The Importance of Social Capital in Promoting Financial Inclusion: An International Perspective

This paper quantitatively explores the significance of social capital in enhancing international financial inclusion, with a specific focus on its usage dimension, represented by formal credit coverage. Through panel FGLS (Feasible Generalized Least Squares) and PCSE (Panel Corrected Standard Errors) analysis of a sample comprised of 24 countries for the period 2006 – 2021 and utilizing data obtained from diverse sources, it demonstrates that a country's credit coverage is influenced by both informal and formal social capital while controlling by factors such as access channels to financial products, measures to address asymmetric information and educational levels. The results underscore that, while financial inclusion is promoted through internationally accepted standards, its effectiveness is closely intertwined with the social context of implementation. Furthermore, formal institutions play a crucial role in shaping financial inclusion by fostering innovation, entrepreneurship, and technological advancement, while attitudes to risk and planning time horizons also significantly impact this dynamic. Notably, nations embracing a pragmatic outlook tend to have more viable access to bank loans, whereas risk aversion impedes economic actors´ propensity to engage in credit agreements, even when accessible

Tools in Marketing Research: Exploring Emotional Responses to Stimuli

Electromyography (EMG), galvanic skin responses (GSR), and electrocardiogram (ECG) tools have been used to investigate emotional responses to marketing stimuli, encompassing advertisements, product packaging, and brand logos. However, despite the widespread application of EMG, GSR, and ECG tools in neuromarketing research, a comprehensive synthesis of their collective impact remains conspicuously absent. Addressing this gap is the primary goal of the present review paper, which systematically scrutinizes recent studies employing EMG, GSR, and ECG to assess emotional responses to marketing stimuli. Employing the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol, relevant articles were meticulously extracted from the Scopus database, spanning the years 2009 to 2022, including twenty articles for detailed analysis. The outcomes of this review underscore the unique insights offered by these tools into emotional reactions, emphasizing that their collective utilization can afford a more comprehensive understanding of these intricate processes. This propels advancements in comprehending the pivotal role of emotions in consumer behavior and serves as a guidepost for future research directions in this burgeoning field. Ultimately, this paper aims to furnish a broad understanding and detailed insights into the current trends within neuromarketing research, specifically employing EMG, GSR, and ECG tools

Cash Flow Dynamics: Amplifying Swing Models in a Volatile Economic Climate for Financial Resilience and Outcomes

In a volatile economic climate, understanding cash flow dynamics is crucial for companies to improve financial resilience and outcomes. This research focuses on amplifying swing models such as Cash Flow Management (CFM), Solutions (CFS), Dynamics (CFD), Boosters (CFB), Innovations (CFI), and Strategic (CFS) - on cash flow dynamics in a volatile economic climate. By examining the relationship between these models and determinant variables, the study aims to provide insights that can assist companies in achieving financial resilience and outcomes. The data were collected from finance and accounting representatives of 200 companies ((manufacturing (107), services (56), and trade (37)) in Kosovo in 2023 (quarters 1, 2, 3, and the first two months of quarter 4), while processing was done through exploratory factorial, reliability, and multiple regression analyses conducted using SPSS and AMOS software. The results of the study reveal a significant relationship between each cash flow model and the determinant variables. This highlights the importance of these models in comprehending cash flow dynamics within a volatile economic climate. Factors such as optimization strategy clarity, continuous monitoring, effective working capital management, accurate financial decision-making, and technological improvements contribute to positive cash flow. Additionally, precise management of fluctuations, financial advantage, cooperative departmental approaches, and effective communication also play a role in cash flow dynamics. By extending swings models, the study provides valuable insights that can assist firms in achieving financial resilience and overcoming the challenges of a volatile economic environment

Volatility and Return Connectedness Between the Oil Market and Eurozone Sectors During the Financial Crisis: A TVP-VAR Frequency Connectedness Approach

This paper analyzes the returns and volatility connectedness between oil prices and Eurozone sector returns during the global financial crisis. We employ the TVP-VAR frequency connectedness approach with daily data of Brent prices and 18 Eurozone supersector indices from 15 November 2014 to 24 November 2023. Our results show a high average connectedness of the returns and volatilities. Industrial Goods are the largest transmitter contrariwise Media supersector is the largest receiver of shocks on returns. The same finding is for volatility, the result shows that Industrial Goods and Services transmit the highest risk in contrast, the Media has the highest receiver volatility indices. The time-varying connectedness (TCI) of returns and volatilities in both show a drastic increase in March 2020. This increase is a result of COVID-19. Whereas, there has been no rise in connectivity following Russia’s invasion of Ukraine. Our result highlighted that Brent was a net receiver of volatility shocks during the Russian invasion of Ukraine

The Antecedents of Utilitarian and Hedonic Motivations for Online Shopping Satisfaction

Empirical studies indicate that utilitarian and hedonic shopping motivations have a profound effect on customer satisfaction in a physical brick-and-mortar shopping environment. Studies have also started to surface which underscore the importance of these motivations in the realm of e-commerce. The study, therefore, seeks to determine the antecedents of utilitarian and hedonic motivations for online shopping satisfaction. A quantitative research method with a descriptive research design was implemented in this study. The data was collected through a survey method from a sample of 215 online shoppers in an emerging economy, South Africa. The study utilised previously validated scales. Multivariate regression analysis was performed to determine the factors that influence utilitarian and hedonic motivations for online shopping satisfaction. The results reveal that information availability, cost saving, wider selection, convenience, and efficiency are the antecedents of utilitarian dimensions that determine online shopping satisfaction, while status, adventure, social shopping, idea shopping, and gratification are considered the antecedents of hedonic motivations of online shopping that influence satisfaction. The results of the study offer insight into why consumers engage in online shopping by determining the factors that influence utilitarian and hedonic motivations. Accordingly, the study offers practical recommendations to e-retailers on how to best serve their customers by focusing on the individual building blocks of utilitarian and hedonic shopping motivations

