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Article
Publication date: 26 March 2024

Donia Aloui and Abderrazek Ben Maatoug

Over the last few years, the European Central Bank (ECB) has adopted unconventional monetary policies. These measures aim to boost economic growth and increase inflation through…

Abstract

Purpose

Over the last few years, the European Central Bank (ECB) has adopted unconventional monetary policies. These measures aim to boost economic growth and increase inflation through the bond market. The purpose of this paper is to study the impact of the ECB’s quantitative easing (QE) on the investor’s behavior in the stock market.

Design/methodology/approach

First, the authors theoretically identify the transmission channels of the QE shocks to the stock market. Then, the authors empirically assess the financial market’s responses to QE shocks in a data-rich environment using a factor augmented VAR (FAVAR).

Findings

The results show that the ECB’s unconventional monetary policy positively affects the stock market. A QE shock leads to an increase in stock prices and a drop in the realized volatility and the implied risk premium. The authors also suggest that the ECB’s QE is transmitted to the stock market through five main channels: the liquidity, the expectation, the portfolio reallocation, the interest rates and the risk premium channels.

Practical implications

The findings help to better understand the behavior of stock market assets in a data-rich economic context and guide investors and policymakers in the presence of unconventional monetary tools. For instance, decision-makers and investors should consider the short-term effect of the QE interventions and the changing behavior of the financial actors over time. In addition, high stock market returns can increase risk appetite. This can lead investors to underestimate the market risk. Decision-makers and market participants should take into consideration the impact of the large injection of money through the QE, which may raise the risk of a speculative bubble in the financial market.

Originality/value

To the best of the authors’ knowledge, this is the first study that incorporates a theoretical and empirical analysis to explore QE transmission to the stock market in the European context. Unlike previous studies, the authors use the shadow rate proposed by Wu and Xia (2017) to quantify the effect of the ECB’s QE in a data-rich environment. The authors also include two key risk indicators – the stock market risk premium and the realized volatility – to capture investors’ behavior in the stock market following QE shocks.

Details

Studies in Economics and Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1086-7376

Keywords

Open Access
Article
Publication date: 29 February 2024

Rosemarie Santa González, Marilène Cherkesly, Teodor Gabriel Crainic and Marie-Eve Rancourt

This study aims to deepen the understanding of the challenges and implications entailed by deploying mobile clinics in conflict zones to reach populations affected by violence and…

Abstract

Purpose

This study aims to deepen the understanding of the challenges and implications entailed by deploying mobile clinics in conflict zones to reach populations affected by violence and cut off from health-care services.

Design/methodology/approach

This research combines an integrated literature review and an instrumental case study. The literature review comprises two targeted reviews to provide insights: one on conflict zones and one on mobile clinics. The case study describes the process and challenges faced throughout a mobile clinic deployment during and after the Iraq War. The data was gathered using mixed methods over a two-year period (2017–2018).

Findings

Armed conflicts directly impact the populations’ health and access to health care. Mobile clinic deployments are often used and recommended to provide health-care access to vulnerable populations cut off from health-care services. However, there is a dearth of peer-reviewed literature documenting decision support tools for mobile clinic deployments.

Originality/value

This study highlights the gaps in the literature and provides direction for future research to support the development of valuable insights and decision support tools for practitioners.

Details

Journal of Humanitarian Logistics and Supply Chain Management, vol. 14 no. 2
Type: Research Article
ISSN: 2042-6747

Keywords

Article
Publication date: 16 June 2023

Bilal, Ali Meftah Gerged, Hafiz Muhammad Arslan, Ali Abbas, Songsheng Chen and Shahid Manzoor

The study aims to identify and discuss influential aspects of corporate environmental disclosure (CED) literature, including key streams, themes, authors, keywords, journals…

Abstract

Purpose

The study aims to identify and discuss influential aspects of corporate environmental disclosure (CED) literature, including key streams, themes, authors, keywords, journals, affiliations and countries. This review also constructs agendas for future CED research.

Design/methodology/approach

Using a bibliometric review approach, the authors reviewed 560 articles on CED from 215 journals published between 1982 and 2020.

Findings

The authors' insights are three-fold. First, the authors identified three core streams of CED research: “legitimization of environmental hazards via environmental disclosures,” “the role of environmental accounting in achieving corporate environmental sustainability” and “integrating environmental social and governance (ESG) reporting into the global reporting initiatives (GRI) guidelines”. Second, the authors also deployed a thematic map that classifies CED research into four themes: niche themes (e.g. institutional theory and environmental management system), motor themes (e.g. stakeholder engagement), emerging/declining themes (e.g. legitimacy theory) and basic/transversal themes (e.g. voluntary CED, environmental reporting and corporate social responsibility). Third, the authors highlighted important CED authors, keywords, journals, articles, affiliations and countries.

Research limitations/implications

This study assists researchers, journal editors and consultants in the corporate sector to comprehensively understand various dimensions of CED research and practices and suggests potential emerging research areas. Although this paper appears to have been thoroughly conducted, using authors' keywords to identify themes was a key limitation. Thus, the authors call upon using a more comprehensive data mining technique that uses keywords in abstracts, titles and the whole body of papers and then identifies inclusive trends in CED literature.

