Seyed Alireza Athari - Academia.edu (original) (raw)
Papers by Seyed Alireza Athari
Economic Systems, Dec 31, 2023
Sustainability
Despite scholarly debates on the role of entrepreneurial orientation, its effect on new venture p... more Despite scholarly debates on the role of entrepreneurial orientation, its effect on new venture performance remains largely understudied, particularly in the context of emerging economies. Determining this association is crucial and has an important implication for scholars and managers of SMEs to increase performance. Therefore, using the resource-based view and upper-echelon theories, this study examines this link by considering the mediating role of opportunity exploitation and the moderating role of transformational leadership in the case of an emerging market in Lebanon. The resource-based view theory discusses the importance of intangible and tangible resources in obtaining a sustainable competitive edge. The upper-echelon theory also connects the attributes of firm performance and top employee management. To achieve this purpose, we conducted a comprehensive survey of 411 managers and owners, 346 of whom were men and 65 of whom were women, of SMEs in the top five provinces of...
Financial Innovation
This study aims to fill the gap in the literature by specifically investigating the impact of cou... more This study aims to fill the gap in the literature by specifically investigating the impact of country risk on the credit risk of the banking sectors operating in Brazil, Russia, India, China, and South Africa (BRICS), emerging countries. More specifically, we explore whether the country-specific risks, namely financial, economic, and political risks significantly impact the BRICS banking sectors’ non-performing loans and also probe which risk has the most outstanding effect on credit risk. To do so, we perform panel data analysis using the quantile estimation approach covering the period 2004–2020. The empirical results reveal that the country risk significantly leads to increasing the banking sector’s credit risk and this effect is prominent in the banking sector of countries with a higher degree of non-performing loans (Q.25 = − 0.105, Q.50 = − 0.131, Q.75 = − 0.153, Q.95 = − 0.175). Furthermore, the results underscore that an emerging country’s political, economic, and financial ...
Journal of Economic Structures
This study specifically explores the effect of domestic political and economic risks on risk-taki... more This study specifically explores the effect of domestic political and economic risks on risk-taking in the banking sector for 105 countries operating in six various geographical regions between 2009 and 2017. To the best of our knowledge, this may be the first study that attempts to conduct this relationship from this perspective. Remarkably, the dynamic estimation results underscore that a rise in political and economic risks triggers risk-taking behavior in the banking sector globally, in particular in the OECD High-income region. Besides, the estimation results reveal that capital regulation, market power, and income diversification negatively impact risk-taking while credit risk, inefficiency, financial market development, and deposit insurance have a positive effect on risk-taking behavior. The results also stress that the extent of the effect of determinants and significance level vary by changing the region. The results are robust and have significant implications for policym...
Sustainability, Nov 7, 2022
This article is an open access article distributed under the terms and conditions of the Creative... more This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY
Sustainability
This study investigated the effects of financial literacy, financial self-control, and demographi... more This study investigated the effects of financial literacy, financial self-control, and demographic determinants on individual financial performance and behavior during the Lebanese crisis period between 2019 and 2021. To the best of our knowledge, this may be the first study that compares the determinants of financial behavior for different generations, genders, marital statuses, and education and income levels. To do so, we conducted a comprehensive survey of 328 individuals and performed a logistic regression analysis. The empirical results show that an individual’s financial performance and behavior are positively affected by financial literacy, financial self-control, and demographic factors, in particular education and income levels. In addition, when we focused on the demographic factors, the results reveal that having good financial literacy increases the likelihood of an individual’s financial performance and behavior, in particular for Generations X and Z, males and females...
Sustainability
Several investigations show that remittances, renewable energy, and innovation promote the socioe... more Several investigations show that remittances, renewable energy, and innovation promote the socioeconomic advancement of a nation. Nevertheless, the impacts of remittances and renewable energy on ecological quality are yet to be evaluated thoroughly. Therefore, the current investigation assesses the effects of remittances and renewable energy on CO2 emissions while taking into account the roles of technological innovation, globalization, and economic growth. Toward this end, this paper depends on yearly data between 1990 and 2019. The study employed bounds testing and its results disclosed long-term connections between CO2 and the regressors. Moreover, unlike prior studies that employ time-domain causality, we employed frequency domain causality, which considers causality at different frequencies. Furthermore, the ARDL long- and short-run results showed that economic growth amplified CO2 emissions, while green energy, remittances, and globalization lessened CO2 emissions. Lastly, the...
