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Article
Publication date: 11 January 2018

Hossein Olya, Levent Altinay and Glauco De Vita

Using data from 104 countries over a six-year period (2009-2014), this study proposes a value-added predictor in service industries based on the eight indicators of the…

Abstract

Purpose

Using data from 104 countries over a six-year period (2009-2014), this study proposes a value-added predictor in service industries based on the eight indicators of the prosperity index, namely economy, entrepreneurship and opportunity, governance, education, health, safety and security, personal freedom and social capital.

Design/methodology/approach

The fuzzy-set qualitative comparative analysis (fsQCA) and complexity theory, a relatively novel approach for developing and testing the conceptual model, are used for asymmetric modelling of value added in service industries, and the predictive validity of proposed configural model is tested.

Findings

Apart from advancing method and theory, this study simulates causal conditions (i.e. recipes) leading to both high and low scores of the value added of services. The configural conditions indicating a high/low level of value added in service industries can be used as a guiding strategy for marketers, investors and policy makers.

Originality/value

An analysis of worldwide data provides complex models demonstrating both how to regulate country conditions to achieve a high value-added score and select a foreign country for investment that offers a high level of value-added service.

Details

Journal of Services Marketing, vol. 32 no. 3
Type: Research Article
ISSN: 0887-6045

Keywords

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Article
Publication date: 24 January 2018

Glauco De Vita and Yun Luo

According to previous international studies, the impact of external regulation on bank risk is ambiguous. The purpose of this paper is to ask the question, “When do…

Abstract

Purpose

According to previous international studies, the impact of external regulation on bank risk is ambiguous. The purpose of this paper is to ask the question, “When do regulations matter for bank risk-taking?” by reporting the first empirical investigation of how the relation between bank regulations (capital requirements, official supervisory power and market discipline) and bank risk-taking is moderated by board monitoring characteristics.

Design/methodology/approach

Using SYS-GMM, the analysis of the interaction between bank-level boards of directors’ attributes (board size, board independence and board gender diversity) and external regulation is based on a sample of 493 banks operating in 54 countries over 2001-2015, accounting for three measures of bank risk-taking.

Findings

Regulations matter for bank risk-taking conditional on board characteristics: board size, board independence and board diversity. With the exception of capital requirements, the market discipline exerted by external private monitoring and greater supervisory power are unable to mitigate the propensity to greater risk-taking by banks resulting from larger board size, higher board independence and greater gender diversity of the board.

Originality/value

The bank risk empirical literature is still silent as to the interaction between board governance and regulation for the purpose of examining banks’ risk-taking. This paper fills this gap, thus making a significant contribution by extending our knowledge of whether and how board governance moderates the relationship between external regulation and bank risk-taking.

Details

Corporate Governance: The International Journal of Business in Society, vol. 18 no. 3
Type: Research Article
ISSN: 1472-0701

Keywords

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Article
Publication date: 25 August 2020

Runda Gao, Glauco De Vita, Yun Luo and Jason Begley

The purpose of this paper is to examine the determinants of foreign direct investment (FDI) in producer services in China using both country aggregate and provincial…

Abstract

Purpose

The purpose of this paper is to examine the determinants of foreign direct investment (FDI) in producer services in China using both country aggregate and provincial sub-sectoral data.

Design/methodology/approach

This paper applies autoregressive distributed lag (ARDL) cointegration and panel data regression approaches in examining the determinants of Producer Service FDI (PSFDI).

Findings

Our results show differences between the determinants of aggregate FDI and PSFDI. Contrary to the typical influencing factors of general FDI (that include GDP, openness, low wages and environmental quality), the two main determinants of PSFDI inflows to China are found to be high wages and research inputs (specifically the number of research workers as a proxy for research intensity). Data drawn from 26 Chinese provinces disaggregated at sub-sector level of producer services corroborate the results.

Originality/value

We add to existing literature by identifying the key determinants of inward PSFDI in China also via a provincial-level data analysis and disaggregation at sub-sectoral level of producer services.

Details

Journal of Economic Studies, vol. 48 no. 4
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 8 October 2018

Obiora G. Okechukwu, Glauco De Vita and Yun Luo

The purpose of this paper is to examine the foreign direct investment (FDI)–exports relationship in Nigeria using disaggregated FDI and export data.

Abstract

Purpose

The purpose of this paper is to examine the foreign direct investment (FDI)–exports relationship in Nigeria using disaggregated FDI and export data.

Design/methodology/approach

This paper applies the autoregressive distributed lag cointegration approach in examining the long-run relationship between FDI and exports.

Findings

The results suggest that aggregate FDI has a positive and statistically significant long-run impact on total exports. Once exports are disaggregated into oil and non-oil exports, the positive, cointegrating relationship holds only for oil exports. When disaggregated by sector, primary sector and manufacturing sector FDI have a positive and significant long-run relationship with both total exports and oil exports but service sector FDI does not appear to have any significant influence on Nigerian exports.

Originality/value

This is the first paper that employs both sectoral FDI and disaggregated export data to examine the FDI–exports nexus in Nigeria.

