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Emerging Markets

weitere Zeitschriftenartikel

01-12-2021 | Original Article | Issue 1/2021 Open Access

Impact of strategic management, corporate social responsibility on firm performance in the post mandate period: evidence from India

Corporate Social Responsibility (CSR) is like a chameleon, that changes its colour according to the context it is in. In the developed economy, it takes the form of sustainability and/ or philanthropy, whereas, in emerging economies, it speaks the …

Nayan Mitra


Risk Taking Behaviors Using Public Wi-Fi™

Dramatic increases in public Wi-Fi™ (hereafter referred to as Wi-Fi) availability have occurred over the last decade. Although Wi-Fi provides convenient network connectivity, it has significant security vulnerabilities. Despite widespread …

Hoon S. Choi, Darrell Carpenter, Myung S. Ko


Do Nonfamily Managers Enhance Family Firm Performance?

Prior studies find that nonfamily managers enhance family firm performance, yet other studies note that family firms have difficulty attracting high-quality nonfamily managers, often settling for average-quality nonfamily managers. Given these …

Hanqing Fang, James J. Chrisman, Joshua J. Daspit, Kristen Madison


Volatility spillover and dynamic co-movement of foreign direct investment between Malaysia and China and developed countries

This study delves into the relationship between Malaysia and several countries—China, Singapore, Japan and the United States of America (USA), through FDI relations using the multivariate GARCH model. The annual time series data was used over the …

Mori Kogid, Jaratin Lily, Rozilee Asid, James M. Alin, Dullah Mulok


State ownership of Chinese firms and their outward foreign direct investment: Political and economic contingencies

The extant literature offers inconsistent predictions and conflicting evidence regarding the relationship between state ownership and the internationalization of emerging market firms (EMFs). Drawing on institutional theory, we examine the …

Ryan W. Tang, Chengli Shu, Kevin Z. Zhou


Natural resources and income inequality in developed countries: synthetic control method evidence

We examine the causal effect of natural resource discoveries on income inequality using the synthetic control method on data from 1947 to 2009. We focus on the natural discoveries in Denmark, Netherlands, and Norway in the 1960–1970s and use top …

Christopher Hartwell, Roman Horvath, Eva Horvathova, Olga Popova


Entrepreneurial, market, learning and networking orientations as determinants of business capability and international performance: the contingent role of government support

This study presents a business capability model that connects strategic orientations, business capability, government support, and international performance in emerging markets. More specifically, it focuses on the impact of entrepreneurial …

Mohammad Falahat, Yan-Yin Lee, Pedro Soto-Acosta, T. Ramayah

18-02-2021 | Research Article

A new statistical model for extreme rainfall: POT-KumGP

The accurate prediction of the extreme rainfall is of great interest in geology to make provision for nature events such as landslide. The extreme value theory is widely used to predict the daily extreme rainfall probability. In this study, we …

Senem Tekin, Emrah Altun, Tolga Çan

17-02-2021 | Original Paper Open Access

Adversity Tries Friends: A Multilevel Analysis of Corporate Philanthropic Response to the Local Spread of COVID-19 in China

We examine corporate philanthropic decisions in response to the local spread of COVID-19. From a strategic perspective, firms may proactively undertake philanthropic efforts to limit the spread of the pandemic and avoid a degraded business …

Hanwen Chen, Siyi Liu, Xin Liu, Daoguang Yang

16-02-2021 | Original Paper | Issue 2/2021 Open Access

Qualitative research: extending the range with flexible pattern matching

The flexible pattern matching approach has witnessed increasing popularity. By combining deduction with induction in logic, flexible pattern matching is well suited for exploration and theory development. The paper discusses its logic, advantages …

Ricarda B. Bouncken, Yixin Qiu, Noemi Sinkovics, Wolfgang Kürsten

15-02-2021 | Applications

Using network features for credit scoring in microfinance

The usage of non-traditional data in credit scoring, from microfinance institutions, is very useful when trying to address the problem, very common in emerging markets, of the lack of a verifiable customers’ credit history. In this context, this …

Paulo Paraíso, Saulo Ruiz, Pedro Gomes, Luís Rodrigues, João Gama


Geography as branding: Descriptive evidence from Taobao

The geographic associations of brands and branding have been well demonstrated in the country-of-origin (COO) effect literature in that a product’s COO has a branding effect and consumers have preferences for goods from specific countries. The …

Pradeep K. Chintagunta, Junhong Chu

13-02-2021 | Original Research

What Does Really Drive Consumer Confidence?

We construct a novel index of households’ macroeconomic environment (HOME) based on the data from 22 high-income European countries between 2002 Q1 and 2018 Q4. The resulting index is in line with the broad features of the countries’ business and …

Simona Malovaná, Martin Hodula, Jan Frait

10-02-2021 Open Access

Migrant human and political capitals value in entrepreneur enterprise performance. A comparative study of four emerging markets

This paper investigates the impact of human and political capitals of entrepreneurs on enterprise performance in four emerging nations.The rent generation potential of these capitals is a well established fact, however, much less is known …

Anthony Brown, Royston Meriton, Timothy Devinney, Mario Kafouros, Flor Silvestre Gerardo, Rajinder Bhandal

09-02-2021 | Original Research

The ownership effect on corporate investment distortion in the transitional economies: Mitigating or exacerbating?

This article analyzes how asymmetric information in corporate management and equity financing distorts corporate investment and how different corporate ownership (government, managerial, and foreign) affects investment distortion in a transitional …

Ying Wu, Hong Kim Duong, E. Libin, Hong Yao


A cross-site comparison of online review manipulation using Benford’s law

There is a growing concern that online reviews are targets of systematic manipulation, and manipulated reviews serve purposes other than informing consumers. In this article, we report a cross-site comparison of the aggregate-level manipulation …

Cheng Zhao, Chong Alex Wang


The Role of White Precious Metals in the Allocation of General Asset

White precious metals have often been regarded as industrial raw materials in the past. With the introduction of the Silver ETF in 2006 and Platinum as well as Palladium ETFs in 2010, their role in asset allocation has become more and more …

Caisheng Shen, Tiancheng Zhang, Ying Chen

02-02-2021 Open Access

Social Media Adoption, Usage And Impact In Business-To-Business (B2B) Context: A State-Of-The-Art Literature Review

Social media plays an important part in the digital transformation of businesses. This research provides a comprehensive analysis of the use of social media by business-to-business (B2B) companies. The current study focuses on the number of …

Yogesh K. Dwivedi, Elvira Ismagilova, Nripendra P. Rana, Ramakrishnan Raman

01-02-2021 | Original Paper Open Access

Too Good To Be True: Influencing Credibility Perceptions with Signaling Reference Explicitness and Assurance Depth

We investigate how the selection of assurance topics and the format of their communication influence the credibility perception of sustainability report readers. This is important because misleading communication may discredit ethical …

Carolin Baier, Max Göttsche, Andreas Hellmann, Frank Schiemann

29-01-2021 | Original Paper

Delineating the Path of Family Firm Innovation: Mapping the Scientific Structure

Research on family firm innovation (FFI) has grown exponentially in recent years, as evidenced by the growing number of authors devoted to its study. However, to date, numerous questions remain unsolved about how family firms are coping with …

María del Pilar Casado-Belmonte, María de las Mercedes Capobianco-Uriarte, Rubén Martínez-Alonso, María J. Martínez-Romero


Decision-making model for China’s stock market bubble warning: the CoCoSo with picture fuzzy information

With the financial liberalization and globalization, China’s financial system has been deepening, the scale of the stock market has been expanding, and the stock market bubble problem has gradually emerged. The overinflated stock market bubble …

Xindong Peng, Zhigang Luo

25-01-2021 Open Access

Do emerging ecosystems and individual capitals matter in entrepreneurial re-entry’ quality and speed?

This study analyses the influence of environmental and individual conditions on the quality and the speed of entrepreneurial re-entries in emerging economies after a business failure. We propose a conceptual framework supported by the …

Maribel Guerrero, Jorge Espinoza-Benavides

24-01-2021 Open Access

Seasonalities in the German stock market

This paper suggests innovative investment strategies drawing on return seasonalities. By means of an out-of-sample study of the German stock market, we report that these long–short investment strategies earn on average raw returns up to 233 basis …

Daniel Hofmann, Karl Ludwig Keiber

19-01-2021 | Original Research Open Access

Disclosure quality vis-à-vis disclosure quantity: Does audit committee matter in Omani financial institutions?

