Research pick: Risk in emerging markets – for beta or for worse - "Towards a deeper comprehension of unlevered betas in emerging markets: Gordon and a regression stock valuation model"

Research in the International Journal of Economic Policy in Emerging Economies has tackled the difficult issue of calculating the financial risk associated with a company in an emerging market. Conventional methods do not work well in this financial environment and produce biased results. The new work overcomes this by creating a standardized procedure to match two asset pricing models, enabling accurate calculations for specific industries in emerging markets of the so-called unlevered betas.

In financial jargon, the beta is a statistical measure of a company’s market risk. The unlevered beta or asset beta is a commonly used measurement of risk related to the beta that represents the company’s volatility in the market, which focuses on assets and ignores its debts.

The work of Pablo José Arana Barbier of the Pontificia Universidad Católica del Perú in Lima, Perú successfully demonstrates a new approach to calculating the unlevered beta risk. Barbier has identified several issues associated with measuring company risk in emerging countries. These include opportunity cost, negotiation liquidity, information availability, dividend payments, volatility, and investor sentiment.

Having identified these factors, Barbier’s approach offers a strong correlation that allows risk to be estimated through the market without introducing bias from indicators in developed markets as would be the norm elsewhere. Barbier also confirms that the Capital Asset Pricing Model (CAPM) is a suitable valuation measure but works best if inflationary pressures are excluded and any risk at the national level is ignored.

The empirical approach builds on earlier methods to calculate unlevered betas but allows companies in emerging markets to understand their risks using publicly available databases and financial information. Barbier concedes that there remains a need for further investigation to comprehend the specific factors that account for correlations between unlevered betas calculated through this graphical method and the proposed model. Indeed, the study suggests a potential role for earnings per share (EPS) and investor sentiment in explaining unlevered betas in emerging economies. EPS has previously been overlooked but may represent an important factor in emerging markets where greater value is associated with speculation and price differentials, a value that might even outweigh dividend payments.

Arana Barbier, P.J. (2023) ‘Towards a deeper comprehension of unlevered betas in emerging markets: Gordon and a regression stock valuation model’, Int. J. Economic Policy in Emerging Economies, Vol. 17, No. 4, pp.586–599.

Free open access article available: "Towards a deeper comprehension of unlevered betas in emerging markets: Gordon and a regression stock valuation model"

The following paper, "Towards a deeper comprehension of unlevered betas in emerging markets: Gordon and a regression stock valuation model" (International Journal of Economic Policy in Emerging Economies 17(4) 2023), is freely available for download as an open access article.

It can be downloaded via the full-text link available here.

Research pick: Gym bunnies get fit to the beat - "The influence of music on self-paced fitness consumers’ perceived motivational qualities and optimal level of emotional state and satisfaction with exercise experience"

Research in the International Journal of Sport Management and Marketing sheds light on the effect of music on people using fitness facilities, providing useful insights for the health and fitness industry. The study shows how different types of music, whether self-selected by those working out or chosen by the fitness facility, affect the emotional and cognitive responses of customers in such environments.

Antonio S. Williams and Zack P. Pedersen of Indiana University, Bloomington, Indiana, USA, and Byungik Park of Dongguk University, Seoul, South Korea explain that external stimuli, such as music, can influence a person’s emotional and cognitive states, and so sought to understand whether music could be motivational in the context of exercise.

The researchers recruited 183 self-paced gym users and put them into two groups – one in which they could choose the music they listened to during their workout and a second where the facility selected the music. Tests were carried out in a normal fitness facility rather than a laboratory. The team then used structural equation modeling to analyze the data and evaluate their hypothesis.

Three findings emerged. First, the participants who chose their own music were much more motivated in their fitness activities compared to those in the facility-selected music group. The team suggests that choice in this matter gave the gym users more autonomy which resonated well with their workout.

Secondly, the perception of whether the music was motivational or not directly affected the gym users’ emotional state. If they were enjoying the music while working out, they felt more motivated, and thus had a heightened emotional response during exercise.

