Browsing by Author "Hasan M"

Now showing 1 - 13 of 13

Can Bitcoin Glitter More Than Gold for Investment Styles?
(SAGE Publications Inc, 2020-05-26) Naeem MA; Hasan M; Arif M; Shahzad SJH
We compare the hedging, safe-haven, and diversification potential of gold and Bitcoin for different investment styles and industry portfolios in the United States. We find that gold is at least a weak hedge for the style and industry portfolios except for utilities, energy, and telecom. The hedging potential of gold is comparatively higher for large-cap portfolios, whereas Bitcoin offers minimal hedging effectiveness. However, Bitcoin shows hedging potential for the noncyclical industries. Although investors need a higher amount of investment to hedge the downside risk using gold, it still is a superior hedging instrument compared with Bitcoin. Finally, the analysis using the conditional diversification approach shows that gold is a superior and stable diversifier for style and industry portfolios. Overall, our findings provide evidence of superior safe-haven and hedging potential of gold over Bitcoin.
Does auditor’s attributes impact on professional judgement in a financial audit? Empirical evidence from Myanmar SAI
(Vilnius Gediminas Technical University, Lithuania, 2022-06-14) Soe AK; Gavurova B; Oláh J; Hasan M
This study investigates auditor attributes that may influence an auditor’s judgment in a financial audit. The purpose of this study is specified to show the impact of auditor’s attributes on professional judgment on the financial auditing process. An empirical research methodology is carried out to show the impact of the attributes on professional judgments. With this approach, hypotheses have been formulated and tested using empirical data and existing theories. A quantitative survey method was followed to collect the data for this study. A questionnaire was sent to selected auditors in Myanmar SAI to collect the data relating to the factors that influence auditors’ judgment, such as gender, age, education, knowledge, position level, experience, training, location, and job cognition. The findings of this study show that variables such as age, professional degree, education level, and knowledge are highly significant in auditor judgment. The limitation of this research is the sample size, and sample characteristics are different in Myanmar SAI from other SAIs. Almost 85% of respondents are female in Myanmar SAI. Therefore, it is considered a limitation of this study.
Does market efficiency matter for Shanghai 50 ETF index options?
(Elsevier B V, 2024-01-01) Hoque A; Le T; Hasan M; Abedin MZ
This study aims to measure Shanghai 50 Exchange-Traded Fund (SSE 50 ETF) index options efficiency for trading in different periods of a trading day. We use an econometric model of put-call-parity to test the market efficiency for three moneyness situations: call at-the-money and put at-the-money, call in-the-money and put out-of-the-money, call out-of-the-money, and put in-the-money. The SSE 50 ETF index options market is efficient when both call and put options are at-the-money, leading to accurately-priced call and put options. The SSE 50 ETF index options market is inefficient if the call is in-the-money (out-of-the-money) and the put is out-of-the-money (in-the-money). Furthermore, call and put options are over-priced (under-priced) and under-priced (over-priced), respectively, when the inefficient SSE 50 ETF index options market. Traders can take a long or short position based on call-put option pricing to reduce hedging costs and increase speculative premiums.
Energy economic expansion with production and consumption in BRICS countries
(Elsevier Ltd, 2022-11-18) Hasan M
Global energy demand for energy consumption is increasing day by day, and it seems complicated for most countries to meet energy demand with total energy production. In this regard, this study investigates the comparative impact of energy production and consumption on economic growth in the BRICS countries. This study conducts panel data modelling, more specifically, the fixed-effects model, random-effects, and panel FMOLS model, to find the impact of energy production and consumption on economic growth in the BRICS countries. This study finds that energy production and consumption significantly impact the economic development of the BRICS countries. More specifically, dry natural gas production and consumption, electricity generation and consumption, biofuel production, petroleum production, capital formation, and trade openness positively impact on economic growth, while coal production significantly and negatively impacts on economic growth. This research is of great significance to the economic integration of the BRICS economies.
Factors Influencing the Quality of Life of Empty Nesters: Empirical Evidence from Southwest China
(MDPI (Basel, Switzerland), 2021-03-02) Wang C; Zhang B; Oláh J; Hasan M; Appolloni A
Quality of life is a widely accepted concept based on the notion that people’s lives have been subject to rapid development and industrialization. This study aims to explore the impact of different factors on the quality of life of empty nesters in Southwest China. The main factors explored are resilience and social supports (SS), highlighted here from different perspectives. Moreover, the correlations between other variables and quality of life are shown here. This study experimented with a hierarchical multiple regression model from survey data with 3583 valid responses. It argued that both resilience and social supports, including family members and friends, are significantly correlated with the Chinese empty nesters’ quality of life. Family support and friend support play a significant mediating role in the association between resilience and quality of life. However, neither government nor nongovernmental support significantly influences the quality of life. Therefore, the hypothetical recommendations of this study have been partially confirmed. The findings of this study provide a more comprehensive understanding of the overall mental and physical health of Chinese empty nesters.