This study specifically investigates the impact of economic policy uncertainty (EPU) on the trave... more This study specifically investigates the impact of economic policy uncertainty (EPU) on the travel and leisure (TL) companies’ debt holdings policy. To do so, the present study selects 92 publicly listed TL companies operating in Western Europe’s top tourist destinations, and performs both the static and dynamic panel data estimation approaches during the 2005–2019 period. The results reveal that the EPU negatively impacts TL firms’ debt holdings, implying that firms tend to decline in debt levels by rising EPU. Consequently, the results highlight that the level of EPU matters and firms’ debt ratios are relatively lower in countries having a higher EPU and vice versa. Besides, the results underscore that the EPU negatively impacts firms’ debt holdings in each sub-sector however the negative effect is most prominent on the debt ratios of the firms, particularly those operating in gambling, hotels, travel and tourism, and also recreational services sub-sectors. JEL classification: D80...
The economics and finance letters, Jun 28, 2022
This study investigates the effects of environmental characteristics, namely the quality of count... more This study investigates the effects of environmental characteristics, namely the quality of country-level governance and domestic risk on Islamic banking capital decisions. To do so, this study selects 29 listed Islamic banks operating in Arab markets for the wide range between the 2003-2018 period by performing the System-GMM dynamic panel technique. The results underscore that higher country-level governance quality is linked with higher capital ratios and Islamic banks increase capital ratios specifically by improving methods of anti-corruption, political stability, government effectiveness, and legal systems. Moreover, the results reveal that Islamic banks increase capital ratios by the rise of a country's vulnerability, particularly by increasing financial and economic risks. However, the results suggest that decreasing political risk also corresponds with higher capital ratios. Overall, the results confirm that environmental characteristics have a pivotal role in determining Islamic bank capital ratios. The results are robust and the findings of this study are likely to open new discussions in the banking literature. Contribution/Originality: This study specifically contributes by examining the effect of environmental characteristics, namely country risk and governance quality on capital decisions of Islamic banks operating in Arab markets. 1. INTRODUCTION Bank capital is considered the most significant factor in the performance of the banking sector, given the fact that it represents the strength of banks against risk (Kalifa & Bektaş, 2018). The works of Berger and Herring (1995) and Francis and Osborne (2010) argued that banks hold minimum amounts of capital since it acts as a buffer to absorb unexpected losses or unforeseen fluctuations in order to prevent any possible bank failure. Remarkably, since the subprime mortgage crisis in 2007 and 2008, bank capital has become a popular subject for regulatory bodies (e.g., Basel Committee on Banking Supervision) and has considerably triggered the interest of many researchers. For instance, the work of Barrios and Blanco (2003) showed that market discipline is the crucial factor that impacts capital ratios. Ariff (2008) suggested that profitability and size impact a bank's capital ratio positively and negatively, respectively. Octavia and Brown (2010) found that macroeconomic factors significantly impact bank capital structures, particularly in emerging countries. Cohen and Scatigna (2016) and Valencia (2016) showed that banks' capital ratios increased
Proceedings of the 2022 International Conference on Urban Planning and Regional Economy（UPRE 2022）
Journal of Economics and Finance
Economic Research-Ekonomska Istraživanja, 2022
ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, 2021
Post-Communist Economies, 2020
This study examines the effects of domestic political risk and global economic policy uncertainty... more This study examines the effects of domestic political risk and global economic policy uncertainty factors on the profitability of Ukrainian banks during the 2005-2015 period. The empirical results underscore that the domestic political stability and global economic policy uncertainty have significant positive and negative effect on Ukrainian banks' profitability, respectively. Results suggest that a rise of Ukrainian banks' profitability depends significantly on decreasing domestic political and global risk levels. Likewise, the results of traditional determinants indicate that the profitability of Ukrainian banks is shaped by the bank and industry-specific determinants. The results are robust and consistent when alternative model specifications are conducted. The findings of this study have important policy implications for policymakers, banks' managers, and analysts.
Journal of Economics and Business, 2021
Abstract This paper examines the time and frequency co-movement between sovereign credit ratings ... more Abstract This paper examines the time and frequency co-movement between sovereign credit ratings and economic risk for five Balkan countries, namely Bulgaria, Greece, Croatia, Romania, and Slovenia, during the 1999Q1 to 2018Q4 period. To the best of knowledge, this is the first study attempt to conduct this nexus. We measured the sovereign credit scores by using the ratings and outlooks of Standard & Poor's (S&P), Moody's, and Fitch Ratings. The empirical findings reveal that there is a one-way causality running from the sovereign credit ratings to economic risk in Bulgaria and Croatia in the long-term. Also, it shows that there is a feedback causality between sovereign credit ratings and economic risk in Greece, Romania, and Slovenia. Results are robust and similar from both the time and frequency domains causality techniques.
