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Article
Publication date: 29 March 2024

Fazıl Gökgöz and Canan Seyhan

Investors who can transfer their savings to investments in a well-regulated market benefit not only themselves but also economic development. Hence, it is crucial for fund owners…

Abstract

Purpose

Investors who can transfer their savings to investments in a well-regulated market benefit not only themselves but also economic development. Hence, it is crucial for fund owners to evaluate their stock market investment decisions. The goal of the study is to understand which model determines the asset returns most efficiently. In this regard, the validity of single and multi-index asset pricing models (capital asset pricing model-CAPM and Fama–French models) has been examined in the Turkish Stock Exchange for 2009–2020, with the quantile regression (QR) approach.

Design/methodology/approach

On 18 portfolios comprised of quoted stocks in the Istanbul Stock Exchange 100 (ISE-100/BIST-100), we test the CAPM, the Fama and French three factor model (FF3) and the Fama and French five factor model (FF5). Empirical analyses have been carried out via QR approach regressing the portfolios' average weekly excess returns on risk premium/market factor (Rm-Rf), firm size, book value/market value (B/M), profitability and investments factors. QR estimation has been employed since QR is more effective and provides a better definition of the distribution’s tails.

Findings

Our empirical findings have revealed that the average excess weekly returns can be explained more strongly via CAPM. Moreover, Fama and French models are expected to give more reliable result with more data, whereas the market premium would give robust results for the Turkish Capital Market.

Practical implications

Individuals investing in financial assets must find the price model that best fits the market. The return can be approximated in the most appropriate manner using the right variables.

Originality/value

The study differs from other research by comparing the asset pricing models via examining the assets' weekly returns with QR in the Istanbul Stock Exchange 100 (ISE-100).

Details

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

Keywords

Article
Publication date: 28 July 2023

Vasanthi Mamidala, Pooja Kumari and Dakshita Singh

The purpose of this study is to examine the behaviour of retail investors while making an investment decision and how it gets affected by the behavioural biases of the investors…

Abstract

Purpose

The purpose of this study is to examine the behaviour of retail investors while making an investment decision and how it gets affected by the behavioural biases of the investors using a moderated-mediation framework.

Design/methodology/approach

A mixed method approach has been used to fulfil the objectives of the study. In the first study, a qualitative analysis of the interviews with 15 retail investors was conducted. As part of the quantitative study, a total of 201 responses from Indian retail investors were collected using systematic sampling and analysed using structural equation modelling and Process Macro.

Findings

The results indicate that anchoring bias, availability bias, herding bias, switching cost, sunk cost, regret avoidance and perceived threat have a significant effect on retail investors’ investing intention. The attitude of the investors towards investing decisions mediates the effects of behavioural bias and the status quo on investment intention. The results of the moderated-mediation analysis indicate that mediating effect of attitude varied at the low and high-risk aversion of investors.

Practical implications

The findings of this study will help regulators and retail investors to understand the critical behavioural biases which affect the investors’ investing intention.

Originality/value

The paper contributes to the literature on investors’ behaviour, status quo bias theory (SQB) and behavioural bias. This study uniquely proposes a moderated-mediation framework to understand the effects of biases on retail investors’ investment intention.

Details

Qualitative Research in Financial Markets, vol. 16 no. 3
Type: Research Article
ISSN: 1755-4179

Keywords

Article
Publication date: 16 August 2024

Xianmiao Li, Cheng Cheng and Shanshan Yang

Based on social exchange theory and self-determination theory, this study explores the influence mechanism of empowering leadership on employees’ creative deviance and innovation…

Abstract

Purpose

Based on social exchange theory and self-determination theory, this study explores the influence mechanism of empowering leadership on employees’ creative deviance and innovation performance.

Design/methodology/approach

The data were collected from 312 employees on Internet and other high-tech corporation in China. Hierarchical linear regression models and bootstrapping analysis outlined by Hayes were used to test the hypotheses.

Findings

Empowering leadership is positively correlated with employees’ innovation performance (EIP), and employees’ creative deviance plays an intermediary role in the above relationship. Power distance positively moderates the relationship between empowering leadership and employees’ creative deviance. Time pressure moderates the moderating effect of power distance on empowering leadership and employees’ creative deviance.

Originality/value

This study advances the empowering leadership and employees’ innovation performance by establishing creative deviance as the mediator. This study is also helpful to clarify the role of time press and power distance as boundary condition in the relationship between empowering leadership and employees’ creative deviance, which have certain reference significance for organization practices.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

Keywords

Article
Publication date: 27 May 2024

Pankaj Vishwakarma

The current work aims to understand the consumers’ adoption of electric vehicles (two-wheelers) from their value perspective by utilizing the value-based adoption model.

Abstract

Purpose

The current work aims to understand the consumers’ adoption of electric vehicles (two-wheelers) from their value perspective by utilizing the value-based adoption model.

Design/methodology/approach

The study considered data from 302 potential electric two-wheeler customers and tested the hypotheses using structural equation modeling.

