Tailoring IMF-Supported Programs to Fragile and Conflict-Affected States’ Needs

2021 ◽  
pp. 548-567
Author(s):  
Ermal Hitaj ◽  
Chris Lane ◽  
Paulomi Mehta ◽  
Rima Turk
Keyword(s):  
Public Debt ◽  
Probit Analysis ◽  
Program Completion ◽  
Fragile States ◽  
Program Success ◽  
Negative Effect ◽  
Catalytic Role ◽  
Conflict Affected States ◽  
The Impact

We consider the impact of Fund-supported programs in fragile and conflict-affected states (FCS) on aid flows and what factors determine program success. Using several indicators of fragility in a multivariate setting, we find that the catalytic role of IMF engagement on aid is significant in general and particularly so in fragile states. There is clear evidence that risks are more elevated in FCS due to conflict and political instability. Probit analysis for metrics of program success indicates that programs in FCS have a significantly higher probability of non-completion than non-FCS. We find a strong negative effect of high public debt on program completion. Usage of prior actions is associated with weaker program performance, suggesting that their use occurs in situations that are perceived as more risky. We recommend a greater focus on the drivers of conflict and instability in FCS and consideration of program measures that contribute to better economic outcomes.

Moving music for moving source texts

2018 ◽  
Vol 1 (2) ◽  
pp. 319-340 ◽  
Author(s):  
Beatriz Naranjo Sánchez
Keyword(s):  
Literary Texts ◽  
Emotional Engagement ◽  
Translation Quality ◽  
Creative Behaviour ◽  
Negative Effect ◽  
Potential Benefits ◽  
The Impact ◽  
Sad Music ◽  
Positive Effect

Abstract Based on previous findings about the role of music as an emotional stimulus, as well as the potential benefits of music-driven emotional engagement in written production and creative behaviour, the present study investigates the impact of emotional background music on translation quality and creativity. A translation experiment in two different conditions (music vs. silence) was conducted in a controlled environment. Participants translated two literary texts of opposing emotional contents (happy vs. sad) while they listened to an emotionally-matching soundtrack. Statistical analysis of within- and between-group comparisons only revealed conclusive results for the sad condition, showing a positive effect of sad music on translation creativity and a negative effect on accuracy.

scholarly journals Internal R&D and Acquisition Performance of Chinese Pharmaceutical Firms: Moderation Effect of Acquisition Motive and Corporate Ownership

Processes ◽  
2019 ◽  
Vol 7 (5) ◽  
pp. 292 ◽  
Author(s):  
Qi Yue ◽  
Xing Hua ◽  
Jianyuan Li
Keyword(s):  
Path Dependence ◽  
Corporate Ownership ◽  
Acquisition Performance ◽  
Moderation Effect ◽  
Pharmaceutical Firms ◽  
Key Factor ◽  
Negative Effect ◽  
The Impact ◽  
The Relationship

Although corporate capability has been recognized as a key factor affecting corporate acquisition performance, the role of R&D capability in acquisition performance has not been fully explained. The aim of this paper was to research the impact of internal R&D on acquisition performance according to a sample of 215 acquisitions of Chinese listed pharmaceutical companies from 2012 to 2016. First, it was found that R&D has a significant negative effect on acquisition performance. Furthermore, it was confirmed that the acquisition motive and the ownership of the acquiring firm have a moderating effect on the relationship between R&D and acquisition performance. Compared to non-technical acquisitions, the negative effect of internal R&D on acquisition performance was reduced for technical acquisitions. Compared with non-state-owned-enterprise acquisition, the negative effect of internal R&D on the acquisition performance of state-owned enterprises was weakened. Our study enriches the research of the path dependence theory on the acquisition performance of enterprises and also the interpretation of acquisition performance on the basis of internal and external innovation and the institutional theory.

