The effectiveness of emerging markets' legal structure in explaining financial development.

This article examines the role of legal structure in explaining financial development in twenty-three emerging markets, which has not been explored in institutional economics literature before. This study relied on Pedroni, and Kao cointegration tests, which is followed by the renowned panel cointegration technique. The results of the Pedroni and Kao cointegration tests show that the variables understudy is cointegrated in the long-run. These findings are confirmed by the panel cointegration showing that legal structure (LS) has positive impact on financial development (FIND) in long-run that support Law and Finance, and New Institutional Economics theories in emerging markets. This study is the first to directly examine the long-run impact of LS on FIND in emerging markets, and the result remains consistent across alternative measure of FIND. The findings of this study have important policy implications for emerging markets. Policymakers should focus on creating a legal environment that is conducive to financial development. This includes strengthening the legal framework, improving regulatory regimes, and promoting market autonomy. Additionally, policymakers should work to attract foreign investment, which can help spur economic growth and development in emerging markets. The findings of the study are consistent across battery of robustness testing.

Impact of despotic leadership and workplace incivility on innovative work behavior of employees: Application of mediation-moderation model.

Innovative Work Behavior (IWB) of employees is one of the essential requirements for organizations to excel in competition in today's dynamic world. Nowadays, organizations can keep the current pace through competitive advantage. But to acquire competitive advantage, employees must be creative and innovative in their work-related behaviors. Small and Medium Enterprises (SMEs) in Pakistan are suffering several challenges in this regard. Therefore, current study is designed to examine the role of negative events and negative leadership on the IWB of the employees with mediating role of Psychological Well-being (PsyWB). Further, the moderating role of Perceived Organizational Support (POS) has also been tested. The negative event used in current research is Workplace Incivility (WPI) and Despotic Leadership (DL) from the negative leadership styles examined. Results of the current study showed that the presence of WPI and DL in organizations damage the IWB of employees as they harm the PsyWB of employees. We find that PsyWB mediated the relationship among DL, WPI, and IWB. POS is helpful for employees to overcome the negative issues prevailing in the organizations. The SMEs need to construct policies to eradicate WPI and must discourage despotic personalities to make the environment favorable for employees to protect their IWB. There must be some events that can increase the positive PsyWB of employees to make them more creative and motivated. Likewise, POS must be at sufficient level so that employees feel safe and healthy in all respects.

Dynamic association of stock market volatility, foreign portfolio investment and macroeconomic indicators by taking the impact of structural breaks.

In an asymmetric information environment, investors diversify their investments to minimize risk and maximize their wealth. Such diversification ranges from one market to another market and from one country to another country. Investors prefer foreign portfolio investment over foreign direct investment because of the economy's turmoil, changes in macroeconomic indicators, and market liberation. This study analyzes the dynamic relationship among stock market volatility, foreign portfolio investment, and macroeconomic indicators (foreign exchange rate, interest rate, and Gross Domestic Product) using the dynamic long-run Auto-regressive Distributed Lag (ARDL) model concerning the Pakistan environment. This study also considers the impact of multiple structural breaks, representing variables' endogenous and exogenous shocks. The secondary data is used from Oct. 01, 2009, to Sept. 30, 2019, with monthly frequency. The results indicate a co-integration between SMV, FPI, FXR, IR, and GDP. In short-run analyses, the error correction term is statistically significant, while in the long run, the SMV, FPI, and FXR are not impacted. As no evidence of volatility has been found between SMV and FPI, unidirectional or bi-directional policies can be devised to further attract the new FPI for strengthening the foreign reserves, the balance of payments, and other macroeconomic variables. Additionally, investors should update their knowledge based on considering the endogenous and exogenous shocks on the SMV.

Country-level institutional quality and financial system efficiency: An international evidence.

The optimum economic outcome of financial system development depends on its level of efficiency. The purpose of this study is to investigate the effect of institutional quality on financial system efficiency. For empirical analysis, we have used a panel dataset of 108 countries from 1996-2020 and employed fixed effect regression and two stages least squares (2SLS) regression methods. The empirical results show that institutional quality has a significant positive effect on financial system efficiency. Particularly all the constituting elements-voice and accountability, political stability and absence of violence, regulatory quality, government effectiveness, rule of law, and control of corruption-of institutional quality are found to have a significant positive impact on financial system efficiency. Moreover, we found that the effect of institutional quality is more pronounced in countries with low-income levels and strong institutional quality. These findings are robust across several robustness tests conducted using additional controls, alternative methodologies, an alternative measure of institutional quality, and financial system efficiency. The results of the study suggest that policy makers should prioritize both enhancing and sustaining institutional quality to promote the efficiency of the financial system, which is crucial for sustainable growth and development.

