Pub Date : 2023-08-30DOI: 10.1108/ijoem-02-2023-0147
Mehrgan Malekpour, Mohammadbashir Sedighi, F. Caboni, Vincenzo Basile, C. Troise
PurposeThis research aims to fill the research gaps regarding customer preferences for digitalisation to create value for retailers and customers, as well as focus on retail change and shopping behaviour in grocery retail stores in the emerging market.Design/methodology/approachThis paper contributes to the research in this area by evaluating customers' and retailers' attitudes towards digital transformation in retailing through interviews. Methodologically, 200 questionnaires were gathered, and data were analysed with the partial least squared structural equation modelling method.FindingsThe findings of this study reveal that the effect of digital transformation in the retail industry will be more apparent in an emerging market.Originality/valueThe paper's originality consists in understanding the future retail structure in an emerging market. Notably, focussing on business-to-consumer businesses appears helpful in distinguishing between behavioural (buying) intention and online buying behaviour (actual usage) in an emerging market.
{"title":"Exploring digital transformation and technological innovation in emerging markets","authors":"Mehrgan Malekpour, Mohammadbashir Sedighi, F. Caboni, Vincenzo Basile, C. Troise","doi":"10.1108/ijoem-02-2023-0147","DOIUrl":"https://doi.org/10.1108/ijoem-02-2023-0147","url":null,"abstract":"PurposeThis research aims to fill the research gaps regarding customer preferences for digitalisation to create value for retailers and customers, as well as focus on retail change and shopping behaviour in grocery retail stores in the emerging market.Design/methodology/approachThis paper contributes to the research in this area by evaluating customers' and retailers' attitudes towards digital transformation in retailing through interviews. Methodologically, 200 questionnaires were gathered, and data were analysed with the partial least squared structural equation modelling method.FindingsThe findings of this study reveal that the effect of digital transformation in the retail industry will be more apparent in an emerging market.Originality/valueThe paper's originality consists in understanding the future retail structure in an emerging market. Notably, focussing on business-to-consumer businesses appears helpful in distinguishing between behavioural (buying) intention and online buying behaviour (actual usage) in an emerging market.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48054227","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}
Pub Date : 2023-08-30DOI: 10.1108/ijoem-02-2022-0200
William Obeng-Amponsah, Erasmus L. Owusu
PurposeThis study examines the effect of foreign direct investment (FDI) on employment and economic growth in Ghana and examines the role of technology in these relationships.Design/methodology/approachThis study applied the autoregressive distributed lag (ARDL) bounds testing approach to cointegration and Granger causality tests to data from 1995 to 2017.FindingsBased on the empirical analysis, the key findings are as follows: FDI does not affect economic growth or employment in Ghana. However, technology moderates the relationship between FDI and economic growth and FDI and employment in the short run. The study also finds that technology exerts a positive effect on economic growth in both short and long run, whereas trade has a significantly negative effect on economic growth in Ghana.Research limitations/implicationsThe greatest constraint that faced the authors is the nonavailability of data,.Practical implicationsThe transfer of technology agreement enshrined in the GIPC Act should be made more robust and unambiguous, to make it a strict requirement for MNEs to be allowed to operate in Ghana. This increases Ghana's gains from FDI inflow.Social implicationsThe GIPC should tighten its monitoring regime so that MNEs do not exceed their expatriate employment quotas. This will ease the burden of unemployment among the youth in Ghana.Originality/valueThis study adds a new dimension to the literature on the impact of FDI on emerging economies by examining the role of technology in the association between FDI and growth, and FDI and employment.
