Volume 15 (2020): Issue 1 (April 2020)

Measurement of dispersion and variation have been studied and evaluated in many applications. Volatility in the field of finance is an important measure as it directly impacts allocation, risk management, and valuation. Pitman Closeness criterion is used to compare estimators of standard deviation from equity returns in a control charting application. Three estimators are evaluated over the 30 DJIA component stocks in an effort to determine if one method of estimation has better performance within an application of control charting for identifying outliers. The study uses three sample sizes to also determine if the better estimator is sample size dependent.

We are going through troubled times, with worldwide pandemic crises affecting us altogether: citizens, companies and states. This article presents analyses and solutions to the workforce crisis of December 2019 and the workplace crisis of March 2020. Things have escalated from a workforce crisis to a new stage, namely an accelerated loss of workplaces and to a workplace crisis. In a matter of weeks, the labour market has moved from one extreme to the other extremely fast because of a very rough natural phenomenon which could not have been predicted, i.e. the global pandemic crisis caused by the COVID-19 coronavirus. It goes without saying that we all wish to achieve a relative balance on the labour market. This study puts forward concrete solutions adapted to the situation of the Romanian labour market at the end of 2019, when we saw a significant workforce crisis which severely affected companies’ business development objectives. At the same time, it introduces 11 solutions to the new job crisis, which is quickly expanding as a result of the global pandemic caused by the COVID-19 virus and by the declaration of a state of emergency in Romania. In a few weeks of crisis, Romania went from minus 1 million workers to plus 1 million workers. This is an extremely difficult situation. However, I believe that it is temporary and that after the pandemic crisis both the economy and the labour market will gradually recover.

Individual innovative behavior can have important implications for organizations. This article studies the relationship between occupational stress and individual innovative behavior. Data from 139 subjects from the US was analyzed using structural equation modeling as the technique. Results from partial least squares show that there is a positive and significant relationship between both constructs. Moreover, both variables present a U form relationship. Based on this research, it could be concluded that occupational stress could influence positively innovative behavior at work. Practical implications suggest that innovative behavior could be boost by identifying conditions at work that could produce time pressure. Elements such as work overload, feedback and allowing employees to take risks could help in idea generation.

In the last decade or so, the Romanian wine industry has changed and developed greatly, by the increase of wine producers, especially the niche producers, alongside the traditional, big, producers. The paper aims to understand the new tendencies in the field of marketing, that occur on the wine industry of Romania, as well as the changes that take place in the minds and lives of the consumers in the context of the online world, combined with new trends and technologies that can be used by the consumers. Secondly, the paper represents a secondary data analysis of the International and Romanian Wine Industry, in terms of production and consumption, we also presented a short profile of the Romanian wine consumer, as a result of a survey developed by wine industry organisation. The paper shows some new trends of the wine industry, underlined by the specialists, as well as technologies and methods of marketing interaction with the consumers used by the Romanian producers of this product.

The paper seeks to empirically explore the variations and changes in the degree of International Financial Integration (IFI) between the European Transition countries and Post-Transition countries between 2000 and 2016. The estimation of parameters was made using the Generalized Method of Moment (GMM) approach. The findings of the study reveal that European Post-Transition countries have relatively more developed financial systems compared to European Transition countries, where private credit market is still playing an overwhelmingly important role in a financial system while stock markets are in an early stage of development constituting a relatively small share of the financial system. Even though in Panel 3 there are significant control variables, our findings reveal that IFI in European transition countries are affected neither by stock market capitalization and private credit markets. Consequently, they can’t be used in this stage of financial development for explanation of variations and changes in the degree of IFI.

