Organizations and Markets in Emerging Economies
Founded in 2010 and dedicated to publishing articles on emerging economies from the perspectives of organizational sciences, marketing, economics, finance and related disciplines. Indexed in the Scopus (Q3) database since 2016 and in the Web of Science since 2021.
Vilniaus universiteto leidykla / Vilnius University Press
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Understanding Dividend Decisions in ASEAN Healthcare Firms: A Policy-Driven Empirical Perspective
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">ASEAN nations’ healthcare sectors have grown as a result of rising healthcare demand, demographic shifts and increased government participation in health finance. In this context, dividend policy is an important financial choice since it signals stability of a company and success to investors while balancing reinvestment demands in a capital-intensive industry. Looking at the importance of the healthcare sector, the present research empirically examines the dividend policy decisions of publicly listed healthcare firms across ASEAN countries from 2019 to 2023 and sees how firm-specific characteristics and important macroeconomic variables, i.e., government healthcare expenditure, GDP and inflation, affect them. The study uses Pooled OLS on the panel data from selected ASEAN nations, with the random effects model chosen using the Hausman test. The result of overall ASEAN countries exhibits that all firm-specific and macro-economic variables, except inflation, exert a significant impact on the dividend payout ratio. Further, the present study uses the Generalised Method of Moment of the Arellano-Bond to address the issue of endogeneity and support the findings that we draw. Overall, the initial panel regression results are substantially supported by the GMM estimate results. In the context of ASEAN healthcare firms, this study fills the theoretical and contextual gap by examining the combined impact of macroeconomic variables (i.e., government healthcare expenditure, GDP and inflation) and firm-specific variables on dividend payout ratio. From the policy standpoint, the results show that continuous and predictable government healthcare funding might influence corporate payment behavior and minimize uncertainty in financial planning of the healthcare sector.
Copyright (c) 2026 Jyoti Rani | Sangeeta Mittal https://creativecommons.org/licenses/by/4.0
The Nexus of Economic Policy Uncertainty, Cash Holdings, and Investment: A Systematic Literature Review from an Agency Theory Perspective
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">This systematic literature review (SLR), integrated with bibliometric analysis, provides a comprehensive investigation into the impact of economic policy uncertainty (EPU) on corporate strategic decisions. While previous studies often discuss EPU impacts broadly, this review specifically synthesizes the interplay between EPU, corporate cash holdings, and investment efficiency through the lens of agency theory. Using the PRISMA framework, a total of 105 high-quality articles published in Scopus-indexed journals (2018–2025) were analyzed. The bibliometric findings reveal that 66.7% of the literature is published in Q1 journals, with Elsevier as the dominant publisher. However, a significant research gap exists regarding the underrepresentation of emerging economies, particularly in developing markets where policy uncertainty effects remain understudied. The qualitative synthesis reveals that EPU significantly influences precautionary cash holdings and suppresses investment efficiency, with agency conflicts acting as a critical moderating mechanism. This study contributes by proposing an integrated conceptual framework that links policy uncertainty to managerial behavior, providing a foundation for future research to explore mitigation strategies in diverse institutional contexts, particularly in developing markets.
Copyright (c) 2026 Nungki Pradita | Eduardus Tandelilin | Bowo Setiyono https://creativecommons.org/licenses/by/4.0
Mechanisms of Urge: How Flow Experience and Time Pressure Shape Consumer Behaviour in Live Shopping
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Grounded in the Stimulus-Organism-Response model and contextualized in the live shopping realm, this study investigates how host credibility and social presence (S) affect consumers’ flow experience (O) and their urge to buy impulsively (R). It also explores the moderating effect of time availability on the organism-response association. The authors used SmartPLS 4.0.9.6 to analyse the 244 valid responses from Indonesian Shopee Live consumers. The results empirically demonstrate that while both host credibility and social presence had positive significant impacts on consumers’ flow experience, they cannot directly affect their urge to buy impulsively without the formation of flow experience. The results also revealed that Indonesian consumers’ impulsive buying was not always behavioural, but also situational, justifying the moderating effect of time availability. The findings of this study suggest that a pleasant and entertaining experience facilitates impulsive buying in live shopping, led by credible hosts and real-time social interactions.
