Pub Date : 2023-06-16DOI: 10.1108/ejmbe-06-2022-0187
Daniel Espinosa Sáez, E. Delgado-Ballester, J. Munuera-Alemán
Purpose The sharing economy (SE) is significantly affecting traditional companies, which have felt a need to adapt their business model. The aim of this study is to identify the different types of adaptation developed by companies within a SE context, and to examine how they relate to their characteristics.Design/methodology/approach A content analysis involving 149 real-world adaptation cases was carried out, after which a Kruskal–Wallis test and a multiple correspondence analysis were used to explore the relationships between the types of adaptation identified, the business characteristics and the strategic decisions taken for these adaptations.Findings Through the analyses proposed in the study, the main conclusions suggest that the way companies adapt to SE is related to business characteristics and the strategic decisions taken for these actions, demonstrating throughout the article what types of adaptations are made depending on variables such as sector of activity or business orientation.Originality/value This study is the first to examine the variables affecting the decisions among traditional companies in response to the SE. In addition, this work explores the SE from the business point of view, shedding light on the participation in SE by traditional companies.
{"title":"Innovation in business model as a response to the sharing economy","authors":"Daniel Espinosa Sáez, E. Delgado-Ballester, J. Munuera-Alemán","doi":"10.1108/ejmbe-06-2022-0187","DOIUrl":"https://doi.org/10.1108/ejmbe-06-2022-0187","url":null,"abstract":"Purpose The sharing economy (SE) is significantly affecting traditional companies, which have felt a need to adapt their business model. The aim of this study is to identify the different types of adaptation developed by companies within a SE context, and to examine how they relate to their characteristics.Design/methodology/approach A content analysis involving 149 real-world adaptation cases was carried out, after which a Kruskal–Wallis test and a multiple correspondence analysis were used to explore the relationships between the types of adaptation identified, the business characteristics and the strategic decisions taken for these adaptations.Findings Through the analyses proposed in the study, the main conclusions suggest that the way companies adapt to SE is related to business characteristics and the strategic decisions taken for these actions, demonstrating throughout the article what types of adaptations are made depending on variables such as sector of activity or business orientation.Originality/value This study is the first to examine the variables affecting the decisions among traditional companies in response to the SE. In addition, this work explores the SE from the business point of view, shedding light on the participation in SE by traditional companies.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44287658","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 : 2023-06-15DOI: 10.1108/ejmbe-10-2022-0332
Marwa Fersi, M. Boujelbene, Feten Arous
PurposeThe purpose of this paper is to evaluate the performance of Microfinance Institutions (MFIs) offering FinTech services. This study contributes to the existing literature on microfinance digitalization, financial inclusion and sustainable development. The study also takes into consideration a behavioral perspective through the efficiency evaluation process of MFIs offering FinTech services.Design/methodology/approachThe following study employs the Stochastic Frontier Analysis approach to estimate the operational and social efficiency scores of the 387 MFIs over the period 2005–2019. Then, it tries to consider factors influencing MFIs' efficiency and assess their effects. Hence, two separate models for operation and social efficiency introducing a set of factors, including FinTech proxies and overconfidence proxies, are tested. The first model for operational efficiency uses a random-effects estimator while the second one for social efficiency uses a fixed-effects estimator.FindingsThe results show that innovative MFIs have weaker averages of operational efficiency than non-innovative ones but higher averages of social efficiency. This was justified by the fact that innovative MFIs are more socially oriented. Further, findings of this study depict that the proxies of FinTech affect negatively the level of operational efficiency of MFIs. They also depict a negative relationship between FinTech proxies and the level of social efficiency. These results hold through robustness tests.Originality/valueThe highlight of this study is that it takes heed of the indirect effect of technological innovation on the efficiency of MFIs. It has been proved that it moderates the impact of managerial overconfidence (manifested by excessive risk-taking, viz., high levels of PAR30, LGR and NIM) on the level of both operational and social efficiencies.
