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1 – 10 of over 35000
Article
Publication date: 1 February 2024

Khushboo Aggarwal and V. Raveendra Saradhi

The aim of this study is to examine the nature and determinants of stock market integration between India and other Asia–Pacific countries (Malaysia, Hong Kong, Singapore, South…

Abstract

Purpose

The aim of this study is to examine the nature and determinants of stock market integration between India and other Asia–Pacific countries (Malaysia, Hong Kong, Singapore, South Korea, Japan, China, Indonesia, the Philippines, Thailand and Taiwan) over the period 1991–2021.

Design/methodology/approach

Unit root tests, the dynamic conditional correlation-Glosten Jagannathan and Runkle-generalized autoregressive conditional heteroscedasticity (DCC-GJR-GARCH), pooled ordinary least squares (OLS) regression and random effects models are employed for the analysis.

Findings

The empirical results show that the DCC between each pair of sample countries is less than 0.5, indicating weak ties between the pairs of sample countries. Also, the DCC between India and other Asia–Pacific stock markets is positive and low, implying low level of integration. The correlation between India and China stock markets is found to be the highest, implying significant level of integration. The main reason for it would be strong economic linkages and bilateral trade relationship between India and China. Moreover, gross domestic product (GDP), interest rate (IR), consumer price index (CPI)-inflation and money supply (MS) differentials are the major driver of stock market integration between India and other Asia–Pacific countries.

Practical implications

The findings of the study have important implications for investors, portfolio managers and policymakers. It is found that the DCC between India and other Asia–Pacific countries (considered in the study) except China is low, which indicates weak ties between the pairs of sample countries. This implies that the Indian stock market provides good investment opportunities for foreign investors. Also, investors and portfolio managers can attain more diversified benefits and can minimize country risk by investing across Asia–Pacific countries. Further, knowledge about the factors that integrate the Indian stock market with the other Asia–Pacific stock markets will help policymakers frame suitable economic and financial stabilization policies.

Originality/value

This study contributes to the extant literature: first, by examining the linkages of Indian stock market with other Asia–Pacific countries; second, although previous studies confirmed the existence of linkages among the various stock markets, few researchers pay attention to the factors driving the process of stock market integration. This study provides additional evidence by examining the significant macroeconomic factors driving the process of such integration in the Asia–Pacific region considered under the study.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Book part
Publication date: 29 July 2019

Bruno S. Sergi, Elena G. Popkova, Anastasia A. Sozinova and Olga V. Fetisova

This chapter models industrial, tech, and financial cooperation between Russia and the countries of the Asia-Pacific region. We use several complex methods of economic and…

Abstract

This chapter models industrial, tech, and financial cooperation between Russia and the countries of the Asia-Pacific region. We use several complex methods of economic and mathematical modeling to analyze specific features of such cooperation and determine critical factors in industrial, technological, and financial development. The preferable choice for the Asia-Pacific region is cooperation with Russia, which is ready for an increase in imports of industrial and high-tech products as well as joint industrial innovational entrepreneurship. Investments would lead to synergetic effects, ensuring simultaneous industrial, technological, and financial development.

Details

Tech, Smart Cities, and Regional Development in Contemporary Russia
Type: Book
ISBN: 978-1-78973-881-0

Keywords

Article
Publication date: 29 November 2018

Khar Mang Tan, Fakarudin Kamarudin, Amin Noordin Bany-Ariffin and Norhuda Abdul Rahim

The purpose of this paper is to examine the firm efficiency or technical efficiency (TE), pure technical efficiency (PTE) and scale efficiency (SE) in the selected developed and…

Abstract

Purpose

The purpose of this paper is to examine the firm efficiency or technical efficiency (TE), pure technical efficiency (PTE) and scale efficiency (SE) in the selected developed and developing Asia-Pacific countries.

Design/methodology/approach

The sample consists of a sum of 700 firms in selected developed and developing Asia-Pacific countries over the period from 2009 to 2015. The non-parametric data envelopment analysis under the production approach is used to investigate firm efficiency.

Findings

On average, this paper discovers that the firms in selected Asia-Pacific countries are moderately efficient. Scale inefficiency (SIE) is found to be the dominant source of firms’ technical inefficiency. The analysis of return to scale shows that the large firms tend to operate at decreasing return to scale level, while the small firms tend to operate at increasing return to scale level.

Practical implications

The findings from this paper provide significant insights to the policy makers and firm managers in promoting the efficient firms of Asia-Pacific countries.

Originality/value

The present paper conducts a critical analysis on return to scale in the firms sector of Asia-Pacific context, which is ignored by the past studies on firm efficiency since the analysis of return to scale is mostly emphasized on banking sector. The precise nature of SIE is important for a firm to be efficient in achieving the firm’s primary goals of profit maximization and sustaining market competitiveness.

