Pub Date : 2023-01-01DOI: 10.18178/joebm.2023.11.1.731
Zihui Gong, Qianqian Shi, Guangjie Xu, Yuzhi Zhou
—In the field of modern finance, investors like to use the ACPM model to analyze their portfolios to reduce risks and maximize returns. And the main purpose of our investigation is to choose the six stocks and use the R-studio to analyze the data to see whether the five-factor model can be applied well in China stock market. We start our investigation by collecting data and setting up multiple linear regression models. Then we observe the correlations between the five factors and the excess returns of different stocks and test if all the values of the population parameters and some certain parameters are equal to 0. Finally, we test if multicollinearity existed. We can conclude from the analysis that HML is the most significant factor in all of the portfolios. Besides, the factor CMA has the least significance in portfolios 1 and 2 and the factor SMB is the least significant factor in the rest of the regressions of portfolios. Based on the result, we find that the five-factor model is also applicable in China stock market. So Chinese stock investors can use the five-factor model to help them achieve better investment returns.
{"title":"Portfolio Establishment Based on Fama-French Five-Factor Model in China Stock Market","authors":"Zihui Gong, Qianqian Shi, Guangjie Xu, Yuzhi Zhou","doi":"10.18178/joebm.2023.11.1.731","DOIUrl":"https://doi.org/10.18178/joebm.2023.11.1.731","url":null,"abstract":"—In the field of modern finance, investors like to use the ACPM model to analyze their portfolios to reduce risks and maximize returns. And the main purpose of our investigation is to choose the six stocks and use the R-studio to analyze the data to see whether the five-factor model can be applied well in China stock market. We start our investigation by collecting data and setting up multiple linear regression models. Then we observe the correlations between the five factors and the excess returns of different stocks and test if all the values of the population parameters and some certain parameters are equal to 0. Finally, we test if multicollinearity existed. We can conclude from the analysis that HML is the most significant factor in all of the portfolios. Besides, the factor CMA has the least significance in portfolios 1 and 2 and the factor SMB is the least significant factor in the rest of the regressions of portfolios. Based on the result, we find that the five-factor model is also applicable in China stock market. So Chinese stock investors can use the five-factor model to help them achieve better investment returns.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"29 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90269964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.18178/joebm.2023.11.2.736
Jing Yan
—We investigate how government support affects the impact of rapid Outward Foreign Direct Investment (OFDI) expansion on firm performance. In many emerging Asia countries, government is actively involved in firms’ internationalization. We argue that rapid OFDI expansion is more likely to increase firm performance with government support, which compensates for firms’ lack of superior internal resources and capabilities through state ownership or government affiliation. Our theories are supported by the empirical evidences from China, the largest emerging country in Asia. Our study helps us further understand the business modes of OFDI from emerging economies in Asia.
{"title":"Foreign Direct Investment Speed and Firm Performance: Evidence from China","authors":"Jing Yan","doi":"10.18178/joebm.2023.11.2.736","DOIUrl":"https://doi.org/10.18178/joebm.2023.11.2.736","url":null,"abstract":"—We investigate how government support affects the impact of rapid Outward Foreign Direct Investment (OFDI) expansion on firm performance. In many emerging Asia countries, government is actively involved in firms’ internationalization. We argue that rapid OFDI expansion is more likely to increase firm performance with government support, which compensates for firms’ lack of superior internal resources and capabilities through state ownership or government affiliation. Our theories are supported by the empirical evidences from China, the largest emerging country in Asia. Our study helps us further understand the business modes of OFDI from emerging economies in Asia.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"17 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87370660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.18178/joebm.2023.11.3.745
Beicheng Liu
—This paper mainly studies the influence of consumers’ social presence (social presence of streamers, social presence of viewers, social presence of live streaming platform, telepresence) on impulse buying behavior when watching the live streaming commerce, and explores the mediating effect played by perceived enjoyment and perceived value. Based on the Stimulus Organism Response (SOR) model, survey data from 191 viewers with live streaming buying experience in China were collected by using a survey questionnaire method, and the research hypotheses were tested by using moderated regression analysis and Bootstrapping methods. The study’s findings suggest that the four dimensions of social presence have positive effects on impulse buying behavior. Both perceived enjoyment and perceived value play a partial mediating role in the relationship of “social presence → impulse buying behavior” and there are significant differences between the two intermediary paths. The four dimensions of social presence have differentiated influences on perceived enjoyment, perceived value and impulse buying behavior. The research results of this paper will help streamers and merchants to understand the specific operational path of social presence to promote the emergence of consumer impulse buying behavior, and provide effective marketing suggestions for live streaming commerce companies and managers.