{"title":"Microfinance's digital transformation for sustainable inclusion","authors":"Marwa Fersi, M. Boujelbene, Feten Arous","doi":"10.1108/ejmbe-10-2022-0332","DOIUrl":"https://doi.org/10.1108/ejmbe-10-2022-0332","url":null,"abstract":"PurposeThe purpose of this paper is to evaluate the performance of Microfinance Institutions (MFIs) offering FinTech services. This study contributes to the existing literature on microfinance digitalization, financial inclusion and sustainable development. The study also takes into consideration a behavioral perspective through the efficiency evaluation process of MFIs offering FinTech services.Design/methodology/approachThe following study employs the Stochastic Frontier Analysis approach to estimate the operational and social efficiency scores of the 387 MFIs over the period 2005–2019. Then, it tries to consider factors influencing MFIs' efficiency and assess their effects. Hence, two separate models for operation and social efficiency introducing a set of factors, including FinTech proxies and overconfidence proxies, are tested. The first model for operational efficiency uses a random-effects estimator while the second one for social efficiency uses a fixed-effects estimator.FindingsThe results show that innovative MFIs have weaker averages of operational efficiency than non-innovative ones but higher averages of social efficiency. This was justified by the fact that innovative MFIs are more socially oriented. Further, findings of this study depict that the proxies of FinTech affect negatively the level of operational efficiency of MFIs. They also depict a negative relationship between FinTech proxies and the level of social efficiency. These results hold through robustness tests.Originality/valueThe highlight of this study is that it takes heed of the indirect effect of technological innovation on the efficiency of MFIs. It has been proved that it moderates the impact of managerial overconfidence (manifested by excessive risk-taking, viz., high levels of PAR30, LGR and NIM) on the level of both operational and social efficiencies.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":"1 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41694691","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 : 2023-06-15DOI: 10.1108/ejmbe-07-2022-0224
A. Hakimi, Rim Boussaada, Majdi Karmani
PurposeThis paper aims to investigate the reciprocal nonlinear relationship between corporate social responsibility (CSR) and firm performance (FP).Design/methodology/approachThe authors used a sample of 814 European firms over the period 2008–2017. The Panel Smooth Transition Regression (PSTR) model was performed as an econometric approach.FindingsFirstly, results show a threshold effect in the CSR–FP relationships within the two directions. More specifically, the authors found that firms are more likely to engage in CSR by surpassing a threshold of 1.231% for return on assets (ROA) and 0.821% for Tobin’s Q ratio. Secondly, the authors also found that the impact of CSR on FP is positive and significant only if the environment, social and governance score surpasses the threshold of 56.780% when the dependent variable is ROA and 41.02% when Tobin’s Q ratio measures performance.Research limitations/implicationsA significant part of the literature supports the linear relationship between CSR and FP from the unique direction (CSR → FP). This study comes to fill this gap by assessing the possible nonlinear relationship. In addition, this nonlinear relationship is tested under the two directions. Therefore, defining the threshold of FP that allows companies to engage in CSR, on the one hand, and the threshold of engagement in CSR that improves FP, on the other hand, could be an exciting topic.Practical implicationsTo get the full benefit from CSR effects, firms should be with better financial performance to be socially responsible.Originality/valueTo the best of our knowledge, few studies have explored the nonlinear relationship between CSR and FP. In addition, this study raises the question of whether this relation is causal. The authors assess the two nonlinear relationships between CSR ? FP and FP ? CSR by determining the optimal thresholds.
