JEFAS Vol. 25 Nº 49 (2020)
URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4137
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Ítem Solo Metadatos The dynamics of bond market development, stock market development and economic growth: evidence from the G-20 countries(Universidad ESAN. ESAN Ediciones, 2020-06-01) Pradhan, Rudra P.; Arvin, Mak B.; Norman, Neville R.; Bahmani, SaharPurpose: The paper investigates whether Granger causal relationships exist between bond market development, stock market development, economic growth and two other macroeconomic variables, namely, inflation rate and real interest rate. The study aims to expand the domain of economic growth by including a more in-depth analysis of the possible impact that bond market and stock market development has on economic growth than is normally found in the literature. Design/methodology/approach: This paper uses a panel data set of the G-20 countries for the period 1991-2016. It uses a panel vector auto-regression model to reveal the nature of any Granger causality among the five variables. Findings: The paper provides empirical insights that both bond market development and stock market development are cointegrated with economic growth, inflation rate and real interest rate. The most robust result from the panel Granger causality test is that bond market development, stock market development, inflation rate and real interest rate are demonstrable drivers of economic growth in the long run. Research limitations/implications: Because of the chosen research approach, the research results may lack theoretical foundations. Therefore, perhaps the more fully grounded interactive findings of this study can inspire theorists to fill the missing gap. Practical implications – This paper includes lessons for policymakers in the G-20 countries seeking to stimulate economic growth in the long run and how they need to ensure greater stability of the interest rate and inflation rate as well as fully developing their financial markets, as both bond markets and stock markets are obvious drivers of economic growth. Originality/value: This paper fulfills an identified need to study causal relationships between bond market development, stock market development, economic growth and two other macroeconomic variables, i.e. inflation rate and real interest rate.Ítem Solo Metadatos The associations between stock prices, inflation rates, interest rates are still persistent: empirical evidence from stock duration model(Universidad ESAN. ESAN Ediciones, 2020-06-01) Eldomiaty, Tarek; Saeed, Yasmeen; Hammam, Rasha; AboulSoud, SalmaPurpose: This paper aims to examine the effect of both inflation rate and interest rate on stock prices using quarterly data on non-financial firms listed in DJIA30 and NASDAQ100 for the period 1999-2016. The stock duration model is used to measure the sensitivity in variations in inflation rates and interest rates on stock prices. Design/methodology/approach: The authors use standard statistical tools that include Johansen cointegration test, linearity, normality tests, cointegration regression, Granger causality and vector error correction model. Findings: The results of panel Johansen cointegration analysis show that cointegration exists between the stock prices, the changes in stock prices due to inflation rates and the changes in stock prices due to real interest rates. The results of cointegration regression show that inflation rates are negatively associated with stock prices, the real interest rates and stock prices are positively associated, changes in real interest rates and inflation rates Granger cause significant changes in stock prices, significant speed of adjustment to long run equilibrium between observed stock prices and real interest rates and significant speed of adjustment to long run equilibrium between changes in stock prices due to real interest rates and changes in inflation rates. Originality/value: This paper contributes to the empirical literature in three ways. The paper examines the effects of inflation and interest rates on stock prices differently from other related studies by separating inflation from real interest rates. The paper examines the causality between stock prices, interest and inflation rates. This paper offers significant updated validity to extended literature that a negative association exists between stock prices and inflation rates. This validity can be considered as an existence a theory of stock prices, inflation rates and interest rates.Ítem Solo Metadatos Corporate governance and business innovation among listed Moroccan companies(Universidad ESAN. ESAN Ediciones, 2020-06-01) Samlal, ZoubidaPurpose: This paper aims to clarify the relationship between corporate governance (GOV) and business innovation (INOV). Does it provide the empirical evidence of how different GOV mechanisms affect INOV within listed Moroccan companies? Design/methodology/approach: The paper opted for a confirmatory quantitative study using a closedended questionnaire using a fifth-degree Likert scale. The questionnaire was administered to 54 listed Moroccan firms represented by their senior management having mainly a finance and economics background. Findings: The paper provides empirical insights and evidence about how mechanisms of GOV impact INOV within listed Moroccan companies. It suggests that effective mechanisms of GOV foster and incubate INOV. Research limitations/implications: There have been very empirical studies that investigate the relationship between GOV and innovation. As such, the authors’ conceptual framework relies more on the theoretical aspect of this subject than empirical one. Therefore, researchers are encouraged to test the proposed propositions further. Originality/value: A review of the few existing empirical studies shows mitigated results regarding the relation between GOV and innovation. The findings of this study show a significant positive relation between GOV and its mechanisms and INOV.