The Quarterly Review of Economics and Finance, 2020
Abstract This study fills a gap in the relevant literature by exploring the time-frequency domain... more Abstract This study fills a gap in the relevant literature by exploring the time-frequency domain causal relationship between financial risk and economic risk for five South American countries, namely Argentina, Brazil, Colombia, Peru, and Venezuela, over the period from 1984Q1 – 2018Q4. To the best of our knowledge, the causal relationship between finance and economics has not been comprehensively explored for the case of South America within the framework of risk. Therefore, the empirical findings of this study are likely to shed light on and open a new debate regarding the nexus between financial and economic activities. Based on our aims, the time domain Toda-Yamamoto causality test is performed as a robustness check, and the wavelet coherence approach is implemented to explore the joint time-frequency domain causal relationship between financial and economic risk. The empirical findings reveal that: (1) there is a feedback causality between financial risk and economic risk in Venezuela; (2) there is a one-way causality that runs from economic risk to financial risk in Colombia and Peru, and; (3) financial risk significantly leads to changes in economic risk in Argentina and Brazil. The empirical results are crucial for policy decision making and can be used by both researchers and macro-economic policymakers to take suitable actions, if necessary, by implementing more appropriate or alternative economic and financial decisions.
Sustainability
Countries encounter conflicting policy options in reaching fast development goals due to high res... more Countries encounter conflicting policy options in reaching fast development goals due to high resource use, rapid economic expansion, and environmental degradation. Thus, the present research examined the connection between CO2 emissions and urbanization, globalization, hydroelectricity, and economic expansion in China utilizing data spanning the period between 1985 and 2018. The novel quantile-on-quantile (QQ) and quantile regression (QR) approaches were applied to assess this interconnection. The QQ approach is characterized by its ability to incorporate quantile regression fundamentals and non-parametric estimation research. As a result, the method appears to transform the quantile of one parameter into another. The QQ outcomes revealed that in all quantiles (0.1–0.95), gross domestic product (GDP), urbanization, and globalization trigger CO2 emissions in China, while in each quantile (0.1–0.985), hydroelectricity consumption mitigates CO2 emissions. The QR outcomes also affirmed...
SSRN Electronic Journal
Although the tourism industry has continued to exert a significant impact on economies of most de... more Although the tourism industry has continued to exert a significant impact on economies of most destinations, the impacts of political (in) security, socioeconomic and financial dynamics in the destination countries are equally playing decisive roles. Mirroring from this perspective, this study examined the role of political risk, exchange rate and inflation rate on the inbound international tourists in the panel of 76 destinations over the period 1995-2017. By employing the Pooled OLS (Ordinary Least Square) and the Generalized Moment of Methods (GMM), the estimation results suggest that the political risk is a significant impediment to the growth of total tourism arrivals in the panel countries. In addition, high exchange and inflation rates, respectively, impact international tourism arrivals (ITAs) in a positive and negative pattern. Moreover, the findings show that the impact of political risk on ITAs is significant, and has a positive and negative effect in the low-and high-risk destinations, respectively. While the study urges for a formidable drive towards sustainable conflict resolution in destination countries, it further presents recommendations for preventing potential spillover effects in the event of the political, economic or financial crisis.
The Service Industries Journal
ABSTRACT The aim of this paper is to explore the impact of the exchange rate, the gold price, and... more ABSTRACT The aim of this paper is to explore the impact of the exchange rate, the gold price, and the BIST100 Borsa Istanbul Index on the price of real estate stocks in the Turkish stock market, using monthly data from 2004 to 2016. To this effect, we apply DOLS, FMOLS, ARDL, and Markov Switching tests. Moreover, we also apply the Toda and Yamamoto causality test to explore the causality in the impact of the exchange rate and the gold price on the price of real estate stocks. The major findings of this study are that (i) the combination of the exchange rate, the gold price, and the BIST100 index has a long-term effect on prices of real estate stocks; (ii) prices of real estate stocks are negatively affected by the exchange rate and the gold price; and (iii) changes in the exchange rate, the gold price, and the BIST100 index lead to changes in prices of real estate stocks in the Turkish stock market. To the best of our knowledge, real estate stocks in emerging markets have received little attention from researchers thus far. Our empirical findings may encourage further research into this topic.
