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Andriani, Siska. "Uji Park Dan Uji Breusch Pagan Godfrey Dalam Pendeteksian Heteroskedastisitas Pada Analisis Regresi." Al-Jabar : Jurnal Pendidikan Matematika 8, no. 1 (June 19, 2017): 63. http://dx.doi.org/10.24042/ajpm.v8i1.1014.
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Homoskedastisitas is one of the conditions are fulfilled classical assumptions in the regression analysis, if not met this means homoskedastisitas error variance is not constant and is said to occur heteroscedasticity problem. Test Park and Pagan Godfrey Breusch test is a statistical test to detect whether there is a problem of heteroscedasticity in the regression equation. The problem is how to test the results of detection heteroskedastisitas Park and Breusch Pagan Godfrey test, which is more effective test.Based on the results of research and discussion can be concluded that the detection of the three cases of data acquired two pieces of data in the test with both test detected heteroskedasticity problems, while one case is detected by the test Breusch heteroskedastisitas Pagan Godfrey Park but the test was not detected. Values mean square error (MSE) test Breusch Pagan Godfrey smaller than the test Park so it can be said Pagan Godfrey Breusch method used more effectively. Thus, in detecting problems hetereoskedastisitas should use Breusch Pagan Godfrey test because they have better accuracy than tests Park.
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Halunga, Andreea G., Chris D. Orme, and Takashi Yamagata. "A heteroskedasticity robust Breusch–Pagan test for Contemporaneous correlation in dynamic panel data models." Journal of Econometrics 198, no. 2 (June 2017): 209–30. http://dx.doi.org/10.1016/j.jeconom.2016.12.005.
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Amoako, Esther Akoto. "A spatial Analysis of Crime and Neighborhood Characteristics in Detroit Census Block Groups." Proceedings of the ICA 4 (December 3, 2021): 1–8. http://dx.doi.org/10.5194/ica-proc-4-5-2021.
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Abstract. Crime has an inherent geographical quality and when a crime occurs, it happens within a particular space making spatiality essential component in crime studies. To prevent and respond to crimes, it is first essential to identify the factors that trigger crimes and then design policy and strategy based on each factor. This project investigates the spatial dimension of violent crime rates in the city of Detroit for 2019. Crime data were obtained from the City of Detroit Data Portal and demographic data relating to social disorganization theory were obtained from the Census Bureau. In the presence of spatial spill over and spatial dependence, the assumptions of classical statistics are violated, and Ordinary Least Squares estimations are inefficient in explaining spatial dimensions of crime. This paper uses explanatory variables relating to the social disorganization theory of crime and spatial autoregressive models to determine the predictors of violent crime in the City for the period. Using GeoDa 1.18 and ArcGIS Desktop 10.7.1 software package, Spatial Lag Models (SLM) and Spatial Error Models were carried out to determine which model has high performance in identifying predictors of violent crime. SLM outperformed SEM in terms of efficiency with (AIC:5268.52; Breusch-Pagan test: 9.8402; R2: 16% & Log Likelihood: −2627.26) > SEM (AIC: 5275.24; Breusch-Pagan test: 9.7601; R2: 15% & Log Likelihood: −2630.6194). Strong support is found for the spatial disorganization theory of crime. High percent ethnic heterogeneity (% black) and high college graduates are the strongest predictors of violent crime in the study area.
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Anderu, KEJI Sunday. "An empirical nexus between poverty and unemployment on economic growth." Jurnal Perspektif Pembiayaan dan Pembangunan Daerah 9, no. 1 (April 30, 2021): 85–94. http://dx.doi.org/10.22437/ppd.v9i1.12005.
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The study examines the empirical nexus between poverty and unemployment on economic growth in Nigeria between 1980 and 2016. Auto-Regressive Distributed Lag (ARDL), Bound cointegration testing, and Error Correction Methods (ECM) were used to investigate the link between unemployment, poverty rate, and economic growth in Nigeria. Post estimation tests such as the Jarque-Bera test, Breusch-Pagan, ARCH test, and Ramsey reset test were also adopted in order to validate the research finding. The diagnostic tests further disclosed that the estimated model follows the Ordinary Least Square technique assumptions to attain efficiency and consistency of the model employed. The Jarque-Bera test suggests that residuals for both models are normally distributed, and the Breusch-Godfrey Serial Correlation (LM) test indicates that the hypothesis of no autocorrelation cannot be rejected. Interestingly, the ARDL and ECM results show that unemployment and poverty significantly impact economic growth both in the short and long run. Hence, the study recommended that the Nigeria government should ensure that adequate measures are put in place: Such as investment in education, agricultural sector reform, expansionary fiscal policy, intervention in micro-lending for small scale businesses by the government should be implemented to reduce the level of unemployment and poverty rate both in the short run and long run.
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Pula, Lekë, and Alban Elshani. "Role of Public Expenditure in Economic Growth: Econometric Evidence from Kosovo 2002–2015." Baltic Journal of Real Estate Economics and Construction Management 6, no. 1 (June 28, 2018): 74–87. http://dx.doi.org/10.2478/bjreecm-2018-0006.
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Abstract The aim of the study is to examine the impact of public expenditure on economic growth of Kosovo. Time series data span for the period of time 2002-2015. The structure of the econometric model is built on Keynesian theories and endogenous growth model. The model estimation is performed only after implementing the Augmented Dickey-Fuller (ADF) Unit Root test to estimate if time series are stationary. Several tests have been implemented to determine model validity. The model has met all the assumptions of statistical tests: error term residuals have a normal distribution (Jarque-Bera test), there is no auto-correlation between variables (Breusch-Godfrey Serial test), and error variances are constant, known as the principle of homoscedasticity (Breusch-Pagan-Godfrey test). Gross domestic product is used as a dependent variable in the model, while public expenditure (G), foreign direct investment (FDI), export (EXP) and total budget revenue (TrTax) are used as the endogenous variables. The study results have revealed that there is a positive and statistically significant effect of public expenditures and exports on economic growth. Total budget revenue has a positive impact on economic growth but this has not been proved to be statistically significant. The authors of the research have also found out that FDI is negative and statistically insignificant.
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Ozturk, Mustafa, Serdar Durdyev, Osman Nuri Aras, Syuhaida Ismail, and Nerija Banaitienė. "HOW EFFECTIVE ARE LABOR WAGES ON LABOR PRODUCTIVITY?: AN EMPIRICAL INVESTIGATION ON THE CONSTRUCTION INDUSTRY OF NEW ZEALAND." Technological and Economic Development of Economy 26, no. 1 (January 24, 2020): 258–70. http://dx.doi.org/10.3846/tede.2020.11917.
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This study empirically investigates (for the period of 1983–2017) the relationships between the parameters (labour wage (LW), labour productivity (LP) and unemployment (UNM) rate) of the construction sector in New Zealand. This study employs the Johansen co-integration test to determine if the relationship in the long run does exist among the investigated variables as well as to assess the relationships. The results show that the LW has a positive effect on the LP, while the UNM affects negatively, which indicates that the higher salary, the more productive labour. In other words, increase in salary stimulates the belief of the workforce that they are substantially paid for their work, which ultimately increases their trust and loyalty to the employer; hence, productivity. Moreover, the results show adverse effect of UNM on LP, which indicates that labours may also lose his/her productivity due to fear of losing his/her job. The model stability is verified by Histogram Normality Test, Breusch-Godfrey Serial Correlation, Heteroscedasticity Breusch-Pagan-Godfrey tests. Thus, the forefront of the construction sector is recommended to consider the empirical relationships determined in this study in order to improve the productivity level at various levels.
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Adekeye, Kayode S., Kelvin E. Igwe, and Olaniyi M. Olayiwola. "On Pooled OLS and Panel Regression Models for Assessing the Contributions of Electronic Payment System on Commercial Banks Profitability." Journal of Statistics: Advances in Theory and Applications 25, no. 2 (July 10, 2021): 61–81. http://dx.doi.org/10.18642/jsata_7100122206.
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This study examined the impact of electronic payment system on the profitability of commercial banks in Nigeria. Pooled OLS and Panel regression models were fitted on the data extracted from the banks’ annual reports, Nigerian interbank settlement scheme, and central bank of Nigeria website. The assessment of the contribution of the various electronic payment systems considered were measured using Breusch and Pagan Lagrangian Multiplier (LM) Test, the Hausman Test, Stationarity Test, The Schwarz Criterion, and the Akaike Information Criterion. Results obtained showed that the random effect model was more appropriate than the fixed effect model for all the electronic payment systems considered in this study. Furthermore, it was discovered that there exists a positive relationship between the electronic payment systems and profitability of the commercial banks in Nigeria.