Copyright (c) 2026 Ferry Jaolis | Serli Wijaya | Jessica Pingkan https://creativecommons.org/licenses/by/4.0
Determinants of Real Earnings Management: A Case of an Emerging Economy
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">This study aims to determine the firm-specific factors that prompt earnings management within Pakistani manufacturing firms from 2013 to 2020. The proxy measure provided by Roychowdhury (2006a) is used to determine the firm’s value of managing earnings upward or downward using real techniques of earnings management. The results show that the leverage, return on assets, audit quality, dividend payout ratio, market competition, and size significantly drive earnings management. In contrast, the tax and market value of equity did not show signs of influencing this practice. The study also found that both downward and upward earnings management were driven by the same incentives, with an overall trend toward a contradictory relationship. Further, the abnormality denoting downward EM and the abnormality denoting upward EM have been segregated to make the research more conclusive on the trends and determinants of EM. It is suggested that in the future studies covering different sectors or stock markets should be conducted. Additionally, forecasting of EM using big data analysis and machine learning can be explored.
Copyright (c) 2026 Farah Naz | Misbah Khan | Abul Hassan | Veera Salman https://creativecommons.org/licenses/by/4.0
Copyright (c) 2026 Authors https://creativecommons.org/licenses/by/4.0
Organizational Culture and Innovative Work Behavior: The Roles of Job Satisfaction and Innovation Challenge Stressors
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">This study investigates the mechanisms through which clan culture and adhocracy culture influence employees’ innovative work behavior via the mediating role of job satisfaction and the moderating role of innovation challenge stressors in manufacturing and service firms in Ho Chi Minh City. A quantitative research design was employed, and a structural equation model (SEM) was tested using Amos with a sample of 283 employees working in manufacturing and service firms. The results indicate that both clan culture and adhocracy culture have positive effects on job satisfaction and both directly and indirectly enhance innovative work behavior through job satisfaction. Job satisfaction plays a significant mediating role in the relationships between clan culture, adhocracy culture and innovative work behavior. In addition, innovation challenge stressors appraised as challenges positively moderate the relationship between job satisfaction and innovative work behavior, suggesting that when employees are satisfied with their jobs and simultaneously experience higher levels of innovation challenge stressors, they are more likely to actively engage in behaviors that generate, champion, and implement new ideas.
Copyright (c) 2026 Hoa Dinh Nguyen | Thanh Ba Vu https://creativecommons.org/licenses/by/4.0
Corporate Venture Capital and Sport-Tech Enterprises: Innovation and Internationa­lization in an Emerging Economy Context
<p class="ISSN-abst-virsus" lang="lt-LT" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">This study examines how different orientations of corporate venture capital (CVC) investment are associated with the strategic development of sport-tech firms in an emerging economy context. Using a longitudinal dataset of 48 Thai sport-tech firms and 73 CVC transactions between 2005 and 2025, the analysis focuses on two strategic outcomes: technology portfolio diversification and international market expansion. The results indicate that technology-oriented CVC is positively associated with broader technology portfolios, while foreign-oriented CVC is positively associated with wider geographic market presence. At the same time, the findings show that the strength of these relationships varies depending on the level of industry and cultural distance between investors and portfolio firms, suggesting that contextual compatibility influences the effectiveness of investment partnerships. The study adopts a mechanism-focused perspective that examines how strategic investment relationships may facilitate knowledge transfer and market access within CVC-backed firms. By applying the interorganizational learning framework to the sport-tech sector, the research extends existing corporate venture capital literature to an underexplored industry within an emerging economy context. The findings also provide practical insights for entrepreneurs, corporate investors, and policymakers seeking to leverage corporate venture capital as both a financial and strategic resource for innovation and international market participation.
