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Article
Publication date: 23 November 2020

Nazneen Ahmad and Sandeep Kumar Rangaraju

This paper investigates the impact of a monetary policy shock on the production of a sample of 312 industries in manufacturing, mining and utilities in the United States…

Abstract

Purpose

This paper investigates the impact of a monetary policy shock on the production of a sample of 312 industries in manufacturing, mining and utilities in the United States using a factor-augmented vector autoregression (FAVAR) model.

Design/methodology/approach

The authors use a FAVAR model that builds on Bernanke et al. (2005) and Boivin et al. (2009). The main assumption in this model is that the dynamics of a large set of macro variables are captured by some observed and unobserved common factors. The unobserved factors are extracted from a large set of macroeconomic data. The key advantage of using this model is that it allows extracting the impulse responses of a wide range of macroeconomic variables to structural shocks in the federal funds rate.

Findings

The results indicate that industries exhibit differential responses to an unanticipated monetary policy tightening. In general, manufacturing industries appear to be more sensitive compared to mining, and utility industries and durable manufacturing industries are found to be more sensitive than those within nondurable and other manufacturing industries to a monetary policy shock. While all industries respond to the policy shock, most of the responses are reversed between 12 and 22 months.

Research limitations/implications

The implication of our results is that monetary policy can be used to impact most US industries for four years and beyond. The existence of disparate responses across industries underscores the difficulty of implementing a monetary policy that will generate the same impact across industries. As the effects of the policy are distinct, policymakers may want to attend to the unique impacts and implement industry-specific policy.

Practical implications

The study is important in the context of the current challenges in the US economy caused by the spread of coronavirus. For example, to tackle the current pandemic, the researchers are trying to come up with cures for COVID-19. A considerable response of the chemical industry that provides materials to pharmaceutical and medicine manufacturing to the monetary policy shock implies that an expansionary monetary policy may facilitate an invention and adequate supply of the cure later on. The same policy may not effectively stimulate production in apparel or leather product industries that are being hard hit by the pandemic.

Originality/value

The study contributes to the literature in broadly two aspects. First, to the best of our knowledge, this is the first paper that investigates the impact of a monetary policy shock on a sample of 312 industries in manufacturing, mining and utilities in the US. Second, to identify structural shocks and investigate the effects of monetary policy shocks on economic activity, the authors diverge from the literature's traditional approach, i.e. the vector autoregression (VAR) method and use a FAVAR method. The FAVAR provides a comprehensive description of the impact of a monetary policy innovation on different industries.

Details

Journal of Economic Studies, vol. 48 no. 6
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 11 November 2019

Nazneen Ahmad and Sandeep Kumar Rangaraju

The purpose of this paper is to investigate the impact of a consumer confidence shock on GDP and different types of consumer spending during a slack state as well as a…

Abstract

Purpose

The purpose of this paper is to investigate the impact of a consumer confidence shock on GDP and different types of consumer spending during a slack state as well as a non-slack state of an economy.

Design/methodology/approach

The authors use the US quarterly data from 1960Q1 to 2014Q4 and apply Jorda’s (2005) local projection method to compute the impulse responses of macroeconomic variables to a consumer confidence shock. The local projection method allows us to include non-linearities in the response function.

Findings

In general, the response of output, following a consumer confidence shock, is similar in slack and non-slack states and indicate that an unfavorable confidence shock is contractionary. However, the intensity and duration of impact of a confidence shock on different components of spending are state dependent. Overall, a negative confidence shock appears to have a stronger impact on non-slack time than on a slack time.

Practical implications

Policy makers should be careful about undertaking a policy action that may affect consumer confidence adversely, particularly during an economic good time. An adverse confidence shock can trigger a downfall in a well-functioning economy and the dampening effect may last for several quarters before the economy rebounds.

Originality/value

US economy is subject to fluctuations; however, the literature on the impact of confidence shock in different economic states is limited. The incremental contribution of this paper is that it investigates how the consumers respond to the confidence shock in a state-dependent model. Furthermore, the authors use a more robust and alternative estimation method that tackles any non-linear problems.

Details

Journal of Economic Studies, vol. 46 no. 7
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 2 August 2011

Joseph J. French and Nazneen Ahmad

The purpose of this paper is twofold; first, to understand the long‐run dynamics between returns, valuation measures and foreign investment in the USA; second, to…

Abstract

Purpose

The purpose of this paper is twofold; first, to understand the long‐run dynamics between returns, valuation measures and foreign investment in the USA; second, to determine if these dynamics change following financial market upheaval.

Design/methodology/approach

To address long‐run dynamic nature of the variables, multivariate autoregressive models are fitted for the period of January 1977 to November 2008. To gain additional insight about the nature of equity flows its dynamics are analyzed over the periods containing the 1987 stock market crash and the two major asset bubbles, e.g. internet bubble and the housing bubble.

