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Article
Publication date: 2 May 2024

Gerasimos G. Rigatos

To provide high torques needed to move a robot’s links, electric actuators are followed by a transmission system with a high transmission rate. For instance, gear ratios of 100:1…

Abstract

Purpose

To provide high torques needed to move a robot’s links, electric actuators are followed by a transmission system with a high transmission rate. For instance, gear ratios of 100:1 are often used in the joints of a robotic manipulator. This results into an actuator with large mechanical impedance (also known as nonback-drivable actuator). This in turn generates high contact forces when collision of the robotic mechanism occur and can cause humans’ injury. Another disadvantage of electric actuators is that they can exhibit overheating when constant torques have to be provided. Comparing to electric actuators, pneumatic actuators have promising properties for robotic applications, due to their low weight, simple mechanical design, low cost and good power-to-weight ratio. Electropneumatically actuated robots usually have better friction properties. Moreover, because of low mechanical impedance, pneumatic robots can provide moderate interaction forces which is important for robotic surgery and rehabilitation tasks. Pneumatic actuators are also well suited for exoskeleton robots. Actuation in exoskeletons should have a fast and accurate response. While electric motors come against high mechanical impedance and the risk of causing injuries, pneumatic actuators exhibit forces and torques which stay within moderate variation ranges. Besides, unlike direct current electric motors, pneumatic actuators have an improved weight-to-power ratio and avoid overheating problems.

Design/methodology/approach

The aim of this paper is to analyze a nonlinear optimal control method for electropneumatically actuated robots. A two-link robotic exoskeleton with electropneumatic actuators is considered as a case study. The associated nonlinear and multivariable state-space model is formulated and its differential flatness properties are proven. The dynamic model of the electropneumatic robot is linearized at each sampling instance with the use of first-order Taylor series expansion and through the computation of the associated Jacobian matrices. Within each sampling period, the time-varying linearization point is defined by the present value of the robot’s state vector and by the last sampled value of the control inputs vector. An H-infinity controller is designed for the linearized model of the robot aiming at solving the related optimal control problem under model uncertainties and external perturbations. An algebraic Riccati equation is solved at each time-step of the control method to obtain the stabilizing feedback gains of the H-infinity controller. Through Lyapunov stability analysis, it is proven that the robot’s control scheme satisfies the H-infinity tracking performance conditions which indicate the robustness properties of the control method. Moreover, global asymptotic stability is proven for the control loop. The method achieves fast convergence of the robot’s state variables to the associated reference trajectories, and despite strong nonlinearities in the robot’s dynamics, it keeps moderate the variations of the control inputs.

Findings

In this paper, a novel solution has been proposed for the nonlinear optimal control problem of robotic exoskeletons with electropneumatic actuators. As a case study, the dynamic model of a two-link lower-limb robotic exoskeleton with electropneumatic actuators has been considered. The dynamic model of this robotic system undergoes first approximate linearization at each iteration of the control algorithm around a temporary operating point. Within each sampling period, this linearization point is defined by the present value of the robot’s state vector and by the last sampled value of the control inputs vector. The linearization process relies on first-order Taylor series expansion and on the computation of the associated Jacobian matrices. The modeling error which is due to the truncation of higher-order terms from the Taylor series is considered to be a perturbation which is asymptotically compensated by the robustness of the control algorithm. To stabilize the dynamics of the electropneumatically actuated robot and to achieve precise tracking of reference setpoints, an H-infinity (optimal) feedback controller is designed. Actually, the proposed H-infinity controller for the model of the two-link electropneumatically actuated exoskeleton achieves the solution of the associated optimal control problem under model uncertainty and external disturbances. This controller implements a min-max differential game taking place between: (i) the control inputs which try to minimize a cost function which comprises a quadratic term of the state vector’s tracking error and (ii) the model uncertainty and perturbation inputs which try to maximize this cost function. To select the stabilizing feedback gains of this H-infinity controller, an algebraic Riccati equation is being repetitively solved at each time-step of the control method. The global stability properties of the H-infinity control scheme are proven through Lyapunov analysis.

Research limitations/implications

Pneumatic actuators are characterized by high nonlinearities which are due to air compressibility, thermodynamics and valves behavior and thus pneumatic robots require elaborated nonlinear control schemes to ensure their fast and precise positioning. Among the control methods which have been applied to pneumatic robots, one can distinguish differential geometric approaches (Lie algebra-based control, differential flatness theory-based control, nonlinear model predictive control [NMPC], sliding-mode control, backstepping control and multiple models-based fuzzy control). Treating nonlinearities and fault tolerance issues in the control problem of robotic manipulators with electropneumatic actuators has been a nontrivial task.

