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Volatility Spillover and Connectedness Mapping of India Through the Financial Cycle 金融周期中印度的波动溢出和连通性映射
Q2 Business, Management and Accounting Pub Date : 2023-10-07 DOI: 10.1177/09721509231191357
Avik Das, Tapas Chakraborti
For Indian asset managers and speculators to assess the volatility spillover to the Indian market, identifying connections among the G7 countries might be of tremendous assistance. Using the DYCI methodology, we gauge volatility spillover (connectedness) for the Indian market throughout the financial cycle. Utilizing conditional (rolling-sample) connectedness, we assess the total directional volatility spillover for India. Additionally, we map the volatility spillover between India and the G7 nations using pairwise directional volatility connectedness. According to our findings, India changed from being a transmitter of volatility to being a recipient of it during financial cycle upturns and downturns.
对于印度的资产管理公司和投机者来说,要评估波动对印度市场的溢出效应,识别G7国家之间的联系可能会有巨大的帮助。使用DYCI方法,我们衡量了印度市场在整个金融周期中的波动性溢出(连通性)。利用条件(滚动样本)连通性,我们评估了印度的总定向波动溢出。此外,我们使用两两定向波动连通性绘制了印度和G7国家之间的波动溢出图。根据我们的发现,在金融周期的上行和下行期间,印度从波动的传递者变成了波动的接受者。
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引用次数: 0
The Influence of Entrepreneurs’ Culture and Ethnicity on Firms’ Degree of Hybridity 企业家文化和种族对企业混杂程度的影响
Q2 Business, Management and Accounting Pub Date : 2023-10-06 DOI: 10.1177/09721509231195169
Fernando Angulo-Ruiz, Etayankara Muralidharan
Hybrid businesses that combine profit and social objectives at their core play an important role in their communities. In this article, we use insights from paradox theory to examine the influence of entrepreneurs’ cultural value orientations and ethnicity on distinct forms of hybrid businesses. We use a unique random sample of international small- and medium-sized privately owned businesses in Canada. After controlling for alternative explanations and using propensity scores to match the samples of Indigenous and non-Indigenous entrepreneurs, we consistently find that entrepreneurs’ self-expression values and Indigenous ethnicity are positively associated with a higher degree of hybridity in the businesses they start. Our findings contribute to the conversations on the micro-foundations of organizational paradox and to the literature on the factors that influence different hybrid organizational forms. Besides, our findings also add to the literature that examines hybridity in the context of internationalized businesses. The rationality and culture of the entrepreneur affect organizational paradox. Entrepreneurs with self-expressive values and identified with an Indigenous ethnicity have higher proclivities to form ideal hybrids and embrace paradoxical organizational forms.
以盈利和社会目标为核心的混合型企业在其社区中发挥着重要作用。在本文中,我们运用悖论理论的见解来考察企业家的文化价值取向和种族对不同形式的混合企业的影响。我们使用了加拿大国际中小型私营企业的独特随机样本。在控制了其他解释并使用倾向得分来匹配土著和非土著企业家的样本后,我们一致发现,企业家的自我表达价值观和土著种族与他们创办的企业的较高程度的杂交正相关。我们的发现有助于组织悖论微观基础的对话和影响不同混合组织形式因素的文献。此外,我们的研究结果也为研究国际化企业背景下的混杂性的文献提供了补充。企业家的理性和文化影响着组织悖论。具有自我表达价值观和认同土著民族的企业家更倾向于形成理想的混合体,并接受矛盾的组织形式。
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引用次数: 0
Internationalization of SMEs in a Developing Economy: Empirical Evidence from SMEs in the Western Province, Sri Lanka 发展中经济体中中小企业的国际化:来自斯里兰卡西部省中小企业的经验证据
Q2 Business, Management and Accounting Pub Date : 2023-10-06 DOI: 10.1177/09721509231195170
Duleepa Lakshman, Janak Kumarasinghe, and Rukmal Weerasinghe
Small and medium enterprises (SMEs) are critical to Sri Lanka’s economy, but their potential for internationalization remains underexplored. This study aims to identify the various antecedents of internationalization and the impact of identified antecedents on the internationalization of Sri Lankan SMEs. This study was conducted following a quantitative approach. Data were collected from 250 SMEs currently engaged in international business activities and located in the Western Province of Sri Lanka. Correlation analysis and multiple regression analysis were performed to test the hypothesis after ensuring the reliability and validity of the measurement items. The results of this study found that marketing and networking capabilities, among others, significantly influence the internationalization of SMEs. In addition, the study discovered that human capital, managerial capabilities, innovation capabilities, marketing capabilities, networking capabilities, financial capabilities and technological capabilities jointly influence the internationalization of Sri Lankan SMEs. The results of this study provide better insights for managers and owners to capitalize more on marketing capabilities and networking capabilities to achieve synergies by collaborating with local and international partners. In addition, study results benefit policymakers in formulating better policies to support SMEs in finding new markets and making information available about foreign markets to better develop their marketing and networking strategies.