Finally, the level of musical enjoyment chimed with how satisfied the gym users felt with their workout session once completed. In other words, the emotional and cognitive impact of the music directly influenced the overall satisfaction of the customers with their exercise experience.

The implications of this research are substantial for fitness facility managers and owners. Understanding the motivational power of music and its impact on the emotions of their customers could help to optimize the fitness facility environment and enhance the overall experience. Greater satisfaction and enjoyment can then lead to repeat business, of course.

Williams, A.S., Park, B. and Pedersen, Z.P. (2023) ‘The influence of music on self-paced fitness consumers’ perceived motivational qualities and optimal level of emotional state and satisfaction with exercise experience’, Int. J. Sport Management and Marketing, Vol. 23, No. 4, pp.310–326.

Inderscience's policy regarding the use of AI tools by authors

Inderscience's Editorial Office has recently added information on the use of AI tools to its Author Guidelines.

In line with COPE guidelines, artificial intelligence tools (e.g. ChatGPT) cannot be listed as named authors on submitted articles. Authors are fully responsible for the content of their article, even those parts produced by any AI tool, and are thus liable for any inaccuracies or breach of publication ethics.

Authors who have used AI tools to develop their article must include a note in the article's Acknowledgements section describing the technologies used and the purpose.

This does not apply to software such as spelling or grammar checkers or reference managers.

Research pick: Making smart city infrastructure watertight in Vietnam - "Managing technological security of smart environment monitoring systems: study of a coastal province in Vietnam"

Research in the International Journal of Critical Infrastructures offers guidance on securing water critical infrastructures and reaffirms the urgency of protecting environment monitoring technologies as cities evolve into smart cities. The research by Anh Tuan Hoang and Xuan Ky Nguyen of the Vietnam National University in Hanoi focuses on the city of Quang Ninh and offers proposals that would help it build resilient and secure systems.

As cities evolve and systems become more and more interconnected and reliant on information technology, there is a pressing need to enhance not only the requisite sensors and actuators for the smart city but to ensure they can cope with demand and fend off cyber attacks and other malicious activity.

The present research examines the critical infrastructure of water systems in Vietnam, a country in which smart cities are high on the agenda. The team highlights how important is protecting environmental monitoring technologies from various security threats. By focusing on Quang Ninh the team has demonstrated what risks a smart city might face and how critical infrastructure might be made watertight.

Water infrastructure is, of course, critical in the urban environment, sustaining homes, medical facilities, workplaces, and natural ecosystems. The integration of environmental monitoring technology into this infrastructure allows real-time control and operation, which can improve efficiency and resource management. However, it also represents a target for malicious third parties and so-called bad actors who might interfere with or otherwise disrupt this kind of interconnected technology. While a cyberattack on e-commerce would be an inconvenience an attack on water critical infrastructure could be a matter of life or death for thousands, if not millions, of people across a smart city.

In Quang Ninh, plans for digital transformation are already underway to build the smart city of the future. The team has looked at the technological risk facing such a city in terms of preventing adverse events. The researchers have thus identified a strong relationship between technological security and the performance of environmental protection and management. The work highlights the human factors that can lead to the compromising of technological systems and points out that such factors must be scrutinized closely to enhance security and preclude as best as possible cyber attacks that exploit social engineering.

Policymakers, urban planners, and stakeholders in Vietnam and elsewhere can turn to the insights in this research to help them develop strategies for the fortification of their critical infrastructure and protect against non-conventional security threats.

Hoang, A.T. and Nguyen, X.K. (2023) ‘Managing technological security of smart environment monitoring systems: study of a coastal province in Vietnam’, Int. J. Critical Infrastructures, Vol. 19, No. 4, pp.383–403.

