• The Feldstein-Horioka puzzle and exchange rate regimes: Evidence from cointegration tests

      Apergis, Nicholas; Alexakis, Panagiotis; Kyranis Securities; University of Aegean (Elsevier, 1994-10)
      Many economists specialized in international finance claim that international capital markets are highly integrated (at least during the flexible exchange rate era). The main consequence of the above claim is that there is no longer any close relationship between investment and savings decisions. In other words, the close link between savings and investment ceases to exist under perfect capital mobility. Therefore, we construct a general equilibrium optimization model that is capable of generating artificial (model) data for savings and investment. Then, using the methodology of cointegration testing on these artificial data, we test whether there exists or not any link between savings and investment. The test is implemented between two different exchange rate regimes, that is, that of the Bretton Woods and that of the floating or flexible exchange rate regime. The results from the empirical analysis provide support for integrated capital markets over the second exchange rate era in the case of the United States of America.
    • Female career progression in retailing

      Foster, Carley; Whysall, P.; Harris, Lynette; Nottingham Trent University (Emerald Group Publishing Limited, 2007)
      Abstract: Purpose – The aim of this paper is to highlight the factors that limit and support female career progression in the retail industry. Design/methodology/approach – The research used a combination of quantitative and qualitative research methods. Data were collected from employees and managers working in 31 stores belonging to national stores operating in the East Midlands as well as ten SME independent retailers based in the region. Findings – The women in this study can be categorised into those women who are not interested in pursuing a career in retail, those that seek promotion but have difficulties balancing the demands of their work and domestic circumstances and those who have actively pursued a career in the industry. Despite these categorisations, the study suggests that the career progression of all female staff is helped and hindered by a number of interrelating factors, such as whether they have a role model, are loyal to the store they work in or have children. Practical implications – It is proposed that career initiatives in retailing need to be more adaptable so that they take account of the different development needs of these three types of women. Originality/value – This is a large-scale study that uses a mixed method approach and considers the opinions of store staff working in a range of roles.
    • Female entrepreneurial networking in the marketing services sector

      Foster, Carley; Brindley, Clare; University of Derby (Emerald, 2018-04-09)
      Networking is a key element of entrepreneurial and SME activity. The skills required to network share similarities to those of a marketer and can be associated with feminine traits, such as relationship building. Yet, little is known about how female SME marketers engage in networking. This study aims to address this gap by exploring how self-employed female services marketers build, use and value networks over the lifetime of their business. In-depth narrative interviews were conducted with 26 self-employed women working in the UK marketing services sector. Template analysis was used to analyse the materials. A model encapsulates the fluid nature of the networking activity throughout the lifetime of the participants’ businesses by illustrating which networks the women used and their perceived value. Networking led to multi-directional outsourcing opportunities and philanthropic marketing activity, all of which supported the success of the SME. Despite support from family, friends and the community, these were not regarded as networks by the women. At the individual level, insights are offered into which networking activity is more valuable for female entrepreneurs working in the sector. For policymakers, the study indicates that participants did not see value in the formal, government networks and the women did not engage with professional bodies. More creative solutions to supporting female marketing entrepreneurs are required. The study is original, in that it offers qualitative insights into how self-employed female marketers use and value networks throughout the lifetime of their business. It concentrates on one sector (marketing services) and so answers criticisms that studies in entrepreneurship do not consider specific sectors. In contrast to studies which focus on one stage of the business lifecycle, this research contributes to a holistic, longitudinal understanding of entrepreneurial female networking activity in marketing. More generally, it contributes to the paucity of literature which explores the reality of working in the marketing services sector
    • Financial Deepening and Economic Growth Linkages: A Panel Data Analysis

      Apergis, Nicholas; Fillipidis, Ioannis; Economidou, Claire; University of Piraeus; University of Piraeus; University of Utrecht (Springer, 2007-04)
      The paper examines whether a long-run relationship between financial development and economic growth exists employing panel integration and cointegration techniques for a dynamic heterogeneous panel of 15 OECD and 50 non-OECD countries over the period 1975–2000. Three different measures of financial deepening are used to capture the variety of different channels through which financial development can affect growth. Our findings support the existence of a single long-run equilibrium relation between financial deepening, economic growth and a set of control variables. Further, the evidence points to a bi-directional causality between financial deepening and growth.
    • Financial experts on the board: does it matter for the profitability and risk of the u.k. banking industry?

      Apergis, Nicholas; University of Derby (Wiley., 2019-01-13)
      This paper explores the relation between board-level financial expertise, the profitability and the risk profile with panel data from the UK banking industry. The empirical findings document that collectively, financial experts have a positive influence on the performance outcomes of banks, they contribute to higher risks, especially in the case of large banks, while they improve the stock performance of the associated banks. Moreover, the results highlight that board-level qualified accountants have no statistical effect on that profitability, while such a positive link is established for the case of financial and banking professors, as well as for financial experts from other industries. Such findings imply that these two groups of professional financial experts may be easier adopted at group-level profits enhancement. Robustness checks confirm the results for all types of banking institutions, except those with a strong real-estate activity portfolio. Finally, certain commercial and/or policy implications of the results are reported.
    • Financial portfolio choice: Do business cycle regimes matter? Panel evidence from international household surveys.

