Tim Pullen, David Smith, Jacquelyn Humphrey and Karen Benson
The purpose of this paper is to examine how the practices, processes and expertise embedded within Social Impact Bonds (SIBs) distinctively mediate the tensions between outcome…
Abstract
Purpose
The purpose of this paper is to examine how the practices, processes and expertise embedded within Social Impact Bonds (SIBs) distinctively mediate the tensions between outcome payers’ competing and contradictory programmatic discourses.
Design/methodology/approach
We use qualitative research methods and employ concepts drawn from the governmentality literature to analyse interviews with SIB outcome payers.
Findings
SIBs are shown to challenge the degree of negative influence of biopolitics, neoliberalism and financialization by highlighting a broader and more holistic set of influences. SIB operations pre-empt and counteract perceived risks and are refined through a “learning by doing” effect. In contrast to other approaches to funding social interventions, the SIB structure attributes and independently validates outcomes. Payments to investors are based on the achievement of outcomes and are funded by the outcome payers. SIBs’ operational processes allow the responsibilities of the various parties to be explicitly assigned and contracted. The interests are aligned, yet the cultural differences harnessed.
Originality/value
This paper is one of the first to apply governmentality concepts to SIBs. By focusing on outcome payers, the paper provides new perspectives on the practices, processes and expertise of governing and the programmatic discourses of governing, as well as their relationship. The insights offered are supported by one of the largest and most diverse empirical SIB samples including 34 interviews where 43 individuals reflect on their experiences across 32 unique outcome payer organisations.
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Lin Mi, Karen Benson and Robert Faff
The purpose of this study is to provide new cross-country evidence on the relation between real estate investment trust (REIT) returns and idiosyncratic risk for samples of listed…
Abstract
Purpose
The purpose of this study is to provide new cross-country evidence on the relation between real estate investment trust (REIT) returns and idiosyncratic risk for samples of listed and unlisted REITs in the US and Australia.
Design/methodology/approach
Five alternative models with exponential GARCH enhancements were employed, in a Fama-MacBeth (1973) setup. The authors assess the statistical significance of the idiosyncratic risk variable and interpret the outcomes.
Findings
The results show that listed REITs in the US and Australia demonstrate a positive idiosyncratic risk-return linkage over the long period of January 1980-November 2013 and April 1994-December 2012, respectively. A further examination by sub-period reveals that this positive relation is only evident in the new REIT era (January 1993-September 2001), absent in the vintage era (before December 1992) and maturity era (November 2001-August 2008). The unlisted REITs in both countries show no relation with idiosyncratic risk. Further, the global financial crisis has no effect on the relation between idiosyncratic risk and REIT returns.
Originality/value
A key motivation of this paper stems from the mixed findings documented in the literature. Also very little research has been done on the idiosyncratic risk-REIT returns linkage in the Australian context. This study offers unique insights from comparisons: Australia vs the US; and listed vs unlisted REITs.
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Karen Benson, Peter Pope and Robert Faff
This paper examines the market timing ability of a sample of 62 Australian International equity funds using the returns‐based approach of Henriksson and Merton (1981) (H&M) and…
Abstract
This paper examines the market timing ability of a sample of 62 Australian International equity funds using the returns‐based approach of Henriksson and Merton (1981) (H&M) and Treynor and Mazuy (1966) (T&M). Specifically, the primary focus is to investigate whether market timing ability bears any relationship to the stated fund allocation policy. Generally, the results indicate that fund managers do not successfully time the market. We also find that there is no relationship between the manager's stated level of activity on allocation and their market timing abilities as calculated using the H&M and T&M models. Managers are not successfully implementing their stated policies. These results are consistent with an irrelevance of perceived management style to fund policies and hence performance. Furthermore, it is indicative that fund managers are not successfully targeting particular classes of risk averse investors.
Jonathan A. Batten and Samanthala Hettihewa
Country‐specific information on risk management is increasingly important, not only for investors and decision makers in international markets but also, for those in national and…
Abstract
Country‐specific information on risk management is increasingly important, not only for investors and decision makers in international markets but also, for those in national and regional markets. This study reports the results of a cross‐sectional survey of risk management practice and derivatives use by a sample of Australian firms. Overall, the results suggest that firm‐specific factors appear to have some influence on risk management practice with the industry of the respondent being the most important, while the degree of international exposure has the least. Larger and more internationally exposed firms are likely to have more frequent reporting of derivatives use, and are more likely to use swaps and options to manage risks than other types of firms. Issues and implications for international firms are discussed.
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Umaira Danish Dervi, Ashraf Khan, Irum Saba, M. Kabir Hassan and Andrea Paltrinieri
Green finance has shown the importance of being socially responsible and supporting the flow of financial instruments to develop environmentally sustainable and ethical business…
Abstract
Purpose
Green finance has shown the importance of being socially responsible and supporting the flow of financial instruments to develop environmentally sustainable and ethical business models. The growing trends raised the need for a quantitative study to address scientific performance analysis and intellectual development. This paper aims to cater quantitative statistics, through a bibliometric review to understand the vital intellectual and influential constitution of green and socially responsible finance.
Design/methodology/approach
The authors apply trending and cutting-edge quali-quantitative approach of bibliometric citation analysis and review of 280 journal articles from the Web of Science database for the period of 1981–2021.