Special issue published: "Recent Trends in Pattern Recognition and Image Analysis"

International Journal of Computational Intelligence Studies 12(1/2) 2023

• Research on basketball dunk motion recognition method based on characteristic point trajectory
• A method of athlete's starting image posture correction based on deformation model and image restoration
• Facial expression recognition of high jumpers based on wearable multi-physiological parameter collection
• A reinforcement learning-based multimodal scenario hazardous behaviour recognition method
• Research on target recognition of UAV remote sensing image based on improved mask R-CNN model
• Adaptive surveillance image enhancement algorithm based on wavelet transform
• Research on failure identification of mechanical parts of automobile transmission based on deep reinforcement learning
• Colour image cross-modal retrieval method based on multi-modal visual data fusion
• Athletes' throwing action recognition method based on PCA-LBP algorithm
• A method of environment perception for automatic driving tunnel based on multi-source information fusion
• Research on robot vision target tracking detection method based on image segmentation

Special issue published: "Uncertainty Quantification Techniques to Environment, Workplace and Employment"

International Journal of Environment, Workplace and Employment 7(1) 2023

• Investigating polarisation in critic and audience review scores via analysis of extremes, medians, averages, and correlations
• Comparison of machine learning methods using time series data: focusing on inverter data
• The market sentiment and stock market: the case of social media stocks during the COVID-19 pandemic
• Quality of work life: an investigation of the work environment of small and medium enterprises
• Proactive environmental strategies and sustainable development: the role of green management in the high-tech manufacturing industry

Research pick: A logical solution to the logistical last mile – passengers and parcels - "Analysis of last-mile operations for mobility and logistics in rural areas"

A study in the World Review of Intermodal Transportation Research offers a solution to the problem of last-mile transportation in rural areas. The last mile, the stretch from distribution centres to end-users, has long been a bottleneck in remote regions due to limited infrastructure at those end points.

Nara Quintela Begnini and Hiroshi Morita of Osaka University, Japan, have focused on a way to integrate traditional bus routes with on-demand passenger transportation and parcel delivery services. Their solution could create a seamless and efficient last-mile network for logistics as well as making better use of buses. The team’s analysis was based on a mixed integer programming formulation, which allowed them to optimize the coordination of various transportation modes for passengers and parcels alike.

The team highlights the striking savings on transport costs and putative pollution reduction possible by integrating passenger and parcel transportation. Their simulations of rural communities shows that the approach should work better than non-integrated or partially integrated approaches. Remarkably, even when prioritizing for the passengers, there are still significant efficiency gains. Rural communities face unique challenges in terms of transportation of people and the delivery of goods. A combined bus and on-demand delivery services could streamline last-mile logistics and reduce costs and pollution significantly.

The researchers add that their approach also introduces a decision-maker support system that allows service operators to visualize trade-offs when prioritizing passenger services within such an integrated passenger-parcel delivery system. This would help service providers make better decisions about timetabling, resource allocation and the optimization of transportation.

The implications could be far-reaching offering an integrated solution to a widespread problem facing otherwise marginalised rural communities that often have limited connectivity. With better access to public transportation options and essential parcel delivery services, residents in rural areas can enjoy improved access to goods, services, and economic opportunities, transforming their daily lives. The improved sustainability of the integrated logistics approach should reduce fuel consumption and emissions, which of course benefits the rural community and the wider world.

Begnini, N.Q. and Morita, H. (2023) ‘Analysis of last-mile operations for mobility and logistics in rural areas’, World Review of Intermodal Transportation Research, Vol. 11, No. 3, pp.235–257

Free open access article available: "Analysis of last-mile operations for mobility and logistics in rural areas"

The following paper, "Analysis of last-mile operations for mobility and logistics in rural areas" (World Review of Intermodal Transportation Research 11(3) 2023), is freely available for download as an open access article.

It can be downloaded via the full-text link available here.

