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  • Sentiment Matters: The effect of news-media on spillovers among cryptocurrency returns

    Akyildirim, Erdinc; Aysan, A.F.; Cepni, O.; Serbest, O. (2024)
    This paper explores the relationship between news media sentiment and spillover effects in the cryptocurrency market. By employing a time-varying parameter vector autoregressive model, we initially develop measures of spillover specific to individual cryptocurrencies. Subsequently, we employ unique data on cryptocurrency-specific sentiment to assess its impact on these spillover measures using panel fixed effects regression analysis. Our findings indicate that news media sentiment plays a significant role in explaining the spillover dynamics within the cryptocurrency market. Unlike traditional assets, it appears that only positive sentiment affects the spillovers among cryptocurrencies, suggesting an asymmetric effect. Taking into account various characteristics of cryptocurrencies, we find that sentiment’s impact on spillover is more pronounced in community-based coins than in those driven by firms. An examination of news content suggests that sentiment pertaining to emotional and risk aspects of cryptocurrencies predominantly influences these spillovers. Additionally, a comparative analysis of sentiment derived from social media and traditional news sources reveals a stronger influence of the former on spillover effects. Through extensive robustness checks, our research consistently affirms the pivotal role of sentiment in driving spillovers among cryptocurrency returns, underlining the importance of sentiment analysis in understanding the dynamics of the cryptocurrency market.
  • The impacts and outcomes of sustainable servitisation: A systematic literature review

    Zhou, Q.; Yu, H.; Adams, Kweku; Attah-Boakye, Rexford; Johansson, J. (2024-04-01)
    Sustainable servitisation for organisations, as an indispensable part of their sustainable development, has increasingly come to the attention of both academics and practitioners. Whilst the servitisation literature is diverse and growing, our understanding of what sustainable servitisation is and a holistic view of how it is developed and implemented is limited. To address these gaps, we provide a systematic literature review enabled by an active machine-learning tool using 66 journal articles on sustainable servitisation. We have redefined the term sustainable servitisation based on an in-depth literature analysis. From the purview of sustainable servitisation as a mechanism for organisational change, we also synthesised what is known about sustainable servitisation into a holistic framework. Notably, rather than focusing on how sustainable servitisation can be better designed, as most existing studies have done, we argue that a dynamic and processual view of sustainable servitisation is required to advance theoretical and practical knowledge.
  • Growing Old, but Paying Back: Understanding How Age Influences Corporate Social Innovation Depth and Breadth of Multinationals in Weak Institutional Contexts

    Attah-Boakye, Rexford; Adams, Kweku; Yu, H.; Mali, D.; Lim, H. (2024)
    Corporate Social Innovation (CSI) has emerged as a research priority for multinational enterprises (MNEs) due to the increasing popularity of sustainable development solutions addressing wicked problems in the 21st century. Although most studies on CSI have focused on data from developed economies, emphasising the younger generation's forward-looking, sustainable, and environmentally friendly attitudes, there exists a gap in our understanding of the attitude of the older generation towards CSI practices of MNEs operating in emerging economies. The UN's SDG 3 advocates for the well-being of all at all ages. Despite this, healthcare outcomes in global-south countries fall below standard. Therefore, we conducted an in-depth critical analysis of textual data concerning CSI practices of 115 healthcare MNEs operating in 13 emerging economies. We quantified the number of CSI practices in their annual reports and operationalised the dependent variable using an entropy index to calculate the density and percentage score of CSI. Drawing on Upper Echelons, our analysis revealed that older CEOs are likelier to promote, initiate, and implement CSI in greater depth and breadth. These findings present a compelling case supporting the argument that CEOs and board members tend to contribute more to society as they age. We offer empirical evidence supporting the strengthening roles of senior board members and female board chairs. Our findings complement existing CSI studies from developed countries and illustrate how CEO and board characteristics influence the depth and breadth of CSI in emerging economies.
  • An Environmental Genocide: Counting the Human and Environmental Cost of Oil in Bayelsa, Nigeria