Findings

The authors find that foreign institutional equity flows are more sensitive to innovations in valuation measures than innovations to excess US market returns; and that foreign investors increase their purchases of US market capitalization following a positive innovation to measures of valuation. The results imply that the behavior of foreign institutional investors are not described by “return chasing” alone. The authors further find that in times of increased uncertainty the joint dynamics between foreign equity flows and valuation measures decouples. Finally consistent with existing literature it was found that equity flows to the USA are autocorrelated.

Originality/value

There is a broad literature on the dynamics of US investment in emerging and developed markets, but very little (if any) research that analyzes the dynamics of equity flows to the US, returns, and measures of valuation. Furthermore, the literature on the behavior of equity flows surrounding financial crises is scant, particularly for developed markets.

Details

Studies in Economics and Finance, vol. 28 no. 3
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 8 June 2010

M. Imtiaz Mazumder and Nazneen Ahmad

The purpose of this paper is to shed light on the causes of the 2007‐2009 mortgage crisis, liquidity crisis, stock market volatility in the USA and their spillover effects…

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Abstract

Purpose

The purpose of this paper is to shed light on the causes of the 2007‐2009 mortgage crisis, liquidity crisis, stock market volatility in the USA and their spillover effects on the global economy.

Design/methodology/approach

The paper critically reviews the 2007‐2009 financial crisis from both academic and practitioners' viewpoints.

Findings

The paper explores how the liquidity crisis has evolved with the advent of poorly supervised financial products, especially the credit default swaps and subprime mortgage loans. Further, it analyzes the laxity in regulations that encouraged high financial leverages, shadow banking system and excessive stock market volatility and worsened the recent financial crisis.

Originality/value

The implication of this paper is to understand numerous policy reforms that will help the global capital markets to be more transparent and less vulnerable to systematic risks; the suggested policy reforms may also help to prevent such financial calamities in the future.

Details

Studies in Economics and Finance, vol. 27 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

Content available
Article
Publication date: 1 March 2013

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109

Abstract

Details

Studies in Economics and Finance, vol. 30 no. 1
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 25 January 2022

Zaid Ahmad Ansari, Makhmoor Bashir and Sudeepta Pradhan

The purpose of this paper is to develop an instrument to measure the influence of coronavirus (COVID-19) on international travellers’ behaviour.

Abstract

Purpose

The purpose of this paper is to develop an instrument to measure the influence of coronavirus (COVID-19) on international travellers’ behaviour.

Design/methodology/approach

Data were collected from 500 respondents in the Kingdom of Saudi Arabia to develop and validate a multi-item scale to measure international travel behaviour post-COVID-19. The initial pool of items was validated by using exploratory factor analysis. The first-order reflective and the assessment of hierarchical factor structure were done through structural equation modelling by using SmartPLS 3.

Findings

Findings revealed a hierarchical three-level scale for measuring international traveller’s behaviour. The first level consists of six sub-dimensions of 19 items. These six sub-dimensions can be used as a formative measure of three dimensions of general impact, attitude and preference and cleanliness and safety. These three dimensions form the third level for the meta construct of traveller’s behaviour.

Research limitations/implications

The proposed scale will provide policymakers and managers with an improved understanding of the change in travellers’ behaviour due to the COVID-19 crisis or any future pandemic.

Practical implications

The scale can be used by the tourism and hospitality industry to access the impact of COVID-19 or any other future pandemic on traveller’s behaviour.

Originality/value

Since the outbreak of the novel COVID-19, almost all international travel has come to halt. A diverse measuring instrument to measure traveller’s behaviour is not available in extant literature. To the best of the authors’ knowledge, this study is the first of its kind which has developed and validated a scale for measuring traveller’s behaviour during and post COVID-19.

Details

International Journal of Tourism Cities, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2056-5607

Keywords

Open Access
Article
Publication date: 3 June 2019

Nasir Uddin

The traditional concept of people’s participation through their representatives is changing to the mechanism of direct participation of community people in the local…

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6215

Abstract

Purpose

The traditional concept of people’s participation through their representatives is changing to the mechanism of direct participation of community people in the local governing process. In coupling with these, the Constitution of Bangladesh and the local government acts guarantee to foster the direct participation of people in the formation of local bodies and development programs. The purpose of this paper is to explore the avenues of people’s participation in local government, particularly the Union Parishad (UP) in Bangladesh, and to evaluate the empowerment of marginalized community through those avenues.

Design/methodology/approach

Using a broad descriptive and analytical approach, this paper evaluates the relationship between participation and empowerment of local community based on the review of secondary sources of information.

