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Open Access
Article
Publication date: 15 November 2024

Mohamed Ismail Mohamed Riyath, Debeharage Athula Indunil Dayaratne and Athambawa Jahfer

This study aims to comprehensively examine the relationship between initial public offering (IPO) activities and macroeconomic factors in Sri Lanka.

Abstract

Purpose

This study aims to comprehensively examine the relationship between initial public offering (IPO) activities and macroeconomic factors in Sri Lanka.

Design/methodology/approach

This study uses principal component analysis (PCA) and autoregressive distributed lag (ARDL) techniques to examine the relationship between IPO activities and macroeconomic factors. Ten macroeconomic variables are transformed into principal components (factors) using PCA. Then, ARDL is applied to investigate the long- and short-term relationships between IPO activities and the transformed macroeconomic factors.

Findings

The empirical investigation identifies three principal factors from the ten macroeconomic variables, of which two factors have a significant long-run association with IPO activities: “return on investment (RTOI)” and “economic and market development (ECMD).” In the short run, “trade openness and banking sector development (TOBD)” and RTOI are significantly associated with IPO activities.

Research limitations/implications

The study was based on 30 years of observations, which passed all diagnostic tests but may be insufficient for generalizing the findings. Future studies could use high-frequency data (monthly or quarterly) to increase the number of observations and repeat the method and analysis. Also, while the symmetrical ARDL method was used in this study, an asymmetrical ARDL method may provide more insightful results and interpretations.

Practical implications

The study highlights the importance of considering both long- and short-term associations when analyzing the impact of macroeconomic variables on IPO activities.

Originality/value

This study is the first to comprehensively examine the relationship between IPO activities and macroeconomic variables using PCA and the ARDL technique. The study provides insight into the macroeconomic factors that influence IPO activities in Sri Lanka and highlights the importance of considering long- and short-term associations.

Details

LBS Journal of Management & Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0972-8031

Keywords

Open Access
Article
Publication date: 23 August 2024

Rexford Abaidoo and Elvis Kwame Agyapong

The study examines the impact of macroeconomic risk and volatility associated with key macroeconomic indicators on financial market uncertainty; and the extent to which governance…

Abstract

Purpose

The study examines the impact of macroeconomic risk and volatility associated with key macroeconomic indicators on financial market uncertainty; and the extent to which governance and institutional structures moderate such relationships.

Design/methodology/approach

The study employs data from 33 countries in Sub-Saharan Africa (SSA) for the period between 1996 and 2019. Variable derivation techniques such as the generalized autoregressive conditional heteroskedasticity (GARCH) for deriving volatility data, and the principal component analysis (PCA) for index construction were employed. The data is examined using the two-step system generalized method of moments (TS-SGMM) technique.

Findings

Empirical results suggest that macroeconomic risk and exchange rate volatility heighten financial market uncertainty among economies in the sub-region. Further empirical estimates show that institutional quality and government effectiveness have a negative moderating effect on the nexus between macroeconomic risk, inflation uncertainty, GDP growth, exchange rate, and financial market uncertainty.

Practical implications

The key macroeconomic conditions with the propensity to foment financial market uncertainty are worth monitoring with adequate buffers to mitigate their impacts on the financial market.

Originality/value

Compared to related studies, this study focuses on uncertainty associated with financial markets among emerging economies in sub-Saharan Africa (SSA) instead of the performance of the financial markets or specific financial market indicators such as the stock market; and the extent to which a host of macroeconomic conditions influence such uncertainty. For instance, Abaidoo and Agyapong (2023) focused on the impact of macroeconomic indicators or conditions on the performance of the financial market and the efficiency of financial institutions respectively instead of the uncertainty or risk associated with the financial market as pursued in the current study. This differing approach is pursued with the goal of proffering appropriate strategies for policy makers towards assuaging the financial market risk (uncertainty) due to macroeconomic dynamics. We further examine how the various fundamental relationships may be moderated by effective governance and institutional quality.

Details

EconomiA, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1517-7580

Keywords

Open Access
Article
Publication date: 24 May 2022

Dragan Vukolic, Tamara Gajić and Mirjana Penic

To evaluate some of the current discussions about the possible impacts of social networks on the development of gastronomy in the Republic of Serbia. There could be either…

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Abstract

Purpose

To evaluate some of the current discussions about the possible impacts of social networks on the development of gastronomy in the Republic of Serbia. There could be either positive and/or negative impacts and this viewpoint provides some reflection on what the future might hold for some if not many tourism destinations in Serbia and the region when the tourism industry restarts after the pandemic of Covid-19 virus.

