International Journal of Emerging Markets最新文献

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Relative, absolute or combined strength momentum strategies: what works for India? 相对、绝对或综合实力动量战略:什么对印度有效?
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-08-05 DOI: 10.1108/ijoem-09-2023-1518
Sanjay Sehgal, Asheesh Pandey, Swapna Sen
{"title":"Relative, absolute or combined strength momentum strategies: what works for India?","authors":"Sanjay Sehgal, Asheesh Pandey, Swapna Sen","doi":"10.1108/ijoem-09-2023-1518","DOIUrl":"https://doi.org/10.1108/ijoem-09-2023-1518","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>In the present study, we investigate whether enhanced momentum strategies outperform price momentum strategies and if they show greater resilience and stability under adverse market conditions. We also examine if such strategies are explained by prominent asset pricing models or are a result of behavioral mispricing.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Data consist of the equity shares of all companies listed on National Stock Exchange over the study period. To check the efficacy of enhanced momentum over price momentum, six momentum strategies have been designed and their raw as well as risk-adjusted returns using multi-factor models have been observed. Behavioral mispricing has been examined by constructing an investor attention index. Finally, few robustness tests have been performed to confirm the results.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>We find that an enhanced momentum strategy which combines relative and absolute strength momentum outperforms conventional price momentum strategy in India. We also demonstrate that rational pricing models are not able to explain momentum profits for any of the strategies. Finally, we observe that investor overreaction is the possible explanation of momentum profits in India. Thus, our results confirm the role of behavioral mispricing in explaining momentum returns.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Our research is the first major attempt to study enhanced momentum strategies in the Indian context. We experiment with several new enhanced momentum strategies which have not been explored in prior literature. The findings have strong implications for global portfolio managers who wish to design profitable trading strategies.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141943943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Entrepreneurial and international? The role of entrepreneurial orientation in the Brazilian franchises’ internationalization process 创业和国际化?创业导向在巴西特许经营国际化进程中的作用
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-07-31 DOI: 10.1108/ijoem-01-2024-0171
Matheus Dermonde, Bruno Brandão Fischer, Gustavo Hermínio Salati Marcondes de Moraes
{"title":"Entrepreneurial and international? The role of entrepreneurial orientation in the Brazilian franchises’ internationalization process","authors":"Matheus Dermonde, Bruno Brandão Fischer, Gustavo Hermínio Salati Marcondes de Moraes","doi":"10.1108/ijoem-01-2024-0171","DOIUrl":"https://doi.org/10.1108/ijoem-01-2024-0171","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>We investigate the relationship between Entrepreneurial Orientation (EO) and the internationalization pathways of Brazilian franchises. Our aim is to unravel the patterns of firm-level entrepreneurial characteristics vis-à-vis their corresponding processes of internationalization.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>We extracted and curated data from the directories of the Brazilian Franchising Association (ABF). Additionally, we scrutinized the International Intensity, International Complexity and EO degree of 27 Brazilian franchises engaged in international activities. Associations between these dimensions were assessed through fuzzy-set qualitative comparative analysis (fsQCA).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Our findings suggest that franchisees can enhance their international activities by adopting various configurations of EO attributes. This discovery illuminates the intricacies of EO and its association with firms’ operations and performance. Accordingly, we empirically demonstrate that EO is not a monolithic element. Instead, it should be perceived as a multifaceted and dynamic construct.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study aimed to examine the internationalization process of franchises through the EO lens, a perspective that has not been explored in the existing literature. This unique approach offers novel insights about the internationalization processes of this particular business model. Furthermore, our research delves into the intricate relationship between firm-level EO and the trajectories of firm-level internationalization.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141884611","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Examining the existence of twin deficits in Bolivia 研究玻利维亚是否存在双赤字问题
