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1 – 10 of over 2000Seema Saini, Utkarsh Kumar and Wasim Ahmad
To the best of our knowledge, no study has examined credit cycle synchronizations in the context of emerging economies. Studying the credit cycles synchronization across BRICS…
Abstract
Purpose
To the best of our knowledge, no study has examined credit cycle synchronizations in the context of emerging economies. Studying the credit cycles synchronization across BRICS (Brazil, Russia, India, China and South Africa) countries is crucial given the magnitude of trade and financial integration among member counties. The enormity of the trade and financial linkages among BRICS countries and growth spillovers from emerging economies to advanced and low-income countries provide the rationale and motivation to study the synchronization of credit cycles across BRICS.
Design/methodology/approach
The study investigates the credit cycles coherence across BRICS economies from 1996Q2 to 2020Q4. The synchronization analysis is done using the noval wavelet approach. The analysis examines not only the coherence but also the extent of credit cycle synchronization that varies across frequencies and over time among different pairs of nations.
Findings
The authors find heterogeneity in the credit cycles' synchronization among the member nations. China and India are very much in sync with the other BRICS countries. China's high-frequency credit cycle mostly leads the other countries' credit cycles before the global financial crisis and shows a mix of lead/lag relationships post-financial crisis. Interestingly, most of the time, India's low-frequency credit cycles lead the member countries' credit cycles, and Brazil's low frequency credit cycle lag behind the other BRICS countries' credit cycles, except for Russia. The results are crucial from the macroprudential policymaker's perspective.
Research limitations/implications
The empirical design is applicable to a similar set of countries and may not directly fit each emerging economy.
Practical implications
The findings will help understand the marked deepening of trade, technology, investment and financial interdependence across the world. BRICS acronym requires no introduction, but such analysis may help understand the interaction at the monetary policy level.
Originality/value
This is the first study that highlights the need to understand the credit variable interactions for BRICS nations.
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Valentina Cucino, Cristina Marullo, Eleonora Annunziata and Andrea Piccaluga
Humane Entrepreneurship (HumEnt) is strongly purpose-oriented and characterized by a focus on inclusiveness and social and environmental sustainability, with attention to both…
Abstract
Purpose
Humane Entrepreneurship (HumEnt) is strongly purpose-oriented and characterized by a focus on inclusiveness and social and environmental sustainability, with attention to both internal and external stakeholders and their needs. In the attempt to provide new research in this field, this study aims to conduct an empirical investigation within the theory of HumEnt and, in particular, of the Human Resource Orientation (HRO) model among Italian Small and Medium-size Enterprises.
Design/methodology/approach
Based on quantitative data, this study used a deductive approach to investigate the relationship between the HumEnt model and firms’ relational embeddedness with different types of stakeholders (value chain stakeholders and societal stakeholders, respectively). More concretely, to investigate the relationships between the dimensions of the HumEnt model and firms’ relational embeddedness, partial least squares structural equation modeling was applied.
Findings
Findings of this study suggest that Entrepreneurial Orientation (EO) directly contributes only to value chain embeddedness. However, the results also show that if EO is mediated by an HRO (i.e. companies with a high HRO), a high level of societal embeddedness is also present.
Originality/value
This study represents a first attempt to provide comprehensive empirical evidence about the different dimensions characterizing the HumEnt theoretical model, and to highlight their relevance in supporting companies’ relational embeddedness capacity with different categories of stakeholders.
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Oscar F. Briones, Segundo M. Camino-Mogro and Veronica J. Navas
The purpose of this research is to examine Micro-, small- and medium-sized enterprises (MSMEs). Which have limited access to financial resources from financial intermediaries…
Abstract
Purpose
The purpose of this research is to examine Micro-, small- and medium-sized enterprises (MSMEs). Which have limited access to financial resources from financial intermediaries. Thus, resource allocation is a primary concern for them.
Design/methodology/approach
This research studies the determinants of cash conversion cycle components and cash flow of MSMEs operating in Ecuador. This study examined a robust sample of 19,680 firms from 2000 to 2020, using the two-step generalized methods of moments to control for endogeneity and multicollinearity of independent variables issues.
Findings
The sample was divided into working capital intensive and fixed capital intensive firms. It was found that in every segment (micro-, small- and medium-sized), the majority of firms are working capital intensive and their average return is higher. This implies that small business owners assign the majority of their resources to current assets, which thus far have enabled them to achieve higher profitability.