Economic Systems, Dec 31, 2023
Sustainability
Despite scholarly debates on the role of entrepreneurial orientation, its effect on new venture p... more Despite scholarly debates on the role of entrepreneurial orientation, its effect on new venture performance remains largely understudied, particularly in the context of emerging economies. Determining this association is crucial and has an important implication for scholars and managers of SMEs to increase performance. Therefore, using the resource-based view and upper-echelon theories, this study examines this link by considering the mediating role of opportunity exploitation and the moderating role of transformational leadership in the case of an emerging market in Lebanon. The resource-based view theory discusses the importance of intangible and tangible resources in obtaining a sustainable competitive edge. The upper-echelon theory also connects the attributes of firm performance and top employee management. To achieve this purpose, we conducted a comprehensive survey of 411 managers and owners, 346 of whom were men and 65 of whom were women, of SMEs in the top five provinces of...
Financial Innovation
This study aims to fill the gap in the literature by specifically investigating the impact of cou... more This study aims to fill the gap in the literature by specifically investigating the impact of country risk on the credit risk of the banking sectors operating in Brazil, Russia, India, China, and South Africa (BRICS), emerging countries. More specifically, we explore whether the country-specific risks, namely financial, economic, and political risks significantly impact the BRICS banking sectors’ non-performing loans and also probe which risk has the most outstanding effect on credit risk. To do so, we perform panel data analysis using the quantile estimation approach covering the period 2004–2020. The empirical results reveal that the country risk significantly leads to increasing the banking sector’s credit risk and this effect is prominent in the banking sector of countries with a higher degree of non-performing loans (Q.25 = − 0.105, Q.50 = − 0.131, Q.75 = − 0.153, Q.95 = − 0.175). Furthermore, the results underscore that an emerging country’s political, economic, and financial ...
Journal of Economic Structures
This study specifically explores the effect of domestic political and economic risks on risk-taki... more This study specifically explores the effect of domestic political and economic risks on risk-taking in the banking sector for 105 countries operating in six various geographical regions between 2009 and 2017. To the best of our knowledge, this may be the first study that attempts to conduct this relationship from this perspective. Remarkably, the dynamic estimation results underscore that a rise in political and economic risks triggers risk-taking behavior in the banking sector globally, in particular in the OECD High-income region. Besides, the estimation results reveal that capital regulation, market power, and income diversification negatively impact risk-taking while credit risk, inefficiency, financial market development, and deposit insurance have a positive effect on risk-taking behavior. The results also stress that the extent of the effect of determinants and significance level vary by changing the region. The results are robust and have significant implications for policym...
Sustainability, Nov 7, 2022
This article is an open access article distributed under the terms and conditions of the Creative... more This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY
Sustainability
This study investigated the effects of financial literacy, financial self-control, and demographi... more This study investigated the effects of financial literacy, financial self-control, and demographic determinants on individual financial performance and behavior during the Lebanese crisis period between 2019 and 2021. To the best of our knowledge, this may be the first study that compares the determinants of financial behavior for different generations, genders, marital statuses, and education and income levels. To do so, we conducted a comprehensive survey of 328 individuals and performed a logistic regression analysis. The empirical results show that an individual’s financial performance and behavior are positively affected by financial literacy, financial self-control, and demographic factors, in particular education and income levels. In addition, when we focused on the demographic factors, the results reveal that having good financial literacy increases the likelihood of an individual’s financial performance and behavior, in particular for Generations X and Z, males and females...
Sustainability
Several investigations show that remittances, renewable energy, and innovation promote the socioe... more Several investigations show that remittances, renewable energy, and innovation promote the socioeconomic advancement of a nation. Nevertheless, the impacts of remittances and renewable energy on ecological quality are yet to be evaluated thoroughly. Therefore, the current investigation assesses the effects of remittances and renewable energy on CO2 emissions while taking into account the roles of technological innovation, globalization, and economic growth. Toward this end, this paper depends on yearly data between 1990 and 2019. The study employed bounds testing and its results disclosed long-term connections between CO2 and the regressors. Moreover, unlike prior studies that employ time-domain causality, we employed frequency domain causality, which considers causality at different frequencies. Furthermore, the ARDL long- and short-run results showed that economic growth amplified CO2 emissions, while green energy, remittances, and globalization lessened CO2 emissions. Lastly, the...
