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The purpose of this paper is to bridge the gap between the existing theoretical and empirical studies by examining the asymmetric return–volume relationship. Indeed, the authors aim to shed light on the return–volume linkages for French-listed small and medium-sized enterprises (SMEs) compared to blue chips across different market regimes.

This study includes both large capitalizations included in the CAC 40 index and listed SMEs included in the Euronext Growth All Share index. The Markov-switching (MS) approach is applied to understand the asymmetric relationship between trading volume and stock returns. The study investigates also the causal impact between stock returns and trading volume using regime-dependent Granger causality tests.

Asymmetric contemporaneous and lagged relationships between stock returns and trading volume are found for both large capitalizations and listed SMEs. However, the causality investigation reveals some differences between large capitalizations and SMEs. Indeed, causal relationships depend on market conditions and the size of the market.

This paper explains the asymmetric return–volume relationship for both large capitalizations and listed SMEs by incorporating several psychological biases, such as the disposition effect, investor overconfidence and self-attribution bias. Future research needs to deepen the analysis especially for SMEs as most of the literature focuses on large capitalizations.

This empirical study has fundamental implications for portfolio management. The findings provide a deeper understanding of how trading activity impact current returns and vice versa. The authors’ results constitute an important input to build and control trading strategies.

This paper fills the literature gap on the asymmetric return–volume relationship across different regimes. To the best of the authors’ knowledge, the present study is the first empirical attempt to test the asymmetric return–volume relationship for listed SMEs by using an accurate MS framework.

This study aims to investigate the relationship between consumer awareness of Zespri International Limited (Zespri™) and its sales promotion in Japan and the recent expansion of New Zealand (NZ) kiwifruit imported into Japan.

Tweets mentioning Zespri™ were utilised as a proxy of such awareness. They were first summarised using two text-mining techniques: tf-idf scoring and a co-occurrence network graph. Afterwards, the authors estimated a tri-variate vector autoregression (VAR) model consisting of the net imports of NZ kiwifruit in Japan, unit import price and number of tweets. Additionally, the occurrence frequency of tweets with “Kiwi Brothers”, promotional characters for Zespri™’s sales, was added to the model, and a tetra-variate VAR model was estimated. Finally, Granger-causality tests, an estimation of the impulse response function and forecast error variance decomposition was conducted.

All these variables were found to Granger-cause each other. Furthermore, a shock in the document frequency of “Kiwi Brothers” significantly affected Japan’s kiwifruit imports from NZ, explaining approximately 20% of future imports. Zespri™’s distinctive sales promotion was, thus, found to contribute in part to the recent increase in NZ’s kiwifruit export to Japan.

This paper is the first to apply text-regression methodology to food consumption research; it contributes to food consumption research by proposing a practical way to combine tweets with outcome variables using a time-series analysis.

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics.

The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022.

Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium.

There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.

Foreign direct investment in the real estate (FDIRE) sector is required to bridge the gap between investment needed and domestic funds. Further, foreign direct investment is gaining importance because other sources of raising finance such as External Commercial Borrowing and foreign currency convertible bonds have been banned in the Indian real estate sector. Therefore, the objective of the study is to explore the determinants attracting foreign direct investment in real estate and to assess the impact of those variables on foreign direct investments in real estate.

Johansen cointegration test, vector error correction model along with variance decomposition and impulse response function are employed to understand the nexus of the relationship between various macroeconomic variables and foreign direct investment in real estate.

The results indicate that infrastructure, GDP and tourism act as drivers of foreign direct investment in real estate. However, interest rates act as a barrier.

This article aimed at exploring factors attracting FDIRE along with estimating the impact of identified variables on FDI in real estate. Unlike other studies, this study considers FDI in real estate instead of foreign real estate investments.

There is a growing trend among online merchants to conduct help-request marketing campaigns (HMCs), which refers to a kind of marketing campaign that leverages participants' help-request to encourage the subsequent engagement of participants' online friends. The paper aims to investigate how individuals respond to online HMCs in social networking groups (SNGs). Integrating the norm activation model and regulatory focus theory, this paper examines the mediation effects of the two facets of responsibility perception, i.e. perceived causality and perceived answerability.

A field experiment was conducted by organizing a real HMC on WeChat. To manipulate request individuation, experimental confederates were engaged to serve as requesters in the HMC. The actual responses provided by the recipients (subjects) were captured via the HMC pages. The multiple-group analysis was used for data analysis.

Empirical results reveal that request individuation strengthens the effect of relationship closeness on perceived causality but reverses the effect of relationship closeness on perceived answerability from being positive to negative. Except for the negligible impact of perceived answerability on inaction, both perceived causality and perceived answerability affect recipients' reactions to HMCs as expected.

First, social media platforms should promote other-oriented prosocial values when designing features or launching campaigns. Second, the designers of HMCs should introduce a “tagging” feature in HMCs and provide additional bonuses for requesters who perform tagging. Third, HMC requesters should prudently select tagging targets when making a request.

First, this paper contributes to the literature on social media engagement by identifying responsibility as an other-oriented motivation for individuals' social media engagement. Second, this paper also extends our understanding of responsibility by dividing it into perceived causality and answerability as well as measuring them with self-developed instruments. Third, this study contributes to the research on WOM by demonstrating that individuals' response behaviors toward help-requests embedded in HMCs can take the form of proactive helping, reactive helping or inaction.

