Pub Date : 2023-05-16DOI: 10.1108/jeas-01-2023-0020
J. K. Amoh, K. Ofori‐Boateng, Randolph Nsor-Ambala, E. B. Anarfo
PurposeThis study explored the tax evasion and corruption–economic development nexus in Ghana and the moderating role of institutional quality in this relationship.Design/methodology/approachTo achieve this objective, this study employed the structural equation modelling (SEM) strategy and maximum likelihood (ML) estimation method on selected quarterised data from 1996 to 2020.FindingsThe study found that tax evasion has a positive impact on GDP per capita and urbanisation but a negative impact on the Economic Freedom of the World Index (EFWI). The study revealed that corruption has a positive relationship with GDP per capita but relates with EFWI inversely. Finally, the study found that institutional quality moderates the nexus between tax evasion and corruption and economic development.Social implicationsThe findings imply that the quality of state institutions has a significant impact on the government's ability to control tax evasion and corruption in order to drive economic development.Originality/valueOne novelty of the study is the examination of the combined effects of tax evasion and corruption as exogenous variables in a single econometric model. Again, to moderate the multivariate relationships of the study, the principal component analysis (PCA) was used to create an institutional quality index. The study recommends that policymakers implement comprehensive tax evasion and corruption reduction strategies simultaneously in order to increase tax revenues for economic development and SDGs achievement.
{"title":"Revisiting the tax evasion and corruption–economic development nexus in Ghana: fresh evidence from a SEM approach","authors":"J. K. Amoh, K. Ofori‐Boateng, Randolph Nsor-Ambala, E. B. Anarfo","doi":"10.1108/jeas-01-2023-0020","DOIUrl":"https://doi.org/10.1108/jeas-01-2023-0020","url":null,"abstract":"PurposeThis study explored the tax evasion and corruption–economic development nexus in Ghana and the moderating role of institutional quality in this relationship.Design/methodology/approachTo achieve this objective, this study employed the structural equation modelling (SEM) strategy and maximum likelihood (ML) estimation method on selected quarterised data from 1996 to 2020.FindingsThe study found that tax evasion has a positive impact on GDP per capita and urbanisation but a negative impact on the Economic Freedom of the World Index (EFWI). The study revealed that corruption has a positive relationship with GDP per capita but relates with EFWI inversely. Finally, the study found that institutional quality moderates the nexus between tax evasion and corruption and economic development.Social implicationsThe findings imply that the quality of state institutions has a significant impact on the government's ability to control tax evasion and corruption in order to drive economic development.Originality/valueOne novelty of the study is the examination of the combined effects of tax evasion and corruption as exogenous variables in a single econometric model. Again, to moderate the multivariate relationships of the study, the principal component analysis (PCA) was used to create an institutional quality index. The study recommends that policymakers implement comprehensive tax evasion and corruption reduction strategies simultaneously in order to increase tax revenues for economic development and SDGs achievement.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"18 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89458854","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}
PurposeDistressed companies create panic among investors. The overall effect comes on the economy and leads to a degraded image and value of all the companies operating in a country. These distressing situations are harmful to the efficient development of a country in process of development. Financial distress (FD) is when a company or individual cannot promise to pay their obligations on time. Therefore, to analyze the threatening impacts of FD, the current study aims to reveal the impact of FD on the debt ratio (proxy of capital structure) of firms working in India.Design/methodology/approachPanel data analysis (PDA) has been used in the current study to analyze the data and generate novel results. The authors have considered the secondary data of firms present in the S&P BSE 100 index for ten financial years, i.e. 2010 to 2019.FindingsThis study has established that FD has no significant impact on the firm's capital structure. In addition, it has also been proved that asset size, learner's index, market capitalization and operating profit margin (OPM) have no interacting impact on the association between FD and the capital mix of firms.Originality/valueAs per the authors’ observation, no such study has been conducted till now that involves finding out the moderating impact of four different but significant factors of the business environment (assets size, learner's index, market capitalization and OPM) on the association between FD and capital structure of companies operating in a such an extensive and diverse economy.