      Apergis, Nicholas; Curtin University (Elsevier, 2014-11-06)
      This study investigates how business cycles regimes can explain financial portfolio decisions across investors and countries, given a number of idiosyncratic characteristics. In particular, the empirical strategy studies the relationship between risky asset shares and linear and nonlinear business cycles. The empirical part employs data from household surveys in the U.K., France, Germany, Japan, the Netherlands, Sweden, Norway, Denmark, Italy, Switzerland, Canada, Australia and New Zealand for the period of 1998–2012. The analysis provides evidence that while a linear framework does not provide a statistically significant association between business cycles and decisions in risky investments, a nonlinear business cycles context leads investors to decrease their risky investments stronger during recessions than they increase them during booms, lending support to the hypothesis of interaction between financial risks and other determinants. The results are expected to signal interesting flashing points not only to market participants and portfolio managers, but mainly to policy makers and the way their economic policy decisions affect the working of financial markets.
    • FINANCIAL STRUCTURE AND INDUSTRIAL STRUCTURE

      Apergis, Nicholas; Antzoulatos, Angelos; Tsoumas, Chris; University of Piraeus; University of Piraeus; University of Piraeus (Wiley, 2010-10-12)
      This paper explores the relationship between financial structure and industrial structure in a panel cointegration framework, using annual data for 29 countries and 28 industrial sectors for the period 1990–2001. The results indicate that financial structure is to a significant extent related to industrial structure in the long run, yet their relationship is partly consistent with the industrial sectors' technological orientation postulated by the theoretical literature. It is in line, however, with the so‐called ‘financial services view’ that stresses the importance of a well developed financial system for growth, irrespective of its structure. In addition, the results indicate that financial structure does not seem to play a role in a sector’s performance relative to GDP.
    • Financing clean energy projects through domestic and foreign capital: the role of political cooperation among the EU, the G20 and OECD countries

      Paramati, Sudharshan Reddy; Apergis, Nicholas; Ummalla, Mallesh; Jiangxi University of Finance and Economics; University of Piraeus; University of Hyderabad (Elsevier, 2016-11-12)
      There is a growing concern among both individuals and policy makers in relevance to increasing CO2 emissions across the world. As a result, international organizations have started to pressurize economies to minimize their carbon emissions by increasing the share of clean energy consumption in total energy use. Hence, the goal of this paper is to empirically explore to what extent both domestic (stock market) and foreign (FDI inflows) capital affect clean energy uses across the EU, the G20, and OECD, spanning the period 1993–2012. The results of long-run elasticities document that both FDI and stock market developments play a significant role in promoting clean energy uses across all three-country groups. The results also suggest that clean energy consumption has a considerable positive and negative effect on economic output and CO2 emissions, respectively, while the political globalization has a substantial negative impact on carbon emissions across the EU, the G20 and OECD economies.
    • Food price volatility and macroeconomic factor volatility: 'heat waves' or 'meteor showers'?

      Apergis, Nicholas; Rezitis, Antonios; University of Ioannina; University of Ioannina (Taylor & Francis, 2010-10-06)
      This paper investigates volatility spillover effects between relative food prices and explicit macroeconomic fundamentals, i.e. exchange rates, money balances, inflation, and the deficit to income ratio, through the methodology of GARCH models. The findings showed that significant and positive macroeconomic volatility effects influence the volatility of relative food prices. Moreover, the volatility of relative food prices exerts a positive and statistically significant impact on its own volatility. The results imply that the participation of Greece in EMU will diminish the volatility of those macroeconomic factors, implying lower volatility in food prices and thus higher benefits for both producers and consumers.
    • Forecasting Credit Default Swaps (CDSs) spreads with newswire messages: Evidence from European countries under financial distress.