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Rehman, Obaid Ur. "Firms' Aggressiveness and Respective Performance: An Empirical Study Under Pakistani Scenery." International Journal of Entrepreneurial Knowledge 5, no. 1 (June 1, 2017): 5–19. http://dx.doi.org/10.1515/ijek-2017-0001.
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Abstract The study investigates capital structure of all non-financial listed firms on Pakistan Stock Exchange (PSX) for the period of 2008 to 2014. To test the relation between firm aggressive behavior and its performance, the study uses exponential generalized least square regression by employing control variables. Levin, Hadri and ADF test are used to know the stationarity of data. Furthermore different diagnostic tests like VIF, Weisberg test for heteroskedasticity and Breusch and Pagan Lagrangian multiplier test for random effects are used to check the data normality. Results of the study reveals that financial managers’ aggressiveness regarding financial policy is negatively, while aggressiveness regarding investment policy is positively effecting the firm’s performance. The study also found that with the passage of time, firms in Pakistan have been devastating their performance. That’s why study found negative relation between firms’ age and dependent variables.
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Wicaksono, Agung Prasetyo Nugroho. "GENDER DIVERSITY, FINANCIAL EXPERTISE, CEO DUALITY AND FIRM PERFORMANCE." Jurnal Ilmiah Bisnis dan Ekonomi Asia 16, no. 1 (February 6, 2022): 1–14. http://dx.doi.org/10.32815/jibeka.v16i1.473.
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This study aims to examine gender diversity, financial expertise, CEO duality on company performance in Indonesia. The author uses panel data testing with three years starting from 2018 - 2020 using STATA software. Panel data testing was carried out by conducting three tests: common effect model, fixed-effect model, and random effect model, including the model selection test, namely the Chow test, the Hausmann test, and the Breusch pagan LM test. The author also tested by conducting factor analysis with principal component analysis to carry out a linear transformation to change from most of the original variables used (ROA & ROE), and make them correlated into a new set of variables (firm performance). The results of this study conclude that the gender diversity variable has no effect on firm performance, but the variables of financial expertise and CEO duality affect firm performance.
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Elian, Mohammad I., Nabeel Sawalha, and Ahmad Bani-Mustafa. "Revisiting the FDI–Growth Nexus: ARDL Bound Test for BRICS Standalone Economies." Modern Applied Science 14, no. 6 (May 13, 2020): 1. http://dx.doi.org/10.5539/mas.v14n6p1.
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In this paper the author tests for the short-run dynamics and long-run cointegration relationship between foreign direct investment (FDI) inflows and economic growth for the BRICS (Brazil, Russia, India, China, and South Africa) standalone economies controlling for real exchange rate, trade openness, and domestic investment. The autoregressive distributed lag (ARDL) bounds testing method of cointegration is used to test for the long-run relationship of our FDI time series model by investigating annual macroeconomic datasets for the years 1981 to 2018 (inclusive). Coupled with the ARDL, the error correction model is applied to test for the short-run dynamics, while the Toda Yamamoto test is used to examine the causality direction between the constructs of interest. The Breusch-Godfrey and Ljung-Box are used as diagnostic tests for the ARDL assumptions of normality, independency, and autocorrelation in residuals, while the Breusch-Pagan-Godfrey test is used to test for heteroscedasticity. According to the short-run estimates, all variables have a significant lagged impact on FDI inflows with slight differences among countries. As for the long run, estimates reveal a positive and significant impact of GDP on FDI inflows for Russia, India, China, and South Africa but a positive and insignificant relationship for Brazil. The long-run estimates for the controlling variables evidence varied results among the BRICS countries. In contrast to Brazil and Russia, the Toda Yamamoto causality test discloses a significant and unidirectional flow between the GDP growth and FDI inflows for India, China, and South Africa. The results have meaningful implications for policy reform structures, economic integration among economies, multinational firms, and portfolio managers.
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Zolna, Konrad, Phong B. Dao, Wieslaw J. Staszewski, and Tomasz Barszcz. "Nonlinear Cointegration Approach for Condition Monitoring of Wind Turbines." Mathematical Problems in Engineering 2015 (2015): 1–11. http://dx.doi.org/10.1155/2015/978156.
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Monitoring of trends and removal of undesired trends from operational/process parameters in wind turbines is important for their condition monitoring. This paper presents the homoscedastic nonlinear cointegration for the solution to this problem. The cointegration approach used leads to stable variances in cointegration residuals. The adapted Breusch-Pagan test procedure is developed to test for the presence of heteroscedasticity in cointegration residuals obtained from the nonlinear cointegration analysis. Examples using three different time series data sets—that is, one with a nonlinear quadratic deterministic trend, another with a nonlinear exponential deterministic trend, and experimental data from a wind turbine drivetrain—are used to illustrate the method and demonstrate possible practical applications. The results show that the proposed approach can be used for effective removal of nonlinear trends form various types of data, allowing for possible condition monitoring applications.
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Herwartz, Helmut. "Testing for random effects in panel data under cross sectional error correlation—A bootstrap approach to the Breusch Pagan test." Computational Statistics & Data Analysis 50, no. 12 (August 2006): 3567–91. http://dx.doi.org/10.1016/j.csda.2005.08.003.
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Mohamed Yusof, Suzila, Nazaria Md. Aris, and Muhammad Hikmal Ismail. "The Effect of Working Capital Management on Firm’s Performance of Food and Beverages Sector in Malaysia." UNIMAS Review of Accounting and Finance 2, no. 1 (December 26, 2019): 10. http://dx.doi.org/10.33736/uraf.1999.2019.
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This research examines the effect of working capital management (WCM) variables and firm’s performance using the data collected and analysed from listed firms in food and beverages sector on Bursa Malaysia. The sample comprises of 50 firms and the data is for 5 years from 2014 to 2018. The methodologies adopted in this research includes descriptive analysis, correlation analysis, Pooled Ordinary Least Square (OLS) regression, Breusch-Pagan (BP) Lagrange Multiplier test, and Hausman test. Various determinants of WCM have been identified to represent the independent variables (IV) namely days of accounts receivable, days of accounts payable, inventory turnover in days and cash conversion cycle. The dependent variable uses Return on Assets (ROA) as a proxy to measure the firm’s performance. In this study, these two variables, accounts payable and cash conversion cycle has a significant and positive effect towards firm’s performance of food and beverages sector in Malaysia.
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Ganyaupfu, Elvis Munyaradzi. "Estimating the Relative Impacts of Health and Education on Economic Development in Southern Africa." Asian Journal of Economic Modelling 2, no. 2 (June 16, 2014): 85–92. http://dx.doi.org/10.18488/journal.8.2014.22.85.92.
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This paper analysed the relative impacts of health and education on economic development in Southern Africa. A set of cross country panel data from 11 countries over the period 2005 - 2011 was used in the study. The econometric procedure adopted in the analysis followed the Breusch and Pagan Lagrangian Multiplier test and Hausman test techniques. Based on the Fixed Effects (FE) model, results show that health and education have significant positive effects on economic development; with health having a more remarkable effect on development in the region. The R-squared statistic indicates that nearly 21.79 percent total variation in economic development was accounted for by health and education during the period under review. The F(2,64) statistic (=15.45; p < 0.05) reveals significance of the model; while the interclass correlation value shows that nearly 99.53 percent of the variance was due to differences across panels.
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Shrestha, Purna Man. "Determinants of Financial Performance of Nepalese Commercial Banks: Evidence from Panel Data Approach." NRB Economic Review 32, no. 2 (October 1, 2020): 45–59. http://dx.doi.org/10.3126/nrber.v32i2.35300.
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The impact of bank specific factors on the financial performance of Nepalese commercial banks is analyzed in this paper. The financial performance is measured by using return on assets (ROA). Similarly, managerial efficiency (ME), liquidity (LIQ), credit risk (CR), assets quality (AQ) and operational efficiency (OE) is used as proxy of bank specific factors. This study used panel data of 17 commercial banks for the period of 2010/11 to 2017/18. Breusch and Pagan Lagrangian multiplier test showed that Pooled Regression model is not appropriate and Hausman test concluded that Fixed Effect model is appropriate rather than Random Effect model. Using the Fixed Effect model; this study concludes that bank specific factors have significant impact on financial performance of Nepalese commercial banks. Finally, this study reveals that ME, AQ and OE have significant positive impact, and CR has negative impact on the financial performance of Nepalese commercial banks.
