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India’s trade with South and Central Asia: an application of institution-based augmented gravity model
Springer Science and Business Media LLC - Tập 9 - Trang 1-12 - 2023
The present study investigates the effect of regional and bilateral trade agreements supported by institutional framework on bilateral trade between India and selected South and Central Asian countries. The augmented gravity model that corrects for zero trade, endogeneity and heterogeneity is used. The model is developed by applying OLS and PPML (Poisson pseudo-maximum likelihood) estimation technique using panel dataset of 22 countries from 1996 to 2020. Empirical results show that trade agreements have failed to enhance trade between selected countries. However, institutional framework positively contributes to trade integration among these countries. The key finding of this study is that regional trade agreements supported by institutional framework play an important role in promotion of trade among these countries. Thus, the government needs to pay attention to enhance institutional quality to reap the benefits of trade integration.
Real effective exchange rate misalignment and currency crisis in Iran
Springer Science and Business Media LLC - Tập 9 - Trang 1-8 - 2023
This study aimed to examine real effective exchange rate (REER) misalignment in Iran and its relation to the currency crisis. The behavioral equilibrium exchange rate was employed to calculate the equilibrium exchange rate (EER), and misalignment was obtained using the exchange rate deviation from the equilibrium value. Using the autoregressive distributed lag (ARDL) method and data from 1986 to 2019, the long-run relationship between macroeconomic fundamentals and REER was estimated. The results show that trade openness, rate of productivity growth in tradable good production, net foreign assets of the central bank, oil exports, and terms of trade significantly affected the EER. Estimation of misalignment and its relationship with the currency crisis show that in the years before the crisis, there was generally a significant overvaluation in several consecutive years; hence, exchange rate misalignment serves as a leading index to predict the probability of a currency crisis.
Employee motivation and job performance: a study of basic school teachers in Ghana
Springer Science and Business Media LLC - Tập 7 - Trang 1-12 - 2021
Motivation as a meaningful construct is a desire to satisfy a certain want and is a central pillar at the workplace. Thus, motivating employees adequately is a challenge as it has what it takes to define employee satisfaction at the workplace. In this study, we examine the relationship between job motivation factors and performance among teachers of basic schools in Ghana. The study employs a quantitative approach on a sample of 254 teachers from a population of 678 in the Effutu Municipality of Ghana, of which 159 questionnaires were duly answered and returned (representing 62.6% return rate). Using multiple regression and ANOVA, the study finds compensation package, job design and environment and performance management system as significant factors in determining teacher’s motivation in the municipality. Thus, these motivation factors were significant predictors on performance when regressed at a decomposed and aggregated levels. These findings support the self-determination theory, more specifically on the explanations advanced under the controlled and autonomous motivation factors. Significant differences were also observed in teachers’ performance among one of the age cohorts. The study urges the municipal directorate of education to make more room for young teacher trainees and interns who are at the formative stage of their careers to be engaged to augment the experienced staff strength. More should be done to make the profession attain some level of autonomy in the discharge of duty to breed the next genre of innovative educators in the municipality.
Portfolio diversification benefits before and during the times of COVID-19: evidence from USA
Springer Science and Business Media LLC - Tập 9 - Trang 1-15 - 2023
This paper investigates the portfolio diversification benefits for Islamic and conventional investors in the USA with its major trading partners (United Kingdom, Canada, China, Japan, Malaysia, and Turkey) before and during the COVID-19 crisis period. Using daily data from 2007 to 2020, we employ three relevant time-varying and timescale-dependent techniques, the continuous wavelet transform (CWT) analysis, the wavelet multiple correlation (WMC), and the wavelet multiple cross-correlation (WMCC). The findings suggest that conventional and Islamic US investors who invest with major trading partners may reap large diversification benefits for very short investment horizons (4–8), except for Sharia Malaysia index. However, they may not reap benefits for investment horizons of 8–16 and longer, except for China. In addition, COVID-19 crisis caused a poor diversification opportunity for US investors regardless of the regime they follow (conventional or Islamic). Moreover, the American industrial market depicts a state of impending perfect market integration. Finally, the UK and Canada seem to be the potential market leaders in different wavelet scales. These findings yield important policy implications.
Effects of industrialization on Tanzania’s economic growth: a case of manufacturing sector
Springer Science and Business Media LLC - Tập 8 - Trang 1-11 - 2022
This article examines the impact of industrialization on economic growth in Tanzania focusing on the drivers of structural changes in the manufacturing sector. We apply the vector error correction model based on a parsimonious model covering the period from 1970 to 2017. Our results demonstrate the existence of a positive relationship between the manufacturing sector through its value added and economic growth in Tanzania. We have also observed a similar pattern of relationship in other sectors of the economy such as construction, agriculture, and services. Furthermore, the interaction model shows that foreign direct investment inflows and net domestic credit are the drivers of manufacturing growth. However, the real exchange rate coefficient is negative and significant, suggesting that it has had a negative impact on manufacturing output. The results are consistent with postulations of economic models found in economic growth theories. The article also presents some policy implications regarding the need for consistent policy implementation in the manufacturing sector and further improvement of the investment climate.
