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1 – 10 of 671José G. Vargas-Hernández and Omar C. Vargas-González
This chapter aims to critically analyse the implications that the national protectionist policies have on the global supply and value chains and the relocation of production. The…
Abstract
This chapter aims to critically analyse the implications that the national protectionist policies have on the global supply and value chains and the relocation of production. The analysis is based on the assumptions that the global economy is facing the possibility of decoupling of many trade connections, and this trend favours de-globalisation processes that have long been promoted by populism, nationalism and economic protectionism. It is concluded that global supply, production and value chains although being economically efficient are no longer any more secure under national protectionist policies, and therefore, the relocation of production processes is mainly due to the increase in the level of income and wages of the developing countries that are the destination and which reduce the advantages to relocate.
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To estimate the volatility of exchange and stock markets and examine its spillover within and across the member countries of BRICS during COVID-19 and the conflict between Russia…
Abstract
Purpose
To estimate the volatility of exchange and stock markets and examine its spillover within and across the member countries of BRICS during COVID-19 and the conflict between Russia and Ukraine.
Design/methodology/approach
The study utilizes the “dynamic conditional correlation-generalized autoregressive conditional heteroskedasticity (DCC-GARCH)” approach of Gabauer (2020). The volatility of the markets is calculated following the approach of Parkinson (1980). The sample dataset comprises the daily volatility of the stock and exchange markets for 35 months, from November 2019 to September 2022.
Findings
The study confirms the existence of contagion effects among member countries. Volatility spillover between exchange and stock markets is low within the country but substantial across borders. Russian contribution increased significantly during the conflict with Ukraine, and other countries also witnessed a surge in the spillover index during the pandemic and war.
Research limitations/implications
It adds to the body of literature by emphasizing the necessity of comprehending the economies' behavior and interdependence. Offers insightful information to decision-makers who must be more watchful regarding the financial crisis and its regional spillover.
Originality/value
The study is the first to explore the contagion of volatility among the BRICS countries during the two biggest crisis periods of the decade.
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Amira Said and Chokri Ouerfelli
This paper aims to examine the dynamic conditional correlation (DCC) and hedging ratios between Dow Jones markets and oil, gold and bitcoin. Using daily data, including the…
Abstract
Purpose
This paper aims to examine the dynamic conditional correlation (DCC) and hedging ratios between Dow Jones markets and oil, gold and bitcoin. Using daily data, including the COVID-19 pandemic and the Russia–Ukraine war. We employ the DCC-generalized autoregressive conditional heteroskedasticity (GARCH) and asymmetric DCC (ADCC)-GARCH models.
Design/methodology/approach
DCC-GARCH and ADCC-GARCH models.
Findings
The most of DCCs among market pairs are positive during COVID-19 period, implying the existence of volatility spillovers (Contagion-effects). This implies the lack of additional economic gains of diversification. So, COVID-19 represents a systematic risk that resists diversification. However, during the Russia–Ukraine war the DCCs are negative for most pairs that include Oil and Gold, implying investors may benefit from portfolio-diversification. Our hedging analysis carries significant implications for investors seeking higher returns while hedging their Dow Jones portfolios: keeping their portfolios unhedged is better than hedging them. This is because Islamic stocks have the ability to mitigate risks.
Originality/value
Our paper may make a valuable contribution to the existing literature by examining the hedging of financial assets, including both conventional and Islamic assets, during periods of stability and crisis, such as the COVID-19 pandemic and the Russia–Ukraine war.
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Dorine Maurice Mattar, Joy Haddad and Celine Nammour
This study aims to assess the effect of job insecurity, customer incivility and work–life imbalance on Lebanese bank employee workplace well-being (EWW), while investigating the…
Abstract
Purpose
This study aims to assess the effect of job insecurity, customer incivility and work–life imbalance on Lebanese bank employee workplace well-being (EWW), while investigating the moderating role that positive and negative affect might have.
Design/methodology/approach
Quantitative data was collected from 202 respondents and analyzed using structural equation modeling system through IBM SPSS and AMOS.
Findings
Results revealed that each of the independent variables has a negative, statistically significant effect on Lebanese bank EWW. The positive affect and the negative one are shown to have a moderating effect that lessens and boosts, respectively, these negative effects.
Theoretical implications
The study adds to the literature on EWW while highlighting the high-power distance and collectivist society that the research took place in.
Research limitations/implications
Limitations include the sample size that was hoped to be larger, in addition to the self-reporting issue and what it entails in the data collection process.
