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PurposeCapital structure is an important corporate financing decision, particularly for companies in emerging economies. This paper attempts to understand whether the pandemic had any significant impact on the capital structure of companies in emerging economies. India being a prominent emerging economy is an ideal candidate for the analysis.Design/methodology/approachThe study utilizes three leverage ratios in an extended market index, BSE500, for the period 2015–2021. The ratios considered are short-term leverage ratio (STLR), long-term leverage ratio (LTLR) and total leverage ratio (TLR). A dummy variable differentiates the pre-epidemic (2015–2019) and pandemic (2020–2021) period. Control variables are used to represent firm characteristics such as growth, tangibility, profit, size and liquidity. Dynamic panel data regression is employed to address endogeneity.FindingsThe findings point out that Covid-19 has had a significant, negative effect on LTLR, while the impact on STLR and TLR was insignificant. The findings indicate that companies based in a culturally risk-averse environment, such as India, would reduce the long-term debt to avoid bankruptcy in times of uncertainty.Research limitations/implicationsThe study covers the impact of the pandemic on Indian companies. Hence, generalization of the findings to global context might not be valid.Practical implicationsTo maintain economic growth in the post-crisis period, Indian policymakers should ensure accessibility to low-cost capital. The findings provide impetus to deepen the insignificant corporate bond market in India for future economic revival.Originality/valueDeveloping countries are struggling to revive the economies postpandemic. This is particularly true for Asian economies which are heavily reliant on banks for survival. This research finds evidence to utilize bond market as a source of raising capital for economic revival.
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PurposeThis study aims to examine earnings management around initial public offerings (IPOs) in India. It also explores the influence of issue characteristics on earnings management around the IPOs.Design/methodology/approachA sample of 511 IPOs that came during April 2003-March 2019 is studied for calculating earnings management for pre-issue, issue and post-issue years. Using Cross-Sectional Modified Jones Model, the paper presents earnings management on the basis of three proxies i.e. discretionary accruals, discretionary current accruals and discretionary long-term accruals. The influence of issue characteristics on earnings management practised around the IPOs is also observed through correlation and multiple regression analysis.FindingsThe paper finds that earnings management is abnormally high during the issue year compared with pre-issue and post-issue years. It also unveils that profitability, premium, age, and size of the issuer significantly determine the level of pre-issue and issue year earnings management practised by Indian IPO issuers.Research limitations/implicationsThe findings are useful to stakeholders (potential investors, analysts and regulators) to observe, assess and understand the quality of financial numbers that are based on fallacious disclosure of accounting figures. It provides insight into the possibilities of managed earnings around the issue that could influence investors' decision-making. Further, the study reflects the efficacy of Indian regulatory norms for IPOs.Originality/valueTo the authors' knowledge, it is the only Indian study that had used an extensive data set of about two decades to calculate earnings management during pre-issue, issue and post-issue years. The uniqueness of the study further lies in three proxies of earnings management representing short-term and long-term accruals. Moreover, it is the first study to observe the influence of IPO issue characteristics on earnings management.
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The study investigates the role of corporate sustainability disclosures in moderating the link between country-level uncertainties (economic policy uncertainty, political uncertainty and uncertainty due to climate change) and firms' risks (total risk, market risk, and default risk) in the worldwide tourism firms. We consider the volume of ESG (environmental, social and governance) activities disclosures by the firms as a proxy of corporate sustainability disclosures. The study also explores the link between sustainability disclosures and firms' risks to validate the risk-reduction hypothesis. The study further highlights the relevance of country-level uncertainties in increasing firms' risks. The findings indicate that corporate sustainability disclosures can assist in mitigating tourism firms' risks during periods of heightened country-level uncertainties. The study also documents the significance of sustainability disclosures in reducing the effect of uncertainties on tourism firms' risks during the COVID-19 period. The results validate the risk-reduction hypothesis indicating that firms' engagement in corporate sustainability practices facilitates risk mitigation efforts during periods of escalated external uncertainties. By demonstrating that firms that engage in sustainability practices and provide required disclosures are better equipped to manage risks during periods of increased uncertainty, the study provides valuable insights for industry stakeholders, including investors, policymakers, and firms themselves. [ FROM AUTHOR] Copyright of Journal of Sustainable Tourism is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
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Objectives: The objective of this paper is to evaluate the use of informal payments and personal connections to gain preferential access to public health services during the COVID-19 pandemic and to propose effective policy measures for tackling this phenomenon. Methods: Using data from 25,744 patients in the European Union, six different scenarios are analyzed in relation to making informal payments and/or relying on personal connections to access public healthcare services. To evaluate the propensity to engage in informal practices in healthcare, probit regressions with sample selection and predicted probabilities are used. Robustness checks are also performed to test the reliability of the findings. Results: For each scenario, a statistically significant association is revealed between the propensity to make informal payments and/or rely on personal connections and the asymmetry between the formal rules and the patients' personal norms and trust in public authorities. Conclusion: To tackle informal practices in healthcare, policy measures are required to reduce the asymmetry between the formal rules and personal norms by raising trust in public authorities.
