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  • Disaster management in Bangladesh: developing an effective emergency supply chain network

    Shareef, M.A.; Dwivedi, Y.K.; Mahmud, R.; Wright, A.; Rahman, M.M.; Kizgin, Hatice; Rana, Nripendra P. (2018-10)
    This study has addressed and identified the problems in managing the existing emergency supply chain of Bangladesh in all phases of operation in terms of the primary drivers of the supply chain. It has also attempted to conceptualize and suggest an effective emergency supply chain. In this context, a thorough field investigation in several districts was conducted among the employees of the organizations sharing common information with similar protocols and implications (interoperable). Information was collected from the employees of all the participating organizations involved in disaster management through a semi-structured questionnaire based survey. The respondents addressed and illustrated several interconnected reasons which are inhibiting proper forecasting, procurement, storage, identification of affected people, and distribution. The respondents pointed out that the mismatching of objectives in the different organizations resulted in non-interoperability among the participating organizations. These issues are related to the malfunctioning of management with multidimensional organizational conflicts. Reflecting those issues, an emergency supply chain for disaster management is proposed in this study
  • Consumer use of mobile banking (M-Banking) in Saudi Arabia: Towards an integrated model

    Baabdullah, A.M.; Alalwan, A.A.; Rana, N.P.; Kizgin, Hatice; Patil, P. (2019-02)
    Mobile banking is one of the most promising technologies that has emerged in recent years and could prove to have considerable value to both banks and customers. Thus, this study recognises the need to test the main factors that could predict the use of mobile banking as well as how using such a system could contribute to both customer satisfaction and customer loyalty. The conceptual model of this study combines two models (i.e. UTAUT2 and the D&M IS Success Model). A questionnaire survey was conducted to collect the required data from convenience sampling of Saudi bank customers. The main factors – performance expectancy, price value, facilitating conditions, hedonic motivation, habit, system quality and service quality – were found to have a significant impact on actual use behaviour. This study was cross-sectional, therefore future studies should implement longitudinal studies in order to re-collect the findings. Further, this study adopted convenience sampling of Saudi M-Banking users. This may adversely impact the issue of generalisability to the whole population. The gap in the M-Banking literature in Saudi Arabia would be bridged by proposing a comprehensive conceptual model that scrupulously clarifies the use of M-Banking from the perspective of Saudi users. Furthermore, this study would consider the adoption of numeric data in order to inferentially analyse them using SEM. This in turn would assist in generalising the findings to the whole Saudi population.
  • Impact of acculturation, online participation and involvement on voting intentions

    Jamal, A.; Kizgin, Hatice; Rana, N.P.; Laroche, M.; Dwivedi, Y.K. (2019-07)
    This study examines the extent to which acculturation and enculturation orientations affect online political participation, political involvement and voting intentions among a sample of Turkish-Dutch immigrants. The study uses data from Turkish-Dutch participants. Structural Equations Modelling (SEM) is employed for assessing the relationships in the conceptualized model. The findings show that enculturation and acculturation influence online participation and involvement, which in turn, are related to voting intentions. The study further examines the mediating role of political involvement and online political participation. Political involvement mediates the relationships between enculturation and acculturation and voting intentions. The results further indicate the effect of online participation on voting intentions is mediated by political involvement. The study findings provide insights into offline and online cultural and civic engagement tendencies among an important immigrant segment that policy makers should consider in the future.
  • Artificial Intelligence (AI): Multidisciplinary Perspectives on Emerging Challenges, Opportunities, and Agenda for Research, Practice and Policy

    Dwivedi, Y.K.; Hughes, L.; Ismagilova, Elvira; Aarts, G.; Coombs, C.; Crick, T.; Duan, Y.; Dwivedi, R.; Edwards, J.; Eirug, A.; et al. (Elsevier, 2019)
    As far back as the industrial revolution, significant development in technical innovation has succeeded in transforming numerous manual tasks and processes that had been in existence for decades where humans had reached the limits of physical capacity. Artificial Intelligence (AI) offers this same transformative potential for the augmentation and potential replacement of human tasks and activities within a wide range of industrial, intellectual and social applications. The pace of change for this new AI technological age is staggering, with new breakthroughs in algorithmic machine learning and autonomous decision-making, engendering new opportunities for continued innovation. The impact of AI could be significant, with industries ranging from: finance, healthcare, manufacturing, retail, supply chain, logistics and utilities, all potentially disrupted by the onset of AI technologies. The study brings together the collective insight from a number of leading expert contributors to highlight the significant opportunities, realistic assessment of impact, challenges and potential research agenda posed by the rapid emergence of AI within a number of domains: business and management, government, public sector, and science and technology. This research offers significant and timely insight to AI technology and its impact on the future of industry and society in general, whilst recognising the societal and industrial influence on pace and direction of AI development.
  • Monte Carlo analysis of methods for extracting risk-neutral densities with affine jump diffusions

