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Article
Publication date: 20 November 2020

Hakan Saribas and İbrahim Güran Yumuşak

Macro models are being developed in Islamic economics literature. These models, in general, follow the program of Islamization of knowledge and combine the genuine…

Abstract

Purpose

Macro models are being developed in Islamic economics literature. These models, in general, follow the program of Islamization of knowledge and combine the genuine characteristics of Islamic economics with the tools of mainstream economics. The founding leader of Millî Görüs movement in Turkey, Necmettin Erbakan, and a group of Islamic intellectuals, had developed an economic program known as the just system. This paper aims to attempt to model the just economic system (the JES) with appropriate econometric techniques.

Design/methodology/approach

This paper models the macroeconomics of the JES with linear equations and conducts a series of simulations to identify its outputs. Based on the closed economy assumption, this paper describes the production function with a government share, defines a charitable foundation sector, exclude the speculation motive in money demand. Savings are transferred into investments without interest. This paper also develops an econometric simultaneous-equation model of the JES.

Findings

According to the results obtained from the selected simulation scenarios, this paper concludes that the macroeconomic JES works well and produces desirable outputs as it was stated in the original program.

Research limitations/implications

In future studies, the econometric estimations of the JES can be made. By adding more equations to the simple model, a medium or large scale JES macroeconomic model can be developed.

Practical implications

The JES can now be a source of economic policy designs.

Social implications

The model can be used to address socioeconomic objectives.

Originality/value

It is the only Islamic economic model that has been ever developed in Turkey. The notion of the JES has not been subjected to enough economic analysis and as far as it is known, it has not yet been modeled and simulated.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. 14 no. 2
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 12 September 2020

Ana Dias Daniel and João Almeida

This study assesses the effects of junior enterprises (JEs) on the entrepreneurial attitudes and intentions of engineering higher education students, compared to a group…

Abstract

Purpose

This study assesses the effects of junior enterprises (JEs) on the entrepreneurial attitudes and intentions of engineering higher education students, compared to a group of social sciences students.

Design/methodology/approach

This research analyses a sample of 132 students enrolled in engineering higher education courses in Portugal and Brazil, while 83 of the respondents being involved in a JE and 49 not. The authors compare this group to another group of 176 social sciences students from several higher education courses, while 93 being enrolled in JE and 83 not.

Findings

The results show that students enrolled in JEs show higher levels of entrepreneurial intention (EI), as well as their antecedents such as attitude towards the behaviour (ATB), perceived behavioural control (PBC) and social norms (SN) , and the impact of this extracurricular activity is higher on engineering students than on social sciences students. Also, country and gender differences were found in some variables.

Research limitations/implications

Further studies are needed to confirm the results in a broader population and in other countries. Also, the study addressed attitudes and intentions but not actual behaviour due to the time lag problem. There is also the risk of self-reported bias on the answers due to social desirability bias, for example. Finally, because JEs have their own recruitment process, there is a possible “self-selection problem” of students who might have previously developed some of entrepreneurial attitudes and skills assessed by the questionnaire.

Practical implications

The results have important implications for engineering higher education institutions. Despite many of them provide entrepreneurship training courses, they should also encourage students to join extracurricular activities or even create their own at their institution to complement their skills' development. Also, teachers should be encouraged to integrate these activities into their subjects, avoiding a major barrier to the participation in extracurricular activities which is the students' time constraints. Finally, participation in extracurricular activities can be promoted by institutions in many ways, such as allowing students to obtain academic credits or through supporting financially or logistically the organisations that promote these activities.

Social implications

This study contributes to the discussion on how to promote the development of entrepreneurial competences in young people that soon will enter the labour market.

Originality/value

This study contributes to the discussions on the value of extracurricular activities, such as the enrolment in JEs, to the development of entrepreneurial attitudes and intention on the training of the next generation of engineers capable of facing future worlds' challenges.

Details

Education + Training, vol. 63 no. 3
Type: Research Article
ISSN: 0040-0912

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Article
Publication date: 5 January 2015

Brad Shuck, Drea Zigarmi and Jesse Owen

– The purpose of this study was to empirically examine the utility of self-determination theory (SDT) within the engagement–performance linkage.

Abstract

Purpose

The purpose of this study was to empirically examine the utility of self-determination theory (SDT) within the engagement–performance linkage.

