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1 – 10 of over 15000Jing Lu and Shahid Khan
This paper investigates whether sustainability performance (SP) protects financial performance (FP) for firms in both developed and emerging economies during the COVID-19-induced…
Abstract
Purpose
This paper investigates whether sustainability performance (SP) protects financial performance (FP) for firms in both developed and emerging economies during the COVID-19-induced economic downturn.
Design/methodology/approach
Using a recent sample of firms in 34 countries between 2003 and 2021, the authors employ ordinary least squares regressions, moderations and the Heckman two-step method to test the hypotheses.
Findings
Firms with strong SP have higher FP in developed and emerging economies in the upcoming year. During the COVID-19 crisis in 2020–2021, the impact of sustainability on FP is pronounced in developed but not in emerging economies. Furthermore, cross-listings expose firms in emerging economies to high-standard institutional mechanisms in developed economies. Thus, sustainable firms in emerging economies cross-listed on European stock exchanges are more profitable.
Practical implications
For regulators and standard setters, the global-level comparative analysis helps them find solutions that may assist firms in improving SP globally (e.g. mandatory reporting) and enduring crises resiliently. For institutional investors, the study reveals the relatively different impact of sustainability risk for firms in developed and emerging economies. For practitioners and private sector firms, this study contributes to the dialogue on what makes firms more resilient in COVID-19. Although COVID-19 might be temporary, the lessons learned could protect firms from future crises.
Originality/value
The authors contribute to the contingency perspective between sustainability and financial performance by providing recent empirical evidence in a global setting during the COVID-19 pandemic. The authors demonstrate how different external institutional mechanisms (rule-based governance and relation-based governance) and cross-listing affect the SP-FP relationship during a crisis. The authors extend the knowledge in crisis management literature with a comparative study and fill the research gap on how SP affects FP for firms in emerging economies compared to developed economies.
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Muhammad Jawad Haider, Maqsood Ahmad and Qiang Wu
This study examines the impact of debt maturity structure on stock price crash risk (SPCR) in Asian economies and the moderating effect of firm age on this relationship.
Abstract
Purpose
This study examines the impact of debt maturity structure on stock price crash risk (SPCR) in Asian economies and the moderating effect of firm age on this relationship.
Design/methodology/approach
The study utilized annual data from 432 nonfinancial firms publicly listed in six Asian countries: China, Hong Kong, Japan, Singapore, Pakistan and India. The observation period covers 14Â years, from 2007 to 2020. The sample was categorized into three groups: the entire sample and one group each for developing and developed Asian economies. A generalized least squares panel regression method was employed to test the research hypotheses.
Findings
The results suggest that long-term debt has a significant negative influence on SPCR in Asian economies, indicating that firms with high long-term debt experience lower future SPCR. Moreover, firm age negatively moderates this relationship, implying that older firms may experience a more pronounced reduction in SPCR due to high long-term debt. Finally, firms in developed Asian economies with high long-term debt are more effective in mitigating the risk of a significant drop in their stock prices than firms in developing Asian economies.
Originality/value
This study contributes to the literature in several ways. To the best of the researcher’s knowledge, this is the first of such efforts to investigate the relationship between debt maturity structure and crash risk in Asia. Additionally, it reveals that long-term debt influences SPCR directly and indirectly in Asia through the moderating role of firm age. Lastly, it is likely one of the first studies by a research team in Asia to compare the nonfinancial markets of developed and developing Asian countries.
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Mei Chi Wong and Tsz Leung Yip
This study aims to analyse the observation that the economics of many countries have boomed after the input of substantial investments into physical and social infrastructures.
Abstract
Purpose
This study aims to analyse the observation that the economics of many countries have boomed after the input of substantial investments into physical and social infrastructures.
Design/methodology/approach
A structural equation model is formulated to examine the effect of transportation infrastructure on the relationship between institutions and gross domestic product per capita (GDPPC). This study further differentiates between developed and developing economies.
Findings
The study identifies the different roles of transportation infrastructure in mediating the relationship between institutions and average income in these two types of economy. Institutions and transportation infrastructure positively influence GDPPC, whereas institutions positively influence transportation infrastructure. In addition, the results found indirect influence of institutions on GDPPC via transportation infrastructure.
Originality/value
This study provides new insights into international business studies based on institutional theory and factor-mobility theory.
