Motivated by the lure of cryptocurrencies for retail investors, whose concentrated holdings are particularly exposed to price crash risk, this paper aims to study the relationship…
Abstract
Purpose
Motivated by the lure of cryptocurrencies for retail investors, whose concentrated holdings are particularly exposed to price crash risk, this paper aims to study the relationship between investor attention and crash risk for a range of cryptocurrencies.
Design/methodology/approach
This study adopts a quantile regression approach to determine the effect of investor attention on crash risk. Crash risk is measured using the negative coefficient of skewness and down up volatility.
Findings
This study finds that the connection is concentrated in the tails of the crash risk distribution. Investor attention has a positive relationship with crash risk when crash risk is low (below-median quantiles) and negative when crash risk is high (above-median). The findings are consistent for different measures of crash risk, for alternate internet searches and for a panel of large cryptocurrencies in addition to Bitcoin. This study also notes seasonality in crash risk, with higher crash risk during the June–August period and lower crash risk in the Halloween period that runs from November to April.
Originality/value
The results provide insights that are not apparent in previous analyses of cryptocurrency price crash risk. The results are particularly important for retail investors, who constitute a large portion of the cryptocurrency market, as they tend to hold concentrated investments and so a price crash of a single asset may have a large bearing on their wealth.
Details
Keywords
COVID-19 has had an immense impact on global stock markets, with no sector escaping its effects. Investor attention towards COVID-19 surged as the virus spread, the number of…
Abstract
Purpose
COVID-19 has had an immense impact on global stock markets, with no sector escaping its effects. Investor attention towards COVID-19 surged as the virus spread, the number of cases grew and its consequences imposed on everyday life. We assess whether this increase in investor attention may explain stock returns across different sectors during this unusual period.
Design/methodology/approach
We adopt the methodology of Da et al. (2015), using Google search volume (GSV) as a proxy for investor attention to examine the relationship between investor attention and stock returns across 11 sectors.
Findings
Our results demonstrate that heightened attention towards COVID-19 negatively influences US stock returns. However, relatively speaking, some sectors appear to have gained from the increased attention. This outperformance is centred in the sectors most likely to benefit (or likely to lose least) from the crisis and associated spending by households and government (i.e. consumer staples, healthcare and IT). Such results may be explained by an information discovery hypothesis in the sense that investors are searching online for information to enable a greater understanding of COVID-19's impact on relative stock sector performance.
Originality/value
While we do not claim that investor attention is the only driver of stock returns during this unique period, we do provide evidence that it contributes to the market impact and to the heterogeneity of returns across stock market sectors.
Details
Keywords
Budi Setiawan, Umi Muawanah, Addin Maulana, Fauziah Khoiriyani, Marhanani Tri Astuti and Imam Nur Hakim
This study aims to analyze the capacity of ecotourists to exhibit behavior that aligns with the ecotourist scale using the Rasch model measurement.
Abstract
Purpose
This study aims to analyze the capacity of ecotourists to exhibit behavior that aligns with the ecotourist scale using the Rasch model measurement.
Design/methodology/approach
The data was gathered using an online survey incorporating the five tenets of ecotourism using a seven-point rating scale on domestic tourists in Indonesia. Descriptive statistics, cross-tabulation and Rasch model measurement were used to analyze the data.
Findings
The ecotourist identification scale measurement items were reliable and satisfactory. The most challenging behavior for ecotourists was using the services of a tour guide who was concerned about the environment. Meanwhile, respecting cultural differences around the tourist destination was the most accessible behavior. Most respondents demonstrated a fit response pattern and satisfactorily met the validity and reliability criteria.
Research limitations/implications
This study did not compare ecotourists’ ability to behave by the type of conservation visited as its limitation. However, it provides a significant methodological contribution to developing a measurement of ecotourist behavior implemented in well-established behavioral theories.
Practical implications
Integrating ecotourism into education, incentivizing eco-friendly tourism practices, promoting awareness, supporting local businesses, respecting local values and ensuring safe travels.
Originality/value
To the best of the authors’ knowledge, this study is the first of its kind to be conducted in Indonesia. It uses a unique and innovative method to reveal the unobserved variables in ecotourists’ behavior. The findings confirm that tourists’ behaviors align with the five tenets of ecotourism.
