bluuebunny/crossref_metadata_2025_split huggingface dataset:
Intraday volatility forecasting from implied volatility
Authors: Joon Byun Suk , Woo Rhee Dong , Kim Sol 
Published: February 2011

PurposeThe purpose of this paper is to examine whether the superiority of the implied volatility from a stochastic volatility model over the implied volatility from the Black and Scholes model on the forecasting performance of future realized volatility still holds when intraday data are analyzed.Design/methodology/approachTwo implied volatilities and a realized volatility on KOSPI200 index options are estimated every hour. The grander causality tests between an implied volatility and a realized volatility is carried out for checking the forecasting performance. A dummy variable is added to the grander causality test to examine the change of the forecasting performance when a specific environment is chosen. A trading simulation is conducted to check the economic value of the forecasting performance.FindingsContrary to the previous studies, the implied volatility from a stochastic volatility model is not superior to that from the Black and Scholes model for the intraday volatility forecasting even if both implied volatilities are informative on one hour ahead future volatility. The forecasting performances of both implied volatilities are improved under high volatile market or low return market.Practical implicationsThe trading strategy using the forecasting power of an implied volatility earns positively, in particular, more positively under high volatile market or low return market. However, it looks risky to follow the trading strategy because the performance is too volatile. Between two implied volatilities, it is hardly to say that one implied volatility beats another in terms of the economic value.Originality/valueThis is the first study which shows the forecasting performances of implied volatilities on the intraday future volatility.
Chronic limitations of neo‐liberal capitalism and oligopolistic markets
Authors: Reeves Knyght Philip , Kakabadse Nada K. , Kouzmin Alexander , Kakabadse Andrew 
Published: February 2011

PurposeThe purpose of this paper is to highlight the serious limitations of neo‐liberal capitalism and urge for a shift to socialized capital before further economic deterioration leads to a succession of global conflicts.Design/methodology/approachThis conceptual paper adopts a macro perspective in presenting argument on how global, financial markets integration and capital flow liberalization have led to inadequate market and corporate governance measures. The argument is couched in a selected literature and is preceded by a proposed solution – the requirement for socialized capital. An analysis of the nature of socialized capital is outlined and the questions that require attention identified if a paradigm shift from neo‐liberal capitalism is to take place.FindingsThe need to urgently shift to a new philosophy of capitalism is overwhelming. Emphasized is that capital needs to adopt a socialised identity and is supported by investment horizons of 30 years or more. It is argued that non‐market (e.g. state, NGOs, civil society) intervention is critical in setting appropriate frameworks within which socialized capital can operate.Research limitations/implicationsThis is a theoretical paper, in which questions are raised which require transparent, public debate.Originality/valueThe paper presents the case for a fundamental reconsideration of present day markets, the role of capital and the influence of elites in determining the public good.
Economic nationalism and FDI
Authors: Jakobsen Jo , Jakobsen Tor G. 
Published: February 2011

PurposeThe purpose of this paper is to focus on the relationship between economic nationalism and foreign direct investment (FDI) in emerging markets, seeking to establish whether public opinion and prevailing preferences regarding FDI affect the location decisions of multinational companies.Design/methodology/approachDrawing on public opinion data from 42 non‐Organization of Economic Cooperation and Development countries 1990‐2005, the paper performs a time series cross‐section analysis of the relationship between economic nationalism and FDI. The first main variable measures the extent to which the public holds a positive view of major (domestic) companies. It is hypothesized that in societies where nationalist sentiments dominate, the public prefers indigenous to foreign firms. This induces host authorities to institute more stringent foreign investment rules, which deters FDI. Second, the paper also examines how the public's distribution along the left‐right axis affects FDI patterns. A left‐leaning society should prefer FDI given that foreign capital ultimately benefits labor. Contrarily, a right‐leaning public ought to prefer economic nationalist policies that protect domestic businesses against competition from FDI.FindingsResults support the paper's claims. Controlled for common FDI determinants, both main variables of interest are significantly and consistently related to FDI in the expected directions. Economic nationalism and “rightist” economic preferences in society deter multinationals.Originality/valueThe relationship between economic nationalism, public opinion, and FDI is still an under‐explored theme, which is especially troubling given the possible developmental effects of capital imports. The paper moves beyond available anecdotal examples and brings forth systematic empirical evidence to show that the preferences of society really do affect the locational patterns of FDI.
Are competition and corporate social responsibility compatible?
Authors: Quairel‐Lanoizelée Françoise 
Published: February 2011

