Assessing the impact of Covid-19 pandemic in Turkey with a novel economic uncertainty index

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Erhan Mugaloglu ◽  
Ali Yavuz Polat ◽  
Hasan Tekin ◽  
Edanur Kılıç
Keyword(s):  
Industrial Production ◽  
Explanatory Power ◽  
Principal Component ◽  
Intermediate Goods ◽  
Economic Uncertainty ◽  
Content Type ◽  
Uncertainty Shocks ◽  
Political Events ◽  
Uncertainty Index ◽  
The Impact

PurposeThis study aims to measure economic uncertainty in Turkey by a novel economic uncertainty index (EUI) employing principal component analysis (PCA). We assess the impact of Covid-19 pandemic in Turkey with our constructed uncertainty index.Design/methodology/approachIn order to obtain the EUI, this study employs a dimension reduction method of PCA using 14 macroeconomic indicators that spans from January 2011 to July 2020. The first principal component is picked as a proxy for the economic uncertainty in Turkey which explains 52% of total variation in entire sample. In the second part of our analysis, with our constructed EUI we conduct a structural vector autoregressions (SVAR) analysis simulating the Covid-19-induced uncertainty shock to the real economy.FindingsOur EUI sensitively detects important economic/political events in Turkey as well as Covid-19-induced uncertainty rising to extremely high levels during the outbreak. Our SVAR results imply a significant decline in economic activity and in the sub-indices as well. Namely, industrial production drops immediately by 8.2% and cumulative loss over 8 months will be 15% on average. The losses in the capital and intermediate goods are estimated to be 18 and 25% respectively. Forecast error variance decomposition results imply that uncertainty shocks preserve its explanatory power in the long run, and intermediate goods production is more vulnerable to uncertainty shocks than overall industrial production and capital goods production.Practical implicationsThe results indicate that monetary and fiscal policy should aim to decrease uncertainty during Covid-19. Moreover, since investment expenditures are affected severely during the outbreak, policymakers should impose investment subsidies.Originality/valueThis is the first study constructing a novel EUI which sensitively captures the critical economic/political events in Turkey. Moreover, we assess the impact of Covid-19-driven uncertainty on Turkish Economy with a SVAR model.

Modelling the significance of social support and entrepreneurial skills for determining entrepreneurial behaviour of individuals

2018 ◽  
Vol 14 (3) ◽  
pp. 242-266 ◽  
Author(s):  
Muhammad Shoaib Farooq
Keyword(s):  
Social Support ◽  
Explanatory Power ◽  
Entrepreneurial Intention ◽  
Subjective Norms ◽  
Policy Makers ◽  
Content Type ◽  
Entrepreneurial Behaviour ◽  
Entrepreneurial Skills ◽  
Proposed Model ◽  
The Impact

Purpose Although entrepreneurial behaviour is considered a key element for economic development, yet very less is known about the determinants of factors leading towards entrepreneurial intention and behaviour. In order to bridge this gap, the purpose of this paper is to investigate the role of social support and entrepreneurial skills in determining entrepreneurial behaviour of individuals. Developing on the base of the theory of planned behaviour (TPB), this study investigates the relationship between social support, entrepreneurial skills and entrepreneurial behaviour along with existing constructs of the TPB (i.e. attitude, subjective norms, perceived behavioural control and entrepreneurial intention). Design/methodology/approach Data was collected from 281 respondents using a simple random sampling method, and the variance-based partial least-squares, structural equation modelling (PLS-SEM) approach was used for testing the proposed conceptual model. Findings Findings of this study have validated the proposed model, which have an explanatory power of 68.3 per cent. Moreover, findings reveal that social support and entrepreneurial skills have a significant impact on entrepreneurial intention of individuals. However, an unanticipated and non-significant relation between subjective norms and entrepreneurial intention is also found. Research limitations/implications Due to the limited scope of this study, a multi-group analysis is not possible, which is considered as a limitation of this study. Moreover, due to time constraints, this study is conducted within a specified time-frame; however, a longitudinal study over a period of three to six years can overcome this limitation. Practical implications Findings of this study are expected to have substantial implications for policy makers, future researchers and academicians. Outcomes of this study can help to better understand the cognitive phenomenon of nascent entrepreneurs. Moreover, it is expected that this study can serve as a torch-bearer for policy makers to develop better entrepreneurial development programmes, policies and initiatives for promoting self-employment behaviour. Originality/value Findings of this study are a unique step forward and offer new insights towards a better understanding of the determinants of entrepreneurial behaviour. Moreover, this study extends Ajzen’s (1991) TPB in the context of entrepreneurial behaviour. By introducing and investigating the impact of two new variables, i.e. social support and entrepreneurial skills in the TPB and by validating the proposed model with PLS-SEM approach, this study makes a sizeable theoretical, methodological and contextual contribution in the overall body of knowledge.

