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Article
Publication date: 8 May 2017

Christine Mathies and Paul G. Patterson

370

Abstract

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Journal of Service Theory and Practice, vol. 27 no. 3
Type: Research Article
ISSN: 2055-6225

Available. Open Access. Open Access
Article
Publication date: 11 May 2023

Md. Tofael Hossain Majumder, Israt Jahan Ruma and Aklima Akter

This paper attempts to evaluate the impact of intellectual capital on bank performance in Bangladesh.

2118

Abstract

Purpose

This paper attempts to evaluate the impact of intellectual capital on bank performance in Bangladesh.

Design/methodology/approach

The authors analyze an unbalanced longitudinal data of 32 banks, which cover 318 observations of bank-year from 2010 to 2019. The study employs a dynamic panel model with the two-step system generalized methods of moments (SGMM).

Findings

The results show that bank performance is significantly positively affected by the intellectual capital (IC) in Bangladesh. In addition, the findings show that capital employed efficiency (CEE) is an essential determinant of bank performance rather than structural capital efficiency (SCE) and human capital efficiency (HCE) for the Bangladeshi banking sector.

Originality/value

This work is unique as no one has explored the impact of intellectual capital on Bangladesh's bank performance. The findings suggest that business owners, managers and policymakers who want to improve the efficiency of their organizations should spend continuously on IC and expand their investment into CEE, which includes both financial and physical resources, in order to obtain better bank performance.

Details

LBS Journal of Management & Research, vol. 21 no. 2
Type: Research Article
ISSN: 0972-8031

Keywords

Available. Content available
Book part
Publication date: 23 September 2024

Free Access. Free Access

Abstract

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Revisiting Sustainable Tourism in the Philippines
Type: Book
ISBN: 978-1-83753-679-5

Available. Content available
Book part
Publication date: 23 September 2024

Free Access. Free Access

Abstract

Details

Revisiting Sustainable Tourism in the Philippines
Type: Book
ISBN: 978-1-83753-679-5

Available. Content available
Book part
Publication date: 30 July 2018

Abstract

Details

Marketing Management in Turkey
Type: Book
ISBN: 978-1-78714-558-0

Available. Content available
Article
Publication date: 1 March 2007

Balbir B. Bhasin

About 10 years ago the Singapore Government realized that entrepreneurial spirit was lacking in its general population. These conclusions were confirmed by an empirical survey…

2275

Abstract

About 10 years ago the Singapore Government realized that entrepreneurial spirit was lacking in its general population. These conclusions were confirmed by an empirical survey, the Global Entrepreneurship Monitor (GEM), an annual assessment of the national level of entrepreneurial activity. The paternalistic and authoritative approach of the government contributed to the general population’s averseness to participating in riskoriented ventures.

Removing impediments to entrepreneurship is a key challenge for the government and the business sector if the island republic is to maintain its national competitiveness. This article explores the various initiatives taken by the government to stimulate risk-taking and attempts to ascertain if the various measures can be used as key factors to strengthen the inherent cultural values that stimulate the entrepreneurial spirit.The observations can serve as a useful tool for academics and managers in recognizing the cultural traits that influence and help foster entrepreneurial tendencies.

Details

New England Journal of Entrepreneurship, vol. 10 no. 2
Type: Research Article
ISSN: 1550-333X

Available. Open Access. Open Access
Article
Publication date: 13 March 2018

Teik-Kheong Tan and Merouane Lakehal-Ayat

The impact of volatility crush can be devastating to an option buyer and results in a substantial capital loss, even with a directionally correct strategy. As a result, most…

2187

Abstract

Purpose

The impact of volatility crush can be devastating to an option buyer and results in a substantial capital loss, even with a directionally correct strategy. As a result, most volatility plays are for option sellers, but the profit they can achieve is limited and the sellers carry unlimited risk. This paper aims to demonstrate the dynamics of implied volatility (IV) as being influenced by effects of persistence, leverage, market sentiment and liquidity. From the exploratory factor analysis (EFA), they extract four constructs and the results from the confirmatory factor analysis (CFA) indicated a good model fit for the constructs.

Design/methodology/approach

This section describes the methodology used for conducting the study. This includes the study area, study approach, sources of data, sampling technique and the method of data analysis.

Findings

Although there is extensive literature on methods for estimating IV dynamics during earnings announcement, few researchers have looked at the impact of expected market maker move, IV differential and IV Rank on the IV path after the earnings announcement. One reason for this research gap is because of the recent introduction of weekly options for equities by the Chicago Board of Options Exchange (CBOE) back in late 2010. Even then, the CBOE only released weekly options four individual equities – Bank of America (BAC.N), Apple (AAPL.O), Citigroup (C.N) and US-listed shares of BP (BP.L) (BP.N). The introduction of weekly options provided more trading flexibility and precision timing from shorter durations. This automatically expanded expiration choices, which in turned offered greater access and flexibility from the perspective of trading volatility during earnings announcement. This study has demonstrated the impact of including market sentiment and liquidity into the forecasting model for IV during earnings. This understanding in turn helps traders to formulate strategies that can circumvent the undefined risk associated with trading options strategies such as writing strangles.