{"title":"How Social Presence Affects Viewers’ Impulse Buying Behavior in Live Streaming Commerce","authors":"Beicheng Liu","doi":"10.18178/joebm.2023.11.3.745","DOIUrl":"https://doi.org/10.18178/joebm.2023.11.3.745","url":null,"abstract":"—This paper mainly studies the influence of consumers’ social presence (social presence of streamers, social presence of viewers, social presence of live streaming platform, telepresence) on impulse buying behavior when watching the live streaming commerce, and explores the mediating effect played by perceived enjoyment and perceived value. Based on the Stimulus Organism Response (SOR) model, survey data from 191 viewers with live streaming buying experience in China were collected by using a survey questionnaire method, and the research hypotheses were tested by using moderated regression analysis and Bootstrapping methods. The study’s findings suggest that the four dimensions of social presence have positive effects on impulse buying behavior. Both perceived enjoyment and perceived value play a partial mediating role in the relationship of “social presence → impulse buying behavior” and there are significant differences between the two intermediary paths. The four dimensions of social presence have differentiated influences on perceived enjoyment, perceived value and impulse buying behavior. The research results of this paper will help streamers and merchants to understand the specific operational path of social presence to promote the emergence of consumer impulse buying behavior, and provide effective marketing suggestions for live streaming commerce companies and managers.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"2 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84716629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.18178/joebm.2023.11.1.732
A. Ma, Yinfei Chen, Yiming Chen
—Chinese companies have paid more attention to corporate social responsibility (CSR) activities in recent years. This paper aimed to provide empirical evidence on the relationship between board attributes and CSR and between CSR and corporate financial performance of Chinese technology-listed companies. The data from 2011 to 2020 was obtained from the database systems of CSMAR, Bloomberg and Wind. A total of 2,726 listed technology companies in China were gathered. The data were analyzed by CSR metrics in the form of ESG scores using OLS regression analysis and fixed effect regression models. The findings report that Board independence is a strong driving force of CSR performance, whereas board gender has a significant negative impact on CSR performance. The correlation between board attendance and CSR performance is insignificant. CEO duality has a negative impact on CSR performance. The results highlight the importance of CSR performance which can promote corporate financial performance. This study fills up the gap in CSR related research in the technology industry and offer more evidence for further research between board diligence and CSR. The study presents feasible suggestions for enterprises in the Chinese technology industry to improve operation and management by providing theoretical and practical implications, to guide regulators and Chinese technology-listed companies in ensuring the sustainable development of the sector.
{"title":"The Relationship of Board Attributes, Corporate Social Responsibility and Corporate Financial Performance in Chinese Technology-Listed Companies","authors":"A. Ma, Yinfei Chen, Yiming Chen","doi":"10.18178/joebm.2023.11.1.732","DOIUrl":"https://doi.org/10.18178/joebm.2023.11.1.732","url":null,"abstract":"—Chinese companies have paid more attention to corporate social responsibility (CSR) activities in recent years. This paper aimed to provide empirical evidence on the relationship between board attributes and CSR and between CSR and corporate financial performance of Chinese technology-listed companies. The data from 2011 to 2020 was obtained from the database systems of CSMAR, Bloomberg and Wind. A total of 2,726 listed technology companies in China were gathered. The data were analyzed by CSR metrics in the form of ESG scores using OLS regression analysis and fixed effect regression models. The findings report that Board independence is a strong driving force of CSR performance, whereas board gender has a significant negative impact on CSR performance. The correlation between board attendance and CSR performance is insignificant. CEO duality has a negative impact on CSR performance. The results highlight the importance of CSR performance which can promote corporate financial performance. This study fills up the gap in CSR related research in the technology industry and offer more evidence for further research between board diligence and CSR. The study presents feasible suggestions for enterprises in the Chinese technology industry to improve operation and management by providing theoretical and practical implications, to guide regulators and Chinese technology-listed companies in ensuring the sustainable development of the sector.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"49 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79373189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.18178/joebm.2023.11.3.748
Ana Ordoñez-Silva, Javier Quiñones-Campos, Martin Collao-Diaz, J. Quiroz-Flores, A. Flores-Perez
—Companies in the health sector face the challenge of offering optimal patient care, knowing that they come to establishments with some pain or illness that afflicts them, thus hindering well-being during the care processes. The level of service represents around 16% of the annual costs of Peruvian SMEs in the health sector, analyzing the waiting time of patients, the quality of care received and the flow of people who come to the establishment according to capacity of this. Therefore, a model based on the Lean methodology and the theory of constraints was developed to improve the level of service. It was validated by carrying out a case study in a company in the sector located in the Peruvian province of Cañete. The results showed an increase in the level of service, improvement of workstations with the availability of necessary tools, reduction of cycle times from 5.1 hours to 1.2 hours, also reducing waiting times for office care from 1.81 hours at 0.35 hours.
