Aderopo Raphael Adediyan , Oseremen ThankGod Ehisuoria
2022, 44, 1-18. doi.org/10.22367/jem.2022.44.01

Aim/purpose – External aid allocation by the donors in recent years has been fraught with instability and volatility. This has a negative consequence on the recipient economies particularly those that are highly aid-dependent. A good solution to the problem requires much understanding of factors influencing the behavior of external aid in the respective recipient economy. In this study, the focus was on analyzing two economic factors uncommonly discussed in the empirical literature – the influence of the degree of economic freedom and external debt burden on aid allocation, with emphasis on African economy.
Design/methodology/approach – The study constructs a probit model for the analysis using a panel dataset consisting of 48 African countries from 2010 to 2019.
Findings – The key findings of the study include a significant positive effect of economic freedom on aid and it implies that the probability of an additional external aid allocation to African countries increases with an increase in the degree of economic freedom. However, external debt burden, albeit positive, is not statistically significant to motivate more external aid allocations to Africa over the sample period.
Research implications/limitations – Hence, the pattern of external aid inflows in Africa is a reflection of a change in the degree of economic freedom in the region.
Originality/value/contribution – In contribution to filling the gap in the literature on external aid inflow in the recipient economies, the study traced external aid fluctuations in Africa to external debt burden and the extent of restriction imposed on economic freedom in African countries.

Keywords: external aid, economic freedom, external debt burden, probit regression.
JEL Classification: F34, F35, C01, E02.

Rshood M. Al-Khraif, Asharaf Abdul Salam , Mohd Fadzil Abdul Rashid
2022, 44, 19-37. doi.org/10.22367/jem.2022.44.02

Aim/purpose – The demographic dividend, defined as the proportion of working age to the rest of the population, is an opportunity seen mainly in developing countries, resulting from demographic transition. Efforts to maximize gains from it are crucial, especially for the Arabian Gulf states, where labor force demands are met at the danger of native youth unemployment that leads to issues of human resources utilization. This research on Saudi Arabian demographic dividend aims at tracking changes in the age structure, labor force participation, and prospects leading to economic gains.
Design/methodology/approach – Data from various sources such as censuses (1974, 1992, 2004, and 2010), national labor force surveys 1999-2017 and United Nations (UN) Population Prospects are compiled and statistically analyzed with a historical approach for calculations of age distribution, median age, and labor force participation adopting standard procedures.
Findings – An age structural transition occurred: percentage of population 15-64 years increased from 47.2% to 67.3%, increasing the dividend from 89.6% to 205.5%. This influenced the labor force’s sectoral distribution, and Gross Domestic Product (GDP) per working age population.
Research implications/limitations – The dividend’s first phase, since 2000, is expected to last until 2050, followed by the second dividend which may last longer. Along with the dividend, there shall be policies executed to reap the benefits, including scientifically planned recruitment of potential candidates in various professions, both in public and private sectors.
Originality/value/contribution – This research concerns a population, which is unexplored in detail, especially at a macro level. Thus, such an in-depth analysis seeks importance in revealing special demographic dimensions to a wider international audience. There are no such studies conducted in Saudi Arabia, with a national perspective helpful for revamping efforts to boost labor force reforms and to make maximum gain during the short-lived demographic dividend period.

Keywords: demographic transition, accounting effect, age-sex structure, labor force, median age.
JEL Classification: B55, J10.

Urbanus Kioko Kamba
2022, 44, 38-63. doi.org/10.22367/jem.2022.44.03

Aim/purpose – The aim of this study was to estimate the effect of health insurance on Out-of-Pocket (OOP) health care expenditure in Kenya. It is informed by persistence in the challenges of access and utilization of quality and affordable health care services. Previously, researchers have estimated the effects of different forms of health care financing on its demand and shown that affordability not only enhances access and use of health services but also cushions people against adverse financial risks associated with catastrophic health care spending.
Design/methodology/approach – The study used the Kenya Household Health Expenditure and Utilization Survey (KHHEUS) 2013 data, and employed the two-part model estimation approach. The sample size considered in the estimation was 6,961 with the unit of analysis being an individual household member.
Findings – The overall results of this study showed that having a health insurance cover did not exclude one from using OOP payments. However, the probability of such spending was low for people with insurance compared to those without insurance. Additionally, if any cash was paid for any health care service, having insurance did not have a significant effect on the level of that spending.
Research implications/limitations – The findings of this study imply that uptake of health insurance does not fully cushion people from both using cash payments when seeking health services and ramifications of catastrophic health care spending. The study however, encountered challenges of unavailability of more recent data in the KHHEUS series. In addition, the sample size was relatively small to the population after data cleaning.
Originality/value/contribution – Potential effect of health insurance on OOP health care payments had not been explored in Kenya. As such, this study filled this gap. In addition, the two-part model estimation technique was also employed with the latest household health survey data.