Special issue published: "New Trends in Accounting and Auditing for SMEs"

International Journal of Accounting, Auditing and Performance Evaluation 19(2) 2023

• IFRS experience, extent of disclosure, and perceived corruption: a study on African countries
• Does the International Financial Reporting Standard for small and medium-sized entities suit private firms? Fieldwork case-study vignettes for Taiwan
• The relationship between organisational decentralisation, balanced scorecard and its perceived benefits in Moroccan SMEs
• Exploring the evolvement of environmental management accounting practices for achieving SMEs' sustainability in an emerging economy
• Impact of agency costs on audit quality demand in initial public offerings
• Evaluation of forecasting accuracy of an equity valuation model: a case of ZEE
• Is solvency influencing EPS growth in Poland, Austria and Germany? A comparison study of markets with a similar bankruptcy law

Special issue published: "Driving Growth in Post COVID-19 Economies Through Business Digitalisation and Innovation"

International Journal of Environment and Pollution 71(1/2) 2022

• Can mobile banking apps usage contribute towards the environmental sustainability: a mediation analysis
• An evaluation method of college students' innovation and entrepreneurship ability based on AHP method
• Research and exploration on the optimisation of innovation and entrepreneurship education model from the collaborative perspective
• A performance evaluation method of innovation and entrepreneurship policy based on DPSIR model
• Research on the path of integrating the concept of sustainable development into innovation and entrepreneurship education
• Analysis of the role of higher vocational education in the sustainable development of social economy
• Study on evaluation method of online education reform effect based on analytic hierarchy process
• Research on the integrated development of innovation and entrepreneurship education curriculum structure optimisation and employment guidance
• The customer trust evaluation of e-commerce market based on portfolio weighting: cloud model

Free open access article available: "Extending and demonstrating an engineering communication framework utilising the digital twin concept in a context of factory layouts"

The following paper, "Extending and demonstrating an engineering communication framework utilising the digital twin concept in a context of factory layouts" (International Journal of Services Operations and Informatics 12(3) 2023), is freely available for download as an open access article.

It can be downloaded via the full-text link available here.

Research pick: SMEs can’t afford to chill in the face of heatwaves - "Analysing the determinants of heatwave risk for small and medium enterprises: a case study"

As the world attempts to cope with the increasing frequency of intense heatwaves, soaring temperatures, wildfires, and extreme weather events that affect lives and livelihoods, communities and businesses have to adapt to cope with the undeniable. One area of concern is the vulnerability of small and medium enterprises (SMEs) to these extremes. Now, research in the International Journal of Global Warming, has focused on a particularly vulnerable region in the developing world, Visakhapatnam, India, in order to identify what measures are crucial to the necessary adaptation.

The team, Hrishikesh Mahadev Rayadurgam and Prakash Rao of the Symbiosis Institute of International Business at Symbiosis International (Deemed to be University) in Hinjewadi, Pune, India, have used statistical modelling to delve into the factors contributing to the susceptibility of SMEs to problems arising from extreme heatwaves. The team’s findings offer new insights, highlighting the factors that affect risk to SMEs and suggesting ways to mitigate the problems such companies face.

Three main factors directly affect risk to SMEs: physical infrastructure, employees, and hazard likelihood and perception. Obviously, damage to buildings and infrastructure is perhaps the most significant contributor to heatwave vulnerability in terms of the business. But, in human and social terms, the risk to employee health and wellbeing is critical especially as heatwaves become more frequent and more extreme.

The research focuses on hard (physical) and soft (non-physical) measures that ought to be taken in order to protect the business and its employees. Guidelines are offered on how to improve climate resilience. These same guidelines while aimed at the focus of the present study, Visakhapatnam, go beyond this region as they will be just as applicable and as replicable in other regions and countries.

Moving forward, the study calls for more in-depth analyses of SMEs and their specific adaptation measures to refine our understanding of heatwave risk. By acknowledging and addressing vulnerabilities, businesses can help protect themselves but also contribute to sustainable development and climate action goals.

