EuroMed Journal of Business最新文献

{"title":"Ten years after the Jasmine Revolution: do social audits matter for investment and credit-granting decision-making?","authors":"Feten Arfaoui, I. Kammoun, Imen Ben Slimene","doi":"10.1108/emjb-04-2022-0076","DOIUrl":"https://doi.org/10.1108/emjb-04-2022-0076","url":null,"abstract":"PurposeThis research aims to explore the perceived usefulness of audited social information in making economic decisions, in the eyes of both Tunisian financial analysts and bankers.Design/methodology/approachThe authors conduct an exploratory qualitative study using twelve semi-structured interviews: seven are carried out with financial analysts, and five are performed among bankers.FindingsThis study’s results reveal that financial analysts and bankers paid little attention to the audited social information in making investment/credit granting decisions. The authors also show that the low perceived usefulness of social audit is due to many reasons related to political, economic, regulatory, educational, cultural and cognitive factors.Originality/valueThis study contributes to the current literature in several ways. First, it enriches the knowledge about the perceived usefulness of social audit. To the authors’ knowledge, this is the first study to explore the perception of financial analysts and bankers to audited social information and its usefulness for decision-making. Second, the focus on the Tunisian context is interesting as it was marked, since the outbreak of the Jasmine Revolution, by the uncertainty and the instability of political, economic and social conditions. Third, this research goes further by exploring the most important factors affecting the perceiveness of social auditing.","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49255870","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":"Board diversity and export intensity: the moderating role of firm size","authors":"Mine Aksoy, Mustafa Kemal Yilmaz, M. Çancı, Alp Ay","doi":"10.1108/emjb-10-2022-0184","DOIUrl":"https://doi.org/10.1108/emjb-10-2022-0184","url":null,"abstract":"PurposeBuilding on resource dependence theory and contingency theory (CT) and focusing on an emerging market setting, this study investigates how demographic board diversity (BD) influences the export intensity (EI) of firms listed on Borsa Istanbul (BIST), with the moderating effect of firm size, as a contingency factor, on this interaction.Design/methodology/approachUsing a sample of 65 exporting firms listed on the BIST Industrials Index, this study explores how demographic attributes of board members, represented by the board diversity index (BDI), affects EI by employing panel data analysis over the period of 2016–2020.FindingsThe results suggest that there is a negative relationship between BD and EI, but firm size has a positive moderating effect on the association of BD and EI, indicating that large firms with diverse boards are more prone to access foreign markets and make export. The findings further indicate that board size and CEO duality have a negative and significant effect on EI, while marketing intensity has a positive and significant impact.Research limitations/implicationsThe sample covers only public companies listed on the BIST Industrials Index, and the impact of board characteristics on the EI is analyzed for a limited time frame, i.e. from 2016 to 2020.Practical implicationsThe findings help business executives better understand the contribution of the firm size on the interaction of BD and EI and offers valuable insights to companies to gain a competitive edge in international markets.Originality/valueThe study provides evidence on the effects of board attributes on the EI from the perspective of emerging countries. It also helps to gain a deeper understanding of how board dynamics contribute to the internationalization of companies.","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49479600","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 effect of life cycle stages on capital expenditures: evidence from an emerging market","authors":"Gökberk Can, Rezart Demiraj, Hounaida Mersni","doi":"10.1108/emjb-06-2022-0115","DOIUrl":"https://doi.org/10.1108/emjb-06-2022-0115","url":null,"abstract":"PurposeThe purpose of the article is to examine the effect of life cycle stages on capital expenditures, using Borsa Istanbul-listed companies.Design/methodology/approachThe panel data estimation procedure was used as the primary method to test the hypothesis. The authors used four additional analyses to check the robustness of the results. The model was tested for endogeneity using the generalized method of moments (GMM) estimation. Quantile regression was utilized for the non-parametric test of the model. In the third robustness test, the sample was divided into two using financial constraints with the Size-Age (SA) Index proposed by Hadlock and Pierce (2010). The last analysis removed the global financial crisis (GFC) years from the sample.FindingsBorsa Istanbul-listed companies tend to invest less as they move forward in their life cycle stages. The results show that market capitalization, operating cash flow levels and leverage positively affect capital expenditure investments. The empirical evidence also revealed that cash holding levels have a negative effect on capital expenditure decisions. Robustness tests support the results.Practical implications The findings are potentially useful for investors and managers. Having the information that decreasing capital expenditures signals that the company is in the last stages of its life would be a sign for managers to improve their investment strategies to avoid getting out of business and survive. They need to find options and solutions to propel their companies back on a path of growth. Additionally, the same information could be vital for investors' investment decisions.Originality/valueThis paper contributes to the literature by providing evidence about the effect of life cycle stages on capital expenditures from an