Keywords: health insurance, Out-of-Pocket, health care, two-part model, Kenya.
JEL Classification: I13, I14.

Cathrine Thato Koloane , Oliver Bodhlyera
2022, 44, 64-95. doi.org/10.22367/jem.2022.44.04

Aim/purpose – The underground economy is a major challenge across the world affecting both developed and developing economies. South Africa is no exception to this phenomenon and has lost billions of rands due to the underground economy. The aim of this study is to estimate the size of the underground economy in South Africa.
Design/methodology/approach – The study used quarterly time series data from 2000 to 2020 and employed the Currency Demand Approach (CDA) for modeling the underground economy.
Findings – The model results revealed that the underground economy is positively influenced by unemployment rate, tax burden, and social benefits granted by the government, however it is negatively influenced by Nominal Gross Domestic Product (NGDP), deposit interest rate, and self-employment rate. Furthermore, the study showed that there was a distinct growth of the underground economy, from 23.9% of GDP in 2003 to 34.5% of GDP in 2019. On average, the underground economy represented 28.8% of GDP for the period 2003 to 2020.
Research implications/limitations – This model can be used in conjunction with other models to observe the trend in the South African underground economic activities. The South African government should take note of the spiraling growth of this economy and come up with measures to curb this growth to protect the formal economy.
Originality/value/contribution – This study makes a significant contribution to the body of knowledge in this research area and provides much needed insights into the magnitude of the underground economy and the extent of tax evasion in South Africa.

Keywords: underground economy, South Africa, currency demand approach.
JEL Classification: C32, O17, H26, C53.

Scott W. Hegerty
2022, 44, 96-118. doi.org/10.22367/jem.2022.44.05

Aim/purpose – In the decades since their reintegration with the West, the small open economies of Estonia, Latvia, and Lithuania have seen their trade flows grow substantially. While the mix of trade partners has evolved over time, the region has been affected by various political and economic shocks. This study examines the bilateral trade balances between the Baltic countries and nine partners to investigate whether there have been structural breaks due to political or economic events. Because these events may have been “priced into” exchange rates or increased these rates’ volatility, connections between these variables and trade balances are also considered.
Design/methodology/approach – Monthly data beginning in 1994 are taken from the International Monetary Fund’s Direction of Trade Statistics [DOTS]. Trade partners include the Nordic countries of Finland, Sweden, and Norway, as well as Poland, Russia, and the United States and country groupings such as the CIS, Advanced Economies, and the World. Ratios of the export and import values are used to create bilateral trade bal-ances. The BaiPerron (1998) structural break test is then used to identify “break points” that can classify time periods into regimes. Baltic nominal and real effective exchange rates, both in log changes and as a GARCH-based volatility measure, show whether regimes correspond to competitiveness or risk. Correlations are calculated to show links between bilateral trade balances and real exchange rates.
Findings – Each trade balance has at least one structural break; many have more. In fewer than half of the cases do these correspond to specific events such as EU accession or the Global Financial Crisis. Trade with Russia has decreased, particularly for Estonia and Latvia. But many partners with historical ties, such as Estonia-Finland, Latvia-Sweden, and Lithuania-Poland have more breaks than do other partners (such as Estonia-Poland). Structural breaks in real exchange-rate returns and volatility do not match those of trade balances, and correlations between returns and trade balances are low.
Research implications/limitations – These findings open the door to future research on the macroeconomic and cultural/historical factors behind these trade linkages and any changes in regimes. However, no structural determinants have yet been estimated.
Originality/value/contribution – This study isolates changes in trade regimes, which can be further explained by specific events or particular dates. It also shows that variance has changed as well as the mean, but this differs by country and by the partner.

Keywords: Trade flows, Baltics, time series, structural breaks.
JEL Classification: F14, F4, C1.

