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1 – 10 of over 2000Christina Anderl and Guglielmo Maria Caporale
The article aims to establish whether the degree of aversion to inflation and the responsiveness to deviations from potential output have changed over time.
Abstract
Purpose
The article aims to establish whether the degree of aversion to inflation and the responsiveness to deviations from potential output have changed over time.
Design/methodology/approach
This paper assesses time variation in monetary policy rules by applying a time-varying parameter generalised methods of moments (TVP-GMM) framework.
Findings
Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada, Australia, New Zealand, Sweden) and five countries with alternative monetary regimes (the US, Japan, Denmark, the Euro Area, Switzerland), we find that monetary policy has become more averse to inflation and more responsive to the output gap in both sets of countries over time. In particular, there has been a clear shift in inflation targeting countries towards a more hawkish stance on inflation since the adoption of this regime and a greater response to both inflation and the output gap in most countries after the global financial crisis, which indicates a stronger reliance on monetary rules to stabilise the economy in recent years. It also appears that inflation targeting countries pay greater attention to the exchange rate pass-through channel when setting interest rates. Finally, monetary surprises do not seem to be an important determinant of the evolution over time of the Taylor rule parameters, which suggests a high degree of monetary policy transparency in the countries under examination.
Originality/value
It provides new evidence on changes over time in monetary policy rules.
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Collins G. Ntim, Teerooven Soobaroyen and Martin J. Broad
The purpose of this paper is to investigate the extent of voluntary disclosures in UK higher education institutions’ (HEIs) annual reports and examine whether internal governance…
Abstract
Purpose
The purpose of this paper is to investigate the extent of voluntary disclosures in UK higher education institutions’ (HEIs) annual reports and examine whether internal governance structures influence disclosure in the period following major reform and funding constraints.
Design/methodology/approach
The authors adopt a modified version of Coy and Dixon’s (2004) public accountability index, referred to in this paper as a public accountability and transparency index (PATI), to measure the extent of voluntary disclosures in 130 UK HEIs’ annual reports. Informed by a multi-theoretical framework drawn from public accountability, legitimacy, resource dependence and stakeholder perspectives, the authors propose that the characteristics of governing and executive structures in UK universities influence the extent of their voluntary disclosures.
Findings
The authors find a large degree of variability in the level of voluntary disclosures by universities and an overall relatively low level of PATI (44 per cent), particularly with regards to the disclosure of teaching/research outcomes. The authors also find that audit committee quality, governing board diversity, governor independence and the presence of a governance committee are associated with the level of disclosure. Finally, the authors find that the interaction between executive team characteristics and governance variables enhances the level of voluntary disclosures, thereby providing support for the continued relevance of a “shared” leadership in the HEIs’ sector towards enhancing accountability and transparency in HEIs.
Research limitations/implications
In spite of significant funding cuts, regulatory reforms and competitive challenges, the level of voluntary disclosure by UK HEIs remains low. Whilst the role of selected governance mechanisms and “shared leadership” in improving disclosure, is asserted, the varying level and selective basis of the disclosures across the surveyed HEIs suggest that the public accountability motive is weaker relative to the other motives underpinned by stakeholder, legitimacy and resource dependence perspectives.
Originality/value
This is the first study which explores the association between HEI governance structures, managerial characteristics and the level of disclosure in UK HEIs.
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Saban Nazlioglu, Mehmet Altuntas, Emre Kilic and Ilhan Kucukkkaplan
This paper aims to test purchasing power parity (PPP) hypothesis for Greece, Italy, Ireland, Portugal and Spain, which are known as the GIIPS countries.
Abstract
Purpose
This paper aims to test purchasing power parity (PPP) hypothesis for Greece, Italy, Ireland, Portugal and Spain, which are known as the GIIPS countries.
Design/methodology/approach
The authors conduct a comprehensive analysis by using unit root approaches without and with structural breaks and non-linearity.
Findings
The PPP is valid for the GIIPS countries. Considering structural breaks in non-linear framework plays a crucial role.
Originality/value
There is no empirical study testing PPP hypothesis by focusing on the GIIPS countries. This study further takes into account for structural breaks and non-linearity in the real exchange rates of these countries.
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Christina Anderl and Guglielmo Maria Caporale
This paper aims to explain real exchange rate fluctuations by means of a model including both standard fundamentals and two alternative measures of inflation expectations for five…
Abstract
Purpose
This paper aims to explain real exchange rate fluctuations by means of a model including both standard fundamentals and two alternative measures of inflation expectations for five inflation targeting countries (the UK, Canada, Australia, New Zealand and Sweden) over the period January 1993–July 2019.