{"title":"Service Model under the Lean Approach and Theory of Constraints to Increase the Level of Service in SMEs in the Health Sector","authors":"Ana Ordoñez-Silva, Javier Quiñones-Campos, Martin Collao-Diaz, J. Quiroz-Flores, A. Flores-Perez","doi":"10.18178/joebm.2023.11.3.748","DOIUrl":"https://doi.org/10.18178/joebm.2023.11.3.748","url":null,"abstract":"—Companies in the health sector face the challenge of offering optimal patient care, knowing that they come to establishments with some pain or illness that afflicts them, thus hindering well-being during the care processes. The level of service represents around 16% of the annual costs of Peruvian SMEs in the health sector, analyzing the waiting time of patients, the quality of care received and the flow of people who come to the establishment according to capacity of this. Therefore, a model based on the Lean methodology and the theory of constraints was developed to improve the level of service. It was validated by carrying out a case study in a company in the sector located in the Peruvian province of Cañete. The results showed an increase in the level of service, improvement of workstations with the availability of necessary tools, reduction of cycle times from 5.1 hours to 1.2 hours, also reducing waiting times for office care from 1.81 hours at 0.35 hours.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"47 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77851370","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.18178/joebm.2023.11.3.752
Huatong Huang, Ying-Ying Li
—Based on Kevin Lane Keller’s Customer-Based Brand Equity Model (CBBE Model), this article explores the influencing factors of loyalty and develops a customer loyalty model for the automotive testing and certification industry. Through interviews and expert opinions, this article extracts eight loyalty determinants and 25 estimated performance indexes to adapt the loyalty assessment dimensions of this industry. This article innovatively combines Partial Least Squares-Based Structural Equation Modeling (PLS-SEM) and Importance-Performance Analysis (IPA) to quantify the extent of influence of each determinant on loyalty and to provide guidance for the prioritization of actions. The advantage of combining the two models is identifying the company’s weaknesses and quantifying the effects of improvements. Data were collected through questionnaires, and SmartPLS 4.0 was used to verify the proposed hypothesis. The analysis concludes that the company should improve the quality of certificate reports in the short term and provide more added value for customers in the long term. The model has a substantial application value and enables companies to identify problems, prevent business churn, optimize their overall management system, and improve market competitiveness.