Economic policy uncertainty and stock market in G7 Countries: A panel threshold effect perspective.

Based on the literature, it is commonly understood that stock prices (SP) are influenced by economic policy uncertainty (PU), with a rise in PU typically having a negative impact on SP. However, the relationship between PU and SP may not always be linear due to the varying risk preferences of individuals. Risk preference theory posits that individuals respond differently to different levels of risk. Therefore, this study aims to investigate whether PU determines SP asymmetrically (i.e., in a non-linear manner) by considering risk preferences and addressing a gap in the literature. To answer this question, the study employs a panel threshold approach to examine the effect of PU on SP in the Group of Seven (G7) countries, namely Canada, France, Germany, Italy, Japan, UK, and the US. In contrast to previous research, this study finds evidence of an asymmetric effect of PU on SP in the G7 countries. Specifically, the panel threshold results reveal that the impact of increased PU on SP is positive up to a certain level (Threshold1), beyond which it becomes negative (Threshold2). These findings are in line with information asymmetry hypothesis, prospect theory, behavioural finance hypothesis, and market liquidity hypothesis and shed light on the asymmetric behaviour of SP in response to varying levels of PU. The implications of these findings are significant for understanding how to manage risks effectively in the financial markets.

Mental Health Status of Indian Migrant Workers in the United Arab Emirates during the COVID-19 Pandemic.

Migration has become a de facto phenomenon in the contemporary globalized world and India is not untouched. Indian labourers from the states of Bihar and Uttar Pradesh migrated to the UAE in search of better jobs and prospects. They migrated alone and left behind their families. The distance between them and their family can also create mental disorders; therefore, it becomes necessary to analyze the mental health of the migrant workers during the COVID-19 pandemic. The current study is quantitative and based on a sample survey approach. The researchers collected 416 samples through a structured questionnaire and used the snowball sampling technique. Descriptive statistics, Pearson's correlation coefficient, chi-square test and logistic regression were utilized to analyze and interpret the results. The outbreak of coronavirus disturbed their livelihood resulting in a cut to their salary or earnings; in total, 83% of migrants were affected by the COVID-19 outbreak in terms of loss of their income, out of which 76% were affected by less than AED 1000. The respondents' mental health was worrisome, but they were hopeful for the future. In total, 73.5% of respondents felt nervous, 62% felt depressed, 77% felt lonely, 63.4% had a hard time sleeping, and 63% had difficulties concentrating. The findings of the study draw attention to the policymakers to carry out necessary provisions to the targeted psychologically affected community. The findings also suggest creating awareness among the people by using social networking sites and diagnosing mental disorders on an urgent basis.

Examining the Role of Self-Reliance, Social Domination, Perceived Surveillance, and Customer Support with Respect to the Adoption of Mobile Banking.

PURPOSE: This article aims to investigate the main drivers of mobile banking among Delhi-NCR consumers. The TAM (technological acceptance model) was used as a framework for this study. Only a few studies have looked at how online banking users in India plan to use other similar services, such as m-banking. In order to do this, a theoretical model was made using the technology acceptance model. This model was then expanded to include the factors that make m-banking users more likely to use mobile banking. These adoption factors include the feeling of being watched, the ability to do things on your own with a mobile device, social dominance, and the role of customer support as a mediator. The use of m-banking is the thing that matters. SCOPE: In the last two decades, digital mobile devices have become the primary preferred method of consumer communication. Throughout the past year, mobile banking has become increasingly popular. The increasing number of smartphones in use, as well as the government's push for cashless transactions, provide an opportunity for the Indian banking industry to rapidly expand its usage of mobile and online banking. METHODOLOGY: The data were collected through a structured questionnaire distributed to 376 respondents from different sustainable investment classes. The use of convenience sampling was imposed. Structure equation modeling (SEM), reliability, convergence, discriminate validity, and model fitness were achieved through SmartPLS 3. FINDINGS: The study found that the adoption factors had a significant impact on perceived surveillance, mobile self-reliance, and social domination and mediating role of customer support to use mobile banking. These latest findings will inform banks and financial institutions on the rise of m-banking in India, as well as provide insight into digital banking channels and add to the literature on the topic of digital banking adoption.

