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The impact of COVID-19 induced panic on the return and volatility of precious metals
No full textInternational audienceWe use TVP-VAR approach to analyze the connectedness between the COVID-19 induced global panic index (GPI) and precious metals return and volatility. We find evidence of positive connectedness between the GPI and precious metals with GPI being a shock transmitter and precious metals, especially gold, being net receivers. While silver shows the highest resistance to shocks, platinum and palladium present a time varying transmission pattern. Our results refute the safe-haven property of precious metals during the COVID-19 outbreak, with the exception of silver
Can impostors thrive at work? The impostor phenomenon's role in work and career outcomes
No full textInternational audienceThis paper examines the effect the impostor phenomenon (IP) on short-term emotions (shame) and performance (creativity and organizational citizenship behavior- OCB) at work, and on career outcomes. Previous research shows direct detrimental effects of IP on some short-term performance measures, but effects on creativity and OCB remain under-researched, and no work has investigated any career effects. Through an experimental approach (Studies 1 and 3) and an online vignette (Study 2) using working populations, we find that IP is expressed as shame in response to simulated and recalled real work events. Shame mediates the negative effect of IP on creativity, and its positive effect on OCB, and mechanistic organizational structure exacerbates the negative shame-creativity relationship. Furthermore, Study 4 uses a survey design to reveal that IP relates negatively to external employability and career success. Drawing on conservation of resources theory, we suggest that IP and shame deplete resources such that impostors suffer reduced ability to perform well at work in the short-term, with negative consequences for career success
Deriving value or risk? Determinants and the impact of emerging market banks’ derivative usage
No full textInternational audienceThis paper examines the determinants of the emerging market banks’ derivative usage and the impact of derivative usage on bank value, total risk and bank stability. Our empirical evidence first suggests that derivative usage is driven primarily by net interest margin, bank concentration and institutional strength. In addition, although derivative usage appears to reduce emerging market bank value, it does not affect total risk. Moreover, emerging market banks can reduce bank instability using derivatives. Our findings have important implications for investors and policy makers focusing on emerging derivatives markets
Digital-free tourism intention: a technostress perspective
No full textInternational audienceDigital-free tourism limits tourists’ access to information and communication technologies during vacation. It is an emerging trend but tourists’ motivation to take digital-free tourism has not been fully understood. Anchoring on technostress literature, this study examines the effects of the exhaustion from workplace information technology and off-work social network services on tourists’ intention to take digital-free tourism. Survey data involving 300 full-time working individuals show that both techno-exhaustion and social-network-services-exhaustion have positive impacts on tourists’ digital-free tourism intentions. It contributes to the literature by introducing technostress related constructs in understanding tourists’ digital-free tourism intentions
Too much of a good thing: Examining the curvilinear relationship between team‐level proactive personality and team performance
No full textInternational audienceResearch has largely shown a positive linear relationship between proactive personality and job performance at the individual level. However, it remains unknown whether the same relationship holds at the team level. In this research, we propose and test a curvilinear relationship between team mean level of proactive personality and team performance. We also examine team potency and team cohesion as the explanatory mechanisms and the dispersion of proactive personality as a boundary condition for the relationship. We conducted two studies to test these ideas. In Study 1, we collected data from 93 teams in four companies from different industries. In Study 2, we collected data from 101 nursing teams in three hospitals. We found a curvilinear relationship between team mean level of proactive personality and team performance in Study 1 and replicated it in Study 2. We further demonstrated in Study 2 the moderating role of dispersion of proactive personality and the mediating role of team potency and team cohesion, respectively, in this curvilinear relationship. The positive trend of the curvilinear relationship is strengthened (weakened) when the dispersion of proactive personality is high (low). The negative trend is mitigated under high dispersion of proactive personality but is not significant under low dispersion of proactive personality. Practically, managers must be aware that team mean level of proactive personality benefits team performance only up to a certain point
The nexus between policy uncertainty, sustainability disclosure and firm performance
No full textInternational audiencePolicy uncertainty (PU), and sustainability disclosure, influence the performance of the firms. We use European data to extend the nascent literature on sustainability disclosure, and economic policy uncertainty by investigating the moderating impact of sustainability disclosure on the relationship between economic policy uncertainty and firm performance. We find overwhelming evidence that policy uncertainty reduces firm performance; however, sustainability disclosure moderates this destructing impact of policy uncertainty on firm performance. Our results show that environmental and social disclosure by the European firms enhances their reputation and help these firms in reducing the policy-induced uncertainty. A higher governance disclosure representing efficient corporate governance also help European firms to moderate the negative effect of policy uncertainty on their performance. Our results are robust to alternate proxies of firm performance as well as endogeneity issues
Impact of foreign ownership on market power: Do regional banks behave differently in ASEAN countries?