Details

Benchmarking: An International Journal, vol. 25 no. 8
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 1 March 2004

Photis M. Panayides

The marketing literature has emphasised the importance of marketing orientation as a means of achieving organisational objectives. A number of studies that have examined the…

3141

Abstract

The marketing literature has emphasised the importance of marketing orientation as a means of achieving organisational objectives. A number of studies that have examined the marketing orientation and business performance relationship have found mixed results culminating in inconclusive evidence. This paper examines the marketing practices and investigates the marketing strategy‐business performance relationship across logistics companies in the Asia‐Pacific region. The exploratory analysis suggests a positive relationship between market segmentation and performance. Differentiation and market orientation do not seem to be significantly associated with improved performance, although cross‐functional customer focus shows a significant relationship. Further discriminant analysis of the significant predictor variables suggests that two variables, viz. market segmentation and positioning, and cross‐functional customer focus are useful in differentiating between high and low performers. Managerial and further research implications for this increasingly important industry in the Asia‐Pacific region are discussed.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 16 no. 1
Type: Research Article
ISSN: 1355-5855

Keywords

Article
Publication date: 1 June 1999

George K. Chacko

Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today. Considers the…

9939

Abstract

Gives an in depth view of the strategies pursued by the world’s leading chief executive officers in an attempt to provide guidance to new chief executives of today. Considers the marketing strategies employed, together with the organizational structures used and looks at the universal concepts that can be applied to any product. Uses anecdotal evidence to formulate a number of theories which can be used to compare your company with the best in the world. Presents initial survival strategies and then looks at ways companies can broaden their boundaries through manipulation and choice. Covers a huge variety of case studies and examples together with a substantial question and answer section.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 11 no. 2/3
Type: Research Article
ISSN: 1355-5855

Keywords

Article
Publication date: 1 June 2000

George K. Chako

Briefly reviews previous literature by the author before presenting an original 12 step system integration protocol designed to ensure the success of companies or countries in…

7257

Abstract

Briefly reviews previous literature by the author before presenting an original 12 step system integration protocol designed to ensure the success of companies or countries in their efforts to develop and market new products. Looks at the issues from different strategic levels such as corporate, international, military and economic. Presents 31 case studies, including the success of Japan in microchips to the failure of Xerox to sell its invention of the Alto personal computer 3 years before Apple: from the success in DNA and Superconductor research to the success of Sunbeam in inventing and marketing food processors: and from the daring invention and production of atomic energy for survival to the successes of sewing machine inventor Howe in co‐operating on patents to compete in markets. Includes 306 questions and answers in order to qualify concepts introduced.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 12 no. 2/3
Type: Research Article
ISSN: 1355-5855

Keywords

Open Access
Article
Publication date: 26 July 2021

Wesley R. Teter and Libing Wang

The impacts of the COVID-19 pandemic have transformed the global outlook for international higher education. Given the rapid shift to online learning, the Tokyo Convention in the…

1306

Abstract

Purpose

The impacts of the COVID-19 pandemic have transformed the global outlook for international higher education. Given the rapid shift to online learning, the Tokyo Convention in the Asia-Pacific entrusted to UNESCO has become an important policy framework to facilitate regional collaboration, authoritative information sharing and recognition of qualifications across diverse modes of learning. This paper examines the role of the Tokyo Convention to establish an inclusive platform for monitoring and collaborative governance of mobility and internationalization based on fair and transparent recognition policies and practices in the Asia-Pacific.

Design/methodology/approach

In August 2019, a standardized survey instrument was sent by the Secretariat of the Tokyo Convention Committee at UNESCO Bangkok to competent recognition authorities in 46 countries in the Asia-Pacific, including the eight State Parties to the Tokyo Convention that ratified the Convention as of the reporting period. In total, qualitative data from n = 27 countries/states was received and analyzed to assess implementation of the Tokyo Convention throughout the region. The research design illustrates how normative instruments such as the Tokyo Convention are monitored and assessed over time.

Findings

A multi-stakeholder approach based on collaborative governance is needed to effectively monitor implementation and implications of the Tokyo Convention for diverse higher education stakeholders in the Asia-Pacific region.

Research limitations/implications

Implications include establishing baseline data and methods for monitoring implementation of the Tokyo Convention. Based on collaborative governance theory, the paper explores potential for a multi-stakeholder approach to promote mutual accountability in the Asia-Pacific and to develop mechanisms for inclusive participation in the governance of the forthcoming Global Convention on recognition.

Originality/value

As the first systematic review of its kind, this paper includes a unique dataset and insights into UNESCO's methodology to monitor implementation of standard-setting instruments for qualifications recognition in the Asia-Pacific.

