Are share markets too volatile? While it is difficult to ignore share market volatility it is important to determine whether volatility is excessive. This paper replicates the…
Abstract
Are share markets too volatile? While it is difficult to ignore share market volatility it is important to determine whether volatility is excessive. This paper replicates the Shiller (1981) test as well as applying standard time series analysis to annual Australian stock market data for the period 1883 to 1999. While Shiller’s test suggests the possibility of excess volatility, time series analysis identifies a long‐run relationship between share market value and dividends, consistent with the share market reverting to its fundamental discounted cash flow value over time.
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Three themes dominate Hunting Causes. The first is that cause is a plural concept. The methods and metaphysics of causation, Cartwright believes, are context dependent. Different…
Abstract
Three themes dominate Hunting Causes. The first is that cause is a plural concept. The methods and metaphysics of causation, Cartwright believes, are context dependent. Different causal accounts seem to be at odds with one another only because the same word means different things in different contexts. Every formal approach to causality uses a conceptual framework that is “thinner” than causal reality. She lists a bewildering variety of approaches to causation: probabilistic and Bayes-net accounts (of, for example, Patrick Suppes, Clive Granger, Wolfgang Spohn, Judea Pearl, and Clark Glymour), modularity accounts (Pearl, James Woodward, and Stephen LeRoy), invariance accounts (Woodward, David Hendry, and Kevin Hoover), natural experiments (Herbert Simon, James Hamilton, and Cartwright), causal process accounts (Wesley Salmon and Philip Dowe), efficacy accounts (Hoover), counterfactual accounts (David Lewis, Hendry, Paul Holland, and Donald Rubin), manipulationist accounts (Peter Menzies and Huw Price), and others. The lists of advocates of various accounts overlap. Nevertheless, she sometimes treats these accounts as if they were so different that it is not clear why they should be the subject of a single book. And she fails to explain what they have in common. If, as she apparently believes, they do not have a common essence, do they have a Wittgensteinian family resemblance? She fails to explore in any systematic way the complementarities among the different approaches – for example, between invariance accounts, Bayes-nets, and natural experiments – that frequently make their advocates allies rather than opponents.
This essay is a review of the recent literature on the methodology of economics, with a focus on three broad trends that have defined the core lines of research within the…
Abstract
This essay is a review of the recent literature on the methodology of economics, with a focus on three broad trends that have defined the core lines of research within the discipline during the last two decades. These trends are: (a) the philosophical analysis of economic modelling and economic explanation; (b) the epistemology of causal inference, evidence diversity and evidence-based policy and (c) the investigation of the methodological underpinnings and public policy implications of behavioural economics. The final output is inevitably not exhaustive, yet it aims at offering a fair taste of some of the most representative questions in the field on which many philosophers, methodologists and social scientists have recently been placing a great deal of intellectual effort. The topics and references compiled in this review should serve at least as safe introductions to some of the central research questions in the philosophy and methodology of economics.
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Stephen Loh Tangwe, Michael Simon and Edson Leroy Meyer
The purpose of this study was to build and develop mathematical models correlating ambient conditions and electrical energy to the coefficient of performance (COP) of an…
Abstract
Purpose
The purpose of this study was to build and develop mathematical models correlating ambient conditions and electrical energy to the coefficient of performance (COP) of an air-source heat pump (ASHP) water heater. This study also aimed to design a simulation application to compute the COP under different heating up scenarios, and to calculate the mean significant difference under the specified scenarios by using a statistical method.
Design/methodology/approach
A data acquisition system was designed with respect to the required sensors and data loggers on the basis of the experimental setup. The two critical scenarios (with hot water draws and without hot water draws) during the heating up cycles were analyzed. Both mathematical models and the simulation application were developed using the analyzed data.
Findings
The predictors showed a direct linear relationship to the COP under the no successive hot water draws scenario, while they exhibited a linear relationship with a negative gradient to the COP under the simultaneous draws scenario. Both scenarios showed the ambient conditions to be the primary factor, and the weight of importance of the contribution to the COP was five times more in the scenario of simultaneous hot water draws than in the other scenario. The average COP of the ASHP water heater was better during a heating cycle with simultaneous hot water draws but demonstrated no mean significant difference from the other scenario.
Research limitations/implications
There was a need to include other prediction parameters such as air speed, difference in condenser temperature and difference in compressor temperature, which could help improve model accuracy. However, these were excluded because of insufficient funding for the purchase of additional temperature sensors and an air speed transducer.
Practical implications
The research was conducted in a normal middle-income family home, and all the results were obtained from the collected data from the data acquisition system. Moreover, the experiment was very feasible because the conduction of the study did not interfere with the activities of the house, as occupants were able to carry out their activities as usual.
Social implications
This paper attempts to justify the system efficiency under different heating up scenarios. Based on the mathematical model, the performance of the system could be determined all year round and the payback period could be easily evaluated. Finally, from the study, homeowners could see the value of the efficiency of the technology, as they could easily compute its performance on the basis of the ambient conditions at their location.
Originality/value
This is the first research on the mathematical modeling of the COP of an ASHP water heater using ambient conditions and electrical energy as the predictors and by using surface fitting multi-linear regression. Further, the novelty is the design of the simulation application for a Simulink environment to compute the performance from real-time data.
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Stephen Tetteh, Rebecca Dei Mensah, Christian Narh Opata and Claudia Nyarko Mensah
Based on the trait activation theory, the current study systematically integrates how autonomy interacts with proactivity to influence the relationship between ethical leadership…
Abstract
Purpose
Based on the trait activation theory, the current study systematically integrates how autonomy interacts with proactivity to influence the relationship between ethical leadership style and employee creativity.
