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Shadow banking has been evolving rapidly in China, with banks actively using wealth management products (WMPs) to evade regulatory restrictions. These products are the largest constituent of China's shadow banking sector. A large number of these products are off-balance-sheet and considered a substitute for bank deposits. China's banking sector, especially the small and medium-sized banks (SMBs), uses these products to avoid regulatory restrictions and sustainability risk in the deposit market.

This study empirically examined how banks in China, specifically SMBs, utilize these products on a short and long-run basis to manage and control their deposit levels. This study utilized a quarterly panel dataset from 2010 to 2019 for the top 30 Chinese banks, by first implementing a Panel ARDL-PMG model. For cross-sectional dependence, this study further executed a cross-sectional augmented autoregressive distributive lag model (CS-ARDL).

Under regulations avoidance theory, the findings revealed that WMPs and deposits have a stable long-run substitute relationship. Furthermore, the WMP–Deposit substitute relationship was only significant and consistent for SMBs, but not for large four banks. The findings further revealed that the WMP–Deposit substitute relationship existed, even after the removal of the deposit rate limit imposed by the People's Bank of China (PBOC) to control the deposit rates.

The individual bank-issued WMPs' amount data is not available in any database. Therefore, this study utilized the number of WMPs as a proxy for China's banking sector's exposure to the wealth management business.

This research helps policymakers to understand the Deposit–WMP relationship from the off-balance-sheet perspective. During the various stages of interest rate liberalization, banks were given more control to establish their deposit and loan interest rates. However, the deposit rates are still way below the WMP returns, making WMPs more competitive. This research suggests that policymakers should formulate a more balanced strategy regarding deposit rates and WMPs returns.

This study contributes to the existing literature on China's shadow banking by concentrating on the WMPs. This research represents one of the few studies that analyze regulatory arbitrage in terms of the WMP–Deposit relationship. Moreover, the implementation of CS-ARDL panel data models and multiple data sources makes this study's findings more reliable and significant.

This paper aims to address the extant and arguable role of enterprise systems (ES) in relation to management accounting practices (MAPs) through an inclusion relative neglect account of business process management (BPM). This is also extended to draw out an analytical framework to advance our understanding of how BPM mediate ES-MAPs interplay.

A cross-sectional case study was adopted as a research strategy with which to collect data about the ES-BPM-MAPs interplay as a unit of analysis. The latter, in the first stage, was examined across (89) mini-case studies operating in the UK context through reports and documentations collected from cases’ websites, vendors and consultants of information systems. Drawn insights from cross-sectional analysis and contributions made by prior studies are blended together to inform the second stage that outlines an analytical framework for ES-BPM-MAPs interplay.

Different ES are mobilised to address different orientations of BPMs and being used for different managerial functions and purposes. Different patterns of ES-BPM-MAPs interplay are identified across (89) UK-case studies and the BPM is a fulcrum understanding. These patterns are centred around three key BPM including customer, logistics and control processes and all oriented by a continuum of an organisation intention focus on control, understanding and strategising. Both processes and orientations explain ES development and MAPs evolution processes. Standardisation, integration and intelligence are key characteristics sought through ES mobilisations. By complementary, information provision, analytics and simulation are three sophisticated ways of using MA information facilitated by ES characteristics.

Dynamic processes of MAPs change over time and are beyond the reach of this study. Such approach requires full access to case studies. BPM is fulcrum understanding of MAPs change and/or stability in relation to ES implementation including other components.

Findings and analytical framework could be used as a base for establishing the best approach in adopting ES to fully exploit the potential of future ES applications as well as to avoid organisations pitfalls of implementations. Organisations are advised to understand their existing business processes, characteristics of MA information would be achieved first upon which decision of ES components selection and implementation could be outlined.

The indirect interplay between ES and MAPs through business processes is rarely examined. By the inclusion of BPM and using cross-sectional case studies, this research contributes to the existing shortcomings of ES-MAPs interplay by broadening the picture and proposing an analytical framework. The latter advances our understanding by focusing on attributes of ES-BPM-MAPs upon which informal changes in-the use of MAPs are recognised.

The coronavirus disease 2019 (COVID-19) outbreak in the first quarter of 2020 has caused a severe decline in stock markets worldwide. While prior studies in developed markets found that workplace closure can negatively impact the capital market (e.g. Ozili and Arun, 2020), lesser is known about how it impacts emerging capital markets, which may have different characteristics and behaviour (Harjoto et al., 2021). Hence, this study seeks to uncover stock performance around workplace closure dates of firms incorporated in ASEAN countries and investigates the role of accounting fundamentals in mitigating workplace closure policy's effects on stock performances.

