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This study aims to revisit the empirical debate about the asymmetric relationship between oil prices, energy consumption, CO₂ emissions and economic growth in a panel of 184 countries from 1981 to 2020.

A relatively new research method, the PVAR system GMM, is applied.

The outcome of the PVAR system GMM model at the group level in the study suggests that oil prices exert a positive but statistically insignificant effect on economic growth. Energy consumption is inversely related to economic growth but statistically significant, and the correlation between CO₂ emissions and economic growth is negative but statistically insignificant. The Granger causality test indicates that oil prices, CO₂ emissions, oil rents, energy consumption and savings jointly Granger-cause economic growth. A unidirectional causality runs from energy consumption, savings and economic growth to oil prices. At countries’ income grouping levels, oil prices, oil rent, CO₂ emissions, energy consumption and savings jointly Granger-cause economic growth for the high-income and upper-middle-income countries groups only, while those variables did not jointly Granger-cause economic growth for the low-income and lower-middle-income countries groups. The modulus emanating from the eigenvalue stability condition with the roots of the companion matrix indicates that the model is stable. The results support the asymmetric impacts of oil prices on economic growth and aid policy formulation, particularly the cross-country disparities regarding the nexus between oil prices and growth.

From a methodological perspective, to the best of the author’s knowledge, the study is the first attempt to use the PVAR system GMM and such a large sample group of 184 economies in the post-COVID-19 era to examine the impacts of oil prices on countries’ growth while controlling for other crucial variables, which is noteworthy. Two, using the World Bank categorisation of countries according to income groups, the study adds another layer of contribution to the literature by decomposing the 184 sample economies into four income groups: high-income, low-income, upper-middle-income and lower-middle-income groups to investigate the potential for asymmetric effects of oil prices on growth, the first of its kind in the post-COVID-19 period.

This paper aims to determine causal relationships between the level of productive credit, real deposits and money demand – all of them in real terms – and Gross National Product between 2006 and 2020.

The vector autoregressive technique (VAR) was used, where data from real macroeconomic aggregates published by the Central Bank of Ecuador (BCE) are correlated, such as productive credit, gross domestic product (GDP) per capita, deposits and money demand.

The results indicate that there is no causal relationship, in the Granger sense, between GDP and financial activity, but there is between the growth rate of real money demand per capita and the growth rate of total real deposits per capita.

The study shows that bank credit mainly finances the operations of current assets and/or liabilities. In addition, economic agents use the banking system mainly to carry out transactional and precautionary activities.

Research on the effects of feedback frequency has reported mixed findings. To tackle this problem, the current study focuses on specific feedback signs (i.e. negative feedback). By integrating the face management theory and attribution theory, this study examined the mediating effect of trust in supervisors and the moderating effect of employee-attributed performance promotion motives for negative feedback.

A field study with 176 participants and two supplemental experiments with 143 and 100 participants, respectively, were conducted to test the theoretical model.

Results revealed that the frequency of supervisory negative feedback negatively influenced employees’ trust in supervisors, which in turn influenced employees’ perceptions of feedback utility and learning performance. These indirect effects can be alleviated when employees have high degrees of performance promotion attribution for supervisor motives.

This research extends feedback research by integrating feedback frequency with a specific sign of feedback and revealing a moderated mediation effect of the negative feedback frequency.

The objective of this paper is to examine the determinants of the Greek house market during the period 2006–2022 using not only economic variables but also behavioral variables, taking advantage of available information on the volume of Google searches. In order to quantify the behavioral variables, we implement a Python code using the Pytrends 4.9.2 library.

In our study, we assert that models relying solely on economic variables, such as GDP growth, mortgage interest rates and inflation, may lack precision compared to those that integrate behavioral indicators. Recognizing the importance of behavioral insights, we incorporate Google Trends data as a key behavioral indicator, aiming to enhance our understanding of market dynamics by capturing online interest in Greek real estate through searches related to house prices, sales and related topics. To quantify our behavioral indicators, we utilize a Python code leveraging Pytrends, enabling us to extract relevant queries for global and local searches. We employ the EGARCH(1,1) model on the Greek house price index, testing several macroeconomic variables alongside our Google Trends indexes to explain housing returns.

Our findings show that in some cases the relationship between economic variables, such as inflation and mortgage rates, and house prices is not always consistent with the theory because we should highlight the special conditions of the examined country. The country of our sample, Greece, presents the special case of a country with severe sovereign debt issues, which at the same time has the privilege to have a strong currency and the support and the obligations of being an EU/EMU member.

The results suggest that Google Trends can be a valuable tool for academics and practitioners in order to understand what drives house prices. However, further research should be carried out on this topic, for example, causality relationships, to gain deeper insight into the possibilities and limitations of using such tools in analyzing housing market trends.

This is the first paper, to the best of our knowledge, that examines the benefits of Google Trends in studying the Greek house market.

