International Journal of Emerging Markets最新文献

{"title":"Economic uncertainty and stock market asymmetric volatility: analysis based on the asymmetric GARCH-MIDAS model","authors":"Zaifeng Wang, Tiancai Xing, Xiao Wang","doi":"10.1108/ijoem-05-2023-0841","DOIUrl":"https://doi.org/10.1108/ijoem-05-2023-0841","url":null,"abstract":"PurposeWe aim to clarify the effect of economic uncertainty on Chinese stock market fluctuations. We extend the understanding of the asymmetric connectedness between economic uncertainty and stock market risk and provide different characteristics of spillovers from economic uncertainty to both upside and downside risk. Furthermore, we aim to provide the different impact patterns of stock market volatility following several exogenous shocks.Design/methodology/approachWe construct a Chinese economic uncertainty index using a Factor-Augmented Variable Auto-Regressive Stochastic Volatility (FAVAR-SV) model for high-dimensional data. We then examine the asymmetric impact of realized volatility and economic uncertainty on the long-term volatility components of the stock market through the asymmetric Generalized Autoregressive Conditional Heteroskedasticity-Mixed Data Sampling (GARCH-MIDAS) model.FindingsNegative news, including negative return-related volatility and higher economic uncertainty, has a greater impact on the long-term volatility components than positive news. During the financial crisis of 2008, economic uncertainty and realized volatility had a significant impact on long-term volatility components but did not constitute long-term volatility components during the 2015 A-share stock market crash and the 2020 COVID-19 pandemic. The two-factor asymmetric GARCH-MIDAS model outperformed the other two models in terms of explanatory power, fitting ability and out-of-sample forecasting ability for the long-term volatility component.Research limitations/implicationsMany GARCH series models can also combine the GARCH series model with the MIDAS method, including but not limited to Exponential GARCH (EGARCH) and Threshold GARCH (TGARCH). These diverse models may exhibit distinct reactions to economic uncertainty. Consequently, further research should be undertaken to juxtapose alternative models for assessing the stock market response.Practical implicationsOur conclusions have important implications for stakeholders, including policymakers, market regulators and investors, to promote market stability. Understanding the asymmetric shock arising from economic uncertainty on volatility enables market participants to assess the potential repercussions of negative news, engage in timely and effective volatility prediction, implement risk management strategies and offer a reference for financial regulators to preemptively address and mitigate systemic financial risks.Social implicationsFirst, in the face of domestic and international uncertainties and challenges, policymakers must increase communication with the market and improve policy transparency to effectively guide market expectations. Second, stock market authorities should improve the basic regulatory system of the capital market and optimize investor structure. Third, investors should gradually shift to long-term value investment concepts and jointly promote market stability.Originality/valueThis","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140430421","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":"Assessing the development of green innovation in China through patent evolution: the hallmark of government policy and private enterprises","authors":"Alexandre Coussa, Philippe Gugler, Jonathan Reidy","doi":"10.1108/ijoem-09-2023-1512","DOIUrl":"https://doi.org/10.1108/ijoem-09-2023-1512","url":null,"abstract":"PurposeThe purpose of this paper is to develop a comprehensive overview of green innovation (GI) in China, which is carried out by reviewing the evolution of GI from 2000 to 2019, and the main type of technology, actors and localizations. When appropriate, GI is compared to non-GI.Design/methodology/approachThe study uses patent data from the European Patent Office database (PATSTAT); these data are processed to map trends and identify the main contributors to GI and the location of such innovation. The findings are then discussed and complemented with academic literature.FindingsKey findings reveal an increasing divergence between GI and nongreen innovation after the 2008 crisis. It is also observed that solar energy appears to be the main component of GI in China, with a shift from photovoltaic thermal energy to solar photovoltaic energy after 2008. Other areas, such as waste management, greenhouse gases capture and climate change adaptation, are less innovative. Companies play an essential role in the development of all types of innovation. In terms of location, green patents are mainly filed in China’s three main megacities. The study also highlights the significant role of the Chinese state, which led policies shaping the trajectories and forms of GI.Originality/valueThis study expands knowledge on GI in China, highlighting its main specificities and the role of key actors. It provides to the reader a comprehensive picture of China’s green policies and innovation realities. The results can therefore be used to improve the understanding of GI evolution in China and facilitate the formulation of new research questions.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140451154","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":"CEO risk preference and M&A payment method: considering the non-economic factors","authors":"Jianquan Guo, He Cheng","doi":"10.1108/ijoem-03-2023-0375","DOIUrl":"https://doi.org/10.1108/ijoem-03-2023-0375","url":null,"abstract":"PurposeThe authors investigate the effects of Chinese acquirer’s chief executive officer (CEO) risk preference on mergers and acquisitions (M&A) payment method and the moderating roles played by acquirer’s ownership, industry relatedness and whether the M&A is cross-border.Design/methodology/approachUsing 4,624 worldwide M&A deals conducted by Chinese firms from 2009 to 2021, the authors conduct multiple linear regression and ordered probit regression. And comprehensive indexes constructed based on the observed features of acquirer’s CEOs are used to be the proxy for CEO risk preference.FindingsThe results show that the higher-level Chinese acquirer’s CEO risk preference is overall positively associated with using more stock in payment. Moreover, the above relationship is strengthened if the ownership of the acquirer is state-owned.Originality/valueThe authors highlight the importance of the non-economic factors and demonstrate a relationship between the Chinese acquirer’s CEO risk preference and the M&A payment method, providing support for and enriching the upper echelons theory (UET). Moreover, the unique risk priorities of Chinese acquirers’ CEOs are revealed.