<abstract xmlns="http://www.w3.org/1999/xhtml">

The value-at-risk (Va) method in market risk management is becoming a benchmark for measuring “market risk” for any financial instrument. The present study aims at examining which VaR model best describes the risk arising out of the Indian equity market (Bombay Stock Exchange (BSE) Sensex). Using data from 2006 to 2015, the VaR figures associated with parametric (variance–covariance, Exponentially Weighted Moving Average, Generalized Autoregressive Conditional Heteroskedasticity) and non-parametric (historical simulation and Monte Carlo simulation) methods have been calculated. The study concludes that VaR models based on the assumption of normality underestimate the risk when returns are non-normally distributed. Models that capture fat-tailed behaviour of financial returns (historical simulation) are better able to capture the risk arising out of the financial instrument.
</abstract>

Value-at-Risk Estimation of Equity Market Risk in India

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper offers insight into the demographic profiles of expatriates for successful cross-cultural adjustments in the context of Nigeria. It considers the following demographics: age, gender, marital status, international work experience, and time spent in the host country. The study adopted cross-sectional survey research by utilizing a questionnaire to collect data from one hundred and fifty-two (152) expatriate residents in Nigeria, who relocated from 22 different countries and who have worked and lived in Nigeria for over six months. The paper discovered that marital status, international work experience, and length of stay in Nigeria rather than age and gender are the demographic profiles influencing and required for the successful cross-cultural adjustment of expatriates in the Nigerian context. It concludes that the more organizations recruit, select, and deploy expatriates whose demographic profiles reflect the higher length of stay/time in Nigeria, higher level of international work experience, and single/unmarried, the higher the successful cross-cultural adjustment of such expatriates in the Nigerian context.
</abstract>

Demographic Profiles for Cross-Cultural Adjustment of Expatriates in Nigeria

<abstract xmlns="http://www.w3.org/1999/xhtml">

The study examines the asymmetric impact of oil price and electricity consumption on economic growth in Nigeria between 1981 and 2018 using the Non-Linear Autoregressive Distributed Lag (NARDL) model. Results reveal that falling and increasing oil prices as well as gross capital formation affect economic growth in Nigeria negatively and significantly in the short-run, while electricity consumption affects economic growth positively and significantly in the short-run. In the long-run, the impact on economic growth of negative changes in oil price is negative and insignificant, while positive changes in oil price have a positive but insignificant impact on economic growth. The impact on the economic growth of electricity consumption remains positive but insignificant while that of gross capital formation is positive and significant. The results suggest that both in the short and the long run positive changes in oil price have greater impact on the economic growth than negative oil price changes. Capital formation is a significant determinant of Nigerian economic growth both in the short and the long run.
</abstract>

The Asymmetric Impact of Oil Price and Electricity Consumption on Economic Growth: Evidence from Nigeria

<abstract xmlns="http://www.w3.org/1999/xhtml">

This research uses the publicly available World Input-Output Database (WIOD) to investigate the relationship between an industry’s markup and its <italic>upstreamness</italic>, the industry’s position in the vertical chain of production; the research also identifies common attributes among high-markup industrial sectors: higher-markup industries display a higher level of capital compensation and a lower share of labour and other inputs in the value of output. Finally, it is found that upstream industries, those producing mostly raw materials and intermediate products enjoy higher market power than their downstream counterparts. This result could be among the first in the literature to find evidence of double marginalization at an industry level of aggregation. It also suggests that virtually all final product prices may incorporate substantial markups through their inputs.
</abstract>

Price Markups and Upstreamness in World Input-Output Data

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper investigates whether stock markets respond to disease pandemic referencing the case of COVID-19 in Nigeria. The paper employs three cointegrating regression models: Fully Modified Ordinary Least Squares, Dynamic Ordinary Least Squares, and Canonical Cointegrating Regression to analyse the effect of growth in total COVID-19 confirmed cases and related deaths in Nigeria and across the globe from 27 February 2020 to 4 September 2020 on the stock market performance. Key findings support the presence of long-run association between stock market returns and COVID-19 in Nigeria. The stock market is found to respond negatively to both domestic and global growths in total confirmed cases and deaths of COVID-19. Consequently, affected businesses in Nigeria should be assisted and bailed out by the government through practices such as tax filing, subsidies, targeted spending, and credit.
</abstract>

Does Stock Market Respond to Disease Pandemic? A Case of COVID-19 in Nigeria

<abstract xmlns="http://www.w3.org/1999/xhtml">

Despite the wealth of literature on the oil price growth examinations, there is a shortage of research on the causality between oil prices and various macroeconomic fundamentals with regard to the group of net oil-exporting countries in Africa. This study examines the causality between oil price volatility and macroeconomic fundamentals in net oil-exporting countries in Africa using the Toda–Yamamoto and homogeneous causality techniques to gauge the nexus in the selected countries from 1995 to 2019. Our findings from the panel causality test suggest that oil price volatility significantly Granger causes the economic growth of the selected net oil-exporting countries in Africa. However, a mixed outcome was observed for the cross-sectional analyses using the Toda–Yamamoto causality test. Hence, the study offers the need for a policy framework that would drive the output growth as oil price changes continue to threaten macroeconomic variables.
</abstract>