Practical implications

The novelty of the proposed control method is outlined as follows: preceding results on the use of H-infinity control to nonlinear dynamical systems were limited to the case of affine-in-the-input systems with drift-only dynamics. These results considered that the control inputs gain matrix is not dependent on the values of the system’s state vector. Moreover, in these approaches the linearization was performed around points of the desirable trajectory, whereas in the present paper’s control method the linearization points are related with the value of the state vector at each sampling instance as well as with the last sampled value of the control inputs vector. The Riccati equation which has been proposed for computing the feedback gains of the controller is novel, so is the presented global stability proof through Lyapunov analysis. This paper’s scientific contribution is summarized as follows: (i) the presented nonlinear optimal control method has improved or equally satisfactory performance when compared against other nonlinear control schemes that one can consider for the dynamic model of robots with electropneumatic actuators (such as Lie algebra-based control, differential flatness theory-based control, nonlinear model-based predictive control, sliding-mode control and backstepping control), (ii) it achieves fast and accurate tracking of all reference setpoints, (iii) despite strong nonlinearities in the dynamic model of the robot, it keeps moderate the variations of the control inputs and (iv) unlike the aforementioned alternative control approaches, this paper’s method is the only one that achieves solution of the optimal control problem for electropneumatic robots.

Social implications

The use of electropneumatic actuation in robots exhibits certain advantages. These can be the improved weight-to-power ratio, the lower mechanical impedance and the avoidance of overheating. At the same time, precise positioning and accurate execution of tasks by electropneumatic robots requires the application of elaborated nonlinear control methods. In this paper, a new nonlinear optimal control method has been developed for electropneumatically actuated robots and has been specifically applied to the dynamic model of a two-link robotic exoskeleton. The benefit from using this paper’s results in industrial and biomedical applications is apparent.

Originality/value

A comparison of the proposed nonlinear optimal (H-infinity) control method against other linear and nonlinear control schemes for electropneumatically actuated robots shows the following: (1) Unlike global linearization-based control approaches, such as Lie algebra-based control and differential flatness theory-based control, the optimal control approach does not rely on complicated transformations (diffeomorphisms) of the system’s state variables. Besides, the computed control inputs are applied directly on the initial nonlinear model of the electropneumatic robot and not on its linearized equivalent. The inverse transformations which are met in global linearization-based control are avoided and consequently one does not come against the related singularity problems. (2) Unlike model predictive control (MPC) and NMPC, the proposed control method is of proven global stability. It is known that MPC is a linear control approach that if applied to the nonlinear dynamics of the electropneumatic robot, the stability of the control loop will be lost. Besides, in NMPC the convergence of its iterative search for an optimum depends on initialization and parameter values selection and consequently the global stability of this control method cannot be always assured. (3) Unlike sliding-mode control and backstepping control, the proposed optimal control method does not require the state-space description of the system to be found in a specific form. About sliding-mode control, it is known that when the controlled system is not found in the input-output linearized form the definition of the sliding surface can be an intuitive procedure. About backstepping control, it is known that it cannot be directly applied to a dynamical system if the related state-space model is not found in the triangular (backstepping integral) form. (4) Unlike PID control, the proposed nonlinear optimal control method is of proven global stability, the selection of the controller’s parameters does not rely on a heuristic tuning procedure, and the stability of the control loop is assured in the case of changes of operating points. (5) Unlike multiple local models-based control, the nonlinear optimal control method uses only one linearization point and needs the solution of only one Riccati equation so as to compute the stabilizing feedback gains of the controller. Consequently, in terms of computation load the proposed control method for the electropneumatic actuator’s dynamics is much more efficient.

Details

Robotic Intelligence and Automation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2754-6969

Keywords

Article
Publication date: 22 April 2024

Ghada Karaki, Rami A. Hawileh and M.Z. Naser

This study examines the effect of temperature-dependent material models for normal-strength (NSC) and high-strength concrete (HSC) on the thermal analysis of reinforced concrete…

Abstract

Purpose

This study examines the effect of temperature-dependent material models for normal-strength (NSC) and high-strength concrete (HSC) on the thermal analysis of reinforced concrete (RC) walls.