Copyright (c) 2026 Dittachai Chankuna https://creativecommons.org/licenses/by/4.0
Knowledge Sharing in Small and Medium Enterprises: A PLS-SEM Analysis of Employee Engagement, Innovation Capability and Organizational Performance
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The paper examines knowledge sharing roles as factors in organizational performance in Ghana. Consequently, employee engagement and innovation capability are intervening variables in the knowledge sharing–performance relationship. The study employed a PLS-SEM approach to examine data from 347 managers in Ghana’s SME sector. The results showed that knowledge sharing directly improves organizational performance in the emerging economy. Both employee engagement and innovation capability significantly mediate the relationship between knowledge sharing and performance. Knowledge sharing from its end positively impacted employee engagement and innovation capability outcomes. These mediating variables, in turn, contributed to the performance of organizations under review in the SME category. Through the dual mediation mechanism, knowledge sharing effectively creates organizational value. Henceforth, increased employee engagement and innovation capacity become essential pathways towards performance enhancement. The firm’s particular style of knowledge sharing, both tacit and explicit, is translated into performance outcomes through these intangible assets. These results will help immensely in designing a feasible knowledge management strategy in two resource-constrained milieus, where employee engagement and innovation capacity matter for transforming knowledge assets into organizational performance outcomes. The study contributes to the knowledge management literature by establishing dual pathways of mediation. It also offers SME managers practical implications to gain a competitive advantage in knowledge resources.
Copyright (c) 2026 Godfred Amankwah | Nathan Awelama Atigah | Alfred Attoh | Kennedy Amankwah https://creativecommons.org/licenses/by/4.0
Consumers’ Nostalgic Re-Engagement with Media in Emerging Markets: Emotional Needs, Content Overload, and Exposure
Grounded in uses-and-gratifications (U&G) theory, this research examines how millennials (Gen Y) nostalgically re-engage with media content and its outcomes in the emerging market context of India. The authors posit that nostalgia serves as both an emotional driver and a coping mechanism for digital overload, extending U&G theory by incorporating socially moderated gratifications beyond individual motives. Drawing on survey data (n=510) and using structural equation modeling to analyze the data, the authors find that while emotional needs and time of exposure boost nostalgic media engagement, perceived content overload reduces it. This engagement, in turn, enhances social sharing and emotional content attachment, with social connectedness moderating this effect. By showing that gratifications are not just individual (but also socially moderated) and by theorizing nostalgia as a coping mechanism against digital overload, the findings underscore that nostalgic re-engagement fulfils dual personal/social roles. Overall, the results detail the pathways and moderating factors influencing nostalgic media re-engagement, offering novel insight into the effect of individual motivations and social interactions on content consumption. Finally, the results reveal pertinent managerial implications, e.g., by suggesting the importance of reducing content overload (e.g., through curated recommendations), fostering social bonding via user-generated content, and incorporating nostalgic features like “memory lanes” and throwback content.
Copyright (c) 2025 Rohit Yadav | Linda Hollebeek | Algis Gaižutis | Mohit Yadav https://creativecommons.org/licenses/by/4.0
The Impact of Formal Entrepreneurship and Economic Freedom on the Size of the Shadow Economy in Asian Countries
This study aims to evaluate the impact of formal entrepreneurship and economic freedom on the size of the shadow economy in Asian countries. The research sample includes 22 Asian countries over the period from 1995 to 2018. The study employs reliable panel data estimation methods, including the Fixed Effects Model with robust standard errors method, the Driscoll-Kraay standard errors method, and the two-step system GMM method. The findings indicate that formal entrepreneurship has a positive relationship with the size of the shadow economy, while economic freedom and its two sub-components, business freedom and trade freedom, reduce the size of the shadow economy. Additionally, economic freedom, business freedom, and trade freedom play a moderating role in reducing the positive relationship between formal entrepreneurship and the size of the shadow economy. Our study suggests that governments should comprehensively evaluate the effectiveness of policies promoting entrepreneurship and consider expanding economic freedom, particularly business freedom and trade freedom.
Copyright (c) 2025 Buu Kiem Dang https://creativecommons.org/licenses/by/4.0
The Dark Side of The Moon: Unmasking Behavioral Risk Behind Fintech Adoption Among Digital Natives
The rapid expansion of financial technology ( fintech) has reshaped financial behavior, especially among digital natives in Indonesia. This study examines the impact of financial inclusion and financial literacy on online loan decisions and impulsive buying behavior, with online loan decisions serving as a mediator. A survey was conducted with 334 respondents, focusing on digital natives who have used online loan services. Using Structural Equation Modeling (SEM), the study found that financial inclusion positively influences online loan decisions, while financial literacy negatively impacts both online loan decisions and impulsive buying behavior. Notably, online loan decisions partially mediate the relationship between financial inclusion, financial literacy, and impulsive buying behavior. These findings highlight the complex role of fintech in promoting financial inclusion while also introducing behavioral risks. The study underscores the importance of financial literacy in mitigating impulsive financial behaviors among digital natives.
