International Journal of Emerging Markets最新文献

{"title":"Inflation and stock market growth: the case of IPO withdrawal","authors":"Fouad Jamaani, Abdullah M. Alawadhi","doi":"10.1108/ijoem-03-2023-0452","DOIUrl":"https://doi.org/10.1108/ijoem-03-2023-0452","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Driven by the anticipated global stagflation, this straightforward yet novel study examines the cost of inflation as a macroeconomic factor by investigating its influence on stock market growth. Thus, this paper aims to examine the impact of inflation on the probability of initial public offering (IPO) withdrawal decision.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The paper employs a large dataset that covers the period January 1995–December 2019 and comprises 33,536 successful or withdrawn IPOs from 22 nations with various legal and cultural systems. This study applies a probit model utilizing version 15 of Stata statistical software.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This study finds that inflation is substantially and positively correlated with the likelihood of IPO withdrawal. Results of this study show that the IPO withdrawal decision increases up to 90% when the inflation rate climbs by 10%. Multiple robustness tests provide consistent findings.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This study's implications are important for researchers, investment banks, underwriters, issuers, regulators and stock exchanges. When processing IPO proposals, investment banks, underwriters and issuers must consider inflation projections to avoid negative effects, as demonstrated by the findings. In addition, regulators and stock exchanges must be aware of the detrimental impact of inflation on competitiveness in attracting new listings.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the authors’ knowledge, this study is the first to present convincing evidence of a major relationship between IPO withdrawal decision and inflation.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"95 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494559","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 tighter tax loss offsetting rules on firms' innovation: evidence from South Korea","authors":"Jae Yeon Sim, Natalie Kyung Won Kim, Jeong-Taek Kim","doi":"10.1108/ijoem-02-2023-0239","DOIUrl":"https://doi.org/10.1108/ijoem-02-2023-0239","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study investigates how the introduction of a stricter loss carryforward offset rule affects firms' innovation.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study investigates the overall impact of a Korean tax reform that introduced a tighter loss deduction through a difference-in-differences approach and regression discontinuity design.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This study finds that firms subject to the more restrictive tax loss offset provisions tend to file fewer patents than firms not subject to the provision. The authors further find that this effect is more pronounced for firms with high R&amp;D intensity, more investment opportunities and weaker monitoring mechanisms.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The results of this study suggest that more restrictive loss carryforward provisions may deter firms from innovation. This study contributes to the literature on the impact of tax loss rules, the effect of tax policies on investments and the real effects of corporate taxation.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This study sheds light on the debate of the consequences of a Korean tax reform. Specifically, the authors examine whether a stricter tax loss offset policy indeed dampens corporate innovation.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study exploits a unique and infrequent exogenous tax policy change. The South Korean tax reform creates a treatment group of large firms that were affected by the tax reform, and a control group of small and medium-sized firms that were unaffected. This study takes advantage of this setting to examine the research question.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"94 3","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494561","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":"Remittance flows and welfare implications: the Nigerian experience","authors":"Ikenna Paulinus Nwodo, Ambrose Nnaemeka Omeje, Chukwu Ugwu Okereke","doi":"10.1108/ijoem-03-2022-0348","DOIUrl":"https://doi.org/10.1108/ijoem-03-2022-0348","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>In Africa, recent data show that Nigeria is the second top remittance recipient behind Egypt, but welfare seems deteriorating. Most related reviewed literature is micro-based with surveys, giving credence to the dearth of macro-based literature whose gap this study attempted to fill. Thus, the main purpose of this study is to examine remittance flows and its welfare implications in Nigeria.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study used quarterly data (1980Q1–2020Q4) from World Development Indicators (2020) and applied the dynamic ordinary least squares (DOLS) model.