Hela Mzoughi, Yosra Ghabri and Khaled Guesmi
This paper aims to empirically investigate the extent to which interdependence in markets may be driven by COVID-19 effects.
Abstract
Purpose
This paper aims to empirically investigate the extent to which interdependence in markets may be driven by COVID-19 effects.
Design/methodology/approach
The current global COVID-19 pandemic is adversely affecting the oil market (West Texas Intermediate) and crypto-assets markets.
Findings
The authors find that the dependence structure changes significantly after the global pandemic, providing valuable information on how the COVID-19 crisis affects interdependencies. The results also prove that the performance of digital gold seems to be better compared to stablecoin.
Originality/value
The authors fit copulas to pairs of before and after returns, analyze the observed changes in the dependence structure and discuss asymmetries on propagation of crisis. The authors also use the findings to construct portfolios possessing desirable expected behavior.
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Raphael Lissillour, Yuting Cui, Khaled Guesmi, Weijian Chen and Qianran Chen
This study aims to empirically examine the relationships among perceived environmental uncertainty (EV), the level of knowledge distance (KD) and the impact of value network on…
Abstract
Purpose
This study aims to empirically examine the relationships among perceived environmental uncertainty (EV), the level of knowledge distance (KD) and the impact of value network on firm performance.
Design/methodology/approach
The quantitative analysis is based on data from 243 Chinese companies with engineering, procurement and construction (EPC) business in the context of the COVID-19 pandemic.
Findings
The two dimensions of value network [network centrality (NC) and network openness (NO)] have a different impact on firm performance [financial performance (FP) and market performance (MP)]. NC has a positive impact on FP, but not on MP. NO has a positive effect on MP, but not on FP. A reduced KD mediates the relationship between value network and firm performance. Moreover, it fully mediates the relationship between NC and MP, NO and FP. Finally, during the COVID-19 pandemic, only EV has a moderating effect on KD and MP.
Research limitations/implications
This study is limited in terms of data set because it relies on a limited amount of cross-sectional data from one specific country. Therefore, researchers are encouraged to test the proposed propositions further.
Practical implications
The present findings suggest that EPC professionals should pay more attention to the EV, which may be impacted by policy, technology and the economy. This research has actionable implications for the reform of EPC in the construction industry, and practical recommendations for EPC firms to improve their corporate performance.
Originality/value
The results measure the complementary effects of both dimensions of value network (NC and NO) on two distinct aspects of firm performance (MP and FP) and assess the moderating effect of EV and KD in the context of the COVID-19 pandemics.
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Naama Trad, Houssem Rachdi, Abdelaziz Hakimi and Khaled Guesmi
This paper aims to focus on the main determinants of the performance and stability-banking sector in the Middle East and North Africa (MENA) region during the global financial…
Abstract
Purpose
This paper aims to focus on the main determinants of the performance and stability-banking sector in the Middle East and North Africa (MENA) region during the global financial crisis. Using a data set of 13 countries with both of 77 Islamic and 101 conventional banks during the period 2006-2013, empirical results show that specific variables allow explaining the change in the level of performance and stability for conventional and Islamic banks. However, the effect of some banks’ characteristics is not the same for the two bank groups. For the macroeconomic effect, it is observed that inflation exerts a negative effect on the bank performance except for conventional banks when it increases the profitability.
Design/methodology/approach
Using a data set of 13 countries with both of 77 Islamic and 101 conventional banks (CvB) during the period 2006-2013 and performing the generalized method of moments (GMM) method, the findings provide comprehensive evidence for the bank systems studied which are of interest also to policy makers and practitioners.
Findings
The main finding is that after the international financial crises of 2008, many worldwide banks have been experiencing crises in contrast to Islamic banks (IsB) which remain Gen more stable and more profitable. Foreign banks had a higher degree of exposure to risk, given their higher number of subsidiaries in the developed economies. As for the determinants of profitability, the bank-specific variables allow to explain the change in the level of performance and stability for conventional and Islamic banks. However, the effect of some banks characteristics is not the same for the two bank groups. For the macroeconomic effect, it is observed that inflation exerts a negative effect on the bank performance except for CvB when it increases the profitability measured by the return on assets (ROA). It is also found that the growth rate acts positively when the dependent variable is the ROA and negatively when the performance is measured by return on equity.