Copyright (c) 2025 Syarief Dienan Yahya | Andi Fauziah Yahya | Yogi Hady Afrizal https://creativecommons.org/licenses/by/4.0
The Impact of Corruption and Financial Inclusion Interaction on Poverty in Africa’s Most Unbanked Nations
Financial inclusion (FI) has been widely advocated as a means of improving poor economic possibilities, smoothing investments and savings, and providing a safety net against economic shocks. Despite the empirical evidence supporting the benefits of FI on poverty reduction, less attention has been paid to the role of control of corruption (CRR) on FI and poverty nexus. We evaluate the influence of CRR on the FI–poverty relation in Africa’s most unbanked nations (i.e. Egypt, Kenya, Morocco, Nigeria, and South Africa) from 2004 to 2022. Using panel regressions such as DOLS and FMOLS estimators, the results portray that FI is more effective in reducing poverty at greater CRR, whereas FI has the opposite effect at the least CRR. Other core drivers of poverty include GDP per capita growth, inflation, and money supply. The coefficients of the variables of interest (i.e. financial inclusion, control of corruption, and their interaction) show consistency in terms of size, signs, and significance, suggesting robustness in the results. Thus, Africa’s governments and relevant authorities are advised to control corruption to ensure effective poverty reduction impact of financial inclusion. This will guarantee that intended groups receive the benefits of financial inclusion, leading to poverty reduction.
Copyright (c) 2025 Musa Abdullahi Sakanko | Nurudeen Abu | Awadh Ahmed Mohammed Gamal | Salimatu Rufai Mohammed https://creativecommons.org/licenses/by/4.0
The Role of Green Financial Instruments, Monetary Policy, and Foreign Direct Investment in Promoting Sustainable Development in Developing ASEAN Countries
The global focus on sustainable development intensified with the introduction of the Sustainable Development Goals (SDGs) in 2015, with the primary aim of balancing economic growth, social well-being, and environmental responsibility. This research explores how green bonds, interest rate policies, and foreign direct investment (FDI) contribute to the progress of SDGs in four developing ASEAN nations: Indonesia, Malaysia, the Philippines, and Thailand. Using quarterly data from 2018 to 2023, the study applies the Panel Vector Error Correction Model (PVECM) to uncover the dynamics at work. The findings reveal that green bonds and foreign direct investment have a notable and positive effect on the SDG index in both the short and long term. On the other hand, the impact of policy interest rates is negative, though statistically insignificant, particularly when rates are high. These results provide valuable guidance for policymakers seeking to enhance the effectiveness of financial tools and investments in driving sustainable development. Furthermore, the study stresses the importance of well-rounded policy frameworks that integrate economic, social, and environmental objectives. Theoretically, this study contributes to the refinement of Ecological Modernization Theory by empirically demonstrating how green financing and FDI serve as pivotal instruments in advancing sustainable development within emerging ASEAN economies.
