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Article
Publication date: 26 June 2023

Athanasios Tsagkanos, Dimitrios Koumanakos and Michalis Pavlakis

The purpose of this study is to examine the transmission of volatility between business confidence index and stock market indices in Greece. The country remains the riskiest…

Abstract

Purpose

The purpose of this study is to examine the transmission of volatility between business confidence index and stock market indices in Greece. The country remains the riskiest project in European Union (EU) and previous studies fail to reach an accurate conclusion regarding the direction of this transmission.

Design/methodology/approach

The study covers the period from January 2013 to August 2022 in monthly basis where important economic events occur. Considering that these economic events derive strong volatility moments, the authors adopt a new methodology that measures the transmission of volatility with higher precision. This is the generalized spillover analysis by Diebold and Yilmaz (2009, 2012).

Findings

The results indicate that Business Confidence Index (BCI) is the main receiver of volatility spillovers in Greece under all aspects of the used methodology. The specificity of the results shows that business activity through a green growth model is what drives investor confidence and then their activities.

Originality/value

Although a handful of studies have considered the transmission of volatility between BCI and stock market indices, this study contributes in several ways. This study focuses on one country (Greece), avoiding the dispersion of the results from the examination of the relationship in several countries. The used country remains the riskiest project in EU even nowadays, while other studies fail to confirm the main direction of volatility spillovers from business confidence to stock returns. This study covers a period that is ignored by previous studies and includes important economic events. In addition, considering that these economic events derive strong volatility moments, a new methodology is adopted in this field of research that measures the transmission of volatility with higher accuracy.

Details

Journal of Economic Studies, vol. 51 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 8 May 2023

Edib Smolo and Ruslan Nagayev

The purpose of this study is to examine the effects of financial development on the economic growth of jurisdictions with systemically important Islamic finance.

Abstract

Purpose

The purpose of this study is to examine the effects of financial development on the economic growth of jurisdictions with systemically important Islamic finance.

Design/methodology/approach

The authors use several estimation methods. The primary analysis is based on the LSDVC method using a sample of 23 countries covering the period of 2000–2019.

Findings

The findings suggest that the financial sector may not be a significant factor in determining economic growth, or that it may decrease it depending on the proxy used. These results are in line with recent studies and robust across different estimation specifications and methods used.

Practical implications

Finance practitioners may reconsider the way they conduct their daily activities as their impact on economic growth is fading away. Similarly, policymakers should consider the role that financial development plays in economic growth alongside other factors that may influence its impact. It may be necessary to examine the moderating effects of institutional development on the relationship between finance and growth and consider the channels through which financial development can contribute to economic growth. Additionally, it would be useful to study the impact of Islamic finance on economic growth using different data sources.

Originality/value

Although the topic has been explored using different data sets and focusing on different samples, it has not been explored considering the impact of Islamic finance development on economic growth. Given the global appeal of the Islamic finance industry, it is worth investigating its significance for economic growth.

Details

Journal of Islamic Accounting and Business Research, vol. 15 no. 4
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 9 November 2023

Onyinye Imelda Anthony-Orji, Ikenna Paulinus Nwodo, Anthony Orji and Jonathan E. Ogbuabor

This paper aims to examine Nigeria’s dynamic output and output volatility connectedness with USA, China and India using quarterly data from 1981Q1 to 2019Q4.

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Abstract

Purpose

This paper aims to examine Nigeria’s dynamic output and output volatility connectedness with USA, China and India using quarterly data from 1981Q1 to 2019Q4.

Design/methodology/approach

The study adopted the network approach of Diebold and Yilmaz (2014) and used the normalized generalized forecast error variance decomposition from an underlying vector error correction model to build connectedness measures.

