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Article
Publication date: 24 July 2019

Peter Jih-Hsin Sher, Wen-Long Zhuang, Ming-Chieh Wang, Chun-Jung Peng and Chun-Han Lee

The purpose of this paper is to examine the effects of home and host country leader–member exchange (LMX) on expatriate voice and determine whether perceived organizational…

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Abstract

Purpose

The purpose of this paper is to examine the effects of home and host country leader–member exchange (LMX) on expatriate voice and determine whether perceived organizational support (POS) moderates the relationship between home or host country LMX and expatriate voice.

Design/methodology/approach

This study surveyed 300 expatriates (expatriation of at least six months) working for Taiwanese banks. The participants had expatriated to Cambodia, Indonesia, Japan, Malaysia, Myanmar, the Philippines, Singapore, the USA and Vietnam. Convenience sampling was adopted.

Findings

Based on an analysis of 132 expatriates working for Taiwanese banks, home and host country LMX were positively related to expatriate voice. Moreover, host country LMX accounted for more variance in expatriate voice than home country LMX did. Financial POS moderated the relationship between home country LMX and expatriate voice. Career POS and adjustment POS moderated the relationships between home and host country LMX and expatriate voice.

Originality/value

In the field of expatriate management, whether expatriate voice is influenced by home and host country LMX requires further exploration. To the best of the authors’ knowledge, this is the first study to examine the effects of home and host country LMX on expatriate voice in host countries, as well as the moderating effect of POS on the aforementioned relationships.

Details

Employee Relations: The International Journal, vol. 41 no. 5
Type: Research Article
ISSN: 0142-5455

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Article
Publication date: 14 March 2016

Ming-Chieh Wang and Jin-Kui Ye

The purpose of this paper is to examine whether the conditionally expected return on size-based portfolios in an emerging market (EM) is determined by the country’s world risk…

607

Abstract

Purpose

The purpose of this paper is to examine whether the conditionally expected return on size-based portfolios in an emerging market (EM) is determined by the country’s world risk exposure. The authors analyze the degree of financial integration of 23 emerging equity markets grouped into five size portfolios using the conditional international asset pricing model with both world and domestic market risks. The authors also compare the model’s fitness on the predictability of portfolio returns by using world and EM indices.

Design/methodology/approach

This study investigates whether large-cap stocks are priced globally and whether mid- and small-cap stocks are strongly influenced by domestic risk factors. The authors first examine the predictability of large-, mid-, and small-cap stock portfolio returns by using global and local variables, and next compare the model fitness by using world and EM indices on the prediction of size-based stock returns. Finally, the authors test whether the world price of covariance risk is the same for different portfolios.

Findings

The authors find that the conditional expected returns of large-cap stocks should be priced by global variables. Mid- and small-cap stocks are influenced by domestic variables rather than global variables, and their returns are priced by local residual risks. The test of the conditional asset pricing model shows that the largest stocks have the smallest mean absolute pricing errors (MAE), and their pricing errors are lower in large markets than in small markets. Third, the EM index offers more predictability for the excess returns of mid- and small-cap stocks than the world market index, but the explanatory power of this index does not increase for large-cap stocks.

Originality/value

EMs in the past were known as segment markets, with local risk factors more important than global risk factors, suggesting significant benefits from adding EMs to global portfolios. It would be interesting to examine whether financial integration differs for various firm sizes in the markets.

Details

Managerial Finance, vol. 42 no. 3
Type: Research Article
ISSN: 0307-4358

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