bluuebunny/crossref_metadata_2025_split huggingface dataset:
Financial crises, stock returns and volatility in an emerging stock market: the case of Jordan
Authors: AM Al‐Rjoub Samer , Azzam Hussam 
Published: May 2012

PurposeThe purpose of this paper is to empirically examine stock returns behavior during financial crises for an emerging market from 1992 to 2009. The authors identify episodes of significant price declines “crashes” and watch the stock price behavior during these episodes.Design/methodology/approachThis paper examines seven historical episodes of stock market crashes and their aftermath in the ASE over the last 18 years. The authors examine the behavior of stock returns and volatility in ASE during global, regional and local events. For this purpose the GARCH‐M model is used to capture changes in variance. The data covers the period from January 1, 1992 to July 2, 2009 with different data frequency of daily, weekly and monthly closing prices for ASE general weighted price index. The authors use the crisis specification adopted by Mishkin and White where they define stock market crash as 20 percent decline in the stock market, and the one adopted by Patel and Sarker where they use a 35 percent or more fall in emerging stock market from its historical maximum as a definition of stock market crash, and the authors extend by adopting a third scenario to account only for the 2008‐2009 crisis.FindingsThe results show that crises in general have negative impact on stock returns for all sectors, with the banking sector being the most affected. The effect of the 2008‐2009 crash is the most severe, with the largest drop in stock prices and high volatilities. The paper provides an evidence of high persistence in volatility and strong reverse relationship between stock return and its volatility before and after the crises.Research limitations/implicationsThe paper does not include rest‐of‐the‐world economies.Practical implicationsStock return behavior change around financial crises, it can help the investment world and the academics predict stock return behavior and the dynamics of the first two moments during crises.Originality/valueThe authors use three crisis specifications in one paper adopted by Mishkin and White (2002), Patel and Sarker (1998) and extend by adopting a third scenario to account only for the 2008‐2009 crisis. The paper tests for robustness of the results using daily, weekly, and monthly frequencies. Few studies have examined the behavior of stock returns and volatility during financial crises with the majority of work done on developed markets.
Do happiness and foreign aid affect bilateral migrant remittances?
Authors: Mak Arvin B. , Lew Byron 
Published: May 2012

PurposeStudies on the determinants of remittances focus primarily on a single country or undertake cross‐country analyses using aggregate data. By comparison, there is a dearth of empirical evidence on the determinants of remittances from multiple host to multiple destination countries. To address this deficiency, the purpose of this paper is to use a novel dataset which captures these bilateral flows.Design/methodology/approachThe paper concentrates on three sets of explanatory variables: those which characterize the pair relationship, those that pertain to migrants' host country, and those related to the migrants' home country.FindingsCultural and political factors play a fundamental role. Altruism is not key in migrant remittances; investment motives are more important. Bilateral aid inflows bear a direct relationship to remittances. The marginal effect of happiness (in migrants' host and home countries) on remittances is positive for a large percentage of countries in the sample.Practical implicationsResults nullify the oft‐asserted role of remittances in assisting with adverse economic conditions, such as inflation. They also identify a possible nexus between remittances and foreign aid – a link that heretofore has not been identified or discussed in the literature or recognized by policy‐makers.Originality/valueThe contribution of the paper is its use of bilateral data to present evidence on remittances capturing not only North‐South, but also South‐South flows. The paper also contributes to the literature by considering, for the first time, some additional variables as potential determinants of remittances, chief among them the level of happiness of migrants' host and home countries, as well as the level of aid disbursed to migrants' home country.
Untangling the non‐linear causal nexus between exchange rates and stock prices
Authors: Chen Shyh‐Wei , Chen Tzu‐Chun 
Published: May 2012

PurposeThe purpose of this paper is to examine the relationship between stock prices and exchange rates in 12 OECD countries.Design/methodology/approachThe authors examine the nexus of stock prices and exchange rates for 12 OECD countries by using the vector error correction model, the bounds testing methodology and linear and non‐linear Granger causality methods.FindingsThe empirical results substantiate that a long‐run level equilibrium relationship among the exchange rates and stock prices exists in only seven out of twelve countries. The results of the linear causality tests indicate that significant short‐run and long‐run causal relationships exist between the two financial markets. The results of the tests for non‐linear Granger causality suggest that unidirectional and bidirectional non‐linear causal relationships exist between stock prices and exchange rates among these OECD countries.Originality/valueThe findings from this paper suggest the causal relationships between stock prices and exchange rates are not only linear, but also non‐linear.
Has the Korean chaebol model succeeded?
Authors: Park Seung‐Rok , Yuhn Ky‐hyang 
Published: May 2012

