scholarly journals Geopolitical Risk and Tourism Stocks of Emerging Economies

2020 ◽  
Vol 12 (21) ◽  
pp. 9261
Author(s):  
Mudassar Hasan ◽  
Muhammad Abubakr Naeem ◽  
Muhammad Arif ◽  
Syed Jawad Hussain Shahzad ◽  
Safwan Mohd Nor
Keyword(s):  
Stock Market ◽  
Open Economy ◽  
Emerging Economies ◽  
Future Research ◽  
Country Level ◽  
Second Moments ◽  
Tourism Sector ◽  
Directional Predictability ◽  
Domestic Stock ◽  
Country Specific

A bulk of literature suggests that geopolitical events such as terrorist attacks dampen tourism demand. However, there is little research on whether this effect helps predict the return of the tourism equity sector. We provide country-level evidence on whether local and global geopolitical risk (GPR) predicts the first and second moments of tourism stocks in emerging economies. This objective was achieved by employing the non-parametric causality-in-quantiles (CiQ) model and a cross-quantilogram (CQ) test, which allowed us to uncover the predictive potential of GPR for the tourism sector equities. Our findings, obtained through the CiQ model, suggest that while both local and global GPRs carry significant potential for predicting the returns and volatility of tourism stocks of most emerging economies under normal market conditions, they seem to play no such role in certain countries. These countries include South Korea, for which only a limited number of tourism stocks trade on the domestic stock market compared to other sectors, and Colombia, for which both the domestic stock market and tourism sectors are at an emerging stage. Further, it turns out that, compared to its local counterpart, global GPR has a more pronounced predictive power for the tourism stocks of emerging economies. Finally, with some exceptions, the results are qualitatively similar, and hence reasonably robust, to those when a directional predictability model is applied. Given that geopolitical shocks are largely unanticipated, our findings underscore the importance of a robust tourism sector that can help the market recover to stability as well as an open economy that allows local investors to diversify country-specific risks in their portfolios. Implications and directions for future research are discussed.

Motives and competitive assets of Pakistani international construction contracting firms

2014 ◽  
Vol 19 (2) ◽  
pp. 138-151 ◽  
Author(s):  
Ahsen Maqsoom ◽  
Chotchai Charoenngam
Keyword(s):  
Emerging Economies ◽  
Service Sector ◽  
Home Country ◽  
Business Environment ◽  
Future Research ◽  
Content Type ◽  
International Experiences ◽  
The Impact ◽  
Country Specific ◽  
Construction Contracting

Purpose – This paper aims to study the impact of a firm’s size and international experience on its internationalization because it remains an under-researched area. Using an integrated theoretical approach, this study examines the motives and (firm-specific and home country-specific) competitive assets, that enable the internationalization of Pakistan-based construction contracting firms (CCFs) having varied sizes and international experiences. Design/methodology/approach – Data were collected through a postal questionnaire survey. A comparative analysis of these data was undertaken for firms of varied sizes and international experiences. Findings – Findings show that firms of varied sizes did not concur over several firm-specific and home country-specific competitive assets, whereas firms of varied international experiences were in disagreement over fewer motives and home country-specific competitive assets. Small CCFs need to overcome weakness in their firm-specific competitive assets, especially international reputation and internationally experienced management. Government and home country support are needed to promote internationalization of emerging economies’ CCFs, especially younger and smaller ones that are more vulnerable due to an unstable business environment and lack of opportunities in domestic markets. Research limitations/implications – The firms included in this study represent only one service sector, i.e. the emerging economy scenario of Pakistan’s construction industry. Future research may be conducted with a deeper analysis of the differences between emerging and developed economies’ CCFs as well as other service sectors. Originality/value – The study will be helpful to those CCFs from emerging economies which are considering whether or not to internationalize and, to the regulatory bodies helping create a level playing field to nurture the internationalization process for their CCFs.

scholarly journals Geopolitical Risk and Stock Market Volatility in Emerging Economies: Evidence from GARCH-MIDAS Model

2021 ◽  
Vol 2021 ◽  
pp. 1-17
Author(s):  
Menglong Yang ◽  
Qiang Zhang ◽  
Adan Yi ◽  
Peng Peng
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Emerging Economies ◽  
Market Volatility ◽  
Stock Market Volatility ◽  
Market Returns ◽  
Threat Index ◽  
Model Confidence Set ◽  
Country Specific

