Economic diversification and intra-GCC merchandise trade

2018 ◽  
Vol 14 (1) ◽  
pp. 25-40 ◽  
Author(s):  
Subhadra Ganguli
Keyword(s):  
The Other ◽  
Economic Diversification ◽  
Trade Patterns ◽  
Content Type ◽  
Export Structure ◽  
Merchandise Export ◽  
Merchandise Trade ◽  
Import Trade ◽  
The Impact

Purpose The purpose of this paper is to analyze merchandise trade patterns among the GCC states with the backdrop of economic diversification within these economies. Design/methodology/approach This empirical research quantitatively analyses patterns of merchandise trade among the GCC states during 1995-2015 with specific focus on concentration, diversification and similarity of (export and import) trade indices as well as diversification within GCC economies. Findings The paper concludes that while Bahrain merchandise export structure shows dissimilarity when compared with other GCC states during 1995 and 2015, its imports appear to be very similar with those of the rest. The other five GCC states show more similarity among themselves in both merchandise exports and imports than that of Bahrain. Only UAE has shown an increase in both concentration and diversification indices though the increased numbers are still lower than those of the other GCC states and low in absolute terms. Originality/value The GCC has embarked on economic diversification; however, there is relatively less trade within the GCC as compared with other regional trading blocks. The paper considers trade within the GCC to explore the degree of similarity, diversification and concentration of traded products of each country. Further study should analyze the impact of diversification on intra-GCC trade. The results of this paper will be of value to GCC policymakers for providing a clear rationale for boosting trade and diversification with the long-term goal of a single currency economic union.

Economic complexity and price competitiveness dependence: empirical evidence using panel models

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Guilherme Magacho ◽  
Rafael Ribeiro ◽  
Igor Rocha
Keyword(s):  
Exchange Rate ◽  
Generalized Method Of Moments ◽  
Output Growth ◽  
The Other ◽  
Content Type ◽  
Price Competitiveness ◽  
Economic Complexity ◽  
Other Hand ◽  
The Impact

Purpose As economies with high economic complexity and productive capabilities may easily adapt their productive structure due to product differentiation and innovation, the central variable of competitiveness for these countries is the product quality, not price. On the other hand, the price can be an important determinant of less complex countries, and hence, real exchange rate (RER) misalignments may have long-term impacts. This paper aims to empirically assess variations in the magnitude of the impact in RER misalignments on output growth subject to countries’ economic complexity. Design/methodology/approach The estimation technique used is the generalized method of moments-System estimator as this method is robust to reverse causality. Heterogeneous regressions using interaction models are undertaken to analyze to what extend promoting economic complexity can reduce price competitiveness dependence and allow countries to grow faster without relying on cost competitiveness. Findings Estimates show that economic complexity (which measures technological and productive capabilities) determines cross-country differences regarding the effects of RER misalignments on countries’ long-term growth rates. The results suggest that exchange rate devaluations may not be effective for countries at the top end of the technological ladder while an overvalued RER may damage the long-term growth rate of countries with low levels of economic complexity. Originality/value This paper contributes to the literature by empirically investigating the impact of RER misalignments in countries with distinct technological and productive capabilities based on the recent developments of countries’ economic complexity analysis. It investigates whether more diversified and complex economies are less sensitive to RER misalignments as they can adapt their production, undertake other tasks, create new products and increase the quality of products they produce. Less complex economies, on the other hand, are less capable of innovating because it demands productive capabilities they do not have, and hence, they are more dependent on their current export basket.

scholarly journals Family Italian listed firms

2015 ◽  
Vol 23 (4) ◽  
pp. 664-691 ◽  
Author(s):  
Francesca Culasso ◽  
Elisa Giacosa ◽  
Laura Broccardo ◽  
Luca Maria Manzi
Keyword(s):  
Financial Performance ◽  
Family Firms ◽  
Pearson Correlation ◽  
The Other ◽  
Family Presence ◽  
Relevant Variable ◽  
Content Type ◽  
The Family ◽  
The Impact