PurposeThe purpose of this paper is to investigate how Korean conglomerates (chaebol) have rapidly ascended to international prominence. The success of Korean chaebol firms seems to be associated with internal market transactions. Just as Japanese keiretsu firms succeeded by utilizing a bank‐centred financing system, Korean chaebol firms devised an internal financing system such as payment guarantees and collateral provisions in a restrictive regulatory environment.Design/methodology/approachThis study examines the effects of such internal market transactions on the technical efficiency of chaebol firms using a stochastic frontier function for a panel data set of 1,675 firms from 1992 to 1998.FindingsThe study has found that chaebol firms have achieved a net gain in technical efficiency by utilizing internal market transactions as a way of mitigating liquidity constraints. Thus, the chaebol's role as an internal capital provider has given Korean conglomerates a competitive advantage in product pricing and capital financing, which is the main source of the success of Korean chaebol firms.Originality/valueWhat is new in the paper is that the positive effects of the Korean chaebol on the Korean economy have outweighed the negative effects of the chaebol. The paper has provided empirical evidence that the chaebol played a major role in transforming the Korean economy from an agricultural economy to an IT‐led economy. The main value of the paper may be found in its attempt to analyze the technical efficiency of Korean large business groups using a stochastic frontier production approach. The paper will appeal to readers who are interested in the driving forces of rapid economic growth in a developing economy.
The effects of increasing product variety and shortening product life cycles on the use of quality management systems
Authors: van Iwaarden Jos , van der Wiele Ton 
Published: May 2012

PurposeThe purpose of this paper is to explore how in many industries manufacturing complexity and unpredictability have increased in recent years because of increasing product variety and shortening product life cycles. Simultaneously, manufacturers in these industries appear to have more problems with maintaining high quality levels.Design/methodology/approachThe research studies the effects of increasing product variety and shortening product life cycles on one control system: quality management.FindingsIn situations of shortening product life cycles, the empirical data support the increased use of interactive quality control systems, as predicted by the model. However, in situations of increasing product variety the expected increase in interactive control systems has not been found. Application of a control model in the field of quality management is found to be useful in explaining how contextual factors influence the management of quality.Originality/valueThis research takes a novel approach by applying a model from the field of management control to case studies at three European automotive manufacturers.
Extreme value charts and analysis of means based on half logistic distribution
Authors: Rao Boyapati Srinivasa , Kantam R.R.L. 
Published: May 2012

PurposeThe purpose of this paper is to examine extreme value charts and analyse means based on half logistic distribution.Design/methodology/approachVariable control charts with subgroup observations based on the extreme values at each subgroup are constructed without specially going to any subgroup statistic. The control chart constants depend on the probability model of the extreme order statistic of each subgroup and the size of the subgroup. Accordingly the proposed chart is normal as extreme value chart. As a by‐product the technique of analysis of means for a skewed population is exemplated through half logistic distribution and extreme value control charts. The results are illustrated by examples on live data.FindingsH.L.D is found to be better test for the data of the three examples, ANOM gave a larger (complete) homogeneity of data than those of Ott.Research limitations/implicationsSupposing arithmetic means of k subgroups of size “n” each drawn from a half logistic model. If these subgroup means are used to develop control charts to assess whether the population from which these subgroups are drawn is operating with admissible quality variations. Depending on the basic population model, we may use the control chart constants developed by the authors or the popular Shewart constants given in any SQC text book. Generally the authors say that the process is in control if all the subgroup means fall within the control limits. Otherwise it is said that the process lacks control.Originality/valueHalf logistic distribution is a better model, exhibiting significant linear relation between sample and population quantiles.
How organizational citizenship behavior mediates between internal marketing and service quality
Authors: SeyedJavadin SeyedReza , Rayej Hamzeh , Yazdani Hamidreza , Estiri Mehrdad , Aghamiri Seyed Ali 
Published: May 2012