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COVID-19 , Financing, Personal , Humans , European Union , Pandemics , COVID-19/epidemiology , Reproducibility of Results , Delivery of Health Care , Health ExpendituresABSTRACT
The accelerated digitization of the third decade of the twenty-first century poses a challenge both for science and for practice. The study presents partial results of continuous research on online reputation management of entities operating in the environment of low-carbon economy. The aim of the study is the application of a standardized methodology for calculating the Total level of Online Reputation (TOR) to determine the market position of selected Electric Vehicles (EVs) compared to the market position of conventional Vehicles with Internal Combustion Engines (ICEVs) in the online environment. The research sample consists of the ten best-selling Vehicles and the ten best-selling Electric Vehicles in the world by sales in the year 2021. Based on the measurement results and the subsequent analysis of the context, it can be concluded that the EV market shows the parameters of a developing market not only from the point of view of sales but also in terms of the overall level of Online Reputation as such. At the same time, it is possible to point out a high geographical specificity and significant disproportionality of the EV market compared to ICEVs. From the overall market perspective, the future of cars in the EV category is still unclear, as building trust in low-carbon products is limited by historical tradition. The main representatives of the EV industry thus represent the first forays of the onset of the low-carbon era in individual transport. The description of the issue will require the monitoring of status indicators over time. The results of the presented study can thus serve as a baseline and methodological framework for further research of the adoption of low-carbon policies in common practice.
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The interactive association between oil prices and stock market has increasingly captured the attention of researchers. Especially, how does the relationship between oil prices and stock market varies during COVID-19 pandemic? The study's aim is to investigate the time-varying causal effect of the COVID-19 pandemic on the link between the oil prices and Vietnam stock market using the wavelet approach. Daily data about oil prices Vietnam stock prices and returns covers the period of ten years from January 2011 to December 2021 will be gathered, processed and analyzed to examine the influence of pre, first and second waves of COVID-19 pandemic on the relationship between oil prices and stock market.
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This paper performs the asymmetric multifractal cross-correlation analysis to examine the COVID-19 effects on three relevant high-frequency fiat currencies, namely euro (EUR), yen (YEN) and the Great Britain pound (GBP), and two cryptocurrencies with the highest market capitalization and traded volume (Bitcoin and Ethereum) considering two periods (Pre-COVID-19 and during COVID-19). For both periods, we find that all pairs of these financial assets are characterized by overall persistent cross-correlation behavior (αxy(0) > 0.5). Moreover, COVID-19 promoted an increase in the multifractal spectrum's width, which implies an increase in the complexity for all pairs considered here. We also studied the Generalized Cross-correlation Exponent, which allows us to verify that there is no asymmetric behavior between Bitcoin and fiat currencies and between Ethereum and fiat currencies. We conclude that investing simultaneously in major fiat currencies and leading cryptocurrencies can reduce the portfolio risk, leading to improvement in the investment results.