本文以Kevin Lane Keller的基于顾客的品牌资产模型(CBBE模型)为基础，探讨了忠诚度的影响因素，并建立了汽车检测认证行业的顾客忠诚度模型。通过访谈和专家意见，本文提取了8个忠诚度决定因素和25个估计的绩效指标，以适应该行业的忠诚度评估维度。本文创新性地结合了基于偏最小二乘的结构方程建模(PLS-SEM)和重要性绩效分析(IPA)来量化每个决定因素对忠诚度的影响程度，并为行动的优先级排序提供指导。将这两种模型结合起来的好处是，可以识别公司的弱点，并量化改进的效果。通过问卷收集数据，并使用SmartPLS 4.0来验证所提出的假设。分析认为，公司短期内应提高证书报告的质量，长期应为客户提供更多的附加值。该模型具有较大的应用价值，可以帮助企业发现问题，防止业务流失，优化整体管理体系，提高市场竞争力。
{"title":"Research on Customer Loyalty Impact Factors and Strategy Optimization Based on Automotive Testing and Certification Industry","authors":"Huatong Huang, Ying-Ying Li","doi":"10.18178/joebm.2023.11.3.752","DOIUrl":"https://doi.org/10.18178/joebm.2023.11.3.752","url":null,"abstract":"—Based on Kevin Lane Keller’s Customer-Based Brand Equity Model (CBBE Model), this article explores the influencing factors of loyalty and develops a customer loyalty model for the automotive testing and certification industry. Through interviews and expert opinions, this article extracts eight loyalty determinants and 25 estimated performance indexes to adapt the loyalty assessment dimensions of this industry. This article innovatively combines Partial Least Squares-Based Structural Equation Modeling (PLS-SEM) and Importance-Performance Analysis (IPA) to quantify the extent of influence of each determinant on loyalty and to provide guidance for the prioritization of actions. The advantage of combining the two models is identifying the company’s weaknesses and quantifying the effects of improvements. Data were collected through questionnaires, and SmartPLS 4.0 was used to verify the proposed hypothesis. The analysis concludes that the company should improve the quality of certificate reports in the short term and provide more added value for customers in the long term. The model has a substantial application value and enables companies to identify problems, prevent business churn, optimize their overall management system, and improve market competitiveness.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"18 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80966931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-01DOI: 10.18178/joebm.2023.11.2.738
Jiatong Xue
—This paper uses experimental methods to study if individual’s risk preference or loss aversion will affect people’s trusting behavior. The results of the experiment show that individuals’ risk preference significantly impacts people’s trusting behavior. Compared with other subjects, people who are relatively less risk-averse show a higher degree of trust in others. Moreover, individuals’ loss aversion also affects people’s trusting behavior, subjects with relatively lower levels of loss aversion exhibit a higher degree of trust in others.
{"title":"Trusting Behavior, Risk Preference and Loss Aversion","authors":"Jiatong Xue","doi":"10.18178/joebm.2023.11.2.738","DOIUrl":"https://doi.org/10.18178/joebm.2023.11.2.738","url":null,"abstract":"—This paper uses experimental methods to study if individual’s risk preference or loss aversion will affect people’s trusting behavior. The results of the experiment show that individuals’ risk preference significantly impacts people’s trusting behavior. Compared with other subjects, people who are relatively less risk-averse show a higher degree of trust in others. Moreover, individuals’ loss aversion also affects people’s trusting behavior, subjects with relatively lower levels of loss aversion exhibit a higher degree of trust in others.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"51 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78284043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Governance in family firms can profoundly influence corporate behavior and performance. Recently, family firm governance (FFG) has attracted extensive attention as increasing empirical research has been published. However, few studies have attempted to map the global research on this growing field. In this paper, a comprehensive literature review and bibliometric analysis are conducted to provide an overview of the FFG. A total of 626 relevant studies from the Web of Sciences Core Collection database between 1998 and 2020 are analyzed. First, based on a literature review by identifying the classification of FFG and topics related to family governance, an overall conceptual structure is proposed. Second, the performance and influence of journals, authors and papers are analyzed by descriptive bibliometric analysis. Finally, with assistance from the CiteSpace and VoS viewer tools, the co-authorship, co-occurrence and co-citation network are presented to display the social and intellectual structure and find the hotspots. The findings of this study help to objectively understand the evolution of FFG and to capture potential research directions.
