• Greenhouse gas emissions convergence in Spain: Evidence from the club clustering approach

      Apergis, Nicholas; Garzón, Antonio; University of Derby; University of Seville (Springer, 2020-07-05)
      This study examines the convergence of greenhouse gas emissions per capita across the 19 Spanish regions using the Phillips-Sul club convergence approach over the period spanning from 1990 to 2017. The results indicate the existence of 3 clubs which converge to different equilibria and correspond to the same convergence clubs in terms of income per capita. These findings suggest that mitigation policies should take into account the existence of different clubs of regions with different convergence paths in terms of emissions.
    • Convergence in cryptocurrency prices? The role of market microstructure

      Apergis, Nicholas; Koutmos, Dimitrios; Payne, James; University of Derby; Worcester Polytechnic Institute; University of Texas, El Paso (Elsevier, 2020-07-04)
      Do we observe convergence between cryptocurrencies over time? This study explores this question with eight major cryptocurrencies in circulation and posits a framework to evaluate whether shifts in their market microstructures drive convergence. Three main findings emerge. First, convergence can emerge between cryptocurrencies with distinct technological functions and classifications. Second, market microstructure behavior drives convergence. Third, estimated transition paths show tighter convergence for half of our sampled cryptocurrencies during the time when the Chicago Board of Exchange (CBOE) introduced bitcoin futures contracts.
    • Dependence structure in the Australian electricity markets: New evidence from regular vine copulae

      Apergis, Nicholas; Gozgor, Giray; Lau, Chi Keung; Wang, Shixuan; University of Derby; Istanbul Medeniyet University; University of Huddersfield; University of Reading (Elsevier, 2020-07-01)
      In this study, regular vine copula was used to investigate the dependence structure of electricity prices at the state level in the Australian National Electricity Market (NEM), during three periods related to the adoption and abolition of the carbon tax. In the pre-carbon period, we found evidence of tail dependence separately in the northern and southern NEM, but not across them. During the carbon period, the joint spike in the northern NEM disappeared, and the tail dependence in the southern NEM decreased. In the post-carbon period, the best dependence structure turned out to be a flexible structure of the regular vine, which exactly matches the geographical infrastructure connectedness of transmission wires. Besides, both upper and lower tail dependences were found in all adjacent states after the abolition of the carbon tax, suggesting a more integrated market regarding tail dependence. Our findings have substantial implications for risk management in the NEM, especially for those participants exposed to multiple states.
    • Do fiscal shocks explain bond yield in high and low debt economies

      Apergis, Nicholas; Rehman, Mobeen; Cooray, Arusha; University of Derby; Ton Duc Thang University; Embassy of Sri Lanka, Oslo, Norway (Emerald, 2020-06-29)
      The goal of this paper is to explore determinants of short-, medium- and long-run bond yields through time series data analysis for 11 developed countries, with five of them being high-debt and remaining as the low-debt economies. By applying variance decomposition using structural vector autoregression (SVAR) model, empirical findings confirm an important role of demand and supply factors that drive the interest rates across their frequency spectrum. Our results also highlight that for interest rates of different maturities, these factors exhibit heterogeneous behavior across high- and low-debt countries during the pre- and post-crisis regimes.
    • Monetary policy and commodity markets: unconventional versus conventional impact and the role of economic uncertainty

      Apergis, Nicholas; Chatzianoniou, Ioannis; Cooray, Arusha; University of Derby; University of Portsmouth; Embassy of Sri Lanka in Oslo; Centre for Poverty Analysis, Sri Lanka (Elsevier, 2020-06-20)
      This study explores the impact of both conventional and unconventional monetary policies in the US and the Euro area on the mean and volatility of certain commodity prices. The analysis considers the prices of eight commodities, i.e. oil, natural gas, gold, silver, aluminium, copper, platinum, and nickel, while the methodology employs the EGARCH-X modelling approach. The empirical findings clearly document that (i) the direction of the impact of both conventional and unconventional monetary policy on commodity returns and commodity volatility is similar and (ii) the impact from unconventional monetary policy on both commodity returns and volatility is relatively more pronounced, while these findings hold valid, irrespective of the geographical region and commodity type. Further investigation of the disparity on the size of the impact through the prism of economic uncertainty reveals that unconventional monetary policy has a stronger effect on economic uncertainty, thereby offering an indirect channel of monetary policy transmission on commodity markets.
    • Convergence of per capita carbon dioxide emissions among developing countries: evidence from stochastic and club convergence tests

