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Article
Publication date: 4 July 2023

Neeraj Jain and Smita Kashiramka

This study aims to investigate the effects of peers on corporate payout policies in one of the largest emerging markets – India. It also examines the motives for mimicking payout…

Abstract

Purpose

This study aims to investigate the effects of peers on corporate payout policies in one of the largest emerging markets – India. It also examines the motives for mimicking payout decisions.

Design/methodology/approach

The sample is composed of 3,024 non-financial and non-government firms listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for the period 1995 to 2020. To encounter the endogeneity problem, the instrumental variable technique based on peer firms' idiosyncratic risk is used to estimate the effects of peers on firms' payout policy. To define peer reference groups, the authors use the basic industry classification of the firms.

Findings

The results indicate a significant positive impact of peers on firms' dividend policies in India. A firm with all dividend-paying peers is more likely to declare dividends than the one with no dividend-paying peers. Further, peer effects are found to be more pronounced amongst larger and older firms, thus supporting the rivalry theory of mimicking.

Originality/value

To the best of the authors' knowledge, the present study is the first of its kind that attempts to understand peer effects on payout decisions in an emerging market India, that offers a unique institutional setting. Moreover, the authors extend the existing literature by investigating the peer effects on a firm's payout policies considering various firm-level characteristics, such as growth opportunity, cash holding, financial constraint and profitability, which previous studies have not taken into consideration. These results provide additional insights into the heterogeneity and motives behind peer effects.

Details

International Journal of Managerial Finance, vol. 20 no. 2
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 21 September 2023

Olumide O. Olaoye and Mulatu F. Zerihun

The study investigates the effectiveness of government policies to mitigate the impact of a pandemic. The study adopts the small open economy of Nigeria for the following reasons…

Abstract

Purpose

The study investigates the effectiveness of government policies to mitigate the impact of a pandemic. The study adopts the small open economy of Nigeria for the following reasons. First, Nigeria is the largest economy in SSA. Second, Nigeria was also significantly impacted by the COVID-19 pandemic.

Design/methodology/approach

The study employed the time-varying structural autoregressive (TVSVAR) model to control for the potential asymmetry in fiscal variables and to control for the shift in the structural shift, following a macroeconomic shock. As a form of robustness, the study also implements the time-varying Granger causality to formally assess the temporal instability of the variable of interest.

Findings

The results show that an oil price shock is an important source of macroeconomic instability in Nigeria. Importantly, the results indicate that the effects of fiscal policy are strongly time varying. Specifically, the results show that fiscal policy helps to stabilize the economy, (i.e. they help to reduce inflation and spur output growth) following macroeconomic shock. Further, the Granger test shows that fiscal policy helped to spur growth in Nigeria. The research and policy implications are discussed.

Originality/value

The study accounts for the time-varying effects of fiscal policy.

Details

African Journal of Economic and Management Studies, vol. 15 no. 1
Type: Research Article
ISSN: 2040-0705

Keywords

Article
Publication date: 19 February 2024

Harshani Shashikala Wijerathna, Niluka Anuradha and Roshan Ajward

This study aims to explore the relationship between institutional and macroeconomic factors and corporate financial flexibility while also investigating the moderating impact of…

Abstract

Purpose

This study aims to explore the relationship between institutional and macroeconomic factors and corporate financial flexibility while also investigating the moderating impact of selected board governance mechanisms on this relationship.

Design/methodology/approach

The sample of the study comprises 174 firms listed on the Colombo Stock Exchange for a period of eight years, from 2014 to 2021. Data were collected from secondary sources, and both descriptive and inferential statistical techniques were used for analyses.

Findings

Corporate financial flexibility is notably affected by profitability as an institutional factor and by gross domestic product growth rate and banking sector development as macroeconomic factors. Furthermore, the relationship between a company’s profitability and corporate financial flexibility is found to be moderated by selected board governance mechanisms. However, these governance mechanisms do not influence the relationship between corporate financial flexibility and other institutional factors (i.e. other than profitability) and macroeconomic factors considered in this study.

Originality/value

This study adds a fresh perspective to the existing body of knowledge in the field of corporate finance by emphasizing the interaction effect of board governance mechanisms on the association between macroeconomic and institutional variables and financial flexibility of firms. The findings are expected to be useful for business decision-makers in managing their corporate financial flexibility effectively and maximizing the use of their financial resources.

Details

Journal of Asia Business Studies, vol. 18 no. 2
Type: Research Article
ISSN: 1558-7894

Keywords

Open Access
Article
Publication date: 18 March 2024

Sean Gossel and Misheck Mutize

This study investigates (1) whether democratization drives sovereign credit ratings (SCR) changes (the “democratic advantage”) or whether SCR changes affect democratization, (2…

Abstract

Purpose

This study investigates (1) whether democratization drives sovereign credit ratings (SCR) changes (the “democratic advantage”) or whether SCR changes affect democratization, (2) whether the degree of democratization in sub-Saharan African (SSA) countries affects the associations and (3) whether the associations are significantly affected by resource dependence.