Design/methodology/approach

Bayesian multi-measurement mediation modeling was used to estimate the relation between SDT, engagement and a proxy measure of performance (e.g. work intentions) (N = 1,586). To best capture the phenomenon of engagement, two measures of engagement (i.e. the Utrecht Work Engagement Scale-9 [UWES-9] and the Job Engagement Scale [JES]) and one measure of harmonious and obsessive passion (HOPS) were utilized. The HOPS was split into separate scales (harmonious and obsessive passion). SDT was operationalized through the Basic Psychological Needs at Work Scale (BPNS). Performance was operationalized through a latent proxy of work intentions.

Findings

Results demonstrated that the association between SDT and engagement were positive. Indirect effects between SDT and work intentions were significant for only two of the four measures of engagement (i.e. the UWES and Harmonious Passion). Hypotheses were partially supported.

Practical implications

SDT operated as an appropriate framework for capturing the underlying psychological structures of engagement for each of the four measures. In some cases, engagement did not mediate the relation between SDT and performance as expected, highlighting the contextual nature of engagement in both application and measurement.

Originality/value

This is one of the first studies to explicitly link a broad well-established psychological theory to engagement. This connection allows researchers to explain the latent processes of engagement that underpin the observed relationships of engagement in practice. Moreover, this is one of only a handful of studies that has used a multi-measurement approach in exploring the engagement–performance linkage and one of the only studies to use Bayesian methodology.

Details

European Journal of Training and Development, vol. 39 no. 1
Type: Research Article
ISSN: 2046-9012

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Article
Publication date: 1 March 1996

John Creedy

Explores tax structures in a two‐period, two‐good model, allowing for endogenous labour supplies. The model includes the specification of a joint distribution of wage…

Abstract

Explores tax structures in a two‐period, two‐good model, allowing for endogenous labour supplies. The model includes the specification of a joint distribution of wage rates facing individuals in the two periods. It also specifies a joint distribution of the various preference parameters used, allowing for the calibration such that the average proportion of expenditure on each good varies with (endogenous) income. This introduces distributional grounds for the use of a selective consumption tax, alongside an income tax, when maximizing a social welfare function displaying inequality aversion.

Details

Journal of Economic Studies, vol. 23 no. 1
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 24 April 2019

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

This paper looks at different scales of measuring employee engagement. There is no previously agreed-upon single scale of measurement. This study uses the multi-criteria decision-making method to evaluate different choices and criteria, taking into account decision-makers’ judgments and preferences, to indicate which single scale would be the best to use for measuring employee engagement.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Details

Human Resource Management International Digest, vol. 27 no. 2
Type: Research Article
ISSN: 0967-0734

Keywords

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Article
Publication date: 1 December 2020

Dimitrios Koutsoupakis

While monetary autonomy is self-explanatory for cryptocurrencies such as Bitcoin with predetermined supply path, it is of great interest to probe into the monetary…

Abstract

Purpose

While monetary autonomy is self-explanatory for cryptocurrencies such as Bitcoin with predetermined supply path, it is of great interest to probe into the monetary structures of Stablecoins. In these supply contracts and expands and capital restrictions apply due to the existence of reserves as the exchange rate arrangement adheres to a price rule.

Design/methodology/approach

Ever since the launch of Bitcoin and its offspring, examination of cryptocurrencies' trading activity from the empirical finance viewpoint has received much attention and continues to do so. The particular monetary arrangements found in Stable cryptocurrencies (colloquially referred to as Stablecoins), however, have not been properly (1) classified and (2) studied within an empirical international finance and banking context. This paper provides an empirical framework analogous to Impossible Trinity for exploring monetary arrangements across Stablecoins wherein reserves are held as price stability is targeted.

Findings

The study findings of existence of the degree of achievement along the three dimensions of the Impossible Trinity hypothesis, namely monetary independence, exchange rate stability and financial openness for a representative sample able to cover all varieties of Stablecoins, provide fresh empirical insights and arguments to this growing literature with respect to the success of their embedded exchange rate stabilization mechanisms. While the hypothesis can be supported for all cryptocurrencies in question, the trade-off combination among exchange rate stability, capital openness and monetary independence varies with the categorical types of Stablecoins.

