EuroMed Journal of Business最新文献

{"title":"Charting the progress of technology adoption in tourism and hospitality in the era of industry 4.0","authors":"Dimitrios Buhalis, Leonidas Efthymiou, Naziyet Uzunboylu, Alkis Thrassou","doi":"10.1108/emjb-11-2023-0310","DOIUrl":"https://doi.org/10.1108/emjb-11-2023-0310","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Amidst ongoing digital transformation, the current paper provides a 360-degree overview of technology-adoption in Tourism and Hospitality. By combining and consolidating a wide range of sources, mainly in the tourism literature, the analysis depicts how the complex technological ecosystem often enhances or hinders the successful adoption, integration and interoperability of different technologies.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The critical review method was used to assess, analyse and synthesise existing literature in the area of digitisation in tourism and hospitality. The critical review process included a thematic analysis of the literature, where recurring themes, patterns and trends were identified towards addressing the study’s research questions.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The analysis identifies current trends, opportunities, challenges and strategies for technology adoption in tourism and hospitality, the implications for theory, practicable executive directions and avenues for further research.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The paper’s main contribution lies in its comprehensive identification, consideration and incorporation of all primary contemporary technological elements, and the ensuing development of a corresponding conceptual charting framework, which illustrates a multifaceted process with practical implications for various stakeholders, including businesses, authorities, consumers and employees.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"23 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140167894","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":"Can fiat currencies really hedge Pax gold? Evidence from range-based DCC models","authors":"Yousra Trichilli, Hana Kharrat, Mouna Boujelbène Abbes","doi":"10.1108/emjb-03-2023-0085","DOIUrl":"https://doi.org/10.1108/emjb-03-2023-0085","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;This paper assesses the co-movement between Pax gold and six fiat currencies. It also investigates the optimal time-varying hedge ratios in order to examine the properties of Pax gold as a diversifier and hedge asset.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;This paper examines the volatility spillover between Pax gold and fiat currencies using the framework of wavelet analysis, BEKK-GARCH models and Range DCC-GARCH. Moreover, this paper proposes to use the covariance and variance structure obtained from the new range DCC-GARCH framework to estimate the time-varying optimal hedge ratios, the optimal weighs and the hedging effectiveness.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;Wavelet coherence method reveals that, at low frequency, large zone of co-movements appears for the pairs Pax gold/EUR, Pax gold/JPY and Pax gold/RUB. Further, the BEKK results show unidirectional (bidirectional) transmission effects between Pax gold and EUR, GBP, JPY and CNY (INR, RUB) fiat currencies. Moreover, the Range DCC results show that the Pax gold and the fiat currency returns are weakly correlated with low coefficients close to zero. Thus, Pax gold seems to serve as a safe haven asset against the systematic risk of fiat currency markets. In addition, the results of optimal weights show that rational investor should invest more in Pax gold and less in fiat currencies. Concerning the hedge ratios results, the findings reveal that the INR (JPY) fiat currency appears to be the most expensive (cheapest) hedge for the Pax-gold market. However, the JPY’s fiat currency appears to be the cheapest one. As for hedging effectiveness results, the authors found that hedging strategies including fiat currencies–Pax gold pairs are most likely to sharply decrease the portfolio’s risk.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Practical implications&lt;/h3&gt;\u0000&lt;p&gt;A comprehensive understanding of the relationship between Pax Gold and fiat currencies is crucial for refining portfolio strategies involving cryptocurrencies. This research underscores the significance of grasping volatility transmissions between these currencies, providing valuable insights to guide investors in their decision-making processes. Moreover, it encourages further exploration into the interdependencies of digital currencies. Additionally, this study sheds light on effective contagion risk management, particularly during crises such as Covid-19 and the Russia–Ukraine conflict. It underscores the role of Pax Gold as a safe-haven asset and offers practical guidance for adjusting portfolios across various economic conditions. Ultimately, this research advances our comprehension of Pax Gold’s risk-return profile, positioning it as a potential hedge during periods of uncertainty, thereby contributing to the evolving literature on cryptocurrencies.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Originality/value&lt;/h3&gt;\u0000&lt;p&gt;This study’s primary value lies in its pioneering empirical examinat","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"23 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140168027","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":"ESG performance and disclosure quality: does a well-balanced board of directors matter when impression management occurs?","authors":"Sourour Hamza, Anis Jarboui","doi":"10.1108/emjb-05-2023-0140","DOIUrl":"https://doi.org/10.1108/emjb-05-2023-0140","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper explores how the disclosure quality, measured by the abnormal tone of environmental and social report, may determine the environmental, social and corporate governance (ESG) performance of the firm. This study also investigates the impact of the moderator “board of directors” to explore the extent to which a well-balanced board of directors may affect this association within an impression management strategy.