Design/methodology/approach

The study performs an one-at-a-time (OAT) sensitivity analysis to assess the impact of variables defining the constitutive and parametric fire models on the wall's thermal response. Moreover, it extends the sensitivity analysis to a variance-based analysis to assess the effect of constitutive model type, fire model type and constitutive model uncertainty on the RC wall's thermal response variance. The study determines the wall’s thermal behaviour reliability considering the different constitutive models and their uncertainty.

Findings

It is found that the impact of the variability in concrete’s conductivity is determined by its temperature-dependent model, which differs for NSC and HSC. Therefore, more testing and improving material modelling are needed. Furthermore, the heating rate of the fire scenario is the dominant factor in deciding fire-resistance performance because it is a causal factor for spalling in HSC walls. And finally the reliability of wall's performance decreased sharply for HSC walls due to the expected spalling of the concrete and loss of cross-section integrity.

Originality/value

Limited studies in the current open literature quantified the impact of constitutive models on the behaviour of RC walls. No studies have examined the effect of material models' uncertainty on wall’s response reliability under fire. Furthermore, the study's results contribute to the ongoing attempts to shape performance-based structural fire engineering.

Details

Journal of Structural Fire Engineering, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-2317

Keywords

Article
Publication date: 18 March 2024

Prosun Mandal, Srinjoy Chatterjee and Shankar Chakraborty

In many of today’s manufacturing industries, such as automobile, aerospace, defence, die and mould making, medical and electrical discharge machining (EDM) has emerged as an…

Abstract

Purpose

In many of today’s manufacturing industries, such as automobile, aerospace, defence, die and mould making, medical and electrical discharge machining (EDM) has emerged as an effective material removal process. In this process, a series of discontinuous electric discharges is used for removing material from the workpiece in the form of craters generating a replica of the tool into the workpiece in a dielectric environment. Appropriate selection of the tool electrode material and combination of input parameters is an important requirement for performance enhancement of an EDM process. This paper aims to optimize an EDM process using single-valued neutrosophic grey relational analysis using Cu-multi-walled carbon nanotube (Cu-MWCNT) composite tool electrode.

Design/methodology/approach

This paper proposes the application of grey relational analysis (GRA) in a single-valued neutrosophic fuzzy environment to identify the optimal parametric intermix of an EDM process while considering Cu-MWCNT composite as the tool electrode material. Based on Taguchi’s L9 orthogonal array, nine experiments are conducted at varying combinations of four EDM parameters, i.e. pulse-on time, duty factor, discharge current and gap voltage, with subsequent measurement of two responses, i.e. material removal rate (MRR) and tool wear rate (TWR). The electrodeposition process is used to fabricate the Cu-MWCNT composite tool.

Findings

It is noticed that both the responses would be simultaneously optimized at higher levels of pulse-on time (38 µs) and duty factor (8), moderate level of discharge current (5 A) and lower level of gap voltage (30 V). During bi-objective optimization (maximization of MRR and minimization of TWR) of the said EDM process, the achieved values of MRR and TWR are 243.74 mm3/min and 0.001034 g/min, respectively.

Originality/value

Keeping in mind the type of response under consideration, their measured values for each of the EDM experiments are expressed in terms of linguistic variables which are subsequently converted into single-valued neutrosophic numbers. Integration of GRA with single-valued neutrosophic sets would help in optimizing the said EDM process with the Cu-MWCNT composite tool while simultaneously considering truth-membership, indeterminacy membership and falsity-membership degrees in a human-centric uncertain decision-making environment.

Details

World Journal of Engineering, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1708-5284

Keywords

Open Access
Article
Publication date: 21 March 2024

Warisa Thangjai and Sa-Aat Niwitpong

Confidence intervals play a crucial role in economics and finance, providing a credible range of values for an unknown parameter along with a corresponding level of certainty…

Abstract

Purpose

Confidence intervals play a crucial role in economics and finance, providing a credible range of values for an unknown parameter along with a corresponding level of certainty. Their applications encompass economic forecasting, market research, financial forecasting, econometric analysis, policy analysis, financial reporting, investment decision-making, credit risk assessment and consumer confidence surveys. Signal-to-noise ratio (SNR) finds applications in economics and finance across various domains such as economic forecasting, financial modeling, market analysis and risk assessment. A high SNR indicates a robust and dependable signal, simplifying the process of making well-informed decisions. On the other hand, a low SNR indicates a weak signal that could be obscured by noise, so decision-making procedures need to take this into serious consideration. This research focuses on the development of confidence intervals for functions derived from the SNR and explores their application in the fields of economics and finance.