Copyright (c) 2025 Ezri Chen Eunike Mendrofa | Sri Andaiyani https://creativecommons.org/licenses/by/4.0
Copyright (c) 2025 Authors https://creativecommons.org/licenses/by/4.0
Green Banking and Sustainability Disclosures in the Islamic Banking Sector: Evidence from Malaysia
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The heightened global focus on sustainability has intensified expectations for financial institutions, including Islamic banks, to embed green finance and sustainable practices within their operations. Although Malaysia remains a global leader in Islamic finance, questions persist regarding the depth of sustainability implementation beyond narrative disclosure. This study examines the extent to which full-fledged Islamic banks in Malaysia operationalize green finance and sustainability principles, and evaluates their alignment with national and global frameworks. A qualitative exploratory design was employed, incorporating systematic content analysis and thematic review of sustainability, annual, and integrated reports from six Islamic commercial and development banks. To enhance rigor, a triangulation strategy validated findings against academic literature, regulatory documents, and institutional policy sources. In addition, a quantitative content analysis was conducted through a structured 0–4 scoring rubric applied across fifteen indicators, generating a Green Banking and Sustainability Index (GBSI) scaled to 0–100. The results reveal four emerging themes–climate risk management, compliance with sustainability frameworks, environmental footprint reduction, and green financing activities, with banks demonstrating varying maturity across initiatives. GBSI scores ranged from 40.3 to 66.7, indicating moderate progress yet uneven adoption across institutions. Positive strides were noted in energy efficiency, digitalisation, and initial climate-disclosure efforts, while gaps remain in renewable energy deployment, green procurement, verified performance metrics, and standardised reporting. This study contributes empirical insight into ESG integration within Islamic banking, advances legitimacy theory and provides actionable recommendations to strengthen execution consistency, enhance reporting quality, and support Malaysia’s strategic ambition in Islamic green finance.
Copyright (c) 2026 Mohd Faizuddin Muhammad Zuki | Muhammad Arif Fadilah Ishak | Hassan Muhammad Hafiz https://creativecommons.org/licenses/by/4.0
Why Do South African Companies Adopt the UN Sustainable Development Goals?
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Several previous studies have highlighted that the adoption of sustainable development goals in South Africa has contributed to poverty reduction, increased literacy rates, and progress in the fight against HIV. The purpose of this study is to understand the motivations underlying South African companies’ adoption of the UN Sustainable Development Goals and to assess the implications of this decision. To this end, the adoption of SDGs by 116 South African companies, focusing on board composition—specifically board size, diversity, skills, tenure, and independence—as antecedents, and corporate reputation as an outcome were analyzed. To analyze the data, we employed a mixed-methods approach, utilizing both multivariate analysis and fuzzy-set Qualitative Comparative Analysis (fsQCA). Both symmetric (multivariate analysis) and asymmetric (fsQCA) analyses provide strong evidence that three key board characteristics (gender diversity, board skills, and board independence) significantly influence the adoption of the SDGs. Additionally, the findings demonstrate that SDG adoption contributes to enhanced corporate social reputation. The findings have implications for both Agency Theory and Stakeholder Theory.
Copyright (c) 2026 Alan Bandeira Pinheiro | Ana Lidia de Oliveira Silva Ramalho | Eduardo Becher de Lima Bernardo | Nágela Bianca do Prado https://creativecommons.org/licenses/by/4.0
The Role of Green Self-Identity and Self-Congruity in Sustainable Food Consumption Behaviour
The aim of this paper is to explore the role of green self-identity and self-congruity with green food products in predicting consumers’ sustainable food consumption behaviour. Previous research suggests that there is a relationship between individuals’ self-identity and the consumption of products. However, when it comes to the realm of sustainable food consumption, those relations are not unambiguous. This study employs a survey with a sample of 837 respondents in Lithuania. The findings confirm that green self-identity and self-congruity with green food products positively influence subsequent sustainable food consumption behaviour both directly and indirectly. The implications of this study can be used to better understand green consumer behaviour and provide useful information to marketers and policymakers by suggesting that the promotion of sustainable food consumption behaviour should highlight not only functional but symbolic benefits as well.
Copyright (c) 2022 Žaneta Gravelines | Jūratė Banytė | Aistė Dovalienė | Agnė Gadeikienė
Does Financial Inclusion Reduce Poverty in Niger State? Evidence from Logistic Regression Technique
This study employs the logistic regression method to examine the effect of financial inclusion on the level of poverty in Niger State of Nigeria based on cross-sectional data randomly collected from 624 respondents across 224 towns and villages in 12 local government areas (LGAs) of the state. The estimation results illustrate that financial inclusion (proxied by bank account ownership, including access to bank, credit, and mobile phone) is significantly and negatively related to the level of poverty. This empirical outcome is further validated by the results of the Probit regression technique which show a significant negative relationship between financial inclusion and poverty in the state. Based on these empirical findings, the study recommends policies which include broadening bank coverage, softening credit requirements, and enhancement of people’s access to mobile phone and internet services in rural areas of Niger state.
