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This study aims to explore the impact of systematic liquidity risk on the averaged cross-sectional equity return of the Indian equity market. It also examines the effects of illiquidity and decomposed illiquidity on the conditional volatility of the equity market.

The present study employs the Liquidity Adjusted Capital Asset Pricing Model (LCAPM) for pricing systematic liquidity risk using the Fama & MacBeth cross-sectional regression model in the Indian stock market from January 1, 2012, to March 31, 2021. Further, the study employed an exponential generalized autoregressive conditional heteroscedastic (1,1) model to observe the impact of decomposed illiquidity on the equity market’s conditional volatility. The study also uses the Ordinary Least Square (OLS) model to illuminate the return-volatility-liquidity relationship.

The study’s findings indicate that the commonality between individual security liquidity and aggregate liquidity is positive, and the covariance of individual security liquidity and the market return negatively affects the expected return. The study’s outcome specifies that illiquidity time series analysis exhibits the asymmetric effect of directional change in return on illiquidity. Further, the study indicates a significant impact of illiquidity and decomposed illiquidity on conditional volatility. This suggests an asymmetric effect of illiquidity shocks on conditional volatility in the Indian stock market.

This study is one of the few studies that used the World Uncertainty Index (WUI) to measure liquidity and market risks as specified in the LCAPM. Further, the findings of the reverse impact of illiquidity and decomposed higher and lower illiquidity on conditional volatility confirm the presence of price informativeness and its immediate effects on illiquidity in the Indian stock market. The study strengthens earlier studies and offers new insights into stock market liquidity to clarify the association between liquidity and stock return for effective policy and strategy formulation that can benefit investors.

Vehicle allocation problems (VAPs), which are frequently confronted in many transportation activities, primarily including but not limited to full truckload freight transportation operations, induce a significant economic impact. Despite the increasing academic attention to the field, literature still fails to match the needs of and opportunities in the growing industrial practices. In particular, the literature can grow upon the ideas on sustainability, Industry 4.0 and collaboration, which shape future practices not only in logistics but also in many other industries. This review has the potential to enhance and accelerate the development of relevant literature that matches the challenges confronted in industrial problems. Furthermore, this review can help to explore the existing methods, algorithms and techniques employed to address this problem, reveal directions and generate inspiration for potential improvements.

This study provides a literature review on VAPs, focusing on quantitative models that incorporate any of the following emerging logistics trends: sustainability, Industry 4.0 and logistics collaboration.

In the literature, sustainability interactions have been limited to environmental externalities (mostly reducing operational-level emissions) and economic considerations; however, emissions generated throughout the supply chain, other environmental externalities such as waste and product deterioration, or the level of stakeholder engagement, etc., are to be monitored in order to achieve overall climate-neutral services to the society. Moreover, even though there are many types of collaboration (such as co-opetition and vertical collaboration) and Industry 4.0 opportunities (such as sharing information and comanaging distribution operations) that could improve vehicle allocation operations, these topics have not yet received sufficient attention from researchers.

The scientific contribution of this study is twofold: (1) This study analyses decision models of each reviewed article in terms of decision variable, constraint and assumption sets, objectives, modeling and solving approaches, the contribution of the article and the way that any of sustainability, Industry 4.0 and collaboration aspects are incorporated into the model. (2) The authors provide a discussion on the gaps in the related literature, particularly focusing on practical opportunities and serving climate-neutrality targets, carried out under four main streams: logistics collaboration possibilities, supply chain risks, smart solutions and various other potential practices. As a result, the review provides several gaps in the literature and/or potential research ideas that can improve the literature and may provide positive industrial impacts, particularly on how logistics collaboration may be further engaged, which supply chain risks are to be incorporated into decision models, and how smart solutions can be employed to cope with uncertainty and improve the effectiveness and efficiency of operations.

The purpose of this study is to provide new insights into the relationship between fiscal policy and total factor productivity (TFP) while accounting for several economic and econometric issues of the phenomenon like non-stationarity, fiscal feedback effects, persistence in productivity, country heterogeneity and unobserved global shocks and local spillovers affecting heterogeneously the countries in the sample.

The paper is empirical. It builds an Error Correction Model (ECM) specification within a dynamic heterogeneous framework with common correlated effects and models both reverse causality and feedback effects.