    Sentamu, J.T.M.; Kufuor, J.; Amos, L.G.; Nwajiaku-Dahou, K.; Zalik, A.; Emeseh, Engobo; Osuoka, I.A.; Watts, M.J.; Hodler, R.; Bayelsa State Oil & Environmental Commission (BSOEC, 2023-05)
    Bayelsa, in the Niger Delta, in Southern Nigeria, is in the grip of a human and environmental catastrophe of unimaginable proportions. At one time, the area was home to one of the largest mangrove forests on the planet; an area of unrivalled ecological value. Today, it is one of the most polluted places on Earth. Oil extraction and its impact is the overwhelmingly evident cause of this disaster.
  • Market or Community? An Institutional Logics Interpretation of how MNE Subsidiaries Respond to Mandated Social Innovation in India

    Irene, C.; Sewak, M.; Trivedi, Rohit (2024)
    Despite growing concern in the social innovation (SI) literature about the tackling of grand challenges, our understanding of the role of multinational enterprises (MNEs) remains in its infancy. This article examines foreign MNE subsidiaries’ SI investments focusing on United Nations’ Sustainable Development Goals (UNSDGs) in host countries. Using financial data from large listed subsidiaries of foreign MNEs operating in India, along with hand-collected data from firms’ disclosures of corporate social responsibility (CSR) activity for five years starting in 2015, we utilise the externalities framework propounded by Montiel et al. (2021). This neatly translates the 17 UNSDGS into actionable goals to examine the efforts of foreign MNE subsidiaries in increasing positive externalities as opposed to reducing negative externalities via SI related investment in host countries. The study also evaluates the effects of the local embeddedness of the foreign MNE subsidiaries on SI investment. We find that MNE subsidiaries tend to favour increasing positive externalities as compared to reducing negative externalities through their SI investments. Also, older subsidiaries tend to prioritize greater investments in SI projects related to reducing negative externalities and subsidiaries with higher MNE ownership tend to reduce investments in SI projects related to increasing positive externalities. We discuss possible interpretations of the exploratory results using the institutional logics perspective and conclude with implications for policy and future research.
  • Nudging the capabilities for a sustainable city? When the libertarian paternalist meets the Paretian liberal

    Anand, Prathivadi B. (Cambridge University Press, 2024-03-14)
    The aim of this chapter is to explore how social choice theory and the capability approach can help in clarifying important ethical dilemmas and issues of injustice that need to be addressed for cities to become sustainable cities. Six types of important injustices are identified covering both intra and inter-generational fairness. Some important criticisms of smart cities are considered and important safeguards and policy priorities for smart cities from the social choice and capability approach framings are identified. The main message of this chapter is that sustainability of cities is an ethical issue and not one of technology or measurement and it is all about the six types of injustices and that cities need to tackle all six of these injustices in their quest to become sustainable. Nudging and smart cities can help but these must be contextualised to priorities participation and equality. Social choice theory as formulated by Amartya Sen provides important insights to understand and deal with conflicts between different demands on freedoms of different individuals.
  • How do weather risks in Canada and the United States affect global commodity prices? Implications for the decarbonisation process

    Lau, C.K.; Cai, Y.; Gozgor, Giray (2023-11)
    Given that the probability of extreme weather has been dramatically increasing, this study contributes to the existing literature by bridging the relation between weather risks and global commodity prices with a secondary dataset (e.g., weather risks of Canada and the United States, agricultural raw materials price, gold price, and crude oil price). The results from the vector autoregression model and impulse response functions show that rising weather risks increase the price of agricultural raw materials and gold. However, the negative impact of weather risks on the crude oil price is found. Finally, the paper discusses the findings' potential implications (e.g., developing decarbonised supply chains) for decreasing weather risks' effects on commodity market uncertainties.
  • The impact of geopolitical risk on CO2 emissions inequality: Evidence from 38 developed and developing economies

    Chen, L.; Gozgor, Giray; Lau, C.K.M.; Mahalik, M.K.; Rather, K.N.; Soliman, A.M. (2024-01)
    This paper analyses the impact of geopolitical risk on carbon dioxide (CO2) emissions inequality in the panel dataset of 38 developed and developing economies from 1990 to 2019. At this juncture, the empirical models control for the effects of globalisation, capital-labour ratio, and per capita income on CO2 emissions inequality. The panel cointegration tests show a significant long-run relationship among the related variables in the empirical models. The panel data regression estimations indicate that geopolitical risk, capital-labour ratio, and per capita income increase CO2 emissions inequality. However, globalisation negatively affects CO2 emissions inequality in the panel dataset of 38 developed and developing countries. The pairwise panel heterogeneous causality test results align with these benchmark results and indicate no reverse causality issue. Potential policy implications are also discussed.
  • Peer effects in the online peer-to-peer lending market: Ex-ante selection and ex-post learning