Design/methodology/approach

This study investigates the effects of SCR changes on democracy in 22 SSA countries over the period of 2000–2020 VEC Granger causality/block exogeneity Wald tests, and impulse responses and variance decomposition analyses with Cholesky ordering and Monte Carlo standard errors in a panel VECM framework.

Findings

The full sample impulse responses find that a SCR shock has a long-run detrimental effect on the democracy and political rights but only a short-run positive impact on civil liberties. Among the sub-samples, it is found that the extent of natural resource dependence does not affect the magnitude of SCR shocks on democratization mentioned above but it is found that a SCR shock affects long-run democracy in SSA countries that are relatively more democratic but is more likely to drive democratic deepening in less democratic SSA countries. The full sample variance decompositions further finds that the variance of SCR to a political rights shock outweighs the effects of all the macroeconomic factors, whereas in more diversified SSA countries, the variances of SCR are much greater for democracy and political rights shocks, which suggests that democratization and political rights in diversified SSA economies are severely affected by SCR changes. In the case of the high and low democracy sub-samples, it is found that the variance of SCR in the relatively higher democracy sub-sample is greater than in the low democracy sub-sample.

Social implications

These results have three implications for democratization in SSA. First, the effect of a SCR change is not a democratically agnostic and impacts political rights to a greater extent than civil liberties. Second, SCR changes have the potential to spark a negative cycle in SSA countries whereby a downgrade leads to a deterioration in socio-political stability coupled with increased financial economic constraints that in turn drive further downgrades and macroeconomic hardship. Finally, SCR changes are potentially detrimental for democracy in more democratic SSA countries but democratically supportive in less democratic SSA countries. Thus, SSA countries that are relatively politically sophisticated are more exposed to the effects of SCR changes, whereas less politically sophisticated SSA countries can proactively shape their SCRs by undertaking political reforms.

Originality/value

This study is the first to examine the associations between SCR and democracy in SSA. This is critical literature for the Africa’s scholarly work given that the debate on unfair rating actions and claims of subjective rating methods is ongoing.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 6 April 2023

Philippe Grégoire, Melanie Rose Dixon, Isabelle Giroux, Christian Jacques, Annie Goulet, James Eaves and Serge Sévigny

Online investment platforms offer an environment that may lead some traders into excessive behaviors akin to gambling. Over the last decade, gambling behaviors associated with the…

Abstract

Purpose

Online investment platforms offer an environment that may lead some traders into excessive behaviors akin to gambling. Over the last decade, gambling behaviors associated with the stock market have attracted the attention of many researchers but the literature on the subject remains scarce. This study aims to present the results of live interviews with a sample (N = 100) of retail investors trading online, and contrasts trading habits with gambling behaviors.

Design/methodology/approach

Participants are divided in three groups according to their score on an adapted version of the Problem Gambling Severity Index (referred to as the PGSI-Trading), and their trading habits and behaviors are compared.

Findings

The authors find that traders with higher PGSI-Trading scores are more likely to display gambling-related behaviors such as trading within a short timeframe, being motivated by making money quickly and experiencing high sensations when trading.

Research limitations/implications

The sample is small but the authors proceeded this way in order to gather some qualitative data that would be helpful to clinicians in the Province of Quebec. The questionnaire used to classify traders at risk of being gamblers (PGSI-Trading) has not been validated.

Practical implications

The findings of this study will be helpful to clinicians who hwork with patients suffering from excessive online stock trading habits.

Social implications

Clinicians observe an increasing number of patients who consult with excessive stock trading habits. This study has brought new information allowing clinicians to better understand how gambling manifests itself on the stock market.

Originality/value

To the authors’ knowledge, this study is the first to investigate the trading habits of individuals classified in terms of their score on an adapted PGSI questionnaire.

Details

Review of Behavioral Finance, vol. 16 no. 2
Type: Research Article
ISSN: 1940-5979

Keywords

Article
Publication date: 12 June 2023

Jiawen Tian

This study aims to empirically analyze the impact of technological innovation on the quantity and quality of employment in the hospitality industry.

Abstract

Purpose

This study aims to empirically analyze the impact of technological innovation on the quantity and quality of employment in the hospitality industry.

Design/methodology/approach

Using the data of 30 provinces in China from 2010 to 2020, this paper makes an empirical analysis through the fixed effect model.

Findings

The results show that process innovation has a significant positive impact on employment quantity, while product innovation has a significant negative impact on employment quantity. The creative effect of process innovation and the substitution effect of product innovation offset each other, so in the long run, the impact of technological innovation on employment quantity is not significant. However, technological innovation has significantly improved the employment quality of the hospitality industry.

Practical implications

Because technological innovation has replaced part of the labor force, hospitality could guide the labor force in a positive direction. To promote innovation and retain talents, hotels should train employees’ digital thinking and attract high-skilled talents.

Originality/value

This research is unique in using process innovation and product innovation as the main measurement indicators of technological innovation, unlike previous studies that often relied on technological progress to conclude.

