• The bank lending channel and monetary policy rules for Eurozone banks: further extensions

      Apergis, Nicholas; Miller, Stephen; Alevizopoulou, Effrosyni; Curtin University; University of Nevada Las Vegas; University of Piraeus (De Gruyter, 2014-06-12)
      The monetary authorities affect macroeconomic activity through various channels of influence. This paper examines the bank lending channel, which considers how central bank actions affect the loan supply through its main indicator of policy, the real short-term interest rate. This paper employs the endogenously determined target interest rate, emanating from the European Central Bank’s monetary policy rule, to examine the operation of the bank lending channel. Furthermore, it examines whether different bank-specific characteristics affect how Eurozone banks react to monetary shocks. That is, do sounder banks react more to the monetary policy rule than less-sound banks? The paper finds evidence of an active and statistically and economically significant bank lending channel for the Eurozone between 2000 and 2009.
    • Banking development and energy consumption: Evidence from a panel of Middle Eastern countries

      Aslan, Alper; Apergis, Nicholas; Topcu, Mert; Nevsehir University; Curtin University; Nevsehir Haci Bektas Veli University (Elsevier, 2014-06-21)
      Since the late 1990s, much scholarly work has been done in the field of energy economics on the nexus between economic growth and energy consumption. Over the last decade, however, the literature has been recompiled through examining the relationship between energy consumption and a set of variables by referring to the implicit role of economic growth. Based upon finance-energy nexus, this paper attempts to investigate the linkage between the banking development and energy consumption for a panel of seven Middle Eastern countries using panel cointegration and causality techniques over the period 1980–2011. Panel cointegration results show a long-run relationship between energy consumption, income, energy prices and banking sector development indicators. FMOLS (Fully Modified OLS) results reveal that all banking sector indicators affect energy demand positively in the long-run and the impact range falls between 0.169 and 0.396. In terms of causality, there is evidence of a one way short-run relationship from banking expansion to energy consumption while long-run dynamics indicate a bi-directional feedback relationship. These results have some implications for energy and environmental policy. One main implication is that energy conservation policies may be implemented with little or no adverse impact on financial development in the short-run whereas they might become detrimental in the long-run.
    • The behaviour of interest rate spreads prior to and after the financial crisis: evidence across OECD countries.

      Apergis, Nicholas; Cooray, Arusha; University of Piraeus; University of New South Wales (Wiley, 2018-03-09)
      This study investigates the impact of the 2008 global financial crisis on interest rate spreads across OECD countries, using a number of panel methodological approaches, over the 1990–2015 period. We examine the differential impact of the global financial crisis on interest rate spreads by dividing the sample period into two, i.e. the period prior to and after the crisis. Having identified and estimated the impact of a number of drivers on interest rate spreads, the findings document that after the 2008 financial crisis, the sensitivity of spreads to its determinants turn out to be statistically significant and incorporate credit risk to a greater extent. The findings survive a number of robustness checks. The policy implications of the empirical findings are also discussed.
    • Behavioural competencies of sustainability leaders: An empirical investigation

      Knight, Beth; Paterson, Fred; University of Derby; University of Cambridge (Emerald, 2018-05-14)
      Purpose: Our world faces greater environmental, social and governance challenges than ever before and a growing number of organisations are establishing sustainability functions, strategies and plans in an effort to address these complex issues. However, limited research exists on the critical behavioural competencies required to maximise leadership impact on sustainability initiatives. With the stakes so high and the task so complex, this empirical study identifies key behavioural competencies of corporate sustainability leaders and sets out a model for assessing these behavioural competencies. Design: Based on a review of the empirical literature, the study sets out five competency groupings, which informed a hypothesis. This was tested quantitatively via a self-report tool that enabled a quantitative analysis of behavioural competencies. Contributions from 97 participants were triangulated with data collected from colleagues who rated the participants on the same set of competencies. Findings: Ten critical and ten prominent behaviours of Sustainability Leaders in five competency groupings were idenified. The analysis also explored how the business sector, location, years of experience and level of qualification impacted upon the sample Sustainability Leaders’ perceived effectiveness. Research limitiation/implications: The sample size means that the competency model derived from the findings should be seen as propositional and requiring further validation. Impact measures would add considerable robustness to the findings. Practical implications: The research offers a means to better focus and tailor leadership development experiences and as a tool for the recruitment of Sustainability Leaders. Originality/value: The study is based on a robust quantitative approach, and the behavioural competency model developed as a result provides a tool for Sustainability Leaders to map current behaviours and monitor their progress over time. Keywords: Corporate social responsibility; sustainability; leadership; behavioural competency; leadership development Paper type: Research paper
    • Book review: Ethnicity and gender at work