Using an event study methodology, the authors measure the cumulative abnormal returns (CARs) around workplace closure dates. The authors then use cross-sectional analysis to analyse whether the accounting fundamentals, specifically profitability, cash flow, and leverage, are associated with the CAR. This cross-sectional study involves 1,720 firms that are incorporated in the ASEAN countries.

This analysis indicates that, on average, ASEAN capital markets react negatively to workplace closure policies. The authors then find that the CARs around workplace closure dates are positively associated with the current ratios and are negatively associated with long-term debt ratios. This study’s results thus indicate that firms with a higher liquidity and a higher solvency experience a less adverse impact of the COVID-19 pandemic than other firms. The authors also find that the associations are more robust for (1) firms in industries more affected by COVID-19 and (2) firms located in countries with more severe cases. Additionally, contrary to this study’s expectation, the authors do not find meaningful associations between CARs around workplace closure dates and firms' cash flow from operation and profit respectively. This study’s results suggest that investors view prior performances related to firms' ability to generate operating cash flow and profit as less relevant to measure firm performance around the workplace closure event.

This study’s results contribute to studies examining fundamental accounting roles during the COVID-19 era, specifically in emerging economies. The findings are critical for investors in understanding the company fundamentals associated with stock price performance in emerging markets during the recent health-related crisis.

Most studies analysing cross-sectional differences in stock returns during the COVID-19 era focus on industry-level differences and use observations from developed markets (Sinagl, 2020; Ramelli and Wagner, 2020). Studies using firm-level analysis in emerging markets are still limited. The authors expand prior studies by using firm-level analysis that spans six countries in ASEAN.

The study examined the roles of fiscal and monetary policy in reducing poverty in sub-Saharan Africa (SSA), while accounting for macroeconomic disruptions. In particular, the study examined the complementarity of fiscal and monetary policy to mitigate shocks and reduce poverty in SSA.

The study adopts the fixed effect (within regression) model to account for country-specific characteristics, and a cross-sectional dependence – consistent model to control for the potential cross-sectional in panel data modelling. The study used the dummy variable approach to account for the macroeconomic shocks. The authors assigned 1 to the following years – 2008, 2014 and 2020; and 0 otherwise to take care of the global financial crisis, commodity terms of trade shocks and the COVID-19 pandemic respectively.

The study found that fiscal policy (particularly, government spending on health and education) has the greater capacity to reduce the level of poverty in SSA. The results also indicate that fiscal policy and monetary policy can work in tandem to reduce the negative effects of a pandemic. However, the study found an optimal threshold level of monetary policy beyond which monetary policy reduces the effectiveness of fiscal policy to reduce poverty in SSA. The research and policy implications are discussed.

The study, unlike previous studies, accounts for the impact of macroeconomic shocks in the monetary/fiscal policy and poverty literature.

The purpose of this study is to extend previous research by using a longitudinal design to examine the differential contribution of brand understanding (BU) drivers at various moments in the early tenure of service employees. Employee BU is a prerequisite of brand promise delivery among service employees. Previous studies, using cross-sectional samples, established that brand-oriented recruitment, training and leadership are significant BU drivers.

A three-wave survey was collected from a 105-member panel of recent hires at a restaurant chain that displayed a strong brand culture and adopted internal brand management (IBM) practices. Structural equation models with carryover effects were estimated to measure the impact of BU drivers on Day 1, as well as at four and seven months of tenure. In addition, a latent growth model of BU was estimated using random coefficients modeling.

Results show a significant positive effect of IBM practices on BU at each point in time; however, despite this, by the seven month milestone, BU is still not fully developed.

As with most organizational longitudinal studies, there was sample attrition because of the high turnover that characterizes the restaurant industry. This attrition is not believed to be correlated with the variables measured in the study.

Managers seeking a differentiated customer experience should not assume new hires attain a good understanding of the service brand even after the first seven months of tenure. Hence, brand training and leadership should extend well beyond this time frame.

This study is the first, as per the authors’ understanding, to use a longitudinal design to model BU as a dynamic variable because it befits the learning trajectories of new employees.