中小企业对斯里兰卡经济至关重要,但其国际化潜力仍未得到充分开发。本研究旨在找出国际化的各种前因,以及这些前因对斯里兰卡中小企业国际化的影响。本研究采用定量方法进行。数据收集自目前在斯里兰卡西部省从事国际商业活动的250家中小企业。在确保测量项目的信度和效度后,进行相关分析和多元回归分析对假设进行检验。本研究结果发现,行销和网络能力等对中小企业的国际化有显著影响。此外,研究发现人力资本、管理能力、创新能力、营销能力、网络能力、财务能力和技术能力共同影响斯里兰卡中小企业的国际化。本研究的结果为管理者和所有者提供了更好的见解,以更多地利用营销能力和网络能力,通过与本地和国际合作伙伴合作来实现协同效应。此外,研究结果有助于决策者制定更好的政策,以支持中小企业寻找新市场,并提供有关外国市场的信息,以更好地制定其营销和网络战略。
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引用次数: 0
Can Equity Market Risk be Diversified with the Help of ESG Investment and Commodities? ESG投资和大宗商品能分散股票市场风险吗?
Q2 Business, Management and Accounting Pub Date : 2023-10-05 DOI: 10.1177/09721509231189573
Gnyana Ranjan Bal, Arjuna Kumar Maharana
The present study examines the time–frequency relationship between conventional equity, environmental, social and governance (ESG) Index and commodities in the Indian context. The present study uses wavelet-based decomposition methodology, and wavelet coherence to examine the co-movement and coherence among these markets. In addition, wavelet analysis explored in-phase and out-phase time–frequency relationships among the variables. The findings of the study highlight the coherence between these markets in different time horizons. Our results show that the impact of the COVID pandemic persisted across the time scales in the case of ESG index, Nifty and Oil. There is strong co-movement between ESG index and Nifty, hence ESG index cannot be considered as a hedge during crisis periods. Whereas gold exhibits hedging attributes against the volatility of conventional equity. The empirical findings have several implications for understanding the hedging attributes of ESG indices and commodities against conventional equities.
本研究考察了印度背景下传统股权、环境、社会和治理(ESG)指数与商品之间的时频关系。本研究使用基于小波的分解方法和小波相干性来检查这些市场之间的共同运动和相干性。此外,小波分析还探讨了变量之间的同相和异相时频关系。这项研究的结果突出了这些市场在不同时间范围内的一致性。我们的研究结果表明,在ESG指数、Nifty和Oil的情况下,COVID大流行的影响持续了整个时间尺度。ESG指数与Nifty之间存在很强的联动关系,因此ESG指数不能作为危机时期的对冲工具。而黄金则具有对冲传统股票波动性的特性。实证研究结果对理解ESG指数和大宗商品对传统股票的对冲属性有几个启示。
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引用次数: 0
Fun at Work: Need or Fad? Understanding the Effect of Social Connectedness in Job Search with Social Media 工作中的乐趣:需要还是时尚?利用社交媒体了解社会联系对求职的影响
Q2 Business, Management and Accounting Pub Date : 2023-10-05 DOI: 10.1177/09721509231195167
Subbarao NV, Bindu Chhabra, Manit Mishra
Social connectedness, a key determinant of intention to use in many social media applications is influenced by users’ hedonic (fun, enjoyment) and utilitarian (usefulness) perceptions. This study investigates the effect of social connectedness on job search through social media by using an extended technology acceptance model (TAM) as the theoretical framework. A hypothesized model is examined to understand how job search behaviour is influenced by social connectedness when applying for a job or choosing a company. Data gathered from 578 respondents via an online survey were analysed using covariance-based structural equation modelling (CB-SEM). The study results show social connectedness to have a statistically significant indirect effect on intention to use social media and to be mediated by both utilitarian and hedonic perceptions. However, the mediating influence of hedonic perceptions is perceived to be stronger to suggest job seekers perceive fun in the workplace as a stronger need. The study has implication for organizations to prioritize social connectedness as employee well-being, job performance, talent management and innovation efforts could be enhanced. The study extends and revalidates the TAM model in a job search context and supports its use as a valuable framework for understanding the impact of social connectedness in job search.