      Apergis, Nicholas; Payne, James; University of Derby; University of Texas, El Paso (Springer, 2020-06-19)
      This exploratory study extends the literature on the convergence of per capita carbon dioxide emissions in analyzing the stochastic and club convergence within a panel framework for developing countries. The results from Pesaran (2007) and Bai and Carrion-i-Silvestre (2009) panel unit root tests with allowance for cross-sectional dependence confirm stochastic convergence for low-income, lower-middle income, and combined country panels. Further analysis using the nonlinear time-varying factor model of Phillips and Sul (2007; 2009) to test for convergence reveals the emergence of multiple convergence clubs within each of the three country panels examined. We observe geographic proximity among many of the countries within the respective convergence clubs.
    • Can the Covid-19 pandemic and oil prices drive the US partisan conflict index?

      Apergis, Nicholas; Apergis, Emmanuel; University of Derby; University of Huddersfield (Asia-Pacific Applied Economics Association, 2020-05-29)
      This paper investigates the effect of the Covid-19 and oil prices on the US partisan conflict. Using daily data on world Covid-19 and oil prices, monthly data on the US Partisan Conflict index, January 21 to April 30, 2020, and the MIDAS method, the findings document that both Covid-19 and oil prices mitigate US political polarization. The findings imply that political leaders aim low for partisan gains during stressful times.
    • Building career capital: developing business leaders’ career mobility

      Wond, Tracey; Brown, Cathy; Hooley, Tristram; University of Derby; Evolve Consulting Services Limited, Nottingham (Emerald Insight, 2020-05-20)
      Career theorists have been increasingly occupied with role transitions across organisations, neglecting role transitions undertaken within single organisations. By exploring in depth the aspects of career capital that role holders need to facilitate their own organisational role transition, this article builds upon career capital theory. Adopting an interpretivist approach, this study explores the experiences of 36 business leaders who have undertaken a recent role transition within a United Kingdom (UK) construction business. The article empirically characterises 24 career capital aspects, clustered into Knowing Self, Knowing How and Knowing Whom. It argues that these aspects are important to internal role transitions and compares them to mainstream career capital theory. In addition, the concepts of connecting, crossing and investing career capital are introduced to explain how career capital supports such transitions. This study proposes a new career capital framework and refocuses debate on organisational careers. It is based on a single organisation, and it organisations. The article explores the implications of the new career capital framework for business leaders and organisational managers who wish to build individual and organisational career mobility. This study proposes a new, empirically-grounded, career capital theoretical framework particularly attending to organisational role transitions.
    • The role of insurance growth in economic growth: Fresh evidene from a panel of OECD countires

      Apergis, Nicholas; Poufinas, Thomas; University of Derby; Democritus University of Thrace (Elsevier, 2020-05-11)
      Insurance is one of the key activities in a globalised financial and economic environment. Through its benefits, it offers income, life and property protection to the insured and their keens, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle or living standards. Motivated by this end of insurance, the goal of this paper is to study the contribution of insurance growth to economic growth, by employing the benefit side of the insurance activity, next to the acquisition side that has already been considered. More precisely, the findings provide evidence that gross claims payments and gross operating expenses are significantly and positively related to economic growth. At the same time, the results confirm the findings of the existing literature that gross premia and insurance penetration are also significantly and positively related to economic growth. The outcomes hold true for total, life and non-life insurance, both during the pre- and post- 2008-crisis periods, even though less strong after the crisis. Furthermore, the positive and statistically significant impact of gross capital formation, government expenditure, secondary schooling, FDI inflows, trade openness and financial development is validated, in line with certain theoretical expectations.
    • The monetary policy transmission mechanism and the role of money market funds in the Eurozone

