Search results

1 – 10 of over 56000
To view the access options for this content please click here
Book part

Aimee E.A. King and Paul E. Levy

Recent changes in the economy have altered both the internal and external operations of organizations. In response to the economic downturn, organizations have been forced…

Abstract

Recent changes in the economy have altered both the internal and external operations of organizations. In response to the economic downturn, organizations have been forced to dramatically change their work practices and processes. Such practices inevitably create concern for employees as resources become more scarce, rewards and processes become more uncertain, and the marketplace becomes more competitive. To avoid these stressful situations and survive within their organizations, workers have to become more flexible and responsive. However, the specific ways in which the economic downturn will affect worker well-being has yet to be determined. In this chapter, we propose an integrative model of the politics– stress relationship and demonstrate the key role played by economic conditions.

Details

The Role of the Economic Crisis on Occupational Stress and Well Being
Type: Book
ISBN: 978-1-78190-005-5

Keywords

To view the access options for this content please click here
Article

Mian Sajid Nazir, Hassan Younus, Ahmad Kaleem and Zeshan Anwar

– The purpose of this paper is to investigate the relationship between uncertain political events and Pakistani Stock Markets from May 1999 to December 2011.

Abstract

Purpose

The purpose of this paper is to investigate the relationship between uncertain political events and Pakistani Stock Markets from May 1999 to December 2011.

Design/methodology/approach

Using the mean-adjusted return model and event study methodology and by comparing the market efficiency between the two government style, i.e. autocratic and democratic, the authors determined that how uncertain political events are affecting Pakistani Stock Markets.

Findings

The empirical result shows that political events have an impact on the Karachi Stock Exchange (KSE) returns. Moreover, the paper derives from the results that the KSE is inefficient for a short span of time, after 15 days KSE absorbs the noisy information. The political situation in Pakistan was more stable in autocratic government structure than in democratic structure but it is difficult to state that the stock markets are more efficient in Autocracy because only few events took place during an autocratic regime and magnitude of events was not same in the autocratic and democratic government structure.

Originality/value

This study is unique in its nature as it examines the effect of multiple political events on stock market returns in Pakistan simultaneously and is expected to contribute significantly in the capital market literature of Pakistan in particular.

Details

Journal of Economic and Administrative Sciences, vol. 30 no. 1
Type: Research Article
ISSN: 1026-4116

Keywords

To view the access options for this content please click here
Article

Walid M.A. Ahmed

Over a short interval of time (i.e. 2011-2014), Egypt has experienced tectonic political shifts, including the toppling of a long-entrenched dictator, two presidential…

Abstract

Purpose

Over a short interval of time (i.e. 2011-2014), Egypt has experienced tectonic political shifts, including the toppling of a long-entrenched dictator, two presidential elections, and a military coup. The purpose of this paper is to provide an analysis of the impact of such events on the country’s equity market behaviour, both in terms of returns and volatility.

Design/methodology/approach

The data set is composed of daily stock index closing prices for the overall market and top eight most actively traded sectors. To assess the impact of the considered events on the market and sector returns, an event study approach is applied. On the other hand, a univariate VAR-EGARCH model is employed to explore whether, and to what extent, volatilities at the market and sector levels respond to such events.

Findings

The results suggest that political uncertainty has a profound impact on the risk-return profiles of almost all market sectors, with different degrees of intensity. By and large, the price and volatility effects are most pronounced in banks, financial services excluding banks and chemicals sectors, whilst food and beverages as well as construction and materials sectors are found to be the least responsive to these events. The 2013 military coup turns out to be the most pervasive event impinging on the market and sector-specific indices.

Practical implications

The results have a number of practical implications that could be of interest to many parties involved. More specifically, with political dysfunction overshadowing business and investment activities in Egypt, genuine democratic reforms, which entail proper regard for human rights and the rule of law, must have the highest priority of policymakers, in order to secure a positive investment climate and to foster investor confidence. Furthermore, in tandem with considering other relevant factors, multinational companies need to have a thorough assessment of Egypt’s future political course and to develop more robust contingency plans to effectively combat potential threats generated by political vicissitudes.