在许多社交媒体应用中,社交连通性是决定用户使用意愿的关键因素,它受到用户享乐(乐趣、享受)和功利(有用)观念的影响。本研究以扩展技术接受模型(TAM)为理论框架,探讨社会连通性对社交媒体求职的影响。研究了一个假设模型,以了解求职行为在申请工作或选择公司时如何受到社会联系的影响。通过在线调查收集的578名受访者的数据使用基于协方差的结构方程模型(CB-SEM)进行分析。研究结果表明,社会联系对使用社交媒体的意向具有统计上显著的间接影响,并受到功利主义和享乐主义观念的调节。然而,享乐感知的中介影响被认为更强,表明求职者将工作场所的乐趣视为一种更强的需求。该研究对组织优先考虑社会连通性,以提高员工幸福感、工作绩效、人才管理和创新努力具有启示意义。本研究在求职环境中扩展并重新验证了TAM模型,并支持将其作为一个有价值的框架来理解社会联系在求职中的影响。
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引用次数: 0
CEOs on LinkedIn, ESG Communication and Listed SMEs Stock Performance During COVID-19 Pandemic ceo对领英、ESG沟通和上市中小企业股票表现的看法
Q2 Business, Management and Accounting Pub Date : 2023-10-05 DOI: 10.1177/09721509231192174
Umberto Filotto, Dario Sgrulletti, Gian Paolo Stella
This study explores the relationship between LinkedIn ESG-related activities of CEOs and the stock market performance of their respective companies. The study analyses data of CEOs of listed SMEs on Euronext Growth Milan and their LinkedIn activity, along with their company’s performance. In particular, this study focuses on the diffusion of ESG topic-related contents during the COVID-19 pandemic on LinkedIn using a sample of approximately 37 thousand activities and more than 2 million words examined. Clustering the sample of SMEs in n.2 groups by stock performance with k-means method, we applied textual analysis to identify LinkedIn contents containing ESG topic-related contents. The study found a significant and positive correlation between CEOs’ ESG-related LinkedIn and their company’s stock market performance. Results show that CEOs of best performing SMEs share a higher volume of ESG contents and they suggest a role of LinkedIn in ESG information dissemination on financial markets.
本研究探讨ceo的领英esg相关活动与其所在公司的股票市场绩效之间的关系。该研究分析了泛欧交易所米兰成长型上市中小企业ceo的数据、他们在领英(LinkedIn)上的活动以及他们公司的业绩。本研究特别关注了在COVID-19大流行期间,在领英上与ESG主题相关的内容的传播,使用了大约3.7万个活动和200多万单词的样本。采用k-means方法将中小企业样本分成n.2组,运用文本分析方法识别LinkedIn内容中包含ESG主题相关内容。研究发现,ceo使用的与esg相关的LinkedIn与其公司的股票市场表现之间存在显著的正相关关系。结果显示,表现最好的中小企业ceo分享的ESG内容数量更多,这表明LinkedIn在金融市场上ESG信息传播中发挥了作用。
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引用次数: 0
Debunking the Production Predicaments among the Motor and Pump Exporters in the Coimbatore Region: Upside-down Approach of O-L-I Framework 揭穿哥印拜陀地区电机和泵出口商的生产困境:O-L-I框架的倒置方法
Q2 Business, Management and Accounting Pub Date : 2023-10-05 DOI: 10.1177/09721509231195172
Raghuveer Negi, A. Muthusamy, Abuzar Nomani, Shetty Deepa Thangam Geeta
We explore the unplumbed dimension of the O-L-I specific advantage of the firm in this research by shifting the focus from the entry mode of MNEs to problems faced by home-based manufacturer exporters, which is unique from its original concept. The proposed approach transposes the idea and implication of the eclectic paradigm in an international trade setting. To test the upside-down approach of the O-L-I framework, various challenges were identified through EFA and CFA, and in the final phase, the impact of ownership, location and internalization has been measured (using path analysis) on production problems faced by these manufacturer exporters. We used a structured questionnaire to collect the data from 220 motors and pump manufacturer exporters from January to September 2021. Moreover, the Coimbatore city wears the crown of ‘Pump City of Asia’, which makes the spot an ideal place for generalization of research and optimization of desired results. The research outcome illustrates the significant impact of location and internalization on the production problems encountered by the manufacturer exporters. The novelty of the study is substantiated by extending the application of O-L-I specific advantage for FDI to home-based exports, which we labelled as the ‘up-side-down approach’ of the O-L-I framework.