{"title":"Foreign direct investment, technological transfer, employment generation and economic growth: new evidence from Ghana","authors":"William Obeng-Amponsah, Erasmus L. Owusu","doi":"10.1108/ijoem-02-2022-0200","DOIUrl":"https://doi.org/10.1108/ijoem-02-2022-0200","url":null,"abstract":"PurposeThis study examines the effect of foreign direct investment (FDI) on employment and economic growth in Ghana and examines the role of technology in these relationships.Design/methodology/approachThis study applied the autoregressive distributed lag (ARDL) bounds testing approach to cointegration and Granger causality tests to data from 1995 to 2017.FindingsBased on the empirical analysis, the key findings are as follows: FDI does not affect economic growth or employment in Ghana. However, technology moderates the relationship between FDI and economic growth and FDI and employment in the short run. The study also finds that technology exerts a positive effect on economic growth in both short and long run, whereas trade has a significantly negative effect on economic growth in Ghana.Research limitations/implicationsThe greatest constraint that faced the authors is the nonavailability of data,.Practical implicationsThe transfer of technology agreement enshrined in the GIPC Act should be made more robust and unambiguous, to make it a strict requirement for MNEs to be allowed to operate in Ghana. This increases Ghana's gains from FDI inflow.Social implicationsThe GIPC should tighten its monitoring regime so that MNEs do not exceed their expatriate employment quotas. This will ease the burden of unemployment among the youth in Ghana.Originality/valueThis study adds a new dimension to the literature on the impact of FDI on emerging economies by examining the role of technology in the association between FDI and growth, and FDI and employment.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48421038","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}
Pub Date : 2023-08-29DOI: 10.1108/ijoem-06-2022-1019
A. Chandio, Uzma Bashir, W. Akram, Muhammad Usman, Munir Ahmad, Yuansheng Jiang
PurposeThis article investigates the long-run impact of remittance inflows on agricultural productivity (AGP) in emerging Asian economies (Bangladesh, Sri Lanka, Malaysia, India, Nepal, Philippines, Pakistan, and Vietnam), employing a panel dataset from 2000 to 2018.Design/methodology/approachThis study initially applies cross-sectional dependence (CSD), second-generation unit root, Pedroni, and Westerlund panel co-integration techniques. Next, it uses the augmented mean group (AMG) and common correlated effect mean group (CCEMG) methods to investigate the long-term impact of remittance inflows on AGP while controlling for several other important determinants of agricultural growth, such as cultivated area, fertilizers, temperature change, credit, and labor force.FindingsThe empirical findings are as follows: The results first revealed the existence of CSD and long-term co-integration between AGP and its determinants. Second, remittance inflows significantly boosted AGP, indicating that remittance inflows played a crucial role in improving AGP. Third, global warming (changes in temperature) negatively impacts AGP. Finally, additional critical elements, for instance, cultivated area, fertilizers, credit, and labor force, positively affect AGP.Research limitations/implicationsThis study suggests that policymakers of emerging Asian economies should develop an exclusive remittance-receiving system and introduce remittance investment products to utilize foreign funds and mitigate agricultural production risks effectively.Originality/valueThis is the first empirical examination of the long-term impact of remittance flows on agricultural output in emerging Asian economies. This study utilized robust estimation methods for panel data sets, such as the Pedroni, Westerlund, AMG, and CCEMG tests.
