Institutional quality thresholds and the finance – Growth nexus

Using an innovative threshold estimation technique, this study examines whether the growth effect of financial development in countries with distinct levels of institutional development differs. The results demonstrate that there is a threshold effect in the finance-growth relationship. Specifically, we found that the impact of finance on growth is positive and significant only after a certain threshold level of institutional development has been attained. Until then, the effect of finance on growth is nonexistent. This finding suggests that the financial development-growth nexus is contingent on the level of institutional quality, thus supporting the idea that better finance (i.e., financial markets embedded within a sound institutional framework) is potent in delivering long-run economic development.     

Changes in perceptions of risk and competence among beginning scuba divers

The adventure experience paradigm theorizes that individuals engaging in high‐risk recreation exhibit changes in perceptions of risk and competence. While previous research has examined changes in perceptions for individuals engaged in short‐term, high‐risk recreation, there is no research examining patterns of perceptual change through extended involvement in risk recreation activities. The purpose of this study was to examine changes in perceived risk and perceived competence throughout a 14‐week basic scuba diving course. Participants (n = 57) completed the dimensions of an adventure experience (DAE) at the start and end of the course as well as before and after their first time on scuba, first open water dive, and first off shore dive. Changes in perceived risk and perceived competence were examined. Results indicated a significant decrease in perceived risk and a significant increase in both competence factors (attitudes and abilities) pre‐to‐post course and at most time intervals. Although statistically significant, changes in perceived risk and attitude may be of less practical significance (around 0.6 on a 10‐point scale). However, perceived ability increased more noticeably (2.6 on a 10‐point scale). The findings of this study support and further confirm the literature, which indicates repeated involvement in high‐risk recreation decreases participants' perceptions of risk and increases perceptions of competence. Recommendations include further study of DAE psychometrics and research on how changes in perceptions of risk and competence are related to outcomes in adventure recreation.     

Aromatic and Medicinal Plants of Tunisia: A Market Study

World demand for aromatic and medicinal plants (AMP), as well as the essential oils and extracts from these plants have been expanding because of their diversified and extensive usage. Demand for essential oils and plant extracts is driven by food flavoring industries, cosmetic and fragrance industries, and demand for industrial solvents. The principal consumers of all market classes of essential oils are the United States, Western Europe, and Japan. There are ten essential oil crops that account for 80% of the world market for essential oils. Based on the global AMP market demand, this article mainly addresses the “constraints on” and “opportunities for” expansion of this sector, which were ascertained through meetings with Tunisian AMP exporters and processors, literature reviews, and by collating responses to the Tunisian Exporter Marketing Survey. Based on these inputs, recommendations have been formulated to help capitalize Tunisia's comparative advantages to overcome the constraints and maximize opportunities.     

Social Enterprises and the Timing of Conception: Organizational Identity Tension,Management, and Marketing

Nonprofit organizations that engage in social enterprises can have difficulty reconciling the social service and business identities of their organization. In this exploratory qualitative interview study, we examine how social enterprises affect this organizational identity tension and how executive directors of nonprofits manage these multiple identities. Findings suggest that identity tension varied dependent upon the timing of conception of the social enterprise. Nonprofit leaders used different approaches to identity management and identity marketing for social enterprises: after conception and social enterprises: at conception. Initial guidance is provided about how nonprofits engaged in social enterprises can manage identity tension issues.     

The mystique of macro‐boycotting behaviour: a conceptual framework

In spite of the aim of the World Trade Organization and other international organizations to foster international trade and development by lessening protectionism agendas worldwide, there has been a rise in consumer‐boycotting behaviour at a macro level involving campaigns directed against foreign products from countries embroiled in conflicts in international relations, rather than against products from individual companies perceived to have engaged in a domestic egregious act. While campaigning at this level is becoming a more effective tool for consumer protest, as it negatively affects both the boycotted countries' macroeconomics and companies' micro‐competitiveness, consumer motivation to participate in macro‐level boycotts has so far been overlooked in the boycotting literature. This paper examines consumers' behavioural intentions to participate in macro‐boycotting campaigns within the context of an Arab country, which has recently witnessed a number of campaigns of this nature. Using the theory of planned behaviour, the findings of an exploratory qualitative study of Egyptian consumers offer insights into the motives and barriers to individual macro‐boycott participation. Findings are discussed together with managerial implications.     