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-07-29 DOI: 10.1108/ijoem-01-2023-0043
Fabiola Saavedra-Caballero, Alfredo Villca
{"title":"Examining the existence of twin deficits in Bolivia","authors":"Fabiola Saavedra-Caballero, Alfredo Villca","doi":"10.1108/ijoem-01-2023-0043","DOIUrl":"https://doi.org/10.1108/ijoem-01-2023-0043","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>We examine the twin deficits and the direction of its movement for the case of Bolivia, a natural resource-dependent country, using the database of (Kehoe <em>et al</em>., 2019) from 1960 to 2019.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>We combine a structural vector autoregression (SVAR) model with a dynamic stochastic general equilibrium (DSGE) model to understand the transmission mechanisms.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Our results suggest the existence of twin deficits in Bolivia; however, causality in the Mundell-Fleming sense does not hold. While fiscal policy shocks explain current account deficits, current account shocks have a stronger effect over fiscal deficit. In fact, only 23% of the variance of current account forecast errors is explained by fiscal policy shocks; in contrast, 45% of the variance of the fiscal deficit is explained by current account shocks.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The study is for a specific case, which is a limitation; however, other country samples can be included.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Based on the results of the work, policies can be recommended and designed to cushion the effects of external shocks.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>According to the literature available for the Bolivian case, our work constitutes a significant contribution and, therefore, is original for this specific case.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141778405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Macroeconomic news and price jumps: evidence from ETFs and LOFs in China 宏观经济新闻与价格跳跃:来自中国 ETF 和 LOF 的证据
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-07-25 DOI: 10.1108/ijoem-10-2023-1594
Dongwei Su, Tianhui Hu
{"title":"Macroeconomic news and price jumps: evidence from ETFs and LOFs in China","authors":"Dongwei Su, Tianhui Hu","doi":"10.1108/ijoem-10-2023-1594","DOIUrl":"https://doi.org/10.1108/ijoem-10-2023-1594","url":null,"abstract":"PurposeWe examine the relationship between macroeconomic news and fund price jumps, using high-frequency 5-min intraday data for Exchange Traded Funds (ETFs) and Listed Open-end Funds (LOFs) from 2019 to 2020.Design/methodology/approachWe utilize the non-parametric jump test known as the LM method to detect fund price jumps. In addition, we perform Logistic regression to analyze the relationship between macroeconomic news and fund price jumps. Moreover, we use multiple linear regression to explore the relationship between fund price jumps and subsequent returns.FindingsThe probability of price jumps increases by 22.56% when macroeconomic news is released. Moreover, the returns associated with news-driven price jumps display a reversal pattern, and there is an asymmetric relationship in subsequent returns following macroeconomic shocks. Specifically, funds tend to exhibit lower returns after news-driven price jumps compared to those that are not influenced by news events.Research limitations/implicationsIn today's digital age, investors have unprecedented access to a wealth of information through the Internet and various communication platforms. News and market data can be instantly accessed and disseminated, allowing for swift dissemination of information to investors worldwide. However, despite this enhanced accessibility, investors continue to exhibit overreactions or underreactions to new information.Practical implicationsMacroeconomic news release provide crucial insights into the overall health and performance of the economy. By monitoring and analyzing these indicators, investors can gain valuable information that can guide their investment decisions. Furthermore, by fostering a transparent and reliable information disclosure systems, governments can play a critical role in ensuring the stability and transparency of the funds market.Originality/valueThe paper utilizes 5-min high-frequency data from funds and incorporates a comprehensive macroeconomic news information database. These methodological choices enhance the precision and reliability of the analysis, allowing for a more nuanced understanding of the relationship between macroeconomic news releases and fund price jumps.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141805134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","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 foreign direct investment on economic growth in Afghanistan: an empirical insight 外国直接投资对阿富汗经济增长的影响:实证分析
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-07-18 DOI: 10.1108/ijoem-04-2023-0666
Mohamed Asmy Mohd Thas Thaker, Baryalai Baryal, Farhad Taghizadeh-Hesary
