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1 – 10 of 978Manuela Gonçalves Barros, Marcelo Botelho da Costa Moraes, Alexandre Pereira Salgado Junior and Marco Antonio Alves de Souza Junior
The purpose of this paper is to evaluate the efficiency in financial intermediation and the cost efficiency in banking service of credit unions in Brazil, based on essentially…
Abstract
Purpose
The purpose of this paper is to evaluate the efficiency in financial intermediation and the cost efficiency in banking service of credit unions in Brazil, based on essentially accounting variables, and to analyze the temporal evolution of the efficiency of these cooperatives.
Design/methodology/approach
With a sample of 315 cooperatives over the period from 2007 to 2014, this research uses a two-stage process: application of regression models with panel data to verify which variables are related to the defined outputs, with the reduction of 31 variables to 8 variables in both models; and application of the data envelopment analysis method to obtain an analysis of credit unions’ efficiency.
Findings
The results demonstrate a high level of efficiency in financial intermediation, with low variation over time, associated with a low efficiency in the banking service, in which few cooperatives have remained efficient over time. In addition, the cooperatives with highest efficiency in financial intermediation were also the most efficient in providing services.
Research limitations/implications
This research has some limitations about the capacity of the proxies used to capture the real effect of the variables and assumptions of economic relations resulting in restrictions to generalize the results.
Practical implications
Cooperatives are usually analyzed under just one dimension. By separating the analysis into financial intermediation and banking services, cooperatives that are more efficient in each dimension can be identified, in addition to analyzing the evolution over time. The authors found that efficiency tends to be lower in banking services, and few cooperatives remain at the highest level of efficiency over time in both models.
Social implications
Credit unions provide an important service in the banking and credit market. Therefore, understanding its operation and the characteristics that influence its efficiency allows a better management of the cooperatives themselves and a greater understanding of this important segment of the financial market.
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M.S. Daoussa Haggar and M. Mbehou
This paper focuses on the unconditionally optimal error estimates of a linearized second-order scheme for a nonlocal nonlinear parabolic problem. The first step of the scheme is…
Abstract
Purpose
This paper focuses on the unconditionally optimal error estimates of a linearized second-order scheme for a nonlocal nonlinear parabolic problem. The first step of the scheme is based on Crank–Nicholson method while the second step is the second-order BDF method.
Design/methodology/approach
A rigorous error analysis is done, and optimal L2 error estimates are derived using the error splitting technique. Some numerical simulations are presented to confirm the study’s theoretical analysis.
Findings
Optimal L2 error estimates and energy norm.
Originality/value
The goal of this research article is to present and establish the unconditionally optimal error estimates of a linearized second-order BDF finite element scheme for the reaction-diffusion problem. An optimal error estimate for the proposed methods is derived by using the temporal-spatial error splitting techniques, which split the error between the exact solution and the numerical solution into two parts, that is, the temporal error and the spatial error. Since the spatial error is not dependent on the time step, the boundedness of the numerical solution in L∞-norm follows an inverse inequality immediately without any restriction on the grid mesh.
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Phuong Thi Ly Nguyen, Nha Thanh Huynh and Thanh Thanh Canh Huynh
The authors investigate how foreign investment in securities market informs about the future firm performance in emerging markets.
Abstract
Purpose
The authors investigate how foreign investment in securities market informs about the future firm performance in emerging markets.
Design/methodology/approach
The authors define the independent variable, abnormal foreign investment (AFI) as the residuals of the foreign ownership equation. The authors regress foreign ownership on its first lag and factors and define the residuals as the AFI. The AFI is the over- or under-investment reflecting foreign conscious (clear-purpose) investment, thus better indicating how foreign investment affects firm performance. The dependent variable is Tobin’s q (Q), which represents the firm performance. Then, the authors regress the Tobin’s q next quarters (Qt + k) on the AFI current quarter (AFIt). The authors use a two-step generalized method of moments (GMM) and check endogeneity with the D-GMM model for the regression.
Findings
The results show that the current AFI is positively correlated with the firm performance in each of the next four quarters (the following one year). This positive relationship is pronounced for large firms, firms with no large foreign investors, liquid firms and firms listed in the active market. The results suggest that foreign investment might choose well-productive firms already. Also, the current AFI is significantly positively correlated with stock returns in each of the next three quarters. These results suggest that the AFI is informative up to one-year period.
