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Article
Publication date: 20 August 2024

Pamphile Mezui-Mbeng, Eugene Kouassi, Afees Salisu and Loukou Landry Eric Yobouet

The paper aims at analyzing the co-movements between stock returns and oil prices (West Texas Intermediate, Brent) controlling or not for COVID-19.

Abstract

Purpose

The paper aims at analyzing the co-movements between stock returns and oil prices (West Texas Intermediate, Brent) controlling or not for COVID-19.

Design/methodology/approach

It uses continuous wavelet transforms and wavelet coherence over the period July 19, 2019 to August 16, 2021 based on daily data. Continuous wavelet transforms provide an over complete representation of stock returns signals by letting the translation and scale parameters of the wavelets vary continuously.

Findings

There are not significant evidence supporting the fact that the COVID-19 has altered the relationship between stock returns and oil prices except perhaps in the case of South Africa. In fact, Southern African Development Community stock markets react more to oil prices than to health shock such as the COVID-19.

Originality/value

The findings of the study are original and have not been published anywhere prior.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Open Access
Article
Publication date: 20 September 2024

Eugene Msizi Buthelezi

The purpose of this study is to investigate the interplay between fiscal dominance and monetary policy in South Africa from 1960 to 2023.

Abstract

Purpose

The purpose of this study is to investigate the interplay between fiscal dominance and monetary policy in South Africa from 1960 to 2023.

Design/methodology/approach

The study employs a structural vector autoregression (SVAR) medel to analyze the relationship between fiscal dominance and monetary policy. Short-term and long-term shocks of government borrowing and deficits are examined to understand their impact on inflation dynamics.

Findings

Fiscal dominance has a significant effect both in the short and long run. There is evidence that government debt and deficits increase inflation, overriding the effects of monetary policy aimed at maintaining price stability. On the other hand, the study reveals that money supply shocks have a greater effect in reducing fiscal dominance compared to interest rate shocks. The variance movement on inflation is significantly explained by government debt and deficits. This emphasizes the persistence of inflationary pressures associated with fiscal dominance, highlighting the importance of effective policy interventions to mitigate inflationary risks.

Originality/value

This study contributes to the existing literature by providing insights into the dynamics of fiscal dominance in South Africa. Moreover, this study extends the theoretical framework of the fiscal theory of the price level (FTPL) and the government budget constraint. This study contributes valuable insights into the dynamics of fiscal dominance in South Africa and offers guidance for policymakers in formulating strategies to safeguard economic stability.

Details

African Journal of Economic and Management Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-0705

Keywords

Open Access
Article
Publication date: 31 October 2023

Eugene Ch'ng

The need to digitise is an awareness that is shared across our community globally, and yet the probability of the intersection between resources, expertise and institutions are…

Abstract

Purpose

The need to digitise is an awareness that is shared across our community globally, and yet the probability of the intersection between resources, expertise and institutions are not as prospective. A strategic view towards the long-term goal of cultivating and digitally upskilling the younger generation, building a community and creating awareness with digital activities that can be beneficial for cultural heritage is necessary.

Design/methodology/approach

The work involves distributing tasks between stakeholders and local volunteers. It uses close-range photogrammetry for reconstructing the entire heritage site in 3D, and outlines achievable digitisation activities in the crowdsourced, close-range photogrammetry of a 19th century Cheah Kongsi clan temple located in George Town, a UNESCO World Heritage Site in Penang, Malaysia.

Findings

The research explores whether loosely distributing photogrammetry work that partially simulates an unorganised crowdsourcing activity can generate complete models of a site that meets the criteria set by the needs of the clan temple. The data acquired were able to provide a complete visual record of the site, but the 3D models that was generated through the distributed task revealed gaps that needed further measurements.

Practical implications

Key lessons learned in this activity is transferable. Furthermore, the involvement of volunteers can also raise awareness of ownership, identity and care for local cultural heritage.

Social implications

Key lessons learned in this activity is transferable. Furthermore, the involvement of volunteers can also raise awareness of identity, ownership, cultural understanding, and care for local cultural heritage.

Originality/value

The value of semi-formal activities indicated that set goals can be achieved through crowdsourcing and that the new generation can be taught both to care for their heritage, and that the transfer of digital skills is made possible through such activities. The mass crowdsourcing activity is the first of its kind that attempts to completely digitise a cultural heritage site in 3D via distributed activities.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 29 April 2024

Faouzi Ghallabi, Khemaies Bougatef and Othman Mnari

This study aims to identify calendar anomalies that can affect stock returns and asymmetric volatility. Thus, the objective of this study is twofold: on the one hand, it examines…

Abstract

Purpose

This study aims to identify calendar anomalies that can affect stock returns and asymmetric volatility. Thus, the objective of this study is twofold: on the one hand, it examines the impact of calendar anomalies on the returns of both conventional and Islamic indices in Indonesia, and on the other hand, it analyzes the impact of these anomalies on return volatility and whether this impact differs between the two indices.