Role of institutions in promoting finance in emerging markets: A panel data analysis.

Differences in institutions have garnered much attention in recent years as one of the primary reasons for long-term economic performance, and a vast corpus of theoretical and empirical research demonstrates that financial development can have a substantial impact on economic and financial performance. In fast-growing emerging markets, the demand for financial services has considerably increased, which amplified the need for an efficient regulatory framework to deal with the sensitive nature of financial activities. Surprisingly, the existing literature on the impact of institutions and finance is focused on developed economies, while emerging markets are rarely focused on. Since emerging markets are becoming increasingly important as a result of the swift evolution of institutional and financial transformation, it is crucial to examine how the growth of financial markets reacts to institutional quality. This study investigates the role of institutions in promoting finance in emerging economies using the balanced panel dataset of 21 emerging market. Given the endogenous relationship between institutions and finance, the paper applies a two-stage least squares estimator to test the settler mortality hypothesis in this context. Aligned with theoretical intuition, the empirical result shows that settler mortality is a relevant instrument to institutions. Furthermore, the study performs robustness, using framework that deals with heterogeneity, and cross-section dependence. This empirical effort validates La Porta's Law and Finance Hypothesis in the context of emerging markets. The results of the study are found robust across the variety of alternative measures of institutions and finance, and standard error correction specifications. Therefore, the study offers useful insight into policy implications.

Financial Development and Environmental Degradation: Promoting Low-Carbon Competitiveness in E7 Economies' Industries.

Emerging countries are approaching economic prosperity. However, the development process has enhanced their ecological footprints, thus promoting low-carbon competitiveness among E7 countries' industries. Therefore, it is essential to identify the factors that affect a country's ecological footprint (EF) in order to safeguard the environment. This study explored the effect of financial development, human capital, and institutional quality on the EF of emerging countries. Furthermore, we explored the effect of financial development on the EF of emerging countries through the human capital channel. In addition, we investigated the role of institutional quality in the financial development-EF nexus. Using panel data from 1990 to 2018, we employed the cross-sectional autoregressive distributed lag (CS-ARDL) technique to conduct a short-term and long-term empirical analysis. The empirical outcomes revealed that financial development degrades ecological quality by raising the EF. The findings further demonstrated that human capital and institutional quality reduce the EF. Moreover, financial development fosters environmental sustainability through the channel of human capital. Additionally, institutional quality reduces the negative ecological impacts of financial development. The causality analysis suggested that any policy related to financial development, human capital, and institutional quality will affect the EF. However, the inverse conclusion was not sustained. Based on these findings, emerging economies should increase their environmental sustainability by promoting human capital and effectively using financial resources.

Students' Perception towards New Face of Education during This Unprecedented Phase of COVID-19 Outbreak: An Empirical Study of Higher Educational Institutions in Saudi Arabia.

Purpose: To examine the perception of students regarding an e-learning system adopted by various educational institutions in the Kingdom of Saudi Arabia during the COVID-19 pandemic. Methodology: A web-based-survey was conducted among selected university students in Saudi Arabia. A total of 294 students were randomly chosen to determine the utilities and credibility of the adopted e-learning mode of education. The reliability of latent constructs was assessed according to Cronbach's alpha, and confirmatory factors analysis was conducted via AMOS software (version 24) to measure the students' perceptions of online learning. Results: The outcomes of the present study reveal that e-learning has been very useful throughout the pandemic period among selected Saudi Arabian universities. The students have a positive view of the online system of education, which has many benefits, including flexibility, low cost, self-learning, and convenience. Implications: The results of the present study will be beneficial for all educational institutions that are largely dependent on the findings of the online survey.

Relationship between Green Leaders' Emotional Intelligence and Employees' Green Behavior: A PLS-SEM Approach.

The green leadership (GL) concept has significantly gained popularity over the last decade. Consequently, more research has been conducted on this emerging leadership concept, emphasizing leadership styles that promote the green environment so that sustainable goals can be achieved. In the present research, leaders' emotional intelligence (EI) is positioned as a mediating variable between GL and employees' green organizational citizenship behavior (GOCB). The data of this research comprised managerial and non-managerial staff from the manufacturing and service industries. A PLS-SEM was used to evaluate the relationship between the various factors among 422 employees. The empirical findings indicated that GL and GOCB had a favorable and robust relationship. The results of the study also suggested that a leader's EI mediates the influence of green leadership on their employees' green organizational citizenship behavior. Green leadership is essential in creating sustainable environmental behaviors among employees. It can strengthen leaders' EI, which successively helps them to garner positivity and foster an environment of mutual harmony and cooperation in the workplace to support pro-environmental policies. Overall, our study contributes to and advances previous studies and shows that green leadership plays a critical role in influencing a leader's own EI which, in turn, predicts the green OCB of their employees in the workplace.

