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Item Embargo Terror and Wealth: How Does Terrorism Affect Global Business-Class Travel.(2025-12-02) Zhou, Zhou; Zheng, Wang; Godwin, OkaforUsing a country-month-level data set that links passenger flows with reports on terrorist attacks, this paper provides the first quantitative assessment of the impact of terrorist attacks on inbound international business-class travel. Behavioural theories suggest that international people flows are sensitive to predicted risks. The findings reveal that terrorist incidents significantly reduce business-class arrivals, with effects persisting up to six months post-attack, consistent with our theoretical expectations about sustained risk perception and avoidance behaviour. Importantly, we find that institutional quality substantially moderates terrorism-induced travel disruptions, supporting our theoretical prediction about the institutional moderation of risk perception. Our findings advance both theoretical understanding of how terrorism affects high-value international mobility and practical insights for institutional development in maintaining travel flows during security crisesItem Metadata only Does Economic Policy Uncertainty Explain Exchange Rate Movements in the Economic Community of West African States (ECOWAS): A Panel ARDL Approach(MDPI, 2023-11-01) Korley, Maud; Giouvris, EvangelosResearch proposes that economic policy uncertainty (EPU) leads to exchange rate fluctuations. Given that African countries experience higher levels of uncertainty in developed/emerging markets, we examine the extent to which domestic and foreign EPU affect exchange rates for a panel of 12 ECOWAS countries covering the period 1996–2018. In order to account for non-stationarity, cross-sectional dependence, and heterogeneity, the paper employs the dynamic heterogeneous panel approach. The ECOWAS has a dual currency arrangement ranging from a common currency union (CFA) to floating exchange rates (Non-CFA). To account for this, this study splits the sample data into CFA and Non-CFA areas. In addition, this study considers the role of the global financial crisis in the exchange rate-EPU nexus. Our results show that domestic EPU has a positive effect on exchange rates in the long run for Non-CFA areas. Different from the existing literature, our results suggest that domestic EPU does not explain exchange rate fluctuations in the short run. For all countries, foreign EPU leads to appreciation in the long run and depreciation in the short run. Interestingly, foreign EPU has a more dominant effect on exchange rate fluctuations in the selected countries than domestic EPU. This may reflect the weak institutional framework in these countries, which allows external fluctuations to have a greater impact. Moreover, this could be attributed to the increase in foreign capital flows during the sample period. Thus, these countries must develop effective policies to effectively absorb these external shocks. Results are robust to different proxies of EPU.Item Metadata only Oil price fluctuations and their impact on oil-exporting emerging economies(Elsevier, 2024-01-29) Agboola, Emmanuel; Chowdhury, Rosen; Yang, BoHow do oil price fluctuations affect economic activity and policy in the context of oil-exporting emerging economies? Past research suggests that the output responses to oil price innovations are asymmetric in nature but does not directly test the asymmetry in the government expenditure adjustments triggered by the shock. Moreover, many studies quantifying these asymmetric responses are fraught with methodological concerns. This paper assesses the empirical relevance of such asymmetries by studying how output and government expenditure respond to oil price shocks. Our estimation, employing unbiased methodologies, allows us to be agnostic regarding asymmetries in the responses depending on the direction and size of the shock. Using data for a diverse group of emerging economies, we find substantial evidence for the presence of asymmetries. Country-specific factors and/or fiscal stabilization incentives are possible explanations for the asymmetric responses. We draw policy recommendations for understanding the growth process specific to resource-rich emerging economies.Item Embargo Connectedness among diverse financial assets: Evidence from cryptocurrency uncertainty indices(Elsevier, 2024-11-18) Batra, S.; Tiwari, A. K.; Yadav, M.; Danso, AlbertThis study examines the impact of cryptocurrency uncertainty indices on green bonds, currency, and commodity markets by using weekly data from January 1, 2014, to December 30, 2022. The study analyzes such relationships employing the time-varying robust Granger-Causality