Risk transmission between equity market of China and its trading partners: new evidence from various financial crises

PurposeThe authors examine the volatility connections between the equity markets of China and its trading partners from developed and emerging markets during the various crises episodes (i.e. the Asian Crisis of 1997, the Global Financial Crisis, the Chinese Market Crash of 2015 and the COVID-19 outbreak).Design/methodology/approachThe authors use the GARCH and Wavelet approaches to estimate causalities and connectedness.FindingsAccording to the findings, China and developed equity markets are connected via risk transmission in the long term across various crisis episodes. In contrast, China and emerging equity markets are linked in short and long terms. The authors observe that China leads the stock markets of India, Indonesia and Malaysia at higher frequencies. Even China influences the French, Japanese and American equity markets despite the Chinese crisis. Finally, these causality findings reveal a bi-directional causality among China and its developed trading partners over short- and long-time scales. The connectedness varies across crisis episodes and frequency (short and long run). The study's findings provide helpful information for portfolio hedging, especially during various crises.Originality/valueThe authors examine the volatility connections between the equity markets of China and its trading partners from developed and emerging markets during the various crisis episodes (i.e. the Asian Crisis of 1997, the Global Financial Crisis, the Chinese Market Crash of 2015 and the COVID-19 outbreak). Previously, none of the studies have examined the connectedness between Chinese and its trading partners' equity markets during these all crises.

Consumers' perceived value and use intention of cashless payment in the physical distancing context: evidence from an Asian emerging market

PurposeCOVID-19 and its measures such as physical distancing have shifted consumer payment behaviors toward cashless payment. Physical distancing is likely to remain a norm for some time to come and will be relevant in any future pandemics. This study aims to examine the impact of consumers' perceived value of cashless payment on their use intention in the physical distancing context, with the mediating role of psychological safety and the moderating role of trust propensity.Design/methodology/approachThis study used a survey method to obtain data from 690 consumers in an Asian emerging market, i.e. Vietnam. The data were analyzed using different statistical methods, including structural equation modeling.FindingsResults show that perceived value of cashless payment positively affects use intention, and this effect is mediated by psychological safety. Furthermore, trust propensity has a positive moderating effect on the link between perceived value and psychological safety.Practical implicationsThis study's findings provide implications for retailers and other stakeholders in implementing and promoting cashless payment systems, especially in the physical distancing context.Originality/valueThis study is among the first attempt to explain the relationships between consumers' perceptions, feelings of psychological safety and use intention toward cashless payment in the physical distancing context. The study's findings may also be relevant to any future pandemics.

The Contribution of Meaning Making and Religiosity to Individuals' Psychological Wellbeing During the COVID-19 Pandemic: Prosocial Orientation Matters

The COVID-19 pandemic has dramatically affected individuals' psychological well-being worldwide, thus representing a challenge for flourishing among emerging adults. To understand psychological processes involved in the positive adaptation to this challenge, the present study examined the role of meaning in life and religious identity as crucial resources for flourishing in a sample of 255 Italian emerging adults. Specifically, as in the midst of a stressful event individuals may experience the potential for flourishing through the process of search for meaning, the study examined the mediated role of existential, spiritual/religious and prosocial orientations as the three primary trajectories for building meaning. Results from path analytic mediation models revealed a positive influence of presence of meaning and in-depth exploration on flourishing. Findings also suggested the contribution of prosocial orientation in building meaning and, ultimately, in increasing flourishing. Implications are discussed. [ FROM AUTHOR] Copyright of Europe's Journal of Psychology is the property of Leibniz Institute for Psychology (ZPID) 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.)

Guest editorial: Post-COVID-19 sustainable supply chain management in emerging markets

Since the early 2000s, emerging markets have become the heart of global supply chains hosting a large volume of industrial productions. The second article looked into the barriers to attaining sustainability in supply chain of the Bangladeshi pharmaceutical sector and developed a hierarchical structure of those barriers using interpretive structural modeling and MICMAC analysis. The eleventh article explored a new way to assess suppliers' suitability by considering pseudo-resilience factors to achieve SSC in the post-COVID-19 era using an analytical hierarchy process and R. It also provided a case study of three smartphone processor suppliers (Jessin et al., 2023).

The impact of Covid-19 on the capital structure in emerging economies: evidence from India

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.

