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The purpose of this study is to investigate the impact of terrorist attacks on the volatility and returns of the stock market in Tunisia.
Abstract
Purpose
The purpose of this study is to investigate the impact of terrorist attacks on the volatility and returns of the stock market in Tunisia.
Design/methodology/approach
The employed sample comprises 1250 trading day from the Tunisian stock index (Tunindex) and stock closing prices of 64 firms listed on the Tunisian stock market (TSM) from January 2011 to October 2015. The research opts for the general autoregressive conditional heteroscedasticity (GARCH) and exponential generalized conditional heteroscedasticity (EGARCH) models framework in addition to the event study method to further assess the effect of terrorism on the Tunisian equity market.
Findings
The baseline results document a substantive impact of terrorism on the returns and volatility of the TSM index. In more details, the findings of the event study method show negative significant effects on mean abnormal returns with different magnitudes over the events dates. The outcomes propose that terrorism profoundly altered the behavior of the stock market and must receive sufficient attention in order to protect the financial market in Tunisia.
Originality/value
Very few evidence is found on the financial effects of terrorism over transition to democracy cases. This paper determines the salient reaction of the stock market to terrorism during democratic transition. The findings of this study shall have relevant implications for stock market participants and policymakers.
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Giovanna Gavana, Pietro Gottardo and Anna Maria Moisello
The aim of this paper is to examine the effect of structural and demographic board diversity as well as board tenure on family firms' environmental performance, by analyzing the…
Abstract
Purpose
The aim of this paper is to examine the effect of structural and demographic board diversity as well as board tenure on family firms' environmental performance, by analyzing the differences between family and non-family businesses and within family firms.
Design/methodology/approach
Tobit regressions are applied to investigate the effect of independent directors, CEO non-duality, board gender diversity and board tenure on environmental performance. The study also controls for other board and firm characteristics, as well as for time, industry and country-fixed effects. In doing so, the authors rely on a sample of non-financial listed firms from France, Germany, Italy, Spain and Portugal over the period 2014–2021.
Findings
The authors find that women on the board positively influence environmental performance and this effect is significant only in family firms, although board tenure negatively moderates the relationship. Board independence significantly affects environmental performance only in non-family firms. A strong presence of family directors has a negative effect on family firms' environmental performance, especially when directors' turnover is low.
Originality/value
This paper examines the unexplored relationship between structural board diversity and environmental performance in family companies. This study provides empirical evidence on the association between gender diversity and family firms' environmental performance focusing for the first time on a European setting. Moreover, this study provides evidence of a different effect of board tenure in family and non-family businesses.
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Hanna Kinowska and Łukasz Jakub Sienkiewicz
Existing literature on algorithmic management practices – defined as autonomous data-driven decision making in people's management by adoption of self-learning algorithms and…
Abstract
Purpose
Existing literature on algorithmic management practices – defined as autonomous data-driven decision making in people's management by adoption of self-learning algorithms and artificial intelligence – suggests complex relationships with employees' well-being in the workplace. While the use of algorithms can have positive impacts on people-related decisions, they may also adversely influence job autonomy, perceived justice and – as a result – workplace well-being. Literature review revealed a significant gap in empirical research on the nature and direction of these relationships. Therefore the purpose of this paper is to analyse how algorithmic management practices directly influence workplace well-being, as well as investigating its relationships with job autonomy and total rewards practices.
Design/methodology/approach
Conceptual model of relationships between algorithmic management practices, job autonomy, total rewards and workplace well-being has been formulated on the basis of literature review. Proposed model has been empirically verified through confirmatory analysis by means of structural equation modelling (SEM CFA) on a sample of 21,869 European organisations, using data collected by Eurofound and Cedefop in 2019, with the focus of investigating the direct and indirect influence of algorithmic management practices on workplace well-being.