Practical implications
The study has many practical implications, including the validation of a questionnaire in a developing Arab country, hence providing a reliable tool for researchers. HR specialists should lean toward applicants with positive affect, ensuring that their workplace is occupied by members with enhanced resilience. Furthermore, employers should support their employees’ professional growth, thus, boosting their employability during turmoil and consequently making them less vulnerable in times of economic recession.
Originality/value
The study’s unique context, depicted in the harsh economic and financial crisis, makes the findings on EWW of a high value.
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Rafik Smara, Karina Bogatyreva, Anastasiia Laskovaia and Hunter Phoenix Van Wagoner
Exploration and exploitation have long been documented as prominent approaches to business management and organizational adaptation to external environment. Maintaining balance…
Abstract
Purpose
Exploration and exploitation have long been documented as prominent approaches to business management and organizational adaptation to external environment. Maintaining balance between these activities is a key to survival and prosperity. However, there is little direct evidence of the effect of such combined usage of both approaches on firm performance in times of crisis, especially within small- and medium-sized enterprises (SMEs). The purpose of this paper is to reveal the role of balanced ambidexterity in shaping firm performance during COVID-19 recession.
Design/methodology/approach
Based on a survey of 333 Russian SMEs, the authors test the proposed theoretical framework linking innovative ambidexterity to firm performance level and variability taking into account technological uncertainty.
Findings
The results show that innovative ambidexterity tends to increase level and decrease variability of performance outcomes, whereas technological uncertainty acts as a positive contingency for this impact.
Originality/value
The results provide an improved understanding of ambidexterity and organizational literatures by clarifying the contingent nature of the ambidexterity–firm performance relationship during COVID-19 recession.
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Madher E. Hamdallah, Manaf Al-Okaily, Anan F. Srouji and Aws Al-Okaily
The purpose of the article is to shed light on how COVID-19 affects employee involvement in environmental responsibility and innovative performance in the banking industry, and…
Abstract
Purpose
The purpose of the article is to shed light on how COVID-19 affects employee involvement in environmental responsibility and innovative performance in the banking industry, and whether employee engagement mediates the relationship between the variables. Thus, this study tries to understand bank employees’ perspectives in relation to the variables.
Design/methodology/approach
The study was collected during Time lag (1) and Time lag (2) from 156 to 216 bank employees, respectively. The study applied two types of analysis, to comprehend the impact of COVID-19 on employees, descriptive analysis and the partial least squares (PLS) are used.
Findings
The study's findings focused mainly on the influence of COVID-19 in Jordanian banks on employee innovative performance (EIP) due to pandemic, in addition to its effect on environmental responsibility engagement (ERE). The findings indicated a positive significant relationship between the variables. Meanwhile, employee engagement (EE) mediated the effect between the exogenous and endogenous variables.
Originality/value
The current research provide light on the value of employees' innovative performance and banks' commitment to environmental responsibility for those working in the banking industry, particularly during a pandemic. The findings have significant ramifications for the banking industry and in raising employee engagement.
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Erica Poma and Barbara Pistoresi
This paper aims to appraise the effectiveness of gender quotas in breaking the glass ceiling for women on boards (WoBs) in companies that are legally obliged to comply with quotas…
Abstract
Purpose
This paper aims to appraise the effectiveness of gender quotas in breaking the glass ceiling for women on boards (WoBs) in companies that are legally obliged to comply with quotas (listed companies and state-owned companies, LP) and in those that are not (unlisted companies and nonstate-owned companies, NLNP). Furthermore, it investigates the glass cliff phenomenon, according to which women are more likely to be appointed to apical positions in underperforming companies.
Design/methodology/approach
A balanced panel data of the top 116 Italian companies by total assets, which are present in both 2010 and 2017, is used for estimating ANOVA tests across sectors and fixed-effects panel regression models.
Findings
WoBs significantly increased in both the LP and the NLNP companies, and this increase was greater in the financial sector. Furthermore, the relationship between the percentage of WoBs and firm performance is not linear but depends on the financial corporate health. Specifically, the situation in which a woman ascends to a leadership position in challenging circumstances where the risk of failure is high (glass cliff phenomenon) is only present in companies with the lowest performance in the sample, in other words, when negative values of Roe and negative or zero values of Roa occur together.
Practical implications
These findings have relevant policy implications that encourage the adoption of gender quotas even in specific top positions, such as CEO or president, as this could lead to a “double spillover effect” both vertically, that is, in other job positions, and horizontally, toward other companies not targeted by quotas. Practical interventions to support women in glass cliff positions, on the other hand, relate to the extent of supervisor mentoring and support to prevent women from leaving director roles and strengthen their chances for career advancement.