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Remittance flows were found to be significantly improving the welfare of Nigerians by about 0.04% for a percentage remittance increase. Financial sector development results show that while loans decrease welfare per individual significantly by 0.25% given a 1% increase in the loans accessible by the private sector, a percentage increase in broad money supply in circulation raises welfare per individual significantly by about 0.43%.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>Since remittance is found to improve welfare, the study recommends that relevant stakeholders should endeavor to eliminate all form of bottlenecks (payment delays, remitting costs, transfer delays, poor policies and policy inconsistencies) inherent in remitting funds back to Nigeria. The implication of this is that if the impediments are minimized, remittances are bound to rise which will ultimately lead to improved welfare.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The existing literature revealed that there exists very limited or no macro-based study in this context, hence this novelty study.</p><!--/ Abstract__block -->","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"95 2","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494558","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":"Contouring of the regulatory governance framework in emerging economies: a novel multidimensional approach","authors":"Brajesh Mishra, Avanish Kumar","doi":"10.1108/ijoem-01-2022-0156","DOIUrl":"https://doi.org/10.1108/ijoem-01-2022-0156","url":null,"abstract":"Purpose Globally, the governance has shifted from positivist to the regulatory-centric approach, necessitating accurate contouring of regulatory governance framework. The study proposes a novel approach to unravel the regulatory governance framework in the context of the Indian electronics industry – extendable to other sectors in India and other emerging economies. Design/methodology/approach The research objective has been operationalized through document analysis and thematic analysis of semi-structured interview transcripts in three steps: (1) arrive at parameters of the regulatory governance framework, (2) identify instruments against each parameter and (3) characterize parameters in terms of dominant instruments and their underlying modalities. The authors have adopted a set of 6 Cs modalities (control, communications, competition, consensus, code and collaboration) and regulatory space theory to analyze existing modalities mix in the dominant instruments. Findings In summary, the study has (1) identified eight macro and twenty micro regulatory governance parameters, (2) mapped regulatory governance parameters with instruments and institutions (3) revealed the top two dominant modalities for each regulatory governance parameter. Practical implications The existing modality characteristics of regulatory governance parameters can be used by manufacturers, investors and other stakeholders to make a realistic assessment of regulatory governance and reduce regulatory risk and regulatory burden. Originality/value The multidimensional use of parameters, instruments and modalities broadens the understanding of the existing regulatory governance framework and may assist the regulators in optimizing it to meet market requirements.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"7 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136228703","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 ebb and flow of trade credit: implications for financing financially dependent firm growth","authors":"Bahadır Karakoç","doi":"10.1108/ijoem-12-2022-1903","DOIUrl":"https://doi.org/10.1108/ijoem-12-2022-1903","url":null,"abstract":"Purpose This study investigates the significance of trade credit (TC) as an alternative source of funding in financing the growth of financially dependent firms. Design/methodology/approach Panel data analysis using the difference generalized method of moments (GMM) and fixed-effects ordinary least squares (FE-OLS) is conducted on annual data from publicly listed firms across a number of developing economies. The data cover the period from 2003 to 2019. Findings The findings indicate that financially dependent firms rely on TC to manage their growth, especially when they have exhausted their debt capacity. This dependence on TC displays a cyclical pattern. As firms enhance their financial position, they tend to scale back their dependence. Nevertheless, firms with significant growth opportunities continue utilizing TC for at least two years after their initial identification as financially dependent. Practical implications The author's conclusion highlights that TC can be a valuable and accessible source of funding, especially in developing economies where the real sector may require alternative financing channels. Hence, TC has the potential to play a very significant role in financing corporate growth in these economies. Originality/value The current study adds to the existing body of literature by revealing that access to alternative sources of finance is also critical for firms that are dependent on external sources and for firms that have exhausted their financial debt capacity.