Search results

Several studies have examined the impact of market fundamentals on house prices. However, the effect of economic sectors on housing prices is limited despite the existence of two-speed economies in some countries, such as South Africa. Therefore, this study aims to examine the impact of mining activities on house prices. This intends to understand the direction of house price spreads and their duration so policymakers can provide remediation to the housing market disturbance swiftly.

This study investigated the effect of mining activities on house prices in South Africa, using quarterly data from 2000Q1 to 2019Q1 and deploying an auto-regressive distributed lag model.

In the short run, we found that changes in mining activities, as measured by the contribution of this sector to gross domestic product, impact the housing price of mining towns directly after the first quarter and after the second quarter in the non-mining cities. Second, we found that inflationary pressure is instantaneous and impacts house prices in mining towns only in the short run but not in the long run, while increasing housing supply will help cushion house prices in both submarkets. This study extended the analysis by examining a possible spillover in house prices between mining and non-mining towns. This study found evidence of spillover in housing prices from mining towns to non-mining towns without any reciprocity. In the long run, a mortgage lending rate and housing supply are significant, while all the explanatory variables in the non-mining towns are insignificant.

These results reveal that enhanced mining activities will increase housing prices in mining towns after the first quarter, which is expected to spill over to non-mining towns in the next quarter. These findings will inform housing policymakers about stabilising the housing market in mining and non-mining towns. To the best of the authors’ knowledge, this study is the first to measure the contribution of mining to house price spillover.

Given the relevance of female directors in the governance of any firm, this paper aims to examine their effect on firms’ financial performance by investigating their general impact and segregating the same into different subgroups based on Kanter’s theory.

To achieve the purpose, this study selects a sample of the top 100 listed Indian firms for the period of 2014–2018 and gathers the data pertaining to the variables under consideration from the respective firms’ annual report and corporate database Capitaline Plus. For undertaking the investigation, the authors have segregated the sample into three groups, i.e. firms with boards having less than 10% of female directors are called skewed boards; firms with boards having female directors that range from 10% to 20% are called as tilted board; and firms with boards having sizable representation of female directors of above 20%. To examine the performance impact of overall female directors and their different subgroups, the authors have used a generalized estimating equation model. For the robustness test, the authors have used the fixed-effect model.

The authors find a significant positive impact of the overall percentage of female directors on the financial performance of firms. Additionally, the results indicate that boards with a titled group of female directors and boards with a sizable representation of female directors significantly positively impact firms’ performance. However, the authors fail to extricate any significant performance impact of boards with a skewed group of female directors.

First, the study reveals that despite prevailing nepotism in India, female directors, owing to their core characteristics, can create a favorable perception of firms in the market. Second, it also works as an eye-opener for regulators by revealing the minimum threshold for female directors that a board should have to exploit the benefits of a gender quota rather than mere compliance with the requirements of the Companies Act, 2013. Third, it implies that more gender-diverse boards can improve a firm’s financial performance only if female directors range between the thresholds of 10% to 20%. Finally, the finding is significant for changing the business culture in India, where institutions are traditionally less supportive of women than in other emerging countries.

Departing from existing studies, which provide evidence on the performance impact of the overall percentage of female directors, the study unveils the differential impact of female directors on firms’ financial performance depending on their level of representation on the board. To the best of the authors’ knowledge, this is the first study in the context of an emerging market to test Kanter’s theory.

This paper aims to identify the variables responsible for classifying the investors into risk takers (RT) and risk avoiders (RA) across their economic perspectives.

The research offers a novel and unobtrusive measure of classifying investors into RT and RA based on a set of financial risk tolerance (FRT) questions. The authors have investigated the causes of discrimination across economic perspectives over a sample of 552 investors exposed to market risk.

The authors identify that out of the total of 11 risk assessment variables, only three are responsible for classifying investors into RA and RT. The variables are risk return trade-off, comfort level dealing with risk, and understanding short-term volatility. Financial literacy is considered as an emerging cause of discrimination. Further, the authors highlight the most striking finding to be the discriminating factors across wealth and source of income of the investors.

Existing research on FRT can be loosely segregated into three groups: the relationship between an individual's financial and non-FRT, estimation of FRT score (FRTS), and perceived self-assessed FRTS. The current research roughly falls into the third category of study where the authors have not only studied the self-assessed risk tolerance but also evaluated the predictors. Most of the studies have focussed on estimating self-assessed FRT with the help of one direct question to the respondent. However, the uniqueness of this study is that the researchers have used an instrument comprising a series of direct and indirect questions that can easily estimate the self-assessed risk perception and also discriminate the role of the economic factors that have any impact on self-assessed FRTS.

This study aims to investigate whether consumers and small businesses can transition from disposable to reusable coffee cups, using a community social marketing intervention, led by a Social Purpose Organisation.

An emergent case study approach using multiple sources of data developed an in-depth, multifaceted, real-world context evaluation of the intervention. The methodology draws on citizen science “messy” data collection involving multiple, fragmented sources.