emerging market. To the best of the authors’ knowledge, it is the first paper to investigate empirically how moving forward in the life cycle stages affects capital expenditures in an emerging market.","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41255118","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":"Leveraging growth spillovers to navigate CARICOM trade relations in the post-COVID-19 global space","authors":"R. Hosein, Rebecca Gookool, G. Saridakis, Sandra Sookram","doi":"10.1108/emjb-04-2022-0084","DOIUrl":"https://doi.org/10.1108/emjb-04-2022-0084","url":null,"abstract":"PurposeThe phenomenon of growth spillover occurs because of domestic shocks, global shocks and shocks to a foreign country or region, and these are transmitted through specific channels. This study investigates the strength of the economic linkages between Caribbean Community (CARICOM) economies and its main traditional partners, including the European Union (EU-27), and emerging trading partners, such as China, with a view to determining the presence and extent of spillover growth which results from the interdependence among these economies. The paper hypothesizes that the presence of these spillovers can be leveraged to chart the future for the region's integration in the global sphere.Design/methodology/approachBased on the existing theoretical and empirical literature, a structural vector autoregressive (SVAR) model was developed and employed to examine the strength of the economic linkages between CARICOM economies and its main trading partners, such as the United States (US), the United Kingdom (UK) and the EU-27, alongside some of the non-traditional partners such as China. This method has been widely used by institutions, such as the International Monetary Fund (IMF) and World Bank, to profile economic linkages between economies. To this end, the methodology was formulated based on the IMF Spillover Reports which were produced from 2011 to 2015.FindingsThe model suggests that positive spillovers are likely to occur from continued deepened integration with the US, EU-27 and the UK, as traditional trade partners, but that opportunities also exist from a deliberate deepening of relations with non-traditional trade partners, for example, China. This becomes even more apparent when CARICOM is separated into categories consisting of more developed countries (MDCs) and less developed countries (LDCs). In addition, from the perspective of any trading partner, such as those in the EU-27, this research is relevant and timely as it contributes to the landscape of literature, which can be utilized for the purpose of negotiating parameters of trade and integration arrangements.Research limitations/implicationsThis study adds to the literature on evaluating the direction for deepened integration of CARICOM economies, both with selected traditional and non-traditional trade partners as the region pilots recovery in a post-pandemic global space.Practical implicationsPolicymakers can use the results of this study to leverage economic spillovers as a basis for determining which trade partners offer the most significant growth benefits as the region recovers from the COVID-19 pandemic and it will also assist in steering regional integration. This result also implies that over time, the comparative advantage structure of CARICOM member countries' export profile should change to reflect the import profile of its trade partners. To this end, this study can be used to inform and better position the respective trade and industrial development policies of countri","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47143745","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":"Work performance change during the Covid-19 pandemic under risk-as-feelings hypothesis for managers across Europe","authors":"Fadhila Hamza","doi":"10.1108/emjb-10-2022-0179","DOIUrl":"https://doi.org/10.1108/emjb-10-2022-0179","url":null,"abstract":"PurposeThis study aims to examine the predictors of the managers’ work performance under the risk-as-feelings hypothesis during the Covid-19 pandemic in four European countries. Specifically, it aims to investigate the impact of risk-related job stressors and behavioral and emotional reactivities on non-managers and managers performance in risky circumstances.Design/methodology/approachThe author assessed simultaneously the effects of occupational health risk perception and the resulting feelings and emotional state such irritability and commitment change, the effects of income and others organizational and personal variables as performance stressors. The author used a sample of 652 employees divided on two groups (71% non-managers and 23% managers). Data are obtained from the dataset in Prochazka et al., (2020) collected using online survey delivered to employees employed in their companies for a minimum of five months in the period between Mai and June 2020.FindingsThe results confirm the risk-as-feelings hypothesis and show significant effect of occupational health risk perception and associated emotional responses (irritability and commitment) on the work performance for non-managers’ group. However, for managers’ group the main determinant of work performance is the organizational commitment as explained by the job-demands-resources-model (JDRM).Originality/valueThe originality of this study is to employ the risk-as-feelings hypothesis (Loewenstein et al., 2001) in a management research question such as job performance predictors. Thus, this study contributes to the literature on job performance in two significant ways. First, it examines the risk-related job’s stressors as determinants of managers and non-managers performance under the risk-as-feelings hypothesis. Second, it tests the importance of functional differences as an approach to better investigate the framework of the JDRM (Bakker and Demerouti, 2017).","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43278605","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":"Machine and deep learning-based