      Apergis, Nicholas; Hayat, Tasawar; Saeed, Tareq; University of Derby; King Abdulaziz University (Scimago Journal, 2020-05-06)
      This paper investigates the pass-through mechanism of monetary policy through money market funds and bank loan rates under conventional and unconventional monetary policy. Using the Autoregressive Distributed Lag method, spanning the period 2003-2018, the findings document that the pass-through of bank loan rates is weaker than that of MMF rates (0.642 vs 1.044, respectively), especially during the unconventional monetary policy period (0.637 vs 1.568, respectively). They highlight that in this period, banks earned less from traditional lending business, due to low or even negative rates, while taking increasingly large risks.
    • The tension between worker safety and organization survival

      Pagell, Mark; Parkinson, Mary; Veltri, Anthony; Gray, John; Louis, Michail; Wiengarten, Frank; Fynes, Brian; University College Dublin; Oregon State University; The Ohio State University; et al. (INFORMS, 2020-05-05)
      This research addresses the fundamental question of whether providing a safe workplace improves or hinders organizational survival, because there are conflicting predictions on the relationship between worker safety and organizational performance. The results, based on a unique longitudinal database covering over 100,000 organizations across 25 years in the U.S. state of Oregon, indicate that in general organizations that provide a safe workplace have significantly lower odds and length of survival. Additionally, the organizations that would in general have better survival odds, benefit most from not providing a safe workplace. This suggests that relying on the market does not engender workplace safety.
    • The asymmetric relationships between pollution, energy use and oil prices in Vietnam: Some behavioural implications for energy policy-making

      Apergis, Nicholas; Gangopadhyay, Partha; University of Derby; University of Western Sydney (Elsevier, 2020-04-06)
      With rapidly expanding real GDP in Vietnam, it is anticipated that the Vietnamese energy production will increase to meet its rising energy consumption. An important corollary is that pollution will also rise since the energy sector is considered a big polluter in the developing world. This paper brings two important insights to this literature: first and foremost, this paper seeks to establish if any behavioural biases of policy makers have clouded the decision to adopt suitable energy technologies and policies in Vietnam with far-reaching consequences for sustainability in the region. Secondly, in order to detect behavioural biases, it considers the asymmetric effects of increases vis-à-vis decreases in regressors by using the non-linear autoregressive distributed lags (NARDL) models, to examine how such increases or decreases really impact on pollution in Vietnam. Using annual data from 1982 to 2015, the analysis finds that the long-run relationships between pollution, energy use and oil prices have been characterised by non-linear and asymmetric interlinkages to indicate hidden cointegration. We further argue that such hidden cointegration can signal important behavioural biases in (energy) policy-making.
    • The role and impact of executive coaching in the Maltese public sector

      Borg Ellul, Duncan; Wond, Tracey; University of Derby (Emerald, 2020-04-06)
      The present study aims to conduct a critical review of an existing set of practices within the Maltese public sector. This study is based on interpretivism (people-centred approach) embedded in a pragmatic research paradigm (the use of mixed methods). Misconceptions about the role and practice of executive coaching in Malta relates to the similar roles ascribed to mentoring, supervision, therapy, consultation, coaching, audit and watchdog under the misnomer of “coaching”. The main contribution of this research is to the community of professional practitioners as well as to the Maltese central government to improve managerial effectiveness in the Maltese public sector with several endorsed policy-level recommendations presented in the study. The results suggest a restructuring of a well-defined, structures, systems and dynamics within the Maltese public administration, the ability by senior management including senior public officers (SPOs) to recognise high-potential talents, the need to expand leadership capacity, the establishment of a professional coaching body and a national coaching network framework. To the best of the authors’ knowledge, this is the first study that investigates the role and impact of executive coaching in the Maltese public sector using quantitative and qualitative empirical data.
    • A new methodological perspective on the impact of energy consumption on economic growth: time series evidence based on the Fourier approximation for solar energy in the US