    Ho, K.C.; Gu, Y.; Yan, C.; Gozgor, Giray (2024-03)
    This study investigates peer effects in the online peer-to-peer (P2P) lending market using data from a Chinese online lending platform, Renrendai. The empirical results indicate that both the borrowers' success rate in obtaining loans and the default rate after loans are deemed non-coercive among their peers, referred to as the peer effects of lending and peer effects of default, respectively. The peer effect of lending is more pronounced in high-risk cities, whereas the peer effect of defaulting is more pronounced for borrowers with more difficulty obtaining loans, indicating ex-ante selection and ex-post learning mechanisms, respectively. The peer effects of lending promote P2P lending market efficiency, and the peer effects of defaulting inhibit market efficiency. Collectively, our results suggest that both lenders and borrowers follow peer effects to reduce information asymmetry in P2P lending markets.
  • Exploring the carbon emission reduction effects of corporate climate risk disclosure: Evidence from the Chinese A-share listed enterprises

    Wang, Z.; Fu, H.; Ren, X.; Gozgor, Giray (2024-03)
    This study reexamines the need for Chinese enterprises to disclose climate risk information in the context of their significant contribution to climate change. The paper proposes climate risk disclosure indicators based on a sample of Chinese A-share listed companies from 2010 to 2020 and their annual reports. It explores the relationship and influencing mechanism between corporate climate risk disclosure and carbon emissions levels. The results of empirical research show that disclosing climate risk information reduces carbon emissions levels, and this mitigating effect is significantly enhanced by the moderating effects of executive environmental experience, investor attention, and government environmental supervision. Heterogeneity analysis further indicates that state-owned enterprises, those with a solid corporate green culture, or industries with high pollution emissions can better exert the carbon emission reduction effect of climate risk disclosure. In addition, physical climate risk disclosure is preferred in terms of short-term carbon emissions. In contrast, transformational climate risk disclosure is selected for long-term carbon reduction goals. Finally, empirical economic analysis indicates that high-quality climate risk disclosure can appropriately mitigate the negative impact of corporate carbon emissions on solvency and profitability compared to firms with lower disclosure levels, highlighting the importance of climate risk disclosure quality.
  • Energy related public environmental concerns and intra-firm pay gap in polluting enterprises: Evidence from China

    Ho, K.C.; Yan, C.; Gozgor, Giray; Gu, Y. (2024-02)
    This study empirically investigates the impact of energy related public environmental concerns on the pay gap within polluting companies. It uses the extreme environmental event of the PM2.5 surge at the end of 2011, which led to an upsurge in energy related public environmental concerns in China, as a quasi-natural experiment. According to our findings, energy related public environmental concerns lead to a significant increase in the executive–employee pay gap of polluting companies compared to that of non-polluting companies, owing to a significant increase in executive compensation and no significant change in employee income. The effect of energy related public environmental concerns on increasing the pay gap within polluting companies is more significant in samples with high agency costs, poor information transparency, less analyst follow-up, and fewer institutional investors' shareholding. Furthermore, as energy related public environmental concerns exacerbate the polluting firms' internal pay gap, their total factor productivity and investment efficiency fall significantly. In summary, energy related public environmental concerns not only widen the wage gap within polluting enterprises but also worsen their operational and investment efficiency, which has important policy implications for emerging market economies seeking to balance environmental protection and economic development.
  • Examining the drivers and boundary conditions of social innovation: Evidence from MNE subsidiaries in a developing economy

