首页 > 最新文献

International Journal of Emerging Markets最新文献

英文 中文
On the connection between clean energy stocks and African stock markets: does uncertainty due to infectious diseases matter? 关于清洁能源股票与非洲股市之间的联系:传染病带来的不确定性重要吗?
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-08-14 DOI: 10.1108/ijoem-05-2022-0818
I. Fasanya, Oluwatomisin J. Oyewole
PurposeAs financial markets for environmentally friendly investment grow in both scope and size, analyzing the relationship between green financial markets and African stocks becomes an important issue. Therefore, this paper examines the role of infectious disease-based uncertainty on the dynamic spillovers between African stock markets and clean energy stocks.Design/methodology/approachThe authors employ the dynamic spillover in time and frequency domains and the nonparametric causality-in-quantiles approach over the period of November 30, 2010, to August 18, 2021.FindingsThese findings are discernible in this study's analysis. First, the authors find evidence of strong connectedness between the African stock markets and the clean energy market, and long-lived but weak in the short and medium investment horizons. Second, the BDS test shows that nonlinearity is crucial when examining the role of infectious disease-based equity market volatility in affecting the interactions between clean energy stocks and African stock markets. Third, the causal analysis provides evidence in support of a nonlinear causal relationship between uncertainties due to infectious diseases and the connection between both markets, mostly at lower and median quantiles.Originality/valueConsidering the global and recent use of clean energy equities and the stock markets for hedging and speculative purposes, one may argue that rising uncertainties may significantly influence risk transmissions across these markets. This study, therefore, is the first to examine the role of pandemic uncertainty on the connection between clean stocks and the African stock markets.
随着环境友好型投资金融市场的范围和规模不断扩大,分析绿色金融市场与非洲股票之间的关系成为一个重要问题。因此,本文考察了基于传染病的不确定性对非洲股票市场和清洁能源股票之间动态溢出效应的作用。设计/方法/方法作者在2010年11月30日至2021年8月18日期间采用了时域和频域的动态溢出和非参数分位数因果关系方法。这些发现在本研究的分析中是显而易见的。首先,作者发现了非洲股票市场和清洁能源市场之间紧密联系的证据,这种联系存在很长时间,但在中短期投资视野中很弱。其次,BDS检验表明,在检验基于传染病的股票市场波动对清洁能源股票与非洲股票市场相互作用的影响时,非线性是至关重要的。第三,因果分析提供了证据,支持传染病造成的不确定性与两个市场之间的联系之间存在非线性因果关系,主要是在较低和中位数。考虑到全球和最近将清洁能源股票和股票市场用于对冲和投机目的,人们可能会认为,不断上升的不确定性可能会严重影响这些市场的风险传导。因此,这项研究首次审查了流行病不确定性对清洁库存与非洲股票市场之间联系的作用。
{"title":"On the connection between clean energy stocks and African stock markets: does uncertainty due to infectious diseases matter?","authors":"I. Fasanya, Oluwatomisin J. Oyewole","doi":"10.1108/ijoem-05-2022-0818","DOIUrl":"https://doi.org/10.1108/ijoem-05-2022-0818","url":null,"abstract":"PurposeAs financial markets for environmentally friendly investment grow in both scope and size, analyzing the relationship between green financial markets and African stocks becomes an important issue. Therefore, this paper examines the role of infectious disease-based uncertainty on the dynamic spillovers between African stock markets and clean energy stocks.Design/methodology/approachThe authors employ the dynamic spillover in time and frequency domains and the nonparametric causality-in-quantiles approach over the period of November 30, 2010, to August 18, 2021.FindingsThese findings are discernible in this study's analysis. First, the authors find evidence of strong connectedness between the African stock markets and the clean energy market, and long-lived but weak in the short and medium investment horizons. Second, the BDS test shows that nonlinearity is crucial when examining the role of infectious disease-based equity market volatility in affecting the interactions between clean energy stocks and African stock markets. Third, the causal analysis provides evidence in support of a nonlinear causal relationship between uncertainties due to infectious diseases and the connection between both markets, mostly at lower and median quantiles.Originality/valueConsidering the global and recent use of clean energy equities and the stock markets for hedging and speculative purposes, one may argue that rising uncertainties may significantly influence risk transmissions across these markets. This study, therefore, is the first to examine the role of pandemic uncertainty on the connection between clean stocks and the African stock markets.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44228831","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Intraday price discovery and volatility transmission between the dual-listed stock index futures and spot markets – new evidence from India 双重上市股指期货和现货市场之间的日内价格发现和波动性传递——来自印度的新证据
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-08-08 DOI: 10.1108/ijoem-07-2022-1097
Sivakumar Sundararajan, S. Balasubramanian
PurposeThis study empirically explores the intraday price discovery mechanism and volatility transmission effect between the dual-listed Indian Nifty index futures traded simultaneously on the onshore Indian exchange, National Stock Exchange (NSE) and offshore Singapore Exchange (SGX) and its spot market by using high-frequency data.Design/methodology/approachThis study applies the vector error correction model to analyze the lead-lag relationship in price discovery among three markets. The contributions of individual markets in assimilating new information into prices are measured using various measures, Hasbrouck's (1995) information share, Lien and Shrestha's (2009) modified information share and Gonzalo and Granger's (1995) component share. Additionally, the Granger causality test is conducted to determine the causal relationship. Lastly, the BEKK-GARCH specification is employed to analyze the volatility transmission.FindingsThis study provides robust evidence that Nifty futures lead the spot in price discovery. The offshore SGX Nifty futures consistently ranked first in contributing to price discovery, followed by onshore NSE Nifty futures and finally by the spot. Empirical results also show unidirectional causality and volatility transmission from Nifty futures to spot, as well as bidirectional causal relationship and volatility spillovers between NSE and SGX Nifty futures. These novel findings provide fresh insights into the informational efficiency of the dual-listed Indian Nifty futures, which is distinct from previous literature.Practical implicationsThese findings can potentially help market participants, policymakers, stock exchanges and regulators.Originality/valueUnlike previous studies in this area, this is the first study that empirically examines the intraday price discovery mechanism and volatility spillover between the dual-listed futures markets and its spot market using 5-min overlapping price data and trivariate econometric models.