Details

International Journal of Comparative Education and Development, vol. 23 no. 3
Type: Research Article
ISSN: 2396-7404

Keywords

Article
Publication date: 1 November 2006

Dimitris Manolopoulos

The purpose of the paper is to advance understanding for the nature and essence of Asia Pacific multinational enterprises' (MNEs) knowledge‐related competitiveness in the Balkans.

1133

Abstract

Purpose

The purpose of the paper is to advance understanding for the nature and essence of Asia Pacific multinational enterprises' (MNEs) knowledge‐related competitiveness in the Balkans.

Design/methodology/approach

A questionnaire‐based survey was carried out in 56 Asia Pacific MNEs located in the Balkans. By using descriptive statistics the extent of technology centralization is identified, the sources of technology MNEs use in their operations and the essence and roles of decentralized research and development (R&D) departments are evaluated.

Findings

Technological demand‐side influences and the traditional centripetal forces in Asia Pacific MNEs are still quite strong. Among all countries under investigation, only in Greece and Slovenia are signs found of some original product development work and creative activities.

Research limitations/implications

In order to have a better understanding for knowledge‐related competitiveness of Asia Pacific MNEs in the Balkans regional economic and labor conditions, more sophisticated industry characteristics and the strategic orientation of MNEs towards the region should also be considered.

Practical implications

A useful source of information for academics, business people and local governments that seek to promote value added investments in their countries.

Originality/value

This paper fulfils an identified gap in the literature by investigating MNEs' technology strategies in an EU peripheral region. To the extent of one's knowledge there are no relevant studies that survey the extent of technology (de)centralization of Asia Pacific MNEs in the Balkan countries from the perspective of empirical reality.

Details

Management Research News, vol. 29 no. 11
Type: Research Article
ISSN: 0140-9174

Keywords

Article
Publication date: 5 October 2010

Ahmed Shamiri and Zaidi Isa

The purpose of this paper is to investigate the international information transmission of return and volatility spillovers from US and Japan markets to Asia‐Pacific markets using…

Abstract

Purpose

The purpose of this paper is to investigate the international information transmission of return and volatility spillovers from US and Japan markets to Asia‐Pacific markets using daily stock market return data covering the period (1991‐2004).

Design/methodology/approach

This paper considers a volatility spillover model by applying a bivariate Baba, Engle, Kraft and Kroner‐Generalized Autoregressive Conditional Heteroskedastic model, for each of the Asia‐Pacific countries against the Japan and the USA using daily returns for the period (1991‐2004). Splitting the sample into two non‐overlapping sub‐samples, the paper investigates whether the efforts for more economic, monetary and financial integration have fundamentally altered the sources and intensity of volatility spillovers to the individual stock market.

Findings

In the majority of the markets under scrutiny, we provide evidence of direct volatility spillovers, running mainly from the Japanese and US markets and pointing to more rapid information transmission during the recent years. First, the volatility of the Asia‐Pacific markets is becoming influenced more by the US market for the recent years. Second, for international investors to get profits from the returns of Asia‐Pacific securities, it is necessary to pay attention to the US market directly. Third, Korea, Singapore and Hong Kong are among the most Asia‐Pacific markets vulnerable to shocks from US investors due to the large ratio of portfolio holding. However, implementing global hedging strategies on Asia‐Pacific markets requires the information concerning the Japanese volatility behaviour.

Originality/value

This paper should be of interest to a broad practitioners and academics including those interested in modelling volatility for financial market risk management.

Details

Studies in Economics and Finance, vol. 27 no. 4
Type: Research Article
ISSN: 1086-7376

Keywords

Book part
Publication date: 4 April 2024

Emre Bulut and Başak Tanyeri-Günsür

The global financial crisis (GFC) of 2007–2008 had far-reaching consequences for the global economy, triggering widespread economic turmoil. We use the event-study method to…

Abstract

The global financial crisis (GFC) of 2007–2008 had far-reaching consequences for the global economy, triggering widespread economic turmoil. We use the event-study method to investigate whether investors priced the effect of significant events before the Lehman Brothers' bankruptcy in European and Asia-Pacific banks. Abnormal returns on the event days range from −4.32% to 5.03% in Europe and −5.13% to 6.57% in Asia-Pacific countries. When Lehman Brothers went bankrupt on September 15, 2008, abnormal returns averaged the lowest at −4.32% in Europe and −5.13% in Asia-Pacific countries. The significant abnormal returns show that Lehman Brothers' collapse was a turning point, and investors paid attention to the precrisis events as warning signs of the oncoming crisis.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-83753-865-2

Keywords

1 – 10 of over 35000