International Journal of Emerging Markets Impact Factor & Information

Publisher: Emerald

Journal description

Comprising a part of the world economy that has approximately 4800 million people and 156 nations, emerging markets represent potentially some of the most important growth opportunities for companies. Among the pantheon of emerging markets, India and China stand out as offering the greatest and most far-reaching changes in distribution and growth of business activity in the contemporary world. The International Journal of Emerging Markets brings together the latest theoretical and empirical management research in emerging markets. IJoEM will offer both contributors and subscribers the opportunity to examine emerging markets from a comprehensive disciplinary and geographical perspective.

Current impact factor: 0.00

Impact Factor Rankings

Additional details

5-year impact 0.00
Cited half-life 0.00
Immediacy index 0.00
Eigenfactor 0.00
Article influence 0.00
Website International Journal of Emerging Markets website
Other titles International journal of emerging markets (Online)
ISSN 1746-8809
OCLC 67619938
Material type Document, Periodical, Internet resource
Document type Internet Resource, Computer File, Journal / Magazine / Newspaper

Publisher details


  • Pre-print
    • Author can archive a pre-print version
  • Post-print
    • Author can archive a post-print version
  • Conditions
    • Voluntary deposit by author of author's pre-print or author's post-print allowed on author's personal website or Institutional repository
    • If mandated by a funding agency, the author's post-print may be deposited in any open access repository after a 24 months embargo period
    • Author's pre-print and Author's post-print not allowed on subject-based repository
    • Must link to publisher version with DOI
    • Publisher's version/PDF cannot be used
    • Published source must be acknowledged with set statement
    • Non-commercial
    • Publisher last contacted on 02/04/2013
  • Classification