本研究利用高频数据,实证探讨在在岸印度交易所、国家证券交易所(NSE)和离岸新加坡交易所(SGX)同时上市的印度Nifty指数期货与现货市场之间的盘中价格发现机制和波动传导效应。设计/方法/方法本研究运用向量误差修正模型分析三个市场之间价格发现的领先-滞后关系。个体市场在将新信息吸收到价格中的贡献使用不同的度量来衡量,Hasbrouck(1995)的信息共享,Lien和Shrestha(2009)的修正信息共享和Gonzalo和Granger(1995)的成分共享。此外,通过格兰杰因果检验来确定因果关系。最后,采用BEKK-GARCH规范对波动率传输进行分析。本研究提供了强有力的证据,证明漂亮期货在价格发现方面领先现货。SGX Nifty离岸期货在价格发现方面一直排名第一,其次是在岸NSE Nifty期货,最后是现货。实证结果还表明,NSE与SGX Nifty期货之间存在单向因果关系和波动传导,NSE与SGX Nifty期货之间存在双向因果关系和波动溢出。这些新颖的发现为两地上市的印度Nifty期货的信息效率提供了新的见解,这与以往的文献不同。这些发现可能对市场参与者、政策制定者、证券交易所和监管机构有所帮助。原创性/价值与该领域之前的研究不同,这是第一次利用5分钟重叠价格数据和三元计量经济模型,对两地上市的期货市场和现货市场之间的日内价格发现机制和波动溢出进行实证研究。
{"title":"Intraday price discovery and volatility transmission between the dual-listed stock index futures and spot markets – new evidence from India","authors":"Sivakumar Sundararajan, S. Balasubramanian","doi":"10.1108/ijoem-07-2022-1097","DOIUrl":"https://doi.org/10.1108/ijoem-07-2022-1097","url":null,"abstract":"PurposeThis study empirically explores the intraday price discovery mechanism and volatility transmission effect between the dual-listed Indian Nifty index futures traded simultaneously on the onshore Indian exchange, National Stock Exchange (NSE) and offshore Singapore Exchange (SGX) and its spot market by using high-frequency data.Design/methodology/approachThis study applies the vector error correction model to analyze the lead-lag relationship in price discovery among three markets. The contributions of individual markets in assimilating new information into prices are measured using various measures, Hasbrouck's (1995) information share, Lien and Shrestha's (2009) modified information share and Gonzalo and Granger's (1995) component share. Additionally, the Granger causality test is conducted to determine the causal relationship. Lastly, the BEKK-GARCH specification is employed to analyze the volatility transmission.FindingsThis study provides robust evidence that Nifty futures lead the spot in price discovery. The offshore SGX Nifty futures consistently ranked first in contributing to price discovery, followed by onshore NSE Nifty futures and finally by the spot. Empirical results also show unidirectional causality and volatility transmission from Nifty futures to spot, as well as bidirectional causal relationship and volatility spillovers between NSE and SGX Nifty futures. These novel findings provide fresh insights into the informational efficiency of the dual-listed Indian Nifty futures, which is distinct from previous literature.Practical implicationsThese findings can potentially help market participants, policymakers, stock exchanges and regulators.Originality/valueUnlike previous studies in this area, this is the first study that empirically examines the intraday price discovery mechanism and volatility spillover between the dual-listed futures markets and its spot market using 5-min overlapping price data and trivariate econometric models.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42914652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Local government debt and earnings management: evidence from China 地方政府债务与盈余管理:来自中国的证据
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-08-08 DOI: 10.1108/ijoem-05-2022-0758
Hong Xie, Shulin Xu, Zefeng Tong
PurposeThis study examines the effect of local government debt (LGD) on corporate earnings management using 25,624 firm-year observations from 2007 to 2019.Design/methodology/approachPooled ordinary least squares (OLS) regression is used to examine the impact of LGD on earnings management. A difference-in-differences (DID) method is also used to alleviate potential endogeneity.FindingsResults show that LGD motivates firms to increase earnings management, especially income-decreasing earnings management. Findings are robust to DID method and robustness tests. Heterogeneity analyses show that the positive effect of LGD on earnings management is pronounced in firms with political dependence and moderated by external governance mechanisms. Further discussions indicate that tax enforcement is an underlying channel for LGD to affect earnings management. Firms engage in downward real earnings management by increasing their abnormal discretionary expenditures and higher LGD leads to a greater book-tax difference in those firms that manipulate income-decreasing earnings management.Originality/valueThis study contributes towards examining the political costs hypothesis, the microeconomic effects of LGD and the determinants of earnings management.