Small-to-medium-sized enterprises (SMEs) in e-commerce often invest in information technology (IT) to stay competitive. However, whether and how IT capability (ITC) translates into financial performance requires further research. This paper examines the role of ITC in enabling value proposition innovation (VPI) as an important mechanism that improves financial performance for Chinese e-commerce SMEs during the COVID-19 pandemic. We argue that ITC is critical for enabling innovation because it elevates SMEs’ understanding of changing customer needs, especially when SMEs operate on multiple e-commerce platforms (multihome).

We used partial least squares structural equation modeling (PLS-SEM) and tested the hypotheses that ITC mediated by VPI and moderated by multihoming increases the financial performance of e-commerce SMEs through a survey among 206 Chinese SMEs operating on Taobao.

We find that not only higher levels of ITC lead to better financial performance, but also that the effect is fully mediated by VPI. Moreover, the effect of ITC on innovation is enhanced when vendors operate on multiple platforms.

The study identifies VPI as an important mechanism through which SMEs can leverage their ITC to adapt, innovate and thrive in competition. Our work suggests that using technology to develop innovative ideas and identify opportunities (which are reflected in VPI) is key to success and that doing so is more likely when vendors multihome. Thus, this study contributes to the innovation literature by explicating a concrete link between ITC, multihoming, VPI and increased financial performance. Different e-commerce stakeholders, including SME owners, IT and service providers and e-commerce platforms, can benefit from the findings of this work.

This paper aims to investigate the relationship between corporate environmental, social and governance (ESG) ratings and leverage manipulation and the moderating effects of internal and external supervision.

The authors draw on a sample of Chinese non-financial A-share-listed firms from 2013 to 2020 to explore the effect of ESG ratings on leverage manipulation. Robustness and endogeneity tests confirm the validity of the regression results.

ESG ratings inhibit leverage manipulation by improving social reputation, information transparency and financing constraints. This effect is weakened by internal supervision, captured by the ratio of institutional investor ownership, and strengthened by external supervision, captured by the level of marketization. The effect is stronger in non-state-owned firms and firms in non-polluting industries. The governance dimension of ESG exhibits the strongest effect, with comprehensive environmental governance ratings and social governance ratings also suppressing leverage manipulation.

Firms should strive to cultivate environmental awareness, fulfil their social responsibilities and enhance internal governance, which may help to strengthen the firm’s sustainability orientation, mitigate opportunistic behaviours and ultimately contribute to high-quality firm development. The top managers of firms should exercise self-restraint and take the initiative to reduce leverage manipulation by establishing an appropriate governance structure and sustainable business operation system that incorporate environmental and social governance in addition to general governance.

Policymakers and regulators should formulate unified guidelines with comprehensive criteria to improve the scope and quality of ESG information disclosure and provide specific guidance on ESG practice for firms. Investors should incorporate ESG ratings into their investment decision framework to lower their portfolio risk.

This study contributes to the literature in four ways. Firstly, to the best of the authors’ knowledge, it is among the first to show that high ESG ratings may mitigate firms’ opportunistic behaviours. Secondly, it identifies the governance factor of leverage manipulation from the perspective of firms’ subjective sustainability orientation. Thirdly, it demonstrates that the relationship between ESG ratings and leverage manipulation varies with the level of internal and external supervision. Finally, it highlights the importance of governance in guaranteeing the other two dimensions’ roles by decomposing overall ESG.

Integrating person-job fit theory with the stressor-emotion model of counterproductive work behavior (CWB), the current study aims to examine which behavioral pattern (fight: CWB vs flight: withdrawal) employees are more likely to adopt when they experience perceived overqualification (POQ). We further investigate anger as the underlying emotional mechanism for these relations because anger can be expressed and thus reflected in CWB, or constrained and thus reflected in withdrawal behavior. Furthermore, different stressor-attenuating strategies including relaxation during work breaks and mastery experiences at work are examined as mitigating factors of these relations.

Time-lagged data were collected from 176 full-time employees in China using a field survey research design.

We found that employees who experience POQ are more likely to engage in withdrawal than in CWB. Anger mediated the relations of POQ with both CWB and withdrawal. Relaxation moderated the relation between POQ and anger, as well as the indirect relations of POQ with CWB and withdrawal through anger.

This study enhances understanding of employees’ affective and behavioral reactions to POQ. However, the survey design was not longitudinal and causality cannot be established.

POQ is associated with undesirable employee behaviors and should therefore be avoided by organizations. If POQ is unavoidable, organizations can use job design and offer training to foster relaxation in between tasks among employees.

In the framework of person-job fit theory, our study provides insight about employees’ “fight” or “flight” responses to POQ, and further illustrates the mechanism and the attenuating factors in this processes.