      Apergis, Nicholas; Bulut, Unit; University of Derby; Kirsehir Ahi Evran University (Springer, 2020-03-03)
      From the empirical energy literature, it is observed that studies focusing on the energy-economic growth nexus ignore the possible existence of gradual breaks as they employ methods without or with sharp structural breaks. Therefore, one can argue that they may yield biased and inefficient output in the presence of gradual breaks. The goal of this paper is to investigate the impact of solar energy consumption on GDP utilizing quarterly data over the period 1984–2018 for the USA. For this purpose, the paper performs a unit root test and a cointegration test that are based on the Fourier approximation to take gradual breaks into account. The paper also performs the dynamic ordinary least squares estimator to estimate long-run parameters. The findings document that there exists cointegration in the empirical model and that GDP is positively associated with solar energy consumption. Some implications based on the empirical findings are presented in the paper.
    • Long-term unemployment: a question of skill obsolescence (updating existing skills) or technological shift (acquiring new skills)?

      Apergis, Nicholas; Apergis, Emmanuel; University of Derby; University of Huddersfield (Emerald, 2020-02-20)
      This paper empirically explores the role of skill losses during unemployment behind firms’ behaviour in interviewing long-term unemployed. The analysis makes use of the Work Employment Relations Survey in the UK, while it applies a Panel Probit Modelling approach to estimate the empirical findings. The findings document that skill losses during long-term unemployment reduce the likelihood of an interview, while they emphasize the need for certain policies that could compensate for this skills deterioration. For robustness check, the estimation strategy survives the examination of the same predictors under different types of the working environment. The original values of the work lie on combining for the first time both duration and technology as predictors of interview probability. Until now, the independent variables were used to test whether an individual has managed to exit unemployment, thus skipping the step of the interview process.
    • Carbon dioxide emissions intensity convergence: Evidence from central American countries

      Apergis, Nicholas; Payne, James; University of Derby; University of Texas, El Paso (Frontiers, 2020-01-08)
      This paper extends the literature on the convergence of carbon dioxide emissions intensity and its determinants (energy intensity and the carbonization index) for six Central American countries over the period 1971 to 2014. Using the Phillips-Sul club convergence approach, the results indicate two distinct convergence clubs with respect to carbon dioxide emissions intensity and energy intensity with the first convergence club consisting of Costa Rica, El Salvador, Guatemala, and Honduras and the second convergence club consisting of Nicaragua and Panama. However, in the case of the carbonization index, only one convergence club emerges that includes Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua with Panama exhibiting non-convergent behavior.
    • Health care expenditure and environmental pollution: a cross-country comparison across different income groups

      Apergis, Nicholas; Bhattacharya, Mita; Hadhri, Walid; University of Derby; Monash University; UAQUAP, Higher Institute of Management (Springer, 2020-01-03)
      This paper investigates the long-run dynamics between health care expenditure and environmental pollution across four global income groups. The analysis uses data from 178 countries, spanning the period 1995–2017. Panel estimations are employed with unobserved heterogeneity, temporal persistence, and cross-sectional dependence using a model with common correlated effects. The findings document that the health care expenditure is a necessity for all sub-groups. We established that a 1% increase in national income increased health expenditure by 7.2% in the full sample, and 9.3%, 8.6%, 6.8% and 2.9% for low, low-middle, upper-middle and high-income groups, respectively, while a 1% increase in CO2 emissions increased health expenditure by 2.5% in the full sample, and 2.9%, 1.2%, 2.3% and 2.6% across these four income groups. We recommend that coordinated approach is needed in setting policy goals both in energy and health sectors in mitigating the negative effects of pollution. Our findings indicate that low-carbon emissions and energy efficient health care services will significantly reduce future health care expenses.
    • Exploring the ZMET methodology in services marketing