{"title":"The effect of foreign direct investment on economic growth in Afghanistan: an empirical insight","authors":"Mohamed Asmy Mohd Thas Thaker, Baryalai Baryal, Farhad Taghizadeh-Hesary","doi":"10.1108/ijoem-04-2023-0666","DOIUrl":"https://doi.org/10.1108/ijoem-04-2023-0666","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper examines the impact of foreign direct investment (FDI) on the economic growth of Afghanistan over the period 1990 to 2019.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study uses an autoregressive distributed lag (ARDL) to measure FDI’s impact on economic growth and determine the short- vs long-run relationship.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results show that the F-bound cointegration test confirms the long-run relationship among the variables. The long-run and short-run results reveal that foreign direct investment has a significant negative impact on economic growth in the long run. However, domestic investment and labour force have a significant and positive impact on economic growth in the long run. Moreover, the impact of trade openness on economic growth is insignificant in the long run, while it has a significant negative impact in the short run.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>In this study, we contribute to this research area by analysing the function of FDI in economic growth from Afghanistan’s experience and perspectives. This is the first study empirically examining this relationship in Afghanistan while considering other selected macroeconomic indicators. This paper could greatly benefit policymakers in Afghanistan by guiding the formulation of FDI policies that would spur its economic growth and development.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141719100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Between freedom and corruption: the interplay of total reserves during the COVID-19 epoch – a cross-country inquiry 自由与腐败之间:COVID-19 时代总储备金的相互作用--跨国调查
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-07-11 DOI: 10.1108/ijoem-09-2023-1500
Omar Arabiat, Sally Abu-Asabeh, Hashem Alshurafat
{"title":"Between freedom and corruption: the interplay of total reserves during the COVID-19 epoch – a cross-country inquiry","authors":"Omar Arabiat, Sally Abu-Asabeh, Hashem Alshurafat","doi":"10.1108/ijoem-09-2023-1500","DOIUrl":"https://doi.org/10.1108/ijoem-09-2023-1500","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study examines the function of total reserves in light of the relationship between the economic freedom index and the corruption perception index during the COVID-19 period over countries.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This analysis encompasses a sample of 102 nations, spanning the time period from 2020 to 2021, and draws data from several sources. By employing a random effects model, we are able to adequately address the potential influence of year-specific factors, including the effects of COVID-19, as well as country-specific disparities. This approach allows for a comprehensive examination of our primary variables, assuring a nuanced study.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings indicate that when economic freedom and reserves are examined separately, they tend to promote corruption. However, when these factors are studied together, they have a complementary effect in reducing corruption. The impact of the COVID-19 period further confirms the relationship, highlighting its substantial influence on the interplay between economic freedom, reserves, and corruption.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The time frame spanning just two years and the sample limited to 102 nations may affect the generalizability of the findings. Therefore, there is a clear need for additional research to facilitate more comprehensive generalizations.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study is notable for its distinctive examination of the function of Total Reserves in light of the association between the economic freedom index and the corruption perception index. Within the framework of the challenging COVID-19 era, this investigation offers novel perspectives on the intricate dynamics among economic freedom, reserves, and corruption perceptions.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141587010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Determinants of digital technology adoption in sub-Sahara Africa: Ghana 撒哈拉以南非洲地区采用数字技术的决定因素:加纳
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-06-20 DOI: 10.1108/ijoem-09-2023-1503
Felicia Naatu, Felix Sena Selormey, Stephen Naatu