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Md. Mamunur Rashid, Md. Mohobbot Ali and Dewan Mahboob Hossain
The purpose of this study is to review the empirical studies that have focused on the adoption, benefits and contingencies of strategic management accounting (SMA) practices and…
Abstract
Purpose
The purpose of this study is to review the empirical studies that have focused on the adoption, benefits and contingencies of strategic management accounting (SMA) practices and the effects of adoption on firm performance.
Design/methodology/approach
The study has highlighted empirical studies conducted on SMA practices in the context of both developed [1] and developing economies. In reviewing the literature, the study focuses on the findings of developed economy separately from that of developing economy to get more insight into the differences in the practices of the two set of economies. Based on the review, avenues for future research studies are outlined.
Findings
The review of extant literature reveals that several SMA techniques such as competitor accounting, strategic pricing, benchmarking and customer accounting have been highly or moderately adopted in several developed countries while majority of other techniques remained at the bottom line of the adoption status. However, the review demonstrates substantial differences in the SMA practices between the two set of economies in terms of the level of adoption, contingent factors and the effects of adoption.
Originality/value
The study attempts to focus on empirical studies that have concentrated exclusively on SMA practices. The adoption status, benefits derived, contingent factors affecting the adoption decision and the effect of adopting a package of SMA techniques on several aspects of firm performance are presented in the context of both developed and developing economies.
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Services trade has registered a dynamic evolution in almost all developing countries. Despite the rising share in world services trade by developing countries, the gap between…
Abstract
Services trade has registered a dynamic evolution in almost all developing countries. Despite the rising share in world services trade by developing countries, the gap between developed and developing countries in service exports have been widening. Developed economies have become service exporters, while developing economies are found to be more receptive towards service imports. This paper attempts to gain some insight into the actual nature and extent of exports of services from developing countries, and examines their emergence as significant players of services trade as well as the underlying factors and broader implications. One of the conclusions of this paper is that developing countries successfully export a variety of services to both developed and developing countries, whereas a relatively limited number of developing countries seem to be heavily involved in services exports trade across a range of sectors. This, alternatively, indicates that services exports, on a large international level, are associated with higher levels of development and that not all developing countries are yet in a position to be large-scale exporters.
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There exist long-term fluctuations in the process of capital accumulation. The economic long wave is an essential part of research into non-mainstream western economics. After the…
Abstract
Purpose
There exist long-term fluctuations in the process of capital accumulation. The economic long wave is an essential part of research into non-mainstream western economics. After the Second World War, the capitalist world experienced the fourth long wave of expansion and then entered into a downward phase of the long wave in the 1970s. Regarding to whether a new long wave of expansion took place in the 1980s, left-wing scholars hold different viewpoints. The purpose of this paper is to focus on this issue.
Design/methodology/approach
First, based on the review of the long wave history, this paper discusses three kinds of long wave theories with significant influence and puts forward the theoretical framework of analyzing the long wave of capitalist economy. Next, under the guidance of this theoretical framework and in combination with the actual development and evolution of the capitalist economy, the issue of whether the fifth long wave of the capitalist economy began to emerge in the 1980s is discussed deeply.
Findings
This paper argues that, from the early 1980s to 2007, the US-dominated developed countries experienced a new long wave of expansion driven by the information technology revolution, the adjustment of the neoliberalism system and the economic globalization. However, the financial-economic crisis of 2008–2009 led to a new phase of long wave downswing.
Originality/value
This paper does not agree with the single-factor analysis of the intrinsic formation mechanism of economic long wave and sticks to the multi-factor analysis centering on the fluctuation of accumulation rate. It is pointed out that the evolution of the long wave of capitalist economy depends on the combined influence of technology, institutions and market. The study of the long wave of the economy will help us to correctly understand the historical stage and characteristics of the current world capitalist economy in the long-term fluctuations, so that we can make an appropriate and positive response.
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The development economics of large countries is a subject that studies how large developing countries evolve into developed countries through industrialization and structural…
Abstract
Purpose
The development economics of large countries is a subject that studies how large developing countries evolve into developed countries through industrialization and structural transformation. By looking into the economic development of large developing countries in a systematic way, the purpose of this paper is to propose a logical system consisting of research objects, main issues, key principles and development strategies.