Previous studies have found that geopolitical risk (GPR) caused by geopolitical events such as terrorist attacks can affect the movements of asset prices. However, the studies on whether and how these influences can explain and predict the volatility of stock returns in emerging markets are scant and emerging. By using the data from China’s CSI 300 index, we provide some evidence on whether and how the GPR factors can explain and forecast the volatility of stock returns in emerging economies. We employed the GARCH-MIDAS model and the model confidence set (MCS) to investigate the mechanism of GPR’s impact on the China stock market, and we considered the GPR index, geopolitical action index, geopolitical threat index, and different country-specific GPR indices. The empirical results suggest that except for a few emerging economies such as Mexico, Argentina, Russia, India, South Africa, Thailand, Israel, and Ukraine, the global and most of the regional GPR have a significant impact on China’s stock market. This paper provides some evidence for the different effects of GPR from different countries on China’s stock market volatility. As for predictive potential, GPRAct (geopolitical action index) has the best predictive power among all six types of GPR indices. Considering that GPR is usually unanticipated, these findings shed light on the role of the GPR factors in explaining and forecasting the volatility of China’s market returns.

Country Environments and the Adoption of IT Outsourcing

2011 ◽  
Vol 19 (1) ◽  
pp. 30-50 ◽  
Author(s):  
Wen Guang Qu ◽  
Alain Pinsonneault
Keyword(s):  
Legal System ◽  
Institutional Economics ◽  
Social Trust ◽  
New Institutional Economics ◽  
It Outsourcing ◽  
Future Research ◽  
Country Level ◽  
Coordination Costs ◽  
Domestic Outsourcing ◽  
Country Specific

Research on information technology (IT) outsourcing adoption has been confined to a single-country perspective. The understanding of how country-specific variables influence the adoption of IT outsourcing is limited. This study uses new institutional economics to build a framework that links country-level factors to the adoption of IT domestic outsourcing. The authors suggest that country-level factors, such as the maturity of the IT-related legal system, social trust, uncertainty avoidance, Internet penetration, and the maturity of the IT outsourcing market, affect the opportunism costs and coordination costs involved in domestic IT outsourcing and influence its adoption among firms. The results show that the maturity of the IT-related legal system, social trust, and the maturity of the IT outsourcing market are positively associated with IT outsourcing adoption. The authors conclude the paper with a discussion of the study’s implications for practice and future research.

scholarly journals The trajectory of COVID-19 pandemic and handwashing adherence: findings from 14 countries

2021 ◽  
Vol 21 (1) ◽  
Author(s):  
Zofia Szczuka ◽  
Charles Abraham ◽  
Adriana Baban ◽  
Sydney Brooks ◽  
Sabrina Cipolletta ◽  
...  
Keyword(s):  
Regression Models ◽  
Online Survey ◽  
World Health ◽  
Outcome Variable ◽  
Future Research ◽  
Protective Behaviors ◽  
Multilevel Regression ◽  
Individual Level ◽  
Country Level ◽  
Country Specific

Abstract Background The COVID-19 pandemic has affected people’s engagement in health behaviors, especially those that protect individuals from SARS-CoV-2 transmission, such as handwashing/sanitizing. This study investigated whether adherence to the World Health Organization’s (WHO) handwashing guidelines (the outcome variable) was associated with the trajectory of the COVID-19 pandemic, as measured by the following 6 indicators: (i) the number of new cases of COVID-19 morbidity/mortality (a country-level mean calculated for the 14 days prior to data collection), (ii) total cases of COVID-19 morbidity/mortality accumulated since the onset of the pandemic, and (iii) changes in recent cases of COVID-19 morbidity/mortality (a difference between country-level COVID-19 morbidity/mortality in the previous 14 days compared to cases recorded 14–28 days earlier). Methods The observational study (#NCT04367337) enrolled 6064 adults residing in Australia, Canada, China, France, Gambia, Germany, Israel, Italy, Malaysia, Poland, Portugal, Romania, Singapore, and Switzerland. Data on handwashing adherence across 8 situations (indicated in the WHO guidelines) were collected via an online survey (March–July 2020). Individual-level handwashing data were matched with the date- and country-specific values of the 6 indices of the trajectory of COVID-19 pandemic, obtained from the WHO daily reports. Results Multilevel regression models indicated a negative association between both accumulation of the total cases of COVID-19 morbidity (B = −.041, SE = .013, p = .013) and mortality (B = −.036, SE = .014 p = .002) and handwashing. Higher levels of total COVID-related morbidity and mortality were related to lower handwashing adherence. However, increases in recent cases of COVID-19 morbidity (B = .014, SE = .007, p = .035) and mortality (B = .022, SE = .009, p = .015) were associated with higher levels of handwashing adherence. Analyses controlled for participants’ COVID-19-related situation (their exposure to information about handwashing, being a healthcare professional), sociodemographic characteristics (gender, age, marital status), and country-level variables (strictness of containment and health policies, human development index). The models explained 14–20% of the variance in handwashing adherence. Conclusions To better explain levels of protective behaviors such as handwashing, future research should account for indicators of the trajectory of the COVID-19 pandemic. Trial registration Clinical Trials.Gov, #NCT04367337

