Organizations and Markets in Emerging Economies最新文献

{"title":"Decomposition of the Sources of Real Exchange Rate Misalignment in Egypt: Evidence from the ARDL Model","authors":"R. Hosni","doi":"10.15388/omee.2021.12.58","DOIUrl":"https://doi.org/10.15388/omee.2021.12.58","url":null,"abstract":"\u0000 \u0000 \u0000This paper examines the behavior of the real exchange rate in Egypt over the period 1965–2018 by attempting to pursue three interrelated purposes. The first is to investigate the extent of deviations between the actual exchange rate and its equilibrium level and illustrate the magnitude of any currency misalignments. The second is to search for the different phases of over- and undervaluation of the local currency and explain the accompanying economic policies and/or factors leading to them. The third and ultimate purpose is to explore the role of transitory and permanent factors in deviating the actual real exchange rate from its equilibrium level. Understanding these factors should help in the design of economic policies directed to address the misalignment of the local currency. An autoregressive distributed lag (ARDL) bound test approach is used and conducted for both the bilateral and effective real exchange rates to achieve these three purposes during the selected period. To derive the equilibrium exchange rate estimate, the behavioral equilibrium exchange rate (BEER) approach is adopted. The findings reveal that the Egyptian pound was misaligned from its equilibrium value during most of the examined period. The results confirm the relative importance of the terms of trade and degree of openness variables in determining the equilibrium real exchange rate in Egypt followed by investment ratio and government consumption variables. The local currency witnessed a recent phase of overvaluation, which began in 2009, until the free float of the local currency in November 2016, after which, the Egyptian pound was found to have experienced a new phase of undervaluation till the end of the period examined. The findings show a considerable relative impact of fundamental-based factors over a prolonged period spanning from 1986 to 2003 and at the end of the period examined as well. Moreover, the documented results lend general support to the fact that both permanent or fundamental-based factors and short-run shocks prove to be important influential factors impacting currency misalignment in Egypt. \u0000 \u0000 \u0000","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44808556","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 Emigration Hurt the Economy? Evidence from Lithuania","authors":"Gindrute Kasnauskiene, Remigijus Kavalnis","doi":"10.15388/omee.2021.12.64","DOIUrl":"https://doi.org/10.15388/omee.2021.12.64","url":null,"abstract":"\u0000 \u0000 \u0000This study explores the economic impact of population emigration with special reference to the case of Lithuania. For this reason, we developed a SVAR model and applied related IRF and FEVD tools using quarterly data for the period of 2001-2020. Our findings reveal that a positive shock in emigration is related to lower unemployment. It is also found that the increased emigration is linked to higher real wage growth but with a lower confidence interval. Moreover, our estimates suggest that international out-migration increases real GDP growth in the short term, with no significant effects in the long run perspective. Finally, we found that most of the emigrants-to-be were inactive for a long term prior to departure, which offers a new look into the consequences of Lithuanian emigration, suggesting that the economic losses of emigration could be overstated. This study contributes to the knowledge about the impact of emigration on the economy and specifies directions for further studies in the field. \u0000 \u0000 \u0000","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41669469","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 and Small Island Economies","authors":"P. Pounder, N. Gopal","doi":"10.15388/omee.2021.12.63","DOIUrl":"https://doi.org/10.15388/omee.2021.12.63","url":null,"abstract":"\u0000 \u0000 \u0000Over the past two decades, the study of entrepreneurship and its importance to the economy has increased in appeal to academics, practitioners and governments. This study explores entrepreneurship in small island economies within regions based on Total Entrepreneurial Activity (TEA) and Established Business Ownership (EBO) as observed in the Global Entrepreneurship Monitor (GEM) dataset. This research uses the pooled regression model to study the impact of TEA and EBO on economic growth. The findings highlight that new venture creation is a driver that improves gross domestic product (GDP); however, there are significant differences across SIDS in the orientation of TEA and EBO that suggest that other contextual issues like culture, education system, and entrepreneurial support elements influence entrepreneurial behaviour across regions as well. The more advanced of these nations like Singapore and Puerto Rico benefit from knowledge networks and scientific mobility, while the smaller economies in the Caribbean and Pacific Region show less openness to pursuing entrepreneurial endeavours. These findings provide a foundation for further research on varying types of combinations of both economic factors and contextual differences that lend to the transitioning process towards an emerging economy.  \u0000 \u0000 \u0000","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42870838","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 Currency Misalignment on Trade Balance of Emerging Market Economies","authors":"Abdullahil Mamun,Emrah Eray Akça,Harun Bal","doi":"10.15388/omee.2021.12.57","DOIUrl":"https://doi.org/10.15388/omee.2021.12.57","url":null,"abstract":"