家族企业的治理可以深刻地影响企业的行为和绩效。近年来，随着越来越多的实证研究的发表，家族企业治理引起了广泛的关注。然而，很少有研究试图绘制这一不断发展的领域的全球研究地图。本文通过文献综述和计量学分析对FFG进行了概述。本文分析了Web of Sciences Core Collection数据库1998 - 2020年间的626项相关研究。首先，在文献综述的基础上，通过识别FFG的分类和与家族治理相关的主题，提出了一个整体的概念结构。其次，采用描述性文献计量分析方法对期刊、作者和论文的绩效和影响力进行了分析。最后，借助CiteSpace和VoS查看工具，对论文的合著、共现和共被引网络进行分析，展示论文的社会结构和智力结构，寻找热点。本研究的发现有助于客观地理解FFG的演变，并把握潜在的研究方向。
{"title":"A SYSTEMATIC REVIEW OF THE LITERATURE AND BIBLIOMETRIC ANALYSIS OF GOVERNANCE OF FAMILY FIRMS","authors":"Zhongmin Pu, Zeshui Xu, Xinxin Wang, M. Škare","doi":"10.3846/jbem.2022.18309","DOIUrl":"https://doi.org/10.3846/jbem.2022.18309","url":null,"abstract":"Governance in family firms can profoundly influence corporate behavior and performance. Recently, family firm governance (FFG) has attracted extensive attention as increasing empirical research has been published. However, few studies have attempted to map the global research on this growing field. In this paper, a comprehensive literature review and bibliometric analysis are conducted to provide an overview of the FFG. A total of 626 relevant studies from the Web of Sciences Core Collection database between 1998 and 2020 are analyzed. First, based on a literature review by identifying the classification of FFG and topics related to family governance, an overall conceptual structure is proposed. Second, the performance and influence of journals, authors and papers are analyzed by descriptive bibliometric analysis. Finally, with assistance from the CiteSpace and VoS viewer tools, the co-authorship, co-occurrence and co-citation network are presented to display the social and intellectual structure and find the hotspots. The findings of this study help to objectively understand the evolution of FFG and to capture potential research directions.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"18 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2022-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84383444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Bossman, Ș. C. Gherghina, Emmanuel Asafo-Adjei, A. Adam, S. Agyei
This study examined the asymmetric effects of major uncertainty and volatility indices (economic policy uncertainty, Chicago Board Options Exchange crude oil volatility, CBOE volatility index, CBOE VIX volatility, and NASDAQ 100 volatility target) on the returns of global energy and its constituents (global energy index, Brent, heating oil, natural gas, and petroleum). The causalityin-quantiles test and the quantile-on-quantile regression technique were employed on daily data covering the period between April 2012 and March 2022. The findings evidenced asymmetries and heterogeneity in the causal effects of global uncertainty and market volatilities on energy markets. For all uncertainty and volatility measures, we found strong negative relationships with energy commodities at stressed conditions, signalling some hedging benefits for market participants. The current research is among the first investigations to explore the asymmetric relationships between major uncertainty and volatility indices, as well as global energy and its constituents. Essential portfolio implications of our findings are discussed.
{"title":"EXPLORING THE ASYMMETRIC EFFECTS OF ECONOMIC POLICY UNCERTAINTY AND IMPLIED VOLATILITIES ON ENERGY FUTURES RETURNS: NOVEL INSIGHTS FROM QUANTILE-ON-QUANTILE REGRESSION","authors":"A. Bossman, Ș. C. Gherghina, Emmanuel Asafo-Adjei, A. Adam, S. Agyei","doi":"10.3846/jbem.2022.18282","DOIUrl":"https://doi.org/10.3846/jbem.2022.18282","url":null,"abstract":"This study examined the asymmetric effects of major uncertainty and volatility indices (economic policy uncertainty, Chicago Board Options Exchange crude oil volatility, CBOE volatility index, CBOE VIX volatility, and NASDAQ 100 volatility target) on the returns of global energy and its constituents (global energy index, Brent, heating oil, natural gas, and petroleum). The causalityin-quantiles test and the quantile-on-quantile regression technique were employed on daily data covering the period between April 2012 and March 2022. The findings evidenced asymmetries and heterogeneity in the causal effects of global uncertainty and market volatilities on energy markets. For all uncertainty and volatility measures, we found strong negative relationships with energy commodities at stressed conditions, signalling some hedging benefits for market participants. The current research is among the first investigations to explore the asymmetric relationships between major uncertainty and volatility indices, as well as global energy and its constituents. Essential portfolio implications of our findings are discussed.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"82 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84013465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Jiří Dvořák, Stanislav Tripes, M. Sokolová, Iveta Musilová
{"title":"TRENDS IN BUSINESS STRATEGY RESEARCH, BIBLIOMETRIC ANALYSIS AND TEXT MINING","authors":"Jiří Dvořák, Stanislav Tripes, M. Sokolová, Iveta Musilová","doi":"10.3846/jbem.2022.18301","DOIUrl":"https://doi.org/10.3846/jbem.2022.18301","url":null,"abstract":"<jats:p />","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"34 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89783194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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