PurposeWhile fierce global competition has negative environmental and social impacts and may lead large companies to act irresponsibly, corporate social responsibility (CSR) academic literature, especially stakeholder theory, pays little attention to competition and market pressure. It only highlights the competitive advantage a CSR strategy represents for companies. The purpose of this paper is to explore the connection between CSR and competition in order to contribute to the CSR concept through analysis of the conditions for its implementation.Design/methodology/approachThe paper draws upon the academic literature in economics and strategic management, on mainstream CSR papers and on the official disclosure and communication from companies listed on the “CAC 40” of the French stock market. The paper uses the definition of corporate responsibility which integrates companies' environmental and social concerns into all their activities.FindingsThe following three major findings arise. First, on a theoretical level and in terms of corporate disclosure on CSR, a large gap is noticed in how the economic view and the CSR view of competition are represented. Second, it is observed that the limits of the competitive advantage obtained by CSR strategy while the “demand for virtue” is weak even if the stakeholders' “expectations” for responsible practices are strong. In fact, a typology of CSR strategies is proposed related to competitive situations. Third, the paradox of the CSR competitive advantage is underlined: specifically, it is gained only if not imitable, i.e. if companies prevent the mimetic practices which could spread best practices for sustainable development.Originality/valueThe paper highlights the limits of the CSR concept within the liberal paradigm, arguing that the mainstream theoretical CSR framework based on the hypothesis of the convergence between firms' objectives and the common interest is not relevant. The framework of the neo‐institutional theory is more appropriate to analyse the mimetic behaviour in competitive markets and corporate commitments in sector‐based codes of conduct that define new norms of social quality.
The impact of gender, family, and work on the career advancement of Lebanese women managers
Authors: Tlaiss Hayfaa , Kauser Saleema 
Published: February 2011

PurposeThe purpose of this paper is to address the research gap on Lebanese women managers and to demonstrate how gender, work, and family factors influence the career advancement of women managers.Design/methodology/approachThe research is qualitative in nature. A total of 32 in‐depth face‐to face interviews were conducted with 32 women managers.FindingsInterview data reveal that Lebanese women managers do not perceive gender‐centered factors as obstacles to career advancement. The women in the study used different terms to describe the impact of gender, work, and family factors on their career progression to those found in existing literature. Their responsibilities towards their families were not perceived as barriers hindering their career progress. In addition, their personality traits, aspirations for management, levels of educational attainment and work experience, and family‐related factors were also not perceived as inhibiting their careers.Practical implicationsThe paper provides new practical insights into the relationships and the interconnections between Arab society, women, and their managerial careers. A strong theme is the significant role ofWasta, the reliance and dependence on social connections versus personal education and achievements to achieve career progress, in enhancing career progression and how gender is less of a criterion in the presence ofWasta.Originality/valueThis paper contributes to the limited knowledge about women and management in Lebanon, as well as the Middle Eastern region in general.
The impact of gender‐differentiated golf course features on women's networking
Authors: Arthur Michelle M. , Del Campo Robert G. , van Buren Harry J. 
Published: February 2011

PurposeThe purpose of this paper is to consider whether golf functions as a networking barrier for women in professions that require networking for career success.Design/methodology/approachData from 496 golf courses, in addition to demographic data and data about salaries in sales, managerial, and marketing and sales professions in the USA, were used to assess if differences in tee box placement between men's and women's tees would predict participation and salaries in networking‐oriented professions.FindingsThe analyses indicate that differences in tee box placement between men's and women's tees did predict differences in participation and salaries in networking‐oriented professions. It was found that the greater the distance between men's and women's tees, the lower the salaries and participation rate for women. This effect was greatest for the marketing and sales profession.Research limitations/implicationsGolf is one networking barrier among many, and so other networking barriers that have deleterious effects on women's advancement and success should be explored. Further research might include observational studies of mixed‐gender golf groups, and might also explore whether women choose not to pursue networking occupations or women are not selected for jobs that require networking on the golf course.Social implicationsCompanies should be aware of how venues selected for networking might have disparate impacts for men and women, and select venues that are as gender‐neutral as possible.Originality/valueThis paper is, to the authors' knowledge, the first empirical investigation of gender relations in non‐traditional work settings with female participation and earnings in occupations that require networking for career success.
Married professional women's career exit: integrating identity and social networks
Authors: Hamilton Volpe Elizabeth , Marcinkus Murphy Wendy 
Published: February 2011

