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The purpose of this paper is to examine the impact of business volatility on employee performance.

The authors use regression analysis to examine the authors’ research question.

The results suggest that business volatility has a significant and positive impact on employee performance. Furthermore, the authors find that the relationship between business volatility and employee performance is stronger for larger firms and firms with higher labor intensity.

The study links and contributes to two streams of literature: employee/labor cost management from the accounting literature and business volatility from the management literature. Whether business volatility affects employee performance remains an interesting question that has not been definitively answered empirically. To the best of the authors’ knowledge, this is the first empirical study that directly examines the relationship between business volatility and employee performance at the firm level.

The purpose of this study is to examine the transmission of volatility between business confidence index and stock market indices in Greece. The country remains the riskiest project in European Union (EU) and previous studies fail to reach an accurate conclusion regarding the direction of this transmission.

The study covers the period from January 2013 to August 2022 in monthly basis where important economic events occur. Considering that these economic events derive strong volatility moments, the authors adopt a new methodology that measures the transmission of volatility with higher precision. This is the generalized spillover analysis by Diebold and Yilmaz (2009, 2012).

The results indicate that Business Confidence Index (BCI) is the main receiver of volatility spillovers in Greece under all aspects of the used methodology. The specificity of the results shows that business activity through a green growth model is what drives investor confidence and then their activities.

Although a handful of studies have considered the transmission of volatility between BCI and stock market indices, this study contributes in several ways. This study focuses on one country (Greece), avoiding the dispersion of the results from the examination of the relationship in several countries. The used country remains the riskiest project in EU even nowadays, while other studies fail to confirm the main direction of volatility spillovers from business confidence to stock returns. This study covers a period that is ignored by previous studies and includes important economic events. In addition, considering that these economic events derive strong volatility moments, a new methodology is adopted in this field of research that measures the transmission of volatility with higher accuracy.

Using a data set comprising 16 European office markets provided by the DTZ Research Institute from Q1 2003 to Q4 2013, the purpose of this paper is to measure the strength of the unconditional transmission of volatility in the returns to direct property between 16 European office markets with the objective of determining the degree of unconditional spillover between markets.

To examine volatility spillovers across the 16 office markets, the authors adopted the generalized VAR methodology, variance decomposition and the generalized spillover index of Diebold and Yilmaz (2012) by measuring cross-office market volatility transmission in asset pricing through estimates of several “volatility spillover indices.”

Volatility spillovers are important and time-varying across the leading office markets, with cross-market volatility interaction being bi-directional and of relative endogenous nature for many markets. The London office market is the “volatility leader” and has exerted significant net volatility influence on the other markets. Additionally, the volatility spillovers between business cycle fluctuations and asset market cycle volatilities are linked across some European economies.

Evidence of co-integration among the domestic volatility spillover cycles implies the presence of unobserved common shocks and might not be good news for international investors who pursue diversification strategies in European office real estate markets.

No previous study has addressed formally the measurement and assessment of the nature and intensity of volatility spillovers across direct office markets on such a broad range of European office markets. The relevance of the topic has been even increasing over the previous years as more and more investors seek for flexibility and participation in the investment process and asset management.

This study aimed to know the effect of cross-sectional risk, which comprises business-specific risk and stock market volatility, as a variable for estimating macroeconomic risk in Indonesia. This study observes public companies in Indonesia and Indonesian macroeconomic data from 2004 to 2020. In this study, the author uses term spread as the dependent variable that reflects macroeconomic risk. The cross-sectional risk comprises financial friction (FF), cash flow (CF), debt–service ratio, and stock market volatility as independent variables. By using the Autoregressive Distributed Lag (ARDL) Model method, this study shows that business-specific and stock market risk can estimate macroeconomic risk, so that it becomes an early signal of economic shock, such as recession or high inflation, in the future. The model in this study also examines the cross-sectional risk relationship with other macroeconomic indicators, such as the Consumer Confidence Index (CCI), money supply (M0), and Indonesia’s trade balance (TB).

The purpose of this paper is to investigate the role of institutions in the financial development-output growth volatility nexus. It provides new channels through which financial development can dampen the output growth volatilities of the countries under investigation.

A comprehensive data set for 71 countries covering the period from 1996 to 2012 and the System GMM approach were used. The choice of the methodology is to deal with endogeneity issues such as measurement errors, reverse causality among other issues.

A number of findings were emanated from the empirical analysis. First, the estimates provided evidence of the volatility-reducing effect of financial development. Second, institutions do not have the same reducing influence on output growth volatility. Third, the interaction of financial development and institutions showed that the output volatility reduction arising from financial development is enhanced in the presence of improved institutions.

The policy implications derived from this study are in twofolds: first, it is important for policymakers to formulate policies that would ensure and enhance the development of the financial sectors, since its importance in minimizing output volatility has been established. Second, institutional quality should be developed so as to further enhance the growth volatility-reducing influence of financial development. Particularly, institutions should be improved along the multiple dimensions captured in the analysis.

To the best knowledge, the novelty of this study to the literature is the introduction of institutions, which is hypothesized to increase the dampening effects of financial development in output growth volatility.

Motivated by the negative effect of external shocks on the domestic economy, this study explores the role of financial sector development in absorbing the effect of external shocks on macroeconomic volatility in Nigeria.