How does the public and private university environment affect students’ entrepreneurial intention?

2017 ◽  
Vol 59 (6) ◽  
pp. 550-564 ◽  
Author(s):  
Mario Duarte Canever ◽  
Maria Renata Martínez Barral ◽  
Felipe Garcia Ribeiro
Keyword(s):  
Business Students ◽  
Private Universities ◽  
Principal Component ◽  
Private University ◽  
Entrepreneurial Intention ◽  
Public And Private ◽  
Content Type ◽  
University Environment ◽  
The Public ◽  
The Impact

Purpose The purpose of this paper is to explore the causal links between public and private university environments and the entrepreneurial intention (EI) of students. Design/methodology/approach The impact of different university environments on the students’ EI was checked using a model adapted from Krueger et al. (2000). The study comprised a sample of students enrolled in business administration from three public and three private universities at first semester (freshmen) and at the last two semesters (senior) in Brazil. The model was measured through various questions and later assessed by principal component analysis to build constructs. Via t-test and path analysis the EI and the antecedents were subjected to a comparative analysis to test the equality of the models across the four categories emerged. Findings The two main types of Brazilian university environments (public and private) do not present significant differences in the way they influence EI and its antecedents. Both the tests of means and the tests of measurement of the structural relations between constructs confirm this finding with only a few exceptions. The result of this study is opposed to other studies carried out in Brazil, by showing that the public university environment is not worse for the entrepreneurship than the private. The environmental effects are mostly equal and they as a whole are not conducive to the development of EI. Research limitations/implications The study comprises business students only, and enrolled on regular universities. It is worth highlighting that evidence was brought to the debate for a group of universities in Brazil. Replicating the study with students from other areas and other universities, as well as students in Master’s and Doctorate programs could enrich the analyses. Practical implications This study provides insight into entrepreneurship education, as to which the university environment is conducive to the entrepreneurship. It brings insights for the development of entrepreneurial universities. Originality/value This study contributes to understanding the differences between the public and private universities environment regarding students’ EI.

Do Indian stock market sentiments impact contemporaneous returns?

2018 ◽  
Vol 7 (3) ◽  
pp. 332-346
Author(s):  
Divya Aggarwal ◽  
Pitabas Mohanty
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Temporal Dynamics ◽  
Stock Exchange ◽  
Principal Component ◽  
Stock Index ◽  
Content Type ◽  
Investor Sentiments ◽  
Indian Stock Market ◽  
The Impact

Purpose The purpose of this paper is to analyse the impact of Indian investor sentiments on contemporaneous stock returns of Bombay Stock Exchange, National Stock Exchange and various sectoral indices in India by developing a sentiment index. Design/methodology/approach The study uses principal component analysis to develop a sentiment index as a proxy for Indian stock market sentiments over a time frame from April 1996 to January 2017. It uses an exploratory approach to identify relevant proxies in building a sentiment index using indirect market measures and macro variables of Indian and US markets. Findings The study finds that there is a significant positive correlation between the sentiment index and stock index returns. Sectors which are more dependent on institutional fund flows show a significant impact of the change in sentiments on their respective sectoral indices. Research limitations/implications The study has used data at a monthly frequency. Analysing higher frequency data can explain short-term temporal dynamics between sentiments and returns better. Further studies can be done to explore whether sentiments can be used to predict stock returns. Practical implications The results imply that one can develop profitable trading strategies by investing in sectors like metals and capital goods, which are more susceptible to generate positive returns when the sentiment index is high. Originality/value The study supplements the existing literature on the impact of investor sentiments on contemporaneous stock returns in the context of a developing market. It identifies relevant proxies of investor sentiments for the Indian stock market.