Moving from single-use cups to reusables requires collective commitment by retailers, consumers and policymakers, despite the many incentives and penalties applied to incentivise behaviour change. Difficult post-COVID economics, austerity and infrastructure gaps are undermining both reusable acceptance and interim solutions to our dependence upon disposables.

Although the non-traditional methodology rendered gaps and omissions in the data, the citizen science was democratising and inclusive for the community.

Our practical contribution evaluates a whole community intervention setting to encourage reusable cups, integrating multiple stakeholders, in a non-controllable, non-experimental environment in contrast to previous research. This paper demonstrates how small community grants can foster impactful collaborative partnerships between an SPO and researchers, facilitate knowledge-exchange beyond the initial remit and provide a catalyst for possible future impact and outcomes.

To assess the impact at both the outcome and the process level of the intervention, we use Pawson and Tilley’s realist evaluation theory – the Context Mechanism Outcome framework. The methodological contribution demonstrates the process of citizen science “messy” data collection, likely to feature more frequently in future social science research addressing climate change and sustainability challenges.

Globally, the governance has shifted from positivist to the regulatory-centric approach, necessitating accurate contouring of regulatory governance framework. The study proposes a novel approach to unravel the regulatory governance framework in the context of the Indian electronics industry – extendable to other sectors in India and other emerging economies.

The research objective has been operationalized through document analysis and thematic analysis of semi-structured interview transcripts in three steps: (1) arrive at parameters of the regulatory governance framework, (2) identify instruments against each parameter and (3) characterize parameters in terms of dominant instruments and their underlying modalities. The authors have adopted a set of 6 Cs modalities (control, communications, competition, consensus, code and collaboration) and regulatory space theory to analyze existing modalities mix in the dominant instruments.

In summary, the study has (1) identified eight macro and twenty micro regulatory governance parameters, (2) mapped regulatory governance parameters with instruments and institutions (3) revealed the top two dominant modalities for each regulatory governance parameter.

The existing modality characteristics of regulatory governance parameters can be used by manufacturers, investors and other stakeholders to make a realistic assessment of regulatory governance and reduce regulatory risk and regulatory burden.

The multidimensional use of parameters, instruments and modalities broadens the understanding of the existing regulatory governance framework and may assist the regulators in optimizing it to meet market requirements.

This paper assesses the co-movement between Pax gold and six fiat currencies. It also investigates the optimal time-varying hedge ratios in order to examine the properties of Pax gold as a diversifier and hedge asset.

This paper examines the volatility spillover between Pax gold and fiat currencies using the framework of wavelet analysis, BEKK-GARCH models and Range DCC-GARCH. Moreover, this paper proposes to use the covariance and variance structure obtained from the new range DCC-GARCH framework to estimate the time-varying optimal hedge ratios, the optimal weighs and the hedging effectiveness.

Wavelet coherence method reveals that, at low frequency, large zone of co-movements appears for the pairs Pax gold/EUR, Pax gold/JPY and Pax gold/RUB. Further, the BEKK results show unidirectional (bidirectional) transmission effects between Pax gold and EUR, GBP, JPY and CNY (INR, RUB) fiat currencies. Moreover, the Range DCC results show that the Pax gold and the fiat currency returns are weakly correlated with low coefficients close to zero. Thus, Pax gold seems to serve as a safe haven asset against the systematic risk of fiat currency markets. In addition, the results of optimal weights show that rational investor should invest more in Pax gold and less in fiat currencies. Concerning the hedge ratios results, the findings reveal that the INR (JPY) fiat currency appears to be the most expensive (cheapest) hedge for the Pax-gold market. However, the JPY’s fiat currency appears to be the cheapest one. As for hedging effectiveness results, the authors found that hedging strategies including fiat currencies–Pax gold pairs are most likely to sharply decrease the portfolio’s risk.

A comprehensive understanding of the relationship between Pax Gold and fiat currencies is crucial for refining portfolio strategies involving cryptocurrencies. This research underscores the significance of grasping volatility transmissions between these currencies, providing valuable insights to guide investors in their decision-making processes. Moreover, it encourages further exploration into the interdependencies of digital currencies. Additionally, this study sheds light on effective contagion risk management, particularly during crises such as Covid-19 and the Russia–Ukraine conflict. It underscores the role of Pax Gold as a safe-haven asset and offers practical guidance for adjusting portfolios across various economic conditions. Ultimately, this research advances our comprehension of Pax Gold’s risk-return profile, positioning it as a potential hedge during periods of uncertainty, thereby contributing to the evolving literature on cryptocurrencies.

This study’s primary value lies in its pioneering empirical examination of the time-varying correlations and scale dependence between Pax Gold and fiat currencies. It goes beyond by determining optimal time-varying hedge ratios through the innovative Range-DCC-GARCH model, originally introduced by Molnár (2016) and distinguished by its incorporation of both low and high prices. Significantly, this analysis unfolds within the unique context of the Covid-19 pandemic and the Russian–Ukrainian conflict, marking a novel contribution to the field.

