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Impact of COVID-19 Outbreak on the Stock Market: An Evidence from Select Economies
Business Perspectives and Research, Ahead of Print.
COVID-19 quickly spread all over the world and dramatically affected the financial markets in almost everycountry. Its spread created havoc in the market, and investors fearing risk suffereda significant amount of financialloss in a very short time. This article aims to analyze the impact of COVID-19 on stock markets in the top six affected countries based on the total number of cases confirmed. In addition, it also analyzes the stock market volatility caused by the virus and the abnormal returns generated by the markets during the pandemic. We employevent study methodology in different sub-periods to examine the most volatile event periods with the daily rise in the Covid cases and subsequent returns generated by the markets during these sub-periodsin relation to the daily rise in the case. The increase in volatility and the presence of significant abnormal returns among the sample indices show the impact of COVID-19 on stock markets. The result reveals that Brazilian stock indices show the highest decline among the selected countries, with a fall of more than 50% during the pandemic, while Mexican indices show the lowest fall of around 30% during the same period.
COVID-19 quickly spread all over the world and dramatically affected the financial markets in almost everycountry. Its spread created havoc in the market, and investors fearing risk suffereda significant amount of financialloss in a very short time. This article aims to analyze the impact of COVID-19 on stock markets in the top six affected countries based on the total number of cases confirmed. In addition, it also analyzes the stock market volatility caused by the virus and the abnormal returns generated by the markets during the pandemic. We employevent study methodology in different sub-periods to examine the most volatile event periods with the daily rise in the Covid cases and subsequent returns generated by the markets during these sub-periodsin relation to the daily rise in the case. The increase in volatility and the presence of significant abnormal returns among the sample indices show the impact of COVID-19 on stock markets. The result reveals that Brazilian stock indices show the highest decline among the selected countries, with a fall of more than 50% during the pandemic, while Mexican indices show the lowest fall of around 30% during the same period.
The Role of Organizational Stress in the Relationship Between Leader–Member Exchange and Workplace Envy
Business Perspectives and Research, Volume 11, Issue 3, Page 372-386, September 2023.
Existing literature suggests that there is a relationship between leader–member exchange (LMX) and workplace envy (WE). However, a degree of inconsistency among research results was detected which could be due to overlooking the possible role of organizational stress (OS). Building on social comparison theory and transactional theory of stress and coping, it is proposed that the relationship between LMX and WE is moderated by OS. This study aims to provide additional insight into the mechanisms that develop WE and how it could be managed among Egyptian athletes. Two hypotheses were developed, and data was collected via self-report surveys from a sample of 320 Egyptian athletes. Regression analysis and multi-group moderation analysis were employed to test research hypotheses. Results indicated that LMX is negatively related to WE among Egyptian athletes. Moreover, it was found that OS moderates this relationship in the way that the strength of the relationship between LMX and workplace is significantly stronger among athletes with high perceived OS than among athletes with low perceived OS. Results were discussed and theoretical and managerial applications were presented. Fruitful insights have been communicated to coaches, athletes, and sport managers. Limitations and proposals for future research were suggested.
Existing literature suggests that there is a relationship between leader–member exchange (LMX) and workplace envy (WE). However, a degree of inconsistency among research results was detected which could be due to overlooking the possible role of organizational stress (OS). Building on social comparison theory and transactional theory of stress and coping, it is proposed that the relationship between LMX and WE is moderated by OS. This study aims to provide additional insight into the mechanisms that develop WE and how it could be managed among Egyptian athletes. Two hypotheses were developed, and data was collected via self-report surveys from a sample of 320 Egyptian athletes. Regression analysis and multi-group moderation analysis were employed to test research hypotheses. Results indicated that LMX is negatively related to WE among Egyptian athletes. Moreover, it was found that OS moderates this relationship in the way that the strength of the relationship between LMX and workplace is significantly stronger among athletes with high perceived OS than among athletes with low perceived OS. Results were discussed and theoretical and managerial applications were presented. Fruitful insights have been communicated to coaches, athletes, and sport managers. Limitations and proposals for future research were suggested.
