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Article
Publication date: 21 July 2023

Brahim Gaies and Najeh Chaâbane

This study adopts a new macro-perspective to explore the complex and dynamic links between financial instability and the Euro-American green equity market. Its primary focus and…

Abstract

Purpose

This study adopts a new macro-perspective to explore the complex and dynamic links between financial instability and the Euro-American green equity market. Its primary focus and novelty is to shed light on the non-linear and asymmetric characteristics of dependence, causality, and contagion within various time and frequency domains. Specifically, the authors scrutinize how financial instability in the U.S. and EU interacts with their respective green stock markets, while also examining the cross-impact on each other's green equity markets. The analysis is carried out over short-, medium- and long-term horizons and under different market conditions, ranging from bearish and normal to bullish.

Design/methodology/approach

This study breaks new ground by employing a model-free and non-parametric approach to examine the relationship between the instability of the global financial system and the green equity market performance in the U.S. and EU. This study's methodology offers new insights into the time- and frequency-varying relationship, using wavelet coherence supplemented with quantile causality and quantile-on-quantile regression analyses. This advanced approach unveils non-linear and asymmetric causal links and characterizes their signs, effectively distinguishing between bearish, normal, and bullish market conditions, as well as short-, medium- and long-term horizons.

Findings

This study's findings reveal that financial instability has a strong negative impact on the green stock market over the medium to long term, in bullish market conditions and in times of economic and extra-economic turbulence. This implies that green stocks cannot be an effective hedge against systemic financial risk during periods of turbulence and euphoria. Moreover, the authors demonstrate that U.S. financial instability not only affects the U.S. green equity market, but also has significant spillover effects on the EU market and vice versa, indicating the existence of a Euro-American contagion mechanism. Interestingly, this study's results also reveal a positive correlation between financial instability and green equity market performance under normal market conditions, suggesting a possible feedback loop effect.

Originality/value

This study represents pioneering work in exploring the non-linear and asymmetric connections between financial instability and the Euro-American stock markets. Notably, it discerns how these interactions vary over the short, medium, and long term and under different market conditions, including bearish, normal, and bullish states. Understanding these characteristics is instrumental in shaping effective policies to achieve the Sustainable Development Goals (SDGs), including access to clean, affordable energy (SDG 7), and to preserve the stability of the international financial system.

Details

Journal of Economic Studies, vol. 51 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 29 November 2023

Na Zhang, Haiyan Wang and Zaiwu Gong

Grey target decision-making serves as a pivotal analytical tool for addressing dynamic multi-attribute group decision-making amidst uncertain information. However, the setting of…

Abstract

Purpose

Grey target decision-making serves as a pivotal analytical tool for addressing dynamic multi-attribute group decision-making amidst uncertain information. However, the setting of bull's eye is frequently subjective, and each stage is considered independent of the others. Interference effects between each stage can easily influence one another. To address these challenges effectively, this paper employs quantum probability theory to construct quantum-like Bayesian networks, addressing interference effects in dynamic multi-attribute group decision-making.

Design/methodology/approach

Firstly, the bull's eye matrix of the scheme stage is derived based on the principle of group negotiation and maximum satisfaction deviation. Secondly, a nonlinear programming model for stage weight is constructed by using an improved Orness measure constraint to determine the stage weight. Finally, the quantum-like Bayesian network is constructed to explore the interference effect between stages. In this process, the decision of each stage is regarded as a wave function which occurs synchronously, with mutual interference impacting the aggregate result. Finally, the effectiveness and rationality of the model are verified through a public health emergency.

Findings

The research shows that there are interference effects between each stage. Both the dynamic grey target group decision model and the dynamic multi-attribute group decision model based on quantum-like Bayesian network proposed in this paper are scientific and effective. They enhance the flexibility and stability of actual decision-making and provide significant practical value.

Originality/value

To address issues like stage interference effects, subjective bull's eye settings and the absence of participative behavior in decision-making groups, this paper develops a grey target decision model grounded in group negotiation and maximum satisfaction deviation. Furthermore, by integrating the quantum-like Bayesian network model, this paper offers a novel perspective for addressing information fusion and subjective cognitive biases during decision-making.

Details

Grey Systems: Theory and Application, vol. 14 no. 1
Type: Research Article
ISSN: 2043-9377

Keywords

Article
Publication date: 29 January 2024

Francesco Romanò, Mario Stojanović and Hendrik C. Kuhlmann

This paper aims to derive a reduced-order model for the heat transfer across the interface between a millimetric thermocapillary liquid bridge from silicone oil and the…

Abstract

Purpose

This paper aims to derive a reduced-order model for the heat transfer across the interface between a millimetric thermocapillary liquid bridge from silicone oil and the surrounding ambient gas.