Findings

The local government institutions, particularly UP, has existed many mechanisms through which people participate in decision-making process. It is also believed that participation of community people in local government institutions is not only an opportunity for them but also an apparatus of empowerment. Hence, the process of empowerment is entrenched in the notion of participation. It is evident that the people at grass root level have been participating in UP in diverse arrangements, but the effectiveness of these participations in terms of empowerment is still meager and even lack.

Originality/value

Though a long time has passed after introducing these participatory mechanisms, very few studies have undertaken to assess the people’s participation in local government. Additionally, no single initiative was undertaken to assess how empowerment of marginalized people happened through these initiatives as empowering community people is the key objective of it.

Details

Public Administration and Policy, vol. 22 no. 1
Type: Research Article
ISSN: 1727-2645

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Article
Publication date: 29 July 2021

Uma Warrier, Cyril Foropon and Melinda Chehimi

The purpose of this paper is to examine the influence of mindfulness on organizational role stress (ORS) based on the Monitor Acceptance Theory (MAT) perspective.

Abstract

Purpose

The purpose of this paper is to examine the influence of mindfulness on organizational role stress (ORS) based on the Monitor Acceptance Theory (MAT) perspective.

Design/methodology/approach

This study is based on a cross-sectional data analysis collected from 137 employees working at an Indian IT organization located in Bangalore (India). ORS and MAAS scales have been used for measuring ORS and mindfulness, respectively.

Findings

Overall, the study findings have indicated a negative relationship (r = −0.588) between mindfulness (M) and ORS. First, both personal inadequacy (PI) and self-role distance (SRD) are found to be predominantly impacted by M, whereas both role erosion (RE) and role overload (RO) appear to be less affected by mindfulness. Second, SRD appears to be the highest ORS sub-dimension among IT employees. Third, building on the extant literature, it can be inferred that “no one size fits all”, ORS is both organization and context specific.

Originality/value

This study pioneers to establish empirical evidence between M and ORS. Training employees on M can help in effectively handling ORS.

Details

International Journal of Manpower, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 11 September 2020

Phuong Kim Thi Tran, Vien Ky Nguyen and Vinh Trung Tran

This paper aims to examine the relationships between brand equity, customer satisfaction and cultural distance for a tourism destination. The mediating role of customer…

Abstract

Purpose

This paper aims to examine the relationships between brand equity, customer satisfaction and cultural distance for a tourism destination. The mediating role of customer satisfaction and the moderating effect of cultural distance in these relationships are assessed.

Design/methodology/approach

The direct–indirect–moderating relationships were assessed by applying covariance-based SEM (CB-SEM), mediating and multi-group analysis. A paper survey was used to collect data from 618 tourists (domestic and international tourists) visiting a destination in Vietnam.

Findings

The findings support direct positive links between the dimensions of brand equity and customer satisfaction, except for the effect of destination brand awareness on destination brand loyalty. This work further demonstrates the mediating effect of customer satisfaction on the indirect relationships between the dimensions of brand equity. Cultural distance was found to moderate the connections between the research concepts.

Research limitations/implications

Future research should explore the model’s relationships based on comparisons in different destinations, to better understand the impact of cultural factors.

Originality/value

This study identifies specific factors to increase branding efficiency by developing and testing the relationship between brand equity and customer satisfaction. Using moderating variables through the lens of cultural distance, it proposes a mediated model. This work contributes to practice by informing destination managers on how to improve brand equity and satisfaction based on the cultural characteristics of international and domestic visitors.

Details

Journal of Product & Brand Management, vol. 30 no. 1
Type: Research Article
ISSN: 1061-0421

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Article
Publication date: 10 July 2020

Ke Shen and Huawen Shen

Based on the theory of planned behaviour (TPB), this paper aims to investigate the effects of residents’ place attachment (PA), subjective norms (SNs) and perceived…

Abstract

Purpose

Based on the theory of planned behaviour (TPB), this paper aims to investigate the effects of residents’ place attachment (PA), subjective norms (SNs) and perceived behavioural control (PBC) on their attitudes towards behaviour (AB) and behavioural intention to support tourism (BI). This paper aims to examine whether residents’ AB mediate the relationships between BI and PA, SNs and PBC.

Design/methodology/approach

The results are obtained using a quantitative method based on data gathered from self-administered questionnaires completed by 406 residents of Hongcun, a Chinese traditional village.

Findings

The TPB is successfully used to explain Chinese traditional village residents BI. The findings extend the extant research and render the TPB more widely applicable. This study confirms that the inclusion of PA within the framework of the TPB is valid and satisfactory, demonstrating continued support for the coupling of complementary theories to explain tourism development from a resident perspective. Finally, this study extends the literature on residents’ PA and demonstrates its impact on their attitudes and consequent reactions, thus supplementing the limited evidence on PA as a direct predictor of residents’ BI. Specifically, SNs are the critical factor affecting residents’ AB and their BI. Residents’ AB only mediate the relationship between SNs and their BI.

