计量经济分析 = Econometric analysis

It is widely accepted that, for some industries, competition across countries is" economically important and that this competition is strongly affected by exchange rate changes." This paper explores the validity of this view using weekly stock return data on 320 industry pairs" in six countries from 1975 to 1997. It is found that common shocks to industries across countries" are more important than competitive shocks. Weekly exchange rate shocks explain almost" nothing of the relative performance of industries. Using returns measured over longer horizons the importance of exchange rate shocks increases slightly and the importance of common shocks" to industries increases more substantially. Both industry and exchange rate shocks are more" important for industries that produce goods traded internationally, but the importance of these" shocks is economically small for these industries as well.

International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis of Stock Returns

Heterogeneous impacts of wars on global equity markets: Evidence from the invasion of Ukraine

PurposeThis study examines the impact of the Russia–Ukraine war on the constituent firms of the leading stock market indices of the G7 countries to provide insights into the vulnerability of firms to war events.Design/methodology/approachThis study employs the event study method on a sample of 531 firms covering the period from 02 March 2021 to 08 March 2022 and conducts a cross-sectional analysis of cumulative abnormal returns and country- and firm-specific variables.FindingsRisk exposure and trade dependence trigger invasion-generated negative abnormal returns. The authors demonstrate that stock prices are fragile to geopolitical risks and trade dependence. Consistent with previous literature, the authors find evidence of a size anomaly and high risk associated with a higher book-to-market ratio.Research limitations/implicationsThis study has implications for policymakers identifying the firm-specific variables driving event-induced returns. While providing insights into the geographical diversification of funds, this study shows the heterogeneous characteristics of firms operating in these countries.Originality/valuePrevious studies on the Russia–Ukraine war have been limited to analyzing the behavior of leading stock market indices without examining firm-level variations triggered by the war. This study fills this gap and contributes to the growing literature on the Russia–Ukraine crisis in two ways: first, it provides firm-level evidence from the G7 countries in addition to how global stock market indices have reacted to the invasion and second, it uses cross-sectional analysis to provide evidence of the characteristics that make firms resilient to wars.HighlightsWe are the first to report firm-level evidence of the Russia–Ukraine war effectsFirms in France and the United States are unaffectedStock prices are fragile to geopolitical risks and considerable dependence on tradeHigher book-to-market exposes the firms to the risk of exogenous shocksSmaller firms outperform large firms in the G7 stock markets

What makes firms vulnerable to the Russia–Ukraine crisis?

The purpose of this paper is to draw upon social information processing theory to examine the sequential mediating roles of psychological safety and creative process engagement between participative leadership on creativity,Using a time-lagged sample of 526 supervisor–subordinate dyads from RD psychological safety significantly mediates the relationship between participative leadership and creative process engagement; creative process engagement significantly mediates the relationship between psychological safety and employee creativity; psychological safety and creative process engagement sequentially mediates the relationship between participative leadership and creativity,The study findings imply that the participative leadership behaviors of managers or supervisor's nurtures employees psychological safety to take risk and promotes employee engagement in creativity relevant ventures leading to creativity,The findings contribute new knowledge on the relationship between participative leadership and creativity by uncovering the causal chain of a cognitive mechanism (psychological safety) with a behavioral mechanism (creative process engagement)

Participative leadership and employee creativity: a sequential mediation model of psychological safety and creative process engagement

Purpose



– The purpose of this paper is to examine the superiority of economic value added (EVA) over the traditional accounting performance measures, i.e. earnings per share, return on assets and return on equity. For this purpose, the relative and incremental information content of EVA and accounting measures are tested by examining the relationship of these measures with stock returns. 




Design/methodology/approach



– The analysis is performed for a sample of 50 Indian companies selected from the index Nifty 50 for the period of 2008-2011. The penal regression models are applied to examine the relative and incremental information content of EVA and traditional performance measures. 




Findings



– The study finds that EVA has more relevant and incremental information content than accounting measures for analyzing shareholder value creation. These results confirm that EVA is better performance measure than traditional accounting measures. 




Research limitations/implications



– The study could be further extended for the sample of other firms covering the specific industries and sectors. The calculation of EVA could be modified with respect to the adjustment in profit after tax and the calculation of cost of capital. 




Practical implications



– The study has implications for the managers who are responsible to generate the wealth of shareholders by formulating the corporate financial policies. The findings also help investors who are closely concerned with the financial health of the firm while taking their investment decisions. 




Originality/value



– The novelty of this study is that it relates total return of firm’s stock with the financial measures unlike the previous literature.

Value creation of EVA and traditional accounting measures: Indian evidence

The study examines the level of foreign exchange exposure and its determinants for a sample of Indian firms. For this purpose, the relationship between exchange rate changes and stock returns for a sample of 361 Indian non financial firms is determined over April 2006-March 2011. The study finds that only 16 percent of the firms are exposed to exchange rate exposure at 10 percent level of significance. Furthermore, out of the firms having significant exposure, 86 percent firms are negatively affected by an appreciation of the rupee which confirms that Indian firms are net exporters. With respect to the determinants of exchange rate exposure, it reveals that export ratio is positively and hedging activity is negatively related to the exchange rate exposure of pure exporter firms.

A Firm Level Analysis of the Exchange Rate Exposure of Indian Firms

Purpose




Drawing from the literature on person–environment fit and proactive personality, the purpose of this paper is to empirically examine whether congruence between the proactive personality of a leader and his/her follower is facilitative/inhibitive of creativity of the follower.




Design/methodology/approach




Data were collected in two waves from 355 followers and 36 corresponding leaders working in a large manufacturing company in India. Hypotheses were tested using polynomial regression analysis and response surface method.




Findings




The results indicate that leader–follower congruence in proactive personality is more likely to encourage followers’ creativity. Moreover, leader–follower congruence at higher levels of proactive personality showed higher levels of followers’ creativity than when dyads are congruent at lower levels.




Practical implications




Findings suggest that human resource management in organizations should consider matching leaders’ proactive personality with that of followers’ to foster employee creativity. This is critical from the perspective of recruitment and dyad formulation for jobs that demand creativity.




Originality/value




Research examining why and how congruence in personal characteristics between a leader and his/her follower foster followers’ creativity is at best scant. The study is a novel attempt to examine the effect of congruence in leader–follower proactive personalities on workplace creativity of the follower.

Linking Leader–Follower Proactive Personality Congruence to Creativity

The effect of excessive volatility in world market currencies caused by COVID-19, especially on the tourism industry, is pervasive. This paper examines the foreign currency risk of 131 tourism firm...

https://www.tandfonline.com/doi/pdf/10.1080/13683500.2020.1868413

Time-varying foreign currency risk of world tourism industry: effects of COVID-19

This study examines the relationship between exchange rate changes and firm value. For this purpose, a sample of 342 Indian non-financial firms grouped into 20 industry portfolios is studied over t...

Ekta Sikarwar

Papers

Value creation of EVA and traditional accounting measures: Indian evidence

A Firm Level Analysis of the Exchange Rate Exposure of Indian Firms

Linking Leader–Follower Proactive Personality Congruence to Creativity

Time-varying foreign currency risk of world tourism industry: effects of COVID-19

A Re-examination of Exchange Rate Exposure: Industry-level Analysis of Indian Firms: