• 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.
    • 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.
    • 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.
    • 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.
    • The role of government intervention in financial development: micro‐evidence from China

      Apergis, Nicholas; Fu, Tong; Feng, Lingbing; Tao, Hu; Yan, Wu; University of Finance and Economics, China; University of Derby (Wiley, 2019-10-19)
      This paper distinguishes between different forms of government intervention upon a firm, including the firm’s tax burden, sales to the government and state shares. We investigate how these types of government intervention affect micro‐financial development. With evidence from China, we confirm that the micro‐financial development is promoted by the firm’s tax burden and sales to the government but constrained by the firm’s state shares. The findings remain robust to the endogeneity issue. The findings offer applications for government policies or a firm’s financing strategies.
    • 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.
    • Re-evaluating supply chain integration and firm performance: linking operations strategy to supply chain strategy

      Wiengarten, Frank; Li, Huashan; Singh, Prakash J.; Fynes, Brian; Ramon Llull University, Barcelona, Spain; University of Melbourne; University College Dublin (Emerald, 2019-06-11)
      This paper aims to explore the performance implications of supply chain integration (SCI) taking a strategic perspective. Thus, this paper is set to provide answers to the following research questions: Does a higher degree of SCI always lead to greater firm performance improvements? As the answer to this question is likely to be no, the authors explore the performance implications from a strategic perspective: Is the SCI–performance relationship contingent on a company’s competitive priorities (i.e. operations strategy)? The authors explore their questions through multiple quasi-independent data sets to test the impact of SCI on firm performance. Furthermore, the authors provide a more nuanced conceptual and empirical view to explore the previously uncovered contradictory results and contingent relationship challenging the “more integration equals higher firm performance” proposition. The results only provide partial support for the proposition that more integration is always beneficial in the supply chain context. The authors also identified that the impact of SCI on financial performance is contingent on a company’s competitive priorities. This study provides a much-needed comprehensive assessment of the SCI–performance relationship through critically re-evaluating one of the most popular propositions in the field of supply chain management. The results can be extrapolated beyond the dyad, as the authors conceptualise integration simultaneously from an upstream and downstream perspective.
    • 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.
    • Sensitivity of economic policy uncertainty to investor sentiment

      Rehman, Mobeen Ur; Apergis, Nicholas; University of Piraeus; University of Derby; Institute of Science and Technology Islamabad, Pakistan (Emerald, 2019-06-24)
      A series of global financial crises in 21st century, steep economic decline and slow recoveries have intensified the concern of regulatory bodies for economic policy certainty. This study explores the effect of investor sentiment on economic policy uncertainty (EPU), spanning the period 1995-2015. The analysis is carried out for Asian, Developed and the European market samples by applying the method of quantile regressions. The findings document the presence of a negative impact of investor sentiment on EPU. Robustness analysis illustrates the validity of the results for the cases of Asian and Developed markets.
    • Monetary policy and the gender pay gap: Evidence from UK households

      Apergis, Nicholas; Hayat, Tasawar; Kadasah, Nasser; University of Derby; King Abdulaziz University (Taylor & Francis, 2019-04-16)
      This paper studies how monetary policy decisions affect the gender pay gap across UK households through a survey database. The results signify the impact of monetary policy shocks on the gap; monetary authorities’ decisions carry welfare effects for households through their pay income.
    • Modeling the time varying volatility of housing returns: Further evidence from the U.S. Metropolitan condominium markets

      Apergis, Nicholas; Payne, James; University of Derby; University of Texas, El Paso (Wiley, 2019-04-22)
      This study extends the literature on modeling the volatility of housing returns to the case of condominium returns for five major U.S. metropolitan areas (Boston, Chicago, Los Angeles, New York, and San Francisco). Through the estimation of ARMA models for the respective condominium returns, we find volatility clustering of the residuals. The results from an ARMA-TGARCH-M model reveal the absence of asymmetry in the conditional variance. Dummy variables associated with the housing market collapse unique to each metropolitan area were statistically insignificant in the conditional variance equation, but negative and statistically significant in the mean equation. Condominium markets in Los Angeles and San Francisco exhibit the greatest persistence to volatility shocks.
    • Contagion across US and EU financial markets: Evidence from the CDS markets

      Apergis, Nicholas; Christou, Christina; Kynigakis, Jason; University of Derby; Open University of Cyprus; University of Kent (Elsevier, 2019-05-02)
      This study investigates whether contagion occurred during the recent global financial crisis across EU and US financial markets. The methodology used to test for contagion is the Forbes and Rigobon cross-correlation test, the Li and Zhu non-parametric test, the Fry et al. coskewness test and the Hsiao cokurtosis and covolatility tests. These tests are applied to a set of bank sector CDS, insurance sector CDS, sovereign bonds, equity and volatility indices. The findings indicate significant evidence of contagion, especially through the channels of higher order moments.
    • 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.
    • The relationship between investments in lean practices and operational performance: exploring the moderating effects of operational intellectual capital