Originality/value

The authors contribute to the extant accounting literature by investigating the organizational-level CED, both mandatory and voluntary, using a systematic and bibliometric literature review model to summarize the key research streams, themes, authors, journals, affiliations and countries. By doing so, the authors construct a future research agenda for CED literature.

Article
Publication date: 16 April 2024

Diane Crocker and Erin Dej

This study aims to explore the gendered nature of housing insecurity by investigating how gender affects women’s experience moving from transitional to market housing. By…

Abstract

Purpose

This study aims to explore the gendered nature of housing insecurity by investigating how gender affects women’s experience moving from transitional to market housing. By describing women’s pathways out of supportive or transitional housing support, the authors show how patriarchal forces in housing policies and practices affect women’s efforts to find secure housing. The authors argue that gender-neutral approaches to housing will fail to meet women’s needs.

Design/methodology/approach

This study explores the narratives from women accessing support services in Halifax, Canada. The first author conducted deep narrative interviews with women seeking to move from transition to market housing.

Findings

This research sheds light on the effects of gendered barriers to safe, suitable and affordable housing; how women’s experiences and expectations are shaped by these barriers; and, how housing-based supports must address the uniquely gendered experiences women face as they access market housing. In addition, this research reveals the importance of gender-responsive services that empower women facing a sexist housing market.

Originality/value

Little research has explored questions related to gender and housing among those seeking to move from transitional to marker housing, and existing research focuses on women’s housing insecurity as it relates to domestic violence. The sample of women included those having housing insecurity for a variety of reasons, including substance use and young motherhood.

Details

Housing, Care and Support, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1460-8790

Keywords

Article
Publication date: 28 September 2022

Anushree Karani Mehta, Heena Thanki, Rasananda Panda and Payal Trivedi

The study aims to explore and validate the revised psychological contract scale in this new normal era.

Abstract

Purpose

The study aims to explore and validate the revised psychological contract scale in this new normal era.

Design/methodology/approach

To serve the purpose, four studies were conducted. Study 1 was conducted for item generation through the extant literature review and phenomenological study. Study 2 highlighted the expert review. Study 3 explained the confirmatory factor analysis. At the end of study 3, the new psychological contract content had 14 items along with 15 traditional psychological contract content items. The nomological study validated the scale with the help of antecedent, i.e. supervisor's support, and outcomes, i.e. well-being and innovative behavior.

Findings

The revised psychological contract was bifurcated into two categories: new and traditional. Further, the revised psychological contract scale was having two dimensions: content and breach/fulfillment. The new content was the outcome of changes in perceived obligations due to pandemic. The nomological study found that supervisor support had a positive impact on the content of the psychological contract and fulfillment/breach of the psychological contract. Further, it was found that the new content of psychological contract was impacting more on well-being and innovative behavior than the traditional psychological contract.

Research limitations/implications

In the new normal era, the working style and patterns have changed. Thus, it was important to capture changes in perceived obligations and employees' perception regarding to which extent their organizations were able to meet these altered perceived obligations. The study has direct implications for the practitioners as the revised psychological contract scale enlisted the perceived obligations of the employee and the extent to which these obligations were fulfilled by the employer. The study is also helpful in developing new normal HR policies and practices in the organization.

Originality/value

The study is original as it creates a new scale to measure the content of psychological contract and fulfillment/breach of psychological contract during new normal.

Details

International Journal of Manpower, vol. 45 no. 2
Type: Research Article
ISSN: 0143-7720

Keywords

Article
Publication date: 10 June 2022

Arash Arianpoor and Seyyed Sajjad Naeimi Tajdar

This study aims to explore the relationship between firm risk, capital structure, cost of equity capital and social and environmental sustainability during the COVID-19 pandemic…

Abstract

Purpose

This study aims to explore the relationship between firm risk, capital structure, cost of equity capital and social and environmental sustainability during the COVID-19 pandemic for companies listed on Tehran Stock Exchange.

Design/methodology/approach

To this aim, the information about 190 companies in 2014–2020 was retrieved to be analyzed. The total risk and systematic risk were used as the indicators of company risk; the industry-adjusted earnings price ratio (IndEP) and GORDON were used for the cost of equity capital. To measure social sustainability and environmental sustainability, the procedure suggested by Arianpoor and Salehi (2020) was used.

Findings

Underleveraged firms have had a lower total risk during the COVID-19 pandemic, while overleveraged firms have not had a higher risk during this time. In overleveraged firms, using systematic risk has a negative impact on social sustainability during the COVID-19 pandemic. In overleveraged firms, using total risk and systematic risk has a significant negative impact on environmental sustainability in the pandemic. Besides, overleveraged firms have a lower cost of equity capital (IndEP) during COVID-19.