{"title":"What role do international remittance inflows play in boosting agricultural productivity? Empirical analysis of emerging Asian economies","authors":"A. Chandio, Uzma Bashir, W. Akram, Muhammad Usman, Munir Ahmad, Yuansheng Jiang","doi":"10.1108/ijoem-06-2022-1019","DOIUrl":"https://doi.org/10.1108/ijoem-06-2022-1019","url":null,"abstract":"PurposeThis article investigates the long-run impact of remittance inflows on agricultural productivity (AGP) in emerging Asian economies (Bangladesh, Sri Lanka, Malaysia, India, Nepal, Philippines, Pakistan, and Vietnam), employing a panel dataset from 2000 to 2018.Design/methodology/approachThis study initially applies cross-sectional dependence (CSD), second-generation unit root, Pedroni, and Westerlund panel co-integration techniques. Next, it uses the augmented mean group (AMG) and common correlated effect mean group (CCEMG) methods to investigate the long-term impact of remittance inflows on AGP while controlling for several other important determinants of agricultural growth, such as cultivated area, fertilizers, temperature change, credit, and labor force.FindingsThe empirical findings are as follows: The results first revealed the existence of CSD and long-term co-integration between AGP and its determinants. Second, remittance inflows significantly boosted AGP, indicating that remittance inflows played a crucial role in improving AGP. Third, global warming (changes in temperature) negatively impacts AGP. Finally, additional critical elements, for instance, cultivated area, fertilizers, credit, and labor force, positively affect AGP.Research limitations/implicationsThis study suggests that policymakers of emerging Asian economies should develop an exclusive remittance-receiving system and introduce remittance investment products to utilize foreign funds and mitigate agricultural production risks effectively.Originality/valueThis is the first empirical examination of the long-term impact of remittance flows on agricultural output in emerging Asian economies. This study utilized robust estimation methods for panel data sets, such as the Pedroni, Westerlund, AMG, and CCEMG tests.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46342809","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}
Pub Date : 2023-08-25DOI: 10.1108/ijoem-05-2022-0860
L. Li, Quynh Ngoc Bui, Hui Yan
PurposeUsing data from Vietnam to reveal which factors affected the impressive growth of Vietnam's e-commerce during the COVID-19 pandemic.Design/methodology/approachDrawing on the Stimulus–Organism–Response (S-O-R) framework, the study proposed a conceptual model in which the influence of COVID-19 information overload (IO) on online purchase intention (OPI) was discovered. The authors were also interested in examining the moderator roles of self-construal (SC), perceived ease of use (PEOU) and perceived usefulness (PU) in inducing the intention to make an online purchase.FindingsPerceived threat (PT) and cyberchondria (C) played full mediation roles in the impact of IO on OPI. Moreover, PT was found to be a partial mediator of the relationship between IO and C. Furthermore, interdependent self-construal (IntSC) positively moderated the positive effect of IO on PT. Finally, PU and PEOU showed significant moderated moderation effects, in which PU moderated the effects of PT and C on OPI, whereas PU itself was moderated by PEOU.Research limitations/implicationsUnderstanding the positive effects of IO, C and PT on OPI can be useful for marketers. In addition, managers should improve the ease-of-use and usefulness of online stores/platforms to attract more consumers to online channels.Practical implicationsMarketers and managers should learn more about how to take advantage of IO, PT and C. For instance, to sell medical supplements, marketer should push up related-health information such as obesity, diabetics, to make consumers perceive a threat to their health and search for ways to improve their health condition. This is the time when advertisements for medical supplements bring into play. This method can be applied in many different fields. The key is that marketers should find out what is the threat that their targeted customers can perceive and then spread out a huge amount of relevant information.Social implicationsThe government should control infodemic and guide people to obtain official information. This helps to restrain the PT and C, which seriously harm people's health and affect their behaviors, such as making unusual or panicked purchases. This study also suggests a considerable concern that residents of Asian cultures, where IntSC is dominant, may perceive threat more than residents of Western cultures.Originality/valueLimited research addresses the relationship between PEOU and PU when they act as moderators. Current research not only explains the moderation effect of PU under the influence of PEOU but also suggests that PEOU may be more important than PU in emerging markets due to customers' inexperience in online markets or channels. It also explores the factors that influenced OPI in Vietnam during the COVID-19 outbreak and contributes to the scientific literature on Vietnam, especially in terms of discovering the tendency of SC, which has not been mentioned before in research about Vietnamese.