Design/methodology/approach

The research was conducted in December 2021, on a total of 244 respondents in three cities in Serbia. SPSS software was used, version 26.00, and the obtained data were analyzed by descriptive statistics. Then, to determine the structure of the questionnaire and the percentage of variance, an exploratory factor analysis was performed together with a higher order factor analysis, in order to obtain the desired number of factors. Subsequently, the authors used multiple regression analysis to confirm the significance of the predictors. The goal of the research was to determine whether, and to what extent, social networks can predict the choice of restaurants and gastronomic offers in Serbia. Serbian gastronomy has a great influence on the development of tourism, so this research has a wide scientific and practical contribution.

Findings

This paper provides a context and viewpoint on the possible implications of impacts of social networks on the development of gastronomy in the Republic of Serbia in the future. It has been proven that social networks can have an impact on the development of gastronomy and tourism itself.

Research limitations/implications

To examine the impact of social networks on the development of gastronomy, the authors conducted a survey online due to the current Covid-19 pandemic. The limitation of this research was precisely that the authors did not have the opportunity to conduct the research live due to the Covid-19 pandemic. It is recommended that such surveys be conducted live in direct contact with respondents in the future in order to obtain a larger sample with fully completed questionnaires.

Practical implications

The importance of social networks is increasingly a topic of study of world research, especially when it comes to gastronomy, which is becoming increasingly important as an activity in the tourism industry. The results indicate that the greatest importance in predicting the choice of restaurants and gastronomic offers has social networks and marketing. The importance of the work is reflected in the recognition of the importance of social networks, in order to better place Serbian gastronomy.

Social implications

This paper offers a synthesis of views that fosters an understanding of the possibility of impacts of social networks on the development of gastronomy in the Republic of Serbia before and after the Covid-19 pandemic.

Originality/value

The viewpoint proffered in this paper provides scope for a rapid evaluation of the current status of gastronomy tourism in Serbia which can help practitioners and researchers in the faster and better development of gastronomy and tourism.

Details

Journal of Tourism Futures, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2055-5911

Keywords

Article
Publication date: 25 November 2024

Richard Kent, Wenbin Long, Yupeng Yang and Daifei Yao

We adopt an information risk view and argue that higher levels of pledge risk incurred by insiders incentivize opportunistic financial disclosure and impair the quality of…

Abstract

Purpose

We adopt an information risk view and argue that higher levels of pledge risk incurred by insiders incentivize opportunistic financial disclosure and impair the quality of information available to analysts to forecast firm performance.

Design/methodology/approach

We sample Chinese listed companies from 2010 to 2022. Following the literature, we apply established models to measure and test analysts’ forecasting accuracy/dispersion related to controlling shareholders pledging equity and the amount of margin call pressure. Analyst characteristics and nonfinancial disclosures proxied by CSR reports are also examined as factors likely to influence the relationship between pledge risk and analysts’ forecast quality.

Findings

We find that analysts’ earnings predictions are less accurate and more dispersed as the proportion of shares pledged (pledge ratio) increases and in combination with greater margin call pressure. Pledge ratios are significantly associated with several information risk proxies (i.e. earnings permanence, accruals quality, audit quality, financial restatements, related party transactions and internal control weaknesses), validating the channel through which equity pledges undermine analysts’ forecast quality. The results also demonstrate that forecast quality declines for a wide variety of analysts’ attributes, including high- and low-quality analysts and analysts from small and large brokerage firms. Importantly, nonfinancial disclosures, as proxied by CSR reporting, improve analysts’ forecasts.

Originality/value

We extend the literature by demonstrating that incremental pledge risk increases non-diversifiable information risk; all non-pledging shareholders pay a premium through more diverse and less accurate earnings forecasts. Our study provides important policy implications with economically significant costs to investors associated with insider equity pledges. Our results highlight the benefits of nonfinancial disclosures in China, which has implications for the current debate on the global convergence of CSR reporting.

Details

Journal of Accounting Literature, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0737-4607

Keywords

Article
Publication date: 21 June 2023

Yane Chandera

This study analyzes whether industry relatedness between a corporate borrower and its group peers significantly affects that firm's borrowing cost.

Abstract

Purpose

This study analyzes whether industry relatedness between a corporate borrower and its group peers significantly affects that firm's borrowing cost.

