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Article
Publication date: 7 October 2021

Sudeshna Ghosh

This study explores the response of consumer confidence in policy uncertainty in the Japanese context. The study also considers the dynamism of stock market behavior and…

Abstract

Purpose

This study explores the response of consumer confidence in policy uncertainty in the Japanese context. The study also considers the dynamism of stock market behavior and financial stress and its impact on consumer confidence, which has remained unaddressed in the literature. The role of these control variables has important implications for policy discussions, particularly when other countries can learn from Japanese experiences.

Design/methodology/approach

The nonlinear autoregressive distributed lag model postulated by Shin et al. (2014) was used for studying the asymmetric response of consumer confidence to policy uncertainty. This method has improved estimates compared to traditional linear cointegration methods.

Findings

The findings confirm the asymmetric impact of policy uncertainty on the consumer confidence index in Japan. The impact of the rise in policy uncertainty is greater than that of a fall in asymmetry on consumer confidence in Japan. Furthermore, the Wald test confirmed asymmetric behavior.

Originality/value

The contribution of this study is threefold. First, this study contributes to the extant literature by analyzing the asymmetric response of consumer confidence to policy uncertainty, controlling for both the financial stress and stock price indices. Second, to test the robustness of the exercise, the study utilized different frequencies of observations. Third, this study is the first to utilize the concept of Arbatli et al. (2017) to formulate a combined index of uncertainty based on economic policy uncertainty index, along with uncertainty indices such as fiscal, monetary, trade and exchange rate policies to study the overall impact of policy uncertainty.

Details

Journal of Asian Business and Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2515-964X

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Article
Publication date: 7 October 2021

Moses Nzuki Nyangu, Freshia Wangari Waweru and Nyankomo Marwa

This paper examines the sluggish adjustment of deposit interest rate categories with response to policy rate changes in a developing economy.

Abstract

Purpose

This paper examines the sluggish adjustment of deposit interest rate categories with response to policy rate changes in a developing economy.

Design/methodology/approach

Symmetric and asymmetric error correction models (ECMs) are employed to test the pass-through effect and adjustment speed of deposit rates when above or below their equilibrium levels.

Findings

The findings reveal an incomplete pass-through effect in both the short run and long run while mixed results of symmetric and asymmetric adjustment speed across the different deposit rate categories are observed. Collusive pricing arrangement behavior is supported by deposit rate categories that adjust more rigidly upwards than downwards, while negative customer reaction behavior is supported by deposit rate categories that adjust more rigidly downwards than upwards.

Practical implications

Even though the findings indicate an aspect of increased responsiveness over the period, the sluggish adjustment of deposit rates imply that monetary policy is still ineffective and not uniform across the different deposit rate categories.

Originality/value

To the best of the authors' knowledge, this is the first study to empirically examine both symmetric and asymmetric adjustment behavior of deposit interest rate categories in Kenya. The findings are key to policy makers as they provide insights on how long it takes to adjust different deposit rate categories to monetary policy decisions. In addition, the behavior of deposit rates partly explains why interest rates capping was imposed in Kenya in 2016.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 7 October 2021

Juan David Peláez-León and Gregorio Sánchez-Marín

This study analyses whether human resource management (HRM), through the use of four sets of high-performance work policies (HPWPs) (i.e. selection, training, motivation…

Abstract

Purpose

This study analyses whether human resource management (HRM), through the use of four sets of high-performance work policies (HPWPs) (i.e. selection, training, motivation and opportunity policies), mediates the relationship between socioemotional wealth (SEW)—defined as a unique set of nonfinancial family goals—and firm financial performance when family firms face a high-risk context.

Design/methodology/approach

Hypotheses were statistically tested using a structural equation modeling (SEM) methodology with a cross-sectional sample of 196 medium-sized and private family firms in a high-risk context in Spain.

Findings

The results indicate that the relationship between SEW and financial performance in family firms is fully mediated by the use of HPWPs, especially by training and motivation HR policies. The importance given to preserving SEW influences the use of four sets of HPWPs when family firms show clear evidence of being confronted by a financial decline (i.e. a high-risk context). However, to improve their financial results to avoid the firm's failure and thus the loss of their SEW, only those HR policies that focus on training and motivation made a significant and positive contribution to the firm financial performance.

Originality/value

This study contributes to the literature on family firms and HRM by adopting an alternative theoretical framework to understand how the importance of nonfinancial family goals may affect employee structures and management policies, thereby improving financial performance in family firms.

Details

International Journal of Entrepreneurial Behavior & Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1355-2554

Keywords

Content available
Article
Publication date: 11 October 2021

Belavadi Nikhil and Shivakumar Deene

The study aims to identify the impact of monetary policy tools on the performance of banks in India, and this could be an excellent suggestion to the regulators in framing…

Abstract

Purpose

The study aims to identify the impact of monetary policy tools on the performance of banks in India, and this could be an excellent suggestion to the regulators in framing the favourable interest rates which would meet the macroeconomic objectives of the Indian economy.

