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Article
Publication date: 20 December 2023

Allah Karam Salehi and Elham Soleimanizadeh

The abnormality of the month-of-the-year and Ramadan effects has extensively existed in the stock and other markets. The commercial strategy pattern and the computation of such…

Abstract

Purpose

The abnormality of the month-of-the-year and Ramadan effects has extensively existed in the stock and other markets. The commercial strategy pattern and the computation of such predictable patterns in the market allow investors to make money. By using anomalies such as the month-of-the-year and the Ramadan effects on earnings management (EM), it is possible to achieve such a goal. This study aims to investigate the month-of-the-year effect and the Ramadan effect on the relationship between accrual earnings management and real earnings management (AEM and REM, respectively) and liquidity in the Iranian capital market.

Design/methodology/approach

This empirical analysis comprises a panel data set of 80 listed firms (400 observations) on the Tehran Stock Exchange from 2016 to 2020.

Findings

The findings exhibit that when AEM and REM increase, information asymmetry also increases. The simultaneous increase of these variables leads to a decrease in stock liquidity. Furthermore, the results indicate that the month-of-the-year and Ramadan effects intensify the negative relationship between AEM and REM with stock liquidity. Therefore, EM is affected by the investor’s behavior in specific months.

Practical implications

Anomalies caused by the Ramadan effect and the month-of-the-year effect on reducing liquidity in the Iranian stock market were confirmed. Investors can use these anomalies to identify predictable patterns, exchange securities according to those patterns and earn abnormal returns.

Originality/value

To the best of the authors’ knowledge, this is the first study that empirically examined the simultaneous effect of Gregorian and Islamic calendar anomalies on the relationship between EM and liquidity, and while helping managers and other readers, it can be the basis for future research.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

Article
Publication date: 3 April 2023

Muhammad Fayyaz Sheikh, Aamir Inam Bhutta and Tahira Parveen

Investor sentiment (optimism or pessimism) may influence investors to follow others (herding) while taking their investment decisions. Herding may result in bubbles and crashes in…

Abstract

Purpose

Investor sentiment (optimism or pessimism) may influence investors to follow others (herding) while taking their investment decisions. Herding may result in bubbles and crashes in the financial markets. The purpose of the study is to examine the presence of herding and the effects of investor sentiment on herding in China and Pakistan.

Design/methodology/approach

The investor sentiment is captured by five variables (trading volume, advance/decline ratio, weighted price-to-earnings ratio, relative strength index and interest rates) and a sentiment index developed through principal component analysis (PCA). The study uses daily prices of 2,184 firms from China and 568 firms from Pakistan for the period 2005 to 2018.

Findings

The study finds that herding prevails in China while reverse herding prevails in Pakistan. Interestingly, as investors become optimistic, herding in China and reverse herding in Pakistan decrease. This indicates that herding and reverse herding are greater during pessimistic periods. Further, the increase in herding in one market reduces herding in the other market. Moreover, optimistic sentiment in the Chinese market increases herding in the Pakistani market but the reverse is not true.

Practical implications

Considering the greater global financial liberalization, and better opportunities for emotion sharing, this study has important implications for regulators and investors. Market participants need to understand the prevalent irrational behavior before trading in the markets.

Originality/value

Since individual proxies may depict different picture of the relationship between sentiment and herding therefore the study also develops a sentiment index through PCA and incorporates this index in the analysis. Further, this study examines cross-country effects of herding and investor sentiment.

Details

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

Keywords

Open Access
Article
Publication date: 21 June 2022

Maria Gaia Soana, Andrea Lippi and Simone Rossi

This paper investigates the stock market reaction to three different events related to the UEFA Champions League – the announcements of draws, odds and match results. The aim of…

Abstract

Purpose

This paper investigates the stock market reaction to three different events related to the UEFA Champions League – the announcements of draws, odds and match results. The aim of the paper is to test whether these events are informative for stock market operators, i.e. whether they produce abnormal returns.

Design/methodology/approach

Applying the event study methodology, the authors investigate the stock market reaction before (at two events: the draw date and on the release of betting odds) and after the matches of 11 listed soccer teams in the period 2003–2019. The authors also conduct OLS regression analyses in order to disentangle the impact of firm specific variables and match characteristics on cumulative abnormal returns.

Findings

This paper finds that match outcomes affect the stock market performance of listed teams, while the announcements of draws and odds do not. More specifically, the market does not consider match outcomes involving wins and ties as informative events, while it penalizes losing teams. Moreover, investor reactions to events related to the UCL competition depend more on match characteristics than on company specific variables.