Findings
The results identify the leading academic authors, journals, institutions and countries with relation to green and socially responsible finance literature. We also discuss three research streams in this field: (1) overview of green finance, perception and investor behavior; (2) analysis of performance models and growth factors of green finance; (3) pricing mechanism of SRI. Finally, we identify the research gaps within existing green finance literature, proposing 30 research questions for the future agenda.
Research limitations/implications
The study confines on the Web of Science database, English published articles in known journals and reviews only. It relies on a reputable source and top scientific productions with the most direct link to green finance.
Originality/value
To the best of the authors knowledge, this paper is the first to discuss research streams in the literature of Green finance from a bibliometric aspect along with vast coverage of articles from reputed journals and databases till date. The results of this research along with future research questions will guide the researchers and academicians to further explore and stand on solid quantitative basis regarding the scientific development of Green finance.
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The purpose of this paper is to explore undergraduate student attitudes towards the inclusion of social media training within higher education pedagogy, student perceptions of…
Abstract
Purpose
The purpose of this paper is to explore undergraduate student attitudes towards the inclusion of social media training within higher education pedagogy, student perceptions of social media proficiency as professional expertise and its impact on graduate employability.
Design/methodology/approach
In all, 81 undergraduate students studying medicine, law, science and arts volunteered to complete an online survey. Questions examined student attitudes towards the delivery of social media pedagogy at university and the perceived benefits of social media proficiency.
Findings
Participants stated that social media skills should be taught in optional classes (85 per cent) covering generic competencies (56 per cent). The majority (91 per cent) of respondents reported that social media skills and training were valuable for employability.
Research limitations/implications
This was a pilot study and was therefore limited by the self-selection of participants, sample size and geographic location.
Practical implications
This study identifies that undergraduates across a range of disciplines are receptive to developing professionally relevant social media skills within higher education pedagogy and identify a link between social media proficiency and graduate employability.
Originality/value
Despite the increasing necessity for social media skills in professional environments, few studies have examined the teaching of social media skills as a core competency in higher education. Instead, social media is largely examined in relation to curriculum delivery and student engagement. This study explores attitudes towards the delivery of social media pedagogy at university and the perceived benefits of social media proficiency exclusively from the viewpoint of undergraduate students, to provide an alternative insight rarely explored in the literature.
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Karen Desta Agulei, John T. Githaiga, Benson Dulo and Eric Oyondi Nganyi
This study aims to identify the bioactive compounds in the Onion (Allium burdickii [A.B]) bulb using Raman and Fourier transform infrared spectroscopy (FTIR) spectroscopy. It…
Abstract
Purpose
This study aims to identify the bioactive compounds in the Onion (Allium burdickii [A.B]) bulb using Raman and Fourier transform infrared spectroscopy (FTIR) spectroscopy. It assessed the extraction conditions of bioactive compounds from A.B. while evaluating the best extraction conditions.
Design/methodology/approach
The research opted for an experimental qualitative approach. It examined the extraction conditions of A.B., namely, temperature (°C), time (min) and mass-to-liquor ratio (M:R) using ultraviolet-visible spectrophotometry. Identification of bioactive compounds present in the dye was performed using Raman spectroscopy and the validation of the results was done by FTIR spectroscopy.
Findings
The study determined the best extraction conditions (time, temperature, M:R) for A.B bulb. The study confirmed the presence of bioactive compounds.
Research limitations/implications
The limitation was quantification of bioactive compounds in A.B bulb.
Practical implications
The findings prove that the A.B. bulb can provide a sustainable source of bioactive compounds (functionalized compounds). The study provides suitable extraction conditions for A.B. and further elaborates on the techniques for identifying bioactive compounds in A.B. bulb extracts.
Social implications
The study provides A.B. as a source of bioactive compounds and a clean dye for textile coloration.
Originality/value
To the best of the authors’ knowledge, there is no documented study on the qualitative analysis of bioactive compounds in A.B using Raman and FTIR. Therefore, the study fulfils the identified need to ascertain alternative procedures for the analysis of bioactive compounds.
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Kwame Owusu-Kwateng, Munir Abdul Hamid and Bernice Debrah
Coordinating logistics in the midst of a relief operation is often an overwhelming job that can jeopardise the human life and assets if not done rapidly and practicably. The…
Abstract
Purpose
Coordinating logistics in the midst of a relief operation is often an overwhelming job that can jeopardise the human life and assets if not done rapidly and practicably. The purpose of this paper is to evaluate the performance of relief logistics in a disaster situation in Ghana with emphasis on the coordination of emergency relief operation and effectiveness of inventory management.
Design/methodology/approach
A stratified sampling method was employed to a sample of 134 respondents from regional, district and municipal offices in the National Disaster Management Organisation in Ghana using a self-administered questionnaire.
Findings
The findings from this study revealed an effective assessment time but late delivery of relief items. They also revealed issues with respect to resource availability, inventory management and coordination with relief actors which resulted in slow response to affected population.
Practical implications
The result from this study reveals an ineffective disaster relief response. The practical implications of this issue have been highlighted. In addition, ways to effectively address this issue have been discussed.
Originality/value
Drawing insight from previous work and study finding, the paper presents a framework for effective relief logistics operation focussing on all relevant actors in each phase of disaster.