Details
Keywords
Three decades of academic and professional discourse on HR technologies (HRTs) have produced continued disagreement over construct definitions and research streams that are highly…
Abstract
Three decades of academic and professional discourse on HR technologies (HRTs) have produced continued disagreement over construct definitions and research streams that are highly fragmented. These realities suggest that greater consistency in meanings is sorely needed if we are to integrate and upgrade knowledge in this area. This chapter draws on the findings of a systematic research review to properly define the content domains of human resource information systems (HRIS), virtual human resources (virtual HR), electronic human resource management (e-HRM), and business-to-employee (B2E) systems. An integrative synthesis was performed on 242 system-level writings that appeared in the literature from 1983 to 2017. The weight of the evidence strongly supports treating HRIS, virtual HR, e-HRM, and B2E systems as independent, complimentary constructs. While the first three comprise a firm’s HRT system, the fourth construct is more appropriately positioned in the business-collaborative system. The sample was further evaluated with an analytic framework to detect patterns of practice in research designs. This revealed that much more attention has been focused on system actions and outcomes than on attitudes and system characteristics. Different units of analysis were well represented aside from trans-organizational studies. Finally, a case is made for better contextualizing HRT research by recognizing differences in assimilation stage, functional penetration, and collective proficiency. These factors are rarely mentioned, let alone studied, raising additional concerns about measurement error. Detailed suggestions are offered on ways to incorporate them. Together, these materials should promote more sophisticated and generalizable assessments of technology, improving our ability to understand its impacts.
Details
Keywords
Nang Biak Sing and Rajkumar Giridhari Singh
This paper aims to investigate the influence of attention and sentiment in the Indian stock market during the unusual COVID-19 crisis in the first and second waves of the pandemic.
Abstract
Purpose
This paper aims to investigate the influence of attention and sentiment in the Indian stock market during the unusual COVID-19 crisis in the first and second waves of the pandemic.
Design/methodology/approach
In this study, the capital asset pricing model (CAPM) is used to estimate the expected return. The autoregressive distributed lag (ARDL) model with optimal lag value selection and Granger causality using the vector autoregressive (VAR) estimation model were applied to find out whether there is a causal relationship between investors' attention and sentiment that influence stock returns across 14 sectors.
Findings
The results show that increased attention to COVID-19 substantially varied in the first wave and second wave market reactions. The upsurge attention of COVID-19 shows a negative influence with lower expected returns in the second wave. The sentiment of investors contrasts from the lower expected return in the first wave to the higher expected return in the second wave of the pandemic. Moreover, investors’ sentiment in a state of fear is associated with lower returns.
Originality/value
The authors capture sentiment based on attention and investors mood using novel data set during the COVID-19 pandemic shock. The study is among a few which take a comprehensive stock market response during initial and subsequent waves across sector returns.
Details
Keywords
Adisu Fanta Bate, Luke Pittaway and Danka Sàndor
How national culture induces entrepreneurship and business growth remains elusive in research. Questions remain, for example, how can we determine whether a given national culture…
Abstract
Purpose
How national culture induces entrepreneurship and business growth remains elusive in research. Questions remain, for example, how can we determine whether a given national culture is good or bad for entrepreneurial activities? What are those pro-entrepreneurship national culture dimensions that could be promoted across nations? These questions are yet open for discussion. The purpose of the study seeks to address these questions and unveil how various national cultural dimensions affect entrepreneurship in different national contexts.
Design/methodology/approach
The systematic literature review (SLR) method is meticulously applied. Key terms related to Hofstede’s national culture dimensions are traced alongside entrepreneurial aspects associated with entrepreneurial actions and orientations. By developing series of search queries from these terms, studies within the Web of Science and EBSCO databases are explored.
Findings
The review reveals that individualism, long-term orientation, low power distance, feminism, indulgence and low uncertainty avoidance dimensions of culture enable and foster entrepreneurial activities across countries. This study proposes that they be considered Hofstede’s pro-entrepreneurship cultural dimensions. The research suggests that countries endowed with more of these cultural factors tend to create favorable conditions for entrepreneurship. The authors argue that the bundling of these cultural dimensions makes a difference in entrepreneurial performance, not the isolated effect of individual dimensions.
Practical implications
The study reveals the intricate relationship between national culture and entrepreneurship, a relationship that is particularly crucial in today’s globalized work environment and cross-cultural entrepreneurship. The findings underscore the significant role of national culture in shaping the entrepreneurial activities of nations. To enhance the effectiveness of entrepreneurial practices, it is essential to consider the cultural context of societies. While the review does not identify a specific national culture dimension that distinguishes developing countries from developed ones in terms of entrepreneurial performance, it does suggest that promoting pro-entrepreneurship national cultural dimensions, rather than individual dimensions in isolation, can create a fertile ground for entrepreneurship to thrive.