Design/methodology/approach

The authors apply the GJR-generalized autoregressive conditional heteroskedasticity model to daily data of the Jakarta Composite Index (JCI) and the Jakarta Islamic Index for the period ranging from October 6, 2000 to March 4, 2022.

Findings

The authors provide evidence that the turn-of-the-month (TOM) effect is present in both conventional and Islamic indices, whereas the January effect is present only for the conventional index and the Monday effect is present only for the Islamic index. The month of Ramadan exhibits a positive effect for the Islamic index and a negative effect for the conventional index. Conversely, the crisis effect seems to be the same for the two indices. Overall, the results suggest that the impact of market anomalies on returns and volatility differs significantly between conventional and Islamic indices.

Practical implications

This study provides useful information for understanding the characteristics of the Indonesian stock market and can help investors to make their choice between Islamic and conventional equities. Given the presence of some calendar anomalies in the Indonesia stock market, investors could obtain abnormal returns by optimizing an investment strategy based on seasonal return patterns. Regarding the day-of-the-week effect, it is found that Friday’s mean returns are the highest among the weekdays for both indices which implies that investors in the Indonesian stock market should trade more on Fridays. Similarly, the TOM effect is significantly positive for both indices, suggesting that for investors are called to concentrate their transactions from the last day of the month to the fourth day of the following month. The January effect is positive and statistically significant only for the conventional index (JCI) which implies that it is more beneficial for investors to invest only in conventional assets. In contrast, it seems that it is more advantageous for investors to invest only in Islamic assets during Ramadan. In addition, the findings reveal that the two indices exhibit lower returns and higher volatility, which implies that it is recommended for investors to find other assets that can serve as a safe refuge during turbulent periods. Overall, the existence of these calendar anomalies implies that policymakers are called to implement the required measures to increase market efficiency.

Originality/value

The existing literature on calendar anomalies is abundant, but it is mostly focused on conventional stocks and has not been sufficiently extended to address the presence of these anomalies in Shariah-compliant stocks. To the best of the authors’ knowledge, no study to date has examined the presence of calendar anomalies and asymmetric volatility in both Islamic and conventional stock indices in Indonesia.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

Open Access
Article
Publication date: 16 April 2024

Xiaolin Sun and Eugene Ch’ng

This article examines curatorial practices, both traditional and digital, in the Guizhou Provincial Museum’s ethnic exhibition to assess their effectiveness in representing ethnic…

Abstract

Purpose

This article examines curatorial practices, both traditional and digital, in the Guizhou Provincial Museum’s ethnic exhibition to assess their effectiveness in representing ethnic minority cultures, fostering learning and inspiring curiosity about ethnic textiles and costumes and associated cultures. It also explores audience expectations concerning digital technology use in future exhibitions.

Design/methodology/approach

A mixed-methods approach was employed, where visitor data were collected through questionnaires, together with interviews with expert, museum professionals and ethnic minority textile practitioners. Their expertise proved instrumental in shaping the design of the study and enhancing the overall visitor experience, and thus fostering a deeper appreciation and understanding of ethnic minority cultures.

Findings

Visitors were generally satisfied with the exhibition, valuing their educational experience on ethnic textiles and cultures. There is a notable demand for more immersive digital technologies in museum exhibitions. The study underscores the importance of participatory design with stakeholders, especially ethnic minority groups, for genuine and compelling cultural representation.

Originality/value

This study delves into the potentials of digital technologies in the curation of ethnic minority textiles, particularly for enhancing education and cultural communication. Ethnic textiles and costumes provide rich sensory experience, and they carry deep cultural significance, especially during festive occasions. Our findings bridge this gap; they offer insights for museums aiming to deepen the visitor experiences and understanding of ethnic cultures through the use of digital technologies.

Details

Journal of Cultural Heritage Management and Sustainable Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-1266

Keywords

Article
Publication date: 18 August 2023

Krishna Manasvi J., Rajesh Matai and Nagesh N. Murthy

Due to the recent disruptions caused by COVID-19, global supply chains are stress tested. The affected supply chains have interfered with market tonnage prices for the yield of…

Abstract

Purpose

Due to the recent disruptions caused by COVID-19, global supply chains are stress tested. The affected supply chains have interfered with market tonnage prices for the yield of perishable products like mangoes that are highly dependent on their quality. This research, through empirical findings, thus determines and comprehends the factors influencing mango quality (size).

