• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.77-88
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• 2021

The stock markets in the BRICS (Brazil, Russia, India, China and South Africa) countries are the leading emerging markets globally. Therefore, it is pertinent to ascertain the critical drivers of stock market development in these economies. The currrent study empirically investigates to identify the linkages between stock market development, key macro-economic factors and institutional factors in the BRICS economies. The study covers the time period from 2000 to 2017. The dependent variable is the country's stock market development and the independent variables consist of six macroeconomic variables and five institutional variables. The study employs a panel cointegration test, Fully Modified OLS (FMOLS), a Pooled Mean Group (PMG) approach and a heterogeneous panel non-causality test.The findings of the study indicate co-integration among the selected variables across the BRICS stock markets. Long-run estimations reveal that five macroeconomic variables and four variables related to institutional quality are positive and statistically significant. Further, short-run causalities between stock market capitalization and selected variables are detected through the test of non-causality in a heterogeneous panel setting. The findings suggest that policymakers in the BRICS countries should enhance robust macroeconomic conditions to support their financial markets and should strengthen the institutional quality drivers to stimulate the pace of stock market development in their countries.

• Asian Journal of Innovation and Policy
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• 제7권1호
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• pp.131-149
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• 2018

Multinational corporations (MNCs) leverage global locations for efficient production and sustained growth, and move significant foreign direct investments globally, particularly into emerging economies. MNCs also engage in entrepreneurial ecosystems of host countries for strategic benefits and impact the ecosystem as well. Of late, MNCs are increasingly entering into emerging economies like India through foreign direct investment (FDI) inflows and they are playing a vital role in start-up promotion in the entrepreneurial ecosystem. Therefore, we examine the role of MNCs and its impact on the entrepreneurial ecosystems in India by exploring a symbiotic relationship between MNCs and startups. We use a case-based method to ascertain and analyze specific benefits that emerge from such symbiotic relationships and draw implications for startups in India's technology entrepreneurial ecosystem.

• STI Policy Review
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• 제4권1호
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• pp.1-13
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• 2013

The Schumpeterian process of "creative destruction", associated with the emergence and diffusion of new radical, so-called "general purpose" technologies, has throughout history impacted wealth and income, jobs creation, jobs displacement, and the emergence and submergence of new hotspots of innovation. Emerging countries have benefited most from such a renewing of those societies' dynamics, leading them to higher levels of economic development and welfare. Doing so they have shown a remarkable capacity in moving upstream in the value chain, from outsourcing of manufacturing activities to autonomous process technology development, product development, design, and applied research. At the same time however, such Schumpeterian processes have now and then turned into exactly opposite processes of "destructive creation." Such processes seem to have become common among what could be called "submerging" economies: innovation only benefitting a few at the expense of many with as a result an opposite pattern of a long term reduction in overall welfare, productivity, and employment growth.

• 한국프랜차이즈경영연구
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• 제10권2호
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• pp.7-18
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• 2019

Purpose - This paper attempts to provide an understanding of practice of franchising in eight countries - USA, UK, Australia, Brazil, China, Malaysia, South Africa and Nigeria. The bases of the review are: number of systems and outlets, employment generation, annual turnover, GDP contribution, legal and regulatory frameworks and country-specific franchise business practice nuances. Research design, data and methodology - the paper is descriptive, highlighting elements of the business practice that distinguish one country from another. Documentary data - mainly industry publications supplemented by empirical literature - was used for the review. Result - Although there are commonalities in the technical design and implementation of franchise business practice - especially the business model type - differences exist in terms of legal and regulatory frameworks guiding the industry across the eight countries studied. Conclusion - There are no two countries that have the same franchise practices. Franchise markets in the developed, and to some extent, the emerging economies have saturated. Franchise markets in African countries are at infant stage and thus, these countries are strategizing to attract foreign brands into their domains.

• 국제지역연구
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• 제20권1호
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• pp.79-104
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• 2016

본 논문에서는 2007~2008년 및 2010~2012년의 글로벌 금융위기 기간에 외국인 투자자의 아시아 신흥국 주식시장에 대한 투자행태를 살펴보고, 주가 수익률 및 변동성 측면에서 외국인 투자자가 아시아 신흥국 주식시장에 미치는 영향을 분석하였다. 분석결과 아시아 신흥국가에서 글로벌 금융위기 기간에 외국인 투자자들은 양(+)의 피드백 거래를 나타내었다. 그리고 전 아시아 신흥국가 샘플에서 수익률 상승기보다는 하락기에 시장의 변동성이 더욱 증가하는 비대칭성을 보였다. 또한 금융위기 기간의 외국인 투자자의 순매도 행위는 대부분의 국가에서 시장의 변동성을 유의적으로 증가시킨 것으로 나타났다. 따라서 글로벌 금융위기 기간에 외국인 주식 투자자는 아시아 신흥국에서 양(+)의 피드백 거래 행태를 보였고 외국인 투자자의 매도 행위는 수익률을 하락시키고 시장의 변동성을 증대시키는 유의적 작용을 했다는 함의를 제공한다.

