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Article
Publication date: 12 June 2023

Sajid Ali, Syed Ali Raza and Komal Akram Khan

This research paper aims to explore asymmetric market efficiency of the 13 Euro countries, i.e. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherland…

Abstract

Purpose

This research paper aims to explore asymmetric market efficiency of the 13 Euro countries, i.e. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherland, Portugal, Slovakia, Slovenia and Spain, concerning the period before global financial crisis (GFC), after GFC and period of COVID-19 pandemic.

Design/methodology/approach

Multifractal detrended fluctuation analysis (MF-DFA) is applied to examine the persistence and anti-persistency. It also discusses the random walk behavior hypothesis of these 13 countries non-stationary time series. Additionally, generalized Hurst exponents are applied to estimate the relative efficiency between short- and long-run horizons and small and large fluctuations.

Findings

The current study results suggest that most countries' markets are multifractal and exhibit long-term persistence in the short and long run. Moreover, the results with respect to full sample confirm that Portugal is the most efficient country in short run and Austria is the least efficient country. However, in long run, Austria appeared to be highly efficient, and Slovakia is the least efficient. In the pre-GFC period, Greece is said to be the relatively most efficient market in the short run, whereas Austria is the most efficient market in the long run. In the case of Post-GFC, Netherland and Ireland are the most efficient markets in short and long run, respectively. Lastly, COVID-19 results indicate that Finland's stock market is the most efficient in short run. Whereas, in the long run, the high efficiency is illustrated by Germany. In contrast, the most affected stock market due to COVID-19 is Belgium.

Originality/value

This study will add value to the present knowledge on efficient market hypothesis (EMH) with the MF-DFA approach. Also, with the MF-DFA approach, potential investors will be capable of ranking the stock markets of Eurozone countries based on their efficiency in the period before and after GFC and then specifically in the period of COVID-19.

研究目的

本研究旨在探討13個歐元區國家在環球金融危機前後, 以及2019新型冠狀病毒病肆虐時期之不對稱市場效率; 這13個國家包括: 奧地利、比利時、芬蘭、法國、德國、希臘、愛爾蘭、義大利、荷蘭、葡萄牙、斯洛伐克、斯洛維尼亞和西班牙。

研究設計/方法/理念

研究人員使用多重分形去趨勢波動分析法、來探討持續性與反持續性。這分析法也用來討論正在研究中的13個國家的非平穩時間序列的隨機漫步假說; 而且, 廣義赫斯特指數被用來估算長期/短期投資與大/小波動之間的相對效率。

研究結果

研究結果間接表明了大部份國家的市場都是多重分形的; 而且, 它們無論以短期抑或以長期來審視觀察, 均能展示持久性。再者, 就整體樣本而言, 研究結果確認了在短期來看, 葡萄牙是效率最高的國家, 而奧地利則效率最低。唯以長期來審視觀察, 奧地利則似乎效率很高, 而效率最低的則是斯洛伐克。在環球金融危機爆發前, 就短期而言, 希臘被認為是相對效率最高的市場, 而長期而言, 效率最高的則是奧地利。至於在環球金融危機爆發後, 就短期而言, 荷蘭是效率最高的市場, 而就長期而言, 效率最高的則是愛爾蘭。最後, 2019新型冠狀病毒病的結果顯示, 就短期而言, 荷蘭的股票市場是效率最高的, 而長期而言, 德國則展示了其高效率性。而受疫情影響最大的股票市場則是比利時。

研究的原創性/價值

研究採用了多重分形去趨勢波動分析法、來探討股票市場的效率, 並以此分析法來討論有關國家的非平穩時間序列的隨機漫步假說, 這使我們對效率市場假說有進一步的認識; 就此而言, 本研究為有關的探討增添價值; 而且, 有意投資者在使用多重分形去趨勢波動分析法下, 能夠基於歐元區國家的股票市場在環球金融危機前後, 以及更明確地在2019新型冠狀病毒病肆虐時期的效率, 來把這些股票市場分等級。

關鍵詞

環球金融危機、2019新型冠狀病毒病、效率市場假說、多重分形去趨勢波動分析.