Mission Drift and Scale: An Empirical Analysis of Indian Micro Finance Institutions
Business Perspectives and Research, Ahead of Print.
Studies have found that a small scale of operations could limit the firm performance since they do not enjoy economies of scale. Since the microfinance industry is focused on provision of financial services to the poor, performance is measured both from a social as well as financial perspective. As firms increase their scale of operations, their social performance needs to be on par with their financial performance. To measure the effect of scale on performance, we use data from the Microfinance Information Exchange (MIX) market consisting of 245 Microfinance Institutions (MFIs) covering a period of 21 years from 1999 to 2019. The dependent variables are outreach, efficiency, and financial performance. The control variables are age and the regulatory status of the firm. We find that while factors like financial performance, client retention, and measures of operational efficiency are dependent on scale; they come at the cost of outreach. The pursuit of economic goals by large MFIs seems to hamper their ability to reach the poorest and/or most needy clients, implying mission drift. This study thus draws the attention of policy makers to the importance of supporting small MFIs to survive and continue to address the social goals of MFIs.
Studies have found that a small scale of operations could limit the firm performance since they do not enjoy economies of scale. Since the microfinance industry is focused on provision of financial services to the poor, performance is measured both from a social as well as financial perspective. As firms increase their scale of operations, their social performance needs to be on par with their financial performance. To measure the effect of scale on performance, we use data from the Microfinance Information Exchange (MIX) market consisting of 245 Microfinance Institutions (MFIs) covering a period of 21 years from 1999 to 2019. The dependent variables are outreach, efficiency, and financial performance. The control variables are age and the regulatory status of the firm. We find that while factors like financial performance, client retention, and measures of operational efficiency are dependent on scale; they come at the cost of outreach. The pursuit of economic goals by large MFIs seems to hamper their ability to reach the poorest and/or most needy clients, implying mission drift. This study thus draws the attention of policy makers to the importance of supporting small MFIs to survive and continue to address the social goals of MFIs.
A Gender-Based Comparative Analysis of Generation X and Y on Emotional Contagion: The Qualitative Perspective
Business Perspectives and Research, Volume 11, Issue 3, Page 336-354, September 2023.
Workplace emotions are intense and disruptive, so contagion becomes inevitable. With the presence of diverse groups of employees, from generational cohorts to genders, working side by side, workplace dynamics have become quite challenging. We study the factors leading to emotional contagion and its impact on the most prominent generations present today—Generation X and Y. Additionally, we also study the gender differences on emotional contagion at workplace. The factors were shortlisted via a comprehensive literature review. A qualitative research methodology has been used for deeper understanding of the topic. In-depth interviews with 62 respondents (34 from Generation Y: 16 males and 18 females; and 28 from Generation X: 15 males and 13 females) were used for data collection. Data analysis revealed that there were differences in the ways various factors affected emotional contagion for these two generations and on males and females. Based on the analysis, we have presented research propositions for quantitative validation which can be explored by future researchers.
Workplace emotions are intense and disruptive, so contagion becomes inevitable. With the presence of diverse groups of employees, from generational cohorts to genders, working side by side, workplace dynamics have become quite challenging. We study the factors leading to emotional contagion and its impact on the most prominent generations present today—Generation X and Y. Additionally, we also study the gender differences on emotional contagion at workplace. The factors were shortlisted via a comprehensive literature review. A qualitative research methodology has been used for deeper understanding of the topic. In-depth interviews with 62 respondents (34 from Generation Y: 16 males and 18 females; and 28 from Generation X: 15 males and 13 females) were used for data collection. Data analysis revealed that there were differences in the ways various factors affected emotional contagion for these two generations and on males and females. Based on the analysis, we have presented research propositions for quantitative validation which can be explored by future researchers.
Selecting the special or choosing the common? A high-powered conceptual replication of Kim and Markus’ (1999) pen study
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Can the university matching mechanism in Malaysia do better? An experimental evaluation of three matching mechanisms
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Entrepreneurship and misconducting behaviors: A conceptual model of institutional divergence
The International Journal of Entrepreneurship and Innovation, Ahead of Print.
