ABSTRACT
PurposeThis study models the effects of the COVID-19 pandemic on the performance of the private health-care sector in the Middle East and North Africa (MENA) countries. This paper aims to address the economic, societal and sustainability of the health-care sector.Design/methodology/approachData were collected from Bloomberg and the sample consists of 534 firm-year observations from 55 firms listed over 2010–2020. The authors apply panel data and control for the country and governance effects.FindingsThe authors found heterogeneous results regarding the three sub-sectors. The pandemic has a negative effect on the accounting and market performances of the "Pharmaceutical companies” and an insignificant impact on "Healthcare Management and Facilities Services.” Moreover, the impact of COVID-19 on health-care firms' performance depends on the country's economic classification and the degree of regulatory and governance frameworks.Research limitations/implicationsFurther studies may consider a larger sample and other regions. It is recommended to address the health-care sector's challenges to invest in new technologies such as "digital twin” and predictive and personalized medicine. It is worth testing model development theory and its effects on speeding up and designing models to ensure the proper functioning and developing mathematics to determine uncertainties in patient data and model predictions.Originality/valueTo the best of the authors' knowledge, this paper is novel as it is unique in modeling the impact of COVID-19 on the health-care public companies in the MENA region. The findings pinpoint firms' and countries' heterogeneous impacts on financial and market performances.
ABSTRACT
The COVID-19 pandemic has had a profound impact on the world economy. The need for social distancing, lockdowns, or complete curfews has meant that this impact varied significantly across segments of society. Those unable to work remotely, or who work in settings necessitating close contact with others faced a trade-off between their lives and livelihoods. This trade-off was especially pronounced early on during the pandemic when vaccines had not yet been developed, hospitals were overwhelmed and governments were resorting to strict social distancing measures to mitigate the impact on their already strained healthcare systems. In this study, I examine the extent to which jobs can be successfully performed remotely in five MENA countries: Algeria, Egypt, Jordan, Palestine and Tunisia. I develop a teleworkability index using micro data on occupational characteristics. I find that relatively few jobs in MENA countries are compatible with teleworking and this share varies considerably by industry, gender, age and the formality of employment. I further investigate the ability to work from home in practice by considering the digital divide (a lack of reliable access to vital tools for teleworking, such as a personal computer and reliable internet access) as well as actual work from home behavior during the pandemic using real time surveys. I find that even for those who have high telework potential only few have access to computer and internet. Surveys conducted during the pandemic suggest that our measure of teleworkability was quite close to actual work from home behavior in each country.
ABSTRACT
PurposeIn the light of high reliance on digital technology to mitigate the consequences of the coronavirus disease 2019 (COVID-19) pandemic and its containment measures, this study investigates the factors influencing firms' decision to adopt digital technologies during COVID-19 in four Middle East and Northern African (MENA) countries, namely, Egypt, Jordan, Morocco and Tunisia.Design/methodology/approachThe study used the International Labour Organization (ILO)/Economic Research Forum (ERF) COVID-19 - MENA Monitor Enterprise Survey (CMMENT), comprising 5,480 firms, surveyed during 2020-2021. The empirical model is estimated using the linear probability model (LPM) to address the problem of unobserved heterogeneity between firms, countries, and time.FindingsThe results revealed that firm characteristics, such as firm size and foreign ownership, encourage digital transformation in the business sector. Moreover, firms that face challenges during the pandemic, comply with the containment measures, and receive government assistance are more likely to adopt digital solutions. Furthermore, the results indicated that firms operating in services sector have a higher likelihood to adopt digital technology. Disaggregating the total sample into several sub-samples, the results are robust across countries and technology types, supporting the initial hypothesis that COVID-19 encourages digital transformation in the MENA region.Originality/valueThe study has numerous contributions. First, to the best of the authors' knowledge, this is the sole study that uses micro data collected during the COVID-19 to examine the factors influencing firms' decision to adopt and invest in digital solutions in the MENA countries. Second, the paper employs the LPM estimator to address the issue of unobserved heterogeneity between firms, countries and time. Finally, the paper offers some practical recommendations for accelerating digital transformation in MENA region.