Originality/value

To the best of the authors’ knowledge, no similar study has so far examined the joint impact of COVID-19 and corporate risk on social and environmental sustainability and also the joint impact of COVID-19 and capital structure on the cost of equity. This study contributes to the related literature by providing corporations with insightful post-pandemic directions on capital structure decisions and social and environmental activities. Furthermore, this research and the relevant findings can help understand and develop social responsibility in Iran as a developing country.

Details

Journal of Facilities Management , vol. 22 no. 2
Type: Research Article
ISSN: 1472-5967

Keywords

Open Access
Article
Publication date: 24 February 2023

Peter Nderitu Githaiga

The purpose of this study is to investigate the moderating effect of board gender diversity on the relationship between sustainability reporting (SR) and earnings management (EM…

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Abstract

Purpose

The purpose of this study is to investigate the moderating effect of board gender diversity on the relationship between sustainability reporting (SR) and earnings management (EM) in the East Africa Community (EAC).

Design/methodology/approach

The study analyzed a sample of 71 publicly traded companies from 2011 to 2021.

Findings

The study finds that both SR and board gender diversity have a negative and significant effect on EM and that board gender diversity moderates the relationship between SR and EM.

Practical implications

The findings suggest that boards should support the adoption of SR and increase female representation as a practical way to reduce EM. Policymakers should also implement appropriate measures, such as imposing mandatory SR and gender quotas on corporate boards, to address EM.

Originality/value

This research adds to the limited knowledge of SR and EM in the EAC and also fills a gap in the existing literature by investigating the influence of board gender diversity on the link between SR and EM.

Details

Journal of Business and Socio-economic Development, vol. 4 no. 2
Type: Research Article
ISSN: 2635-1374

Keywords

Article
Publication date: 8 February 2024

Casper Hendrik Claassen, Eric Bidet, Junki Kim and Yeanhee Choi

This study aims to assess the alignment of South Korea’s government-certified social enterprises (GCSEs) with prevailing social enterprise (SE) models, notably the entrepreneurial…

Abstract

Purpose

This study aims to assess the alignment of South Korea’s government-certified social enterprises (GCSEs) with prevailing social enterprise (SE) models, notably the entrepreneurial nonprofit, social cooperative and social business models delineated in the “Emergence of Social Enterprises in Europe” (Defourny and Nyssens, 2012, 2017a, 2017b) and the “principle of interest” frameworks (Defourny et al., 2021). Thereby, it seeks to situate these enterprises within recognized frameworks and elucidate their hybrid identities.

Design/methodology/approach

Analyzing panel data from 2016 to 2020 for 259 GCSEs, this study uses tslearn for k-means clustering with dynamic time warping to assess their developmental trajectories and alignment with established SE models, which echoes the approach of Defourny et al. (2021). We probe the “fluid” identities of semi-public sector SEs, integrating Gordon’s (2013) notion that they tend to blend various SE traditions as opposed to existing in isolation.

Findings

Results indicate that GCSEs do align with prevalent SE frameworks. Furthermore, they represent a spectrum of SE models, suggesting the versatility of the public sector in fostering diverse types of SEs.

Originality/value

The concept of a semi-public sector SE model has been relatively uncharted, even though it holds significance for research on SE typologies and public sector entrepreneurship literature. This study bridges this gap by presenting empirical evidence of semi-public SEs and delineating the potential paths these enterprises might take as they amalgamate various SE traditions.

Details

Social Enterprise Journal, vol. 20 no. 3
Type: Research Article
ISSN: 1750-8614

Keywords

Book part
Publication date: 6 May 2024

Belal Ali Ghaleb, Sumaia Ayesh Qaderi and Faozi A. Almaqtari

The global economy has been affected by the COVID-19 pandemic, which has placed greater responsibility on companies to fulfill their obligations to Corporate Social Responsibility…

Abstract

The global economy has been affected by the COVID-19 pandemic, which has placed greater responsibility on companies to fulfill their obligations to Corporate Social Responsibility (CSR) amid the crisis. This chapter investigates the role of a Chief Executive Officer (CEO) attributes in improving a firm's CSR in the emerging economy of Jordan and how the COVID-19 pandemic modifies this relationship. Using a Jordanian sample of 655 firm-year observations during the 2014–2021 period, the research results show that older CEOs, well-educated CEOs, CEOs' remuneration, and CEOs' ownership positively correlate with CSR reporting. However, long-tenured CEOs are associated with lower CSR initiatives. The subsample analysis findings also validate the significance of CEO attributes in improving CSR practice during the COVID-19 pandemic compared to the prepandemic period. These findings are beneficial for the regulatory setters to understand better whether CEO attributes are linked to engagement in CSR-related information. This research is among the limited number of studies that have explored how CEO attributes impact CSR reporting for the stakeholder's welfare. Moreover, it uniquely concentrated on contrasting the findings before and during the COVID-19 pandemic.

Details

The Emerald Handbook of Ethical Finance and Corporate Social Responsibility
Type: Book
ISBN: 978-1-80455-406-7

Keywords

Content available
Book part
Publication date: 30 April 2024

Natalie Wall

Abstract

Details

Black Expression and White Generosity
Type: Book
ISBN: 978-1-80382-758-2

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