International Journal of Emerging Markets最新文献

{"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":"158 1","pages":""},"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}

{"title":"Efficiency of the options market and arbitrage strategy: a meta-analysis","authors":"Saeed Fathi, Zeinab Fazelian","doi":"10.1108/ijoem-06-2022-0935","DOIUrl":"https://doi.org/10.1108/ijoem-06-2022-0935","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The empirical studies of the options market efficiency have reported contradictory results, which sometimes confuse practitioners and academicians. The aim of this study was to clarify several aspects of options market efficiency by exploring the answers to two main questions: Under what conditions is the options market more efficient? Are the discrepancies in the estimated efficiency due to the reality of efficiency or mismeasurement?</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using a meta-analysis approach, 54 studies have been analyzed, which included 1,315 tests. The sum of the observations for all of the tests is 3.7 m observation sets. The effect size (type r) has been used to compare the different statistics in different studies. The cumulative effect size and its diversification have been calculated by the random effects model and Q statistic, respectively.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The most interesting finding of the study was that the options market, in all circumstances, is significantly inefficient. Another important finding was that the heterogeneity of options market efficiency is due to the complexity of pricing relations, test time, violation index and price type. To overcome this heterogeneity and accuracy, future studies should test the no-arbitrage options pricing relations at different times and by different price types, using complex and simple pricing relations and either mean violation or violation ratio efficiency measures.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Public disagreement about the options market efficiency in past studies means that this variable is heterogeneous in different conditions. As a significant contribution, this study develops the literature by proposing the causes of options market efficiency heterogeneity.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"48 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140828863","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}

{"title":"Learning generatively to facilitate marketing innovation of international joint ventures in emerging markets","authors":"Truong Quang Do, Nguyen Dinh Tho, Nguyen-Hau Le","doi":"10.1108/ijoem-02-2023-0171","DOIUrl":"https://doi.org/10.1108/ijoem-02-2023-0171","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to investigate a mediation model in which generative learning positively affects marketing innovation and both organizational control and relationship openness mediate the relationship between learning intent and generative learning of international joint ventures (IJVs) in emerging markets. We also decipher the degree of necessity of these factors for generative learning and of generative learning for marketing innovation.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>A sample of 181 marketing managers of IJVs in Vietnam, an emerging market, was surveyed to collect data. Partial least squares structural equation modeling (PLS-SEM) was employed to test the net effect, and necessary condition analysis (NCA) was used to decipher the degree of necessity.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The PLS-SEM results demonstrate that the effect of learning intent on generative learning is fully mediated by organizational control and relationship openness, which in turn leads to marketing innovation. The NCA findings reveal that all three factors, namely learning intent, organizational control and relationship openness, serve as necessary conditions for generative learning. However, generative learning does not play the role of a necessary condition for marketing innovation.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The study findings suggest that IJVs in emerging markets should pay attention not only to the net effects of those factors but also to their degrees of necessity for generative learning in order to achieve marketing innovation.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The study contributes to the literature by confirming the mediating roles of organizational control and relationship openness in the relationship between learning intent and generative learning. Furthermore, it is among the first to decipher the degrees of necessity of these factors for generative learning and of generative learning for the marketing innovation of IJVs in emerging markets.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"71 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140806581","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}