Ítem Solo Metadatos Investigation of optimal inflation targets for 15 major oil exporting Sub-Saharan African countries: A panel threshold estimation(Universidad ESAN. ESAN Ediciones, 2020-06-01) Abdulqadir, Idris Abdullahi; Chua, Soo Y.; Mohd, SaidatulakmalPurpose: The purpose of this paper is to investigate the optimal inflation targets for an appropriate exchange rate policy in 15 major oil exporting countries in Sub-Saharan African (SSA). Design/methodology/approach: Dynamic heterogeneous panel threshold techniques are used via threshold-effect test and threshold regression. This procedure is achieved through a grid search and bootstrapping replications method to stimulate the asymptotic distribution of the likelihood ratio test of the null hypothesis on no-threshold as against the alternative hypothesis. The p-values validate the threshold estimates. Findings: Findings revealed that the optimal inflation target has a turning point and its impact on the real exchange rate is up to a threshold level of 14.47 per cent. Furthermore, the inflation rate above the threshold level overwhelmingly revealed its effect on real exchange regimes. Research limitations/implications: It would have been a good idea to investigate optimal inflation targets for all African countries but due to inadequate data the selection criteria was narrowed to oil-exporting countries in Sub-Saharan Africa. Practical implications: Inflation targeting beyond the threshold level would have serious implications on the monetary policy. Originality/value: To the best of he knowledge, this is the first study to look at optimal inflation targets for 15 major oil exporting countries in general and SSA countries in particular. The findings provide a critical analysis of an inflation regime for a typical oil-producing country that oil exports being their source of revenue.Ítem Solo Metadatos Predicting manufacturing employee turnover intentions(Universidad ESAN. ESAN Ediciones, 2020-06-01) Skelton, Angie R.; Nattress, Deborah; Dwyer, Rocky J.Purpose: Employee turnover expenses can cost businesses more than 100 per cent of a single employee’s annual wages and negatively affection an organization’s production and profits. High employee turnover also could affect community tax collections, social programs and physical and mental health issues. Therefore, understanding contributors to higher employee turnover remains essential for organizational managers from both a corporate and societal standpoint. This paper aims to provide an analysis of how job satisfaction and job embeddedness could predict employee turnover intent. Design/methodology/approach: A randomly selected survey which consisted of Andrews and Withey’s (1976) job satisfaction questionnaire, a global job embeddedness scale (Crossley et al., 2007) and a three-item turnover intent questionnaire derived from a survey created by Mobley et al. (1978) using a Likerttype measurement to survey randomly selected individuals used within manufacturing plants located in the Southeastern USA. Findings: The results of the multiple regression analysis showed a significant relationship between job satisfaction, job embeddedness and turnover intent; and that satisfied and committed employees are less likely to plan to leave their employment. Originality/value: Limited current information is available on how job satisfaction and job embeddedness predict turnover intentions in US Southeast manufacturing. This study includes information that shows the importance of job satisfaction and job embeddedness on retaining employees in this region and industry. Given the importance of employee retention on corporate productivity, morale and profits along with the ability to improve the organization’s positive contribution to society, it is important for managers to understand these factors and their effect on employee turnover intent.