Originality/value

To the author’s best knowledge, this study is the first attempt to empirically examine the price and volatility effects of the recent presidential events in Egypt, thereby contributing to the relevant literature in this area.

Details

International Journal of Emerging Markets, vol. 12 no. 3
Type: Research Article
ISSN: 1746-8809

Keywords

To view the access options for this content please click here
Book part

Marçal Mora-Cantallops, Zhengqi Yan and Salvador Sánchez-Alonso

In the last few years, information and communication technologies (ICTs) and social media have become increasingly relevant to politicians and political parties alike…

Abstract

In the last few years, information and communication technologies (ICTs) and social media have become increasingly relevant to politicians and political parties alike, often used to issue statements or campaigning, among others. At the same time, many citizens have become more involved in politics, partly due to the highly interactive and social environments that the social networking services (SNS) provide. Political events flow through these networks, influencing their users; such events, however, often start offline (outside the online platform) and are, therefore, hard to track. Event studies, a methodology often used in financial and economic studies, can be translated to social networks to help modeling the effect of external events in the network. In the present case, the event study methodology is applied to two sample cases: the tariff war between the United States and China, with multiple responses and retaliations from both sides, and the Brexit referendum. In both cases, the Twitter social networks that arise from users who discuss the respective subjects are analyzed to examine how political events shape and modify the network. Results show how event studies, combined with the possibilities offered by the ICTs both in data retrieval and analysis, can be applied to understand the effect of external political events, allowing researchers to quantitatively track, observe, and analyze the spread of political information over social network platforms. This is a first step toward obtaining a better understanding on how political messages are diffused over social networks and their effects in the network structures and behaviors.

Details

Politics and Technology in the Post-Truth Era
Type: Book
ISBN: 978-1-78756-984-3

Keywords

To view the access options for this content please click here
Book part

Deana A. Rohlinger, Ben Kail, Miles Taylor and Sarrah Conn

Purpose – Although scholars have long been interested in how social movements use mass media to forward their goals, sociological research almost exclusively focuses on…

Abstract

Purpose – Although scholars have long been interested in how social movements use mass media to forward their goals, sociological research almost exclusively focuses on the ability of activist groups to get their ideas and organizations in general audience, mainstream media coverage. This paper contributes to a more systematic understanding of media coverage outcomes by broadening the range of outlets considered relevant to political discourse. In addition to mainstream venues, we consider conservative and liberal/left outlets in our analysis of social movement organization media coverage.

Method – Using negative binomial regression, we analyze how organizational characteristics, organizational frames, political elites, and event type affect the rates of social movement organization media coverage in mainstream and partisan news venues.

Findings – We find that the independent variables play very different roles in mainstream and partisan media coverage outcomes. Specifically, while organizational characteristics and frames often enhance the media coverage outcomes of activist groups in mainstream venues, political elites have no effect at all. In contrast, organizational characteristics and frames do not affect social movement media coverage in partisan outlets, whereas political elites and event type do.

Originality of the paper – Conceptually, this research broadens how scholars think about the relationship between social movement groups and mass media as well as the factors that influence media outcomes.

Details

Media, Movements, and Political Change
Type: Book
ISBN: 978-1-78052-881-6

Keywords

To view the access options for this content please click here
Article

Elsa Pereira, Margarida Mascarenhas, Adão Flores, Laurence Chalip and Gustavo Pires

The purpose of this paper is to identify the strategic leveraging goals associated with a portfolio of small-scale events and to analyze their implementation process…

Abstract

Purpose

The purpose of this paper is to identify the strategic leveraging goals associated with a portfolio of small-scale events and to analyze their implementation process (actors/tactics: who did what?) in order to propose new leverage typologies through new empirical research evidence.

Design/methodology/approach

Three techniques of data collection conducted the fieldwork: qualitative interviewing, direct observation and documental research. Based on the principles of grounded theory and using qualitative data analysis software (Nvivo) data were inductively analyzed.