Design/methodology/approach

The construction of the confidence intervals involved the application of various methodologies. For the SNR, confidence intervals were formed using the generalized confidence interval (GCI), large sample and Bayesian approaches. The difference between SNRs was estimated through the GCI, large sample, method of variance estimates recovery (MOVER), parametric bootstrap and Bayesian approaches. Additionally, confidence intervals for the common SNR were constructed using the GCI, adjusted MOVER, computational and Bayesian approaches. The performance of these confidence intervals was assessed using coverage probability and average length, evaluated through Monte Carlo simulation.

Findings

The GCI approach demonstrated superior performance over other approaches in terms of both coverage probability and average length for the SNR and the difference between SNRs. Hence, employing the GCI approach is advised for constructing confidence intervals for these parameters. As for the common SNR, the Bayesian approach exhibited the shortest average length. Consequently, the Bayesian approach is recommended for constructing confidence intervals for the common SNR.

Originality/value

This research presents confidence intervals for functions of the SNR to assess SNR estimation in the fields of economics and finance.

Details

Asian Journal of Economics and Banking, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2615-9821

Keywords

Article
Publication date: 19 February 2024

Tchai Tavor

This research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability.

Abstract

Purpose

This research investigates Airbnb’s financial implications in emerging economies and their potential to influence stock market profitability.

Design/methodology/approach

Employing a multifaceted approach, the study combines parametric and nonparametric tests, robustness checks, and regression analysis to assess the impact of Airbnb’s announcements on emerging economy stock markets.

Findings

Airbnb’s announcements affect emerging economies' stock markets with a distinct pattern of cumulative abnormal returns (CAR): negative before the announcement and positive afterward. Informed investors strategically leverage this opportunity through short selling before the announcement and acquiring positions following it. Regression analysis validates these trends, revealing that stock index returns and inbound tourism affect CAR before announcements, while GDP growth influences CAR afterward. Announcements pertaining to emerging economies exert a more pronounced impact on stock indices compared to city-specific announcements, with COVID-19 period announcements demonstrating greater significance in abnormal returns than non-COVID-19 period announcements.

Originality/value

This study advances existing literature through a comprehensive range of statistical tests, differentiation between emerging countries and cities, introduction of five macroeconomic variables, and reliance on credible primary Airbnb data. It highlights the potential for investors to leverage Airbnb announcements in emerging markets for stock market profits, emphasizing the need for adaptive investment strategies considering broader macroeconomic factors.

Details

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

Keywords

Article
Publication date: 5 April 2024

Fateme Akhlaghinezhad, Amir Tabadkani, Hadi Bagheri Sabzevar, Nastaran Seyed Shafavi and Arman Nikkhah Dehnavi

Occupant behavior can lead to considerable uncertainties in thermal comfort and air quality within buildings. To tackle this challenge, the use of probabilistic controls to…

Abstract

Purpose

Occupant behavior can lead to considerable uncertainties in thermal comfort and air quality within buildings. To tackle this challenge, the use of probabilistic controls to simulate occupant behavior has emerged as a potential solution. This study seeks to analyze the performance of free-running households by examining adaptive thermal comfort and CO2 concentration, both crucial variables in indoor air quality. The investigation of indoor environment dynamics caused by the occupants' behavior, especially after the COVID-19 pandemic, became increasingly important. Specifically, it investigates 13 distinct window and shading control strategies in courtyard houses to identify the factors that prompt occupants to interact with shading and windows and determine which control approach effectively minimizes the performance gap.

Design/methodology/approach

This paper compares commonly used deterministic and probabilistic control functions and their effects on occupant comfort and indoor air quality in four zones surrounding a courtyard. The zones are differentiated by windows facing the courtyard. The study utilizes the energy management system (EMS) functionality of EnergyPlus within an algorithmic interface called Ladybug Tools. By modifying geometrical dimensions, orientation, window-to-wall ratio (WWR) and window operable fraction, a total of 465 cases are analyzed to identify effective control scenarios. According to the literature, these factors were selected because of their potential significant impact on occupants’ thermal comfort and indoor air quality, in addition to the natural ventilation flow rate. Additionally, the Random Forest algorithm is employed to estimate the individual impact of each control scenario on indoor thermal comfort and air quality metrics, including operative temperature and CO2 concentration.