Copyright (c) 2022 Nurudeen Abu | Musa Abudullahi Sakanko | Joseph David | Awadh Ahmed Mohammed Gamal | Ben Obi
Customer Engagement in Emerging Markets: Framework and Propositions
Emerging markets are a major contributor to global GDP, thus offering a primary source for economic growth. However, despite these acclaimed benefits, little remains known regarding customer engagement (i.e., a customer’s resource investment in his/her brand interactions) in emerging markets, thus exposing a pertinent literature-based gap. The development of enhanced insight into customer engagement dynamics in emerging (vs. developed) markets is important, given the idiosyncrasies characterizing these markets (e.g., chronic resource shortages, inadequate infrastructure), thus warranting the undertaking of further research in this integrative area. In response to this gap, this paper develops a framework and an associated set of Propositions of emerging market-based customer engagement, by drawing on Sheth’s (2011) emerging market hallmarks. Specifically, our Propositions postulate that the emerging market tenets of socio-political governance, inadequate infrastructure, market heterogeneity, chronic resource shortages, and unbranded competition uniquely affect emerging market-based customer engagement. We conclude by discussing our findings and by outlining key implications that arise from our analyses.
Copyright (c) 2022 Linda D. Hollebeek | Norberto Muniz-Martinez | Moira Clark | Agne Simanaviciute | Neda Letukyte
Investigation of Fractal Market Hypothesis in Emerging Markets: Evidence from the MINT Stock Markets
This study aims to investigate the market efficiency of emerging stock markets, namely the Mexico, Indonesia, Nigeria, and Turkey (MINT) stock markets based on the Fractal Market Hypothesis. For this purpose, the ARFIMA and ARFIMA-FIGARCH type models are used to analyze the MINT stock return series. In this study, the dataset encompasses the daily frequency data of the MINT stock market indices from January 12, 2018, to January 12, 2022. The empirical findings show that long memory is reported for the MINT stock returns. The long memory in the returns implies that the MINT stock prices follow a predictable behavior that is consistent with the Fractal Market Hypothesis. The long memory in the volatility implies that the uncertainty or risk is an important factor in the formation of price movements in the MINT stock prices. Moreover, the MINT stock prices consist of the effect of shocks and news that occurred in the recent past. Thus, this study contributes to investors, academics, and market regulatory authorities. Besides, as far as we know, the current literature on the analysis of the fractal market hypothesis to explore the efficiency of the MINT stock markets has not been found.
Relationship between Person–Environment Fit Types and Turnover Intention: A Moderated Mediation Model
In this study, drawing on Hobfoll’s Conservation of Resources (COR) Theory, we tested a moderated mediation model that investigates person–organization (PO) fit as the mediator and per- son–job (PJ) fit as the moderator in the relationship between person–supervisor (PS) fit and turnover intention. Data were collected from 232 bank employees in Turkey by using a survey method. Consistent with hypothesized conceptual scheme, results showed that PO fit mediated the relationship between PS fit and turnover intention. Furthermore, moderated mediation results indicate that PJ fit not only moderated the relationship between PS fit and PO fit but also reinforced the indirect effect of PS fit on turnover intention (via PO fit). We argue that indirect effect of PS fit on turnover intention through PO fit was stronger for employees with high job fit than for employees with low job fit. The theoretical and practical implications, limitations, and future research directions are also discussed.
Copyright (c) 2022 Gökhan Kerse | Daimi Koçak | Mustafa Babadağ
Fair and Square: Impact of Hospitality Employees’ Justice Perceptions and Job Embeddedness on Citizenship Behavior during COVID-19
COVID-19 pandemic has adversely impacted all industries, and the hospitality sector has been the worst hit. Drawing upon conservation of resource (COR) theory, it was hypothesized that organizational justice as well as job embeddedness will positively impact employees’ engagement in organizational citizenship behavior (OCB). In addition, the moderating role of job embeddedness in organizational justice–OCB relationship was studied. Using time-lagged data of hospitality employees from India, the results demonstrate that of all dimensions of organizational justice, interactional justice emerges as the strongest predictor of OCB. Further, job embeddedness was seen to have a significant relationship with all dimensions of OCB. Support was also found for the moderating role of job embeddedness in strengthening the positive relationship between justice perceptions and certain dimensions of OCB. Finally, the implications are discussed enhancing our understanding of organizational justice—job embeddedness—OCB relationship in Indian hospitality sector during the COVID-19 pandemic, suggesting several measures which can be taken by managers of this sector to promote employee extra role behaviors.