{"title":"The impact of COVID-19 information overload on Vietnamese consumers' online purchase intention","authors":"L. Li, Quynh Ngoc Bui, Hui Yan","doi":"10.1108/ijoem-05-2022-0860","DOIUrl":"https://doi.org/10.1108/ijoem-05-2022-0860","url":null,"abstract":"PurposeUsing data from Vietnam to reveal which factors affected the impressive growth of Vietnam's e-commerce during the COVID-19 pandemic.Design/methodology/approachDrawing on the Stimulus–Organism–Response (S-O-R) framework, the study proposed a conceptual model in which the influence of COVID-19 information overload (IO) on online purchase intention (OPI) was discovered. The authors were also interested in examining the moderator roles of self-construal (SC), perceived ease of use (PEOU) and perceived usefulness (PU) in inducing the intention to make an online purchase.FindingsPerceived threat (PT) and cyberchondria (C) played full mediation roles in the impact of IO on OPI. Moreover, PT was found to be a partial mediator of the relationship between IO and C. Furthermore, interdependent self-construal (IntSC) positively moderated the positive effect of IO on PT. Finally, PU and PEOU showed significant moderated moderation effects, in which PU moderated the effects of PT and C on OPI, whereas PU itself was moderated by PEOU.Research limitations/implicationsUnderstanding the positive effects of IO, C and PT on OPI can be useful for marketers. In addition, managers should improve the ease-of-use and usefulness of online stores/platforms to attract more consumers to online channels.Practical implicationsMarketers and managers should learn more about how to take advantage of IO, PT and C. For instance, to sell medical supplements, marketer should push up related-health information such as obesity, diabetics, to make consumers perceive a threat to their health and search for ways to improve their health condition. This is the time when advertisements for medical supplements bring into play. This method can be applied in many different fields. The key is that marketers should find out what is the threat that their targeted customers can perceive and then spread out a huge amount of relevant information.Social implicationsThe government should control infodemic and guide people to obtain official information. This helps to restrain the PT and C, which seriously harm people's health and affect their behaviors, such as making unusual or panicked purchases. This study also suggests a considerable concern that residents of Asian cultures, where IntSC is dominant, may perceive threat more than residents of Western cultures.Originality/valueLimited research addresses the relationship between PEOU and PU when they act as moderators. Current research not only explains the moderation effect of PU under the influence of PEOU but also suggests that PEOU may be more important than PU in emerging markets due to customers' inexperience in online markets or channels. It also explores the factors that influenced OPI in Vietnam during the COVID-19 outbreak and contributes to the scientific literature on Vietnam, especially in terms of discovering the tendency of SC, which has not been mentioned before in research about Vietnamese.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47488759","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}
Pub Date : 2023-08-22DOI: 10.1108/ijoem-06-2022-0976
Abdullah Salem Bugshan, Faisal Alnori, Husam Ananzeh
PurposeThis paper examines the influence of Shariah compliance (SC) on firms' net working capital (NWC) target and adjustment speed.Design/methodology/approach The study samples of non-financial firms taken from six Gulf Cooperation countries between 2005 and 2019 and employs static and dynamic models to answer the present study research questions.FindingsThe outcomes of the study indicate that SC is one of the major determinants of the decision made by the corporation regarding their NWC. More specifically, enterprises that are compliant with restrictions within Shariah are seen to have laid targets of their NWC at a level that exceeds that of enterprises that are not compliant. Furthermore, compared to conventional firms, they seem to have higher speed when adjusting to meet set NWC targets. Submission to Islamic laws limits the choices from which an enterprise can outsource capital from existing funding instruments. Therefore, they experience a higher expected cost of bankruptcy. That being the case, such financial managers should readily maintain and adjust to higher NWC targets to meet current corporate needs, alleviate the risk of bankruptcy and lower dependency on expensive external funding options.Originality/valueTo the authors’ knowledge, this is the first study to explore the influence of SC on firms' NWC target and adjustment speed.