Findings

The outcomes showed that perceived economic benefits, social image, enjoyable acceleration and enhanced fun and perceived environment (positively) and perceived physical safety risk, perceived cost of ownership and range and charging risk (negatively) influenced the customers’ perceived value linked with electric two-wheeler (ETW) adoption. Only low engine noise emission and infrastructure issues did not affect perceived value.

Research limitations/implications

Most of the respondents considered in the study were less than 35 years old. Hence, the model can be tested for other age groups.

Practical implications

The study’s outcomes will help ETW marketers, manufacturing companies and governments (state and central) to provide a more convenient environment for electric two-wheelers' adoption and help them curate appropriate strategies.

Originality/value

The current work offers a better understanding of potential customers' ETW adoption by employing a value-based trade-off.

Details

Marketing Intelligence & Planning, vol. 42 no. 6
Type: Research Article
ISSN: 0263-4503

Keywords

Article
Publication date: 4 September 2023

Aditi Gupta, Apoorva Apoorva, Ranjan Chaudhuri, Demetris Vrontis and Alkis Thrassou

Over the last two decades, there has been a significant increase in incivility within the higher education sector, potentially due to mounting pressure and demands on academics…

Abstract

Purpose

Over the last two decades, there has been a significant increase in incivility within the higher education sector, potentially due to mounting pressure and demands on academics, both collectively and individually. The effects on various aspects of academia, such as knowledge and learning, however, remain largely unexplored. The purpose of this research is to fill the gap by performing a theoretical trend analysis and subsequently empirically investigating the impact of workplace incivility on research scholars’ learning engagement and knowledge sharing intentions, including the mediating role of self-esteem.

Design/methodology/approach

This study uses a three-stage methodological process: first, a thorough theoretical (bibliographic) analysis of scientific publications, using Biblioshiny, to identify the trends of workplace incivility; second, an empirical, qualitative exploration of the emergent themes and subthemes based on 102 in-depth interviews with research scholars, using NVivo 12 Plus; and third, quantitative testing, using 154 responses and structural equation modeling.

Findings

The authors verify a visible negative association between incivility and learning engagement, incivility and knowledge sharing intentions as well as self-esteem’s mediating effect on this relationship. Also, the thematic analysis revealed three distinct themes: the type of incivility; reasons for such incidences; and the impact of such incidences on research scholars.

Research limitations/implications

The research bears implications both to theory and practice. Regarding the former, the gravity and graveness of incivility versus knowledge and learning, within the academic workplace environment, are not simply highlighted, but analyzed and refined, with explicit findings of both scholarly and practicable worth; that also provide solid foundations and avenues for future research.

Originality/value

Further to its primary findings, the research contributes to extant knowledge by elucidating and explicating the topic, both theoretically and empirically, as well as by presenting implications for theory and practice. Regarding practical implications, this research sheds light on how to develop an appropriate organizational culture that facilitates learning engagement and increases knowledge sharing intentions, by nurturing the identified explicit and underlying motivators of civility.

Details

Journal of Knowledge Management, vol. 28 no. 4
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 16 April 2024

Yanling Wang, Qin Lin, Shihan Zhang and Nannan Chen

The purpose of this study is to empirically examine the cause–effect relationships between workplace friendship and knowledge-sharing behavior, from a static perspective…

Abstract

Purpose

The purpose of this study is to empirically examine the cause–effect relationships between workplace friendship and knowledge-sharing behavior, from a static perspective. Furthermore, it investigates the bi-directional relationship between the increase in both workplace friendship and knowledge-sharing behavior over same time periods, and also endeavors to identify whether there is a significant negative lagged effect of the increase in both workplace friendship on knowledge-sharing behavior, and vice versa, across time from a dynamic perspective.

Design/methodology/approach

The study conducts a three-wave questionnaire survey to test the research model. A latent change score approach was used to test the direct relationship between changes in workplace friendship and changes in knowledge-sharing behavior.

Findings

The findings reveal that knowledge-sharing behavior fosters workplace friendship and workplace friendship promotes the emergence of knowledge-sharing behavior. An increase in workplace friendship promotes an increase in knowledge-sharing behavior over same time periods. However, an increase in workplace friendship will lead to a lagged decrease of knowledge-sharing behavior across time, and vice versa.

Research limitations/implications

The time interval in this study is a little short to capture the full changes in workplace friendship. Some important control factors and mediating mechanisms are not included in the research model.

Practical implications

This study guides managers to focus on various motivators to better strengthen workplace friendship and knowledge-sharing behavior and to consider and effectively respond to the negative side of workplace friendship and knowledge-sharing behavior across time.

Originality/value

This study emphasizes the predictivity of one important interaction patterns, namely, knowledge-sharing behavior on friendship at the workplace, from a static perspective. This study also shows the benefits of an increase in workplace friendship for the development of knowledge-sharing behavior in the same time period. Furthermore, the study presents a counterintuitive finding when taking the lag effect into consideration in exploring the relationship between changes both in workplace friendship and knowledge-sharing behavior, and identifies a negative side of both when viewed over longer periods.