在本研究中,我们通过将焦点从跨国公司的进入模式转移到本土制造商出口商所面临的问题,探索了企业O-L-I特定优势的未知维度,这是其最初概念的独特之处。所提出的方法在国际贸易环境中转换了折衷主义范式的思想和含义。为了测试O-L-I框架的倒置方法,通过EFA和CFA确定了各种挑战,并在最后阶段,测量了所有权,位置和内部化对这些制造商出口商面临的生产问题的影响(使用路径分析)。我们使用结构化问卷收集了2021年1月至9月期间220家电机和泵制造商出口商的数据。此外,哥印拜陀市还拥有“亚洲水泵之都”的称号,这使得这里成为了一个进行综合研究和优化预期结果的理想场所。研究结果表明,区位和内部化对制造商出口商遇到的生产问题有显著影响。通过将O-L-I特定优势对外国直接投资的应用扩展到以本土为基础的出口,我们将其称为O-L-I框架的“颠倒方法”,证实了该研究的新颖性。
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引用次数: 0
US and European Stock Markets in Response to Exogenous Shocks: Cross-Regional Analysis of Dynamic Networks During the COVID-19 Pandemic 美国和欧洲股市对外源冲击的反应:新冠肺炎大流行期间动态网络的跨区域分析
Q2 Business, Management and Accounting Pub Date : 2023-10-04 DOI: 10.1177/09721509231158867
Jan-Hendrik Schuenemann, Natallia Katenka, Natalia Ribberink
This study aims to analyse the impact of force majeure events or exogenous shocks, characterized by a high level of uncertainty, on the US and European stock market behaviour through cross-regional and inter-industrial comparisons. Based on the sample of 832 largest stock-listed companies publicly traded in both regions, the authors investigate whether specific regional and industrial differences in the stock market reaction to exogenous shocks—as exemplified by the ongoing COVID-19 pandemic—and their recovery paths to be determined. The novelty of the research conducted by the authors is underpinned by the application of a dynamic network analysis method—supported by the exponential random graph modelling—for a data sample of publicly traded companies, encompassing major players and industrial leaders in both regions. Furthermore, the methods are applied quarterly for an identical set of industries in cross-market comparison, within a time span of periods before, during and beyond the exogenous shock. The results reveal significant differences in the reaction of US and European stock markets to exogenous shocks, despite globally integrated financial markets. The connectivity of the largest listed companies on the US market is higher than the European ones. Thus, publicly traded companies in the United States are more likely to be closely connected to their industry peers. As demonstrated by a cross-market comparison of the European and US stock market network configuration, the US network reveals higher probabilities of intra-industrial connections of its market participants. In contrast, the European stock market exhibits fewer connections and a less dense network of market participants in times of uncertainty or exogenous shocks. Except for the European financial industry, which behaves similarly to its US counterpart, the overall interconnectedness of European companies is weaker within the uncertainty-related timespan. The latest could be partially explained by numerous national regulations being implemented at a country level, which are partly deviating from the EU single-market policies. In contrast to a relatively homogeneous setting of the US market, a low level of interconnectedness of publicly traded companies in Europe could be further argued by the application of non-harmonized industrial policies, with the latest being expanded during the ongoing crisis in selected European locations. This difference could also be explained by the absence of a mutual strategy for alleviating the effects of the COVID-19 pandemic in Europe. The obtained results could be valuable for academics, conducting similar thematic research; for portfolio investors, and policymakers in forecasting, reacting and assessing stock market behaviour overall—and at the level of industrial sectors in particular—in response to events characterized as force majeure, exogenous shocks or periods of uncertainty.
