Scientific Annals of Economics and Business
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Volatility and Return Connectedness Between the Oil Market and Eurozone Sectors During the Financial Crisis: A TVP-VAR Frequency Connectedness Approach
Get PDFThis paper analyzes the returns and volatility connectedness between oil prices and Eurozone sector returns during the global financial crisis. We employ the TVP-VAR frequency connectedness approach with daily data of Brent prices and 18 Eurozone supersector indices from 15 November 2014 to 24 November 2023. Our results show a high average connectedness of the returns and volatilities. Industrial Goods are the largest transmitter contrariwise Media supersector is the largest receiver of shocks on returns. The same finding is for volatility, the result shows that Industrial Goods and Services transmit the highest risk in contrast, the Media has the highest receiver volatility indices. The time-varying connectedness (TCI) of returns and volatilities in both show a drastic increase in March 2020. This increase is a result of COVID-19. Whereas, there has been no rise in connectivity following Russia’s invasion of Ukraine. Our result highlighted that Brent was a net receiver of volatility shocks during the Russian invasion of Ukraine
Tools in Marketing Research: Exploring Emotional Responses to Stimuli
Get PDFElectromyography (EMG), galvanic skin responses (GSR), and electrocardiogram (ECG) tools have been used to investigate emotional responses to marketing stimuli, encompassing advertisements, product packaging, and brand logos. However, despite the widespread application of EMG, GSR, and ECG tools in neuromarketing research, a comprehensive synthesis of their collective impact remains conspicuously absent. Addressing this gap is the primary goal of the present review paper, which systematically scrutinizes recent studies employing EMG, GSR, and ECG to assess emotional responses to marketing stimuli. Employing the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol, relevant articles were meticulously extracted from the Scopus database, spanning the years 2009 to 2022, including twenty articles for detailed analysis. The outcomes of this review underscore the unique insights offered by these tools into emotional reactions, emphasizing that their collective utilization can afford a more comprehensive understanding of these intricate processes. This propels advancements in comprehending the pivotal role of emotions in consumer behavior and serves as a guidepost for future research directions in this burgeoning field. Ultimately, this paper aims to furnish a broad understanding and detailed insights into the current trends within neuromarketing research, specifically employing EMG, GSR, and ECG tools
The Nexus between Illicit Financial Flows and Tax Revenue: New Evidence from Resource-Rich African Countries
Get PDFResource-rich economies, especially those in Africa, are plagued with the resource curse and Dutch Disease syndromes, which undermine the quest for effectively mobilizing domestic resources toward sustainable and inclusive development. Empirical evidence on the role illicit financial flow (IFF) plays in this regard is relatively scarce. Thus, this study evaluates the volume of IFF and its effect on tax revenue in seven resource-rich African countries. Panel data, sourced for the 2009-2021 period, were analysed using the fixed effect and random effect models while the Instrumental Variable Generalised Method of Moment (IV-GMM), a dynamic estimator, was used for robustness check. Findings revealed that IFF has been on the rise and has detrimental effects on the tax revenue of the sampled countries’ national governments. This is inimical to sustainable development. Thus, the governments and policymakers in these countries must develop pragmatic policy and institutional approaches toward tackling the IFF menace
Positions and Delimitations Regarding the Financial Performance - Sustainability Relationship in the Context of Organizational Resilience
Get PDFSustainability can guide the decision-making process of managers in obtaining competitive advantages. Incorporating sustainability criteria into the main managerial strategies of organizations generates long-term profitability. Using Structured Literature Review (SLR) as a research methodology we synthesize the characteristics and differences between financial performance and sustainability in the context of organizational resilience. Therefore, this paper offers a comprehensive structured literature review based on the relationship between the concepts of financial performance, sustainability, and organizational resilience, using research studies from four main databases: Web of Science, Scopus, ScienceDirect, and Springer. In carrying out this study, we identified the current trends in the specialized literature regarding the relationship between financial performance and sustainability in the context of organizational resilience as they were debated in the analysed literature, until the end of September 2023, in 116 papers
The Effect of Personality Characteristics on the Development of Interpersonal Communication Skills Through One-Time Training
Get PDFThe importance of interpersonal communication skills in the business environment will only increase as the world undergoes trends of globalization and digitization, as well as various crises. The factors that affect interpersonal skills, such as life experience, situational factors, and individual characteristics, are difficult to isolate. Among the prominent antecedents of interpersonal communication effectiveness are personality characteristics. The current study used one-time training to examine how personality traits and interpersonal skills relate among 127 managers from a wide variety of professions in Israel. The current study confirmed the effect of personality characteristics on interpersonal communication skills, albeit weakly. A significant improvement was found in the Emotional stability following the training. Participating in the training changed the way people associate personality traits with Interaction management. An in-depth study of an intervening variable found that those with low extraversion and high conscientiousness improved assertiveness, empathy, supportiveness, openness to experience, and self-disclosure, in contrast to those with less solid personality characteristics who showed a smaller improvement or even decreased in these skills. Our findings have important implications for increasing the effectiveness of interpersonal skills training
The Antecedents of Utilitarian and Hedonic Motivations for Online Shopping Satisfaction