    Nkrumah, M.; Owusu-Yirenkyi, Diana; Nyuur, Richard B.; Donbesuur, F.; Essuman, D. (2024)
    Although social innovation can help multinational enterprise (MNE) subsidiaries create social value for developing countries, they often encounter significant challenges in successfully implementing social innovation projects. This research applies the knowledge-based perspective to propose and test a theoretical framework to explain why MNE subsidiaries differ in their ability to pursue social innovation successfully in a developing country. The framework contends that MNEs’ relationship learning contributes to social innovation variability under varying levels of subsidiary autonomy and mode of entry. Analysis of primary data collected from 207 subsidiaries of MNEs operating in Ghana shows that relationship learning has a positive relationship with social innovation. Further analysis reveals that subsidiary autonomy enhances the positive association between relationship learning and social innovation, and that this moderating effect is stronger for subsidiaries with equity entry mode as opposed to non-equity entry mode. These insights advance the limited understanding of the antecedents of MNEs’ social innovation in developing countries and offer guidance on how MNE subsidiaries can successfully pursue social innovation interventions in a developing country.
  • The capability approach and the sustainable development goals: Inter, multi and trans disciplinary perspectives

    Ikejiaku, Brian V. (Routledge, 2024-06)
    This book demonstrates how the capability approach to human development can contribute to the realisation of the 2015 United Nations Sustainable Development Goals (SDGs). The capability approach dictates that success should not be measured by economic indicators, but by people leading meaningful, free, fulfilled, happy or satisfied lives. Drawing from a range of disciplinary perspectives, this book argues that it is vital that the focus for the SDGs should shift to benefiting the most vulnerable. Case studies from across Asia, Africa, Latin America (global south), and the USA, UK, and Australia (global north) consider how the capability approach can contribute as a practical framework to achieving the SDGs’ ambitions for social, economic, political, and legal progress. Drawing on insights from a range of disciplines, this book will be of interest to researchers and practitioners from law, politics, international relations, criminology, international development, sociology, public policy, area studies and others.
  • Effects of age on behavioural and eye gaze on Theory of Mind using Movie for Social Cognition

    Yong, Min Hooi; Waqas, Muhammad; Ruffman, T. (2024)
    Evidence has shown that older adults have lower accuracy in Theory-of-Mind (ToM) tasks compared to young adults, but we are still unclear whether the difficulty in decoding mental states in older adults stems from not looking at the critical areas, and more so from the ageing Asian population. Most ToM studies use static images or short vignettes to measure ToM but these stimuli are dissimilar to everyday social interactions. We investigated this question using a dynamic task that measured both accuracy and error types, and examined the links between accuracy and error types to eye gaze fixation at critical areas (e.g. eyes, mouth, body). A total of 82 participants (38 older, 44 young adults) completed the Movie for the Assessment of Social Cognition task on the eye tracker. Results showed that older adults had a lower overall accuracy with more errors in the ipo-ToM (under-mentalising) and no-ToM (lack of mentalisation) conditions compared to young adults. We analysed the eye gaze data using principal components analysis and found that increasing age and looking less at the face were related to lower MASC accuracy in our participants. Our findings suggest that ageing deficits in ToM are linked to a visual attention deficit specific to the perception of socially relevant nonverbal cues.
  • The rule of law, good governance, mob justice, and sustainable development in Africa: A capability approach with case of Ghana

    Osabutey, J; Ikejiaku, Brian V. (Routledge, 2024-06)
    This paper seeks to demonstrate how capability approach can be used as a framework for an active rule of law and good governance to reduce or eliminate mob justice practices to create a peaceful society for sustainable development in Africa. Thus, by adopting the capability approach, and the use of the rule of law and good governance to create peace for achieving sustainable development goals (SDG 16). This will also help provide access to justice including to the poor and most vulnerable. The chapter focuses on Africa, by using Ghana as a case study.
  • Sustainable development, capabilities, hegemonic forces and social risks: extending the capability approach to promote resilience against social inequalities

    Jogie, M.; Ikejiaku, Brian V. (Routledge, 2024-06)
    The capability approach (CA), while originally regarded as a ‘thin’ framework relating to an individual’s ‘States’, has been progressively deployed in wider spaces of social welfare and policy development. In general, the CA centralises an individual’s (or group’s) functionings, and the freedom to achieve those functionings. One under-researched area is the expression of capabilities when constraints are imposed hegemonically, that is, when an individual (or group) appears to consent to having their choices limited because of some underlying sociocultural ideology. Hegemonic forces are particularly relevant to the application of the CA against the UN’s sustainable development goals (SDGs); specifically, reduced inequalities (Goal 10) under its 2030 Agenda for Sustainable Development, since it is generally under large-scale policy regime shifts that sociocultural inequalities are broken and renewed. New, less transparent hegemonies often emerge within policy changes that seek to address inequalities, and they typically embody a mitigating reaction to social risks emanating from policy change. The chapter is fundamentally a theoretical and conceptual paper, approached from an interdisciplinary context, and draws on concepts such as sustainable development, capability approach, and freedom in analysing hegemonic forces with respect to reducing inequalities.
  • The impact of Chinese airport infrastructure on airline pollutant emissions: A hybrid stochastic-neural network approach based on utility functions