{"title":"Bond yield spreads and exchange market pressure in emerging countries","authors":"Oguzhan Ozcelebi, Jose Perez-Montiel, Carles Manera","doi":"10.1108/ijoem-01-2023-0052","DOIUrl":"https://doi.org/10.1108/ijoem-01-2023-0052","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;Might the impact of the financial stress on exchange markets be asymmetric and exposed to regime changes? Departing from the existing literature, highlighting that the domestic and foreign financial stress in terms of money market have substantial effects on exchange market, this paper aims to investigate the impacts of the bond yield spreads of three emerging countries (Mexico, Russia, and South Korea) on their exchange market pressure indices using monthly observations for the period 2010:01–2019:12. Additionally, the paper analyses the impact of bond yield spread of the US on the exchange market pressure indices of the three mentioned emerging countries. The authors hypothesized whether the negative and positive changes in the bond yield spreads have varying effects on exchange market pressure indices.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;To address the research question, we measure the bond yield spread of the selected countries by using the interest rate spread between 10-year and 3-month treasury bills. At the same time, the exchange market pressure index is proxied by the index introduced by Desai &lt;em&gt;et al.&lt;/em&gt; (2017). We base the empirical analysis on nonlinear vector autoregression (VAR) models and an asymmetric quantile-based approach.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The results of the impulse response functions indicate that increases/decreases in the bond yield spreads of Mexico, Russia and South Korea raise/lower their exchange market pressure, and the effects of shocks in the bond yield spreads of the US also lead to depreciation/appreciation pressures in the local currencies of the emerging countries. The quantile connectedness analysis, which allows for the role of regimes, reveals that the weights of the domestic and foreign bond yield spread in explaining variations of exchange market pressure indices are higher when exchange market pressure indices are not in a normal regime, indicating the role of extreme development conditions in the exchange market. The quantile regression model underlines that an increase in the domestic bond yield spread leads to a rise in its exchange market pressure index during all exchange market pressure periods in Mexico, and the relevant effects are valid during periods of high exchange market pressure in Russia. Our results also show that Russia differs from Mexico and South Korea in terms of the factors influencing the demand for domestic currency, and we have demonstrated the role of domestic macroeconomic and financial conditions in surpassing the effects of US financial stress. More specifically, the impacts of the domestic and foreign financial stress vary across regimes and are asymmetric.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Originality/value&lt;/h3&gt;\u0000&lt;p&gt;This study enriches the literature on factors affecting the exchange market pressure of emerging countries. The results have significant economic implications for policymakers, ","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"15 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140629994","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}

{"title":"Political relations and trade cooperation of the Belt and Road initiative: research on trade network based on strategic emerging industries","authors":"Xin-Yi Wang, Bo Chen, Na Hou","doi":"10.1108/ijoem-04-2023-0615","DOIUrl":"https://doi.org/10.1108/ijoem-04-2023-0615","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study is to examine the impact of political relations on trade in strategic emerging industries (SEIs) in the Belt and Road initiative (BRI) associated countries. This investigation encompasses not only from the perspective of bilateral political relations but also the political intervention of third parties.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study employs the temporal exponential random graphmodel to analyze the dynamic structure and influencing factor of SEIs trade network among 150 BRI-associated countries from 2015 to 2020.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results indicate that the trade of SEIs in the BRI-associated countries exhibits a pattern of concentrated exporters and decentralized importers. Amicable bilateral political relations foster trade cooperations in SEIs, while political pressure from the United States has the opposite effect. Furthermore, compared with the influence of third parties, the BRI has created a more robust trade environment characterized by political mutual trust.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>BRI-associated countries should strengthen their political communication, and endeavor to transform political consensus and shared vision into concrete collaborative projects, while mitigating geopolitical uncertainties through a sound risk evaluation system. Moreover, they should establish a more transparent and consistent consultation mechanism and leverage the BRI trade network to foster balanced and mutually beneficial partnerships that minimize rivalry and dependence on a single market.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study goes beyond observed trade cost and incorporates the political factor into the determinants of the BRI trade, thereby expanding the theoretical boundaries of existing BRI research. Also, this study employs bilateral trade data to construct SEIs trade networks (SEITNs) along the BRI route. It provides a comprehensive understanding of the dynamic determinates of the SEITNs will provide valuable practical guidance for enhancing and expanding trade and cooperation among BRI-associated countries.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"47 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140590742","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}