We examine the impact of audit committee (AC) characteristics (e.g. AC foreign members, AC female members, AC members with multiple directorships, AC members with share ownership and AC with financial and supervisory expertise) on forward-looking …

Hidaya Al Lawati, Khaled Hussainey, Roza Sagitova

16-01-2021 | Original Empirical Research

Knowledge structure in product- and brand origin–related research

Scholarly research regarding origins of products and brands is deep-rooted within international marketing, with an extraordinary following as evidenced by the large body of literature that is continuing to evolve. Our goal in this research is to …

Saeed Samiee, Brian R. Chabowski


CEO’s Political Connection and Organization Efficiency: Evidence from Public Institutions in Korea

This paper investigates whether political connection of Chief Executive Officer (CEO) in public institutions is associated with organization efficiency. We utilize two types of public institutions in Korea, state-owned enterprises (SOEs) and …

Hyejeong Shin, Ji-Young Ahn

12-01-2021 | Original Paper

Ecosystems of entrepreneurship: configurations and critical dimensions

Entrepreneurial ecosystems research has largely focused on the profile of a handful of successful locations. This has prevented a deeper understanding of the mechanisms that shape entrepreneurial activity across the geographical space. Our goals …

André Cherubini Alves, Bruno Brandão Fischer, Nicholas S. Vonortas


Machine learning towards intelligent systems: applications, challenges, and opportunities

The emergence and continued reliance on the Internet and related technologies has resulted in the generation of large amounts of data that can be made available for analyses. However, humans do not possess the cognitive capabilities to understand …

MohammadNoor Injadat, Abdallah Moubayed, Ali Bou Nassif, Abdallah Shami

07-01-2021 | Research Article | Issue 6/2020

R&D Intensity, Domestic Institutional Environment, and SMEs’ OFDI in Emerging Markets

Outward foreign direct investment (OFDI) of small and medium-sized enterprises (SMEs) from emerging economies has emerged as a significant phenomenon in global markets. However, extant research has not paid sufficient attention to this trend.

Penghua Qiao, Mengli Lv, Yuping Zeng

04-01-2021 | Original Research

Structural Changes in the Duration of Bull Markets and Business Cycle Dynamics

This paper tests for structural changes in the duration of bull regimes in 18 developed and emerging economies’ adjusted market capitalization stock indexes, by using the novel approach of Nicolau (Econ Lett 146:64–67, 2016) as well as two …

João Cruz, João Nicolau, Paulo M. M. Rodrigues

04-01-2021 | Original Paper Open Access

The Inhibitory Effect of Political Conservatism on Consumption: The Case of Fair Trade

Fair trade has been researched extensively. However, our understanding of why consumers might be reluctant to purchase fair trade goods, and the associated potential barriers to the wider adoption of fair trade products, is incomplete. Based on …

Thomas Usslepp, Sandra Awanis, Margaret K Hogg, Ahmad Daryanto


Academy fellow independent directors and innovation

Drawing on human capital theory, this paper develops a contingency approach to explore how independent directors’ scarce human capital affects innovation investment intensity and innovation outputs in the Chinese context. Controlling for the …

Sihai Li, Yi Quan, Gary Gang Tian, Kun Tracy Wang, Stella Huiying Wu


Potential: in search for meaning, theory and avenues for future research a systematic review

Notwithstanding the popular consensus around the relevance of potential, in both practitioner and scholarly publications, the field still lacks a unified definition and theoretical clarity allowing to build on previous work and conducting …

Cristina Robledo-Ardila, Juan Pablo Román-Calderón

22-12-2020 Open Access

A comprehensive investigation into style momentum strategies in China

This study conducts a comprehensive investigation into style momentum strategies—the combination of price momentum strategies based on previous medium-term returns and style investing in terms of firm characteristics—in the China stock market over …

Chen Su

04-12-2020 | Research Open Access

Digital Supply Chain Management in the Videogames Industry: A Systematic Literature Review

As industries mature, they rely more heavily on supply chain management (SCM) to ensure effective operations leading to greater levels of organisational performance. SCM has been widely covered in many industrial areas and, in line with other …

Stephen Kelly, Vojtech Klézl, John Israilidis, Neil Malone, Stuart Butler

01-12-2020 | Research | Issue 1/2020 Open Access

Decision-makers impact on the internationalization of high-technology firms in emerging markets

This study examines the impact of decision-makers from Paraguayan software firms on internationalization. It aims to have a better understanding about the (non-) rational decision logic of the CEOs and founders shaping the internationalization …

Michael Neubert, Augustinus Stijn Van Der Krogt

01-12-2020 | Research | Issue 1/2020 Open Access

Agricultural policies, agricultural production and rural households’ welfare in Ethiopia

The paper employs the computable general equilibrium (CGE) model of the Oromia region of Ethiopia to assess the macroeconomic impacts of agricultural policy on agricultural growth and rural households’ social welfare. The analysis is based on …

Zewdie Habte Shikur

01-12-2020 | Research | Issue 1/2020 Open Access

Dynamic correlation pattern amongst alternative energy market for diversification opportunities

Last couple of decades witnessed recognition of energy markets as investment commodities which led interest of the international investment community. We investigate the potential of globally diverse alternative energy markets for optimal returns …

Mobeen Ur Rehman

01-12-2020 | Research | Issue 1/2020 Open Access

Role of human assets in measuring firm performance and its implication for firm valuation

The purpose of the study is to evaluate the role of human asset in firm performance and its implication for firm valuation. To do so a modified five-factor model with human asset designed for capturing the size, value, profitability and investment …

Moinak Maiti, Darko Vuković

01-12-2020 | Research | Issue 1/2020 Open Access

The impact of stock market manipulation on Nigeria’s economic performance

This study is the first attempt to empirically analyse stock market manipulation on the Nigerian Stock Exchange and its consequences on economic performance. The empirical investigation employs a broad data set of 186 actual manipulation cases …

Babatunde Akinmade, Festus Fatai Adedoyin, Festus Victor Bekun

01-12-2020 | Research | Issue 1/2020 Open Access

Estimation of technical efficiency of black cumin (Nigella sativa L.) farming in northwest Ethiopia: a stochastic frontier approach

Ethiopia is one of the east African countries which produce and exports various spices to other countries. Black cumin (Nigella sativa L.) is an important stiff annual flowering plant which mainly grows by producers for its seeds. An increasing …

Abebe Birara Dessie, Tadie Mirie Abate, Betelhem Tsedalu Adane, Tiru Tesfa, Shegaw Getu

01-12-2020 | Research | Issue 1/2020 Open Access

Indicators of economic crises: a data-driven clustering approach

The determination of reliable early-warning indicators of economic crises is a hot topic in economic sciences. Pinning down recurring patterns or combinations of macroeconomic indicators is indispensable for adequate policy adjustments to prevent …

Maximilian Göbel, Tanya Araújo

01-12-2020 | Original article | Issue 1/2020 Open Access

Improving the freight transport of a developing economy: a case of Boankra inland port

Goods are rarely consumed where they are produced, making transport services essential at all stages of the supply chain. Improving freight transport can be a real point of competitive differentiation because international trade is a commonplace …

Richmond Kwesi Ansah, Kwabena Obiri-Yeboah, Grace Akipelu

25-11-2020 | Original Research

Directional Spillover Effects Between BRICS Stock Markets and Economic Policy Uncertainty

In recent years, researchers have increasingly studied the association between the stock market and economic policy uncertainty (EPU). To have more profound knowledge, this paper investigates the evolution of the mean spillover effects between EPU …

Ngo Thai Hung


The US financial crisis, market volatility, credit risk and stock returns in the Americas

We employ the multivariate DCC-GARCH model to identify contagion from the USA to the largest developed and emerging markets in the Americas during the US financial crisis. We analyze the dynamic conditional correlations between stock market …

Juan Andres Rodriguez-Nieto, Andre V. Mollick

23-11-2020 | Original Paper

Chief Executive Officers’ monitoring, board effectiveness, managerial ownership, and cash holdings: evidence from ASEAN

This study examines the role of corporate governance mechanisms in the handling of cash reserves among firms in the ASEAN region. A panel regression was employed along with the Generalized Method of Moments approach on a sample of 648 listed firms …

Tahir Akhtar, Mohammad Ali Tareq, Kashif Rashid

21-11-2020 | Original Paper

Effect of CSR and Ethical Practices on Sustainable Competitive Performance: A Case of Emerging Markets from Stakeholder Theory Perspective

An extensive work has been done on corporate social responsibly practices (CSRPs) that mainly emphasized the larger firms within developed nations. Nonetheless, still work is needed to observe the importance of CSRPs’ and ethical cultural …

Abdul Waheed, Qingyu Zhang

19-11-2020 Open Access

Past, ongoing, and future debate on the interplay between internationalization and digitalization

The interplay between internationalization and digitalization (IDI) is a relatively young research domain that is finding its way into numerous academic journals, which motivates us to systematically portray the proceedings and evolutions of this …

Mara Bergamaschi, Cristina Bettinelli, Elena Lissana, Pasquale Massimo Picone

18-11-2020 Open Access

Does cultural distance affect online review ratings? Measuring international customers’ satisfaction with services leveraging digital platforms and big data

The advent and development of digital platforms has helped enhance the international visibility of brands, products and services, and has also introduced a proliferation of online reviews. This study develops a big data analysis of customer online …

Marcello M. Mariani, Michela Matarazzo

12-11-2020 Open Access

The home bias and the local bias: A survey

The home bias like the disposition effect is a well-researched economic phenomenon in investor behaviour which has been examined in finance journal articles for decades. While there is little doubt about the existence of the bias, its magnitude …

Eduard Gaar, David Scherer, Dirk Schiereck


African equity markets’ exposure to oil and other commodities - implications for global portfolio diversification