{"title":"Corporate social responsibility and firm performance: a threshold analysis of European firms","authors":"A. Hakimi, Rim Boussaada, Majdi Karmani","doi":"10.1108/ejmbe-07-2022-0224","DOIUrl":"https://doi.org/10.1108/ejmbe-07-2022-0224","url":null,"abstract":"PurposeThis paper aims to investigate the reciprocal nonlinear relationship between corporate social responsibility (CSR) and firm performance (FP).Design/methodology/approachThe authors used a sample of 814 European firms over the period 2008–2017. The Panel Smooth Transition Regression (PSTR) model was performed as an econometric approach.FindingsFirstly, results show a threshold effect in the CSR–FP relationships within the two directions. More specifically, the authors found that firms are more likely to engage in CSR by surpassing a threshold of 1.231% for return on assets (ROA) and 0.821% for Tobin’s Q ratio. Secondly, the authors also found that the impact of CSR on FP is positive and significant only if the environment, social and governance score surpasses the threshold of 56.780% when the dependent variable is ROA and 41.02% when Tobin’s Q ratio measures performance.Research limitations/implicationsA significant part of the literature supports the linear relationship between CSR and FP from the unique direction (CSR → FP). This study comes to fill this gap by assessing the possible nonlinear relationship. In addition, this nonlinear relationship is tested under the two directions. Therefore, defining the threshold of FP that allows companies to engage in CSR, on the one hand, and the threshold of engagement in CSR that improves FP, on the other hand, could be an exciting topic.Practical implicationsTo get the full benefit from CSR effects, firms should be with better financial performance to be socially responsible.Originality/valueTo the best of our knowledge, few studies have explored the nonlinear relationship between CSR and FP. In addition, this study raises the question of whether this relation is causal. The authors assess the two nonlinear relationships between CSR ? FP and FP ? CSR by determining the optimal thresholds.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44752466","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 : 2023-06-12DOI: 10.1108/ejmbe-04-2021-0116
Sajid Ali, S. Raza, K. Khan
PurposeThis research paper aims to explore asymmetric market efficiency of the 13 Euro countries, i.e. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherland, Portugal, Slovakia, Slovenia and Spain, concerning the period before global financial crisis (GFC), after GFC and period of COVID-19 pandemic.Design/methodology/approachMultifractal detrended fluctuation analysis (MF-DFA) is applied to examine the persistence and anti-persistency. It also discusses the random walk behavior hypothesis of these 13 countries non-stationary time series. Additionally, generalized Hurst exponents are applied to estimate the relative efficiency between short- and long-run horizons and small and large fluctuations.FindingsThe current study results suggest that most countries' markets are multifractal and exhibit long-term persistence in the short and long run. Moreover, the results with respect to full sample confirm that Portugal is the most efficient country in short run and Austria is the least efficient country. However, in long run, Austria appeared to be highly efficient, and Slovakia is the least efficient. In the pre-GFC period, Greece is said to be the relatively most efficient market in the short run, whereas Austria is the most efficient market in the long run. In the case of Post-GFC, Netherland and Ireland are the most efficient markets in short and long run, respectively. Lastly, COVID-19 results indicate that Finland's stock market is the most efficient in short run. Whereas, in the long run, the high efficiency is illustrated by Germany. In contrast, the most affected stock market due to COVID-19 is Belgium.Originality/valueThis study will add value to the present knowledge on efficient market hypothesis (EMH) with the MF-DFA approach. Also, with the MF-DFA approach, potential investors will be capable of ranking the stock markets of Eurozone countries based on their efficiency in the period before and after GFC and then specifically in the period of COVID-19.
{"title":"Asymmetric market efficiency of the Eurozone using the MF-DFA: a comparison between global financial crisis and COVID-19 era","authors":"Sajid Ali, S. Raza, K. Khan","doi":"10.1108/ejmbe-04-2021-0116","DOIUrl":"https://doi.org/10.1108/ejmbe-04-2021-0116","url":null,"abstract":"PurposeThis research paper aims to explore asymmetric market efficiency of the 13 Euro countries, i.e. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherland, Portugal, Slovakia, Slovenia and Spain, concerning the period before global financial crisis (GFC), after GFC and period of COVID-19 pandemic.Design/methodology/approachMultifractal detrended fluctuation analysis (MF-DFA) is applied to examine the persistence and anti-persistency. It also discusses the random walk behavior hypothesis of these 13 countries non-stationary time series. Additionally, generalized Hurst exponents are applied to estimate the relative efficiency between short- and long-run horizons and small and large fluctuations.FindingsThe current study results suggest that most countries' markets are multifractal and exhibit long-term persistence in the short and long run. Moreover, the results with respect to full sample confirm that Portugal is the most efficient country