Research limitations/implications

If Stable cryptocurrencies, therefore, claim the role of global monetary assets freed from sovereign limits and national boundaries, it is critical to explore whether they adhere to traditional monetary frameworks. It goes without saying that in this work the author does not use a complete catalogue of all the available Stablecoins, rather a complete catalogue of all the possible asset classes of Stablecoins. While there is a significant difficulty in finding Algorithmic Stablecoins and, so far, there is plethora of Stable Token initiatives, a broader sample to further examine these under this paper's empirical framework is suggested. Enrichment of the robustness analysis by constructing additional proxies, possibly building time series for the proposed cmo1 subindex and using additional estimation methods is encouraged.

Practical implications

Stablecoins have been developed aiming to address the issue of excessive price variation in cryptocurrencies such as Bitcoin. Holders of Stablecoins enjoy the combined advantages of using a blockchain-based digital infrastructure in fulfilling the functions of store of value and media of exchange and of using a traditional currency, which merely plays the role of the unit of account (and in some circumstances the trusted reserve to which is convertible to). Understanding the varieties of Stablecoins and quantifying the components for success of their price stabilization may result in designing better Stablecoins.

Social implications

Blockchain and cryptocurrencies have introduced new challenges to money and banking. Cryptocurrencies, which independently float such as Bitcoin, have gained the interest so far due to price variation that allows for gains. But these should be by far not considered to be a substitute to traditional means of payment. Lately, Stablecoins have increasingly gained attention for that USD Tether/Bitcoin pair (a Stablecoin pegged to the US dollar at parity) has outrun the US dollar/Bitcoin pair as the most traded pair in digital exchanges marking the strong position and high demand for Stablecoins.

Originality/value

This approach uncovers the varieties of Stablecoins with respect to their monetary constraints compared to the rest of the cryptocurrencies, which independently float. In this paper, the author provides a conceptual framework for the analysis of the exchange rate mechanisms conditional on Stablecoin asset classes accompanied with an empirical study from the monetary viewpoint. This is the first work in this attempt. The empirical framework employed is analogous to the traditional theory of international monetary economics referred to as Impossible Trinityz.

Peer review

The peer review history for this article is available at: https://publons.com/publon/10.1108/JES-06-2020-0279

Details

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

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Article
Publication date: 14 May 2018

Muhammad Ali Nasir and Justine Simpson

The purpose of this paper is to analyse the implications of exchange rate depreciation for inflation targeting and trade balance of UK in the context of the Brexit epoch.

Abstract

Purpose

The purpose of this paper is to analyse the implications of exchange rate depreciation for inflation targeting and trade balance of UK in the context of the Brexit epoch.

Design/methodology/approach

The study employed a time-varying structural vector auto-regression (TVSVAR) model framework in which the sources of time variation were both the coefficients and variance-covariance matrix of the innovations on the data from January 1989 to September 2016.

Findings

The findings suggest that the depreciation of the Stirling has significant effects on inflation and trade balance in UK in context of Brexit epoch. It also showed that such a depreciation can be helpful in the improvement of external balance as well as steering the inflation to its statutory target. Despite, the inflation targeting, there is strong evidence of a pass-through.

Research limitations/implications

Research has profound implications in terms of the sharp depreciation of GBP associated with the Brexit outcome. The study is very topical and could be very interesting to the readership of JES as well as wider audience. The study has limitations in a context that the significance of the results and association of the under analysis entities is contingent on the future trade relationships and Channel between UK and EU. Therefore, although there is a lot of uncertainty about the future of Britain trade relationships, this study provides guidance on the importance of exchange rate channel if the similar trade arrangements prevails in the post-Brexit era.

Practical implications

The research has profound practical implications, using a TVSVAR model in which the relationship among the entities varies over time; it has shown the importance of exchange rate in terms of external balance and inflation targeting. Hence, it has appeal for the practitioners as well as academics.

Social implications

The research has great social implications. The Brexit is the biggest political and economic event of this era for UK and EU. There are big questions about the relationship between UK and EU in the post-Brexit epoch as well as questions about the future of the European integration. In this context, this study has shown that how the exchange rate could play an important role for the UK economy when its contemporary trade channels prevail. Concomitantly, it has social implications particularly for the European society.

Originality/value

The research is an original piece of work. It has contributed to the debate on the exchange rate deprecation, external balance and inflation targeting in context of the Brexit associated sharp depreciation of Stirling. It has used a framework, i.e. TVSVAR, which also have unique features in terms of testing the associations among under analysis entities against time.

Details

Journal of Economic Studies, vol. 45 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

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Article
Publication date: 1 February 1975

JOHN COYNE

This paper seeks to explain various aspects of labour market activity under oligopsonistic conditions by means of a kinked labour supply curve, the development of which…

Abstract

This paper seeks to explain various aspects of labour market activity under oligopsonistic conditions by means of a kinked labour supply curve, the development of which appears to have been neglected in the literature. The ideas for this approach arose out of an ongoing empirical study of a large local labour market during which it became apparent that an extension of the case stated by Bronfenbrenner (1940) could be used to account for a wide range of observed behaviour. It is apparent that dominant employers can dictate conditions in the market even in situations where their concentration of employment is as low as 15–30% of total employment, and at this level one would expect the incidence and effect of oligopsony to be significant within the economy as a whole. Major labour market studies in the U.K. (MacKay et al 1971) and the U.S.A. (Rees and Shultz, 1970) have tended to ignore the consequences of employer interdependence, basically because they were centred on large conurbations. This is an area that may fruitfully be more extensively explored.

Details

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

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Article
Publication date: 11 April 2016

Brad Shuck, Jesse Owen, Megan Manthos, Kelley Quirk and Galena Rhoades

The purpose of this paper is to examine the relation between employee engagement, decisions to be in a relationship with a co-worker, and commitment uncertainty in a…

Abstract

Purpose

The purpose of this paper is to examine the relation between employee engagement, decisions to be in a relationship with a co-worker, and commitment uncertainty in a sample of adults who identified they were currently working with their romantic partner.

Design/methodology/approach

Because workplace romance can be a taboo topic among working adults, we recruited participants anonymously from online social media websites (n=68). The use of non-experimental design limits the ability to draw causal references in relation to the variables of interest.

Findings

Participants who reported they were motivated to be in a romantic relationship with a co-worker to increase status also reported lower levels of engagement, even after controlling for other relationship (e.g. relationship adjustment) and workplace variables (e.g. intent to turnover).

Practical implications

Romantic relationships within the workplace will most certainly transpire yet the topic remains underexplored in the management literature. This work provides scholars and practitioners insight into the psychological mechanisms that influence workplace relationships and more, explores how relationships between co-workers impact performance variables such as employee engagement.

Originality/value

This is the first study to examine the influence of workplace romantic relationships in the context of employee engagement. Moreover, this is one of only a handful of studies that has documented the empirical linkage between workplace relationships and performance variables.

Details

Journal of Management Development, vol. 35 no. 3
Type: Research Article
ISSN: 0262-1711

Keywords

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Article
Publication date: 28 May 2020

Sheng-Wei Lin, Yuan-Hung Liu and Eugenia Y. Huang

This study empirically verified employee engagement (EE) as an outcome of organizational communication and confirmed that the formation of EE is strengthened when…

Abstract

Purpose

This study empirically verified employee engagement (EE) as an outcome of organizational communication and confirmed that the formation of EE is strengthened when smartphone use (SU) is at a higher level.

Design/methodology/approach

A quantitative approach was used in this research, whereby 408 valid samples were collected with an online survey. The hypotheses of direct effects were tested using the structural equation modeling (SEM) procedure, and the moderating effects were tested using the unconstrained product indicator method and the PROCESS macro.

Findings

The results showed that EE was significantly influenced by person–organizationvalue fit (POVF), transformational leadership (TFL) and job autonomy (JA), and the effects of POVF and TFL were moderated significantly by SU. Although the influence of social support (SS) on EE was insignificant in the full model, SU moderated the effect of SS. The evidence also showed that work–family conflict (WFC) had no negative impact on EE.

Research limitations/implications

The participants of this study were restricted to a local area.

Practical implications

Organizations should develop job designs via two-way communication to bring up EE and SU can facilitate the process.

Originality/value

Previous research has identified EE as an outcome of organizational communication, but this concept has not yet been empirically verified. This research provides evidence to verify the above-mentioned concept and additionally confirms the moderating role of SU.

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