Development and testing of three unique scales measuring the brand image of nursing

2018 ◽  
Vol 12 (1) ◽  
pp. 2-14 ◽  
Author(s):  
Judi Allyn Godsey ◽  
Tom Hayes ◽  
Clinton Schertzer ◽  
Robert Kallmeyer
Keyword(s):  
Health Care ◽  
Factor Structure ◽  
Internal Consistency ◽  
Health Care Access ◽  
Brand Image ◽  
Principal Component ◽  
Internal Consistency Reliability ◽  
Content Type ◽  
Brand Position ◽  
The Impact

Purpose Nurses have been called to be leaders in the transformation of health care and to help improve health-care access for the nation’s most vulnerable populations. However, to lead health-care transformation, the profession of nurses must first see themselves as leaders. Unfortunately, nursing has been described as lacking cohesiveness and failing to communicate a consistent brand image. No empirically tested quantitative tools exist to measure the brand identity of nursing, making it difficult to assess where the profession stands in regard to the mantel of leadership. The purpose of this study was to develop empirically sound instruments which could measure nurses’ perceptions of their professional brand image. A total of three scales were developed and then tested: The Nursing Brand Image Scale, Nursing’s Current Brand Position Scale and Nursing’s Desired Brand Position Scale. Design/methodology/approach The factor structure and internal consistency reliability of each scale were examined following survey administration to a national sample of registered nurses. Principal component analyses were used to explore the factor structure of each scale. Item reduction was achieved through examination of the loading of items across the factors and the impact of the item on internal consistency reliability. Findings Respondents to the survey were nursing alumni who received a baccalaureate or master’s degree in nursing at a private, mid-western university, and nursing faculty affiliated with a private, collegiate network (n = 286). For all scales, principal component analysis showed no inter-item correlations >0.9 or <0.1. The Kaiser–Meyer–Olkin measure for sampling adequacy was high and Bartlett’s test of sphericity was significant (p < 0001). The internal consistency reliability of each of the three scales was good to excellent. Current brand position mean scores were highest for the factor “caring advocates for patients/public”, and lowest on “influential leaders”. The most desired brand position mean scores were highest and rated similarly for factors “influential leaders” and “patient-centered caregivers”. Originality/value This study provides strong preliminary evidence for the factor structure and internal consistency reliability for each of the three scales and represents an important first step toward quantitatively measuring the brand image of nursing. However, results suggest there is work to be done if nursing is to formulate and adopt a brand image that consistently reinforces their role as leaders. Further testing of the scales with other nursing populations, the general public and with larger sample sizes is recommended.

Subjective social class and individual preferences for redistribution

2019 ◽  
Vol 47 (2) ◽  
pp. 173-189
Author(s):  
Anil Duman
Keyword(s):  
Social Class ◽  
Multilevel Models ◽  
Explanatory Power ◽  
Policy Preferences ◽  
Content Type ◽  
Preferences For Redistribution ◽  
Class Status ◽  
The Individual ◽  
Subjective Social Class ◽  
The Impact

Purpose The recent increase in economic inequalities in many countries heightened the debates about policy preferences on income distribution. Attitudes toward inequality vary greatly across countries and numerous explanations are offered to clarify the factors leading to support for redistribution. The purpose of this paper is to examine the link between subjective social class and redistributive demands by jointly considering the individual and national factors. The author argues that subjective measures of social positions can be highly explanatory for preferences about redistribution policies. Design/methodology/approach The author uses data from 48 countries gathered by World Values Survey and empirically tests the impact of self-positioning into classes by multilevel ordered logit model. Several model specifications and estimation strategies have been employed to obtain consistent estimates and to check for the robustness of the results. Findings The findings show that, in addition to objective factors, subjective class status is highly explanatory for redistributive preferences across countries. The author also exhibits that there is interaction between self-ranking of social status and national context. The author’s estimations from the multilevel models verify that subjective social class has greater explanatory power in more equal societies. This is in contrast to the previous studies that establish a positive link between inequality and redistribution. Originality/value The paper contributes to the literature by introducing subjective social class as a determinant. Self-ranked positions can be very relieving about policy preferences given the information these categorizations encompass about individuals’ perceptions about their and others’ place in the society.