stock price prediction during the COVID-19 pandemic: the case of CAC 40 index","authors":"Mohamed Lachaab, Abdelwahed Omri","doi":"10.1108/emjb-05-2022-0104","DOIUrl":"https://doi.org/10.1108/emjb-05-2022-0104","url":null,"abstract":"PurposeThe goal of this study is to investigate the predictive performance of the machine and deep learning methods in predicting the CAC 40 index and its 40 constituent prices of the French stock market during the COVID-19 pandemic. The study objective in forecasting the CAC 40 index is to analyze if the index and the individual prices will preserve the continuous increase they acquired at the beginning of the administration of vaccination and containment measures or if the negative effect of the pandemic will be reflected in the future.Design/methodology/approachThe authors apply two machine and deep learning methods (KNN and LSTM) and compare their performances to ARIMA time series model. Two scenarios have been considered: optimistic (high values) and pessimistic (low values) and four periods are examined: the period before COVID-19 pandemic, the period during the COVID-19, and the period of vaccination and containment. The last period is divided into two sub-periods: the test period and the prediction period.FindingsThe authors found that the KNN method performed better than LSTM and ARIMA in forecasting the CAC 40 index for both scenarios. The authors also identified that the positive effect of vaccination and containment outweighs the negative effect of the pandemic, and the recovery pattern is not even among major companies in the stock market.Practical implicationsThe study empirical results have valuable practical implications for companies in the stock market to respond to unexpected events such as COVID-19, improve operational efficiency and enhance long-term competitiveness. Companies in the transportation sector should consider additional investment in R&D on communication and information technology, accelerate their digital capabilities, at least in some parts of their businesses, develop plans for lights out factories and supply chains to keep pace with changing times, and even include big data resources. Additionally, they should also use a mix of financing sources and securities in order to diversify their capital structure, and not rely only on equity financing as their share prices are volatile and below the pre-pandemic level. Considering portfolio allocation, the transportation sector was severely affected by the pandemic. This displays that transportation equities fail to be a candidate as a good diversifier during the health crisis. However, the diversification would be worth it while including assets related to the banking and industrial sectors. On another strand, the instability of this period induced an informational asymmetry among investors. This pessimistic mood affected the assets' value and created a state of disequilibrium opening up more opportunities to benefit from potential arbitrage profits.Originality/valueThe impact of COVID-19 on stock markets is significant and affects investor behavior, who suffered amplified losses in a very short period of time. In this regard, correct and well-informed decision-makin","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44046156","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":"Barriers to service transition in an innovation ecosystem: a qualitative study","authors":"Dênio Carneiro, Mário Franco, M. Rodrigues","doi":"10.1108/emjb-02-2022-0030","DOIUrl":"https://doi.org/10.1108/emjb-02-2022-0030","url":null,"abstract":"PurposeThis study arises from the need to understand the servitization or service transition process in non-manufacturing firms and sets out from a taxonomy proposed in the literature (Lütjen et al., 2017). This study aims to identify the barriers to service transition in small and medium-sized enterprises (SME) participating in an innovation ecosystem and how these small firms can benefit from this strategy to develop in this scale.Design/methodology/approachA qualitative study was carried out based on multiple case studies, data being collected through semi-structured interviews with service business-people belonging to a science and technology park situated in an inland region of Portugal.FindingsFrom content analysis, the results obtained indicated a lack of specialized personnel as the main barrier and as a strategy to overcome this situation these companies turned to business cooperation. This means that good management of this cooperation increases the quality of the services provided, as inter-organizational networks, through participation in ecosystems, can secure a wider set of resources and capacities.Practical implicationsThis study shows that firms try out different service offers simultaneously and that innovation capacity increases constantly during service transition. Secondly, the study emphasizes the importance of innovation ecosystems, entrepreneurship, servitization and cooperation networks in promoting resilient and small ventures. Thus, this study can help owner-managers, SMEs and political decision-makers to make better informed decisions, which can be particularly relevant in scenarios of uncertainty and crisis.Originality/valueThis study draws conclusions in a little explored empirical area in the literature, challenging the widespread understanding that service transition is used only in manufacturing firms. This study provides clearer conceptual understanding of service transition from a network and relational perspective which, despite the perspective's relevance, still lacks research in the context of servitization.","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45189976","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":"Environmental sustainability performance and shareholder value: an international fuzzy-set qualitative comparative analysis","authors":"Habib Jouber","doi":"10.1108/emjb-09-2022-0161","DOIUrl":"https://doi.org/10.1108/emjb-09-2022-0161","url":null,"abstract":"PurposeConsidering