in short run and Austria is the least efficient country. However, in long run, Austria appeared to be highly efficient, and Slovakia is the least efficient. In the pre-GFC period, Greece is said to be the relatively most efficient market in the short run, whereas Austria is the most efficient market in the long run. In the case of Post-GFC, Netherland and Ireland are the most efficient markets in short and long run, respectively. Lastly, COVID-19 results indicate that Finland's stock market is the most efficient in short run. Whereas, in the long run, the high efficiency is illustrated by Germany. In contrast, the most affected stock market due to COVID-19 is Belgium.Originality/valueThis study will add value to the present knowledge on efficient market hypothesis (EMH) with the MF-DFA approach. Also, with the MF-DFA approach, potential investors will be capable of ranking the stock markets of Eurozone countries based on their efficiency in the period before and after GFC and then specifically in the period of COVID-19.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44802094","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 : 2023-06-05DOI: 10.1108/ejmbe-09-2022-0272
B. Forés, César Camisón-Zornoza, J. Fernández-Yáñez
PurposeThis study empirically assesses the effects of two key types of organizational and managerial capabilities—dynamic capabilities, and coordination and cohesion capabilities—on environmental performance, considering the moderating effect of family ownership. By applying the tenets of the natural resource-based view and the dynamic capabilities theory, this paper offers new insights into the topic.Design/methodology/approachThe article presents empirical evidence from a survey of 1,019 firms operating in the Spanish tourism sector analyzed using multiple linear regression.FindingsOverall, our results show that both dynamic capabilities and coordination and cohesion capabilities have direct and synergetic positive effects on environmental performance. In addition, the results confirm recent studies that report conflicting evidence on how family ownership affects environmental performance: family ownership is found to exert a distinct direct effect on environmental performance and on the development and application of the capabilities required to improve such performance.Originality/valueThis article sheds light on the conceptual frontiers between the different types of capabilities, as well as provides practical ways of measuring them. The article also brings evidence to bear on the debate concerning the direct and moderating effect that family ownership exerts on the relationship between both types of capabilities over environmental performance. The results of this analysis confirm the complexity of the family ownership effect on this aspect, and provide important insights for both business practitioners and academics.
{"title":"The interplay between firms’ capabilities and ownership in explaining environmental performance","authors":"B. Forés, César Camisón-Zornoza, J. Fernández-Yáñez","doi":"10.1108/ejmbe-09-2022-0272","DOIUrl":"https://doi.org/10.1108/ejmbe-09-2022-0272","url":null,"abstract":"PurposeThis study empirically assesses the effects of two key types of organizational and managerial capabilities—dynamic capabilities, and coordination and cohesion capabilities—on environmental performance, considering the moderating effect of family ownership. By applying the tenets of the natural resource-based view and the dynamic capabilities theory, this paper offers new insights into the topic.Design/methodology/approachThe article presents empirical evidence from a survey of 1,019 firms operating in the Spanish tourism sector analyzed using multiple linear regression.FindingsOverall, our results show that both dynamic capabilities and coordination and cohesion capabilities have direct and synergetic positive effects on environmental performance. In addition, the results confirm recent studies that report conflicting evidence on how family ownership affects environmental performance: family ownership is found to exert a distinct direct effect on environmental performance and on the development and application of the capabilities required to improve such performance.Originality/valueThis article sheds light on the conceptual frontiers between the different types of capabilities, as well as provides practical ways of measuring them. The article also brings evidence to bear on the debate concerning the direct and moderating effect that family ownership exerts on the relationship between both types of capabilities over environmental performance. The results of this analysis confirm the complexity of the family ownership effect on this aspect, and provide important insights for both business practitioners and academics.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48313302","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 : 2023-06-01DOI: 10.1108/ejmbe-02-2022-0028
Emilio Calvo-Iriarte, María Victoria Esteban-González, Arturo Rodríguez-Castellanos
Purpose The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies. Design/methodology/approach A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco. Findings The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis. Research limitations/implications It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here. Practical and social implications The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises. Originality/value This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.