ABSTRACT
Businesses have been impacted particularly hard by the COVID-19 pandemic, resulting in a decline in productivity. Whether a remote work policy boosts the firm's productivity is still debatable. We use the COVID-19 World Bank Enterprise Survey, a cross-sectional dataset that covers Jordan and Morocco, to empirically examine this question. We use the propensity score matching technique to estimate the causal effect between remote work and firm performance. Results suggest the existence of a positive impact, suggesting that remote work policies cause an increase in productivity. In a further investigation, we perform our regression by country and firm size. Coefficients are found to remain positive in both countries but statistically significant only in Morocco. Regarding firm size, coefficients are found to be positive and statistically significant across all models. The paper offers some recommendations for policymakers in both countries to mitigate the ongoing crisis on firm performance.
ABSTRACT
As a response to the outbreak of the COVID-19 pandemic, governments around the globe have carried on strict lockdown measures affecting millions of jobs, public life, and the well-being of people. This study examines people's subjective well-being, such as the perception of the economic situation and mental well-being, who made adjustments to cope with the earning losses. We estimate the well-being cost, which is the money required to compensate people because of the reduction in earnings or employment loss and the coping strategy followed to bring their well-being to the levels of those who have not adopted any coping strategy. We examine two outcomes; the perception of the economic situation and a mental well-being index. We employ data from the ERF COVID-19 MENA Monitor Surveys for Egypt, Jordan, Morocco and Tunisia. The results show that coping strategies with earning losses impact well-being and are associated with high costs. In most cases, the coping strategies of borrowing from banks and selling assets present the highest well-being costs. Furthermore, the estimates highlight significant discrepancies across gender and types of workers, such as those employed in the informal sector and temporary contracts. Supplementary information: The online version contains supplementary material available at 10.1007/s12144-023-04710-1.
ABSTRACT
The study tries to provide visualization of the Fintech ecosystem in the MENA region. The global financial market is undergoing unprecedented change with the COVID-19 pandemic and the evolution of disruptive technology called Fintech. Fintech has completely changed the landscape of the financial sphere across the globe. One of the key outcomes of the MENA region is establishing a friendly, permissible, and governing atmosphere for Fintech startups and matured development proposals through progress-thinking programs. An essential part of this approach is establishing a facilitating environment adept of inviting and encouraging foreign firms contained by their corresponding countries. The study concludes that the information transfer likely to result from this will push the advancement of a lively, regional Fintech ecosystem. Most noticeably, counties like Bahrain and the UAE are initially on in their attempts to build into the Fintech hub in the area. Most of the countries in the MENA region are adopting and considering the outcome of Fintech and putting their efforts to establish a sustainable Fintech ecosystem. The study is expected to help the financial institutions, investors, and regulators in formulating the right strategy in embracing this disruption to get the maximum benefit out of it. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
ABSTRACT
Purpose: the purpose of study is estimate the Risk premium, Interest rate, Inflation and FDI in the through of Coronavirus in the MENA countries. Theoretical framework: The theoretical framework included the study of the main variables, which are risk premium, interest rate, inflation, and foreign direct investment during the Corona virus pandemic. Design/methodology/approach: Concentrating on "COVID-19”, as an effective factor on the Foreign direct investment (FDI), I employ data of "MENA (Middle East and Northern Africa)” countries from 2000 to 2021 to investigate the impact of COVID-19, financial and macroeconomic indicators on FDI relying on the analytic research approach of Static panel data regression, including Pooled OLS, Fixed effect (FE), and Random effect (RE) using STATA software as the statistical evaluation tool. Findings: The outcome, as expected, reveals the significant negative impact of "inflation”, real interest rate” and "COVID-19”, and positive impact of "exchange rate”, and "GDP per capita” on "FDI” in MENA economies. Research, Practical & Social implications: This suggests that supporting and handling pandemic situations and improving financial measures by government may lead to higher rate of foreign investment particularly FDI. Originality/value: The findings of this analysis will be valuable for the "policymakers” to prepare suitable strategies in promoting foreign investment in economies. © 2023 AOS-Estratagia and Inovacao. All Rights Reserved.