This study empirically aims to examine the relationship between Bangladesh’s pharmaceutical industry growth and macroeconomic indicators such as the inflation rate, gross domestic product (GDP) growth, foreign direct investment (FDI) inflows, exchange rate and export growth through the long- and short-run relationship.

Using the time series data from 1986 to 2020, this study was developed based on the autoregressive distributed lag (ARDL) framework for co-integration. In contrast, the Toda–Yamamoto Granger Causality approach was also used for finding the direction of causality.

This study used the ARDL bounds test, which found strong co-integration among the variables, indicating a long-term relationship between them. In the long run, inflation, exchange rate and export growth significantly positively influence the pharmaceutical industry’s growth. Surprisingly, an FDI inflow has a negative impact. In the short term, the exchange rate and GDP growth were found to influence the growth of the pharmaceutical industry positively. Bidirectional causality between the growth of the pharmaceutical industry and the exchange rate was also identified using the Granger causality approach.

This paper emphasizes developing the policy as well as making concrete decisions regarding the development of the pharmaceutical industry and economic development in Bangladesh. The results also highlight the necessity for strategic macroeconomic management to support this sector’s long-term development and global competitiveness.

To the best of the authors’ knowledge, this paper is conducted to identify the short- and long-run relationship of pharmaceutical industry development with the economic indicators and progress, where no study has been found on this dimension.

Using a GED-GARCH model to estimate monthly data from January 1990 to February 2022, we test whether gold acts as a hedge or safe haven asset in 10 countries. With a downturn of the stock market, gold can be viewed as a hedge and safe haven asset in the G7 countries. In the case of inflation, gold acts as a hedge and safe haven asset in the United States, United Kingdom, Canada, China, and Indonesia. For currency depreciation, oil price shock, economic policy uncertainty, and US volatility spillover, evidence finds that gold acts as a hedge and safe haven for all countries.

In this paper, the heterogeneity of the linkages among financial development, productivity and growth across income groups is emphasized.

An empirical analysis is conducted with an illustrative sample of 130 economies over the period 1991–2019 and classified into four subsamples: Organisation for Economic Co-operation and Development (OECD), developing, least developed and net food importing developing countries. Forecast error variance decompositions and panel vector auto-regressive estimations are computed, with insightful findings.

Higher levels of output stimulate the economic development in the agricultural sector, mainly via the productivity channel and, in the most developed economies, also through access to credit. Differently, in developing and least developed economies, the role of access to credit is marginal. The findings have practical implications for stakeholders involved in the planning of long-run investments. In less developed economies, priorities should be given to investments in technology and innovation, whereas financial markets are more suited to boost the development of the agricultural sector of developed economies.

The authors conclude on the credit–output–productivity nexus and contribute to the literature in (at least) three ways. First, they assess how credit access, agricultural output and agricultural productivity are jointly determined. Second, they use a novel approach, which departs from most of the case studies based on single-country data. Third, they conclude on potential causality links to conclude on policy implications.

The objective of this paper is to investigate the direction of the causal relationship between dividend policy (DP) and earnings management (EM).

This research utilizes the panel data analysis to investigate the causal relationship between EM and DP. It provides empirical insights based on a sample of 280 French nonfinancial companies listed on the CAC All-Tradable index during the period of 2008–2015. The study initiates with a Granger causality examination on the unbalanced panel data and employs a dynamic panel approach with the generalized method of moments (GMM). It further estimates the empirical models simultaneously using the three-stage least squares (3SLS) method and the iterative triple least squares (iterative 3SLS) method.

The estimation of our various empirical models confirms the presence of a bidirectional causal relationship between DP and EM.

Our study highlights the prevalence of EM in the French context, particularly within DP. It underscores the need for regulatory bodies, the Ministry of Finance, external auditors and stock exchange organizers to prioritize governance mechanisms for improving the quality of financial information disclosed by companies.

This research is, to the best of our knowledge, the first is to extensively investigate the reciprocal causal relationship between DP and EM in France. Previous studies have not placed a significant emphasis on exploring this bidirectional link between these two variables.

This study attempts to come in help for Morocco by investigating rigorously the linkage between environmental degradation, measured by ecological footprint (EF), and the gross domestic product growth (EG), the human capital (HC) index and the natural resources (NR) depletion over the period of 1980:Q1 to 2021:Q1. The paper examines the validity of environmental Kuznets curve (EKC) hypothesis in the Moroccan context.

Unlike previous studies, which are based only on the autoregressif dynamic linear (ARDL) model, this paper investigates two recent models: the novel DYNARDL simulation approach and the Kernel-based regularized least squares (KRLS) technics and uses in addition the frequency domain causality (FDC) test.

Models output say a significant and negative association between HC and the EF and a significant and positive interplay between economic growth and environmental quality in the long term. In the short term, findings reveal a significant and negative association between NR and the EF. Based on the FDC test, results conclude about a unidirectional causality from NR to the EF in short-, medium-, and long-term. Moreover, results validate the EKC hypothesis for the Moroccan environment sustainability.

In this study, the researchers use the “ecological footprint” as dependent variable to obtain more accurate and comprehensive assessment of environmental deterioration. Based on time series data investigations, this study is the first paper, which validates the EKC hypothesis and develops important policy implications for Morocco context to achieve sustainable development targets.