test coupled with the TVP-VAR-DY approach. The empirical findings unfold the heterogeneous effects of uncertainty indices toward diverse financial instruments pronounced during financial or economic turbulence. The DY approach indicates that total connectedness among financial assets varies significantly over time. The green bond market is the net receiver, while ishares Global Clean Energy ETF (ICLN) and VanEck Low Carbon Energy ETF (SMOG) indices transmit the shocks for the whole period. The findings suggest that holdings in the green bond market after the health crisis offer greater hedging opportunities to investors. The results have significant ramifications for financing, hedging, and policymaking.Item Metadata only Mechanisms for implementing fossil fuel divestment in portfolio management with impact on risk, return and carbon reduction(Elsevier, 2024-07-03) Marupanthorn, Pasin; Nikitopoulos, Christina S.; Ofosu-Hene, Eric D.; Peters, Gareth W.; Richards, Kylie-AnneItem Metadata only Leadership in a social dilemma: Does it matter if the leader is pro-social or just says they are pro-social?(Wiley, 2024-10-29) Cartwright, Edward; Chai, Yidan; Xue, LianPrevious studies have shown that pro-social leaders cooperate, on average, more than pro-self leaders in social dilemmas. It can, thus, be beneficial for the group to have a pro-social leader. In this paper we analyze the consequences of a leader informing followers that they are pro-social (or pro-self). In doing so, we compare a setting in which the leader's type is truthfully revealed to settings where the leader can ‘hide’ or ‘lie’ about their pro-sociality. We find that a leader saying they are pro-social boosts efficiency, even if the signal is not fully credible. Cooperation is highest in a truth setting with a pro-social leader. We demonstrate that these results are consistent with a belief-based model of social preference in which the stated type of the leader changes the frame of reference for followers.Item Embargo Ownership Structure, Corporate Governance Disclosure, and the Moderating Effect of CEO Power: Evidence from East Africa(Taylor and Francis, 2024-11-02) Fulgence, Samuel; Boateng, Agyenim; Kwabi, FrankThis study examines the effect of ownership structure (classified as concentrated, institutional, and managerial ownership) on corporate governance (CG) disclosure. Using a sample of 96 East African firms, we document that, whereas concentrated ownership has a negative effect, institutional ownership has a positive and significant association with CG disclosure. However, we find the effect of managerial ownership on CG disclosure to be negative and insignificant. We also find CEO power to moderate the link between ownership structure and CG disclosure. Further analysis indicates that, whereas the effects of institutional and concentrated ownerships on CG disclosure remain unchanged irrespective of a firm’s debt levels, the effect of managerial ownership on CG disclosure is driven by external pressures associated with debt financing. Our findings provide evidence on how different ownership types have different preferences, thereby influencing corporate disclosure practices differently. Our results are robust to the two-stage system generalised method of moments (SGMM) and other alternative sensitivity tests.Item Embargo Corporate Board Reform and Capital Structure Dynamics: Evidence from UK(Springer, 2024-10-15) Ezeani, Ernest; Fulgence, Samuel; Hu, Wansu; Kwabi, Frank; Chizindu, WonuTheoretical arguments suggest that corporate board reform will influence firms' capital structure choices. Consistent with this argument, we examine the impact of corporate board reform on the capital structure dynamics of UK firms. Using 12,384 firm-year observations between 2006 and 2020, we provide evidence of a higher speed of adjustment (SOA) after board reform. Using an additional analysis, we find that firms with higher agency costs (in the pre-reform phase) are more likely to implement the monitoring effect of debt. Also, our decomposition analysis shows that firms increased both short-term and long-term debt after the board reform, suggesting that improved board monitoring positively impacts firm leverage. Our results are robust to alternative leverage proxies and batteries of robustness tests.Item Open Access Collecting badges: Understanding the gold rush for business excellence awards(Wiley, 2022-03-02) Asante, Shadrack; Sarpong, David; Bi, Jianxiang; Mordi, ChimaBusiness excellence awards (BEAs) have become all too commonplace. Entering and winning one has now become part of contemporary organising. However, scholarly work examining these awards remains scattered, with the dominant narrative focusing on what