Variations in price/earnings (P/E) ratios are explained in a rational expectations framework by a number of fundamental factors, such as differences in growth expectations and risk. The purpose of this paper is to use a regression model and data from four sample periods (1996, 2000, 2001, and 2008) to separate the earnings/price (E/P) ratio into two parts – the portion of E/P that is related to fundamental determinants and a residual portion that cannot be explained by fundamentals. The authors use the residual portion as an indicator of over or undervaluation; a large negative residual is consistent with overvaluation while a large positive residual implies undervaluation. The authors find that stocks with larger negative residuals are associated with lower subsequent returns and reward-to-risk ratio, while stocks with larger positive residuals are associated with higher subsequent returns and reward-to-risk ratio. This pattern persists for both one and two-year holding periods.

This study uses a regression methodology to decompose E/P into two parts – the portion of E/P than is related to fundamental determinants and a residual portion that cannot be explained by fundamentals. Focussing on the second portion allows us to isolate a potential indicator of stock over or undervaluation. Using a sample of stocks from four time periods (1996, 2000, 2001, and 2008, the authors calculate the residuals from a regression model of the fundamental determinants of cross-sectional variation in E/P. These residuals are then ranked and used to divide the stock sample into deciles, with the first decile containing the stocks with the highest negative residuals (indicating overvaluation) and the tenth decile containing stocks with the highest positive residuals (indicating undervaluation). Total returns for subsequent one and two-year holding periods are then calculated for each decile portfolio.

The authors find that high positive residual stocks substantially outperform high negative residual stocks. This is true even after risk adjustments to the portfolio returns. The residual E/P appears to accurately predict relative stock performance with a relatively high degree of accuracy.

The findings of this paper provide some important implications for practitioners and investors, particularly for the stock selection, fund allocations, and portfolio strategies. Practitioners can still rely on a valuation measure such as E/P as a useful tool for making successful investment decisions and enhance portfolio performance. Investors can earn abnormal returns by allocating more weights on stocks with high E/P multiples. Portfolios of high E/P multiples or undervalued stocks are found to enjoy higher risk-adjusted returns after controlling for the fundamental factors. The most beneficial performance holding period return will be for a relatively short period of time ranging from one to two years. Relying on the E/P valuation ratios for a long-term investment may add little value.

Practitioners and academics have long relied on the P/E ratio as an indicator of relative overvaluation. An increase in the absolute value of P/E, however, does not always indicate overvaluation. Instead, a high P/E ratio can simply reflect changes in the fundamental factors that affect P/E. The authors find that stocks with larger negative residuals are associated with lower subsequent returns and coefficients of variation, while stocks with larger positive residuals are associated with higher subsequent returns and coefficients of variation. This pattern persists for both one and two-year holding periods.

The P/E ratio is widely used, particularly by practitioners, as a measure of relative stock valuation. The ratio has been used in both cross-sectional and time series comparisons as a metric for determining whether stocks are under or overvalued. An increase in the absolute value of P/E, however, does not always indicate overvaluation. Instead, a high P/E ratio can simply reflect changes in the fundamental factors that affect P/E. If interest rates are relatively low, for example, the time series P/E should be correspondingly higher. Similarly, if the risk of a stock is low, that stock’s P/E ratio should be higher than the P/E ratios of less risky stocks. The authors examine the cross-sectional behavior of the P/E (the authors actually use the E/P ratio for reasons explained below) after controlling for factors that are likely to fundamentally affect this ratio. These factors include the dividend payout ratio, risk measures, growth measures, and factors such as size and book to market that have been identified by Fama and French (1993) and others as important in explaining the cross-sectional variation in common stock returns. To control for changes in these primary determinants of E/P, the authors use a simple regression model. The residuals from this model represent the unexplained cross-sectional variation in E/P. The authors argue that this unexplained variation is a more reliable indicator than the raw E/P ratio of the relative under or overvaluation of stocks.

Micro-finance self-help groups empower caregivers to indulge in productive activities based on the local availability of resources to reduce their financial burden. The purpose of this paper is to assess the need for and feasibility of initiating micro-finance groups for the caregivers of persons with mental disability in a rural socio-economically backward community of Karnataka, India.

The design of the study was a cross-sectional survey, with mixed methodology design out of the eight localities where the Mental Health Public Health Centres (PHC) were running successfully in Konandur area, Thirthahalli Taluk, Karnataka, one PHC was selected using simple Random Sampling Design and a 5 kms radius from Konandur town was selected as the area of the survey (190 households). During door-to-door survey, if the family indicated that a particular member is mentally unwell, the GHQ-5 and Symptoms and Others checklist were administered on him/her and the women caregiver was interviewed using qualitative needs assessment schedule and Perceived Social Support Scale.