Kateryna Czerniachowska , Krzysztof Lutosławski , Marcin Hernes
2022, 44, 119-141. doi.org/10.22367/jem.2022.44.06

Aim/purpose – Shelf space is one of the most important tools for attracting customers’ attention in a retail store. This paper aims to develop a practical shelf space allocation model with visible vertical and horizontal categories. and formulate it in linear and non-linear forms.
Design/methodology/approach – The research is mainly based on operational research. Simulation, mathematical optimization, and linear and nonlinear programming methods are mainly used. Special attention is given to the decision variables and constraints. Changing the dimensioning of the decision variables results in an improvement in the formulation of the problem, which in turn allows for obtaining an optimal solution.
Findings – A comparison of the developed shelf space allocation models with visible vertical and horizontal categories in linear and nonlinear forms is presented. The computational experiments were performed with the help of CPLEX solver, which shows that the optimal solution of the linear problem formulation was obtained within a couple of seconds. However, a nonlinear form of this problem found the optimal solution only in 19 out of 45 instances. An increase in the time limits slightly improves the performance of the solutions of the nonlinear form.
Research implications/limitations – The main implication of research results for science is related to the possibility of determining an optimal solution to the initially formulated nonlinear shelf space allocation problem. The main implication for practice is to take into consideration the practical constraints based on customers’ requirements. The main limitations are the lack of storage conditions and holding time constraints.
Originality/value/contribution – The main contribution is related to developing mathematical models that consider simultaneous categorization of products vertically, based on one characteristic, and horizontally, based on another characteristic. Contribution is also related to extending the shelf space allocation theory with the shelf space allocation problem model in relation to four sets of constraints: shelf constraints, product constraints, orientation constraints, and band constraints.

Keywords: Retailing, decision making/process, merchandising, shelf space allocation, planogram.
JEL Classification: C61, L81.

Dawid Mrowiec
2022, 44, 142-186. doi.org/10.22367/jem.2022.44.07

Aim/purpose – Internal whistleblowing is the most desirable form of reporting about wrongdoings for all kinds of organizations. The aim of this paper is to identify factors influencing the occurrence of internal whistleblowing and to provide recommendations for practitioners on how to encourage employees to report wrongdoings to an organization.
Design/methodology/approach – The fundamental article database has been constructed with the use of ProQuest, EBSCO and Taylor & Francis databases. The timespan for the research was from 1990 to 2022. The papers for the fundamental database were found within the utilization of two words “whistleblowing” in titles and “internal” in abstracts. Next, the database was broadened by snowball review.
Findings – Identified factors important for the occurrence of internal whistleblowing in an organization were assigned to one of the following areas: ethics, leadership, policies and procedures, retaliations and safeguards, social climate, organizational justice, education and training, reporting channels, communication, additional motivation, organization’s size and structure, audit committee.
Research implications/limitations – For researchers – the paper provides a picture of research on internal whistleblowing: identified factors influencing internal whistleblowing, popularity of exploring problems, and utilizing research methods. For practitioners – the paper provides practical implications (based on current knowledge) important for implementing and managing organizational whistleblowing systems in the organization of private and public sectors.
Originality/value/contribution – The main contribution of this work states the framework of factors affecting internal whistleblowing, which was constructed on the basis of a systematic review of the scientific literature. Moreover, the paper provides guidelines for practitioners.

Keywords: internal whistleblowing, factors, effectiveness, systematic review.
JEL Classification: K22, L50, M10, M12, M14.

Hyun Hee Kim, Sunny Sun , Rob Law
2022, 44, 187-209. doi.org/10.22367/jem.2022.44.08

Aim/purpose – This paper aims at examining the value propositions of tourism marketing for smartphone marketing and the value perceptions of tourists of using smartphone applications by investigating the National Tourism Organization (NTO) of Hong Kong and South Korea, respectively.
Design/methodology/approach – Through conducting in-depth and focus group interviews, the present study explored and compared the value proposition of smartphone destination marketing of the NTOs in Hong Kong and South Korea.
Findings – Findings of the present study indicate seven value propositions of the NTO, including aesthetic, functional, hedonic, organizational, social, technological, and user experience values.
Research implications/limitations – An increasing number of destination marketing organizations have been adopting smartphones to meet the demands of the competitive marketing environment. Hence, tourism organizations must enhance the delivery of quality travel-related information to improve tourists’ perceived value. A conceptual framework was proposed based on the findings of the present study, and valuable practical implications were provided.
Originality/value/contribution – The originality of the present study lies in the integration of the value proposition concept in the consumption value theory to the mobile context in tourism.

