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1 – 5 of 5Miklesh Prasad Yadav, Shruti Ashok, Farhad Taghizadeh-Hesary, Deepika Dhingra, Nandita Mishra and Nidhi Malhotra
This paper aims to examine the comovement among green bonds, energy commodities and stock market to determine the advantages of adding green bonds to a diversified portfolio.
Abstract
Purpose
This paper aims to examine the comovement among green bonds, energy commodities and stock market to determine the advantages of adding green bonds to a diversified portfolio.
Design/methodology/approach
Generic 1 Natural Gas and Energy Select SPDR Fund are used as proxies to measure energy commodities, bonds index of S&P Dow Jones and Bloomberg Barclays MSCI are used to represent green bonds and the New York Stock Exchange is considered to measure the stock market. Granger causality test, wavelet analysis and network analysis are applied to daily price for the select markets from August 26, 2014, to March 30, 2021.
Findings
Results from the Granger causality test indicate no causality between any pair of variables, while cross wavelet transform and wavelet coherence analysis confirm strong coherence at a high scale during the pandemic, validating comovement among the three asset classes. In addition, network analysis further corroborates this connectedness, implying a strong association of the stock market with the energy commodity market.
Originality/value
This study offers new evidence of the temporal association among the US stock market, energy commodities and green bonds during the COVID-19 crisis. It presents a novel approach that measures and evaluates comovement among the constituent series, simultaneously using both wavelet and network analysis.
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Niluthpaul Sarker and S.M. Khaled Hossain
The study aims to investigate the influence of corporate governance practices on enhancing firm value in manufacturing industries in Bangladesh.
Abstract
Purpose
The study aims to investigate the influence of corporate governance practices on enhancing firm value in manufacturing industries in Bangladesh.
Design/methodology/approach
The study sample consists of 131 companies from 10 manufacturing industries listed in Dhaka stock exchange (DSE). Using the multiple regression method, the study analyzed 1,193 firm-year observations from 2012 to 2021.
Findings
The outcome reveals that managerial ownership, foreign ownership, ownership concentration, board size, board independence, board diligence and auditor quality have a significant positive influence on firm value. In contrast, audit committee size has no significant influence on firm value.
Originality/value
The practical implications of the current study demonstrated that good corporate governance creates value and must be invigorated for the interest of all stakeholders. Policymakers should formulate specific guidelines regarding firms' ownership structure and audit quality issues.
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Cheikh Tidiane Ndour and Simplice Asongu
This study examines the relevance of information and communication technologies in the effect of gender economic inclusion on environmental sustainability.
Abstract
Purpose
This study examines the relevance of information and communication technologies in the effect of gender economic inclusion on environmental sustainability.
Design/methodology/approach
The focus is on a panel of 42 sub-Saharan African countries over the period 2005–2020. The empirical evidence is based on generalized method of moments. The environmental sustainability indicator used is CO2 emissions per capita. Three indicators of women’s economic inclusion are considered: female labour force participation, female employment and female unemployment. The chosen ICT indicators are mobile phone penetration, Internet penetration and fixed broadband subscriptions.
Findings
The results show that: (1) fixed broadband subscriptions represent the most relevant ICT moderator of gender economic inclusion for an effect on CO2 emissions; (2) negative net effects are apparent for the most part with fixed broadband subscriptions (3) both positive ICT thresholds (i.e., critical levels for complementary policies) and negative ICT thresholds (i.e., minimum ICT levels for negative net effects) are provided; (4) ICT synergy effects are apparent for female unemployment, but not for female employment. In general, the joint effect of ICTs or their synergies and economic inclusion should be a concern for policymakers in order to better ensure sustainable development. Moreover, the relevant ICT policy thresholds and mobile phone threshold for complementary policy are essential in promoting a green economy.
Originality/value
The study complements the extant literature by assessing linkages between information technology, gender economic inclusion and environmental sustainability.
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Mohd Ziaur Rehman and Karimullah Karimullah
The current study aims to examine the impact of two black swan events on the performance of six stock markets in Gulf Cooperation Council (GCC) economies (Abu Dhabi, Bahrain…
Abstract
Purpose
The current study aims to examine the impact of two black swan events on the performance of six stock markets in Gulf Cooperation Council (GCC) economies (Abu Dhabi, Bahrain, Dubai, Oman, Qatar and Saudi Arabia). The two selected black swan events are the US Mortgage and credit crisis (Global Financial Crisis of 2008) and the COVID-19 pandemic.
Design/methodology/approach
The performance of all the six stock markets are represented by their return and price volatility behavior, which has been measured by applying ARCH/GARCH model. The comparative analysis is done by employing mean difference models. The data is collected from Bloomberg on a daily frequency.
Findings
The response of two black swan events on the GCC stock markets has been heterogenous in nature. During the financial crisis, the impact was heavily felt on most of the stock markets in the GCC countries. It is revealed that the financial crisis had a negative significant impact on four of the six countries. Whereas during the COVID-19 crisis, it is revealed that there is no significant impact on four of the six selected stock markets. The positive significant impact is felt on two stock markets, namely, the Abu Dhabi stock market and the Saudi stock market.
Originality/value
The present investigation attempts to fill the gap in the literature on the intended topic because it is evident from the literature on the chosen subject that no study has been undertaken to evaluate and contrast the impact of the GFC crisis and COVID-19 on the GCC stock markets.
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Hanan Naser, Fatima Al-aali, Yomna Abdulla and Rabab Ebrahim
Over the last decade, investments in green energy companies have witnessed noticeable growth rates. However, the glacial pace of the world economic restoration due to COVID-19…
Abstract
Purpose
Over the last decade, investments in green energy companies have witnessed noticeable growth rates. However, the glacial pace of the world economic restoration due to COVID-19 pandemic placed a high degree of uncertainty over this market. Therefore, this study investigates the short- and long-term relationships between COVID-19 new cases and WilderHill New Energy Global Innovation Index (NEX) using daily data over the period from January 23, 2020 to February 1, 2023.
Design/methodology/approach
The authors utilize an autoregressive distributed lag bounds testing estimation technique.
Findings
The results show a significant positive impact of COVID-19 new cases on the returns of NEX index in the short run, whereas it has a significant negative impact in the long run. It is also found that the S&P Global Clean Energy Index has a significant positive impact on the returns of NEX index. Although oil has an influential effect on stock returns, the results show insignificant impact.
Practical implications
Governments have the chance to flip this trend by including investment in green energy in their economic growth stimulation policies. Governments should highlight the fundamental advantages of investing in this type of energy such as creating job vacancies while reducing emissions and promoting innovation.
Originality/value
First, as far as the authors are aware, the authors are the first to examine the effect of oil prices on clean energy stocks during COVID-19. Second, the authors contribute to studies on the relationship between oil prices and renewable energy. Third, the authors add to the emerging strand of literature on the impact of COVID-19 on various sectors of the economy. Fourth, the findings of the paper can add to the growing literature on sustainable development goals, in specific the papers related to energy sustainability.
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