Details

European Journal of Management and Business Economics, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2444-8451

Keywords

Article
Publication date: 18 September 2023

Muhammad Mumtaz Khan, Muhammad Shujaat Mubarik, Syed Saad Ahmed, Syed Rizwan Ali and Syed Sajid Siraj

This study aims to analyze the connection between servant leadership and the promotive and prohibitive voice behavior of employees. In addition, this study explained how servant…

Abstract

Purpose

This study aims to analyze the connection between servant leadership and the promotive and prohibitive voice behavior of employees. In addition, this study explained how servant leadership affects promotive and prohibitive voice behavior through meaning.

Design/methodology/approach

For this study, data were collected from employee–manager dyads employed in the service sector. Each of the waves was initiated two months after the first wave. Finally, 286 useful responses were obtained. The collected data was analyzed through covariance-based structural equation modeling.

Findings

Servant leadership is related with meaning, promotive voice behavior and prohibitive voice behavior. Meaning is found to mediate the relationship between servant leadership and the two facets of voice behavior.

Originality/value

To the best of the authors’ knowledge, this study is the first to explore the mediating role of meaning relating servant leadership to promotive and prohibitive voice behavior.

Details

Global Knowledge, Memory and Communication, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9342

Keywords

Article
Publication date: 3 January 2023

Mahdi Salehi, Mahdi Moradi and Saad Faysal

The cost of equity (COE) and corporate governance structure are the most critical factors affecting competition among publicly held companies. Accordingly, the present paper aims…

Abstract

Purpose

The cost of equity (COE) and corporate governance structure are the most critical factors affecting competition among publicly held companies. Accordingly, the present paper aims to examine the relationship between corporate governance and the COE in the wake of the Islamic State of Iraq and Syria (ISIS) in Iraq.

Design/methodology/approach

Our statistical sample includes 34 companies listed on the Iraq Stock Exchange from 2012 to 2017. Board structure (i.e. board size, board independence, CEO tenure, board meetings frequency and CEO duality) and ownership structure (managerial ownership, institutional ownership and state ownership) are considered proxies for corporate governance structure. Besides, the authors employ the Capital Asset Pricing Model to measure the COE as our dependent variable. Multiple regression analysis and Exploratory Factor Analysis are also used to estimate the research models.

Findings

Our results suggest that corporate governance structure plays a significant role in reducing COE during the ISIS era. Furthermore, the authors find that corporate governance can be an alternative to COE reduction in Iraq’s absence of national security. Our findings also indicate that board size, board meeting frequency, managerial ownership and institutional ownership are negatively associated with COE.

Research limitations/implications

Although this study has been thoroughly considered and cautiously planned, the specific period chosen to conduct the research (i.e. the ISIS era) could be a significant limitation since financial disclosure of listed companies may have been of lower quality during this period. However, to relatively alleviate this limitation and maintain the authenticity of the findings, the authors exclude low-quality financial statements, particularly non-audited financial reports, from the statistical sample. Furthermore, practitioners of emerging markets that are suffering from a weak external corporate governance combination can use the findings of this paper as a guideline to compensate the existing market deficiencies by improving internal corporate governance for observing further cash sources with lower cost. The findings also propose to international agencies that the business environment in Iraq is heavily affected by the ISIS phenomenon and needs financial aid to recover from its side effects. Furthermore, macroeconomists may use this paper to make more decisive macroeconomic indicators predictions.

Originality/value

This paper is among the pioneer investigations and elaborates on how the agency conflict is resolved effectively. The board and managerial characteristics and different forms of ownership might be applicable to provide cheaper funds for companies listed in emerging markets suffering from weak external corporate governance combinations.