Findings

The findings of the study confirmed that both deterministic and probabilistic window control algorithms were effective in reducing thermal discomfort hours, with reductions of 56.7 and 41.1%, respectively. Deterministic shading controls resulted in a reduction of 18.5%. Implementing the window control strategies led to a significant decrease of 87.8% in indoor CO2 concentration. The sensitivity analysis revealed that outdoor temperature exhibited the strongest positive correlation with indoor operative temperature while showing a negative correlation with indoor CO2 concentration. Furthermore, zone orientation and length were identified as the most influential design variables in achieving the desired performance outcomes.

Research limitations/implications

It’s important to acknowledge the limitations of this study. Firstly, the potential impact of air circulation through the central zone was not considered. Secondly, the investigated control scenarios may have different impacts on air-conditioned buildings, especially when considering energy consumption. Thirdly, the study heavily relied on simulation tools and algorithms, which may limit its real-world applicability. The accuracy of the simulations depends on the quality of the input data and the assumptions made in the models. Fourthly, the case study is hypothetical in nature to be able to compare different control scenarios and their implications. Lastly, the comparative analysis was limited to a specific climate, which may restrict the generalizability of the findings in different climates.

Originality/value

Occupant behavior represents a significant source of uncertainty, particularly during the early stages of design. This study aims to offer a comparative analysis of various deterministic and probabilistic control scenarios that are based on occupant behavior. The study evaluates the effectiveness and validity of these proposed control scenarios, providing valuable insights for design decision-making.

Details

Smart and Sustainable Built Environment, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2046-6099

Keywords

Article
Publication date: 20 March 2024

Ray Sastri, Fanglin Li, Hafiz Muhammad Naveed and Arbi Setiyawan

The COVID-19 pandemic severely impacted tourism, and the hotel and restaurant industry was the most affected sector, which faced issues related to business uncertainty and…

Abstract

Purpose

The COVID-19 pandemic severely impacted tourism, and the hotel and restaurant industry was the most affected sector, which faced issues related to business uncertainty and unemployment during the crisis. The analysis of recovery time and the influence factors is significant to support policymakers in developing an effective response and mitigating the risks associated with the tourism crisis. This study aims to investigate numerous factors affecting the recovery time of the hotel and restaurant sector after the COVID-19 crisis by using survival analysis.

Design/methodology/approach

This study uses the quarterly value added with the observation time from quarter 1 in 2020 to quarter 1 in 2023 to measure the recovery status. The recovery time refers to the number of quarters needed for the hotel and restaurant sector to get value added equal to or exceed the value added before the crisis. This study applies survival models, including lognormal regression, Weibull regression, and Cox regression, to investigate the effect of numerous factors on the hazard ratio of recovery time of hotels and restaurants after the COVID-19 crisis. This model accommodates all cases, including “recovered” and “not recovered yet” areas.

Findings

The empirical findings represented that the Cox regression model stratified by the area type fit the data well. The priority tourism areas had a longer recovery time than the non-priority areas, but they had a higher probability of recovery from a crisis of the same magnitude. The size of the regional gross domestic product, decentralization funds, multiplier effect, recovery time of transportation, and recovery time of the service sector had a significant impact on the probability of recovery.

Originality/value

This study contributes to the literature by examining the recovery time of the hotel and restaurant sector across Indonesian provinces after the COVID-19 crisis. Employing survival analysis, this study identifies the pivotal factors affecting the probability of recovery. Moreover, this study stands as a pioneer in investigating the multiplier effect of the regional tourism and its impact on the speed of recovery.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 25 April 2024

Mihaela Brindusa Tudose, Flavian Clipa and Raluca Irina Clipa

This study proposes an analysis of the performance of companies that have assumed the responsibility of facilitating the digitalization of economic activities. Because of their…

Abstract

Purpose

This study proposes an analysis of the performance of companies that have assumed the responsibility of facilitating the digitalization of economic activities. Because of their potential to accelerate digitization, these companies have been financially supported. The monitoring of the performances recorded by these companies, including the evaluation of the impact of different determining factors, meets both the needs of the financiers (concerned with the evaluation of the efficiency of the use of nonreimbursable financing) and the needs of continuous improvement of the activities of the companies in the field.

Design/methodology/approach

The study assesses performance dynamics and the impact of its determinants. The model allows achieving a simplified vision of performance and its determinants, supporting decision-makers in the management process. The construction of an estimation model based on the multiple regression method was considered. Robustness tests were performed on the results, using parametric and nonparametric tests.