目的本研究利用2007年至2019年25624个公司年度的观察结果,检验了地方政府债务(LGD)对企业盈余管理的影响。设计/方法/近似组合普通最小二乘(OLS)回归用于检验地方政府债务对盈余管理的影响。差异中的差异(DID)方法也被用来缓解潜在的内生性。研究结果表明,LGD激励企业加强盈余管理,特别是减少收入的盈余管理。研究结果对DID方法和稳健性测试具有稳健性。异质性分析表明,LGD对盈余管理的正向影响在具有政治依赖性的公司中显著,并受到外部治理机制的调节。进一步的讨论表明,税收执法是LGD影响盈余管理的一个潜在渠道。公司通过增加其异常可自由支配支出来进行向下的实际盈余管理,而较高的LGD会导致那些操纵收入递减盈余管理的公司出现更大的账面税差。原创性/价值本研究有助于检验政治成本假说、LGD的微观经济效应和盈余管理的决定因素。
{"title":"Local government debt and earnings management: evidence from China","authors":"Hong Xie, Shulin Xu, Zefeng Tong","doi":"10.1108/ijoem-05-2022-0758","DOIUrl":"https://doi.org/10.1108/ijoem-05-2022-0758","url":null,"abstract":"PurposeThis study examines the effect of local government debt (LGD) on corporate earnings management using 25,624 firm-year observations from 2007 to 2019.Design/methodology/approachPooled ordinary least squares (OLS) regression is used to examine the impact of LGD on earnings management. A difference-in-differences (DID) method is also used to alleviate potential endogeneity.FindingsResults show that LGD motivates firms to increase earnings management, especially income-decreasing earnings management. Findings are robust to DID method and robustness tests. Heterogeneity analyses show that the positive effect of LGD on earnings management is pronounced in firms with political dependence and moderated by external governance mechanisms. Further discussions indicate that tax enforcement is an underlying channel for LGD to affect earnings management. Firms engage in downward real earnings management by increasing their abnormal discretionary expenditures and higher LGD leads to a greater book-tax difference in those firms that manipulate income-decreasing earnings management.Originality/valueThis study contributes towards examining the political costs hypothesis, the microeconomic effects of LGD and the determinants of earnings management.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46540186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mitigated liability of origin: a more salient category triggered by M&A as an establishment mode 减轻起源责任:作为建立模式的并购所引发的一个较为突出的范畴
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-08-04 DOI: 10.1108/ijoem-05-2022-0826
Yan-li Zuo
PurposeThis paper aims to explore how the establishment modes used by emerging economy multinational corporations (EE-MNCs) influence their subsequent experiences of liability of origin (LOO) in developed economies based on the causal-model theory of categorization.Design/methodology/approachTaking Chinese listed firms' direct investments in developed economies as the sample, this paper utilizes Heckman (1979)'s self-selection model to examine the effect of establishment modes. Besides, when checking the robustness, subsample analyses and 2SLS regressions are used to rule out the alternative explanation associated with LOO mitigation.FindingsEE-MNCs that enter a developed economy by greenfield investment experience heightened LOO while entries using M&A are associated with the mitigated liability. When EEMNCs enter a more institutionally distant developed country, the establishment modes will be more determinant of their subsequent experiences of this liability. Moreover, the effect of establishment modes can recede when EE-MNCs have established their presence in a developed country for a longer time.Originality/valueThis paper utilizes the causal-model theory of categorization to articulate the underlying mechanisms through which the country-of-origin cue is weakened by the cue transmitted by M&A. It further considers the context-saliency of the cue of M&A and clarifies boundary conditions for the effectiveness of this establishment mode to mitigate LOO.
本文旨在基于分类的因果模型理论,探讨新兴经济体跨国公司(e - mncs)的建立模式如何影响其在发达经济体的原产地责任(LOO)后续经验。本文以中国上市公司在发达经济体的直接投资为样本,采用Heckman(1979)的自我选择模型来检验建立模式的效果。此外,在检查稳健性时,使用子样本分析和2SLS回归来排除与LOO缓解相关的替代解释。研究发现,通过绿地投资进入发达经济体的跨国公司的LOO增加,而通过并购进入的跨国公司的责任减轻。当新兴市场国家进入一个体制上比较遥远的发达国家时,建立模式将更能决定它们后来对这种责任的经验。此外,当电子-跨国公司在发达国家建立业务的时间越长,建立模式的影响就会减弱。原创性/价值本文运用分类的因果模型理论阐明了原产国线索被并购所传递的线索削弱的潜在机制。进一步考虑了并购线索的情境显著性,并明确了这种建立模式有效缓解LOO的边界条件。
{"title":"Mitigated liability of origin: a more salient category triggered by M&A as an establishment mode","authors":"Yan-li Zuo","doi":"10.1108/ijoem-05-2022-0826","DOIUrl":"https://doi.org/10.1108/ijoem-05-2022-0826","url":null,"abstract":"PurposeThis paper aims to explore how the establishment modes used by emerging economy multinational corporations (EE-MNCs) influence their subsequent experiences of liability of origin (LOO) in developed economies based on the causal-model theory of categorization.Design/methodology/approachTaking Chinese listed firms' direct investments in developed economies as the sample, this paper utilizes Heckman (1979)'s self-selection model to examine the effect of establishment modes. Besides, when checking the robustness, subsample analyses and 2SLS regressions are used to rule out the alternative explanation associated with LOO mitigation.FindingsEE-MNCs that enter a developed economy by greenfield investment experience heightened LOO while entries using M&A are associated with the mitigated liability. When EEMNCs enter a more institutionally distant developed country, the establishment modes will be more determinant of their subsequent experiences of this liability. Moreover, the effect of establishment modes can recede when EE-MNCs have established their presence in a developed country for a longer time.Originality/valueThis paper utilizes the causal-model theory of categorization to articulate the underlying mechanisms through which the country-of-origin cue is weakened by the cue transmitted by M&A. It further considers the context-saliency of the cue of M&A and clarifies boundary conditions for the effectiveness of this establishment mode to mitigate LOO.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48278915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Working capital management and firm performance: evidence from emerging African markets 营运资本管理与企业绩效:来自新兴非洲市场的证据
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-08-01 DOI: 10.1108/ijoem-03-2022-0490
U. Kayani, C. Gan, T. Choudhury, A. Arslan