The Spillover Effects of US Unconventional Monetary Policy on Inflation and Non-Inflation Targeting Emerging Markets

This study employs the panel vector autoregressive (PVAR) model to examine the spillover effect of US unconventional monetary policy on inflation and non-inflation targeting emerging markets post credit crunch and during COVID-19 from 2000Q1 to 2020Q4. Unlike other analyses, this paper adds to the existing body of knowledge by employing a dummy variable to represent the United States' quantitative easing. Other included control variables are equity prices, the federal reserve rate, the exchange rate, central bank assets and the short-term interest rate. This paper estimated two-panel VARs, Model one and Model two, for inflation and non-inflation targeting emerging markets, respectively. Model one consists of eight inflation-targeting markets, and Model two consists of four non-inflation-targeting countries. Other included control variables are equity prices, the federal reserve rate, the nominal effective exchange rate, and the central bank policy rate. According to the empirical results, the US unconventional monetary policy induces a surge in the exchange rate and a decrease in the central bank policy rate for both inflation and non-inflation targeting emerging markets. However, there was no significant impact on the equity prices. The empirical results are statistically significant, robust, and consistent with previous studies except for the response of equity prices. Unconventional monetary policy is effective in steering macroeconomic variables in developed economies. The monetary policymakers in emerging markets must also use the currency reserve to stabilise the macroeconomic variables in response to US unconventional monetary policy shocks.

Drivers of digital supply chain transformation in SMEs and large enterprises – a case of COVID-19 disruption risk

PurposeDigital transformation in supply chains (SCs) has emerged as one of the most effective ways to minimize SC disruption risks. Given the unprecedented impact of the COVID-19 pandemic on global SCs, this study aims to identify and provide empirical evidence about the drivers of digital SC transformation, considering the interactivity between environmental dynamism, technology, and organizational capabilities during the pandemic era.Design/methodology/approachUsing partial least squares structural equation modeling (PLS-SEM), this study examines 923 firms in Vietnam to ascertain the drivers of digital SC transformation between small- and medium-sized enterprises (SMEs) and large enterprises, based on the technology–organization–environment (TOE) as an overarching framework.FindingsThis study finds that greater digital SC transformation adoption could be achieved under the interactivity between the TOE components of firms' technological competencies, learning capabilities, and disruptions in socioeconomic environments due to the COVID-19 pandemic. Moreover, a multigroup analysis shows that the drivers of digital SC transformation differ between SMEs and large enterprises. SMEs were found to be more motivated by the COVID-19 disruption risk when adopting digital SC models.Originality/valueThis study represents an original and novel contribution from Vietnam as an emerging market to the literature on the impact of COVID-19 on the global value chain. Apart from the unique dataset at the firm level, the analysis of interactions between external and internal drivers of digital SC transformation could provide crucial managerial implications for SMEs to survive major disruptions, such as those caused by the COVID-19 pandemic.

Tail-event driven NETwork dependence in emerging markets

This paper employs the Tail Event NETwork (TENET) to identify financial markets with greater potential risk, and simultaneously investigate the interdependence between them. We find strong time-varying connectedness across 23 emerging markets during the main crisis episodes, including the most recent COVID-19 pandemic, using data from January 1995 to May 2021. The network analysis revealed that emerging European markets are top risk transmitters, whereas emerging Asian markets are top risk receivers. China showed disconnection from the network, reflecting its diversification potential for investors. Our findings offer several policy and regulatory implications. • We investigated the tail-event network dependence of 23 emerging markets;• Tail-Event NETwork (TENET) technique has been employed;• We show that European emerging markets are top risk transmitters, while Asian economies are top risk receivers;• Chinese market is decoupled from the rest of markets analysed. [ FROM AUTHOR] Copyright of Emerging Markets Review is the property of Elsevier B.V. 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.)

Demystifying the Impact of COVID-19 on Structural Volatility of Indian Sectoral Market: A Quantile Regression Analysis

The present study explores the impact of COVID-19 on the volatility structure of the sectoral market in India. ARMA(p,q)- GJR-GARCH(1, 1)-std model is used to determine the daily conditional volatility for 13 selected sectors over the period starting from January 2020 to December 2021. The quantile regression model is employed to examine the changes in the structure of volatility in each sector over the pandemic duration. The results of the study show that the volatility of Metal, Oil–Gas and PSU are more sensitive to market volatility, whereas the volume of new COVID-19 cases exceeds the threshold limit, and no extreme spillover is observed from the market volatility. In addition to this, Bankex, Metal, Oil–Gas, Private Banks and Power sector volatility are more responsive to news sentiments during the period of increase in new COVID-19 cases. Furthermore, the results also reveal that news sentiments help to control the significant fluctuation in the sectoral market. © 2023 MDI.