The Economic and Psychological Impacts of COVID-19 Pandemic on Indian Migrant Workers in the Kingdom of Saudi Arabia.

The ongoing Coronavirus disease 2019 (COVID-19) pandemic has changed the working environment, occupation, and living style of billions of people around the world. The severest impact of the coronavirus is on migrant communities; hence, it is relevant to assess the economic impact and mental status of the Indian migrants. This study is quantitative in nature and based on a sample survey of 180 migrant workers. Descriptive statistics, chi-square test, dependent sample t-test, and Pearson's correlation coefficient were utilized to analyze the surveyed data. The findings of the study reveal, through the working experience of the migrants, that new international migration has reduced due to lockdown and international travel restrictions. It was also reported that the majority of the migrants worked less than the normal working hours during the lockdown, causing a reduction of salary and remittances. Chi-square test confirms that the perceptions of migrants towards the COVID-19 management by the government were significantly different in opinion by different occupation/profession. Majority of the sampled migrants reported the problem of nervousness, anxiety, and depression; however, they were also hopeful about the future. The psychological problem was severe for the migrants above the age of 40, not educated, and with a higher number of family members. Subsequently, the policy implications from the findings of the research can draw attention of the policy makers towards protective measures which need to be implemented to support migrants during the ongoing pandemic. The government should take some necessary steps, such as a financial benefit scheme, to overcome the problems in the reduction of migrant earnings and remittances. The government should not focus only on vaccination and physical fitness of the migrants but also need to find out the cure of the psychological impact arising during the pandemic.

Learners' Perspective towards E-Exams during COVID-19 Outbreak: Evidence from Higher Educational Institutions of India and Saudi Arabia.

Online examinations, commonly referred to as e-exams (electronic examinations), underwent a considerable progression, getting adapted ubiquitously among higher education institutions worldwide. Their preferment was rapid due to the emergence of the COVID-19 pandemic. The process of conducting exams online is being opted as the appropriate way of assessment, ensuring the students' safety and well-being. According to Warts et al., this form of examination has been pretty effective in the past when blended with the conventional assessment. However, at present, implemented as the singular way of assessment, e-exams have shown a more significant promise in being beneficial to the learners. As a matter of fact, a comprehensive analysis on understanding the learners' perception towards the e-exams was not done earlier, particularly in the developing nations. Thus, it was pertinent to examine the pre-requisites of e-exams to promote it as a useful tool for the smooth conduct of exams in the aforesaid nations. Against such a backdrop, this study was conducted during January to March 2021 on 207 students enrolled in four universities, three situated in the National Capital Territory (NCT) of Delhi, India: Delhi University (DU), Jamia Millia Islamia (JMI), and Jawaharlal Nehru University (JNU), and one situated in Saudi Arabia, namely Saudi Electronic University (SEU). A quantitative approach was employed for the study, with the responses recorded via web questionnaires. Confirmatory -factor analysis (CFA) was applied in the study to examine whether the process of conducting online examinations is being chosen as the appropriate form of assessment, ensuring the safety and well-being of students through AMOS (version 24) software. For determining the reliability of the two latent constructs, namely "Perceptions of students towards E-exams (PSE)" and "Pre-requisites of E-exams (POE)," Cronbach's alpha was used through SPSS (version 25) software in the study, and the results reveal that the strong internal consistency exists between all the measured variables. In addition, the mean and standard deviation were used by the researchers to find out the pre-requisites of the online examination system. The participants expressed their insights on the relative benefits of online examination. Their perception was based on pedagogy, validity and reliability, affective factors, practicality, and security. From their insights, it was concluded that online examination is more advantageous than conventional paper-based exams. The outcome also applies to the authenticity of grading and the overall efficiency concerning the time, effort, and expenditure on conducting the examination. Contrarily, the participating students also recognized numerous hurdles in implementing e-exams concerning security, validity, and impartiality. The conclusion further revealed that online examination is especially relevant for formative assessment of learning instead of summative assessment, provided authenticity, security, and flexibility are used as fundamental tenants in the proper implementation of e-exams. The outcome of the present study will facilitate higher education institutions and policymakers in taking the electronic examination system to the next level.