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Kunwar, Keshar Bahadur. "Impact of Government Expenditure in Economic Growth of Nepal: ARDL Approach." Contemporary Research: An Interdisciplinary Academic Journal 3, no. 1 (December 31, 2019): 33–40. http://dx.doi.org/10.3126/craiaj.v3i1.27488.
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Public expenditure refers to the expenditure made by public authority, i.e., central government and other local bodies to carter the demand of the people. It is for protecting the citizens and for promoting their economic and social welfare. Public expenditure is one of the instruments through which government influence economic events. The specific objective of this paper is to analyze the long run and short run relationship between public expenditure and economic growth in Nepal and to examine the Causal relationship between the public expenditure and economic growth in Nepal. The study employed quantitative techniques and econometrics methods to analyze the data. This study used time series data. Data analysis begins with the testing of the unit root of the series to confirm whether the data are stationary or not. Augmented Dicky Fuller unit root test, co-integration test is employed to check the relationship of the variables under study. One period lagged LNGE has significant and positive impact on RGDP. If 1 percent increase in GE leads to increase by 34.99 percent in RGDP at 5 percent level of significance. The coefficient of error correction term (-0.782018) is significant at one percent level. Highly significant negative sign of the error correction term strengthens the presence of long-run relationship among the variables. However, the speed of adjustment from previous year’s disequilibrium in RGDP added to current year’s equilibrium is only 78.20 percent. The P-value of Breusch-Godfrey serial Correlation LM Test, Heteroscedasticity test: Breusch-Pagan-Godfrey and normality test is greater than 5 percent which is desirable. So, this model is free from auto correlation and heteroscedasticity. The residual is normally distributed.
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Khan, Qaisar Maqbool, Rehana Kauser, and Ulfat Abbas. "Impact of Bank Specific and Macroeconomic Factors on Banks Profitability: A Study on Banking Sector of Pakistan." Journal of Accounting and Finance in Emerging Economies 1, no. 2 (December 31, 2015): 99–110. http://dx.doi.org/10.26710/jafee.v1i2.100.
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This research focuses and examines the association among profitability of banks, along with bank specific and macroeconomic factors of Pakistan. With the help of financial data of thirty-two Pakistani banks over the period of 2011-2015. Pooled OLS (POLS)/Random Effect, Breusch and Pagan Lagrangian Multiplier Test for Random Effects estimations and Hausman Test for Fixed vs Random effects estimations used for further empirical analysis and interpretations. Further to explore the relationship of profitability indicator ROA along with Earning per Share (EPS), SIZE, Cash Equivalents, Spread Ratio and Capital Ratio as bank specific (banking/microeconomic indicators), while on the other hand Inflation, Interest Rate and GDP as external macroeconomic factors. Statistical results to this study established confirmation that EPS, SIZE, Capital Ratio and GDP have a significant impact on the ROA of banking sector in Pakistan. The calculated results of the study are of worthy to mutually academics and banking financial policy makers.
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Zubdeh, Khaled Hasan. "The Determinant of Budget Fiscal Deficit of the Palestinian Authority and the Economic Factors Affecting It." Research in World Economy 12, no. 3 (May 20, 2021): 63. http://dx.doi.org/10.5430/rwe.v12n3p63.
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A prolonged fiscal deficit is an inheriting problem for the Palestinian economy. This leaves the Palestinian authorities unable to pay for salaries and other needed money to spend on the infrastructure, education, health, and other services. The main aim of this study is to examine the relationship between the budget deficit and some indicators, gross domestic product, balance of trade, inflation rate, unemployment rate, and current account, using ordinary least square and ARMA methods for collected quarterly data for the years 2000-2018, and applying the data to a number of other tests such as unit roots test, Johansen cointegration test, normal distribution test, heteroskedasticity test, Breusch-Pagan-Godfrey, variance inflation factors, etcetera, using Eviews10 program. The study’s main findings showed a long-run cointegration relationship between the budget deficit and the independent variables included in the study. The gross domestic product, balance of trade, and unemployment rate have a significant negative relationship with the budget deficit, while the remaining variables, inflation rate and current account, have a significant positive relationship with budget deficit.
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Kryeziu, Nexhat H., and Egzon Hoxha. "Fiscal Deficit and its effects on economic growth." International Journal of Finance & Banking Studies (2147-4486) 10, no. 1 (March 12, 2021): 62–70. http://dx.doi.org/10.20525/ijfbs.v10i1.1064.
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The main purpose of this paper is to assess the impact of the deficit on GDP growth for the Eurozone area, using panel data for a period from 1995 to 2015, with a total of 257 observations. In order to conduct the study and come up with results, we have used a multiple linear regression model with the least-squares regression. Consequently, in order to test the data used in the model, we have applied diagnostic tests, such as the Durbin-Watson test to analyze the correlation of serial correlation, as well as the Breusch-Pagan test for heteroskedasticity. The test results prove that there is no heteroskedasticity and at the same time there are strong indications that the model has no relation between serial correlation. The results presented in our study show that the variables, deficit ratio to GDP, is statistically significant with a positive sign and as a result, we have the growth of the deficit ratio with GDP having a positive impact on the economic growth ratio.
Keywords: Fiscal deficit, GDP Growth Rate, Correlation, Regression
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Bae, Giwoong, and Hye-Jin Kim. "Relation between early e-WOM and average TV ratings." Asia Pacific Journal of Marketing and Logistics 32, no. 1 (June 24, 2019): 135–48. http://dx.doi.org/10.1108/apjml-10-2018-0402.
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Purpose The purpose of this paper is to investigate the relation between average ratings (viewership) and the volume and valence of electronic word of mouth (e-WOM) for early episodes of TV shows. Design/methodology/approach Linear regression was performed in which the dependent variable is average TV ratings and main independent variables are volume and valence of e-WOM. The study used a Breusch–Pagan test to detect heteroscedasticity. Accordingly, the model is analyzed using heteroscedasticity-consistent standard error estimators. Findings The results show that the volume of the early e-WOM does not significantly contribute to explaining average ratings, but the valence does. Originality/value Because the advertising revenue of television broadcasters is determined according to expected TV ratings, the average ratings should be predicted as early as possible. This study shows that analyzing early e-WOM helps predict average ratings.
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Kryeziu, Nexhat, and Esat Ali Durguti. "The Impact of Inflation on Economic Growth." International Journal of Finance & Banking Studies (2147-4486) 8, no. 1 (July 3, 2019): 01–09. http://dx.doi.org/10.20525/ijfbs.v8i1.297.
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The main purpose of this study is to investigate inflation rate and its impact on the growth rate or to GDP growth for Eurozone countries, using panel data for the period 1997-2017, on an annual basis with a total of 257 observations. For conducting the study, and achieving results, a multiple linear regression model with the least squares regression is used. Moreover, multiple linear regression analysis has been applied in order to investigate whether Inflation rate, as an independent variable, has any significant impact on economic growth. Consequently, in order to test the data used in the model we have applied diagnostic tests, such as Durbin-Watson test to analyze the correlation of serial correlation, as well as the Breusch-Pagan test for heteroskedasticity. The tests’ results give us strong indications that the model has no relation between of serial correlation and there is no heteroskedasticity either. The study conducted shows results generated from the model, and according to the econometric results indicate that Inflation rate has positive impact on the economic growth rate for euro area.
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RIFFAT SHAHEEN and DR. SABEEH ULLAH. "Effect of Institutional and Insider Ownership on Dividend Policy: Evidence from Pakistan." Journal of Business & Tourism 4, no. 2 (November 7, 2021): 155–66. http://dx.doi.org/10.34260/jbt.v4i2.169.
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This research study aimed to examine the effect of institutional and insider ownership on dividend policy of a firm. Ownership structure play a vital role in explaining firm dividend policy. To investigate the effect of institutional and insider ownership on dividend policy, a random sample of 50 non-financial firms was selected for the period of 2009 to 2013. The study based on panel data so for the selection of appropriate panel data model among pooled OLS, Random effect and Fixed effect, Breusch Pagan LM test, Chow test, and Hausman test were used and random effect model was found best fitted. Results indicated that institutional ownership has positive relationship while insider ownership has negative relationship with dividend payout. Further, inclusion of institutional ownership along with insider ownership has increased the explanatory power of the model by 5.56% which is the incremental effect of the institutional ownership. Moreover, free cash flows and leverage have negative while firm size and market to book value have positive relationship with dividend payout.