Publications in this journal

  • International Journal of Emerging Markets 09/2015; 10(4):634-647. DOI:10.1108/IJoEM-01-2014-0051
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    ABSTRACT: Purpose – The purpose of this paper is to focus on whether the deviations from the cointegrating relationship possess long memory and the fractional cointegration analyses may capture a wider range of mean-reversion behaviour than standard cointegration analyses. Design/methodology/approach – This paper uses a fractional cointegration technique to test the purchasing power parity (PPP). Findings – The authors found that PPP held, but very weakly, in the long run between the Argentine, Brazil, Chile, Colombia, Indonesia, Korea, Mexico, Thailand and Venezuela and US exchange rate during our floating exchange rate period but that the deviations from it did not follow a stationary process. Nevertheless, it is also found that the deviations from PPP exists and can be characterized by a fractionally integrated process in nine out of 13 countries studied. Originality/value – The findings are consistent with the consensus of the empirical literature, reviewed earlier in this paper, on PPP between Argentine, Brazil, Chile, Colombia, Indonesia, Korea, Mexico, Thailand and Venezuela and the USA.
    International Journal of Emerging Markets 09/2015; 10(4):711-725. DOI:10.1108/IJoEM-02-2012-0021
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    ABSTRACT: Purpose – The purpose of this paper is to examine the performance of Chinese mutual funds during the period of January 2000 to July 2013. Emerging market funds provide investors with alternative risk exposure for their portfolios. The Chinese market has developed rapidly and differs from developed markets regarding wide range of market and economic characteristics, including size, liquidity, and regulation. The performance of these funds is investigated by using various risk adjusted measures. The study also compares performances of mutual fund subgroups and explains the factors influencing their performances. Design/methodology/approach – This is an empirical paper using various risk performance measures. These measures include the Sharpe ratio, Information ratio, Treynor ratio, M-squared and Jensen’s α. The data comprises 1,037 funds. These funds are further divided into ten subgroup of funds based on their classification: equity (484); aggressive allocation (95 funds); conservative allocation (18 funds); moderate allocation (85 funds); aggressive bond (92 funds); normal bond (52 funds); guaranteed (29 funds); money market (53 funds); and QDII funds (119 funds). A cross-sectional analysis of fund performance is performed using Sharpe and Jensen’s measures as dependent variables and fund-specific variables (Age, Turnover, Tenure, Frontload, Redemption fees, and Management fees), market-specific variables (P/E ratio, P/B ratio, Market capitalization), and fund types as independent variables. Findings – The findings show that Chinese funds generate positive αs for their investors. The highest return is provided with aggressive allocation funds followed by moderately aggressive allocation funds. The average Jensen’s α is the highest in aggressive allocation funds. QDII funds do not provide significant positive αs; in several instances αs are negative. Further analysis of sub-periods show that Chinese funds do not consistently provide excess returns and show great variations. The study also finds that older funds, funds with higher fees, high price to book ratio, and smaller funds continue to perform better than other funds. Originality/value – This study adds value by focussing on Chinese funds and risk/return characteristics of these funds. The research will further explore factors explaining these returns.
    International Journal of Emerging Markets 09/2015; 10(4):820-836. DOI:10.1108/IJoEM-09-2014-0136
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    ABSTRACT: Purpose – About 80 per cent of consumers in the world reside in emerging consumer markets (ECM). Thus, consumer behaviour theories and models should be tested for validation in ECM such as South Africa (socio-economically and culturally diverse). The purpose of this paper is to test three (human capital, stress and socialization) life-course theoretical perspectives on materialism among South African young adults. Employing the three life-course theoretical perspectives, it was posited that disruptive family events experienced during adolescence will affect materialism at young adulthood directly and indirectly through family resources received, perceived stress from family disruptions and peer communication about consumption. Design/methodology/approach – In total, 300 South African young adults were surveyed. Structural equation modelling was used to test eight hypotheses developed from the three life-course theoretical perspectives on materialism. Independent-samples t-test was first conducted to assess whether the respondents were materialistic. Findings – The South African young adults were found to be materialistic and this was explained by peer communication about consumption during adolescence (socialization life-course theoretical perspective). Disruptive family events experienced during adolescence significantly affected family resources negatively, and perceived stress positively, but these outcomes had no impact on materialism at young adulthood as the human capital and stress life-course theoretical perspectives suggest. Originality/value – The results reinforce the need to test the validity of western theories in an African context. The test can improve theories and can help advance knowledge about consumer diversity across cultures.
    International Journal of Emerging Markets 09/2015; 10(4):747-764. DOI:10.1108/IJoEM-02-2013-033
