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An Empirical Investigation of Herd Behaviour in Surplus Economy: Evidences from Muscat Stock Market
Vasilya Sultanova,
Hassan Mounir El-Sady,
Hosny Hamdy
Issue:
Volume 11, Issue 2, April 2023
Pages:
38-43
Received:
21 February 2023
Accepted:
9 March 2023
Published:
21 March 2023
Abstract: This study investigates herd behaviour in the surplus economy of the Sultanate of Oman under Bear and Bull market conditions. The first aim of the study is to determine if the investors at Muscat Stock Market (MSM) exhibit herd behavior or not. The second aim of the study is to compare the different stochastic time-series models commonly used to test and forecast herd behavior. Finally, the study aims to determine whether herd behavior in the MSM is predominantly risk-driven as measured by Cross-Sectional Standard Deviation (CSSD) or return-driven as measured by Cross-Sectional Absolute Deviation (CSAD) of stock returns from the overall market return. Our analyses are based on daily Muscat Stock Market’s (MSM) index returns for the period starting 1st of January 2010 and ending 31st of December 2019, the pre Covide-19 pandemic. Our findings disclose: (1) that MSM exhibits herd behavior, (2) that there are statistically significant among the different stochastic time-series models used to test and forecast herd behavior in MSM, where ARIMA (1,0,0) model exhibits the highest predictive power of herd behavior in MSM (3), that MSM’s herd behavior is driven more by CSSD than CSAD in the bearish and bullish market conditions.
Abstract: This study investigates herd behaviour in the surplus economy of the Sultanate of Oman under Bear and Bull market conditions. The first aim of the study is to determine if the investors at Muscat Stock Market (MSM) exhibit herd behavior or not. The second aim of the study is to compare the different stochastic time-series models commonly used to te...
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Constraints to Debt Sustainability in Egypt: Structural Response and Fiscal Fatigue
Mohamed Fathy Abdelgany,
Taghreed Badr Al-deen
Issue:
Volume 11, Issue 2, April 2023
Pages:
44-61
Received:
5 March 2023
Accepted:
21 March 2023
Published:
31 March 2023
Abstract: Public debt sustainability is a multidimensional process. Egypt maintains a sustainable general path in conducting its fiscal policy. However, the rising path of accumulated debt to GDP ratio implies critical restrictions on fiscal stance and fiscal space. The research tests the structural endogenous long-term response of the Egyptian government towards the accumulated stock of public debt. in addition to examining the fiscal fatigue hypothesis when debt jumps to high extreme levels. The research adopts the widely accepted approach proposed by Bohn to estimates a fiscal reaction function. the Autoregressive Distributed Lag ARDL technique is applied for the time period from 1981 to 2021. Empirical wise, two critical specified regressions are estimated. The first measures the response of the structural long-term primary balance as a percentage of GDP to the stock of public debt to GDP ratio. This provides a general judgement whether the fiscal policy is expansionary, neutral or restrictive. Second, a non-linear estimation is implemented to test for the possibility of fiscal fatigue. the existence of an inverse U-shaped response can be used to endogenously determine a debt threshold above which the government is unable to keep its fiscal position within the sustainability condition. Findings of the first regression indicate that the government is unable to adjust its structural primary balance positively with the increase in the stock of previous debt to GDP ratio during the examined time period. Thus, fiscal policy of the Egyptian government tends to be restrictive during the examined time period. Furthermore, the fiscal fatigue hypothesis applies as the magnitude of government fiscal response is conditioned by the level of accumulated public debt. At low levels of debt to GDP ratio the government adjustment of its primary balance is not structurally planned. Government show weak response. When the level of accumulated debt to GDP ratio goes high, government undertakes serious measures and effectively adjust the primary balance to GDP with the increased public debt. however, when the level of the previous debt to GDP ratio jump to extreme high levels, government is unable to maintain the positive response indicating the possibility of fiscal fatigue and fiscal default. The research emphasizes the necessity of a planned serious fiscal actions to correct the long-term response. Cyclical automatic response of the government should be revised. Moreover, Non-interest expenditures should be structurally adjusted to maintain the required level of government reasonable primary balance.