    Lu, Shan (2019)
    This paper compares several widely-used and recently-developed methods to extract risk-neutral densities (RND) from option prices in terms of estimation accuracy. It shows that positive convolution approximation method consistently yields the most accurate RND estimates, and is insensitive to the discreteness of option prices. RND methods are less likely to produce accurate RND estimates when the underlying process incorporates jumps and when estimations are performed on sparse data, especially for short time-to-maturities, though sensitivity to the discreteness of the data differs across different methods.
  • The influence of contrasting values on consumer receptiveness to ethical information and ethical choices

    Osburg, V.; Akhtar, P.; Yoganathan, Vignesh; McLeay, F. (2019)
    Ethical consumption is more likely when consumers are receptive to ethical product information and consider such information when making purchasing decisions. Building on communication theory, we develop and test a framework illustrating how different consumer values induce contrasting effects on consumers’ willingness to choose ethical products through affecting consumer receptiveness to ethical product information. We present an online survey with 590 US consumers, which was analyzed with covariance-based structural equation modeling (CB-SEM). Results show that altruistic and biospheric consumer values increase consumers’ willingness to choose ethical products via trust in ethical advertising and ethical purchase decision involvement. In contrast, egoistic consumer values reduce ethical purchase decision involvement, and ultimately consumers’ willingness to choose ethical products. Thus, we illustrate the mechanisms through which contrasting values take effect. Results are discussed in light of theoretical and managerial implications and reemphasize the need for better adaptation of ethical marketing to individual consumer characteristics.
  • Market sentiment and firm investment decision-making

    Danso, A.; Lartey, T.; Amankwah-Amoah, J.; Adomako, Samuel; Lu, Q.; Uddin, M. (Elsevier, 2019)
    While research on factors driving corporate investment decisions has blossomed, knowledge related to the Chief Executive Officer’s (CEO’s) market sentiment on investment decision outcomes is lacking. In this study, we extend the existing corporate finance literature by examining the underexplored issue of how CEOs’ market sentiment drives firms’ investment decisions. Capitalising on a large sample of US firms for the period 2004-2014, we uncovered some crucial observations. First, we found empirical support for our theoretical contention that market sentiment drives corporate investment decisions. Second, we established that, while financial flexibility induces managers to overinvest, the expectation of future profitability leads firms to underinvest during high sentiment periods. In addition, we uncovered that the 2007/08 financial crisis significantly impacted firm behaviour and realigned managerial decision-making. Thus, the sentiment-investment relationship is more pronounced during the crisis and the post-crisis periods. Our results are robust after accounting for the possibility of endogeneity and using alternative measures of both CEOs’ market sentiment and firm investment.
  • Waves of Professionalization Before, During and After Management Buyouts and Buy-ins of Private Family Firms

    Howorth, Carole; Wright, M.; Westhead, P.; Allcock, D. (Enterprise Research Centre, 2015-11)
    We explore the process of professionalization pre- and post- buyout (MBO) or buyin (MBI) of former private family firms using longitudinal evidence from six UK family firms undergoing an MBO/I in 1998. Professionalization behaviour was monitored up to 2014. Previous studies have conceptualized professionalization as a threshold to be attained. We demonstrate that professionalization is a complex process occurring in waves, triggered by changes in firm ownership and management. Waves of professionalization converge during the MBO/I process. Buyouts provide a funnelling mechanism enabling diverse control systems to be standardized. Post-MBO/I, divergence in the professionalization process reoccurs contingent on firm-specific contexts. Professionalization focuses on operations when stewardship relationships predominate, but on agency control mechanisms when there is increased potential for agency costs. Buyout organizational form is an important transitory phase facilitating the professionalization process. Professionalization is not a once for all development stage.
  • Audit committees, non-audit services, and auditor reporting decisions prior to failure

    Wu, C.Y.H.; Hsu, Hwa-Hsien; Haslam, J. (2016-06)
    This study investigates the associations between audit committee characteristics and the likelihood of auditors' going-concern decisions among UK failed firms. Specifically, we examine whether the threat posed by auditor-provided non-audit services (NAS) to auditors' reporting decisions is mediated by audit committee characteristics. We find that failed firms with higher proportions of independent non-executive directors (NEDs) and financial experts on the audit committee are more likely to receive auditor going-concern modifications prior to failure, but that there is no significant relationship between NAS fees and the likelihood of receiving a going-concern modification. The evidence further suggests that the association between NAS and auditors' reporting decisions is subject to audit committee characteristics. Where the audit committee is more independent and includes a greater proportion of financial experts, auditors providing the client with NAS are less likely to issue a standard unmodified going-concern report prior to failure. Overall, the findings provide support for corporate governance regulators' concerns about the monitoring benefits of audit committee independence and the presence of financial expertise on the audit committee for auditors' reporting decisions.
  • Firm performance, corporate governance and executive compensation in Pakistan