      Foster, Carley; Nottingham Trent University (Emerald, 2009)
    • Budget deficits and exchange rates: further evidence from cointegration and causality tests

      Apergis, Nicholas; University of Macedonia (Emerald Group Publishing Limited, 1998)
      ttempts to examine the relationship between budget (or public) deficits and exchange rates in eight OECD countries, namely Germany, the UK, Switzerland, Belgium, the Netherlands, Italy, France, and Canada over the period 1980‐1995 by using quarterly data and the methodologies of cointegration, long‐run causality and Granger (or short‐run) causality tests. The empirical findings provide evidence in favour of the association between exchange rates and budget deficits with the impact of these deficits on the exchange rate, however, not being uniform. In certain cases budget deficits seem to have led to a currency depreciation, while in others to a currency appreciation.
    • 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.
    • Building career capital: Helping workers to enhance career mobility in uncertain times

      Wond, Tracey; Brown, Cathy; University of Derby; Evolve Consulting Services (Sciendo, 2019-01-17)
      There is evidence that organisational career role holders are changing roles more frequently. Despite this, career theories such as the career capital lens have so far neglected this role transition context. By adopting the lens of career capital theory specifically, this paper explores what aspects of career capital roleholders need to facilitate their own voluntary, sideward or upward role transitions. Drawing upon an interpretivist approach and using event-based narrative interviews, this study explores the experiences of 36 business leaders who have undertaken a recent role transition within a large UK construction business. By applying this novel career capital lens, the paper empirically characterises those aspects of career capital important to internal role transitions and com-pares it to existing mainstream career capital theory. The study is original in that career capital has not been applied before in this increasingly importanttransition context. Surprisingly, whilst the study demonstrates that career capital eases transitions, it also recognises a ‘dark side’ – career capital aspects that hinder internal movement.
    • Building career mobility: A critical exploration of career capital

      Brown, Cathy; Wond, Tracey; University of Derby (NICEC, 2018-10)
      Work transitions can be stressful to those who experience them, and yet are happening more frequently, as the notion of a job for life fades. Ensuring smooth and successful work transitions is therefore in the direct interests of individuals and, indirectly, employers. Using the career capital construct, this article explores how work transitions can be better negotiated by individuals. After introducing career capital, the article progresses to critically review two theoretical frameworks of career capital. To illustrate the discussion, one individual, a business leader in a wider study we are undertaking, is introduced to exemplify and illuminate our discussion of career capital. The article concludes by offering strategies to support career capital development.
    • Building routines for non-routine events: Supply chain resilience learning mechanisms and their antecedents.

      Scholten, Kirstin; Sharkey Scott, Pamela; Fynes, Brian; University College Dublin; University of Groningen; Dublin City University (Emerald., 2019)
      Organisations must build resilience to be able to deal with disruptions or non-routine events in their supply chains. While learning is implicit in definitions of supply chain resilience, there is little understanding of how exactly organisations can adapt their routines to build resilience. The aim of this study is to address this gap. An in-depth qualitative case study based on 28 interviews across five companies exploring learning to build supply chain resilience. This study uncovers six learning mechanisms and their antecedents that foster supply chain resilience. The learning mechanisms identified suggest that, through knowledge creation within an organisation and knowledge transfer across the supply chain and broader network of stakeholders, operating routines are built and/ or adapted both intentionally and unintentionally during three stages of a supply chain disruption: preparation, response and recovery. This study shows how the impact of a supply chain disruption may be reduced by intentional and unintentional learning in all three disruption phases. By being aware of the antecedents of unintentional learning organisations can more consciously adapt routines. Furthermore, findings highlight the potential value of additional attention to knowledge transfer, particularly in relation to collaborative and vicarious learning across the supply chain and broader network of stakeholders not only in preparation for, but also in response to and recovery from disruptions. This study contributes novel insights about how learning leads both directly and indirectly to the evolution of operating routines that help an organisation and its supply chains to deal with disruptions. Results detail six specific learning mechanisms for knowledge creation and knowledge transfer and their antecedents for building supply chain resilience. In doing so, this study provides new fine grained theoretical insights about how supply chain resilience can be improved through all three phases of a disruption. Propositions are developed for theory development.
    • Can (unusual) weather conditions in New York predict South African stock returns?