PurposeThe paper aims to investigate the empirical impact of working capital management (WCM) on firm performance (FP) in the emerging markets of Africa. This paper also aims to investigate this relationship during the global financial crisis of 2008 (GFC, 2008).Design/methodology/approachThe sample of this study comprises two leading emerging markets in Africa (Egypt and South Africa) based on the MSCI world market classification list for the period 2007–2020. The study employs various regression techniques such as fixed effect and system generalized method of moments. In addition to baseline regressions, the authors applied various preliminary tests and, finally robustness measures. Besides the dependent, independent variables, the study uses firm-level and country macroeconomic-level explanatory variables.FindingsThe study's results indicate that (1) WCM and FP exhibit a direct relationship and (2) the WCM components such as cash conversion cycle, average collection period and the average age of inventory, have a significant inverse relationship, whereas the average payment period has a direct relationship with FP. The robustness results are assessed based on the selection of an alternative proxy for FP measurement, controlling for industry, country, year effect and the exclusion of the GFC 2008.Practical implicationsThis study has various implications in terms of theoretical, societal and practical application for practitioners, managers, investors and regulators. In terms of theoretical implications, this is the first study that contributes to the existing body of knowledge in corporate finance and managerial accounting in relation to the examination of this relationship in the African region. Finally, practitioners, including regulators, can benefit from the study's findings while devising investment policies for investors in the region. More specifically, the financial sector conduct authority (FSCA) in South Africa and the financial regulatory authority (FRA) in Egypt can consider these findings to devise financial policies that aim to foster the FP.Social implicationsSociety benefits from the study's findings too. The efficient management of the WCM components will raise firm profits and investment opportunities for the society in Egypt and South Africa. A firm with good performance levels will increase salaries and will provide compensation to their employees in terms of bonuses. These compensations are one of the sources for achieving FP, which is evident from existing literature as well in the case of corporate governance studies. These compensations have psychological impacts as well. As society has its basic needs and goods, compensation levels will be tilted less toward societal ethical issues.Originality/valueThis study has various distinguishing features, which prior studies mostly lack, as most of these studies are on an individual country dataset, shorter periods, mixed results, lesser explanatory variables and no country-relat
目的研究非洲新兴市场营运资本管理(WCM)对企业绩效(FP)的实证影响。本文还旨在调查2008年全球金融危机期间的这种关系(GFC,2008)。设计/方法/方法本研究的样本包括非洲两个领先的新兴市场(埃及和南非),基于2007-2020年MSCI世界市场分类列表。该研究采用了各种回归技术,如固定效应和系统广义矩法。除了基线回归外,作者还应用了各种初步测试,最后是稳健性测量。除了因变量和自变量外,本研究还使用了企业层面和国家宏观经济层面的解释变量。研究结果表明:(1)WCM与FP呈直接关系;(2)现金转换周期、平均收款期和平均库存年限等WCM组成部分与FP呈显著的反比关系,而平均付款期与FP呈正相关。稳健性结果是根据FP测量的替代指标的选择、行业、国家、年份效应的控制以及2008年全球金融危机的排除进行评估的。实际含义本研究在理论、社会和实际应用方面对从业者、管理者、投资者和监管机构具有各种含义。就理论含义而言,这是第一项有助于研究非洲地区公司财务和管理会计现有知识体系的研究。最后,包括监管机构在内的从业者在为该地区投资者制定投资政策时,可以从研究结果中受益。更具体地说,南非的金融部门行为管理局(FSCA)和埃及的金融监管局(FRA)可以考虑这些发现,制定旨在促进FP的金融政策。社会影响社会也从研究结果中受益。WCM组成部分的有效管理将为埃及和南非的社会提高公司利润和投资机会。一家业绩水平好的公司将提高工资,并以奖金的形式向员工提供补偿。这些补偿是实现FP的来源之一,这在现有文献以及公司治理研究中都很明显。这些补偿也会对心理产生影响。由于社会有其基本需求和商品,补偿水平将不那么倾向于社会道德问题。原创性/价值这项研究具有各种不同的特征,而以前的研究大多缺乏这些特征,因为这些研究大多是在单个国家的数据集上进行的,周期较短,结果喜忧参半,解释变量较少,没有与国家相关的控制变量。作者解决了所有这些挑战,并根据非洲市场的各种衡量标准提供了稳健的结果。该研究结果证实了南非和埃及的WCM和FP之间的直接关系,反映了非洲的新兴市场。
{"title":"Working capital management and firm performance: evidence from emerging African markets","authors":"U. Kayani, C. Gan, T. Choudhury, A. Arslan","doi":"10.1108/ijoem-03-2022-0490","DOIUrl":"https://doi.org/10.1108/ijoem-03-2022-0490","url":null,"abstract":"PurposeThe paper aims to investigate the empirical impact of working capital management (WCM) on firm performance (FP) in the emerging markets of Africa. This paper also aims to investigate this relationship during the global financial crisis of 2008 (GFC, 2008).Design/methodology/approachThe sample of this study comprises two leading emerging markets in Africa (Egypt and South Africa) based on the MSCI world market classification list for the period 2007–2020. The study employs various regression techniques such as fixed effect and system generalized method of moments. In addition to baseline regressions, the authors applied various preliminary tests and, finally robustness measures. Besides the dependent, independent variables, the study uses firm-level and country macroeconomic-level explanatory variables.FindingsThe study's results indicate that (1) WCM and FP exhibit a direct relationship and (2) the WCM components such as cash conversion cycle, average collection period and the average age of inventory, have a significant inverse relationship, whereas the average payment period has a direct relationship with FP. The robustness results are assessed based on the selection of an alternative proxy for FP measurement, controlling for industry, country, year effect and the exclusion of the GFC 2008.Practical implicationsThis study has various implications in terms of theoretical, societal and practical application for practitioners, managers, investors and regulators. In terms of theoretical implications, this is the first study that contributes to the existing body of knowledge in corporate finance and managerial accounting in relation to the examination of this relationship in the African region. Finally, practitioners, including regulators, can benefit from the study's findings while devising investment policies for investors in the region. More specifically, the financial sector conduct authority (FSCA) in South Africa and the financial regulatory authority (FRA) in Egypt can consider these findings to devise financial policies that aim to foster the FP.Social implicationsSociety benefits from the study's findings too. The efficient management of the WCM components will raise firm profits and investment opportunities for the society in Egypt and South Africa. A firm with good performance levels will increase salaries and will provide compensation to their employees in terms of bonuses. These compensations are one of the sources for achieving FP, which is evident from existing literature as well in the case of corporate governance studies. These compensations have psychological impacts as well. As society has its basic needs and goods, compensation levels will be tilted less toward societal ethical issues.Originality/valueThis study has various distinguishing features, which prior studies mostly lack, as most of these studies are on an individual country dataset, shorter periods, mixed results, lesser explanatory variables and no country-relat","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47689029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Machine learning and manager selection: evidence from South Africa 机器学习和管理者选择:来自南非的证据