Get PDFEmpirical studies indicate that utilitarian and hedonic shopping motivations have a profound effect on customer satisfaction in a physical brick-and-mortar shopping environment. Studies have also started to surface which underscore the importance of these motivations in the realm of e-commerce. The study, therefore, seeks to determine the antecedents of utilitarian and hedonic motivations for online shopping satisfaction. A quantitative research method with a descriptive research design was implemented in this study. The data was collected through a survey method from a sample of 215 online shoppers in an emerging economy, South Africa. The study utilised previously validated scales. Multivariate regression analysis was performed to determine the factors that influence utilitarian and hedonic motivations for online shopping satisfaction. The results reveal that information availability, cost saving, wider selection, convenience, and efficiency are the antecedents of utilitarian dimensions that determine online shopping satisfaction, while status, adventure, social shopping, idea shopping, and gratification are considered the antecedents of hedonic motivations of online shopping that influence satisfaction. The results of the study offer insight into why consumers engage in online shopping by determining the factors that influence utilitarian and hedonic motivations. Accordingly, the study offers practical recommendations to e-retailers on how to best serve their customers by focusing on the individual building blocks of utilitarian and hedonic shopping motivations
The Importance of Social Capital in Promoting Financial Inclusion: An International Perspective
Get PDFThis paper quantitatively explores the significance of social capital in enhancing international financial inclusion, with a specific focus on its usage dimension, represented by formal credit coverage. Through panel FGLS (Feasible Generalized Least Squares) and PCSE (Panel Corrected Standard Errors) analysis of a sample comprised of 24 countries for the period 2006 – 2021 and utilizing data obtained from diverse sources, it demonstrates that a country's credit coverage is influenced by both informal and formal social capital while controlling by factors such as access channels to financial products, measures to address asymmetric information and educational levels. The results underscore that, while financial inclusion is promoted through internationally accepted standards, its effectiveness is closely intertwined with the social context of implementation. Furthermore, formal institutions play a crucial role in shaping financial inclusion by fostering innovation, entrepreneurship, and technological advancement, while attitudes to risk and planning time horizons also significantly impact this dynamic. Notably, nations embracing a pragmatic outlook tend to have more viable access to bank loans, whereas risk aversion impedes economic actors´ propensity to engage in credit agreements, even when accessible
The Analysis of Human Capital Development, Economic Growth and Longevity in West African Countries
Get PDFHuman capital is critical in directing all resources to serve people and influencing the productivity of an economy. Human capital can be increased through good health and education. This research examined the effects of human capital development on economic growth and longevity in West Africa. This study was concentrated on four West African countries: Nigeria, Ghana, Burkina Faso, and the Benin Republic. We used panel ordinary least squares (POLS), fully modified ordinary least squares (FM-OLS), and dynamic ordinary least squares (DOLS) for robust analysis to look at how human capital development affects economic growth and longevity over the long term. Life expectancy at birth was employed to evaluate longevity. Before the estimate, correlation, unit root, and cointegration tests were run. According to the findings of this study, human capital development has a 347.5% favorable and significant long-term effect on economic growth. This indicates that enhancing human capital can stimulate economic growth. According to the data, human capital development has a 26.8 percent positive and significant long-term effect on life expectancy at birth. Based on the findings, this study concluded that human capital development has a favorable impact on economic growth and life expectancy at birth in West Africa, demonstrating that developing human capital is advantageous to both growth and life expectancy. As a result, West African governments must increase health and education budgetary expenditures to strengthen human capital
Flexicurity in the EU28 Countries: A Multiyear Composite Indicator Proposal
Get PDFThis study computes a flexicurity index for the EU28 countries for 2001-2019 following the European Commission’s four components of flexicurity model. The index allows the ex-post assessment of flexicurity efforts and efficiency. Following the computation of the index, we compare its values against the theoretical flexicurity typologies and against other empirical flexicurity groupings to assess their (dis)similarities. Even though Northern and Western countries generally have higher flexicurity scores than Southern and Eastern states, the study shows some countries deviate from their theoretical performance. Thus, some of the Continental and Mediterranean countries have flexicurity values like those of the Nordic group. Moreover, the flexicurity regimes are not static as the theoretical typology suggests: while Denmark and France are always in the top performers’ group, other countries change their performance throughout the 2001-2019 period. The flexicurity index correlates highly with empirical country groupings in the literature. The highest correlation is with country groupings using the European Commission’s four components of flexicurity model, followed by the Golden Danish Triangle, and lastly, the Wilthagen and Tros’ flexicurity matrix. In the end, we compare EU countries’ performance in the flexicurity index scores with their performance in selected employment and unemployment rates, labor productivity, and poverty rates. Results suggest that higher flexicurity performance correlates generally with better labor market and social outcomes, the highest correlations being in the case of labor productivity rates
Re-investigation of Financial Development on Income Inequality: An Empirical Analysis for G-20 Emerging Economies
Get PDFThis research examines effects of financial development, economic growth, government expenditures, urbanization, and trade openness on income inequality in the leading emerging economies of the G-20 (Argentina, Brazil, China, India, Indonesia, Mexico, Russia, and Turkiye) for the period from 1989 to 2021. The findings confirm the existence of a cointegration nexus among the variables over the long-term. According to the common correlated effects mean group estimator, financial development has negative effects on income inequality in the panel. Factors such as government expenditures and trade openness demonstrate positive effects on income inequality. In the country-specific effects, we find that the impact of financial development on income inequality is negative and statistically significant in Argentina, India, and Russia. The influence of economic growth on income inequality is positive and significant in Indonesia, Mexico, and Turkiye. Government expenditures on income inequality appear to be positive in Argentina, Indonesia, and Mexico. Finally, trade openness demonstrates a positive and significant effect in India, Indonesia, Mexico, and Turkiye. Among the reasons for the differences in test results across countries are variations in their political structures, particularly the high inflation and macroeconomic instability in Turkey, the presence of the informal economy and corruption in Brazil, Indonesia, Turkey, and China, as well as regional inequalities. In this context, based on the overall panel test results, it is recommended that policymakers increase financial inclusion, reduce regional disparities, reduce corruption, increase social assistance, and balanced trade policy to enhance the impact of financial development on income distribution