Originality/value
The authors explore the ability of gender quotas to break through the glass ceiling in companies that are not legally obliged to do so, and to the best of the authors’ knowledge, for the first time, the glass cliff phenomenon in the Italian context.
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Barkha Dhingra, Shallu Batra, Vaibhav Aggarwal, Mahender Yadav and Pankaj Kumar
The increasing globalization and technological advancements have increased the information spillover on stock markets from various variables. However, there is a dearth of a…
Abstract
Purpose
The increasing globalization and technological advancements have increased the information spillover on stock markets from various variables. However, there is a dearth of a comprehensive review of how stock market volatility is influenced by macro and firm-level factors. Therefore, this study aims to fill this gap by systematically reviewing the major factors impacting stock market volatility.
Design/methodology/approach
This study uses a combination of bibliometric and systematic literature review techniques. A data set of 54 articles published in quality journals from the Australian Business Deans Council (ABDC) list is gathered from the Scopus database. This data set is used to determine the leading contributors and contributions. The content analysis of these articles sheds light on the factors influencing market volatility and the potential research directions in this subject area.
Findings
The findings show that researchers in this sector are becoming more interested in studying the association of stock markets with “cryptocurrencies” and “bitcoin” during “COVID-19.” The outcomes of this study indicate that most studies found oil prices, policy uncertainty and investor sentiments have a significant impact on market volatility. However, there were mixed results on the impact of institutional flows and algorithmic trading on stock volatility, and a consensus cannot be established. This study also identifies the gaps and paves the way for future research in this subject area.
Originality/value
This paper fills the gap in the existing literature by comprehensively reviewing the articles on major factors impacting stock market volatility highlighting the theoretical relationship and empirical results.
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Maria Dodaro and Lavinia Bifulco
The purpose of this paper is to explore two financial inclusion measures adopted within the local welfare context of the city of Milan, Italy, examining their functioning and…
Abstract
Purpose
The purpose of this paper is to explore two financial inclusion measures adopted within the local welfare context of the city of Milan, Italy, examining their functioning and underpinning representations. The aim is also to understand how such representations take concrete shape in the practices of local actors, and their implications for the opportunities and constraints regarding individuals' effective inclusion. To this end, this paper takes a wide-ranging look at the interplay between the rise of financial inclusion and the individualisation and responsibilisation models informing welfare policies, within the broader context of financialisation processes overall.
Design/methodology/approach
This paper draws on the sociology of public action approach and provides a qualitative analysis of two case studies, a social microcredit service and a financial education programme, based on direct observation and semi-structured interviews conducted with key policy actors.
Findings
This paper sheds light on the rationale behind two financial inclusion services and illustrates how the instruments involved incorporate and tend to reproduce, individualising logics that reduce the problem of financial exclusion, and the social and economic vulnerability which underlies it, to a matter of personal responsibility, thus fuelling depoliticising tendencies in public action. It also discusses the contradictions underlying financial inclusion instruments, showing how local actors negotiate views and strategies on the problems to be addressed.
Originality/value
The paper makes an original contribution to the field of sociology and social policy by focusing on two under-researched instruments of financial inclusion and improving understanding of the finance-welfare state nexus and of the contradictions underpinning attempts at financial inclusion of the most vulnerable.
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Riyanka Bag and Ramesh Chandra Das
It has been already established that the countries that have opened their economies in advance have reaped more benefits compared to those who have done it late. For example, the…
Abstract
It has been already established that the countries that have opened their economies in advance have reaped more benefits compared to those who have done it late. For example, the countries of the West are far away from the countries of the East in terms of the per capita incomes as because, besides others, the magnitudes of trade openness of the former are higher compared to that of the latter. Besides countries, there are some economic groups such as European Union, Organization of Economic Cooperation and Development (OECD), etc. who have proved the similar growth impacts of trade. There is another group of highly developing economies, with the acronym of BRICS (Brazil, Russia, India, China and South Africa), which has proved as being highly beneficiaries of the trade liberalisation. But the magnitudes of trade openness and their impacts in these countries are subject to further explorations using modern data. The present chapter aims to compute trade openness using two different methods for the BRICS countries and make association of it with growth and foreign currency reserves (FCRs) for the period 1991–2019. In addition, the study examines whether the FCR is sustainable. It observes positive and negative correlations between economic openness and gross domestic product (GDP) growth and FCR in the member nations leading to mean that trade openness has definitely contributed to the growth as well as accumulation of FCRs. But, the trends in the FCRs are unsustainable in the BRICS nations.
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