Findings

Results showed the coexistence of a plurality of strategic leveraging goals, namely: “strengthen political advantage”; “integrate and retain partners/sponsors”; and “develop sports dynamics”. There was a set of tactics and actions identified and successfully implemented due to the coordination of the network of organizations part of the events, which included local and external actors.

Research limitations/implications

Researchers realized that it was impossible to take a neutral research stand. In fact, in qualitative research, the investigator is the first instrument of data collection. In this sense, it was important for researchers to constantly reflect on their role, as Pelias (2011) says “reflexive writing strategies include indicating how the researcher emerged as a contaminant, how the researcher´s insider status was revelatory or blinding, and how the researcher is implicated in the problem being addressed” (p. 662). It is also considered that, when organizing events, the network of interactions is extremely complex, making it difficult to capture all the actors’ perspectives.

Practical implications

In relation to the practical implications, it is important that sports event managers have in-depth knowledge and skills on event leveraging; it is also important that managers understand the sports culture in order to recognize the multidimensionality of strategic leveraging in sporting events. The strategic dynamic should be developed and coevolved with community/local and external actors. The coordination between the actors is a key point to achieve successful leveraging.

Social implications

A theoretical implication related to the event leverage is the creation of a new strategic objective – “developing the sport dynamics”. The sport participation tactic among other tactics were found, namely “enhancing of the sports shows” and “tuning of skills in sports management”.

Originality/value

The dynamics and plurality of strategic goals associated with the leverage of an event portfolio, namely the actions that were developed and also the actors’ interaction in small-scale events. Another factor is the identification of the prominent role of the external event organization committee in the dynamics of event leveraging, as well as the deep analysis of the leveraging process supported by the observation of all the events.

Details

International Journal of Event and Festival Management, vol. 11 no. 1
Type: Research Article
ISSN: 1758-2954

Keywords

To view the access options for this content please click here
Article

Dirk Schiereck and Julian Trillig

The purpose of this paper is to determine the impact of political risk on the German solar energy industry. The authors analyze the period from 2006 to mid-2011, when the…

Abstract

Purpose

The purpose of this paper is to determine the impact of political risk on the German solar energy industry. The authors analyze the period from 2006 to mid-2011, when the technological development of this sector was remarkable while the whole industry is depending on political support and subsidies.

Design/methodology/approach

The authors apply an EGARCH model assessing potential changes in conditional volatility response of solar industry stock returns following political risk events.

Findings

The results document major changes in political support of the solar industry drive capital market risk. Whereby favorable political news significantly decrease volatility response and unfavorable political news do not affect volatility response. Moreover, the authors find that the volatility response varies with the exposure to political risk. Companies with higher exposure to political risk show more significant volatility response.

Practical implications

Political risk affects the cost of capital of companies in this sector. Thus, managers are able to time equity measures in a way that they can determine periods when the investor's required return is low due to a reduced risk premium. The authors suggest risk reducing public policy facilitates investments in those industries and thus fosters the development and diffusion of immature technologies.

Originality/value

The paper helps policy makers, managers, and investors to assess the impact of political risk on the overall risk of the German solar energy sector and in a broader view of immature or high-tech industries that depend crucially on governmental support.

Details

International Journal of Energy Sector Management, vol. 8 no. 2
Type: Research Article
ISSN: 1750-6220

Keywords

To view the access options for this content please click here
Article

Srinivas Nippani and Dror Parnes

This paper aims to analyze how political brinkmanship impacted Treasury yields during the debt ceiling debate in 2015. The results show that the resignation of the House…

Abstract

Purpose

This paper aims to analyze how political brinkmanship impacted Treasury yields during the debt ceiling debate in 2015. The results show that the resignation of the House Speaker John A. Boehner caused a significant decrease in Treasury bill yields of one- and three-month maturities. The authors robust analysis indicates that these lower yields have saved US taxpayers several billion dollars in extra tax expenses. This paper provides evidence that lack of political brinkmanship can be very advantageous for the taxpayers. This has considerable implications for lawmakers in this post-election year.

Design/methodology/approach

The authors examine the differences in yields between equal maturity short-term Treasury securities and commercial paper using t-tests, non-parametric tests and a robust regression model based on earlier empirical studies.