Design/methodology/approach

The design adopted in this study is descriptive and analytical research. Correlation and regression analysis is used to determine the relationship between bank rate (BR) and the performance of public sector banks in India. The sample chosen for this study is the public sector banks actively performing in India.

Findings

The performance is measured by taking three factors, and they are deposits, loans and advances (L&A) and total asset value of the banks. All three factors have shown an impact of BR on them during the five years. L&A affected the least amongst the three factors, but the other two were significantly impacted by the change in BR by the Reserve Bank of India. So, there should be a favourable fluctuation in the BR which will bring flexibility in the banking system, and they can perform well in the economy and the central bank also can concentrate on the macro-economic situation in the country.

Originality/value

This paper helps in giving suggestions to the Central bank, researchers, financial institutions to look into the financial performance and monetary policy rates and the central bank also can concentrate on the macro-economic situation in the country.

Details

Vilakshan - XIMB Journal of Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0973-1954

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Article
Publication date: 20 October 2021

Lorna Montgomery, Gavin Davidson, Berni Kelly, Linda McKendry, Leslie-Anne Newton, Paul Webb and Lisamarie Wood

The purpose of this paper is to present an examination of the development of adult safeguarding policy from the perspectives of both policymakers and those who have sought…

Abstract

Purpose

The purpose of this paper is to present an examination of the development of adult safeguarding policy from the perspectives of both policymakers and those who have sought to influence policy, to empower individuals with a learning disability to have a say in how policies, that influence their life and impact their right to independence, are developed.

Design/methodology/approach

This paper is based on a project which was led by a UK-wide interdisciplinary and multi-agency team, which included the central involvement of peer researchers who had lived experience of learning disability. It was based on a participatory disability research design.

Findings

Factors which enabled or restrained individuals with a learning disability, and their supporting organisations, from getting their voice heard in policy development, are identified.

Originality/value

This paper builds on policy theory and research, making recommendations for policy makers, disabled people and their supporting organisations as to how adult safeguarding policy, could be more effectively informed and influenced.

Details

The Journal of Adult Protection, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1466-8203

Keywords

Content available
Article
Publication date: 7 October 2021

Le Thanh Ha and Finch Nigel

This paper analyzes variations in effects of monetary and fiscal shocks on responses of macroeconomic variables, determinacy region and welfare costs due to changes in…

Abstract

Purpose

This paper analyzes variations in effects of monetary and fiscal shocks on responses of macroeconomic variables, determinacy region and welfare costs due to changes in trend inflation.

Design/methodology/approach

The authors develops the New-Keynesian model, which the central banks can employ either nominal interest rate (IR rule) or money supply (MS rule) to conduct monetary policies. They also use their budgets for capital and recurrent spending to conduct fiscal policies. By using simulated method of moment (SMM) for parameter estimation, the authors characterize Vietnam's economy during 1996Q1 -2015Q1.

Findings

The results report that consequences of monetary policy and fiscal policy shocks become more serious if there is a rise in trend inflation. Furthermore, the money supply might not be an effective instrument and using the government budget for recurrent spending produces severe consequences in the high-trend-inflation economy.

Originality/value

This is the first paper that examines the effects of trend inflation on the monetary and fiscal policy implementation in the case of Vietnam.

Details

Journal of Economics and Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1859-0020

Keywords

Content available
Article
Publication date: 4 October 2021

Chris Ó. Rálaigh and Sarah Morton

International policy approaches to cannabis production and use are changing rapidly, and within the Irish context, alternatives to prohibition are being considered. This…

Abstract

Purpose

International policy approaches to cannabis production and use are changing rapidly, and within the Irish context, alternatives to prohibition are being considered. This study aims to explore policymaker’s attitudes towards the decriminalisation and legal regulation of cannabis for recreational use in the midst of an unfolding policy process, examining the degree which a “policy window” might be open for the implementation of cannabis policy change.

Design/methodology/approach

Semi-structured interviews were held with eight key informants within the policy field in Dublin, Ireland. Kingdon’s (2014) Multiple Streams framework was used to consider whether the problems, policy and political streams were aligning to support progressive policy change.

Findings

Irish policymakers indicated broad support for the decriminalisation of cannabis. The legal regulation of cannabis received more qualified support. Existing policy was heavily criticised with criminalisation identified as a clear failure. Of particular interest was the willingness of policymakers to offer opinions which contrasted with the policy positions of their organisations. While a policy window did open – and close – subsequent governmental commitments to examine the issue of drugs policy in a more deliberative process in the near future highlight the incremental nature of policy change.

Originality/value

This study provides unique insight into the opinions of policymakers in the midst of a prolonged period of policy evolution. A latent aspiration for historical policy change was situated within the realpolitik of more traditional approaches to policy development, demonstrating that the alignment of Kingdon’s (2014) problem, policy and political streams are essential for change in cannabis policy.