    Cui, Q.; Antunes, J.; Wanke, P.; Tan, Yong; Roubaud, D.; Jabbour, C.J.C. (2024-02)
    With China being the world’s largest emitter of greenhouse gases and its aviation sector burgeoning, the environmental performance of Chinese airlines has global significance. Amidst rising demands for eco-friendly practices from both customers and regulators, the interplay between airport infrastructure and environmental performance becomes pivotal. This research offers an innovative methodology to gauge the environmental performance of Chinese airlines, emphasizing the distance traveled between airports using weighted additive utility functions. Leveraging neural networks, the study investigates the impact of various airport infrastructural characteristics on environmental performance. Noteworthy findings indicate that ground control measures, automatic information services at origin airports, surface concrete on runways at both ends, and a centerline lighting system in destination airports positively influence environmental performance. In contrast, longer and wider runways at origin airports, increased distances to control towers, and asphalt runways at destination airports adversely affect it. These insights not only underscore the importance of strategic infrastructure enhancements for reducing carbon footprints but also hold profound policy implications. As global climate change remains at the forefront, fostering sustainable airport infrastructure in China can significantly contribute to worldwide mitigation efforts.
  • On stakeholder theory and corporate investment under financial frictions

    Mykhayliv, Dariya; Zauner, K.G. (2024)
    The view that corporations have a wider focus than just maximizing shareholder value has received considerable attention from practitioners, managers, and academics alike. We investigate the Q theory of corporate investment with financial frictions when management maximizes stakeholder value instead of shareholder value. Different objective functions are investigated. We characterize the optimal investment and financial policy of the firm. The results show that stakeholder firms invest more than shareholder firms, i.e., over-investing, and an increase of stakeholder shares increases investment, except when equity issuing firms face severe informational asymmetries or severe cost of external equity. We also discuss different approaches to model investment of stakeholder firms and their implications for empirical analysis.
  • Stakeholder Management Challenges and The Complexities of Promoting Sustainable Entrepreneurship in Africa

    Rabake, N.; Adams, Kweku; Attah-Boakye, Rexford (Palgrave Macmillan, 2024-06-07)
    In recent years, there has been significant attention given to stakeholder management, which involves the intricate interaction between organisations and individuals, as well as diverse groups that can significantly affect or shape an organisation's decisions. While progress has been made, African countries are seen as the next promising frontier for progress and advancement. Nevertheless, there remains a lack of understanding of this concept, as the continent is undergoing remarkable economic growth. Entrepreneurs operating in such environments face intricate landscapes when it comes to stakeholder management. Consequently, understanding how stakeholders contribute to the growth of entrepreneurial ventures in Africa is crucial to promote sustainable and responsible business practices. This chapter presents insights that can stimulate future research on stakeholder management within the intricate and diverse African setting. The chapter conceptualises the relationship between stakeholders and entrepreneurship in Africa and shows how entrepreneurial firms navigate the challenges associated with weak institutional environments.
  • The African Continental Free Trade Area (AfCFTA): Taking stock and looking ahead for international business research

    Debrah, Y.A.; Olabode, Oluwaseun E.; Olan, F.; Nyuur, Richard B. (2024)
    The establishment of the African Continental Free Trade Area (AfCFTA) has opened new avenues of research interest in International Business and International Management. However, scholarly work in this fledgling area of research has been disparate and often lacking in the assessment of core international business implications of the emergence of the AfCFTA on member states as well as non-member states. This is because, as yet, no systematic attempt has been made to explore the AfCFTA in the context of IB research, or project future IB research directions. Hence, in this paper, using the PRISMA method we have systematically identified the current published research and scholarly work on the AfCFTA and provided a robust picture of the current state of knowledge and available literature on the AfCFTA while at the same time outlining potential areas for future international business research

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