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Article
Publication date: 1 July 2024

Abdul Moizz and S.M. Jawed Akhtar

The study aims to determine the long and short-term causal relationships between the variables associated with the adjustment of monetary policy and the stock market in India in…

1586

Abstract

Purpose

The study aims to determine the long and short-term causal relationships between the variables associated with the adjustment of monetary policy and the stock market in India in the presence of structural breaks.

Design/methodology/approach

The study employed the autoregressive distributed lag (ARDL) bounds test and the Error Correction Model to assess long- and short-term causal relationships. The study also used non-frequentist Bayesian inferences for the validity of estimation robustness. The Bai–Perron test is used to identify breakpoint dates for the Indian stock market index, and the Granger Causality test is employed to ascertain the direction of causality.

Findings

The F-bounds test reveals cointegration among the variables throughout the examined period. Specifically, the weighted average call money rate (WACR), inflation (WPI), currency exchange rate (EXE), and broad money supply (M3) exhibit statistical significance with precise signs. Furthermore, the study identifies the negative impact of the COVID-19 outbreak in March 2020 on the Indian stock market.

Research limitations/implications

Although the study provides significant insights, it is not exempt from constraints. A significant limitation is selecting a relatively limited time period, specifically from April 2008 to September 2023. The limited time frame of this study may restrict the applicability of the results to more comprehensive economic settings, as dynamics between the monetary policy and the stock market can be influenced by multiple factors over varying time periods. Furthermore, the utilisation of the Weighted Average Call Money Rate (WACR) rather than policy rates such as the Repo rate presents an additional constraint as it may not comprehensively account for the impacts of particular policy initiatives, thereby disregarding essential complexities in the connection between monetary policy variables and financial markets.

Practical implications

The findings of the study suggest that investors and portfolio managers should consider economic issues while developing long-term investing plans. Reserve Bank of India should exercise prudence to prevent any discretionary measures that may lead to a rise in interest rates since this adversely affects the stock market. To mitigate risk, investors should closely monitor the adjustment of monetary policy variables.

Social implications

The study has important social implications, especially regarding the lower levels of financial literacy among investors in India. Considering the complex nature of the study’s emphasis on monetary policy adjustments and their impact on the stock market. Investors face the risk of significant losses due to unexpected adjustments in monetary policy. Many individuals may need help understanding how policy changes impact their investments. Therefore, RBI must consider both price and financial stability when formulating monetary policies. Furthermore, market participants should consider the potential impact of fluctuating monetary policy variables when devising their long-term investment strategies. Given that adjustments in interest rates can markedly affect stock market dynamics, investors must carefully assess the implications of monetary policy decisions on their portfolios.

Originality/value

The study uses dummy variables in the ARDL model to represent structural breaks that emerged from the COVID-19 pandemic (as determined by the Bai–Perron multiple breakpoint test). The study also used the Perron unit root test to find out the stationary of the series in the presence of structural breaks. Additionally, the study also employed Bayesian inferences to affirm the robustness of the estimates.

Details

Asian Journal of Economics and Banking, vol. 8 no. 3
Type: Research Article
ISSN: 2615-9821

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Article
Publication date: 1 July 2007

Daniel Jiménez‐Jiménez and Raquel Sanz‐Valle

Recent literature has highlighted the importance of human resource management, knowledge management, and technical innovation as key elements for achieving competitive advantage…

1537

Abstract

Recent literature has highlighted the importance of human resource management, knowledge management, and technical innovation as key elements for achieving competitive advantage. Furthermore, research has shown a positive relationship between these three variables. However, empirical research on this issue is still scarce. This paper analyzes those linkages using structural equation modeling with data collected from 373 Spanish firms. The findings show that there is a relationship among the variables, although it is more complex than described in previous studies.

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 5 no. 2
Type: Research Article
ISSN: 1536-5433

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Article
Publication date: 21 November 2022

Rabail Aisha, Nisar Ahmed Channa, Manzoor Ali Mirani and Naveed Akhtar Qureshi

Using the theoretical lens of appraisal theory, this research aims to investigate the interrelationship between employees' organizational justice perceptions and counterproductive…

715

Abstract

Purpose

Using the theoretical lens of appraisal theory, this research aims to investigate the interrelationship between employees' organizational justice perceptions and counterproductive work behaviours (CWBs) through the mediation of negative emotions.