Findings

This study provides evidence indicating that between September 25, 2015, and up to October 30, 2015, relatively lower Treasury yields resulted from the lack of political brinkmanship, and this has saved the US taxpayers several billion dollars in interest expenses in 2015.

Research limitations/implications

The study showed that lower yields will result from a lack of political brinkmanship, and this resulted in savings of several billions of dollars in interest payments. Considering that both the White House and Congress will be controlled by the same political party, this gives lawmakers a unique opportunity to have less acrimonious debt ceiling debates. The limitation of the study is that it does not consider the impact on foreign exchange markets and other factors which could play a major role.

Practical/implications

Unlike earlier scenarios where default risk increased, followed by credit rating downgrades, there was a quiet confidence this time about a quick resolution. Markets were stable, and this allowed money market participants to invest more confidently even when an upcoming debt ceiling debate is on. Corporations that invested additional cash in money markets for short-term could do it more confidently at that time without fear of default or interest rate risk which could potentially harm the market value of their investments.

Practical/implications

It implies that there will be lower taxpayer costs because of debt ceilings and avoidance of shutdowns of the federal government. It also implies that there could be more confidence in the dollar.

Originality/value

Several earlier studies have examined Treasury default caused by political brinkmanship. This is the first study to examine an event where political brinkmanship appeared possible and then suddenly dissipated in a single day. Political brinkmanship is bad news because it increases taxpayer interest burden as seen from several of the studies above. Therefore, it should be considered good news if no disagreement is evident. This argument serves as our motivation for this paper. As an increase in the chances of default causes an increase in the yield of Treasury bills as earlier studies showed, a decrease in the chance of default caused Treasury bill yields to be that much lower based on the results of this study.

To view the access options for this content please click here
Article

Akash Dania and Rahul Verma

Terrorism, an important component of Political risk as a possible determinant of ADRs (American Depository Receipts) returns have received little attention in academic…

Abstract

Terrorism, an important component of Political risk as a possible determinant of ADRs (American Depository Receipts) returns have received little attention in academic literature. To address this issue and examine whether political risk is a major determinant of ADR returns of emerging market countries, this paper empirically examines market valuation of Indian ADRs around acts of terrorism. Using a sample of 52 such events in the sample period Jan 2003‐Dec 2003 we empirically analyze returns of Indian ADRs. The results from our study indicate a marginally negative significant effect, failing to indicate that event of terrorist attacks severely affect the Indian ADRs listed on the US stock market. This may be explained by a combined effect of; (a) the optimism of US investors towards emerging markets, and (b) market participants becoming more resilient and making informed choices around the “general” events of terrorism.

Details

Journal of Asia Business Studies, vol. 2 no. 1
Type: Research Article
ISSN: 1558-7894

Keywords

To view the access options for this content please click here
Article

Ayesha Ashraf, M. Kabir Hassan, Khurram Abbas and Qamar Uz Zaman

This paper aims to examine the impact of general elections on the stock returns of the politically connected group affiliated firms of Pakistan.

Abstract

Purpose

This paper aims to examine the impact of general elections on the stock returns of the politically connected group affiliated firms of Pakistan.

Design/methodology/approach

This study uses the market model to assess the impact of political connections (PCs) on abnormal stock returns, before and after election events. We have used share price data of non-financial firms of Pakistan for the years 2008-2013.

Findings

It has been found that behavior of cumulative average abnormal returns (CAAR) is significantly different for standalone and politically connected group affiliated firms. The results reveal that CAARs of politically connected group affiliated firms have experienced less deviation as compared to stand alone firms. Therefore, it is argued that politically connected group firms may reduce the impact of political uncertainty on stock returns in comparison to stand alone firms.

Practical implications

This study is helpful for policy regulators of Pakistan to devise appropriate policies to maintain a level playing field for politically connected and standalone firms.

Originality/value

This study provides a new dimension to understand the role and association of PCs and general elections with stock markets returns.

Details

Journal of Financial Crime, vol. 27 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

1 – 10 of over 56000