Purpose – The purpose of this study is to underscore the impact of the family variable on performance. The authors were interested in understanding whether the differences between Family Firms (FFs) and Non-Family Firms (NFFs), on the one hand, and between large FFs and medium-sized FFs, on the other, were reflected in the performance achieved. Design/methodology/approach – In this paper a sample of 80 industrial companies listed on the Italian Stock Market (FTSE MIB and STAR indexes) were considered, and mixed criteria to distinguish FFs and NFFs (Smyrnios-Romano et al., 1998) were used. The empirical method allowed the development of some research hypotheses by exploiting the Pearson correlation. Findings – There are two main categories of FFs, which correspond to two different strategic and organizational categories, namely, the FFs listed on the large capitalized companies index (FTSE MIB) and the FFs listed on the medium-capitalized companies index (STAR). Each kind of FFs (large FFs and medium-sized FFs) has a specific effect on profitability and financial performance. Specifically, if a company is medium sized, family presence is a relevant variable in achieving better profitability and financial performance than NFFs of the same size; on the other hand, if the company expands to become a large one, the family presence is an irrelevant variable in terms of both profitability and financial leverage (debt ratio). Research limitations/implications – Limitations of the study concern the definition of the sample, as this paper focused on the industrial sector and the method adopted, as it could be integrated with some econometrical models. The implications of this paper are relevant for families and regulatory bodies because it helps them better understand the effects of governance and company size both on short- and long-term performance. Moreover, the findings of the study can influence the decision-making process of investors to identify the long-term outperformers listed on the Italian Stock Exchange. Originality/value – This study contributes to the literature on FFs by defining two different categories of FFs, namely, large and medium-sized. It seems that larger companies record a weaker family influence on short-term profitability.

Tolstoy in a recipe

2014 ◽  
Vol 44 (4) ◽  
pp. 310-323 ◽  
Author(s):  
Ana Tominc
Keyword(s):  
Design Methodology ◽  
The Other ◽  
Food Culture ◽  
Content Type ◽  
Current Trends ◽  
New Middle Class ◽  
Cooking Shows ◽  
Local Construction ◽  
The Impact ◽  
The Relationship

Purpose – The purpose of this study is to demonstrate the impact of global celebrity chefs and their discourse about food on the genre of cookbooks in Slovenia. Design/methodology/approach – Focusing this discourse study on cookbook topics only, the analysis demonstrates the relationship between the aspirations of local celebrity chefs for the food culture represented globally by global celebrity chefs, such as Oliver, and the necessity for a local construction of specific tastes. While the central genre of TV celebrity chefs remains TV cooking shows, their businesses include a number of side products, such as cookbooks, which can be seen as recontexualisations of TV food discourse. Findings – Hence, despite this study being limited to analysis of cookbooks only, it can be claimed that the findings extend to other genres. The analysis shows that local chefs aspire to follow current trends, such as an emphasis on the local and sustainable production of food as well as enjoyment and pleasure in the form of a postmodern hybrid genre, while, on the other hand, they strive to include topics that will resonate locally, as they aim to represent themselves as the “new middle class”. Originality/value – Such an analysis brings new insights into the relationship between discourse and globalisation as well as discourse and food.

The storm after the storm: the long-term lingering impacts of hurricanes on schools

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Cassandra R. Davis ◽  
Sarah R. Cannon ◽  
Sarah C. Fuller
Keyword(s):  
North Carolina ◽  
Data Collection ◽  
Instructional Time ◽  
Emotional Needs ◽  
Social Emotional ◽  
Content Type ◽  
The North ◽  
State Education ◽  
The Impact

