scholarly journals CULTURAL VALUES, ECONOMIC GROWTH, AND INTERNATIONAL IPO UNDERPRICING: EVIDENCE FROM CHINESE COMPANIES

2021 ◽  
Vol 22 (2) ◽  
pp. 537-556
Author(s):  
Peixuan Geng ◽  
Qingmei Tan
Keyword(s):  
Economic Growth ◽  
Cultural Values ◽  
Stock Markets ◽  
Cultural Distance ◽  
Moderating Effect ◽  
Cultural Backgrounds ◽  
Ipo Underpricing ◽  
Chinese Companies ◽  
Alternative Measures ◽  
The Impact

Listing markets have different cultural backgrounds and experience different economic development. This study examines the impact of cultural values and the moderating effect of economic growth on IPO underpricing issued by Chinese companies in different stock markets. Using a sample of 2429 IPOs issuing in four different stock markets for the 2000–2018 period, the results suggest that in markets with higher power distance or longer-term orientation, IPOs experience higher underpricing; in markets with higher uncertainty avoidance scores, masculinity, individualism, or indulgence, IPOs experience lower underpricing. The greater the multidimensional cultural distance is to the Chinese A-share market, the less underpricing IPOs experience. Economic growth has a significant moderating effect, thereby intensifying or restraining the relationship between culture and IPO underpricing. The additional analysis considering cross-listing companies, and the robustness tests considering alternative measures of culture further support the above conclusions. This study highlights the cultural and economic factors motivating IPO underpricing, can help managers select listing markets from cultural and economic perspective.

scholarly journals Understanding Cultural Preferences for Social Robots

2021 ◽  
Vol 10 (2) ◽  
pp. 1-19
Author(s):  
Oliver Korn ◽  
Neziha Akalin ◽  
Ruben Gouveia
Keyword(s):  
Cultural Values ◽  
Real Life ◽  
Emotional Awareness ◽  
Social Robots ◽  
Arab Countries ◽  
Cultural Backgrounds ◽  
Cultural Variations ◽  
Cultural Preferences ◽  
Design Preferences ◽  
The Impact

This article presents a study of cultural differences affecting the acceptance and design preferences of social robots. Based on a survey with 794 participants from Germany and the three Arab countries of Egypt, Jordan, and Saudi Arabia, we discuss how culture influences the preferences for certain attributes. We look at social roles, abilities and appearance, emotional awareness and interactivity of social robots, as well as the attitude toward automation. Preferences were found to differ not only across cultures, but also within countries with similar cultural backgrounds. Our findings also show a nuanced picture of the impact of previously identified culturally variable factors, such as attitudes toward traditions and innovations. While the participants’ perspectives toward traditions and innovations varied, these factors did not fully account for the cultural variations in their perceptions of social robots. In conclusion, we believe that more real-life practices emerging from the situated use of robots should be investigated. Besides focusing on the impact of broader cultural values such as those associated with religion and traditions, future studies should examine how users interact, or avoid interaction, with robots within specific contexts of use.

scholarly journals Moderating Effect of Political Instability on ICT and Economic Growth Nexus in Kenya: ARDL Bound - Co-Integration Approach

2021 ◽  
Vol 04 (10) ◽  
Author(s):  
Matundura Erickson ◽  
Keyword(s):  
Economic Growth ◽  
Political Instability ◽  
Political Stability ◽  
Moderating Effect ◽  
High Interest ◽  
Long Run ◽  
The Government ◽  
The Impact ◽  
Adf Test ◽  
The Relationship

The government has attempted to target specific macroeconomic factors in order to stimulate economic growth in Kenya through monetary and fiscal policies. Despite these efforts, Kenya's GDP growth is hampered by high interest rates and high interest rate volatility. Kenya's ability to address macroeconomic instability hinges on its ability to increase economic growth. Auxiliary evidence shows that perspectives on the relationship between ICT and economic growth are segmented. The goal of this study was to determine the impact of ICT on economic growth in Kenya, as well as the moderating effect of political instability on the relationship. The research was based on Solow's theory of growth. An explanatory research design was used, with data spanning from 1990-2020 obtained from Kenya Bureau of Statistics. In the empirical analysis, the study used the bound test to test for a long-run relationship and the Autoregressive Distributed Lag model (ARDL) to evaluate the relationship between the variables. The data was subjected to an Augmented Dickey Fuller (ADF) test to determine stationarity.The long run ARDL results indicated that the coefficients of; ICT rate were insignificant . However with the introduction of political instability as the moderator ICT was significant and positively affected economic growth. Political instability moderated the relationship between ICT ( and economic growth. As a result, promoting effective governance should help to improve political stability. The findings of this study will help the government figure out how to address the problem of low economic growth. According to the study, the government should invest in the ICT sector to improve its accessibility and affordability. Additionally, the government should work to improve political stability and good governance by gradually establishing institutions that uphold the rule of law and provide security.

