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Modelling Stock Market Volatility During the COVID-19 Pandemic: Evidence from BRICS Countries 2019冠状病毒病大流行期间股市波动建模:来自金砖国家的证据
Managing Global Transitions Pub Date : 2023-09-26 DOI: 10.26493/1854-6935.21.253-268
Karunanithy Banumathy
{"title":"Modelling Stock Market Volatility During the COVID-19 Pandemic: Evidence from BRICS Countries","authors":"Karunanithy Banumathy","doi":"10.26493/1854-6935.21.253-268","DOIUrl":"https://doi.org/10.26493/1854-6935.21.253-268","url":null,"abstract":"The objective of the research paper is to identify the stock market volatility pattern of BRICS countries during the outbreak of the COVID-19 pandemic. The study is based on the time series data, which consists of the daily closing price of the BRICS countries' index for a two-year (pandemic) period from 1st January 2020 to 31st December 2021. Both the symmetric and asymmetric models of Generalized Autoregressive Conditional Heteroscedasticity (GARCH) have been employed in the study to investigate whether volatility changes over the pandemic period. The result of the GARCH-M (1,1) model evidenced the presence of a positive and insignificant risk premium. Based on the empirical work carried out using the market index of BRICS countries, it was found from EGARCH (1,1), and TGARCH (1,1) models that there exists a leverage effect in the countries, viz. Brazil, Russia, India, China and South Africa. Since the stock price during the pandemic period triggered the entire financial market, the investors, fund managers and portfolio managers should be more aware of the uncertainty and need to adjust their investments accordingly.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134886513","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}
引用次数: 0
The Effect of the Pandemic on the RMG Export of Bangladesh: Exploring the Economic Channels of Transmission 大流行对孟加拉国RMG出口的影响:探索经济传播渠道
Managing Global Transitions Pub Date : 2023-09-26 DOI: 10.26493/1854-6935.21.201-221
Banna Banik
{"title":"The Effect of the Pandemic on the RMG Export of Bangladesh: Exploring the Economic Channels of Transmission","authors":"Banna Banik","doi":"10.26493/1854-6935.21.201-221","DOIUrl":"https://doi.org/10.26493/1854-6935.21.201-221","url":null,"abstract":"This study aims to empirically analyse the potential long-run and short-run effects of the COVID-19 pandemic on the ready-made garments (RMG) export growth of Bangladesh. We distinguish two transmission channels: credit growth and degree of openness to trade, through which the pandemic could affect the RMG export, using monthly time series data from June 2009 to August 2020. We employ a bounds test approach to the autoregressive distributed lag (ARDL) cointegration method. The bounds test specifies long-run and short-run relationships between credit growth, openness, and RMG exports. We found that the pandemic has a significant negative effect in the short run but a positive impact on export through these transmission channels in the long run. Thus, more credit support to this sector and opening up the economy for international trade is essential for the total recovery of the RMG export.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"90 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134886514","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}
引用次数: 0
Institutional Investors’ Preferences in Green Bonds and ESG Criteria: A Focus on German-Speaking Europe 机构投资者对绿色债券的偏好与ESG标准:以德语欧洲为中心
Managing Global Transitions Pub Date : 2023-06-30 DOI: 10.26493/1854-6935.21.149-169
Deniss Rozkov, Hendrik Idema
{"title":"Institutional Investors’ Preferences in Green Bonds and ESG Criteria: A Focus on German-Speaking Europe","authors":"Deniss Rozkov, Hendrik Idema","doi":"10.26493/1854-6935.21.149-169","DOIUrl":"https://doi.org/10.26493/1854-6935.21.149-169","url":null,"abstract":"The aim of this paper is to study the influence of the current regulatory environment on the investment decisions of sustainability-oriented institutional investors within the German-speaking region of Europe. Through the use of a structured questionnaire, aimed at institutional investors, this paper presents detailed insights into the preferences of investors when purchasing green bonds, bonds that contribute to reducing or preventing adverse effects stemming from climate change. After analysing our sample of 179 participants, it is demonstrated that the credibility of a green bond is a basic prerequisite for an investor to purchase such an instrument. Additionally, the attractiveness of green bonds is influenced by financial factors such as tax incentives as well as the interest rate environment. Furthermore, this paper studies the influence of environmental, social and governance (ESG) strategies on green bond investment decisions, where it is revealed that the environmental pillar is the most important for investors.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46148769","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}
引用次数: 1
How Much Is Too Much Debt for South Africa? A Threshold Nonlinear Autoregressive Distributive Lag (T-NARDL) Perspective 南非的债务有多大？阈值非线性自回归分布滞后（T-NARDL）
Managing Global Transitions Pub Date : 2023-06-30 DOI: 10.26493/1854-6935.21.93-120
A. Phiri, Asanda Fotoyi