Oil Price and Macroeconomic Fundamentals in African Net Oil-Exporting Countries: Evidence from Toda–Yamamoto and Homogeneous Causality Tests

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper investigates the influence of emotional labour on deviant workplace behaviour (DWB) among health workers in teaching hospitals. The data used have been collected from health workers in two government-owned teaching hospitals through a survey research design and have been analysed using descriptive and inferential statistics. The paper finds that superficial acting and deep acting are positively related to deviant workplace behaviour among health workers in teaching hospitals, and honest acting has negative but significant contributions to deviant workplace behaviour. The paper concludes that in order for teaching hospitals to achieve person–job fit, health workers in training should be exposed to the reality that they would be required to master their emotions to succeed in their practice. It is therefore recommended that the management of teaching hospitals as well as government organizations should ensure that rules and policies are enforced to curb certain deviant behaviours, which could otherwise easily become norms if taken for granted.
</abstract>

Department of Business Administration and Management

Department of Business Administration, Faculty of Management Sciences

Emotional Labour and Deviant Workplace Behaviour among Health Workers

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper examines the effects of environmental responsiveness on firm value in Nigeria and provides an insight into the feasibility of corporate entities engaging with the United Nations’ sustainable development agenda, without compromising their wealth creation agenda. Secondary data were gathered from annual reports and audited accounts of 83 quoted non-financial firms for three years covering the period of 2016–2018. Thereafter, a regression analysis using the Ohlson value relevant model for price valuation was done. Results of the empirical analysis confirm the positive influence of value relevance of book values, earnings per share, alongside environmental responsiveness and firm size on the firm value of Nigerian firms, while leverage is inversely related. Remarkably too, firms with higher values tend towards being environmentally responsive. Impliedly, there is an empirical evidence of reverse causality between firm value and environmental responsiveness.
</abstract>

Department of Accounting, Faculty of Administration & Management Sciences

Environmental Responsiveness and Firm Value: Evidence from Nigeria

<abstract xmlns="http://www.w3.org/1999/xhtml">

This study examines the effect of corporate board of directors’ attributes on audit fees for Nigerian listed Deposit Money Banks (DBMS). The study adopts an <italic>ex post facto</italic> research design and uses data on 10 deposit money banks sampled via purposive sampling technique using data spanning from 2012 to 2018. Results based on Generalized Method of Moment show that corporate board of directors’ proxies do not significantly influence audit fees of Nigerian deposit money banks. However, firm size and profitability are found to affect external audit fee significantly. The study therefore concludes that corporate boards of directors’ attributes do not individually significantly affect audit fees in Nigerian listed Deposit Money Banks. Arising from the findings, it is recommended that corporate governance practices should be strengthened so as to aid external audit.
</abstract>

Corporate Board of Directors’ Attributes and Audit Fees

AHEAD OF PRINT

Volume 11 (2023): Issue 1 (October 2023)

Volume 10 (2022): Issue 1 (September 2022)

Volume 9 (2021): Issue 1 (September 2021)

Volume 8 (2020): Issue 1 (October 2020)

Volume 7 (2019): Issue 1 (December 2019)

Volume 6 (2018): Issue 1 (December 2018)

Volume 5 (2017): Issue 1 (November 2017)

Volume 4 (2016): Issue 1 (December 2016)

Volume 3 (2015): Issue 1 (December 2015)

Volume 2 (2014): Issue 1 (October 2014)

Volume 1 (2013): Issue 1 (July 2013)

Acta Universitatis Sapientiae, Economics and Business

 As a broad-based professional and international journal, the Acta Universitatis Sapientiae, Economics and Business welcomes submissions of applied and theoretical research papers in all fields of Economics and Business. The journal especially encourages submissions on research from management, marketing, quantitative methods and their applications, regional economics, regional development, agricultural economics, and finance. However, the journal is open to research coming from other areas of Economics and Business as well. The primary interest is to publish academic research, but the journal also welcomes good quality research coming from practitioners.   Why subscribe and read   The journal aims to provide readers timely articles of high quality in the fields of economics, business and management.   Why submit   Publishing in our journal associates with quality in the sense that the articles are being reviewed several times having a structure that is in line with international standards. Potentially the articles published in this journal will be visible in several databases.   Rejection Rate    90%      Archiving   Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.   Plagiarism Policy   The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process.   Article Processing Charge (APC)   The journal does not have article processing charges (APCs) nor article submission charges. 