Political connections and firm value: an analysis of listed firms in Sri Lanka

2016 ◽  
Vol 28 (1) ◽  
pp. 92-106 ◽  
Author(s):  
Henk Berkman ◽  
Vidura Galpoththage
Keyword(s):  
Sri Lanka ◽  
Firm Value ◽  
Public Perception ◽  
Convincing Evidence ◽  
Political Connections ◽  
Political Connection ◽  
Content Type ◽  
Political Events ◽  
The Government ◽  
The Impact

Purpose – The purpose of this study is to use a portfolio-time-series approach to examine the impact of five important political events on the value of politically connected firms in Sri Lanka. Design/methodology/approach – This study examines five major political events to test if political connections affect market value of listed companies in Sri Lanka. Results show that despite numerous news articles and public perception suggesting otherwise, there is no convincing evidence which indicate that political connections increase firm value in Sri Lanka. Findings – The empirical results provide no evidence that political connections increase firm value in Sri Lanka. Further tests indicate that the government is not biased towards politically connected firms when granting major projects. The authors also fail to find a relation between Tobin’s Q and the level of political connection after including several common control variables. Originality/value – This study contributes to the literature on the value of political connections by using a robust event study methodology and a novel setting: Sri Lanka in the period around the end of the civil war.

A study of Chinese quality circle effectiveness

2013 ◽  
Vol 31 (1) ◽  
pp. 14-31 ◽  
Author(s):  
Jing Li ◽  
Toni L. Doolen
Keyword(s):  
Continuous Improvement ◽  
Team Member ◽  
Principal Component ◽  
Management Support ◽  
Technical Success ◽  
Content Type ◽  
Goal Difficulty ◽  
Goal Clarity ◽  
Manufacturing Organization ◽  
The Impact

Purpose – The purpose of this paper is to understand and measure the impact of goal clarity, goal difficulty, and management support on five social and technical outcomes for quality circles (QCs) in a Chinese company. Design/methodology/approach – Survey scales were developed based on previous research and validated using principal component analysis. Analysis of variance confirmed the validity of aggregating individual responses to team-level measures. Models for five outcomes (team member understanding of continuous improvement, team member skills, team member attitudes, team member motivation, and technical success) were developed using multiple regressions. Findings – Goal clarity was found to impact all outcomes. Goal difficulty was found to impact QC team member attitudes. Management support was related to employee's understanding of the value of continuous improvement and to the technical success of QC activities. Research limitations/implications – All the QCs included in the study were part of a single manufacturing organization. To generalize the findings, data from additional companies are needed. Practical implications – The results imply that management support is critical to improvement of processes. Even if employees wish to learn new skills, employee's efforts need to be directed, so they are closely aligned with the company's goals and objectives. Originality/value – This appears to be the first published research study to identify the role of goal clarity, goal difficulty, and management support on both social and technical systems outcomes for Chinese QCs. The findings highlight the value of and need for clearly defined, challenging goals for QC members work on and the need for management support of QC members and QC activities.

The extent of financial inclusion through MGNREGS: a district level analysis in West Bengal, India

2020 ◽  
Vol 48 (1) ◽  
pp. 121-139
Author(s):  
Krishna Singh
Keyword(s):  
West Bengal ◽  
Principal Component ◽  
Financial Inclusion ◽  
Content Type ◽  
Post Offices ◽  
Wage Payment ◽  
Effect Regression ◽  
Employment Guarantee ◽  
The Impact ◽  
Employment Guarantee Scheme

PurposeMahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) launched in the year 2006, with the pursuit of the objective of removing poverty and unemployment and thus address the issue of financial inclusion. The performance of the programme across the states in India has not been uniform. The purpose of this study is to focus on the financial inclusiveness features associated with MGNREGS program across the selected districts in West Bengal in the years of recent past.Design/methodology/approachIn this study, financial inclusion index has been developed by consideration of four indicators with the help of principal component method. Fixed effect regression model has been applied to explain the impact of relevant determinants on financial inclusion index.FindingsIt is observed that out of 19 districts, seven districts registered an increase in the value of the financial inclusion index in the year 2019 compared to that in the year 2013. The empirical analysis for identifying the determinants of overall inclusion reveals that factors like households having active job card, utilization of fund, amount of labour cost and number of works have significant influence on financial inclusion.Originality/valueThe study widely discussed how the scheme was helping in promoting financial inclusion by providing wage payment through banks and post offices accounts. The author has also tried to highlight some of the difficulties in accelerating the speed of financial inclusion when banks and post offices are used as a means for wage payment and finally provide remedial measures that could be taken to tackle these problems.