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"53 16","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134993651","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":"How to improve the financial performance of Islamic banks in the MENA region? A Shariah governance perspective","authors":"Ines Kateb, Olfa Nafti, Asma Zeddini","doi":"10.1108/ijoem-03-2023-0434","DOIUrl":"https://doi.org/10.1108/ijoem-03-2023-0434","url":null,"abstract":"Purpose The purpose of this study is to investigate the impact of Shariah Advisory Board (SAB), Audit committee (AC) and board of directors (BD) characteristics on the performance of Islamic banks (IBs) in the MENA region. Design/methodology/approach The paper employs a quantitative approach, utilizing both ordinary least squares (OLS) regression and panel data analysis (random effects models) to examine the relationship between corporate governance variables and the performance of IBs. The sample consists of 50 IBs from 10 countries, spanning a seven-year period (2010–2016), with the exclusion of the Covid-19 pandemic period. To ensure the robustness of the results, various sensitivity tests were conducted, including pooled regression OLS and subsample analysis based on adhering to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards. Findings The study's findings suggest that the size of the SAB and the membership of at least one member of the SAB on the AAOIFI have a notable adverse effect on the performance of IBs. On the other hand, the AC independence has a positive influence on bank performance. However, there was no significant impact observed for AC size, meeting frequency and BD characteristics on bank performance. The research also revealed nuanced relationships between governance variables and bank performance when analyzing the sample based on AAOIFI adoption. Among banks not adhering to AAOIFI standards, SAB size and CEO duality negatively affected return on assets, while AC independence positively impacted it. For AAOIFI-compliant banks, AC independence significantly improved bank performance, whereas AC meetings exhibited a negative effect. Furthermore, there were no significant relationships observed for return on equity among banks not adhering to AAOIFI standards, whereas AAOIFI-compliant banks experienced positive impacts from AC independence. These results offer valuable insights into the intricate connection between governance attributes and bank performance, particularly in the context of AAOIFI standards adoption. Practical implications The study's findings have important practical implications for various stakeholders in the Islamic banking industry. For bank practitioners and management, the study highlights the significance of enhancing the independence of AC to improve decision-making and risk management, leading to better bank performance. Moreover, careful selection of SAB members can mitigate potential negative effects on performance. Policymakers may consider promoting AAOIFI standards to shape the relationship between governance and bank performance. Investors can use the insights to make informed decisions, and banks with stronger governance may attract more investments. Originality/value Through quantitative analysis and AAOIFI-based sample division, this study adds to the growing literature on corporate governance and the performance of IBs by examining the impact of mu","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"85 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135585245","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":"Structural supply chain complexity index and construct validity: a data-driven empirical approach","authors":"Pushpesh Pant, Shantanu Dutta, S.P. Sarmah","doi":"10.1108/ijoem-01-2023-0086","DOIUrl":"https://doi.org/10.1108/ijoem-01-2023-0086","url":null,"abstract":"Purpose Given the lack of focus on a standardized measurement framework (e.g. benchmarking tool) to assess and quantify complexity within the supply chain, this study has developed a unified supply chain complexity (SCC) index and validated its utility by examining the relationship with firm performance. More importantly, it examines the role of firm owners' business knowledge, sales strategy and board management on the relationship between SCC and firm performance. Design/methodology/approach In this study, the unit of analysis is Indian manufacturing companies listed on the Bombay Stock Exchange (BSE). This research has merged panel data from two secondary data sources: Bloomberg and Prowess and empirically operationalized five key SCC drivers, namely, number of suppliers, the number of supplier countries, the number of products, the number of plants and the number of customers. The study employs panel data regression analyses to examine the proposed conceptual model and associated hypotheses. Moreover, the present study employs models that incorporate robust standard errors to account for heteroscedasticity. Findings The results show that complexity has a negative and significant effect on firm performance. Further, the study reveals that an owner's business knowledge and the firm's effective sales strategy and board management can significantly lessen the negative effect of SCC. Originality/value This study develops an SCC index and validates its utility. Also, it presents a novel idea to operationalize the measure for SCC characteristics using secondary databases like Prowess and Bloomberg.