{"title":"Corporate net working capital: evidence from Shariah compliance","authors":"Abdullah Salem Bugshan, Faisal Alnori, Husam Ananzeh","doi":"10.1108/ijoem-06-2022-0976","DOIUrl":"https://doi.org/10.1108/ijoem-06-2022-0976","url":null,"abstract":"PurposeThis paper examines the influence of Shariah compliance (SC) on firms' net working capital (NWC) target and adjustment speed.Design/methodology/approach The study samples of non-financial firms taken from six Gulf Cooperation countries between 2005 and 2019 and employs static and dynamic models to answer the present study research questions.FindingsThe outcomes of the study indicate that SC is one of the major determinants of the decision made by the corporation regarding their NWC. More specifically, enterprises that are compliant with restrictions within Shariah are seen to have laid targets of their NWC at a level that exceeds that of enterprises that are not compliant. Furthermore, compared to conventional firms, they seem to have higher speed when adjusting to meet set NWC targets. Submission to Islamic laws limits the choices from which an enterprise can outsource capital from existing funding instruments. Therefore, they experience a higher expected cost of bankruptcy. That being the case, such financial managers should readily maintain and adjust to higher NWC targets to meet current corporate needs, alleviate the risk of bankruptcy and lower dependency on expensive external funding options.Originality/valueTo the authors’ knowledge, this is the first study to explore the influence of SC on firms' NWC target and adjustment speed.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47943720","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}
Pub Date : 2023-08-22DOI: 10.1108/ijoem-01-2023-0055
Xunfa Lu, Jingjing Sun, Guo Wei, Ching-Ter Chang
PurposeThe purpose of this paper is to investigate dynamics of causal interactions and financial risk contagion among BRICS stock markets under rare events.Design/methodology/approachTwo methods are adopted: The new causal inference technique, namely, the Liang causality analysis based on information flow theory and the dynamic causal index (DCI) are used to measure the financial risk contagion.FindingsThe causal relationships among the BRICS stock markets estimated by the Liang causality analysis are significantly stronger in the mid-periods of rare events than in the pre- and post-periods. Moreover, different rare events have heterogeneous effects on the causal relationships. Notably, under rare events, there is almost no significant Liang's causality between the Chinese and other four stock markets, except for a few moments, indicating that the former can provide a relatively safe haven within the BRICS. According to the DCIs, the causal linkages have significantly increased during rare events, implying that their connectivity becomes stronger under extreme conditions.Practical implicationsThe obtained results not only provide important implications for investors to reasonably allocate regional financial assets, but also yield some suggestions for policymakers and financial regulators in effective supervision, especially in extreme environments.Originality/valueThis paper uses the Liang causality analysis to construct the causal networks among BRICS stock indices and characterize their causal linkages. Furthermore, the DCI derived from the causal networks is applied to measure the financial risk contagion of the BRICS countries under three rare events.
{"title":"Causal interactions and financial contagion among the BRICS stock markets under rare events: a Liang causality analysis","authors":"Xunfa Lu, Jingjing Sun, Guo Wei, Ching-Ter Chang","doi":"10.1108/ijoem-01-2023-0055","DOIUrl":"https://doi.org/10.1108/ijoem-01-2023-0055","url":null,"abstract":"PurposeThe purpose of this paper is to investigate dynamics of causal interactions and financial risk contagion among BRICS stock markets under rare events.Design/methodology/approachTwo methods are adopted: The new causal inference technique, namely, the Liang causality analysis based on information flow theory and the dynamic causal index (DCI) are used to measure the financial risk contagion.FindingsThe causal relationships among the BRICS stock markets estimated by the Liang causality analysis are significantly stronger in the mid-periods of rare events than in the pre- and post-periods. Moreover, different rare events have heterogeneous effects on the causal relationships. Notably, under rare events, there is almost no significant Liang's causality between the Chinese and other four stock markets, except for a few moments, indicating that the former can provide a relatively safe haven within the BRICS. According to the DCIs, the causal linkages have significantly increased during rare events, implying that their connectivity becomes stronger under extreme conditions.Practical implicationsThe obtained results not only provide important implications for investors to reasonably allocate regional financial assets, but also yield some suggestions for policymakers and financial regulators in effective supervision, especially in extreme environments.Originality/valueThis paper uses the Liang causality analysis to construct the causal networks among BRICS stock indices and characterize their causal linkages. Furthermore, the DCI derived from the causal networks is applied to measure the financial risk contagion of the BRICS countries under three rare events.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46176192","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}