{"title":"The “industrial halo” and its impact on the assessment of corporate reputation","authors":"Emilio Calvo-Iriarte, María Victoria Esteban-González, Arturo Rodríguez-Castellanos","doi":"10.1108/ejmbe-02-2022-0028","DOIUrl":"https://doi.org/10.1108/ejmbe-02-2022-0028","url":null,"abstract":"Purpose The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies. Design/methodology/approach A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco. Findings The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis. Research limitations/implications It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here. Practical and social implications The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises. Originality/value This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136177123","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 : 2023-05-31DOI: 10.1108/ejmbe-09-2022-0288
Alfonso J. Gil, Gabriela Mosegui, Rosana Zenezi Moreira, Mauro J. Eguizabal
Purpose In the current context of change, leadership is significant in developing employees' commitment to change. In this work, the authors analysed the relationship between inclusive leadership and commitment to change and the mediating effect of job satisfaction between inclusive leadership and commitment to change. Design/methodology/approach Through a questionnaire, 256 employees from Brazil and Spain were interviewed. The hypotheses were tested through structural equations. Findings The results indicated that inclusive leadership is related to individuals' commitment to change and that job satisfaction mediates the relationship between leadership and commitment to change. Originality/value This research contributes to the literature on organisational change behaviour and the relationship between two critical contents – leadership and commitment to change – and points out the role of job satisfaction in this relationship. In addition, this work incorporates the variable country culture into the analysis model; however, it is not found to be statistically significant.
{"title":"The mediating effect of job satisfaction between inclusive leadership and commitment to change: evidence from Brazil and Spain","authors":"Alfonso J. Gil, Gabriela Mosegui, Rosana Zenezi Moreira, Mauro J. Eguizabal","doi":"10.1108/ejmbe-09-2022-0288","DOIUrl":"https://doi.org/10.1108/ejmbe-09-2022-0288","url":null,"abstract":"Purpose In the current context of change, leadership is significant in developing employees' commitment to change. In this work, the authors analysed the relationship between inclusive leadership and commitment to change and the mediating effect of job satisfaction between inclusive leadership and commitment to change. Design/methodology/approach Through a questionnaire, 256 employees from Brazil and Spain were interviewed. The hypotheses were tested through structural equations. Findings The results indicated that inclusive leadership is related to individuals' commitment to change and that job satisfaction mediates the relationship between leadership and commitment to change. Originality/value This research contributes to the literature on organisational change behaviour and the relationship between two critical contents – leadership and commitment to change – and points out the role of job satisfaction in this relationship. In addition, this work incorporates the variable country culture into the analysis model; however, it is not found to be statistically significant.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":"285 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135434760","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}
PurposeThis paper aims to analyze the connectedness between Gulf Cooperation Council (GCC) stock market index and cryptocurrencies. It investigates the relevant impact of RavenPack COVID sentiment on the dynamic of stock market indices and conventional cryptocurrencies as well as their Islamic counterparts during the onset of the COVID-19 crisis.Design/methodology/approachThe authors rely on the methodology of Diebold and Yilmaz (2012, 2014) to construct network-associated measures. Then, the wavelet coherence model was applied to explore co-movements between GCC stock markets, cryptocurrencies and RavenPack COVID sentiment. As a robustness check, the authors used the time-frequency connectedness developed by Barunik and Krehlik (2018) to verify the direction and scale connectedness among these markets.FindingsThe results illustrate the effect of COVID-19 on all cryptocurrency markets. The time variations of stock returns display stylized fact tails and volatility clustering for all return series. This stressful period increased investor pessimism and fears and generated negative emotions. The findings also highlight a high spillover of shocks between RavenPack COVID sentiment, Islamic and conventional stock return indices and cryptocurrencies. In addition, we find that RavenPack COVID sentiment is the main net transmitter of shocks for all conventional market indices and that most Islamic indices and cryptocurrencies are net receivers.Practical implicationsThis study provides two main types of implications: On the one hand, it helps fund managers adjust the risk exposure of their portfolio by including stocks that significantly respond to COVID-19 sentiment and those that do not. On the other hand, the volatility mechanism and investor sentiment can be interesting for investors as it allows them to consider the dynamics of each market and thus optimize the asset portfolio allocation.Originality/valueThis finding suggests that the RavenPack COVID sentiment is a net transmitter of shocks. It is considered a prominent channel of shock spillovers during the health crisis, which confirms the behavioral contagion. This study also identifies the contribution of particular interest to fund managers and investors. In fact, it helps them design their portfolio strategy accordingly.