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This work uses a sample of 616 firm-year observations using a sample of French firms indexed on SBF120 index from 2010 to 2017. To test the developed hypotheses, the GLS regression is applied and to control for endogeneity issue and sample selection bias, the authors used, respectively, the two stage least square (2SLS) procedure and the Heckman model.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Findings suggest that a well-balanced board of directors moderates the relationship between the ESG performance and the disclosure quality. The positive effect of abnormal tone management on ESG is weakened by the presence of a good structure of the board, attenuating impression management initiatives.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The research provides evidence of the impact of corporate social responsibility (CSR) reporting quality, in particular disclosure tone management, on the level of ESG performance in the French context. As the board of directors may have a major impact on weakening impression management strategies in particular tone management practices, in order to improve CSR report quality, the authors recommend French companies to ensure a well-balanced board of directors.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study helps investors to comprehensively evaluate the information disclosed on CSR reports. It unveils that a strong board composition induces better quality of CSR report and brings better ESG performance. Thus, the study results point to the importance of a well-balanced board of directors and the regulation of the narrative disclosure of CSR information.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"1 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140155199","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":"Cashless payment: behavior changes and gender dynamics during the COVID-19 pandemic","authors":"Elvira Anna Graziano, Flaminia Musella, Gerardo Petroccione","doi":"10.1108/emjb-11-2023-0299","DOIUrl":"https://doi.org/10.1108/emjb-11-2023-0299","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The objective of this study is to investigate the impact of the COVID-19 pandemic on the consumer payment behavior in Italy by correlating financial literacy with digital payment awareness, examining media anxiety and financial security, and including a gender analysis.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Consumers’ attitudes toward cashless payments were investigated using an online survey conducted from November 2021 to February 2022 on a sample of 836 Italian citizens by considering the behavioral characteristics and aspects of financial literacy. Structural equation modeling (SEM) was used to test the hypotheses and to determine whether the model was invariant by gender.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The analysis showed that the fear of contracting COVID-19 and the level of financial literacy had a direct influence on the payment behavior of Italians, which was completely different in its weighting. Fear due to the spread of news regarding the pandemic in the media indirectly influenced consumers’ noncash attitude. The preliminary results of the gender multigroup analysis showed that cashless payment was the same in the male and female subpopulations.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research is noteworthy because of its interconnected examination. It examined the effects of the COVID-19 pandemic on people’s payment choices, assessed their knowledge, and considered the influence of media-induced anxiety. By combining these factors, the study offered an analysis from a gender perspective, providing understanding of how financial behaviors were shaped during the pandemic.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"31 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140155358","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":"Creativity and digital strategies to support food cultural heritage in Mediterranean rural areas","authors":"Elisabetta Del Soldato, Sonia Massari","doi":"10.1108/emjb-05-2023-0152","DOIUrl":"https://doi.org/10.1108/emjb-05-2023-0152","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;The purpose of this study is to address the challenges faced by rural areas and promote their sustainable development. It emphasizes the importance of re-establishing connections and cultivating a sense of belonging within rural communities, while safeguarding their cultural heritage. The study explores the potential of digital and creative tools in enhancing learning, supporting food production and tourism, facilitating research and providing engaging experiences. It also examines the economic condition of rural areas and the potential for their contribution to the national economy. Additionally, the study highlights the significance of sustainable community development, the role of rural areas in resilience and climate change adaptation and the complexities surrounding rural migration. The aim is to provide insights and recommendations for policymakers and stakeholders involved in rural development initiatives, focusing on the Mediterranean region.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;This study develops an understanding of the role of digital and creative strategies in rural communities, highlighting their significance in preserving food heritage, culture and community capital while driving economic development. It specifically focuses on the Unesco Intangible Mediterranean Diet (UIMD) as a potential catalyst for regeneration through the integration of creative and digital tools and three cases are presented. The first is the impact of the Future Food Institute (FFI) ecosystem in the Living Lab in Pollica (Salerno, Italy); the second focuses on the digital tools provided by the CKF to support rural areas; and the third is a new identity and promotion of territorial development, co-designed in the Val di Vara (VdV) a rural region of the Ligurian inland in Italy, through digital strategies, heritage preservation and slow tourism development. The three cases highlight different ways of enhancing environmental and cultural heritage and demonstrate how collaborative creativity and digital tools contribute to the co-construction of knowledge and addressing critical issues to promote sustainable growth in rural areas.