Pub Date : 2023-08-21DOI: 10.1108/ijoem-12-2022-1815
Shuai Yang, Yu Zhao, Chao Wu
PurposeThe interaction between evaluators is underestimated in legitimacy literature. This study aims to examine the impact of CEO celebrity on initial public offerings (IPOs) underpricing in Strategic Emerging Industries (SEIs). Based on legitimacy and limited attention effect, this study introduces a new antecedent to the asset pricing literature under a particular sample.Design/methodology/approachThis paper illustrates how CEO celebrity promotes IPO underpricing by enhancing the legitimacy and then explores how the CEO characteristics can moderate this relationship. Using 1,128 IPO companies in China SEIs from 2010 to 2019, cross-section data is used to build a multiple linear regression model to test the hypotheses.FindingsThe result indicates that CEO celebrity is positively related to IPO underpricing. Founder CEO and CEO duality amplify the relationship. Further analysis shows that the relationship between CEO celebrity and IPO underpricing is more pronounced in firms with high Baidu search and low market sentiment.Originality/valueThis study provides insights into how CEO celebrity as notable internal information shapes the formation of investors' preliminary impressions of firms. The evidence consists of legitimacy and limited attention perspective by showing how investors favor, follow and hype the stocks with celebrity CEOs. The results extend the knowledge about how CEO characteristics influence information frictions in asset pricing during IPO.
{"title":"Does CEO celebrity affect IPO underpricing? Evidence from the strategic emerging industries in China","authors":"Shuai Yang, Yu Zhao, Chao Wu","doi":"10.1108/ijoem-12-2022-1815","DOIUrl":"https://doi.org/10.1108/ijoem-12-2022-1815","url":null,"abstract":"PurposeThe interaction between evaluators is underestimated in legitimacy literature. This study aims to examine the impact of CEO celebrity on initial public offerings (IPOs) underpricing in Strategic Emerging Industries (SEIs). Based on legitimacy and limited attention effect, this study introduces a new antecedent to the asset pricing literature under a particular sample.Design/methodology/approachThis paper illustrates how CEO celebrity promotes IPO underpricing by enhancing the legitimacy and then explores how the CEO characteristics can moderate this relationship. Using 1,128 IPO companies in China SEIs from 2010 to 2019, cross-section data is used to build a multiple linear regression model to test the hypotheses.FindingsThe result indicates that CEO celebrity is positively related to IPO underpricing. Founder CEO and CEO duality amplify the relationship. Further analysis shows that the relationship between CEO celebrity and IPO underpricing is more pronounced in firms with high Baidu search and low market sentiment.Originality/valueThis study provides insights into how CEO celebrity as notable internal information shapes the formation of investors' preliminary impressions of firms. The evidence consists of legitimacy and limited attention perspective by showing how investors favor, follow and hype the stocks with celebrity CEOs. The results extend the knowledge about how CEO characteristics influence information frictions in asset pricing during IPO.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42675956","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}
Pub Date : 2023-08-18DOI: 10.1108/ijoem-12-2022-1929
L. T. Zungu, L. Greyling
PurposeThis study aims to test the validity of the Rajan theory in South Africa and other selected emerging markets (Chile, Peru and Brazil) during the period 1975–2019.Design/methodology/approachIn this study, the researchers used time-series data to estimate a Bayesian Vector Autoregression (BVAR) model with hierarchical priors. The BVAR technique has the advantage of being able to accommodate a wide cross-section of variables without running out of degrees of freedom. It is also able to deal with dense parameterization by imposing structure on model coefficients via prior information and optimal choice of the degree of formativeness.FindingsThe results for all countries except Peru confirmed the Rajan hypotheses, indicating that inequality contributes to high indebtedness, resulting in financial fragility. However, for Peru, this study finds it contradicts the theory. This study controlled for monetary policy shock and found the results differing country-specific.Originality/valueThe findings suggest that an escalating level of inequality leads to financial fragility, which implies that policymakers ought to be cautious of excessive inequality when endeavouring to contain the risk of financial fragility, by implementing sound structural reform policies that aim to attract investments consistent with job creation, development and growth in these countries. Policymakers should also be cautious when implementing policy tools (redistributive policies, a sound monetary policy), as they seem to increase the risk of excessive credit growth and financial fragility, and they need to treat income inequality as an important factor relevant to macroeconomic aggregates and financial fragility.