This paper examined the risk-return relationship and the correlation dynamics of African stocks relative to global factors. By applying both the static and augmented capital asset pricing model, as well as dynamic conditional correlation …

Imhotep Paul Alagidede, Gideon Boako, Bo Sjo

07-11-2020 | Original Research

Testing stock market contagion properties between large and small stock markets

The heterogeneity of large and small stock market structures results in different degrees of cross-market contagion. The causality test reveals that large stock markets have less inner-market contagion and more cross-market contagion while smaller …

EnDer Su


Revisiting the asymmetric impacts of the exchange market pressure on the inflation, interest rate and foreign trade balance in Eastern Europe

This study examines the relationship between the exchange market pressure (EMP) and macroeconomic and financial variables for Eastern European countries. The increase/decrease in the EMP influences the probability of a currency crisis, while this …

Oguzhan Ozcelebi, Kaya Tokmakcioglu, Emre Su

03-11-2020 | Abhandlung Open Access

Sustainability risks & opportunities in the insurance industry

The aim of this paper is to provide an overview of relevant sustainability risks and opportunities in the insurance industry, where we address the asset side, the liability side, and a broader corporate perspective. Furthermore, we discuss …

Nadine Gatzert, Philipp Reichel, Armin Zitzmann


Momentum investing: a systematic literature review and bibliometric analysis

This comprehensive research study aims to highlight the evolution of momentum investing research and identify the mature and emerging themes in momentum investing. This study reviews 532 research studies published between 1993 and 2019. The study …

Simarjeet Singh, Nidhi Walia

31-10-2020 | Methodologies and Application | Issue 5/2021

Investigation of diversity strategies in RVFL network ensemble learning for crude oil price forecasting

To address the drawback of single machine learning prediction model which cannot capture the complex hidden factors of crude oil price, ensemble learning method has been widely verified as an excellent solution for crude oil price forecasting. In …

Lean Yu, Yao Wu, Ling Tang, Hang Yin, Kin Keung Lai


An Analysis of Spatial Dependence in Real Estate Prices

Real estate properties are naturally location-fixed. When space related factors are not fully incorporated in a standard pricing equation, spatial autocorrelation is likely to exist. This results in inefficiencies in estimations and raises the …

Orçun Moralı, Neslihan Yılmaz


Impact of US monetary policy uncertainty on Asian exchange rates

We examine the impact of US monetary policy uncertainty (MPU) on the dollar exchange rates of ten Asian economies between February 2006 and January 2019. Our results, which are based on an EGARCH model, indicate that MPU tends to increase the …

Donghyun Park, Irfan Qureshi, Shu Tian, Mai Lin Villaruel

28-10-2020 | Research Article | Issue 4/2020

The role of market efficiency on implied cost of capital estimates: an international perspective

This study examines the role of market efficiency on international differences in the usefulness of the implied cost of capital (ICC) to measure expected stock returns. The analysis exploits cross-country differences in market efficiency around …

David Schröder

27-10-2020 | Original Research Open Access

Testing for efficiency in the Saudi stock market: does corporate governance change matter?

We study the informational efficiency of the Saudi stock market (SSM), while accounting for corporate governance change, based on single, multiple, and variance ratio-based WALD tests and runs test. The main findings indicate that when the whole …

Mamdouh Abdulaziz Saleh Al-Faryan, Everton Dockery

21-10-2020 | Original Paper

Technological capacity and organisational ambidexterity: the moderating role of environmental dynamism on Portuguese technological SMEs

This research aimed to study the influence of environmental dynamism and technological capacity on organisational ambidexterity (OA) and the moderating role of environmental dynamism in small and medium-sized enterprises (SME). To this end, a …

José Andrade, Mário Franco, Luis Mendes

19-10-2020 | Original Research

Index Future Trading and Spot Market Volatility in Frontier Markets: Evidence from Ho Chi Minh Stock Exchange

This study investigates the impact of index futures trading on the spot market volatility for Ho Chi Minh Stock Exchange (HOSE). The data used in this study are daily VN30-Index, future trading volume and open interests covering the period from …

Loc Dong Truong, Anh Thi Kim Nguyen, Dut Van Vo


Cross-border acquisition activity by Chinese multinationals and domestic-productivity upgrading

We investigate the impact of cross-border acquisition activity on the domestic productivity of Chinese multinationals. Chinese MNEs have engaged in cross-border acquisitions in an attempt to explore for new capabilities, technologies and …

Wenxin Guo, Joseph A. Clougherty


Embracing Bitcoin: users’ perceived security and trust

Of late, disruptive innovation in financial services is driving the tremendous growth of cryptocurrency, with Bitcoin being the most popular virtual currency of interest among investors. Notwithstanding the volatility of the cryptocurrencies …

Say Keat Ooi, Chai Aun Ooi, Jasmine A. L. Yeap, Tok Hao Goh

16-10-2020 | Original Article

Long Memory and Fractality Among Global Equity Markets: a Multivariate Wavelet Approach

This paper seeks to understand the long memory behaviour of global equity returns using novel methods from wavelet analysis. We implement the wavelet based multivariate long memory approach, which possibly is the first application of wavelet based …

Avishek Bhandari, Bandi Kamaiah


Home-country institutions and corporate social responsibility of emerging economy multinational enterprises: The belt and road initiative as an example

This paper examines the impact of home country institutions on corporate social responsibility (CSR) of multinational enterprises from emerging markets (EM-MNEs). Taking the Belt and Road Initiative (BRI) as an example and using a sample with 2052 …

Na Yang, Jue Wang, Xiaming Liu, Lingyun Huang

16-10-2020 | Issue 2/2020

A structured review and theme analysis of financial frauds in the banking industry

Organizations of all types are vulnerable to frauds. Banks contribute to a significant extent in a country’s economic development by generating a large part of revenue in the service sector. Deterrence of fraud is impossible without understanding …

Pallavi Sood, Puneet Bhushan

07-10-2020 | Original Paper

Locality Stereotype, CEO Trustworthiness and Stock Price Crash Risk: Evidence from China

Exploring the locality stereotype with respect to CEO’s trustworthiness, we find that firms whose CEOs are from more reputable hometowns have a higher likelihood of stock price crashes, indicating the presence of a CEO “Trust Exploitation” effect …

Leilei Gu, Jinyu Liu, Yuchao Peng

01-10-2020 | Praxisfall | Issue 10/2020

Nachhaltigkeit ins Depot integrieren

Die Anlegerin Clara Erdmann möchte mehr ökologische Verantwortung übernehmen und ihre Ersparnisse künftig ausschließlich in nachhaltige Finanzprodukte investieren. Da der Markt dafür jedoch recht unübersichtlich ist, benötigt sie eine fundierte …

Carmen Mausbach

30-09-2020 | Original Research

Political Stability and the Effectiveness of Currency Based Macro Prudential Measures

The use of multiple currency based macroprudential tools by Reserve Bank of India, India’s central bank, has helped create resilience in the economy, especially during financial turmoil. However, in a democratic set-up like India, the analysis of …

Smita Roy Trivedi

23-09-2020 | Original Article | Issue 4/2020

Creating Value From Energy Data: A Practitioner’s Perspective on Data-Driven Smart Energy Business Models

Along the energy value chain where produced energy is delivered for consumption within individual households, physical devices are being replaced by smart and connected products referred to as the Internet of Things. These smart products generate …

Friedrich Chasin, Ute Paukstadt, Patrick Ullmeyer, Jörg Becker

22-09-2020 | Original Paper

Do Banks Value Borrowers' Environmental Record? Evidence from Financial Contracts

Banks play a unique role in society. They not only maximize profits but also consider the interests of stakeholders. We investigate whether banks consider firms’ pollution records in their lending decisions. The evidence shows that banks offer …

I-Ju Chen, Iftekhar Hasan, Chih-Yung Lin, Tra Ngoc Vy Nguyen

21-09-2020 Open Access

Firm-specific advantages: a comprehensive review with a focus on emerging markets

We consolidate and comprehensively review the international business (IB) literature on the firm-specific advantages (FSAs) of emerging market multinational enterprises (EM MNEs). We do so through a systematic examination of 88 empirical and …

Gilbert Kofi Adarkwah, Tine Petersen Malonæs

18-09-2020 | Issue 1/2021

Time series analysis of Cryptocurrency returns and volatilities

There is a significant interest in the growth and development of cryptocurrencies, the most notable ones being Bitcoin and Ripple. Global trading in these cryptocurrencies has led to highly speculative and “bubble-like” price movements. Since …

Rama K. Malladi, Prakash L. Dheeriya

12-09-2020 | Original Article | Issue 1/2021

On the relationship between online brand community and brand preference in political market

Seeing the rising growth of online brand communities, an increasing number of political parties are investing time, money, and resources into designing and managing online brand communities to gain voters’ attention. Although online brand …

Saikat Banerjee

11-09-2020 | Issue 5/2020

Estimating Network Connectedness of Financial Markets and Commodities

We investigate the directional volatility and return network connectedness among stock, commodity, bond, currency and cryptocurrency markets. The period of study covers Feb 2006 until August 2018. We utilize and expand Diebold and Yilmaz (2014 …