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Oluwafemi, Olawale, and Oluseyi Oladepo. "Modeling Severe Acute Respiratory Syndrome Coronavirus 2019 (SARS-CoV-19) Incidence across Conterminous US Counties: A Spatial Perspective." Proceedings of the ICA 4 (December 3, 2021): 1–9. http://dx.doi.org/10.5194/ica-proc-4-79-2021.
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Abstract. This study examines the spatial distribution of COVID-19 incidence and mortality rates across the counties in the conterminous US in the first 604 days of the pandemic. The dataset was acquired from Emory University, Atlanta, United States, which includes socio-economic variables and health outcomes variables (N = 3106). OLS estimates accounted for 31% of the regression plain (adjusted R2 = 0.31) with AIC value of 9263, and Breusch-Pagan test for heteroskedasticity indicated 472.4, and multicollinearity condition number of 74.25. This result necessitated spatial autoregressive models, which were performed on GeoDa 1.18 software. ArcGIS 10.7 was used to map the residuals and selected significant variables. Generally, the Spatial Lag Model (SLM) and Spatial Error Model (SEM) models accounted for substantial percentages of the regression plain. While the efficiency of the models is the order of SLM (AIC: 8264.4: BreucshPagan test: 584.4; Adj. R2 = 0.56) > SEM (AIC: 8282.0; Breucsh-Pagan test: 697.2; Adj. R2 = 0.56). In this case, the least predictive model is SEM. The significant contribution of male, black race, poverty and urban and rural dummies to the regression plain indicated that COVID-19 transmission is more of a function of socio-economic, and rural/urban conditions rather than health outcomes. Although, diabetes and obesity showed a positive relationship with COVID-19 incidence. However, the relationship was relatively low based on the dataset. This study further concludes that the policymakers and health practitioners should consider spatial peculiarities, rural-urban migration and access to resources in reducing the transmission of COVID-19 disease.
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Ríos-Manríquez, Martha, Lizbeth Pérez-Rendón, and Rocío González-Martínez. "A Model for Entrepreneurial Intention in University Students of Mexico." Technology Transfer and Entrepreneurship 5, no. 2 (January 24, 2019): 110–21. http://dx.doi.org/10.2174/2213809906666181214120504.
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Background: Universities have shown to directly influence entrepreneurial activity in students [4-6], since they are concerned for the students to develop their entrepreneurial spirit [1-3], promoting Entrepreneurial Intention in University Students (EIUS). Objective: Therefore, the objective of this research is to determine a model of entrepreneurial intention of Mexican university students (EIUS), performing a multiple regression analysis, by the method of Ordinary Least Squares (OLS), on a sample of 538, with 4 independent variables (Personal and social features, innovative features, performance features and creativity) to determine the influence on the EIUS. Results and Conclusion: The results indicate that the four variables proposed in the model are relevant to explain the level of the EIUS, without problems of multicollinearity and discarding the presence of heteroskedasticity with the Breusch-Pagan test; and with the Kolmogorov-Smirnov normal distribution test it is determined that the predictor variable of the model does not require more independent variables; the contribution made with this research is of explanatory type, offering an elucidation of the empirical observations that characterize the university system in which the study was conducted.
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Shrestha, Purna Man. "Effect of Dividend on Stock Market Price: A Panel Data Approach." Management Dynamics 23, no. 1 (March 9, 2020): 199–208. http://dx.doi.org/10.3126/md.v23i1.35579.
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Dividend policy is major concern for investor, managers and policy makers. Proper dividend policy helps to achieve the wealth maximization goal of the firm. This study has examined the impact of dividend on stock market price of Nepalese enterprises. For this purpose 33 dividend paying companies listed on NEPSE has been selected as sample. Likewise, this study used unbalance panel data for the period of 2000/01 to 2018/19. Breusch and Pagan Lagrangian multiplier test concluded that Pooled regression model is not appropriate and Hausman test concluded that Random Effect model is not appropriate for the data used in this study. Thus, this study adopted Fixed Effect model to analyze the impact of dividend on stock market price. This study concluded that there is significant impact of dividend on stock market price of Nepalese enterprises after controlling return on equity, earnings per share and return on equity. Finally, this study concluded that cash dividend has significant negative and stock dividend has significant positive impact on stock market price of Nepalese enterprises.
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Indrasetianingsih, Artanti, and Tutik Khalimatul Wasik. "MODEL REGRESI DATA PANEL UNTUK MENGETAHUI FAKTOR YANG MEMPENGARUHI TINGKAT KEMISKINAN DI PULAU MADURA." Jurnal Gaussian 9, no. 3 (August 30, 2020): 355–63. http://dx.doi.org/10.14710/j.gauss.v9i3.28925.
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Poverty arises when a person or group of people is unable to meet the level of economic prosperity which is considered a minimum requirement of a certain standard of living or poverty is understood as a state of lack of money and goods to ensure survival. Panel data regression is the development of regression analysis which is a combination of time series data and cross section data. Panel data regression is usually used to make observations of data that is examined continuously for several periods. The purpose of this study is to determine the factors that influence the level of poverty in Madura Island in the period 2008 - 2017. In this study the variables used in this study are life expectancy (X1), average length of school (X2), level open unemployment (X3), and labor force participation (X4) with the Comman Effect Model (CEM) approach, Fixed Effect Model and Random Effect Model (REM). To choose the best model from the three is the chow test, the hausman test and the breusch-pagan test. In this study, the best model chosen was the Fixed Effect Model. Keywords: CEM, Fixed Effect Model, Data Panel Regression, REM, Poverty level.
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Florea, Nicoleta Mihaela, Roxana Maria Bădîrcea, Georgeta-Madalina Meghisan-Toma, Silvia Puiu, Alina Georgiana Manta, and Dorel Berceanu. "Linking Public Finances’ Performance to Renewable-Energy Consumption in Emerging Economies of the European Union." Sustainability 13, no. 11 (June 3, 2021): 6344. http://dx.doi.org/10.3390/su13116344.
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Implementing public policies linked to sustainable development is a global challenge for most countries that focused their efforts on identifying and improving the factors that led to environment degradation. The current paper analyzes the influence of primary indicators of public finances (public debt and budget deficit) on renewable-energy consumption (REN), for the emerging economies within the European Union. The main objective of this research is to understand the implications of fiscal measures on the sustainable development of a country and thus provide directions for stimulating renewable-energy consumption. The research starts with cross-sectional dependence analysis by using the Breusch–Pagan Lagrange multiplier (LM) test that is followed by cointegration relationships among variables by applying two appropriate panel-cointegration tests (Pedroni and Johansen). The research methodology is based on the fully modified ordinary-least-squares (FMOLS) method in order to test the long-run relationships, and on the pairwise Granger causality test in order to identify the direction of causality among variables. Results show unilateral influences from public debt and budget deficit on the analyzed variables, especially on renewable-energy consumption, and a bidirectional causality relationship between budget deficit and trade openness.
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Musa, Wasiu Ajani, Ramat Titilayo Salman, and Ibrahim Olayiwola Amoo. "Determinants of audit fees in quoted financial and non-financial firms." Corporate Law and Governance Review 3, no. 2 (2021): 30–40. http://dx.doi.org/10.22495/clgrv3i2p3.
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Regulators have ensured the compulsory disclosure of audit fees in the financial statement to overcome abnormal fees and instill credibility in the financial report since audit pricing is contingent upon audit quality. However, discrepancies between audit fee dimensions are evidenced in the abnormal audit fees, resulting in accounting scandals. Hence, this study assessed the determinants of audit fees in quoted financial and non-financial firms by building a model underpinned by agency theory (Mitnick, 2006) and economic theory of product differentiation (Beath & Katsoulacos, 1991). Secondary data were utilized from companies’ annual reports between 2009 and 2018 using the purposive sampling technique. Furthermore, Breusch-Pagan Lagrangian multiplier (LM) test and the Hausman test indicated the consistency of the models. The static panel regression estimations showed that auditee size, risk, auditor size, reputation, engagement lag, and International Financial Reporting Standards (IFRS) implementation significantly affect audit fees in both sectors. This study concluded that the three dimensions largely determine audit fees. This study instructively proposed that assurance clients should devise an outline of guidelines and practices to guide activities in the sectors by monitoring the variables that impact audit fees
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Yano, Justin, and Joshua Matanda. "TOURISM-LED GROWTH HYPOTHESIS AND ECONOMIC GROWTH IN KENYA." International Journal of Economics 6, no. 1 (September 8, 2021): 1–22. http://dx.doi.org/10.47604/ijecon.1367.