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-07-28 DOI: 10.1108/ijoem-06-2022-0998
Daniel Page, Yudhvir Seetharam, C. Auret
PurposeThis study investigates whether the skilled minority of active equity managers in emerging markets can be identified using a machine learning (ML) framework that incorporates a large set of performance characteristics.Design/methodology/approachThe study uses a cross-section of South African active equity managers from January 2002 to December 2021. The performance characteristics are analysed using ML models, with a particular focus on gradient boosters, and naïve selection techniques such as momentum and style alpha. The out-of-sample nominal, excess and risk-adjusted returns are evaluated, and precision tests are conducted to assess the accuracy of the performance predictions.FindingsA minority of active managers exhibit skill that results in generating alpha, even after accounting for fees, and show that ML models, particularly gradient boosters, are superior at identifying non-linearities. LightGBM (LG) achieves the highest out-of-sample nominal, excess and risk-adjusted return and proves to be the most accurate predictor of performance in precision tests. Naïve selection techniques, such as momentum and style alpha, outperform most ML models in forecasting emerging market active manager performance.Originality/valueThe authors contribute to the literature by demonstrating that a ML approach that incorporates a large set of performance characteristics can be used to identify skilled active equity managers in emerging markets. The findings suggest that both ML models and naïve selection techniques can be used to predict performance, but the former is more accurate in predicting ex ante performance. This study has practical implications for investment practitioners and academics interested in active asset manager performance in emerging markets.
本研究调查了新兴市场中少数熟练的主动股票经理是否可以使用包含大量绩效特征的机器学习(ML)框架来识别。设计/方法/方法本研究使用了2002年1月至2021年12月期间南非主动股票经理的横截面。使用ML模型分析性能特征,特别关注梯度助推器,以及naïve选择技术,如动量和风格alpha。评估了样本外的名义收益、超额收益和风险调整后的收益,并进行了精度测试,以评估业绩预测的准确性。少数主动型基金经理表现出了产生阿尔法的技能,即使在考虑了费用后也是如此。研究结果表明,ML模型,尤其是梯度增强模型,在识别非线性方面更有优势。LightGBM (LG)实现最高的样本外标称,超额和风险调整后的回报,并证明是精度测试中最准确的性能预测器。Naïve选择技术,如动量和风格alpha,在预测新兴市场主动经理绩效方面优于大多数ML模型。原创性/价值作者通过证明一种包含大量绩效特征的机器学习方法可用于识别新兴市场中熟练的主动股票经理,从而为文献做出了贡献。研究结果表明,ML模型和naïve选择技术都可以用于预测性能,但前者在预测事前性能方面更准确。本研究对对新兴市场主动资产管理公司绩效感兴趣的投资从业者和学者具有实际意义。
{"title":"Machine learning and manager selection: evidence from South Africa","authors":"Daniel Page, Yudhvir Seetharam, C. Auret","doi":"10.1108/ijoem-06-2022-0998","DOIUrl":"https://doi.org/10.1108/ijoem-06-2022-0998","url":null,"abstract":"PurposeThis study investigates whether the skilled minority of active equity managers in emerging markets can be identified using a machine learning (ML) framework that incorporates a large set of performance characteristics.Design/methodology/approachThe study uses a cross-section of South African active equity managers from January 2002 to December 2021. The performance characteristics are analysed using ML models, with a particular focus on gradient boosters, and naïve selection techniques such as momentum and style alpha. The out-of-sample nominal, excess and risk-adjusted returns are evaluated, and precision tests are conducted to assess the accuracy of the performance predictions.FindingsA minority of active managers exhibit skill that results in generating alpha, even after accounting for fees, and show that ML models, particularly gradient boosters, are superior at identifying non-linearities. LightGBM (LG) achieves the highest out-of-sample nominal, excess and risk-adjusted return and proves to be the most accurate predictor of performance in precision tests. Naïve selection techniques, such as momentum and style alpha, outperform most ML models in forecasting emerging market active manager performance.Originality/valueThe authors contribute to the literature by demonstrating that a ML approach that incorporates a large set of performance characteristics can be used to identify skilled active equity managers in emerging markets. The findings suggest that both ML models and naïve selection techniques can be used to predict performance, but the former is more accurate in predicting ex ante performance. This study has practical implications for investment practitioners and academics interested in active asset manager performance in emerging markets.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42076225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate entrepreneurship in a collectivist culture: the role of time availability 集体主义文化中的企业创业:时间可用性的作用
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-07-27 DOI: 10.1108/ijoem-08-2022-1304
Nebojša Janićijević, L. Kontić
PurposeThis study aims to investigate whether the model containing five organisational determinants of corporate entrepreneurship developed by Kuratko, Hornsby and Covin is valid in Serbia.Design/methodology/approachThe model was tested on a sample that included managers and employees from four banks in Serbia. The Corporate Entrepreneurship Assessment Instrument (CEAI) was used as the research instrument and factor analysis was used as the basic statistical method. This study examined whether the 48 items that compose the CEAI could be grouped in the context of the national culture of Serbia to provide the five determinants that were identified by Kuratko, Hornsby and Covin.FindingsThe results show that the factor analysis identified four determinants identical to those in the CEAI model. However, time availability failed the validity test in previous studies conducted in Serbia and other countries with collectivist cultures. It can be concluded that collectivism connected with high-power distance, uncertainty avoidance and the polychromatic concept of time caused the cultural limitation of time availability as a determinant of corporate entrepreneurship.Originality/valueThis study indicates that national culture could be a factor that determines the validity of organisational determinants of corporate entrepreneurship and that these factors cannot be taken for granted in cultures other than those in which the theory of corporate entrepreneurship arose. Finally, corporate entrepreneurship has been investigated in the banking industry, which is unusual because it is globally renowned for its conservatism.