The study investigates the linkage between personality traits and firm performance. It examines the role of the pursuit of excellence, perseverance, a proactive mindset and formal education in determining the entrepreneurial success of MSMEs.

Data were collected from 432 MSME entrepreneurs using a structured questionnaire from India's two major industrial towns to analyze the impact of personality traits on firm performance. Structural equation modeling (SEM) was employed to assess the direct and indirect relationships with the help of mediation analysis.

The findings assert that personality traits improve firm performance and determine the success of MSMEs. The results reveal that the need for achievement, a proactive mindset and the pursuit of excellence are crucial to firm performance. In addition, formal education mediates between perseverance and the pursuit of excellence personality attributes on the one side and firm performance on the other.

The research has various theoretical and practical implications for entrepreneurs, financial institutions and policymakers. The results could be productively used to nurture the entrepreneurial ecosystem in India.

Although research on personality traits as a driver of firm performance is growing, the pursuit of excellence, perseverance and proactive mindset attributes as enablers of firm performance have not garnered much attention. The study presents a precise conceptual model by integrating the aforementioned dimensions in the backdrop of an emerging market.

This paper aims to introduce the experience-dominant (Ex-D) logic model, which synthesizes the creation, perceptions and outcomes of Ex-D logic. It is designed to offer valuable insights for strategic managerial applications and future research directions.

Employing a qualitative approach by using eight selected product launch events from reviewed 100 event videos and 55 in-depth interviews with industrial managers to develop an Ex-D logic model, and data were coded and analysed via NVivo.

Results show that the firm’s Ex-D logic is operationalized as the mentalizing of the three types of customer needs (service competence, hedonic excitations and meaning making), the materializing of three types of customer experiences and customer journeys (service experience, hedonic experience and brand experience) and the moderating of three types of customer values (service values, hedonic values and brand values).

This study has implications for adding new insights into existing theory on dominant logic and customer experience management and also offers actionable recommendations for managerial applications.

This study sheds light on the importance of Ex-D logic from a strategic point of view and provides an organic view of the firm. It distinguishes firm perspective from customer perspective, firm experience from customer experience and firm journey from consumer journey.

The purpose of this study is to see if market timing predicts the first reporting of earnings performance after the issue, i.e. the issue-year earnings performance. Furthermore, this study examines the behaviour of financial and non-financial issuers’ performance in the light of varied market timings.

This study focuses on 785 NSE-listed initial public offerings that took place between April 2010 and December 2021. This study evaluates market timing by using moving averages. Using multiple regression analysis, the research further investigates the impact of market timing on issue-year earnings performance for financial and non-financial issuers on the basis of an interaction (moderation) effect.

This study finds that there is a significant presence of market timing in India, which predicts issue-year earnings performance. This study also demonstrates that hot market issuers’ performance is heavily influenced by market timing for non-financial issuers only. However, financial companies are not influenced by market timing.

The findings of this study will assist the potential investors, analysts and stakeholders about performance of public issuers in India. Lower earnings performance for hot market non-financial issuers implies that the issuers’ market performance may not be supported by earnings figures. A market performance that is not synchronous with earnings will not last long. The findings of this study hold implications to the regulators as well to keep an eye on issuers’ earnings performance alongside the stock performance. Apart from that, the observations in context of financial and non-financial issuers provide insight about the variation in performance of public issues on the basis of background.

To the best of the authors’ knowledge, this is the only study to examine earnings performance in the context of market timing in India. This study holds significance in terms of methodology for anticipating the presence of market timing and the study of interaction effects. Moreover, it is one of the few studies that has focused on comparing financial and non-financial issuers around the world.

The venture capital industry is an important provider of capital to start-ups and has grown considerably in recent decades. This study explores how investors' gender perceptions influence venture capital investment decisions in an industry that remains highly gender imbalanced, both amongst the venture capital decision-makers and with respect to the allocation of capital to entrepreneurs.

The authors' approach was informed by a thorough literature review and in-depth qualitative interviews with ten decision-makers at some of the foremost venture capital funds in Norway. Interviews were recorded, transcribed and coded using NVivo.

The authors' findings demonstrate that the Norwegian venture capital industry is influenced by homophily and role congruity. The authors highlight the challenges entrepreneurs face in gaining access to venture capital if they are not already members of the investors' network, a situation that results in a recycling effect that helps maintain the industry’s gender imbalance. Moreover, it appears that venture capitalists (VCs) favour masculine characteristics when assessing entrepreneurs, revealing a potential incongruence between female characteristics and perceived entrepreneurial attributes.

The authors' study contributes to and extends the extant literature on homophily and role congruity. Indeed, through investigating the gender-based perceptions of VCs, the authors shed new light on the mechanisms involved in their assessment of entrepreneurs, as well as on the drivers and barriers affecting female entrepreneurs.