{"title":"Towards the environment of legitimacy: Do the institutional quality and policy uncertainty matter for the performance of stock markets of South Asian countries?","authors":"Ather Azim Khan, Muhammad Ramzan, Shafaqat Mehmood, Wing-Keung Wong","doi":"10.1108/ijoem-11-2023-1812","DOIUrl":"https://doi.org/10.1108/ijoem-11-2023-1812","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper assesses the environment of legitimacy by determining the role of institutional quality and policy uncertainty on the performance of five major South Asian stock markets (India, Pakistan, Bangladesh, Sri Lanka, and Nepal) using 21 years data from 2000 to 2020. The focus of this study is to approach the issue of the environment of legitimacy that leads to sustained market returns.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Panel cointegration tests of Kao and Pedroni are applied, and the Dynamic Panel Vector Autoregressive (PVAR) model is used to determine the estimates.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>ADF <em>P</em>-Values of both Kao and Pedroni tests show that the panels are cointegrated; the statistical significance of the results of the Kao and Pedroni panel cointegration test confirms cointegration among the variables. After determining the most appropriate lag, the analysis is done using PVAR. The results indicate that institutional quality, policy uncertainty, and GDP positively affect stock market return. Meanwhile, government actions and inflation negatively affect stock market returns. On the other hand, stock market return positively affects institutional quality, government action, policy uncertainty, and GDP. While stock market return negatively affects inflation.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The sample is taken only from a limited number of South Asian countries, and the period is also limited to 21 years.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Based on our research findings, we have identified several policy implications recommended to enhance and sustain the performance of stock markets.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This paper uses a unique analytical tool, which gives a better insight into the problem. The value of this work lies in its findings, which also have practical implications and theoretical significance.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"40 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140590885","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}

{"title":"The joint effect of value diversity and emotional intelligence on team creativity: evidence from Vietnam","authors":"Nhu Ngoc Nguyen, Phong Tuan Nham, Yoshi Takahashi","doi":"10.1108/ijoem-11-2021-1759","DOIUrl":"https://doi.org/10.1108/ijoem-11-2021-1759","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to examine the relationship between a team’s value diversity (VD) and creativity and investigate the moderating effect of emotional intelligence (EI) to explain inconsistent results regarding this relationship.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>We conducted a cross-sectional sequential study with 340 employees and tested the hypothesis in a laboratory setting with 180 undergraduate students.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>EI had a moderating effect on the relationship between a team’s VD and creativity in that the relationship was positive among teams with high EI. However, the relationship tended to be negative in the long term among teams with low EI.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Managers should pay attention to how teams benefit from VD because it can help or harm team performance. By assigning people with different EI levels into suitable teams and providing EI interventions, organizations may manage affective consequences and enjoy more benefits of cognitive consequences resulting from VD.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>No previous study has investigated the effect of a team’s EI in the relationship between VD and team creativity. Drawing on the categorization-elaboration model of diversity and affective events theory, through the present two-study design, we obtained data from multiple sources and improved limitations in measurements of previous studies, thereby broadening the literature by highlighting the dynamic relationship between a team’s EI, VD and creativity in the Vietnamese context.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"2 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140324653","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}

{"title":"Family embeddedness and next generation aspirations to take over the family business: insights from the MENA region","authors":"Safiya Mukhtar Alshibani, Abdullah M. Aljarodi","doi":"10.1108/ijoem-05-2023-0722","DOIUrl":"https://doi.org/10.1108/ijoem-05-2023-0722","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study delves into the aspirations of young individuals to assume leadership roles in their family businesses. It assesses the impact of family embeddedness and the perception of positive family business performance on succession intentions and investigates potential gender differences in this context.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Hierarchical multiple regression was determined for utilizing a sample of university students in seven countries from the Middle East–North African (MENA) region (<em>N</em> = 3,908).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The present study’s findings suggest that embeddedness in the family business has a much stronger role in shaping the succession intentions than previously envisioned. Females are more inclined to take over the family business when they perceive that the family business is not performing well.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study provides important insights into the dynamic of family business succession intentions and family embeddedness. By providing a better understanding of some of the key drivers of family business succession intentions, it enables families in the MENA region to develop better family plans to engage with their successors effectively.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"364 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140203105","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}