Copyright (c) 2022 Bindu Chhabra | Manit Mishra
Trade Integration and Export Aspiration: Evidence from India’s Trade in Goods with BRICS Countries
The purpose of this study was to examine the dynamics of trade between India and the BRICS countries as well as to gauge the relative strength of Indian exports to those nations. The trade integration patterns among BRICS countries were also analyzed. To quantify the extent to which India’s exports correspond to the needs of its BRICS counterparts, a novel export aspiration index was constructed. The index of trade integration patterns has also been employed to quantify India’s trade integration pattern with other BRICS members. Further, the gravity model of trade has been employed to analyze the fundamentals of India–BRICS trade. The export aspiration in individual BRICS countries shows a diverse pattern. However, India’s export aspiration in these countries has improved, although marginally in the long run. Such empirical evidence substantiates that the relative strength of India’s exports within its BRICS counterparts has marginally improved over time. Moreover, the trade integration index indicates a similar trade integration pattern among the BRICS countries and corroborates the presence of inter-industry trade. Added to the conventional variables of the gravity model, India’s outward multilateral trade resistance and BRICS inward multilateral trade resistance significantly promote India–BRICS trade. Hence, the relative strength of Indian exports will increase substantially if India’s commodity composition is diversified by including more commodities in its export baskets that correspond to the needs and changing conditions of the BRICS economies.
Copyright (c) 2022 Aamir Jamal | Mirza Nazrana Beg
Emerging Market versus Western Expatriates in Japan during the Covid-19 Pandemic
In this paper, the term “EMex” is coined to refer to emerging market expatriates who had to adjust to working and living in Japan during the Covid-19 pandemic. The Social Identity Theory is applied together with the Grounded Theory to develop a more nuanced picture of how EMex coped with the adjustment process. We found that EMex were confronted with various challenges, some of which were somewhat similar, while others were quite different compared to those experienced by the Western expatriates. All the interviewees in this study spent most of their assignment duration in Japan at their home office. Occasionally, when EMex were allowed to go to their office, they were assigned to special projects with international teams, and so they did not have any contact with non-English speaking local (Japanese) managers. Like Western expatriates, they also missed in-person meetings with their workmates at the office; in spite of their IT literacy, they also faced challenges conducting online meetings from their home office. EMex were not given housing allowance, and this added to the difficulty in adjusting to living in Japan compared to Western expatriates. Moreover, their motivations and perspectives of the future differed from those of Western managers, who had a more secure future with their company. Also EMex faced out-group categorization issues by host-country nationals (HCNs) even if some of them planned to extend their stay in Japan after their assignment ended.
Copyright (c) 2022 Ralf Bebenroth | Yasmin Nur Nahar
Does Religious Proximity Affect FDI Location Choice? An Empirical Analysis of Outward FDI from Morocco to 54 Host Countries
The present paper investigates the effect of religious distance on the choice of location of Moroccan Multinational Enterprises (MNEs) when investing abroad. The main research hypothesis considers the religion as an element of the psychic distance between the home country and host countries that can affect the FDI location decision. The results of the Robust Weighted Least Squares (RWLS) estimation method using panel data of outward FDI flows from Morocco to 54 host countries from 2007 to 2020 show that the more the local Muslim population is important in the host country, the more it receives FDI from Morocco. The results of the study are highly relevant to policymakers as they prove that the religion is important for inward and outward foreign direct investment. On the one hand, policy makers in charge of FDI attractiveness in the host country have to adopt religious strategies accompanied by public–private partnerships to integrate main foreign religions to facilitate the integration of MNEs and reduce their transaction costs. On the other hand, policy makers in charge of promoting outward FDI from the home country have to establish a liaison office in host countries to support the MNEs and facilitate their internationalization process.