Details

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

Keywords

Article
Publication date: 21 September 2023

Faisal Mahmood, Abdul Zahid Khan, Sajid Amir Shah and Muhammad Adil

The purpose of this study is to investigate the post–enterprise resource planning (ERP) issues and challenges in the context of Saudi Arabia. There is a lack of research in the…

Abstract

Purpose

The purpose of this study is to investigate the post–enterprise resource planning (ERP) issues and challenges in the context of Saudi Arabia. There is a lack of research in the context of developing countries regarding post-ERP implementation issues and challenges. The high failure rate of the ERP system is a reflection of many management issues that occurred at different phases of ERP implementation. Previous research indicated that even after a successful implementation, the ERP system was unable to sustain itself in the organizations.

Design/methodology/approach

An exploratory case study design was adopted to proceed with this research process at two organizations in Saudi Arabia. The interviews of the top and middle management are conducted and transcribed. These case studies were further analyzed using the Creswell approach to generate several themes, and descriptions provided a deeper understanding of the post ERP implementation issues and challenges.

Findings

Research findings show that for successful ERP implementation, identified factors are top management support, integration, strategy, employee resistance, BPR, change management, vendor selection, team formation and culture. Moreover, factors for the post-ERP implementation that led to sustainability are top management support, training, system adoption, system testing, data migration, cost overrun, employee retention and post-implementation support.

Originality/value

This study is unique in its type to examine the issues and challenges organizations face after deploying ERP initiatives. This research's findings were useful and supportive for the senior management interested in successfully sustaining such an initiative in the organization.

Details

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

Keywords

Article
Publication date: 5 February 2024

Muhammad Sajid, Amanat Ali, Sareer Ahmad, Nikhil Chandra Shil and Izaz Arshad

This study empirically examines the impact of some domestic as well as global factors such as trade openness (TO), money supply (MS), exchange rate, global oil prices (GOPs) and…

Abstract

Purpose

This study empirically examines the impact of some domestic as well as global factors such as trade openness (TO), money supply (MS), exchange rate, global oil prices (GOPs) and interest rate (IR) on inflation.

Design/methodology/approach

This study deploys a quantitative method considering 30 years of data (1991–2020) from four South Asian countries, namely, Sri Lanka, Pakistan, Bangladesh and India. To determine the potential impact of different factors on inflation, this study applies the panel analysis of the system generalized method of moments (SGMM).

Findings

This study empirically finds that TO, MS, exchange rate and GOPs have a positive impact on inflation, while IR and the structural adjustment program (SAP) have a negative impact on inflation. Out of the various determinants considered in this study, TO, exchange rate and the SAP are insignificant, while the rest of the variables are significant and consistent with previous studies.

Practical implications

This study informs policymakers about maintaining price stability and fostering economic growth in South Asian nations. It breaks new ground as the first empirical examination of the International Monetary Fund (IMF)’s SAP impact on inflation in the region.

Originality/value

This study tries to find out whether the SAP of the IMF is responsible for inflation in South Asian countries. It gives renewed attention to the causality of inflation from the perspective of countries receiving loans from donors, especially the IMF.

Details

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

Keywords

Article
Publication date: 14 March 2024

Sajid Ullah, Farman Ullah Khan and Imran Saeed

The aim of the paper is to rank and analyze the key strategies to sustainable finance adoption in the manufacturing sector using Fuzzy Delphi method (FDM), Interpretive Structural…

Abstract

Purpose

The aim of the paper is to rank and analyze the key strategies to sustainable finance adoption in the manufacturing sector using Fuzzy Delphi method (FDM), Interpretive Structural Modeling (ISM) and MICMAC (impact matrix cross-reference multiplication applied to a classification) analysis.

Design/methodology/approach

The study develops a novel framework to identify and analyze the mutual relationships among set of sustainable policies using extensive literature survey and experts opinion. Initially, the study found 14 strategies to implement sustainable finance with the help of vast literature. Then, the list of identified factors were screened through Fuzzy Delphi Method (FDM). Based on driving and dependence power, the final list of factors are divided into three categories.