ABSTRACT
Introduction: With the steady rise in interest in e-learning and the sudden boost provoked by the COVID-19 pandemic, it becomes necessary to explore the e-learning experience within the medical community in the MENA region. Methods: An online survey was conducted during the early phase of the COVID-19 pandemic (June 15 - October 15, 2020). Results: Seventy-eight vascular surgeons and trainees from 16 countries participated. 88% of the participants were male. 55% attended more than 4 activities. More than half of the activities did not lead to any official certification. Topic was the primary determinant for attending an activity. National societies and social media played a major role in disseminating activity-related information. Lack of time, increased workload, differences in time zone, and technical issues were the main obstacles cited. 84.7% of the participants had a positive impression. Conclusion: As the COVID-19 pandemic boosted e-learning activities in vascular surgery, a shift was observed in the learning mode and new leadership skills were called upon. Novel ways of quality control are required.
ABSTRACT
PurposeThis study examined the level of knowledge, attitudes and practices (KAP) of Jordanian dairy employees about coronavirus disease 2019 (COVID-19) characteristics and the effect of precautionary measures on food safety risk during the pandemic.Design/methodology/approachA cross-sectional study was conducted between Dec 17, 2020 and Feb 22, 2021, involving a total of 428 participants across 34 random chosen dairy facilities in Jordan. KAP related to COVID-19 were measured by 46 items, while 13 items were used to examine perceived notions regarding COVID-19 precautionary measures on food safety.FindingsThe results indicated that 32.2% of the respondents had sufficient knowledge, 60.3% had a good attitude, and 27.1% followed correct practices concerning COVID-19. Moreover, female respondents had higher total KAP scores of COVID-19 characteristics than males. Furthermore, older and more experienced respondents had higher total KAP scores than younger respondents. This study also observed that the total KAP scores were not affected by education, marital status, and job position. Characteristics and measures taken by the dairy industry were at large significantly associated with (p < 0.05) knowledge and practice of employees about COVID-19 attributes. Results of this study suggested that Jordanian dairy workers were not adequately aware about COVID-19.Originality/valueNo such study on dairy workers has been conducted previously to the best of the authors' knowledge. Moreover, studies which analyse the association of industry response and characteristics on the KAP of employees are very limited.
ABSTRACT
In the advent of the coronavirus pandemic and the push to digital work, this op-ed argues that the emerging digital economy can be vital for enabling refugee women in the Middle East and North Africa (MENA) to overcome existing livelihood barriers. Since the outbreak of the Syrian crisis in 2011, over 6.5 million Syrian refugees have been registered by the United Nations High Commissioner for Refugees (UNHCR) globally. Neighbouring countries across the MENA region continue to carry the largest share of the burden. Across the region, refugees live on the margins, in camps, as well as urban and peri-urban communities, and other informal settlements. Existing gender disparities coupled with other social and logistical barriers, as well as restrictive legal and economic structures, exacerbate livelihood challenges for refugee women in MENA. Research demonstrates that the digital economy, particularly crowd and ‘on-demand' work, could provide opportunities that would enable women refugees to overcome these barriers to work. As it stands, however, the digital economy is still in its infancy, especially in host countries in MENA, and it is still fraught with challenges, including barriers to entry, employee protections and the lack of guarantees to decent work, especially for vulnerable and marginalised communities. We therefore argue that there is a need to direct efforts to maximise the benefits that the digital economy could offer, especially to refugee women – a need that has become even more pertinent since the coronavirus pandemic.