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Background and Purpose: The development of research knowledge, skills, and attitudes among postgraduate vocational-health education students is a crucial outcome of their degree program. This study focuses on the research competences of vocational-health education students and their use of web 2.0 technologies to enhance research productivity. The study employs the Vitae Researcher Development Framework (RDF) and examines the use of web 2.0 technologies. Method: The study surveyed 390 postgraduate vocational-health education students enrolled in universities in Pakistan. Of the participants, 50.5% were male, 49.5% were female, 45.1% were from private universities, and 54.9% were from public sector universities. Moreover, 68.2% were Master's students, while 31.8% were doctoral students. The data were analyzed through both symmetrical and asymmetrical modeling techniques, including Partial least square equation modeling (PLS-SEM) and fuzzy set Qualitative Comparative Analysis (fsQCA), to measure the direct and indirect specific relationships among the constructs. Results: The results confirmed that research competences and web 2.0 technologies have a direct effect on research productivity. Furthermore, the results revealed that web 2.0 technologies mediate in the relationship between research competences and research productivity. Conclusions: The study concludes that research competences and web 2.0 technologies predict research productivity. Additionally, web 2.0 technologies have an intervening role in the relationship between research competences and research productivity during the COVID-19 pandemic emergency. Implications: This study highlights the broader implications for health education policymakers and institutions to include web 2.0 technologies in their development plans. Future studies can develop web 2.0-based instructional strategies for the professional development of advanced vocational-health education researchers. Originality: This study contributes to the knowledge of research competences, web 2.0 technologies, and research productivity for vocational-health education researchers.
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The volatility of international crude oil and gold markets has affected stock markets through several economic channels, and the impact tends to be more evident with the appearance of emergencies. However, the volatility linkages between commodities and Chinese sector stocks in the presence of emergencies are understudied. To examine the asymmetric relationship and time-varying connectedness between commodities and Chinese sector stocks, this paper first employs GJR-GARCH to capture the realized volatility of international oil, gold, and Chinese sector stocks. Secondly, we decompose the realized volatility of international oil and gold into bad and good volatility and then employ the TVP-VAR-DY approach to obtain the connectedness index. The final result shows asymmetric volatility spillover among oil, gold, and Chinese sector stocks. During the COVID-19 outbreak, the gold good volatility transmission is intenser than bad volatility. Thirdly, the analysis is also carried out under different subperiods. They include three international events: the global financial crisis and the European debt crisis, the oil crisis, and COVID-19. The result reveals heterogeneity exists in the impact of international oil and gold on the Chinese sector stocks under different emergencies. These findings are of great significance for policymakers to improve the sector management under the impact of different emergencies and for investors to design diversified portfolios according to the commodity-sector risk spillover effects. © 2023 Elsevier Ltd
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Background: Hyaluronic acid fillers (HAF) are a versatile tool in esthetic medicine. They also have a potential for medical indications including facial rehabilitation. Materials and methods: We performed a literature search on PUBMED and Google Scholar until December 2022. Clinical trials, clinical studies, review articles, systematic reviews, meta-analyses, case series, and case reports were considered for review. Keywords "facial rehabilitation”, "acne scars”, "traumatic scars”, "oral restoration”, "facial lipoatrophy”, "facial asymmetry”, "periocular correction”, "nasal obstruction”, "ear lobe restoration”, "morphea”, AND "hyaluronic acid filler” were used to select articles. Results: We prepared a narrative review on the use of HAF for correction of facial asymmetry and asymmetric lips, improvement of different types of scars, improvement of the jaw line, improvement of ear lobes, periocular and oral restoration, and the treatment of nasal obstruction and morphea en coub de sabre. The amount of HA used in these indications is often less than 1 mL. The bolus technique, fanning, and dual-plane injections can be utilized for treatment. Duration of clinical effects depends upon the anatomical region and is usually maintained between 2 months and 2 years. Adverse events are often mild and temporary. Vascular occlusion is a severe adverse event, but it has not been reported yet for these medical indications. Repeated injections are recommended to obtain a longer-lasting improvement. In cases of morphea, only stable and non-inflammatory plaques should be treated. The advantage of HAF compared to permanent and semipermanent fillers is the availability of hyaluronidase for rapid removal of filler material and to revise overcorrection. Conclusions: HAF play an auxiliary role in facial rehabilitation. Knowledge of filler qualities, anatomy, and underlying diagnoses is important for their safe application. More prospective controlled trials are necessary to improve evidence.