    Sheikh, M.F.; Shah, S.Z.A.; Akbar, Saeed (2018)
    This study examines the effects of firm performance and corporate governance on chief executive officer (CEO) compensation in an emerging market, Pakistan. Using a more robust Generalized Method of Moments (GMM) estimation approach for a sample of non-financial firms listed at Karachi Stock Exchange (KSE) over the period 2005 to 2012, we find that both current and previous year accounting performance has positive influence on CEO compensation. However, stock market performance does not appear to have a positive impact on executive compensation. We further find that ownership concentration is positively related with CEO compensation, indicating some kind of collusion between management and largest shareholder to get personal benefits. Inconsistent with agency theory, CEO duality appears to have a negative influence, while board size and board independence have no convincing relationship with CEO compensation, indicating board ineffectiveness in reducing CEO entrenchment. The results of dynamic GMM model suggest that CEO pay is highly persistent and takes time to adjust to long-run equilibrium.
  • Effectiveness of performance appraisal: An integrated framework

    Iqbal, M.Z.; Akbar, Saeed; Budhwar, P. (2015-10)
    Based on a robust analysis of the existing literature on performance appraisal (PA), this paper makes a case for an integrated framework of effectiveness of performance appraisal (EPA). To achieve this, it draws on the expanded view of measurement criteria of EPA, i.e. purposefulness, fairness and accuracy, and identifies their relationships with ratee reactions. The analysis reveals that the expanded view of purposefulness includes more theoretical anchors for the purposes of PA and relates to various aspects of human resource functions, e.g. feedback and goal orientation. The expansion in the PA fairness criterion suggests certain newly established nomological networks, which were ignored in the past, e.g. the relationship between distributive fairness and organization‐referenced outcomes. Further, refinements in PA accuracy reveal a more comprehensive categorization of rating biases. Coherence among measurement criteria has resulted in a ratee reactions‐based integrated framework, which should be useful for both researchers and practitioners.
  • Impact of international financial reporting standards on the profit and equity of AIM listed companies in the UK

    Ali, A.; Akbar, Saeed; Ormrod, P. (2016-03)
    This study examines the extent to which the change from UK GAAP to IFRS has affected companies listed on the Alternative Investment Market (AIM) in the UK. The results suggest that, on average, profit reported under IFRS is higher than that reported under UK GAAP; however, the difference is much smaller for AIM listed companies as compared to what existing literature suggests for firms listed on main stock markets. The Gray's partial analysis results indicate that despite the extensive programmes for improving convergence over time there is still a considerable discrepancy between IFRS and UK GAAP.
  • Market reaction to seasoned offerings in China

    Liu, J.; Akbar, Saeed; Shah, S.Z.A.; Zhang, D.; Pang, D. (2016-06)
    This study examines stock market reaction to the announcement of various forms of seasoned issues in China. Our empirical evidence demonstrates that market reactions differ in ways that suggest a difference between management's internal assessment and the market's assessment of the stock price. The market responds unfavourably to the announcement, notably in the case of rights issues and also with regard to open offers. Private placements experience an unfavourable pre‐announcement reaction, which contrasts with the favourable reaction after the event. Convertible bond issues generate positive excess returns consistent with the market's confidence that they can help to align management and shareholders’ interests. Further investigation shows that market reaction is related to factors specific to the issuer and issue by reference to the period immediately surrounding the issue. Specifically, ownership concentration, agency matters connected with equity offerings, investor protection connected with fund allocation and security pricing, and the influence of powerful moneyed interests together provide an instructive insight into market reaction. Institutional inefficiency pertaining to underwriting, auditing, analysts’ forecasts and credit ratings are found to have a weak association with market price, consistent with due public scepticism concerning management and their gatekeepers.
  • Board structure and corporate risk taking in the UK financial sector

    Akbar, Saeed; Kharabsheh, B.; Poletti-Hughes, Jannine; Shah, S.Z.A. (2017)
    This paper examines the relationship between board structure and corporate risk taking in the UK financial sector. We show how the board size, board independence and combining the role of CEO and chairperson in boards may affect corporate risk taking in financial firms. Our sample is based on a panel dataset of all publicly listed firms in the UK financial sector, which includes banks, insurance, real estate and financial services companies over a ten year period (2003-2012). After controlling for the effects of endogeneity through the application of the dynamic panel generalized method of moments estimator, the findings of this study suggest that the presence of non-executive directors and powerful CEOs in corporate boards reduces corporate risk taking practices in financial firms. The negative relationship can be explained within the agency theory context, where managers are regarded as more risk averse because of the reputational and employment risk. An increased power concentration is therefore expected to enhance the risk aversion behaviour of directors. The findings however, do not show any significant effect of board size on corporate risk taking in financial firms. As this study covers recommendations of the UK Corporate Governance Code on the role of corporate boards in managing firms’ risk, the empirical evidence could be useful for corporate governance regulation and policy making.
  • International Evidence on the Determinants of Organizational Ethical Vulnerability