Keywords: smartphones, smartphone marketing, National Tourism Organization (NTO), value propositions, perceived value, Hong Kong, South Korea.
JEL Classification: M31, N70, Z33.

Shuvam Chatterjee , Paweł Bryła
2022, 44, 210-235. doi.org/10.22367/jem.2022.44.09

Aim/purpose – Olfactory marketing is a phenomenon that is in the current trend of usage by marketing experts to ensure that consumers are more involved in the purchase decision-making process. This paper aims to review the studies involved in consumer purchase intentions influenced by fragrance and develop a framework for modeling consumer responses.
Design/methodology/approach – PRISMA technique was used as a methodological approach. First, the researchers made criteria for inclusion and exclusion of studies along with the application of a set of keyword research strings to identify the relevant research articles. Second, prominent scientific search databases like EBSCO Host, Scopus, and ScienceDirect were used to mainly search the relevant literature.
Findings – This article advances knowledge on the topic of fragrance marketing and proposes an integrative framework of consumer purchase responses considering the mutual relationship shared between fragrance, the influence of control variables, and response outcomes focusing on cognitive responses, intentions and behavior. The results of the conducted review also suggest that retail consumers tend to develop a positive attitude and behavior towards the place where the product and service are being sold.
Research implications/limitations – The paper would be particularly helpful for man-agers in designing the right strategy for creating loyalty for their retail outlets and there-by creating a niche for themselves.
Originality/value/contribution – The study assists marketers in understanding the im-pact of olfactory marketing in increasing short-term and long-term retail sales and de-termines future research directions to enrich the existence of these theories to fathom the essence behind consumers’ interpretations of olfaction in retail outlets.

Keywords: olfactory marketing, consumer behavior, retail store, marketing innovation, fragrance, review.
JEL Classification: M00, M31.

Bob Travica
2022, 44, 236-265. doi.org/10.22367/jem.2022.44.10

Aim/purpose – The COVID-19 pandemic generated a new communication universe with numerous actors, including conspiracy theory (CT) promoters who spread skepticism about the authenticity of the pandemic and the necessity of health emergency regulations. This study explores the dissemination of COVID-19 conspiracy theories in Canada to create a model for verifying conspiracy theories, especially in the context of decision making.
Design/methodology/approach – The study was transdisciplinary and it was composed of an empirical and a conceptual part. The first part used analysis of websites and social media, observation with participation for data collection, and standard content analysis for data analysis. The conceptual part used a philosophical inquiry and a framework on heuristics in decision making.
Findings – The empirical part of the study established three types of conspiracy theory promoters and labeled these as Conspiracy Theory Mill, Busy Gunman, and Hyper Relay. The conceptual part of the study created a model for CT verification. The study extends conceptualizing of conspiracy theories by characterizing them as narratives based on arbitrary ontological assumptions, epistemic naïveté and flaws, and contorted and biased logic. These narratives represent a form of folkish storytelling and entertain-ment, which become dangerous in the state of a public health emergency.
Research implications/limitations – The study has implications for research on conspiracy theories and for the theory of decision making. The study’s insight into the Canadian conspiracy theory landscape is limited by the types of social contexts studied. The model for verifying a conspiracy theory, which the study developed, is still incipient in character and needs further validation. The model can be used in decision-making theory.
Originality/value/contribution – The study confirms the literature on conspiracy theories originating in the areas of psychology and cultural studies. Beyond just exhibiting characteristics reported in the literature, the discovered three types of conspiracy theory promoters may advance the corresponding typology research. The model for verifying a conspiracy theory may contribute to research on the nature of conspiratorial content as well as to decision-making theory. Practically, the three promoter types and the verifica-tion model can be used as part of a blueprint for identifying and controlling conspiracy theories. Decision-makers at large may benefit, including those in health institutions, government, business as well as lay people.

Keywords: COVID-19, conspiracy theory, Canada, decision making.
JEL Classification: D7, D8, I1.