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Objective:To outline features of the neurologic examination that can be performed virtually through telemedicine platforms (the virtual neurological examination [VNE]), and provide guidance for rapidly pivoting in-person clinical assessments to virtual visits during the COVID-19 pandemic and beyond.Methods:The full neurologic examination is described with attention to components that can be performed virtually.Results:A screening VNE is outlined that can be performed on a wide variety of patients, along with detailed descriptions of virtual examination maneuvers for specific scenarios (cognitive testing, neuromuscular and movement disorder examinations).Conclusions:During the COVID-19 pandemic, rapid adoption of virtual medicine will be critical to provide ongoing and timely neurological care. Familiarity and mastery of a VNE will be critical for neurologists, and this article outlines a practical approach to implementation.
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This study examines the determinants and consequences of firms' disclosures related to the COVID-19 pandemic in annual financial reports in China. First, we find that firms with high growth opportunity or low stock liquidity tended to disclose COVID-19 pandemic information to mitigate information asymmetry. Second, our results show that voluntary risk disclosure significantly decreased stock risks due to the reduction of information asymmetry. We further find that stock price crash risks decreased for firms that reported risk information compared with those that did not. Our results suggest that detailed voluntary risk disclosure is needed to mitigate stock risks, especially in extreme situations.
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In many disciplines, including pattern recognition, data mining, machine learning, image analysis, and bioinformatics, data clustering is a common analytical tool for data statistics. The majority of conventional clustering techniques are slow to converge and frequently get stuck in local optima. In this regard, population-based meta-heuristic algorithms are used to overcome the problem of getting trapped in local optima and increase the convergence speed. An asymmetric approach to clustering the asymmetric self-organizing map is proposed in this paper. The Interactive Autodidactic School (IAS) is one of these population-based metaheuristic and asymmetry algorithms used to solve the clustering problem. The chaotic IAS algorithm also increases exploitation and generates a better population. In the proposed model, ten different chaotic maps and the intra-cluster summation fitness function have been used to improve the results of the IAS. According to the simulation findings, the IAS based on the Chebyshev chaotic function outperformed other chaotic IAS iterations and other metaheuristic algorithms. The efficacy of the proposed model is finally highlighted by comparing its performance with optimization algorithms in terms of fitness function and convergence rate. This algorithm can be used in different engineering problems as well. Moreover, the Binary IAS (BIAS) detects coronavirus disease 2019 (COVID-19). The results demonstrate that the accuracy of BIAS for the COVID-19 dataset is 96.25%.
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PurposeCOVID-19 affects the peer-to-peer (P2P) accommodation industry. With regard to prospect theory, individuals' negative emotions, such as institutional distrust, are easily evoked and impede consumption intention in an environment of permeating uncertainty and risks. While existing research indicates the negative effects of institutional distrust, scant research has explored its antecedents and intervention mechanisms. This study thus aims to unveil the influencing factors and explore mitigating mechanisms of customers' institutional distrust of P2P accommodations.Design/methodology/approachOnline reviews data were used to identify the underlying critical issues. The authors developed a model to depict how institutional distrust is formed under the boundary condition of subjective norm by the results. The model was verified using a questionnaire survey. Finally, in-depth semi-structured interviews were conducted to ensure its robustness.FindingsThe external environment and internal platform effectiveness are two critical aspects affecting institutional distrust of P2P accommodations. The external environment influences institutional distrust through perceived threat, explaining the formation mechanism of customers' institutional distrust through customers' internal psychology. Furthermore, the authors found subjective norm moderating the effect of perceived threat on customers' institutional distrust.Research limitations/implicationsThis is one of the first studies, to the best of the authors' knowledge, to explore institutional distrust of P2P accommodations after COVID-19. The finding contributes to studies on P2P accommodation by uncovering the contingent role of subjective norm in influencing customers' institutional distrust.Originality/valueThis is a pioneering study that explores the antecedents and mitigating mechanisms of institutional distrust of P2P accommodations during the new normal of COVID-19.
