RESUMEN
This article accounts for the impact of positive and negative shocks of the news-related Climate Policy Uncertainty (CPU) and the novel Economist Intelligence Unit's report-based global Energy Uncertainty (EU) on the U.S. sectoral stock returns by using the ARDL and NARDL approaches with dynamic multiplier simulations. We also utilize both the DCC-GARCH and ADCC-GARCH approaches to extract the symmetric and asymmetric dynamic conditional correlations between the EU and the U.S. sectoral stock returns and then regress these conditional correlation series on the CPU through series of quantile regressions. Overall, the findings suggest that only the positive CPU shocks negatively impact the U.S. sectoral stock returns of Consumer Services, Financials, Industries, Telecommunication and Utilities in the long-term, whereas the negative CPU shocks insignificantly predict the U.S. sectoral returns. The findings also report that only the negative EU shocks increase the U.S. sectoral stock returns of Consumer Services, Financials, Health Care, Industries, Moreover, the positive (negative) EU shocks cause the U.S. sectoral returns of Materials and Technology to decrease (increase) in the long-term. Portfolio managers may consider diversifying their portfolios to include sectors least susceptible to negative impacts from the CPU and EU shocks such as Health Care and Oil & Gas. Our findings also show that CPU shocks moderate the dynamic conditional correlations between the EU and the U.S. sectoral returns of Consumer Services, Materials, Health Care, Telecommunication, Oil and Gas and Utility. Fund managers should contemplate augmenting the allocations to the Financials, Industrials, and Technology sectors owing to their diminished interconnectivity with the EU during periods of heightened CPU.
Asunto(s)
Cambio Climático , Incertidumbre , Estados Unidos , Clima , IndustriasRESUMEN
Objectives. In developing countries, health and safety is not given importance especially in small and medium-sized enterprises (SMEs). Incidents in health and safety are continuously increasing. The major reason is a lack of workplace safety culture. Secondly, enterprises lack resources, therefore it becomes hard for them to provide safety climate. Along with safety climate and safety culture, the behavior of leadership plays a significant role toward safety performance. Therefore, the purpose of this study is to analyze the moderating role of leadership for gaining safety performance through safety culture and safety climate. Methods. For the said purpose, the authors collected data from laborers and managers. A structured questionnaire was adopted and, after ensuring the reliability, structural equation modeling was applied. Results. The findings revealed that safety culture and safety climate both have a significant impact over safety performance; however, transformational leadership only moderates the relationship between safety culture and safety performance. Conclusions. Identification of the moderating role of transformational leadership is a significant contribution in social cognitive theory. Future researchers are also guided to identify the same link for large industries of developing countries.