{"title":"How Much Is Too Much Debt for South Africa? A Threshold Nonlinear Autoregressive Distributive Lag (T-NARDL) Perspective","authors":"A. Phiri, Asanda Fotoyi","doi":"10.26493/1854-6935.21.93-120","DOIUrl":"https://doi.org/10.26493/1854-6935.21.93-120","url":null,"abstract":"Since the global financial crisis, South African fiscal authorities have acquired debt at a faster rate compared to other economies, which, according to recent growth theory, implies that the economy has a lower debt tolerance or threshold level than previously thought. Our study presents country-specific debt threshold estimates for the South African economy based on reduced form regressions derived from an endogenous growth model of public debt that incorporates public investment as a channel through which debt can influence economic growth. We estimate the reduced form regressions using the threshold nonlinear autoregressive distributive lag (T-NARDL) cointegration model which we apply to quarterly time series spanning from 1960:q1 to 2020:q4. We identify debt thresholds of 47 percent which are much lower than those predicted by previous panel-based studies. Similarly, the corresponding public investment threshold estimate of 2.8 percent is lower than that prescribed by previous literature. However, our study shows that both public debt and public investment are too high to be growth enhancing and we provide policy recommendations based on these findings.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41961834","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}
引用次数: 0
Designing a Conceptual Framework for Industry 4.0 Technologies to Enable Circular Economy Ecosystem 设计工业4.0技术的概念框架以实现循环经济生态系统
Managing Global Transitions Pub Date : 2023-06-30 DOI: 10.26493/1854-6935.21.121-148
M. Ejaz, Dániel Hegedűs
{"title":"Designing a Conceptual Framework for Industry 4.0 Technologies to Enable Circular Economy Ecosystem","authors":"M. Ejaz, Dániel Hegedűs","doi":"10.26493/1854-6935.21.121-148","DOIUrl":"https://doi.org/10.26493/1854-6935.21.121-148","url":null,"abstract":"The paper is aimed at developing an ecosystem that can be used within the domain of the circular economy on the foundation of Industry 4.0 technologies. The study emphasizes the importance of Industry 4.0 as a crucial element in the development of the circular economic ecosystem. The circular economic ecosystem is comprised of a business model, business strategies, and resources and capabilities supported by a circular economy framework. This study adopted literature review analysis and case studies as mythology to analyse and synthesize the latest trends and aspects developing within the framework of the circular economy. The major findings of this paper present a theoretical conceptual framework of a circular economic ecosystem that can be adopted at organizational level. The study also supplies a way forward for future studies in this research domain as there are several factors which are found but need to be explored.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48554611","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}
引用次数: 0
Business Intelligence Enabling Competitiveness: A Multi-Theoretical Analysis of South African Metals Manufacturers 商业智能增强竞争力：南非金属制造商的多理论分析
Managing Global Transitions Pub Date : 2023-06-30 DOI: 10.26493/1854-6935.21.171-191
H. Smit, M. Oberholzer, Pieter Buys
{"title":"Business Intelligence Enabling Competitiveness: A Multi-Theoretical Analysis of South African Metals Manufacturers","authors":"H. Smit, M. Oberholzer, Pieter Buys","doi":"10.26493/1854-6935.21.171-191","DOIUrl":"https://doi.org/10.26493/1854-6935.21.171-191","url":null,"abstract":"The competitiveness of the South African metals manufacturers is under the spotlight, since new investments in the metals and engineering industry in South Africa have been poor, and growth in the Chinese trade has had a negative competitive effect on domestic metals manufacturing output and employment. The purpose of the study was to determine how supportive the business intelligence process is in enabling successful competitiveness in practice. A theoretical model was designed and empirically tested by metals manufacturers, where four theories were selected to act as mediators between the business intelligence process and successful competitiveness. This study tested four hypotheses by applying Spearman's rank-order correlations and a structural equation model. A total of 63 responses were received and analysed. The study found that the building blocks of the business intelligence process combined in a single factor do not directly lead to successful competitiveness, but only when all the theories' principles, combined into a single factor, act as mediators.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43435634","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}
引用次数: 0
Impact of Foreign Direct Investment on Energy Consumption: Empirical Evidence 外商直接投资对能源消费影响的实证研究
Managing Global Transitions Pub Date : 2023-03-24 DOI: 10.26493/1854-6935.21.41-69
S. Dey, Monirul Islam
{"title":"Impact of Foreign Direct Investment on Energy Consumption: Empirical Evidence","authors":"S. Dey, Monirul Islam","doi":"10.26493/1854-6935.21.41-69","DOIUrl":"https://doi.org/10.26493/1854-6935.21.41-69","url":null,"abstract":"The paper investigates the association between foreign direct investment (FDI) and energy consumption within the purview of trade liberalization and economic growth from1971 to2014 in Bangladesh, employing the Auto Regressive Distributive Lag (ARDL) bounds testing approach. The study result depicts a negative impact of FDI on energy consumption in both the long and short run. Moreover, the study results persist robust to alternative measurements and estimators. Furthermore, a unidirectional causal relationship moving from energy consumption to foreign direct investment supports the institutional strength of the energy sector. Therefore, policymakers should undertake a pragmatic policy for the best utilization of FDI in the energy sector and reinforce local firms’ absorptive capability to internalize FDI-centric information spillover in energy conservation.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42012091","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}