ABSTRACT
This paper examines the short and long impact of covid-19 and its spillover effects on MENA region stock markets by using the t-tests and Mann - Whitney non-parametric tests to examine the mean and median daily returns from June 25, 2019, to November 22, 2020.Using a sample of tenselected MENA countries and nine most affected word countries by the covid-19on November 22, 2020, we findthat all stock markets are negatively and significantly affected by the covid-19 outbreak in the short term but not in the long term and that this impact has bidirectional spillover effects between MENA countries and Asian, European, and American countries. However, there is no evidence that these countries' stock markets were affected by the covid-19 more negatively than it does the global average. Copyright © 2022. All Rights Reserved.
ABSTRACT
Energy has always been a key topic in the EU's relations with the southern neighborhood whose importance in this regard lays above all in its role regarding energy supplies, both for fossil fuels and potentially for renewables. Past efforts at building a fruitful energy relationship between the EU and the region have been rather disappointing though, with (geo) political events such as the European financial crisis or the Arab Spring, for example, having further revealed the limits or weaknesses of the partnership. Against this background, the COVID-19 disease outbreak undoubtedly serves as another test case and eventually shifting interests, may lead to a readjusting of the partnership's strategic focus: while the pandemic certainly represents a challenge as it may destabilize the region both politically and from an economic point of view and may thus question existing energy patterns, notably as regards to the oil and gas sectors, it is also an opportunity, because it may provide the prospect for the region to rethink its energy strategies and policies and accelerate their transition towards a clean energy system. This chapter deals with the exploration of the EU's energy relations with the southern neighborhood and illustrates the EU's energy approach towards the region. It considers both past and current developments and lays a special focus on the different energy sources oil, gas, renewables, and nuclear. © Springer Nature Switzerland AG 2022. All rights reserved.
ABSTRACT
The coronavirus disease 2019 (COVID-19) pandemic has generated major shocks that have crippled the economic development of many countries and regions. The COVID-19 pandemic has hampered not only economic development but also global countries from achieving their sustainable development goals through various channels. Given their first experience, many countries have no guidelines for measuring the true impact of the pandemic on their economic and social development, either at the global, regional, or country level. Amid the current slow research development in this area, this study investigates the medium- and long-run impact of the COVID-19 pandemic on the United Nation's achievement of sustainable development goals. The sample in the study comprises the Middle East and North African countries, including Algeria, Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, and Yemen. The social development goals are approximated by economic growth and human development index, which play as the dependent variables representing two models, respectively. From another aspect, independent variables are derived from three primary sectors: government, households, and healthcare providers. In estimating the model, the study implements the panel regression estimation method using multiple variance estimators. The study findings will help policymakers formulate deliberate policy plans to stabilize economic and social fluctuations in the region and to improve the performance of basic macroeconomic parameters.
Subject(s)
COVID-19 , Economic Development , Humans , Pandemics , COVID-19/epidemiology , Africa, Northern/epidemiology , Tunisia , LebanonABSTRACT
The Arab Spring (AS) marked an unprecedented event in the Middle East and North Africa (MENA) region, and it generated political and economic uncertainties and triggered violent conflicts and political rifts. This paper empirically examines the short-run and long-run effects of the AS on foreign direct investment (FDI) inflows to the MENA region and to individual MENA countries. The empirical analysis is implemented through the generalized method of moments (GMM) estimator for dynamic panel models, using different empirical specifications. The benchmark results show that the AS has led to important reductions in FDI inflows to the MENA region. A more detailed empirical analysis reveals significant variations in the AS effects on FDI inflows across MENA countries and it underscores distinct patterns over different time periods. These findings imply that governments in the MENA region are required to maintain political stability, and to adopt distinctive policies that lessen the adverse implications of the AS and that set favorable conditions for FDI inflows in the post-COVID-19 pandemic era.