Ítem Solo Metadatos Dimensions of tax burden: a review on OECD countries(Universidad ESAN. ESAN Ediciones, 2020-06-01) Celikay, FerdiPurpose: The tax burden, defined as the ratio of the collected taxes in a particular period against the total product, is commonly used to determine the effect offiscal and tax policies on the socioeconomic structure.The purpose of this study is to examine how the changes in some macroeconomic indicators affect the taxburden. Design/methodology/approach – System generalized method of moments approach is used for 34 Organisation for Economic Co-operation and Development (OECD) members in the period of 1993-2016. Findings – Based on the researchfindings, variables such as income per capita, foreign trading volume, thecapacity of employment, unemployment and economic share of industry sector effect tax burden in astatistically significant and positive direction. The reason that lies behind the positive effect of unemploymenton tax burden is the fact that the sense of social state is not abandoned. Thus, it is predicted that the state willincrease public transfer expenditures in the short term due to unemployment, this increase will impose afinancial burden on the public sector both in the medium and long term and finally, there will be an increase inthe tax burden. Originality/value – Results in the literature suggest that there are many reasons for increasing tax burdensuch as socio-economic development,financial and organizational structure and the globalization process.However, according to this study, it seems that gross domestic product per capita, the size of the industrysector, openness, employment capacity and unemployment rate also have a positive and significant effect ontax burden in the long run. Ultimately, these results demonstrate that tax burden, one of the most importantindicators of the public sector size in the sample of the states and period in hand, is influenced positively by allindependent variables and increases slightly but surely. These results suggest that the tax state is still adeterminative factor in the socioeconomicfield within its taxation tools.Ítem Solo Metadatos Generation and distribution of income in Mexico 1990-2015(Universidad ESAN. ESAN Ediciones, 2020-06-01) Ayvar-Campos, Francisco; Navarro-Chávez, José César Lenin; Giménez, VíctorPurpose: This paper aims to review the efficient use of economic and social resources to generate income and at the same time reduce the concentration of wealth in the 32 states of the Mexican Republic during the period 1990-2015. Design/methodology/approach – Data envelopment analysis with the inclusion of a bad output was used to diagnose the efficiency of Mexican entities and the Malmquist–Luenberger index was applied to understand how this efficiency evolves. Findings – The results clearly show that only 3 of the 32 units studied generated and distributed wealth efficiently while the other 29 must increase their level of income and its distribution. Originality/value – According to the authors’ knowledge this is the first work that performs a temporal analysis of the efficiency in the generation of Human Development Index using bad outputs and the Malmquist–Luenberger index.Ítem Solo Metadatos Model for assessing the quality of marketing-management education(Universidad ESAN. ESAN Ediciones, 2020-06-01) Rivera, Jaime; Alarcón, VictorPurpose: This study aims to propose and test a model of educational quality in marketing-management by incorporating resource-capability variables that are linked to learning outcomes for students and the competitive positioning of universities. Design/methodology/approach – Drawing on the resource-dependence theory this study develops a comprehensive model for measuring educational quality. A sample comprising Spanish university teachers has been used to test the hypothesised relationships by using a two-stage least squares regression analysis while controlling for the possible effect of the public/private nature of the university. Findings – The results validate the model and show that educational capabilities are reliable variables for predicting the educational quality of marketing-management programmes at Spanish universities. Research limitations/implications – Similar to all educational research studies certain problems have been acknowledged with respect to the data and the theoretical constructs that are used in the study. Future studies can replicate this study’s model by using more direct objective measures of the theoretical constructs and extend the study to other countries with different educational contexts. Practical implications – The results provide guidance to marketing teachers at a university in designing high-quality marketing-management educational programmes and in developing self-diagnostic tools that can determine a university’s likelihood of competitive success. Originality/value – This study is one of the few studies to apply the resource-dependence theory to the analysis of the variables associated with the quality of marketing-management education. In doing so the study presents original multiitem scales to improve the measurement of model constructs.Ítem Solo Metadatos An introduction to pensionomics(Universidad ESAN. ESAN Ediciones, 2020-06-01) Ruiz Estrada, Mario Arturo; Koutronas, EvangelosPurpose: The purpose of this paper is to explore the concept of pensionomics as a prospective tool for pension evaluation. This paper suggests a paradigm shift – a multi-disciplinary synthesis of differingperspectives in evaluating pension’s overall performance based on past work on pension evaluation – incorporating non-economic variables with significant impact on economic growth and social development. Design/methodology/approach – This paper suggests a new analytical tool called “Pensions Consistency (PC) Index” that identifies the level of consistency and the strengths and weaknesses within any pension system. The new conceptual framework focusses on building inter-sectoral and holistic policies able to respond to the new multi-dimensional