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1 – 10 of 425David Korsah, Godfred Amewu and Kofi Osei Achampong
This study seeks to examine the relationship between macroeconomic shock indicators, namely geopolitical risk (GPR), global economic policy uncertainty (GEPU) and financial stress…
Abstract
Purpose
This study seeks to examine the relationship between macroeconomic shock indicators, namely geopolitical risk (GPR), global economic policy uncertainty (GEPU) and financial stress (FS), and returns as well as volatilities on seven carefully selected stock markets in Africa. Specifically, the study intends to unravel the co-movement and interdependence between the respective macroeconomic shock indicators and each of the stock markets under consideration across time and frequency.
Design/methodology/approach
This study employed wavelet coherence approach to examine the strength and stability of the relationships across different time scales and frequency components, thereby providing valuable insights into specific periods and frequency ranges where the relationships are particularly pronounced.
Findings
The study found that GEPU, Financial Stress (FS) and GPR failed to induce significant influence on African stock market returns in the short term (0–4 months band), but tend to intensify in the long-term band (after 6th month). On the contrary, stock market volatilities exhibited strong coherence and interdependence with GEPU, FSI and GPR in the short-term band.
Originality/value
This study happens to be the first of its kind to comprehensively consider how the aforementioned macro-economic shock indicators impact stock markets returns and volatilities over time and frequency. Further, none of the earlier studies has attempted to examine the relationship between macro-economic shocks, stock returns and volatilities in different crisis periods. This study is the first of its kind in to employ data spanning from May 2007 to April 2023, thereby covering notable crisis periods such as global financial crisis (GFC) and the COVID-19 pandemic episodes.
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In this paper we examine the validity of the J-curve hypothesis in four Southeast Asian economies (Indonesia, Malaysia, the Philippines and Thailand) over the 1980–2017 period.
Abstract
Purpose
In this paper we examine the validity of the J-curve hypothesis in four Southeast Asian economies (Indonesia, Malaysia, the Philippines and Thailand) over the 1980–2017 period.
Design/methodology/approach
We employ the linear autoregressive distributed lags (ARDL) model that captures the dynamic relationships between the variables and additionally use the nonlinear ARDL model that considers the asymmetric effects of the real exchange rate changes.
Findings
The estimated models were diagnostically sound, and the variables were found to be cointegrated. However, with the exception of Malaysia, the short- and long-run relationships did not attest to the presence of the J-curve effect. The trade flows were affected asymmetrically in Malaysia and the Philippines, suggesting the appropriateness of nonlinear ARDL in these countries.
Originality/value
The previous research tended to examine the effects of the real exchange rate changes on the agricultural trade balance and specifically the J-curve effect (deterioration of the trade balance followed by its improvement) in the developed economies and rarely in the developing ones. In this paper, we address this omission.
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Michael Dreyfuss and Gavriel David Pinto
Every business company deals with the dilemma of how much to invest in long-term (LT) versus short-term (ST) problem (LTvST problem). LT operations increase the reputation of the…
Abstract
Purpose
Every business company deals with the dilemma of how much to invest in long-term (LT) versus short-term (ST) problem (LTvST problem). LT operations increase the reputation of the company, and revenue is rewarded in the future. In contrast, ST operations result in immediate rewards. Thus, every organization faces the dilemma of how much to invest in LT versus ST activities. The former deals with the “what” or effectiveness, and the latter deals with the “how” or efficiency. The role of managers is to solve this dilemma; however, they often fail to do so, mainly because of a lack of knowledge. This study aims to propose a dynamic optimal control model that formulates and solves the LTvST problem.
Design/methodology/approach
This study proposes a dynamic optimal control model that formulates and solves the dilemma whether to invest in short- or LT operations.
Findings
This model is illustrated as an example of an academic institute that wants to maximize its reputation. Investing in effectiveness in the academy translates into investing in research, whereas investing in efficiency translates into investing in teaching. Universities and colleges with a good reputation attract stronger candidates and benefit from higher tuition fees. Steady-state conditions and insightful observations were obtained by studying the optimal solution and performing a sensitivity analysis.