could even be described as the intense obsession with award ceremonies. In this paper, we articulate the mechanisms through which the dual demands for managing competitive pressures and achieving competitive advantage drive organisations to enter these awards. In doing this, we integrate and expand upon prior work to explicate an integrative framework for examining how the interactions between various contextual and environmental factors may induce organisations to enter BEAs and the potential outcomes, particularly for those who win or are shortlisted for these awards. We go on to present a set of propositions constituting a contribution, after which our study's implications for the theory and practice of BEAs are outlined.Item Metadata only A stochastic Fermatean fuzzy-based multi-choice conic goal programming approach for sustainable supply chain management in end-of-life buildings(Elsevier, 2022-12-05) Deliktaş, Derya; Karagoz, Selman; Simić, Vladimir; Aydin, NezirDue to natural disasters, urban transformations and many other factors, sustainable end-of-life buildings (ELBs) waste management is gaining importance within the last decades, which is vigorous for both economic and conservation matters. Turkey is located on active zones in terms of natural disasters and faced numerous destructive events. Therefore, the government initiated a program to renew the ELBs. Even though several studies analyzed post-disaster debris management, there are not many studies focusing on pre-disaster debris management. Thus, this study proposes a two-stage stochastic model to optimize the supply chain network of ELBs and manage the debris stemmed from the destruction of the ELBs. With this aim, the criteria and the alternatives for evaluating the objectives are defined, experts’ evaluations for objectives are integrated into the model, Fermatean fuzzy-based weighting approach is introduced to transfer the experts’ views on the importance of the objectives, and the stochastic Fermatean fuzzy-based multi-choice conic goal programming (FF-MCCGP) and the revised-MCGP methods are used to provide optimal facility locations, and the amount of debris to transfer within the network. The stochastic FF-MCCGP approach outperforms the revised-MCGP in most cases, where they are compared. Furthermore, a sustainable management strategy is offered to control the economic, pollution, land-use stress and population health factors. This study is one of the pioneer studies that eases the consequences of diseases, urban transformation, wars, and other factors by considering the renewal of ELBs, and method can be upgraded dynamically regarding the potential needs and conditions as it offers a global road map.Item Metadata only Political risk, hedge fund strategies, and returns: Evidence from G7 countries(Elsevier, 2022-10-21) Rungmaitree, Pattamon; Boateng, Agyenim; Ahiabor, Frederick; Lu, QinyeIn this study, we examine the effects of political risk across a group of seven industrialised countries (G7) on hedge fund returns and further explore whether the effects of political risk on hedge fund returns vary according to hedge fund strategies employed by fund managers. Employing factor analysis to quantify political risk across the G7 countries, our results evince two interesting aspects. First, we find political risk to exert a negative and significant impact on hedge fund returns, suggesting that hedge fund performance tends to decrease as political risks across G7 nations increase. Second, the effects of political risk on hedge fund returns appear to vary with different hedge fund strategies employed by fund managers. Our results appear robust after employing three different analytical approaches and controlling a set of factors previously identified to affect hedge fund returns.Item Open Access CEO hubris and corporate carbon footprint: The role of gender diversity(Wiley, 2024-08-12) Kwabi, Frank; Fulgence, Samuel; Adamolekun, GbengaThis paper investigates the effect of an overconfident CEO on firm greenhouse gas emissions. Using panel data of 160,115 firm‐year observations from 41 countries for 2000–2021, we find a negative relationship between CEO overconfidence and greenhouse gas emissions. Additionally, drawing on the theories of gender socialisation and diversity, we find that great representation of females on the board further compels overconfident CEOs to reduce firm carbon emissions. Our findings are robust to varying estimation techniques and identification strategies. These findings offer important insights to green investors, corporate boards, managers and policymakers on the role of overconfident CEOs and female leadership in the carbon abatement efforts of public companies.Item Metadata only Social framing effects in leadership by example: Preferences or beliefs?