Genderized Workplace Lookism in the U.S. and Abroad

2017 ◽  
pp. 61-85
Author(s):  
Cynthia Howard Sims
Keyword(s):  
Cultural Values ◽  
The United States ◽  
Skin Tone ◽  
Hair Color ◽  
Cultural Backgrounds ◽  
Global Workforce ◽  
Career Opportunities ◽  
Development Professionals ◽  
The Impact ◽  
The U.S

Lookism is preferential treatment of those considered to be attractive and discrimination against those deemed less physically desirable. Value is attached to certain physical characteristics such as skin tone, height, weight, facial features, and hair color/textures. Two of the phenomena that exist under the umbrella of lookism are colorism and weightism, which are both genderized phenomenon that create social and workplace inequities. There are studies that explore physical appearance discrimination external to and within workplaces in the United States; however, there is little research on the impact of these prejudices on women abroad. Since today's global workforce is composed of women from various countries and cultural backgrounds, and their cultural values impact their career aspirations and career opportunities, organizational and career development professionals must understand the implications of both U.S. and international lookism and utilize strategies to address and prevent the related issues.

The Impact of Gendered Lookism During Employment Stages

2021 ◽  
pp. 75-109
Author(s):  
Cynthia Sims
Keyword(s):  
United States ◽  
Cultural Values ◽  
The United States ◽  
Skin Tone ◽  
Hair Color ◽  
Cultural Backgrounds ◽  
Global Workforce ◽  
Career Opportunities ◽  
Development Professionals ◽  
The Impact

Lookism is preferential treatment of those considered to be attractive and discrimination against those deemed less physically desirable. Value is attached to certain physical characteristics such as skin tone, weight, facial features, and hair color. Two of the phenomena that exist under the umbrella of lookism are colorism and weightism, both of which create social and workplace inequities. There are studies that explore physical appearance discrimination external to and within workplaces in the United States, and an emerging body of literature regarding lookism abroad exists. Some of this research focuses on women's experiences with lookism in the workplace. Since today's global workforce is composed of women from various countries and cultural backgrounds, and their cultural values impact their career aspirations and career opportunities, organizational and career development professionals must understand the implications of both U.S. and global lookism and employ strategies to address and prevent the related issues.

scholarly journals COMPETITION AS A FACTOR OF ECONOMIC GROWTH: THE WORLD EXPERIENCE AND UKRAINIAN REALITIES

2018 ◽  
Vol 2018 (8) ◽  
pp. 3-15 ◽  
Author(s):  
Anatoliі SHCHERBAK ◽  
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Developed Countries ◽  
Competitive Environment ◽  
Living Standard ◽  
Domestic Legislation ◽  
The World ◽  
Alternative Measures ◽  
Active Cluster ◽  
The Impact

The views of M. Porter on the importance of competition as a factor of economic development are analyzed. The policy of deregulation carried out by developed countries in recent decades was studied; its successes and limitations are noted. It is shown that implementation of the reform in Australia, aimed at development of competition, led to a significant improvement in economic indicators and increase in the living standard of the population. The OECD Toolkit for assessing the impact on competition has been analyzed. The Toolkit contains the methodology for identifying unnecessary restrictions on competition and developing the alternative measures to achieve the objectives. The state of competitive environment in Ukraine is researched. It is shown that restriction of competition and inequalities of its conditions significantly inhibit economic development. The reasons for rapid growth of Ukraine’s economy in 2000-2008 are analyzed. It is substantiated that one of the most important factors was the strengthening of internal competition as a result of reforms carried out in the 1990s. At the same time, the weakening of competition from the second half of the 2000s led to a decrease in competitiveness. The need for systematic work aimed at eliminating the anticompetitive norms from domestic legislation is substantiated. This work should be based on the OECD Toolkit to assess the impact on competition. It is emphasized that it is necessary to use only those tools that promote competition when implementing the policy. The necessity of active cluster support is substantiated.

scholarly journals RELATIONSHIP BETWEEN THE STOCK MARKET DEVELOPMENT, BANKING SECTOR DEVELOPMENT AND ECONOMIC GROWTH IN THE CEE COUNTRIES

2021 ◽  
Vol 7 (3) ◽  
pp. 118-126
Author(s):  
Lidiya Yemelyanova
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Stock Markets ◽  
Banking Sector ◽  
Market Development ◽  
Stock Market Development ◽  
Market Capitalization ◽  
Banking Sector Development ◽  
The Impact ◽  
Stock Market Capitalization