Over the last decades, scholars considered entrepreneurship as synonymous with thinking “outside of the box” and breaking the status quo. In this view, entrepreneurs are often viewed as heroes that try to improve the status quo. However, not all entrepreneurial rule-breaking are legal or moral a priori. The business landscape depicts a number of entrepreneurial ventures holding rebellious and anti-social postures. Despite the relevance of such a phenomenon, the motives and the dynamics beyond how and why some entrepreneurs deliberately diverge from laws and social norms has been overlooked. Accordingly, we introduce a novel conceptual model and framework using four propositions that contributes to the extant literature in two ways: first, we propose a logic through which entrepreneurs consciously diverge from legal and legitimate institutions, and second, we introduce antecedents and moderating variables explaining the behaviors of disobeying regulations and moral codes by leveraging cognitive and institutional theories. Finally, practical implications of the proposed model for entrepreneurs, policymakers, and business educators are discussed.
Over the last decades, scholars considered entrepreneurship as synonymous with thinking “outside of the box” and breaking the status quo. In this view, entrepreneurs are often viewed as heroes that try to improve the status quo. However, not all entrepreneurial rule-breaking are legal or moral a priori. The business landscape depicts a number of entrepreneurial ventures holding rebellious and anti-social postures. Despite the relevance of such a phenomenon, the motives and the dynamics beyond how and why some entrepreneurs deliberately diverge from laws and social norms has been overlooked. Accordingly, we introduce a novel conceptual model and framework using four propositions that contributes to the extant literature in two ways: first, we propose a logic through which entrepreneurs consciously diverge from legal and legitimate institutions, and second, we introduce antecedents and moderating variables explaining the behaviors of disobeying regulations and moral codes by leveraging cognitive and institutional theories. Finally, practical implications of the proposed model for entrepreneurs, policymakers, and business educators are discussed.
Understanding Poverty and Survival Strategy among Ethiopian Pastoralists: The Boorana Pastoralists Perspectives
International Journal of Rural Management, Volume 19, Issue 2, Page 171-188, August 2023.
Poverty is often assessed using rigorous economic methods in the extant literature. Nonetheless, understanding poverty through supposedly rigorous economic methods per se is not sufficient. This study argues that Boorana pastoralist’s knowledge of poverty and its survival strategy provides foundations to understand poverty. The article was based on a dominantly qualitative mixed research approach to understand poverty from the perspectives of pastoralists in an African context (Ethiopia). Different participatory poverty assessment methods, like focus group discussions and interviews were used. The interviews were conducted with case study households and key informants. The data were analysed by descriptions of responses and narrations of cases. The results showed that pastoralists perceive poverty as a lack of livestock, low health, lack of money, lack of education and jobs. The findings also showed that climate change and variability, deterioration of pasture and water resources, lack of education and overutilisation of resources were the main causes of poverty. Boorana pastoralists perceive that diversification of income sources, crop cultivation, improvements to pastoral education, destocking and returning to forefathers’ cultural practices can be the main survival strategy of pastoralists against poverty. Therefore, there is a need to understand the dynamics of pastoral poverty for appropriate policy interventions.
Poverty is often assessed using rigorous economic methods in the extant literature. Nonetheless, understanding poverty through supposedly rigorous economic methods per se is not sufficient. This study argues that Boorana pastoralist’s knowledge of poverty and its survival strategy provides foundations to understand poverty. The article was based on a dominantly qualitative mixed research approach to understand poverty from the perspectives of pastoralists in an African context (Ethiopia). Different participatory poverty assessment methods, like focus group discussions and interviews were used. The interviews were conducted with case study households and key informants. The data were analysed by descriptions of responses and narrations of cases. The results showed that pastoralists perceive poverty as a lack of livestock, low health, lack of money, lack of education and jobs. The findings also showed that climate change and variability, deterioration of pasture and water resources, lack of education and overutilisation of resources were the main causes of poverty. Boorana pastoralists perceive that diversification of income sources, crop cultivation, improvements to pastoral education, destocking and returning to forefathers’ cultural practices can be the main survival strategy of pastoralists against poverty. Therefore, there is a need to understand the dynamics of pastoral poverty for appropriate policy interventions.