dynamic environment. Findings – The consideration of pensionomics concept as an evaluation tool for pension schemes provides insights that are helpful in explaining performance differentials. Taking definition classification and evaluation as a guiding principle the new conceptual framework can be a useful point of reference for the overall evaluation of pension schemes revealing deficiencies that traditional evaluation methods cannot detect. The multi-disciplinary approach focusses on building inter-sectoral and holistic policies that are able to respond to the multi-dimensional uncertainties of the new dynamic environment. Research limitations/implications – The heterogeneity and complexity in event dynamics are systemic in the sense that the impact is far from linear. The idiosyncratic nature of unexpected and unpredictable events is rather a result of multi-dimensionality based among others on magnitude frequency timing intensity and impact. It is plausible to argue that crisis episodes can destabilize critical systems of economic activity producing economic spillovers that can directly or indirectly affect the sustainability of pension schemes. If the calculation of direct economic impact is readily traceable the estimation of indirect economic impact can be an onerous task. Practical implications – Pensionomics places the concept of retirement in a multi-disciplinary context. Pensionomics overcomes theoretical and empirical limitations encountered by the path-dependency perspective developing a new research agenda to study pension schemes under historical cultural social political economic political and environmental prism. Integrating diversified data techniques perspectives and concepts pensionomics’ objective is to connect natural and man-made events with social protection mechanisms for the development of a dynamic social protection framework where individual community andsociety needs are met effectively and efficiently by implementing tailored policies closely related to their specific context. Social implications – The concept of retirement has evolved constantly transforming societies and shaping both income and non-income dimensions of well-being. Pension entitlement turned gradually from a political discourse to a human right discourse. Pension schemes have extended the scope of insurance coverage beyond labour markets and the lifecycle supporting the broader needs of entire population. Furthermore pension schemes are widely acknowledged as drivers of economic growth: they enhance labour productivity; foster smooth consumption; and create a stable economic environment for investment and innovation. Current expectations require pension schemes to adopt proactive and reactive policies to examine options for mitigation or for modification of potential consequences in anticipation of exceptional events. Originality/value – This paper suggests a paradigm shift a multi-disciplinary approach called pensionomics and this “multi-disciplinary” focus builds a new analytical framework to evaluate pension’soverall performance based on past work on pension evaluation incorporating non-economic variables with significant impact on economic growth and social development. PC-Index introduces a comprehensiveevaluation tool to study the coverage performance efficiency ffectiveness current trends and future possibilities of pension schemes.Ítem Solo Metadatos The mediating role of adoption of an electronic tax system in the relationship between attitude towards electronic tax system and tax compliance(Universidad ESAN. ESAN Ediciones, 2020-06-01) Night, Sadress; Bananuka, JumaPurpose: The purpose of this paper is to examine the mediating effect of adoption of electronic tax system in the relationship between attitude towards electronic tax system and tax compliance using evidence fromsmall business enterprises (SBEs) of an African developing economy. Design/methodology/approach – This study used a quantitative research approach where questionnaires with close-ended questions were used. This study’s research design was cross-sectional and correlational. Usable questionnaires were received from 214 managers of SBEs and data were analysed with the help of SPSS v22 and MedGraph program (Excel version). Findings – Adoption of electronic tax system is a partial mediator in the association between attitude towards electronic tax system and tax compliance. Results further indicate that adoption of electronic taxsystemand attitude towards electronic tax system are significantly associated with tax compliance. Research limitations/implications – This study was cross-sectional and monitoring changes in behaviour over time was not possible. The study used a quantitative research approach and this limits respondents from expressing their feelings fully. The study was conducted in Uganda and it is possible that the results of this study can be generalized to developing countries with environments similar to that of Uganda.Originality/value – Whereas there has been a number of studies on tax compliance this study provides an initial empirical evidence on the mediation effect of adoption of electronic tax system in the relationshipbetween attitude towards electronic tax system and tax compliance using evidence from SBEs of an African developing economy – Uganda.