Literature review suggests a close link between operations strategies and organizational performance. Nevertheless, there is dearth of research investigating the association between operations strategies and SMEs performance in a developing country, Pakistan, context. Thus, the paper attempts to fill this gap by finding out the influence of operations strategy on firms’ financial and non-financial performance. In addition, it digs out what predicts the financial and non-financial performance of the firms. Sample data is drawn from 244 manufacturing SMEs and is analyzed by Path Analytical Model of Structural Equation Modeling (SEM). The results reveal an overall positive and significant influence of competitive priorities on firm performance. However, there is no direct effect of Delivery priority on Financial, and Cost and Flexibility priority on Non-Financial Performance of the firms respectively. Moreover, the financial performance is predicted by focus on Cost, Flexibility, and Quality priorities respectively. By the same token, the predictors of Non-Financial performance are Delivery and Quality strategies in order of importance. The paper is not without limitations and acknowledges the constraints of access to data, time, finance, non-inclusion of important mediating/moderating variables. Practically, it offers implications to managers and policy makers to employ a set of competitive priorities that drives enhanced firm performance in this business setting, and to devise policies in accordance with market demands that lead to improved overall productivity respectively. Theoretically, the paper contributes to a richer and finer understanding on the connection between operations strategy and SMEs performance in a developing country context.

The survival rate of Small and Medium Scale Enterprises (SMEs) have been found to be low despite all the effort made by the government to sustain their existence. This seems to be linked to the poor management of various risk factors confronting the operators of the sector in Nigeria. In view of this, the study is aimed at determining the influence of Enterprise Risk Management (ERM) practices on survival of SMEs in Lagos State. With the application of cross-sectional survey technique, a sample of 400 operators was selected among SMEs across Lagos State. Data which were generated through structured questionnaires were analysed using both descriptive and inferential statistical tools. Results indicate that ERM practices significantly influence the survival of SMEs in Lagos State. Based on the findings, it was recommended that SMEs owners should take ERM practices as a valuable business function that enhances survival. Also, government should continue to sensitise SMEs on the benefits of ERM and put in place mandatory ERM guidelines to compel SMEs to practice it.

In the airline industry where intense competition has taken place, performance evaluation is vital for airlines to achieve their goals and to gain a competitive advantage. This study aims to evaluate the performance of airlines based on the role of performance evaluation in the airline industry. For this purpose, twelve FSCs (Full-Service Carriers) were evaluated based on financial and airline-specific performance indicators for the 2015-2017 period. While the sample consisted of Star Alliance member airlines, an integrated CRITIC and CODAS methodology was proposed in the study. In addition, a sensitivity analysis was performed after the application to examine the accuracy and the stability of the results. The results of the study reveal that financial indicators have a higher impact on performance compared to operational indicators. Moreover, Singapore Airline (SIA) is the best airline regardless of T change.

The usage of psychological ownership as an HR practice has been of a relatively recent origin. It is fast being recognized as a useful tool in the area of human resource management. Employee Stock Option Plans are being used as a technique to propagate psychological ownership and gain many advantages including a competitive edge. This paper explores the available literature on psychological ownership in general and Employee Stock Option plans in particular over a thirty year period from 1988 till 2018. An attempt has been made to integrate all matter into a theoretical model indicating the effect of such plans on individuals and organizations. In the study, several empirical as well as theoretical papers have been studied and the impact of Employee Stock Option Plans on several parameters like organizational productivity, individual performance, absenteeism, employee turnover and organizational citizenship behaviour have been reported. Several job attitudes like job satisfaction and commitment of employees towards their organization have also been reported. The studies reporting conditions of these plans that make them successful have been covered comprehensively.

Money Attitude determines the financial behavior of an individual. Both males and females are expected to demonstrate different money attitude due to difference in socialization and childhood orientations. This preliminary study attempts to determine the contrast in money attitude of males and females in Delhi and National Capital Region and present a comparative analysis in terms of their spending and saving habits. Data from 117 male respondents and 126 female respondents was collected. Money attitude was measured by adopting four sub-dimensions of Money Attitude Scale (MAS) developed by Yamauchi & Templer (1982). Descriptive analysis and independent t-test has been devised to test the dissimilarity in money attitude between male and female in Delhi NCR. The results bring about contrast across gender in terms of the four sub-dimensions of MAS. The research has implications for marketers, sociologist, economists, psychologists, and financial planners. The further research can be extended in terms of demographic factors.