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139853413","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":"CEO risk preference and M&A payment method: considering the non-economic factors","authors":"Jianquan Guo, He Cheng","doi":"10.1108/ijoem-03-2023-0375","DOIUrl":"https://doi.org/10.1108/ijoem-03-2023-0375","url":null,"abstract":"PurposeThe authors investigate the effects of Chinese acquirer’s chief executive officer (CEO) risk preference on mergers and acquisitions (M&A) payment method and the moderating roles played by acquirer’s ownership, industry relatedness and whether the M&A is cross-border.Design/methodology/approachUsing 4,624 worldwide M&A deals conducted by Chinese firms from 2009 to 2021, the authors conduct multiple linear regression and ordered probit regression. And comprehensive indexes constructed based on the observed features of acquirer’s CEOs are used to be the proxy for CEO risk preference.FindingsThe results show that the higher-level Chinese acquirer’s CEO risk preference is overall positively associated with using more stock in payment. Moreover, the above relationship is strengthened if the ownership of the acquirer is state-owned.Originality/valueThe authors highlight the importance of the non-economic factors and demonstrate a relationship between the Chinese acquirer’s CEO risk preference and the M&A payment method, providing support for and enriching the upper echelons theory (UET). Moreover, the unique risk priorities of Chinese acquirers’ CEOs are revealed.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139793270","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":"Is B Corp certification sufficiently attractive to emerging markets? A conceptual study of B Corps in China","authors":"Guangming Xiang, Zheng He, Tianli Feng, Zhenzhen Feng","doi":"10.1108/ijoem-09-2022-1350","DOIUrl":"https://doi.org/10.1108/ijoem-09-2022-1350","url":null,"abstract":"PurposeThis paper aims to explore how firms enter or exit B Corp certification faced with the tension between local and B Corp institutions, providing a better understanding of the unique impact of institutional complexity on B Corps' decision-making.Design/methodology/approachThis paper applies multi-case analysis to 20 Chinese firms in various stages of B Corp certification, including eight certified B Corps, six decertified firms and six candidates. The qualitative data was used to code separately for two research questions.FindingsThe study findings reveal that: (1) Participants who can obtain expected social and economic benefits by innovating their operational mode to efficiently deal with this tension attempt to continuously pursue B Corp certification. A self-renewal model was developed to show how firms hybridize the two institutional logics; (2) Participants who find it hard to mitigate this tension tend to compromise with the local institution and conform less with the B Corp institution due to high opportunity and accounting costs, low short-term benefits and collective culture.Originality/valueBy highlighting the different responses of firms to institutional complexity, this study contributes to B Corp research, social identity theory and institutional complexity, providing practical implications for B Lab strategies in China.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140488612","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":"Determinants of young adults' slow fashion attitudes and idea adoption intentions in Canada, China and South Africa","authors":"H. Duh, Hong Yu, Marike Venter de Villiers, Vladimira Steffek, Dan Shao","doi":"10.1108/ijoem-03-2023-0362","DOIUrl":"https://doi.org/10.1108/ijoem-03-2023-0362","url":null,"abstract":"Purpose Large, influential and profitable young adults are being targeted for fast fashion that negatively impacts the environment. The transition from a fast to an environmentally friendly slow fashion is a challenging process and culturally dependent. The process starts with slow fashion idea adoption. Thus, the authors modified an information acceptance model (IACM) to examine information characteristics (idea/information quality, credibility, usefulness, source credibility) and consumer factors (need for idea and attitudes) impacting intentions to adopt the slow fashion idea in Canada, South Africa (individualists) and China (collectivists).Design/methodology/approachCross-sectional data were collected from South African (n = 197), Chinese (n = 304) and Canadian (n = 227) young adults (18–35 years old) at universities in metropolitan cities. Partial least squares structural equation modeling was used to analyze the data.FindingsThe results show that while most information characteristics and consumer factors are vital for slow fashion attitudes and intention formation, information quality and trust in the sources were a problem in individualistic cultures as opposed to the collectivist culture. This finding confirms the greater tendency of collectivists to trust disseminated information on environmental issues. In all cultures, attitudes impacted idea adoption intentions. On testing IACM, the multigroup analyses showed no significant differences between young adults in the individualistic cultures. Attitudes mediated most relationships and were highly explained by IACM (South Africa, 49.6%; China, 74.5%; and Canada, 64.5%).Originality/valueIn emerging and developed markets, this study informs environmentalists and green fashion brands of information characteristics that can create positive attitudes and slow fashion idea adoption intentions among influential young adults.","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139523160","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":"Editorial: Avoiding the pitfalls of IJOEM desk rejection","authors":"Paurav Shukla","doi":"10.1108/ijoem-01-2024-999","DOIUrl":"https://doi.org/10.1108/ijoem-01-2024-999","url":null,"abstract":"","PeriodicalId":509622,"journal":{"name":"International Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139527504","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}