PurposeThe purpose of this paper is to address the idea of “opting out” for married professional women by presenting a conceptual investigation into the impact that a woman's identity and social networks have in shaping her decisions surrounding career exit. A model is developed and intended to help researchers in this area move beyond existing frameworks when attempting to explain and predict women's career exit.Design/methodology/approachResearch from the identity, social networks, turnover, and careers literatures was analyzed and integrated to put forth a new theoretical lens, represented by the conceptual model developed in this paper, that helps to explain married professional women's career exit.FindingsDevelopment of the model reveals a complex, reciprocal relationship between a woman's identity and her social network and depicts how these factors act in concert to shape women's decisions regarding career exit or “opting out.” This model also highlights the importance of structural constraints shaping a woman's social network, moderators impacting the relationship between a woman's identity and career exit behaviors, and outcomes of career exit.Originality/valueAlthough identity is a fundamental element of career development and relationships with others serve as an origin of self and source of self‐understanding, the integration of these perspectives has been conspicuously absent from research on women's career exit. Examining the convergence of identity and social networks and the reciprocal relationship these constructs have on career phenomena advances our knowledge of why married professional women choose to “opt out” or exit their careers.
The judicial system of Bangladesh: an overview from historical viewpoint
Authors: Panday Pranab Kumar , Hossain Mollah Awal 
Published: February 2011

PurposeThe main aim of this paper is to analyze judicial system of Bangladesh, which comprises all courts and tribunals that performs the delicate task of ensuring rule of law in the society. The paper depicts the history and evolution of the judicial system in Bangladesh from ancient period to present day.Design/methodology/approachThe study is qualitative in nature and based on secondary sources of materials like books, journal articles, government orders, rules, acts, newspaper reports, etc. Relevant literature has also been collected through internet browsing.FindingsThe major findings of this paper are: there is a well‐organized court system in Bangladesh which is in fact the replica of the system introduced by British rulers and it is widely accepted in the original Constitution of Bangladesh. The ancient judicial system was not based on rule of law rather on caprice and caste consideration. The executive branch of government always attempts to control the judiciary through different mechanisms, which include the appointment, tenure and discipline of judges from ancient period. Therefore, the independence of judiciary is vulnerable from ancient time to present day and even after separation of the judiciary from the executive (November 2007) the interference of the executive over the judiciary is still continuing.Practical implicationsThis paper opens a new window for the policy makers and concerned authorities to take necessary steps for overcoming the existing limitations of judiciary.Originality/valueThe paper will be of interest to legal practitioners, policy makers, members of civil society, and those in the field of judicial system in Bangladesh and some other British colonial common law countries.
Value creation logics and resource management: a review
Authors: Othman Rozhan , Sheehan Norman T. 
Published: February 2011

PurposeThe purpose of this paper is to locate different value creation logic contingencies within the resource management framework. While Sirmon et al. discuss how external environmental contingencies, such as environmental munificence, impact resource management, this paper aims to discuss a second key contingency; that is how the firm's choice of value creation logics impacts its resource management choices. This paper seeks to argue that management of the firm's resources and capabilities is contingent on the value creation logic employed by the firm.Design/methodology/approachThis paper reviews three value creation logics: value shop, value network, and value chain and then integrates them within the resource management framework.FindingsA review of extant literature indicates that value shop firms, value network firms, and value chain firms enact very different environments and thus require very different resources and capabilities to support their value creation approaches. It is argued that Sirmon et al.'s resource management framework should reflect these differences.Research limitations/implicationsThis paper points to new directions for research in value creation logic theory and provides a basis for future empirical work.Practical implicationsThis paper argues that a mismatch between a firm's value creation logic and its resource management practices will have an adverse impact on the firm's performance.Originality/valueThis study is one of the first to integrate Stabell and Fjeldstad's value creation logic theory with Sirmon et al.'s resource management framework.
Three Fs for the mission statement: what's next?
Authors: Salem Khalifa Azaddin 
Published: February 2011