Originality/value
This study significantly advances the understanding of the relationship between national culture and entrepreneurship, considering Hofstede’s six national cultural dimensions and their respective and concurrent influences. This research provides a clearer framework for understanding and promoting cultures that support entrepreneurship, particularly by focusing on how cultural “bundling” rather than isolated traits can drive success in entrepreneurship across different countries. The study also offers practical suggestions to stakeholders on how to promote a pro-entrepreneurship national culture. The use of the SLR methodology enhances the reliability of the findings, shedding light on the most critical national cultural dimensions that must be configured to achieve the maximum returns from entrepreneurial endeavors.
Details
Keywords
Sukhmani Bhatia Chugh and Archana Goel
With the increase in uncertainty around the globe, an intensifying interest is seen in Economic Policy Uncertainty (EPU) as a topic of research. Researchers worldwide understand…
Abstract
With the increase in uncertainty around the globe, an intensifying interest is seen in Economic Policy Uncertainty (EPU) as a topic of research. Researchers worldwide understand the significance of the impact of EPU on the country's development. EPU has a far-reaching impact as uncertainty shocks in one part of the world resonate worldwide due to the level of interconnectivity, globalization and quick communication. In order to facilitate these researchers, this study presents a bibliometric analysis of the existing research in this field using VOS viewer software, by consolidating all the studies from Scopus indexed journal articles, conference proceedings and review papers published in English language from 2006 to 2022. Bibliometric analysis on EPU has rarely been performed. The analysis identifies the publication trends, journal-wise citation, most influential authors, countries, institutions, keyword co-occurrence and authors of different countries who have collaborated for the research in the field. Finally, 1,055 papers were used for bibliometric analysis. The findings depicted that the most cited article on EPU is ‘Measuring economic policy uncertainty’ by Baker et al. (2016) and the most prolific author appears to be Rangan Gupta from University of Pretoria which as an institution also has the maximum publications on this topic. The Journal Finance Research Letters has published the greatest number of researches on EPU. This chapter also summarizes the limitations of the study along with new areas of research.
Details
Keywords
Using a GED-GARCH model to estimate monthly data from January 1990 to February 2022, we test whether gold acts as a hedge or safe haven asset in 10 countries. With a downturn of…
Abstract
Using a GED-GARCH model to estimate monthly data from January 1990 to February 2022, we test whether gold acts as a hedge or safe haven asset in 10 countries. With a downturn of the stock market, gold can be viewed as a hedge and safe haven asset in the G7 countries. In the case of inflation, gold acts as a hedge and safe haven asset in the United States, United Kingdom, Canada, China, and Indonesia. For currency depreciation, oil price shock, economic policy uncertainty, and US volatility spillover, evidence finds that gold acts as a hedge and safe haven for all countries.
Details
Keywords
Yifan Zhong, Cherrie Jiuhua Zhu and Mingqiong Mike Zhang
Expatriate management is a popular topic in international human resource management (IHRM) because expatriates play a critical role in a firm’s international business operations…
Abstract
Purpose
Expatriate management is a popular topic in international human resource management (IHRM) because expatriates play a critical role in a firm’s international business operations. The purpose of this paper is to discuss the existing studies that often examine the expatriate management of developed country multinational enterprises (MNEs), aiming to help them identify, employ, prepare and retain expatriates and address challenges these MNEs may face, while how MNEs from emerging countries manage their expatriates is understudied.
Design/methodology/approach
The knowledge of expatriate management from emerging market MNEs (EMNEs) may help us understand whether there is anything new for IHRM theory and practice. This conceptual paper aims to address this research gap by selecting China, a leading emerging economy, and reviewing the existing literature in both English and Chinese to examine the status quo of the expatriate management in Chinese MNEs to highlight challenges facing these MNEs in managing their expatriates when conducting outward foreign direct investment (FDI).
Findings
This paper aims to make theoretical contributions by generating research propositions to address an under-researched area, i.e., how EMNEs manage their expatriates and the role of their expatriates in the outward FDI.
Originality/value
No other person’s work has been used in the main text of the paper. This paper has not been submitted for the award of any other degree or diploma in this or any other tertiary institution.