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This study aims to investigate the impact of international diversification on the value and operating efficiency of European real estate firms.

The study is conducted using a panel fixed effects regression model to estimate the relationship of international diversification with firm value and operating efficiency. International diversification is mainly measured via the negative of the Herfindahl–Hirschman Index (HHI) using property-level data. Firm value and operating efficiency are proxied by financial ratios observed annually from 2002 to 2021 at the firm level.

The results demonstrate that international diversification has a negative effect on firm value. Additionally, it lowers operating efficiency by weakening a firm's ability to generate operating earnings from its assets. By examining whether the reduction in operating efficiency is due to the rental income channel or the capital gains channel, the authors find strong statistical evidence that international diversification negatively impacts capital gains. International diversification is negatively associated with net gains from property valuations (unrealized capital gains) and net profits from property disposals (realized capital gains).

The empirical analysis is limited to Europe.

This paper extends the geographical diversification literature. While existing literature focuses on domestic diversification within the United States, this paper explores the effects of international diversification on European real estate firms. To the extent of the authors' knowledge, this is the first paper to examine the impact of geographical diversification on capital gains.

Corporate governance principles are living a positive momentum in light of the megatrends reshaping the world. An effective company based on sound governance principles can prevent issues and corporate scandals as the company ensures greater transparency and accountability. Accordingly, this paper aims to investigate the relationship between shareholder-oriented corporate governance mechanisms, value and performances in the real estate sector.

This paper investigates the relationship between corporate governance mechanisms, performance and value in a sample of 111 USA real estate firms. After collecting data from 2014 to 2018, this paper tests the research hypothesis using the linear fixed-effect model.

The results demonstrate a positive impact of shareholder-oriented corporate governance mechanisms on performance and value. In particular, firms with no chief executive officer (CEO) duality and staggered board mechanisms and recognizing excess variable compensation to the firms' executive have a significantly higher Tobin's Q, return on assets (ROA) and price-to-book performance.

The implications are twofold: on the one hand, this motivates shareholders to establish new corporate control mechanisms to maximize value, attract more capital and improve operating performance. On the other hand, this allows investors to direct the investors' resources toward real estate firms with effective corporate governance mechanisms that may return higher performance and value.

Focusing on the real estate industry, where governance is expected to have a lower impact due to solid regulation, especially in real estate investment trusts (REITs), the research allows the formulation of industry-specific inferences that may be generalized for the general market.

This paper examined the volatility models for exchange rate return, including Random Walk model, AR model, GARCH model and extensive GARCH model, with Normal and Student-t distribution assumption as well as nonparametric specification test of these models. We fit these models to Bangladesh foreign exchange rate index from January 1999 to December 31, 2012. The return series of Bangladesh foreign exchange rate are leptokurtic, significant skewness, deviation from normality as well as the returns series are volatility clustering as well. We found that student t distribution into GARCH model improves the better performance to forecast the volatility for Bangladesh foreign exchange market. The traditional likelihood comparison showed that the importance of GARCH model in modeling of Bangladesh foreign market, but the modern nonparametric specification test found that RW, AR and the model with GARCH effect are still grossly mis-specified. All these imply that there is still a long way before we reach the adequate specification for Bangladesh exchange rate dynamics.

This study aims to explore empirical evidence of the impact of greenhouse gas (GHG) emissions on stock market volatility.

Using panel data of 35 Organization for Economic Co-operation and Development countries from 1992 to 2018, we conduct both fixed effects panel model and Prais-Winsten model with panel-corrected standard errors.

The authors document that there is a significant positive relationship between GHG emissions and stock market volatility. The results remain robust after controlling for potential endogeneity problems.

This study contributes to the literature in that it provides additional empirical evidence for the financial risk posed by climate change.

One key determinant of entrepreneurial success is entrepreneurial self-efficacy (ESE), defined as an individual’s confidence in his or her ability to perform entrepreneurial tasks. Whereas previous research has examined how individual and business factors influence ESE, the purpose of this paper is to analyze the influence of entrepreneurs’ social networks upon ESE. The paper examines such relationships for black and white entrepreneurs.

In total, 110 black and white entrepreneurs responded to a survey measuring ESE and critical constructs representing elements of the quality of entrepreneurs’ networks: emotional carrying capacity (ECC) and network ethnic diversity.

The authors found significant, positive relationships between both ECC and network ethnic diversity on ESE for white entrepreneurs but only found a significant positive relationship between ECC and ESE for black entrepreneurs.

While research is clear about the role that ESE plays in entrepreneurial activities, few studies have focused on the factors that improve ESE. In the present work, the authors study the role of context by examining how entrepreneurs’ social networks influence ESE. The authors examine such influences for both white and black entrepreneurs to better understand the implications of ethnicity.

This paper aims to produce a framework for climate-smart agriculture (CSA) in the Yangambi landscape, Democratic Republic of the Congo (DRC). This would enable the authors to identify agricultural practices, assess vulnerability to climate change, identify options for improving agricultural systems from a climate change mitigation and adaptation perspective and finally provide climate-smart agricultural options.