Food Security and Transition towards Sustainability
(MDPI (Basel, Switzerland), 2021-11-11) Rabbi MF; Hasan M; Kovács S; Djekic I; Jambrak AR
In the light of linkages in various scales and targets, the complex and nuanced design of the sustainable development goals (SDG) raises more challenges in their implementation on the ground. This paper reviewed 25 food security indicators, proposed improvements to facilitate operationalization, and illustrated practical implementation. The research focused on three essential blind spots that arise from the potential interactions between sustainable food production, consumption, and domestic material consumption (DMC). Projection of latent structure regression was applied to link food security and sustainable development goals. Findings revealed that the key target in reducing trade-offs was the integration of DMC with sustainable food production and consumption. DMC was positively correlated with the creation of coherent SDG strategies and sustainable food security. Practical implications were discussed by highlighting how to achieve food security across contrasting development contexts and the challenges of addressing the links between targets and indicators within and beyond SDGs 2 and 12. The results are useful for setting a proper strategy for sustainable production and consumption that can improve the efficient use of resources in the eight Central European countries.
Geopolitical risk and tourism stocks of emerging economies
(MDPI (Basel, Switzerland), 2020-11-07) Hasan M; Naeem MA; Arif M; Hussain Shahzad SJ; Mohd Nor S
A bulk of literature suggests that geopolitical events such as terrorist attacks dampen tourism demand. However, there is little research on whether this effect helps predict the return of the tourism equity sector. We provide country-level evidence on whether local and global geopolitical risk (GPR) predicts the first and second moments of tourism stocks in emerging economies. This objective was achieved by employing the non-parametric causality-in-quantiles (CiQ) model and a cross-quantilogram (CQ) test, which allowed us to uncover the predictive potential of GPR for the tourism sector equities. Our findings, obtained through the CiQ model, suggest that while both local and global GPRs carry significant potential for predicting the returns and volatility of tourism stocks of most emerging economies under normal market conditions, they seem to play no such role in certain countries. These countries include South Korea, for which only a limited number of tourism stocks trade on the domestic stock market compared to other sectors, and Colombia, for which both the domestic stock market and tourism sectors are at an emerging stage. Further, it turns out that, compared to its local counterpart, global GPR has a more pronounced predictive power for the tourism stocks of emerging economies. Finally, with some exceptions, the results are qualitatively similar, and hence reasonably robust, to those when a directional predictability model is applied. Given that geopolitical shocks are largely unanticipated, our findings underscore the importance of a robust tourism sector that can help the market recover to stability as well as an open economy that allows local investors to diversify country-specific risks in their portfolios. Implications and directions for future research are discussed.
How does financial literacy impact on inclusive finance?
(Springer Nature on behalf of the Southwestern University of Finance and Economics, 2021-12-01) Hasan M; Le T; Hoque A
Inclusive finance is a core concept of finance that makes various financial products and services accessible and affordable to all individuals and businesses, especially those excluded from the formal financial system. One of the leading forces affecting people's ability to access financial services in rural areas is financial literacy. This study investigated the impacts of financial knowledge on financial access through banking, microfinance, and fintech access using the Bangladesh rural population data. We employed three econometrics models: logistic regression, probit regression, and complementary log–log regression to examine whether financial literacy significantly affects removing the barriers that prevent people from participating and using financial services to improve their lives. The empirical findings showed that knowledge regarding various financial services factors had significant impacts on getting financial access. Some variables such as profession, income level, knowledge regarding depositing and withdrawing money, and knowledge regarding interest rate highly affected the overall access to finance. The study's results provide valuable recommendations for the policymaker to improve financial inclusion in the developing country context. A comprehensive and long-term education program should be delivered broadly to the rural population to make a big stride in financial inclusion, a key driver of poverty reduction and prosperity boosting.
Inter-Organizational Trust on Financial Performance: Proposing Innovation as a Mediating Variable to Sustain in a Disruptive Era
(MDPI (Basel, Switzerland), 2021-09-02) Oláh J; Hidayat YA; Dacko-Pikiewicz Z; Hasan M; Popp J; Kafetzopoulos D; D’Ascenzo F
Hungarian Information and Communication Technology (ICT) companies have an essential role to play in a disruptive era. ICT firms should collaborate and innovate to obtain profit. The elusive correlation between trust in business partners and financial performance inspired this study, which proposed innovation as a mediating variable. The research had two objectives: to investigate the effect of inter-organizational trust on financial performance and innovation and to observe the role of innovation in improving financial performance within different categories of ICT companies. The population included active Hungarian ICT firms. The analysis used 100 samples, comprising micro-, small-, and medium-sized ICT corporations. Those samples were selected by random cluster sampling. This research used Partial Least Square Structural Equation Modelling. This study supported the idea that inter-organizational trust improved innovation, and that innovation enhanced financial performance. As an expected finding, innovation could mediate a positive direction between inter-organizational trust and financial performance.
