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The primary purpose of this research is to identify and compare the multifractal behavior of different sectors during these crises and analyze their implications on market efficiency.

We used multifractal detrended fluctuation analysis (MF-DFA) to analyze stock returns from various sectors of the Moscow Stock Exchange (MOEX) in between two significant periods. The COVID-19 pandemic (January 1, 2020, to December 31, 2021) and the Russia–Ukraine conflict (RUC) (January 1, 2022, to June 30, 2023). This method witnesses multifractality in financial time series data and tests the persistency and efficiency levels of each sector to provide meaningful insights.

Results showcased persistent multifractal behavior across all sectors in between the COVID-19 pandemic and the RUC, spotting heightened arbitrage opportunities in the MOEX. The pandemic reported a greater speculative behavior, with the telecommunication and oil and gas sectors exhibiting reduced efficiency, recommending abnormal return potential. In contrast, financials and metals and mining sectors displayed increased efficiency, witnessing strong economic performance. Findings may enhance understanding of market dynamics during crises and provide strategic insights for the MOEX’s investors.

Understanding the multifractal properties and efficiency of different sectors during crisis periods is of paramount importance for investors and policymakers. The identified arbitrage opportunities and efficiency variations can aid investors in optimizing their investment strategies during such critical market conditions. Policymakers can also leverage these insights to implement measures that bolster economic stability and development during crisis periods.

This research contributes to the existing body of knowledge by providing a comprehensive analysis of multifractal properties and efficiency in the context of the MOEX during two major crises. The application of MF-DFA to sectoral stock returns during these events adds originality to the study. The findings offer valuable implications for practitioners, researchers and policymakers seeking to navigate financial markets during turbulent times and enhance overall market resilience.

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.

The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.

The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.

In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.

Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.

The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.

The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.

This paper examines the effect of restrictions on executive pay and high CEOs’ compensation on bank performance following the “2008 UK bank rescue policy”.

Using the difference-in-difference estimation technique we assess the relationship between executive compensation and financial performance of rescued banks relative to non-rescued banks over the period 1999–2019.

Our main finding indicates that the relationship between executive compensation and financial performance declines in rescued banks relative to non-rescued banks. Further, we document that performance continues to deteriorate in rescued banks relative to non-rescued banks. Our results are robust to different estimation techniques.

This study contributes to the literature that examines the efficacy of government bailouts during the 2008 crisis. To the best of the author’s knowledge, this study is among the first to examine the long-term implications of bank rescue and pay restrictions on executive compensation and performance post–rescue.

This study aims to provide an overview, the state-of-the-art “research fronts”, the emerging themes of investigation and a research agenda of crisis communication for destinations’ image.

This research is conducted with a bibliographic coupling study, complemented with an H-Classic classification and a thematic analysis of the articles included in the four clusters provided by the bibliometric methodology (papers dating from 2017 to 2021, both years included).

Based on the bibliometric analysis, four thematic clusters were identified. Two of these clusters supply the “research fronts”, the most current themes in a scientific field: Cluster 1 addresses communication related to tourists’ safety, and cluster 2 enhances the role of stakeholders’ collaboration to create destinations resilience in crisis communication. The other two clusters highlight emerging themes for future investigation: Cluster 3 focuses on recovery marketing communication strategies for a post-crisis era, and cluster 4 analyses how crisis communication strategies contribute to reduce tourists’ risk perception and boosting travel intention. Finally, a future research agenda is proposed, based on the emerging themes from this study.

To the best of the authors’ knowledge, this is the first bibliometric study to analyse crisis communication for destinations’ image (pre-crisis, crisis and post-crisis). This study, which covers the most recent academic literature in this field, provides insights of communication strategies from recent crises and disasters within the “research fronts”. Besides, a research agenda useful for future scholar investigation is proposed with its emerging themes. These rising topics and learnings from past events could be used by destination marketing organisations in crisis communication for destination image recovery in the current post-pandemic scenario or in upcoming crises or disasters.

本研究提供了目的地形象危机沟通的概述、最先进的“研究前沿”、新兴的研究主题以及研究议程。

本文进行了书目耦合研究, 辅以 H-经典分类和对文献计量方法提供的四个集群中包含的文章的主题分析 (论文日期为 2017–2021 年间)。

根据文献计量分析, 确定了四个主题集群。 其中两个集群提供“研究前沿”, 这是科学领域的最新主题：集群 一 解决与游客安全相关的沟通, 集群 二 加强利益相关者合作的作用, 以在危机沟通中创造目的地恢复力。 其他两个集群突出了未来调查的新兴主题：集群 三 侧重于后危机时代的复苏营销传播策略, 集群 四分析危机传播策略如何有助于降低游客的风险感知和提高旅行意愿。最后, 本文提出了基于新兴主题的未来研究议程。

据我们所知, 这是第一个分析了目的地形象的危机传播（危机前、危机和危机后）的, 独特的文献计量研究。该研究涵盖了该领域最新的学术文献, 通过其“研究前沿”提供了有关近期危机和灾难的沟通策略的见解。此外, 本文还提出了具有新兴主题的研究议程。这些新兴话题以及从过去事件中吸取的教训, 可以被目的地营销组织 (DMO) 用来进行灾难沟通, 以便在当前的大流行后情景或未来的危机或灾难中恢复目的地的形象。

Este estudio proporciona una perspectiva general, los “research fronts”- los temas más actuales de una disciplina científica-, los temas emergentes y una agenda de investigación sobre comunicación de crisis de la imagen de los destinos turísticos.