Design/methodology/approach
A large developing country refers to a country with a dual economic structure; it has a large population, vast territory and great market potential, but is low in labour productivity and per capita income.
Findings
The key issue of the large country’s economy is the issue of the size, while the key issue of the developing country’s economy is the issue of the economic structure. Therefore, the key issue of the economy of large developing courtiers lies in both the size and economic structure.
Originality/value
The endogenous capacity of a large country depends on the size of factors and the balance of supply and demand, while the comprehensive advantage of a large country depends on its diversified industrial structure and integration of factors. Based on the basic characteristics and key economic principles, large developing countries should seek endogenous, stable, coordinated and innovative development.
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Vera Butkouskaya, Joan Llonch-Andreu and María-del-Carmen Alarcón-del-Amo
Taking the customer-centric nature of integrated marketing communications (IMC), this article investigates the specific role of customer performance in IMC effectiveness in…
Abstract
Purpose
Taking the customer-centric nature of integrated marketing communications (IMC), this article investigates the specific role of customer performance in IMC effectiveness in various size companies applying inter-country context.
Design/methodology/approach
The sample consists of the primary data from developed (Spain) and developing (Belarus) economies. A total of 540 manager respondents participated in the survey. The article uses structural equation modeling and multi-group analysis for analysis.
Findings
When taking into consideration, customer performance affects the IMC outcome on the market and financial performance. The customer performance role varies in firms of various sizes and small- and medium -sized enterprises (SMEs) operating both in developed and developing economies.
Research limitations/implications
The research underlines the significant role of customer performance in IMC implementation, which stimulates further investigation on the topic. It also closes the gap in the IMC outcomes analysis in SMEs operating in developed and developing economies.
Practical implications
Customer evaluation plays a vital role in the IMC outcomes for market growth and financial returns. SMEs and larger companies implement IMC with different levels of effectiveness. SMEs with IMC implementation can gain an advantage over larger rivals and improve their market position. Moreover, the study generalizes the results by applying inter-country context.
Originality/value
This is a pioneering study of the complex IMC outcomes model under firms' size moderate conditions. The research applies an inter-country context.
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Under the circumstance that the development of developing countries is a major issue that has long been of concern to Marxist scholars, the research is focused on the category of…
Abstract
Purpose
Under the circumstance that the development of developing countries is a major issue that has long been of concern to Marxist scholars, the research is focused on the category of development benefit, which Xi Jinping has mentioned many times.
Design/methodology/approach
Based on the Marxist theory of international value, the authors of this paper indicate that development benefit is the result of developing countries' consistently increasing labor productivity, reducing squandering in labor and transforming more labor into real value, and thus the fundamental cause of unequal development in international economics turns from the field of circulation to the area of production.
Findings
Also, the authors summarize China's experience of obtaining the development benefit and China's development path featuring common development and criticized the comparative advantage of mainstream Western economics, revealed the path of dependency development represented by mainstream Western economics.
Originality/value
Finally, the authors analyze the essence of the economy and trade conflict between China and the US and the respective strategic goals of the two countries and provide an outlook on the contest between the two roads of development and the evolutionary trend of the relationship between developed and developing countries.
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The purpose of this study is to explore how the development of digital trade can provide new development prospects to China's foreign trade under the background of the gradual…
Abstract
Purpose
The purpose of this study is to explore how the development of digital trade can provide new development prospects to China's foreign trade under the background of the gradual expansion of China's digital economy and the further release of policy dividends.
Design/methodology/approach
Using the methods of literature collection and induction, combined with traditional trade theory, this paper analyzes the characteristics and challenges of digital trade under the background of the digital economy.
Findings
The findings reveal that China's digital trade development still faces some risks, such as the containment of China's core technology, digital security and unbalanced development among regions. Considering these risks, China should break through core technical problem, participate in the formulation of international rules to ensure data security, give priority to the development of service trade and improve the unbalanced development of digital trade.
Social implications
By analyzing the development status and characteristics of the digital economy and digital trade, this paper summarizes the challenges and comparative advantages faced by China's digital trade, and puts forward corresponding suggestions. These suggestions will allow China to take advantage of its rapid digital economy development and occupy a leading position in global digital trade.
Originality/value
This paper creatively expounds on the new development direction of digital trade from the perspective of comparative advantage and risks, and provides some suggestions to expedite China's digital trade development.
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