{"title":"Does financial distress induce companies to restructure their financing mix?","authors":"Aashi Rawal, Venkata Mrudula Bhimavarapu, Anureet Virk Sidhu, Shailesh Rastogi","doi":"10.1108/jeas-01-2023-0004","DOIUrl":"https://doi.org/10.1108/jeas-01-2023-0004","url":null,"abstract":"PurposeDistressed companies create panic among investors. The overall effect comes on the economy and leads to a degraded image and value of all the companies operating in a country. These distressing situations are harmful to the efficient development of a country in process of development. Financial distress (FD) is when a company or individual cannot promise to pay their obligations on time. Therefore, to analyze the threatening impacts of FD, the current study aims to reveal the impact of FD on the debt ratio (proxy of capital structure) of firms working in India.Design/methodology/approachPanel data analysis (PDA) has been used in the current study to analyze the data and generate novel results. The authors have considered the secondary data of firms present in the S&P BSE 100 index for ten financial years, i.e. 2010 to 2019.FindingsThis study has established that FD has no significant impact on the firm's capital structure. In addition, it has also been proved that asset size, learner's index, market capitalization and operating profit margin (OPM) have no interacting impact on the association between FD and the capital mix of firms.Originality/valueAs per the authors’ observation, no such study has been conducted till now that involves finding out the moderating impact of four different but significant factors of the business environment (assets size, learner's index, market capitalization and OPM) on the association between FD and capital structure of companies operating in a such an extensive and diverse economy.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"41 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77746549","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}
Pub Date : 2023-05-15DOI: 10.1108/jeas-04-2022-0099
G. Dinga, D. Fonchamnyo, Nkoa Bruno Emmanuel Ongo, F. Bekun
PurposeThe study examined the impact of financial development, foreign direct investment, market size and trade openness on domestic investment for 119 countries divided into four panels that are low-income countries (LIC), lower middle-income countries (LMIC), upper middle-income countries (UMIC) and high-income countries (HIC) between 1995 and 2019.Design/methodology/approachThe present study bases its empirical procedure on the bases of the data mix. To this end, based on the presence of cross-sectional dependence, covariate-augmented Dickey–Fuller unit root and Westerlund cointegration second-generation tests were employed to validate the stationarity and cointegration of the variables, respectively. The novel Dynamic Common Correlation Effects estimator was employed to estimate the heterogeneous parameters while the Dumitrescu and Hurlin test was used to test for causality direction of the highlighted variables.FindingsThe empirical results show that market size and trade openness had a positive and statistically significant effect on domestic investment for all the income groups. Results also show that financial development had a positive and statically significant effect on domestic investment only for LMIC and HIC economies, while a positive and statistically insignificant effect was obtained for LIC, UMIC and the global panel. The causality results revealed a bidirectional relationship between domestic investment and the exogenous variables – financial development, foreign direct investment, market size and trade openness.Research limitations/implicationsIt is therefore, recommended that LIC and LMIC need to consider harmonising the financial system to lower credit limitations and adopt business-friendly policies. HIC and UMIC should seek more outward FDI policies and harmonise their trade policy, to reap more benefits from FDI and international trade.Originality/valueOn novelty, previous studies have been criticised for the effect on technical innovation of bank financing and institutional quality. This research tackles the deficiency using systematic institutional quality indicators and by taking other variables into account.
