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Volatility spillovers across European stock markets under the uncertainty of Brexit

Li, Hong


Assistant Professor


Exporting allows organizations to diversify risk and generate multiple income streams. In turn, the making of good export decisions is purported to be a main determinant of performance. While substantive export decisions are well researched, little is known about how export decisions should be made in practice, and whether different decision-making approaches should be combined. This study addresses this gap using decision theory; the interaction of planning and improvisation is assessed and their impact on export responsiveness and export performance is examined. A conceptual model is developed through exploratory research and tested through structural equation modelling. Insights into the results are then sought via post-hoc in-depth interviews. We conclude that improvisation has multiple dimensions (spontaneity, creativity and action-orientation), and that there is no one ‘best way’ for export managers to make decisions. Furthermore, export planning can enhance economic performance but detract from customer performance. Meanwhile, improvisation improves responsiveness, while action-orientation leads to greater customer performance and results in greater responsiveness with regard to planning. Export managers should be wary though of spontaneity and creativity, as they detract from planning outcomes.


Li, H. (2020). Volatility spillovers across European stock markets under the uncertainty of Brexit. Economic Modelling, 84, 1-12.

Journal Article Type Article
Acceptance Date Mar 3, 2019
Online Publication Date Mar 7, 2019
Publication Date 2020-01
Deposit Date Mar 5, 2019
Publicly Available Date Mar 8, 2020
Journal Economic Modelling
Print ISSN 0264-9993
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 84
Pages 1-12
Keywords Exporting, decision-making, planning, improvisation, export performance
Public URL
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