Search results

Might the impact of the financial stress on exchange markets be asymmetric and exposed to regime changes? Departing from the existing literature, highlighting that the domestic and foreign financial stress in terms of money market have substantial effects on exchange market, this paper aims to investigate the impacts of the bond yield spreads of three emerging countries (Mexico, Russia, and South Korea) on their exchange market pressure indices using monthly observations for the period 2010:01–2019:12. Additionally, the paper analyses the impact of bond yield spread of the US on the exchange market pressure indices of the three mentioned emerging countries. The authors hypothesized whether the negative and positive changes in the bond yield spreads have varying effects on exchange market pressure indices.

To address the research question, we measure the bond yield spread of the selected countries by using the interest rate spread between 10-year and 3-month treasury bills. At the same time, the exchange market pressure index is proxied by the index introduced by Desai et al. (2017). We base the empirical analysis on nonlinear vector autoregression (VAR) models and an asymmetric quantile-based approach.

The results of the impulse response functions indicate that increases/decreases in the bond yield spreads of Mexico, Russia and South Korea raise/lower their exchange market pressure, and the effects of shocks in the bond yield spreads of the US also lead to depreciation/appreciation pressures in the local currencies of the emerging countries. The quantile connectedness analysis, which allows for the role of regimes, reveals that the weights of the domestic and foreign bond yield spread in explaining variations of exchange market pressure indices are higher when exchange market pressure indices are not in a normal regime, indicating the role of extreme development conditions in the exchange market. The quantile regression model underlines that an increase in the domestic bond yield spread leads to a rise in its exchange market pressure index during all exchange market pressure periods in Mexico, and the relevant effects are valid during periods of high exchange market pressure in Russia. Our results also show that Russia differs from Mexico and South Korea in terms of the factors influencing the demand for domestic currency, and we have demonstrated the role of domestic macroeconomic and financial conditions in surpassing the effects of US financial stress. More specifically, the impacts of the domestic and foreign financial stress vary across regimes and are asymmetric.

This study enriches the literature on factors affecting the exchange market pressure of emerging countries. The results have significant economic implications for policymakers, indicating that the exchange market pressure index may trigger a financial crisis and economic recession.

This study uses a comprehensive theoretical framework that combines social cognitive theory and neighborhood effect to investigate the influence of neighborhood effects on farmers’ outcome expectations, observational learning and self-efficacy. This study aims is to analyze the mechanisms that underlie the adoption of social media by farmers for knowledge exchange in the agricultural context. Specifically, this research explores the role of neighborhood effects, outcome expectations, observational learning and self-efficacy in shaping farmers’ decision-making process regarding the use of social media platforms for exchanging agricultural knowledge.

The study data was collected through a sample survey conducted among 570 agricultural households residing in the provinces of Thai Nguyen, Cao Bang, Bac Kan and Phu Tho, located in the northern region of Vietnam. To analyze the data, structural equation modeling was used as the statistical technique of choice.

The findings of the study indicate a significant influence of neighborhood effects on outcome expectations, observational learning and self-efficacy. These factors, derived from social cognitive theory, also exhibit a positive association with farmers’ adoption of social media for knowledge exchange. Additionally, the study highlights that neighborhood contribute to a favorable adoption of social media among farmers via outcome expectations, observational learning, and self-efficacy.

The study is limited in examining farmers’ social media adoption for agriculture knowledge exchange in Northern mountainous area of Vietnam. This study could be replicated across various regions or nations, providing comparative insights into the adoption of social media among farmers for knowledge exchange.

The study findings suggest practical and innovative means to promote farmers’ social media adoption for agriculture knowledge exchange.

This study presents a pioneering approach by integrating social cognitive theory and neighborhood effect to elucidate the factors influencing farmers’ adoption of social media for the purpose of agriculture knowledge exchange.

Given the difficulties in finding significant exchange rate exposure in the extant literature, this paper attempts to resolve the so-called “exposure puzzle” by investigating whether currency movements have any significant impact on international industry returns.

This paper utilizes the multivariate Generalized AutoRegressive Conditional Heteroskedasticity (MGARCH) methodology to estimate both symmetric and asymmetric exchange rate exposures for each industry common across 12 countries simultaneously.