Originality/value

The study enriches the ongoing debate about the impact of soccer team results on stock market performance in several ways: using the widest time span ever adopted in this area; focusing on UCL, which is the most important soccer competition played by private clubs; disentangling for the first time the effects of draws, odds release and sporting outcome on stock returns of listed soccer clubs.

Details

EuroMed Journal of Business, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1450-2194

Keywords

Article
Publication date: 26 March 2024

Rawan Ramadan, Hassan Ghanem, Jamal M. Khatib and Adel M. ElKordi

The purpose of this paper is to check the feasibility of using biomaterial such as of Phragmites-Australis (PA) in cement paste to achieve sustainable building materials.

Abstract

Purpose

The purpose of this paper is to check the feasibility of using biomaterial such as of Phragmites-Australis (PA) in cement paste to achieve sustainable building materials.

Design/methodology/approach

In this study, cement pastes were prepared by adding locally produced PA fibers in four different volumes: 0%, 0.5%, 1% and 2% for a duration of 180 days. Bottles and prisms were subjected to chemical shrinkage (CS), drying shrinkage (DS), autogenous shrinkage (AS) and expansion tests. Besides, prism specimens were tested for flexural strength and compressive strength. Furthermore, a mathematical model was proposed to determine the variation length change as function of time.

Findings

The experimental findings showed that the mechanical properties of cement paste were significantly improved by the addition of 1% PA fiber compared to other PA mixes. The effect of increasing the % of PA fibers reduces the CS, AS, DS and expansion of cement paste. For example, the addition of 2% PA fibers reduces the CS, expansion, AS and DS at 180 days by 36%, 20%, 13% and 10%, respectively compared to the control mix. The proposed nonlinear model fit to the experimental data is appropriate with R2 values above 0.92. There seems to be a strong positive linear correlation between CS and AS/DS with R2 above 0.95. However, there exists a negative linear correlation between CS and expansion.

Research limitations/implications

The PA used in this study was obtained from one specific location. This can exhibit a limitation as soil type may affect PA properties. Also, one method was used to treat the PA fibers.

Practical implications

The utilization of PA fibers in paste may well reduce the formation of cracks and limit its propagation, thus using a biomaterial such as PA in cementitious systems can be an environmentally friendly option as it will make good use of the waste generated and enhance local employment, thereby contributing toward sustainable development.

Originality/value

To the authors best knowledge, there is hardly any research on the effect of PA on the volume stability of cement paste. Therefore, the research outputs are considered to be original.

Details

International Journal of Building Pathology and Adaptation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-4708

Keywords

Article
Publication date: 29 December 2023

Mahmoud Ramadan Al-Azab and Heba Salah Zaki

This paper aims to examine the antecedents of green entrepreneurship intention (GEI) amongst tourism and hospitality higher education students and further explores the effect of…

Abstract

Purpose

This paper aims to examine the antecedents of green entrepreneurship intention (GEI) amongst tourism and hospitality higher education students and further explores the effect of green entrepreneurship intention on sustainable development (SD). It also investigates the mediating role of GEI in the relationship between the antecedents of GEI and SD in students' future tasks in tourism and hospitality.

Design/methodology/approach

Partial least squares structural equation modeling was used to analyze data collected via an online questionnaire from 970 tourism and hospitality universities' students in Egypt, either undergraduate or postgraduate.

Findings

The results show that green entrepreneurship intention is positively affected by attitude, subjective norms, environmental education, risk aversion, self-efficacy and environmental values. The results also revealed that green entrepreneurship intention is a significant driver for sustainable development. Moreover, the findings revealed that GEI mediates the link between the antecedents of GEI and SD.

Practical implications

The results offer highly persuasive insights that may be used to promote GEI and SD among tourism and hospitality students. The effectiveness of GEI in achieving SD will motivate government and educational institutions to develop GEI for university students. This study will assist policymakers in developing a novel strategy, providing a contribution to the green behavior literature in an emerging context.

Originality/value

The field of the green entrepreneur is uncharted and still in its infancy. As a result, further research is needed in the literature to better understand green entrepreneurship intention. Enhancing tourism and hospitality students' green entrepreneurial intentions will help the economy expand sustainably in the future because they are the entrepreneurs of tomorrow. The findings hold important implications for both the research community and tourism education and business management.

Details

Journal of Hospitality and Tourism Insights, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9792

Keywords

Open Access
Article
Publication date: 10 October 2023

Ahmed M. Adel, Xin Dai and Rana S. Roshdy

It is globally recognized that food waste has significant economic, social and environmental impacts. This study endeavors to identify the individuals' underlying factors that…

Abstract

Purpose

It is globally recognized that food waste has significant economic, social and environmental impacts. This study endeavors to identify the individuals' underlying factors that affect food waste behavior in a social context in Egypt.