As of now, the digitization of corporate finance presents a paradigm shift in business strategy, innovation, financing and managerial capability around the globe. However, the prevailing finance scholarly works hardly document the impact of the digitalization of corporate finance on firm performance with global evidence and analysis. Hence, the contemporary debate on whether firm performance is genuinely stimulated because of the digitalization of corporate finance or not has been a pressing issue in the relevant literature. Therefore, the purpose of this study is to identify a data-driven, concise response to an unaddressed finance issue if the performance of high-digitalized firms (HDFs) outperforms that of their counterpart peers for wealth maximization.

The first stage test models examine the firm performance of relatively high-digitalized firms as opposed to low-digitalized firms based on the system GMM. The second stage test of the probabilistic (logit) model infers that the probability of being HDFs explores because of better performance. Then, the authors execute robust checks based on the different quantile regressions and Z-score-based system GMM. In addition, the authors recheck and present the test results of the fixed effect and random effect to capture time-invariant individual heterogeneity. Finally, the supplementary test findings of firms’ credit strength by using Altman five- and four-factor Z-score models are presented.

By using cross-country panel analysis as 15 years’ test bed for HDFs and low digitalized firms (LDFs), the test results indicate that the overall firm performance of a digitalized firm is significantly better than that of a non-digitalized firm. The global evidence documents that HDFs are exposed to higher values and are financially more persistent as compared to their counterparts. The finding is remarkably concomitant across several possible subsample analysis, such as country–industry–size–period analysis.

This study can be remarkably effective in encouraging managers, policymakers and investors to acknowledge the need for adopting the required digitalization. Overall, this original study addresses a core research gap in the corporate finance literature and remarkably provides further direction to rethink the assumptions of firm digitalization on additive value and thereby identify optimal decisions for wealth maximization. The findings also imply that investors require an additional risk premium if they invest in relatively LDFs, which have relatively lower market value and weaker firm performance.

From an investors point of view, the academic novelty contributes to an innovative and unsettled issue on the impact of digitization of corporate finance on firm performance because there is a new question of high or low digitization of corporate finance in the global market. Hence, this academic novelty contributes to sharing global evidence of the digitalization of corporate finance and its effect on firm performances. In addition, an intensive critical review analysis is conducted based on the most recent and relevant scholarly works published in the top-tier journals of finance and business stream to fix the hypothesis. Overall, this study addresses a core research gap in the corporate finance literature; notably provides further direction to rethink firm digitalization; and thereby identifies optimal decisions for shareholders’ wealth maximization.

While previous research has demonstrated the positive effects of digital business strategies on operational efficiency, financial performance and value creation, little is known about how such strategies influence innovation performance. To address the gap, this paper aims to investigate the impact of a firm’s digital business strategy on its innovation performance.

Drawing on the dynamic capability view, this study examines the mechanism through which a digital business strategy affects innovation performance. Data were collected from 215 firms in China and analyzed using multiple regression and structural equation modeling.

The empirical analysis reveals that a firm’s digital business strategy has positive impacts on both product and process innovation performance. These impacts are partially mediated by knowledge-based dynamic capability. Additionally, a firm’s digital business strategy interacts positively with its entrepreneurial orientation in facilitating knowledge-based dynamic capability. Moreover, market turbulence enhances the strength of this interaction effect. Therefore, entrepreneurial-oriented firms operating in turbulent markets can benefit more from digital business strategies to enhance their knowledge-based dynamic capabilities and consequently improve their innovation performance.

This study contributes to the understanding of how a firm’s digital business strategy interacts with entrepreneurial orientation in turbulent markets to shape knowledge-based dynamic capability, which in turn enhances the firm’s innovation performance.

The paper aims to examine the effect of justice perceptions of performance appraisal (JPPA) practices (i.e. distributive, procedural, informational and interpersonal justice) on organizational citizenship behavior (OCB) and affective commitment (AC) and the effect of AC on OCB. Further, it investigates the mediating role of AC in the relationship between JPPA practices and OCB. Moreover, this study examines the moderating effect of job level on the relationship between JPPA practices and OCB.

The data were collected using a self-reported structured questionnaire. A total of 650 questionnaires were distributed among the employees of 50 information technology (IT) companies in India, and 503 samples were obtained. The conceptual framework was tested using the partial least squares structural equation modeling (PLS-SEM) method, and the moderating effect was tested using process macro.

The findings of this study reveal that the JPPA practices positively affect OCB and AC and AC affects OCB. Further, AC partially mediates this relationship between JPPA practices and OCB. Furthermore, the direct effect of JPPA practices on OCB happens to be strengthened when the job level decreases, thus confirming the moderating role of job level.

The findings of this study augment the social exchange theory (SET) by suggesting that individuals perceiving justice or fairness in performance appraisal practices are likely to have a greater AC that ultimately engages employees in OCB.

This study will be helpful for human resource practitioners in IT companies who are responsible for the fairness of performance appraisal practices and expect their employees to be emotionally attached to the organization and engaged in OCB.

The study adds to the body of knowledge of how justice in performance appraisal practices links to OCB through AC and moderates by job level in an emerging economy in Asia.