Findings

The study findings reveal that “environmental rules and practices”, “financial incentives, tax reduction and subsidy”, have strongest driving power for promoting sustainable financial system in Pakistani manufacturing sector. Furthermore, “environmental awareness” and “long term vision” are found to be highly influenced by other corresponding elements in a system.

Practical implications

The ISM approach assists professionals, academics, and managers in identifying and ranking policies in implementing green business techniques. The hierarchical representation of ISM results provides a roadmap for decision-makers to navigate and prioritize factors effectively, facilitating the implementation of strategies that contribute to sustainable growth within organizations.

Social implications

The study results provide interesting clues regarding green finance policies that provide the foundations, incentives, protections or other provisions that support the ecological conservancy’s mission. Specifically, the findings guide that government must offer research grants to private enterprises, research and development institutions, and universities to promote environmental protection and develop transformative technologies such as waste recycling, renewable energy, carbon capture, and power consumption.

Originality/value

The exploration of strategies for sustainable finance adoption with the help of mixed methodological approach and classification of these strategies on the basis of importance level is a new attempt in the field of manufacturing sector.

Details

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

Keywords

Article
Publication date: 28 March 2023

Namra Mubarak, Jabran Khan, Sajid Bashir and Samyia Safdar

The success of projects is a major challenge for information technology (IT) project-based businesses (PBOs). Employees' negative emotions (NE) disrupt the employees' usual work…

Abstract

Purpose

The success of projects is a major challenge for information technology (IT) project-based businesses (PBOs). Employees' negative emotions (NE) disrupt the employees' usual work activities by creating obstacles to routine operations. Organizations should take steps to lessen these NE. The current study assessed the mediating role of NE and the moderating influence of employee mindfulness in the association between despotic leadership (DL) and IT project success (PS).

Design/methodology/approach

Time-lagged data were collected from 341 employees working in various IT-based project organizations in Pakistan using purposive sampling.

Findings

Results were consistent with the authors' hypothesized framework, as DL increases employees' NE, which in turn negatively affects IT PS. In addition, mindfulness plays a buffering role in mitigating the damaging impact of DL on NE.

Originality/value

Previous researchers focused on the positive aspects of leadership and its influence on PS and paid limited attention to the dark leadership style. The authors' study's findings help understand how project-based organizations can reduce employees' NE.

Details

Journal of Managerial Psychology, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0268-3946

Keywords

Article
Publication date: 28 December 2023

Nimrah Ishfaq and Anila Kamal

This study aims to differentiate crime-related characteristics (such as the number of cases filed against current convictions and criminal history) based on the criminal thinking…

Abstract

Purpose

This study aims to differentiate crime-related characteristics (such as the number of cases filed against current convictions and criminal history) based on the criminal thinking prevailing among convicts. However, because of the low reliability of subscales and poor structural validity of indigenous and translated versions of international instruments, a new instrument criminal attitude measure (CAM) was extracted to measure criminal thinking patterns among convicts incarcerated in central prisons of Punjab.

Design/methodology/approach

A cross-sectional research design was used. Data was collected from 1,949 male convicts (extracting mutually exclusive data from 649 respondents for EFA and 1,300 respondents for confirmatory factor analysis [CFA]). Both data samples were collected from convicts incarcerated in the nine (all) central jails of Punjab, Pakistan.

Findings

The results of this study showed poor model fit for both the indigenous criminal thinking scale and the translated version of criminogenic cognition scale. CAM was extracted through principal component analysis and proposed as a 15-item questionnaire with five factors extracted through varimax rotation. Those five factors are power orientation, mollification, entitlement, mistrust toward authorities and short-term orientation. The results of CFA for CAM confirmed the proposed five-factor structure for the construct. Findings based on MANOVA further found that CAM differentiates between the thinking patterns of recidivists, convicts with multiple charges filed against them in current convictions and convicts with a familial criminal record. The findings of this study showed that CAM is a practical, valid and reliable instrument for measuring criminal thinking among convicts.