{"title":"Dynamic common correlation effects of financial development, foreign direct investment, market size and trade openness on domestic investment: an income-level prognosis","authors":"G. Dinga, D. Fonchamnyo, Nkoa Bruno Emmanuel Ongo, F. Bekun","doi":"10.1108/jeas-04-2022-0099","DOIUrl":"https://doi.org/10.1108/jeas-04-2022-0099","url":null,"abstract":"PurposeThe study examined the impact of financial development, foreign direct investment, market size and trade openness on domestic investment for 119 countries divided into four panels that are low-income countries (LIC), lower middle-income countries (LMIC), upper middle-income countries (UMIC) and high-income countries (HIC) between 1995 and 2019.Design/methodology/approachThe present study bases its empirical procedure on the bases of the data mix. To this end, based on the presence of cross-sectional dependence, covariate-augmented Dickey–Fuller unit root and Westerlund cointegration second-generation tests were employed to validate the stationarity and cointegration of the variables, respectively. The novel Dynamic Common Correlation Effects estimator was employed to estimate the heterogeneous parameters while the Dumitrescu and Hurlin test was used to test for causality direction of the highlighted variables.FindingsThe empirical results show that market size and trade openness had a positive and statistically significant effect on domestic investment for all the income groups. Results also show that financial development had a positive and statically significant effect on domestic investment only for LMIC and HIC economies, while a positive and statistically insignificant effect was obtained for LIC, UMIC and the global panel. The causality results revealed a bidirectional relationship between domestic investment and the exogenous variables – financial development, foreign direct investment, market size and trade openness.Research limitations/implicationsIt is therefore, recommended that LIC and LMIC need to consider harmonising the financial system to lower credit limitations and adopt business-friendly policies. HIC and UMIC should seek more outward FDI policies and harmonise their trade policy, to reap more benefits from FDI and international trade.Originality/valueOn novelty, previous studies have been criticised for the effect on technical innovation of bank financing and institutional quality. This research tackles the deficiency using systematic institutional quality indicators and by taking other variables into account.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"16 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90054936","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}
Pub Date : 2023-05-11DOI: 10.1108/jeas-09-2022-0215
Paul Owusu Takyi, D. Sakyi, H. Yusif, G. Asante, A. Osei-Fosu, Gideon Mensah
PurposeThis paper explores the implications of financial inclusion and financial development for the conduct of monetary policy in achieving price stability and economic growth in sub-Saharan Africa (SSA).Design/methodology/approachThe paper employs the system-generalized methods of moment (GMM) estimation technique using panel data spanning 2004 to 2019 and sourced from Databases of (International Monetary Fund's) IMF's Financial Access Survey (FAS), IMF's International Financial Statistics (IFS), World Bank's Global Financial Development Database (GFDD) and World Bank's World Development Indicators (WDI).FindingsThe authors find that financial inclusion has a double-edge effect in SSA. That is, it increases economic growth and lowers inflation in SSA. Furthermore, the results show that a simultaneous increase in financial inclusion and financial development have restrictive effects on economic growth. On the evidence provided, the authors conclude that financial inclusion is an important predictor of economic growth and the conduct of monetary policy in the sub-region.Originality/valueThis paper expands and contributes to the frontier of knowledge how financial inclusion is important for the conduct of monetary policy by monetary authorities in achieving its intended objectives in SSA. The paper highlights the need for ongoing enhancement of financial inclusion of many governments in the sub-region to achieving high economic growth and price stability. Thus, there is the need for policy makers to ensure that a more stringent, effective and appropriate policies and measures are put in place to enhance financial inclusion while taking into consideration the extent of financial development in SSA.