PurposeThe purpose of this paper is to identify and describe the long-term impacts of hurricanes on schools and discuss approaches to improving recovery efforts.Design/methodology/approachInterviews with 20 school districts in Texas and North Carolina after Hurricanes Harvey (2017) and Matthew (2016). In total, 115 interviews were conducted with teachers, principals, district superintendents and representatives from state education agencies. Interview questions focused on the impact of storms and strategies for recovery.FindingsThe authors uncovered three long-term impacts of hurricanes on schools: (1) constrained instructional time, (2) increased social-emotional needs and (3) the need to support educators.Research limitations/implicationsThis paper focuses on two storms, in two states, in two successive years. Data collection occurred in Texas, one academic year after the storm. As compared to the North Carolina, data collection occurred almost two academic years after the storm.Practical implicationsThis paper illuminates strategies for stakeholders to implement and expedite hurricane recovery through; (1) updating curricula plans, (2) providing long-term counselors and (3) supporting educators in and out of school.Originality/valueTo date, very few studies have explored the ways in which schools face long-term impacts following a disaster. This paper provides insight to the challenges that prolong the impacts of disasters and impede recovery in schools. With hurricanes and related disasters continuing to affect schooling communities, more research is needed to identify the best ways to support schools, months to years after an event.

Mcdonald’s versus Vikram Bakshi

2021 ◽  
Vol 11 (4) ◽  
pp. 1-27
Author(s):  
Nitin Pangarkar ◽  
Neetu Yadav
Keyword(s):  
Emerging Markets ◽  
Multinational Corporations ◽  
Service Industry ◽  
Executive Development ◽  
Content Type ◽  
Academic Level ◽  
Quick Service ◽  
Term Performance ◽  
The Impact

Learning outcomes The case illustrates the challenges of managing JVs in emerging markets. specifically, after going through the case, students should be able to: i.Analyze the contexts in which firms need to form JVs and evaluate this need in the context of emerging markets such as India; ii.Understand how multinational corporations can achieve success in emerging markets, specifically the role of strategic (broader than the product) adaptation in success; iii.Evaluate the impact of conflict between partners on the short-term and long-term performance of a JV; and iv.Create alternatives, evaluate each alternative’s pros and cons, and recommend appropriate decisions to address the situation after a JV unravels and the organization is faced with quality and other challenges. Case overview/synopsis McDonald’s, the global giant in the quick service industry, entered India in 1993 and formed two JVs in 1995 one with Vikram Bakshi (Connaught Plaza Restaurants Ltd or CPRL) to own and operate stores in the northern and eastern zones, and another with Amit Jatia (Hardcastle Restaurants Private Limited or HRPL) to own and operate stores in the western and southern zones. Over the next 12 years, both the JVs made steady progress by opening new stores while also achieving better store-level metrics. Though CPRL was ahead of HRPL in terms of the number of stores and total revenues earned in 2008, the year marked the beginning of a long-running dispute between the two partners in CPRL, Bakshi and McDonald’s. Over the next 11 years, Bakshi and McDonald’s tried to block each other, filed court cases against each other and also exchanged recriminations in media. The feud hurt the performance of CPRL, which fell behind HRPL in terms of growth and other metrics. On May 9, 2019, the feuding partners reached an out-of-court settlement under which McDonald’s would buy out Bakshi’s shares in CPRL, thus making CPRL a subsidiary. Robert Hunghanfoo, who had been appointed head of CPRL after Bakshi’s exit, announced a temporary shutdown of McDonald’s stores to take stock of the current situation. He had to make a number of critical decisions that would impact the company’s performance in the long-term. Complexity academic level MBA, Executive MBA and executive development programs. Supplementary materials Teaching Notes are available for educators only. Subject code CSS 11: Strategy.

Enterprise risk management and sustainability of banks performance

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Babajide Oyewo
Keyword(s):  
Risk Management ◽  
Banking Sector ◽  
Management Practice ◽  
Enterprise Risk Management ◽  
Annual Reports ◽  
Banking Reform ◽  
Content Type ◽  
Enterprise Risk ◽  
The Impact