Institutional quality and foreign direct investment in Ghana

2020 ◽  
Vol 30 (1) ◽  
pp. 109-122 ◽  
Author(s):  
Ibrahim Nandom Yakubu
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
Institutional Quality ◽  
Principal Component ◽  
Political Stability ◽  
Single Measure ◽  
Content Type ◽  
Distributed Lag ◽  
Long Run ◽  
The Impact

Purpose This paper aims to investigate the impact of institutional quality on foreign direct investment (FDI) in Ghana for the period 1985-2016. Design/methodology/approach The study uses the autoregressive distributed lag (ARDL) approach to examine the relationship between institutional quality along with other controlled variables and FDI. Findings Evidence from the ARDL framework establishes a positive significant effect of institutional quality on FDI irrespective of the time horizon. The results also reveal a significant impact of inflation on FDI in both short and long run, while GDP per capita growth and trade are significant determinants only in the short run. Practical implications The study recommends the instigation of effective policies and strategies that seek to strengthen the quality of institutions, as this provides a conducive investment climate to attract FDI. Specifically, policies that are focused on promoting transparent legal regimes, regulatory reforms, non-corrupt institutions and political stability should be the precedence of policymakers. Originality/value In addition to being a pioneering work on the impact of institutional quality on FDI in Ghana, the main contribution of the study lies in its application of the principal component analysis to generate a single measure of institutional quality based on a number of institutional factors.

Unraveling the complex nexus of punitive supervision and deviant work behaviors: findings and implications from hospitality employees in Pakistan

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aisha Sarwar ◽  
Lakhi Muhammad ◽  
Marianna Sigala
Keyword(s):  
Explanatory Power ◽  
Work Behavior ◽  
Future Research ◽  
Cognitive Mechanisms ◽  
Theoretical Understanding ◽  
Content Type ◽  
Deviant Behaviors ◽  
The Impact ◽  
Moderating Role

Purpose The study adopts the conservation of resources (COR) theory for providing a better theoretical understanding of punitive supervision as an antecedent of employees’ minor deviant behaviors (namely, employee time theft and knowledge hiding) via creating cognitive mechanisms (employees’ perceived incivility). The purpose of this paper is to examine the moderating role of employees’ RESILIENCY on employees’ ability to buffer the impacts of punitive supervision. Design/methodology/approach Data was gathered from 265 frontline hospitality employees in Pakistan. A survey was administered in person to establish trust and rapport with employees and so, collect reliable data. Findings The findings confirmed a direct and mediated impact of punitive supervision on employee minor deviant behaviors via creating perceived incivility. The moderating role of employees’ resiliency was also confirmed, as the employees’ resiliency helped them mitigate the impact of punitive supervision on perceived incivility. Research limitations/implications Data was collected from employees’ perceptions working in one industry and cultural setting. As employees’ perceptions (influenced by their cultural background) significantly affect their interpretations and reactions to punitive behavior, future research should validate and refine the findings by collecting data from a wider and diversified cultural and industry setting. Practical implications The findings provide theoretical explanatory power of the drivers and the contextual factors leading to minor employee deviant behaviors. The findings guide managers on how to develop pro-active and re-active strategies for deterring the occurrence and eliminating the consequences of punitive supervision. Originality/value This study contributes to the literature in multiple ways. It identifies and validates punitive supervision as an antecedent of Deviant Work Behavior (DWB). It provides a theoretical underpinning for explaining how punitive supervision spurs cognitive mechanisms, which in turn drive DWB. It also studies the nexus between destructive supervision and its outcomes in its entirety by studying the mediated and the moderating impacts of punitive supervision and perceived incivility, respectively.

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