The empirical results show that exchange rate exposure is not only statistically significant but also economically important based on the estimation of an asymmetric three-factor exposure model using MGARCH methodology. This is an extremely important finding as it suggests that the “exposure puzzle” may not be a puzzle at all once a better methodology is utilized in the estimation.

Because this study tries to resolve the exchange rate exposure puzzle by focusing on whether exchange rate movements affect ex-post returns as opposed to ex ante expected returns and given the significant exposures with respect to different risk factors found in the study, it is interesting to see if any of these risk factors commands a risk premium. In other words, a natural extension of this study is to test whether any of these risk factors is priced in international industry returns.

The findings of the study have interesting implications for international investors who would like to diversify their portfolios across different industries and are concerned about whether the unexpected movements in the bilateral exchange rates will affect their portfolio returns in addition to its interest rate and world market risk exposures.

The study utilizes the MGARCH methodology, which has not been fully exploited in the exchange rate exposure literature.

The purpose of this paper is to scrutinise the effectiveness of four derivative exchanges’ enforcement efforts since 2007. These exchanges include the Commodity Exchange Inc. and ICE Futures US from the United States and ICE Futures Europe and the London Metal Exchange from the UK.

The paper examines 799 enforcement notices published by four exchanges through a behavioural science lens: HUMANS conceived by Hunt (2023) in Humanizing Rules: Bringing Behavioural Science to Ethics and Compliance.

The paper finds the effectiveness of the exchanges’ enforcement efforts to be a mixed picture as financial markets transition from the digital to artificial intelligence era. Humans remain a key cog in the wheel of market participants’ trading operations, albeit their roles have changed. Despite this, some elements of exchanges’ enforcement regimes have not kept pace with the move from floor to remote trading. However, in other respects, their efforts are or should be, effective, at least in behavioural terms.

The paper’s findings are arguably limited to exchanges based in Anglophone jurisdictions. The information published by the exchanges is variable, making “like-for-like” comparisons difficult in some areas.

The paper makes several recommendations that, if adopted, could help exchanges to increase the potency of their enforcement programmes.

A key aim of the paper is to shift the lens through which the debate concerning the efficacy of exchange-level oversight is conducted. Hitherto, a legal lens has been used, whereas this paper uses a behavioural lens.

This study aims to explore the drivers (i.e. service innovation, service exchange, customer wellbeing and employee wellbeing) and organizational culture in the service ecosystem in the hospitality sector.

This study adopted a quantitative approach by collecting data from employees and customers of the top 10 hotels (identified from three major websites, i.e. Goibibo, Trivago and MakeMyTrip) functional in Jammu city, North India. Exploratory factor analysis, confirmatory factor analysis and partial least square analysis are used to analyse the data.

The study findings reveal that among the four drivers (i.e., service innovation, service exchange, employee wellbeing and customer wellbeing) customer wellbeing shows a strong impact and significant impact on the service ecosystem. Following this, the study also exhibits that organizational culture significantly moderates the relationship between service innovation and the service ecosystem. However, it does not show any moderating influence among the other drivers of the service ecosystem.

This study is conducted only in the top 10 hotels (three and four stars) of Jammu city, North India, which might not represent all Indian hotels.

The study contributes by establishing the role of four service ecosystem drivers, namely service innovation, service exchange, employee wellbeing and customer wellbeing. Following this, the study empirically tested and validated the service ecosystem framework in the context of north Indian hotels. The study also establishes the significant role of organizational culture, particularly group culture and hierarchy culture, in strengthening the service ecosystem.

Engaging suppliers in joint innovation can be an effective means for buyer firms to overcome internal resource/capability limitations. The purpose of this research is to investigate the impacts of cultural and trust congruences between the supplier and buyer firms on joint innovation. In addition, we examine the relationship commitment as an antecedent of cultural and trust congruences.

The study constructs a theoretical model based on social exchange theory (SET) and examines it using data from Chinese manufacturing firms.

The results suggest that cultural and trust congruences between suppliers and buyers positively influence joint processes and product innovations. Furthermore, we find that while normative relationship commitments of supplier firms promote cultural and trust congruences with buyers, instrumental relationship commitments only positively affect trust congruence.

