Risk return and cost of equity of small and large casual-dining restaurants

Although the financial performance of US casual-dining restaurants has been better than returns in other restaurant segments, it is not known how large and small casual-dining restaurant companies perform when their stock returns are adjusted for risk. The present study uses traditional and contemporary risk-adjusted performance and cost of equity models to fill the void in this area of research. The results indicate that large casual-dining restaurants outperformed their smaller counterparts on a risk-adjusted basis, and had a lower cost of equity for the 1998–2002 period. In addition, the findings demonstrate that the cost of equity estimates pose some serious challenges when sub-periods before and after September 11 events are included in the analysis.     

The Shocking Origins of Political Transitions: Evidence from Earthquakes

Do earthquakes trigger political transitions? Using a rich panel dataset of 160 countries observed over 1950–2007, we find that earthquake shocks, measured in terms of the effect of ground‐motion amplitude on death toll, have two contradicting effects on political change. On the one hand, earthquakes drive transitions into democracy due to an affective shock, which we interpret to be the reaction of citizens by which they hold the incumbent government responsible for earthquake damages. On the other hand, earthquakes indirectly hasten transitions into a less democratic regime because they increase the income level contemporaneously, possibly due to short‐term emergency response and recovery expenditures, and thus, raising the opportunity cost of contesting the incumbent government. Overall, we show that, while not leading to a full‐fledged regime transition, earthquake shocks open a new democratic window of opportunity, but this window is narrowed by improved economic conditions.     

Competition in Turkish mobile telecommunications markets: Price elasticities and network substitution

This paper estimates demand elasticities for Turkish mobile telecommunications markets. In contrast to most other studies, firm-level data is used to estimate dynamic panel data models including instrumental variable techniques. Both short- and long-run elasticities are calculated, yielding a long-run price elasticity of −0.72 for the post-paid market and of −0.33 for the pre-paid market. The short-run price elasticity is estimated to be −0.36 for the post-paid market and −0.20 for the pre-paid market. In addition, there is evidence of fixed-to-mobile traffic substitution for consumers who use pre-paid cards.     

Linking resources to career satisfaction through work–family enrichment

Using the work–family enrichment (WFE) model and social exchange theory as the theoretical underpinnings, our study investigates WFE as a mediator of the effects of material resources (i.e. salary, job security) as well as psychological resources (i.e. self-esteem) on career satisfaction. Our study gathered data from frontline employees (FLEs) in small- and medium-sized hotels in Delhi, the capital city of India, and gauged the aforementioned relationships through partial least squares structural equation modelling. The results suggest that FLEs’ satisfaction with salary and job security needs fosters WFE that in turn gives rise to satisfaction with their career in the organisation. The results also suggest that FLEs’ satisfaction with esteem needs stimulates WFE that in turn engenders career satisfaction. We discuss theoretical and practical implications of the empirical findings in the paper.     

Religion and Economic Development in History: Institutions and the Role of Religious Networks

I argue that the role of religion on economic performance is mainly through the networks of small religious groups. These groups form social networks that enable individuals to conduct non-formal contract enforcement mechanisms. I analyze the effects of religions on societies, focusing mainly on the institutional aspects that affect the capabilities of creating social capital via networks which enhance cooperation and decrease transaction costs. Since the interaction between institutions and organizations is expected to shape the institutional evolution and economic performance of an economy, religions that have a communal form of organization rather than a vertical (hierarchical) structure, thus allowing many different denominational sub-communities within a society, can be more beneficiary for development and growth. Such institutions may not only provide allocative and production efficiency, but also adaptive efficiency that is a key to long-run growth. However, these effects may turn negative depending on these institutions’ role in causing group hostility and exclusion.     

Revisiting the Exchange Rate Pass‐Through to Inflation in Africa’s Two Largest Economies: Nigeria and South Africa

This paper revisits the exchange rate pass‐through (ERPT) to inflation in Nigeria and South Africa by incorporating structural breaks and using time series variables, namely the consumer price index, nominal effective exchange rate, gross domestic product, and crude oil price. Based on the Maki cointegration test and a flexible estimation approach of the Autoregressive Distributed Lag (ARDL) model, our empirical evidence suggests that the long‐ and short‐run ERPT to inflation is complete for Nigeria, while for South Africa it is incomplete both in the long run and short run. This result indicates that prices are stickier in South Africa compared to Nigeria. The comparison between Nigeria and South Africa confirms the role of inflation targeting and central bank credibility on the ERPT. The results divulge further that output growth in Nigeria increases inflation in the long run while it is anti‐inflationary in the short run. For South Africa, the effect of output growth is negatively insignificant. In addition, the long‐run effect of oil price is negative and significant for Nigeria, while for South Africa the short‐run effect of oil price is positive and significant. Therefore, the findings of this paper will assist the monetary authorities to achieve monetary policy objectives.     

A comparative cultural study of mathematics education at Northern Cyprus and Turkmenistan secondary schools

This study was aimed at investigating the opinions of secondary school supervisors about mathematics education as a cross cultural study at the secondary schools of Northern Cyprus and Turkmenistan. A semi-structured interview was used to elicit responses from three supervisors from inside of the Northern Cyprus and eight educational supervisors from province of Turkmenistan (totalling eleven participants from two countries) about mathematics education in both countries to make a cross cultural comparison. Findings of the study indicated major challenges such as short duration of the control period, ignorance about the facilities and conditions, coincidental selection of the topics and classes, teacher’s unawareness of the evaluation criteria, and incompetence of supervisors in the field of mathematical inspection. It was further found that the difference between both the countries on the matter of control of the mathematics education is not very big. The study has positive significance for Ministry and Department of Education, Education Supervisors, administrators, researchers and teachers on effectively implementing mathematics education.     

Being leader in global citizenship at the information technology age

Information technology sheds a light for the personal and professional development of human beings. In this respect, there is an intensified need for people to upgrade their skills for adapting themselves to the new century. This research aims to evaluate potential of higher education students on leadership. Qualitative research nature was conducted to the research. Thematic analysis was done to analyze data and themes are revealed. Research results revealed that continuos innovation, level of master by developing continually, creating originality relating to itself, obeying the ethics rules are potential to be leader and global citizenship at the information technology age.     

Authorship trends and collaboration patterns in business ethics literature

The primary aim of this study is to clarify the authorship trends, collaboration patterns, and impact factors in business ethics literature by looking at articles published between 1960 and 2015 in four leading business ethics journals: Business and Society, Business Ethics: A European Review, Business Ethics Quarterly, and the Journal of Business Ethics. This study showed the growth type of business ethics literature, authorship trends, collaboration patterns, authors' productivity evolved by subperiods and journals, and authors' dominance factor by subperiods and journals. After providing an evaluation of the results of the study, the authors discuss the study's limitations and suggestions for future research.