The study used household survey methods of data collection. The data were collected using a structured questionnaire survey by interviewing 250 farm households, subdivided using three axes of the Yangambi landscape. Fisher’s exact test was used to determine relationships between two or more variables.

Results of the survey revealed that the vast majority (98%) of respondents perceived changes in temperature, rainfall and weather patterns. Reduction of crop yields and the emergence of new weed species and new crop pests are the main impacts on agricultural activities. Although 87.6% of respondents have no means of adaptation and resilience, some of them use crops rotation, fallow practice, fertilizers and bio-pesticides. A framework for CSA is proposed for the Yangambi landscape.

Policies and strategies to promote CSA in the study area should take into account local farmers' perceptions of climate change and consider first the adequacy of CSA practices for the specific conditions of the target area before its promotion. This study is thus useful for many REDD+ initiatives that are currently being promoted in DRC and particularly in the Tshopo Province.

This study is one of the first studies to focus on CSA in the Yangambi landscape, DRC. It assists the use of agriculture as a response to reducing deforestation while at the same time lowering agriculture’s carbon footprint and promoting a resilient and more productive farming system.

The article aims to identify and classify competencies and values considered essential or even necessary in the daily work of active managers and leaders.

This article is based on the results of comprehensive ethnographic research. I acquired the research material through open interviews (26 items), which facilitated immersion into the social reality of individual groups of respondents.

A manager who consistently adheres to their values builds lasting authority. A manager who is guided by values also has a greater influence on decision-making and team relationships. A manager who adheres to values can contribute to improving organizational culture and thus increase employee engagement and achieve better organizational results.

Findings from qualitative studies are context-specific and may not be easily generalizable to other settings or populations.

Organizations need to recognize the centrality of values in building managerial authority. By strategically aligning values, promoting consistency and fostering a culture of trust, organizations can enhance managerial effectiveness, team relationships and overall organizational performance.

Managers’ values play a crucial role in shaping workplace dynamics and can extend their influence to broader societal contexts. A values-driven approach has the potential to create positive social impacts and thus contribute to ethical business practices, trustful relationships and overall societal well-being.

The findings are original and valuable because they holistically explore the connection between managerial values and authority and identify key factors that contribute to lasting and impactful leadership in organizations and society.

A stylized fact in finance literature is the belief in positive relationship between ex ante return and risk. Hence, a rational investor, by utility preference axiom can only consider committing fund in asset which promises commensurate higher return for higher risk. Questions have been asked as to whether this holds true across securities, sectors and markets. Empirical evidence appears less convincing, especially in developing markets. Accordingly, the author investigates the nature of reward for taking risk in the Nigerian Capital Market within the context of individual assets and markets.

The author employed ex post design to collect weekly stock prices of firms listed on the Premium Board of Nigerian Stock Exchange for period 2014–2022 to attempt to answer research questions. Data were analyzed using a unique M Vec TGarch-in-Mean model considered to be robust in handling many assets, and hence portfolio management.

The study found that idea of risk-expected return trade-off is perhaps more general than as depicted by traditional finance literature. The regression revealed that conditional variance and covariance risks reveal minimal or no differences in sign and sizes of coefficients. However, standard errors were also found to be large suggesting somewhat inconclusive evidence of existence of defined incentive structure for taking additional risk in the market.

In terms of choice of methodology and outcomes, this research adds substantial value to body of knowledge. The adapted multivariate model used in this paper is a rare approach especially for management of portfolios in developing markets. Remarkably, the research found empirical evidence that positive risk-expected return trade-off, as known in mainstream literature, is not supported especially using a typical developing country data.

The practice of frontline employees articulating their brand voice and posting work-related content on social media has emerged; however, employee brand equity (EBE) research has yet to be linked to employees’ social media activity. This paper aims to take a methods-based approach to better understand employees’ roles as influencers. As such, its objective is to operationalize and apply the three EBE dimensions – brand consistent behavior, brand endorsement and brand allegiance – using Instagram data.

This qualitative research uses a case study of employee influencers at SoulCycle, a leading North American fitness company and examines 100 Instagram images and 100 captions from these influential employees to assess the three EBE dimensions.

Brand consistent behavior (what employees do) was the most important EBE dimension indicating that employees’ social media activities align with their employer’s values. Brand allegiance (what employees intend to do in the future) whereby employees self-identify with their employer on social media, followed. Brand endorsement (what employees say) was the least influential of the three EBE dimensions, which may indicate a higher level of perceived authenticity from a consumer perspective.

This research makes three contributions. First, it presents a novel measure of EBE using public Instagram data. Second, it represents a unique expansion and an evolution of King et al.’s (2012) model. Third, it considers employees’ work-related content on social media to understand employees’ role as influencers and their co-creation of EBE, which is currently an under-represented perspective in the internal branding literature.