This paper explores the relationship between economic growth and intergenerational mobility in the United States. Data from metropolitan statistical areas in the U.S. is used to examine how two measures of intergenerational mobility impact growth rates. More precisely, I examine how absolute income mobility and relative income mobility are related the growth rate of real gross metropolitan product (RGMP) from 2001 to 2011. I find that absolute mobility has a positive relationship with RGMP growth over the time period, and that relative mobility exhibits a negative relationship with RGMP. Results are found to be robust to two stage least squares estimation.

The bees were declared the most important living beings on the planet. They act as natural indicators of the state of the environment, protect and maintain ecosystems and contribute to genetic and biotic diversity. Due to its socio-economic and scientific role, beekeeping is an activity that contributes to the development of the rural area. In the analysis we have chosen Hunedoara County, considering its national position and prospects for the development of organic beekeeping. The elaboration of the PESTEL analysis ensures a long-term perspective of the apiculture strategy in Hunedoara County. In order to dispose of bee products (honey, organic honey, pollen, propolis, etc.) in optimal conditions to be marketed both through stores and online, we propose the creation of short chains between a specialized micro-enterprise, tourist pensions that provides food services, restaurants or bars that are located in areas with commercial ford and local beekeeping producers in HNV areas, of which at least one holds certification for organic honey. Beekeeping entrepreneurship can be developed through the actions of beekeepers in the field of promotion, by efficiently selecting possible distribution channels in the country and abroad.

Population and the quality of labor force are the “strengths” features’ that ensure socio-economic development of a country. The last decades can be characterized as a transitional period, in which countries of European Union and especially the countries of Central and Eastern Europe are facing a demographic decline. Reduced birth rate, ageing and migration are factors’ which create a lot of pressure, both on labor market and public pension systems, items correlated with the population structure. In this paper we have presented the demographic situation and the size of migration in five countries of Central and Eastern Europe. The direct linkage between population structure, labor market and public pension systems represents, in transitional context, a threat to budget sustainability, especially in Romania. We consider that the reformation has to be adjusted with the new socio-economic conditions, finding new solutions for increasing birth rate, decreasing the “exodus” of young population and stimulating economic activities.

More than ever before, trade and regional integration have become two important arguments in the development equation of most modern states and, probably, explains the current rise in regional integration around the world. However, regional integration will not produce optimal benefits in the absence of favourable macroeconomic conditions and substantial internal trade among the integrating members. This paper employs descriptive statistics and econometric techniques to analyze the competitiveness of the continent by studying the impact of relevant intra-African trade indices on the competitiveness of Africa, based on a panel dataset spanning 2000 to 2016. The results show considerable variations in both inter- and intra-regional trade performance and competitiveness among African regional groupings and nations. Intra-African trade, especially in exports, over the study period, was consistently low. While the South Africa region had the highest intra-regional trade in imports, East Africa region had the highest level of inter-regional imports. West Africa, with Nigeria’s dominance, had the highest level of intra-regional exports, while South Africa had the highest inter-regional exports at country level. For the Regional Economic Communities (RECs), SADC reported the highest intra-African import trades, while SACU reported the highest inter-regional imports. SADC has the highest intra-African exports, while COMESA has the highest inter-regional exports. African Competitiveness Index (ACI) ranking puts the East Africa Region on top, and South Africa as the most competitive African economy. Using panel data covering 2012 to 2016 for 20 African economies, ACI was regressed on a 7-variable model, including intra-regional imports and exports, inflation rate, nominal exchange rate, gross capital formation, and the growth rate of GDP. The results were mixed but plausible. All the variables were correctly signed and significant in different regions, reflecting the huge structural and policy disparities among the regions. Continued transformation of African economies with emphasis on both physical and financial infrastructure, and human capital development will enhance intra-African trade and regional competitiveness.