Design/methodology/approach

To this end, a sample comprised of 207 banking sector employees of Pakistan was utilized to test hypothesized relationships. The collected data were analyzed through the partial least structural equation modelling technique.

Findings

Results show that counterwork behaviours are influenced by distributive and procedural justice perceptions. The mediating effects of negative emotions were also statistically significant between procedural, interpersonal and informational justice perceptions and counterwork behaviours. No gender differences were found between distributive, interpersonal and informational justice perceptions and counterwork behaviours. However, the authors found that procedural justice perceptions of female employees are strongly related to CWBs as compared to male employees.

Originality/value

This research contributes to the existing organizational behaviour literature by empirically testing the hypothesized relationships using the theoretical lens of appraisal theory with advanced quantitative data analysis techniques.

Details

International Journal of Emerging Markets, vol. 19 no. 8
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 16 August 2024

Jianyu Zhao, Xinru Wang, Xinlin Yao and Xi Xi

Although digital transformation (DT) has emerged as an important phenomenon for both research and practices, the influences remain inconclusive and inadequate. The emerging…

367

Abstract

Purpose

Although digital transformation (DT) has emerged as an important phenomenon for both research and practices, the influences remain inconclusive and inadequate. The emerging artificial intelligence (AI) technologies further complicate the understanding and practices of DT while understudied yet. To address these concerns, this study takes a process perspective to empirically investigate when and how digital-intelligence transformation can improve firm performance, aiming to enrich the literature on digital-intelligence transformation and strategic information systems (IS) field.

Design/methodology/approach

Drawing on the dynamic capability view and business agility, we took a process perspective to conceptualize and empirically examine the influence of digital-intelligence transformation and the process characteristics. Taking a continuous panel dataset of listed Chinese firms covering 2007 to 2020, we investigated digital-intelligence transformation’s effect on firm performance and the moderating roles of three strategic aspects: pace, scope and rhythm.

Findings

This study found that digital-intelligence transformation positively affects firm performance and is moderated by the characteristics of transformation processes (i.e. pace, scope and rhythm). Specifically, the high-paced and rhythmic transformation processes facilitate the positive relationship, while the large scope undermines the benefits of transformation. These relationships hold across various endogeneity and heterogeneity analyses.

Originality/value

Our findings provide valuable implications for digital-intelligence transformation and strategic IS field. First, this study enriches existing literature on digital-intelligence transformation by empirically investigating the influence from a process perspective. Moreover, this study provides insights into a comprehensive understanding of the complexity of digital-intelligence transformation and the influences of AI. Finally, this study provides practical implications on how to make digital-intelligence transformation to benefit firm performance.

Details

Internet Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1066-2243

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Article
Publication date: 6 November 2017

Jeevan Jyoti and Asha Rani

The purpose of this paper is to explore the high performance work system through ability, motivation and opportunity model (Jiang et al., 2013) and its impact on organisational…

4329

Abstract

Purpose

The purpose of this paper is to explore the high performance work system through ability, motivation and opportunity model (Jiang et al., 2013) and its impact on organisational performance. Further, the mediating role of knowledge management between high performance work system and organisational performance has also been evaluated.

Design/methodology/approach

Questionnaire technique has been used to collect the data from managers (n=58) and employees (n=246) working in telecommunication organisations in Jammu and Kashmir (North India). Data collected have been validated using the exploratory factor analysis and confirmatory factor analysis. Hypotheses have been tested through structural equation modelling with the help of AMOS and SmartPLS3 softwares. Further, theoretical, managerial and socio-economic implications have also been discussed.

Findings

The study indicates that high performance work system positively affects organisational performance. Further, knowledge management act as a mediator between high performance work system and organisational performance.

Research limitations/implications

The study has been conducted only in the private telecommunication sector (Airtel, Aircel, Tata Indicom, Idea, Reliance, Vodafone). Further, the study being limited to telecommunication sector can be extended in other sectors also.

Practical implications

In order to create superior work system, management should focus on ability-enhancing initiatives such as extensive job training, computer-based training, etc. on regular basis. Employees should be rewarded extrinsically as well as intrinsically to keep them motivated to achieve higher levels of performance. Further, management should empower the employees through decentralisation of authority, participative decision making, etc. Besides this, management should also instil the knowledge culture in the organisation in order to enhance the knowledge capability of the employees.