Financial literacy and financial behavior with the mediating effect of family financial socialization in the financial institutions of Lahore, Pakistan
Springer Science and Business Media LLC - Tập 7 - Trang 1-11 - 2021
The main purpose of this study was to find out the relationship between financial literacy and financial behavior and to discover the mediating influence of family financial socialization on this relationship. The study also particularizes that how personal knowledge of finance of an employee and whatever they have learned through family socialization will help them to make sound decisions having a financial impact on them and their family. Employees of financial institutions employed and residing in Lahore, Pakistan, were the target population of this report. It was a cross-sectional quantitative research study. By using a detailed questionnaire, primary data were obtained. The sample size was 330; through convenience sampling, employees employed in banks were chosen. Descriptive analysis, parametric test, reliability test, and correlational examination with the aid of SPSS 23 and the use of SmartPLS 3.0. are knowledge investigation techniques used in this examination study to infer outcomes. The outcomes which are created from this exploration include: (1) there was no distinction in the financial conduct of representatives from various socioeconomics gatherings. Financial education has a critical positive relationship with financial behavior. (2) Family financial socialization additionally shows a huge positive relationship with financial education and financial behavior. (3) Financial education demonstrated a remarkable abnormal impact on financial behavior through family financial socialization. (4) Family financial socialization shows partial mediation between financial literacy and financial behavior. We can accomplish that formal, as well as informal, training of finance decides the financial behavior of people. This study is the first of this kind to examine the association between financial literacy, and financial behavior using family financial socialization as a mediator and employees of financial institutions as the target population.
Robust examination of political structural breaks and abnormal stock returns in Egypt
Springer Science and Business Media LLC - Tập 6 - Trang 1-9 - 2020
This paper uses the event study methodology to analyze the impact of unexpected political event on stocks abnormal returns. The objective is twofold. The first is to reach robust estimates of stocks abnormal returns. The second is to reach robust estimates of the effects of unexpected political events on stocks abnormal returns. This paper experiments with three different methods to estimate stocks abnormal returns, namely: market model, mean-adjusted model and market-adjusted model. The sample includes the firms listed in the leading index in Egypt stock exchange (EGX30). The statistical tests, Anderson–Darling test for normality, Wilcoxon rank-sum test for comparing the significance of the estimates, and Breusch–Pagan, Cook–Weisberg test for heterogeneity of abnormal returns. The results indicate that (a) statistical differences between the three estimates exist, which indicates that the three methods of abnormal return estimation are not substitutes, or alternatives, to each other, (b) that is, the political event is considered an anomaly which has idiosyncratic effects. This is contrary to the common belief that political events have systematic effects. The contribution of this paper is twofold. First, the estimation of abnormal returns must be examined for robustness in order to ensure reliability. Second, the results offer robust evidence that political risk premium is an anomaly, which is a call for stock market participants not to panic. Eventually, it saves investors’ wealth.
Emotional intelligence and consumer decision-making styles: the mediating role of brand trust and brand loyaltyAbstract
Springer Science and Business Media LLC - Tập 9 Số 1
This paper brings to light emotional intelligence’s impact on consumer decision-making styles during purchases. We show how brand trust (BT) and brand loyalty (BL) act as mediators between emotional intelligence (EI) and decision-making styles. We further indicate how consumers rely on emotional intelligence (EI) when purchasing products or services based on specific decision-making styles and patterns. We examine this issue by selecting customers who shop at the Accra and West Hills Malls. Seven hundred and fifty (750) respondents from the two selected malls comprised the study’s sample size. The respondents were chosen using the simple random and accidental/convenient sampling approach. The study hypotheses were examined using cross-sectional survey data. We use confirmatory factor analysis and structural equation modeling to analyze the data. We exhibit reliable information that emotional intelligence mediates the relationship between BT and BL, while the relationship between brand trust and brand loyalty is more strongly mediated at higher levels of EI. The result indicates a partial mediation between emotional intelligence and decision-making style through brand loyalty. This paper aims to increase knowledge on the importance of emotional intelligence from the perspective of customers through decision-making styles.
Role of foreign direct investments in agriculture, forestry and fishing in developing countries
Springer Science and Business Media LLC - Tập 8 - Trang 1-12 - 2022
The primary sector is vital for growth and sustainable development in emerging countries. The combined effects of COVID-19 and geopolitical uncertainty on capital flows are likely to have profound impacts on many developing countries. In particular, decreased capital inflows into agriculture will negatively affect food security and growth. However, there remain limited literature on the role of capital inflows in this sector. In this paper, we examine the role that foreign capital inflows play in the development of the agricultural, forestry and fishing sectors in developing countries. Specifically, we use the panel vector autoregression approach that accounts for endogeneity. Using data from sixteen developing economies, we find that there exists bidirectional causality between foreign direct investments in agriculture, forestry and fishing and value added in these sectors. These bidirectional relationships reflect a cyclical effect between FDI and value added in the agriculture, forestry and fishing. The effect of FDI on value added in agriculture, forestry and fishing remains positive for up to five years in our model. This implies FDI has a medium- to long-term positive impact on value added in agriculture, forestry and fishing. The implication of this result is that countries with currently high FDI transaction costs or that have a generally less conducive investment environment can improve agriculture by eliminating these obstacles. This is because FDIs can lead to improved technologies and technical expertise, practices, management and other systems that benefit the host countries.
The moderating effect of dividend policy on the relationship between the corporate risk disclosure and firm value: evidence from EgyptAbstract
Springer Science and Business Media LLC - Tập 10 Số 1
This paper investigates the effects of corporate risk disclosure (CRD) and dividend policy (DP) on firm value (FV) for non-financial companies listed on the Egyptian Stock Exchange. Using a sample of 45 non-financial firms from 2016 to 2022, which yielded 315 firm-year observations, we find a significant positive relationship between CRD and FV, supporting signaling theory. DP also exhibits a positive association with FV. Additionally, DP positively moderates the CRD-FV relationship, indicating a complementary effect where dividends enhance the CRD's positive signal. The results are robust across fixed effects, random effects, and pooled OLS models. This study makes key empirical and theoretical contributions by validating the hypothesized relationships in the Egyptian context. It also provides managerial insights into value drivers for public firms in developing economies. Further research can corroborate the findings in other emerging markets. Overall, this paper enhances understanding of the linkages between risk disclosure, dividend policy, and firm valuation outcomes.
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