Originality/value
To the best of the authors’ knowledge, this paper is the first one to explore the optimal strategy when trying to maximize the short and LT activities of a company and solve the LTvST problem. Furthermore, it is applied on universities where teaching is the ST activity and research the LT activity. The insights gleaned from the application are relevant to many different fields. The authors believe that the paper makes a significant contribution to academic literature and to business managers.
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Wei Zhang, Hui Yuan, Chengyan Zhu, Qiang Chen, Richard David Evans and Chen Min
Although governments have used social media platforms to interact with the public in an attempt to minimize anxiety and provide a forum for public discussion during the pandemic…
Abstract
Purpose
Although governments have used social media platforms to interact with the public in an attempt to minimize anxiety and provide a forum for public discussion during the pandemic, governments require sufficient crisis communication skills to engage citizens in taking appropriate action effectively. This study aims to examine how the National Health Commission of China (NHCC) has used TikTok, the leading short video–based platform, to facilitate public engagement during COVID-19.
Design/methodology/approach
Building upon dual process theories, this study integrates the activation of information exposure, prosocial interaction theory and social sharing of emotion theory to explore how public engagement is related to message sensation value (MSV), media character, content theme and emotional valence. A total of 354 TikTok videos posted by NHCC were collected during the pandemic to explore the determinants of public engagement in crises.
Findings
The findings demonstrate that MSV negatively predicts public engagement with government TikTok, but that instructional information increases engagement. The presence of celebrities and health-care professionals negatively affects public engagement with government TikTok accounts. In addition, emotional valence serves a moderating role between MSV, media characters and public engagement.
Originality/value
Government agencies must be fully aware of the different combinations of MSV and emotion use in the video title when releasing crisis-related videos. Government agencies can also leverage media characters – health professionals in particular – to enhance public engagement. Government agencies are encouraged to solicit public demand for the specific content of instructing information through data mining techniques.
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Emmanuel Asare, De-Graft Owusu-Manu, Joshua Ayarkwa and David John Edwards
The concept of working capital management (WCM) has been a fundamental financial accounting term that has evolved in financial theory for centuries. Given that the construction…
Abstract
Purpose
The concept of working capital management (WCM) has been a fundamental financial accounting term that has evolved in financial theory for centuries. Given that the construction industry (CI) is financially dynamic, there is an imperative need to understand its WCM practices. The call for the industry players to adhere to efficient financial management practices as a result of a huge financing gap requires consented effort. This study aims to explore the trend of practices of WCM in the CI and elicit a broader polemic dialogue about this crucial theme.
Design/methodology/approach
The source of information for the study was secondary mainly from referenced journals and international conference papers published on WCM relating to the CI. A three-step sample selection strategy was adopted to identify the range and scope of publications on WCM in the CI based on the systematic literature review method.
Findings
The CI cannot boost of enough empirical WCM research to gain in-depth understanding of its practical trend. The developing economies are failing to produce insightful peer-reviewed papers on WCM to assist in bridging the infrastructural financing gap through apposite strategies. Gaining appropriate knowledge of the short-term financial operations through a conceptualization of WCM practices in the CI may lead to better strategies formulated for smooth operations.
Originality/value
This is a pioneering paper in developing economies that have taken stock of WCM knowledge of the practical trend in the CI. Future research prospects in which WCM matters can use it as a reference point.
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Jonathan Farrar, Thomas Farrar, Cass Hausserman and Morina Rennie
We examine experimentally the extent to which three potential tax authority interventions encourage the reporting of tax fraud to tax authorities and how two types of guilt…
Abstract
We examine experimentally the extent to which three potential tax authority interventions encourage the reporting of tax fraud to tax authorities and how two types of guilt feelings are involved in this decision. Using a sample of 728 adult taxpayers in the United States, we find that a cash award, a prosocial award and a moral suasion message positively influence whistleblowing intentions and that the moral suasion effect is mediated by intrapsychic guilt (when an individual violates their moral values) and interpersonal guilt (when one's actions cause harm to another). The combination of a cash award and moral suasion message results in the greatest likelihood of tax whistleblowing. Our research contributes to the tax whistleblowing literature by providing evidence of the efficacy of potential interventions and also extends literature on the role of moral emotions by showing the relevance of intrapsychic and interpersonal guilt to the tax fraud reporting decision.