Abstract: Public debt sustainability is a multidimensional process. Egypt maintains a sustainable general path in conducting its fiscal policy. However, the rising path of accumulated debt to GDP ratio implies critical restrictions on fiscal stance and fiscal space. The research tests the structural endogenous long-term response of the Egyptian government to...
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Crises Management and Employees’ Commitment of Work Organizations in Port Harcourt, Rivers State
Yakie Ebisidor Favour,
Justin Mgbechi Odinioha Gabriel
Issue:
Volume 11, Issue 2, April 2023
Pages:
62-68
Received:
21 January 2023
Accepted:
6 April 2023
Published:
18 April 2023
Abstract: This study critically reviews the relationship between crisis management strategies and employee commitment to Port Harcourt Rivers State work organisations. The study employed a survey framework with two objectives, and two research questions were derived. At the same time, one hypothesis was empirically formulated for the study; in total, 261 questionnaire copies were designed and apportioned to respondents of four work organisations in Port Harcourt Rivers State, of which 225 copies were filled, retrieved and deemed usable. All the data collected through the questionnaire were verified using the arithmetical method standard deviation; on the other hand, the hypotheses were subjected to test through the spearman rank order statistical calculation with the help of the SPSS software package. A careful analysis of the retrieved data and test of hypotheses, the study revealed a positive association between crises management strategies and employee commitment of work organisations in Port Harcourt, to this end, the study recommends that Management of work organisations should endeavour to always look out fort as well as prevent crises situation in their organisations; Management of work organisations should try to engage employees who are competent, committed and innovative towards the realisation of their organisations set objectives; managers of work organisations should prioritise employees training, in order for them to acquire new skills as well as develop existing ones; the study also recommend that managers of work organisations should ensure that organisation rewards are based on equity this in turn will create room for commitment, loyalty and equitability in the organisation, thereby discouraging any form of crises situation and that Management of work organisations should always employ the democratic leadership style in dealing with employees, thus helping to enhance employees participation in their affairs which in turn help to boost their level of commitment.
Abstract: This study critically reviews the relationship between crisis management strategies and employee commitment to Port Harcourt Rivers State work organisations. The study employed a survey framework with two objectives, and two research questions were derived. At the same time, one hypothesis was empirically formulated for the study; in total, 261 que...
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The Effect of Psychological Empowerment on Job Satisfaction Auditors with OCB as a Moderating Variable
Rika Suprapty Hidar,
Suraeda Sultan,
Mutiara Mashita Diapati
Issue:
Volume 11, Issue 2, April 2023
Pages:
69-75
Received:
6 March 2023
Accepted:
3 April 2023
Published:
18 April 2023
Abstract: The purpose of this study is to find out whether OCB strengthens or weakens the direct relationship between the Psychological Empowerment variable and the Auditor Job Satisfaction variable at the BPKP Representative of Central Sulawesi Province. This study takes auditors, thereby describing an alternative explanation of the influence relationship between each variable, which is a novelty in this study. The aims to determine the effect of psychological empowerment toward job satisfaction with Organizational Citizenship Behavior as a moderating variable at BPKP Representatives of Central Sulawesi. Based on the results of the fit test model, it can be concluded that the average path coefficient (APC) index is 0.370 with a p-value of 0.002 less than 0.05. The average R-squared index is 0.833 with a p-value of 0.001 less than 0.05. The AVIF value is 2,317 < 5.0. Based on the hypothesis test, it is obtained that the H1 test on the Psychological Empowerment variable (X) affects the job satisfaction variable (Y) with an average path coefficient index of 0.370 with a p-value of < 0.002 less than 0.10. The results of hypothesis testing H2 by looking at the indirect effect on the output of warpPLS 7.0, show that the p-value is 0.49. This value is greater than the significance level of 0.10. The test results on the H2 hypothesis mean that Organizational Citizenship Behavior (Z) cannot moderate the relationship between Psychological Empowerment (X) and Job Satisfaction (Y). The suggestion and research contributions are the impacts of OCB behavior are significantly large for the progress of organizations, companies, agencies, and institutions. This behavior is supported by a family atmosphere and climate that is still embraced by most Indonesians so that although there is no remuneration for services from organizations, companies, agencies, or institutions. It is expected that there will be an appreciation in the form of respect which can be used as a basis for promoting employees (especially government auditors) who have OCB behavior.