Details

Drugs and Alcohol Today, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1745-9265

Keywords

Content available
Article
Publication date: 12 October 2021

Zheng Li and Siying Yang

A city is a spatial carrier of innovation activities. Improving the level of urban innovation can play a significant supporting role in building an innovative country…

Abstract

Purpose

A city is a spatial carrier of innovation activities. Improving the level of urban innovation can play a significant supporting role in building an innovative country. China began to implement the innovative city pilot policy in 2008 and continued to expand the policy into more areas for exploring the path of innovative urban development with Chinese characteristics and improving urban innovation.

Design/methodology/approach

Based on mechanism analysis, this paper used the panel data of 269 cities from 2003 to 2016 to empirically test the effect of the pilot policy on the level of urban innovation by using different methods, such as the difference-in-differences model.

Findings

The results show that the innovative city pilot policy significantly improves the level of urban innovation. However, according to the findings of the heterogeneity analysis, the effect of the pilot policy on improving the innovation level in direct-controlled municipalities, provincial capitals and sub-provincial cities is weaker than that in ordinary cities, and the effect of the pilot policy on improving the innovation level in cities with a higher quality of science and education resources is weaker than that in cities with lower quality of science and education resources.

Originality/value

Moreover, as the level of urban innovation increases, the effect of the pilot policy on improving the level of urban innovation is an asymmetric inverted V shape, which means the effect is first strengthened and then weakened. The research also finds that the locational heterogeneity of the pilot policy for improving the level of urban innovation is not notable. In addition, the innovative city pilot policy can strengthen the government's strategic guidance, promote the concentration of talent, incentivize corporate investment and optimize the innovation environment, having a positive impact on urban innovation. Moreover, the effect of concentration of talent and the effect of corporate investment incentive are the important reasons for the pilot policy to promote the improvement of the level of urban innovation.

Details

China Political Economy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2516-1652

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Article
Publication date: 18 October 2021

Wangqian Fu and Frank Okai Larbi

There have been regular policy enactment and dynamism to ensure progress and sustainability in the development of higher education (HE) in China after the Cultural…

Abstract

Purpose

There have been regular policy enactment and dynamism to ensure progress and sustainability in the development of higher education (HE) in China after the Cultural Revolution. This study was purposed to reveal the processes of the Chinese higher education (CHE) development through series of policy implementations from the epoch of economic reformation and opening-up policy.

Design/methodology/approach

The authors employed document analysis, and selected and critically analyzed documents that include published articles and books, the official website of the Chinese Ministry of Education, and historical documentaries of the Chinese Cultural Revolution and their HE aftermath. Again, a semi-structured interview was utilized with a sample size of 20 academics vested in the CHE history. Five academics from four universities in China were interviewed to analyze the historical events of the CHE transformation and current policies about the CHE development.

Findings

The authors established that enrollment in the CHE has increased since the economic reformation; there has been the enhancement of the CHE internationalization in recent decades and the emergence of world-class universities and programs in the CHE as a result of the world class policies and projects. For consistency of the innovative programs toward HE development, the authors have posited some challenges, future goals and the global impacts of the CHE development and its sustainability.

Originality/value

The utilization of document analysis cements the claims by the interviewees, which enriches the value of the results. This study would provide literature guidance to international researchers to critically concoct theoretical assumptions from the findings to critically investigate the developmental policy pattern of HE institutions.

Details

International Journal of Comparative Education and Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2396-7404

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Article
Publication date: 2 October 2021

Michael Mehmet, Troy Heffernan, Jennifer Algie and Behnam Forouhandeh

The purpose of this paper is to examine how upstream social marketing can benefit from using social media commentary to identify cognitive biases. Using reactions to…

Abstract

Purpose

The purpose of this paper is to examine how upstream social marketing can benefit from using social media commentary to identify cognitive biases. Using reactions to leading media/news publications/articles related to climate and energy policy in Australia, this paper aims to understand underlying community cognitive biases and their reasonings.

Design/methodology/approach

Social listening was used to gather community commentary about climate and energy policy in Australia. This allowed the coding of natural language data to determine underlying cognitive biases inherent in the community. In all, 2,700 Facebook comments were collected from 27 news articles dated between January 2018 and March 2020 using exportcomments.com. Team coding was used to ensure consistency in interpretation.

Findings

Nine key cognitive bias were noted, including, pessimism, just-world, confirmation, optimum, curse of knowledge, Dunning–Kruger, self-serving, concision and converge biases. Additionally, the authors report on the interactive nature of these biases. Right-leaning audiences are perceived to be willfully uninformed and motivated by self-interest; centric audiences want solutions based on common-sense for the common good; and left-leaning supporters of progressive climate change policy are typically pessimistic about the future of climate and energy policy in Australia. Impacts of powerful media organization shaping biases are also explored.

Research limitations/implications

Through a greater understanding of the types of cognitive biases, policy-makers are able to better design and execute influential upstream social marketing campaigns.

Originality/value

The study demonstrates that observing cognitive biases through social listening can assist upstream social marketing understand community biases and underlying reasonings towards climate and energy policy.

Details

Journal of Social Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2042-6763

Keywords

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