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Market reaction to firms' investments in CSR projects 市场对企业社会责任项目投资的反应
IF 2.4 Q2 ECONOMICS Pub Date : 2023-03-27 DOI: 10.1108/jefas-08-2021-0150
V. Cherkasova, E. Fedorova, I. Stepnov
PurposeThe purpose of this paper is to determine the impact of corporate investments in corporate social responsibility (CSR), measured by the environmental, social and government (ESG) rating, on the market valuation of a firm's stocks and to explain the regional differences in the degree of this influence.Design/methodology/approachThe empirical study uses linear and non-linear panel regression models for a panel sample of 951 firms listed in Asia, North America and Europe operating in innovative industries.FindingsThe CSR score was found to be significant in terms of stock excess return on the regional level. However, this finding cannot be extrapolated to the global scale. ESG rating is priced by the European and North American markets negatively, while in the Asian market, it is positive. This penalty (negative influence) is greater than the reward for one point increase in ESG rating.Practical implicationsThe results of this empirical study could be used by firms' managers to adjust strategies aimed at stock value growth and by investors to select an investment strategy to maximize return.Originality/valueThe impact of investments in CSR on stock excess return over a defined benchmark is assessed. The study reveals regional differences in the impact of CSR investment using a sample of Asian, European and North American firms. The authors apply a more advanced lagged CSR performance (d.ESG) assessment based on the methodology of Zhang and Rajagopalan (2010).
本文的目的是确定企业在企业社会责任(CSR)方面的投资,通过环境、社会和政府(ESG)评级来衡量,对公司股票的市场估值的影响,并解释这种影响程度的区域差异。设计/方法/方法实证研究采用线性和非线性面板回归模型,对951家在亚洲、北美和欧洲上市的创新型行业公司进行面板样本分析。研究发现,企业社会责任得分在股票超额回报方面在地区层面上具有显著性。然而,这一发现不能外推到全球范围。欧洲和北美市场对ESG评级的评价是负面的,而亚洲市场对ESG评级的评价是正面的。这种惩罚(负面影响)大于ESG评级每增加1分的奖励。实践意义本实证研究的结果可为企业管理者调整以股票价值增长为目标的投资策略和投资者选择以收益最大化为目标的投资策略提供参考。原创性/价值评估企业社会责任投资对股票超额回报的影响。该研究以亚洲、欧洲和北美公司为样本,揭示了企业社会责任投资影响的地区差异。作者基于Zhang和Rajagopalan(2010)的方法,采用了更先进的滞后企业社会责任绩效(d.s esg)评估。
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引用次数: 2
Identifying Socio-cultural Factors on the Performance of Marginalized Entrepreneurs 识别社会文化因素对边缘化企业家绩效的影响
IF 2.4 Q2 ECONOMICS Pub Date : 2023-03-07 DOI: 10.12691/jfe-11-1-2
Amalendu Bhunia, Humaira Siddika
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引用次数: 1
Perceived value and satisfaction as antecedents of loyalty to a chain restaurant in Mexico 感知价值和满意度是墨西哥连锁餐厅忠诚度的先决条件
IF 2.4 Q2 ECONOMICS Pub Date : 2023-01-05 DOI: 10.29057/jas.v4i8.9178
Arlen Cerón Islas, Juan Gabriel Figueroa Velázquez, Axel Ismael Sánchez Villalobos
The present work is a quantitative, exploratory, cross-sectional research study. The objective is to validate the relationship between satisfaction and perceived value with customer loyalty in three branches of a restaurant chain in Mexico. Smart PLS 3 software was used to process the information obtained from a sample of 208 valid questionnaires. The objective was achieved by validating, through structural equation modeling by the partial least square method, a measurement model whose constructs met the characteristics of reliability and validity. In turn, the structural model presented an acceptable level of adjustment, thus proving that there is a positive and statistically significant relationship between satisfaction and perceived value and the loyalty of restaurant customers, which supported the two hypotheses proposed.    