The Public Debt of French Local Government

1985 ◽  
Vol 5 (3) ◽  
pp. 387-399 ◽  
Author(s):  
Pierre-Henri Derycke ◽  
Guy Gilbert
Keyword(s):  
Local Government ◽  
Interest Rates ◽  
Public Debt ◽  
Local Governments ◽  
Central Government ◽  
Tight Control ◽  
The Public ◽  
Policy Measures ◽  
The Impact

ABSTRACTAfter a sharp increase, the public debt of French local communities has been stabilized in real terms: its amount reached 54 per cent of total public debt in 1980. In the French institutional framework, local government borrowing policy is under the tight control of central agencies. An econometric model of the borrowing behaviour of local governments since 1965 is presented; it emphasizes the role of internal determinants of local debt (needs for investment, self-financing ability of governments), external constraints (e.g. interest rates and the financial resources of lenders, such as households savings), and finally the impact of macroeconomic policy measures from the central government.

scholarly journals DOES PUBLIC DEBT HAMPER ECONOMIC GROWTH: EVIDENCE FROM EUROPEAN TRANSITIONAL COUNTRIES

2019 ◽  
Vol 34 (5) ◽  
pp. 1223-1228
Author(s):  
Liza Alili Sulejmani ◽  
Armend Ademi
Keyword(s):  
Economic Growth ◽  
Transition Economies ◽  
Public Debt ◽  
Fixed Effects ◽  
Global Financial Crisis ◽  
Fixed Capital Formation ◽  
Negative Effect ◽  
Per Capita ◽  
The Impact ◽  
Positive Effect

Lately, there has been an increased interest among policy makers and scholars regarding the nexus between public debt and economic growth, with emphasizes on its effects on transition economies, particularly after the last global financial crisis. This paper tries to investigate the impact of public debt on economic growth in the European transition economies, for the time spin 2000-2016, by using Pooled OLS, Fixed effects, Random effects and Hausman – Taylor Instrumental variable (IV). In addition, results reveal that public debt although has positive effect on per capita growth still is statistically insignificant, whereas debt square has negative effect on per capita GDP growth. Further, gross savings, final consumption and fixed capital formation have positive effect on per capita growth, while government expenditures do not show significant impact. Moreover, such results highlight important implications for fiscal policymakers in these countries in order to foster the economic growth in the context of public debt level.

scholarly journals The Effects of Corporate Bonds on Employment: Early Evidence from Greece

2020 ◽  
Vol 12 (2) ◽  
pp. 235-253
Author(s):  
Sotirios Karagiannis ◽  
Dimitrios Thomakos
Keyword(s):  
Corporate Bonds ◽  
Banking System ◽  
External Financing ◽  
Listed Firms ◽  
Negative Effect ◽  
The Impact ◽  
First Time ◽  
Investment Choices ◽  
Positive Effect

This study investigates the impact of corporate bonds issued by Greek listed firms on employment. Even though external financing and the effects on employment has been studied in the literature, we extend the existing literature by focusing for the first time on the specific role of corporate bonds on employment. We have collected all the relevant papers on this line of the literature and concisely report them in a table format and then use them in analyzing our results. Our empirical analysis is based on a panel dataset from 2001 to 2014 and we examine the effect of corporate bonds in the pre and post period of the Greek economic crisis, in which the banking system is vulnerable and unable to provide financing to the firms. The results suggest that corporate bonds have a positive effect on employment in the pre-crisis sample, denoting that firms hire employees and proceed to investment choices. On the contrary, during the recession, corporate bonds have a negative effect on employment. Firms reduce their costs and try to control their debt obligations by issuing corporate bonds.

The impact of values on consumer adoption of takāful with mediating role of religiosity and moderating role of confusion

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Amer Sarfraz ◽  
Asif Khurshid Mian
Keyword(s):  
Urban Areas ◽  
Consumer Adoption ◽  
Content Type ◽  
Rural And Urban Areas ◽  
Mediating Role ◽  
Rural And Urban ◽  
Negative Effect ◽  
The Impact ◽  
Moderating Role