{"title":"Financial inclusion and financial development: implications for monetary policy effectiveness and economic growth in sub-Saharan Africa","authors":"Paul Owusu Takyi, D. Sakyi, H. Yusif, G. Asante, A. Osei-Fosu, Gideon Mensah","doi":"10.1108/jeas-09-2022-0215","DOIUrl":"https://doi.org/10.1108/jeas-09-2022-0215","url":null,"abstract":"PurposeThis paper explores the implications of financial inclusion and financial development for the conduct of monetary policy in achieving price stability and economic growth in sub-Saharan Africa (SSA).Design/methodology/approachThe paper employs the system-generalized methods of moment (GMM) estimation technique using panel data spanning 2004 to 2019 and sourced from Databases of (International Monetary Fund's) IMF's Financial Access Survey (FAS), IMF's International Financial Statistics (IFS), World Bank's Global Financial Development Database (GFDD) and World Bank's World Development Indicators (WDI).FindingsThe authors find that financial inclusion has a double-edge effect in SSA. That is, it increases economic growth and lowers inflation in SSA. Furthermore, the results show that a simultaneous increase in financial inclusion and financial development have restrictive effects on economic growth. On the evidence provided, the authors conclude that financial inclusion is an important predictor of economic growth and the conduct of monetary policy in the sub-region.Originality/valueThis paper expands and contributes to the frontier of knowledge how financial inclusion is important for the conduct of monetary policy by monetary authorities in achieving its intended objectives in SSA. The paper highlights the need for ongoing enhancement of financial inclusion of many governments in the sub-region to achieving high economic growth and price stability. Thus, there is the need for policy makers to ensure that a more stringent, effective and appropriate policies and measures are put in place to enhance financial inclusion while taking into consideration the extent of financial development in SSA.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"2 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80014567","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}
Pub Date : 2023-05-09DOI: 10.1108/jeas-09-2022-0209
Rajib Chakraborty, Sajal Kumar Dey
PurposeThis study examines the effects of corporate governance mechanisms on voluntary corporate carbon disclosure in Bangladeshi firms.Design/methodology/approachTo investigate the association between corporate governance mechanisms and corporate carbon disclosures, this study employs ordinary least square (OLS) methods. To mitigate the potential endogeneity concerns, the authors also introduce firm fixed effect (FE) and random effect (RE). Primarily, the study sample includes 250 firm-year observations over the period 2015–2019 for listed companies on the Dhaka Stock Exchange (DSE) in Bangladesh. Subsequently, corporate governance mechanisms that influence voluntary carbon disclosure were examined using both univariate and OLS models.FindingsThe findings of this study suggest that firms with a larger board size and more independent directors have a positive impact on the firm's intensity to disclose carbon-related information. However, no evidence has been found of the existence of an environmental committee, and the presence of female directors on the board tends to be associated with a higher level of voluntary corporate carbon disclosure.Originality/valueThe study offers necessary evidence of the determinants of corporate carbon disclosures, which will be useful for managers, senior executives, policymakers and regulatory bodies. To improve corporate governance practices and formulate separate sets of regulations and reporting criteria, disclosing extensive and holistic carbon-related information obligatory. Further, the outcomes of this study based on Bangladeshi firms can be comprehensive for other developing countries to take precautions to tackle the effect of global climate change.
{"title":"The effects of corporate governance mechanisms on voluntary corporate carbon disclosures: evidence from the emerging economy","authors":"Rajib Chakraborty, Sajal Kumar Dey","doi":"10.1108/jeas-09-2022-0209","DOIUrl":"https://doi.org/10.1108/jeas-09-2022-0209","url":null,"abstract":"PurposeThis study examines the effects of corporate governance mechanisms on voluntary corporate carbon disclosure in Bangladeshi firms.Design/methodology/approachTo investigate the association between corporate governance mechanisms and corporate carbon disclosures, this study employs ordinary least square (OLS) methods. To mitigate the potential endogeneity concerns, the authors also introduce firm fixed effect (FE) and random effect (RE). Primarily, the study sample includes 250 firm-year observations over the period 2015–2019 for listed companies on the Dhaka Stock Exchange (DSE) in Bangladesh. Subsequently, corporate governance mechanisms that influence voluntary carbon disclosure were examined using both univariate and OLS models.FindingsThe findings of this study suggest that firms with a larger board size and more independent directors have a positive impact on the firm's intensity to disclose carbon-related information. However, no evidence has been found of the existence of an environmental committee, and the presence of female directors on the board tends to be associated with a higher level of voluntary corporate carbon disclosure.Originality/valueThe study offers necessary evidence of the determinants of corporate carbon disclosures, which will be useful for managers, senior executives, policymakers and regulatory bodies. To improve corporate governance practices and formulate separate sets of regulations and reporting criteria, disclosing extensive and holistic carbon-related information obligatory. Further, the outcomes of this study based on Bangladeshi firms can be comprehensive for other developing countries to take precautions to tackle the effect of global climate change.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"5 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86989031","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}