{"title":"Determinants of digital technology adoption in sub-Sahara Africa: Ghana","authors":"Felicia Naatu, Felix Sena Selormey, Stephen Naatu","doi":"10.1108/ijoem-09-2023-1503","DOIUrl":"https://doi.org/10.1108/ijoem-09-2023-1503","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study delves into how perceived ease of use and perceived usefulness impacts consumer attitude and intention to adopt digital technologies in Ghana.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>We utilized covariance-based structural equation modeling with a dataset consisting of 204 respondents to evaluate the model. The analysis was conducted using R (version 0.6–12).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results confirm that both perceived ease of use and perceived usefulness are key predictors of the intention to adopt technology. Additionally, factors such as attitude, subjective norms and perceived behavioral control also play a significant role in influencing adoption intent. Notably, the research indicates that perceived ease of use not only impacts peer influence among consumers, but also shapes their confidence in effectively using the technology. Furthermore, in contrast to previous studies, this investigation suggests that while perceived behavioral control impacts behavioral intent, it does not predict attitude in the Ghanaian context. The study advocates for development of user-centric technologies, promotion of digital literacy and cultivation of a digital culture.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>Our use of a single country data restricts generalizability of the study. For a more comprehensive and profound understanding, we recommend a broader study across multiple sub-Saharan African countries with a mixed method or qualitative approach.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The significance of this research lies in its original contribution to the field in providing crucial insights for governments and industry players. It sheds light on factors influencing user readiness to adopt technology and makes a substantial contribution to the ongoing discussion on digital technology adoption in literature.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141503941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tech for stronger financial market performance: the impact of AI on stock price crash risk in emerging market 科技提升金融市场表现:人工智能对新兴市场股价暴跌风险的影响
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-06-03 DOI: 10.1108/ijoem-10-2023-1717
Shuangyan Li, Muhammad Waleed Younas, Umer Sahil Maqsood, R. M. A. Zahid
{"title":"Tech for stronger financial market performance: the impact of AI on stock price crash risk in emerging market","authors":"Shuangyan Li, Muhammad Waleed Younas, Umer Sahil Maqsood, R. M. A. Zahid","doi":"10.1108/ijoem-10-2023-1717","DOIUrl":"https://doi.org/10.1108/ijoem-10-2023-1717","url":null,"abstract":"PurposeThe increasing awareness and adoption of technology, particularly artificial intelligence (AI), reshapes industries and daily life, fostering a proactive approach to risk management and leveraging advanced analytics, which may affect the stock price crash risk (SPCR). The main objective of the current study is to explore how AI adoption influences SPCR.Design/methodology/approachThis study employs an Ordinary Least Squares (OLS) fixed-effect regression model to explore the impact of AI on SPCR in Chinese A-share listed companies from 2010 to 2020. Further, number of robustness analysis (2SLS, PSM and Sys-GMM) and channel analysis are used to validate the findings.FindingsThe primary findings emphasize that AI adoption significantly reduces SPCR likelihood. Further, channel analysis indicates that AI adoption enhances internal control quality, contributing to a reduction in firm SPCR. Additionally, the observed relationship is notably more pronounced in non-state-owned enterprises (non-SOEs) compared to state-owned enterprises (SOEs). Similarly, this distinction is heightened in nonforeign enterprises (non-FEs) as opposed to foreign enterprises (FEs). The study finding also supports the notion that financial analysts enhance transparency, reducing the SPCR. Moreover, the study results consistently align across different statistical methodologies, including 2SLS, PSM and Sys-GMM, employed to effectively address endogeneity concerns.Research limitations/implicationsOur study stands out for its distinctive focus on the financial implications of AI adoption, particularly how it influences firm-level SPCR, an area that has been overlooked in previous research. Through the lens of information asymmetry theory, agency theory, and the economic implications of integrating AI into financial markets, our study makes a substantial contribution in mitigating SPCR.Originality/valueThis study underscores the pivotal role of AI adoption in influencing stock markets for enterprises in China. Embracing digital strategies, fostering transparency and prioritizing talent development are key for reaping substantial benefits. The study recommends regulatory bodies and service providers to promote AI adoption in strengthening financial supervision and ensure market stability, emphasizing the importance of investing in technologies and advancing talent development.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141228700","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do strategic management, innovation and social capital matter for firm performance in developing countries? Evidence from Morocco, Tunisia and Egypt 战略管理、创新和社会资本对发展中国家的公司业绩重要吗?来自摩洛哥、突尼斯和埃及的证据