Ehsan Bagheri, Seyed Babak Ebrahimi

11-09-2020 | Original Paper

The impact of oil price and exchange rate on momentum strategy profits in stock market: evidence from oil-rich developing countries

The existing literature is still inconclusive on whether momentum exists and whether momentum strategy profits are affected by macroeconomic variables. The aim of the present study is two-fold. First, we examined the existence of the momentum by …

Mehdi Zolfaghari, Bahram Sahabi

10-09-2020 | Original Research

Does ownership structure affect performance? Evidence from Chinese mutual funds

This paper examines the impact of ownership structure on Chinese mutual fund performance and market share. We focus on two dimensions of ownership structure, namely the background of the owners and the degree of ownership concentration. Using a …

Emmanuel Mamatzakis, Bingrun Xu


Assessing macro-prudential policies: the case of FX lending

This paper analyzes effectiveness and side effects of pre Basel III macroprudential policy measures to reduce excessive foreign currency (FX) lending growth in Austria to the private non-financial sector. Our series of macroprudential measures …

Michael Sigmund


The diversification–performance nexus: mediating role of information asymmetry

We investigate further the inconsistencies of the diversification–performance nexus by introducing information asymmetry as a mediating factor. Data of 12,176 firms from eleven developing, emerging and developed economies over the 2010–2017 period …

Mushtaq Hussain Khan, Hina Yaqub Bhatti, Arshad Hassan, Ahmad Fraz


The impact of innovation on companies’ cross-border mergers and acquisitions: evidence from China

This paper contributes to the literature on the effects of companies’ current innovation capability on cross-border M&A initiation decisions by providing empirical evidence from China. Based on M&A motivation theories, we construct a uniquely …

Tianxu Jiang, Min Zhu

31-08-2020 | Original Paper

I Know What I Need: Optimization of Bribery

Corruption has been a major obstacle to economic growth around the world. In this paper, we examine how firms interact with corrupt government officials either to minimize the impact of corruption on their operations or to maximize their benefit …

Yu Yan, Shusen Qi

21-08-2020 | Original Article | Issue 7/2020

An extension of the goal-framing theory to predict consumer’s sustainable behavior for home appliances

This study aims to investigate the extended role of goal-framing theory (GFT) on the energy-saving air conditioners called inverter air conditioners (IACs) in the context of the developing market (Pakistan). The GFT has three constructs, gain …

Irfan Hameed, Kamran Khan

21-08-2020 Open Access

The influence of ecosystems on the entrepreneurship process: a comparison across developed and developing economies

Over the past 30 years, the academic literature has legitimised the significant impact of environmental conditions on entrepreneurial activity. In the past 5 years, in particular, the academic debate has focused on the elements that configure …

Maribel Guerrero, Francisco Liñán, F. Rafael Cáceres-Carrasco

16-08-2020 | Original Paper

Individuals’ Perceptions of the Legitimacy of Emerging Market Multinationals: Ethical Foundations and Construct Validation

Entry of new organizations, including multinational enterprises from emerging markets (EMNEs), raises the ethical question of will they benefit society. The concept of legitimacy answers this question because it is the overall assessment of the …

Jianhong Zhang, David L. Deephouse, Désirée van Gorp, Haico Ebbers

08-08-2020 | Issue 4/2020 Open Access

Beyond Donation: China’s Policy Banks and the Reshaping of Development Finance

This paper seeks to demystify and characterize China’s official development finance by examining lending mechanisms of China’s two policy banks—China Development Bank and Export-Import Bank of China. Using quantitative and qualitative data, the …

Muyang Chen

05-08-2020 | Original Research

Impact of Market Expectations on the U.S. Interest Rate Lift-Off in ASEAN-5 Financial System

During 2015–2016, the market has lowered its expectations on the pace and magnitude of U.S. interest rate lift-off, which should have reduced capital outflow and supported the ASEAN-5 financial markets. Yet, the ASEAN-5 financial markets have …

Teik-Khim Ooi, Wee-Yeap Lau

30-07-2020 | Research Article | Issue 5/2020

Influence of Social Identity on Family Firms’ FDI Decisions: The Moderating Role of Internal Capital Markets

This paper examines the foreign direct investment (FDI) decision by family firms from an emerging economy, China. Despite the increasing attentions to family firms’ FDI, extant research has focused largely on the comparisons between family firms …

Qiao Wei, Jin-hui Luo, Xueli Huang

29-07-2020 | Issue 3/2020

The Rise of the Investor State: State Capital in the Chinese Economy

The nature and extent of the role of the Chinese state in the economy is fundamental to many empirical and theoretical debates about that country’s political economy. We document and explain the rise of a novel form of intervention on the part of …

Hao Chen, Meg Rithmire

28-07-2020 | Issue 4/2020

Asset prices in segmented and integrated markets

This paper evaluates the effect of market integration on prices and welfare, in a model where two Lucas trees grow in separate regions with similar investors. We find equilibrium asset price dynamics and welfare both in segmentation, when each …

Paolo Guasoni, Kwok Chuen Wong

24-07-2020 | Original Research | Issue 1/2021

Beta-Anomaly: Evidence from the Indian Equity Market

The study investigates the existence of beta-anomaly in the Indian equity market. A growing body of literature shows that financial markets do not reward the risk (defined in terms of standard deviation or market beta). These results (known as …

Asgar Ali, K. N. Badhani


New Insights into e-Loyalty of Internet Banking Users in an Emerging Market Context: A Multilevel Analysis

Although internet banking is considered a mature technology, digital failures and breakdowns have resulted in widespread customer dissatisfaction. However, recent examples in developed countries show that customer dissatisfaction with internet …

Neeru Malhotra, Sunil Sahadev, P. S. H. Leeflang, Keyoor Purani

21-07-2020 | Research Article | Issue 4/2020 Open Access

How Do Rapidly Internationalizing SMEs Learn? Exploring the Link Between Network Relationships, Learning Approaches and Post-entry Growth of Rapidly Internationalizing SMEs from Emerging Markets

This article explores learning among rapidly internationalizing small and medium sized enterprises (SMEs) and how this supports the post-internationalization growth and survival of these firms. We utilize a qualitative multiple case study approach …

Pushyarag Puthusserry, Zaheer Khan, Gary Knight, Kristel Miller

21-07-2020 | Original Research

Managerial Ability and External Financing

This research examines the link between managerial ability and firms’ external financing. Our findings show that firms with more able managers tend to mitigate information risk by reducing their loan financing and increasing equity financing.

Min-Rui Choo, Chih-Wei Wang, Chi Yin, Jie-Lun Li

21-07-2020 | Original Research | Issue 1/2021

Comparative Study of Momentum and Contrarian Behavior of Different Investors: Evidence from the Indian Market

We examine the investment behavior of Foreign Portfolio Investors (FPIs), Domestic Institutional Investors (DIIs), and retail investors based on past returns in the Indian context. Using the quarterly shareholding and return data of Indian firms …

Bhaskar Chhimwal, Varadraj Bapat

21-07-2020 | Original Research | Issue 1/2021

Does The Association Between Abnormal Trading Volumes And Historical Prices Explain Disposition Effect?

Investment behavior is influenced by various behavioral biases. Two among them are disposition effect and anchoring. Using market level data, we investigate the presence of disposition effect in Indian stock markets. Initially, it was found that …

Sravani Bharandev, Sapar Narayan Rao

18-07-2020 Open Access

Social Commerce in Emerging Markets and its Impact on Online Community Engagement

This study aims to build on the understanding of social commerce in the emerging markets and how it influences online community engagement. The conceptual model was proposed using theories including the social support theory, the trust theory, the …

Raed S. Algharabat, Nripendra P. Rana


Persistence and efficiency of OECD stock markets: linear and nonlinear fractional integration approaches

The analysis of the dynamics of the share price series using the fractional integration technique that accommodates nonlinear deterministic trend based on the Chebyshev polynomials in time is considered in this study. It is important to account …

Oluwasegun B. Adekoya

17-07-2020 | Original Research | Issue 1/2021

Size Effect in Indian Equity Market: Myth or Reality?

