• 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.
    • 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 role of rare earth prices in renewable energy consumption: the actual driver for a renewable energy world

      Apergis, Nicholas; Apergis, Emmanuel; University of Kent; University of Piraeus (Elsevier, 2016-12-30)
      This study examines, for the first time in the energy issues literature, the long-run relationship between rare earth prices and the consumption of energy from renewables. The study applies standard time series econometric methodologies and monthly data in relevance to regional and income classification groups of countries, spanning the period 2004–2016. The empirical findings indicate the presence of a long-run relationship between these variables, but for certain rare earths and regions. The findings survive a multivariate robustness test, while they are expected to be of substantial importance for the world community, given that a few countries have control of those materials. The importance is lying on the need to establish a global green energy environment.
    • The role of stock markets on environmental degradation: A comparative study of developed and emerging market economies across the globe

      Paramati, Sudharshan Reddy; Alam, Md. Samsul; Apergis, Nicholas; Jiangxi University of Finance and Economics; University of Dundee; Griffith University; University of Piraeus (Elsevier, 2017-12-17)
      It is well established in the literature that stock markets increase both economic activities and energy consumption across countries. Therefore, it is commonly believed that stock markets are expected to have a significant effect on CO2 emissions. However, it is not known whether these stock markets can contribute to more or less CO2 emissions. Hence, the goal of this study is to examine the impact of stock market indicators on CO2 emissions across a global panel of both developed and emerging market economies. The results establish that stock market indicators have a significant negative and positive impact on carbon emissions in developed and emerging market economies, respectively. Furthermore, the findings illustrate the presence of the Environmental Kuznets Curve (EKC) hypothesis, implying that stronger stock markets lead to a further decline in carbon emissions. Given these findings, the study argues that the role of stock markets in the abatement of CO2 emissions significantly varies across both developed and emerging market economies. Significant implications have to do with the fact that developed markets might have initiated effective policies on listed firms to minimize carbon emissions, while emerging markets are yet to achieve this.
    • The role of the debt-service ratio as a leading indicator of households consumption.

      Apergis, Nicholas; University of Piraeus (Wiley, 2019)
      Given that household debt raises certain concerns about the resilience of the economy, against this backdrop, this paper explores whether household debt service matters as a leading indicator for consumption. Employing data from 32 countries, spanning the period 1999-2017, the empirical analysis provides fresh information on the fact that the debt-service ratio strongly predicts consumption expenditure. The results also document that the effect of the debt-service ratio on consumer expenditure differs across types of consumer spending (durables vs nondurables vs services). In particular, the impact is strong for the case of the durable goods and weaker in the other two cases. The findings imply that debt service may serve as an important channel, running from debt to consumer spending. Finally, the results survive a number of robustness tests, while liquidity constraints seem to dominate the drivers of household consumption decisions.
    • The role of value co-creation in SME pop-up retail space: a supply-side relational stakeholder perspective.

      Foster, Carley; Brindley, Clare; Oxborrow, Lynn; Armannsdottir, Guja; University of Derby; Nottingham Trent University (2017-07-05)
      Pop-ups are regarded as temporary retail space providing an experiential experience to customers, a solution to filling empty retail units and a way for SME retailers to market test products and services. Studies exploring the pop-up phenomenon have focused upon the vale co-creation between the customer and pop-up owner. However, this paper argues that the inter-organisational relationships the pop-up has with other supply-side stakeholders can also be a source of value co-creation for the pop-up. The paper argues that inter-organisational interactions are a source of value creation helping to improve the managerial capabilities and business model of the pop-up. This in turn improves the final offering to the end consumer. The study draws upon interview data collected from landlords, local authorities, shopping centres, community representatives and pop-owners across 6 sites in the UK, Iceland and the Netherlands.
    • The role of visible diversity in retail service quality

      Foster, Carley; Resnick, Sheilagh; Nottingham Trent University (2010)
    • 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.
    • Service worker appearance and the retail service encounter: the influence of gender and age

      Foster, Carley; Resnick, Sheilagh; Nottingham Trent University (RoutledgeAbingdon, 2013)
    • Skills and knowledge of HR IS project teams: a human capital analysis

      Williams, Hazel; Tansley, Carole; Foster, Carley; Nottingham Trent University (2008)
    • Small, flexible and family friendly working in the UK service sector

      Harris, Lynette; Foster, Carley; Nottingham Trent University (2005)
    • Small, flexible and family-friendly: work practices in service sector businesses

      Harris, Lynette; Foster, Carley; Nottingham Trent University (DTILondon, 2006)
    • Spillover effects between lit and dark stock markets: Evidence from a panel of London Stock Exchange transactions.