Design/methodology/approach

A framework is developed for finding the potential factors of quality building on the previous literature and studies on the available topic. The data collection included face-to-face interviews comprising 240 farmers, hired managers and preharvest contractors in India's Jangaon, Rangareddy and Yadadri Bhuvanagiri districts of Telangana state. The data analysis is done using multiple regression, and the outcomes form the basis of the design of the experiments model.

Findings

The empirical insights support that the quality of mango is affected by factors such as the number of picking cycles, the cost of fertilizer, the variety of fertilizers used, the variety of pesticides used and pesticide application frequency. The direct implications are the benefit to farmers in improving mango quality and maximizing profit per yield cycle.

Research limitations/implications

To the best of the authors’ knowledge, the first research that has specifically focused on holistically improving the quality(size) of mangoes.

Originality/value

The findings contribute to the perishable supply chain literature, specifically to the mango study, to comprehensively showcase the factors impacting the quality of mangoes and provide guidance to farmers regarding orchard practices.

Details

Journal of Agribusiness in Developing and Emerging Economies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2044-0839

Keywords

Article
Publication date: 22 August 2024

Chisomo Kapatsa, Neema Kavishe, Sambo Lyson Zulu and Godwin Maro

The purpose of this study is to identify sustainability assessment indicators of road infrastructure projects by analyzing and synthesizing existing literature, considering that…

Abstract

Purpose

The purpose of this study is to identify sustainability assessment indicators of road infrastructure projects by analyzing and synthesizing existing literature, considering that, despite being essential to achieving the sustainable development goals, sustainability performance in road infrastructure projects is a persistent challenge. Therefore, determining how sustainability can be assessed in these projects is crucial, necessitating a systematic review of the sustainability assessment indicators of road infrastructure projects.

Design/methodology/approach

Using PRISMA principles, 54 peer-reviewed papers from 2010 to 2022 were retrieved from three search databases (Scopus, Research for Life and Google Scholar) as part of a systematic literature review. Data analysis techniques included both descriptive and content analysis.

Findings

The study identified 22 indicators. The results emphasized that the sustainability of road infrastructure projects should consider all three sustainability dimensions to provide development while meeting human needs, preserving the planet Earth and enhancing economic growth. Similarly, indicators should be incorporated from the design phase to implement and attain sustainability successfully.

Practical implications

The outcome of this study will serve as a guide to road infrastructure stakeholders to understand the relevant sustainability indicators to assess the sustainability performance of their projects.

Originality/value

The study’s findings provide the sustainability assessment indicators for roads, which serve as a foundation for developing a sustainability assessment indicator framework for road infrastructure projects. Future research can look at establishing the indicators for the end-of-life phase of the project lifecycle.

Details

Journal of Engineering, Design and Technology , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1726-0531

Keywords

Open Access
Article
Publication date: 18 June 2024

Richard W. Puyt, Finn Birger Lie and Dag Øivind Madsen

The purpose of this study is to revisit the conventional wisdom about a key contribution [i.e. strengths, weaknesses, opportunities, threats (SWOT) analysis] in the field of…

2174

Abstract

Purpose

The purpose of this study is to revisit the conventional wisdom about a key contribution [i.e. strengths, weaknesses, opportunities, threats (SWOT) analysis] in the field of strategic management. The societal context and the role of academics, consultants and executives is taken into account in the emergence of SWOT analysis during the 1960–1980 period as a pivotal development within the broader context of the satisfactory, opportunities, faults, threats (SOFT) approach. The authors report on both the content and the approach, so that other scholars seeking to invigorate indigenous theories and/or underreported strategy practices will thrive.

Design/methodology/approach

Applying a historiographic approach, the authors introduce an evidence-based methodology for interpreting historical sources. This methodology incorporates source criticism, triangulation and hermeneutical interpretation, drawing upon insights from robust evidence through three iterative stages.

Findings

The underreporting of the SOFT approach/SWOT analysis can be attributed to several factors, including strategy tools being integrated into planning frameworks rather than being published as standalone materials; restricted circulation of crucial long-range planning service/theory and practice of planning reports due to copyright limitations; restricted access to the Stanford Research Institute Planning Library in California; and the enduring popularity of SOFT and SWOT variations, driven in part by their memorable acronyms.