Purpose This study aims to address a leading challenge of confusion about the concept of takāful confronted by existing and potential consumers of the insurance industry. There are multiple sources of confusion, including the lack of consensus among religious scholars to implement a standardized business model of takāful, the lack of knowledge or awareness and the lack of skilled or trained personnel, which prevent existing and potential consumers from adopting takāful products or services. The fundamental concept of takāful is introduced mainly to fulfill the religious, social and economic needs of Muslims. Thus, the choice of takāful activates the religious, cultural, family and traditional values of individuals. Hence, the primary purpose of this study is to determine the impact of tradition value and stimulation value on consumer adoption of takāful services. Further, the scope of this study is extended to establish the mediating role of religiosity and moderating role of confusion on the association between traditional value and consumer adoption of takāful services. Design/methodology/approach This study follows quantitative research methods and a cross-sectional approach for data collection. Thus, the sample is collected from 768 respondents belongs to rural and urban areas by using a close-ended questionnaire. The mediation and moderation analysis are performed by using Andrew F. Hayes process Models-4 and −5. Findings The result reveals that religiosity mediates and confusion moderates the relationship of traditional value and consumer adoption of takāful. However, the traditional value shows a negative effect on consumer adoption of takāful. Moreover, the confusion negatively moderates the association between traditional value and consumer adoption of takāful. Finally, the stimulation value also reflects a negative effect on consumer adoption of takāful services. Originality/value The findings of this study shed novel insights into the existing literature of takāful and basic human values. The outcomes of stimulation values contradict with the findings of Wang et al. (2008). The result of mediation analysis reveals that religiosity plays a vital role in activating the goals of traditional value, which motivates consumers to adopt takāful services. The present study is useful for takāful operators to understand the value priorities of prospect clients belong to rural and urban areas.

scholarly journals MANAGING KNOWLEDGE-RELATED BARRIERS TO TECHNOLOGICAL INNOVATION THROUGH EXPLOITATIVE AND EXPLORATIVE ORGANISATIONAL STRATEGIES

2019 ◽  
Vol 23 (04) ◽  
pp. 1950035 ◽  
Author(s):  
NUTTANEEYA (ANN) TORUGSA ◽  
WAYNE O’DONOHUE
Keyword(s):  
Firm Performance ◽  
Technological Innovation ◽  
Hierarchical Regression ◽  
Business Success ◽  
Negative Effects ◽  
Negative Interaction ◽  
Negative Effect ◽  
The Impact ◽  
Workplace Creativity

This study uses data from a sample of 31,948 European innovating firms to examine the impact that knowledge-related barriers to technological innovation have on the link between the level of such innovation and firm performance, and, to investigate the role of “exploitative” and “explorative” organisational strategies in moderating such impact. Exploitative strategies are measured by the level of organisational innovations, and exploratory strategies are measured by the level of methods for fostering workplace creativity. Using moderated hierarchical regression, the results reveal a negative effect of the interaction between technological innovation and related knowledge constraints on firm performance. They also reveal that the negative interaction effect becomes positive at high levels of organisational innovations and creativity-fostering methods. The study findings thus indicate the need for managers of technologically innovative firms to implement both exploitative and explorative organisational strategies. Doing so could help minimise the negative effects of knowledge-related barriers to technological innovation, and in turn promote innovation-based competitiveness and business success.

scholarly journals CSR Disclosure: Effects of Political Ties, Executive Turnover and Shareholder Equity. Evidence from China

2021 ◽  
Vol 13 (7) ◽  
pp. 3623
Author(s):  
Fawad Rauf ◽  
Cosmina L. Voinea ◽  
Khwaja Naveed ◽  
Cosmin Fratostiteanu
Keyword(s):  
Negative Relationship ◽  
Executive Turnover ◽  
Firm Level ◽  
Political Ties ◽  
Negative Effect ◽  
Csr Disclosure ◽  
Corporate Social ◽  
The Impact