ABSTRACT
Banks are financial intermediaries who transform deposits into loans. Banks in the MENA (Middle East and North Africa) region use large deposits from oil companies and big businesses to finance trade, and fund government and private sector infrastructure projects. The role of banks in financing trade and development is significant as undeveloped capital markets are unable to perform this function. During the COVID-19 crisis, banks sustained liquidity shocks, as deposits were withdrawn to meet personal and business needs. Essentially, banks could not make loans, as the funds to make loans were depleted. The purpose of this study is to evaluate the effectiveness of liquidity creation as a main force, in conjunction with other performance predictors such as efficient asset management, asset quality, and bank size, on bank financial performance, either individually or in conjunction with liquidity creation during the COVID-19 financial crisis. We used bank financial data from a sample of 298 banks from 11 countries in the MENA region, including Egypt, Tunisia, Morocco, Qatar, Bahrain, Oman, Kuwait, Saudi Arabia, United Arab Emirates, Jordan, and Israel, from 2020 to2021. Liquidity creation, efficient asset management, asset quality, and bank size increased bank return on assets and return on equity. Bank size and asset quality acted jointly with liquidity creation to increase return on assets and increase return on equity. We conclude that as liquidity creation acts individually, and in conjunction with asset quality and bank size to increase bank profits, both its main effect and its moderated effect, can maintain bank profitability, during periods of extreme liquidity supply shocks, such as the COVID-19 crisis. © 2023 by the authors.
ABSTRACT
PurposeThis study investigates the capital structure determinants of the Middle East tourism sector by examining intellectual capital (IC) efficiency and institutional governance along with firm-specific and macroeconomic variables. This research also identifies the determinants of capital structure for tourism companies in the Gulf Cooperation Council (GCC) and non-GCC countries.Design/methodology/approachData were collected from 45 listed tourism companies of nine Middle Eastern countries over five years from 2014 to 2018. The data were analysed using ordinary least squares (OLS) regression and checked for robustness using the generalised methods of moment (GMM) estimation.FindingsOverall, the results indicate that tourism companies rely more on short-term debt (STD) than long-term debt (LTD), thus decreasing liquidity and increasing financial risk. Furthermore, tourism companies in non-GCC countries have higher IC efficiency compared to those in GCC countries. The aggregate institutional index is much higher for GCC countries compared to non-GCC countries. The OLS estimations suggest IC efficiency and institutional governance index provide inconclusive evidence as a determinant of capital structure proxy. High capital employed efficiency (CEE) is associated with more leverage for tourism firms. Theoretically, the results support pecking order and trade-off theories due to the relationships between firm-specific indicators and debt.Originality/valueThis study closes the gap in the capital structure debate by providing valuable insights into IC efficiency and institutional governance. These two factors serve as capital structure determinants in the Middle East and the GCC and non-GCC regions.
ABSTRACT
This research carries out an analysis of the websites published by MENA countries' embassies with a presence in Spain, in order to understand whether they practice digital diplomacy. Such activity is a low-cost, wide-ranging public diplomacy tool. The analysis covers a two-year period (2020-2022) that coincides with the Covid-19 pandemic, a context that prompted the digitization of many sectors. The article contributes to the literature on Arab and Israeli digital diplomacy, as well as on digital diplomacy as practiced by embassies. Specifically, this exploratory analysis examines the webpages and published press notes of four countries' embassies, including Saudi Arabia, Israel, Morocco, and Qatar. These countries were chosen because they have the most robust websites in Spanish, together with the fact that they were the MENA countries whose governments pioneered the use of Twitter as an instrument of digital diplomacy. The article examines the topics and interpretations provided by the press notes published on these embassies' websites. A discourse analysis methodology with references to the original sources is applied. Topics and interpretations are classified into four types of public diplomacy: media diplomacy, cultural diplomacy, niche diplomacy and nation branding. The conclusion is that the MENA countries studied neglect digital diplomacy on their websites in Spain, missing out on the opportunities it represents. The apparently four most digitized embassies in this group have errors on their webpages and often only publish messages from their respective foreign ministries, focusing on regional and internal issues rather than on their bilateral relationship with Spain. This is especially true of Saudi Arabia and Qatar. [ FROM AUTHOR] Copyright of Communication & Society is the property of Servicio de Publicaciones de la Universidad de Navarra, S.A. 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.)