本研究是一项定量的、探索性的、横断面的研究。目的是验证满意度和感知价值与客户忠诚度之间的关系,在墨西哥的三个连锁餐厅分支机构。采用Smart PLS 3软件对208份有效问卷进行信息处理。通过偏最小二乘法的结构方程建模,验证了一个结构满足信度和效度特征的测量模型。反过来,结构模型呈现出可接受的调整水平,从而证明满意度和感知价值与餐厅顾客忠诚度之间存在统计学上显著的正相关关系,支持了提出的两个假设。
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引用次数: 0
Social networks analysis in people with disabilities in the Mexican industry 墨西哥工业中残疾人的社会网络分析
IF 2.4 Q2 ECONOMICS Pub Date : 2023-01-05 DOI: 10.29057/jas.v4i8.9425
R. Ortega Garcia, Anibal Terrones Cordero
The objective of this research was to analyse the social networks forged between individuals who work in middle and upper management in Mexican companies and their relationship with people with disabilities through the application of a Social Network Analysis (SNA) which was carried out in two phases, in the first, an instrument was applied as a survey to a pre-established population that included the General Scale of Attitudes Towards People with Disabilities (EGAHPD). In the second stage, an analysis of social networks applied to a sample that met the characteristics defined for this purpose was developed, 55 nodes and 1,590 edges were found, with 12 subjects having the greatest interaction in the network, a wide degree of closeness, which deduces that the nucleus of individuals and organizations on whom the economic development of people with disabilities depends is very centralized.
本研究的目的是通过应用社会网络分析(SNA)来分析在墨西哥公司中高层管理人员之间建立的社会网络及其与残疾人的关系,该分析分两个阶段进行,在第一个阶段,将一种工具作为调查应用于预先建立的人群,其中包括对残疾人的一般态度量表(EGAHPD)。在第二阶段,对社会网络应用于符合为此目的定义的特征的样本进行了分析,发现了55个节点和1590个边,其中12个主题在网络中具有最大的交互性,密切程度很广,这推断出残疾人经济发展所依赖的个人和组织的核心非常集中。
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引用次数: 0
Banking Sector Resilience to Major Crises 银行业应对重大危机的能力
IF 2.4 Q2 ECONOMICS Pub Date : 2023-01-05 DOI: 10.12691/jfe-11-1-1
Theano Lefkou, Emmanouil Sofianos, Periklis Gogas
The Covid-19 crisis, started as an endemic health crisis but it was rapidly transformed to a global pandemic. As expected, it did not leave the global economy unaffected. The prolonged interruption of the production activity and the relevant general lockdowns, led to a significant drop in production, consumption and employment. This rapid deterioration of the economic activity and the associated increase in the uncertainty for the day-after, led to a significant decline of major stock markets around the globe. Banking institutions are fighting their own battle to continue their operation uninterrupted during the pandemic. Their problem is twofold: from one hand to deal with the decline in economic activity and on the other to adapt to a new and externaly imposed model of distance-banking. In this paper, we examine the possible impact of the Covid-19 crisis on bank share prices worldwide. We also measure and compare the impact of the 2008 global financial crisis. In measuring the impact of these two crises on bank share prices, we used bank share indices from four alternative countries: Greece, Germany, the US, and China for the period 2004:1 – 2021:2. The macroeconomic variables used in this context are: exchange rates, country specific 10-year government bond interest rates, the industrial production index and inflation, all in monthly frequency. Based on the empirical results, bank shares appear, in general, resilient and unaffected by these two crises.
新冠肺炎危机最初是一场地方性卫生危机,但迅速转变为全球大流行。正如预期的那样,它并没有使全球经济不受影响。生产活动的长期中断和相关的全面封锁,导致生产、消费和就业大幅下降。经济活动的迅速恶化以及随之而来的第二天不确定性的增加,导致全球主要股票市场大幅下跌。银行机构正在打自己的仗,以在大流行期间不间断地继续运营。他们的问题是双重的:一方面要应对经济活动的下降,另一方面要适应外部强加的新型远程银行模式。在本文中,我们研究了Covid-19危机对全球银行股价的可能影响。我们还衡量和比较了2008年全球金融危机的影响。在衡量这两次危机对银行股价的影响时,我们使用了2004:1 - 2021:2期间希腊、德国、美国和中国这四个国家的银行股指数。在这方面使用的宏观经济变量是:汇率、国别10年期政府债券利率、工业生产指数和通货膨胀,均按月计算。根据实证结果,银行股总体上表现出弹性,不受这两次危机的影响。
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引用次数: 0
Dynamics of tax collection in Mexico during January 2018-February 2022 2018年1月至2022年2月期间墨西哥税收动态
IF 2.4 Q2 ECONOMICS Pub Date : 2023-01-05 DOI: 10.29057/jas.v4i8.9504
Selene Yalid Juárez Montiel, Zeus Salvador Hernández Veleros
After the current economic crisis derived from the global pandemic, the deterioration that the Mexican economy had already been showing worsened and with the measures implemented such as confinement and the austerity policy, it is prudent to analyse the behaviour of tax collection during the last years. Therefore, in the present work, studies through the X-12 trend-cycle decomposition the dynamics of federal collection with respect to the economic dynamics reflected in the Global Index of Economic Activity (IGAE) and in Private Consumption in the period 2018.01-2022.02. The results allow us to conclude that the poor performance of the economic activity is prior to the pandemic and that it worsened even more during the period, while for tax collection this was not the case, it even reached its historical maximum points in 2021; which implied a very contractionary fiscal policy and for this reason the recovery of our country has been so short.