Pub Date : 2023-05-04DOI: 10.1108/jeas-01-2023-0006
Chebangang Hyacinth, C. A. Ngong, J. Onwumere
PurposeThis research empirically investigates the evidence of the financial development and economic growth nexus in sub-Saharan Africa from 1995 to 2022.Design/methodology/approachA series of preliminary tests are conducted before using the two-stage estimated generalized least squares and robust least squares methods for the analysis. Two indices are constructed to measure financial development: one for the banking sector indicators and another for the market-based indicators (Ustarz and Fanta, 2021).FindingsThe results indicate that the banking sector index significantly impacts the gross domestic product (GDP) per capita positively. The market sector index has a negatively significant effect on the GDP per capita. Government expenditure has a positive impact on the GDP per capita.Research limitations/implicationsPolicymakers in sub-Saharan Africa should improve and implement finance–growth inclusive strategies that promote financial reforms and development to efficiently impact all population sectors. Policymakers should take stringent measures to ensure that the banking sector's development is sustainable to lead economic growth. The governments should strategize and promote capital market development using favorable listing rules for companies in the stock markets. Global stock market integration should be encouraged to diversify risks, increase public awareness, raise investors' confidence level and reduce stock market impediments like high taxes and regulatory barriers.Originality/valuePrevious study findings on the financial development and economic growth nexus are inconclusive and debatable. This study employs the financial development index approach.
{"title":"Empirical evidence of the financial development and economic growth nexus in sub-Saharan Africa (1995–2022): an index approach","authors":"Chebangang Hyacinth, C. A. Ngong, J. Onwumere","doi":"10.1108/jeas-01-2023-0006","DOIUrl":"https://doi.org/10.1108/jeas-01-2023-0006","url":null,"abstract":"PurposeThis research empirically investigates the evidence of the financial development and economic growth nexus in sub-Saharan Africa from 1995 to 2022.Design/methodology/approachA series of preliminary tests are conducted before using the two-stage estimated generalized least squares and robust least squares methods for the analysis. Two indices are constructed to measure financial development: one for the banking sector indicators and another for the market-based indicators (Ustarz and Fanta, 2021).FindingsThe results indicate that the banking sector index significantly impacts the gross domestic product (GDP) per capita positively. The market sector index has a negatively significant effect on the GDP per capita. Government expenditure has a positive impact on the GDP per capita.Research limitations/implicationsPolicymakers in sub-Saharan Africa should improve and implement finance–growth inclusive strategies that promote financial reforms and development to efficiently impact all population sectors. Policymakers should take stringent measures to ensure that the banking sector's development is sustainable to lead economic growth. The governments should strategize and promote capital market development using favorable listing rules for companies in the stock markets. Global stock market integration should be encouraged to diversify risks, increase public awareness, raise investors' confidence level and reduce stock market impediments like high taxes and regulatory barriers.Originality/valuePrevious study findings on the financial development and economic growth nexus are inconclusive and debatable. This study employs the financial development index approach.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"14 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72845715","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}
Pub Date : 2023-05-01DOI: 10.1108/jeas-03-2022-0075
Poonam Mulchandani, Rajan Pandey, Byomakesh Debata, Jayashree Renganathan
PurposeThe regulatory design of Indian stock market provides us with the opportunity to disaggregate initial returns into two categories, i.e. voluntary premarket underpricing and post market mispricing. This study explores the impact of investor attention on the disaggregated short-run returns and long-run performance of initial public offerings (IPOs).Design/methodology/approachThe study employs regression techniques on the sample of IPOs listed from 2005 to 2019. It measures investor attention with the help of the Google Search Volume Index (GSVI) extracted from Google Trends. Along with GSVI, the subscription rate is used as a proxy to measure investor attention.FindingsThe empirical results suggest a positive and significant relationship between initial returns and investor attention, thus validating the attention theory for Indian IPOs. Furthermore, when the returns are analysed for a more extended period using buy-and-hold abnormal returns (BHARs), it was found that price reversal holds in the long run.Research limitations/implicationsThis study highlights the importance of information diffusion in the market. It emphasizes the behavioural tendency of the investors in the pre-market, which reduces the market efficiency. Hence, along with fundamentals, investor attention also plays an essential role in deciding the returns for an IPO.Originality/valueAccording to the best of the authors’ knowledge, this is one of the first studies that has attempted to explore the influence of investor attention and its interplay with underpricing and long-run performance for IPOs of Indian markets.