Research limitations/implications
The results suggest that foreign investors (most of them are small) in the Vietnamese market might choose well-productive firms already. However, if the large investors have long-term investment in tangible, intangible, human capital and so on, and lead to a significant increase in firms’ performance is still the limitation of this paper.
Practical implications
The results of this paper may guide investors whose portfolios are composed of stocks with foreign investment.
Originality/value
This paper adds to the literature to enrich the conclusion of a positive relationship between foreign ownership and firm performance.
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Ricardo Chalmeta and Adriana M. Barbeito-Caamaño
This study aims to contribute to the field of computer systems for sustainability research. It proposes a framework for sustainability awareness using online social networks…
Abstract
Purpose
This study aims to contribute to the field of computer systems for sustainability research. It proposes a framework for sustainability awareness using online social networks (OSNs) by analyzing major research streams of the current state of knowledge and different bibliometric variables, and identifies a future research agenda in the field.
Design/methodology/approach
The preferred reporting items for systematic review and meta-analysis (PRISMA) methodology, content analysis and bibliometric tools were employed to identify, select, collect, synthesize, analyze and evaluate all research published on sustainability awareness using OSNs to provide complete insight into this research area.
Findings
This study proposed a framework comprising four categories for sustainability awareness using OSNs. These four categories are: the key factors to success, analysis of existing tools, proposal of new methods, approaches and theoretical frameworks, and case examples. In addition, this study synthesized the future research challenges for each category of the proposed framework.
Originality/value
Fostering sustainability awareness and sustainable behavior using OSNs is a growing area of research that seeks cultural change in society to achieve sustainable development. Through OSNs, people can discover and become aware of the consequences of unsustainable practices and habits in society, and learn how to develop sustainable behavior.
Peer review
The peer review history for this article is available at https://publons.com/publon/10.1108/OIR
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Valentino Paolo Berardi and Mariella De Piano
This paper aims to review recent literature results on the equilibrium problem and the strengthening design of masonry vaults.
Abstract
Purpose
This paper aims to review recent literature results on the equilibrium problem and the strengthening design of masonry vaults.
Design/methodology/approach
A Lumped Stress Method (LSM) is considered within the Heyman’s safe theorem, based on the definition of thrust surface of a masonry curved structure. In particular, the static problem of the vault is formulated by introducing a membrane continuous of the studied masonry structure to associate with a spatial truss through a nonconforming variational approximation of the thrust surface and membrane stress potential. A tensegrity approach based on a minimal mass design strategy, different strengths in tension and compression of the material is discussed within the strengthening strategy of masonry vaults.
Findings
The numerical results have highlighted the efficacy of the two numerical approaches to assess the vulnerability of existing structures and design optimal strengthening interventions of these structures.
Originality/value
The presented models can represent fast and useful tools to assess the vulnerability of existing structures and design optimal strengthening interventions with composite materials of these structures.
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Khumbulani L. Masuku and Thabo J. Gopane
The study considers time-varying risk premium in investigating the capability of technical analysis (TA) to predict and outperform a buy–hold strategy in Bitcoin exchange rate…
Abstract
Purpose
The study considers time-varying risk premium in investigating the capability of technical analysis (TA) to predict and outperform a buy–hold strategy in Bitcoin exchange rate returns.
Design/methodology/approach
The study tests the technical trading rule of fixed moving average (FMA) on daily actual and equilibrium returns of Bitcoin exchange rates. The equilibrium returns are computed using dynamic CAPM in conjunction with a VAR-MGARCH (1, 1) system. The empirical evaluation of the study uses a case study of four Bitcoin exchange rates (BTC/AUD, BTC/EUR, BTC/JPY and BTC/ZAR) for the period 19 June 2010 to 30 October 2020.
Findings
The findings are consistent with related studies in conventional foreign exchange markets that find TA to be profitable, especially in emerging markets. Nevertheless, the consideration of risk premium has the effect of reducing the abnormal returns. Also, further robust tests reveal that Bitcoin returns possess a momentum effect which prompts further study in efficient market hypothesis research.