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Purpose: The purpose of this study was to analyze tourism-led growth hypothesis in Kenya’s economy.
Materials and Methods: The descriptive research design was adopted. This study targeted international tourism receipts, employment, economies of scale and capital investments in tourism related economic activities that included hotels and food service activities, wholesale and retail trade, transport and information communication and travel agencies, entertainment and recreation in the period 1980 to 2019.The study used purposive sampling. a sample size of data for 40 years from 1980 to 2019 was used. The data were collected from KNBS, the World Bank and WTTC using a secondary data collection sheet. Using real GDP per capita as the dependent variable and international tourism receipts, tourism related employment, economies of scale and capital investments as the independent variables, the study used regression and vector error correction (VEC) to carry out the analysis. The analysis was systematic and begins with diagnostic tests that included Breusch-Godfrey Serial Correlation LM test, Breusch-Pagan-Godfrey test for homoscedasticity, Jarque-Bera normality test, VIF multi-collinearity test, Augmented Dickey Fuller unit root test and Johansen Co-integration test and finally the regression and the vector error correction analysis. Data analysis was done using E-views software.
Results: The study results showed that international tourism receipts, tourism related employment and economies of scale positively influence real GDP per capita in both short run and long run equilibrium. Capital investments negatively affected real GDP per capita in the long run but had a positive effect in the short run equilibrium. Granger causality test presented a bi-directional causality between international tourism receipts, tourism related employment, economies of scale and capital investments and real GDP per capita.
Unique contribution to theory, practice and policy: The country should enact policies that promote tourism related activities because the benefits derived from tourist expenditures positively influence the growth of the economy. Institutions such as Brand Kenya, Tourism Promotion Council, the Ministry of Tourism and recruitment of international tourism ambassadors should be strengthened to ensure more foreign tourists are attracted into the country.
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Lee, Yien Yien. "The Influence of Debt Financing on Firms’ Performance: Empirical Evidence from Malaysia." UNIMAS Review of Accounting and Finance 5, no. 1 (December 17, 2021): 76–87. http://dx.doi.org/10.33736/uraf.3535.2021.
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This study investigated the relationship between the listed firms’ debt level and performance in Bursa Malaysia during a five-year period. Based on the results of the Hausman test and Breusch-Pagan LM test, the fixed-effect model is the most appropriate model that used to analyze the panel data of 50 Malaysian listed companies within the property sector from the year 2015 to 2019. The results indicated that the short-term debt (STD) and long-term debt (LTD) have positive and insignificant effects on return on asset (ROA), which means that the increase in the short-term debt and long-term debt will lead to an increase in the return on assets. Besides that, account payables (AP) has a negative and insignificant effect on the profitability of property sector companies. According to the outcome of the Granger Causality test, the return on assets does not affect by the account payables, short-term debt, long-term debt and firm size. There is only one unidirectional causality relationship that proves that short-term debt is affected by long-term debt. Additionally, this study focuses on enhancing the existing empirical knowledge of debt financing's influence on the profitability of the listed firms in the property sector.
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ABDURAUPOV, Rustam R., Feruz N. SULTANOV, and Abdulla G. IBRAGIMOV. "The impact of mandatory IFRS adoption on banks’ share prices: Evidence from the OECD countries." International Accounting 22, no. 11 (November 15, 2021): 1310–26. http://dx.doi.org/10.24891/ia.24.11.1310.
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Subject. The adoption of International Financial Reporting Standards (IFRS) was a significant milestone to unify financial reporting standards. However, there are many conflicting views regarding the impact of IFRS implementation on the investment attractiveness of banks. This put us on analyzing the sensitivity of changes in the equity securities market in terms of information risk and adoption of IFRS. Objectives. The article aims to explore the relationship between the harmonization of accounting and international standards and the banks’ share prices in eleven OECD countries by analyzing panel data within 1997–2015. Methods. For the study, we used a set of tests, such as the Ordinary Least Squares regression, Hausman specification test, Variance Inflation Factor, Unit Root test, Panel-Corrected Standard Error regression, and the Breusch-Pagan test. Results. The obtained results indicate a positive impact of the IFRS adoption on the change in prices for bank shares. In particular, changes in stock prices averaged 64 units. This is explained by the benefits of applying IFRS, which include positive investor expectations, improved financial reporting quality and comparability across countries, and reduced information risk. Conclusions. The hypothesis of bank share price increase after the IFRS adoption is true for the OECD countries.
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Nidal, AL SAID. "Investigating the relationship between auditor's specialization with information quality and investment efficiency." Journal of Management and Accounting Studies 8, no. 3 (September 29, 2020): 68–79. http://dx.doi.org/10.24200/jmas.vol8iss3pp68-79.
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This study is conducted to investigate the relationship between auditor's specialization with information quality and investment efficiency. The purpose of this study is to determine the relationship between auditor's specialization in industry with information quality and investment efficiency. The temporal domain of this research is from the beginning of 2009 to the end of 2016. Since the results of this research can be used in developing laws and regulations of stock exchange, it is an applied research. Also, since this research seeks to find the relationship between several variables, it is a correlation type and its methodology is a comparative type. The statistical population in this research is 404 companies listed in Ajman Stock Exchange. The sampling method is systematic elimination that 84 companies were selected as sample. In order to calculate variables, test hypotheses, and perform other statistical tests, Limer, Hausman, Breusch-Pagan/Cook-Weisberg tests and Eviews software are used. The results indicate that there is a significant relationship between the auditor's specialization and information quality of companies listed in Ajman Stock Exchange and there is a significant relationship between auditor's specialization and investment efficiency of companies listed in Ajman Stock Exchange.
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Silva, Marta, Luís Pereira Gomes, and Isabel Cristina Lopes. "Explanatory Factors of the Capital Structure." Emerging Science Journal 4, no. 6 (December 1, 2020): 519–29. http://dx.doi.org/10.28991/esj-2020-01249.
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This paper presents an empirical study of the capital structure of Portuguese companies where the main objective is to find key explanatory factors for indebtedness decisions. The relations between indebtedness and its determinants are tested in the light of the Trade-Off Theory and the Pecking-Order Theory. The motivation of this work was to contribute to the scientific research on the influential determinants of the capital structure and to deepen the knowledge of the Portuguese market. The quantitative methodology is used, through an econometric model for panel data using accounting information of 55 Portuguese companies between 2014 and 2016. Statistical tests such as the F test, the Lagrange Multiplier Breusch-Pagan test and the Hausman test were used to identify the most appropriate method of estimation, which resulted in a panel data model with random effects for individuals. The findings of this study suggest that indebtedness have a positive relation with tangibility and the size of the company, which supports the Trade-Off Theory. However, the positive relationship with the non-debt tax benefits suggests the importance of taxes, contrary to Trade-Off Theory. The negative relationship with cash flows, coupled with the positive relationships between size and growth opportunities, suggest the use of funding only when internal funds become insufficient, supporting the Pecking-Order Theory. The general results support that both theories partially explain the financing decisions of Portuguese companies. Doi: 10.28991/esj-2020-01249 Full Text: PDF
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Aguguom, Theophilus Anaekenwa. "Operational Risks and Equity Returns: Dynamic and Static Panel Data Analyses." Asian Journal of Finance & Accounting 12, no. 2 (October 13, 2020): 58. http://dx.doi.org/10.5296/ajfa.v12i2.17362.