The results of this study highlight some new findings relative to the existing related literature. The outcomes suggest some relevant evidence at both the academic and policy levels: (1) the causal effects going from fiscal deficit/surplus to TFP are heterogeneous across countries; (2) the effects depend on the time horizon considered; (3) the long-run dynamics of TFP are positively impacted by improvements in fiscal budget, but only if the austerity measures do not exert slowdowns in aggregate growth.

The main originality of this study is methodological, with possible extensions to related phenomena. Relative to the existing literature, the gains of this study rely on the way econometric techniques, recently proposed in the literature, are adapted to the economic relationship of interest. The endogeneity due to the existence of reverse causality is modelled without implying relevant performance losses of the models. Moreover, this is the first article that questions whether the effects of fiscal budget on productivity depend on the impact of the former on aggregate output growth, thus emphasising the importance of the quality of fiscal adjustments.

This paper aims to identify the effect of environmental management systems (EMSs), commitment to stakeholders and gender diversity on corporate environmental performance (CEP) and the extent to which an economic crisis moderates these relationships.

A regression analysis was conducted on a sample of 14,217 observations from 1,933 firms from 26 countries from 2002 to 2010. The estimator used is ordinary least squares with heteroscedastic panel-corrected standard errors (PCSEs), which allows us to obtain consistent results in the presence of heteroscedasticity and autocorrelation.

The results show that EMSs and stakeholder engagement are mechanisms that drive CEP but lose their effectiveness in times of crisis. However, the presence of women on boards has a positive effect on CEP that is not affected by an economic crisis.

The study has some limitations that could be addressed in the future. We present board gender diversity as a governance mechanism because its role is strongly related to non-financial performance. Future studies could focus on other corporate governance mechanisms, such as the presence of institutional or long-term investors. In addition, other mechanisms could be found that can counteract poor environmental performance in times of crisis. Finally, it might be useful to contrast these results with the crisis generated by the coronavirus pandemic.

The results obtained have important practical implications at the corporate and institutional levels. At the corporate level, they highlight, as essential contributions, that environmental management systems and stakeholder orientation are not effective in times of economic crisis, except for with the presence of women on the board.

Following the crisis, the European Commission has promoted gender diversity on boards as a mechanism to improve the governance of entities – improving, among other aspects, sustainability. In this sense, another one of the practical implications of the study is support for the policies that the European Union has implemented over the last two decades.

The paper analyses how a crisis affects the moral and cultural institutional mechanisms that promote CEP. Gender diversity on the board of directors not only promotes environmental performance but also appears to be a governance mechanism that ensures this performance in times of crisis when the other mechanisms lose their effectiveness. The study proposes specific policies that help maintain environmental performance in an economic crisis.

The potential growth in cryptocurrencies has raised serious ethical and religious issues leading to a new investment rethinking. This paper aims to identify the influence of religiosity on cryptocurrency acceptance through an extended technology acceptance model (TAM) model.

In the first phase, this research develops a conceptual model that extends the theory of the TAM by integrating the religiosity component. In the second phase, the proposed model is tested using search volume queries in daily frequencies from 01/01/2018 to 31/12/2022 and structural equation modeling (SEM).

The empirical results demonstrate a significant positive effect of religiosity on the intention to use cryptocurrency, the users' perceived usefulness (PU) and ease of use (PEOU). Besides, the authors note that PEOU positively influences the intention. Furthermore, religiosity indirectly affects the intention through the PEOU and positively impacts the intention through the PU. In the same way, PEOU has a considerable indirect effect on the intention through PU.

This study has practical and theoretical contributions by providing insights into the cryptocurrency acceptance factors. In other words, it contributes to the literature by extending TAM models. Practically, it helps managers determine factors affecting the intention to use cryptocurrencies. Therefore, they can adjust their industry according to the suitable characteristics for creating successful projects.

Identifying the effect of religiosity on cryptocurrency users' choices and decisions has a social added value as it provides an understanding of the evolution of psychological variants.

The findings emphasize the importance of integrating big data to analyze users' attitudes. Besides, most studies on cryptocurrency acceptance are investigated based on one kind of religion, such as Christianity or Islam. Nevertheless, this paper integrates the effect of five types of faith on the users' intentions.