Design/methodology/approach
Both a benchmark linear autoregressive distributed lag (ARDL) model and a nonlinear autoregressive distributed lag (NARDL) specification are considered.
Findings
The results suggest that the nonlinear framework is more appropriate to capture the behaviour of real exchange rates given the presence of asymmetries both in the long and short run. In particular, the speed of adjustment towards the purchasing power parity (PPP) implied long-run equilibrium is three times faster in a nonlinear framework, which provides much stronger evidence in support of PPP. Moreover, inflation expectations play an important role, with survey-based ones having a more sizable effect than market-based ones.
Originality/value
The focus on linearities and the estimation of a NARDL model, which is shown to outperform the linear ARDL model both within sample and out of sample, is an important contribution to the existing literature which has rarely applied this type of framework; the choice of an appropriate econometric method also makes the policy implications of the analysis more reliable; in particular, monetary authorities should aim to achieve a high degree of credibility to manage them and thus currency fluctuations effectively; the inflation targeting framework might be especially appropriate for this purpose.
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John T. Perry, Gaylen N. Chandler, Xin Yao and James Wolff
Among nascent entrepreneurial ventures, are some types of bootstrapping techniques more successful than others? We compare externally oriented and internally oriented techniques…
Abstract
Among nascent entrepreneurial ventures, are some types of bootstrapping techniques more successful than others? We compare externally oriented and internally oriented techniques with respect to the likelihood of becoming an operational venture; and we compare cash-increasing and cost-decreasing techniques with respect to becoming operational. Using data from the first Panel Study of Entrepreneurial Dynamics, we find evidence suggesting that when bootstrapping a new venture, the percentage of cash-increasing and cost-decreasing externally oriented bootstrapping techniques that a ventureʼs owners use are positive predictors of subsequent positive cash flow (one and two years later). But, internally oriented techniques are not related to subsequent cash flow.
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Alfred Larm Teye, Michel Knoppel, Jan de Haan and Marja G. Elsinga
This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing…
Abstract
Purpose
This paper aims to examine the existence of the ripple effect from Amsterdam to the housing markets of other regions in The Netherlands. It identifies which regional housing markets are influenced by house price movements in Amsterdam.
Design/methodology/approach
The paper considers the ripple effect as a lead-lag effect and a long-run convergence between the Amsterdam and regional house prices. Using the real house prices for second-hand owner-occupied dwellings from 1995q1 to 2016q2, the paper adopts the Toda–Yamamoto Granger Causality approach to study the lead-lag effects. It uses the autoregressive distributed lags (ARDL)-Bounds cointegration techniques to examine the long-run convergence between the regional and the Amsterdam house prices. The paper controls for house price fundamentals to eliminate possible confounding effects of common shocks.
Findings
The cumulative evidence suggests that Amsterdam house prices have influence on (or ripple to) all the Dutch regions, except one. In particular, the Granger Causality test concludes that a lead-lag effect of house prices exists from Amsterdam to all the regions, apart from Zeeland. The cointegration test shows evidence of a long-convergence between Amsterdam house prices and six regions: Friesland, Groningen, Limburg, Overijssel, Utrecht and Zuid-Holland.
Research limitations/implications
The paper adopts an econometric approach to examine the Amsterdam ripple effect. More sophisticated economic models that consider the asymmetric properties of house prices and the patterns of interregional socio-economic activities into the modelling approach are recommended for further investigation.
Originality/value
This paper focuses on The Netherlands for which the ripple effect has not yet been researched to the authors’ knowledge. Given the substantial wealth effects associated with house price changes that may shape economic activity through consumption, evidence for ripples may be helpful to policy makers for uncovering trends that have implications for the entire economy. Moreover, the analysis controls for common house price fundamentals which most previous papers ignored.
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Jens Seiffert-Brockmann, Laura Hackl and Øyvind Ihlen
The paper aims to analyze the contribution of young academics to the field of public relations (PR) and shows which authors exert most influence on them. The study thereby…
Abstract
Purpose
The paper aims to analyze the contribution of young academics to the field of public relations (PR) and shows which authors exert most influence on them. The study thereby contributes to the assessment of the state of the art of theory building in the field. The authors analyzed the study data against the background of two approaches on progress in the field: Nothhaft et al.’s (2018) idea of strategic communication as an elusive concept and Winkler et al.’s (2021) narrative approach.