{"title":"Investor attention and IPO returns: evidence from Indian markets","authors":"Poonam Mulchandani, Rajan Pandey, Byomakesh Debata, Jayashree Renganathan","doi":"10.1108/jeas-03-2022-0075","DOIUrl":"https://doi.org/10.1108/jeas-03-2022-0075","url":null,"abstract":"PurposeThe regulatory design of Indian stock market provides us with the opportunity to disaggregate initial returns into two categories, i.e. voluntary premarket underpricing and post market mispricing. This study explores the impact of investor attention on the disaggregated short-run returns and long-run performance of initial public offerings (IPOs).Design/methodology/approachThe study employs regression techniques on the sample of IPOs listed from 2005 to 2019. It measures investor attention with the help of the Google Search Volume Index (GSVI) extracted from Google Trends. Along with GSVI, the subscription rate is used as a proxy to measure investor attention.FindingsThe empirical results suggest a positive and significant relationship between initial returns and investor attention, thus validating the attention theory for Indian IPOs. Furthermore, when the returns are analysed for a more extended period using buy-and-hold abnormal returns (BHARs), it was found that price reversal holds in the long run.Research limitations/implicationsThis study highlights the importance of information diffusion in the market. It emphasizes the behavioural tendency of the investors in the pre-market, which reduces the market efficiency. Hence, along with fundamentals, investor attention also plays an essential role in deciding the returns for an IPO.Originality/valueAccording to the best of the authors’ knowledge, this is one of the first studies that has attempted to explore the influence of investor attention and its interplay with underpricing and long-run performance for IPOs of Indian markets.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"16 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74025233","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}
Pub Date : 2023-04-28DOI: 10.1108/jeas-09-2022-0216
Sadia Shafiq, Saiqa Saddiqa Qureshi, M. Akbar
PurposeThis paper aims to examine whether the volatility of returns in commodity (gold, oil), bond and forex markets is related over time to the volatility of returns in equity markets of Bangladesh, Indonesia, Pakistan, Philippines, Turkey and Vietnam. In addition, the authors analyze the integration of the commodity, bond, forex and equity markets across these markets.Design/methodology/approachThe dynamic conditional correlation GARCH (DCC-GARCH) model is used to capture the time-varying conditional correlation among markets. The authors use daily data of stock prices, oil prices, gold prices, exchange rates and 10 years' bond yields of the six countries from Datastream and investing.com from January 2001 to April 2021.FindingsFindings reveal that the parameters of dynamic correlation are statistically significant which indicates the importance of time-varying co-movements. Estimation of the DCC-GARCH model suggests that the stock market is significantly correlated with bond, forex, gold and oil markets in all six countries.Practical implicationsThis study has practical implications for policymakers and investment professionals. A better understanding of dynamic linkages among the markets would help in constructing effective hedging and portfolio diversification strategies. Policy makers can get insight to build proper strategies in order to insulate the economy from factors that cause volatility.Originality/valueSeveral studies have investigated the linkage between commodity and stock markets and the volatility spillover effect, but very little attention is given to study the interrelationship between groups of market segments of different economies. No study has comparatively examined the dynamic relationship of multiple markets of a group of emerging countries simultaneously.
