Search results

This paper aims to determine causal relationships between the level of productive credit, real deposits and money demand – all of them in real terms – and Gross National Product between 2006 and 2020.

The vector autoregressive technique (VAR) was used, where data from real macroeconomic aggregates published by the Central Bank of Ecuador (BCE) are correlated, such as productive credit, gross domestic product (GDP) per capita, deposits and money demand.

The results indicate that there is no causal relationship, in the Granger sense, between GDP and financial activity, but there is between the growth rate of real money demand per capita and the growth rate of total real deposits per capita.

The study shows that bank credit mainly finances the operations of current assets and/or liabilities. In addition, economic agents use the banking system mainly to carry out transactional and precautionary activities.

Railways are a well-known example of complex critical infrastructure, incorporating socio-technical systems with humans such as drivers, signallers, maintainers and passengers at the core. The technological evolution including interconnectedness and new ways of interaction lead to new security and safety risks that can be realised, both in terms of human error, and malicious and non-malicious behaviour. This study aims to identify the human factors (HF) and cyber-security risks relating to the role of signallers on the railways and explores strategies for the improvement of “Digital Resilience” – for the concept of a resilient railway.

Overall, 26 interviews were conducted with 21 participants from industry and academia.

The results showed that due to increased automation, both cyber-related threats and human error can impact signallers’ day-to-day operations – directly or indirectly (e.g. workload and safety-critical communications) – which could disrupt the railway services and potentially lead to safety-related catastrophic consequences. This study identifies cyber-related problems, including external threats; engineers not considering the human element in designs when specifying security controls; lack of security awareness among the rail industry; training gaps; organisational issues; and many unknown “unknowns”.

The authors discuss socio-technical principles through a hexagonal socio-technical framework and training needs analysis to mitigate against cyber-security issues and identify the predictive training needs of the signallers. This is supported by a systematic approach which considers both, safety and security factors, rather than waiting to learn from a cyber-attack retrospectively.

When the repercussions of COVID-19 were being absorbed by the world, the higher educational institutions (HEIs) were conceiving of strategies to run educational institutions on remote basis too, including the challenges linked with the teaching–learning as well as the management and other departmental needs. Leaning itself on the teaching–learning tectonic shifts amid the COVID-19 climes, the study reviews the status of “readiness” of the HEIs in Oman while bearing this in mind that the usage of information and communications technology (ICT) for distance learning and conventional learning has been considered as one of the parameters to judge the “quality” of the HEIs in Oman.

Documentary analysis alongside an in-depth reading of the quality audit reports sourced from the Oman Academic Accreditation Authority, which are publicly accessible are being referred for driving home the arguments in the study.

The study concludes that despite the case being in favor of distance learning from early on, the same doesn’t get reflected in the conclusions derived in the research conducted for assessing the teaching–learning mechanisms during the COVID-19 period. Therefore, the HEIs’ “readiness” in terms of ensuring the smooth transitioning to the remote learning pedagogical arrangements for meeting the challenges of the COVID-19 wasn’t efficacious.

The present study may be followed up with an understanding as to how the HEIs of Oman need to incorporate the perspectives of all the concerned stakeholders for the refurbishment of the teaching–learning process, especially in times of contingencies.

Apart from the policy-makers, the management of the HEIs of Oman needs to appreciate the need to be proactive and appreciative of the inclusion of ICT tools and techniques in the mainstream pedagogical settings.

Notwithstanding the emphasis upon the preparedness and readiness for tackling the challenges posed by the COVID-19 for the HEIs in Oman, no study has attempted to delve into the issue succinctly—the present study fills this gap.

This study aims to identify the factors that influence the willingness of Bangladeshi retail investors to invest in ṣukūk.

The authors surveyed Bangladeshi retail investors using a structured questionnaire to understand their perspectives on potential investment in ṣukūk. The authors considered the behavioral aspects of retail investors and the desired ṣukūk features to analyze the demand side. Factors and regression analyses were performed to identify the persuading factors.