This study revisits size effect and its associated issues, in the Indian market, as recent studies question the persistence of size premium in the global context. We use data from NIFTY 200 stocks for the period 2005 to 2018 and find size effect …

Vibhuti Vasishth, Sanjay Sehgal, Gagan Sharma

16-07-2020 | Research Article | Issue 4/2020

Enabling SMEs’ Learning from Global Value Chains: Linking the Logic of Power and the Logic of Embeddedness of Interfirm Relations

Small-and-medium-sized enterprises (SME) often need to draw on the knowledge of their supply chain partners to remain innovative and competitive in the marketplace. In the context of global value chains (GVC), this study examines the factors …

Thanyaporn Soontornthum, Lin Cui, Vinh N. Lu, Jiafu Su

16-07-2020 | Original Research | Issue 1/2021

Risk-adjusted Returns from Statistical Arbitrage Opportunities in Indian Stock Futures Market

Statistical arbitrage is a trading strategy that employs time series methods to identify relative mispricing between securities based on the expected values of these assets. The Pairs Trading, one of the techniques of statistical arbitrage, is a …

Geetu Aggarwal, Navdeep Aggarwal

15-07-2020 | Research Article | Issue 4/2020

International Network Searching, Learning, and Explorative Capability: Small and Medium-sized Enterprises from China

This study investigates the extent to which international learning intent and different dimensions of international network searching (i.e., breadth and depth) contribute to innovation performance of emerging market small and medium-sized …

Shufeng Simon Xiao, Yong Kyu Lew, Byung Il Park

15-07-2020 | Profile | Issue 5/2020

Interview with Martin Gnass and Martin Kolbe on “Challenges and Hot Topics in the Intermodal Logistics Industry”

André Ludwig, Milena Stróżyna


Home-grown middle eastern franchises: prospects for the future

This research explores the local factors that drive the competitiveness of Middle Eastern food service franchises in international markets. The literature on franchising is largely concerned with the success and competitiveness of Western …

Bassem M. Nasri, Pablo G. Collazzo, Dianne H. B. Welsh

08-07-2020 | Non-Conference Submission | Issue 4/2020

The impact of revealing auditor partner quality: evidence from a long panel

We examine whether the revelation of individual audit partner reputation affects client firms’ external financing choice. Specifically, we investigate whether a firm switches its financing choices once its auditor partner is perceived to be a …

C. S. Agnes Cheng, Kun Wang, Yanping Xu, Ning Zhang


A neo-configurational institutional analysis of international venture capital attractiveness and performance: insights for Asia-Pacific

Prior research suggests that market-supporting institutions are attractive to international venture capital (IVC), yet paradoxically VC firms increasingly invest in countries characterized by institutional weaknesses. In this study, we explore the …

Amir Pezeshkan, Adam Smith, Stav Fainshmidt, Anil Nair

04-07-2020 | Issue 2-3/2020

The past, present, and future of marketing strategy

This article provides a high-level overview of marketing strategy research and offers a number of suggestions of areas ripe for future research. We discuss the most fundamental concepts that continue to drive current marketing strategy research …

Sibel Sozuer, Gregory S. Carpenter, Praveen K. Kopalle, Leigh M. McAlister, Donald R. Lehmann

01-07-2020 | Issue 3/2020

Official sector lending during the euro area crisis

In response to the euro area crisis, policymakers took a gradual, incremental approach to official lending, at first relying on the blueprint followed by the International Monetary Fund, then developing their own crisis resolution framework. We …

Giancarlo Corsetti, Aitor Erce, Timothy Uy

01-07-2020 | Issue 4/2020

Efficient market hypothesis: a ruinous implication for Portugese stock market

The advocates of the efficient market hypothesis recommend buying the market index for the long run, the implication for the Portuguese investors are to buy the PSI-20 index and hold it for at least 15 years. In this paper, we compare two other …

Farhang Niroomand, Massoud Metghalchi, Massomeh Hajilee

29-06-2020 | Issue 2/2020

Policy Uncertainty, Trade and Global Value Chains: Some Facts, Many Questions

This paper attempts to quantify the impact of economic policy uncertainty on overall trade and trade linked to global value chains. Using new data on policy uncertainty for 18 countries and 24 years, it finds a statistically significant negative …

Cristina Constantinescu, Aaditya Mattoo, Michele Ruta

27-06-2020 | Issue 1/2021

Is it an institution, digital or social inclusion that matters for inclusive growth? A panel data analysis

This study empirically examines the impact of institutional quality, social inclusion and digital inclusion on inclusive growth across different economies characterized by different income groups. Particularly, the study examines the impact of …

Aribah Aslam, Amjad Naveed, Ghulam Shabbir


Net external position, financial development, and banking crisis

Does the external position of a country that is conditioned on financial development impact the likelihood of a systemic banking crisis? We address this question using data from 149 emerging, developing, and advanced countries from 1970 to 2011 …

Mahir Binici, Aytül Ganioglu

24-06-2020 | Research Article | Issue 3/2020

Ambidextrous Knowledge Sharing within R&D Teams and Multinational Enterprise Performance: The Moderating Effects of Cultural Distance in Uncertainty Avoidance

Current debates on organizational learning distinguish between two distinct and mutually exclusive learning modes: exploration and exploitation. This paper deals with the concept of ambidextrous routines in knowledge management (KM) initiatives.

Jeoung Yul Lee, Vasyl Taras, Alfredo Jiménez, Byungchul Choi, Chinmay Pattnaik

24-06-2020 | Research Article | Issue 3/2020

Services in International Business Studies: A Replication and Extension of Merchant and Gaur (2008)

International trade in services is a dominant feature of the global economy but it has not received a corresponding level of attention in international business research. In this study, we review the status of research on the internationalisation …

Denitsa Hazarbassanova Blagoeva, Peter D. Ørberg Jensen, Hemant Merchant


Multivariate time-varying parameter modelling for stock markets

This paper evaluates the appropriateness of a Linear Market Model (LMM) which allows for systematic covariance (beta) risk. The performance of LMM will be compared against two extensions, a comparison having yet to be undertaken in the literature.

Serdar Neslihanoglu, Stelios Bekiros, John McColl, Duncan Lee


An Application of Extreme Value Theory for Measuring Financial Risk in BRICS Economies

Characterization and quantification of the tail behaviour of rare events is an important issue in financial risk management. In this paper, the extreme behaviour of stock market returns from BRICS over the period 1995–2015 is described using five …

Emmanuel Afuecheta, Chigozie Utazi, Edmore Ranganai, Chibuzor Nnanatu

18-06-2020 | Original Paper

The Moderating Effect of Cultural Values on the Relationship Between Corporate Social Performance and Firm Performance

Using two national culture dimensions, we show that the influence of firms’ corporate social performance (CSP) on corporate financial performance (CFP) hinges on culture. Specifically, CFP is higher in those firms where CSR initiatives are …

Wei Shi, Kevin Veenstra


Targeted monetary policy and financing constraints of Chinese small businesses

This study examines the effect of targeted easing (TE), an unconventional monetary policy designed to reduce reserve requirement ratios (RRR) of selected financial institutions, on reducing financing constraints of Chinese small businesses. Using …

Chaoying Lin, Lerong He, Guangqing Yang

12-06-2020 | Original Article | Issue 3/2020

Brand orientation of nonprofit organizations and its relationship with the attitude toward charity and donation intention

This study aimed to verify the effects that the factors which constitute the brand orientation exert on the attitude toward charity and the donation intention. A model capable of indicating the relationship between the dimensions of brand …

Leonilde Conceição da Silva, Emerson Wagner Mainardes, Arilda Magna Campagnaro Teixeira, Lindemberg Costa Júnior


Exploring the university-industry cooperation in a low innovative region. What differences between low tech and high tech industries?

University–Industry (U-I) cooperation is defined as “the interaction between any parts of the higher educational system and industry aiming mainly to encourage knowledge and technology exchange” (Ankrah and Al-Tabba 2015). In recent years, we have …

Adele Parmentola, Marco Ferretti, Eva Panetti

09-06-2020 | Issue 4/2020

Gender and beauty in the financial analyst profession: evidence from the United States and China

We examine how gender and beauty affect the likelihood of being voted as an All-Star in the financial analyst profession in both the United States and China. We find that female analysts are more likely to be voted as All-Star analysts in the …

Congcong Li, An-Ping Lin, Hai Lu, Kevin Veenstra

09-06-2020 | Issue 4/2020 Open Access

An empirical investigation of performance overhead in cross-platform mobile development frameworks

The heterogeneity of the leading mobile platforms in terms of user interfaces, user experience, programming language, and ecosystem have made cross-platform development frameworks popular. These aid the creation of mobile applications – apps – …

Andreas Biørn-Hansen, Christoph Rieger, Tor-Morten Grønli, Tim A. Majchrzak, Gheorghita Ghinea

05-06-2020 | WOOD AND OTHER RENEWABLE RESOURCES | Issue 8/2020 Open Access

Allocation in life cycle assessment of lignin

Lignin is the world’s most common natural aromatic polymer and is found in plants where it provides stiffness to the stems (Ragauskas et al. 2014 ). While today mainly used for internal energy use, it can be extracted from the side streams of …

Frida Hermansson, Matty Janssen, Magdalena Svanström


Asymmetric Effect and Dynamic Relationships Between Stock Prices and Exchange Rates Volatility

The analysis of time-varying correlation between stock prices and exchange rates in the context of international investments has been well researched in the literature in last few years. In this paper, we study the interdependence of exchange …

Wajdi Moussa, Azza Bejaoui, Nidhal Mgadmi

02-06-2020 | Original Research | Issue 3/2020 Open Access

Building an ambidextrous organization: a maturity model for organizational ambidexterity

Organizational ambidexterity (OA) is an essential capability for organizations in turbulent environments, as it facilitates the simultaneous pursuit of exploitation and exploration. Over the last years, knowledge on OA has continuously matured …

Katharina Stelzl, Maximilian Röglinger, Katrin Wyrtki

29-05-2020 | Issue 4/2020

The U.S. term structure and return volatility in emerging stock markets

This paper examines the predictive power of the U.S. term structure over return volatility in emerging stock markets. Decomposing the term structure of U.S. Treasury yields into two components, the expectations factor and the maturity premium, we …

Riza Demirer, Asli Yuksel, Aydin Yuksel

28-05-2020 | Issue 3/2020

Factor exposures and diversification: Are sustainably screened portfolios any different?