Research limitations/implications

The first limitation of the study is that the firms included in the study are relatively large, and the results of the study can therefore not be generalized to medium sized and small firms. The second limitation lies in the current sample size, which in many cases was not enough to be able to draw reliable conclusions on. Scaling the sample size up is only a function of time and effort. This is easily overcome and should not be a limitation in the future. The third limitation concerns the measurement of the variables. Under the assumption of a normal distribution of returns (i.e. stock prices follow a random walk process), which means that the distribution of returns is symmetrical, one can estimate the probabilities of potential gains or losses associated with each amount. This means the standard deviation of securities returns, which is called historical volatility and is usually calculated as a moving average, can be used as a risk indicator. The prices used for the calculations are usually the closing prices, but Parkinson (1980) suggests that the day’s high and low prices would provide a better estimate of real volatility. One can also refine the analysis with high-frequency data. Such data enable the avoidance of the bias stemming from the use of closing (or opening) prices, but they have only been available for a relatively short time. The length of the observation period is another topic that is still under debate. There are no criteria that enable one to conclude that volatility calculated in relation to mean returns over 20 trading days (or one month) and then annualized is any more or less representative than volatility calculated over 130 trading days (or six months) and then annualized, or even than volatility measured directly over 260 trading days (one year). Nonetheless, the guidelines adopted in this study represent the best practices of researchers thus far.

Practical implications

This study has indicated that an earnings announcement can provide a volatility mispricing opportunity to allow an investor to profit from a sudden, sharp drop in IV. More specifically, the methodology developed by Tan and Bing is now well supported both empirically and theoretically in terms of qualifying opportunities that can be profitable because of the volatility crush. Conventionally, the option strategy of shorting strangles carries unlimited theoretical risk; however, the methodology has demonstrated that this risk can be substantially reduced if followed judiciously. This profitable strategy relies on a set of qualifying parameters including liquidity, premium collection, volatility differential, expected market move and market sentiment. Building upon this framework, the understanding of the effects of persistence and leverage resulted in further reducing the risk associated with trading options during earnings announcements. As a guideline, the sentiment and liquidity variables help to qualify a trade and the effects of persistence and leverage help to close the qualified trade.

Social implications

The authors find a positive association between the effects of market sentiment, liquidity, persistence and leverage in the dynamics of IV during earnings announcement. These findings substantiate further the four factors that influence IV dynamics during earnings announcement and conclude that just looking at persistence and leverage alone will not generate profitable trading opportunities.

Originality/value

The impact of volatility crush can be devastating to the option buyer with substantial capital loss, even for a directionally correct strategy. As a result, most volatility plays are for option sellers; however, the profit is limited and the sellers carry unlimited risk. The authors demonstrate the dynamics of IV as being influenced by effects of persistence, leverage, market sentiment and liquidity. From the EFA, they extracted four constructs and the results from the CFA indicated a good model fit for the constructs. Using EFA, CFA and Bayesian analysis, how this model can help investors formulate the right strategy to achieve the best risk/reward mix is demonstrated. Using Bayesian estimation and IV differential to proxy for differences of opinion about term structures in option pricing, the authors find a positive association among the effects of market sentiment, liquidity, persistence and leverage in the dynamics of IV during earnings announcement.

Details

PSU Research Review, vol. 2 no. 1
Type: Research Article
ISSN: 2399-1747

Keywords

Available. Content available
Book part
Publication date: 14 January 2019

Morgan R. Clevenger and Cynthia J. MacGregor

Free Access. Free Access

Abstract

Details

Business and Corporation Engagement with Higher Education
Type: Book
ISBN: 978-1-78754-656-1

Available. Open Access. Open Access
Article
Publication date: 10 January 2025

Vina Paramitha, Ser Zian Tan and Weng Marc Lim

Amidst growing concerns about environmental sustainability, brands face the challenge of upholding authenticity in their green marketing efforts. While existing research primarily…

368

Abstract

Purpose

Amidst growing concerns about environmental sustainability, brands face the challenge of upholding authenticity in their green marketing efforts. While existing research primarily focuses on understanding and preventing greenwashing, there is a critical need to explore its consequences and mitigation strategies. This study aims to investigate the effects of greenwashing across varying levels of severity on consumer forgiveness and brand attitude, with growth beliefs and apology sincerity serving as moderators.

Design/methodology/approach

This study conducted a between-subjects online experiment in two phases: Phase 1 examined the effects of greenwashing severity on brand attitude, mediated by consumer forgiveness and moderated by their growth beliefs, whereas Phase 2 tested the moderating role of apology sincerity.

Findings

This study identifies different types of greenwashing and reveals that higher perceived severity of active greenwashing worsens brand attitude through reduced consumer forgiveness. However, consumers with stronger growth beliefs show greater forgiveness, moderating the negative impact of greenwashing severity. Crucially, a sincere apology effectively mitigates the detrimental effects of greenwashing severity on brand attitude.

Research limitations/implications

This study offers actionable insights for brand managers, highlighting that fostering growth beliefs and offering sincere apologies can mitigate the negative impacts of greenwashing.

Originality/value

This study advances the greenwashing literature by highlighting the negative consequences of greenwashing on consumer forgiveness and brand attitude, and underscoring the role of growth beliefs and apology sincerity as effective mitigation strategies.

Details

Journal of Product & Brand Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1061-0421

Keywords

Available. Content available
Book part
Publication date: 23 September 2024

Free Access. Free Access

Abstract

Details

Revisiting Sustainable Tourism in the Philippines
Type: Book
ISBN: 978-1-83753-679-5

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