{"title":"The directional spillover effects and time-frequency nexus between stock markets, cryptocurrency, and investor sentiment during the COVID-19 pandemic","authors":"Hayet Soltani, Jamila Taleb, Mouna Boujelbène Abbes","doi":"10.1108/ejmbe-09-2022-0305","DOIUrl":"https://doi.org/10.1108/ejmbe-09-2022-0305","url":null,"abstract":"PurposeThis paper aims to analyze the connectedness between Gulf Cooperation Council (GCC) stock market index and cryptocurrencies. It investigates the relevant impact of RavenPack COVID sentiment on the dynamic of stock market indices and conventional cryptocurrencies as well as their Islamic counterparts during the onset of the COVID-19 crisis.Design/methodology/approachThe authors rely on the methodology of Diebold and Yilmaz (2012, 2014) to construct network-associated measures. Then, the wavelet coherence model was applied to explore co-movements between GCC stock markets, cryptocurrencies and RavenPack COVID sentiment. As a robustness check, the authors used the time-frequency connectedness developed by Barunik and Krehlik (2018) to verify the direction and scale connectedness among these markets.FindingsThe results illustrate the effect of COVID-19 on all cryptocurrency markets. The time variations of stock returns display stylized fact tails and volatility clustering for all return series. This stressful period increased investor pessimism and fears and generated negative emotions. The findings also highlight a high spillover of shocks between RavenPack COVID sentiment, Islamic and conventional stock return indices and cryptocurrencies. In addition, we find that RavenPack COVID sentiment is the main net transmitter of shocks for all conventional market indices and that most Islamic indices and cryptocurrencies are net receivers.Practical implicationsThis study provides two main types of implications: On the one hand, it helps fund managers adjust the risk exposure of their portfolio by including stocks that significantly respond to COVID-19 sentiment and those that do not. On the other hand, the volatility mechanism and investor sentiment can be interesting for investors as it allows them to consider the dynamics of each market and thus optimize the asset portfolio allocation.Originality/valueThis finding suggests that the RavenPack COVID sentiment is a net transmitter of shocks. It is considered a prominent channel of shock spillovers during the health crisis, which confirms the behavioral contagion. This study also identifies the contribution of particular interest to fund managers and investors. In fact, it helps them design their portfolio strategy accordingly.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45063817","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 : 2023-05-23DOI: 10.1108/ejmbe-11-2021-0314
Alexandre Teixeira Dias, H. Martins, Valdeci Ferreira dos Santos, Pedro Verga Matos, Greiciele Macedo Morais
PurposeThis research aims to identify the optimal configuration of investment which leads firms to their best competitive positions, considering the degree of concentration in the market.Design/methodology/approachThe methodology was quantitative and based on secondary data with samples of 124, 106 and 90 firms from competitive environment classified as perfect competition, monopolistic competition and oligopoly, respectively. Proposed models' parameters were estimated by means of genetic algorithms.FindingsAdjustments on firm's investment are contingent on the degree of competition they face. Results are in line with existing academic research affirmation that the purpose of investments is to create and exploit opportunities for positive economic rents and that investments allow firms to protect from rivals' competitive actions and reinforce the need for investment decision makers to consider the environment in which the firm is competing, when defining the amount of investment that must be done to achieve and maintain a favorable competitive advantage position.Originality/valueThis research brings two main original contributions. The first one is the identification of the optimal amount of capital and R&D investments which leads firms to their best competitive positions, contingent to the degree of concentration of the competitive environment in which they operate, and the size of the firm. The second one is related to the use of genetic algorithms to estimate optimization models that considers the three competitive environments studied (perfect competition, monopolistic competition and oligopoly) and the investment variables in the linear and quadratic forms.