Practical implications
The empirical findings of this study should benefit portfolio managers and active investors on the strength of TA to predict returns in a speculative market like the Bitcoin exchange rate market.
Originality/value
The study takes cognisance that cryptocurrency trading is speculative in nature which renders it a good candidate for TA methods. While there are studies that have explored the value of TA in Bitcoin exchange rates, these studies fail to incorporate the effects of time-varying risk premiums, the strength and focus of the current paper.
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Manuel Alonso Dos Santos, Manuel J. Sánchez-Franco, Eduardo Torres-Moraga and Ferran Calabuig Moreno
This study explores the effect of video assistant referee (VAR) sponsorship on spectator response and compares it with advertising and conventional sponsorship.
Abstract
Purpose
This study explores the effect of video assistant referee (VAR) sponsorship on spectator response and compares it with advertising and conventional sponsorship.
Design/methodology/approach
An experiment with 809 subjects is conducted by analyzing 20 one-minute video clip stimuli from a Premier League soccer game divided into four formats: two formats of VAR sponsorship, advertising, and conventional sponsorship.
Findings
The results show that the indicators of recall, credibility, and perceived congruence improve when the VAR sponsorship format is used.
Originality/value
This is the first manuscript to examine the effectiveness of a new type of sponsorship: VAR sponsorship. This manuscript provides metrics that will guide practitioners on whether to use this type of sponsorship.
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António Oliveira and Orlando Lima Rua
This paper aims to contribute to the explanatory debate of the entrepreneurial intention-action gap that results from the interposition of normative-regulatory, sociocultural and…
Abstract
Purpose
This paper aims to contribute to the explanatory debate of the entrepreneurial intention-action gap that results from the interposition of normative-regulatory, sociocultural and economic-financial barriers facing potential and intending entrepreneurs.
Design/methodology/approach
Grounded on post-positivist position, the authors propose a quantitative approach, surveying 569 potential and intending entrepreneurs from a longitudinal and stratified sample of 22 years.
Findings
The economic-financial barrier is the most important, followed by the sociocultural except in the period in which access to banking financial support is facilitated, where the order is reversed. The impact of the normative-regulatory barrier is statistically relevant, but irrelevant on the magnitude. The results also allow us to conclude that a lower development of the project accentuates the entrepreneurial intention-action gap and, finally, support the existence of a medium/long-term temporal relation between entrepreneurial intention and entrepreneurial action.
Research limitations/implications
From an empirical standpoint, the sample was limited to potential and pretending entrepreneurs from one national institution and one country. This limits the scope of generalization. Further studies in multiple contexts should be undertaken.
Practical implications
The study points to contradictory results with the Global Entrepreneurship Monitor – Portuguese Reports, which, if confirmed, require the reformulation of Portuguese national policies in the promotion and development of entrepreneurial activities.
Originality/value
The study is novel by providing new insights about entrepreneurship and the entrepreneurial intention-action gap.
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The purpose of this paper is to observe whether the entrenchment of managers can affect firms’ dividend disbursement decisions and investor sentiment in the Tunisia context.
Abstract
Purpose
The purpose of this paper is to observe whether the entrenchment of managers can affect firms’ dividend disbursement decisions and investor sentiment in the Tunisia context.
Design/methodology/approach
The sample includes all non-financial listed stocks in the Tunisia stock exchange during the years 2004–2017. Moreover, the entrenchment of managers is measured by five proxy explained the managers rooting from all listed firms. The propensity to pay dividends is measured by the dividend yield.
Findings
The findings yield qualitatively consistent with the previous research. After controlling for the effect of a manager’s behavior and different entrenchment phase, the result shows that entrepreneurial the firm’s decision to pay dividends could be influenced by the managers’ entrenchment.
Research limitations/implications
The result is limited at the level of the non-financial companies listed in the BVMT, but in future studies, the investigation with other countries can be compared.
Practical implications
Moreover, investors in Tunisia show their preference for a dividend to self-control and satisfaction and increase their profit, especially in an abnormal economic situation explained by the Tunisian political crisis.
Originality/value
The originality of this paper is to investigate both the important role of the entrenchment and cycle life of the manager on the decision to distribute dividends and the investor sentiment. Moreover, the author’s problem may be a reference for future investigation talking about the managers’ psychology like opportunism.
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