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    ABSTRACT: Purpose – The purpose of this paper is to test market structure-performance hypothesis in banking industry in Kenya. Specifically, the structure-conduct-performance (SCP) and market efficiency hypotheses were examined to determine how market concentration and efficiency affect bank performance in Kenya. Design/methodology/approach – The study used secondary data of 44 commercial banks operating from 2000 to 2009. Three proxies to measure bank performance were used while market concentration and market share were used as proxies for market structure. Market concentration was measured using two concentration measures; the concentration ratio of the four largest banks (CR4) and Herfindahl-Hirschman Index, while market share was used as a proxy for efficiency. The study made use of generalized least square regression method. Findings – The empirical results confirm that market efficiency hypothesis is a predictor of firm performance in the banking sector in Kenya and rejects the traditional SCP hypothesis. Thus, the results support the view that efficient banks maximize profitability. Practical implications – The study provides insights into the role of efficiency in enhancing profitability in commercial banks in Kenya. It has managerial implication that profitable banks ought to be efficient and dispels the notion of collusive behavior as a precursor for profitability. Originality/value – The paper fills an important gap in the extant literature by proving insights into what determines bank profitability in banking sector in Kenya. Although this area is rich in research, little work has been conducted in the developing economies and in particular no study in the knowledge has addressed this critical issue in Kenya.
    International Journal of Emerging Markets 09/2015; 10(4):697-710. DOI:10.1108/IJoEM-12-2012-0178
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    ABSTRACT: Purpose – The purpose of this paper is to explore the perceptions of Generation Y from advanced and emerging economies towards the country-of-origin (COO) of fashion products. Design/methodology/approach – The study was conducted by employing a qualitative research method. Virtual interviews in a chat room and e-mail interviews were conducted with 53 participants from 21 advanced and emerging economies. Findings – The findings indicated that most Generation Y consumers perceive that fashion products made in advanced economies are of better quality compared to those made in emerging economies. However, most Generation Y consumers from advanced economies did not only pay attention to the quality of the products but also to associated ethical issues. In contrast, most Generation Y consumers from emerging economies only paid attention to functional issues. Furthermore, Generation Y’s perceptions of COO also influence their attitudes and behaviour towards the fashion products made in their own country. Practical implications – This research brings a valuable insight to global fashion marketers about different perceptions between Generation Y consumers in advanced and emerging economies towards COO. Originality/value – The majority of COO research has been conducted quantitatively and based on one or a small number of nationalities. Qualitative studies which investigate the perceptions of Generation Y from advanced and emerging economies towards COO are still limited. Thus, this study can contribute to the development of research into COO.
    International Journal of Emerging Markets 09/2015; 10(4):858-874. DOI:10.1108/IJoEM-11-2012-0146
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    ABSTRACT: Purpose – The purpose of this paper is to investigate the role of trust in understanding usage of e-government services in South Africa. Of interest are services that involve two way interactions between citizens and government. Design/methodology/approach – Qualitative and quantitative data were collected from members of the public using in-depth interviews and a structured questionnaire, respectively. Findings – The findings show that trust in internet and in government as a provider of e-services are important factors that differentiates users and non-users of e-government services. The two factors are also significantly related to willingness to start using e-government services. Trust in e-service provider unlike trust in internet was however found to be a stronger differentiator of users and non-users and to have a stronger relationship with willingness to start using e-government services. Practical implications – Efforts aimed at promoting use of e-government services need to be based on a good understanding of factors that impact on citizens’ decisions in this regard. Such efforts need to include activities targeted at improving people’s trust in government’s ability to provide reliable and secure e-services. Originality/value – While provision of government services using the online channel is a growing phenomenon in most African countries, not much research has been done into what governments should focus on in order to entice more citizens to take up this channel. This study contributes to addressing this gap.
    International Journal of Emerging Markets 09/2015; 10(4):622-633. DOI:10.1108/IJoEM-12-2013-0151
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    ABSTRACT: Purpose – The purpose of this paper is to provide an attempt to evaluate the risk-adjusted performance of international mutual funds using the risk statistic generated by the mean absolute deviation (MAD) and promote the ability of portfolio managers and investors to make the logical decisions for selecting different funds using the new optimized measures. Design/methodology/approach – This study evaluates the performance of 50 international mutual funds using optimized risk-adjusted measures by the MAD over the monthly period 2001-2010. Using 50 linear programming models, the MAD is first computed by the linear programming models, and then seven performance measures of Treynor, Sharpe, Jensen’s α, M2, information ratio (IR), MSR, and FPI are optimized and proposed by the MAD to evaluate the mutual funds. Findings – The empirical evidence detects that the MAD is an important determinant to evaluate the funds’ performance. Using the MAD statistic, this paper shows that new optimized measures are mostly over-performed by the benchmark index; in addition, these optimized measures have close correlation with each other. The results, therefore, detect the importance of using new optimized measures in evaluating the mutual funds’ performance. Practical implications – The result of this study can be directly used as an initial data for decision of investors and portfolio managers who are seeking the possibility of participating in the global stock market by the international mutual funds. Originality/value – This paper is the first study which optimizes the variance of returns in the MAD framework for each fund to propose new seven optimized measures of Treynor, Sharpe, Jensen’s α, M2, IR, MSR, and FPI.