The Analysis of Human Capital Development, Economic Growth and Longevity in West African Countries

Human capital is critical in directing all resources to serve people and influencing the productivity of an economy. Human capital can be increased through good health and education. This research examined the effects of human capital development on economic growth and longevity in West Africa. This study was concentrated on four West African countries: Nigeria, Ghana, Burkina Faso, and the Benin Republic.  We used panel ordinary least squares (POLS), fully modified ordinary least squares (FM-OLS), and dynamic ordinary least squares (DOLS) for robust analysis to look at how human capital development affects economic growth and longevity over the long term. Life expectancy at birth was employed to evaluate longevity. Before the estimate, correlation, unit root, and cointegration tests were run. According to the findings of this study, human capital development has a 347.5% favorable and significant long-term effect on economic growth. This indicates that enhancing human capital can stimulate economic growth. According to the data, human capital development has a 26.8 percent positive and significant long-term effect on life expectancy at birth. Based on the findings, this study concluded that human capital development has a favorable impact on economic growth and life expectancy at birth in West Africa, demonstrating that developing human capital is advantageous to both growth and life expectancy. As a result, West African governments must increase health and education budgetary expenditures to strengthen human capital

The Effect of Personality Characteristics on the Development of Interpersonal Communication Skills Through One-Time Training

The importance of interpersonal communication skills in the business environment will only increase as the world undergoes trends of globalization and digitization, as well as various crises. The factors that affect interpersonal skills, such as life experience, situational factors, and individual characteristics, are difficult to isolate. Among the prominent antecedents of interpersonal communication effectiveness are personality characteristics. The current study used one-time training to examine how personality traits and interpersonal skills relate among 127 managers from a wide variety of professions in Israel. The current study confirmed the effect of personality characteristics on interpersonal communication skills, albeit weakly. A significant improvement was found in the Emotional stability following the training. Participating in the training changed the way people associate personality traits with Interaction management. An in-depth study of an intervening variable found that those with low extraversion and high conscientiousness improved assertiveness, empathy, supportiveness, openness to experience, and self-disclosure, in contrast to those with less solid personality characteristics who showed a smaller improvement or even decreased in these skills. Our findings have important implications for increasing the effectiveness of interpersonal skills training

Sovereign Credit Default Swap Market Volatility in BRICS Countries Before and During the COVID-19 Pandemic

SCDS (Sovereign Credit Default Swaps) are becoming more widely used as a country risk indicator after 2008 and stand out for providing real-time information rather than periodic reporting. The COVID-19 pandemic has led to economic disruptions and a decline in international trade. Understanding how the Pandemic affects SCDS return volatility in emerging economies like BRICS forms the motivation for our research. With this study, we aim to determine the impact of the COVID-19 Pandemic on SCDS return volatility in Brazil, Russia, India, China and South Africa, known as the BRICS countries. We used the Exponential Generalized Autoregressive Conditional Heteroskedasticity (EGARCH) model to analyze the data, which consisted of the daily closing price data for SCDS. The date of the first COVID-19 case in each country has been taken as the beginning of the COVID-19 Pandemic in each country. The results of the estimated GARCH models show that the volatility processes of the SCDS return series differ between periods. EGARCH model results indicate that shocks created by news in these countries during the Pandemic have a small and persistent effect on Brazil and Russia's SCDS return volatility, while they have a large and enduring effect on China and South Africa's SCDS return volatility. The findings will guide policymakers and portfolio managers in determining risk management models

The Effectiveness of the Huber's Weight on Dispersion and Tuning Constant: A Simulation Study

Dispersion measurement and tuning constants are critical aspects of a model's robustness and efficiency. However, in the presence of outliers, the standard deviation is not a reliable measure of dispersion in Huber's weight. This research aimed to assess the efficacy of the Huber weight function in terms of dispersion measurement and tuning constant. The simulation study was conducted on a hybrid of the autoregressive (AR) model and the generalized autoregressive conditional heteroscedasticity (GARCH) model with 10% and 20% additive outlier contamination. In the simulation analysis, three dispersion measurements were compared: median absolute deviation (MAD), interquartile range (IQR), and IQR/3, with two tuning constant values (1.345 and 1.5). The numerical simulation results showed that during contamination with 10% and 20% additive outliers, the IQR/3 outperformed the MAD and IQR. Our findings also showed that IQR/3 is a potentially more robust dispersion measurement in Huber's weight. The tuning constant of 1.5 revealed a decrease in resistance to outliers and increased efficiency. The proposed IQR/3 model with a constant tuning value (h) of 1.5 outperformed the AR(1)-GARCH(1,2) model while minimising the effect of additive outliers

Internet Adoption, Digital Divide, and Corruption: Evidence from ECOWAS Countries

This paper aims to extend the existing literature on Internet adoption and corruption by analyzing the factors impacting the digital divide and assessing the impact of Internet adoption on corruption reduction in the Economic Community of West African States (Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo). The study uses fixed and random effect panel data techniques covering 17 years (2003-2019), to exploit the times series nature of the relationship between the digital divide and its determinants. In addition, it aims to assess the impact of internet adoption along with other control variables on corruption. The estimation results show that per capita income, human capital, age, population density, government effectiveness, political stability, and the rule of law significantly affect the digital divide in ECOWAS. The findings reveal also that internet adoption affects positively the level of corruption control; the impact of an increase in internet users of 1% implies an increase in corruption control between 0.05% and 0.06%