PurposeThis study investigates firm attributes (namely level of capitalisation, scope of operation, organisational structure, organisational lifecycle, systemic importance and size) affecting the robustness of enterprise risk management (ERM) practice, the extent to which ERM affects the performance of banks and the impact of ERM on the long-term sustainability of banks in Nigeria. This was against the backdrop that the 2012 banking reform was a major regulatory intervention that mainstreamed ERM in the Nigerian banking sector.Design/methodology/approachThe study employed a mixed methodology of content, trend and quantitative analyses. Ex post facto research design was deployed to analyse performance differential of banks, with respect to the implementation of ERM, over a 10-year period (2008–2017). A disclosure checklist developed from the COSO ERM integrated framework was used to assess the robustness of ERM by content-analysing divulgence on risk management in published annual reports. The banking reform periods were dichotomised into pre- (2008–2012) and post- (2013–2017) reform periods. Jonckheere–Terpstra test, independent sample t-test and Mann–Whitney test were applied to analyse a total of 1,036 firm-year observations over the period 2008–2017.FindingsResult shows that bank attributes significantly affecting the robustness of risk management practice are level of capitalisation, scope of operation, systemic importance and size. Performance of banks improved slightly during the post-2012 banking reform period. This suggests that as banks consolidate on the gains of ERM, benefits of the regulatory policy on risk management may be realised in the long run. Result also shows that ERM enhances long-term performance, connoting that effective risk management could serve as a competitive strategy for surviving turbulence that typically characterises the banking sector.Practical implicationsThe emergence of level of capitalisation, scope of operation, systemic importance and size as determinants of ERM provides empirical evidence to support the practice of reviewing the capital requirements for banking business from time to time by regulatory authorities (i.e. recapitalisation policy) as a strategy for managing systemic risk. Top management of banks may consider instituting mechanisms that will ensure risk management is given prominence. A proactive approach must be taken to convert risks to opportunities by banks and other financial institutions, going forward, to cope with the vicissitudes of financial intermediation.Originality/valueThe originality of the study stems from the consideration that it provides some new insights into the impact of ERM on banks long-term sustainability in a developing country. The study also contributes to knowledge by exposing the factors determining the robustness of risk management practice. The study developed a checklist for assessing ERM practice from annual reports and other risk management disclosure documents. The paper also adds to the scarce literature on risk governance and risk management.

Corporate social responsibility and financial performance: bidirectional relationship and mediating effect of customer loyalty: investigation in Sweden

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Abir Hichri ◽  
Moez Ltifi
Keyword(s):  
Corporate Social Responsibility ◽  
Financial Performance ◽  
Customer Loyalty ◽  
Mediating Effect ◽  
Content Type ◽  
Global Context ◽  
Bidirectional Relationship ◽  
Corporate Social ◽  
The Impact

Purpose The study is based on a hybrid model composed of accounting and business data and is amongst the first to test the impact of corporate social responsibility (CSR) performance on the financial performance of the company, as well as the impact of financial performance on CSR performance. The bidirectional logic chosen by the study is rarely adopted in the global context and has never been tested in the Swedish context. Moreover, the purpose of this paper is to test the mediating effect of customer loyalty on the company’s CSR performance-financial performance relationship to assess this effect over the long term. This design has been neglected in previous studies. Design/methodology/approach Data was collected from a sample of 110 Swedish companies during the period 2009–2019. This study collects the data from the Thomson Reuters Eikon database. A multiple regression analysis was performed to test the hypotheses. Findings The results confirmed the bidirectional relationship between CSR performance and company financial performance. This means that CSR performance positively influences the company’s financial performance. Similarly, financial performance positively influences the company’s CSR performance. Moreover, customer loyalty has a positive and significant mediating effect on the company’s CSR performance-financial performance relationship. Originality/value This study adds several inputs. The first contribution of the research is to test a hybrid model composed of accounting and commercial data. This model is amongst the first to test the impact of CSR performance on the financial performance of the company and the impact of financial performance on CSR performance. The second contribution is the bidirectional logic chosen by the study which is rarely adopted in the global context and has never been tested in the Swedish context. The third contribution is to test the mediating effect of customer loyalty on the company’s CSR performance-financial performance relationship to assess this effect over the long term. This design has been neglected in previous studies. The fourth contribution is the choice of the field of investigation for the reliability of the data used and the generalisation of the results obtained.

Does salience matter in investment decision?

