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This paper aims to investigate whether negative and positive monetary policy (MP) shocks have asymmetric impacts on corporate firms’ investment decisions in Pakistan using firm-level panel data set. Moreover, the authors emphasized on symmetric effects of MP; the authors examine whether high-leverage and low-leverage firms respond differently to negative and positive unanticipated shocks in MP instruments.

In contrast to the conventional framework of VAR, it uses an alternative methodology of Taylor rule to estimate unanticipated MP shocks. The two-step system-generalized method of movement (GMM) estimation method is applied to examine the effect of MP shocks on firm investment through leverage-based asymmetry.

The two-step system-GMM estimation results indicate that unanticipated negative changes (unfavorable shocks) in MP instruments have negative, significant effects on investment. In contrast, unanticipated positive changes (favorable shocks) have statistically insignificant impacts on firm investment. The results also reveal that firm leverage has a significant role in establishing the effect of unanticipated negative changes in MP instruments on investments. Finally, the results indicate that high-leverage firms respond more to negative changes than low-leverage firms. Yet, the results show that only low-leverage firms positively respond to unanticipated positive shocks in MP.

The findings of the paper suggest that MP authorities should pay due attention to the asymmetric effects of MP shocks on firm investment while designing MP. Because firm leverage has a significant influence on the effects of MP shocks, firm managers should take into account such role of leverage while deciding capital structure of their firms.

First, unlike “Keynesian asymmetry” and most of published empirical research work, the authors use both unanticipated negative and positive MP shocks simultaneously. Departing from the conventional empirical literature, the authors differentiate between unanticipated positive and negative shocks in MP using the backward-looking Taylor rule. Second, the authors contribute to the existing literature by investigating the differential effects of positive and negative unanticipated MP shocks on firms’ investment decisions. Unlike the published studies that have emphasized on the symmetric effects of MP, the authors examine whether high-leverage and low-leverage firms respond differently to negative and positive unanticipated shocks in MP instruments.

The aim of this research is to determine the price fairness of the social servicescape and the effect of price fairness on customer trust. In this context, first of all, the effect of the social servicescape on price fairness and then the effect of price fairness on customer trust were tested.

The universe of the research consists of people who visit Starbucks coffee stores. In the study, data were collected from 338 people who visited Starbucks coffee stores. The relationships between the variables were analyzed using the Structural Equation Modeling (SEM) Technique.

As a result of the research, it was concluded that employees, other customers and social crowds, which are from the dimensions of the social servicescape, do not have a significant effect on price fairness, the interaction between employee and customer, which is from the sub-dimensions of the social servicescape, has an effect on customers' perception of price fairness, and price fairness also has an effect on customer trust.

The important point in this research is to determine the effect of the social servicescape on price fairness, which has not been studied in the literature before. Although the effect of physical servicescape on price justice has been investigated, the effect of social servicescape on price justice has not been investigated. When evaluated from this point of view, it is thought that the research will have an important contribution to the literature.

This study aims to investigate how image-presentation-order influences mental imagery (MI) processing and purchase intentions. This study also examines the moderating effect of a series of images on the relationship between image-presentation-order and MI processing.

This research conducted two studies using an experimental approach.

Two studies showed that MI processing was higher, when an apparel product image worn by a model with a background was shown after rather than before a simple product image (SPI), indicating the recency effect. In contrast, examining a series of images, consumers were more engaged in MI processing, when product image(s) worn by a model with a background were presented first, followed by the four SPIs, than the reversed order (primacy effect). The level of MI in two studies subsequently increased purchase intentions.

Results of this study have the potential to provide guidance to online retailers for how to best order their product images on a website to help consumers form elaborated MI about the product and thus increase purchasing intentions.

Although past research has examined presentation-order effect using textual information, very limited studies have explored presentation-order effect of pictorial information. To the best of the authors’ knowledge, this research is in the forefront of investigations about the joint effect of image-presentation-order and the number of images on individuals’ perceptions.