Details

Journal of Economic Studies, vol. 45 no. 5
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 2 August 2011

Andrew J. Abbott and Glauco De Vita

The purpose of this paper is to investigate the impact of a menu of country‐pair exchange rate regime combinations upon bilateral foreign direct investment (FDI) flows.

Abstract

Purpose

The purpose of this paper is to investigate the impact of a menu of country‐pair exchange rate regime combinations upon bilateral foreign direct investment (FDI) flows.

Design/methodology/approach

The authors use panel data from 27 OECD and non‐OECD high income countries for the period 1980 to 2003. Instrumental variable estimation of a dynamic panel model within a system generalised methods of moments framework allows us to control for both potential correlation issues and endogeneity bias.

Findings

This paper finds that a currency union is the policy framework most conducive to cross‐border investment. Being a member of EMU also appears to spur greater FDI flows with countries floating their currency vis‐à‐vis the default regime of a double‐float. Country‐pair regime combinations involving one country fixing its currency and the other floating or being a member of EMU, are found not to be more pro‐FDI than the default regime combination. For country‐pairs fixing or pegging their currency to each other, the effect on bilateral FDI flows is the least consistent across alternative specifications and, hence, the most ambiguous.

Originality/value

The contribution is also distinguished by the comparative use of recently developed “natural” or de facto exchange rate regime classification schemes, in addition to the de jure classification published by the IMF.

Details

Journal of Economic Studies, vol. 38 no. 3
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 14 September 2015

Nurul Mozumder, Glauco De Vita, Charles Larkin and Khine S. Kyaw

The purpose of this paper is to investigate the sensitivity of firm value to exchange rate (ER) movements, and the determinants of such exposure for 100 European blue chip…

Abstract

Purpose

The purpose of this paper is to investigate the sensitivity of firm value to exchange rate (ER) movements, and the determinants of such exposure for 100 European blue chip companies over 2001-2012.

Design/methodology/approach

The authors adopt a disaggregated framework that distinguishes between Eurozone and non-Eurozone firms, and between financial and non-financial firms across the pre-crisis, crisis and post-crisis periods of the recent financial crisis.

Findings

The authors find no significant difference between Eurozone and non-Eurozone, and financial and non-financial firms. Exposure is found to be higher during the financial crisis, across all sub-samples of firms. In the majority of cases the exposure coefficient is significantly positive, indicating that European firms’ stock returns are positively (negatively) affected by depreciation (appreciation) of ERs (indirect quotation).

Practical implications

It is recommended that firms’ financial plans budget for higher liquidity levels in order to build up, during “good times”, a natural hedge for the higher exposure likely to be faced during periods characterized by greater financial distress.

Originality/value

The main novelty lies in the adoption of a disaggregated framework that discriminates between pre-crisis, crisis and post-crisis periods in order to ascertain the extent to which the recent financial crisis affected the relationship in question.

Details

Journal of Economic Studies, vol. 42 no. 4
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 5 September 2008

Glauco De Vita and Khine S. Kyaw

The aim of the study is to investigate the relative significance of the determinants of disaggregated capital flows (foreign direct investment and portfolio flows) to five…

Abstract

Purpose

The aim of the study is to investigate the relative significance of the determinants of disaggregated capital flows (foreign direct investment and portfolio flows) to five developing countries, across different time horizons.

Design/methodology/approach

An empirically tractable structural VAR model of the determinants of capital flows is developed, and variance decomposition and impulse response analyses are used to investigate the temporal dynamic effects of shocks to push and pull factors on foreign direct investment and portfolio flows.

Findings

Estimation of the model using quarterly data for the period 1976‐2001 provides evidence supporting the hypothesis that shocks to real variables of economic activity such as foreign output and domestic productivity are the most important forces explaining the variations in capital flows to developing countries.

Research limitations/implications

These findings highlight the concomitant need for policy makers in developing countries to design domestic policy that accounts for both external and internal shocks to real variables of economic activity.

Originality/value

Previous empirical studies on the determinants of capital flows to developing countries have mostly examined the capital flow variable in aggregate, and have largely overlooked the possibility that the relative significance of estimated coefficients of such determinants may vary across time horizons.

Details

Journal of Economic Studies, vol. 35 no. 4
Type: Research Article
ISSN: 0144-3585

Keywords

Content available
Article
Publication date: 1 May 2007

Levent Altinay and Angela Roper

Abstract

Details

International Journal of Service Industry Management, vol. 18 no. 2
Type: Research Article
ISSN: 0956-4233

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Article
Publication date: 1 March 1966

The flow of money generated through tourism receipts can be traced by the multiplier effect, showing the relationship between consumption and income. Each time there is a…

Abstract

The flow of money generated through tourism receipts can be traced by the multiplier effect, showing the relationship between consumption and income. Each time there is a change in income the multiplier shows the number of times such income is likely to be re‐spent and how much new income will be generated. Since “any change in any spending has a multiplier effect” it is possible to formulate a tourism multiplier.

Details

The Tourist Review, vol. 21 no. 3
Type: Research Article
ISSN: 0251-3102

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