Design/methodology/approach

A regression analysis is run on bank-loan data of a sample of Indonesian companies for 2010–2020. The main variables of interest are the natural logarithms of the borrowing firm's number of affiliates classified within either similar 2- or 4-digit GICS industries, and the Caves weighted index of these firms' related diversification. This index measures how firms in a group are diversified in relation to the borrower. The dependent variable is the all-in credit spread, stated in basis points, over the LIBOR or similar benchmark, as of the loan issuance date.

Findings

Findings support the industry-relatedness hypothesis and contradict the risk-reduction hypothesis and show that banks charge lower loan spreads on a borrowing firm that either operates within a similar industry as its affiliate or diversifies into related sectors or industries. Consistent with the co-insurance-effect hypothesis, the results also underline the importance of the parent and first-layer firms as supporting instead of the tunneling vehicles within business groups. These conclusions hold even after segregating the sample and using the loan maturity as the dependent variable.

Originality/value

This study uses a unique diversification measurement based on the borrowing firm's sector or industry, relative to other group members, and offers new insights on business group diversification and bank loan costs.

Details

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

Keywords

Article
Publication date: 18 October 2021

Anilkumar Chandrashekhar Korishetti and Virendra S. Malemath

High-efficiency video coding (HEVC) is the latest video coding standard that has better coding efficiency than the H.264/advanced video coding (AVC) standard. The purpose of this…

Abstract

Purpose

High-efficiency video coding (HEVC) is the latest video coding standard that has better coding efficiency than the H.264/advanced video coding (AVC) standard. The purpose of this paper is to design and develop an effective block search mechanism for the video compression-HEVC standard such that the developed compression standard is applied for the communication applications.

Design/methodology/approach

In the proposed method, an rate-distortion (RD) trade-off, named regressive RD trade-off is used based on the conditional autoregressive value at risk (CaViar) model. The motion estimation (ME) is based on the new block search mechanism, which is developed with the modification in the Ordered Tree-based Hex-Octagon (OrTHO)-search algorithm along with the chronological Salp swarm algorithm (SSA) based on deep recurrent neural network (deepRNN) for optimally deciding the shape of search, search length of the tree and dimension. The chronological SSA is developed by integrating the chronological concept in SSA, which is used for training the deep RNN for ME.

Findings

The competing methods used for the comparative analysis of the proposed OrTHO-search based RD + chronological-salp swarm algorithm (RD + C-SSA) based deep RNN are support vector machine (SVM), fast encoding framework, wavefront-based high parallel (WHP) and OrTHO-search based RD method. The proposed video compression method obtained a maximum peak signal-to-noise ratio (PSNR) of 42.9180 dB and a maximum structural similarity index measure (SSIM) of 0.9827.

Originality/value

In this research, an effective block search mechanism was developed with the modification in the OrTHO-search algorithm along with the chronological SSA based on deepRNN for the video compression-HEVC standard.

Details

Journal of Engineering, Design and Technology , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1726-0531

Keywords

Article
Publication date: 18 November 2024

Esmaeil Aliabadi, Ali Ebrahim Nejad and Mahdi Heidari

The purpose of our study is to examine the functioning of internal capital markets (ICMs) within business groups in Iran. We document how the ultimate owner's economic interests…

Abstract

Purpose

The purpose of our study is to examine the functioning of internal capital markets (ICMs) within business groups in Iran. We document how the ultimate owner's economic interests in affiliated firms influence their investment and dividend policies.

Design/methodology/approach

Using hand-collected data on the ownership structures of Iranian firms, we first identify group-affiliated firms using Almeida et al.’s (2011) method. Having identified business groups, we test a number of hypotheses concerning the dynamics of the ICMs and the implications of the ultimate owner’s incentives for affiliated firms’ behavior.

Findings

We first demonstrate that investments of group-affiliated firms are less sensitive to their own cash flow (as compared to stand-alone firms) but are sensitive to the cash flows of other firms affiliated with the same group near or at the bottom of the ownership structure. We next find significant variation in dividend policy within groups, with notably higher dividends for firms close to the ultimate owner. Furthermore, we find that higher investments by firms close to the owner lead to lower dividends by firms positioned far from the owner, but the reverse does not hold.

Originality/value

We are the first to examine the effect of group-affiliated firms’ investments on the dividend policies of other firms based on their position within the group. Our findings illuminate how business groups prioritize funding investments in their closely held firms over paying dividends to outside investors in firms positioned farther from the group owner.