The stock markets of most CEE countries have been actively developing and improving over the past decades but they still do not belong to the developed markets according to MSCI classification, the financial systems of these countries tends towards the bank-oriented type. Does the level of stock market development affect economic growth in CEE countries and do these countries need to develop their stock markets accordingly? The purpose of this article is to identify the direction of the causal link between stock market development, banking sector development and economic growth in Central and Eastern European (CEE) countries. The subject of the research is the relationship between the stock market development, banking sector development and economic growth in the CEE countries. Methodology. The research is based on the annual data for two time periods 1999-2012 and 1999-2015 for the 8 and 5 CEE countries, respectively. The study is based on the Granger causality test and linear regression models. According to results of the research the stock market development plays an important role in attracting foreign direct investment and economic growth in CEE countries in the long-run period. There are revealed the channels of indirect influence of the stock market capitalization on the economic growth. Stock market capitalization has impact on the banking sector and gross capital formation, which in turn have impact on the economic growth of CEE countries. There is the impact of both the stock market and the banking sector development on the economic growth in CEE countries during 1999-2015. However, the impact of the stock market size on the economic growth is positive and the impact of domestic credit to private sector is negative. Practical implications. The study proves the reasonable need for the CEE countries to move towards further development of the stock market, improving the market infrastructure and institutional environment in order to expand the size of the stock market and thereby contribute to the economic growth of this countries. Value/originality. The obtained conclusion about the role of the stock market in economic growth and attraction of FDI is of great importance both for Ukraine and other countries with similar trajectory of economic development in general and similar historical aspects of the origin of stock markets in particular and should be taken into account by state leaders when making decisions on the need to create conditions for development of such element of the country’s financial system as the stock market.

Banks, Stock Markets, and Growth Relationships in the EU28 Countries

2018 ◽  
pp. 129-161 ◽  
Author(s):  
Andreas G. Georgantopoulos ◽  
Ioannis Filos ◽  
Evangelos I. Poutos
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Geographical Distribution ◽  
Stock Markets ◽  
Bank Credit ◽  
Member States ◽  
Full Sample ◽  
Eu Member States ◽  
The Impact ◽  
Growth Hypothesis

This chapter examines the impact of banks and stock markets on economic growth for a panel that includes the 28 EU member states. The originality of this study lies in that it tests these relationships by employing sub-regional panels based on the geographical distribution of EU countries and by clustering EU member states in Eurozone and non-Euro countries. Results support the stock market-led growth hypothesis only for the case of the full sample panel. Furthermore, both the full panel results and Eurozone panel results fail to support the bank credit-led growth hypothesis. These results are inconsistent with other studies, which however employ only full regional panels.

scholarly journals Capital structure, market conditions and financial performance of small and medium enterprises in Buganda Region, Uganda

2021 ◽  
Vol 10 (3) ◽  
pp. 276-288
Author(s):  
Henry Mugisha ◽  
Job Omagwa ◽  
James Kilika
Keyword(s):  
Economic Growth ◽  
Capital Structure ◽  
Financial Performance ◽  
Negative Impact ◽  
Moderating Effect ◽  
Primary Data ◽  
Empirical Literature ◽  
Market Conditions ◽  
The Impact ◽  
The Capital Structure

Small and Medium Scale Enterprises (SMEs) continue to be major players in the economic growth of Uganda as well as many of the emerging economies. The Uganda Investment Authority had projected 5.5% economic growth by 2030 in anticipation of stable market conditions necessary for the sustained financial performance of SMEs. However, the business failure rate of SMEs in Uganda had persistently revolved around 70% in 2018 from 50% in 2004. This problem had been linked to the turbulent market conditions characterized by intensive competition as well as volatile consumption behavior of the customers. Empirical literature indicates that competitive intensity, as well as volatile customer demand, presents a negative impact on financial performance. Hence, the study sought to determine the moderating effect of market conditions on the capital structure-financial performance relationship of SMEs in Uganda. From a population of 218,561 SMEs, a sample of 453 respondents was selected out of which, 423 responded to the questionnaire. Primary data were analyzed using descriptive statistics and multiple regression techniques. The hypothesis was tested at a 0.05 level of significance. Findings indicated that Market conditions had a positive and significant moderating effect on the capital structure-financial performance relationship (?= 0.175 and p = -0.027). We conclude that market conditions can strengthen/ weaken the effect of capital structure on the financial performance of SMEs. We recommend that SMEs should evaluate the market conditions during the process of deciding the financing mix for their operations to optimize the impact of capital structure on financial performance

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