Details

International Journal of Contemporary Hospitality Management, vol. 36 no. 4
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 9 January 2024

Dieter Declercq, Eshika Kafle, Jade Peters, Sam Raby, Dave Chawner, James Blease and Una Foye

Eating disorders (EDs) remain a major health concern, and their incidence has further increased since the COVID-19 pandemic. Given the equally increasing demands on treatments and…

Abstract

Purpose

Eating disorders (EDs) remain a major health concern, and their incidence has further increased since the COVID-19 pandemic. Given the equally increasing demands on treatments and service provision and the high levels of relapse post-treatment, it is important that research explore novel and innovative interventions that can further support recovery for individuals with EDs. There is growing evidence that arts interventions are beneficial for recovery from EDs. This study aims to evaluate the feasibility of conducting a stand-up comedy course to support ED recovery.

Design/methodology/approach

The study used a qualitative interview study design to evaluate the recovery benefits of participating in stand-up comedy workshops for a pilot group of people in recovery from EDs (n = 10).

Findings

The comedy intervention was well-attended and had high acceptability and feasibility. For most individuals, participating in the course had a positive impact, including promoting personal recovery (PR) outcomes across all five elements of the CHIME framework. Unique assets of the course included providing participants with an opportunity to distance themselves from everyday worries of living with an ED; the opportunity to cognitively reframe situations by making them the object of humour; and providing a safe space to (re-)build a positive sense of self.

Originality/value

This is the first study, to the best of the authors’ knowledge, that evaluates stand-up comedy workshops for ED recovery and further demonstrates the potential of arts interventions and the relevance of PR frameworks in this field.

Details

Mental Health Review Journal, vol. 29 no. 1
Type: Research Article
ISSN: 1361-9322

Keywords

Book part
Publication date: 26 March 2024

Vikas Sharma, Munish Gupta and Kshitiz Jangir

Introduction: Commercial banks play a vital role in the global economy, facilitating economic growth and providing essential financial services. As key intermediaries between…

Abstract

Introduction: Commercial banks play a vital role in the global economy, facilitating economic growth and providing essential financial services. As key intermediaries between savers and borrowers, these institutions operate in a dynamic and complex environment characterised by various risk factors that can significantly impact their profitability and overall stability. Understanding the interconnected relationships between credit risk, interest rate risk, liquidity risk, and profitability is crucial for effective risk management strategies and the development of appropriate regulatory frameworks.

Purpose: Commercial banks play a critical role in the global economy by facilitating economic growth and providing financial services. This study examines the interconnected relationships between credit risk, interest rate risk, liquidity risk, and profitability in commercial banking.

Methodology: The sample consists of licenced scheduled commercial banks on the Bombay Stock Exchange (BSE) from 2015 to 2022. Using the Smart PLS-SEM 3.0 path analysis technique, the study evaluates the combined influence of these risk factors on profitability and provides evidence-based recommendations for risk management strategies.

Findings: The findings can assist banks in enhancing their risk management practices, and regulators in developing appropriate regulatory frameworks. By understanding the key risk factors and their impact on profitability, banks and regulators can mitigate risks, enhance transparency, and promote stability within the banking sector.

Significance/value: The value of this study lies in its focus on the interconnectedness of risk factors, profitability, and the potential implications for decision-making, risk management strategies, regulatory frameworks, and the overall stability of the commercial banking sector.

Details

The Framework for Resilient Industry: A Holistic Approach for Developing Economies
Type: Book
ISBN: 978-1-83753-735-8

Keywords

Abstract

Details

Contradictions in Fan Culture and Club Ownership in Contemporary English Football: The Game's Gone
Type: Book
ISBN: 978-1-83549-024-2

Open Access
Article
Publication date: 27 February 2024

Mehmet Emin Bakir, Tracie Farrell and Kalina Bontcheva

The authors investigate how COVID-19 has influenced the amount, type or topics of abuse that UK politicians receive when engaging with the public.

Abstract

Purpose

The authors investigate how COVID-19 has influenced the amount, type or topics of abuse that UK politicians receive when engaging with the public.

Design/methodology/approach

This work covers the first year of COVID-19 in the UK, from March 2020 to March 2021 and analyses Twitter abuse in replies to UK MPs. The authors collected and analysed 17.9 million reply tweets to the MPs. The authors present overall abuse levels during different key moments of the pandemic, analysing reactions to MPs by gender and the relationship between online abuse and topics such as Brexit, the government’s COVID-19 response and policies, and social issues.

Findings

The authors have found that abuse levels towards UK MPs were at an all-time high in December 2020. Women (particularly those from non-White backgrounds) receive unusual amounts of abuse, targeting their credibility and capacity to do their jobs. Similar to other large events like general elections and Brexit, COVID-19 has elevated abuse levels, at least temporarily.

Originality/value

Previous studies analysed abuse levels towards MPs in the run-up to the 2017 and 2019 UK General Elections and during the first four months of the COVID-19 pandemic in the UK. The authors compare previous findings with those of the first year of COVID-19, as the pandemic persisted, and Brexit was forthcoming. This research not only contributes to the longitudinal comparison of abuse trends against UK politicians but also presents new findings, corroborates, further clarifies and raises questions about the previous findings.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/OIR-07-2022-0392

Details

Online Information Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1468-4527

Keywords

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