ABSTRACT
Purpose: This study examined the impact of;COVID-19 investor sentiment, COVID-19 cases, geopolitical risk (GPR), economic policy uncertainty (EPU), oil returns and Islamic banking on bank stock returns. In addition, it examined whether Islamic bank stock returns differed from conventional banks when interacting with selected variables. Design/methodology/approach: This study consisted of 137 conventional and Islamic stock market listed banks in 16 Middle East and North Africa (MENA) countries from February 2020 to July 2021. Monthly data were used for bank stock returns, number of COVID-19 cases, COVID-19 investor sentiment, oil price and EPU, while GPR data were obtained annually. This paper used unconditional quantile regression (UQR) in its analysis. Findings: COVID-19 investor sentiment and EPU negatively influenced bank stock returns. However, oil returns were only positive and significant in first quantile. Conversely, GPR negatively impacted bank returns up to the median quantile, while the impact was positive in upper quantiles. Islamic banks outperformed conventional banks in all quantiles. Additionally, GPR negatively influenced Islamic bank returns up to 75th quantile, while oil returns negatively impacted Islamic bank returns up to 95th quantile. Ultimately, COVID-19 investor sentiment and EPU positively influenced Islamic bank returns up to 95th quantile. Practical implications: Market conditions must be considered when implementing investment decisions and policies, as the effects of market shocks are mostly asymmetrical. For example, it is important for international investors to take into consideration asymmetric factors, such as market uncertainty in oil market. Especially in bearish Islamic markets, bad news concerning uncertainty can be perceived as riskier than good news. Social implications: A change in health sentiment, such as COVID-19 cases and COVID-19 investor sentiment, can be used to determine future direction of conventional and Islamic stock markets. Asymmetric effects associated with market news can make portfolio management more effective. COVID-19 investor sentiment states can be used to predict Islamic market index dynamics in MENA region. Originality/value: This paper offered insight into heterogeneity of market conditions and dependencies of Islamic banks' stock market returns on COVID-19 investor sentiment and uncertainty, among others that should be considered when implementing investment decisions and policies. © 2023, Emerald Publishing Limited.
ABSTRACT
The COVID-19 pandemic has caused profound financial turbulences in developing and developed stock markets alike. The aim of this paper is to investigate the recent changes in the level of financial integration across equity market indices in a selected sample of Middle East and North Africa (MENA) stock markets during the COVID-19 pandemic, as compared to the pre-COVID-19 period. For this aim, this paper utilises dataset from 2016 to 2018 as a proxy for the pre-Covide19 era, and from 2019 to the end of 2021 for 'during-COVID-19' period. This paper employs the Johansen-Juselius approach for cointegration, alongside with Granger Causality techniques, and Variance Decomposition (V.D). The main results of the cointegration test reveal that the financial integration of MENA stock markets has increased in the pandemic period as compared to before due to an increased number of cointegration vectors. Copyright © 2022 Inderscience Enterprises Ltd.
ABSTRACT
Due to the paucity of literature on COVID-19 and menstrual irregularities, this study aims to investigate the effect of COVID-19 infection on menstrual changes in premenopausal women within the Middle East and North Africa (MENA) region. A cross-sectional investigation utilizing a self-administered online questionnaire was conducted between July and August of 2021. A total of 499 females participated in our survey with a mean age of 35.2 ± 8.4 years. The majority of participants had regular periods (74.1%) and were disease free (81.6%). Mild, moderate, and severe symptoms were documented in 58.9%, 26.7%, and 3.0% of the studied cohort, respectively. Females experienced significantly more menstrual abnormalities after COVID-19 infection than during the pandemic prior to infection (p < 0.001). Those females were significantly older (p = 0.031), had more severe symptoms (p = 0.029), and were more likely to have experienced irregularities during the epidemic (p < 0.001). COVID-19 infection seems to induce menstrual abnormalities in premenopausal females. These abnormalities could manifest as increased frequency or severity and are associated with older women.