Silas Gontur, Paul Dung Gadi , Esther Bagobiri
2022, 44, 266-285. doi.org/10.22367/jem.2022.44.11

Aim/purpose – The main objective of this research is to investigate the relationship between service quality and customer loyalty and the moderating effect of positive word-of-mouth on this relationship in the hospitality sector, in North Central Nigeria.
Design/methodology/approach – The research adopted a quantitative technique. Data were collected through a survey technique and Statistical Package for Social Science (SPSS) version 25.0 was used for descriptive analysis. Then SmartPLS 3.3.7 was employed to examine relations between service quality, customer loyalty, and positive word-of-moth.
Findings – The current study confirmed that service quality had a significant positive relationship with customer loyalty and positive word-of-mouth moderates the relationship between service quality and customer loyalty.
Research implications/limitations – The current study looked at the moderating effect of positive word-of-mouth on the relationship between service quality and customer loyalty in relation to the hospitality sector in North Central Nigeria.
Originality/value/contribution – Examination of the moderating role of positive word-of-mouth in this study has aided to fit into the literature gap.

Keywords: service quality, customer loyalty, positive word-of-mouth, hospitality, PLS-SEM.
JEL Classification: M31, M37, Z31, Z32.

Ewa E. Kiczmachowska
2022, 44, 286-314. doi.org/10.22367/jem.2022.44.12

Aim/purpose – This study aims to examine the impact of the COVID-19 pandemic on peer-to-peer accommodation (P2PA), investigate the potential factors related to organizational resilience based on resilience resources and consumer threat response frameworks, and revisit the tourism disaster management framework.
Design/methodology/approach – The operational Key Performance Indicators (KPIs) were analyzed in relation to host professionalism (organizational resilience) and property exposure to social contact (consumer threat response) for 23,334 properties available via the Airbnb platform. A regression model was proposed to estimate the impact of government policies on P2PA business performance.
Findings – The revenue, the occupancy rate, and the number of active properties decreased by –59.1%, –41.3%, and –20.4%, respectively. Professional hosts and properties offering less social contact showed lower declines in revenue and occupancy rate and their proportion in properties that survived 12 months after the pandemic breakout was higher. The consecutive waves of COVID-19 infections created a need to include a repetitive exchange of emergency and intermediate stages before the recovery stage could be started.
Research implications/limitations – For P2PA hosts, this study could serve as a useful contribution to shaping their tactics given the COVID-19 pandemic continuation or similar disaster to happen in the future. For governments or local authorities, this study should contribute to a better understanding of the impacts of various types of restrictions on accommodation segment performance. The limitation of this research is that it refers to big cities, extending it to rural destinations might reveal valuable insights. Additionally, it would be interesting to compare P2PA performance with other segments of the hospitality sector (e.g., hotels).
Originality/value/contribution – This study contributes to the knowledge of tourism disaster management, organizational resilience, and consumer threat response frameworks. It reveals potential factors related to property resilience in the face of disease-related disasters and proposes a revised framework for tourism disaster management.

Keywords: peer-to-peer accommodation, Airbnb, revenue, tourism disaster management, COVID-19 pandemic.
JEL Classification: M10, M39, L11, L25, D22.

Carla Curado, Tiago Gonçalves, João Costa Brito
2022, 44, 315-343. doi.org/10.22367/jem.2022.44.13

Aim/purpose – In this paper, we explore the contribution of Human Resource Management Systems (HRMS) to innovation in SMEs. We consider two HRMS with different orientations: Commitment HRMS (focusing on long-term career development to increase employees’ creativity) and Collaboration HRMS (focusing on the use of external human capital to achieve innovation). We believe that SMEs’ radical and incremental innovation follow different paths from a configurational perspective. We want to understand how the two HRMS influence radical and incremental innovation, consequently, we explore the contributions of Commitment HRMS and Collaboration HRMS.
Design/methodology/approach – We apply a set-theoretic method, an analytic quantitative and qualitative technique to approach data – fuzzy-set Qualitative Comparative Analysis (fsQCA) – to test our models. We use a sample of 377 Portuguese SMEs from across industries.
Findings – Results show there are two pathways that lead SMEs to high levels of incremental innovation and three alternative paths that originate high levels of radical innovation. By contrast, there are ways that lead to lower levels of incremental (two options) and radical innovation (three options).
Research implications/limitations – We provide propositions for theory development on the contribution of HRMS to innovation. Managerial contributions regard the several options provided to SME managers in search of innovation. Limitations regard the lack of generalization power of results due to the cross-sectional nature of the work. However, the research design is replicable without restrictions.
Originality/value/contribution – We suggest that SMEs’ radical and incremental innovation follow different paths from a configurational perspective. With this study, we contribute to showing the diversity of ways to reach higher innovation levels at SMEs, so that managers know the alternatives they have at their disposal. Additionally, we reveal the ways that lead to lower innovation levels at SMEs, so we alert managers to the undesired pathways they should be cautious about.