{"title":"Dynamic relationship of volatility of returns across different markets: evidence from selected next 11 countries","authors":"Sadia Shafiq, Saiqa Saddiqa Qureshi, M. Akbar","doi":"10.1108/jeas-09-2022-0216","DOIUrl":"https://doi.org/10.1108/jeas-09-2022-0216","url":null,"abstract":"PurposeThis paper aims to examine whether the volatility of returns in commodity (gold, oil), bond and forex markets is related over time to the volatility of returns in equity markets of Bangladesh, Indonesia, Pakistan, Philippines, Turkey and Vietnam. In addition, the authors analyze the integration of the commodity, bond, forex and equity markets across these markets.Design/methodology/approachThe dynamic conditional correlation GARCH (DCC-GARCH) model is used to capture the time-varying conditional correlation among markets. The authors use daily data of stock prices, oil prices, gold prices, exchange rates and 10 years' bond yields of the six countries from Datastream and investing.com from January 2001 to April 2021.FindingsFindings reveal that the parameters of dynamic correlation are statistically significant which indicates the importance of time-varying co-movements. Estimation of the DCC-GARCH model suggests that the stock market is significantly correlated with bond, forex, gold and oil markets in all six countries.Practical implicationsThis study has practical implications for policymakers and investment professionals. A better understanding of dynamic linkages among the markets would help in constructing effective hedging and portfolio diversification strategies. Policy makers can get insight to build proper strategies in order to insulate the economy from factors that cause volatility.Originality/valueSeveral studies have investigated the linkage between commodity and stock markets and the volatility spillover effect, but very little attention is given to study the interrelationship between groups of market segments of different economies. No study has comparatively examined the dynamic relationship of multiple markets of a group of emerging countries simultaneously.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"39 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78214448","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}
Pub Date : 2023-04-20DOI: 10.1108/jeas-02-2022-0047
M. Azhar, Mohd Junaid Akhtar, M. N. Rahman, Fawaz Ahmad Khan
PurposeThe present study intends to measure buying intention of Generation Z (Gen Z) on social networking sites (SNSs) incorporating perceived risk with the social commerce adoption model (SCAM).Design/methodology/approachData were collected via an online questionnaire, and the study used a total of 349 accurate and useable responses. The population of the study includes Indian young consumers coming from the Gen Z cohort. Data were analyzed using SPSS 20 and AMOS 22.0. The proposed hypotheses were statistically tested.FindingsThe empirical results show that perceived risk is a significant and strong predictor of perceived usefulness that, in turn, negatively influences buying intention. Among all the constructs of SCAM, perceived usefulness is the most influential and strongest predictor of buying intention. The proposed model explained approximately 34% of the variance in the behavioral intention.Research limitations/implicationsBased on the findings of this study, many theoretical and practical implications may be inferred that can be used to make recommendations to social commerce companies and help them understand the buying intention of Gen Z.Originality/valueThere are many studies that have examined buying intention and a few have measured it on Gen Z. The present study is novel in itself as it has measured the buying intention of Gen Z using the SCAM in the Indian context. Hence, the present research attempts to comprehend the variables influencing buying intention and analyses the relationship between these factors in the social media setting.