This study investigates the performance of 50 global, one star (based on Morningstar rankings), ETFs during the US QE-tapering period starting in October 2014 up to September 2018, using the S&P500 as the market index. The methodology employed is based on the CAPM model. We adopt the Jensen’s Alpha, Beta, a / b, Sharpe and Treynor ratios measures in order to examine whether those ETFs have achieved abnormal returns. We conclude that managers of most ETFs do not exhibit selectivity skills and only six of these ETFs achieve higher returns than the market by showing bullish behavior. At the same time, most ETFs have positive Sharpe and Treynor ratios due to high expected returns during the period under scrutiny.

The purpose of this paper is to examine the role of key financial obligation factors on total factor productivity (TFP) for 34 Indian industries for the period 2008 2018 using qualitative and quantitative techniques. Financial obligations are measured by short- and long-term loans, operating expenses and liabilities. The outcome of qualitative techniques does not appear to support the hypothesis that short term and long-term loans, liabilities and operating expenses influence TFP. On the contrary, the evidences arise from quantitative technique appear to suggest that short term loan and operating expenses promote TFP. The study also suggests that complimentaries exist between operating expenses and short-term loan and they together appear to boost productivity.

The study evaluates the effect of economy policy uncertainty of US on gulf cooperation council (GCC) countries’ stock market returns. The GCC countries are Saudi Arabia, Qatar, UAE, Kuwait, Bahrain and Oman. Granger Causality Tests (GCT) was done primarily to evaluate if economy policy uncertainty granger cause on GCC stock market returns. The analysis established that oil prices granger cause stock market returns for Saudi Arabia, Kuwait and UAE; the same is not true on changes in economic policy uncertainty of US cause on the stock market returns. Changes in economy policy uncertainty in US granger causes on stock market returns of Bahrain. On the other hand, economy policy uncertainty in US does not cause stock market returns in Qatar, UAE, Kuwait and Saudi Arabia. Vector Autoregression (VAR) analysis establishes that economy policy uncertainty in US negatively responds to the stock market returns of the GCC countries.

The purpose of this research paper is to explore the role of corporate governance of banks (independence of the board, board size, CEO duality, audit committee independence, managerial ownership) to boosting up the bank’s efficiency. The study uses bank size, macro-economic conditions, banking structure and economic freedom as control variables. The sample size of the study is 21 Pakistani banks for the period of 2007-2016 and fixed effect panel regression estimation technique is used for data analysis. The results suggest that corporate governance has a statistically significant negative impact on management efficiency, positive effect on profit efficiency and cost efficiency of the banks. Moreover, the findings show that operating efficiency turned out to have a statistically insignificant relationship with corporate governance. Reforms of corporate governance should be adopted efficiently and effectively to boost the banking sector efficiency.

The study examines the asymmetric impact of exchange rate on the trade balance in Nigeria relying of time series data that spans 1960-2016. The Non-linear ARDL bounds test and the Bayer and Hanck (2013) test established a cointegrating relationship among the variables after accounting for structural break in the series. The Block Exogeneity Wald Tests affirmed the bidirectional causality between the variables. Findings establish the asymmetric impact of exchange rate on the trade balance in Nigeria, but unable to confirm the existence of the J-curve Phenomenon. This reveals that the devaluation of the Naira may not be a viable decision if the intention is to curb the persistent deficit in the country’s trade balance. Policies that could help curtail these deficits and enhance sustainable growth were suggested.

The role of energy for the developmental process of nations is a known fact due to being crucial input for any phase of production of goods and services. That’s the reason why countries that are rich in energy resources also have strategic power in terms of the international trade of these resources. On the other hand, it becomes important to provide energy security for countries that are resource-poor. Although green energy has become preferred one, fossil fuel energy keeps its place as one of the most used energy resources. That's why in this study it is aimed to determine major providers and users of coal as a type of fossil fuel energy resources. It is vital to investigate the structure of global coal trade structure to determine the weaknesses and strength of supply and use of coal. Network approach provides a holistic view to the system analyzed and presents more realistic (high-degree) indicators to analyze it. In this study, global trade network of coal is analyzed from 2000 to 2017 via network analysis. Changing structure and evolution of global coal trade has been revealed via some topological parameters which are specific to complex networks such as density, clustering, assortativity/disassortativity, centrality and degree distribution.