The purpose of this paper is to analyse the institutional threshold effects of foreign aid on foreign direct investment (FDI).

This paper develops a theoretical model from an extended Solow model that introduces the conductive effect of institutions in an aid recipient country towards the capacity of attracting FDI. This study evidences threshold effects with the most recent panel threshold models that consider endogeneity issues. The data on economic institutions and foreign aid are decomposed into disaggregated level to reveal the detailed threshold pattern. Several sample subsets are used for a heterogeneity analysis.

Conducting empirical research on a sample of 62 countries during the period 2003–2016, this study finds robust evidence of the existence of an institutional threshold in the aid–FDI nexus which a country must attain to reap the full attraction of FDI by foreign aid providing financial resources. Furthermore, foreign aid tends to promote FDI in institutions characterized by a right-sized government, a strengthened legal system and an appropriate regulatory environment. On the other hand, aid may crowd out FDI. The results are robust to regional combinations and a subset of low and lower-middle-income countries. In addition, this study finds that aid targeted at social infrastructure and services has a positive effect regardless of institutional threshold.

This paper contributes to the literature by introducing a non-linear and discontinuous effect of aid on FDI, i.e. a threshold effect, highlighting the relevance of legal systems and regulations and the possibility of a crowding-out effect on FDI for specific institutional regimes. The thresholds provide a guide for donor countries to ensure aid effectiveness at the risk of being counterproductive and for recipient countries to better assess the institutional dimensions that need to be improved.

We aim to examine the impact of COVID-19 on the efficiency of Gold and Bitcoin returns. In particular, our efficiency tests are based on the popular calendar anomaly, the turn-of-the-month (TOM) effect in these markets.

We define the TOM days as the final trading day of a month and initial three trading days of the immediate next month. To understand the TOM effect, we estimate the typical Ordinary Least Squares (OLS) regression model using the Heteroskedasticity and Autocorrelation Consistent (HAC) standard errors and covariances.

Though in the full sample, a positive and significant TOM effect is observed only for Bitcoin, during COVID period, the TOM effect appears in Gold returns and becomes stronger for Bitcoin, implying that the considered securities become inefficient during COVID period.

Based on these results, we create a trading strategy which is found to surpass the buy-and-hold strategy for both the full sample as well as the COVID period for Bitcoin while only during the COVID period for Gold. Our results provide useful implications for investors and policymakers as the Gold and Bitcoin markets can be timed by taking positions especially based on the behavior of the TOM effect.

We examine the TOM effect in the two important securities – Gold and Bitcoin. Though, a few studies have examined this anomaly in currency, equity and cryptocurrency markets, however, they have not considered the Gold market. Additionally, no study has examined the impact of COVID-19 on the TOM effect in these markets, and hence, market efficiency. We believe that our study is the first to examine the TOM effect in these markets simultaneously.

The call for supply chain transparency (SCT), especially the environmental, social and governance (ESG) aspect, is getting increasingly louder. Based on the signaling theory, our study investigates the operational benefit of supply chain transparency in terms of ESG (SCT-ESG). To further clarify the signaling process, the moderating roles of digitalization of the firm and signal strength are also examined.

Longitudinal secondary data from multiple databases are matched and analyzed using ordinary least squares (OLS) regressions to validate the proposed hypotheses.

Results suggest that with SCT-ESG, firms have a weakened disparity between production variance and demand variance, and the supply chain experiences a reduced bullwhip effect. Further, digitalization of the focal company and signal strength reinforce the negative effect of SCT-ESG on the bullwhip effect.

The study integrates the SCT and ESG literature through SCT-ESG, extending benefits of ESG disclosure to the supply chain context. It extends the application of the signaling theory in OSCM by including contextual factors of digitalization and signal strength.

Work-based learning is critical for enhancing employees’ skills and contributing to the firm’s performance. This paper aims to establish the effects of needs assessment on the relationship between training intensity as part of learning and how employees’ skills are reflected in firm performance.