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Meg Aum Warren, Haley Bock, Tejvir Sekhon and Katie Winkelman
Pregnant employees experience considerable interpersonal discrimination. This study explores the range of possible reactions of observers to pregnancy self-disclosure…
Abstract
Purpose
Pregnant employees experience considerable interpersonal discrimination. This study explores the range of possible reactions of observers to pregnancy self-disclosure, interpersonal discrimination and various allyship interventions, and the attentional processes that lead to those reactions. Consequently, it uncovers socio-cognitive processes underlying support for and backlash toward pregnancy in the workplace.
Design/methodology/approach
This study used a thought-listing technique to explore observers’ spontaneous thoughts related to pregnancy. Working adults were randomly assigned to read through one of the six scenarios depicting pregnancy self-disclosure, interpersonal discrimination and male allyship interventions (i.e. stating the organization’s anti-discrimination policy, confronting the transgressor by calling out sexism, pivoting the conversation to highlight the strengths of the pregnant employee and a hybrid intervention combining highlighting strengths and confrontation) after which participants listed the top three thoughts that came to their mind (1,668 responses). Responses were thematically analyzed to explore spontaneous reactions toward the pregnant employee, transgressor and ally in the scenario.
Findings
Surprisingly, across all scenarios, the most sexist thoughts emerged during pregnancy self-disclosure, even in the absence of any transgression. After a transgression occurred, any allyship intervention was better than none in eliciting lesser sexist backlash against the pregnant employee. Stating the organization’s anti-discrimination policy was most beneficial for the pregnant employee in eliciting the least sexist backlash but at the cost of generating unfavorable impressions of the ally. Calling out the transgressor’s bias elicited the most sexist backlash toward the pregnant employee, yet it created favorable impressions of the ally. In contrast, highlighting the strengths of the pregnant employee created the most favorable impression of the ally while eliciting a few sexist thoughts about the pregnant employee. Overall, the hybrid intervention was the most effective at balancing the competing goals of generating support for the pregnant employee, creating favorable impressions of the ally, as well as holding the transgressor accountable.
Originality/value
This study demonstrates that the type of allyship intervention critically redirects the attentional focus of observers to certain aspects of a discrimination episode and relevant schemas which can generate support or backlash toward targets, transgressors and allies, thereby advancing or obstructing equity and inclusion in organizations.
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Sharneet Singh Jagirdar and Pradeep Kumar Gupta
The present study reviews the literature on the history and evolution of investment strategies in the stock market for the period from 1900 to 2022. Conflicts and relationships…
Abstract
Purpose
The present study reviews the literature on the history and evolution of investment strategies in the stock market for the period from 1900 to 2022. Conflicts and relationships arising from such diverse seminal studies have been identified to address the research gaps.
Design/methodology/approach
The studies for this review were identified and screened from electronic databases to compile a comprehensive list of 200 relevant studies for inclusion in this review and summarized for the cognizance of researchers.
Findings
The study finds a coherence to complex theoretical documentation of more than a century of evolution on investment strategy in stock markets, capturing the characteristics of time with a chronological study of events.
Research limitations/implications
There were complications in locating unpublished studies leading to biases like publication bias, the reluctance of editors to publish studies, which do not reveal statistically significant differences, and English language bias.
Practical implications
Practitioners can refine investment strategies by incorporating behavioral finance insights and recognizing the influence of psychological biases. Strategies span value, growth, contrarian, or momentum indicators. Mitigating overconfidence bias supports effective risk management. Social media sentiment analysis facilitates real-time decision-making. Adapting to evolving market liquidity curbs volatility risks. Identifying biases guides investor education initiatives.
Originality/value
This paper is an original attempt to pictorially depict the seminal works in stock market investment strategies of more than a hundred years.
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