PurposeThe purpose of this paper is to investigate the effects of internal marketing on service quality and the mediating role of OCB in their relationship.Design/methodology/approachA total of 162 random samples of the customers and employees of the Greater Tehran Gas Company were taken. The applied research methodology is based on survey design techniques, specifically structural equations modelling. To test the model questionnaire was designed, applied and then analyzed.FindingsFindings clearly demonstrate that internal marketing actions can have a direct, meaningful and positive effect on organizational citizenship behaviours. Furthermore, the conceptual model shows that organizational citizenship behaviours act as a mediator between internal marketing and service quality.Research limitations/implicationsThe present study does have a number of methodological limitations that suggest areas for future research. First, the sample was from a public company, and this unique setting may limit the external validity of the findings. Second, the country in which the authors tested the hypothesis is an Islamic country with different cultural values from western countries and this fact might limit the generalization of the findings. But the authors believe that the proposed model and results of this research can aid service organization to offer better service quality to both their internal and external customers.Originality/valueThe paper may be of high value to researchers and managers in Marketing and Human Resource Management scopes. Results of this research have valuable guideline that can have tangible outcome for organization.
The moderating influence of product orientation on coordination mechanisms in total quality management
Authors: Jayaram Jayanth , Ahire Sanjay , Nicolae Mariana , Ataseven Cigdem 
Published: May 2012

PurposeThe purpose of this paper is to verify whether product orientation (make‐to‐order versus make‐to‐stock) affects how coordination mechanisms combine to influence quality performance in total quality management (TQM).Design/methodology/approachThe authors used survey response data from a large sample of single industry respondents (auto supplier industry) to test the research model.FindingsThe study found support for the idea that organizational and inter‐organizational coordination mechanisms influence product and process quality performance. Moreover, significance of many of these linkages varied according to whether the product orientation was make‐to‐order or make‐to‐stock. The study is one of the first to suggest that the influence of select coordination factors on performance can vary according to product orientation.Research limitations/implicationsThe study suggests that plant managers may pursue different approaches to implement select coordination factors (not all) according to whether their product focus is make‐to‐stock or make‐to‐order.Practical implicationsThe research isolates those select coordination mechanisms which have significantly different performance effects in one product orientation environment (make‐to‐order) versus another (make‐to‐stock). Managers interested in TQM implementation can gain insights into those select coordination mechanisms identified in this study that could positively enhance product quality and process quality performance.Originality/valueTo the knowledge of the authors, this is the first study that has examined the contextual influence of product orientation on the relationships between select coordination mechanisms in TQM implementation and their impact on process and product quality.
Maintenance and recurrent event analysis of circuit breaker data
Authors: Bumblauskas Daniel , Meeker William , Gemmill Douglas 
Published: May 2012

PurposeThe purpose of this paper is to review cotemporary maintenance programs and analyze factory production data for an SF6 gas filled circuit breaker population. Various maintenance techniques and studies are reviewed to understand the reliability of circuit breaker models and the impact manufacturing can have on long term maintenance considerations.Design/methodology/approachProduction and field event data were analyzed using statistical analysis tools. The population data were formatted so that a recurrent event analysis could be conducted to establish the mean cumulative function (MCF) by model and product family (class). Average Field Two‐year Recorded Event Rate (AFTRER) is introduced and compared to commonly used Field Incident Rate (FIR) and Mean‐Time between Failure (MTBF) measures.FindingsCommon managerial operating questions can be answered as exhibited for the provided circuit breaker population. This includes the longevity of field issues, the anticipated life cycle of a model or class, and AFTRER for models or classes of interest. These statistical analysis tools are used to make critical production quality and asset management observations and aid in decision‐making.Research limitations/implicationsDue to limitations in existing database systems, the cost of events and explanatory variables related to event rates were not included in the analyses. There remains much work to be done in terms of the installation and retro‐fitting of breakers with conditions monitors in the field.Practical implicationsA framework to analyze maintenance data from fleet of similar assets using recurrent event data analysis is provided. The methods illustrated here would be useful for quality and asset managers to make operating decisions. This includes resource allocation decisions across a network of equipment.Social implicationsData analyzed are for power circuit breakers which are a critical element in the operation and reliability of the US power grid.Originality/valueUsing recurrent event data analysis to review and develop solutions to production quality and asset management problems including a comparison of AFTRER to FIR and MTBF measures.
Improving the house of quality with maximum difference scaling
Authors: Garver Michael S. 
Published: May 2012

PurposeThe purpose of this paper is to put forth maximum difference scaling to more accurately identify importance scores for customer requirements, which will also allow need‐based segments to be recognized and utilized within the QFD process.Design/methodology/approachAn overview of research methods to explore customer requirements are discussed, followed by survey data analysis of customer requirements which compares and contrasts stated importance ratings to maximum difference scaling results.FindingsThe results from this study suggest that maximum difference scaling offers some advantages compared to traditional stated importance ratings, as well as other traditional methods for determining importance ratings. Providing significantly more discriminating power among customer requirements, maximum difference scaling allows researchers to have a more accurate and valid view of the relative importance of customer requirements as well as the ability to form need‐based segments.Research limitations/implicationsLimitations of all research methods are discussed, including those limitations of maximum difference scaling.Practical implicationsThe method put forth in this article provides practitioners with an improved methodology for determining the importance of customer requirements.Originality/valueWhile maximum difference scaling has been proposed and tested in other fields, this is the first article of maximum difference scaling being applied to a QFD project.
Strategic brand venturing: the corporation as entrepreneur
Authors: van Rensburg Deryck J. 
Published: May 2012