Originality/value
Research investigated Ecuadorian MSMEs in a dollarized developing environment. Scrutinizing working capital intensive vs fixed capital intensive.
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Luca A. Breit and Christine K. Volkmann
The developing field of entrepreneurial marketing reflects input from both marketing and entrepreneurship. Since the early 1980s, it has evolved heterogeneously, without a…
Abstract
Purpose
The developing field of entrepreneurial marketing reflects input from both marketing and entrepreneurship. Since the early 1980s, it has evolved heterogeneously, without a coherent theory, leading to complex scholarly views. Therefore, this literature review aims to shed light on the recent developments, reveal various research perspectives related to entrepreneurial marketing and derive future research avenues.
Design/methodology/approach
To account for recent scientific contributions and establish a more transparent view of divergent insights, the systematic literature review reported herein covers 207 peer-reviewed journal articles published after the “Charleston Summit” over 12 years (2010–2021) and details their contributions based on descriptive and inductive thematic analysis.
Findings
First, a descriptive analysis illustrates recent scientific developments indicating that entrepreneurial marketing is a vibrant research field with a continuous increase in publications worldwide and a wide range of research methods applied. Second, the thematic analysis suggests a three-part classification into entrepreneur, business and market perspectives. The authors present the most frequent themes and subthemes within this literature domain, as well as offering a critical assessment of the field that reveals key directions for expanding existing research.
Originality/value
To the best of the authors’ knowledge, this study is the first comprehensive review systematically examining entrepreneurial marketing literature while conducting an in-depth thematic analysis. It enhances current knowledge of the field by extending previous narrative and bibliographic reviews and discussing research directions. Aside from specific research questions, an alternative way to narrow down the multiple research objects is elaborated by critically debating the perspectives.
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Jennifer Nabaweesi, Frank Kabuye and Muyiwa Samuel Adaramola
The adoption of solar energy by households is an important avenue of protecting the environment and enabling energy access in rural areas, especially in developing countries like…
Abstract
Purpose
The adoption of solar energy by households is an important avenue of protecting the environment and enabling energy access in rural areas, especially in developing countries like Uganda, where energy access is low. Therefore, this study aims to investigate the factors that influence the households’ willingness to adopt solar photovoltaic (PV) energy and how soon the households are willing to adopt solar PV energy for business use in Uganda.
Design/methodology/approach
Heckman’s two-step selection model was used to determine the willingness and urgency of adopting solar PV energy for business use in selected districts in Eastern Uganda. The respondents were selected purposively at the household level at a given point in time.
Findings
Results show that sex, household head estimated income, mode of acquisition and repayment terms of solar technology positively influence both willingness and urgency to adopt solar energy for business use in households. However, financial disclosure only influences willingness to adopt solar. Then, age and energy need only significantly influence how soon the household is willing to adopt solar PV energy for business use.
Research limitations/implications
This study’s findings essentially apply to the individual factors that determine the willingness and urgency to adopt solar PV energy for business use by households. Hence, further research is needed to understand the external and industrial factors which could strengthen the predictive potential of the elements in this study.
Practical implications
This study underscores the need for regulatory enforcement on the supply and usage of quality, reliable and affordable solar equipment which are suitable for business use. Also, the need to promote and finance the usage of solar PV as a green energy source for household businesses has been emphasized.
Originality/value
The study simultaneously examines the willingness and urgency to adopt solar PV energy for household business purposes using Heckman’s two-step selection model. This has hitherto remained unknown empirically.
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Gaurav Gupta, Jitendra Mahakud and Vishal Kumar Singh
This study examines the impact of economic policy uncertainty (EPU) on the investment-cash flow sensitivity (ICFS) of Indian manufacturing firms.
Abstract
Purpose
This study examines the impact of economic policy uncertainty (EPU) on the investment-cash flow sensitivity (ICFS) of Indian manufacturing firms.
Design/methodology/approach
This study uses the fixed-effect method to investigate the effect of EPU on ICFS from 2004 to 2019.
Findings
This study finds that EPU increases ICFS, which is more (less) during the crisis (before and post-crisis) period. The authors also find that the effect of EPU on ICFS is more for smaller, younger and standalone (SA) firms than the larger, matured and business group affiliated (BGA) firms. This study also reveals that EPU reduces corporate investment (CI). Further, the authors find that cash flow is more significant for the investment of financially constrained firms and the negative effect of EPU is more for these firms.