本研究旨在探讨由Kuratko、Hornsby和Covin提出的包含公司创业五个组织决定因素的模型在塞尔维亚是否有效。设计/方法/方法该模型在塞尔维亚四家银行的经理和员工样本上进行了测试。采用企业创业评估工具(CEAI)作为研究工具,采用因子分析作为基本统计方法。本研究考察了构成CEAI的48个项目是否可以在塞尔维亚民族文化背景下进行分组,以提供由Kuratko, Hornsby和Covin确定的五个决定因素。结果表明,因子分析确定了与CEAI模型相同的四个决定因素。然而,在塞尔维亚和其他具有集体主义文化的国家进行的研究中,时间可得性未能通过效度检验。可以得出结论,与高权力距离、不确定性规避和多色时间概念相关的集体主义导致了时间可用性作为企业创业决定因素的文化限制。原创性/价值本研究表明,民族文化可能是决定企业创业的组织决定因素有效性的一个因素,而这些因素在企业创业理论产生的文化之外的文化中不能被视为理所当然。最后,企业企业家精神也被研究在银行业,这是不寻常的,因为它是全球闻名的保守。
{"title":"Corporate entrepreneurship in a collectivist culture: the role of time availability","authors":"Nebojša Janićijević, L. Kontić","doi":"10.1108/ijoem-08-2022-1304","DOIUrl":"https://doi.org/10.1108/ijoem-08-2022-1304","url":null,"abstract":"PurposeThis study aims to investigate whether the model containing five organisational determinants of corporate entrepreneurship developed by Kuratko, Hornsby and Covin is valid in Serbia.Design/methodology/approachThe model was tested on a sample that included managers and employees from four banks in Serbia. The Corporate Entrepreneurship Assessment Instrument (CEAI) was used as the research instrument and factor analysis was used as the basic statistical method. This study examined whether the 48 items that compose the CEAI could be grouped in the context of the national culture of Serbia to provide the five determinants that were identified by Kuratko, Hornsby and Covin.FindingsThe results show that the factor analysis identified four determinants identical to those in the CEAI model. However, time availability failed the validity test in previous studies conducted in Serbia and other countries with collectivist cultures. It can be concluded that collectivism connected with high-power distance, uncertainty avoidance and the polychromatic concept of time caused the cultural limitation of time availability as a determinant of corporate entrepreneurship.Originality/valueThis study indicates that national culture could be a factor that determines the validity of organisational determinants of corporate entrepreneurship and that these factors cannot be taken for granted in cultures other than those in which the theory of corporate entrepreneurship arose. Finally, corporate entrepreneurship has been investigated in the banking industry, which is unusual because it is globally renowned for its conservatism.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45861409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Indian start-ups going public: return and volatility of stocks during bear and bull regimes 印度初创企业上市:熊市和牛市期间股票的回报和波动性
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-07-25 DOI: 10.1108/ijoem-06-2022-0898
K. Das
PurposeStart-ups are successful in receiving valuation in billions of US dollars prior to initial public offering (IPO). However, to sustain higher valuation, the stocks need to perform consistently after the IPO. Short-run stock performance of India-based start-ups during the first year of IPO listing from March 2021 to March 2022 is analysed.Design/methodology/approachThe paper deals with the new generation start-ups' stock performance in emerging market in terms of total and abnormal return generated in comparison to the market (NIFTY-200). Further, the volatility of returns during bear and bull regimes is analysed through a family of Markov-switching GARCH models using both normal and skewed distributions.FindingsThe results suggest that start-up stocks are more volatile during bear regime than in the bull run in market-based economies where price limit policy does not apply. Besides, the cumulative abnormal return over the market return was lower for majority of start-up IPO stocks.Social implicationsThough negative returns of the start-up stocks during the first year of IPO need not be surprising, higher volatility during bear regime is a matter of concern as it could severely impact retail investors and founders. The results hold implication for IPO regulation in emerging markets and for retail investors desirous of investing in start-up stocks.Originality/valueVolatility of return is examined using a state-space model during the first year of the start-up IPO listing. The study contributes to the emerging market IPO literature by examining IPO performance in market-based economy. Previous IPO performance studies in emerging markets are predominantly based on ecosystems where start-ups are subjected to price limit policy, and it does not reflect the true nature of IPO performance across emerging markets.