Details

Journal of Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 16 April 2024

Aaisha Al Badi and Diane Rasmussen McAdie

This study aims to investigate the use of social networking sites (SNS) by researchers and their behaviours when conducting research-related activities by applying the unified…

Abstract

Purpose

This study aims to investigate the use of social networking sites (SNS) by researchers and their behaviours when conducting research-related activities by applying the unified theory of acceptance and use of technology (UTAUT) theory.

Design/methodology/approach

An online survey was distributed. This study’s design is derived from the UTAUT framework’s questionnaire items. The sample of this study comprised 216 respondents from 40 universities in the United Kingdom. Descriptive statistics were used to analyse the data.

Findings

Respondents revealed a positive relationship between the four constructs of the UTAUT framework (performance expectancy, effort expectancy, social influence and facilitating condition) associated with their intention to use SNS.

Research limitations/implications

Most of the respondents were from the University of Strathclyde, so the authors cannot generalize the findings to other universities.

Practical implications

The findings will offer an extensive understanding of the value of SNSs, which will aid researchers to increase their visibility, and research activities online.

Originality/value

The results will provide an in-depth knowledge of the importance of SNSs, helping scholars to become more visible and engage in online research. A number of factors impacted how researchers behaved on SNSs and what they intended to use for research-related activity. School administrators, experts and other sponsors could take action to promote the use of SNSs in educational settings based on the findings. The study’s findings offer insightful knowledge to those who create SNS websites. By using this information, they will be able to improve these sites for research and study and gain a better understanding of the demands of SNS users.

Details

Global Knowledge, Memory and Communication, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9342

Keywords

Article
Publication date: 24 September 2024

Ranendra Sinha and Subrahmanyam Annamdevula

The aim of this paper was to delve into the underlying mechanism of the relationship between environmental knowledge and green purchase intentions, using an extended model based…

Abstract

Purpose

The aim of this paper was to delve into the underlying mechanism of the relationship between environmental knowledge and green purchase intentions, using an extended model based on the knowledge-attitude-behaviour (KAB) theory.

Design/methodology/approach

The parallel and serial mediation effects of environmental concern, green perceived value and green attitude were examined using PROCESS macro (Models 4 and 6). Data were collected from 395 youth in three different cities in India using a purposive sampling method.

Findings

The study’s findings revealed that environmental concern, green perceived value and green attitude act as parallel and sequential mediators between environmental knowledge and green purchase intentions. However, the direct impact of environmental knowledge on green purchase intentions was deemed insignificant. In essence, environmental knowledge, along with environmental concern and green perceived value, significantly contributes to the formation of attitudes conducive to green purchase intentions.

Originality/value

The present study theoretically contributes to green behaviour research by proposing and testing an extended model of KAB theory with parallel and serial mediations in the Indian context. The model explores the underlying mechanism of the relationship between environmental knowledge and green purchase intentions in detail.

Details

Journal of Modelling in Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-5664

Keywords

Article
Publication date: 20 September 2024

Abdullah M. Al-Awadhi, Ahmad Bash, Barrak AlGharabali, Mohammad Al-Hashel and Fouad Jamaani

This study aims to investigate the effect of seasonality caused by fasting as a religious practice on trading activity.

Abstract

Purpose

This study aims to investigate the effect of seasonality caused by fasting as a religious practice on trading activity.

Design/methodology/approach

The authors use an unbiased sample of daily trading by individuals and institutions on the Boursa Kuwait. The authors use panel data on trading activities and Tobit regression models to examine the effect of Muslims’ religious practice of fasting during the holy month of Ramadan on trading behavior.

Findings

The authors find that during the holy month of Ramadan, Muslims’ religious practice of fasting leads to a decline in the frequency of both overall stock market trading and the ratio of individual trading volume to total trading volume. The authors find a significant decrease in individual buy-side trading as a proportion of total trading volume and simultaneously a significant increase in institutional buy-side trading.

Practical implications

This study’s findings have important implications for the main players in stock markets of countries with a Muslim majority. Market-makers should be aware of the significant increase in the proportion of institutional buy-side trading volume to total trading volume to minimize the cost of trading with better-informed traders (adverse selection).

Originality/value

To the best of the authors’ knowledge, this is the first study that investigates individuals’ trading activity during Ramadan.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

Keywords

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