{"title":"Fostering entrepreneurship and development in rural mountainous regions: the role of SEZs and local economic dynamics in Gilgit-Baltistan","authors":"Sajida Batool, Saranjam Baig, Mehmood Khalid, Khalid Mehmood Alam","doi":"10.1108/ijoem-08-2023-1310","DOIUrl":"https://doi.org/10.1108/ijoem-08-2023-1310","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to examine the perceptions and opinions of relevant stakeholders regarding entrepreneurship opportunities and growth in the Gilgit-Baltistan (GB) province of Pakistan. Specifically, it focuses on the role of special economic zones (SEZs), such as Maqpondass SEZ and the China–Pakistan Economic Corridor (CPEC), in fostering nascent entrepreneurship (NE) and promoting regional development.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study employs ordered logistic regression to estimate the relationship between various independent variables and nascent entrepreneurship (NE). The independent variables include awareness of CPEC (AAC), awareness of Maqpondass SEZ (AAMEZ), SEZ incentives (SEZInc), regional market competitiveness (RMC), loan availability (LA) and education and experience (EE).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings indicate a robust positive relationship between SEZ-based industries and the growth of local small businesses and enterprises in Gilgit-Baltistan. Furthermore, the study suggests that government incentives, access to finance, skill development, relevant knowledge, and connections with local businesses facilitate the establishment of new ventures.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The study underscores the importance of focusing on human capital development, providing financial assistance, and creating incentives for adopting advanced technology to foster the growth of local businesses in Gilgit-Baltistan through SEZs. It emphasizes the need for policymakers and stakeholders to prioritize initiatives that support entrepreneurship and innovation in the region.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study contributes to the existing literature by providing novel insights into the perceptions of entrepreneurship development in Gilgit-Baltistan, particularly concerning the influence of natural resources and SEZs. It fills a gap in the research by offering valuable implications for policymakers, researchers, and practitioners seeking to promote sustainable economic development in the region.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"364 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140203254","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}

{"title":"The effect of sovereign credit ratings on democracy in sub-Saharan Africa","authors":"Sean Gossel, Misheck Mutize","doi":"10.1108/ijoem-10-2022-1570","DOIUrl":"https://doi.org/10.1108/ijoem-10-2022-1570","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;This study investigates (1) whether democratization drives sovereign credit ratings (SCR) changes (the “democratic advantage”) or whether SCR changes affect democratization, (2) whether the degree of democratization in sub-Saharan African (SSA) countries affects the associations and (3) whether the associations are significantly affected by resource dependence.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;This study investigates the effects of SCR changes on democracy in 22 SSA countries over the period of 2000–2020 VEC Granger causality/block exogeneity Wald tests, and impulse responses and variance decomposition analyses with Cholesky ordering and Monte Carlo standard errors in a panel VECM framework.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;The full sample impulse responses find that a SCR shock has a long-run detrimental effect on the democracy and political rights but only a short-run positive impact on civil liberties. Among the sub-samples, it is found that the extent of natural resource dependence does not affect the magnitude of SCR shocks on democratization mentioned above but it is found that a SCR shock affects long-run democracy in SSA countries that are relatively more democratic but is more likely to drive democratic deepening in less democratic SSA countries. The full sample variance decompositions further finds that the variance of SCR to a political rights shock outweighs the effects of all the macroeconomic factors, whereas in more diversified SSA countries, the variances of SCR are much greater for democracy and political rights shocks, which suggests that democratization and political rights in diversified SSA economies are severely affected by SCR changes. In the case of the high and low democracy sub-samples, it is found that the variance of SCR in the relatively higher democracy sub-sample is greater than in the low democracy sub-sample.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Social implications&lt;/h3&gt;\u0000&lt;p&gt;These results have three implications for democratization in SSA. First, the effect of a SCR change is not a democratically agnostic and impacts political rights to a greater extent than civil liberties. Second, SCR changes have the potential to spark a negative cycle in SSA countries whereby a downgrade leads to a deterioration in socio-political stability coupled with increased financial economic constraints that in turn drive further downgrades and macroeconomic hardship. Finally, SCR changes are potentially detrimental for democracy in more democratic SSA countries but democratically supportive in less democratic SSA countries. Thus, SSA countries that are relatively politically sophisticated are more exposed to the effects of SCR changes, whereas less politically sophisticated SSA countries can proactively shape their SCRs by undertaking political reforms.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Originality/value&lt;/h3&gt;\u0000&lt;p&gt;This study is the first to examine the associations between","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"186 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140149853","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}