    International Journal of Emerging Markets 09/2015; 10(4):726-746. DOI:10.1108/IJoEM-12-2011-0112
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    ABSTRACT: Purpose – Momentum is an unresolved puzzle for the financial economists. The purpose of this paper is to dissect the sources of momentum profits and investigate the possible role played by the macro-economic variables in explaining them. Design/methodology/approach – The data for 493 companies that form part of Bombay Stock Exchange 500 index in India is used for calculating 6-6 momentum profits. Profits from the strategy are regressed on Capital Asset Pricing Model (CAPM) and Fama-French (FF) model to see whether they can explain these profits. Guided by prior research, three methodologies are used to see the possible role played by macro-economic variables in explaining momentum payoffs. Findings – The empirical results show that momentum profits are persistent in the intermediate horizon. CAPM and FF three-factor model fail to explain these returns. Price momentum seems to be explained in one of the model by lagged macro-economic variables which lend an economic foundation to the Carhart factor. The “Winner minus Loser” factor explains about 37 percent of abnormal returns on the winner portfolio that are missed by the FF model. The unexplained momentum profits seem to be an outcome of investors’ over-reaction to past information. Hence, the sources of price momentum profits seem to be partially behavioral and partially rational. Practical implications – The failure of risk models in fully explaining the momentum profits may be good news for portfolio managers who are looking out for stock market arbitrage opportunities. Originality/value – This paper fulfills an identified need to study the sources behind price momentum profits in Indian context.
    International Journal of Emerging Markets 09/2015; 10(4):801-819. DOI:10.1108/IJoEM-04-2014-0046
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    ABSTRACT: Purpose – The purpose of this paper is to seek to clarify whether the fair value (FV) of Brazilian banks securities is relevant for investors in times of crisis. Design/methodology/approach – The information gathered for 14 quarters, 2007-2010, of a cross-sectional sample of banks was used for the purpose of explaining the value of shares based on amortized cost and the FV of securities, the book value of equity and the financial crisis. The return on shares was regressed based on the realized and unrealized gains and losses on securities, adjusted income and the crisis. Findings – The results indicated that the FV is relevant. The results also corroborated the hypothesis that, during the crisis, there was a decrease in the relevance of the FV of securities since the accounting practices adopted in Brazil did not specify how to estimate FV, as required by SFAS 157, neither did they require disclosure of the FV hierarchy, as established International Financial Reporting Standards (IFRS) 7. It was concluded that FV has incremental explanatory power over equity, but not over amortized cost. Furthermore it possible to conclude that quarterly unrealized gains and losses on securities are not relevant, which could be explained by possible tax planning practices, since, in Brazil, the mark-to-market adjustment of securities is only deductible, or taxable, when settled. However, the realized and unrealized gains and losses are value-relevant during the period of financial crisis. Originality/value – This study provides empirical evidence about the relevance of FV during the financial crisis in Brazil.
    International Journal of Emerging Markets 09/2015; 10(4):684-696. DOI:10.1108/IJoEM-11-2012-0150
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    ABSTRACT: Purpose – The purpose of this paper is to examine the relationship between financial development and economic growth in Indian states using annual data from 1993 to 2012. Design/methodology/approach – The stationarity properties are checked by Levin-Lin-Chu and Im-Pesaran-Shin panel unit root tests. The study employed the Pedroni’s panel co-integration test to examine the existence of long-run relationship and the coefficients of co-integration are examined by fully modified ordinary least squares. The short term and long-run causality is checked by panel granger causality. Findings – The co-integration test confirms a long-run relationship between financial development and economic growth for Indian states. The results support the supply leading hypothesis and highlight the importance of financial development in economic growth in Indian states. The findings also indicate that bank-centric financial sector of India has the potential of economic growth through credit transmission. Research limitations/implications – The present study recommends for appropriate reforms in financial market to attain economic growth in India. The findings will be useful for India’s policymakers in order to maintain the parallel expansion of financial development and economic growth. Originality/value – Till date, there is no study that includes all 28 states in analyzing the role of financial development in economic growth for Indian economy by applying latest econometric techniques. Further, the study uses gross domestic state product instead of net domestic state product as proxy for economic growth because of the presence of different depreciation rates.
    International Journal of Emerging Markets 09/2015; 10(4):765-780. DOI:10.1108/IJoEM-05-2014-0064?journalCode=ijoem