      Apergis, Nicholas; Northumbria University (Elsevier, 2015-09-10)
      This study explores the forecasting performance of newswire messages, revealed by newspaper articles, for CDS. Five European countries with sovereign debt problems, daily data spanning the period 2009–2012, and ARIMA and ARIMAX modeling support the superiority of the ARIMAX model.
    • From equal opportunities to diversity management

      Foster, Carley; Harris, Lynette; Leopold, J; Nottingham Trent University (Prentice HallHarlow, 2009)
    • From equal opportunities to diversity management

      Foster, Carley; Harris, Lynette; Leopold, J; Nottingham Trent University (Prentice HallHarlow, 2005)
    • Gendered perceptions of sales staff in DIY retailing

      Foster, Carley; Nottingham Trent University (2004)
    • Gendered retailing: a study of customer perceptions of front line staff in the DIY sector

      Foster, Carley; Nottingham Trent University (Emerald, 2004)
      This paper reports findings from a small scale study exploring the role gender plays in the interactions between customers and front-line staff in DIY retailing. Drawing on materials gathered through observations, informal discussions with staff and focus groups, this study suggests that “maleness” pervades many aspects of DIY retailing. For the respondents the image of the case retailer, B&Q, and the products sold had male connotations. Furthermore, male customers perceived male customer-facing staff to have better knowledge of technical DIY than female employees, even though this was not always the case. Given the rising interest from women in home improvements, it would appear that measures need to be put in place to create a more “inclusive” DIY store environment for female customers, and one that challenges the stereotypical assumptions held by many male home improvement customers.
    • Gendered retailing: a study of customer perceptions of front line staff in the DIY sector

      Foster, Carley; Nottingham Trent University (Emerald, 2004)
      This paper reports findings from a small scale study exploring the role gender plays in the interactions between customers and front-line staff in DIY retailing. Drawing on materials gathered through observations, informal discussions with staff and focus groups, this study suggests that “maleness” pervades many aspects of DIY retailing. For the respondents the image of the case retailer, B&Q, and the products sold had male connotations. Furthermore, male customers perceived male customer-facing staff to have better knowledge of technical DIY than female employees, even though this was not always the case. Given the rising interest from women in home improvements, it would appear that measures need to be put in place to create a more “inclusive” DIY store environment for female customers, and one that challenges the stereotypical assumptions held by many male home improvement customers.
    • Global HR IT development teams as liminal teams

      Tansley, Carole; Williams, Hazel; Foster, Carley; Nottingham Trent University (2008)
    • Globalisation, economic growth and energy consumption in the BRICS region: the importance of asymmetries.

      Shahbaz, Muhammad; Shahzad, Syed Jawad Hussain; Alam, Shaista; Apergis, Nicholas; Montpelier Business School; COMSATS Institute of InformationTechnology; University of Karachi; University of Piraeus (Taylor & Francis, 2018-06-19)
      This paper examines the asymmetric impact of globalisation and economic growth on energy consumption in BRICS countries, applying the NARDL bounds approach to explore the presence of asymmetric cointegration across variables. The empirical results reveals that energy consumption is positively and negatively affected by the positive and negative globalisation shocks, respectively. A positive shock in economic growth promotes energy consumption, while a negative shock reduces energy consumption.
    • Good volatility, bad volatility: what drives the asymmetric connectedness of Australian electricity markets?

      Apergis, Nicholas; Baruník, Jozef; Lau, Chi Keung Marco; University of Piraeus; Charles University; Northumbria University (Elsevier, 2017-06-22)
      Efficient delivery of network services and the electricity infrastructure to meet the long-term consumer's interests are the main objectives and the strategies of a national electricity market, while the main interests of generators are to maximize their profit through pricing strategies. Therefore, the objective of this study is to explore whether electricity prices across the four Australian States display symmetric price volatility connectedness. The study is the first attempt in the literature to make use of intraday 5-min Australian dispatch electricity prices, spanning the period December 8th, 1998 to May 5th, 2016 to quantify asymmetries in volatility connectedness emerging from good, and bad volatility. The results provide supportive evidence that the Australian electricity markets are connected asymmetrically implying the presence of some degree of market power that is exercised by generators across regional electricity markets.
    • Green human resource management and environmental cooperation: An ability-motivation-opportunity and contingency perspective

      Yu, Wantao; Chavez, Roberto; Feng, Mengying; Wong, Chee Yew; Fynes, Brian; University of Roehampton; winburne University of Technology, Hawthorn, Victoria, 3122, Australia; Chongqing Jiaotong University Xufu Dadao, Nanan District, Chongqing, China; University of Leeds; University College Dublin (Elsevier, 2019-06-18)
      This study examines the value of green human resource management (GHRM) in supporting environmental cooperation with customers and suppliers, and the moderating roles of internal green supply chain management (GSCM). A survey of 126 automobile manufacturers in China is analysed using moderated regression analysis, based on a proposed conceptual model grounded in ability–motivation–opportunity (AMO) theory and contingency theory (CT). The results reveal that GHRM is significantly and positively related to environmental cooperation with customers and suppliers, and that the relationships are significantly moderated by internal GSCM. HRM practitioners are advised to develop GHRM practices that provide training (ability), incentive (motivation), and conductive environment (opportunity) to help implement environmental collaboration, while SCM practitioners may improve internal GSCM to strengthen the effects of GHRM. This study clarifies key GHRM practices that contribute to GSCM, and advances related research by developing and testing an overarching model to explain such synergies and the moderating role of internal GSCM.
    • 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.