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The findings of this study indicate that re-establishing connections and fostering a sense of belonging within rural communities is crucial for their sustainable development. The use of digital and creative tools presents significant opportunities in enhancing various aspects such as learning, food production, tourism and research in rural areas. The study also reveals the potential economic contributions of rural areas to the national economy. It emphasizes the importance of sustainable community development and highlights the role of rural areas in resilience and climate change adaptation. Additionally, the study addresses the complexities surrounding rural migration and emphasizes the need for comprehensive policies to ensure the wel","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"10 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140071604","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":"Exploring the gender entrepreneurial dimension following a long-term crisis: the case of Cypriot and Greek micro and small firms","authors":"Nikolaos Sakellarios, Abel Duarte Alonso, Oanh Thi Kim Vu, Seamus O'Brien, Seng Kok, Santiago Velasquez","doi":"10.1108/emjb-08-2023-0215","DOIUrl":"https://doi.org/10.1108/emjb-08-2023-0215","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study is to examine various key aspects associated with entrepreneurs’ behaviour following a long-term crisis. Specifically, the study compares the perceptions of female and male entrepreneurs operating in Cyprus and Greece concerning success factors and firm performance in the aftermath of the global financial crisis. Conceptually, the study considers the organisational adaptation literature (Miles and Snow’s typology).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The views of female and male micro and small firm owners-managers operating in Greece and Cyprus, a total of 406, were gathered through a questionnaire. To analyse the quantitative data, independent samples <em>t</em>-test and exploratory factor analysis were applied.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Participants’ responses reveal similar levels of perceived importance between genders regarding adaptive measures and strategies to confront a long-term crisis, as well as perceived firm performance. Nevertheless, exploratory factor analysis highlights differences in how male/female entrepreneurs perceive actions that, as in the case of financial management, can safeguard the immediate outlook of the firm.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>While scholarly discourses on gender and entrepreneurship abound, important knowledge gaps still exist, for instance, in entrepreneurs’ problem-solving strategies adopted by female and male entrepreneurs following crises. In addressing this scholarly gap cross-culturally, that is, drawing on cross-national data (Cyprus and Greece); the present study makes an important contribution. Empirically, the study ascertains similar entrepreneurial behavioural characteristics between female-male entrepreneurs. Theoretically, the study validates Miles and Snow’s typology and develops a theoretical framework linking the typology and dimensions emerging from the empirical findings.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"60 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140107454","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 financial performance of Lebanese banks up to the financial crisis: do audit committee characteristics and ownership concentration matter?","authors":"Rasha Mohammad Nouraldeen","doi":"10.1108/emjb-07-2023-0199","DOIUrl":"https://doi.org/10.1108/emjb-07-2023-0199","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The focus on corporate governance has increased after the financial collapses of several banks worldwide, such as Silicon Valley Bank and First Republic Bank in the USA, and the failure of the Lebanese banking sector. This study examines the impact of audit committee (AC) characteristics on financial performance and investigates the moderating effect of ownership concentration (OC) on the associations between AC characteristics and profitability.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The current research is carried out based on 211 Lebanese banks’ annual reports, focusing on the period from 2012 to 2021. The ordinal least squares (OLS) and the hierarchical multiple regression analysis were adopted to test the study’s hypotheses.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The outcomes reveal that AC size, AC frequency of meetings, and banks’ size (control variable) positively affect financial performance; however, OC does not moderate the associations between the AC characteristics and banks’ profitability.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>According to the researcher’s knowledge, no prior study has investigated the moderating effect of OC on these associations. Moreover, the current study contributes to the literature that documented mixed and inconsistent results regarding the direct associations between AC characteristics and financial performance.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"61 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140071603","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":"Cash flow management, performance and risk: evidence from Greece","authors":"Gerasimos Rompotis","doi":"10.1108/emjb-09-2023-0245","DOIUrl":"https://doi.org/10.1108/emjb-09-2023-0245","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>I seek to identify whether cash flow management can affect the performance and risk of the Greek listed companies.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study examines the relationship of cash flow management with performance and risk, using a sample of 80 non-financial companies listed in the Athens Exchange. The study covers the period 2018–2022, and panel data analysis is applied. Both financial performance and stock return are taken into consideration, while risk concerns the volatility of the companies’ share prices. The various explanatory variables used include the net cash flow, free cash flow, cash conversion cycle days, cash flow from operating activities, cash flow from investing activities, cash flow from financing activities, inventory days, customer days and supplier days.