Details

Journal of Knowledge Management, vol. 28 no. 7
Type: Research Article
ISSN: 1367-3270

Keywords

Article
Publication date: 13 October 2023

Ikhlaas Gurrib, Firuz Kamalov, Olga Starkova, Elgilani Eltahir Elshareif and Davide Contu

This paper aims to investigate the role of price-based information from major cryptocurrencies, foreign exchange, equity markets and key commodities in predicting the next-minute…

Abstract

Purpose

This paper aims to investigate the role of price-based information from major cryptocurrencies, foreign exchange, equity markets and key commodities in predicting the next-minute Bitcoin (BTC) price. This study answers the following research questions: What is the best sparse regression model to predict the next-minute price of BTC? What are the key drivers of the BTC price in high-frequency trading?

Design/methodology/approach

Least absolute shrinkage and selection operator and Ridge regressions are adopted using minute-based open-high-low-close prices, volume and trade count for eight major cryptos, global stock market indices, foreign currency pairs, crude oil and gold price information for February 2020–March 2021. This study also examines whether there was any significant break and how the accuracy of the selected models was impacted.

Findings

Findings suggest that Ridge regression is the most effective model for predicting next-minute BTC prices based on BTC-related covariates such as BTC-open, BTC-high and BTC-low, with a moderate amount of regularization. While BTC-based covariates BTC-open and BTC-low were most significant in predicting BTC closing prices during stable periods, BTC-open and BTC-high were most important during volatile periods. Overall findings suggest that BTC’s price information is the most helpful to predict its next-minute closing price after considering various other asset classes’ price information.

Originality/value

To the best of the authors’ knowledge, this is the first paper to identify the covariates of major cryptocurrencies and predict the next-minute BTC crypto price, with a focus on both crypto-asset and cross-market information.

Details

Studies in Economics and Finance, vol. 41 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

Article
Publication date: 3 September 2024

Nikita Moiseev

The paper is devoted to modeling a pricing policy of competitive firms in a “closed” economy framework.

Abstract

Purpose

The paper is devoted to modeling a pricing policy of competitive firms in a “closed” economy framework.

Design/methodology/approach

The proposed model can be regarded as an analog to CGE model and is based on the intersectoral balance methodology incorporating linear demand functions for goods and services.

Findings

By performing different model experiments, we show that a certain degree of competition can bring more profit to all competing firms, than in case of complete absence of such competition, what is also supported by empirical investigation. This finding implies that monopolies may perform worse than competitive firms, what contradicts with the modern provisions of economic theory, stating that monopoly is the most lucrative type of market structure for a producer. The discovered effect occurs due to the aggressive pricing policy, adopted by monopolies, spurring up the inflation spiral, which is most obvious if monopolies are strongly interdependent in terms of production matrix. This inflation spiral drives prices too high, what negatively reflects on firms’ costs and, consequently, results in monopolies receiving less profit.

Originality/value

The proposed model can also be useful for understanding and assessing various economic consequences after different external or internal shocks, what is especially crucial when conducting monetary or fiscal policy.

Details

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

Keywords

Open Access
Article
Publication date: 16 September 2024

Farhan Mirza and Naveed Iqbal Chaudhry

Civil service workers are valuable resources for any nation and play a crucial role in driving their country’s economic development. Per the supervisor, this research examines the…

Abstract

Purpose

Civil service workers are valuable resources for any nation and play a crucial role in driving their country’s economic development. Per the supervisor, this research examines the impact of mindfulness, proactive personality, and career competencies on employee job performance. The study also analyzes the effects of career adaptability and identity on this aspect.

Design/methodology/approach

To test the model of this study, questionnaires were administered to a sample of 500 civil service employees whose career-based knowledge and skills were measured in various cities in the province of Punjab, Pakistan.

Findings

Mindfulness and career competencies significantly impact supervisor-rated task performance, whereas a proactive personality does not substantially relate to supervisor-rated task performance. Research indicated that the two hypotheses about mediation were accepted. However, career adaptability does not play a significant role in the link between mindfulness and how well a supervisor rates task performance. Regarding moderation, career identity did not significantly moderate the relation between proactive personality and supervisor-rated task performance. However, the other two moderate hypotheses have been proven to be significant.

Research limitations/implications

The findings offer compelling support for career construction theory (CCT) in this study area by analyzing the connections related to career adaptability and identity within the framework. In the future, researchers can build on this model by adding theories like conservation of resources (COR), looking into possible moderators that might change specific pathways in this network of relationships and using longitudinal designs to find stronger causal relationships.

Originality/value

Considering the evolving workplace due to the COVID-19 pandemic, the study offers fresh perspectives on the post-COVID situation, understanding and integrating various variables. For future studies, more variables can be explored in this model with the expansion of sample size and change of context.

Details

IIMT Journal of Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2976-7261

Keywords

Open Access
Article
Publication date: 30 October 2023

Guido Migliaccio and Andrea De Palma

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real…

2281

Abstract

Purpose

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.

Design/methodology/approach

The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.

Findings

The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.

Research limitations/implications

In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.

Practical implications

Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.

Social implications

The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.

Originality/value

The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.

Details

International Journal of Productivity and Performance Management, vol. 73 no. 11
Type: Research Article
ISSN: 1741-0401

Keywords

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