Keywords: Human Resources Management Systems, incremental innovation, radical innovation, SME, fsQCA.
JEL Classification: M12, O15, O31.

Hwai-Shuh Shieh, Szu-Yu Lin
2022, 44, 344-375. doi.org/10.22367/jem.2022.44.14

Aim/purpose – This study explores how the content feature and source of eWOM affect people’s intentions and further analyses the effectiveness of eWOM on people’s intention to watch movies.
Design/methodology/approach – The study considers two dimensions of movie reviews, including the source (anonymous or acquaintance) and the content feature (concrete or abstract), adopts a 2x2 between-subject design, and then analyzes online questionnaires (N = 313) via statistics analysis methods.
Findings – The findings showed that if the source is from an acquaintance and the content feature is concrete, then people will have the highest intention to watch the movie. In addition, the acting skills of the cast and the love of the movie genre also enhance the positive influence on the viewer’s experience.
Research implications/limitations – The respondents were selected only in Taiwan so this paper do not explain any differences among different countries. For example, cultural differences exist between the West and the East in the content feature of eWOM.
Originality/value/contribution – If a type of genre is greatly accepted by the audience and generates huge box-office revenue, then producers and movie companies might keep making movies in these kinds of genre to secure profits. Therefore, box-office movies will usually fall into these certain types of genres, and there will be an abundance of them released in the near future.

Keywords: source of eWOM, content feature of eWOM, online movie review, between-subject design.
JEL Classification: C12, C90.

Rshood M. Al-Khraif, Ibrahim Elsegaey, Mohammed Al-Mogarry, Asharaf Abdul Salam
2022, 44, 376-392. doi.org/10.22367/jem.2022.44.15

Aim/purpose – Saudi Arabia is rapidly urbanizing, where the number of urban residents, currently exceeds 80% of the population. Many cities in the country face challenges of sustainability, livability, resilience, and thus global reputation. Therefore, measuring city performance is crucial in assessing urban complexity in order to improve development potential. As stated in Vision 2030 of the Kingdom of Saudi Arabia, attempts at improving the global competitiveness and reputation of cities are of prime importance. This attempt aims at developing a culturally sensitive city ranking methodology, testing the method with relevant statistics, and presenting the preliminary results for further discussions, deliberations, and extensions.
Design/methodology/approach – In this context, an index named Saudi Arabia’s City-Ranking Index (SACRI) was developed, which proposes a three-dimensional assessment, incorporating livability, competitiveness, and environmental sustainability with 58 indicators (widely used or culturally specific). This exercise is carried out in 17 future cities, considering the feasibility criterion.
Findings – Riyadh emerged as the most preferred city with the first rank, followed by Jeddah, Dammam, Madina, and Al Baha in order. Najran ranks 17, the last, preceded by Jazan, Al Qatif, Arar, and Al Taif.
Research implications/limitations – This ranking of Saudi Arabia’s cities seeks importance in planning, improving, and promoting livability, competitiveness, and environmental sustainability to grab prominent places on a global scale.
Originality/value/contribution – This exercise is unique for Saudi Arabia, with specific cultural dimensions that could be replicated in the neighboring Arab countries.

Keywords: city ranking, urbanization, livability, competitiveness, environmental sustainability.
JEL Classification: J10.

Bruno de Paula Balan, Maria Cláudia Ferreira da Cunha, Renan Cipriano da Cunha, Leila Halawi
2022, 44, 393-419. doi.org/10.22367/jem.2022.44.16

Aim/purpose – Multiple factors affect a passenger’s origin and destination airport choice. This study explores some of the leading indicators associated with performance in cities with more than one airport. Two important Multi-Airport Systems (MAS) in Brazil were the object of this study: São Paulo (Congonhas and Guarulhos) and Rio de Janeiro (Santos Dumont and Galeão), the most significant demand-generating centers in the country and the most critical distribution centers of flights from South America.
Design/methodology/approach – Using public databases presenting the evolution of supply and demand from 2013 to 2018, the evolution of flights, and the sales by airlines in the same period, we estimated a linear model using panel data on a multiple linear regression with fixed effects.
Findings – One of the results observed is that competition between airlines positively affects prices for consumers, the industry, and tourism, which is vital for the country.
Research implications/limitations – The limitation of the findings is the lack of current data.
Originality/value/contribution – In filling the gap in the literature on the evolution of supply and demand in the Brazilian aviation market, the study evaluates some of the leading indicators associated with performance in cities with more than one airport.