Originality/value
The inflation rate exerts a negative effect only on the ROA. This study differs from previous contributions in that it is tested the hypothesis of determinants of bank profitability and stability for both conventional and Islamic banks in the MENA region. It is of great interest to both policymakers and investors, with respect to regional development policies and dedicated portfolio investment strategies in each emerging region respectively. The authors adopted several ratios from the empirical literature on bank profitability and stability. Using a data set of 13 countries with both of 77 Islamic and 101 CvB during the period 2006-2013 and performing the GMM method, the findings have significant contributions to the literature by comprehensively clarifying and critically analyzing the current state of profitability and stability for both banks.
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Syed Ali Raza, Larisa Yarovaya, Khaled Guesmi and Nida Shah
This article aims to uncover the impact of Google Trends on cryptocurrency markets beyond Bitcoin during the time of increased attention to altcoins, especially during the…
Abstract
Purpose
This article aims to uncover the impact of Google Trends on cryptocurrency markets beyond Bitcoin during the time of increased attention to altcoins, especially during the COVID-19 pandemic.
Design/methodology/approach
This paper analyses the nexus among the Google Trends and six cryptocurrencies, namely Bitcoin, New Economy Movement (NEM), Dash, Ethereum, Ripple and Litecoin by utilizing the causality-in-quantiles technique on data comprised of the years January 2016–March 2021.
Findings
The findings show that Google Trends cause the Litecoin, Bitcoin, Ripple, Ethereum and NEM prices at majority of the quantiles except for Dash.
Originality/value
The findings will help investors to develop more in-depth understanding of impact of Google Trends on cryptocurrency prices and build successful trading strategies in a more matured digital assets ecosystem.
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Shailendra Singh, Mahesh Sarva and Nitin Gupta
The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and…
Abstract
Purpose
The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and propose future research directions. Under the domain of capital markets, this theme is a niche area of research where greater academic investigations are required. Most of the research is fragmented and limited to a few conventional aspects only. To address this gap, this study engages in a large-scale systematic literature review approach to collect and analyze the research corpus in the post-2000 era.
Design/methodology/approach
The big data corpus comprising research articles has been extracted from the scientific Scopus database and analyzed using the VoSviewer application. The literature around the subject has been presented using bibliometrics to give useful insights on the most popular research work and articles, top contributing journals, authors, institutions and countries leading to identification of gaps and potential research areas.
Findings
Based on the review, this study concludes that, even in an era of global market integration and disruptive technological advancements, many important aspects of this subject remain significantly underexplored. Over the past two decades, research has lagged behind the evolution of capital market crime and market regulations. Finally, based on the findings, the study suggests important future research directions as well as a few research questions. This includes market manipulation, market regulations and new-age technologies, all of which could be very useful to researchers in this field and generate key inputs for stock market regulators.
Research limitations/implications
The limitation of this research is that it is based on Scopus database so the possibility of omission of some literature cannot be completely ruled out. More advanced machine learning techniques could be applied to decode the finer aspects of the studies undertaken so far.
Practical implications
Increased integration among global markets, fast-paced technological disruptions and complexity of financial crimes in stock markets have put immense pressure on market regulators. As economies and equity markets evolve, good research investigations can aid in a better understanding of market manipulation and regulatory compliance. The proposed research directions will be very useful to researchers in this field as well as generate key inputs for stock market regulators to deal with market misbehavior.
Originality/value
This study has adopted a period-wise broad-based scientific approach to identify some of the most pertinent gaps in the subject and has proposed practical areas of study to strengthen the literature in the said field.
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Aditya Keshari and Amit Gautam
This study aims to organise and present the development of asset pricing models in the international environment. The stock market integration and cross-listing lead us to another…
Abstract
Purpose
This study aims to organise and present the development of asset pricing models in the international environment. The stock market integration and cross-listing lead us to another objective of bibliometric analysis for “International Asset Pricing” to provide a complete overview and give scope and directions for future research.
Design/methodology/approach
Web of Science database is used to search with “International Asset Pricing.” Of 3,438 articles, 2,487 articles are selected for the final bibliometric analysis. Various research such as citation analysis, keyword analysis, author’s and corresponding author's analysis have been conducted.
Findings
The bibliometric analysis finds that the USA comes out to be the country where the maximum research was conducted on the topic. The keyword analysis was also analysed to evaluate the significant areas of the research. Risk, return and international asset pricing are the most frequently used keywords. The year 2020 has the maximum number of published research articles and citations due to the change in the market structure worldwide and the effect of Covid-19 across the world.
Originality/value
The present paper provides the collection, classification and comprehensive analysis of “International Asset pricing,” which may help the academicians, researchers and practitioners for future research for the relevant subject area.