Autoregressive distributed lag and fully modify ordinary least square are used to examine the moderating effect of financial development in the link between external shocks and macroeconomic volatilities in Nigeria between 1986Q1 and 2019Q4. External shock is proxy using oil price shock, and financial development is proxy by domestic credit to the private sector and market capitalisation. At the same time, macroeconomic volatility is proxy by output and inflation volatilities. Macroeconomic volatilities are generated using generalised autoregressive conditional heteroskedasticity (GARCH 1,1).

The results indicate that domestic credit to the private sector significantly reduces output and inflation volatilities in Nigeria in the short and long run. However, market capitalisation promotes macroeconomic volatility. More specifically, financial development indicators play different roles in curtaining macroeconomic volatilities. The results also reveal that external shocks stimulate macroeconomic volatility in Nigeria in the short and long run. Nevertheless, the effects of external shocks on macroeconomic volatilities are reduced when the role of financial development is incorporated.

This study, therefore, concludes that strong financial sector development serves as a significant shock absorber in reducing the adverse effect of external shock on the domestic economy.

This study contributes to the extant studies by introducing a country-specific analysis into the empirical examination of how financial development can moderate the influence of external shock on macroeconomic volatilities.

The lean and global character of supply networks today opens supply chains to potential disruptions, especially in volatile environments. Most disruptions are of relatively low potential impact; however, firms also occasionally face high-impact disruptions that may even threaten survival. This study applies and extends absorptive capacity concepts to organize resilience capabilities identified in the literature and to examine whether capabilities that provide low-impact resilience are different from those that provide high-impact resilience. A second and related objective is to evaluate whether low-impact resilience supports high-impact resilience through “learning by experience.”

Survey and industry data are used to understand capabilities involved with achieving both low-impact resilience and high-impact resilience.

The results of our analysis of survey and industry data uncover significant complex interactions in the effects of capabilities and volatility on resilience; suggesting that different absorptive capacity capabilities are related to low-impact resilience and high-impact resilience, respectively, and these effects depend on industry context. Moderating influences of exploitation capability and environmental volatility are consistent with a “learning by experience” explanation of the association of low-impact resilience to high-impact resilience.

This study thus provides a unifying framework with which to consider resiliency capabilities. Further, it answers a question raised in prior research, and it extends our understanding of important relationships between capabilities for different levels of resilience.

Against the backdrop of the fledgling entrepreneurship development and the imperatives of risk management to mitigate failure, this chapter discusses the impact of risk management practice on the development of African businesses. It also considers how best to align the practice of risk management in order to achieve business continuity. More than ever before, global competitiveness and the need to trade‐out of declining profits are currently driving businesses into risk management efficiencies in order to continue achieving increased returns on assets employed/equities for their shareholders. The attainment of these growth objectives can often be affected by several types of business risk (financial and operational) coupled with unpredicted movements in prices. These movements especially in times of high volatilities impact materially on profit growth potentials regardless of how well a business is managed. This chapter suggests how African business executives can evolve their business management styles to imbed risk management at all stages.

The objective of this paper is to provide a macroeconomic assessment of the impact of global financial integration over the economies that are undergoing financial integration.

The paper focuses on several issues. It begins with examining the evidence whether financial globalization elevates growth performance of the integrating economy and supports it macroeconomic stability. It takes a nuanced view and divides the impact of financial integration into direct and indirect benefits. Second, it scrutinizes whether there are some threshold conditions, that is, in their presence and with their support, financial globalization underpins growth and stability of the capital importing economy and in their absence it cannot. Third, it delves into the oft‐cited allegation of financial globalization being a source of macroeconomic volatility and eventually financial crises. Fourth, as the evidence that emerged regarding ability of financial globalization to underpin growth was unambiguous. Policy mandarins' options are examined.

The paper finds that from a theoretical perspective, it is easy to state that integration of financial markets an potentially faster growth. Whether it happens in reality is a different matter.

The paper explores a new theme. While there are many relevant themes in financial globalization, the author has not seen any article on this theme and this paper may well be the first.

The purpose of this paper is to examine how companies can achieve business excellence in a highly volatile, uncertain, complex and ambiguous (VUCA) environment. Within the literature about business excellence, there is a lack of understanding of the impact of today’s high VUCA on achieving business excellence. A new business concept, business excellence in a volatile, uncertain, complex and ambiguous environment (BEVUCA), will be illustrated so as to bridge this gap by considering the overall VUCA influence and the influences of each specific term individually.

The research incorporated a systematic literature review for three knowledge areas, namely: VUCA, business excellence and the management integration of quality and risk. The later knowledge area was reviewed because such diverse management thinking can help to achieve BEVUCA.

The research provided a definition for a new business concept and the systematic literature review identified 18 critical success factors so as to manage and excel under a high VUCA business environment. Finally a conceptual framework was developed for integrating quality management and risk management thinking so as to achieve BEVUCA.

BEVUCA can be used to close the current gap in the body of literature by providing a link between VUCA and business excellence, and hence advancing the discussion in these areas. Additionally, the BEVUCA conceptual framework can be used as guidance in integrating quality management and risk management to achieve the identified critical success factors.