Originality/value

This study contributes to the literature by identifying the black box using knowledge management to understand the relationship between high performance work system and organisational performance in the telecommunication sector.

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Article
Publication date: 23 August 2019

Lorena Para-González, Daniel Jiménez-Jiménez and Ángel Rafael Martínez-Lorente

The purpose of this paper is to investigate the role of affective commitment and empowerment as mediators in the relationship among high-performance work systems (HPWS) and…

1238

Abstract

Purpose

The purpose of this paper is to investigate the role of affective commitment and empowerment as mediators in the relationship among high-performance work systems (HPWS) and organizational performance. Different inconsistencies found in the literature review shows the need to take into account certain mediating variables, such as employees’ behaviors and attitudes, to understand how human resource management (HRM) facilitates the achievement of organizational results.

Design/methodology/approach

A sample of 200 medium-sized Spanish organizations was examined through partial least squares modeling methodology.

Findings

As hypothesized, a proactive strategic HRM approach in an organization can be translated in a series of human resources practices systems of high-performance, which stimulate directly employees’ affective commitment and promote empowerment among them, getting to better results in employees’ performance and in organizational performance.

Originality/value

This research shows that affective commitment and empowerment play a determinant role as mediators in HPWS and performance relationship, providing a deeper understanding of the alignment of strategy and HRM practices for organizational success.

Details

Evidence-based HRM: a Global Forum for Empirical Scholarship, vol. 7 no. 3
Type: Research Article
ISSN: 2049-3983

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Article
Publication date: 4 August 2021

Mahakdeep Singh, Kanwarpreet Singh and Amanpreet Singh Sethi

The current manuscript is focused on evaluating the capabilities of green practices that affect various business performance (BP) parameters of small and medium scale Indian…

241

Abstract

Purpose

The current manuscript is focused on evaluating the capabilities of green practices that affect various business performance (BP) parameters of small and medium scale Indian manufacturing enterprises (SME’s). This study aims to obtain multiple significant factors that influence the implementation of green practices.

Design/methodology/approach

The manuscript focuses on statistical testing of responses obtained from 168 Indian SMEs to determine the relationship between input parameters and BP parameters. This paper starts with deploying tests such as Cronbach alpha and inter-item covariance test to obtain confidence in data collected, followed by various statistical tests such as Pearson correlation, multiple regression, canonical correlation to extract various significant factors the study. Further Games-Howell post hoc test is deployed to evaluate the significant improvements in BP gained over a reasonable duration of time. Finally, a discriminant validity test is used to find out the success or failure of the organizations that participated in the survey.

Findings

This research contributes to the holistic effect of green manufacturing (GM) toward gaining improvements in terms of different BP parameters taken for the study. It has been found that various input factors such as customer attributes, adoption of new technology, social pressure and government pressure are the main parameters for GM implementation. Further, it is observed that those at the maturity phase of GM implementation are reaping higher benefits than the organizations at the transition and stability phase.

Originality/value

The current study has been accomplished in Indian SME manufacturing organizations to investigate the effects of GM implementation in the organization. Although research findings imply the effective use of green practices within the organization to reap BP parameters and improve the market’s competitive image, the study cannot be generalized and can be used as an insight for both academicians and end-users in understanding the overall achievements of GM.

Details

Journal of Science and Technology Policy Management, vol. 13 no. 2
Type: Research Article
ISSN: 2053-4620

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Article
Publication date: 20 September 2022

Umar Farooq Sahibzada, Asha Thomas, M. Saleem Ullah Khan Sumbal and Mehwish Malik

The study explores the impact of knowledge management (KM) enablers, i.e. trust and organizational climate, on KM processes. The study further observes the indirect relationship…

361

Abstract

Purpose

The study explores the impact of knowledge management (KM) enablers, i.e. trust and organizational climate, on KM processes. The study further observes the indirect relationship of KM processes on organizational performance via the mediating role of knowledge workers' satisfaction in cross-cultural settings.

Design/methodology/approach

This research used a survey of 784 educational and administrative personnel from higher education institutions (HEIs) in Pakistan and China. Smart Partial Least Square (PLS) 3.2.9 was employed to perform the analysis.

Findings

The result shows that trust and organizational climate influences KM processes, and these KM processes, in turn, impact organizational performance via the partial mediating effect of knowledge worker satisfaction (KWS) in Pakistan. The multi-group analysis confirmed the substantial differential effect of KM processes on KWS in culturally different HEIs. At the same time, the study's overall sample substantiated full mediation in China. Furthermore, the impact of KM processes on organizational performance did not substantiate in China.