Abstract: The purpose of this study is to find out whether OCB strengthens or weakens the direct relationship between the Psychological Empowerment variable and the Auditor Job Satisfaction variable at the BPKP Representative of Central Sulawesi Province. This study takes auditors, thereby describing an alternative explanation of the influence relationship b...
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Evaluation and Approach of Industrial Green Development: A Literature Review
Yang Xinjiltu,
Zi Chunhao,
Han Weihong,
Yang Yanli
Issue:
Volume 11, Issue 2, April 2023
Pages:
76-81
Received:
29 March 2023
Accepted:
25 April 2023
Published:
27 April 2023
Abstract: With the increasing consumption of natural resources and the aggravation of environmental pollution, human beings began to realize that in order to realize the sustainable development of society, we must further examine the relationship between economic development and natural environment. In particular, it is generally believed that human activities have had a negative impact on global climate in the past hundred years, making the global warming trend increasingly obvious. If mankind wants to ease the contradiction between himself and the natural environment, we must go from the opposite to the integration of nature. Industrial green development is an attempt to integrate industrial economic operation system with natural system in order to achieve a balance. Green industry is a necessary driving force to promote green economic development and an important way to achieve ecological civilization. In order to further understand the related research of industrial greening, a new research direction is sought. Based on the summary of relevant literature, this paper firstly discusses the connotation and definition of industrial greening. Secondly, it is pointed out that ecological efficiency is an important basis for evaluating the degree of industrial green development, and the research on ecological efficiency mainly includes three aspects: theoretical interpretation, calculation and driver identification. Then, it summarizes the related ideas of industrial green path, including advanced technology application, material reduction, life cycle evaluation, green design, establishment of ecological industrial parks, etc. Finally, it points out the shortcomings of existing research and the prospects for future research.
Abstract: With the increasing consumption of natural resources and the aggravation of environmental pollution, human beings began to realize that in order to realize the sustainable development of society, we must further examine the relationship between economic development and natural environment. In particular, it is generally believed that human activiti...
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Research Methods and Application of Ecological Efficiency
Han Weihong,
Yang Xinjiletu,
Zhang Bing,
Yang Yanli
Issue:
Volume 11, Issue 2, April 2023
Pages:
82-86
Received:
20 March 2023
Accepted:
25 April 2023
Published:
27 April 2023
Abstract: In recent years, the frequent occurrence of extreme weather is a global problem facing all countries. With the excessive consumption of energy and the massive emission of carbon dioxide represented by energy-intensive industries, it has caused serious negative impacts on social and economic development and ecological environment, and it has caused serious negative impacts on social and economic development and ecological environment. Therefore, it is very important to deal with the relationship among economic development, resource input and ecological environment. Eco-efficiency is an important tool for quantitative analysis of the ratio between economic output and resource input, which is closely related to the sustainable development of economy, environment and resources. By reviewing domestic and foreign literature, this paper summarizes the concept, evaluation method and application of ecological efficiency, and concludes that (1) The core concept of ecological efficiency is to obtain more economic benefits with less resource input; (2) Evaluation methods of ecological efficiency: Mainly include data envelopment analysis (DEA), index evaluation method, ecological footprint method, single ratio method and SBM method in the measurement of ecological efficiency, among which DEA model is widely used; (3) The application of eco-efficiency mainly involves enterprises, industries and regions, among which there are few researches on enterprise eco-efficiency.
Abstract: In recent years, the frequent occurrence of extreme weather is a global problem facing all countries. With the excessive consumption of energy and the massive emission of carbon dioxide represented by energy-intensive industries, it has caused serious negative impacts on social and economic development and ecological environment, and it has caused ...
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