Innovations in Objectively Measuring Corruption in Public Procurement

2018 ◽  
Author(s):  
Mihály Fazekas ◽  
Luciana Cingolani ◽  
Bence Tóth
Keyword(s):  
Public Procurement ◽  
Risk Indicators ◽  
Future Research ◽  
Measurement Instruments ◽  
Country Level ◽  
Government Purchases ◽  
Micro Level ◽  
Supplier Risk ◽  
Expert Surveys ◽  
Do So

While there is continued interest in measuring governance, disagreement on how best to do so has only grown over time. To provide pointers at innovative and rigorous indicator building, this chapter documents innovations in measuring a particularly challenging governance dimension: corruption in public procurement. In hopes of inspiring future research, the chapter critically reviews objective corruption proxies using administrative data on government purchases falling in four broad categories: tendering risk indicators, political connections indicators, supplier risk indicators, and contracting body risk indicators. The findings indicate that the best measurement instruments focus on the transaction level (micro level) while allowing for consistent aggregations for time series and cross-country comparisons. Such actionable indicators capture behaviour as directly as possible rather than remaining at the country level. They also retain the relational or transactional aspects of governance, revealing a much more dynamic picture than widely used population and expert surveys.

Investments by Emerging-Market Multinationals in Other Emerging Markets

2018 ◽  
pp. 630-656
Author(s):  
Jing Li ◽  
Daniel Shapiro
Keyword(s):  
Sustainable Development ◽  
Corporate Governance ◽  
Emerging Economies ◽  
Multinational Enterprises ◽  
Emerging Market ◽  
Institutional Development ◽  
Spillover Effects ◽  
Investment Strategy ◽  
Future Research ◽  
Foreign Direct Investments

This chapter reviews the literature on foreign direct investments among emerging economies (E-E FDI), focusing on the motivations behind E-E FDI, country-specific advantages and firm-specific advantages associated with emerging-economy multinational enterprises (EMNEs), and spillover effects of E-E FDI on host-country economic and institutional development. We identify the following topics as posing important questions for future research: EMNEs’ ability to leverage home-government resources and diplomatic connections to promote investment in other emerging economies; nonmarket strategies of EMNEs in emerging economies; ownership and corporate governance affecting investment strategy and performance of EMNEs; E-E FDI contributions to sustainable development in host countries. Future studies should also consider potential heterogeneity among EMNEs by integrating insights from institutional theory, network theory, political science, corporate governance, corporate social responsibility, and sustainable-development research.

Tourism research for the GCC region: Current status and future research directions

2021 ◽  
pp. 135481662199996
Author(s):  
Ali Salman Saleh ◽  
Charbel Bassil ◽  
Arsalan Safari
Keyword(s):  
United Arab Emirates ◽  
Current Status ◽  
Future Research ◽  
Research Directions ◽  
Regional Tourism ◽  
Research Theme ◽  
Tourism Sector ◽  
Future Research Directions ◽  
Meta Analyses ◽  
The Impact

Tourism in the Gulf Cooperation Council (GCC) countries has recently been considered by policymakers as a new avenue for economic diversification. Despite the considerable literature concerning the impact of tourism worldwide, only a limited number of studies have looked at the tourism sector in the GCC region or analyzed its economic, sociocultural, and environmental impacts. This article therefore conducts a systematic review of the state of the literature related to tourism in the GCC region. It provides effective insights about the current status, gaps, and challenges and proposes future research directions in this area for academics, practitioners, and policymakers with an interest in regional tourism development. The preferred reporting items for systematic reviews and meta-analyses approach was used to identify and select the papers. Some 23 papers were identified and analyzed. The majority of these studies focused on the United Arab Emirates, specifically the Dubai emirate. We found the most dominant research theme to be tourism planning.