Design/methodology/approach

Numerical solutions for the two-fluid model are computed covering a wide parametric space, making a total of 2,800 numerical flow simulations. Based on the computed data, a reduced single-fluid model for the liquid phase is devised, in which the heat transfer between the liquid and the gas is modeled by Newton’s heat transfer law, albeit with a space-dependent Biot function Bi(z), instead of a constant Biot number Bi.

Findings

An explicit robust fit of Bi(z) is obtained covering the whole range of parameters considered. The single-fluid model together with the Biot function derived yields very accurate results at much lesser computational cost than the corresponding two-phase fully-coupled simulation required for the two-fluid model.

Practical implications

Using this novel Biot function approach instead of a constant Biot number, the critical Reynolds number can be predicted much more accurately within single-phase linear stability solvers.

Originality/value

The Biot function for thermocapillary liquid bridges is derived from the full multiphase problem by a robust multi-stage fit procedure. The derived Biot function reproduces very well the theoretical boundary layer scalings.

Details

International Journal of Numerical Methods for Heat & Fluid Flow, vol. 34 no. 4
Type: Research Article
ISSN: 0961-5539

Keywords

Article
Publication date: 15 February 2024

Albi Thomas and M. Suresh

Green transformation is more than simply a trend; it is a way of life, a set of habits, a field of knowledge and a dedication to resource conservation. Going green is surely a…

Abstract

Purpose

Green transformation is more than simply a trend; it is a way of life, a set of habits, a field of knowledge and a dedication to resource conservation. Going green is surely a creative and transformative process for both individuals and organizations. This paper aims to “identify,” “analyse” and “categorise” the readiness factors for green transformation process in health care using total interpretive structural modelling (TISM) and neutrosophic-MICMAC.

Design/methodology/approach

To address the study objectives, the study used TISM and neutrosophic-MICMAC analysis. To identify the readiness factors, a literature study was conducted, and the factors were face-validated by the healthcare experts. The factors influence on one another were captured by using a scheduled interview with a closed ended questionnaire. The TISM addressed the identification and analysing of factors and the categorization and ranking the readiness factors is addressed by using neutrosophic-MICMAC analysis.

Findings

This study identified 11 green transformation process readiness factors for healthcare organizations. The study states that the key factors or driving factors are awareness of green governance principle, environment leadership and management, green gap analysis, information and communication technology and innovation dynamics.

Research limitations/implications

The factor ranking is sensitive to the respondents’ ratings. The study relied on the past literature and experts’ opinion may result in the subjective biases. The complex nature of healthcare ecosystem challenges to capture all the factors. The study focussed on Indian hospitals.

Practical implications

Study significantly impacts the healthcare practitioners, academicians and policymakers by providing critical insights into the readiness factors required for the healthcare green transformation process. The study offers a better understanding of the crucial or key or driving factors that aid in embracing green and sustainable practices.

Originality/value

Identifying a gap in conceptual and theoretical frameworks for green transformation readiness factors in healthcare organizations and in Indian context. The study addresses this gap by aiming to create a thorough theoretical framework and highlighted by its focus on Indian hospitals.

Details

Journal of Indian Business Research, vol. 16 no. 1
Type: Research Article
ISSN: 1755-4195

Keywords

Article
Publication date: 17 February 2022

Md. Habibur Rahman Sobuz, Md. Montaseer Meraz, Ayan Saha, Abu Sayed Mohammad Akid, Noor Md. Sadiqul Hasan, Mizanoor Rahman and Md. Abu Safayet

This study aims to present the variations of optimal seismic control of reinforced cement concrete (RCC) structure using different structural systems. Different third-dimensional…

Abstract

Purpose

This study aims to present the variations of optimal seismic control of reinforced cement concrete (RCC) structure using different structural systems. Different third-dimensional mathematical models are used to examine the responses of multistory flexibly connected frames subjected to earthquake excitations.

Design/methodology/approach

This paper examined a G + 50 multi-storied high-rise structure, which is analyzed using different combinations of moment resistant frames, shear walls, seismic outrigger systems and seismic dampers to observe the effectiveness during ground motion against soft soil conditions. The damping coefficients of added dampers, providing both upper and lower levels are taken into consideration. A finite element modeling and analysis is generated. Then the nature of the structure exposed to ground motion is captured with response spectrum analysis, using BNBC-2020 for four different seismic zones in Bangladesh.

Findings

The response of the structure is investigated according to the amplitude of the displacements, drifts, base shear, stiffness and torsion. The numerical results indicate that adding dampers at the base level can be the most effective against seismic control. However, placing an outrigger bracing system at the middle and top end with shear wall can be the most effective for controlling displacements and drifts.

Originality/value

The response of high-rise structures to seismic forces in Bangladesh’s soft soil conditions is examined at various levels in this study. This study is an original research which contributes to the knowledge to build earthquake resisting high-rises in Bangladesh.