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The empirical results provide evidence of a positive relationship between financial performance and net cash flow and free cash flow. In addition, operating cash flow is positively related to financial performance. The opposite is the case for investing and financing cash flow. Finally, some evidence of a negative relationship between financial performance and inventory and customer days is provided too. On the other hand, stock return and risk are not related to the cash flow management variables at all.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of my knowledge, this is one of the few studies to examine the relationship of cash flow management with performance and risk, using data from the Greek stock market. The results can form an effective selection tool for investors seeking Greek companies with the highest financial performance potential, which may reward them with higher dividends.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"10 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140010196","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":"Mapping the development of hydrogen-based technologies (HBTs) through patent analysis","authors":"Nicola Martino, Lorenzo Ardito, Antonio Messeni Petruzzelli, Daniele Rotolo","doi":"10.1108/emjb-02-2023-0038","DOIUrl":"https://doi.org/10.1108/emjb-02-2023-0038","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to map the evolution of hydrogen-based technologies (HBTs) by examining the patenting activity associated to these technlogies from 1930 to 2020. In doing so, the study provides a novel perspective on the development of HBTs and offers implications for managers and policymakers.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>We collected patent data at the level of patent families (PFs). Our sample includes 317,089 PFs related to hydrogen production and 62,496 PFs to hydrogen storage. We examined PF data to delineate the state of the art and major technical advancements of HBTs.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Our analysis provides evidence of an increasing patenting activity in the area of HBTs, hence suggesting relatively high levels of expectations on the economic potential of these technologies. US and Japan hold the largest proportion of PFs related to HBTs (about 60%), while European applicants hold the highest proportion of highly cited PFs (about 60%). While firms represent the applicant with the highest share of PFs, our analysis reveals that firms holding HBT PFs are primarily from the chemical sector.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>While our analysis is limited to examining patent data which capture some aspects of the innovation activity around HBTs (namelly, patented inventions), our study enriches existing literature by performinng a patent analysis on a much larger sample of data when compared to previous studies.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Two main implications emerge from our study. Firstly, there seems to be an urgent need to support the emergence of a dominant design so as to facilitate the consolidation and diffusion of the HBTs, hence the transition to a more sustainable energy production. Secondly, the majority of HBT PFs are held by a small number of countries. This, in turn, suggests opportunities to develop cross-country cooperation (e.g. international agreements, research and technology offices) to support the development and adoption of HBTs globally.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>Considering the results obtained in this study, from a social point of view, the attention that organizations have paid to hydrogen related technologies is evident. This suggests that the development HBTs can function as a social enabler for a sustianable energy transition.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Extant research has focused on the individual components of the hydrogen chain. As a result, we lack a comprehensive understanding of the progress made in the area of HBTs. To address this gap, this study examined HBTs by focusing on both production and storage technologies since their initial developments, hence adopting an observation period of about 70 years.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"26 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139953957","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 quest for an optimal capital structure: an empirical analysis of European firms using GMM regression analysis","authors":"Rezart Demiraj, Lasha Labadze, Suzan Dsouza, Enida Demiraj, Maya Grigolia","doi":"10.1108/emjb-07-2023-0206","DOIUrl":"https://doi.org/10.1108/emjb-07-2023-0206","url":null,"abstract":"<h3>Purpose</h3>\u0000<p> This paper explores the connection between capital structure and financial performance within European listed firms. The primary objective is to demonstrate an inverse U-shaped relationship between these two variables and pinpoint an optimal debt-equity mix.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p> In this study, we adopt a dynamic modeling approach to investigate the relationship between a firm’s capital structure and financial performance. Drawing on well-established theories and prior empirical studies, our model examines 3,121 dividend-paying firms from 41 European countries over 14 years, from 2008 to 2021. To enhance the reliability of our findings, we employ two distinct estimation techniques: the fixed effect model (FE) and the system generalized method of moments (System-GMM).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p> This study reveals an inverse U-shaped relationship between the firm’s financial performance, measured by the return on equity (ROE) and its capital structure (total liability to total assets ratio). Furthermore, an optimal capital structure of about 29% is determined for all firms in the sample, and about 21%, 28% and 41% industry-specific capital structure for manufacturing, real estate and wholesale trade, respectively.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p> This paper contributes to existing knowledge by empirically determining an optimal capital structure for listed firms across various industries in Europe, which very few studies have attempted to do in the past. An optimal capital structure is an invaluable benchmark for managers and other stakeholders, informing their decision-making.</p><!--/ Abstract__block -->","PeriodicalId":46475,"journal":{"name":"EuroMed Journal of Business","volume":"12 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139762739","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}