This study is an attempt to examine the impact of currency misalignment on the trade balance of emerging market economies from 1980 through 2016. It firstly measures the equilibrium RER and corresponding misalignment series of 21 EMEs separately adopting a single equation approach and then includes them in the trade regression together with undervaluation and overvaluation to estimate the dynamic relationship between the trade balance and real exchange rate misalignment employing the system generalized method of moment estimation approach. The study suggests that, being a composite series of undervaluation and overvaluation, higher real exchange rate misalignment helps recover trade imbalances. It also identifies that undervaluation improves trade balance, while overvaluation cuts it down. The study identifies that the misalignment series of RER for most of the EMEs are substantially dominated by overvaluation episodes, and hence the opposing impact of undervaluation and currency misalignment on the trade balance of EMEs is not surprising. From the policy perspective, competitiveness achieved through currency movements helps emerging market economies not only to improve trade balance but also to withstand vulnerability that arises from huge external borrowings creating a strong external payment position.


","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138504781","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":"Tax Planning, Corporate Governance and Financial Performance of Selected Quoted Non-Financial Companies in Nigeria (2007–2018)","authors":"John Olayiwola,Stephanie Okoro","doi":"10.15388/omee.2021.12.59","DOIUrl":"https://doi.org/10.15388/omee.2021.12.59","url":null,"abstract":"


This study examines the interactive effect of tax planning and corporate governance on the financial performance of 50 non-financial quoted companies in Nigeria between 2007 and 2018. The study sample that covers 9 sectors was selected purposively through stratified random sampling. Data used were collected from the audited annual reports and accounts of selected quoted companies in Nigeria and fact books published by the Nigeria Stock Exchange. A system GMM was employed to estimate the dynamic models, and results show that ownership structure (OS) and capital intensity (CI) exerted a significant and positive impact on the returns on assets. This implies that OS plays a significant role to ensure that CI triggers an increase in the return on assets of the quoted Nigerian companies. However, board diversity and thin capitalization wielded a significant and negative influence on return on assets. This study thus recommends that companies should put in place a strong corporate governance mechanism that will monitor, check and balance tax planning activities and strategies adopted by the management of quoted companies in Nigeria.


","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138504782","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":"Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study","authors":"S. A. H. Havidz, Viendya Ervina Karman, I. Y. Mambea","doi":"10.15388/omee.2021.12.62","DOIUrl":"https://doi.org/10.15388/omee.2021.12.62","url":null,"abstract":"\u0000 \u0000 \u0000This research aims to utilize macro-financial and liquidity elements as the factors that may affect the price of Bitcoin as the largest cryptocurrency in terms of market capitalization. The macro-financial factors analyzed in this study were foreign exchange, stock market index, interest rates, and gold, while liquidity ratio is the internal factor. This study applied a fixed-effect model (FEM) and Generalized Method of Moments (GMM) on gathered weekly data from 1 January 2017 to 29 December 2019 from 18 countries with the total of 2,826 observations. The analysis revealed that US Dollar amplifies Bitcoin trading; an increase in interest rate will decrease investors’ intention to invest in Bitcoin as a speculative asset, and gold could replace Bitcoin as a substitute asset. Moreover, Bitcoin was found to be highly liquid, which attracts many investors, while the stock market index proved to be insignificant. \u0000 \u0000 \u0000","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49064802","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":"Economic Consequences of Covid-19 Pandemic: An Analysis of Exchange Rate Behaviour","authors":"Maheswar Sethi,Sakti Ranjan Dash,Rabindra Kumar Swain,Seema Das","doi":"10.15388/omee.2021.12.56","DOIUrl":"https://doi.org/10.15388/omee.2021.12.56","url":null,"abstract":"


This paper examines the effect of Covid-19 on currency exchange rate behaviour by taking a sample of 37 countries over a period from 4th January 2020 to 30th April 2021. Three variables, such as daily confirmed cases, daily deaths, and the world pandemic uncertainty index (WPUI), are taken as the measure of Covid-19. By applying fixed-effect regression, the study documents that the exchange rate behaves positively to the Covid-19 outbreak, particularly to daily confirmed cases and daily deaths, which implies that the value of other currencies against the US dollar has been depreciated. However, the impact of WPUI is insignificant. On studying the time-varying impact of the pandemic, the study reveals that the Covid-19 has an asymmetric impact on exchange rate over different time frames. Further, it is observed that though daily confirmed cases and daily deaths show a uniform effect, WPUI puts an asymmetric effect on the exchange rate owing to the nature of economies.