No full textInternational audienceThe change in crossborder financial intermediation and rise in regional banking have consequences for competitive conduct in emerging countries' banking markets. Using data from the Association of Southeast Asian Nations countries' banks during 2011–2018, we examine the nexus between foreign ownership and banks' market power by controlling for the heterogeneity of foreign banks concerning their countries of origin (advanced vs. emerging and regional vs. nonregional). We find that the increasing presence of foreign banks from advanced countries is associated with lower bank market power because of higher marginal costs and lower price–cost margins of the domestic banks. However, the increasing presence of emerging countries’ banks is associated with higher bank market power because of lower marginal costs and prices of domestic lenders. Our findings have implications for policies regarding bank competitiveness and promoting regional banking integration because domestic banks conduct differently under increased participation levels of advanced and emerging country foreign banks
Societal trust and Sukuk activity
No full textInternational audienceSukuk investments require investors and issuers to adhere to subtle moral and ethical standards beyond following mere profit maximization objectives. Investor trust manifested through the level of societal trust could be vital in the global Sukuk investment surge. This study investigates the relationship between the societal trust level and Sukuk activity. It employs a global sample of Sukuk issuances spanning over 2001–2019 and finds that a country’s societal trust level significantly and positively influences the amount of Sukuk issued. Moreover, this positive effect supersedes the negative effects of higher information asymmetry associated with equity-based Sukuk or Sukuk issued by risky firms. Ultimately, trust is both a deterrent and critical for Islamic finance success
Serving the low-income consumer in a rich economy: Dollar General racks up sales
No full textInternational audiencePurpose The conceptualization of the Base of Pyramid (BOP) proposes that low-income markets can lead to profitable opportunities for businesses. The purpose of this study is to identify key success factors of a BOP business strategy based on a case study of the discount retailer, Dollar General, in the USA. Design/methodology/approach The research design used in this research is an in-depth case study of Dollar General in the USA. Qualitative methods are applied in both the primary and secondary data collection and during the follow-on data analysis of Dollar General. Findings Dollar General’s strategic profile is achieved through the combination of the following four actions which are tailored to compete effectively at the BOP in the USA: creating the neighborhood discounter, raising aspirational appeal, reducing service and eliminating internationalization. Research limitations/implications The case is specific to Dollar General in a US cultural context. Practical implications The case of Dollar General demonstrates how a discounter retailer should not only follow a low-cost strategy to compete at the BOP. Its ability to craft a distinctive strategy is coherent with meeting the logistical, rational and emotional needs of the low-income consumer in the USA. Social implications Many businesses have neglected rural areas of the USA as being unprofitable. The ability for businesses such as Dollar General to serve the BOP segment can foster the socio-economic well-being of communities. Originality/value The overwhelming body of the BOP literature is based on emerging markets. To the best of the authors’ knowledge, this is one of the few studies to investigate BOP business strategy in the USA
Game theory-based models in green supply chain management: a review of the literature
No full textInternational audienceThis paper provides a systematic review and analysis of the game-theroy-based research in Green Supply Chains Management (GSCM). Based on a rigorous content analysis of 108 papers carefully selected from the literature, we present a detailed picture of the current state of this research and point to the promising future directions. Our analysis shows a rapid increase in the number of publications during the last three years, with an imbalance in the contribution of the publishing outlets, as nearly two third of the reviewed papers are published by only four journals. Results also show the dominance of deterministic static models and simple two-level SC structures. Developing stochastic models, considering the risk and the evolutionary nature that inherently characterise the business environment and investigating more complex multi-level SC structures are among the promising future research opportunities