A Reconceptualization of Entrepreneurial Orientation in an Emerging Market Insurance Company

The authors examine how entrepreneurial firms gain competitive advantage and hence entrepreneurial success by optimizing their dynamic capabilities. Using a single case design, incorporating in-depth interviews with key informants within an insurance company in Ghana, the authors attempt to highlight the limitations of an existing model. Their key proposition is that the growth and profitability exhibited in the case study are largely attributable to its ability to leverage its entrepreneurial orientation. They argue, therefore, that despite the ability of the resource-based view to translate into competitive advantage at the firm level, it falls short of longer-term competitive advantages and entrepreneurial success—especially in the financial services sector with homogeneous product offerings.     

HR in collaborative innovation with customers: role,alignment and challenges

Companies are engaging in collaborative innovation with their customers (CIC), but there has been no comprehensive discussion of the role of human resources (HR) in such initiatives or the challenges involved. We begin with a brief overview of CIC and the challenges for HR and then draw on different streams of research to develop a conceptual framework for the alignment of HR with CIC strategies. Theoretical foundations for the components of the framework are integrated with the discussions of its various components. We begin with a review of staffing and development practices focused on collaboration and relationship skills, as well as creativity, and collaborative- and commitment-oriented HR systems. We then discuss how HR deployment, performance management, control practices and contextual factors potentially affect the relationship between antecedent HR practices and the collaborative and innovative behaviors needed for CIC. Several challenges in aligning HR practices with CIC are explored, such as the limited supply of research talent inclined toward CIC, skills for collecting tacit knowledge, performance assessment and risk-related career implications. Other broader challenges are discussed, such as deployment, preserving internal innovation capabilities and controlling confidential information. Suggestions for overcoming challenges for HR in CIC are discussed and ideas for future research are provided.     

Financial Consumer Protection Regime in Malaysia: Assessment of the Legal and Regulatory Framework

This paper examines the status of the legal and regulatory framework for consumer protection in Malaysia, an emerging economy. Using leximetrics and notions of incomplete law, the paper explores the financial consumer protection regime in the country by examining two aspects of the legal framework: the legal infrastructure and typology of laws. The Malaysian legal framework for financial consumer protection is assessed in light of the good practices identified in international guidelines issued on the themes by OECD and the World Bank. The results highlight the complementary nature and different roles that laws, regulations, and supporting institutions play in achieving a comprehensive financial consumer protection framework in the country.     

Measuring the economic value of urban parks: A caution

Abstract

Alternative techniques for measuring the benefits of urban parks are examined. We conclude that the practical problems in valuing urban parks may preclude the use of any single method of measurement. The results also suggest that the property‐value approach may underestimate park benefits substantially, yet values obtained from alternative approaches cannot be arbitrarily combined without double counting of benefits.     

Co-movement of oil and stock prices in the GCC region: A wavelet analysis

This paper examines the short term and long term dependencies between stock market returns and OPEC basket oil returns for the six Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) and two non-oil producing countries in the region (Egypt and Jordan), over the period 2002–2011. We utilize the wavelet coherency methodology in our empirical analyses. The empirical evidence indicates lack of market dependencies in the short term in these countries, indicating that oil and stock returns are not strongly linked in this interval. However, we show that oil returns and the stock markets returns co-move over the long term. The results also suggest that the long term dependencies are much stronger for OPEC oil returns and Jordan stock market returns relative to OPEC oil returns and Egypt stock market returns, implying a variation in the dependencies between oil prices and stock markets across countries. We further note an increasing strength in the market dependencies after 2007, signifying enhanced diversification benefit for investors in the short term relative to the long term.