Originality

In the spirit of a renaissance in strategic planning research, the authors unveil novel theoretical and social connections in the emergence of SWOT analysis by combining evidence from both theory and practice and delving into previously unexplored areas.

Research implications

Caution is advised for scholars who examine the discrete time frame of 1960–1980 through mere bibliometric techniques. This study underscores the risks associated with gathering incomplete and/or inaccurate data, emphasizing the importance of triangulating evidence beyond scholarly databases. The paradigm shift of strategic management research due to the advent of large language models poses new challenges and the risk of conserving and perpetuating academic urban legends, myths and lies if training data is not adequately curated.

Details

Journal of Management History, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1751-1348

Keywords

Article
Publication date: 26 August 2024

Robert P. Singh and Melvin T. Miller

Racial wealth inequality is a significant and growing issue in the USA. Improving the lagging rate of black new venture creation and successful entrepreneurship could help close…

Abstract

Purpose

Racial wealth inequality is a significant and growing issue in the USA. Improving the lagging rate of black new venture creation and successful entrepreneurship could help close the gap. The purpose of this paper is to focus needed attention on the financial challenges resulting from institutional and systemic discrimination that black entrepreneurs must deal with. Following this literature review, the paper makes recommendations and broad public policy suggestions.

Design/methodology/approach

This study conducts a literature review and discusses the myriad of reasons black entrepreneurs struggle with inadequate access to capital, with special emphasis on weaker entrepreneurial ecosystems that have resulted from systemic racism.

Findings

The paper sheds light on several factors which continue to directly impede successful black entrepreneurship including discrimination in lending, distrust in institutions, over-reliance on (inadequate) personal capital and declining black-owned banking and financial institutions, as well as community banking options in black communities.

Research limitations/implications

The paper is conceptual and relies on prior literature. The proposed solutions are just a starting point and are certainly not meant to be all-inclusive or comprehensive. Much future research, particularly longitudinal research, is needed to further develop theory and specific public policies which can close the disparities this study has discussed. This study outlines several key areas in need of further quantitative and qualitative studies to better understand black entrepreneurship.

Practical implications

The US economy will increasingly suffer if the nearly 15% of population (and growing) made up of black communities continues to struggle. The broad-based policy solutions proposed in this paper would allow for increased access to capital that would address the long-term deficiencies and help to close the racial wealth gap.

Social implications

Through this study’s broad-based potential solutions, entrepreneurial ecosystems can be strengthened to build the environment for successful new venture creation in black communities. The longer-term benefit would be increased tax revenues, improved communities with fewer individuals needing support through government assistance and greater social stability as economic gaps between various racial groups are closed.

Originality/value

Using a broader entrepreneurial ecosystem framework and a systemic racism theory lens, this study discusses the limited capital black entrepreneurs have access to. Following this literature review, this study offers broad-based policy solutions that can strengthen ecosystems and directly address the issues raised in the paper.

Details

Society and Business Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-5680

Keywords

Article
Publication date: 5 December 2023

Martin Kelly and Patricia Larres

Following recent high-profile audit failures, concern has been expressed that auditors are not demonstrating sufficient skepticism when exercising professional judgment. In…

Abstract

Purpose

Following recent high-profile audit failures, concern has been expressed that auditors are not demonstrating sufficient skepticism when exercising professional judgment. In particular, client assumptions and estimations relating to hypothetical valuations in financial reporting are not being challenged. This paper seeks to address the issue by advancing a decision-making framework aimed at guiding auditors beyond regulatory reductionist thinking towards an enhanced understanding of the cognitive processes which shape professional judgment in forming a reliable audit opinion.

Design/methodology/approach

Drawing on the normative philosophical and theological teachings of Bernard Lonergan, the authors' decision-making framework embodies reflective thinking and the data of consciousness to highlight the central role played by enquiry in the dynamics of understanding, judgment and decision-making. Such enquiry elicits challenge of the management bias inherent in hypothetical valuations.

Findings

Auditing through a Lonerganian lens allows auditors to reflect on their approach to objective decision-making by offering a set of cognitive tools to enhance the enquiry essential for nurturing professional skepticism.

Originality/value

This paper contributes to the literature by developing the somewhat neglected discourse on the cognitive processes essential for professional skepticism and audit judgment. The authors demonstrate how Lonerganian self-appropriation intensifies an awareness of the recursive cognitive activities pertinent to objective judgment and decision-making. This awakened consciousness has the potential not only to change how auditors question evidence to make informed judgments and decisions, but also to normalize the practice of challenge.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

Keywords

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