Organizations and Markets in Emerging Economies
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The Impact of Formal Entrepreneurship and Economic Freedom on the Size of the Shadow Economy in Asian Countries
Get PDFThis study aims to evaluate the impact of formal entrepreneurship and economic freedom on the size of the shadow economy in Asian countries. The research sample includes 22 Asian countries over the period from 1995 to 2018. The study employs reliable panel data estimation methods, including the Fixed Effects Model with robust standard errors method, the Driscoll-Kraay standard errors method, and the two-step system GMM method. The findings indicate that formal entrepreneurship has a positive relationship with the size of the shadow economy, while economic freedom and its two sub-components, business freedom and trade freedom, reduce the size of the shadow economy. Additionally, economic freedom, business freedom, and trade freedom play a moderating role in reducing the positive relationship between formal entrepreneurship and the size of the shadow economy. Our study suggests that governments should comprehensively evaluate the effectiveness of policies promoting entrepreneurship and consider expanding economic freedom, particularly business freedom and trade freedom
Unlocking Financial Potential: Self-efficacy Transforming Capability into Well-Being for Working Women
Get PDFThe primary purpose of this study is to identify the influence of financial capabilities on women’s financial well-being and to study the mediating influence of self-efficacy in this relationship in Delhi-National Capital Region (NCR). The data were collected through purposive sampling using a questionnaire distributed from February to May 2024 to Delhi-NCR women engaged in any economic activity. Delhi-NCR is a metropolitan area encompassing Delhi and its surrounding districts in neighbouring states. Data analysis was performed on 250 responses from working women using purposive sampling. Variance-based Partial Least Square Structure Equation Modelling (PLS-SEM) was applied to test the conceptual model. This study operationalizes and validates financial capabilities as a reflective higher-order construct formed by two dimensions such as financial literacy and inclusion. Findings illustrate that financial capabilities directly influence working women’s financial well-being, and this relationship was partially mediated by financial self-efficacy. To improve women workers’ financial well-being, such policies and programs should be tailored to boost women’s confidence levels and beliefs, education, and inclusion in the financial dimension. This study directs policymakers, government, employers, and financial institutions to build confidence levels among women by organizing workshops and programs, which promotes their financial well-being and ultimately empowers them financially
Analyzing the Influence of Sustainability Benefits on Chilean Consumers’ Intentions to Purchase Refurbished Smartphones
Get PDFThis study examines the willingness of Chilean consumers to buy refurbished smartphones and how various benefits associated with these products, including sustainability advantages, influence their decision-making processes. Utilizing the consumer acceptance model for refurbished smartphones, data was collected through personal interviews with 190 consumers in a shopping mall setting. The findings indicate that the intention of Chilean consumers to purchase refurbished products is primarily driven by their subjective evaluations of perceived product value and risk as well as their positive brand evaluations. However, environmental concerns did not significantly impact purchase intentions. The study discusses both the theoretical and practical implications of these findings. By identifying enablers and barriers to sustainable consumption among Chilean consumers, our study complements research on the sustainability marketing of refurbished products in emerging markets. Furthermore, it adds to the literature on the evolution of circular economy approaches in emerging markets such as Chile, which differ in both socio-economic and cultural terms from more developed markets
Calendar Anomalies in African Stock Markets: Does the Effect of Covid-19 Pandemic Matter?
Get PDFThe Covid-19 pandemic profoundly disrupted global economies and financial systems, altering investor behavior and challenging traditional market dynamics. Among these disruptions, calendar anomalies, which challenge the efficient market hypothesis, offer a unique lens to assess market efficiency during crises. The objective of this study is to examine the impact of Covid-19 on calendar anomalies in the main African stock markets, an area largely overlooked in existing research despite the region’s increasing importance in global financial systems. Using daily closing prices from January 1, 2009 to December 31, 2021, and employing a GJR-GARCH (1,1) model, the findings indicate that calendar anomalies exhibit temporal variation within the sample markets, influenced by trends that shift markets between periods of efficiency and inefficiency. Additionally, the study highlights the emergence of new calendar anomalies coinciding with the onset of the Covid-19 pandemic. These results offer lasting insights for investors, suggesting the need for dynamic trading strategies that can adapt to calendar anomalies during global crises. For policymakers, the research underscores the importance of reducing information asymmetry to enhance market resilience in times of crisis. The study also emphasizes the need for further research to explore how systemic shocks, such as Covid-19, can disrupt traditional market patterns and affect stock market behavior
Geopolitical Uncertainty and Spending Behavior: Examining the Roles of Consumer Risk Perception, Coping Appraisal, and Resilience
Get PDFNowadays consumers increasingly navigate uncertainties arising from cross-border conflicts, commercial tensions, and political instability, which pose threats not only to their mental well-being but also financial security. While existing research documents shifts in spending patterns and increased price sensitivity during geopolitical uncertainty, the psychological mechanisms driving these changes remain underexplored. This study applies Protection Motivation Theory (PMT) to examine how psychological factors shape spending patterns during periods of geopolitical uncertainty, with particular attention to the moderating role of individual resilience. Using structural equation modeling (SEM) on survey data from 1000 Lithuanian consumers, we find that both threat appraisals (perceived vulnerability and severity) and coping appraisals (self-efficacy and response efficacy) significantly influence conservative spending behaviors. Notably, individual resilience buffers the impact of perceived vulnerability on spending patterns and enhancing both response and self-efficacy.