The context of China fosters different contextual factors, which influences the quality of corporate social responsibility (CSR) disclosure in comparison to firms across the rest of the world. Political ties at a corporate level are one of these vital factors. This paper studies the influence of firm-level political ties (PT) and executive turnover (ET) on the quality of CSR disclosure in the context of shareholding status of departing executive in Chinese listed A-share firms. Stakeholder and Agency theories are applied to the dissemination of CSR disclosures in Chinese firms whereby we used 20,578 firm-years interpretations of Chinese registered companies between 2012 and 2019. The results foster a negative link between executive turnover and quality of CSR disclosures. In addition, a negative relationship has been found between political ties and the quality of CSR disclosure. The findings disclose that the shareholding status of departing executive moderate the relationship between the impact of political ties and executive turnover on firms quality of CSR disclosure, whilst the effect of executive turnover on the quality of CSR disclosure was found more pronounced for firms whose departing executive held larger shareholding (SH). This study contributed to the literature on the quality of CSR disclosure while recognizing the negative effect of executive turnover on a firm’s quality of CSR disclosure for politically tied firms with a reinforcing moderating role of the shareholding status of departing executive.

scholarly journals Did the COVID-19 Pandemic Make Consumers Shop Alone? The Role of Emotions and Interdependent Self-Construal

2021 ◽  
Vol 13 (11) ◽  
pp. 6361
Author(s):  
Wojciech Trzebiński ◽  
Radosław Baran ◽  
Beata Marciniak
Keyword(s):  
Two Dimensions ◽  
Global Epidemic ◽  
Mediating Role ◽  
Self Construal ◽  
Interdependent Self ◽  
Negative Effect ◽  
Opposing Effects ◽  
The Impact ◽  
Positive Effect

The paper aims to assess the impact of the COVID-19 pandemic and possible future global epidemic events on shopping behavioral patterns. Specifically, the paper investigates consumer pandemic-related isolation behavior (which manifests itself via preference for shopping without leaving home, and avoiding contact with other people while shopping offline) as a consequence of consumer interdependent self-construal, with the mediating role of consumer pandemic-related emotions of disgust, fear for oneself, fear for others, and sadness. The results of two surveys conducted in different stages of the COVID-19 pandemic in Poland (October 2020, and January 2021, respectively) suggest two opposing indirect effects of interdependent self-construal on isolation behavior: a positive effect through disgust, and a negative effect through sadness. Additionally, a positive indirect effect through fear was visible in the second study. Moreover, two dimensions of interdependent self-construal (i.e., vertical and horizontal) are demonstrated to have opposing effects (a positive effect and a negative one, respectively) on pandemic-related disgust, and in turn on isolation behavior. The above results indicate that, in the context of the pandemic, consumer self-construal influences pandemic-related emotions, and in turn consumers’ tendency to isolate themselves. Implications for marketers and society were discussed from the perspective of economic and sustainability goals.

scholarly journals Leadership and Statebuilding in Post-Colonial Africa: The Case of Cameroon

2019 ◽  
Vol 3 (1) ◽  
pp. 70-94
Author(s):  
Leonide Awah
Keyword(s):  
United States Of America ◽  
International Security ◽  
The United States ◽  
Institution Building ◽  
Security Threats ◽  
Fragile States ◽  
Post Colonial ◽  
Viable Approach ◽  
The Impact

Changing perceptions of security threats post the 9/11 attacks in the United States of America saw the advancement of the idea that international security depended upon fixing fragile states. Based on this premise, statebuilding was constructed as a viable approach to building peace. The normative frameworks associated with peacebuilding have however, gradually given way to a narrow focus on institution building as statebuilding. In pursuing this approach, it is the case that the leadership of these processes is often underemphasised. This article interrogates the impact of this dominant narrative on states that are perceived to be peaceful. By bridging scholarship on the concepts of leadership and statebuilding generally, as well as scholarship on Cameroon’s statebuilding process specifically, this article demonstrates that even for states that are not in conflict, periodic statebuilding is a useful requirement. This article departs from narrowly conceived ideas of leadership and statebuilding and brings into focus the role of leadership as a process in statebuilding practises in Africa. Based on the theoretical discussions and the empirical findings, this article demonstrates that leadership and statebuilding are mutually constitutive processes and leadership is the strongest single driver of an effective statebuilding process.

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