{"title":"Investigating the asymmetric effect of income inequality on financial fragility in South Africa and selected emerging markets: a Bayesian approach with hierarchical priors","authors":"L. T. Zungu, L. Greyling","doi":"10.1108/ijoem-12-2022-1929","DOIUrl":"https://doi.org/10.1108/ijoem-12-2022-1929","url":null,"abstract":"PurposeThis study aims to test the validity of the Rajan theory in South Africa and other selected emerging markets (Chile, Peru and Brazil) during the period 1975–2019.Design/methodology/approachIn this study, the researchers used time-series data to estimate a Bayesian Vector Autoregression (BVAR) model with hierarchical priors. The BVAR technique has the advantage of being able to accommodate a wide cross-section of variables without running out of degrees of freedom. It is also able to deal with dense parameterization by imposing structure on model coefficients via prior information and optimal choice of the degree of formativeness.FindingsThe results for all countries except Peru confirmed the Rajan hypotheses, indicating that inequality contributes to high indebtedness, resulting in financial fragility. However, for Peru, this study finds it contradicts the theory. This study controlled for monetary policy shock and found the results differing country-specific.Originality/valueThe findings suggest that an escalating level of inequality leads to financial fragility, which implies that policymakers ought to be cautious of excessive inequality when endeavouring to contain the risk of financial fragility, by implementing sound structural reform policies that aim to attract investments consistent with job creation, development and growth in these countries. Policymakers should also be cautious when implementing policy tools (redistributive policies, a sound monetary policy), as they seem to increase the risk of excessive credit growth and financial fragility, and they need to treat income inequality as an important factor relevant to macroeconomic aggregates and financial fragility.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44334281","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}
Pub Date : 2023-08-17DOI: 10.1108/ijoem-04-2022-0589
Jiawen Chen, Pengfei Li, Linlin Liu
PurposeThis study aims to examine the employment practices of family firms in emerging markets. Drawing from the social exchange theory, the authors propose that transgenerational control intention enhances the motivation for family owners to engage in favorable employment practices as inducement for future contribution of employees.Design/methodology/approachMultilevel regression models were applied to test the hypotheses with a sample of 3033 Chinese private family firms.FindingsThe results show that the employment practices of family firms are positively associated with transgenerational control intention, and the effect of transgenerational control intention is contingent on regional social trust.Originality/valueThis study highlights the role of transgenerational control intention of family owners in motivating favorable employment in family firms. The study adds nuance to the variances in employment behaviors of family firms as well as the family owner-employee exchange relationship in emerging markets.