Non-financial disclosures and sustainable development: A scientometric analysis
(Elsevier B.V., 2022-12-25) Saini N; Singhania M; Hasan M; Yadav MP; Abedin MZ
Pressure on companies to report on non-financial dimensions has amplified the interest in sustainability due to increased awareness among stakeholders. While connecting value-related success to financial performance is a niche field among academicians and researchers, the debate is still on “Does it matter the going value of non-financial disclosures (NFD) relevant?” To clarify ambiguous perceptions in existing literature, we examine how NFD connects to sustainable development by conducting an in-depth scientometric analysis to gain insights into evolution, trends, and other multi-dimensional aspects to map centralities and bursts in non-financial sustainability indicators. We used bibliometric data from a pool of 1568 studies from Web of Science published in Social Science Citation Index (SSCI) and Science Citation Index Expanded (SCIE) journals between 1991 and 2021 to identify the prominent research areas in this stream and the pattern of the interrelationship among various disciplines. The current investigation reveals several novel features of ESG disclosures, such as corporate sustainable performance, environmental performance, environmental disclosures, sustainable supply chains, sustainability indicators, and integrated reporting. This study highlights bottlenecks and suggests the scope of future research on Environmental, Social and Governance (ESG) to meet sustainable business goals. The findings of this study include 13 major clusters refining ESG for sustainability, concluding with a new theory encapsulating sustainable development through non-financial disclosure in business processes. This study has significant practical implications on the ESG dimension in the corporate world of emerging countries are under the development stage.
Role of economic policy uncertainty in the connectedness of cross-country stock market volatilities
(MDPI (Basel, Switzerland), 2020-11) Hasan M; Naeem MA; Arif M; Shahzad SJH; Nor SM
The implied volatility index is a forward-looking indicator of fear among stock market participants. We examine the extent to which the connectedness of fear among global stock markets is driven by the cross-country connectedness of economic policy uncertainty (EPU). We use data on stock market fear and EPU indices for 13 countries, which spans from January 2011 to December 2018. To measure the connectedness among stock market fear and EPU of our sample countries, we employ two connectedness models. A cross-sectional regression model is further employed to ascertain the extent to which EPU connectedness between two countries explains the connectedness of fear between their stock markets, while controlling for bilateral linkage and country-specific factors. We find that EPU connectedness between any two partner countries significantly drives the connectedness of fear between their stock markets. The driving potential not only holds for short-and long-term connectedness, but also after controlling for bilateral linkages (bilateral trade, geographical distance, common language) and country-specific (trade and financial openness of the transmitter country) factors indicating robustness in our results.
Sustainable biofuel economy: A mapping through bibliometric research
(Elsevier B.V., 2023-06-15) Hasan M; Abedin MZ; Amin MB; Nekmahmud M; Oláh J
Biofuels have received a lot of attention as an important source of renewable energy, with number of economic impacts. This study aims to investigate the economic potential of biofuels and then extract core aspects of how biofuels relate to a sustainable economy in order to achieve a sustainable biofuel economy. This study conducts a bibliometric analysis of publications about biofuel economic research covering 2001 to 2022 experimenting with multiple bibliometric tools, such as R Studio, Biblioshiny, and VOSviewer. Findings show that research on biofuels and biofuel production growth are positively correlated. From the analyzed publications, The United States, India, China, and Europe are the largest biofuel markets, with the USA taking the lead in publishing scientific papers, engaging country collaboration on biofuel, and has the highest social impact. Findings also show that the United Kingdom, the Netherlands, Germany, France, Sweden, and Spain are more inclined to develop sustainable biofuel economies and energy than other European countries. It also indicates that sustainable biofuel economies are still far behind those of less developed and developing countries. Besides, this study finds that biofuel linked to sustainable economy with poverty reduction, agriculture development, renewable energy production, economic growth, climate change policy, environmental protection, carbon emission reduction, green-house gas emission, land use policy, technological innovations, and development. The findings of this bibliometric research are presented using different clusters, mapping, and statistics. The discussion of this study affirms the good and effective policies for a sustainable biofuel economy.
The influence of psychological ownership and social support on organizational resilience: the mediating role of organizational identity
(Vilnius Gediminas Technical University, 2022-05-23) He K; Oláh J; Hasan M
Faced with a complex and volatile environment, improving the resilience of organizations to resist various risks, enhancing the viability of enterprises, and ultimately achieving sustainable development capabilities has become a top priority for business managers. This study first explores the relationship between employee psychological ownership, organizational resilience, and social support by combining the relevant literature, constructing a theoretical research model, and proposing hypotheses. Through statistical analysis of 332 valid questionnaires, the results show that employee psychological ownership positively impacts organizational resilience. Also, social supports positively affect organizational resilience and organizational identity in employee psychological ownership, and social supports and organizational resilience both play an intermediary role.