Findings

The findings show that the global financial crisis (GFC) increased the connectedness index far more than the 2016 Nigeria economic recession. The moderate effect of the 2016 Nigeria economic recession on the connectedness index underscores the fact that Nigeria is a small, open economy with minimal capacity to spread output shock. For both real output and its volatility, the total connectedness index rose smoothly and systematically through time, thereby leaving the economies more connected in the long run.

Originality/value

To the best of the authors’ knowledge, this paper is among the first to examine Nigeria’s dynamic output and output volatility connectedness with the USA, China and India using new empirical insights from the GFC versus 2016 Nigerian recession. The study, therefore, concludes that the Nigerian economy should be diversified immediately as a hedge against future real output shocks, while the USA, China and India should maintain and sustain their current policy frameworks to remain less vulnerable to real output shocks.

Details

Journal of Financial Economic Policy, vol. 16 no. 1
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 8 June 2023

Masagus M. Ridhwan, Affandi Ismail and Peter Nijkamp

Empirical studies regarding the impact of the real exchange rate (RER) on economic growth are extensively available. However, the literature as a whole appears to report varying…

Abstract

Purpose

Empirical studies regarding the impact of the real exchange rate (RER) on economic growth are extensively available. However, the literature as a whole appears to report varying results, while the causes of such differences have not been analyzed systematically. The present study aims to fill the gap in the literature.

Design/methodology/approach

In this paper, the authors compile 543 empirical estimates from 51 studies of the exchange rate-growth nexus in order to meta-analyze its relationship. Meta-analysis allows the authors to quantitatively synthesize previous empirical studies and explain the variation in the results. This method also enables us to investigate the possibility of publication bias, as there is a tendency in research only to report results that are both statistically significant and show the expected signs.

Findings

After addressing publication bias and heterogeneity in the estimates, the meta-regression results show that RER depreciation (or undervaluation) genuinely favors economic growth. On average, RER depreciation has a greater impact on economic growth in developing countries than the developed ones. The study’s results imply that maintaining an undervalued RER could be favorable to spur economic growth, especially in developing countries.

Originality/value

Initially predominant in the medical literature, meta-analysis has been on a rising edge in economics. This progress has produced many systematic quantitative review analyses with continuously improved statistical-econometric practices related to economic variables. However, to the authors’ knowledge, no comprehensive meta-regression analysis of the relationship between exchange rate and economic growth has been conducted and published in any publicly accessible academic outlet. Therefore, this study aims to fill this gap in the literature.

Details

Journal of Economic Studies, vol. 51 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 15 February 2024

Poonam Sahoo, Pavan Kumar Saraf and Rashmi Uchil

Significant developments in the service sector have been brought about by Industry 4.0. Automated digital technologies make it possible to upgrade existing services and develop…

Abstract

Purpose

Significant developments in the service sector have been brought about by Industry 4.0. Automated digital technologies make it possible to upgrade existing services and develop modern industrial services. This study prioritizes critical factors for adopting Industry 4.0 in the Indian service industries.

Design/methodology/approach

The author identified four criteria and fifteen significant factors from the relevant literature that have been corroborated by industry experts. Models are then developed by the analytical hierarchy process (AHP) and analytical network process (ANP) approach to ascertain the significant factors for adopting Industry 4.0 in service industries. Further, sensitivity analysis has been conducted to determine the sensitivities of the rank of criteria and sub-factors to corroborate the results.

Findings

The outcome reveals the top significant criteria as organizational criteria (0.5019) and innovation criteria (0.3081). This study prioritizes six significant factors information technology (IT) specialization, digital decentralization of all departments, organizational size, smart services through customer data, top management support and Industry 4.0 infrastructure in the transition toward Industry 4.0 in the service industries.

Practical implications

The potential factors identified in this study will assist managers in determining strategies to effectively manage the Industry 4.0 transition by concentrating on top priorities when leveraging Industry 4.0. The significance of organizational and innovation criteria given more weight will lay the groundwork for future Industry 4.0 implementation guidelines in service industries.