初创企业在首次公开募股(IPO)之前成功获得数十亿美元的估值。然而,为了维持较高的估值,这些股票需要在IPO后保持稳定的表现。分析了印度初创企业在2021年3月至2022年3月首次公开募股上市第一年的短期股票表现。设计/方法/方法本文从与市场(NIFTY-200)相比产生的总回报和异常回报两方面讨论了新兴市场中新一代初创企业的股票表现。此外,通过使用正态分布和偏态分布的马尔可夫切换GARCH模型,分析了熊市和牛市期间收益的波动性。研究结果表明,在没有限价政策的市场经济中,创业股在熊市时期比牛市时期波动更大。此外,大多数创业IPO股票的累计异常收益比市场收益要低。尽管初创公司股票在IPO第一年出现负回报并不令人意外,但熊市期间更高的波动性是一个值得关注的问题,因为它可能严重影响散户投资者和创始人。研究结果对新兴市场的IPO监管和希望投资创业股的散户投资者具有启示意义。本文采用状态空间模型考察了创业公司IPO上市第一年收益的原创性/价值演化性。本研究通过考察市场经济下的IPO绩效,为新兴市场IPO文献做出贡献。以往对新兴市场IPO表现的研究主要基于初创企业受到限价政策约束的生态系统,并没有反映出新兴市场IPO表现的真实本质。
{"title":"Indian start-ups going public: return and volatility of stocks during bear and bull regimes","authors":"K. Das","doi":"10.1108/ijoem-06-2022-0898","DOIUrl":"https://doi.org/10.1108/ijoem-06-2022-0898","url":null,"abstract":"PurposeStart-ups are successful in receiving valuation in billions of US dollars prior to initial public offering (IPO). However, to sustain higher valuation, the stocks need to perform consistently after the IPO. Short-run stock performance of India-based start-ups during the first year of IPO listing from March 2021 to March 2022 is analysed.Design/methodology/approachThe paper deals with the new generation start-ups' stock performance in emerging market in terms of total and abnormal return generated in comparison to the market (NIFTY-200). Further, the volatility of returns during bear and bull regimes is analysed through a family of Markov-switching GARCH models using both normal and skewed distributions.FindingsThe results suggest that start-up stocks are more volatile during bear regime than in the bull run in market-based economies where price limit policy does not apply. Besides, the cumulative abnormal return over the market return was lower for majority of start-up IPO stocks.Social implicationsThough negative returns of the start-up stocks during the first year of IPO need not be surprising, higher volatility during bear regime is a matter of concern as it could severely impact retail investors and founders. The results hold implication for IPO regulation in emerging markets and for retail investors desirous of investing in start-up stocks.Originality/valueVolatility of return is examined using a state-space model during the first year of the start-up IPO listing. The study contributes to the emerging market IPO literature by examining IPO performance in market-based economy. Previous IPO performance studies in emerging markets are predominantly based on ecosystems where start-ups are subjected to price limit policy, and it does not reflect the true nature of IPO performance across emerging markets.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42134703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of heterogeneity of service trade policy restrictions on manufacturing exports of China: focus on free trade agreements 服务贸易政策限制异质性对中国制造业出口的影响——以自由贸易协定为中心
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-07-25 DOI: 10.1108/ijoem-06-2022-1008
M. Gao, Fanchao Zhuo
PurposeBased on the research of free trade agreements on alleviating service trade policy heterogeneity and its impact on manufacturing exports, this article aims to not only provide a basis for China's strategy of promoting regional economic integration, but also provide a policy reference for the manufacturing industry to expand the export market space.Design/methodology/approachThis study uses the two principles of “answering” and “scoring” to quantify the indicators of service trade policy heterogeneity to test the relationship between heterogeneity of service trade policy, free trade agreement and manufacturing export.FindingsAccording to empirical study, the export of Chinese manufacturing firms is severely hampered by the variety of service trade regulations, and the bigger the enterprise, the more hampered it is. In comparison to communications, transport and commerce, the financial industry's policy heterogeneity has a greater negative impact on certain industries. The major methods used to reduce the impact of service trade policy heterogeneity on manufacturing exports are product price increases and product quantity reductions. Also, by reducing the heterogeneity of service trade regulations and fostering industrial exports, the free trade agreement that China has signed can be quite successful. The open commitment in the area of national treatment, however, can reduce policy heterogeneity and advance manufacturing.Originality/valueIn the area of market access, the effect of export is superior to the open promise. Thus, in order to effectively support the stabilization of international trade, China should actively encourage the negotiation and signing of higher-quality and mutually beneficial free trade agreements.