We analyze the performance, risk, and diversification characteristics of global screened and best-in-class equity portfolios constructed according to Inrate’s sustainability ratings. The financial performance of sustainably high-rated portfolios …

Arnaud Gougler, Sebastian Utz

27-05-2020 | Original Research Paper | Issue 2/2020

Measuring market and credit risk under Solvency II: evaluation of the standard technique versus internal models for stock and bond markets

The 2008–2009 Global Financial Crisis (GFC) has swayed regulators to set forth the Solvency II agreement for determining Solvency Capital Requirement (SCR) for insurance companies. In this paper, we apply novel internal models to investigate …

Saeed Asadi, Mazin A. M. Al Janabi

27-05-2020 | Original Article | Issue 23/2020

Online Bayesian shrinkage regression

The present work introduces an original and new online regression method that extends the shrinkage via limit of Gibbs sampler (SLOG) in the context of online learning. In particular, we theoretically show how the proposed online SLOG (OSLOG) is …

Waqas Jamil, Abdelhamid Bouchachia


Return and volatility spillovers to African equity markets and their determinants

The main goal of this study is to examine how international and regional shocks are transmitted to African equity markets using a network methodology introduced and developed by Diebold and Yilmaz (Econ J 119:158–171, 2009; Int J Forecast …

Eric Martial Etoundi Atenga, Mbodja Mougoué


Revisiting the link between output growth and volatility: panel GARCH analysis

This paper explores the link between output growth and volatility using several macroeconomic variables for a panel of countries for the period of 1971–2014. Using an augmented panel GARCH-M model, we allow for the first time in the literature for …

Pinar Deniz, Thanasis Stengos, M. Ege Yazgan

21-05-2020 | Regular Article

Loan-loss provisions, earnings management, and capital management by Russian banks: the impact of changes in banking regulation and oversight

This paper compares earnings management (EM) and capital management (CM) by Russian banks before and after changes in banking regulation and oversight in Russia. In Russia, in recent years, the Central Bank of the Russian Federation has imposed …

Egor Nikulin, Jeff Downing


Measuring monetary policy: rules versus discretion

In this paper, we propose a novel method to measure the strength of commitment versus discretion in monetary policy. We estimate a Taylor-type monetary policy rule with time-varying heteroskedasticity, decomposing the policy into rule-based and …

Narek Ohanyan, Aleksandr Grigoryan

14-05-2020 | Research Article | Issue 3/2020

Foreign Direct Investment to Africa: Is There a Colonial Legacy?

To provide new understanding of the effect of historical ties in the field of international business, through the lens of institutional theory and the concept of the liability of foreignness, we examine how prior colonial relationships influence …

Keith W. Glaister, Nigel Driffield, Yupu Lin

14-05-2020 | Original Article | Issue 4/2020

A modelling framework for the diffusion of low carbon energy performance contracts

The building sector contributes significantly to global energy consumption and CO2 emissions. It is urgent to reduce them through the retrofit of the current building stock and improvements in new building designs. The energy performance contracts …

G. Papachristos

12-05-2020 | Original Paper

The effect of institutional investors’ distraction on firms’ corporate social responsibility engagement: evidence from China

To investigate the impact of institutional investors on firms’ corporate social responsibility (CSR) engagement while controlling for possible endogeneity concerns, we study how Chinese listed firms adjust their CSR decisions when their …

Cheng Xiang, Fengwen Chen, Paul Jones, Senmao Xia


Fishmeal partial substitution within aquafeed formulations: life cycle assessment of four alternative protein sources

In large developed markets, including the European Union, high-value species such as salmonids, European seabass, gilthead seabream, shrimp and prawns are highly traded. Shrimp production grew at an average annual rate of 9.7% per year since 2000 …

Silvia Maiolo, Giuliana Parisi, Natascia Biondi, Fernando Lunelli, Emilio Tibaldi, Roberto Pastres

11-05-2020 | Original Paper

Does Integrity Matter in BOP Ventures? The Role of Responsible Leadership in Inclusive Supply Chains

Does responsible leadership matter when assembling an inclusive supply chain at the Base-of-the-Pyramid (BOP)? Current literature implicitly assumes that it does not. BOP scholars initially focused on the importance of shaping innovative and …

María Helena Jaén, Ezequiel Reficco, Gabriel Berger

08-05-2020 | Original Research | Issue 4/2020

Dynamic Linkages and Economic Role of Leading Cryptocurrencies in an Emerging Market

Motivated by the exponential growth of the cryptocurrency market and the need for more empirical work to understand the dynamics of the young financial market, this paper, through time- and frequency-varying techniques examines the extent of …

Maurice Omane-Adjepong, Imhotep Paul Alagidede


The social management of complex uncertainty: Central Bank similarity and crisis liquidity swaps at the Federal Reserve

During the global financial crisis, the Federal Reserve issued billions of dollars in liquidity swap agreements with foreign central banks, serving as a global lender of last resorts. Most studies of this event have analyzed the distribution of …

Tim Marple

02-05-2020 | Research Article | Issue 3-4/2020

The Impact of Gray Markets on Product Quality and Profitability

Gray markets, the selling of genuine products via unauthorized channels, have grown in importance for both manufacturers and retailers and have thus been studied extensively since the 1980s. Recently, consumers have shown a greater willingness to …

Xueying Liu, Amit Pazgal

01-05-2020 Open Access

Entrepreneurial orientation and new venture resource acquisition: why context matters

Resource acquisition is vital for new venture survival and growth. However, surprisingly little is known about how the entrepreneurial orientation (EO) of the new venture affects its resource acquisition. Drawing on the resource-based view of the …

Miaomiao Yin, Mathew Hughes, Qilin Hu


State equity and outward FDI under the theme of belt and road initiative

State capitalism is attracting burgeoning attention but comes with inconsistent findings toward internationalization. Given its prevalent appearances, the study has investigated the effect of state equity on outward foreign direct investment …

Qingtao Wang, Bin Liu

25-04-2020 | Original Paper

Processing Contradictory CSR Information: The Influence of Primacy and Recency Effects on the Consumer-Firm Relationship

Drawing on the influence of primacy and recency effects in processing information about corporate social responsibility (CSR), the authors examine how internal (customer experience) and external (CSR reputation) factors impact the consumer-firm …

Michael C. Peasley, Parker J. Woodroof, Joshua T. Coleman


Low cost carriers in China: passenger segmentation, controllability, and airline selection

China’s low-cost carriers (LCCs) are poised for fast growth, thanks to the changing competition dynamics and aviation policies in the domestic market. This new trend calls for an in-depth investigation of the characteristics and behavioral …

Jing Yu Pan, Dothang Truong

07-04-2020 | Original Paper | Issue 4/2020

Effects of declining bank health on borrowers’ earnings quality: evidence from the European sovereign debt crisis

This study investigates whether the deterioration of banks’ financial health affects borrowers’ earnings quality. To examine this issue, we consider the European sovereign debt crisis a shock to the health of certain European banks; these banks …

Florian Kiy, Theresa Zick

06-04-2020 | Original Paper Open Access

The Role of Institutional Uncertainty for Social Sustainability of Companies and Supply Chains

Global sourcing largely occurs from so-called emerging markets and developing economies (EMDEs). In these contexts, substantial leverage effects for sustainability in supply chains (SCs) can be expected by reducing adverse impacts on society and …

Nikolas K. Kelling, Philipp C. Sauer, Stefan Gold, Stefan Seuring

03-04-2020 | Regular Article

Sticky cost behavior: evidence from small and medium sized enterprises in Turkey

Evidence regarding cost behavior mostly comes from big listed companies. Cost behavior of SMEs, which are backbones of economy, is under-researched. This paper intends to fill this gap by providing evidence on cost stickiness from SMEs in an …

Hakan Özkaya


Does the belt and road initiative resolve the steel overcapacity in China? Evidence from a dynamic model averaging approach

The Belt and Road Initiative (BRI) is an important long-term development plan in China. The initiative aims at expanding international markets and resolving the domestic steel overcapacity. This paper applies the dynamic model averaging and …

Zhongxin Ni, Xing Lu, Wenjun Xue

30-03-2020 | Original Research | Issue 4/2020 Open Access

Government control and the value of cash: evidence from listed firms in China

In this paper, we investigate the impact of government control on investors’ valuation of cash held by listed firms in China. We find strong and robust evidence that government control leads to a lower value of cash. Further evidence suggests that …

Xinyu Yu, Ping Wang

27-03-2020 | Research Article | Issue 2/2020

Assessing the Role of Host Country Human Rights Protection on Multinational Enterprises’ Choice of Investment Strategy

Although international business studies have examined the role of non-market factors in multinational enterprises’ (MNEs) foreign ownership, there is a limited focus on the role of host country human rights records on MNEs’ ownership decisions.