PurposeThis paper aims to expose the underlying reasons behind the failure of the mission statement to have a significant impact on performance and to recommend ways forward.Design/methodology/approachA comprehensive literature review is conducted and common themes and trends are revealed. These are then discussed under four major domains of the mission statement: definitions, functions, focus, and form. The impact of the mission statement on performance is then discussed. Examples of mission statements of some prominent organizations are provided to substantiate arguments. The paper ends with conclusions and recommendations.FindingsThe paper reveals the contradictions and confusion that beset research in this area. It demonstrates how concepts such as mission, vision, values, identity are mixed up with one another, leading to a slow progress in research and underutilization of the power of mission in practice.Research limitations/implicationsThe paper recommends theoretical focus and practical flexibility. Theoretically, it suggests conceptual distinction between mission, vision, values, and other related concepts. Once this is done, it suggests the use of a “guiding statement” to flexibly describe any statement that integrates more than one of the above mentioned concepts in practice. The paper offers no empirical evidence of the usefulness of its recommendations.Practical implicationsThe paper reveals the sources of ineffectiveness of the mission statement. The recommendations may help to minimize the confusion surrounding the functions, focus, and form of the mission statement. This may also help to advance the research in this area and inform the practice in the field.Originality/valueThe paper critically reads the literature to uncover the contradictions and confusion besetting research in this area and makes original recommendations.
Tolerance of ambiguity and emotional attitudes in a changing business environment
Authors: Nicolaidis Christos , Katsaros Kleanthis 
Published: February 2011

PurposeThe aim of the research is to investigate the influence of emotional attitudes towards change on managers' tolerance of ambiguity.Design/methodology/approachA total of 70 CEOs of Greek IT firms completed questionnaires examining tolerance of ambiguity, emotional attitudes towards change ambiguity and job satisfaction. Principal components analysis and ordinary regression analyses were used to explore the hypotheses.FindingsThe paper finds that three factors characterize managers' emotional attitudes towards change, namely dominance, arousal, and pleasure. Furthermore, it indicates that job satisfaction can be taken as a critical intervention variable that “energizes” managers' arousal (i.e. stimulation, excitement and frenzy) which, in turn, influences their tolerance of ambiguity.Research limitations/implicationsDeeper and broader level of research is necessary in Greek IT industry regarding the influence of emotional attitudes on tolerance of ambiguity. Likewise, this research should be expanded to other industries.Practical implicationsThe findings provide further support on the significance of emotional attitudes during change and the paper suggests policies to enhance managers' tolerance of ambiguity.Originality/valueThe originality of this study lies in the finding that job satisfaction energizes the arousal factor, which, in turn, influences significantly managers' tolerance of ambiguity. Another important contributing factor is that the study is carried out in Greece, where few studies have been conducted in this area.
A structured SWOT approach to develop strategies for the government of Macau, SAR
Authors: Koo Hannah , Chau Ka‐Yin , Koo Leung‐Chi , Liu Songbai , Tsui Shu‐Chuen 
Published: February 2011

PurposeThis paper attempts to deploy a systematic and structural approach to examine Macau's strengths and weaknesses and to scan its external opportunities and threats. A fresh way to quantify the extent of perceived opportunities and threats is introduced here. This is adopted and modified from the quality management tool box, i.e. the failure mode and effects analysis (FMEA) and success mode and effects analysis (SMEA).Design/methodology/approachThe internal factors, i.e. its strengths and weaknesses are systematically and structurally gauged using a Likert scale of 0 to 10 (i.e. 0 representing least important or least well performed … to 10 representing most important and best performed).FindingsFollowing the matching of internal factors with the external factors in the strengths, weaknesses, opportunities, and threats (SWOT) analysis, a list of meaningful responses is identified as possible strategies for the Macau SAR Government. The SWOT analysis is simple to use yet powerful and flexible in responding to changes in the external environment and should be useful to organizations both in the commercial sector and government machinery.Originality/valueThis innovative and structured strategic formulation approach is useful to both business practitioners and management consultants.
Rescuing a telecom giant from the jaws of bankruptcy
Authors: O'Regan Nicholas , Ghobadian Abby 
Published: February 2011

PurposeThe purpose of this paper is to demonstrate key strategic decisions involved in turning around a large multinational operating in a dynamic market.Design/methodology/approachThe paper is based on analysis of archival documents and a semi‐structured interview with the chairman of the company credited with its rescue.FindingsTurnaround is complex and involves both planned and emergent strategies. The progress is non‐linear requiring adjustment and change in direction of travel. Top management credibility and vision is critical to success. Rescue is only possible if the company has a strong cash generative business among its businesses. The speed of decision making, decisiveness and the ability to implement strategy are among the key ingredients of success.Originality/valueTurnaround is an under‐researched area in strategy. This paper contributes to a better understanding in this important area and bridges the gap between theory and practice. It provides a practical view and demonstrates how a leading executive with significant expertise and successful turnaround track record deals with inherent dilemmas of turnaround.