Thunderbird International Business Review最新文献

This study explores the financial volatility and asset interdependence in the global tourism sector by examining spillover dynamics between tourism equities and both green and non-green financial assets from global stock and bond markets. Utilizing a combination of risk-adjusted return metrics, Value at Risk (VaR), Conditional VaR (CVaR), wavelet coherence, and Quantile Vector Autoregression (QVAR), the analysis reveals that while tourism equities offer the highest risk-adjusted returns, they also carry significant downside risk—particularly during periods of financial distress. Wavelet analysis uncovers pronounced short- and medium-run volatility in tourism stocks, and QVAR results demonstrate high spillover intensity, with connectedness surpassing 83% in both bull and bear markets. Notably, conventional and green equities do not consistently serve as effective hedges for tourism investments, although green bonds may offer some diversification benefits during stable periods. These findings may offer indicative evidence for international investors, financial analysts, and policymakers aiming to improve asset allocation, enhance risk awareness, and inform investment planning in tourism-dependent economies. By highlighting patterns of market interconnectedness, the study may inform portfolio strategies under conditions of rising global uncertainty.

Grounded in the strategy tripod view, this research aims to examine the relationship between formal institutional quality and product innovation while considering the moderating effects of policy instability and technological infrastructure. The study focuses on 44 emerging markets in sub-Saharan Africa (SSA) using data for the period 2006–2022, with empirical evidence based on the probit model with two-way fixed effects. This research revealed that (i) formal institutional quality positively influences product innovation; (ii) technological infrastructure modulates formal institutional quality for an overall negative impact on product innovation; (iii) policy instability and technological infrastructure positively modulate the relationship between formal institutional quality and product innovation; (iv) policy instability positively modulates the relationship between formal institutional quality and product innovation, and this improves with technological infrastructure. This multidimensional analysis provides valuable insights for policymakers and firm managers seeking to foster a favorable environment for innovation in emerging markets.

This article examines how fourth industrial revolution (4IR) technologies, specifically blockchain and digital twin technologies, can be utilized to address the energy supply challenge and enhance the management of distributed telecom infrastructure assets in a research context. The emphasis is on how blockchain and digital twin technologies can be applied to improve asset maintenance activities. Following a systematic review of the existing literature and the development of a model, the research methodology involves the use of structured questionnaires and semi-structured interviews—a mixed-methods approach based on operational data on the asset's functionality. The findings from the asset data suggest that the adoption of blockchain and digital twin technologies substantially enhances the effective functionality of assets installed in telecoms-based stations. However, the intricacy of integrating these 4IR technologies with conventional assets, as well as evidence from questionnaires and interviews, further suggests that they provide a foundation for the digitalization of maintenance methods, resulting in substantial improvements in operational and maintenance effectiveness and efficiency. The blockchain and digital twin technologies accelerate a predictive maintenance method by proactively identifying unexpected asset failures, thereby lowering mean time to repair and operating expenditures.

This study provides valuable insight for scholars, practitioners, and government officials on how a local office of a respected international consulting firm became associated with allegations of illicit influence and state capture. The article presents how political and business leaders used a government agency, the South African Revenue Service (SARS), to gain power, amass wealth, and find protection from prosecution. It outlines how illegal actions by public officials sworn to uphold justice and the rule of law harmed the Republic of South Africa. It also examines how a consulting firm that values integrity and trustworthiness contributed to questionable decisions by state officials. The impact at SARS included: bypassing government procurement procedures; restructuring and staffing that dismantled tax code enforcement; distributing public funds into private hands; and avoiding public accountability. The study concludes with a synopsis of the multiple investigations and implications for ethical behavior in an era of institutionalized state capture.

There is little research attention on the antecedents of sustainable innovation (SI) in emerging market multinational enterprises (EMNEs). This study, therefore, considers the effect of board gender diversity on SI in EMNEs. We combine upper echelons and institutional theories to examine the influence of board gender diversity and country-level institutional factors on SI. Our analysis of a 10-year (2013–2022) panel data of EMNEs from 19 countries reveals a positive effect of board gender diversity on SI. Our study also reveals that country-level institutional factors such as governance effectiveness, control of corruption, and gender parity index moderate the positive association between board gender diversity and SI. Our study contributes to the literature on SI by providing insights on how board gender diversity and institutional quality enhance investments in SI. The managerial implications of our research are discussed.

There is an evidenced scarcity of micro-level research integrating perspectives on structure and agency to theorize how corruption manifests at an individual, organizational, and institutional level phenomenon. We address this gap by exploring qualitatively whether there is evidence of an overriding role of the institutional context over the institutional logic, evidence of conforming to conflicting institutional logics in the same organization, and evidence of the effect of bounded rationality, bounded reliability, and the MNE subsidiary institutional logics in tackling corruption. Data was collected conducting 42 semi-structured interviews on 7 MNE subsidiaries from 7 distinct MNEs operating in four Sub-Saharan African countries (Mauritius, Ghana, Kenya, and Nigeria). Results reveal how deeply ingrained corruption makes strict compliance costly, how headquarters' enforcement of mandates is perceived as weak, and how short-term performance pressures additionally complicate compliance. Our findings advance the literature on institutional logics via multiple contributions highlighted; Firstly, evidence of the overriding role of the Sub-Saharan institutional context over the institutional logic. Secondly, evidence of the support behind the co-existence of conflicting institutional logics in the MNE subsidiary. Finally, the effect of bounded rationality/reliability of MNE and subsidiary institutional logics in tackling corruption is highlighted.

This study critically examines the relationship between the neo-liberal economic ideas about development cooperation, overseas development assistance and foreign direct investment (FDI). Specifically, it explores how Germany's neo-liberal Marshall Plan with Africa influences the investment decisions of German companies in Africa. The analysis is based on in-depth semi-structured key informant interviews conducted with German companies, business associations and development cooperation institutions active in Côte d'Ivoire—one of the largest French-speaking countries in Africa. This paper introduces reputational and network effects of development cooperation on FDI into the mainstream international business literature. This contribution is illustrated by showing how the reputational and network effects of development cooperation provide a clear signal to the German firms an improved image of the host country due to its reform partner status. The study also extends the development economic view that new forms of development cooperation can significantly impact FDI. It further contributes to the location-specific factors within the entry strategy literature by suggesting that development cooperation and a country's reputation are critical in shaping firm-level decisions and government policy for most emerging economies seeking to attract FDI.