Research limitations/implications
This study considers the Indian manufacturing sector. Therefore, this study can be extended by analyzing the relationship between EPU and ICFS for the service sector.
Practical implications
First, this study can be useful for corporates, academicians and government bodies to understand the effect of EPU on ICFS and CI. Second, this study will help corporates to focus on internal funds to finance corporates' investment during the crisis period because EPU increases the cost of external finance which may increase ICFS and reduce CI. Third, lending agencies, investors and stakeholders should also focus on the firm's nature, ownership, size and age because these factors play a crucial role to reduce or increase the negative effect of EPU on ICFS. Fourth, the Government should make appropriate policy measures in terms of concessional interest rates to increase the easy availability of external finance for SA, small size, and young firms to reduce the negative effect of EPU on CI because these firms are considered as more financially constrained firms.
Originality/value
This study adds new inputs to the current literature of EPU in several ways. First, this study is one of the main studies focused on the relationship between EPU and ICFS (CI). Especially in emerging countries like India, examining this relationship extends previous research. Second, this study also examines the impact of EPU on ICFS for BGA, SA, small, large, matured and young firms as well as crisis and non-crisis periods. Third, this study uses the sample of the Indian manufacturing sector which has emerged the qualities to become a global manufacturing hub and attracting global investors. Therefore, examining the effect of EPU on ICFS for these firms will be more interesting.
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Graeme Newell and Muhammad Jufri Marzuki
Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the…
Abstract
Purpose
Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property is seen to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. Drivers and risk factors for the ongoing development of the direct healthcare property sector in France are also identified, as well as the strategic property investment implications for institutional investors.
Design/methodology/approach
Using annual total returns, the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French direct healthcare property over 1999–2020 are assessed. Asset allocation diagrams are used to assess the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. The role of specific drivers for French healthcare property performance is also assessed. Robustness checks are also done to assess the potential impact of COVID-19 on the performance of French healthcare property.
Findings
French healthcare property is shown to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. French direct healthcare property delivered strong risk-adjusted returns compared to French stocks, listed healthcare and listed property over 1999–2020, only exceeded by direct property. Portfolio diversification benefits in the fuller mixed-asset portfolio context were also evident, but to a much lesser extent in a narrower property portfolio context. Importantly, this sees French direct healthcare property as strongly contributing to the French property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was to some degree to the loss or substitution of traditional direct property exposure via this replacement effect. French direct healthcare property and listed healthcare are clearly shown to be different channels in delivering different aspects of French healthcare performance to investors. Drivers of French healthcare property performance are also shown to be both economic and healthcare-specific factors. The performance of French healthcare property is also shown to be different to that seen for healthcare property in the UK and Australia. During COVID-19, French healthcare property was able to show more resilience than French office and retail property.
Practical implications
Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio, with French healthcare property having different investment dynamics to the other traditional French property sectors. The strong risk-adjusted performance of French direct healthcare property compared to French stocks, listed healthcare and listed property sees French direct healthcare property contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. French healthcare property’s resilience during COVID-19 was also an attractive investment feature. This is particularly important, as many institutional investors now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries and the need for effective social infrastructure. The importance of French direct healthcare property sees direct healthcare property exposure accessible to investors as an important alternate real estate sector for their portfolios going forward via both non-listed healthcare property funds and the further future establishment of more healthcare REITs to accommodate both large and small institutional investors respectively. The resilience of French healthcare property during COVID-19 is also an attractive feature for future-proofing an investor’s portfolio.
Originality/value
This paper is the first published empirical research analysis of the risk-adjusted performance, diversification benefits and performance dynamics of French direct healthcare property, and the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of French direct healthcare property in a portfolio; particularly where the strategic role of direct healthcare property in France is seen to be different to that in the UK and Australia via portfolio replacement effects. Clear evidence is also seen of the drivers of French healthcare property performance being strongly influenced by healthcare-specific factors, as well as economic factors.
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Amrinder Singh, Tarun Kumar Soni and Soumik Bhusan
This case study has been prepared after thoroughly studying the Indian wine industry. Secondary data for the value of wine imported in India has been taken from the website of the…
Abstract
Research methodology
This case study has been prepared after thoroughly studying the Indian wine industry. Secondary data for the value of wine imported in India has been taken from the website of the Ministry of Commerce and Industry, Government of India. Data for GDP per capita for India has been taken from World Development Indicators, World Bank. Data for revenue generation of top five countries have been sourced from Statista Report on Indian wine market. Fictitious names are used for the Winery (Romaniszyn) and the individual (Harish G.) working there.