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This study investigated the effect of operational risk on equity returns of Deposit Money Banks (DMBs), using a population consisted of 19 listed deposit money banks in the Nigeria Stock Exchange. 15 DMBs were purposively selected for a period of 15 years 2005 to 2019. Descriptive and inferential statistics were explored for the data analysis which was sourced from the published financial statements of the banks, using dynamic and static panel data. Diagnostics tests were carried out since the application of the Hausman test provided the criteria for choosing between Random Effect Models and Fixed Effect Models. Breusch and Pagan Lagrangian multiplier test was employed to confirm the Hausman test results in order to decide between Random Effects and Pooled OLS. Correlation Matrix for multicollinearity test and cross-sectional dependent test were equally carried out for the study. Three models were estimated, based on the three proxies of the dependent variable. The study found that operational risk had a statistically positive significant effect on return on equity (ROE), while operational risk equally exhibited statistically positive significant effect on ROA. When the controlling variable of FSIZE was introduced, the study exhibited stronger effects which demonstrates that operational risk had a statistically positive effect on ROE, while operational risk with FSIZE had a statistically positive effect on ROA. The study recommends that DMBs managers should carefully carry out due diligence on loan applicants, to ascertain performance trend and creditworthiness of potential and prospective borrowers before advancing loans in order to reduce huge profiles of credit risk exposures.
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Ali, Adnan, Farzand Ali Jan, and Maryam Atta. "The Impact of Dividend Policy on Firm Performance under High or Low Leverage; Evidence from Pakistan." Journal of Management Info 2, no. 4 (December 31, 2015): 16–25. http://dx.doi.org/10.31580/jmi.v8i1.48.
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This study aims to find out the impact of dividend policy on firm performance under high or low debt for all the non-financial sector companies listed on Karachi Stock Exchange. This study has utilized the secondary data published by State Bank of Pakistan in the shape of Balance Sheet Analysis of non-financial sector for the period of 2006 to 2001 with the sample size consisting of 122 companies. Panel data models have been applied to examine the impact of dividend policy on firm performance in the presence of high or low leverage. Mainly it has focused on using two performance measures i.e. Tobin’s Q and Return on Equity both as dependent variables while the control variable includes the firm size and growth with debt as the moderating variable. Breusch and Pagan Lagrangian multiplier test for random effects suggested that OLS is better than fixed effect. It is found that the dividend payout ratio has got significant positive relationship with Tobin’s Q and ROA when there is both less and high debt. In addition, there is no moderating effect of debt on the relationship between dividend payout ratio and firm performance of all the non-financial firms listed in KSE.
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Shkodra, Nexhat, Xhevat Sopi, and Florentina Xhelili Krasniqi. "The Impact of Foreign Direct Investment in the Western Balkan Countries - A Panel Data Analysis." International Journal of Sustainable Development and Planning 16, no. 6 (October 31, 2021): 1185–90. http://dx.doi.org/10.18280/ijsdp.160619.
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Foreign Direct Investment (FDI) has a significant effect on the economic growth and development of host economies, but also on international economic integration through globalization. Particular aspects of this topic are being extensively addressed by scientific research in recent decades. The purpose of this paper is to determine whether globalization and through it the Foreign Direct Investment (FDI) has an impact on the economic growth (GDPgr) of the Western Balkan countries which are facing a transitional phase. The relation between FDI and economic growth has been analyzed by employing econometric models with panel data approach: linear regression with poled data, the Fixed Effects model, and the Random-Effects model (GLS). The study is based on panel data of six countries for the period between 2004-2018, obtained by the World Bank. The results of the Random Effects model (GLS) shown that lagged FDI has a significant impact on the economic growth (GDPgr) of the Western Balkans (p<0.05%), as well as gross capital formation (Cap) and government expenditure (Gov) whereas export (Ex) has been excluded from the model. The results also shown that there are significant differences in the factors influencing economic growth among countries in the region (LM Method - Breusch-Pagan test; p=0.02455 < 0.05).
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Gupta, Priya, and Archana Singh. "Causal nexus between foreign direct investment and economic growth." Journal of Advances in Management Research 13, no. 2 (August 1, 2016): 179–202. http://dx.doi.org/10.1108/jamr-04-2015-0028.
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Purpose – The purpose of this paper is to determine cause and effect relationship between foreign direct investment (FDI) and economic growth (gross domestic product (GDP) taken as proxy) for Brazil, Russia, India, China and South Africa (BRICS nations) individually for the period 1992-2013. Also, the study tries to explore the reasons behind the linkage between FDI and GDP by estimating a linear regression model consisting of both macro-economic and institutional variables. Design/methodology/approach – Johansen cointegration technique followed by vector error correction model (VECM) and standard Granger causality test are employed to investigate the causal linkage between FDI and GDP. To delve into the reasons behind this linkage, an ordinary least square (OLS) technique is also applied to test the linear regression model consisting of net FDI inflows as dependent variable and nine macro- economic and institutional variables. Residual diagnostics is also conducted using Breusch-Godfrey Lagrange Multiplier test for diagnosing the problem of serial correlation, Breusch-Pagan-Godfrey test for examining heteroskedasticity and Jarque Bera test for verifying the normality of residuals. Findings – The Johansen cointegration result establishes a single cointegrating vector (long run relationship) between FDI and GDP for India, China and Brazil. After proving a cointegration, VECM results revealed that there exists unidirectional long run causality running from GDP to FDI in case of Brazil, India and China. Also, it is confirmed that there exists short run causality between FDI and GDP in China, i.e. the past lags of FDI jointly impact the value of GDP. However, for Russia and South Africa, where there is no cointegration in the long run, standard Granger causality test is conducted which reveals that in both the nations, FDI and GDP are independent of one another. The results of OLS technique reveal different country-specific factors causing this linkage between FDI inflows and economic growth. Originality/value – Various researchers in the past have examined this issue of linkage between FDI and GDP in the context of various developing or developed nations. This reveals a gap in the existing literature pertaining to this causal linkage in the context of the BRICS. Thus, this study fills this gap by analyzing not just this causal nexus with the help of VECM and Granger causality techniques but also tries to explore further the reasons for such strong/weak/no link with the help of fitting a regression model which comprises of both macro-economic and institutional country-specific variables influencing this causation.
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Etelawi, Abdulrazag Mohamed, Keith A. Blatner, and Jill McCluskey. "Crude Oil and the Libyan Economy." International Journal of Economics and Finance 9, no. 4 (March 12, 2017): 95. http://dx.doi.org/10.5539/ijef.v9n4p95.
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Oil is the primary source of income in the Libyan economy; hence, it is important to more fully understand the economic factors associated with this sector of the economy. We applied a recent growth theory model to develop a better understanding of the relationship among capital, labor, domestic consumption of oil, oil exports and gross domestic product (GDP) in the Libyan economy. A log linear model was estimated using annual data for the period 1980 to 2012. All of the coefficients were significant at the 0.05 level except the log of labor, which was significant at the 0.0613 level. The signs associated with the variables were consistent with economic theory. The adjusted R square was 0.912 indicating that approximately 91 percent of variation in GDP was explained by the independent variables. There was only limited multicollinearity in the model as all Variance Inflation Factors (VIF) values were less than 10. Breusch Pagan and Anderson-Darling test results indicated a constant variance and that the errors were normally distributed, respectively. Similarly, the Durbin-Watson statistic indicated an absence of autocorrelation at the 0.05 level. The resulting elasticities were positive and strongly inelastic, indicating that large changes in each of the variables would be required to dramatically increase GDP. Nevertheless, it is clear that oil will continue to play a leading future economic growth and development.
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Hurtado, Dario. "Apertura comercial y desindustrialización: Un análisis de panel para América del Sur." INNOVA Research Journal 3, no. 8.1 (August 31, 2018): 113–26. http://dx.doi.org/10.33890/innova.v3.n8.1.2018.774.
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La desindustrialización es considerada como la reducción sostenida de la actividad industrial y como resultado puede conducir a una contracción de la demanda laboral en este sector. Sin embargo, es indispensable destacar que la desindustrialización, dependiendo del nivel de desarrollo económico al que haya llegado una economía, puede ser positiva o negativa. En los países desarrollados la desindustrialización no es un fenómeno negativo, sino que es una consecuencia natural de un mayor crecimiento y por ende un aumento en la productividad industrial, desplazando de tal modo, el trabajo liberado al sector de los servicios. En el caso de Latinoamérica, específicamente en el Sur, este fenómeno es prematuro y puede ocasionar graves repercusiones en los sistemas económicos, por tal motivo, está investigación centró su interés en analizar mediante un panel de datos la contribución de la apertura comercial – entre otros causantes – en la desindustrialización. Por otro lado, a las modelaciones obtenidas se les aplicaron los test del: multiplicador de LaGrange, Hausman, F, Wooldridge, Wald, Breusch – Pagan LM, con la finalidad de conseguir resultados fiables. Posteriormente, la evidencia empírica permitió aceptar la hipótesis planteada acerca de la influencia de la apertura comercial sobre la desindustrialización de los países de América del Sur, siendo esta variable estadísticamente significativa en las regresiones propuestas, concluyendo en consecuencia que, ante aumentos en la apertura comercial, el empleo en el sector industrial disminuye.