    Ullah, S.; Ahmad, S.; Akbar, Saeed; Kodwani, D. (2018)
    This paper proposes a model to explain what makes organisations ethically vulnerable. Drawing upon legitimacy, institutional, agency and individual moral reasoning theories we consider three sets of explanatory factors and examine their association with organisational ethical vulnerability. The three sets comprise external institutional context, internal corporate governance mechanisms and organisational ethical infrastructure. We combine these three sets of factors and develop an analytical framework for classifying ethical issues and propose a new model of organisational ethical vulnerability. We test our model on a sample of 253 firms that were involved in ethical misconduct and compare them with a matched sample of the same number of firms from 28 different countries. The results suggest that weak regulatory environment and internal corporate governance combined with profitability warnings or losses in the preceding year increase organisational ethical vulnerability. We find counterintuitive evidence suggesting that firms’ involvement in bribery and corruption prevention training programmes is positively associated with the likelihood of ethical vulnerability. By synthesising insights about individual and corporate behaviour from multiple theories, this study extends existing analytical literature on business ethics. Our findings have implications for firms’ external regulatory settings, corporate governance mechanisms and organisational ethical infrastructure.
  • Effectiveness of Performance Appraisal: Evidence on the Utilization Criteria

    Iqbal, M.Z.; Akbar, Saeed; Budhwar, P.; Shah, S.Z.A. (2019-08)
    This study examines the relationships between performance appraisal (PA) purposes and immediate and ultimate outcomes. Drawing upon expectancy theory and Greenberg's taxonomy, we explore the roles of multiple mediators as sets of person- and organization-referenced ratee reactions and reveal the multiple why-related aspects of the relationships between PA purposes and PA effectiveness. Our research is based on a questionnaire survey of 563 employees from the telecommunications sector of Pakistan. The results of structural equation modeling analysis suggest that individual-focused PA better serves the employee perspective, whereas position- and organization-focused PA better serves the organizational perspective. These findings indicate that inclusion of role definition and strategic purposes in the PA system is likely to render PA more effective and practical. The findings also corroborate that ratee reactions mediate the relationship between PA purposes and PA effectiveness, albeit to varying degrees. Our findings have theoretical and practical implications.
  • More on the relationship between corporate governance and firm performance in the UK: Evidence from the application of generalized method of moments estimation

    Akbar, Saeed; Poletti-Hughes, J.; El-Faitouri, R.; Shah, S.Z.A. (2016-09)
    This study examines the relationship between corporate governance compliance and firm performance in the UK. We develop a Governance Index and investigate its impact on corporate performance after controlling for potential endogeneity through the use of a more robust methodology, Generalized Method of Moments (GMM) Estimation. Our evidence is based on a sample of 435 non-financial publicly listed firms over the period 1999–2009. In contrast to earlier findings in the UK literature, our results suggest that compliance with corporate governance regulations is not a determinant of corporate performance in the UK. We argue that results from prior studies showing a positive impact of corporate governance on firms’ performance may be biased as they fail to control for potential endogeneity. There may be a possibility of reverse causality in the results of prior studies due to which changes in the internal characteristics of firms may be responsible for the corporate governance compliance and performance relationship. Our findings are based on GMM, which controls for the effects of unobservable heterogeneity, simultaneity and dynamic endogeneity and thus present more robust conclusions as compared to the findings of previously published studies in this area.
  • The effect of electronic word of mouth communications on intention to buy: A meta-analysis

    Ismagilova, Elvira; Slade, E.L.; Rana, Nripendra P.; Dwivedi, Y.K. (2019)
    The aim of this research is to synthesise findings from previous studies by employing weight and meta-analysis to reconcile conflicting evidence and draw a “big picture” of eWOM factors influencing consumers’ intention to buy. By using the findings from 69 studies, this research identified best (e.g. argument quality, valence, eWOM usefulness, trust in message), promising (e.g. eWOM credibility, emotional trust, attitude towards website) and least effective (e.g. volume, existing eWOM, source credibility) predictors of intention to buy in eWOM research. Additionally, the effect size of each predictor was calculated by performing meta-analysis. For academics, understanding what influences consumers’ intention to buy will help set the agenda for future research directions; for practitioners, it will provide benefit in terms of practical guidance based on detailed analysis of specific factors influencing consumers’ intention to buy, which could enhance their marketing activities.

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