Design/methodology/approach

Due to the scarcity of research illustrating food waste in a social context, a qualitative research paradigm is employed. In-depth semi-structured interviews are conducted with 18 Egyptian households to report their experiences, thoughts and feelings while eating in a social context.

Findings

Based on thematic analysis using grounded theory procedures, eight main elements affecting creation and reduction of food waste in social contexts are identified. Additionally, the authors investigate the role of emotions in social dining contexts. A key finding is that food waste in social events is inevitable and is the acceptable norm in the Egyptian culture. Thus, the first step to reduce food waste is paying more attention to change culture. Persuading people with the negative consequences of food waste issue on behalf of their cultural values will be more challenging and may require more innovative approaches.

Originality/value

Although food waste issue is one of the contemporary issues in the world, very little is known about how social food consumption leads to food waste behavior. This study employs social influence theory and the collectivistic culture orientation to investigate the unanswered question of why food gets wasted in social meal context.

Details

Journal of Humanities and Applied Social Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2632-279X

Keywords

Article
Publication date: 7 February 2024

Moh’d Anwer AL-Shboul

This study attempts to explore the linkages between reliable big and cloud data analytics capabilities (RB&CDACs) and the comparative advantage (CA) that applies in the…

Abstract

Purpose

This study attempts to explore the linkages between reliable big and cloud data analytics capabilities (RB&CDACs) and the comparative advantage (CA) that applies in the manufacturing sector in the countries located in North Africa (NA). These are considered developing countries through generating green product innovation (GPI) and using green process innovations (GPrLs) in their processes and functions as mediating factors, as well as the moderating role of data-driven competitive sustainability (DDCS).

Design/methodology/approach

To achieve the aim of this study, 346 useable surveys out of 1,601 were analyzed, and valid responses were retrieved for analysis, representing a 21.6% response rate by applying the quantitative methodology for collecting primary data. Convergent validity and discriminant validity tests were applied to structural equation modeling (SEM) in the CB-covariance-based structural equation modeling (SEM) program, and the data reliability was confirmed. Additionally, a multivariate analysis technique was used via CB-SEM, as hypothesized relationships were evaluated through confirmatory factor analysis (CFA), and then the hypotheses were tested through a structural model. Further, a bootstrapping technique was used to analyze the data. We included GPI and GPrI as mediating factors, while using DDCS as a moderated factor.

Findings

The empirical findings indicated that the proposed moderated-mediation model was accepted due to the relationships between the constructs being statistically significant. Further, the findings showed that there is a significant positive effect in the relationship between reliable BCDA capabilities and CAs as well as a mediating effect of GPI and GPrI, which is supported by the proposed formulated hypothesis. Additionally, the findings confirmed that there is a moderating effect represented by data-driven competitive advantage suitability between GPI, GPrI and CA.

Research limitations/implications

One of the main limitations of this study is that an applied cross-sectional study provides a snapshot at a given moment in time. Furthermore, it used only one type of methodological approach (i.e. quantitative) rather than using mixed methods to reach more accurate data.

Originality/value

This study developed a theoretical model that is obtained from reliable BCDA capabilities, CA, DDCS, green innovation and GPrI. Thus, this piece of work bridges the existing research gap in the literature by testing the moderated-mediation model with a focus on the manufacturing sector that benefits from big data analytics capabilities to improve levels of GPI and competitive advantage. Finally, this study is considered a road map and gaudiness for the importance of applying these factors, which offers new valuable information and findings for managers, practitioners and decision-makers in the manufacturing sector in the NA region.

Details

International Journal of Productivity and Performance Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1741-0401

Keywords

Article
Publication date: 21 June 2023

Stephen Oduro and Alessandro De Nisco

Informed by the resource-based view of the firm, dynamic capabilities theory and contingency theory, this study examines the impact of Industry 4.0 (IR4.0) technologies adoption…

Abstract

Purpose

Informed by the resource-based view of the firm, dynamic capabilities theory and contingency theory, this study examines the impact of Industry 4.0 (IR4.0) technologies adoption on firm performance (FP) while accounting for the mediating role of innovation ambidexterity (IA) and moderating roles of contextual and methodological factors that drive the performance gains of the phenomenon.

Design/methodology/approach

A random-effect model in comprehensive meta-analysis (CMA) is used to synthesize 113 studies in 115 independent samples with 192,188 observations.