The ongoing heatwave crises in many parts of the world underscores the urgency of such research and its implications. The need to equip SMEs with the knowledge and tools to adapt to climate challenges has never been more important. Policymakers and businesses will have to work together to help with this adaptation.

Rayadurgam, H.M. and Rao, P. (2023) ‘Analysing the determinants of heatwave risk for small and medium enterprises: a case study’, Int. J. Global Warming, Vol. 30, No. 4, pp. 430–450.

Special issue published: "Intelligence and Analytics In Education"

International Journal of Continuing Engineering Education and Life-Long Learning 33(4/5) 2023

• Multi-dimensional dynamic evaluation of MOOC English mixed teaching based on BP neural network
• Deep mining method of online learning behaviour data based on big data analysis
• MOOC English online learning resource recommendation algorithm based on spectral clustering and matrix decomposition
• Research on English teaching reading quality assessment based on cognitive diagnostic assessment
• Evaluation method of online education quality based on fuzzy rough set
• Corpus-driven recommendation algorithm for English online autonomous learning resources
• The method of online classroom teaching quality evaluation based on deep data mining
• Collaborative recommendation model of MOOC online learning resources based on scoring matrix
• Deep mining of mobile learning data based on multi-scale clustering analysis
• Study on the differences in behaviour characteristics of distance online autonomous learning in different network virtual environments
• Study on accurate evaluation of network distance education quality based on analytic hierarchy process
• Big data classification of learning behaviour based on data reduction and ensemble learning
• Multi-dimensional dynamic evaluation method of English MOOCS autonomous learning based on multiple intelligences theory

Special issue published: "Advances in Image and Graphics Processing"

International Journal of Computer Applications in Technology 71(4) 2023

• MGU-Net: a multiscale gate attention encoder-decoder network for medical image segmentation
• Efficient adaptive rendering of planetary-scale terrains
• Image super-resolution algorithm based on V-transform combined with neural network
• MERCoL: video-based facial micro-expression recognition via bimodal contrastive learning
• Dynamic visualisation and measurement of cartilage morphology by magnetic resonance imaging-based knee kinematics
• Effsemble: faster, smaller and more accurate ensemble networks for thoracic disease classification

Regularly submitted papers

• A novel approach to secure biometric data using integer wavelet transform, chaotic sequences and improved logistic system-based watermarking
• A review of current prediction techniques for extending the lifetime of wireless sensor networks
• A secure and effective diffused framework for intelligent routing in transportation systems

Research pick: Keeping emergency field hospitals cyber secure - "Cybersecurity challenges for field hospitals: impacts of emergency cyberthreats during emergency situations"

During a crisis or ongoing disaster, field hospitals and emergency response IT infrastructure can face cybersecurity challenges just as any other IT infrastructure, but with life or death consequences. Hackers and scammers hoping to exploit vulnerabilities can disrupt critical healthcare services during the emergency. Research in the International Journal of Emergency Management, looks at the growing concerns surrounding cybersecurity of medical devices, health data, and overall healthcare infrastructure.

Nasir B. Ahmed, Nicolas Daclin, and Gilles Dusserre of the Laboratoire des Sciences des Risques in Alès, and Marc Olivaux of the Université de Nîmes, Nîmes, France, highlight how healthcare systems are targets for cyberthreat actors partly because of the invaluable data they hold. Weak defences in these critical systems provide avenues for unauthorized access and potential harm, such as the implementation of ransomware or comprising patient and healthcare worker privacy for financial gain.

Of course, all IT infrastructure is vulnerable to such threats, but during the chaos of an emergency situation, third-parties can exploit human as well as technological vulnerabilities to access healthcare infrastructure for malicious ends. The team reports on the various techniques that cyberthreat actors might use in such circumstances., These range from sophisticated social engineering campaigns to physical and technical attacks on emergency response IT infrastructure.