","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138504755","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":"Linking the Robo-advisors Phenomenon and Behavioural Biases in Investment Management: An Interdisciplinary Literature Review and Research Agenda","authors":"Nomeda Lisauskiene, Valdone Darskuviene","doi":"10.15388/omee.2021.12.65","DOIUrl":"https://doi.org/10.15388/omee.2021.12.65","url":null,"abstract":"\u0000 \u0000 \u0000Technological advancements bring continuous changes into the investment industry. The paper aims to provide insights on future research agenda based on a review of the current stance of research on the links between the Robo-advisors phenomenon and behavioural biases of individual investors. A qualitative investigation method has been applied for literature review on Robo-advisors and their impact on behavioural biases. \u0000The key findings indicate that Robo-advisors can help users to make better informed and less biased decisions. However, Robo-advisors activate the investors’ automatic system processes. The resulting passive investment approach could lead to alienation of the investors from the stock market, decreasing their understanding of the investment process that could widen a gap between different clusters of investors. \u0000The paper makes several contributions to the literature. First, it provides arguments on why a dual process theoretical framework in the relationship between financial advisory and investment behavioural biases is applicable. Second, it studies the Robo-advisor phenomenon and proposes a comprehensive definition of Robo-advisors. Third, the literature review suggests drivers of the Robo-advisors effect on the changes of behavioural biases as a future research direction. \u0000 \u0000 \u0000","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47104932","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":"Consumer Entitlement Inventory: A Scale Extension and Application to the Vietnamese Retail Context","authors":"Si Van Nguyen, M. Võ","doi":"10.15388/omee.2021.12.66","DOIUrl":"https://doi.org/10.15388/omee.2021.12.66","url":null,"abstract":"\u0000 \u0000 \u0000The consumer entitlement (CE) construct is a key variable in the exchange process in retail environments. The original Consumer Entitlement Inventory (CEI) was developed and applied within Western cultural boundaries. The main contribution of this study is the extension of the original CEI to better fit the Vietnamese context and to demonstrate its applicability in the context of an emerging economy with a Confucian culture. The study also contributes to expanding the range of identified boycott motives in the literature and clarifying their mechanism via social exchange theory. The extended CEI scale was tested using exploratory factor analysis and confirmatory factor analysis, using a sample of 603 respondents. Qualitative and quantitative research results show that the extended CEI has two dimensions, namely intransigence, and demand and distinction, with adequate content, reliability, convergent validity, and discriminant validity. This study also aimed to apply the extended CEI to an exploration of the relationship between CE and willingness to boycott. Research results from another independent study with 450 respondents using a structural equation model confirmed the positive relationship between CE and willingness to boycott. In addition, theoretical implications are discussed. \u0000 \u0000 \u0000","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46790524","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":"Relationship between Economic Growth and Unemployment Rates in the Algerian Economy: Application of Okun’s Law during 1991–2019","authors":"Bilal Louail, Djamel Benarous","doi":"10.15388/OMEE.2021.12.48","DOIUrl":"https://doi.org/10.15388/OMEE.2021.12.48","url":null,"abstract":"\u0000 \u0000 \u0000This paper aims to examine the Algerian economy by applying Okun’s law to study the impact of real GDP on unemployment rates and examine the impact of labour market protection policies on Okun’s coefficients. The annual data on the Algerian economy for the period 1991–2019 were used. The autoregressive distributed lag (ARDL) bounds testing technique model was used in conjunction with the gap version for Okun’s coefficients. The empirical results show that Okun’s law operates in Algeria’s economy. Coefficients estimated using the gap version led to the conclusion that there was a negative and significant impact of the GDP gap on unemployment rates. Though there was a decline in unemployment as GDP increased, the rise in employment was very weak for each 1% increase in the GDP. These findings should be of significant interest to regulators and policymakers in the Algerian economy, practitioners and academic researchers, international and national investors, managers and any other groups interested in the labour market in the Algerian economy and the labour markets of other developing economies. The paper provides the real GDP’s effect on unemployment rates in Algeria by releasing the gap version for Okun’s coefficient. Also, it provides evidence that increased labour market protection mitigates the adverse effects of a decrease in output growth rate on employment. \u0000 \u0000 \u0000","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9,"publicationDate":"2021-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42370970","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}