(Wiley, 2024-08-10) Cartwright, Edward; Drouvelis, MichalisWe study the impact of framing on leading-by-example. Our 2 × 2 design consists of group level frames (Wall Street vs. Community) and individual level frames (First/Second Movers vs. Leader/Followers). We report on two studies where we elicit participants' beliefs allowing us to evaluate whether framing effects are driven by beliefs or preferences. Across both studies, average contributions are significantly lower in the Community—First Mover frame. This is primarily because leaders contribute less, pulling down followers' contributions. We find that contributions are strongly related to first order and second order beliefs but framing effects remain once we control for beliefs.Item Metadata only Deception in double extortion ransomware attacks: An analysis of profitability and credibility(Elsevier, 2023-12-27) Cartwright, Edward; Meurs, Tom; Cartwright, Edward; Junger, Marianne; Abhishta, AbhishtaRansomware attacks have evolved with criminals using double extortion schemes, where they signal data exfiltration to inflate ransom demands. This development is further complicated by information asymmetry, where victims are compelled to respond to ambiguous and often deceptive signals from attackers. This study explores the complex interactions between criminals and victims during ransomware attacks, especially focusing on how data exfiltration is communicated. We use a signaling game to understand the strategies both parties use when dealing with uncertain information. We identify five distinct equilibria, each characterized by the criminals' varied approaches to signaling data exfiltration, influenced by the strategic parameters inherent in each attack scenario. Calibrating the game parameters with real-world like values, we identify the most probable equilibrium, offering insights into anticipated ransom amounts and corresponding payoffs for both victims and criminals. Our findings suggest criminals are likely to claim data exfiltration, true or not, highlighting a strategic advantage for intensifying attack efforts. The study underscores the need for victims' caution towards criminals' claims and highlights the unintended consequences of policies making false claims costlier for criminals.Item Open Access Unblocking the Pipeline: Supporting the Retention, Progression and Promotion of Early Career Black Academics(HEPI, 2024-08-01) Franssen, Becca; Freeman, Josh; Aiyenitaju, Opeoluwa; Babajide, Bola; Denedo, Mercy; Kator lorfa, Steven; Oyedijo, AdeThis report explores the experiences of Black early-career academics (ECAs) in higher education. Based on a survey of nearly 100 Black ECAs and 24 interviews with staff working on initiatives to support them, this report examines the challenges faced by Black ECAs in securing a post and advancing their careers. By evaluating the initiatives currently implemented, this report then investigates how higher education institutions can effectively support Black ECAs. In our discussion of the challenges faced by Black ECAs, we find that: • Most survey respondents feel they have good relationships with their colleagues (68%), but only a minority feel their pay is fair (32%), their workplace is inclusive (34%) and they are supported with their mental and physical wellbeing (38%). • The biggest barriers to career progression identified by respondents are unconscious bias, a lack of community and a lack of clarity around promotion criteria. • Black ECAs often feel ‘invisible’, in that they are passed over for promotion or not acknowledged for the work they do. But they are also expected to do more additional work, such as sitting on interview panels and mentoring colleagues. • They also feel distanced from conversations around promotion and progression, which may partly be because Black staff are often poorly represented at the top levels of university leadership. They particularly value mentorship as a way of advancing their careers. In our exploration of the initiatives used to support Black ECAs, we find that: • Less than two-fifths of survey respondents (38%) would feel comfortable reporting bullying or harassment to their institution, and a quarter (27%) feel race is a taboo topic where they work. • The interventions seen as most effective are the active recruitment of Black academics and Equality, Diversity and Inclusion (EDI) training. Survey respondents also wanted more targeted grants to fund PhD places for Black candidates. The most effective strategies were not just about supporting candidates to find a post; they also involved providing support for Black ECAs throughout their roles. We recommend that