• The Journal of Asian Finance, Economics and Business
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• 제9권3호
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• pp.347-354
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• 2022

This article examines the influence of Basel III reforms, risk management, and banking sector efficiency on banks' financial stability in emerging countries. The data for this study is collected from various sources. Based on the GDP classification of IMF, the top 22 countries were selected as the sample. The sampling frame includes all six regions of the world including 482 banks and 3022 observations in total. The empirical analysis is carried out by estimating the random effects models. It is found that the effects of capital buffer, liquidity, and risk management practices are significant on financial stability. It is also noticed that the capital buffer has a constructive and significant influence on financial stability. However, liquidity management shows a mixed impact, as in some countries, its impact is positive and significant while, in other countries, it is insignificant. Risk management practices have an overall positive influence on financial stability in the case of large economies. However, results are insignificant in the case of small economies. Bank-specific variables, namely profitability, size, and efficiency have a positive whereas, loan quality has a negative impact on financial stability in the emerging countries. GDP has a positive impact on financial stability whereas inflation and unemployment both have a negative effect on financial stability.

• World Technopolis Review
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• 제1권1호
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• pp.42-55
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• 2012

This paper is concerned with the linkages between universities and industry in the information and communications technology (ICT) in Cyberjaya, Malaysia and Cyberabad, India. In the case of the ICT cluster of Cyberjaya, the context can be termed as greenfield cluster development as the whole project is developed from scratch. In the case of Cyberabad, India, the context can be seen as a brownfield development, where the cluster developed based on existing and new organisations in a region. There is extant literature in research, be it from an Innovation systems or a Triple Helix perspective that has given significant attention to the importance of universities as engines of growth and also about the significance of their linkages with industry innovation in regions. But as argued by scholars like Chaminade et al, most of these papers tend to ignore the specific context in which this interaction between the university and the industry takes place - this study aims to fill this gap through an exploratory study from emerging economies and in a greenfield and brownfield contexts. The findings from the two cases point towards (1) the role of intermediary organisations in developing the linkages, (2) the issue of capabilities of universities for supporting industry development and (3) university-industry linkages are different in greenfield and brown field developments. The paper presents the cases and discusses the findings and provides insights to cluster development officials and policy makers and implications to researchers for developing studies of university-industry from a capabilities and context perspectives.

• 디지털융복합연구
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• 제14권3호
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• pp.219-226
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• 2016

본 연구에서는 유럽의 제조업 혁신의 발원지인 독일의 제조업 혁신 추진 전략을 살펴봄으로써 한국이 추진하고 있는 제조업 3.0을 성공적으로 추진하기 위한 전략적 함의를 제시하고자 한다. 현재 한국 경제의 잠재성장력은 점점 약화되어 왔으며, 신흥국과의 기술격차가 점차 감소되고 있어, 국가 경제의 경쟁력 제고를 위한 국가적인 노력이 필요한 상황이다. 신흥국의 성장은 제조업의 수출수요를 유발하여 새로운 기회 요인이 되고 있지만, 시장점유율을 놓고 후발개도국과 치열한 경쟁을 벌여야 하는 한국에게는 위협요인이기도 하다. 유사하게 유럽의 장기적인 경기침체와 신흥국의 부상에도 불구하고 여전히 높은 수준의 산업경쟁력을 유지하고 있는 독일은 바로 이러한 점에서 국내 제조업 발전 정책의 추진 및 개선에 시사점을 제공해 줄 것으로 사료된다.

• 융합경영연구
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• 제4권2호
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• pp.33-47
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• 2016

The second decade of the current century has witnessed a sharp rise in the total number of mobile users across the globe. Mobile device ownership rather defines our daily lives and even identities. India has emerged to become one of the largest markets for smartphones. India is an emerging economy with a lot of uniqueness: particularly, it has one of the most tech literate young consumers in the world and that its cultural fabric is extremely collective. This study looks into some issues related to the proliferation of smartphones among the Indian youth.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.747-757
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• 2021

The primary purpose of the study is to investigate the volatility spillover from financial uncertainty (FU) of the United States (US) to the stock markets of SAARC member countries including India, Sri-Lanka, Pakistan, and Bangladesh. The empirical literature overlooked SAARC countries and the FU index. Based on the estimation method, the data of FU is available for three different forecast horizons including 1-month, 3-months, and 12-months. For empirical analysis, monthly data is used from February 2013 to September 2019. EGARCH model is employed to investigate the volatility spillover effects. The findings of the study show that the spillover effect of FU varies with the forecast horizon. The FU with a higher forecast horizon has a significant spillover effect on more countries. The spillover effect of US financial uncertainty is negative in most of the SAARC countries. Bangladesh stock market is influenced by FU with all three forecast horizons whereas the volatility of the Pakistan stock market is not influenced by FU with any forecast horizon. The findings are consistent with the concept of "limited trade openness" in the financial markets of emerging economies. The emerging economies avoid financial market openness to minimize the risk of spillover of other countries.