Details

Journal of Engineering, Design and Technology , vol. 22 no. 3
Type: Research Article
ISSN: 1726-0531

Keywords

Article
Publication date: 8 August 2023

Syed Faisal Shah

This paper has analysed the impact of cultural dimensions, investor sentiment and uncertainty on bank stock returns. Also, the study examined the influences of the interaction…

Abstract

Purpose

This paper has analysed the impact of cultural dimensions, investor sentiment and uncertainty on bank stock returns. Also, the study examined the influences of the interaction between cultural dimensions and individual (private) sentiment (investor sentiment).

Design/methodology/approach

To meet the study's objectives, a two-step generalised method of moments estimator was applied to the study sample, which included 105 banks in the nine Middle East and North African region countries between 2010 and 2020.

Findings

The cultural dimensions of individualism and masculinity were found to have a positive and significant effect on banks' buy and hold stock return (BUH). At the same time, power distance and uncertainty avoidance were discovered to have negative effects. Besides, the findings revealed that the interactions of power distance, individual sentiment and uncertainty avoidance had positive and significant relationships with banks' BUH. However, individualism, individual sentiment and masculinity had inverse relationships with banks' BUH. Furthermore, the findings revealed that investor sentiment positively influenced banks' BUH. Finally, uncertainty influenced banks' BUH stock returns positively.

Research limitations/implications

Important implications for participants in the financial sector and governments may be learnt from this study's conclusions. Due to cultural biases, this study's findings suggested that investors overreact in the stock market.

Originality/value

Additionally, this research comprises one of the few studies that have overviewed the link between classical and behavioural finance in MENA countries with distinctive cultural characteristics.

Details

Journal of Economic Studies, vol. 51 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

Open Access
Article
Publication date: 1 April 2024

Ly Ho

We explore the impact of equity liquidity on a firm’s dynamic leverage adjustments and the moderating impacts of leverage deviation and target instability on the link between…

Abstract

Purpose

We explore the impact of equity liquidity on a firm’s dynamic leverage adjustments and the moderating impacts of leverage deviation and target instability on the link between equity liquidity and dynamic leverage in the UK market.

Design/methodology/approach

In applying the two-step system GMM, we estimate our model by exploring suitable instruments for the dynamic variable(s), i.e. lagged values of the dynamic term(s).

Findings

Our analyses document that a firm’s equity liquidity has a positive impact on the speed of adjustment (SOA) of its leverage ratio back to the target ratio in the UK market. We also demonstrate that the positive relationship between liquidity and SOA is more pronounced for firms whose current position is relatively close to their target leverage ratio and whose target ratio is relatively stable.

Practical implications

This study provides important implications for both firms’ managers and investors. Particularly, firms’ managers who wish to increase the leverage SOA to enhance firms’ value need to give great attention to their equity liquidity. Investors who want to evaluate firms’ performance could also consider their equity liquidity and leverage SOA.

Originality/value

We are the first to enrich the literature on leverage adjustments by identifying equity liquidity as a new determinant of SOA in a single developed country with many differences in the structure and development of capital markets, ownership concentration and institutional characteristics. We also provide new empirical evidence of the joint effect of equity liquidity, leverage deviation and target instability on leverage SOA.

Details

Journal of Economics and Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1859-0020

Keywords

Article
Publication date: 17 April 2024

Rafiu King Raji, Yini Wei, Guiqiang Diao and Zilun Tang

Devices for step estimation are body-worn devices used to compute steps taken and/or distance covered by the user. Even though textiles or clothing are foremost to come to mind in…

Abstract

Purpose

Devices for step estimation are body-worn devices used to compute steps taken and/or distance covered by the user. Even though textiles or clothing are foremost to come to mind in terms of articles meant to be worn, their prominence among devices and systems meant for cadence is overshadowed by electronic products such as accelerometers, wristbands and smart phones. Athletes and sports enthusiasts using knee sleeves should be able to track their performances and monitor workout progress without the need to carry other devices with no direct sport utility, such as wristbands and wearable accelerometers. The purpose of this study thus is to contribute to the broad area of wearable devices for cadence application by developing a cheap but effective and efficient stride measurement system based on a knee sleeve.

Design/methodology/approach

A textile strain sensor is designed by weft knitting silver-plated nylon yarn together with nylon DTY and covered elastic yarn using a 1 × 1 rib structure. The area occupied by the silver-plated yarn within the structure served as the strain sensor. It worked such that, upon being subjected to stress, the electrical resistance of the sensor increases and in turn, is restored when the stress is removed. The strip with the sensor is knitted separately and subsequently sewn to the knee sleeve. The knee sleeve is then connected to a custom-made signal acquisition and processing system. A volunteer was employed for a wearer trial.