Rekha Rao-Nicholson, Liudmyla Svystunova


Drivers and implications of entrepreneurial orientation for academic spin-offs

This paper has been designed with a dual goal. On the one hand, the paper aims to examine the role of management teams, industry agents, and university agents as providers of a series of key resources and capabilities for academic spin-offs (ASOs) …

Juan Pablo Diánez-González, Carmen Camelo-Ordaz, Mariluz Fernández-Alles

21-03-2020 | Methodologies and Application | Issue 20/2020

A novel hybrid model based on recurrent neural networks for stock market timing

Stock market timing is regarded as a challenging task of financial prediction. An accurate prediction of stock trend can yield great profits for investors. At present, recurrent neural networks (RNNs) have a good performance in stock market …

Yue Qiu, Hao-Yu Yang, Shan Lu, Wei Chen

20-03-2020 | Research Article | Issue 2/2020

Transparency and market discipline: evidence from the Russian interbank market

This article investigates the role of bank voluntary disclosure, as a source of information about risk, in the interbank market. Using data on the 179 largest Russian banks over the period of 2004–2013 we test whether the ability to attract …

François Guillemin, Maria Semenova


Why do Turkish REITs trade at discount to net asset value?

Discount to net asset value (NAV) has been a long-standing problem for the Turkish REITs (TREITs) implying some serious weaknesses for the industry with some potential portfolio management problems. The goal of the paper is to explore main …

Yener Coskun, Isil Erol, Giacomo Morri

18-03-2020 | Original Paper Open Access

To Be or Not to Be Governed Like That? Harmful and/or Offensive Advertising Complaints in the United Kingdom’s (Self-) Regulatory Context

This paper demonstrates how the UK’s Advertising Standards Authority (ASA) governs advertising ethics with and on behalf of its members and stakeholders. Drawing on an archive of 310 non-commercial (i.e., not-for-profit and public) adjudication …

Kristina Auxtova, Mary Brennan, Stephen Dunne

18-03-2020 | Original Research | Issue 4/2020 Open Access

Volatility and asymmetric dependence in Central and East European stock markets

We study the effects of contagion around the global financial crisis (GFC) and the Eurozone crisis periods using German and UK returns, each paired with returns from Central and East European (CEE) stock markets that recently joined the European …

Nathan Lael Joseph, Thi Thuy Anh Vo, Asma Mobarek, Sabur Mollah


Debt aversion, education, and credit self-rationing in SMEs

This paper analyzes the importance of credit self-rationing for borrowers with lower levels of education using a survey of Vietnamese SMEs from 2004 to 2014. We show that entrepreneurs not only refrain from using formal credit because of …

Hang Thu Nguyen, Hiep Manh Nguyen, Michael Troege, Anh T. H. Nguyen

13-03-2020 | Original Paper | Issue 8/2020

Joint economic lot size models with warehouse financing and financial contracts for hedging stocks under different coordination policies

The rapid expansion of emerging markets, combined with the influence of hedge funds and market speculators, highly increased commodity prices. At the same time, the global economic recession and an adverse credit environment, caused the price of …

Beatrice Marchi, Lucio Enrico Zavanella, Simone Zanoni

09-03-2020 | Issue 1/2021

How safe are central counterparties in credit default swap markets?

We propose a general framework for estimating the vulnerability to default by a central counterparty (CCP) in the credit default swaps market. Unlike conventional stress testing approaches, which estimate the ability of a CCP to withstand …

Mark Paddrik, H. Peyton Young

07-03-2020 | Issue 1/2021

Narcissistic CEOs and their earnings management

This study investigates the role narcissism in corporate leadership has on the earnings management for a sample of 514 listed companies in Bursa Malaysia between year 2009 and 2015. Using the unobtrusive method and robust panel regression, we find …

Maria Kontesa, Rayenda Brahmana, Ashley Hui Hui Tong

05-03-2020 | Issue 4/2020 Open Access

Conceptualizing Corruption in Public Private Partnerships

This article conceptualizes the vulnerability of the different stages of Public-Private Partnership (PPP) models for corruption against the backdrop of contract theory, principal-agent theory and transaction cost economics, and discusses potential …

Rahel M. Schomaker


A systematic literature review of entrepreneurial ecosystems in advanced and emerging economies

The concept of entrepreneurial ecosystems has been gaining considerable attention during the past decade among practitioners, policymakers, and researchers. However, to date, entrepreneurial ecosystem research has been largely atheoretical and …

Zhe Cao, Xianwei Shi

02-03-2020 | Research Article | Issue 4/2020

Optimization of covered calls under uncertainty

We present a two-stage stochastic program with recourse to construct covered call portfolios. To maximize the expected utility of a covered call portfolio, the model selects equity positions and call option overwriting weights for varying strike …

Mauricio Diaz, Roy H. Kwon

01-03-2020 | Invest | Issue 3/2020

Attraktive Firmenpapiere verzweifelt gesucht

Ein niedriges Zinsumfeld und eine robustere Weltwirtschaft haben dem Markt für Unternehmensanleihen weiteren Schub verliehen. Viele Anleger dürfte dies freuen, denn attraktive Anlagealternativen lassen sich immer schwieriger finden. Allerdings …

Carmen Mausbach


Does the green inspiration effect matter for stock returns? Evidence from the Chinese stock market

We consider the role of the green inspiration effect in explaining the cross section of returns in the Chinese stock market. After constructing a new risk factor (the green risk factor), we empirically investigate the explanatory ability of this …

Tong Fang, Zhi Su, Libo Yin

27-02-2020 | Issue 1/2021

Institutions, industries and entrepreneurial versus advantage-based strategies: how complex, nested environments affect strategic choice

With primary and secondary data on 658 firms from 17 countries across three continents, we examine the combined influence of country-level institutions on industry attributes and in turn their effects on the choice of a defensive advantage-based …

Michael A. Hitt, David G. Sirmon, Yuan Li, Abby Ghobadian, Jean-Luc Arregle, Kai Xu

24-02-2020 | Focus | Issue 18/2020

Liquidity transmission and the subprime mortgage crisis: a multivariate GARCH approach

This paper examines the liquidity transmission across the interbank money market by investigating four liquidity measurements. We detect an empirical evidence of the increase in conditional correlation across different liquidity channels during …

Ling Xiao, Gurjeet Dhesi, Eduard Gabriel Ceptureanu, Kevin Lin, Claudiu Herteliu, Babar Syed, Sebastian Ion Ceptureanu


Does entrepreneurs’ psychology affect their business venture success? Empirical findings from North Africa

This paper discusses the effect of psychological traits on success. We empirically explore the effect of entrepreneurs’ psychological biases on their venture success. Using a sample of Tunisian entrepreneurs and the cognitive mapping technique …

Elhem Ben Fatma, Ezzeddine Ben Mohamed, Léo-Paul Dana, Sami Boudabbous


Does dual Embeddedness matter? Mechanisms and patterns of subsidiary ambidexterity that links a Subsidiary’s dual Embeddedness with its learning strategy

This study extends the idea of subsidiary ambidexterity as a subsidiary’s attempt to obtain a fit between its dual embeddedness (i.e. ambidextrous contexts) and its learning strategy (i.e. ambidextrous behaviors). We design a dyadic survey to …

Hsiang-Lin Cheng, Ming-Chang Huang

18-02-2020 | Original Research | Issue 4/2020

Speed of Price Adjustment in Indian Stock Market: A Paradox

This paper compares how fast the information and news flows are incorporated into the stock index and prices of its constituent stocks. We follow the empirical framework provided by Kayal and Maheswaran (J Emerg Mark Finance 30, S112-S135, 2018a) …

Parthajit Kayal, Sayanti Mondal


Corporate social performance aspiration and its effects

In recent years, amid various social and environmental problems, companies have been urged to engage more extensively in corporate social responsibility activities, particularly in stakeholder-oriented countries. Previous studies have made …

Yuehua Xu, Guangtao Zeng

15-02-2020 | Original Research | Issue 4/2020

The economic benefits of returned-global Chinese IPOs

On June 6, 2018, China has adopted a new policy that allows overseas-listed Chinese companies to launch secondary listings (hereafter, returned-global Chinese IPOs) in the domestic market. This study examines how the returned-global Chinese IPOs …

Jerry W. Chen, In-Mu Haw, Jianfu Shen, Pauline W. Wong

11-02-2020 | Original Research | Issue 1/2020

Sustainability in Asia: The Roles of Financial Development in Environmental, Social and Governance (ESG) Performance

It is increasingly evident that rapid development resulted in habitat loss and environmental degradation. Due mainly to this issue, if unchecked, many countries are susceptible to natural disasters. Financial development has been touted as …

Tuan-Hock Ng, Chun-Teck Lye, Kar-Hoong Chan, Ying-Zhee Lim, Ying-San Lim

10-02-2020 | Issue 4/2020

The influence of additive manufacturing on early internationalization: considerations into potential avenues of IE research

Novel technologies are key enablers for early internationalization. Researchers and experts imply that industry 4.0 (i4.0) technologies will be exploited by existing firms and new ventures to develop radical business models and market …