higher education institutions looking to support their Black ECAs formalise existing informal processes around promotion and mentorship, which have patchy availability and are of inconsistent quality. Higher education institutions should: • Provide mentorship programmes for ECAs of all ethnicities, standardised across the institution. Mentors should receive training and be recognised for this work when allocating workloads and considering promotion prospects. • Provide studentships and scholarships targeted at candidates who face disadvantages developing their careers in higher education, coupled with ongoing support for those candidates throughout their period of work. • Show leadership on this issue by sharing best practice, following through on interventions and rigorously evaluating the effectiveness of initiatives.Item Metadata only Analyzing monetary policies and bank credit in Indonesia’s provincial clusters amidst COVID-19 pandemic(Taylor and Francis, 2024-06-04) Safuan, Sugiharso; Sugandi, Eric Alexander; Habibullah, Muzafar Shah; James, Gregory A.This research investigates the impact of monetary policy instruments employed by the Bank of Indonesia (BI), including reserve requirement (GWM), policy rate, and loan-to-value (LTV) ratio, on bank credit by sector in Indonesia. We utilize FMOLS and DOLS techniques to estimate the effects of policy instruments and COVID-19 variables on bank credit across six clusters of provinces. Our findings indicate that the GWM exhibits a negative impact, while the policy rate positively influences bank credit in all non-household sectors in Indonesia. The LTV instrument significantly affects bank credit in household sectors. Furthermore, The Covid-19 pandemic’s influence on the relationship between each policy instrument and bank credit varies across economic sectors and provincial clusters. We recommend BI to utilize the GWM and LTV instruments more frequently and exercise caution in reducing the policy rate to very low levels, as excessively low interest rates may not incentivize banks to increase lending.Item Embargo Impacts of disease pandemics on corporate cash holdings: Evidence from US firms(now publishers, 2024-06-14) Lartey, Theophilus; Danso, Albert; Uddin, Moshfique; Boateng, AgyenimPandemic disease outbreaks generate economic disruptions and impact on liquidity needs of firms. However, how pandemics affect liquidity management policies of firms has received relatively little attention. In this study, we examine whether U.S. firms hold more cash during disease pandemics. We find that U.S. firms increase their cash holdings in response to high disease pandemic exposure. The increase is more pronounced for firms that are small, young, or highly exposed to the uncertainty through their greater reliance on government spending. However, expected cash holdings decrease significantly for firms with male CEOs, or more able (or specialist) CEOs who possess more specific rather than general knowledge of their business to make better judgements. In particular, holding more cash in the presence of high disease uncertainty alleviates the negative impact of disease pandemics on capital investment and corporate payout targets. Our findings demonstrate that cash holdings represent a vital channel in mitigating the negative effect of disease pandemics on firm strategic outcomes.Item Open Access Reliability of the audit committee in weak institutional environments: Evidence from Nigeria(2024) Ashiru, Folajimi; Adegbite, Emmanuel; Frecknall-Hughes, Jane; Daodu, OlabisiRelying on institutional theory, this article presents external stakeholders’ perspectives on the factors that influence audit committees’ independence and reliability in a weak institutional context. We conducted 37 semi-structured interviews with two critical external stakeholder groups (27 experienced professional investors and 10 senior regulatory officials) in the Nigerian banking sector. Our study finds that the independence of audit committee members, being an ‘a posteriori’ rather than an ‘a priori’ accountability verification, bears institutional contextual bias. Consequently, we unpack five factors (allegiance to the dominant owner; poor professional conduct; corruption; nepotism and opportunism; and impunity) that influence external stakeholders’ perception of the reliability of the audit committee’s independence in Nigeria.Item Metadata only Social networks, empowerment, and wellbeing among Syrian refugee and Jordanian women: Implications for development and social inclusion(Elsevier, 2023-06-28) Eggerman, Jannik J.; Dajani, Rana; Kumar, Praveen; Chui, Susanna L. M.; Qtaishat, Lina; Kharouf, Amal El; Panter-Brick, CatherineIn response to large-scale refugee