This study enhances our understanding of social exchanges by adopting a dyadic view to examine the interconnectedness between relationship commitment, cultural and trust congruences, and joint innovation. These findings also offer practical managerial implications for managing collaborative innovation projects.

Based on the trait activation theory and social exchange theory, this study proposed a model of the impact of Machiavellian personality on organisational cynicism (OC) through the mediating effect of psychological contract breach (PCB) and the moderating role of leader-member exchange (LMX) quality in PCB and OC.

A three-time points survey involving 264 employees from China’s hotel industry was conducted using quantitative methods. Subsequently, a structural equation model was constructed.

The results revealed that Machiavellianism positively affects OC, and PCB plays a mediating role in this process. In addition, LMX quality can buffer the effect of the PCB on OC.

The study’s findings provide another insight into the relationship between Machiavellianism, PCB and OC. Managers must pay attention to the control of PCB and the establishment of LMX quality.

The study significantly contributes to hotel literature, as the Machiavellian personality subject has not been adequately investigated in the field to date.

This paper discusses the effectiveness of a consortium-based student mobility programme by investigating the impact of the Asian International Mobility for Students (AIMS) Programme. AIMS is a regional multilateral large-scale student mobility programme based on a consortium of 10 member countries and 87 member universities with the Southeast Asian Ministers of Education Organization Regional Centre for Higher Education and Development (SEAMEO RIHED) as a facilitator. Over 6,000 students have participated in a semester-long intra-regional student exchange under AIMS since 2010.

The study employed questionnaire surveys and semi-structured interviews to investigate the impact of AIMS and its advantages as a consortium-based student mobility programme.

It was found that AIMS significantly impacted member universities by accelerating their internationalisation processes through increasing the number of inbound and outbound students and courses offered in English and so on. AIMS has promoted harmonisation among the members by developing common procedures and guidelines, providing platforms for mutual sharing of experiences and good practices and capacity building of international relations offices. AIMS has also had a significant impact on students by enhancing their regional identity and knowledge about the region of Asia, contributing to their development as future regional and global citizens. As advantages of AIMS, member universities efficiently built a foundation for international collaboration with common procedures and guidelines and shared their experiences through such venues as Annual Review Meetings. Students also feel supported by having clear guidance and find programmes prepared by host universities and SEAMEO RIHED useful.

This study is unique in that it empirically studies the impact of one of Asia’s largest student mobility programmes for the first time by analysing large-scale qualitative and quantitative data.

Drawing upon resource dependence theory, this study aims to examine how a firm’s information technology (IT) capabilities (i.e. IT integration and IT reconfiguration) influence its responses to disruptions – bridging with a current supplier and buffering with an alternative supplier. We further examine how such relationships are moderated by the firm–supplier relative dependence (i.e. firm dependence advantage and supplier dependence advantage).

Based on data from 141 match-paired surveys of firms in China, we test our model.

Our study finds that IT integration positively influences bridging and IT reconfiguration positively influences buffering. Furthermore, our findings indicate that the positive impact of IT integration on bridging is negatively influenced by the firm’s dependence (FD) advantage but positively moderated by the supplier’s dependence advantage. By contrast, the positive impact of IT reconfiguration on buffering is negatively influenced by the FD advantage.

Our study provides a more nuanced insight into the effects of IT capabilities on disruption responses and a better understanding of the buyer–supplier dependence boundary conditions under which these effects vary.

Drawing upon curiosity drive theory, we examine the effects of epistemic curiosity (EC) on employees' innovative work behavior. Additionally, we explore the potential mediating role of work engagement (WE) and the moderating effects of leader-member exchange (LMX).

The data were collected from 406 employees employed in public service organizations within the United Arab Emirates. Structural equation modeling was employed as the analytical approach to test the hypotheses.

The findings of this study indicate that EC is positively related to innovative work behavior. Further, WE mediates the relationship between EC and creative work behavior. Moreover, LMX moderates the indirect effect of WE on the link between EC (interest and deprivation types) and innovative work behavior. The mediating association is stronger when the leader and member’s exchange is high.

This study will assist practitioners of service organizations in focusing their attention on EC to enhance employees' innovative work behavior and achieve optimal performance. Our research extends work on interest and innovative work behavior in an emerging economic context.

Our study suggests that policymakers should embrace the philosophy of curiosity to nurture innovative behavior in the workplace.