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-06-03 DOI: 10.1108/ijoem-04-2023-0575
Nizar Becheikh, Mohammed Bouaddi
{"title":"Do strategic management, innovation and social capital matter for firm performance in developing countries? Evidence from Morocco, Tunisia and Egypt","authors":"Nizar Becheikh, Mohammed Bouaddi","doi":"10.1108/ijoem-04-2023-0575","DOIUrl":"https://doi.org/10.1108/ijoem-04-2023-0575","url":null,"abstract":"PurposeUsing the resource-based view and dynamic capabilities theory, we explore the impact of strategic management practices, innovation and social capital on small and medium-sized enterprises’ (SMEs) performance in three developing Arab countries, namely, Egypt, Morocco and Tunisia.Design/methodology/approachDrawing upon firm-level data derived from the standardized World Bank Enterprise Surveys, we use quantile regressions and the marginal effects analysis to test our hypotheses.FindingsOur results show heterogeneity among the three countries as to the factors affecting firm performance. The configuration of performance determinants also differs among firms within each country, depending on their level of performance.Research limitations/implicationsOur findings further the understanding of the performance determinants of SMEs in developing countries within their own local context. They imply important theoretical, methodological, managerial and policy implications.Originality/valueThis study is the first to investigate simultaneously strategic management practices, innovation and social capital as determinants of SMEs’ performance in developing countries. We confirm an important premise of the resource-based view and dynamic capabilities theory, which has not been thoroughly investigated in the literature, claiming that strategic management, innovation and social capital cannot be separately investigated as determinants of firm performance. We do so by going beyond the mere inclusion of interaction terms in regression equations to computing marginal effects.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141272613","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Comparing Islamic and conventional stock markets in GCC: a TVP-VAR analysis 海湾合作委员会伊斯兰股市与传统股市的比较:TVP-VAR 分析
IF 2.7 4区 管理学
International Journal of Emerging Markets Pub Date : 2024-05-23 DOI: 10.1108/ijoem-08-2023-1327
M. Naeem, Shabeer Khan, Mohd Ziaur Rehman
{"title":"Comparing Islamic and conventional stock markets in GCC: a TVP-VAR analysis","authors":"M. Naeem, Shabeer Khan, Mohd Ziaur Rehman","doi":"10.1108/ijoem-08-2023-1327","DOIUrl":"https://doi.org/10.1108/ijoem-08-2023-1327","url":null,"abstract":"PurposeThis study investigates the dynamic interdependence between Islamic and conventional stock markets in the Gulf Cooperation Council (GCC) economies and the influence of global financial uncertainties on this interconnection.Design/methodology/approachThe study employs the time-varying parameter vector autoregressions (TVP-VAR) technique and analyzes daily data from December 1, 2008 to July 14, 2021.FindingsThe research reveals robust interconnectedness within individual countries between Islamic and conventional stock markets, particularly during crises. Islamic stock markets exhibit greater susceptibility to spillover effects compared to conventional stocks. The UAE and Kingdom of Saudi Arabia (KSA) stock markets are identified as net transmitters of spillovers, while Oman, Bahrain and Kuwait receive more spillovers than they transmit. Global financial uncertainty measures (GVZ, USEPU and UKEPU) positively influence financial market interconnectedness, with EVZ exhibiting a negative impact while VIX and OVX remain statistically insignificant.Practical implicationsInvestors and portfolio managers in Oman, Bahrain and Kuwait should carefully evaluate the UAE and KSA markets before making investment decisions due to the latter's role as net transmitters in the region. Additionally, it is emphasized that Islamic and conventional stocks should not be considered interchangeable asset classes for risk hedging.Social implicationsInvestors must be aware that Islamic and conventional stocks cannot be used as an alternative asset class to hedge risk.Originality/valueThe present article offers valuable insights for practitioners and researchers delving into the comparative analysis of Islamic and conventional stock markets within the GCC context. It enhances our comprehension of the dynamic interdependence between Islamic and conventional stock markets in the GCC economies and the impact of global financial uncertainties on this intricate relationship.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":2.7,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141107087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","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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