Kybernetes ◽  
2019 ◽  
Vol 48 (8) ◽  
pp. 1894-1912
Author(s):  
Samra Chaudary
Keyword(s):  
Investment Decision ◽  
Investment Decisions ◽  
Equation Modeling ◽  
Individual Investors ◽  
Short Term ◽  
Content Type ◽  
Multigroup Analysis ◽  
Money Managers ◽  
The Impact

Purpose The paper takes a behavioral approach by making use of the prospect theory to unveil the impact of salience on short-term and long-term investment decisions. This paper aims to investigate the group differences for two types of investors’ groups, i.e. individual investors and professional investors. Design/methodology/approach The study uses partial least square-based structural equation modeling technique, measurement invariance test and multigroup analysis test on a unique data set of 277 active equity traders which included professional money managers and individual investors. Findings Results showed that salience has a significant positive impact on both short-term and long-term investment decisions. The impact was almost 1.5 times higher for long-term investment decision as compared to short-term decision. Furthermore, multigroup analysis revealed that the two groups (individual investors and professional investors) were statistically significantly different from each other. Research limitations/implications The study has implications for financial regulators, money managers and individual investors as it was found that individual investors suffer more with salience heuristic and may end up with sub-optimal portfolios due to inefficient diversification. Thus, investors should be cautious in fully relying on salience and avoid such bias to improve investment returns. Practical implications The study concludes with a discussion of policy and regulatory implications on how to minimize salience bias to achieve optimum and diversified portfolios. Originality/value The study has significantly contributed to the growing body of applied behavioral research in the discipline of finance.

The effect of green purchasing on purchasing performance: the moderating role played by long-term relationships and strategic integration

2016 ◽  
Vol 31 (2) ◽  
pp. 312-324 ◽  
Author(s):  
Javier González-Benito ◽  
Gustavo Lannelongue ◽  
Luis Miguel Ferreira ◽  
Carmen Gonzalez-Zapatero
Keyword(s):  
Design Methodology ◽  
Purchasing Management ◽  
Environmental Practices ◽  
Content Type ◽  
Strategic Integration ◽  
Green Purchasing ◽  
The Impact ◽  
The Relationship ◽  
Moderating Role

Purpose – The purpose of this paper is to analyse the relationship between the environmental management of purchases and firm performance. The authors examine the moderating role played by two variables: the establishment of long-term relationships with suppliers and the strategic integration of the purchasing function. Design/methodology/approach – The authors conduct an empirical study on a sample of 100 Portuguese firms. Findings – Evidence reveals that green purchasing management improves the performance of the purchasing function, although the impact is greater when the organisation forges lasting alliances with its suppliers. Originality/value – This paper contributes to the study of the consequences of introducing environmental practices into the purchasing function, especially with regards to the formation of a panel of sustainable suppliers. Specifically, this research provides evidence to show that the implementation of those practices has positive impacts on the operating performance of the purchasing function and that the said effect is greater when a firm establishes long-term relationships with its suppliers.

scholarly journals Impact of COVID-19 on the trade of goods and services in Spain

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Asier Minondo
Keyword(s):  
Negative Impact ◽  
The European Union ◽  
Firm Level ◽  
Health Crisis ◽  
Content Type ◽  
Goods And Services ◽  
Containment Measures ◽  
Trade Of Services ◽  
The Impact

Purpose This paper aims to analyze the impact of COVID-19 on the trade of goods and services in Spain. Design/methodology/approach This paper uses monthly trade data at the product, region and firm level. Findings The COVID-19 crisis has led to the sharpest collapse in the Spanish trade of goods and services in recent decades. The containment measures adopted to arrest the spread of the virus have caused an especially intense fall of trade in services. The large share of transport equipment, capital goods, products that are consumed outdoors (i.e., outdoor goods) and tourism in Spanish exports has made the COVID-19 trade crisis more intense in Spain than in the rest of the European Union. Practical implications The nature of the collapse suggests that trade in goods can recover swiftly when the health crisis ends. However, COVID-19 may have a long-term negative impact on the trade of services that rely on the movement of people. Originality/value It contributes to understand how COVID-19 has affected the trade in goods and services in Spain.

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