crises, frameworks for development assistance have promoted women’s empowerment, wellbeing, and social inclusion. A productive research agenda lies in analyzing social networks: it is unknown how women structure their social ties within refugee and host communities, and whether social networks matter for their sense of empowerment and wellbeing. In 2022, we surveyed Syrian refugee (n = 106) and Jordanian (n = 109) women from poor households across five neighborhoods in Amman. We implemented a standard network survey instrument (PERSNET) to assess network structure and composition. We tested associations with six measures (PE, MRS, MTL, Cantril, PWB, MSPSS) of psychological empowerment and wellbeing. We then conducted participatory network mapping (Net-Map) to assess local meanings of empowerment and visually map the pathways between social actors, community-based work, and psychological outcomes. Survey data show that networks were highly homogeneous, smaller for Syrians than Jordanians (p = 0.0001), and smaller for women in very poor households (p < 0.0001). As network size increased, so did levels of psychological empowerment (p = 0.02), motivation to lead (p = 0.007) and perceived social support (p = 0.001). Notably, as networks became increasingly kin-based, empowerment levels decreased (p = 0.003). Networks were more diverse for community volunteers, who named fewer female, married, and kin-based peers (p ≤ 0.05), and reported higher levels of resourcefulness (p = 0.01) and psychological wellbeing (p = 0.002). Qualitative data show that women, who described empowerment as “ability” and “proof of existence,” drew upon volunteering work to diversify their networks outside the home. Such evidence matters for development initiatives that build programs for women to work, learn, and socially interact. We conclude that expanding opportunities for volunteer work is one way of diversifying social networks and empowering urban poor women. Our research helps better understand how women can be supported to diversify their social ties, take community leadership roles, and respond to social change.Item Metadata only International differences in employee silence motives: Scale validation, prevalence, and relationships with culture characteristics across 33 countries(Wiley, 2021-05-04) Knoll, Michael; Götz, Martin; Adriasola, Elisa; Al‐Atwi, Amer Ali; Arenas, Alicia; Atitsogbe, Kokou A.; Barrett, Stephen; Bhattacharjee, Anindo; Blanco, Norman D.; Bogilović, Sabina; Bollmann, Grégoire; Bosak, Janine; Bulut, Cagri; Carter, Madeline; Černe, Matej; Chui, Susanna L. M.; Di Marco, Donatella; Duden, Gesa S.; Elsey, Vicki; Fujimura, Makoto; Gatti, Paola; Ghislieri, Chiara; Giessner, Steffen R.; Hino, Kenta; Hofmans, Joeri; Jønsson, Thomas S.; Kazimna, Pazambadi; Lowe, Kevin B.; Malagón, Juliana; Mohebbi, Hassan; Montgomery, Anthony; Monzani, Lucas; Pieterse, Anne Nederveen; Ngoma, Muhammed; Ozeren, Emir; O'Shea, Deirdre; Ottsen, Christina Lundsgaard; Pickett, Jennifer; Anna A. Rangkuti; Retowski, Sylwiusz; Ardabili, Farzad Sattari; Shaukat, Razia; Silva, Silvia A.; Šimunić, Ana; Steffens, Niklas K.; Sultanova, Faniya; Szücs, Daria; Tavares, Susana M.; Tipandjan, Arun; van Dick, Rolf; Vasiljevic, Dimitri; Wong, Sut I.; Zacher, HannesEmployee silence, the withholding of work-related ideas, questions, or concerns from someone who could effect change, has been proposed to hamper individual and collective learning as well as the detection of errors and unethical behaviors in many areas of the world. To facilitate cross-cultural research, we validated an instrument measuring four employee silence motives (i.e., silence based on fear, resignation, prosocial, and selfish motives) in 21 languages. Across 33 countries (N = 8,222) representing diverse cultural clusters, the instrument shows good psychometric properties (i.e., internal reliabilities, factor structure, and measurement invariance). Results further revealed similarities and differences in the prevalence of silence motives between countries, but did not necessarily support cultural stereotypes. To explore the role of culture for silence, we examined relationships of silence motives with the societal practices cultural dimensions from the GLOBE Program. We found relationships between silence motives and power distance, institutional collectivism, and uncertainty avoidance. Overall, the findings suggest that relationships between silence and cultural dimensions are more complex than commonly assumed. We discuss the explanatory power of nations as (cultural) units of analysis, our social scientific approach, the predictive value of cultural dimensions, and opportunities to extend silence research geographically, methodologically, and conceptually.