Martin Hannibal

08-02-2020 | Regular Article

Does privatization matter for corporate social responsibility? Evidence from China

This paper examines the link between privatization of state ownership and corporate social responsibility performance. Using a sample of Chinese listed companies between 2010 and 2015, we find evidence that privatization is negatively associated …

Farman Ullah Khan, Junrui Zhang, Nanyan Dong, Muhammad Usman, Sajid Ullah, Shahid Ali

08-02-2020 | Original Paper | Issue 2/2020 Open Access

Fast multi-language LSTM-based online handwriting recognition

We describe an online handwriting system that is able to support 102 languages using a deep neural network architecture. This new system has completely replaced our previous segment-and-decode-based system and reduced the error rate by 20–40% …

Victor Carbune, Pedro Gonnet, Thomas Deselaers, Henry A. Rowley, Alexander Daryin, Marcos Calvo, Li-Lun Wang, Daniel Keysers, Sandro Feuz, Philippe Gervais


Green bonds as an instrument to finance low carbon transition

The present paper examines the role that green bonds can play in financing the transition to low carbon economy. We first establish the need for central banks to respond to climate change challenges, and we present the main ways in which they can …

Eftichios S. Sartzetakis

31-01-2020 | Issue 2/2020 Open Access

The neglected role of formal and informal institutions in women’s entrepreneurship: a multi-level analysis

This article draws upon institutional theory to investigate whether and to what extent informal institutions (masculinity, power distance, individualism, and indulgence) affect the relationship between formal institutions (the public expenditure …

Daniela Gimenez-Jimenez, Andrea Calabrò, David Urbano


How do reputation, structure design and FinTech ecosystem affect the net cash inflow of P2P lending platforms? Evidence from China

Based on daily data of 749 active online P2P lending platforms in Chinese market, this study explores the key factors affecting the net cash inflow rate of the platform which is vital for its operation and survival from the perspective of …

Xueru Chen, Xiaoji Hu, Shenglin Ben

19-01-2020 | Original Research | Issue 3/2020

Poverty in Sub-Saharan Africa: The Role of Business Regulations, Policies and Institutions

The study investigates the impact of business regulations, policies and institutions on welfare in Sub-Saharan Africa. The HDI and GDP per capita are used as measures of welfare or poverty. The World Bank doing business indicators are used as …

Richard Adjei Dwumfour

18-01-2020 | Issue 6/2020

Inequality, redistribution, and growth: new evidence on the trade-off between equality and efficiency

The past several decades have seen a significant and sustained increase in income inequality across many countries. Against this backdrop, some policymakers and economists are calling for distributive policies to address the rising inequality …

Jaejoon Woo

18-01-2020 | Original Article | Issue 2/2020

Consumer skepticism towards cause related marketing: exploring the consumer tendency to question from emerging market perspective

There has been an increase in number of skeptical consumers who do not trust the actions of the marketers. Cause related marketing (CRM) is primarily being used by companies to position themselves on a social platform to develop a positive image …

Sujo Thomas, Sonal Kureshi

15-01-2020 | Original Article | Issue 4/2020

Relating carbon and energy intensity of best-performing retailers with policy, strategy and building practice

Retail stores are amongst the building typologies with the highest carbon (CI) and energy intensities (EI). However, previous studies have only explored best practice EI of food and non-food retailers, without identifying best practice CI …

Ana Ferreira, Manuel Duarte Pinheiro, Jorge de Brito, Ricardo Mateus

13-01-2020 | Issue 1/2020 Open Access

Service innovation and internationalization in SMEs: antecedents and profitability outcomes

Both innovating and internationalizing can hold the key to survival and growth among small- and medium-sized enterprises (SMEs). Service innovation in particular is highly relevant in the increasingly digitalized and high-technology global trade.

Anna Vuorio, Lasse Torkkeli, Liisa-Maija Sainio

06-01-2020 | Original Paper

Measuring Social Performance in Social Enterprises: A Global Study of Microfinance Institutions

Social enterprises in the microfinance industry need to adhere to both financial and social demands. Critics argue that there is a mission drift away from the social mission, and this has motivated the introduction of social rating agencies to …

Leif Atle Beisland, Kwame Ohene Djan, Roy Mersland, Trond Randøy

04-01-2020 | Issue 4/2020

Price Volatility, the Maturity Effect, and Global Oil Prices: Evidence from Chinese Commodity Futures Markets

We study the maturity effect using 41 major agricultural, industrial, and metal commodities traded in three Chinese futures exchanges between 2006 and 2015. After controlling for seasonality, year and product fixed effects, we find supportive …

Jing Ao, Jihui Chen

04-01-2020 | Research Article | Issue 2/2020

The impact of financial crises on the environment in developing countries

This paper evaluates empirically the effect of financial crises on several types of pollutant emissions. We focus on a sample of 55 developing countries from 1980 until 2012 and rely on the local projection method to plot impulse response …

João Tovar Jalles

03-01-2020 | Issue 1/2020 Open Access

Evolution of quality culture in an HEI: critical insights from university staff in Bangladesh

This paper evaluates experiences of quality culture as actualized by academic and administrative leaders in a nonprofit, private Bangladeshi university, ensuing the recent implementation of a state-stipulated national quality framework. Based on …

Naureen Rahnuma

02-01-2020 | Original Research | Issue 3/2020

US Economic Policy Uncertainty and GCC Stock Market

This study contributes to the scant finance literature on emerging countries by examining the relationship between economic policy uncertainty and monthly indices of Gulf Cooperation Council (GCC) stock markets during the period of July 2004 to …

Abdullah Alqahtani, Miguel Martinez

01-01-2020 | Issue 4/2020

Financial integration, competition and bank efficiency: evidence from Africa’s sub-regional markets

This paper examines the convergence properties as well as the causal nexus between bank competition and efficiency in five regional economic communities of Africa over the 2007–2014 period. We estimate bank market power, cost and profit efficiency …

Kannyiri Banyen, Nicholas Biekpe

30-12-2019 | Research Article | Issue 1/2020

Impact of inter-fuel substitution on energy intensity in Ghana

Energy intensity and elasticity, together with inter-fuel substitution are key issues in the current development stage of Ghana. Translog production and ridge regression are applied for studying these issues with a data range of 2000–2015. The …

Boqiang Lin, Hermas Abudu


Is it possible to escape? Local protectionism and outward foreign direct investment by Chinese privately-owned enterprises

This study explores the impact of local protectionism on outward foreign direct investment (OFDI) and how firms respond to local protectionism in a transition economy. We find that local protectionism exerts a negative effect on the OFDI decisions …

Huiying Luo, Xiaohui Liu, Aiqi Wu, Xiaotong Zhong


Vendor boundary spanning in Indian Information Technology (IT) companies

Boundary spanning is an important mechanism for the successful and efficient management of client-vendor relationships in Information Technology (IT) outsourcing. Vendors are often responsible for initiating boundary-spanning between the two …

Smita Prashant Chattopadhyay, Madhuchhanda Das Aundhe


Mirror or no mirror? Architectural design of cross-border integration of Chinese multinational enterprises

With the increase in overseas acquisitions by Chinese multinational enterprises (CMNEs), corporations face the challenge of designing and building global architecture to enhance their performance in post-acquisition integration. A well-known …

Jiang Wei, Yang Yang, Sali Li


Herding and capitalization size in the Chinese stock market: a micro-foundation evidence

It is inconclusive for the relationship between herding and capitalization size of stocks in the developed markets while there is a research gap to address this issue for the emerging markets. The existing literature often uses aggregate measures …

Zhenxi Chen, Jing Ru

12-12-2019 | Commentary

The cultural relevance of the composition-based view

In this article I offer my comments on the “Cultural Roots of Compositional Capability in China: Balanced Moderation” (Zhou, Li, Zhou, & Prashantham, Asia Pacific Journal of Management, forthcoming, 2019) that extends the composition-based view …

Yadong Luo

09-12-2019 | Focus | Issue 9/2020

The dilemma phenomenon, logistics for monetary independence policy and foreign exchange reserves

The development of financial integration makes a country’s economic links difficult. This is especially so for emerging market countries, which are more vulnerable to economic shocks. The objective of this paper is to explore whether the emerging …

Yu Mei, Zhang Kun, Anca L. Ralescu

09-12-2019 | Original Research | Issue 3/2020

Has stock exchange demutualization improved market quality? International evidence

We investigate the market quality effects of stock exchange demutualization and find that demutualized exchanges have achieved significant improvements in market quality following their conversion from mutual to for-profit structure. Demutualized …

Kobana Abukari, Isaac Otchere

06-12-2019 | Regular Article | Issue 1/2020

Determinants of consumers’ intentions to share knowledge and intentions to purchase on s-commerce sites: incorporating attitudes toward persuasion attempts into a social exchange model

This research explores s-commerce users’ intentions to purchase and to share knowledge by incorporating ‘attitudes toward persuasion attempts,’ ‘ease of use,’ and ‘perceived usefulness’ into a social exchange theory model. A survey using an …

Kyung-Joon Kwon, Li-Wei Mai, Norman Peng
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