Findings
This research confirmed a moderate, direct impact of application of algorithmic management practices on workplace well-being. More importantly the authors found out that this approach has an indirect influence, through negative impact on job autonomy and total rewards practices. The authors observed significant variation in the level of influence depending on the size of the organisation, with the decreasing impacts of algorithmic management on well-being and job autonomy for larger entities.
Originality/value
While the influence of algorithmic management on various workplace practices and effects is now widely discussed, the empirical evidence – especially for traditional work contexts, not only gig economy – is highly limited. The study fills this gap and suggests that algorithmic management – understood as an automated decision-making vehicle – might not always lead to better, well-being focused, people management in organisations. Academic studies and practical applications need to account for possible negative consequences of algorithmic management for the workplace well-being, by better reflecting complex nature of relationships between these variables.
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Kristin S. Williams, Heidi Weigand, Sophia Okoroafor, Giuseppe Liuzzo and Erica Ganuelas Weigand
This paper explores intergenerational perceptions of kindness in the context of Black Lives Matter (BLM) movement and the COVID-19 global pandemic. The purpose of this exploratory…
Abstract
Purpose
This paper explores intergenerational perceptions of kindness in the context of Black Lives Matter (BLM) movement and the COVID-19 global pandemic. The purpose of this exploratory study is to investigate perceptions of kindness in the context of traumatic events and its potential value in authentic allyship in organizational environments.
Design/methodology/approach
Authors interviewed 65 individuals (31 self-identifying as non-racialized and 34 self-identifying as Black, Indigenous and People of Colour aka BIPOC). Participants included Generation Z (Gen Z; born between 1997–2012/5) and Generation Y (Gen Y; also referred to as Millennials, born between 1981 and 1994/6) across North American, Europe and Africa. Millennials currently represent the largest generation in the workplace and are taking on leadership roles, whereas Gen Z are emerging entrants into the workplace and new organizational actors.
Findings
The paper offers insights into how to talk about BLM in organizations, how to engage in authentic vs performative allyship and how to support BIPOC in the workplace. The study also reveals the durability of systemic racism in generations that may be otherwise considered more enlightened and progressive.
Research limitations/implications
The authors expand on kindness literature and contribute theoretically and methodologically to critical race theory and intertextual analysis in race scholarship.
Practical implications
The study contributes to the understanding of how pro-social behaviours like kindness (with intention) can contribute to a more inclusive discourse on racism and authentic allyship.
Originality/value
Authors reveal the potential for kindness as a pro-social behaviour in organizational environments to inform authentic allyship praxis.
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Cheuk-Wing Lui and Hon-Kwong Lui
While the Olympic Games are always under the spotlight, the Paralympic Games are somehow ignored. This paper aims to invite the general public to think about the para-athletes and…
Abstract
Purpose
While the Olympic Games are always under the spotlight, the Paralympic Games are somehow ignored. This paper aims to invite the general public to think about the para-athletes and the differential treatments they received.
Design/methodology/approach
Among the participating countries, many of them were unable to win a single Olympic or Paralympic medal. When the dependent variable is left-censored, ordinary least squares regression is asymptotically biased downwards. In the literature, researchers typically employ the maximum likelihood Tobit model to take care of the censoring problem. However, some researchers argue that the Hurdle model has an advantage over the Tobit model in identifying the determinants of winning Olympic medals. Following their wisdom, this paper employs both the Tobit and Hurdle models in analysis.
Findings
The empirical evidence gathered in this paper suggests that population size, host status and average years of schooling are the big three socio-economic determinants when it comes to winning medals at the Paralympic Games and Olympic Games. The findings support the hypothesis that sports talent is randomly distributed and a large country has a higher chance to have talented athletes or para-athletes winning the Olympic medals. The strong host advantage also showed up in the following Paralympics but was not so strong at the next Olympics.
Originality/value
This paper not only examines the relationship between various social, economic and political factors in determining the success of a nation in the Paralympic Games but also attempts to identify possible non-traditional determinants.
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