The results indicate that investor awareness is a fundamental factor in potential investments in ṣukūk. Investors perceive the security represented by government and third-party guarantees as a persuasive feature of ṣukūk. The tradability and tenor of ṣukūk also affect the investment intention. Sharīʿah consciousness of the investors also plays a significant role in their investment decisions.

One limitation of this study is that it incorporates potential individual investors only, and precludes institutional investors. In the future, there is scope for research to explore the demand factors impacting institutional investors of ṣukūk in Bangladesh.

The authors expect that the study will aid policymakers and ṣukūk issuers in crafting strategies to cater to the needs of Bangladeshi retail investors.

This study is the earliest research conducted in Bangladesh to determine the factors impacting the willingness of individual investors to make their potential investments in ṣukūk. To the best of the authors' knowledge, no study has analyzed the desired ṣukūk features from the perspective of Bangladeshi retail investors.

This paper aims to examine the impact of environmental, social and governance (ESG) disclosure and firm value (FV), as well as, pinpoints the role of the audit quality (AQ) as a moderating variable on such impact; where the authors hypothesize that AQ modulates the relationship between ESG disclosure and the FV.

Data of a sample of firms listed on the Egyptian Stock Exchange Market (EGX) were collected over the period of 2017–2021 and analyzed using the regression and 2SLS models.

The results suggested that: (1) the ESG has a significant positive impact on the FV in the EGX, and (2) AQ has a significant impact, as a moderating variable, on the relationship between ESG disclosure and FV.

The findings would help the Egyptian market authorities in realizing the importance of integrating ESG information within the financial reports of the listed firms. The findings could also help in developing effective disclosure procedures to provide shareholders with useful information.

This paper contributes to the literature regarding the ESG disclosure components and the FV value by considering AQ in testing such relationship.

The study aims to explore the validity of the modern renewable energy-environmental Kuznets curve (REKC) while considering the relevance of financial development in the consumption of modern renewable energy in East Africa Community (EAC). Modern renewable energy in this study includes all other forms of renewable energy except traditional use of biomass. The authors controlled for the effects of urbanization, governance, foreign direct investment (FDI) and trade openness.

Panel data of the five EAC countries of Burundi, Kenya, Rwanda, Tanzania and Uganda for the period 1996–2019 were used. The analysis relied on the use of the autoregressive distributed lag–pooled mean group (ARDL-PMG) model, and the data were sourced from the World Development Indicators (WDI), World Governance Indicators (WGI) and International Energy Agency (IEA).

The REKC hypothesis is supported for modern renewable energy consumption in the EAC region. Financial development positively and significantly affects modern renewable energy consumption, whereas urbanization, FDI and trade openness reduce modern renewable energy consumption. Governance is insignificant.

The concept of the REKC, although explored in other contexts such as aggregate renewable energy and in other regions, has not been used to explain the consumption of modern renewable energy in the EAC.

Despite its devastating nature, the COVID-19 pandemic has also catalyzed a substantial surge in the adoption and integration of technological tools within economies, exerting a profound influence on the dissemination of information among participants in stock markets. Consequently, this present study delves into the ramifications of post-pandemic dynamics on stock market behavior. It also examines the relationship between investors' sentiments, underlying behavioral drivers and their collective impact on global stock markets.

Drawing upon data spanning from 2012 to 2023 and encompassing major world indices classified by Morgan Stanley Capital International’s (MSCI) market and regional taxonomy, this study employs a threshold regression model. This model effectively distinguishes the thresholds within these influential factors. To evaluate the statistical significance of variances across these thresholds, a Wald coefficient analysis was applied.

The empirical results highlighted the substantive role that investors' sentiments and behavioral determinants play in shaping the predictability of returns on a global scale. However, their influence on developed economies and the continents of America appears comparatively lower compared with the Asia–Pacific markets. Similarly, the regions characterized by a more pronounced influence of behavioral factors seem to reduce their reliance on these factors in the post-pandemic landscape and vice versa. Interestingly, the post COVID-19 technological advancements also appear to exert a lesser impact on developed nations.