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Jayathilaka, Ruwan, Chanuka Jayawardhana, Nilupul Embogama, Shalini Jayasooriya, Navodika Karunarathna, Thisara Gamage, and Nethmali Kuruppu. "Gross domestic product and logistics performance index drive the world trade: A study based on all continents." PLOS ONE 17, no. 3 (March 3, 2022): e0264474. http://dx.doi.org/10.1371/journal.pone.0264474.
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The purpose of this study was to examine the impact of Gross Domestic Product (GDP) and Logistics Performance Index (LPI) on international trade of nations across each continent and worldwide. Secondary data collected on 142 countries—37 Asian, 41 European, 41 African, 3 Oceania, 14 Middle East, 11 North American and 9 South American–were analysed across the years 2007, 2010, 2012, 2014, 2016, and 2018. Panel regression technique was applied and the random effect (RE) model was chosen based on the results of the Hausman tests and Breusch–Pagan Lagrange Multiplier test. The findings revealed that the LPI has a positive relationship with net exports globally and specifically within the continents of Asia, Europe, and Oceania. Moreover, while the GDP appears to have a significant negative impact on net exports, specifically within Asia, in contrast, countries in Oceania and the Middle East present a positive relationship. Also on the African continent, GDP has a significant negative impact on the net exports. Findings provide a holistic picture of the impact of LPI & GDP on net exports, which will assist governments in the formulation and revision of its strategies and policies to expedite the growth of exports and in turn, the economy. This study was the first of its kind to explore the impact of GDP and LPI on international trade of nations across worldwide.
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Dao, Tran Thi Kim, and Nguyen Van Luan. "Identify Factors Affecting Foreign Direct Investment Capital In The Southern Key Economic Region." Science and Technology Development Journal 22, no. 2 (July 23, 2019): 275–88. http://dx.doi.org/10.32508/stdj.v22i2.1051.
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This paper focuses on building research model and analyzing the main factors influencing foreign direct investment (FDI) attraction in the Southern Key Economic Region during the period of 2005 - 2016. Based on theories and empirical studies, the authors identified the key factors that affect FDI attraction in that area. Through the development of hypotheses, a quantitative research mode l with Stata software help ed to select an estimation method with reliable and effective test results. The selected research method was the estimation method according to 3 approaches: OLS (P OOLED Regress Model) the least estimation method, Fix Effect Model (FEM), and Random Effect Model (REM). The research model used was the Panel Data model. The author performed the test hypotheses for the factors affecting FDI attraction in the Southern Key Economic Region. After regression with 3 methods (POOLED, FEM, and REM), and using F-Test and Breusch Pagan Test, the aim was to estimate the efficiency of the model and consider the simultaneous effects of independent variables on the dependent variable. These include d the following factors: market size, infrastructure, labor force, quality of human resources, market openness, trade openness, and institutional quality. Examining the relationship between market size, infrastructure development, labor force, quality of human resources, trade openness and institutional quality of FDI attraction into the Southern Key Economic Region, the authors select ed the Pooled Regression Model. The results of this paper may partly help policymakers to have an overall vision and may contribute to the development of appropriate solutions and strategies to attract and effectively use foreign direct investment capital to promote the socio-economic development of the region. Furthermore, the findings may contribute to guidelines to attract and make better use of these funds in the future, better serving the economic development of this region.
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Matuszewska-Pierzynka, Agnieszka. "Relationship between corporate sustainability performance and corporate financial performance: evidence from U.S. companies." Equilibrium 16, no. 4 (December 10, 2021): 885–906. http://dx.doi.org/10.24136/eq.2021.033.
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Research background: Sustainable development at the enterprise level is understood as the integration of economic, environmental and social dimensions aimed at meeting the needs of all firm?s stakeholders in the present and in the future. Therefore, it is crucial to evaluate the relationship between economic, environmental and social sustainability performance of a company and its financial performance.
Purpose of the article: Considering the business model for sustainability as well as the debatable results of empirical research on the relationship between corporate sustainability performance (CSP) and corporate financial performance (CFP), the essential aim of the paper is to answer the question whether the improvement of corporate sustainability performance in its all particular dimensions brings about higher total revenues (TR) of a company.
Methods: The main method of empirical research is panel regression models based on Cobb-Douglas production function, which has been extended to include variables of corporate sustainability scores. The selection between pooled OLS model, random-effects model and fixed-effects model has been made with the use of the F test, the Breusch-Pagan test and the Hausman test. Additionally, descriptive statistics and the Pearson correlation coefficients have been analyzed. The empirical studies were conducted in the period 2014?2019 among the 59 largest U.S. companies listed in the Fortune 500 ranking between 2015?2020.
Findings & value added: The research hypothesis assuming the existence of positive relationship between corporate sustainability performance (CSP) at both aggregate and disaggregate levels and corporate financial performance (CFP) expressed by TR cannot be positively verified. It means that the improvement of corporate sustainability performance in environmental, social and governance dimensions does not lead to an increase in TR of a company, as some empirical studies suggest.
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Miroshnichenko, Olga, Elena Iakovleva, and Natalia Voronova. "Banking Sector Profitability: Does Household Income Matter?" Sustainability 14, no. 6 (March 12, 2022): 3345. http://dx.doi.org/10.3390/su14063345.
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Household incomes, their level and dynamics are one of the factors that ensure the achievement of the Sustainable Development Goals. At the same time, stable development of the banking sector, which is impossible without steady earnings, determines economic growth, which also positively affects reaching the Sustainable Development Goals. The paper examines the impact of household income on the return on assets of the banking sector in Russia using annual time series from 2003 to 2019. The study was conducted using formalized economic and mathematical methods of analysis by linear regression with least squares tests on the significance of the model, with tests for redundancy of insignificant variables (Wald test), Ramsey test on the functionality of the model, White and Breusch Pagan test for heteroscedasticity (heterogeneity of observations) and multicollinearity by method of inflation factors, graphic method. The Multiple Linear Regression (MLR) model was used. The results show that (1) an increase in the growth rate of household income and deposits in the non-financial sector has a positive effect on the return on assets of the banking sector; (2) an increase in the growth rate of the price of Brent crude oil and non-performing loans negatively affect the dependent variable; and (3) the regions that have the greatest (positive and negative) impact on profitability of whole bank sector in Russia were identified. Increasing household incomes and eliminating inequality in the incomes of the population of different regions will have a positive impact not only on social well-being but will also provide the banking sector with the opportunity for profitable operation and create conditions for sustainable growth. Our conclusions are useful for the regulator and individual banks and can be taken into account when developing and implementing policies aimed at sustainable development.
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Nderitu, Joyce Wanjiku, Esther Waiganjo, and George O. Orwa. "Investigating the effect of organizational culture on strategy implementation process of private chartered universities in Kenya." International Journal of Research in Business and Social Science (2147- 4478) 9, no. 3 (April 30, 2020): 01–13. http://dx.doi.org/10.20525/ijrbs.v9i3.687.
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This study aimed at investigating the effect of organizational culture and strategy implementation process of Private chartered universities in Kenya. The cross-sectional survey research design was adopted and it used both quantitative and qualitative data as it seeks the effect of organizational culture on the implementation of corporate strategy. The accessible population included Registrars, Deans, Directors, Heads of Departments, academic staff, and students’ leaders. This study used both stratified random sampling and the target sample size was 198 employees. The statistical package for social sciences (SPSS) version 21 was used to analyze data. The competing values framework was adopted to identify the organizational culture types that are displayed in Private chartered universities. A multiple linear regression model was also used to derive inferential statistical indicators. Normality testing was done to compare the cumulative distribution of the data with the expected cumulative normal distribution and it bases its P value on the largest discrepancy. Two versions of Breusch-Pagan tests were conducted to test the null hypothesis on whether heteroscedasticity or homoscedasticity was present. Based on the regression analysis it was clear that the null hypothesis was rejected and the alternative hypothesis accepted. The conclusion was that Clan culture had a significant influence on the strategy implementation process of Private chartered universities in Kenya. The results established that there was a linear positive relationship between Clan culture and strategy implementation which implies that an increase in Clan culture would lead to a linear increase in Strategy implementation in Private chartered universities in Kenya.