Design/methodology/approach
The study comprises two parts. First, the authors conducted a survey among participants of the EUPRERA PhD-workshops between 2007 and 2019, asking respondents about their perception of the state of the field. Second, the authors performed a bibliometric (co-)citation analysis of the young scholars’ most important works.
Findings
Results indicate that though the field has progressed in terms of quantity and diversified with regard to established paradigms, it has not matured in a sense that it has settled on a generally accepted theoretical underpinning. However, the data show how the dominant paradigms in the field map onto the co-citation networks that emerged out of the works of young scholars. The authors’ findings imply that this new generation might signal their allegiance to a paradigm by citing the works of its emblematic authors.
Originality/value
Unlike most bibliometric studies, this one uses an author-centered approach, thus studying works that matter most to young academics themselves. Not only do the authors thereby contribute to the analysis of the state of theory building in PR research, but also expand the scope in looking at research as a social system, in which young researchers need to position themselves.
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Miguel Á. Malo and Dario Sciulli
The authors analyse how the receipt of a wealth transfer (inheritance or gift) affects labour force participation in 14 EU countries. They compare the effect of receiving an…
Abstract
Purpose
The authors analyse how the receipt of a wealth transfer (inheritance or gift) affects labour force participation in 14 EU countries. They compare the effect of receiving an inheritance or a gift and investigate different behaviours at the gender level and educational level and for elderly individuals.
Design/methodology/approach
The authors use data from the Household Finance and Consumption Survey for 14 European countries and adopt an instrumental variable approach. They use information on the type of donor (family and nonfamily) to infer the degree of anticipation of a wealth transfer.
Findings
The authors find that unexpected wealth transfers have a negative impact on labour force participation, with a stronger impact for gifts than for inheritances. For gender, they find larger negative impacts for females than for males, which is in line with a weaker attachment to the labour market. Receiving an unexpected wealth transfer may also result in early retirement.
Originality/value
The paper offers a novel comparison of the effect of receiving an inheritance or a gift on labour force participation using a unique European dataset. The authors investigate whether males and females react differently to the receipt of a wealth transfer and the existence of different responses at the educational level and for elderly individuals.
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In the following theoretical article, the author generates a theory of Leadership Pedagogy and its connection to Creative Arts Education.
Abstract
Purpose
In the following theoretical article, the author generates a theory of Leadership Pedagogy and its connection to Creative Arts Education.
Design/methodology/approach
The article analyzes Leadership Theory across three pillars: Socio-relational, Cognitive and Creative, and how these areas underscore thoughtful and caring pedagogy and inclusive teaching in undergraduate education.
Findings
Drawing on the Scholarship of Teaching and Learning (SoTL), the article advocates for a flexible, multifaceted approach to curricular design rooted in theoretical pluralism, prioritizing interdisciplinary methods to bridge theory and practice in Creative Arts Education.
Originality/value
The article concludes with implications for future research and collaboration connecting Leadership Studies and the Arts.
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Giovanna Gavana, Pietro Gottardo and Anna Maria Moisello
The purpose of this paper is to investigate the effect of family control on the association between related party transactions (RPTs) and different forms of accrual-based earnings…
Abstract
Purpose
The purpose of this paper is to investigate the effect of family control on the association between related party transactions (RPTs) and different forms of accrual-based earnings management (AEM) and real earnings management (REM), analyzing the effect of board characteristics on the possible association.
Design/methodology/approach
This paper studies a sample of Italian non-financial listed firms over the 2014–2019 period, by GLS regression models, controlling for the fixed effects of the company's sector of operation and the year.
Findings
Results indicate a different association between RPTs and earnings management (EM) in family and non-family firms. They point out that family firms use RPTs in association with downward AEM and REM perpetrated by abnormal discretionary expenses as well as a substitute of REM via abnormal production costs. For non-family firms, findings indicate only a substitution effect between RPTs and AEM. Furthermore, CEO duality, board gender diversity and the presence of the family on the board positively moderate the association between RPTs and, respectively, REM implemented through sales manipulations, downward AEM and upward AEM.
Originality/value
This study suggests that the socioemotional wealth (SEW) differently affects the relationship between RPTs and EM, according to the form of the latter. It also points out family firms' heterogeneity in earnings manipulations, by providing evidence of the moderating role of board characteristics on the association between RPTs and the various forms of EM.
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