Keywords: aviation supply and demand, evolution, Brazil, São Paulo, Rio de Janeiro, airports.
JEL Classification: R40, R41, R10, O54, C19.

Artur F. Tomeczek
2022, 44, 420-445. doi.org/10.22367/jem.2022.44.17

Aim/purpose – This article aims to explore the network topology of the stock market in Poland during the COVID-19 pandemic.

Design/methodology/approach – Kruskal’s algorithm was used to find the minimum spanning trees (MST) of three undirected correlation networks: MST1 (December 2019 – August 2021), MST2 (February 2020 – April 2020), and MST3 (June 2021 – August 2021). There were123 firms included in all three networks representing three key indexes (WIG20, mWIG40, and sWIG80).

Findings – The comovements of stock prices varied between various periods of the pandemic. The most central firms in Poland were PEO, UNT, SPL, PKO, KGH, CCC, and PZU. WIG20 was the most influential stock index for all networks. During the turbulent period represented by MST2, many of Poland’s largest companies have clustered around KGH at the center of the network. In contrast, MST3 is the least compact of the three networks and is characterized by the absence of a single strongly influential node.

Research implications/limitations – Correlation networks are efficient at quantitatively describing the degree of interdependence of a stock. MST finding algorithms are a crucial method of analysis for correlation networks. However, a limitation of the study, inherent to undirected correlation networks, is the inability to determine the direction of influence that stocks have on each other.

Originality/value/contribution – The results of the article contribute to the economic analysis of stock markets in several ways. First, it expands on Gałązka (2011) by including additional centralities and the dynamic aspect of changes in the topology during the COVID-19 pandemic. Second, it broadens the MST-based empirical research of stock markets by showing the emergence of the star topology during the period of high uncertainty in Poland. Third, it has practical applications for systemic risk assessment and portfolio diversification.

Keywords: network analysis, minimum spanning tree, correlation network, stock market, COVID-19, Poland.

JEL Classification: D85, L14, G10, G32.

Gloria J. Miller

2022, 44, 446-494. doi.org/10.22367/jem.2022.44.18

Aim/purpose – This research presents a conceptual stakeholder accountability model for mapping the project actors to the conduct for which they should be held accountable in artificial intelligence (AI) projects. AI projects differ from other projects in important ways, including in their capacity to inflict harm and impact human and civil rights on a global scale. The in-project decisions are high stakes, and it is critical who decides the system’s features. Even well-designed AI systems can be deployed in ways that harm individuals, local communities, and society.

Design/methodology/approach – The present study uses a systematic literature review, accountability theory, and AI success factors to elaborate on the relationships between AI project actors and stakeholders. The literature review follows the preferred reporting items for systematic reviews and meta-analyses (PRISMA) statement process. Bovens’ accountability model and AI success factors are employed as a basis for the coding framework in the thematic analysis. The study uses a web-based survey to collect data from respondents in the United States and Germany employing statistical analysis to assess public opinion on AI fairness, sustainability, and accountability.

Findings – The AI stakeholder accountability model specifies the complex relationships between 16 actors and 22 stakeholder forums using 78 AI success factors to define the conduct and the obligations and consequences that characterize those relationships. The survey analysis suggests that more than 80% of the public thinks AI development should be fair and sustainable, and it sees the government and development organizations as most accountable in this regard. There are some differences between the United States and Germany regarding fairness, sustainability, and accountability.

Research implications/limitations – The results should benefit project managers and project sponsors in stakeholder identification and resource assignment. The definitions offer policy advisors insights for updating AI governance practices. The model presented here is conceptual and has not been validated using real-world projects.

Originality/value/contribution – The study adds context-specific information on AI to the project management literature. It defines project actors as moral agents and provides a model for mapping the accountability of project actors to stakeholder expectations and system impacts.

Keywords: accountability, artificial intelligence, algorithms, project management, ethics.

JEL Classification: C33, M15, O3, O32, O33, Q55.