      Apergis, Nicholas; Voliotis, Dimitrios; Northumbria University; University of Piraeus (Elsevier, 2015-06-12)
      A characteristic of today's equity markets is the fraction of trading that occurs in the dark (i.e., outside of regular and visible order books). This study extends investigation of the relationship between transactions that occurred in visible stock markets and those that occurred in dark stock markets. In particular, the study evaluates the quantitative impact of dark trading on the lit London stock market between January 2001 and December 2013. We find that dark trading has a substantial effect on both prices and liquidity in the lit market, counseling for regulation that protects ordinary investors participating in lit stock markets.
    • Stock price reactions to wire news from the European Central Bank: evidence from changes in the sentiment tone and international market indexes.

      Apergis, Nicholas; Pragidis, Ioannis; University of Derby; Democritus University of Thrace (Springer., 2019-02-18)
      This paper examines the link between changes in the sentiment tone with respect to the European Central Bank’s (ECB) announcements and stock returns. The analysis constructs a new index that describes the tone of the sentiment derived from these announcements, spanning the period January 2002 to June 2016. The novelty of this work relies on the development of a unique sentiment index associated with the messages conveyed by the ECB’s activities and the effect of this index on both the mean and the volatility of certain major international stock markets. In this context, the sentiment index is present in both the conditional mean and the volatility equations. The findings indicate a significant impact on both the mean and the volatility of returns, whereas the news sentiment/stock returns association increases in strength during the crisis period. The findings survive a robustness check based on the characteristics of the ECB governor’s personality.
    • Stock returns and inflation volatility: Evidence from developed and emerging capital markets

      Apergis, Nicholas; Alexakis, Panagiotis; Winder, Robert; University of Macedonia; University of Aegean; Christopher Newport University (Springer, 1996-02)
    • Stock returns and volatility: Evidence from the Athens Stock market index

      Apergis, Nicholas; Eleftheriou, Sofia; University of Ioannina; Thessaloniki Stock Exchange (Springer, 2001-03)
      This paper investigates the volatility of the Athens Stock excess stock returns over the period 1990–1999 through the comparison of various conditional hetero-skedasticity models. The empirical results indicate that there is significant evidence for asymmetry in stock returns, which is captured by a quadratic GARCH specification model, while there is strong persistence of shocks into volatility.
    • Structural breaks and electricity prices: Further evidence on the role of climate policy uncertainties in the Australian electricity market.

      Apergis, Nicholas; Lau, Chi Keung; University of Piraeus; Northumbria University (Elsevier., 2015-10-31)
      The primary objectives and the strategies of a national electricity market are the efficient delivery of network services and the electricity infrastructure to meet the long-term consumer's interests. Therefore, the objective of this study is to explore whether electricity prices across the six Australian States display instability. Such instability is closely associated with the presence of structural breaks in relevance to policy events on Australian carbon policies. The study makes use of weekly Australian wholesale electricity prices spanning the period from June 8th, 2008 to March 30th, 2014 along with linear and non-linear unit root testing methodologies. The results provide supportive evidence that the Australian electricity market can be described as a less stable electricity market, which implies that a high degree of market power is exercised by generators across regional markets. These findings are expected to have substantial consequences for the effectiveness of carbon dioxide mitigating policies, especially, when there is uncertainty as to whether the planned environmental policy is put in place for the lifespan of undertaken investments.
    • Structural breaks and petroleum consumption in US states: Are shocks transitory or permanent?

      Apergis, Nicholas; Payne, James; University of Piraeus; Illinois State University (Elsevier, 2010-10)
      This short communication extends the literature on the stationarity of energy consumption to the case of US petroleum consumption at the state level from 1960 to 2007. The results of Lee and Strazicich (2003) and Narayan and Popp (forthcoming) unit root tests with endogenously determined structural breaks in the intercept and slope of the trend function reveal break dates that correspond to the two OPEC oil shocks of the 1970s along with the double-dip recession of 1980–1982. The null hypothesis of a unit root in petroleum consumption is rejected for a majority of states. These results highlight the importance of recognizing the heterogeneity in the behavior of petroleum consumption across states in the formulation of energy conservation and demand management policies.
    • Talent management and the HRIS specialist: a narrative analysis

      Tansley, Carole; Foster, Carley; Nottingham Trent University (2010)