Differences Between Emerging Adults' and Adults' Internet Use Before and During the COV-ID-19 Emergency: The Role of Well-Being and Mood Regulation

The COVID-19 pandemic highlighted the significance of Internet use in many contexts of human life (e.g., work/study, family, and leisure), daily activities, and developmental tasks (e.g., transition to university/work) associated with specific life stages (e.g., emerging adults, 18-29 years, and adults, over 30 years old). Based on the lifespan model of developmental challenges and focusing on emerging adulthood and adulthood, the current study analyzed functional and dysfunctional Internet use in two different Italian populations: before and during the COVID-19 emergency. The sample consisted of 375 individuals who completed an online survey before COVID-19 and 286 who completed same survey during the COVID-19 emergency. All questionnaires were related to well-being, life/work satisfaction, problematic Internet use, cyberloafing, and interaction overload. Both samples were further differentiated into three life stages, associated with specific transitions and developmental tasks: early emerging adults (18-24), older emerging adults (25-29), and adults (over 30). Results show how the transitions (and related developmental tasks) of each life stage affect, in relevant ways, the functional or dysfunctional Internet use as well as well-being and life satisfaction related to Internet use. © 2022 University of Finance and Management in Warsaw. All rights reserved.

Smart microfluidics: Synergy of machine learning and microfluidics in the development of medical diagnostics for chronic and emerging infectious diseases

The COVID-19 pandemic, emerging/re-emerging infections as well as other non-communicable chronic diseases, highlight the necessity of smart microfluidic point-of-care diagnostic (POC) devices and systems in developing nations as risk factors for infections, severe disease manifestations and poor clinical outcomes are highly represented in these countries. These POC devices are also becoming vital as analytical procedures executable outside of conventional laboratory settings are seen as the future of healthcare delivery. Microfluidics have grown into a revolutionary system to miniaturize chemical and biological experimentation, including disease detection and diagnosis utilizing muPads/paper-based microfluidic devices, polymer-based microfluidic devices and 3-dimensional printed microfluidic devices. Through the development of droplet digital PCR, single-cell RNA sequencing, and next-generation sequencing, microfluidics in their analogous forms have been the leading contributor to the technical advancements in medicine. Microfluidics and machine-learning-based algorithms complement each other with the possibility of scientific exploration, induced by the framework's robustness, as preliminary studies have documented significant achievements in biomedicine, such as sorting, microencapsulation, and automated detection. Despite these milestones and potential applications, the complexity of microfluidic system design, fabrication, and operation has prevented widespread adoption. As previous studies focused on microfluidic devices that can handle molecular diagnostic procedures, researchers must integrate these components with other microsystem processes like data acquisition, data processing, power supply, fluid control, and sample pretreatment to overcome the barriers to smart microfluidic commercialization.Copyright © 2023 by Begell House, Inc.

A New Approach to Extracting Tourism Focus Points from Chinese Inbound Tourist Reviews after COVID-19

The number of inbound tourists in Japan has been increasing steadily in recent years. However, due to the COVID-19 pandemic, the number of inbound tourists decreased in 2020. This is particularly worrisome for Japan, as the number of inbound tourists is expected to reach 60 million per year by 2030. In order to help Japan's tourism industry to recover from the pandemic, we propose a method of identifying elements that attract the attention of inbound tourists (focus points) by analyzing reviews on tourist sites. We focus on Hokkaido, a popular area in Japan for tourists from China. Our proposed method extracts high-frequency n-gram patterns from reviews written by Chinese inbound tourists, showing which aspects are mentioned most often. We then use seven types of motivational factors for tourists and principal component analysis to quantify the focus points of each tourist destination. Finally, we estimate the focus points by clustering the n-gram patterns extracted from the tourists' reviews. The results show that our method successfully identifies the features and focus points of each tourist spot.

China's Perceptions of Russia during the Ukraine Conflict

The ongoing Russian military operation in Ukraine since February 2022 has presented significant challenges to China's foreign and security policies, as well as its economic and technological ties with the West. Initially, China refrained from criticizing Russia's military actions and adopted a "neutral" or "independent" stance in response to Western criticism. However, China was taken aback by the protracted nature of the conflict and Russia's inability to successfully conclude its military operation. This raised concerns within China, considering its own situation of potentially reunifying with Taiwan through military means if necessary. While there are distinctions between the situations in Ukraine and Taiwan, the initial speculation of China conducting military operations against Taiwan has gradually diminished, although military pressure on Taiwan remains. The conflict in Ukraine has also caused internal divisions within China and has had an impact on its relations with the West, which are crucial for China's rise on the global stage. This article aims to examine China's interests and positions regarding the ongoing Ukrainian conflict, the implications for its relations with Russia, and the opportunities and challenges that China faces in the current situation. The article employs an inductive approach, analyzing China's predicaments at four levels: perceptions within the decision-making bodies of the Communist Party, the foreign ministry, think-tanks, and the media community. It argues that in conjunction with China's economic contraction resulting from the COVID-19 pandemic, the Russian military operation has prompted China to seriously contemplate how to safeguard its national interests, particularly with regard to Taiwan and its strategic objectives of attaining a prominent global position. These considerations carry medium to long-term implications for the evolving regional and global orders. In conclusion, the article briefly discusses the implications of these developments on India, shedding light on the broader regional dynamics influenced by China's response to the Ukrainian conflict. © 2023, MGIMO Universty Press. All rights reserved.

