Persistence and non-linearity in US unemployment: A regime-switching approach

This article examines persistence and nonlinearity in the US unemployment rate in the post-war period by using a regime-switching unit root test. The empirical results indicate that a regime-switching unit root test outperforms conventional unit root tests and describes unemployment behavior better over the business cycle in the sample. While shocks to US unemployment dissipate in expansions, shocks to the unemployment rate seem to be persistent in recessions, supporting the hysteresis hypothesis. This is consistent with the usual explanation of hysteresis that workers may lose valuable job skills in protracted recessions.     

Organizational Sustainability Determinants in Different Cultural Settings: A Conceptual Framework

Since the link between organizations’ sustainability initiatives and effects from the societal environment has not been consistently established in the literature, this paper provides a conceptual framework to demonstrate the antecedents to the levels of sustainability initiatives undertaken by firms. Taking insights from institutional theory, it proposes that the relationship between the sustainability determinants and the level of sustainability initiatives is mediated by coercive, mimetic and normative isomorphic pressures. Moreover, it suggests that culture plays a significant role in moderating the extent to which the various types of isomorphic pressure on firms may influence the levels of firms’ sustainability initiatives. The implications of the framework are discussed in the light of encouraging sustainability initiatives and overall sustainable development in various cultural settings as well as undertaking future research to enhance the framework and its applicability. Copyright © 2018 John Wiley & Sons, Ltd and ERP Environment     

Robust calibration and arbitrage-free interpolation of SSVI slices

Decisions in Economics and Finance - We describe a robust calibration algorithm of a set of SSVI maturity slices (i.e., a set of 3 SSVI parameters $$theta _t, rho _t, varphi _t$$...     

Bringing Work Back in Islamic Ethics

Religion and work are seldom discussed. The two have caused scholars to question the religion’s role with work. This paper reviews research on the integrate between religion and work by examining issues of concept, definition, measurement, and reviewing research that examines the relationship of work and religion with respect to: different times, types of people, organize human interactions and sources of knowledge. We then discuss the methodological requirement for reintegrating work studies into social institutional theory and indicate what the conceptual payoffs of such integration might be. These payoffs include breaking new conceptual ground, resolving theoretical puzzles and envisioning the nature of new social institutions     

如何更好地发挥摩中商务口译者的作用

本文论述了在摩洛哥人和中国人进行商业活动时,如何更好地利用口译员来克服语言障碍。本文首先叙述了从聘用口译人员开始,摩中雇主双方与口译员之间所要面临的种种困难,然后通过收集雇主对口译人员意见的问卷来说明雇主对口译人员的信赖程度,从而总结出影响他们选择译员的因素。本文试图提出一些建议以帮助雇主选择更好的口译人员,使其更好地发挥作用。     

SMEs and Halal certification

This paper reports on a survey of SMEs and their perception towards Halal certification. Based on 136 SMEs which participated in the study, only 64.9 percent of these SMEs have obtained Halal certification and 44.3 percent of these entrepreneurs are Muslims. A test of association between religion and certification was found to be significant. Although more than 60 percent have ventured internationally, there is no significant association between Halal certification and venturing internationally. Among those that have obtained Halal certification, only 50.7 percent agree that Malaysia has a proper monitoring mechanism on Halal certification compliance and only 38.2 percent of them agree that information on Halal hub in Malaysia is sufficient. This is an implementation gap which needs to be addressed.     

The relationship between informational justice, recovery satisfaction, and loyalty: the moderating role of failure attributions

The purpose of this study is to explore the relationship between informational justice, recovery satisfaction, and customer loyalty, as well as the moderating role of failure attributions, concerning the link between informational justice and recovery satisfaction. Data were gathered by means of survey from airline passengers who experienced a failure and, subsequently, a recovery within the past 1 year. The current study extends previous research by incorporating informational justice, as well as investigating the impact of stability and controllability attributions, within the existing framework of customers’ post-recovery evaluations. The results of this study found that failure attributions (stability, the frequency of failures, and controllability, whether the airline is responsible for the situation) moderate the relationship between informational justice and recovery satisfaction. The findings also confirmed that there is a positive and significant relationship between recovery satisfaction and loyalty.     

Acquirer's return and the choice of acquisition targets: does acquisition experience matter?

We study a sample of 6503 UK acquisitions completed between 1985 and 2004 and control for previous deals similarities. Returns for frequent acquirers decrease constantly but they remain positive through high-order deals. We do not detect an improving pattern of returns but, at best, a stable one when the deal is settled for cash. Using ‘characteristics-based’ experience variables, our multivariate analysis shows that the acquirers’ returns are unaffected by prior acquisition experience. However, we find solid evidence for acquirers drawing inferences from prior experience in designing the method of payment, selecting the organizational form of the target firm and engaging in focused acquisitions, which is consistent with learning through acquisitions. The results are robust to various consistency checks.     

A theory and contractual framework of Islamic micro-financial institutions’ operations

Microfinance is seen as a ‘new paradigm’ for bringing about development and eradicating poverty. Many studies prove that the provision of small amounts of credit to the poor is crucial in this new paradigm. However, these studies mainly focus on the conventional microfinance institutions (MFIs) which have already existed for a couple of decades. Their role in helping the poor to achieve higher income and higher standards of living has been well recognized. Currently, there are quite a few MFIs that are operating based on Islamic principles. Although a few studies have been conducted on this subject, the literature lacks a comprehensive theoretical framework to describe the Islamic microfinance institutions (IMFIs). This article explores the contractual framework in modelling the IMFIs, on the one hand, and discusses the role of IMFIs via various modes of financing in providing capital to micro-enterprises, on the other.