The team emphasises that urgent action is needed to bolster cybersecurity measures in field hospitals and emergency response operations. Investment is needed in advanced security technologies, regular vulnerability audits, and comprehensive cybersecurity training for personnel. They point out that collaboration between healthcare institutions, emergency response agencies, and cybersecurity experts could be the way forward to help mitigate potentially lethal cyber threats. By sharing threat intelligence and best practices, those involved can build a united front against cyber threats and so boost the resilience of healthcare systems during a crisis.

Cyberthreats are continuously evolving, so there also needs to be continuous evaluation of cybersecurity measures and strategies in place. It is important that those running security systems for emergency healthcare keep ahead of the threats and act quickly as new and sophisticated threats emerge. Only by being vigilant and proactive can emergency response operations be safeguarded against threats.

Ahmed, N.B., Daclin, N., Olivaux, M. and Dusserre, G. (2023) ‘Cybersecurity challenges for field hospitals: impacts of emergency cyberthreats during emergency situations’, Int. J. Emergency Management, Vol. 18, No. 3, pp.274–292.

Free sample articles newly available from Latin American Journal of Management for Sustainable Development

The following sample articles from the Latin American Journal of Management for Sustainable Development are now available here for free:

• Indicators' selection method for implementation of sustainability reports in agro-industrial cooperatives
• Sustainable Development Goals and the role of universities: what does the community expect?
• Energy analysis and management in flowshop into Industry 4.0 context
• Comparing urban greenhouse gas emission inventories in Brazilian cities
• Subsidies for public passenger transport in Brazil - a sustainable mobility issue

Special issue published: "Driving Growth in Post COVID-19 Economies Through Business Digitalisation and Innovation"

International Journal of Business Performance Management 24(3/4) 2023

• Developing human capability through hybrid education
• The relationship between the recruitment strategy and the competitive advantage
• Impact of corporate social performance on shareholder value
• The impact of COVID-19 on FDI
• A framework to drive business growth in developing countries using omni-channel strategies
• Cultural transformation through the implementation of a 'happiness program' within a UAE Government aviation entity
• Transportation optimality approach and environmental sustainability in manufacturing firms in Lagos State: a decision approach
• Balanced agile project management impact on firm performance through business process agility as mediator in IT sector of Kingdom of Saudi Arabia
• The use of technology among the Omani retailers amidst the COVID-19 pandemic
• Perception of citizen towards e-governance in India: comparative analysis in education, healthcare and agriculture industry
• Impact of homeworking/telecommuting on organisational performance in the era of COVID-19
• Impact of password management strategies on the trust enhancement in the digital era
• The effect of leadership and climate for initiative on team workers in the German economy during the COVID-19 pandemic
• SME-bank relationship: organisation-to-organisation or person-to-person? A view from Japan
• Modelling technical efficiency and productivity growth of UAE banks: a three-stage analytical framework
• Determinants of employees' job performance; the case of education and civil service Bureau of Assosa Zone, Benshangul Gumuz Regional State, Ethiopia

Free sample articles newly available from International Journal of Environment, Workplace and Employment

The following sample articles from the International Journal of Environment, Workplace and Employment are now available here for free:

• Benefits and barriers of corporate social responsibility practices - a qualitative approach
• Examining the nexus between human resource leadership and corporate sustainability: views of human resource professionals in Ghanaian SMEs
• The impact of talent management practices on employee engagement and intention to leave: a research on telecommunication employees in Turkey
• Internal knowledge networks and employees' performance in a collaborative context: an empirical study of Japanese universities

Free sample articles newly available from International Journal of Vehicle Systems Modelling and Testing

The following sample articles from the International Journal of Vehicle Systems Modelling and Testing are now available here for free:

• Study of composite load-bearing characteristics of the Uptis non-pneumatic tyre
• An experimental inverse and direct kinematics analysis of multi-axial simulation table
• Optimisation of robust and LQR control parameters for discrete car model using genetic algorithm
• Study on the air flow characteristics of the in-wheel motor drive system of electric vehicle
• On aerodynamic drag reduction of road vehicles in platoon