Macro-economic Factors Influencing Tourism Entrepreneurship: The Case of Kazakhstan

2021 ◽  
pp. 097135572098143
Author(s):  
Aizhan Tleuberdinova ◽  
Zhanat Shayekina ◽  
Dinara Salauatova ◽  
Stephen Pratt
Keyword(s):  
Economic Development ◽  
Emerging Economies ◽  
Negative Relationship ◽  
National Income ◽  
Tourism Development ◽  
Entrepreneurial Activity ◽  
Macroeconomic Factors ◽  
Distributed Lag ◽  
Tourism Sector ◽  
The Impact

Tourism development contributes to economic development. In emerging economies like Kazakhstan, tourism development needs active entrepreneurship. As the country emerges from the post-Soviet era, there has been an increase in economic development and prosperity. Entrepreneurship in the tourism sector can drive economies forward through the creation of new tourism and hospitality businesses. The macroeconomic environment can influence entrepreneurial activity. We use an autoregressive distributed lag (ARDL) model to examine the impact of macroeconomic factors on tourism entrepreneurship in Kazakhstan. Using data from 1996 to 2018, we find that there is a positive short-run relationship between wages in the tourism sector and entrepreneurship, suggesting that wage growth in the sector attracts entrepreneurs. In the long run, however, tourism sector wages have a negative relationship with entrepreneurship, suggesting that these higher wages represent a higher cost to entrepreneurship. There is also a strong positive relationship between national income and tourism entrepreneurship in Kazakhstan. Implications of macroeconomic policy changes for Kazakhstan and other emerging economies are discussed.

scholarly journals Purpose in the For-Profit Firm: A Review and Framework for Management Research

2021 ◽  
pp. 014920632110064
Author(s):  
Gerard George ◽  
Martine R. Haas ◽  
Anita M. McGahan ◽  
Simon J. D. Schillebeeckx ◽  
Paul Tracey
Keyword(s):  
Stock Market ◽  
Employee Satisfaction ◽  
Institutional Context ◽  
Organizational Outcomes ◽  
Review Literature ◽  
Future Research ◽  
Management Research ◽  
For Profit ◽  
Stock Market Performance ◽  
Pluralistic Approach

Purpose is a concept often used in managerial communities to signal and define a firm’s benevolent and pluralistic approach to its stakeholders beyond its focus on shareholders. While some evidence has linked purpose to positive organizational outcomes such as growth, employee satisfaction, innovation, and superior stock market performance, the definition and application of purpose in management research has been varied and frequently ambiguous. We review literature streams that invoke purpose in the for-profit firm and propose a unifying definition. Next, we develop a framework to study purpose that decouples its framing and formalization within firms from its realization, thus helping to avoid conflation of the presence of purpose with positive organizational outcomes. The framework also highlights internal and external drivers that shape the framing of purpose as well as the influence of the institutional context on its adoption and effectiveness. Finally, we provide a rich agenda for future research on purpose.

scholarly journals Formal institutions and the development of entrepreneurial activity – the contingent role of corruption in emerging economies

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Arezou Harraf ◽  
Hasan Ghura ◽  
Allam Hamdan ◽  
Xiaoqing Li
Keyword(s):  
Emerging Economies ◽  
Corporate Entrepreneurship ◽  
Informal Institutions ◽  
Entrepreneurial Activity ◽  
Future Research ◽  
Formal Institutions ◽  
Business World ◽  
Content Type ◽  
Formal And Informal Institutions ◽  
Control Of Corruption

PurposeThe paper aims to analyse the interplay between formal and informal institutions' and their impact on entrepreneurship rates in emerging economies.Design/methodology/approachThis study expands previous research in examining the moderating effect of control of corruption on the relationship between formal institutions and the development of the entrepreneurial activity. The study utilizes longitudinal analyses of a dataset from 41 emerging economies over 11 years (2006–2016).FindingsFindings provided robust support for the study's hypotheses. The results suggested lower levels of corruption positively moderate the effects of a country's number of procedures and education and training on the rates of entrepreneurial activity, while negatively moderating the effects of firm-level technology absorption on the rates of entrepreneurial activity.Research limitations/implicationsThe study has considered only one particular aspect of high-growth entrepreneurship, which is newly registered firms with limited liability. Although newly registered firms are recognized as one of the critical drivers of entrepreneurial activity. Future research should seek to examine other aspects of growth-oriented entrepreneurship such as activities involving a high level of innovation, corporate entrepreneurship or technology developments.Practical implicationsThis study advanced the existing theories in the field of entrepreneurship and institutional economics as it merged the two theories as a driving framework in the design of the study in the context of emerging economies.Social implicationsThe study tested a theoretical model by expanding the number of emerging economies in the study and found comparable findings that explain factors that may influence the likelihood of individuals entering entrepreneurship.Originality/valueThis article adds to the current literature as it highlights the importance of the interplay of formal and informal institutions in determining their impact on entrepreneurship rates in emerging economies. This is of particular importance to policy-makers, and the business world as the empirical results of this study show the benefits of control of corruption in boosting entrepreneurial rates in these economies, which strive for economic diversification in their developmental endeavours.

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