Findings

The results of the analysis at the level of the extended sample indicated that, during the analyzed period, the economic and commercial performances decreased, and significant influences in this respect include the financing structure, sales dynamics and volume of receivables. The analysis at the level of the restricted sample confirmed these interdependencies and provided additional evidence of the impact of other determinants.

Research limitations/implications

The study contributes both to performance research and to the assessment of the prospects for accelerating digitalization in support of economic activities. Since the empirical research was carried out on a sample of Romanian companies that provide services in information technology, which accessed nonreimbursable financing, the representativeness of the results is limited to this sector. For the analyzed sample, the study provides support for improving performance.

Practical implications

The results of the study prove to be useful from a microeconomic and macroeconomic perspective as well, as they provide evidence on the performance of companies that have implemented information and communication technology (ICT) projects and on the efficiency of the use of non-reimbursable funding dedicated to business support.

Originality/value

The study fills the literature gap regarding the performance of companies that have developed ICT projects and received grant funding for the implementation of these projects. The literature review indicated that there are few studies conducted on these companies, which did not include Romanian companies.

Details

Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

Keywords

Article
Publication date: 24 April 2024

Haiyan Song and Hanyuan Zhang

The aim of this paper is to provide a narrative review of previous research on tourism demand modelling and forecasting and potential future developments.

Abstract

Purpose

The aim of this paper is to provide a narrative review of previous research on tourism demand modelling and forecasting and potential future developments.

Design/methodology/approach

A narrative approach is taken in this review of the current body of knowledge.

Findings

Significant methodological advancements in tourism demand modelling and forecasting over the past two decades are identified.

Originality/value

The distinct characteristics of the various methods applied in the field are summarised and a research agenda for future investigations is proposed.

目的

本文旨在对先前关于旅游需求建模和预测的研究进行叙述性回顾并对未来潜在发展进行展望。

设计/方法

本文采用叙述性回顾方法对当前知识体系进行了评论。

研究结果

本文确认了过去二十年旅游需求建模和预测方法论方面的重要进展。

独创性

本文总结了该领域应用的各种方法的独特特征, 并对未来研究提出了建议。

Objetivo

El objetivo de este documento es ofrecer una revisión narrativa de la investigación previa sobre modelización y previsión de la demanda turística y los posibles desarrollos futuros.

Diseño/metodología/enfoque

En esta revisión del marco actual de conocimientos sobre modelización y previsión de la demanda turística y los posibles desarrollos futuros,se adopta un enfoque narrativo.

Resultados

Se identifican avances metodológicos significativos en la modelización y previsión de la demanda turística en las dos últimas décadas.

Originalidad

Se resumen las características propias de los diversos métodos aplicados en este campo y se propone una agenda de investigación para futuros trabajos.

Article
Publication date: 5 April 2024

Ather Azim Khan, Muhammad Ramzan, Shafaqat Mehmood and Wing-Keung Wong

This paper assesses the environment of legitimacy by determining the role of institutional quality and policy uncertainty on the performance of five major South Asian stock…

Abstract

Purpose

This paper assesses the environment of legitimacy by determining the role of institutional quality and policy uncertainty on the performance of five major South Asian stock markets (India, Pakistan, Bangladesh, Sri Lanka, and Nepal) using 21 years data from 2000 to 2020. The focus of this study is to approach the issue of the environment of legitimacy that leads to sustained market returns.

Design/methodology/approach

Panel cointegration tests of Kao and Pedroni are applied, and the Dynamic Panel Vector Autoregressive (PVAR) model is used to determine the estimates.

Findings

ADF P-Values of both Kao and Pedroni tests show that the panels are cointegrated; the statistical significance of the results of the Kao and Pedroni panel cointegration test confirms cointegration among the variables. After determining the most appropriate lag, the analysis is done using PVAR. The results indicate that institutional quality, policy uncertainty, and GDP positively affect stock market return. Meanwhile, government actions and inflation negatively affect stock market returns. On the other hand, stock market return positively affects institutional quality, government action, policy uncertainty, and GDP. While stock market return negatively affects inflation.

Research limitations/implications

The sample is taken only from a limited number of South Asian countries, and the period is also limited to 21 years.

Practical implications

Based on our research findings, we have identified several policy implications recommended to enhance and sustain the performance of stock markets.

Originality/value

This paper uses a unique analytical tool, which gives a better insight into the problem. The value of this work lies in its findings, which also have practical implications and theoretical significance.

Details

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

Keywords

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