引用次数: 0
Theories of Sustainable Finance 可持续金融理论
Managing Global Transitions Pub Date : 2023-03-24 DOI: 10.26493/1854-6935.21.5-22
Peterson K. Ozili
{"title":"Theories of Sustainable Finance","authors":"Peterson K. Ozili","doi":"10.26493/1854-6935.21.5-22","DOIUrl":"https://doi.org/10.26493/1854-6935.21.5-22","url":null,"abstract":"This paper attempts to formulate new theories of sustainable finance, meeting a need to establish a set of propositions that can help us understand the behaviour and actions of economic agents towards sustainable finance. The paper used a literature survey to establish a theoretical relationship between sustainable finance and the actions of economic agents. The paper proposed six theories of sustainable finance, namely, the priority theory of sustainable finance, the resource theory of sustainable finance, the peer emulation theory of sustainable finance, the life span theory of sustainable finance, the positive signalling theory of sustainable finance, and the system disruption theory of sustainable finance. These theories offer believable explanations for the behaviour and actions of economic agents towards sustainable finance. Academics, policy makers, economists, researchers and students will find these theories very useful in their work in sustainable finance. ","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48730705","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}
引用次数: 6
Industry-Level Evidence of J-Curve Effects in the SACU Region 中南大学地区j曲线效应的产业层面证据
Managing Global Transitions Pub Date : 2023-03-24 DOI: 10.26493/1854-6935.21.23-40
Simbarashe Mhaka, R. Ncwadi, A. Phiri
{"title":"Industry-Level Evidence of J-Curve Effects in the SACU Region","authors":"Simbarashe Mhaka, R. Ncwadi, A. Phiri","doi":"10.26493/1854-6935.21.23-40","DOIUrl":"https://doi.org/10.26493/1854-6935.21.23-40","url":null,"abstract":"Our study examines the cointegration relationship between exchange rate movements and trade balances for the five Southern African Customs Union (SACU) countries between 1995 and 2020. We disaggregate trade activity at an industry-level for 19 trade products and then determine whether industries benefit or are at a disadvantage during periods of currency depreciations over the short- and long-run. Applying pooled mean group (PMG) estimators to panel regression specifications of the industry-level J-curve, we find that exchange rate depreciations would be beneficial in 8 out of the 19 trade industries in the SACU region whilst harming theremaining 11 industries. In the strict, theoretical sense we only find J-curve effects in 6 of the 19 industries in which exchange depreciation initially hurt trade balances and then ‘adjust’ towards positive long-run effects. Altogether, we advise policymakers in SACU countries to consider devising (i) export-oriented policies for industries whose trade balance is strengthened by currency depreciations and (ii) import substitution industrialization policies and currency-risk mitigation strategies for industries whose trade balance is weakened by currency depreciations.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43337840","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}
引用次数: 0
Language Management Strategies and Slovenian SMEs: An Update on Recent Developments 语言管理策略与斯洛文尼亚中小企业:最新发展
Managing Global Transitions Pub Date : 2023-03-24 DOI: 10.26493/1854-6935.21.71-84
I. Rižnar, Anja Puntar
{"title":"Language Management Strategies and Slovenian SMEs: An Update on Recent Developments","authors":"I. Rižnar, Anja Puntar","doi":"10.26493/1854-6935.21.71-84","DOIUrl":"https://doi.org/10.26493/1854-6935.21.71-84","url":null,"abstract":"In line with numerous studies, export success of small and medium-sized enterprises (SMEs) could be considerably improved were companies aware of the importance of foreign language skills among their employees. In other words, many business opportunities are lost within the European Union because of the lack of language skills. Many authors report that adopting a language management strategy is linked to a significant increase in companies' export sales. The ELAN (Effects on the European Economy of Shortages of Foreign Language Skills in Enterprise) findings should also be considered because of the relatively high importance of SMEs in providing employment. This article investigates, by means of a questionnaire sent to 1499 Slovenian exporting SMEs from various industries, how aware these companies are of the ELAN findings, and which language strategies they have implemented in their business operations. The findings of our 2021 study revealed that Slovenian exporting SMEs are slowly becoming more aware of the benefits of language management strategies, but that some improvements are nevertheless still possible.","PeriodicalId":30026,"journal":{"name":"Managing Global Transitions","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47553507","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}
引用次数: 0
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