Research limitations/implications

In this study, using the survey method was inevitable because of the restrictions imposed by the granted permission. However, this time duration was extended because of the courtesy of the Superintendent and Deputy Superintendent of each jail. This study is focused on a male sample only, and the findings cannot be generalized to females. The phenomena proposed (based on large data sets) in this study can further be elaborated using qualitative research designs and methods (using a small sample with an in-depth study). So, it is also suggested to test this new instrument on a comparative study between prisoners and non-prisoners to explore whether scale can differentiate between these two groups.

Practical implications

A short-scale and easy-to-administer instrument was developed for assessing major criminogenic needs among convicts for prison management, i.e. assigning barracks, allocating treatment and also detecting changes in attitude after imprisonment.

Originality/value

To the best of the authors’ knowledge, this study is the first study to explore and validate the construct of criminal attitudes among convicts using both the EFA and CFA. A small and valid instrument facilitates the measurement of criminogenic needs among prisoners. Data was collected from all central jails in Punjab. This study explored comparatively less researched crime characteristics in a relatively large sample.

Details

Journal of Criminal Psychology, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2009-3829

Keywords

Article
Publication date: 25 August 2022

Muhammad Waseem, Shahid Iqbal and Khalid Khan

The purpose of this study is to determine how project governance influences project success. According to the authors, such an effect is mediated by organizational support and…

Abstract

Purpose

The purpose of this study is to determine how project governance influences project success. According to the authors, such an effect is mediated by organizational support and project team cohesion. The direct and indirect effects of organizational support and project team cohesion provided helpful information. The authors’ objective is to contribute to the project management knowledge of how project team cohesion plays a significant role in project success.

Design/methodology/approach

Data were collected from 350 employees working in Pakistan’s oil and gas industry. Four prime oil and gas exploration companies were selected as samples based on their contribution to the revenue. SPSS v23 and AMOS v23 were used for constructing structural equation modeling and path analysis to examine the direct and indirect effects.

Findings

The results revealed that project governance is positively related to project success. Furthermore, organizational support and project team cohesion mediated the relationship between project governance and project success.

Originality/value

Team cohesion has been primarily a topic of interest in sports psychology literature, education and medical sciences. There is an expressed need to investigate team cohesion issues in the broad domain of organizational development, specifically the project management literature. This study contributed by discussing team cohesion in the project context. Second, project governance was investigated using the conservation of resources theory. The lens of intellectual capital was applied to examine intangible resources of project governance like rules, regulations and directives for project success.

Details

Journal of Facilities Management , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1472-5967

Keywords

Article
Publication date: 16 January 2024

Ajay Kumar Pandey, Saurabh Pratap, Ashish Dwivedi and Sharfuddin Ahmed Khan

The existing literature reflects that the connection between enablers of Industry 4.0 (I4.0), Supply Chain (SC) sustainability and reliability is understudied. To cover this gap…

Abstract

Purpose

The existing literature reflects that the connection between enablers of Industry 4.0 (I4.0), Supply Chain (SC) sustainability and reliability is understudied. To cover this gap, the purpose of this study is to identify and benchmark the enablers of I4.0 for SC sustainability to build a Reliable Supply Chain (RSC).

Design/methodology/approach

This study benchmarks the I4.0 enablers for SC sustainability for building a RSC and analyses them with a multi-method approach. The identified potential enablers are validated empirically. A multi-method approach of Analytical Hierarchy Process (AHP), Decision Making Trial and Evaluation Laboratory (DEMATEL) and Preference Ranking for Organization Method for Enrichment Evaluation (PROMETHEE-II) was used to investigate the influence of the identified benchmarking enablers and develop an interrelationship diagram among the identified enablers.

Findings

This study benchmarks the potential enablers of I4.0 to achieve high ecological-economic-social gains in SCs considering the Indian scenario. Digitalization of the supply chain, decentralization, smart factory technologies and data security and handling are the most prominent enablers of I4.0 for SC sustainability to build a RSC.

Originality/value

The findings from the study may benefit managers, practitioners, specialists, researchers and policymakers interested in I4.0 sustainability applications.

Details

Benchmarking: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-5771

Keywords

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