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"49 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135584911","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":"Cross-country comparison of operant resources in logistics outsourcing relationships","authors":"Ziaul Haque Munim, Dhanavanth Reddy Maditati, Sebastian Kummer, Hans-Joachim Schramm","doi":"10.1108/ijoem-11-2021-1753","DOIUrl":"https://doi.org/10.1108/ijoem-11-2021-1753","url":null,"abstract":"Purpose This study aims to explore the gaps concerning the organizational operant resources (OORs) of logistics service providers (LSPs) expected in outsourcing relationships. The study considers the views of both manufacturing firms (M-firms) and LSPs in India and DACH region (Germany, Austria and Switzerland) seeking gaps within and across regions. Design/methodology/approach This research employed a survey targeting executives from large M-firms and LSPs in both India and DACH. The perceptions about the importance and improvement expectations of 17 OORs are analyzed. A modified version of importance-improvement analysis (A-B), a novel comparative A-B analysis (CABA) method, has been proposed to identify the importance and improvement gaps in OORs between M-firms and LSPs within and across India and the DACH region. Findings There are more gaps between M-firms and LSPs in India compared to DACH. Cross-country comparisons reveal that LSPs in India and DACH have similar perceptions concerning the OORs, but M-firms in India have significantly higher improvement expectations than those in DACH. Research limitations/implications This study proposes an analytical approach that enables managers to identify improvement areas and better align with their outsourcing relationship partners. It also highlights aspects that need to be considered while entering emerging markets such as India. Originality/value The analysis approach using CABA is novel. Also, among the cross-country studies, this is the first to compare outsourcing relationships in India with the DACH region while involving both users' and service providers' perspectives.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"130 S209","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135818953","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":"Measuring fiscal stress via fiscal vulnerability index: a case of Turkish economy","authors":"Yusuf Yildirim","doi":"10.1108/ijoem-10-2021-1638","DOIUrl":"https://doi.org/10.1108/ijoem-10-2021-1638","url":null,"abstract":"Purpose This paper aims to develop a compound measure, which is fiscal vulnerability index, provides early warning signals of fiscal sustainability problems for Türkiye's economy. Design/methodology/approach The index is constructed using twelve distinct fiscal indicators and applying the portfolio method, which considers the time-varying cross-correlation structure between the subindices. Findings Dynamics of the fiscal vulnerability index indicate that it accurately predicts to the well-known fiscal crisis occurring in Türkiye's recent history. As a result, such a compound measure should be used in the early identification of fiscal vulnerability in Türkiye. Originality/value The main contribution of this paper, relative to existing papers, is that a fiscal vulnerability index was constructed by employing the most contemporaneous method and evaluating its performance in terms of capturing historical stress periods.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"130 S207","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135818955","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":"Consumer adoption behaviour in ride-sharing economy: an integrated TAM-ECM framework","authors":"Shailesh Pandita, Hari Govind Mishra, Aasif Ali Bhat","doi":"10.1108/ijoem-05-2022-0837","DOIUrl":"https://doi.org/10.1108/ijoem-05-2022-0837","url":null,"abstract":"Purpose The sharing economy is changing the way people use products and services, and the success of sharing-based apps like bicycle and automobile sharing has drawn a lot of interest across the world. The purpose of this research is to investigate the factors affecting the consumer's adoption of ride-sharing services. Design/methodology/approach With this aim, the current study integrates the Technology Acceptance Model (TAM) and Expectancy Confirmation Model (ECM) with a further extension of consumer trust and social norms. Using a survey-based research design, data were collected from 558 respondents using multi-stage convenience sampling on 5 point Likert scale. Confirmatory factor analysis is conducted followed by structural equation modelling using IBM AMOS-22. Findings The findings of the study report crucial determinants for the consumer's continuance intention and actual use of these services. Perceived usefulness, consumer satisfaction, trust and subjective norms were found positively associated with the continuous intention to use ride-sharing services, whereas perceived ease of use was found to be insignificant. This study also highlights antecedents for the consumer's trust towards these services and found reputation, propensity to trust as a significant contributor whereas structural assurance was found insignificant to establish the trust among the users. Originality/value The research on consumer adoption towards ride-sharing services are meagre and this study adds the value to the field by integrating TAM and ECM model with further extension of consumer trust and social norms and empirically test the proposed model.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":"9 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135927761","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}