Zoonotic diseases in animal agriculture and beyond: a one health perspective

This publication focuses on a group of vignettes to help understand zoonotic diseases, the anthropogenic factors accelerating their emergence, and the consequences of these events. While human activities and behavior are mostly responsible for creating this new era, the world struggles to prepare, change behavior, and rethink strategies to effectively address the inevitability of more frequent occurrences and severity of disease outbreaks and pandemics. Although we know and have experienced the cost of failure, past disease outbreaks seem to be quickly lost from our collective memories and new innovative interventions have not been imagined or adopted. This publication highlights examples that challenge our traditional actions and thinking and emphasize the need to adopt new approaches to prevent or ameliorate zoonotic diseases. The consensus of the experts contributing to this publication is that One Health should be embraced to achieve these results. The growing costs and societal disruptions of outbreaks and pandemics demand that zoonoses be part of our national security planning and deserve commensurate investments in preparedness, prevention, research, and resilience. This publication also highlights the necessity to fundamentally rethink and reestablish new relationships among institutions, organizations, and countries and especially between humanity and our natural systems worldwide.

Occupational disruption amid COVID-19 movement restrictions: A qualitative case study exploration

Background: The COVID-19 pandemic and subsequent public health safety measures disrupted daily lives as all but essential services were limited and many individuals found themselves confined to their home. Objective: In order to understand the impact of early pandemic safety measures on occupation during a specific developmental phase, this study explored the perceptions of emerging adult occupational therapy students in one Midwestern US city. Methods: The researchers used a qualitative case study design to analyze selected course assignments in exploring student (N = 13;n = 1 male) perceptions during early COVID-19 movement restrictions. Findings: Primary themes noted 1) the importance of context or occupational spaces on adaptation, (2) how changes in routines influence being, and (3) the impact of social occupations to belonging and mental health. Conclusion: The occupational disruption caused by COVID-19 safety measures impacted participants' ‘being in place' and adaptation was facilitated by the way habits and routines were performed in confined spaces. Future research should look at the long-term impact of the disruption on emerging adult occupation and resilience, since this phase of life is a key to adult becoming. © 2023 The Journal of Occupational Science Incorporated.

Perception of Green Product Consumption in the Context of the COVID-19 Pandemic in an Emerging Economy

The COVID-19 pandemic has resulted in changes in consumer behavior and has created new opportunities and challenges for the provisioning of green products in emerging economies. The objective of this study was to identify how perceptions on COVID-19 affected the variables of planned behavior and responsible purchase intention during the pandemic in Colombia. A total of 320 consumers participated in an online survey, and the responses were analyzed using a structural equation model (SEM) and AMOS 24 statistical software. The results were positive regarding the development of better environmental awareness, indicating that COVID-19 (COV) influenced the attitude (ATT) of individuals and contributed to subjective norms (SNs) and perceived behavioral control (PBC), and that SNs and ATT influence eco-friendly purchase intention (EFPI). However, PBC does not contribute to EFPI. Colombian consumers have become aware of the importance to society of buying eco-friendly products, and planned behavior is an opportunity for organizations to formulate new portfolios relevant to the needs of the market. This is an important opportunity to sensitize consumers to the purchase of environmentally friendly products and for the identification of commercial strategies by companies that bet on the formulation and commercialization of eco-friendly portfolios that generate value for society.