Ten persons/households with mental illness (5.26 per cent) were identified in the community. Themes of financial needs, capacity of the caregiver, community resources, need for the microfinance self-help groups, informational needs, social support, burn out, and stigma elicited in the interview were depicted in the form of a conceptual framework to understand the inter-connectedness between the various themes.

This study is the first initiative in the field of micro-finance self-help groups for the persons with mental illness and families. The design of the study was a cross-sectional survey, which is found globally to be the most suited in conducting prevalence studies, as it provides accurate results for future studies as well as it is the first step to obtain accurate baseline values to later plan a prospective follow up study. The study used mixed methodology design. Though the sample size was small, the information collected from the participants in qualitative and quantitative method was triangulated and conceptual frameworks were developed. As this study is one of the first of its kind in the country, the results of this study from the stated sample can be considered as an important pilot for future longitudinal and cross-sectional studies to be planned in the community.

There is hardly any scientific literature which talks about the need for Micro-finance self-help groups for Persons with Disability, especially with person with mental disability. In order to initiate any Micro-finance SHG activities, it is essential to first undertake the need for and feasibility of initiating such micro-finance group activities in any given area. This study will be an important milestone in initiating any self-help group activity for caregivers of persons with mental disability, as it would help us understand the financial needs of the community, based on which a draft proposal to initiate micro-finance self-help group activities can be drawn up.

The purpose of this paper is to explore the possible mediating role of need fulfilment in the relationship between transformational leadership and employee job attitudes (job satisfaction and dedication).

The two samples include both cross-sectional and diary data. The cross-sectional sample (sample 1) consisted of 661 employees from various organizations. In the diary study (sample 2), 65 employees completed a daily questionnaire on five consecutive working days, yielding 325 measurement points in total. The authors analyzed the data using structural equation modeling (Mplus 5) and multilevel analyses (MLwiN 2.20).

As hypothesized, support for full mediation of the relationship between transformational leadership and positive job attitudes through the fulfilment of psychological needs were found both on a general level and on a daily basis.

The paper is based on a multi study approach and empirically addresses the link between transformational leadership and positive job attitudes, and the role of basic need fulfilment in this relationship on both a general and daily level.

To review the literature on delinquency and victimization among Caribbean youth, utilizing an ecological perspective.

The review was initiated by a search of peer-reviewed journal articles published between 1993 and 2013, which investigated any or all aspects of juvenile delinquency and/or youth victimization in the Caribbean. Studies were critically reviewed to determine whether they addressed relationships between victimization and delinquency, and the role of the social environment on youth.

The search yielded 23 relevant studies: 64 percent of the studies were conducted exclusively in Jamaica, and more than 75 percent were school based. Half of the articles addressed the links between victimization and delinquency among Caribbean youth but the majority was primarily descriptive.

Only peer-reviewed journals were included, so unpublished country and organizational reports were not covered in the review.

More current and longitudinal studies are needed, which examine the connections between delinquency and victimization, and the experiences in the smaller or less developed Caribbean countries.

The review provides directions for the enhancement of positive youth development policy and practice.

This paper fills the gap in the understanding of the research on delinquency and victimization among Caribbean youth. The ecological framework also adds value to the understanding of the topic by highlighting the importance of various social contexts, such as the family, school, and neighborhood, on youth development in the Caribbean.

Intellectual capital creation (ICC) in networks has been considered as central to the processes for responding to wicked problems. However, knowledge on the factors that explain ICC in networks is limited. We take a step toward filling this research gap by drawing on an extended view of social capital to identify specific network features that should explain ICC heterogeneity in engineered intergovernmental networks.

A sample of 655 local authorities participating in 8 networks was used to test the framework proposed. Data analysis followed a three-step approach. Firstly, confirmatory factor analysis was applied to assess the convergent and discriminant validity of the measures. Secondly, a non-parametric median test was conducted to determine whether the variables under study were statistically different for the eight networks. Lastly, the structural model underlying the conceptual framework was tested.

The authors found that the eight intergovernmental networks studied differed significantly in their levels of social interaction and ICC. At a structural level, three variables usually considered representative of social capital (social interaction, trust and shared vision) and two supplementary variables (shared resources and shared decisions) were proven to have significant direct and/or indirect effects on ICC.

No previous cross-sectional research has studied the link between the creation of social capital and intellectual capital in engineered intergovernmental networks. As this research focuses on networks and climate change, it contributes to the fourth and fifth stages of intellectual capital research.