PurposeThis paper aims to outline a corporate entrepreneurship growth strategy for large consumer packaged goods (CPG) firms that involves venturing with brand entrepreneurs to access innovative or disruptive new brands called “strategic brand venturing” (SBV).Design/methodology/approachAn emerging development among large CPG firms known for their branding and marketing prowess has been to create dedicated brand/consumer venturing units (e.g. Coca‐Cola; P&G; Nestle; Clorox; General Mills; Unilever) as a means of enlarging their innovation boundaries. As president of an SBV unit for The Coca‐Cola Company, the author notes this recent development and opportunity. He provides a descriptive account of its nature, strategic value, and organizational considerations.Research implicationsResearchers are encouraged to empirically examine this new option in further depth.Practical implicationsThe capabilities and organizational considerations involved in establishing an SBV unit are briefly outlined.Originality/valueExternal corporate venturing in technology‐intensive industries is an established and growing practice. However, equity investments by large CPG corporations in entrepreneurial brand firms represent a corporate entrepreneurship opportunity that has hitherto received scant/no attention in the literature. A revised typology of brand growth strategies is therefore proposed encompassing venturing.
Pulling off the comeback: shrink, expand, neither, both?
Authors: Braun Michael , Latham Scott 
Published: May 2012

PurposeIn this paper, the authors aim to build a prescriptive framework to help managers in turning around their ailing organizations. Their framework focuses on the extent of contractionary and expansionary initiatives needed to rebuild long‐term competitive advantage. They make the case that managers engaging in a pro‐active and balanced approach to scaling down and growing their organizations can boost the success of their recovery efforts.Design/methodology/approachThe authors build their framework based on academic research on corporate turnarounds, their scholarly work on corporate restructuring, and their combined experiences and observations in industry. Their framework proposes four possible outcomes of the turnaround process: comeback, adrift, running‐on‐empty, and collapse. They provide examples to describe each outcome.FindingsThe authors' framework suggests that the interaction between two restructuring actions – retrenchment and repositioning ‐ determines the outcome of corporate turnarounds. By overemphasizing downsizing, managers fail to jumpstart entrepreneurial growth that can propel the firm towards long‐term competitive advantage. Similarly, stresses arising from excessive growth programs can quickly drain firm resources. As such, all managers need to assess the alignment between downsizing efforts and growth‐oriented initiatives. By bringing awareness to the interdependency between retrenchment and repositioning, the authors' framework can guide managers in making necessary adjustments on the way to fixing their organization.Originality/valueRetrenchment and repositioning represent the means available to managers attempting corporate turnaround. However, corporate turnarounds often fail due to an overemphasis on one phase of the restructuring process, at the expense of the other. This framework points to the delicate retrenchment‐repositioning required to achieve successful turnaround.
Transistors, electric vehicles and leapfrogging in China and Japan
Authors: Kimble Chris , Wang Hua 
Published: May 2012

PurposeThe goal of the article is to use the concepts of catching‐up and leapfrogging that are most often found in the literature on developmental economics to explore the process by which newcomers overturn an established market leader.Design/methodology/approachThe article uses two case studies, one of the initial development of the transistor radio by the Japanese and the other of the development of electric vehicles in China, to illustrate the application of these concepts to concrete examples.FindingsThe way in which Sony caught up with, and jumped ahead of, American radio manufacturers is explained using the concepts of catching‐up and leapfrogging to emphasize the different phases in the process. This is contrasted with the development of electric vehicles in China which is a process that is still unfolding. The potential importance of one particular development, the low speed electric vehicle, is highlighted.Practical implicationsThe concepts of catching‐up and leapfrogging provide a simple method to visualize the ways in which a newcomer might overtake an incumbent. Their application to the case studies also highlights the crucial importance of a sound business model in this process.Originality/valueAlthough the case of Sony and the transistor radio is relatively well known, this article places it in a new conceptual framework. The case of the development of electric vehicles in general, and the example of the low speed electric vehicle in particular, is new and has not been widely explored.