{"title":"Transgenerational control intention and employment practices of family firms in China","authors":"Jiawen Chen, Pengfei Li, Linlin Liu","doi":"10.1108/ijoem-04-2022-0589","DOIUrl":"https://doi.org/10.1108/ijoem-04-2022-0589","url":null,"abstract":"PurposeThis study aims to examine the employment practices of family firms in emerging markets. Drawing from the social exchange theory, the authors propose that transgenerational control intention enhances the motivation for family owners to engage in favorable employment practices as inducement for future contribution of employees.Design/methodology/approachMultilevel regression models were applied to test the hypotheses with a sample of 3033 Chinese private family firms.FindingsThe results show that the employment practices of family firms are positively associated with transgenerational control intention, and the effect of transgenerational control intention is contingent on regional social trust.Originality/valueThis study highlights the role of transgenerational control intention of family owners in motivating favorable employment in family firms. The study adds nuance to the variances in employment behaviors of family firms as well as the family owner-employee exchange relationship in emerging markets.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48751529","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}
Pub Date : 2023-08-15DOI: 10.1108/ijoem-03-2023-0390
J. Kumar, S. Rana, Vinki Rani, Anjali Ahuja
PurposeThis article intends to explore critical factors that affect the adoption of organic farming in emerging economies. The authors respond to the calls from policymakers, non-government organizations, business firms and scholars to improve the farmers' awareness of the negative impact of synthetic chemical pesticides, phosphorus, potassium fertilizers and mineral nitrogen used in traditional farming.Design/methodology/approachThrough self-administered survey questionnaires, responses were obtained from 397 farmers (conventional) regarding organic farming adoption in Haryana (India). The survey responses were collected between October 2022 and December 2022. The authors apply the “partial least squares structural equation modeling” (PLS-SEM) to test the framed hypotheses.FindingsThe present article demonstrates six critical determinants of organic farming adoption, i.e. behavioral, cultivation, economic, governmental, marketing, and social factors. These six factors drive 71.0% (R2) variation in organic farming adoption. Governmental factors have a positive but insignificant influence on organic farming adoption. Interestingly, the impact of behavioral and cultivation factors is crucial per path coefficient values.Originality/valueFor the first time, the authors conducted a study on organic farming adoption in Haryana that lies in its context-specific implementation, utilization of localized knowledge and expertise, regional policy support, agricultural diversification and community participation. Future research can build upon by adding agriculture scientists to the study to respond to the cost, quality of the crop and impact of socio-economic policies as moderators/mediators on adoption decisions.
{"title":"What affects organic farming adoption in emerging economies? A missing link in the Indian agriculture sector","authors":"J. Kumar, S. Rana, Vinki Rani, Anjali Ahuja","doi":"10.1108/ijoem-03-2023-0390","DOIUrl":"https://doi.org/10.1108/ijoem-03-2023-0390","url":null,"abstract":"PurposeThis article intends to explore critical factors that affect the adoption of organic farming in emerging economies. The authors respond to the calls from policymakers, non-government organizations, business firms and scholars to improve the farmers' awareness of the negative impact of synthetic chemical pesticides, phosphorus, potassium fertilizers and mineral nitrogen used in traditional farming.Design/methodology/approachThrough self-administered survey questionnaires, responses were obtained from 397 farmers (conventional) regarding organic farming adoption in Haryana (India). The survey responses were collected between October 2022 and December 2022. The authors apply the “partial least squares structural equation modeling” (PLS-SEM) to test the framed hypotheses.FindingsThe present article demonstrates six critical determinants of organic farming adoption, i.e. behavioral, cultivation, economic, governmental, marketing, and social factors. These six factors drive 71.0% (R2) variation in organic farming adoption. Governmental factors have a positive but insignificant influence on organic farming adoption. Interestingly, the impact of behavioral and cultivation factors is crucial per path coefficient values.Originality/valueFor the first time, the authors conducted a study on organic farming adoption in Haryana that lies in its context-specific implementation, utilization of localized knowledge and expertise, regional policy support, agricultural diversification and community participation. Future research can build upon by adding agriculture scientists to the study to respond to the cost, quality of the crop and impact of socio-economic policies as moderators/mediators on adoption decisions.","PeriodicalId":47381,"journal":{"name":"International Journal of Emerging Markets","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46002532","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}
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