Practical implications

Outcomes of this research affirm KM university practice and recommend how higher education academics and administrators prioritize trust, organizational climate, KM processes, and KWS while strengthening organizational performance in a culturally different environment.

Originality/value

A lack of research ascertains the inter-relationship between trust, organizational climate, KM processes, KWS, and organizational performance in culturally different environments. This is one of the initial studies that examine the relationship between trust, organizational climate, KM processes, KWS, and organizational performance in HEIs. The study empirically examines the inter-relationships among these variables and enlightens insights into the current literature by immediately investigating the mediating role of KWS in culturally different environments.

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Article
Publication date: 1 August 2016

Kitae Kim, Kwon Yoon, Bongsoon Cho, Longzhen Li and Byoung Kwon Choi

Using Hofstede’s cultural value model, the purpose of this paper is to investigate how Chinese employees’ cultural values differ according to firm ownership type such as state-…

1408

Abstract

Purpose

Using Hofstede’s cultural value model, the purpose of this paper is to investigate how Chinese employees’ cultural values differ according to firm ownership type such as state-, privately, and US-owned firms.

Design/methodology/approach

Data were collected from 367 Chinese employees working at firms located in Beijing.

Findings

Results showed that while Chinese employees in state-owned firms scored the highest in collectivism, those working at privately and US-owned firms scored higher for individualism. The score for long-term orientation was also higher in state-owned firms than in privately and US-owned firms. However, contrary to the expectation, the scores for Chinese employees for power distance in state-owned firms were lower than in the others, while the scores for masculinity in state-owned firms were higher than for the others. Chinese employees in all three types of firms showed lower scores than reported in previous studies for uncertainty avoidance.

Practical implications

This study contributes to a deepened understanding of how the cultural values of Chinese employees differ depending on firms’ ownership types, with significant implications for managers, who do business in China as they seek to establish management practices more closely aligned with the cultural values of Chinese employees.

Originality/value

This study may be the first attempt to examine how Chinese cultural values differ according to various ownership types. It suggests that Chinese employees at privately and US-owned firms have different cultural values from employees at state-owned firms, even though all three groups of employees are Chinese.

Details

Personnel Review, vol. 45 no. 5
Type: Research Article
ISSN: 0048-3486

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Article
Publication date: 28 October 2024

Santosh Kumar Tiwari, Rihana Shaik, Harishankar Vidyarthi, Chetan Chitre and Ravishankar Venkata Kommu

The purpose of this study is to investigate the impact of business group (BG) affiliation on affiliated firms' entrepreneurial orientation (EO). The authors further investigate…

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Abstract

Purpose

The purpose of this study is to investigate the impact of business group (BG) affiliation on affiliated firms' entrepreneurial orientation (EO). The authors further investigate the possible contingent factors affecting this relationship – the age of BGs and the affiliated firm’s external linkages (ratio of external to in-house interlocks) on the relationship in an emerging market context.

Design/methodology/approach

The study employs a dynamic panel data framework using the system-generalized method of moments (Sys-GMM) on a sample of 670 NSE-listed Indian firms during the 2006–2019 period. EO is measured through content analysis of the letters to shareholders (LTS) issued by the companies between the period 2006 and 2019.

Findings

BG affiliates have more EO than standalone firms, as affiliates can access group-wide resources and capabilities apart from firm-specific resources. Affiliates of older BG have less EO since they are more entrenched in the institutional settings of their BG. Affiliates with more external linkages of board members will have a higher level of EO, as such linkages would subside inertial tendencies by exposing them to novel sets of information, resources and strategic practices. Further, the negative effect of BG age on EO is countered by external linkages. Overall, the study shows that the effect of group affiliation is not uniform and is contingent on the factors we have theorized and tested.

Originality/value

The paper proposes the resource-based view and the institutional void theory as likely candidates for explaining the contribution of BGs towards the EO of its affiliates, especially in the context of emerging markets. The contingent role of BG age highlighted in the paper forewarns managers about the importance of establishing internal mechanisms to preserve the EO in affiliates. Our findings about the positive role played by external linkages of the board members provide one such mechanism that can be leveraged to enhance affiliated firm’s EO.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

Keywords

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