This study pioneers the investigation of these contextual dissimilarities, thereby charting new avenues for subsequent research studies. These insights shed valuable light on the contextualized nexus between technology, societal dynamics, behavioral biases and their collective impact on stock markets. Furthermore, the study's revelations offer a unique vantage point for addressing market inefficiencies by pinpointing the pivotal factors driving such behavioral patterns.

The purpose of this study is to examine the dynamic relationship between intellectual capital (IC) and its components on financial performance of banks within the selected eight countries of Association of Southeast Asian Nations (ASEAN).

The study utilizes the balanced panel data of 37 publicly listed banks from eight leading ASEAN economies for the period of 2017–2021. In this sense, the authors applied the Ante Pulic's typology, i.e. value-added intellectual coefficient (VAIC™) to evaluate the efficiency of intangible and tangible assets. While, investigating the dynamic nature of relationship, the authors employed the generalized system method of moments because of its power to account for the problem of endogeneity and heteroscedasticity.

The results of the study demonstrate that banks in ASEAN countries shed a varied degree of a spotlight on VAIC™ and its components to create value. The findings revealed that structural capital efficiency is significantly associated with earning per share (EPS), return on assets (ROA) and return on equity (ROE), compared to human capital efficiency (HCE) and capital employed efficiency of ASEAN banks. These results endorse the importance of resource- and knowledge-based views of organizations to leverage the financial performance of banks. However, contrary to theoretical expectations, this study found no positive relationship between HCE with ROA and ROE. Whereas, the relationship of VAIC™ is positive and significant with EPS and ROE but it remains statistically very marginal.

There are some inherent limitations in this study that could be opportunities for future research. The current study uses the VAIC™ typology, but future researchers can use the modified value-added intellectual coefficient (MVAIC) or triangulation approach to enhance the validity and reliability of the study. Additionally, future research can investigate the similarities and differences among countries in terms of their cultural backgrounds and regulatory frameworks regarding the disclosure of intangibles. Furthermore, future research can increase the length and sample size of the study to enhance its generalizability.

The robust empirical findings extend the academic debate on IC by unveiling the dynamic nature of relationship between IC and financial performance in context of ASEAN banking sector. The findings provide plausible recommendations for policy makers (managers, regulators and stakeholders) to understand how to increase the IC efficiently, especially human capital as a source to evaluate the firms’ ability in determining value-added and financial performance. Further, findings of this study also suggest that how can policy makers get the benefit by investing more on structural capital as a valuable strategic source to guarantee the optimal performance returns.

Prior studies on IC have been country- and firm-specific, utilizing cross-sectional research designs. However, this research contributes to the limited literature by investigating the dynamic nature of the relationship between IC and financial performance of banks in the context of ASEAN countries using micro-panel data.

The research analyzes the influence of three environmental triggers, i.e. awareness, concern and knowledge on environmental attachment and green motivation that affect tourists' pro-environmental behavior in the Pakistan’s tourism industry. Furthermore, this study has analyzed the moderating role of moral obligation concerning environmental attachment and green motivation on tourists' pro-environmental behavior.

Data were gathered via a structured questionnaire by 237 local (domestic) tourists of Pakistan. Furthermore, the data were examined by employing SmartPLS.

Findings demonstrate that all three environmental triggers have a positive and significant relationship with environmental attachment and green motivation. Accordingly, environmental attachment and green motivation promote tourists' pro-environmental behavior. Furthermore, the moderating role of moral obligations has also been incorporated in the study. The finding reveals a strong and positive relationship among environmental attachment and tourists' pro-environmental behaviors during high moral obligations. In contrast, moral obligations do not moderate association between green motivation and tourists' pro-environmental behavior. Therefore, competent authorities should facilitate tourists to adopt environmentally friendly practices; which will ultimately promote pro-environmental behavior.

This study provides useful insights regarding the role of tourism in fostering environmental attachment and green motivation that sequentially influence tourist pro-environmental behavior. Secondly, this research has employed moral obligations as a moderator to identify the changes in tourists’ pro-environmental behavior based on individuals' ethical considerations. Hence, the study provides an in-depth insight into tourists' behavior. Lastly, the present research offers effective strategies for the tourism sector and other competent authorities to increase green activities that can embed the importance of the environment among individuals.