文献

{"title":"Hedging Interest Rate Options with Reinforcement Learning: an investigation of a heavy-tailed distribution","authors":"Allan Jonathan Da Silva, J. Baczynski, Leonardo Fagundes De Mello","doi":"10.11114/bms.v9i2.6515","DOIUrl":"https://doi.org/10.11114/bms.v9i2.6515","url":null,"abstract":"Purpose: The study intends to model an interest rate index option using a heavy-tailed distribution. The goal is to calculate the interest rate path-dependent option prices that are consistent with market data and to develop a reinforcement learning strategy to discretely hedge the position considering transaction costs. Methodology: This paper presents a mathematical framework to calculate the price of interest rate path-dependent options. The research adapted a Fourier cosine series formula to employ the characteristic function of the present value of the forward index, which is modeled as a variance-gamma process and uses deep Q-learning to hedge such options. Findings: There is market evidence that the implied volatility curve is not flat. The study demonstrated that the variance-gamma process generates an increasing volatility smile, which is consistent with market observations. Additionally, hedging results show that the path-dependent options generated from the variance-gamma process can be efficiently hedged with advanced Q-learning techniques. Research limitations/implications: The study comprised only the variance-gamma process. Other probability distributions, such as the Normal Inverse Gaussian model, should be investigated. Practical implications: This study reveals which type of probability distribution should be present in a pricing engine to be consistent with implied volatilities. The approach provided here can assist managers in evaluating and comprehending market pricing behavior as well as achieving discrete hedging with costs. Originality: The paper addressed the merging of a fast pricing method for the interest rate options with a heavy-tailed distribution and the discrete interest rate derivatives hedging with reinforcement learning.","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"117 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138953747","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":"Innovation Capacity in Courts: A Theoretical Framework and Research Agenda","authors":"L. Oliveira, T. Guimaraes","doi":"10.11114/bms.v9i2.6251","DOIUrl":"https://doi.org/10.11114/bms.v9i2.6251","url":null,"abstract":"Innovation in the public sector is a subject that has attracted increasing interest of public managers, policymakers, and scholars, encompassing a possible response to the complex and uncertain context experienced by governments worldwide. In the same way, the search for efficiency and effectiveness has driven the development and adoption of innovations in courts given the influence that these institutions have on the social and economic development of countries. In this sense, understanding what influences the innovation capacity in courts is an important topic for investigation. This paper contributes to this matter, using the Resource-Based View and Dynamic Capabilities approach, by analyzing the recent scientific literature on innovation capacity in the public sector, which allowed the identification of six main factors: Leadership, Team Behavior, Collaboration, Organizational Resources, Knowledge Management, and Information Technology. This leads to the proposal of a theoretical framework of the main factors associated with innovation capacity in courts. The theoretical and practical implications of the framework are discussed, and six propositions to drive a research agenda are presented.","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124422341","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":"Digital Transformation Challenges for Government Sector","authors":"A. Elsafty, A. Yehia","doi":"10.11114/bms.v9i1.6160","DOIUrl":"https://doi.org/10.11114/bms.v9i1.6160","url":null,"abstract":"Digital transformation in Egypt became government trend supporting by political leader starting in services places like civil registry, real estate center, traffic department and many ministries do their best to apply digital transformation. In the public sector, digital transformation refers to the digitization of government activities, such as delivering a better and easier customer experience, enacting regulations that allow for a distributed workforce, and upgrading and optimizing processes to save money and resources. Employee behavior is a basic element that can affect positively or negatively, positive effect will lead to fasting transformation and increasing services so the upper management can achieve their plans. At the opposite direction if negative impact where employee become obstacle and problem for this transformation the plans will take more time, and this will harm all the systems and prevent integrity between them. Some factors will affect employee behavior education, skills, work culture, leadership, job responsibility and effective communication. Also, we cannot ignore training, and finance. No one denies the impact of digital transformation on the economy of countries, and that is why the obstacles that face digital transformation need to more explored and manipulated in different techniques according to the material and moral needs to achieve complete digital transformation.The study utilized a quantitative approach by administering a self-administered questionnaire to government officials in the public sector of Egypt. The collected data was analyzed using SPSS. The results of the analysis confirmed the relationship between various factors and the implementation of digital transformation in the Egyptian public sector. These factors include financial capabilities, availability of infrastructure and communication systems, organizational culture, cooperation between government, business, higher education, and civil society, employee experience and skillset, selection of senior leaders, employee-centered organization, and diversity management. ","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114604476","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 Furniture Industrial Panorama, in Brazil, in Relation to the Adoption of Industry 4.0 Technologies","authors":"Dusan Schreiber, Alexandre André Feil, Cristiane Froehlich, Vilson José Becker","doi":"10.11114/bms.v9i1.5892","DOIUrl":"https://doi.org/10.11114/bms.v9i1.5892","url":null,"abstract":"The furniture industry is a traditional segment, with a global presence, and as in other markets and segments, globalization has contributed