The paper used the World Bank Tanzania Employees Skills Survey (TESS) dataset, which contains 424 firms. This paper estimated the moderated mediation model through partial least squares structural equation modelling (PLS-SEM) and employed the index of moderated mediation to determine if the model was correctly specified.

The results show that among three skills, i.e. technical, interpersonal/communication and work ethic skills, only the level of technical skills mediated the relationship between training and the firm’s performance. The index of moderated mediation suggests a threshold point for the firm’s training needs, above which the indirect effect of training on performance through technical skills starts to decrease. The negative correlation between the firm’s training needs and the indirect effect suggests that employees’ essential human capital qualities, viewed from the angle of their training needs, are among the key factors for executing effective training.

This paper’s conceptual model is limited because it does not incorporate an education variable for the trained employees. In addition, it only conceptualized the perceived most important skills of interpersonal communication, technical skills and work ethic, despite there being other skills that could have been considered. Moreover, the data only measured the present skill level at three on the Likert scale, providing limited room for skill level variance.

Those who decide which training programme deserves priority given limited resources and the firm’s goals need to understand that training is an addition to what their employees already have and, thus, should make extra efforts to equip them with more knowledge relating to their assignments. Moreover, this understanding should extend to the employees themselves.

The paper introduced and showed the necessity of training needs assessment to increase the value of training in enhancing the firm’s performance. We propose a model for assessing training intensity through process analysis. The respective model depicts a threshold point for the firm’s training needs, below which the training will work.

Explore the effects of competition policy on an important competitive dimension of digital platforms, namely quality.

The deterrence effect of competition policy should induce firms to compete on merits, with lower prices and higher quality for consumers. Deterrence, or the inducement not to infringe competition law, may depend on the harshness of penalties and/or the likelihood of conviction. We use competition policy indicators that are associated with these deterrence dimensions, allowing for non-linearities and interactions of the indicators. We use a unique data survey of digital gig platform users, that covers at least two dozen platforms and more than 50 countries. Quality is measured using multidimensional indicators of the level of satisfaction of platform users with different platform services. We control for platform user and country characteristics, including other regulatory indicators such as labor laws, to recover different effects.

Results suggest that competition policy is relevant for differences in product quality across platforms and countries. Important non-linearities are uncovered, where substantive rules of competition policy interact with competition authority power. The effects depend on either level of the indicators, suggesting that deterrence effects depend upon a combination of both law in the books and competition policy practice.

The estimates suggest a need to balance both dimension of deterrence, namely, strictness and effectiveness to expand the effects of competition policy on competition.

This is the first paper that explores the effect of competition policy on non-price or non-margin competition dimension. It is the first to study the effect on a sample of digital platforms. It contributes to the literature of deterrence effects of competition policy.

This study investigates the economic outcomes of the strategic deviation (SD), the fundamental and crucial question in institutional theory and strategic management. Previous studies have yielded contradictory findings. This study reconciles conflicting results by distinguishing the effects of the SD on financial and market performance, examining the mechanism of financing constraints and the boundary condition of institutional investor heterogeneity.

This research collected data from Chinese A-shares listed manufacturing firms from 2009 to 2021 from the CSMAR and Wind databases. This study conducted empirical tests using OLS models with Stata 15.

Empirical results demonstrate that the SD has different impacts on different dimensions of performance. The SD negatively impacts financial performance while positively impacts market performance. Financing constraints mediate the main effects. Moreover, transactional institutional investors positively moderate the negative effect of the SD on financial performance, whereas stable institutional investors negatively moderate the positive effect of the SD on market performance.

By systematically revealing how the SD has different effects on financial and market performance, this study reconciles the debate on the SD between institutional theorists and strategy scholars. This research makes contributions to the research stream by providing reasonable explanations for conflicting conclusions. Furthermore, by introducing the overlooked perspective of financing constraints, this research identifies crucial mediating mechanisms and highlights the double-edged effect of financing constraints, enriching our understanding of financing constraints. Finally, this study investigates the moderating effects of institutional investor heterogeneity, thereby making valuable contributions to the comprehension of boundary conditions.