Search results

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

This paper examines if gender diversity on corporate boards promotes corporate social performance (CSP) across industries and across countries.

Fixed-effect panel models are estimated using Europe-wide data from 2002 through 2013. Instrumental variable estimation and propensity score matching are also used to control for potential endogeneity.

Board gender diversity (BGD) improves environmental and social performance and consequently the CSP. Although the positive effect of gender diversity is prevalent across industries, the effect is more pronounced for firms in emerging markets.

The findings suggest that gender law that fosters gender diversity can promote CSP in firms, and the benefit can be enjoyed with just an introduction of one female director to the board. Promotion of gender diversity in Europe is most beneficial in emerging markets.

The results provide new insights to the literature, as we find that a critical mass of female directors on boards is not required to promote CSP. The research also highlights that BGD enhances CSP irrespective of the industry, and the effect on CSP is more pronounced in emerging markets where regulations regarding CSR are not so clear-cut.

The purpose of this paper is to examine Myanmar’s “hundi” system, an informal value transfer system used widely by local Myanmar citizens and offshore migrant workers to remit money domestically and internationally. Due to historically stringent banking and foreign exchange controls and a lack of domestic and internationally linked financial services, the system grew to become the dominant medium for remittances in Myanmar. It also remains unregulated despite authorities acknowledging its use in criminal and terrorist activity. However, with an expanding and modernising financial sector, there is now increasing competition and challenges facing Myanmar’s hundi system.

This paper draws on available literature and open source reporting, as well as interviews with former Myanmar Police Force officials.

This study provides a unique insight into Myanmar’s hundi system, its history and the challenges it faces. The once dominant system remains a known anti-money laundering and countering the financing of terrorism (AML/CFT) risk and is having to compete with an expanding and modernising formal banking sector and the introduction of fintech and mobile money services. In the short term, these are unlikely to eliminate the hundi system completely, but may instead push hundi operators towards adopting these networks and technologies in their own operations.

Myanmar remains a very under-researched area and there has been a limited focus on its informal hundi remittance system and related AML/CFT issues. This paper will be a useful source for academics, development professionals, policymakers, law enforcement agencies and private sector actors seeking to understand Myanmar’s informal remittance system.

This paper analyses the impact of the COVID-19 pandemic on Myanmar’s tourism industry, identifying challenges and innovations, and predicting future trends to foster a resilient and sustainable sector.

The study uses a comprehensive analysis of tourism trends, government and private sector responses and changes in tourist behaviour, employing data, case studies and policy reviews.

The pandemic significantly disrupted Myanmar’s tourism, causing economic losses and shifts towards sustainable, outdoor and cultural experiences. Effective strategies by the government and private sector are aiding recovery and suggesting a more diverse and resilient future.

The research is limited by the availability of data during the pandemic, highlighting the need for ongoing strategy adaptation.

The study recommends digitalization, health protocols, domestic tourism focus and sustainable practices for a robust post-pandemic industry.

The study emphasizes the pandemic’s social impact on tourism-dependent communities and the need for inclusive, sustainable tourism practices.

Itprovides unique insights into COVID-19’s multifaceted impact on Myanmar’s tourism, offering valuable information for future sector strategies.