      Apergis, Nicholas; Gupta, Ragan; University of Piraeus; University of Pretoria (Elsevier, 2017-05-03)
      This paper investigates the explanatory power of certain weather variables, measured as deviations from their monthly averages, in a leading international financial trading centre, i.e., New York, for South African stock returns, over the daily period January 2nd, 1973 to December, 31, 2015. The empirical results highlight that these unusual deviations of weather variables have a statistically significant negative effect on the stock returns in South Africa, indicating that unusual weather conditions in New York can be used to predict South African stock returns, which otherwise seems to be highly unpredictable. In fact, a forecasting exercise recommends that a trading rule that considers those weather variables through a GARCH modelling approach seems to outperform the random walk model and thus beat the market.
    • Can gold prices forecast the Australian dollar movements?

      Apergis, Nicholas; University of Piraeus (Elsevier, 2014-05-07)
      This paper explores whether gold prices have a reliable out-of-sample relationship with the Australian dollar/US dollar nominal and real exchange rates using daily and quarterly data, respectively, spanning the period 2000–2012. Through an Error Correction Model (ECM), the empirical findings suggest that the out-of-sample predictive ability is strong and robust across short- and long-run horizons. The results could offer informational availability for monetary policymakers, hedge fund managers and international portfolio managers. They also provide additional support to the hypothesis that both markets are driven by the same information sets.
    • Can I help you? Exploring service quality in a health and beauty retailer

      Resnick, Sheilagh; Foster, Carley; Nottingham Trent University (2010)
    • 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.
    • 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.
    • Career capital: Building our mobility within an evolving world of work.

      Brown, Cathy; Wond, Tracey; University of Derby (The Career Development Institute, 2018-04)
    • Career progression and the part-time worker in the UK retail sector

      Harris, Lynette; Foster, Carley; Whysall, P.; Nottingham Trent University (2006)
    • Causality between energy consumption and GDP in the U.S.: evidence from wavelet analysis.

      Aslan, Alper; Apergis, Nicholas; Yildirim, Selim; Nevsehir University; University of Piraeus; Anadolu University (Springer, 2013-12-02)
      This study investigates the dynamic causal relationship between energy consumption and economic growth in the U.S. at different time scales. The main novelty of the study is that this paper complements the existing studies on the nexus between energy consumption and economic growth by employing the wavelet transformation to obtain different time scales in order to investigate causality between energy consumption and economic growth. This method is first developed by Ramsey and Lampart. Their approach consists of first decomposing the series into time scales by wavelet filters and testing causality of each time scale with the pertinent time scale of the other series separately. The data span from 1973q1 to 2012q1 on a quarterly basis. The main empirical insight is that the causal relationship is stronger at finer time scales, whereas the relationship is less and less apparent at longer time horizons. The results indicate that energy consumption causes economic growth, while the reverse is not true at the original frequency of the data. At the very finest scale the same result arises. However, at coarser scales feedback is observed. In particular, at intermediate time scales the evidence indicates that energy consumption causes economic growth, while the reverse is also true. These empirical findings are expected to be of high importance in terms of the effective design and implementation of energy and environmental policies, especially when a number of countries in the pursuit of high economic growth targets do not pay any serious attention on environmental issues.
    • CO2 emissions, energy usage, and output in Central America

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2009-08)
      This study extends the recent work of Ang (2007) [Ang, J.B., 2007. CO2 emissions, energy consumption, and output in France. Energy Policy 35, 4772–4778] in examining the causal relationship between carbon dioxide emissions, energy consumption, and output within a panel vector error correction model for six Central American countries over the period 1971–2004. In long-run equilibrium energy consumption has a positive and statistically significant impact on emissions while real output exhibits the inverted U-shape pattern associated with the Environmental Kuznets Curve (EKC) hypothesis. The short-run dynamics indicate unidirectional causality from energy consumption and real output, respectively, to emissions along with bidirectional causality between energy consumption and real output. In the long-run there appears to be bidirectional causality between energy consumption and emissions.
    • Coal consumption and economic growth: Evidence from a panel of OECD countries

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2010-03)
      This study examines the relationship between coal consumption and economic growth for 25 OECD countries within a multivariate panel framework over period 1980–2005. The Larsson et al. (2001) panel cointegration test indicates there is a long-run equilibrium relationship between real GDP, coal consumption, real gross fixed capital formation, and the labor force. The respective coefficients for real gross fixed capital formation and the labor force are positive and statistically significant whereas the coefficient for coal consumption is negative and statistically significant. The results of the panel vector error correction model reveal bidirectional causality between coal consumption and economic growth in both the short- and long-run; however, the bidirectional causality in the short-run is negative.