Shortening the learning curve for learners and educators: Solutions in the times of COVID-19

New advancements emerge in times of crisis. Throughout history, there have always been new developments in our political, social, and economic structures and technologies after wars, revolutions, and major natural disasters. Now, in times of the global COVID-19 pandemic in 2020-2021, it is critical for both educators and learners to adapt to different and new ways of learning, to stay ahead of the latest technologies and applications, and to empower our learners in transitioning to the new age of artificial intelligence. The case study that follows describes how our university in Canada transitioned from on-campus classes to remote synchronous delivery with an online asynchronous component during the COVID-19 period of campus closures. Comparison of this transition is made to other postsecondary contexts to highlight how such critical transitions may be eased in the future. The closure of universities in Canada and the move to online delivery happened abruptly as COVID-19 worsened and forced us to teach from our offices at home in mid-March 2020. I explain the teaching solutions that I found useful in transitioning my students to remote synchronous and online delivery. In addition to describing changes in our teaching and learning, I compare our experiences during this transition to other contexts and postsecondary classes to illustrate how and why preparation and adaptations are important. © Springer Nature Switzerland AG 2021. All rights reserved.

Antecedents of freight transportation for sustainable supply chain in the post-COVID era: an emerging market study

PurposeIn past years, the global supply chain has witnessed devastating effects of coronavirus (COVID-19) disease. However, the COVID-19 pandemic has renewed the interest of the Sustainable Supply Chain (SSC) stakeholders on sustainability. The stakeholders are now rethinking their business processes and strategy to make them sustainable. In this context, the relevant literature is required to support emerging markets to formulate sustainability-focussed strategies. The purpose of this study is to provide a comprehensive analysis of potential antecedents that leads towards sustainable development of freight transportation in emerging markets.Design/methodology/approachInitially, the antecedents of the Sustainable Freight Transport (SFT) system are derived from the literature survey followed by verification from the experts. Then, the potential antecedents are categorized under four (social, organizational, operational and environmental) broad categories. Afterwards, a Neutrosophic Analytic Network Process (N-ANP) method is employed to obtain the priority weights of the identified potential antecedents.FindingsThe paper identified and ranked 17 antecedents of the SFT system. According to the study's findings, the top three antecedents of SFT are "the presence of a multimodal transportation system,” "circularity in SFT” and "traffic congestion management”. The results from the study advocate the promotion of existing multi-modal transport facilities which is promising to achieve sustainability. The results suggested the adoption of the digital twin to manage the transport operations.Originality/valueThis study sheds light on how to achieve sustainability in the freight transportation system post-COVID era highlighting the potential antecedents. The study's findings will assist practitioners in developing SFT strategies in the face of such pandemics in future.

The impact of the COVID-19 pandemic on firm performance: Evidence from Thailand

The worldwide economy has been greatly impacted by COVID-19 pandemic, and it has had a huge impact on the capital markets. This paper aims to investigate the impact of COVID-19 on the performance of companies listed on the Stock Exchange of Thailand (SET) using quarterly financial data of listed companies from 2016 to 2021 to predict corporate performance. The results show that the COVID-19 outbreak negatively impacted Thai firm performance, especially in the service, resource, real estate, and manufacturing industries, due to the implementation of a wide range of policies to control the spread of the virus. The findings support earlier research that the pandemic has had a serious negative impact on firm performance. However, uncertainty will remain until COVID-19 ends;policy implementations should facilitate these suffering industries in the short and long runs. This study addresses the research gap regarding the impact of COVID-19 on emerging economic activity from a firm-level perspective. © 2023 Conscientia Beam. All Rights Reserved.

Women's Participation in Firms' Management and Their Impact on Financial Performance: Pre-COVID-19 and COVID-19 Period Evidence

At a time when gender equality is a key priority of all international organizations, this paper can be considered a remarkable contribution to the role of women executives in firms' performance. More specifically, this study focuses on the effect of women holding positions of responsibility on firms' performance worldwide. For the purposes of our research, we applied cross-sectional and panel data analysis for all sectors at an international level from 2019, the year preceding the breakout of the pandemic crisis, to 2021, while the indicators used to measure the participation of women in executive positions are classified as ESG indices. The empirical analysis findings end up showing that the participation of women in executive positions positively affects firms' performance over time, while there is no material change observed before and during the COVID-19 pandemic period. More specifically, when the percent of women processing job positions of responsibility increases by 10%, then the index of profitability will increase from 1.4% to 1.8%, regardless of the measurement of female participation in executive positions used. The results of this study constitute a remarkable contribution to the promotion of the creative economy, the progress of societies, and sustainable development. The research's outcome can be primarily used by policymakers drawing up policies for achieving gender equality in the labor market and workplaces and by shareholders and firms' managers in order to trust females in executive positions in favor of their firms' financial performance. The current study is unique in that it focuses on the period before and during the COVID-19 period, as a period of high volatility in economic activity worldwide, while the sample includes firms from large and mid-cap companies belonging to developed and emerging markets. The above approach will contribute to providing more credible information related to the role of women executives in firms' performance.