本研究旨在通过跨地区和跨行业比较,分析具有高度不确定性的不可抗力事件或外生冲击对美国和欧洲股市行为的影响。基于在这两个地区上市的832家最大的股票上市公司的样本,作者调查了股票市场对外部冲击的反应是否存在特定的区域和行业差异(例如正在进行的COVID-19大流行),以及它们的恢复路径是否需要确定。作者进行的研究的新颖性是基于动态网络分析方法的应用,该方法由指数随机图模型支持,用于公开交易公司的数据样本,包括两个地区的主要参与者和行业领导者。此外,这些方法每季度对同一组行业进行跨市场比较,在外生冲击之前、期间和之后的时间跨度内进行比较。结果显示,尽管全球金融市场一体化,但美国和欧洲股市对外部冲击的反应存在显著差异。美国市场最大上市公司的连通性高于欧洲市场。因此,美国的上市公司更有可能与其行业同行保持密切联系。通过对欧洲和美国股票市场网络配置的跨市场比较,美国网络显示出其市场参与者的产业内连接概率更高。相比之下,在不确定性或外部冲击时期,欧洲股市表现出较少的联系,市场参与者的网络密度也较低。除了与美国金融业表现相似的欧洲金融业外,在与不确定性相关的时间跨度内,欧洲企业的整体互联性较弱。最新的部分原因可能是在国家层面上实施的众多国家法规,这些法规在一定程度上偏离了欧盟的单一市场政策。与美国市场相对同质化的环境相比,欧洲上市公司的相互联系程度较低,这可以通过不协调的产业政策的应用来进一步证明,最近在欧洲一些地区的危机期间,这种政策得到了扩大。这种差异也可以解释为缺乏缓解COVID-19大流行在欧洲影响的共同战略。所获得的结果可能对进行类似专题研究的学术界有价值;为证券投资者和政策制定者预测、反应和评估股票市场整体行为,特别是在工业部门层面,以应对不可抗力、外生冲击或不确定时期为特征的事件。
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引用次数: 0
Family Ownership After Going Public: Exploring Nonlinear Effect on Innovation Inputs and the Role of Institutional Investors 上市后家族持股:创新投入与机构投资者作用的非线性效应探讨
Q2 Business, Management and Accounting Pub Date : 2023-10-02 DOI: 10.1177/09721509231195673
Francesca Battaglia, Mario Ossorio, Paolo Fiorillo, Dario Salerno
Understanding the drivers of innovation in family firms is essential for their survival. While previous studies have mainly investigated innovation behaviours in private or public family firms, we focus on their R&D investment in the year following an IPO. Observing family firms in this context is crucial because it allows to analyse their propensity to innovate when financing constraints are relaxed. This work aims to investigate whether a relationship exists between R&D expenditures and family ownership in the setting of Initial Public Offerings (IPOs). Using a sample of IPOs in the period 2013–2018 by 132 French and Italian family and non-family firms, results reveal the existence of a U-shaped relationship in this regard. In addition, the curvilinear relationship is positively influenced by institutional investors. This study contributes to the debate around family firms’ innovation propensity, as well as to the literature on the heterogeneity among family firms.
了解家族企业的创新驱动力对家族企业的生存至关重要。虽然以前的研究主要是调查私营或上市家族企业的创新行为,但我们关注的是他们在IPO后一年的研发投资。在这种背景下观察家族企业是至关重要的,因为它可以分析它们在融资限制放松时的创新倾向。本研究旨在探讨在首次公开募股(ipo)的背景下,研发支出与家族所有权之间是否存在关系。利用2013-2018年132家法国和意大利家族企业和非家族企业的ipo样本,结果显示这方面存在u型关系。此外,该曲线关系受到机构投资者的积极影响。本研究对家族企业创新倾向的争论以及家族企业间异质性的文献研究都有所贡献。
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引用次数: 0
The Impact of Remittances on Renewable and Non-renewable Energy Consumption in Jamaica 汇款对牙买加可再生和不可再生能源消费的影响
Q2 Business, Management and Accounting Pub Date : 2023-09-30 DOI: 10.1177/09721509231196968
Simin Seury, Adian McFarlane, Amanjot Singh
Using annual data from 1980 to 2019, we explore the impact of remittance inflows (remittances) on renewable and non-renewable energy consumption in Jamaica. We apply statistically adequate vector error correction and vector autoregression models. There are two primary findings. First, we find that an increase in remittances is associated with a decrease in renewable energy consumption within an error correction model, which suggests a long-run negative relationship between remittances and renewable energy consumption. Second, an increase in remittances is associated with an increase in non-renewable energy consumption in the short run; no cointegrating relationship is detected. One implication of our finding is that Jamaica could strengthen policies that encourage the consumption of renewables while discouraging the consumption of non-renewables. These policies should apply to not only remittance-receiving households but also energy consumers in general to enhance the uptake of renewable energy.
利用1980年至2019年的年度数据,我们探讨了汇款流入对牙买加可再生能源和不可再生能源消费的影响。我们应用统计上足够的矢量误差校正和矢量自回归模型。主要有两个发现。首先,我们发现,在误差修正模型中,汇款的增加与可再生能源消费的减少有关,这表明汇款与可再生能源消费之间存在长期负相关关系。其次,汇款的增加与短期内不可再生能源消费的增加有关;未检测到协整关系。我们的发现的一个含义是,牙买加可以加强鼓励可再生能源消费的政策,同时阻止不可再生能源的消费。这些政策不仅应适用于收汇家庭,也应适用于一般的能源消费者,以加强对可再生能源的利用。
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引用次数: 0
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Global Business Review
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