{"title":"Measuring buying intention of generation Z on social networking sites: an application of social commerce adoption model","authors":"M. Azhar, Mohd Junaid Akhtar, M. N. Rahman, Fawaz Ahmad Khan","doi":"10.1108/jeas-02-2022-0047","DOIUrl":"https://doi.org/10.1108/jeas-02-2022-0047","url":null,"abstract":"PurposeThe present study intends to measure buying intention of Generation Z (Gen Z) on social networking sites (SNSs) incorporating perceived risk with the social commerce adoption model (SCAM).Design/methodology/approachData were collected via an online questionnaire, and the study used a total of 349 accurate and useable responses. The population of the study includes Indian young consumers coming from the Gen Z cohort. Data were analyzed using SPSS 20 and AMOS 22.0. The proposed hypotheses were statistically tested.FindingsThe empirical results show that perceived risk is a significant and strong predictor of perceived usefulness that, in turn, negatively influences buying intention. Among all the constructs of SCAM, perceived usefulness is the most influential and strongest predictor of buying intention. The proposed model explained approximately 34% of the variance in the behavioral intention.Research limitations/implicationsBased on the findings of this study, many theoretical and practical implications may be inferred that can be used to make recommendations to social commerce companies and help them understand the buying intention of Gen Z.Originality/valueThere are many studies that have examined buying intention and a few have measured it on Gen Z. The present study is novel in itself as it has measured the buying intention of Gen Z using the SCAM in the Indian context. Hence, the present research attempts to comprehend the variables influencing buying intention and analyses the relationship between these factors in the social media setting.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"72 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86268610","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}
Pub Date : 2023-04-10DOI: 10.1108/jeas-12-2022-0260
Bilal Mukhtar, Muhammad Kashif Shad, L. Woon, Salaheldin Hamad
PurposeThis study aims to propose a conceptual framework to examine the impact of risk management implementation on green innovation in the Malaysian solar photovoltaic (PV) manufacturing industry.Design/methodology/approachThe study is based on primary data to be collected from 30 Malaysian solar PV manufacturing companies through a questionnaire that incorporates the five-point Likert scale. The exploratory factor analysis (EFA) is proposed to be performed using SPSS 24.0 and confirmatory factor analysis (CFA) is suggested to be conducted using AMOS.21 software to explore the factors and reliability of the items and to confirm the factorial structure of risk management implementation and green innovation. Furthermore, partial least square-structural equation modeling (PLS-SEM) is proposed to investigate relationships between constructs and latent variables.FindingsThe proposed framework is based on the stakeholder's theory and suggests that the comprehensive implementation of risk management has a significant and positive impact on green innovation in the Malaysian solar PV manufacturing industry.Practical implicationsThis study provides insight into formulating strategies for enhancing green innovation in the solar PV manufacturing sector and serves as a valuable resource for stakeholders.Originality/valueThe significance of the proposed conceptual framework lies in its ability to enhance the workability of the stakeholder's theory and to create value for stakeholders through the implementation of risk management to drive green innovation. This study adds to the existing literature by exploring the relationship between risk management and green innovation in the solar PV manufacturing industry.
{"title":"Risk management implementation and its efficacy towards green innovation: a conceptual framework for Malaysian solar photovoltaic industry","authors":"Bilal Mukhtar, Muhammad Kashif Shad, L. Woon, Salaheldin Hamad","doi":"10.1108/jeas-12-2022-0260","DOIUrl":"https://doi.org/10.1108/jeas-12-2022-0260","url":null,"abstract":"PurposeThis study aims to propose a conceptual framework to examine the impact of risk management implementation on green innovation in the Malaysian solar photovoltaic (PV) manufacturing industry.Design/methodology/approachThe study is based on primary data to be collected from 30 Malaysian solar PV manufacturing companies through a questionnaire that incorporates the five-point Likert scale. The exploratory factor analysis (EFA) is proposed to be performed using SPSS 24.0 and confirmatory factor analysis (CFA) is suggested to be conducted using AMOS.21 software to explore the factors and reliability of the items and to confirm the factorial structure of risk management implementation and green innovation. Furthermore, partial least square-structural equation modeling (PLS-SEM) is proposed to investigate relationships between constructs and latent variables.FindingsThe proposed framework is based on the stakeholder's theory and suggests that the comprehensive implementation of risk management has a significant and positive impact on green innovation in the Malaysian solar PV manufacturing industry.Practical implicationsThis study provides insight into formulating strategies for enhancing green innovation in the solar PV manufacturing sector and serves as a valuable resource for stakeholders.Originality/valueThe significance of the proposed conceptual framework lies in its ability to enhance the workability of the stakeholder's theory and to create value for stakeholders through the implementation of risk management to drive green innovation. This study adds to the existing literature by exploring the relationship between risk management and green innovation in the solar PV manufacturing industry.","PeriodicalId":44018,"journal":{"name":"Journal of Economic and Administrative Sciences","volume":"192 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77501092","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}
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