corporate governance (CG hereinafter) practices' variety across Anglo-American and European countries, this study relies on contingency and complexity theories to investigate the effect of environmental sustainability performance (ESP hereinafter) on shareholder value under various configurations of board of directors (BoD hereinafter), firm and country characteristics.Design/methodology/approachThe author used the Thomson Reuters Environment Pillar Score (ASSET4) and the Total Shareholder Return to assess ESP and shareholder value respectively. The author applied a fuzzy-set qualitative comparative analysis (fsQCA hereinafter) to an unbalanced panel of 2,284 observations from 486 European and Anglo-American non-financial listed firms over the period 2016–2020.FindingsThe author found a positive association between ESP and shareholder value and he displayed notable differences between Anglo-American and European economies regarding causal predictors of this positive association. Within European firms operating under civil law code where investor protection is low and family ownership is widespread, ESP creates shareholder value under configurations of causal predictors that significantly differ from those of their Anglo-American peers. The author's findings are robust to different identification strategies.Practical implicationsThis study assists researchers, practitioners, shareholders and policymakers the significant roles that BoD diversity, organisational and institutional traits are jointly playing as determinants of the ESP-shareholder value relationship.Originality/valueThe author's study offers a more encompassing, complete and theoretically richer picture of the key drivers and outcomes of ESP.","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44580417","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 ownership concentration matter for the relationship between CEO characteristics and real earnings management: evidence from Jordan","authors":"Mohammad Alhmood, H. Shaari, Redhwan Al-Dhamari, A. Sani","doi":"10.1108/emjb-09-2022-0155","DOIUrl":"https://doi.org/10.1108/emjb-09-2022-0155","url":null,"abstract":"PurposeThe current research inspects the moderation role of ownership concentration on chief executive officer (CEO) characteristics and real earnings management (REM) relationship in Jordan.Design/methodology/approachDriscoll–Kraay regressions were run using data from 348 firm-year observations for companies listed on the Amman Stock Exchange between 2013 and 2018.FindingsDriscoll–Kraay regressions demonstrate that CEO experience, tenure and political connections improve REM practices. Ownership concentration diminishes and limits REM practices when combined with CEO experience, tenure and political connections, since all three have a negative and significant link with REM.Research limitations/implicationsInitial constraints include the study’s lack of generalisability due to a small number of CEO-related parameters. Second, critics of the ideal model for judging EM have a foreseeable flaw. No generally accepted model is perfect.Practical implicationsThis study’s conclusions are crucial for industry participants, including companies, policymakers, investors and the general public. These findings will help investors, practitioners and regulators understand that businesses with significant ownership concentrations and experienced CEOs have superior earnings and low REM practises.Social implicationsThe findings of this study have an optimistic impact on the existing body of knowledge. The current literature has yet to properly inspect the moderation role that ownership concentration has on the connotation between CEO characteristics and EM.Originality/valueDespite several research studies in both developed and developing nations, ownership concentration has been almost virtually neglected. The current study could fill a hole in earlier research, rendering it a novel study.","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46749926","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":"Decision making in human resources standard practices and change management innovation initiatives: the common destiny of being affected by biases","authors":"Dario Natale Palmucci","doi":"10.1108/emjb-11-2022-0208","DOIUrl":"https://doi.org/10.1108/emjb-11-2022-0208","url":null,"abstract":"PurposeThis work aims to shed light on the cognitive biases that may have an influence on the strategic decision-making process, with a particular focus on those impacting both human resources (HR) standard activities within organizations and new innovative change management initiatives critical for them to survive.Design/methodology/approachThis is a conceptual paper based on a literature review on cognitive biases and managerial decision-making. The conceptual approach is employed to outline how subjective cognitive barriers can undermine managerial decisions and, in particular, the objectivity of HR practices and change management initiatives.FindingsThe discussion emphasizes that cognitive biases are ever-present elements in the decision-making process of professionals, and they influence several areas of management including HR and change management.Research limitations/implicationsLimitations of the study concern the method adopted, as it is conceptual. The implications of the paper are relevant for supervisors and employees working in the HR and innovation/R&D departments in order to create awareness within the organizational contexts and limit the negative influence of these cognitive barriers during their daily activities.Originality/valueThe research contributes to the knowledge on HR management and decision-making process by combining literature findings with practical examples and tips suggesting how to avoid biases in the decision-making process regarding HR and change management.","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2023-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43802385","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}