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PurposeThis study aims to explore the effect of power-based behaviours on pharmaceutical supply chain (PSC) resilience.Design/methodology/approachThis study used a mixed-method approach to explore the role of power-based behaviours in PSC resilience. Qualitative interviews from 23 key PSC stakeholders, followed by thematic analysis, revealed the underlying perceptions regarding PSC resilience. Quantitative propositions were then developed based on the themes adopted from PSC resilience literature and the qualitative findings. These were tested via a survey questionnaire administered to 106 key stakeholders across the various levels in the PSC. Structural equation modelling with partial least squares was used to analyse the data.FindingsThe data analysed identified proactive and reactive strategies as resilience strategies in the PSC. However, power-based behaviours represented by quota systems, information and price control influenced these resilience strategies. From a complex adaptive system (CAS) perspective, the authors found that when power-based behaviours were exhibited, the interactions between PSC actors were mixed. There was a negative influence on reactive strategies and a positive influence on proactive strategies. The analysis also showed that PSC complexities measured by stringent regulations, long lead times and complex production moderated the effect of power-based behaviour on reactive strategies. Thus, the negative impact of power-based behaviours on reactive strategies stemmed from PSC complexities.Research limitations/implicationsThis research particularly reveals the role of power-based behaviours in building PSC resilience. By evaluating the nexus from a CAS perspective, the analysis considered power-based behaviours and the moderating role of PSC complexities in developing resilience strategies. This study considers the interactions of PSC actors. This study shows that power asymmetry is a relational concept that inhibits the efficacy of reactive strategies. This study thus advocates the importance of power in achieving a more resilient PSC from a holistic perspective by highlighting the importance of the decision-making process among supply chain (SC) partners. The findings are particularly relevant if PSC resilience is viewed as a CAS. All the interactions and decision-making processes affect outcomes because of their inherent complexities. Although this study focused on the PSC, its implications could be extended to other SCs.Practical implicationsThe authors identified that power-based behaviours influenced resilience strategies. It was detrimental to reactive strategies because of the complexities of the PSC but beneficial to proactive strategies through resource-sharing. PSC actors are therefore encouraged to pursue proactive strategies as this may aid in mitigating the impact of disruptions. However, power-based behaviours bred partner dissatisfaction. This dissatisfaction may occur even within strategic alliances indicating that power could be detrimental to proactive strategies. Therefore, it is pertinent to identify conditions that lead to dissatisfaction when pursuing strategic partnerships. This study provides insight into actual behaviours influencing resilience and quantifies their effects on the PSC. These insights will be valuable for all SC partners wanting to improve their resilience strategies.Originality/valuePrevious PSC management and resilience studies have not examined the role of power in building resilience in the PSC. This paper thus provides a unique contribution by identifying the role of power in PSC resilience, offers empirical evidence and a novel theoretical perspective for future practice and research in building PSC resilience strategies.
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PurposeIndia is one of those countries that are severely affected by the COVID-19 pandemic. With the upsurge in the cases, the country recorded high unemployment rates, economic uncertainties and slugging growth rates. This adversely affected the real estate sector in India. As the relation of the housing market with the gross domestic product is quite lasting thus, the decline in housing prices has severely impacted the economic growth of the nation. Hence, the purpose of this paper is to gauge the asymmetric impact of COVID-19 shocks on housing prices in India.Design/methodology/approachStudies revealed the symmetric impact of macroeconomic variables, and contingencies on housing prices dominate the literature. However, the assumption of linearity fails to apprehend the asymmetric dynamics of the housing sector. Thus, the author uses a nonlinear autoregressive distributed lag model to address this limitation and test the existence of short- and long-run asymmetry.FindingsThe findings revealed the long- and short-run asymmetric impact of the COVID-19 outbreak and the peak of the COVID-19 on housing prices. The results indicate that the peak of COVID-19 had a greater impact on housing prices in comparison to the outbreak of COVID-19. This can be explained as prices will revert to normal at a speed of 0.978% with the decline in the number of COVID-19 cases. Whereas the housing prices rise at a rate of 0.714 as a result of government intervention to deal with the ill effects of the COVID-19 outbreak. Moreover, it can be inferred that both the outbreak and peak of COVID-19 will lead to a minimal decline in housing prices, while with the decline in the number of cases and reduction in the impact of the outbreak of COVID, the housing prices will rise at an increasing rate.Originality/valueTo the best of the authors' knowledge, this is the first study to understand the impact of the outbreak and peak of COVID-19 on the housing prices separately.
