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Assessing the logistics market performance of developing countries by SWARA-CRITIC based CoCoSo methods

Özekenci Emre Kadir

LogForum

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2023

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Vol. 19, no. 3

375--394

EN

Background: The logistics market performance of developing countries has been measured by the Agility Emerging Markets Logistics Index [AEMLI] report since 2014. The main objective of this study is to propose a new model to assess the logistics market performance of developing countries and rank them based on this performance. Correspondingly, the AEMLI indicators were selected as the main criteria for assessing the logistics market performance of developing countries in this study. Methods: In the current study, the AEMLI indicators, which are domestic logistics opportunities [DLO], international logistics opportunities [ILO], business fundamentals [BF] and digital readiness [DR], were used as criteria to assess the logistics market performances of developing countries. First, the weights of the criteria were computed by a combination of subjective [SWARA] and objective [CRITIC] methods. Then, the CoCoSo method was used to rank developing countries according to their logistics market performance. Results: The findings indicate that BF is the most significant criterion, followed by ILO, DR and DLO. Based on the results of the proposed model, China, India, the United Arab Emirates [UAE], Malaysia, and Saudi Arabia had the best logistics market performance in 2022, while Angola, Myanmar, Mozambique, Venezuela, and Libya had the worst logistics market performance in 2022. Additionally, some differences in the ranking of developing countries according to logistics market performance can be observed in the proposed model compared to the AEMLI 2023 report. Conclusion: To the best of the author’s knowledge, this is the first study to examine logistics market performance through the combination of two weighting methods (both subjective and objective). The current study also contributes to the existing literature by providing insight into logistics market performance for carriers, shippers, distributors, policy makers, and others who focus on the world’s emerging markets.

2

Impact of Entrepreneurship on Sustainable Development in Emerging Markets under the Conditions of COVID-19

Ivanović-Đukić Maja, Rađenović Tamara, Veselinović Nemanja

Problemy Ekorozwoju

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2022

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Vol. 17, nr 2

47--58

EN

This paper investigates the contribution of entrepreneurship to sustainable development and economic growth in emerging markets in the period before and during the COVID-19 pandemic. Additionally, the importance of various measures implemented by entrepreneurs and governments as responses to the changing environment in the COVID-19 pandemic is examined. By employing the data for 20 emerging markets, the findings revealed that only high-growth-expectation entrepreneurship (HEA) had a significant contribution to economic growth before the pandemic, but this relationship became negative during the COVID-19 crisis. Furthermore, this research pointed out that sufficient responses to the COVID-19 pandemic could be a useful instrument to encourage the development of entrepreneurship and revive the economy in the post-COVID period in emerging markets.

3

Relationship between corporate governance and cost of equity capital

Zandi Gholamreza, Shahzad Imran Ahmed, Bajaber Nadia, Nowodziński Paweł, Shahid Muhammad Sadiq

Polish Journal of Management Studies

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2022

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Vol. 26, No. 1

386--407

EN

The strategic planning of firms is highly dependent on capital investment, and corporate governance practices in firms play a critical role in seeking to invest with a risk reduction. Two emerging stock markets, India (NSE) and Pakistan (PSX), are selected to investigate the links of costs of equity capital with corporate governance. Therefore, the study's primary aim is to find out the relationship between corporate governance and cost of equity capital and the ways that can be helpful for firms to reduce risk. Data are collected from 260 firms in the chemical and pharmaceutical industries from 2011 to 2020. Dimensions used to measure the corporate governance index include committees’ existence, size and composition of board, ownership structure, and CEO duality. The pooled OLS (fixed effect) regression model has been applied to estimate the coefficient regarding data collected from companies. Study results presented a comparison of firms with strong and weak corporate governance and concluded a higher cost of equity capital for the firms with weak corporate governance compared to others. Using PEG ratio to estimate the cost of equity model is regarded as most suitable for developed countries and is currently deployed in the current study. The study's major contribution is using cross-country data to conduct a preliminary investigation on the relationship between the costs of equity capital with corporate governance. The study findings are highly significant for developing and strengthening the corporate governance structure in companies and providing protection to shareholders' interests. The current paper has presented managerial implications and suggestions for policymakers and shareholders that, in return, are likely to boost assurance in the market.