This study specifically investigates the impact of economic policy uncertainty (EPU) on the trave... more This study specifically investigates the impact of economic policy uncertainty (EPU) on the travel and leisure (TL) companies’ debt holdings policy. To do so, the present study selects 92 publicly listed TL companies operating in Western Europe’s top tourist destinations, and performs both the static and dynamic panel data estimation approaches during the 2005–2019 period. The results reveal that the EPU negatively impacts TL firms’ debt holdings, implying that firms tend to decline in debt levels by rising EPU. Consequently, the results highlight that the level of EPU matters and firms’ debt ratios are relatively lower in countries having a higher EPU and vice versa. Besides, the results underscore that the EPU negatively impacts firms’ debt holdings in each sub-sector however the negative effect is most prominent on the debt ratios of the firms, particularly those operating in gambling, hotels, travel and tourism, and also recreational services sub-sectors. JEL classification: D80...
The economics and finance letters, Jun 28, 2022
This study investigates the effects of environmental characteristics, namely the quality of count... more This study investigates the effects of environmental characteristics, namely the quality of country-level governance and domestic risk on Islamic banking capital decisions. To do so, this study selects 29 listed Islamic banks operating in Arab markets for the wide range between the 2003-2018 period by performing the System-GMM dynamic panel technique. The results underscore that higher country-level governance quality is linked with higher capital ratios and Islamic banks increase capital ratios specifically by improving methods of anti-corruption, political stability, government effectiveness, and legal systems. Moreover, the results reveal that Islamic banks increase capital ratios by the rise of a country's vulnerability, particularly by increasing financial and economic risks. However, the results suggest that decreasing political risk also corresponds with higher capital ratios. Overall, the results confirm that environmental characteristics have a pivotal role in determining Islamic bank capital ratios. The results are robust and the findings of this study are likely to open new discussions in the banking literature. Contribution/Originality: This study specifically contributes by examining the effect of environmental characteristics, namely country risk and governance quality on capital decisions of Islamic banks operating in Arab markets. 1. INTRODUCTION Bank capital is considered the most significant factor in the performance of the banking sector, given the fact that it represents the strength of banks against risk (Kalifa & Bektaş, 2018). The works of Berger and Herring (1995) and Francis and Osborne (2010) argued that banks hold minimum amounts of capital since it acts as a buffer to absorb unexpected losses or unforeseen fluctuations in order to prevent any possible bank failure. Remarkably, since the subprime mortgage crisis in 2007 and 2008, bank capital has become a popular subject for regulatory bodies (e.g., Basel Committee on Banking Supervision) and has considerably triggered the interest of many researchers. For instance, the work of Barrios and Blanco (2003) showed that market discipline is the crucial factor that impacts capital ratios. Ariff (2008) suggested that profitability and size impact a bank's capital ratio positively and negatively, respectively. Octavia and Brown (2010) found that macroeconomic factors significantly impact bank capital structures, particularly in emerging countries. Cohen and Scatigna (2016) and Valencia (2016) showed that banks' capital ratios increased
Proceedings of the 2022 International Conference on Urban Planning and Regional Economy（UPRE 2022）
Journal of Economics and Finance
Economic Research-Ekonomska Istraživanja, 2022
ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH, 2021
Post-Communist Economies, 2020
This study examines the effects of domestic political risk and global economic policy uncertainty... more This study examines the effects of domestic political risk and global economic policy uncertainty factors on the profitability of Ukrainian banks during the 2005-2015 period. The empirical results underscore that the domestic political stability and global economic policy uncertainty have significant positive and negative effect on Ukrainian banks' profitability, respectively. Results suggest that a rise of Ukrainian banks' profitability depends significantly on decreasing domestic political and global risk levels. Likewise, the results of traditional determinants indicate that the profitability of Ukrainian banks is shaped by the bank and industry-specific determinants. The results are robust and consistent when alternative model specifications are conducted. The findings of this study have important policy implications for policymakers, banks' managers, and analysts.
Journal of Economics and Business, 2021
Abstract This paper examines the time and frequency co-movement between sovereign credit ratings ... more Abstract This paper examines the time and frequency co-movement between sovereign credit ratings and economic risk for five Balkan countries, namely Bulgaria, Greece, Croatia, Romania, and Slovenia, during the 1999Q1 to 2018Q4 period. To the best of knowledge, this is the first study attempt to conduct this nexus. We measured the sovereign credit scores by using the ratings and outlooks of Standard & Poor's (S&P), Moody's, and Fitch Ratings. The empirical findings reveal that there is a one-way causality running from the sovereign credit ratings to economic risk in Bulgaria and Croatia in the long-term. Also, it shows that there is a feedback causality between sovereign credit ratings and economic risk in Greece, Romania, and Slovenia. Results are robust and similar from both the time and frequency domains causality techniques.