La investigación está basada en un análisis bibliográfico coupling, complementado con una clasificación h-Classics y un análisis temático de todos los artículos examinados con esta metodología bibliométrica (artículos fechados entre 2017 y 2021, ambos años incluidos).

Con este análisis bibliométrico, se identifican cuatro clusters temáticos. Dos de ellos, presentan los “research fronts”, los temas más vigentes de un campo científico: el cluster 1 se refiere a la comunicación realizada para transmitir el concepto de seguridad a los turistas, y el cluster 2 destaca la relevancia de la colaboración de todos los agentes turísticos para crear resiliencia en los destinos en la comunicación de crisis. Los otros dos clusters recogen los temas emergentes de investigación futura: el cluster 3 se centra en las estrategias de marketing para la época de postcrisis y el cluster 4 analiza cómo la comunicación contribuye a reducir la percepción de riesgo de los turistas y, por tanto, a potenciar su intención de viaje. Por último, el artículo propone una agenda de investigación basada en estos temas emergentes.

Hasta donde tenemos conocimiento, éste es el primer estudio bibliométrico especialmente enfocado a la comunicación de crisis para la imagen de los destinos turísticos (con sus tres etapas, precrisis, crisis y poscrisis). Esta investigación, que analiza la literatura más reciente en este campo, proporciona conocimiento sobre la comunicación de las crisis y desastres más recientes, a través de sus “research fronts”. Asimismo, propone una agenda con nuevos temas que están surgiendo en esta disciplina, útil para futuras investigaciones académicas. Dichos temas, junto con los aprendizajes de incidentes pasados, pueden ser usados por las Organizaciones de Marketing de Destinos (DMO, en sus siglas en inglés) para incorporarlos en su comunicación de crisis destinada a la recuperación de la imagen de los destinos turísticos en el actual escenario post pandemia o en futuras crisis o desastres.

The article aims to establish whether the degree of aversion to inflation and the responsiveness to deviations from potential output have changed over time.

This paper assesses time variation in monetary policy rules by applying a time-varying parameter generalised methods of moments (TVP-GMM) framework.

Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada, Australia, New Zealand, Sweden) and five countries with alternative monetary regimes (the US, Japan, Denmark, the Euro Area, Switzerland), we find that monetary policy has become more averse to inflation and more responsive to the output gap in both sets of countries over time. In particular, there has been a clear shift in inflation targeting countries towards a more hawkish stance on inflation since the adoption of this regime and a greater response to both inflation and the output gap in most countries after the global financial crisis, which indicates a stronger reliance on monetary rules to stabilise the economy in recent years. It also appears that inflation targeting countries pay greater attention to the exchange rate pass-through channel when setting interest rates. Finally, monetary surprises do not seem to be an important determinant of the evolution over time of the Taylor rule parameters, which suggests a high degree of monetary policy transparency in the countries under examination.

It provides new evidence on changes over time in monetary policy rules.

We aim to explore how the COVID-19 crisis has initiated entrepreneurship amongst micro-scale businesses in the notably vulnerable street food industry. We highlight Malaysian street food vendors’ remarkable resilience as they evolved from informal enterprises into innovative entrepreneurs during the pandemic. This involves comprehending the pandemic’s impact and the coping strategies these businesses adopt to endure, evolve and thrive.

We carried out a semi-structured interview with 20 street food vendors in Kuala Lumpur, Malaysia. By using a qualitative approach and integrating theories on appraisal, resource management and self-regulated activities, this paper explores vendors’ experiences on their journey towards becoming entrepreneurs regardless of limited resources.

Despite the disruption, COVID-19 offers a crucial wake-up call even for micro-scale businesses. We discover the capability of street food vendors to outlast crisis through transformation into individuals with an entrepreneurial mindset. They adapted by diversifying their offerings and implementing new strategies like digital marketing and e-commerce. We also emphasise the contribution of family members in providing psychosocial support and navigating business challenges as an advantage of employing a highly self-efficacious individual within the group. This transformation not only ensures the survival of micro-scale enterprises but also underscores their potential to thrive and innovate, even in the face of adversity.

This paper extends the existing literature on street vending by integrating the appraisal theory of emotion, resource-based view theory and self-efficacy theory to explore how street food vendors with limited resources have managed to transform the informal business nature into an entrepreneurial environment under the pressure of a crisis.

This paper has a dual purpose. The first is to provide a thorough analysis of developments in international marketing in relation to the coronavirus disease 2019 (COVID-19) pandemic; the second is to capitalize on these developments to set an agenda for future research in the field of international marketing.