在全球大流行病引发的当前经济危机之后,墨西哥经济已经出现的恶化情况进一步恶化,随着诸如限制和紧缩政策等措施的实施,分析过去几年的税收行为是谨慎的。因此,在本工作中,通过X-12趋势周期分解研究联邦税收动态与2018年1月至2022年2月期间全球经济活动指数(IGAE)和私人消费所反映的经济动态之间的关系。结果使我们得出结论,经济活动表现不佳是在大流行之前,并且在此期间更加恶化,而税收情况并非如此,甚至在2021年达到了历史最高点;这意味着一个非常紧缩的财政政策,由于这个原因,我们国家的复苏如此短暂。
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引用次数: 0
Sentimental analysis of female entrepreneurs based on public tweets 基于公开推文的女性企业家情感分析
IF 2.4 Q2 ECONOMICS Pub Date : 2023-01-05 DOI: 10.29057/jas.v4i8.9579
Alejandra Vega-Barrios, Ruth Josefina Álcantara Hernández, Danae Duana-Avila
After the declaration of the COVID 19 pandemic, jobs and occupations had to return to normal, however many people lost their main source of resources, so the incorporation of women in different ventures has been a flag to get ahead with work for their families, so the objective of this work is to identify opinions about entrepreneurs,  using the technique of sentimental analysis to classify unstructured information from public tweets using for data processing, the Rstudio software with the retweet, word cloud and emo libraries collecting the feelings that people have through the microblogging platform Twitter in the period from June 20 to July 10, 2022. The results show that 74.53% of users perceive positive and very positive feelings toward women entrepreneurs, so it can be concluded that the impact of the incorporation of women entrepreneurs, which although at this time is still uncertain is perceived as an important factor for the economic recovery.    
在宣布COVID - 19大流行之后,工作和职业必须恢复正常,然而许多人失去了他们的主要资源来源,因此,将女性纳入不同的企业一直是为家庭工作取得成功的标志,因此,这项工作的目的是确定对企业家的看法,使用情感分析技术对用于数据处理的公开推文中的非结构化信息进行分类。Rstudio软件通过转发、词云和情绪库收集了人们在2022年6月20日至7月10日期间通过微博平台Twitter的感受。结果显示,74.53%的用户对女性企业家有积极和非常积极的感觉,因此可以得出结论,尽管目前仍不确定,但女性企业家的加入的影响被认为是经济复苏的重要因素。
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引用次数: 1
Editorial: Journal aim and scope and ongoing positioning 社论:期刊的目标、范围和持续定位
IF 2.4 Q2 ECONOMICS Pub Date : 2022-12-13 DOI: 10.1108/jefas-06-2022-331
Nestor U. Salcedo
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引用次数: 0
Strategic perspective of error management the role of leadership and an error management culture: a mediation model 错误管理的战略视角:领导角色与错误管理文化:一个中介模型
IF 2.4 Q2 ECONOMICS Pub Date : 2022-12-07 DOI: 10.1108/jefas-01-2022-0028
Margarida Freitas Oliveira, Eulália Santos, V. Ratten
PurposeErrors are inevitable, resulting from the human condition itself, system failures and the interaction of both. It is essential to know how to deal with their occurrence, managing them. However, the negative tone associated with them makes it difficult for most organizations to talk about mistakes clearly and transparently, for fear of being harmed, preventing their detection, treatment and recovery. Consequently, errors are not managed, remaining accumulated in the system, turning into successive failures. Organizations need to recognize the inevitability of errors, making the system robust, through leadership and an organizational culture of error management. This study aims to understand the role of these influencing variables in an error management approach.Design/methodology/approachIn this paper methodology of a quantitative nature based on a questionnaire survey that analyses error management, leadership and the organizational culture of error management of 380 workers in Portuguese companies.FindingsThe results demonstrate that leadership directly influences error management and indirectly through the organizational culture of error management, giving this last variable a mediating role.Originality/valueThe study covers companies from different sectors of activity on a topic that is little explored in Portugal, but part of the daily life of organizations, which should deserve greater attention from directors and managers, as they assume a privileged position to promote and develop error management mechanisms. Error management must be the daily work of leaders. This study contributes to theoretical knowledge and business practice on error management.