Case overview/synopsis
This case revolves around accounting complexities for starting a winery in India. A new vineyard comes with the challenge of the gestation period (five years), during which it would not generate revenue. Harish G. was adept at business development and had experience working with an Italian winery. He was unaware of how difficult accounting decisions would be, including determining the quantum of funds required, ascertaining different financial options to purchase assets and meeting cash requirements. He knew he would not be able to generate any sales for five years at the newly formed winery; the grapevines imported from New Zealand took that long to reach maturity. Furthermore, given that Harish was starting a new brand of wine, he also faced constraints with attracting new customers.
Complexity academic level
This case can be used in teaching undergraduate and postgraduate students in the introductory session of a financial accounting course. It is designed to approach basic accounting concepts, permitting the class to discuss and focus on the principal thought process of starting a real business and accounting for the transactions as and when they occur rather than only on mathematical computations. The objective of this case study is attained by involving the students in recording various accounting transactions and decisions the winery’s management must take over the time from early plantation to bottling of the wine. Every decision assesses the students’ comprehension of accounting concepts by making them analyze and resolve the accounting issues raised.
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Yongseok Jang, Jing Zhang and Dianhan Zheng
Recent high-profile ethical scandals in start-up organizations have made people wonder whether entrepreneurship may cultivate a work environment with less emphasis on ethics. This…
Abstract
Purpose
Recent high-profile ethical scandals in start-up organizations have made people wonder whether entrepreneurship may cultivate a work environment with less emphasis on ethics. This study examined a psychological process about how an organization’s entrepreneurial orientation (EO) can affect its treatment of probationary employees, a vulnerable yet understudied group of workers.
Design/methodology/approach
The authors recruited 241 participants through Amazon Mechanical Turk. They answered an online survey about their experiences as probationary employees.
Findings
This study found that job feedback and meaning moderated the relationship between EO and ethical climate, such that this relationship was statistically significant and positive only among participants who reported high levels of feedback and job meaning. Ethical climate, in turn, was found to be related to a reduction in workplace incivility experienced by probationary employees. The indirect effect of EO on incivility via ethical climate was contingent on job feedback and meaning.
Research limitations/implications
This study extends the discussion on the entrepreneurial context, adds to EO literature with findings on its indirect effect on nonfinancial performance and reinforces institutional theory through job characteristics’ moderating roles. However, a methodological limitation is conducting a cross-sectional single-source survey due to limited access to firms and probationary employees, considering the hidden population involved.
Practical implications
This study found no evidence of probationary employee exploitation in high EO organizations. Job seekers should embrace probationary work at start-ups. Entrepreneurial leaders should balance being proactive, innovative and caring toward employees.
Originality/value
It is debatable whether entrepreneurship leads to unethical organizational conduct. By studying a vulnerable group of employees, the authors discovered that EO, when paired with favorable job design factors, can create a more ethical workplace where temporary talents are treated with dignity and respect.
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Benjamin Kwakye and Tze-Haw Chan
The primary aim of this paper is to concurrently use the data types to enhance econometric analysis in the housing market in developing countries, particularly Namibia.
Abstract
Purpose
The primary aim of this paper is to concurrently use the data types to enhance econometric analysis in the housing market in developing countries, particularly Namibia.
Design/methodology/approach
Scholarly discussions on econometric analysis in the housing market in sub-Saharan Africa suggest that the inadequacy of time series data has impeded studies of such nature in the region. Hence, this paper aims to comparatively analyse the impact of economic fundamentals on house prices in Namibia using real and interpolated data from 1990 to 2021 supported by the ARDL model.
Findings
It was discovered that in all the three types of data house prices were affected by fundamentals except real GDP in the long term. It was also noted that there were not much significant variations between the real data and the interpolated data frequencies. However, the results of the annual data and the semi-annual interpolated data were more analogously comparable to the quarterly interpolated data
Practical implications
It is suggested that the adoption of interpolated data frequency type should be based on the statistical significance of the result. In addition, the need to monitor the nexus of the housing market and fundamentals is necessary for stable and sustainable housing market for enhanced policy direction and prudent property investment decision.
Originality/value
The study pioneer to concurrently use the data types to enhance econometric analysis in the housing market in developing countries.
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