Originality/value

Our research is novel since, to our knowledge, no previous study has investigated the potential critical factors from organizational, environmental, innovation and cost dimensions. Thus, the potential critical factors identified are the contributions of this study.

Details

International Journal of Quality & Reliability Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0265-671X

Keywords

Article
Publication date: 16 February 2024

Leila Namdarian and Hamid Reza Khedmatgozar

This study aims to elucidate institutional analysis as an effective approach to investigating and designing the multilevel policymaking system of online social networks (OSN) for…

Abstract

Purpose

This study aims to elucidate institutional analysis as an effective approach to investigating and designing the multilevel policymaking system of online social networks (OSN) for achieving a participatory model.

Design/methodology/approach

The institutional mapping approach has been used to analyze Iran’s OSN multilevel policymaking system. A combination of two matrices, including institutions-institutions and institutions-functions, was used to perform the institutional mapping. Two main steps were taken to draw the mentioned matrices. First, a review of related studies in Iran’s OSN policymaking system was conducted and the policy functions mentioned in these studies were identified and categorized using the meta-synthesis. Second, based on analyzing two policy documents of Iran’s OSN, institutions and their interactions were identified and policy functions were allocated to institutions.

Findings

Based on the results, the most important policy functions in the current OSN policymaking system in Iran are support, regulatory, monitoring and evaluation, business environment development, culture building and promotion, organizing licenses and permissions, policymaking and legislation. Also, the results show that there are shortcomings in this system, some of the most important of which are lack of transparency in regulatory, little work in culture building and promotion, neglect of the training of specialized human resources and research and development, slow development of the business environment and neglecting the role of nongovernmental organizations in policymaking.

Originality/value

By examining and analyzing how different institutions operate within a multilevel policymaking system, the policymaking process and its overall effectiveness can be enhanced. This analysis helps identify any inconsistencies, overlaps or conflicts in the roles and policies of these institutions, leading to a better understanding of how a multilevel policymaking system is organized.

Details

Digital Policy, Regulation and Governance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-5038

Keywords

Article
Publication date: 1 August 2023

Duke Biber and Rachel Rothman

The purpose of this pilot study was to evaluate an online mental health literacy training program for college female mentors.

Abstract

Purpose

The purpose of this pilot study was to evaluate an online mental health literacy training program for college female mentors.

Design/methodology/approach

Undergraduate female participants (n = 10) completed in asynchronous mental health literacy training. Participants completed the Heads Up Checkup (HCU) and mental health literacy scale (MHLS). Participant usage data were collected for the training course and analyzed using means and standard deviations. Qualitative data were analyzed by axial coding and thematic categorization.

Findings

The mean MHLS score, based on mean (M) and standard deviation (SD), was high for the participants (M = 145.69, SD = 8.41). Six qualitative themes from the training effectiveness feedback were used: (1) help-seeking, (2) stress management, (3) tailored guidance to resources, (4) understanding warning signs, (5) body image awareness and (6) engaging with mentees.

Research limitations/implications

There are a few limitations to this study including the small sample size, unrestricted time frame for completion of the asynchronous training and the need for long-term follow-up of the intervention effects.

Practical implications

This pilot study provides initial support for the mental health literacy training program when implemented with undergraduate females.

Social implications

Given inadequate mental health literacy in college females regarding such topics, continually training undergraduates about these warning signs is necessary. Future research could consider implementing this program with all gender identities, various age groups and in both synchronous and asynchronous modalities. This program could also be replicated using a pre- and post-test design to evaluate direct impact of the training on outcome variables.

Originality/value

All the participants discussed how the training prepared them in aiding mentees in help-seeking and identifying appropriate mental health resources. Participants also indicated how the training enabled personal and others-oriented stress management, which supports a mental health literacy training program that reduced stress in medical students.

Details

Higher Education, Skills and Work-Based Learning, vol. 14 no. 1
Type: Research Article
ISSN: 2042-3896

Keywords

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