Our findings advance understanding of consumer responses to geopolitical uncertainty in three ways: by providing a theoretical framework for individual-level psychological responses, identifying resilience as a key moderating factor, and offering insights from a smaller economy’s perspective. These results have important implications for policymakers and businesses seeking to maintain economic stability during periods of geopolitical turbulence
Analyzing the Linkages between Diaspora Remittances, Institutions, and Self-Employed Business Activities: Insights from an Emerging Economy
Get PDFDiaspora remittance either smooths consumption, boosts welfare among recipients, or enhances the balance of payment in economies such as developing nations. Nonetheless, institutions that support its usefulness for financing business are always a concern, as they may not encourage interest in self-employment. The study investigates the linkages between diaspora remittances, institutions, and self-employed business activities. The integration is essential for promoting entrepreneurship while solving the unemployment problem. Annual time series data sets covering the period from 1991 to 2020. were used in Nigeria. The autoregressive distributed lag (ARDL) is used as the baseline. Three long-run estimate techniques are used for sensitivity analysis. The short-run coefficient of diaspora remittance on self-employment is positive and significant. In the long run, the effect of diaspora remittance on self-employment is significantly negative. It shows that diaspora remittances are used for immediate consumption, rather than translating into long-term employment generation in Nigeria. However, the impact of institutions on self-employment, in the short and long run, is significantly negative revealing poor institutions that are inadequate for employment creation. Due to poor institutional quality, diaspora remittances do not translate to long-run self-employment creation. Policymakers must strengthen the institutional environment to incentivize diasporans to remit.
Through Sadness to Sustainability: How Meaning Threat Sparks Sustainable Consumption
Get PDFPrior research has highlighted that negative emotions have motivational features toward positive changes; however, findings are mixed and rather limited when it comes to the consumption domain. The present research expands existing perspectives on the motivational role of the negative emotion of sadness, which serves as a mechanism directed toward preventing losses in the future. With our research, we offer evidence that exposure to a meaning threat increases sadness. Moreover, the current research shows the direct effect of meaning threat on sustainable consumption. Most importantly, we demonstrate the mediating role of sadness and test this underlying process with different sustainable products. Theoretical and managerial implications are discussed, along with suggestions for future research
The Role of the Underground Economy in the Oil Wealth-Growth Nexus: New Insight from Nigeria
Get PDFResearch on the relationship between oil wealth and economic growth has shown that the impact of oil can depend on various factors or conditions. However, the role of the underground economy in this relationship remains underexplored. This study aims to fill this gap by examining how the underground economy influences the oil wealth-growth nexus in Nigeria from 1990 to 2022, using the bootstrap autoregressive distributed lag (ARDL) bounds-testing technique. The empirical findings reveal that the effect of oil wealth on economic growth varies with the size of the underground economy. Specifically, the results indicate that the marginal impact of oil wealth on growth is positive when the underground economy is relatively small, but becomes negative as the underground economy expands. This suggests that the underground economy serves as a channel through which oil wealth negatively affects long-term economic growth. The economic implication of this finding is that for sustained long-term growth, increases in oil wealth must be accompanied by significant efforts to reduce the size of the underground economy
Hysteresis Effects on Unemployment Rates: A Comparative Study of the Baltic States Before and After EU Accession
Get PDFThis study examines the hysteresis effects on unemployment rates in the Baltic countries using the RALS-LM unit root test method, based on monthly data from February 2000 to August 2024. It assesses the persistence of unemployment by gender, focusing on both female and male unemployment rates. Additionally, the study provides a detailed evaluation of the hysteresis effects observed on unemployment rates before and after the Baltic countries’ accession to the European Union (EU). The findings show that the unemployment rates in these countries are highly sensitive to long-term structural changes. Structural breaks occurred mainly between 2001 and 2003 before EU accession, while the 2008–2009 Global Financial Crisis and the European Debt Crisis shifted these breaks to the 2007–2010 period. Significant structural changes in total unemployment were observed in Estonia and Lithuania after their EU accession. The results indicate hysteresis effects in Estonia and Latvia, whereas Lithuania shows varying patterns of unemployment persistence. This study highlights the importance of understanding the long-term effects of structural changes and external shocks on labor market dynamics in the Baltic countries