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Despite their importance Small and medium sized enterprises (SMEs) in Azerbaijan and in other developed and developing countries suffer from limited access to financing due to high costs of small-scale lending, information asymmetry, high risks attributed to SMEs and collateral requirements. Thus, the lack of SME access to finance is to the large extent the consequence of weaknesses in enabling environment for finance. Shortfall in enabling environment becomes major constraint for economic growth and diversification and/or causes regionally-unbalanced growth. These deficiencies motivate government to make policy interventions toward SME financing expansion. Largely interventions come in form of credit guarantee schemes (CGS), direct lending facilities and lending by state-owned financial institutions. In turn, partial credit guarantee schemes are considered as most market friendly intervention type. There are also notable examples when countries like South Korea employed PCG as countercyclical policy tool to face difficulties came from economic downturn. The diverse and resilient SME sector is the center piece of the Azerbaijan government's strategic agenda to diversify the economy away from oil. Credit Guarantee Schemes were introduced in Azerbaijan as a measure of Government to make financing accessible for SMEs and to reduce effect of negative impact of two recent major events: the drop in worldwide oil prices and COVID-19 pandemic. The objective of this paper is to review characteristics of Credit Guarantee Schemes and assess preliminary outcomes of Partial Credit Guarantee mechanism implementation in Azerbaijan. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.
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We conduct a time-series analysis of Colorado, Idaho, and national potato markets to examine price transmission and asymmetry (relative likelihood and magnitude of upward versus downward price shocks). Prices are typically driven by supply-side shocks. Colorado potato producers' prices are influenced by Idaho and experience unfavorable asymmetry relative to downstream parties. We apply findings to the COVID-19 lockdown period as a case study to explore market behavior during that time. Identifying and noting potentially harmful price dynamics in commodity markets could help producers effectively respond to similar shocks in the future. © 2022, Food Distribution Research Society. All rights reserved.
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Motivated by the challenge of allocating scarce resources from the federal government to different states during the COVID-19 pandemic, this paper studies optimal schemes for allocating scarce resources to agents with private demand information under different favoritism structures. Through an investigation of a mechanism design model that aims to induce agents to report their demands truthfully, we find the following results. First, when the principal purely cares about social welfare and when the principal has sufficient resources to satisfy all agents' demands, we find that the optimal allocation scheme is efficient in the sense that it is identical to the optimal scheme for the "benchmark” case when favoritism differentials and information asymmetry are both absent. Second, when rationing is needed due to resource scarcity, we show that heterogeneity in "event-independent” favoritism across agents will cause the principal to allocate more resources to agents with larger favoritism and less resources to others, resulting in inefficient allocations. Third, when agents possess heterogeneous "event-specific” favoritism due to the existence of outside options, the resulting allocation may boost all agents' expected utilities, including those agents who do not have any outside option. Finally, we show that the "allocation distortion” caused by both information asymmetry and heterogeneous favoritism can be reduced when "positive externality” is present (i.e., allocating resources to one agent can benefit other agents). © 2023 Production and Operations Management Society.
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PurposeStock price reactions have often been used to evaluate the cost of data breaches in the current information systems (IS) security literature. To further this line of research, this study examines the impact of data breaches on stock returns, information asymmetry and unsystematic firm risk in the context of COVID-19.Design/methodology/approachThis paper employs an event study methodology and examines data breach events released in public databases, spanning pre- and post-COVID settings. This study investigated 283 data breaches of the US publicly traded firms, and the economic cost was measured by cumulative abnormal returns (CARs), trading volume, bid-ask spread and unsystematic risk.FindingsThe authors observe that data breaches during the COVID pandemic make investors react more negatively to data breach announcements, as reflected in the significantly negative difference in CARs between breached firms before COVID and those after COVID. The findings also indicate that, after the disclosure of data breach incidents, information asymmetry is reduced to a lesser extent compared with that in the pre-COVID setting. The authors also find that data breach events lead to an increase in the unsystematic risk of breached companies in the pre-COVID era but no change in the post-COVID era.Originality/valueThis study is the first effort to examine the economic consequences of data breaches by investigating the effects in the form of trading activities and risk measurement in the COVID setting.