Findings

This analysis demonstrates that IR4.0 digital technologies are directly related to financial and non-financial performance, disclosing that the performance effect on non-financial is the largest. Moreover, there is a complementary partial mediation role of the impacts of IR4.0 on FP by IA. Furthermore, this focal relationship is moderated by boundary-spanning conditions: contextual factors – firm size, business type, economic development, industry sector and methodological factors – proxy of FP, sample size and study type.

Practical implications

The results imply that IR4.0 produces financial and non-financial benefits by enabling firms to develop dynamic capabilities like innovation ambidexterity, which informs managers and practitioners that unless IR4.0 technologies and IA strategies are combined together to generate superior FP, IR4.0, in and of itself, would produce a less positive impact on FP than the combined impact of IR4.0 and IA. Therefore, managers should focus on converting IR4.0 resources to dynamic capabilities like IA by leveraging open innovation strategies or building IR4.0-based coordination mechanisms by creating cross-unit business synergies.

Originality/value

To the best of the authors' knowledge, per the literature review, this is the first meta-analysis structural equation modeling study on the interplay between IR4.0, innovation ambidexterity and firm performance.

Details

European Journal of Innovation Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1460-1060

Keywords

Article
Publication date: 15 March 2024

Kwabena Abrokwah-Larbi

This study aims to explore the conversion of metaverse marketing (MVM) into strategic agility among SMEs based on dynamic capabilities (DC) and dynamic management capabilities…

Abstract

Purpose

This study aims to explore the conversion of metaverse marketing (MVM) into strategic agility among SMEs based on dynamic capabilities (DC) and dynamic management capabilities (DMC) theories. This paper discusses how constructs such as immersive marketing technologies (IMT), customer immersion (CI) and managerial capabilities (MC) play critical role in the transformation of MVM into strategic agility (SA).

Design/methodology/approach

A theoretical framework based on DC and DMC theories, and a comprehensive review of the literature on MVM, IMT, CI, MC and SA, was developed in order to theoretically investigate the relationships between MVM and SA. In this theoretical framework, MVM is the independent variable, while the dependent variable is SA. Also, IMT and CI both mediate the association between MVM and SA, while MC moderate the association between MVM and SA in one stream; and CI and SA in another stream.

Findings

This research study develops a theoretical framework that recommends nine set of important research propositions in MVM. An extensive literature review was conducted to examine the theoretical framework on the effect of MVM on SA. The proposed theoretical framework suggests that brand community development and communication, experiential marketing and personalisation in MVM, once accessed through IMT (i.e. VR, AR, MR) and CI (i.e. customer engagement, customer absorption-customer acquisition and assimilation of knowledge, presence) can produce significant SA through customer experience management, value co-creation and process innovation.

Originality/value

This current study develops a theoretical framework that theorise the relationship between MVM and SA rooted in literature on MVM and SA, and also based on DC and DMC perspective. The moderating effect of MC on the relationship between IMT and SA on one hand, and CI and SA on the other, provides support to IMT and CI as mediators in the transformation of MVM into SA. This study also provides insight into SME adoption of MVM and how it generates SA. Lastly, the current study contributes to the body of knowledge on MVM, IMT, CI, MC and SA.

Details

Journal of Contemporary Marketing Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2516-7480

Keywords

Article
Publication date: 11 July 2023

Shahzad Ali, Nor Azam Abdul Razak, Bakti Hasan-Basri and Hasnain Ali

This study investigated the in-role and extra-role performance of male and female teachers. Multigroup Analysis is applied to the unique combination of independent variable time…

Abstract

Purpose

This study investigated the in-role and extra-role performance of male and female teachers. Multigroup Analysis is applied to the unique combination of independent variable time pressures, mediating variable psychological empowerment and dependent variable teacher in-role and extra-role performance.

Design/methodology/approach

The reason for employing a distinctive methodology is because of male and female characteristics. In addition, data were gathered during COVID-19 using convenient sampling techniques from male and female teachers working in Pakistani higher education institutions.

Findings

The results showed that time has a significant impact on how well male and female teachers do their jobs. According to the gendered characteristics, psychological empowerment significantly intervenes between time pressure and teacher performance. Furthermore, the result provides policymakers with guidelines while assigning the task to teachers.

Practical implications

This article highlighted the issues of performance under time pressure imposed by an educational institution's employer and developed the mechanism for effective and efficient policies to improve the performance of teachers.

Originality/value

Under the lens of the cognitive theory of load, this study contributes to the literature on time pressure, psychological empowerment and teacher performance by introducing a novel concept and novel research framework.

Details

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

Keywords

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