Copyright (c) 2022 Jihad Ait Soussane | Dalal Mansouri | Zahra Mansouri
Economic Integration in Latin America: An Approach Through the Analysis of Biblio­metric Indicators on Research Production
This article analyzes different bibliometric indicators on research papers which examine the issue of economic integration in the Latin American region. The documents have been obtained from the Scopus bibliographic database; a total of 564 papers published in the time span from 2000 to 2020 have been identified, processed, and analyzed using the open-source software Bibliometrix and Vos Viewer. The results achieved allow identifying elements such as volume and relevance in scientific publications by country, H-G-M index of researchers with the greatest impact, estimation of Lotka’s Law, the analysis of co-occurrence between keywords, the dynamics in publication of the main sources, and finally, the thematic evolution in the last two decades. The findings provide a better understanding of the research processes as well as a comprehensive analysis of authors, their impact and the relevant sources in the economic integration of Latin America.
Copyright (c) 2022 William A. Malpica Zapata | Víctor Hugo Nauzan Ceballos | Leidy Maritza Silva Rodríguez
Strategic Partnership between SME Retailers and Modern Suppliers in Indonesia: A Relationship Marketing Approach
This study aimed to analyze the business marketing relationship between modern suppliers and SME retailers to empower and strengthen SMEs in Indonesia. The theoretical framework is the relationship marketing model developed by Morgan and Hunt (1994). This framework is based on trust and commitment as the two key mediating variables. The study surveyed 250 SME retailers as respondents selected using purposive sampling. Furthermore, hypotheses were tested using path analysis. The findings showed that trust and commitment to business partnerships mediate the effect of influence strategy on loyalty to business partners and economic performance. The influence strategy significantly affects the business performance of the involved parties. Therefore, strategic business partnerships with modern suppliers improve SME retailers’ business performance.
Copyright (c) 2022 Anton Setyawan | Fairuz Mudhofar | Yasinta Arum | Ihwan Susila | Moechammad Nasir
Distribution of Constitutional Funds and Rural Credit in Brazilian Midwest Region
Access to credit in agriculture is an important mechanism for increasing farms’ technological level and productivity, while the Fundo Constitucional do Centro-Oeste (FCO) policy also includes a reduction in regional disparities. In this study, we aimed to investigate whether the FCO resources in rural credit are increasing access to rural credit by municipalities in the Brazilian Midwest region. This study covers a panel data of 467 municipalities from 1995 to 2022. To measure credit distribution, we employed inequality indices and an OLS regression to determine the main factors affecting credit demand. The results demonstrated a major concentration of resources, including FCO, in more developed regions where consolidated grain production is predominant. A slight tendency toward diffusing resources was observed, mainly in livestock production financial resources. Structural and institutional constraints in more backward municipalities are responsible for the huge gap in total credit obtained yearly, which the FCO policy is unable to completely surpass, limiting the fund’s intention to promote regional development. This study confirms that the FCO policy for the agricultural sector is market-oriented, funding mainly grains and cattle ranching, which occur more frequently in developed municipalities. We demonstrated that few changes have occurred to transform this pattern over the decades, reducing the effectiveness of this policy.
Copyright (c) 2025 Raysa Palheta Borges | Marcos Rodrigues https://creativecommons.org/licenses/by/4.0
Exchange Rate Unification in Nigeria: Volatility Dynamics and Short-Term Forecasts
<span class="italik" style="color: #000000; font-family: 'Times New Roman'; font-size: medium; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Nearly two years after Nigeria’s exchange rate unification policy was introduced, questions remain about its effectiveness. This study uses the Exponential GARCH model to examine: (1) the impact of the policy on exchange rate returns and volatility, (2) whether it has achieved its intended goal of long-term stabilization, and (3) what forecasts reveal about future exchange rate dynamics. Results indicate that while the policy did not significantly affect mean returns, it led to a significant increase in volatility (4.3757, p < 0.05). However, volatility began to subside from Q4 2024, suggesting a market adjustment phase. Forecasts show a continued decline in volatility through mid-2025, implying the policy may be on track toward achieving its long-term goals. The study recommends ongoing monitoring of exchange rate behaviour, complementary short-term measures to manage short-term volatility while allowing the unification policy to mature further, and improved policy communication with market participants to support sustained stability.
Copyright (c) 2026 Idowu Ayodeji https://creativecommons.org/licenses/by/4.0