PL

Planowanie strategiczne firm jest w dużym stopniu uzależnione od inwestycji kapitałowych, a praktyki nadzoru korporacyjnego w firmach odgrywają kluczową rolę w dążeniu do inwestowania przy ograniczeniu ryzyka. Dwa wschodzące rynki giełdowe, Indie (NSE) i Pakistan (PSX), zostały wybrane do zbadania powiązań kosztów kapitału własnego z ładem korporacyjnym. Dlatego też głównym celem badania jest poznanie związku między nadzorem korporacyjnym a kosztem kapitału własnego oraz sposobów, które mogą być pomocne firmom w ograniczaniu ryzyka. Dane zbierane są od 260 firm z branży chemicznej i farmaceutycznej w latach 2011-2020. Wymiary stosowane do pomiaru wskaźnika nadzoru korporacyjnego obejmują istnienie komitetów, wielkość i skład zarządu, strukturę własności oraz dualism CEO . Do oszacowania współczynnika dotyczącego danych zebranych od firm zastosowano model regresji puli OLS (fixed effect). Wyniki badania pozwoliły na porównanie firm o silnym i słabym nadzorze korporacyjnym i wskazują na wyższy koszt kapitału własnego dla firm o słabym ładzie korporacyjnym w porównaniu z innymi. Wykorzystanie wskaźnika PEG do oszacowania kosztu kapitału własnego jest uważane za najbardziej odpowiednie dla krajów rozwiniętych i jest stosowana w niniejszym badaniu. Głównym wkładem badania jest wykorzystanie danych z różnych krajów do przeprowadzenia wstępnego badania relacji pomiędzy kosztami kapitału własnego a nadzorem korporacyjnym. Wyniki badań mają duże znaczenie dla rozwoju i wzmocnienia struktury ładu korporacyjnego w spółkach oraz zapewnienia ochrony interesów akcjonariuszy. W obecnym artykule przedstawiono implikacje zarządcze i sugestie dla decydentów i akcjonariuszy, które w zamian mogą zwiększyć pewność na rynku.

4

Is acting on emerging markets environment a challenge of the unknown? The answer from complexity theory perspective

Dziubińska Agnieszka

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2021

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z. 150

17--28

EN

Purpose: The contemporary environment imposes tensions, which result in growing unpredictability, on companies. This makes it difficult to rely on traditional forms of organization and strategies based on the rational decision-making model. The aim of the author’s own research was to identify the ways of adaptation of enterprises to the conditions of emerging markets, which are defined as a business environment of high uncertainty. Design/methodology/approach: A single case study was used in the research. The enterprise selected for the research is a good example of the studied phenomenon, which also made convenient access to data in longitudinal studies possible. The obtained results were confronted with the literature on the subject in the field of CAS. Findings: The case of the enterprise selected for the study belongs to a group of independent SMEs that can compete against the largest players in the industry. The results of the study indicated that it was possible due to similar mechanisms existing on various levels of the analysis. These include making decisions based on the patterns derived from personal experience; high adaptability resulting from the required diversity, which, at the same time, makes effectiveness more important than efficiency; lack of a clear strategy, and instead the ability to deal with initial conditions and monitoring the emergence of patterns; openness to experimentation, and individual assessments and measures. Research limitations/implications: The limitations of the obtained results may result from a limited test sample. Originality/value: The theoretical perspective adopted in the research - CAS and the empirical dimension – emerging markets, constitute a relatively little explored alternative to research conducted in their mainstream. The obtained research results may be of interest to representatives of science and practice, especially with regard to the current crisis caused by the Covid-19 pandemic.

5

Indeks logistyczny rynków wschodzących 2018 – badania Agility

Nowak I.

Logistyka

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2018

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nr 2

17--23

PL

W artykule przedstawiono wyniki badań zawartych w najnowszej edycji badań Agility Emerging Markets Logistics Index 2018 (Indeksu Logistycznych Rynków Wschodzących Agility 2018), który jest corocznym rankingiem, obejmującym 50 czołowych rynków wschodzących, ocenianych według wielkości, potencjału ekonomicznego, infrastruktury, połączeń transportowych i warunków biznesowych, czyli czynników ważnych z punktu widzenia operatorów logistycznych, spedytorów, armatorów i przewoźników lotniczych.

6

Zróżnicowanie cech spółek dokonujących ipo na rynkach wschodzących i rozwiniętych

Lizińska J.

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2014

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z. 74

383--392

PL

Celem badania było porównanie cech spółek dokonujących pierwotnych emisji akcji (IPO) na rynkach wschodzących oraz rozwiniętych. Badaniem objęto 7029 IPO dokonanych w latach 2005-2011 na świecie o łącznej wartości 1100 mld USD. Opierając się na klasyfikacji MSCI, porównano cechy spółek dokonujących IPO na 21 rynkach wschodzących i w 23 krajach rozwiniętych Europy, Australazji, Dalekiego Wschodu oraz Ameryki Północnej. Analizę prowadzono przez obserwację cech, takich jak: wielkość, wiek, rentowność, dynamika zmian zysku oraz poziom asymetrii informacji w okresie okołoemisyjnym.

EN

The aim of the research was to compare characteristics of firms conducting initial public offerings (IPO) on emerging and developed markets. The study covered 7,029 IPOs during 2005-2011 from all over the world, totaling 1,100 billion USD. On the basis of the MSCI classification, IPO firms from 21 emerging and 23 developed markets of Europe, Australasia, Far East and North America were compared. The characteristics under review were such as size, age, profitability, net income changes and information asymmetry level in the period around the issue.