错误是不可避免的,这是由人类自身条件、系统故障以及两者的相互作用造成的。重要的是要知道如何处理它们的发生,管理它们。然而,与它们相关的负面语气使得大多数组织很难清晰透明地谈论错误,因为害怕受到伤害,从而阻碍了错误的发现、治疗和恢复。因此,错误没有得到管理,在系统中积累,变成连续的失败。组织需要认识到错误的必然性,通过领导和错误管理的组织文化使系统健壮。本研究旨在了解这些影响变量在错误管理方法中的作用。设计/方法/方法本文的定量方法基于问卷调查,分析错误管理,领导和错误管理的380名工人在葡萄牙公司的组织文化。研究结果表明,领导直接影响错误管理,并通过错误管理的组织文化间接影响错误管理,使后者具有中介作用。原创性/价值该研究涵盖了来自不同行业的公司,涉及的主题在葡萄牙很少被探索,但却是组织日常生活的一部分,应该得到董事和经理的更多关注,因为他们在促进和发展错误管理机制方面具有特权地位。错误管理必须是领导者的日常工作。本研究对错误管理的理论认识和商业实践都有一定的贡献。
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引用次数: 2
Risk-managed time-series momentum: an emerging economy experience 风险管理的时序动力:新兴经济体的经验
IF 2.4 Q2 ECONOMICS Pub Date : 2022-11-14 DOI: 10.1108/jefas-08-2021-0159
Simarjeet Singh, Nidhi Walia, S. Bekiros, Arushi Gupta, Jigyasu Kumar, A. Mishra
PurposeThis research study aims to design a novel risk-managed time-series momentum approach. The present study also examines the time-series momentum effect in the Indian equity market. Apart from this, the study also proposes a novel risk-managed time-series momentum approach.Design/methodology/approachThe study considers the adjusted monthly closing prices of the stocks listed on the Bombay Stock Exchange from January 1996 to December 2020 to formulate long-short portfolios. Newey–West t statistics were used to test the significance of momentum returns. The present research has considered standard risk factors, i.e. market, size and value, to evaluate the risk-adjusted performance of time-series momentum portfolios.FindingsThe present research reports a substantial absolute momentum effect in the Indian equity market. However, absolute momentum strategies are exposed to occasional severe losses. The proposed time-series momentum approach not only yields 2.5 times higher return than the standard time-series momentum approach but also causes substantial enhancement in downside risks and higher-order moments.Practical implicationsThe study's outcomes offer valuable insights for professional investors, capital market regulators and asset management companies.Originality/valueThis study is one of the pioneers attempting to test the time-series momentum effect in emerging economies. Besides, current research contributes to the escalating literature on risk-managed momentum by suggesting a novel revised time-series momentum approach.
目的本研究旨在设计一种新的风险管理时间序列动量方法。本研究还考察了印度股票市场的时间序列动量效应。除此之外,该研究还提出了一种新的风险管理时间序列动量方法。设计/方法/方法本研究考虑1996年1月至2020年12月在孟买证券交易所上市的股票的调整后月度收盘价,以制定多空投资组合。采用新西统计来检验动量收益的显著性。本研究考虑了标准风险因素,即市场、规模和价值,来评估时间序列动量投资组合的风险调整绩效。本研究报告了印度股票市场的绝对动量效应。然而,绝对动量策略偶尔会遭受严重损失。本文提出的时间序列动量方法不仅收益率是标准时间序列动量方法的2.5倍,而且下行风险和高阶矩显著增强。研究结果为专业投资者、资本市场监管机构和资产管理公司提供了有价值的见解。原创性/价值本研究是尝试检验新兴经济体时间序列动量效应的先驱之一。此外,目前的研究通过提出一种新的修正时间序列动量方法,为风险管理动量的文献升级做出了贡献。
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引用次数: 1
期刊
Journal of Economics, Finance and Administrative Science
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