The Quarterly Review of Economics and Finance, 2020
Abstract This study fills a gap in the relevant literature by exploring the time-frequency domain... more Abstract This study fills a gap in the relevant literature by exploring the time-frequency domain causal relationship between financial risk and economic risk for five South American countries, namely Argentina, Brazil, Colombia, Peru, and Venezuela, over the period from 1984Q1 – 2018Q4. To the best of our knowledge, the causal relationship between finance and economics has not been comprehensively explored for the case of South America within the framework of risk. Therefore, the empirical findings of this study are likely to shed light on and open a new debate regarding the nexus between financial and economic activities. Based on our aims, the time domain Toda-Yamamoto causality test is performed as a robustness check, and the wavelet coherence approach is implemented to explore the joint time-frequency domain causal relationship between financial and economic risk. The empirical findings reveal that: (1) there is a feedback causality between financial risk and economic risk in Venezuela; (2) there is a one-way causality that runs from economic risk to financial risk in Colombia and Peru, and; (3) financial risk significantly leads to changes in economic risk in Argentina and Brazil. The empirical results are crucial for policy decision making and can be used by both researchers and macro-economic policymakers to take suitable actions, if necessary, by implementing more appropriate or alternative economic and financial decisions.
Sustainability
Countries encounter conflicting policy options in reaching fast development goals due to high res... more Countries encounter conflicting policy options in reaching fast development goals due to high resource use, rapid economic expansion, and environmental degradation. Thus, the present research examined the connection between CO2 emissions and urbanization, globalization, hydroelectricity, and economic expansion in China utilizing data spanning the period between 1985 and 2018. The novel quantile-on-quantile (QQ) and quantile regression (QR) approaches were applied to assess this interconnection. The QQ approach is characterized by its ability to incorporate quantile regression fundamentals and non-parametric estimation research. As a result, the method appears to transform the quantile of one parameter into another. The QQ outcomes revealed that in all quantiles (0.1–0.95), gross domestic product (GDP), urbanization, and globalization trigger CO2 emissions in China, while in each quantile (0.1–0.985), hydroelectricity consumption mitigates CO2 emissions. The QR outcomes also affirmed...
SSRN Electronic Journal
Although the tourism industry has continued to exert a significant impact on economies of most de... more Although the tourism industry has continued to exert a significant impact on economies of most destinations, the impacts of political (in) security, socioeconomic and financial dynamics in the destination countries are equally playing decisive roles. Mirroring from this perspective, this study examined the role of political risk, exchange rate and inflation rate on the inbound international tourists in the panel of 76 destinations over the period 1995-2017. By employing the Pooled OLS (Ordinary Least Square) and the Generalized Moment of Methods (GMM), the estimation results suggest that the political risk is a significant impediment to the growth of total tourism arrivals in the panel countries. In addition, high exchange and inflation rates, respectively, impact international tourism arrivals (ITAs) in a positive and negative pattern. Moreover, the findings show that the impact of political risk on ITAs is significant, and has a positive and negative effect in the low-and high-risk destinations, respectively. While the study urges for a formidable drive towards sustainable conflict resolution in destination countries, it further presents recommendations for preventing potential spillover effects in the event of the political, economic or financial crisis.
The Service Industries Journal
ABSTRACT The aim of this paper is to explore the impact of the exchange rate, the gold price, and... more ABSTRACT The aim of this paper is to explore the impact of the exchange rate, the gold price, and the BIST100 Borsa Istanbul Index on the price of real estate stocks in the Turkish stock market, using monthly data from 2004 to 2016. To this effect, we apply DOLS, FMOLS, ARDL, and Markov Switching tests. Moreover, we also apply the Toda and Yamamoto causality test to explore the causality in the impact of the exchange rate and the gold price on the price of real estate stocks. The major findings of this study are that (i) the combination of the exchange rate, the gold price, and the BIST100 index has a long-term effect on prices of real estate stocks; (ii) prices of real estate stocks are negatively affected by the exchange rate and the gold price; and (iii) changes in the exchange rate, the gold price, and the BIST100 index lead to changes in prices of real estate stocks in the Turkish stock market. To the best of our knowledge, real estate stocks in emerging markets have received little attention from researchers thus far. Our empirical findings may encourage further research into this topic.