to creating an environment of fierce competition between small, medium and large companies. China, the European Union and the United States are the biggest producers and also the biggest consumers of furniture products. Brazil is also included in this market, but with lower production and consumption volumes. The objective of this study is to analyze panorama of the furniture industry in Brazil and abroad, in relation to the adoption of industry 4.0 technologies to foster new working conditions and productivity. In this work, authors opted for the format of reflective theoretical essay, based on the result of systematic review of literature, performed in Scopus, in February, 2023, employing keywords “Furniture manufacturing” and “Industry 4.0”, with any other restrictions. Only 47 articles were published in this timeline. Analyzing these articles was evidenced that main obstacles to the adoption of technologies I4.0 is related to the insufficient proofs of the advantages and benefits that these technologies may provide for furniture manufacturing process, lack of the awareness of the employees to enable internalization of knowledge about technologies of 4.0 industry. To accomplish this will be necessary to perform actions to establish collaborative networks, both internal and external, to validate the new organizational practices/ routines, and consolidate its adoption in the manufacturing environment. As conclusion of the study is possible to state that the lack of knowledge of I4.0 technologies and their benefits, by workforce and organizational managers also, lack of financing sources and of government policies to foster adoption of technologies I4.0 are among main obstacles to the adoption of the technologies of industry 4.0. Reducing the distance between universities and industries, investing in R&D, using already available and low-cost technologies and adopting proven and established production methods were also highlighted as premises for I4's technologies and that may to succeed in the furniture segment. I4.0 technologies show the potential to maximize productivity and profitability by reducing lead time, operating costs, increasing quality, flexibility of the operational process, in addition to differentiated design. ","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117076865","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 Consequences of Ukraine-Russia Crisis: The Case of International Trade and Prices’ Behavior in Egypt","authors":"A. Elsafty, I. Mahmoud","doi":"10.11114/bms.v8i2.5798","DOIUrl":"https://doi.org/10.11114/bms.v8i2.5798","url":null,"abstract":"This research aims to measure the impact of the Ukraine-Russia conflicts on the international trade and thus on the prices’ behavior in Egypt. The purpose of this paper is to investigate and observe prices’ behavior during the ongoing crisis. The literature review defined the real determinant of prices and what are the factors affecting prices in the market. This research is quantitative research with a descriptive then correlational research design and the type of investigation is non-contrived research. Observational method and questionnaire are used in data collection gathering a number of quantitative data. The questionnaires are to be directed to expert respondents whether consumers or wholesale merchants via emails or online questionnaire. The questionnaire focuses on the defining the prices’ behavior and level before, after and during the war crisis. The measuring scale used is ratio scale. The IBM SPSS Statistics 26 software was used to analyze the questionnaire responses collected from respondents. Descriptive analysis section of all questionnaire responses, followed by hypothesis testing performed to answer the research questions.This paper shows that the anticipated shortage of supply in strategic goods and Ukraine-Russia War significantly affect prices behavior. In addition, the Ukraine-Russia war has a moderating effect on the prices’ behavior in Egypt in relation to the fear of supply shortage.Future researches are recommended to analyze the macro and micro effects of the Russia-Ukraine war over longer time horizons; the increase in pricing in the Egyptian market is thought to be caused by a wide range of factors that are not all covered in this study. It is also advised that future researchers employ a large sample size for sake of generalization.","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115207474","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 Relation between Good Governance and Improving Performance in the Higher Education -HE- Institutions","authors":"Samir Abdelaziz","doi":"10.11114/bms.v8i2.5789","DOIUrl":"https://doi.org/10.11114/bms.v8i2.5789","url":null,"abstract":"In the current globalized world characterized by advancements in technology, higher education institutions have a significant role to play by providing quality and relevant education. The provision of quality education relies on the governance of these institutions because effective governance is required to ensure that processes, practices, and roles are aligned toward achieving the intended objectives. Thus, this study examines the importance of professional governance in higher education and the way governance affects performance. The study employs a secondary research method in which data is collected from empirical studies. A qualitative research strategy based on an exploratory study design was adopted. Data were analyzed thematically and inductively based on the interpretive paradigm.The study findings reveal that good governance affects the performance of higher education institutions positively by leading to improved accountability, encouraging participatory processes, promoting inclusivity, and contributing to better resource management. It is recommended that higher education institutions improve their organizational culture before implementing effective governance practices.","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114026091","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":"Factors Influencing Precision Agriculture Tools or Technologies Adoption in Egypt","authors":"A. Elsafty, Antionette Rami","doi":"10.11114/bms.v8i2.5598","DOIUrl":"https://doi.org/10.11114/bms.v8i2.5598","url":null,"abstract":"Precision Agriculture Technologies (PATs) are advocated as inevitable agricultural practices to achieve the highest economic value and mitigate the environmental impact of the agriculture.Water scarcity and rapid population growth in Egypt endanger the economic nourishment. Since agriculture consume more than 80% of total water consumption in