      Hancock, Charles C.; Foster, Carley; University of Derby (Emerald, 2019-12-16)
      This paper aims to explore how the Zaltman metaphor elicitation technique (ZMET) can be adopted in services marketing to provide deeper customer experience insights. This paper explores how ZMET interviews, which use images selected by the participant to facilitate discussion, can be used by researchers. This paper draws upon a study of 24 student experiences at a UK university. Adopting this qualitative method for services marketing can counter depth deficit when compared to other qualitative approaches, because it is participant led. However, the method requires competent interview skills and time for the interview and analysis. We find that ZMET has not been widely adopted in academia because of its commercial licenced use. The paper illustrates how to use the ZMET process step-by-step. Findings are limited to student experiences. Further research is necessary to understand how researchers could use ZMET in other areas of services marketing. This paper provides guidance to researchers on how to use ZMET as a methodological tool. ZMET facilitates a deeper understanding of service experiences through using participant chosen images and thus enabling researchers to uncover subconscious hidden perceptions that other methods may not find. ZMET has been used commercially to gain market insights but has had limited application in service research. Existing studies fail to provide details of how ZMET can be used to access the consumer subconscious. This paper makes a methodological contribution by providing step-by-step guidance on how to apply ZMET to services marketing.
    • Environmentalism in the EU-28 context: the impact of governance quality on environmental energy efficiency

      Apergis, Nicholas; Garćıa, Claudia; University of Derby; University of Granada (Springer, 2019-11-19)
      Environmental policies are a significant cornerstone of a developed economy, but the question that arises is whether such policies lead to a sustainable growth path. It is clear that the energy sector plays a pivotal role in environmental policies, and although the current literature has focused on examining the link between energy consumption and economic growth through an abundance of studies, it does not explicitly consider the role of institutional or governance quality variables in the process. Both globalization and democracy are important drivers of sustainability, while environmentalism is essential for the objective of gaining a “better world.” Governance quality is expected to be the key, not only for economic purposes but also for the efficiency of environmental policies. To that end, the analysis in this paper explores the link between governance quality and energy efficiency for the EU-28 countries, spanning the period 1995 to 2014. The findings document that there is a nexus between energy efficiency and income they move together: the most efficient countries are in the group with higher GDP per capita. Furthermore, the results show that governance quality is an important driver of energy efficiency and, hence, of environmental policies.
    • Convergence in condominium prices of major U.S. metropolitan areas

      Apergis, Nicholas; Payne, James; University of Piraeus; Benedictine University (Emerald, 2019-11-04)
      The purpose of the study is to examine the long-run convergence properties of condominium prices based on the ripple effect for five major U.S. metropolitan areas (Boston, Chicago, Los Angeles, New York, and San Francisco). Specifically, we test for both overall convergence in condominium prices and the possibility of distinct convergence clubs to ascertain the interdependence of geographically dispersed metropolitan condominium markets. Our analysis employs two approaches to identify the convergence properties of condominium prices: the Lee and Strazicich (2003) unit root test with endogenous structural breaks and the Phillips and Sul (2007; 2009) time-varying nonlinear club convergence tests. The Lee and Strazicich (2003) unit root tests identify two structural breaks in 2006 and 2008 with rejection of the null hypothesis of a unit root and long-run convergence in condominium prices in the cases of Boston and New York. The Phillips and Sul 92007; 2009) club convergence test reveals the absence of overall convergence in condominium prices across all metropolitan areas, but the emergence of two distinct convergence clubs with clear geographical segmentation: on the east coast with Boston and New York and the west coast with Los Angeles and San Francisco while Chicago exhibits a non-converging path. The results highlight the distinct geographical segmentation of metropolitan condominium markets, which provides useful information to local policymakers, financial institutions, real estate developers, and real estate portfolio managers. The limitations of the research is the identification of the underlying sources for the convergence clubs identified due to the availability of monthly data for a number of potential variables. The absence of overall convergence in condominium prices, but the emergence of distinct convergence clubs that reflects the geographical segmentation of metropolitan condominium markets raises the potential for portfolio diversification. Unlike previous studies that have focused on single-family housing, this is the first study to examine the convergence of metropolitan area condominium prices.