      Onofrei, George; Fynes, Brian; Wiengarten, Frank; Humphreys, Paul; Prester, Jazna; University College Dublin (Emerald, 2019-05-03)
      Prior research has shown that operational intellectual capital (OIC) and investments in lean practices (ILP) lead to better operational performance. However, there has been no empirical studies on the synergetic effects between OIC components and ILP. More specifically, the question: can the efficacy of ILP be increased through OIC has not been studied. Accordingly, the purpose of this study is to report the empirical results of potential synergetic effects between operational intellectual capital (OIC), as a knowledge-based resource, and ILP. The empirical data used for this study was drawn from the fifth round of the Global Manufacturing Research Group (GMRG) survey project (with data collected from 528 manufacturing plants). The hypotheses are empirically tested using three ordinary least square (OLS) models. Our findings highlight the importance of leveraging a system of complementary knowledge based resources (OIC dimensions) and addresses the need for the reformulation of lean theory in terms of the emergent knowledge-based view (KBV) of the firm. The results facilitate greater understanding of the complex relationship between ILP and operational performance. Building on the contribution of Menor et al. (2007), we argue that OIC represents a strategic knowledge based resource that is valuable, hard to imitate or substitute and when leveraged effectively, generates superior operational and competitive advantage.From a managerial standpoint, this study provides guidelines for managers on how to leverage OIC to enhance the efficacy of ILP. We argue that firms consider investing in OIC to increase the return from ILP, which in turn will enhance their operational performance and provide competitive advantage. Our findings provide strong evidence of the importance of human, social and structural capital to enhance the efficacy of ILP. This is the first research paper that extends the application of intellectual capital theory in lean literature, and argues that the operational intellectual capital contributes to the efficacy of ILP. The analysis facilitates greater understanding of the complex relationship between OIC dimensions, ILP and operational performance.
    • Prediction of financial distress for multinational corporations: Panel estimations across countries.

      Apergis, Nicholas; Bhattacharya, Mita; Inekwe, John; University of Piraeus; Monash University; Macquarie University (Taylor & Francis, 2019-03-21)
      This research predicts ex-ante financial distress and analyses the link between financial distress, performance, employment, and research and development (R&D) investment in the case of multinational companies (MNCs). The conditional logit and hazard models are employed to predict financial distress, while a conditional mixed process model is employed to obtain consistent and efficient estimates. Financial distress generates contractions in performance, employment, and R&D investment. Hedging against risk mitigates the effect of financial distress on R&D. Our findings vary across countries, for example, we find MNCs in Canada, Israel and the U.S. benefit from hedging against risk. The findings also indicate that ex-ante financial distress is detrimental to employment for Canada, the U.K., the Netherlands and the U.S. The findings indicate the MNCs play different roles across countries in contributing jobs, investment in R&D during the distress period.
    • 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.
    • Are shocks to natural gas consumption temporary or permanent? Evidence from a panel of U.S. states

      Apergis, Nicholas; Loomis, David; Payne, James; University of Piraeus; Illinois State University; Illinois State University (Elsevier, 2010-08)
      This short communication examines whether or not U.S. natural gas consumption follows a stationary process. Unlike previous research that has focused on regional country or industrial sector-based panel studies, this study undertakes a sub-national investigation of natural gas consumption for the 50 U.S. states. Levin et al. (2002), Im et al. (2003), Maddala and Wu (1999), and Hadri (2000) panel unit root and stationarity tests reveal that natural gas consumption is integrated of order one. However, once allowance is made for endogenously determined structural breaks, the Carrion-i-Silvestre et al. (2005), Im et al. (2005), and Westerlund (2005) panel unit root and stationarity tests indicate that natural gas consumption is integrated of order zero. Discussion of the structural breaks is briefly surveyed in relation to the natural gas industry’s response to legislative actions.
    • 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.
    • International technology spillovers, human capital and productivity linkages: evidence from the industrial sector

      Apergis, Nicholas; Economidou, Claire; Filippidis, Ioannis; University of Piraeus; University of Utrecht; Aristotelian University of Thessaloniki (Springer, 2009-11)
      The paper estimates an empirical model that is consistent with a variety of Research and Development (R&D)-driven models of growth where technology is transmitted via trade to other industries, both domestically and internationally, by being embodied in differentiated intermediate goods. The evidence is based on data from 21 manufacturing industries in six European Union countries for the period 1980–1997. The contribution of the paper lies in showing how by including human capital in the model and employing suitable econometric procedures the magnitude of R&D spillovers reported in the existing literature can be affected, while pointing to a major role of human capital in economic growth process.
    • The emissions, energy consumption, and growth nexus: Evidence from the commonwealth of independent states

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2010-01)
      This study examines the causal relationship between carbon dioxide emissions, energy consumption, and real output within a panel vector error correction model for eleven countries of the Commonwealth of Independent States over the period 1992–2004. In the long-run, energy consumption has a positive and statistically significant impact on carbon dioxide emissions while real output follows an 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 carbon dioxide 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 carbon dioxide emissions.