{"title":"Genetic algorithm modeling of European Union firms' competitive advantage","authors":"Alexandre Teixeira Dias, H. Martins, Valdeci Ferreira dos Santos, Pedro Verga Matos, Greiciele Macedo Morais","doi":"10.1108/ejmbe-11-2021-0314","DOIUrl":"https://doi.org/10.1108/ejmbe-11-2021-0314","url":null,"abstract":"PurposeThis research aims to identify the optimal configuration of investment which leads firms to their best competitive positions, considering the degree of concentration in the market.Design/methodology/approachThe methodology was quantitative and based on secondary data with samples of 124, 106 and 90 firms from competitive environment classified as perfect competition, monopolistic competition and oligopoly, respectively. Proposed models' parameters were estimated by means of genetic algorithms.FindingsAdjustments on firm's investment are contingent on the degree of competition they face. Results are in line with existing academic research affirmation that the purpose of investments is to create and exploit opportunities for positive economic rents and that investments allow firms to protect from rivals' competitive actions and reinforce the need for investment decision makers to consider the environment in which the firm is competing, when defining the amount of investment that must be done to achieve and maintain a favorable competitive advantage position.Originality/valueThis research brings two main original contributions. The first one is the identification of the optimal amount of capital and R&D investments which leads firms to their best competitive positions, contingent to the degree of concentration of the competitive environment in which they operate, and the size of the firm. The second one is related to the use of genetic algorithms to estimate optimization models that considers the three competitive environments studied (perfect competition, monopolistic competition and oligopoly) and the investment variables in the linear and quadratic forms.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47648664","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 : 2023-05-19DOI: 10.1108/ejmbe-05-2022-0126
Emmanuel Asafo-Adjei, A. Adam, Peterson Owusu Junior, C. Arthur, B. A. Seidu
PurposeThis study investigates information flow of market constituents and global indices at multi-frequencies.Design/methodology/approachThe study’s findings were obtained using the Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (I-CEEMDAN)-based cluster analysis executed for Rényi effective transfer entropy (RETE).FindingsThe authors find that significant negative information flows among sustainability equities (SEs) and conventional equities (CEs) at most multi-frequencies, which exacerbates diversification benefits. The information flows are mostly bi-directional, highlighting the importance of stock markets' constituents and their global indices in portfolio construction.Research limitations/implicationsThe authors advocate that both SE and CE markets are mostly heterogeneous, revealing some levels of markets inefficiencies.Originality/valueThe empirical literature on CEs is replete with several dynamics, revealing their returns behaviour for diversification purposes, leaving very little to know about the returns behaviour of SE. Wherein, an avalanche of several initiatives on Corporate Social Responsibility (CSR) enjoin firms to operate socially responsible, but investors need to have a clear reason to remain sustainable into the foreseeable future period. Accordingly, the humble desire of investors is the formation of a well-diversified portfolio and would highly demand stocks to the extent that they form a reliable portfolio, especially, amid SEs and/or CEs.
{"title":"Multi-frequency information transmission among constituents and global equity returns: a sustainable and conventional way of investing","authors":"Emmanuel Asafo-Adjei, A. Adam, Peterson Owusu Junior, C. Arthur, B. A. Seidu","doi":"10.1108/ejmbe-05-2022-0126","DOIUrl":"https://doi.org/10.1108/ejmbe-05-2022-0126","url":null,"abstract":"PurposeThis study investigates information flow of market constituents and global indices at multi-frequencies.Design/methodology/approachThe study’s findings were obtained using the Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (I-CEEMDAN)-based cluster analysis executed for Rényi effective transfer entropy (RETE).FindingsThe authors find that significant negative information flows among sustainability equities (SEs) and conventional equities (CEs) at most multi-frequencies, which exacerbates diversification benefits. The information flows are mostly bi-directional, highlighting the importance of stock markets' constituents and their global indices in portfolio construction.Research limitations/implicationsThe authors advocate that both SE and CE markets are mostly heterogeneous, revealing some levels of markets inefficiencies.Originality/valueThe empirical literature on CEs is replete with several dynamics, revealing their returns behaviour for diversification purposes, leaving very little to know about the returns behaviour of SE. Wherein, an avalanche of several initiatives on Corporate Social Responsibility (CSR) enjoin firms to operate socially responsible, but investors need to have a clear reason to remain sustainable into the foreseeable future period. Accordingly, the humble desire of investors is the formation of a well-diversified portfolio and would highly demand stocks to the extent that they form a reliable portfolio, especially, amid SEs and/or CEs.","PeriodicalId":45118,"journal":{"name":"European Journal of Management and Business Economics","volume":" ","pages":""},"PeriodicalIF":4.5,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44105889","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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