Findings

Experimental results establish that the number of strides taken by the wearer can easily be correlated to the knee flexion and extension cycles of the wearer. The number of peaks computed by the signal acquisition and processing system is therefore counted to represent stride per minute. Therefore, the sensor is able to effectively count the number of strides taken by the user per minute. The coefficient of variation of over-ground test results yielded 0.03%, and stair climbing also obtained 0.14%, an indication of very high sensor repeatability.

Research limitations/implications

The study was conducted using limited number of volunteers for the wearer trials.

Practical implications

By embedding textile piezoresistive sensors in some specific garments and or accessories, physical activity such as gait and its related data can be effectively measured.

Originality/value

To the best of our knowledge, this is the first application of piezoresistive sensing in the knee sleeve for stride estimation. Also, this study establishes that it is possible to attach (sew) already-knit textile strain sensors to apparel to effectuate smart functionality.

Details

International Journal of Clothing Science and Technology, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0955-6222

Keywords

Article
Publication date: 13 October 2023

Hyun Ji Rim

This paper aims to provide a case study of complex conflict management within the arms race on the Korean Peninsula. Exploring the complex nexus of nuclear weapons, asymmetry and…

Abstract

Purpose

This paper aims to provide a case study of complex conflict management within the arms race on the Korean Peninsula. Exploring the complex nexus of nuclear weapons, asymmetry and a qualitative arms race, the study explains how the arms race between Seoul and Pyongyang has promoted stability on the Korean Peninsula.

Design/methodology/approach

Presenting the limits of arguments that the US security guarantee is the factor that saved the two Koreas from going to war again, this paper explores the utility of the inter-Korean arms race as a stabilizer that promotes indirect negotiations. While presenting Korean anomalies, this paper analyzes the three stages of the inter-Korean arms race – especially its nuclear weapons, its asymmetry and the nature of arms races – and provides extant explanations on the causes and consequences of the qualitative arms race. These key elements drive the states’ strategic motives.

Findings

Using the case of the inter-Korean qualitative arms race and US extended nuclear deterrence on the Korean Peninsula, the study shows the complexities of conflict management today. This paper identifies three contributing factors – US nuclear weapons, asymmetry and the qualitative characteristic of the arms race – to explain the enduring stability on the peninsula despite the arms race’s intensification. The paper finds that although US nuclear-extended deterrence plays a critical role, it does not capture the full context of the ongoing, dynamic inter-Korean arms race; a prolonged arms race between the two Koreas has become a new regularity; the qualitative characteristic of the inter-Korean arms race, which is driven by technological advancement, contributes to stability in the arms race; and as the constant mismatch in priority technologies becomes more severe, the changes to the existing asymmetry could increase instability.

Originality/value

This paper offers a diverse perspective to the literature on conflict management and captures the complexities of 21st-century conflict management. Through a thorough examination of the inter-Korean arms race, it brings readers’ attention to the nested dynamics within the arms race and shows how an intensifying arms race can promote stability. Furthermore, the paper explains the implications for potential instability – fueled by the comprehensive mix of a dynamic qualitative arms race and the US extended nuclear deterrence – in the Indo-Pacific region.

Details

International Journal of Conflict Management, vol. 35 no. 1
Type: Research Article
ISSN: 1044-4068

Keywords

Article
Publication date: 1 June 2023

Sirajo Aliyu, Ahmed Rufai Mohammad and Norazlina Abd. Wahab

This study aims to empirically investigate the impact of political instability on the banking stability of the dual banking system in the Middle East and North African (MENA…

Abstract

Purpose

This study aims to empirically investigate the impact of political instability on the banking stability of the dual banking system in the Middle East and North African (MENA) countries.

Design/methodology/approach

The study measures banking stability with probability of default (PD) and Zscore by employing the generalised method of moment (GMM) between 2007 and 2021 on the dual banking system in the region. The authors further estimate short-long-run situations coupled with a robustness test using a generalised least square (GLS) model.

Findings

The authors' findings indicate that institutional factors of political stability, crisis period, high-crisis countries, law and order and macroeconomic indicators influence the two types of banking stability in the region. The authors found the consistency of the factors explaining stability in the region in both short-and long-run situations. Consequently, the study also reveals the adverse effects of crisis periods and high-crisis countries on banking stability.

Practical implications

The results of this study explicitly identify the critical need for sustaining political stability and abiding by laws and order to achieve dual banking stability in the region. Therefore, policymakers may consider allowing the region's banks to operate beyond retail banking since diversification enhances banking stability.

Originality/value

The authors' study balances by employing dual stability measurement in predicting the impact of political instability, law and order and other indicators on the MENA region's two banking models. This study uncovers the effect of the global crisis period on banking stability and high-crisis countries in the region and verifies the models' robustness.

Details

Managerial Finance, vol. 50 no. 3
Type: Research Article
ISSN: 0307-4358

Keywords

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