Research limitations/implications

This paper only includes PA within the framework of the TPB. More constructs should be incorporated to deepen the understanding of residents’ BI. In addition, the data were only collected in a traditional village.

Originality/value

This paper is one of the first studies to combine PA with the TPB in research on residents’ BI in a developing country – in this instance, China.

中国传统村落居民支持旅游行为意向: 基于拓展的计划行为理论

摘要

研究目的

基于计划行为理论, 本研究探索了传统村落居民之地方依恋、主观规范和感知行为控制对于其行为态度和支持旅游行为意向的影响作用; 同时本研究亦探究了居民之行为态度在地方依恋、主观规范和感知行为控制与其支持旅游行为意向之间的中介作用。

研究方法

本研究采用定量的研究方法, 对从中国传统村落——宏村所收集到的406份有效问卷进行统计分析, 形成结论。

研究发现

本研究发现计划行为理论能够成功解释中国传统村落居民支持旅游行为意向, 进一步拓展了该理论的运用范围。首先, 本研究将地方依恋纳入计划行为理论, 构筑两者之间的理论联系, 打通了原本相互之间独立的两个理论之间的理论逻辑关联, 为后续的相关领域的研究提供了更加扎实的理论依据; 其次, 本研究也进一步拓展已有关于居民地方依恋的研究, 也进一步验证了其对于居民行为态度和支持旅游行为意向的影响作用; 最后, 主观规范在对于居民的行为态度和支持旅游行为意向施最为重要的一个影响因素, 同时主观规范还可以通过行为态度间接影响支持旅游行为意向。

研究局限

本研究仅仅将地方依恋纳入计划行为理论, 应当考虑将更多的影响因素纳入研究范畴, 同时, 本研究的样本仅仅在宏村一地收集, 后续研究应该扩大案例地的范围进行样本的收集。

原创性

本研究是为数不多的将地方依恋纳入计划行为理论研究框架, 来探索发展中国家居民支持旅游行为意向的研究之一。

Intención de comportamiento de los residentes tradicionales chinos de los residentes de las aldeas de apoyar el turismo: un modelo extendido de la teoría de la conducta planificadaPropósito

Basando en la teoría de la conducta planificada, este texto investiga los efectos de apego a un lugar, normas subjetivas y control conductual percibido de los residentes sobre sus actitudes hacia la conducta y hacia la intención conductual para apoyar el turismo. Este texto también examina si las actitudes de residentes hacia la conducta intervienen las relaciones entre la intención conductual para apoyar el turismo y apego a un lugar, normas subjetivas y control conductual percibido.

Diseño/metodología/manera

Los resultados se obtienen usando un método cuantitativo basado en los datos recopilados de los cuestionarios autoadministrados completados por 406 residentes de Hongcun, un pueblo tradicional de china.

Resultados

La teoría de la conducta planificada está utilizada exitosamente para explicar la intención conductual de los residentes de pueblo tradicional de China hacia el apoyo al turismo. Estas conclusiones extienden la investigación existente y deje que la conducta planificada sea aplicada más ampliamente. Este estudio confirma que la inclusión del apego al lugar dentro del marco de la teoría de la conducta planificada es válida y satisfactoria, demostrando el apoyo continuo para el acoplamiento de las teorías complementarias para explicar el desarrollo del turismo a partir de una perspectiva de residente. Finalmente, esta investigación extiende la literatura en el apego al lugar de los residentes y demuestra su impacto en sus actitudes y reacciones consecuentes, complementando así la evidencia limitada en el apego al lugar como un índice de previsión directo de la intención conductual sobre el apoyo al turismo. Especialmente, las normas subjetivas son factores clave que afectan las actitudes de los residentes hacia la conducta y su intención conductual sobre el apoyo al turismo. Las actitudes de los residentes hacia la conducta sólo intervienen la relación entre las normas subjetivas y su intención conductual sobre el apoyo al turismo.

Implicaciones sociales

Este texto sólo incluye el apego al lugar dentro del marco de la teoría de la conducta planificada. Se debería incorporar más constructos para profundizar la comprensión sobre la intención conductual de los residentes sobre el apoyo al turismo. Además, los datos sólo fueron recopilados en un pueblo tradicional.

Originalidad/valor

Este texto es uno de los estudios líderes que combina el apego al lugar con la teoría de la conducta planificada para investigar la intención conductual de los residentes sobre el apoyo al turismo en un país en desarrollo - en esta instancia, China.

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