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Ahmed Shuhaiber, Khaled Saleh Al-Omoush and Ayman Abdalmajeed Alsmadi
This study aims to empirically examine the impact of perceived risks, optimism and financial literacy on trust and the perceived value of cryptocurrencies. It will also examine…
Abstract
Purpose
This study aims to empirically examine the impact of perceived risks, optimism and financial literacy on trust and the perceived value of cryptocurrencies. It will also examine the impact of trust on the perceived value of cryptocurrencies.
Design/methodology/approach
A quantitative approach is followed. A questionnaire was designed to collect data from 308 respondents in Jordan. The Structural Equation Modeling – Partial Least Squares (SEM-PLS) method was used to evaluate the research model and test hypotheses.
Findings
The results of PLS algorithm analysis showed that perceived risks negatively impact the optimism and trust in cryptocurrencies. This study revealed that while financial literacy minimizes the perceived risks, it serves to enhance optimism and improve the perception of the value of cryptocurrencies. Furthermore, the findings of this study show that optimism plays a significant role in trust and perceived value.
Originality/value
This study provides new insights into the literature on cryptocurrencies adoption, blockchain theory, the theory of trust in financial systems, the role of the optimism factor and the perception of the value of cryptocurrencies. It also provides important practical implications for different stakeholders.
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This paper aims at studying the oxygen plasma treatment and the previously prepared and fully characterized chitosan nanoparticles (CNPs) as a green and eco-friendly strategy for…
Abstract
Purpose
This paper aims at studying the oxygen plasma treatment and the previously prepared and fully characterized chitosan nanoparticles (CNPs) as a green and eco-friendly strategy for surface modification of viscose fabric. This was done to render viscose fabric dye able with two types of acid dyes that do not have direct affinity to fix on it via improving the fabric wettability.
Design/methodology/approach
To achieve the goal, viscose fabric was activated with oxygen plasma at optimum conditions and coated with different concentrations of CNPs solution via conventional pad dry cure technique. The untreated and plasma-treated fabrics with CNPs were dyed with two types of acid dyes, namely, Acid Orange 7 and Methyl Red under determined conditions. The color strength (K/S), fastness properties to light, rubbing and perspiration, add on %, tensile strength, wettability and durability of the dyed samples were determined and compared.
Findings
The results divulged that oxygen plasma-treated fabric with CNPs and the aforementioned dyes in question could improve the flowing properties in comparison with untreated fabric: (a) the fabric wettability expressed as wetting area mm2; (b) the dye ability and fastness properties of viscose fabrics expressed as K/S and fastness properties; and (c) the strength properties and add on % of the treated fabric. On the other hand, the durability of the plasma-treated fabric decreased with increasing washing cycles.
Originality/value
The novelty addressed here was using plasma treatment as an eco-friendly pre-treatment approach for attachment of CNPs as a multifunctional green bio-nano polymer onto viscose fabric, which improved the dyeing properties of the fabric with acid dyes that do not have direct affinity to fix onto it.
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Yilmaz Bayar, Valentin Toader, Marius Dan Gavriletea and Oguzhan Yelkesen
Sustainable development is considered a key factor in addressing environmental issues, global inequalities and poverty. This study aims to investigate the impact of stock market…
Abstract
Purpose
Sustainable development is considered a key factor in addressing environmental issues, global inequalities and poverty. This study aims to investigate the impact of stock market indicators on sustainable development across 16 emerging markets from 2003 to 2020.
Design/methodology/approach
The research uses causality and cointegration analyses to explore the relationships between stock market indicators and sustainable development.
Findings
Univariate causality analysis reveals a bidirectional causal relationship between the stock market turnover ratio and sustainable development, as well as a unidirectional relationship from sustainable development to stock market capitalization and total value traded. Panel-level cointegration analysis suggests that only stock market capitalization has a weak positive influence on sustainable development. However, the impact of stock market indicators on sustainable development varies significantly among countries, as revealed by country-level cointegration analysis.
Research limitations/implications
While this study provides valuable insights, it is not without limitations. The findings are limited to the selected emerging markets and the specified timeframe (2003–2020). The complexity of factors influencing sustainable development suggests the need for further exploration in diverse contexts.
Practical implications
Understanding the nuanced relationships between stock market indicators and sustainable development can offer valuable insights for policymakers, investors and stakeholders.
Originality/value
This research contributes to the existing literature by examining the multifaceted connections between stock market indicators and sustainable development, focusing on country-specific causality relationships. The study highlights the reciprocal nature of this relationship, where financial market development can both influence and be influenced by a country's progress toward sustainability. This approach provides a more nuanced understanding of the complex interaction between stock market maturity and sustainability goals.