This paper zooms in on and reviews the 18 papers published in International Marketing Review’s (IMR) Special Issue on “Covid 19: advancing international marketing theory and guiding practice” (2023, volume 40, issue 5). It also integrates recent research at the intersection of international marketing and the COVID-19 pandemic.

The paper highlights five areas that embody significant contemporaneous changes brought about by the COVID-19 pandemic and affect international marketing practice. These include (1) shifts in consumer behavior, (2) digitalization and artificial intelligence, (3) disruptions in supply chains, (4) communication and corporate social responsibility (CSR), and (5) international dynamic marketing capabilities. In order to advance international marketing theory in relation to pandemics and other external crises, the paper establishes research directions for each of these areas.

The paper provides a novel and comprehensive categorization of fundamental shifts caused by the COVID-19 pandemic and lays out a research roadmap to advance research in the field of International Marketing (IM). Important implications for practice are also discussed.

This paper, based on the 2022 Master Class delivered at the 50th National Economic Meeting organized by ANPEC, discusses how post-Keynesian macroeconomics and New Developmentalism complement each other to understand middle-income economies' development in financial globalization. It summarizes my academic reflection about the advance in post-Keynesian thinking to develop macroeconomics for peripheral middle-income economies.

As part of this reflection, I first bring up the idea of a developmental convention and, next, how peripheral financialization impacts the elaboration of this convention. Given the asymmetric configuration of the international financial system and the context of hierarchical currencies, I discuss the challenge of overcoming underdevelopment in peripheral economies. The post-Keynesian macroeconomics and advances in the structuralist debate provide the analytical tools to understand how peripheral economies develop virtuous or vicious growth cycles. At the end of the paper, I present some comments on the stagnation of the Brazilian economy.

The growth strategy with foreign savings does not provide the conditions for middle-income economies to operate with sufficient economic policy autonomy to promote productive transformation. To this end, a developmental convention should replace the neoliberal convention that has dominated since the 1970s.

The dynamics of peripheral, middle-income economies, often influenced by international liquidity flows, are a crucial area of study. This research underscores the importance of understanding these dynamics, as it forms the basis for economic policy recommendations. The paper also highlights the inadequacy of the growth strategy with foreign savings in the current configuration of the international financial system, emphasizing the need for middle-income economies to operate with greater economic policy autonomy to foster productive transformation.

Organisational slack has been widely considered in strategic management, but there is a gap in understanding the process of accumulation and application of slack resources. From a dynamic perspective and over an extended period of time, this paper analyses the management of slack resources and evaluates whether the different behaviours, in relation to the accumulation and consumption of slack resources, have any effect on performance.

The resource-based view and the dynamic extension of this theory, i.e. resource management and resource orchestration, were analysed in order to evaluate how slack resources can be managed and generate value. Assuming a configurational approach, the analysis was structured into two stages to answer the proposed hypothesis. The first stage studied whether there were different patterns of management of slack resources over time using the DistatisR package. The second stage evaluated which behaviours had the greatest impact in terms of profitability by using a dynamic panel data regression.

Three different types of slack resource management were found in companies: efficient, effective and erratic. Different types do not have the same impact on performance.

The dynamic management of slack resources has scarcely been considered, even during periods of crisis and economic expansion. This research advances the understanding of how firms transform slack resources into performance from a dynamic perspective.

Innovation in financing processes, enabled by the advent of new technologies, has supported the development of alternative finance funding tools. In this context, the study analyses the growing importance of alternative finance instruments (such as equity crowdfunding, peer-to-peer (P2P) lending, venture capital, and others) in addressing the small and medioum enterprises' (SMEs) financing needs beyond traditional bank and market-based funding channels. By providing more flexible terms and faster approval times, these instruments are gradually reshaping the traditional bank-firm relationship.

To comprehensively understand this innovation shift in funding processes, the study employs a novel approach that merges three MCDA methods: Spherical Fuzzy Entropy, ARAS and TOPSIS. These methodologies allow for handling ambiguity and subjectivity in financial decision-making processes, examining the effects of multiple criteria, including interest rate, flexibility, accessibility, support, riskiness, and approval time, on the appeal of various financial alternatives.

The study’s results have significant theoretical and practical implications, supporting SMEs in carefully evaluate financing alternatives and enables banks to better identify the main “competitors” according to the “financial need” of the firm. Moreover, the rise of alternative finance, notably P2P lending, indicates a shift towards more efficient capital access, suggesting banks must innovate their funding channels to remain competitive, especially in offering flexible solutions for restructuring and high-risk scenarios.

The study advises top management that SMEs prefer traditional loans for their reliability and accessibility, necessitating banks to enhance transparency, innovate, and adopt digital solutions to meet evolving financing needs and improve customer satisfaction.

The study introduces a novel integration of Spherical Fuzzy TOPSIS, Entropy, and ARAS methodologies to face the complexities of financial decision-making for SME financing, addressing ambiguity and multiple criteria like interest rates, flexibility, and riskiness. It emphasizes the importance of traditional loans, the rising significance of alternative financing such as P2P lending, and the necessity for banks to innovate, thereby enriching the literature on bank-firm relationships and SME funding strategies.