Design/methodology/approach
Using simple random sampling and questionnaires, a sample of 475 engineering employees of 3 leading telecommunication companies in Ghana were obtained. The analysis was done using structured equation modeling (SEM), using SmartPLS.
Findings
The results showed that ethical leadership style provides employees with job autonomy which facilitates individual creativity. Employee proactivity also moderates a positive relationship between autonomy and creativity such that high-proactive employees are well placed to produce more creative outcomes when given autonomy. At the individual level, personal characteristics determine the degree of creativity.
Practical implications
The current study implies that telecommunication companies should put in more efforts to train and encourage leaders to be ethical in leaders' dealings with employees and employees must be rewarded for taking initiative.
Originality/value
With a focus on the integrative approach from a developing economy, this work is novel in exploring how contextual and personal features impact creativity.
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Ana Iolanda Voda and Andrei Stefan Nestian
The present study explores gender inequalities in the entrepreneurial landscape in Romania, based on Global Entrepreneurship Monitor (GEM) data, highlighting similarities and…
Abstract
The present study explores gender inequalities in the entrepreneurial landscape in Romania, based on Global Entrepreneurship Monitor (GEM) data, highlighting similarities and differences between women and men entrepreneurs. Even if the GEM reports include data on entrepreneurship since 1999, Romania has been among the participating countries only since 2007 for the Adult Population Survey (GEM, APS). Thus, to include Romania in the analysis, the data from this study were selected for nine years, namely from 2007 to 2015. Our results indicate that among Romanian men and women, similar drivers influence the odds of engagement in entrepreneurial activities relative to not being involved in businesses. For both men and women, having confidence in their knowledge and skills had the highest odds ratio values. Also, identifying opportunities proved to be positive and significant for both genders, while fear of failure had the opposite effect. Knowing other entrepreneurs can lead to great benefits generated through social exchange. Findings reveal that the external knowledge that an entrepreneur’s environment gives rise to can prove to be supportive in the discovery of opportunities and their exploitation.
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Sehrish Shahid and Michael K. Muchiri
Recognising the value of positive organisational behaviour at the workplace, this paper aims to provide a major review of the current state of research on positivity, and…
Abstract
Purpose
Recognising the value of positive organisational behaviour at the workplace, this paper aims to provide a major review of the current state of research on positivity, and subsequently proposes new pathways for more theory building relating to important constructs conceptually related to positivity. Following the integration of emerging but disparate research on workplace positivity and related concepts, the paper develops a conceptual framework depicting the relationships amongst authentic leader behaviours, organisational virtuousness, psychological capital, thriving and job performance.
Design/methodology/approach
The paper offers a systematic critical review of published studies representing the literature addressing authentic leadership, organisational virtuousness, thriving, psychological capital and job performance. The paper relied on computerised keyword searches in the main business source databases of Emerald, ProQuest, ScienceDirect, EBSCOhost and SpringerLink.
Findings
This paper leads to a conceptual framework proposing direct relationships between authentic leadership, psychological capital, organisational virtuousness and job performance. Further, authentic leadership is proposed to potentially nurture organisational virtuousness, psychological capital, employee thriving and job performance, given the theoretical linkages between these conceptually relevant variables related to positivity. Additionally, organisational virtuousness and psychological capital are projected to mediate the relationship between authentic leadership and employee thriving. Finally, organisational virtuousness, psychological capital and employee thriving are designated as mediators of the relationship between authentic leadership and job performance.
Research limitations/implications
This paper proposes a conceptual framework focusing on one form of positive leader behaviour and also assumes specific causal pathways using a positivistic research approach to understanding the leadership–performance relationship. The paper did not examine all possible antecedents of positivity at the workplace.
Practical implications
The proposed conceptual framework should form the basis of many organisational interventions, especially in relation to boosting authentic leadership, organisational virtuousness, psychological capital, employee thriving and job performance. By suggesting the association between authentic leadership, psychological capital and organisational virtuousness, this paper highlights potential benefits from effective leaders’ commitment to enhancing psychological capital and organisational virtuousness and engendering thriving behaviour and job performance.
Originality/value
This novel paper has the potential to stimulate the empirical studies on workplace positivity through the association of authentic leadership, psychological capital, organisational virtuousness and thriving.
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Stephen Wilkins, Muhammad Mohsin Butt, Farshid Shams and Andrea Pérez
International restaurant and fast food chains such as KFC, McDonald’s and Subway currently serve halal food in some non-Muslim countries, with mixed results. The purpose of this…
Abstract
Purpose
International restaurant and fast food chains such as KFC, McDonald’s and Subway currently serve halal food in some non-Muslim countries, with mixed results. The purpose of this paper is to identify the factors that most influence the product judgements of halal food amongst non-Muslim consumers in non-Muslim countries and to assess the extent to which these judgements are related to willingness to consume halal food.
Design/methodology/approach
A quantitative survey method was adopted, using a total sample of 1,100 consumers in Canada, Spain and the UK. The proposed model was tested using structural equation modelling.
Findings
The results suggest that it may be possible for firms to satisfy specific niche market segments with standardised mass market products. Consumer cosmopolitanism and non-Muslim religious identity were found to be positively related to halal product judgement, and consumer ethnocentrism and national identification were negatively related to halal product judgement. There was a strong relationship between product judgement and willingness to consume halal food.
Practical implications
The findings indicate that halal marketing may provide promising business opportunities for international restaurant and fast food chains, as well as food manufacturers and retailers. However, in countries or regions where there are many consumers with high levels of national identification or consumer ethnocentrism, firms should not expect non-target consumers to accept halal products.
Originality/value
This is the first study to suggest that, in non-Muslim countries, food companies may switch entirely to halal produce for certain products as an effective market segmentation strategy targeting Muslim consumers.