Egypt; it is important to adopt efficient practices without sacrificing high productivity and minimize environmental degradation. This thesis studies the factors influencing PATs adoption in Egypt. Based on the literature review; there are 5 constructs with 15 independent variables are tested in this study. The constructs are as follows; (1) Socio Demographic Factors; studying effect of farmer age, level of education, years of experience. (2) Agro Ecological Factors; including farm size, land tenure, farm crops. (3) Financial Factors; encompasses farm income, investment cost, perceived economic benefits and perceived environmental benefits. (4) Technological Factors; testing impact computer and smart phone usage, PATs and PI Usage and perceived ease of use. (5) Institutional Factors: investigating effect of farm region and development pressure. Non-probability sampling was used in this study with convenience and snowball techniques to collect data. The data was collected from 32 farms distributed in Lower and Upper Egypt via an online survey published through Social Media Channels. Respondents were the farm owners and farm operators as each one represents one farm only. The analysis was performed using SPSS to discover factors impacting PATs adoption. Results show that perceived environmental benefits and development pressure are statistically significant factors affecting PATs adoption in Egypt.To conclude, this study provides insightful results regarding what influences the Egyptian farmers in PATs adoption and this may provide better understanding for policy makers to better formulate incentive programs and regulation to motivate farmers to adopt more PATs. Moreover, these results can be used by service providers to enhance marketing.","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126299196","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":"Triangular Cooperation of China-Japan in ASEAN Countries: Empirical Analysis and Path Selection","authors":"Shi-gang Yan, Yu-Tung Peng, Zhang Meng","doi":"10.11114/bms.v8i1.5582","DOIUrl":"https://doi.org/10.11114/bms.v8i1.5582","url":null,"abstract":"In the post COVID-19 Era, ASEAN countries continue to focus on alleviating the impact of the pandemic and supporting an economic recovery. The active promotion of triangular cooperation will be of great significance to the economic recovery and regional integrated development. The paper analyzed trade complementarity between China, Japan with ASEAN countries, estimated revealed comparative advantage index of China and Japan in comparison to ASEAN countries. Based on the empirical result, the paper put forward several suggestions to promote TC of China-Japan in ASEAN, which including to improve regional supply chain, strengthen financial cooperation, and promote local governments and association’s cooperation.","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121976668","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 Impact of Inclusive Leadership on Employee Well-being: The Mediating Role of Organizational Trust","authors":"Chen Yumin, Lin Zhuoxin","doi":"10.11114/bms.v8i1.5568","DOIUrl":"https://doi.org/10.11114/bms.v8i1.5568","url":null,"abstract":"In recent years, people pay more and more attention to employees' work experience and mental health, especially employee well-being. Leadership style is one of the factors that affect employee well-being. Recently, there have been more and more researches on inclusive leadership in China. However, the research on the relationship between inclusive leadership and employee well-being in China is still in its infancy, and the mechanism between the two still needs to be further studied.This paper investigates the mediating effect of organizational trust on the relationship between inclusive leadership and employee well-being by using a questionnaire survey of Chinese workers. Based on a survey of 153 participants, the results show that organizational trust can mediate the positive impact of inclusive leadership on employee well-being. At the same time, after the addition of organizational trust as an intermediate variable, the study found that the establishment of organizational trust has a driving effect on improving employee well-being.","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"285 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131936464","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 Online Education in the Higher Education, a Complete System Rather Than Just a Platform","authors":"Samir Abdelaziz","doi":"10.11114/bms.v8i1.5536","DOIUrl":"https://doi.org/10.11114/bms.v8i1.5536","url":null,"abstract":"The online education in the higher education is a complete system rather than just a platform. The participants for this research study included twenty enrollees in distance learning programs. The respondents got online instruction from two distinct higher education institutions (the University of Florida and the Florida State University). The qualitative research design chosen for this study was conducted through observations, and interviews. To begin the study, each respondent had a formal structured interview recorded and transcribed. The interviews with each respondent lasted around 60 minutes on average. Depending on the respondents' preferences, interviews were done at a convenient location, such as their workplace, the university library, or dorm room. Interviews with each participant were performed in an unstructured manner.  The following were among the favorable experiences: ease of connection, availability of technical help, self-paced learning, convenience, cost-effectiveness, and adaptability of the program. The difficulties included: a feeling of isolation, self-motivation, and self-regulation, inability to get help from the teacher, and a delay in seeking feedback. The following factors contributed to participants' positive interactions: accessibility to the internet and technology, a well-designed instructional format, easily accessible technical help from the institution, immediate grade filings following assessments, and a flexible learning participative timetable. Untimely or ineffective communication from the educator was among the variables that contributed to participants' unfavorable experiences. Other factors were boring educational approaches, a lack of technical assistance, a lack of interpersonal connection, and an inadequately-designed course interface.","PeriodicalId":278115,"journal":{"name":"Business and Management Studies","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125284745","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}