目的通过研究自由贸易协定对缓解服务贸易政策异质性及其对制造业出口的影响,既为中国推进区域经济一体化战略提供依据,又为制造业扩大出口市场空间提供政策参考。本研究采用“回答”与“评分”两种原则,量化服务贸易政策异质性指标,检验服务贸易政策异质性、自由贸易协定与制造业出口之间的关系。实证研究发现,我国制造业企业的出口受到多种服务贸易法规的严重阻碍,且企业规模越大,出口受到的阻碍越大。相对于交通运输和商业,金融业的政策异质性对某些行业的负面影响更大。降低服务贸易政策异质性对制造业出口影响的主要方法是提高产品价格和减少产品数量。此外,通过减少服务贸易法规的异质性和促进产业出口,中国签署的自由贸易协定也可以取得相当大的成功。然而,在国民待遇领域的公开承诺可以减少政策的异质性,促进制造业的发展。在市场准入方面,出口的效果优于开放的承诺。因此,为了有效支持国际贸易的稳定,中国应积极鼓励谈判和签署高质量、互利的自由贸易协定。
{"title":"The impact of heterogeneity of service trade policy restrictions on manufacturing exports of China: focus on free trade agreements","authors":"M. Gao, Fanchao Zhuo","doi":"10.1108/ijoem-06-2022-1008","DOIUrl":"https://doi.org/10.1108/ijoem-06-2022-1008","url":null,"abstract":"PurposeBased on the research of free trade agreements on alleviating service trade policy heterogeneity and its impact on manufacturing exports, this article aims to not only provide a basis for China's strategy of promoting regional economic integration, but also provide a policy reference for the manufacturing industry to expand the export market space.Design/methodology/approachThis study uses the two principles of “answering” and “scoring” to quantify the indicators of service trade policy heterogeneity to test the relationship between heterogeneity of service trade policy, free trade agreement and manufacturing export.FindingsAccording to empirical study, the export of Chinese manufacturing firms is severely hampered by the variety of service trade regulations, and the bigger the enterprise, the more hampered it is. In comparison to communications, transport and commerce, the financial industry's policy heterogeneity has a greater negative impact on certain industries. The major methods used to reduce the impact of service trade policy heterogeneity on manufacturing exports are product price increases and product quantity reductions. Also, by reducing the heterogeneity of service trade regulations and fostering industrial exports, the free trade agreement that China has signed can be quite successful. The open commitment in the area of national treatment, however, can reduce policy heterogeneity and advance manufacturing.Originality/valueIn the area of market access, the effect of export is superior to the open promise. Thus, in order to effectively support the stabilization of international trade, China should actively encourage the negotiation and signing of higher-quality and mutually beneficial free trade agreements.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44406345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Inclusive business, private sector credit and economic welfare: evidence from Africa 包容性商业、私营部门信贷和经济福利:来自非洲的证据
IF 2.7 4区 管理学 Q2 BUSINESS Pub Date : 2023-07-24 DOI: 10.1108/ijoem-02-2022-0306
Daniel Ofori‐Sasu, S. Dzisi, F. Odoom
PurposeThis paper seeks to examine the interrelationship between inclusive business, private sector credit and economic welfare in Africa.Design/methodology/approachThe study uses the seemingly unrelated regression, system generalized method of moments and bootstrap quantile regression in a panel of 54 economies in Africa, over the period 2006–2020.FindingsThe authors show that countries that provide more credit to the private sector have better incentives to enhance the ease of doing business. The authors find that ease of doing business and domestic credit to the private sector have a positive and significant effect on economic welfare at higher quantile levels. The authors find that ease of doing business substitutes private sector credit to boost economic welfare, while business account complements private sector credit to boost economic welfare. The authors show that the marginal effect of inclusive business on economic welfare is greater in countries that provide more credit to the private sector.Practical implicationsThe implication is that countries that focus on developing their private sector (through credit expansion) should be able to encourage or facilitate the inclusion of businesses to achieve a sustainable economic welfare.Social implicationsThe implication is that policymakers should be able to develop their business environment through inclusive financing so as to build business confidence in the society.Originality/valueThe paper examines the interrelationship between inclusive business, private sector credit and economic welfare in Africa.
目的本文试图研究非洲包容性商业、私营部门信贷和经济福利之间的相互关系。设计/方法/方法该研究在2006-2020年期间对非洲54个经济体进行了看似无关的回归、系统广义矩法和自举分位数回归。研究结果表明,向私营部门提供更多信贷的国家有更好的动机来提高经商的便利性。作者发现,在更高的分位数水平上,经商的便利性和对私营部门的国内信贷对经济福利有着积极而显著的影响。作者发现,经商便利性取代了私营部门信贷以提高经济福利,而商业账户补充了私营部门贷款以提高经济福祉。作者表明,在向私营部门提供更多信贷的国家,包容性商业对经济福利的边际影响更大。实际含义含义是,专注于发展私营部门(通过扩大信贷)的国家应该能够鼓励或促进企业融入,以实现可持续的经济福利。社会含义这意味着政策制定者应该能够通过包容性融资来发展他们的商业环境,从而建立企业对社会的信心。原创性/价值本文探讨了非洲包容性商业、私营部门信贷和经济福利之间的相互关系。
{"title":"Inclusive business, private sector credit and economic welfare: evidence from Africa","authors":"Daniel Ofori‐Sasu, S. Dzisi, F. Odoom","doi":"10.1108/ijoem-02-2022-0306","DOIUrl":"https://doi.org/10.1108/ijoem-02-2022-0306","url":null,"abstract":"PurposeThis paper seeks to examine the interrelationship between inclusive business, private sector credit and economic welfare in Africa.Design/methodology/approachThe study uses the seemingly unrelated regression, system generalized method of moments and bootstrap quantile regression in a panel of 54 economies in Africa, over the period 2006–2020.FindingsThe authors show that countries that provide more credit to the private sector have better incentives to enhance the ease of doing business. The authors find that ease of doing business and domestic credit to the private sector have a positive and significant effect on economic welfare at higher quantile levels. The authors find that ease of doing business substitutes private sector credit to boost economic welfare, while business account complements private sector credit to boost economic welfare. The authors show that the marginal effect of inclusive business on economic welfare is greater in countries that provide more credit to the private sector.Practical implicationsThe implication is that countries that focus on developing their private sector (through credit expansion) should be able to encourage or facilitate the inclusion of businesses to achieve a sustainable economic welfare.Social implicationsThe implication is that policymakers should be able to develop their business environment through inclusive financing so as to build business confidence in the society.Originality/valueThe paper examines the interrelationship between inclusive business, private sector credit and economic welfare in Africa.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41453925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
期刊
International Journal of Emerging Markets
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1