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Medvedovski, Dmitri, and Kirk Allison. "Paternal religious affiliation and practice in Lithuania: spiritual goods or secular utilities?" International Journal of Social Economics 44, no. 12 (December 4, 2017): 1758–77. http://dx.doi.org/10.1108/ijse-01-2016-0032.
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Purpose Religious pursuits may promote explicitly “spiritual” goods (theo-relational connectedness, character formation, etc.) and “secular” utilities including health. The purpose of this paper is to initiate investigation of this intersection for paternal religious practices in Lithuania’s dynamic post-Soviet social context. Reflecting on religio-political history, the nature of the religious field, spiritual capital, and externalities related to confessional identity, what relationships exist between institutional engagement, devotional practice, education and other predictors in the post-Soviet Lithuanian religious context? Design/methodology/approach Original data were collected in 2011 (returning 73 of 100 surveys) in Klaipėda, Lithuania. Correlation and χ2 identified variables for regression analysis. Given Ordinary Least Squares heteroscedasticity (Breusch-Pagan test), weighted least squares modeling estimated coefficients for extra mural and institutional religious practice generically and differentiated by confessional identity. Findings Generically and by confessional identity, utility differences in institutional context appear paradoxical to secularization hypotheses. While correlated, institutional engagement and non-institutional devotional practice evidenced non-complementarity regarding educational attainment: greater education predicted higher institutional engagement but sparer devotional life. The authors suggest in explanation higher opportunity costs in individual devotional practice opposite positive offsets from secondary institutional utilities (e.g. social networking). Both were predicted by education, work hours, the non-dependent religious practice variable, self-reported health status, patterned by confessional identity, specifically Protestant opposite majority Catholic. Intergenerationally, a gender gradient was identified. Originality/value This analysis illuminates with original data divergent public institutional and private devotional religious practice utility structures in a dynamic transitional post-Soviet context.
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Pieloch-Babiarz, Aleksandra. "Managerial ownership and catering to investor sentiment for dividends: evidence from the electromechanical industry sector on the Warsaw Stock Exchange." Oeconomia Copernicana 11, no. 3 (September 17, 2020): 467–83. http://dx.doi.org/10.24136/oc.2020.019.
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Research background: Dividends have been the subject of scientific research for decades. However, many aspects of payout policy are still controversial, and research provides contradictory results. One research area is the impact of the ownership structure on dividend policy. Although many scientific studies on this subject have been conducted, there is still a lack of research on the impact of managerial ownership on adjusting the dividend payout to investor sentiment. It was this research gap that motivated us to investigate the issue.
Purpose of the article: The aim of the paper is to evaluate how managerial ownership affects the disposition of companies to adjust their dividend payouts to investor sentiment. Achieving that objective provides stock market investors with additional information and allows for its practical implications as they seek the best investment opportunities.
Methods: The main method of investigation is a panel regression model with random effects. This model is used based on the Breusch-Pagan test and the Hausman test, while the information criteria of Akaike, Schwarz, and Hannan-Quinn are also taken into consideration. Additionally, descriptive statistics and the Pearson correlation coefficient are used. The research sample consists of Polish companies from the electromechanical industry sector that are listed on the main market of the Warsaw Stock Exchange (WSE) in the period 2009–2018.
Findings & Value added: Our findings reveal that: 1) an increase in dividend premium results in a higher payout in order to cater to investor sentiment; 2) if the manager holds the greatest number of shares, the catering effect weakens. The main contribution of the paper is a new approach to the catering theory of dividends, which includes the impact of managerial ownership.
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Musa, Wasiu Ajani, Ramat Titilayo Salman, Ibrahim Olayiwola Amoo, and Muhammed Lawal Subair. "Impact of firm’s specific factors on audit fee of quoted consumer goods firms." Corporate Governance and Sustainability Review 4, no. 1 (2020): 47–55. http://dx.doi.org/10.22495/cgsrv4i1p4.
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Greater pricing presume on audit service has been put by the regulations of the auditing and accounting practices for the disclosure of audit fees, since audit fee is directly related to audit quality. However, the audit fees perceived by the client is often different from the amount charged by the auditors. Hence, this study investigated the impact of firm-specific characteristics on audit fees of quoted consumer goods firms in Nigeria using a purposive sampling technique. Secondary data were obtained from annual reports of the companies for the period from 2009-2016. The empirical result from Breusch-Pagan Lagrange Multiplier Test (BP-LM) produced a chi-square value of 13.94 with p-value of 0.0001 indicating that pooled ordinary least squares (OLS) will not be appropriate for the study. The Hausman test showed a chi-square of 23.55 with a p-value of 0.001 indicating that the null hypothesis is strongly rejected. Thus, the only estimate from the fixed effect model was interpreted to explain the relationship between firm-specific characteristics and audit fees of quoted consumer goods firms in Nigeria. The result revealed that auditee size, auditee risk, auditee profitability and IFRS adoption are the firm specific characteristics that impact on audit fees with only auditee size and IFRS adoption being positively related to audit fees while the other factors are negatively related to audit fees. Based on this finding, this study concluded that the firm’s specific factors are the major drivers of audit fees in Nigeria consumer goods firms. This study recommends among others that companies should implement corporate governance principles that address issues relating to board independence and committee sizes to guide activities in the consumer goods sector since profitability behave negatively with audit fees.
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Alkhasov, Stanislav S. "A MODEL OF CROSS-BORDER MIGRATION FROM CENTRAL ASIAN COUNTRIES TO RUSSIA." Scientific Review. Series 1. Economics and Law, no. 2 (2021): 120–30. http://dx.doi.org/10.26653/2076-4650-2021-2-11.
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The growth in the volumes of cross-border migration flows is one of the most important features of globalization. International migration is largely driven by global inequality. According to P. Collier, the volume of migration from the origin country depends on the size of the corresponding diaspora in the host country and on the gap in the average income of citizens between the two countries. Migration for a specific individual usually involves significant economic costs. Accordingly, the poorest individuals, being in poverty traps, find themselves deprived of the opportunity to emigrate from their country. The diaspora that has developed in the host country reduces these costs for its countrymen. This article is an attempt to test P. Collier’s hypothesis on the materials of cross-border migration from Central Asian countries to Russia in 2016-2020. Consideration of the influence of diaspora size and income gap on the size of the migration flow is formalized by constructing a regression model. The predictors of the model are the number of documented migrants (with valid temporary and permanent residence permits) and a macroeconomic indicator, which is the ratio of gross domestic products per capita (at purchasing power parity in current prices) of a Central Asian country and Russia. The migration flow is described by the number of citizens of Central Asian countries who were primary registered with migration. The indices of the numbers of individuals were replaced by their logarithms, which improved the model quality. In its final implementation, the regression model is characterized by a number of statistical criteria that take satisfactory values: p < 0.05 for the intercept and both predictors, the adjusted coefficient of determination is 0.911, the Durbin — Watson test is 1.637, and the Breusch — Pagan test is 1.9560 (p = 0.3761). Thus, the constructed model confirms P. Collier’s hypothesis. We use the data of the Ministry of Internal Affairs of the Russian Federation and the IMF. The modeling was carried out in the integrated development environment Jupyter Notebook (Python 3.8 as a programing language).
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Eze, Charles Uzodinma, Emmanuel Chukwuma Ebe, Ifeoma Mary Okwo, Ogechi Ibeabuchi-Ani, Magnus S. Odume, Jennifer Odinakachi Godspower, Josephine Adanma Nmesirionye, Chinelo Jenevive Obiekwe, Enobong Eshiet Udeme, and Emmanuel Ifeanyi Obeagu. "Effect of the Capability Component of Fraud Theory on Fraud Risk Management in Nigerian Banks." International Journal of Financial Research 13, no. 1 (February 2, 2022): 90. http://dx.doi.org/10.5430/ijfr.v13n1p90.
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The incidence of bank fraud is a fundamental problem with diverse consequences to banks and their stakeholders. Therefore, this study examined the effect of the capability component of fraud theory on fraud risk management in Nigerian banks. The specific objectives of the study are to: examine the effect of malicious insider abuses on fraud risk management efficiency of Nigerian banking sector; evaluate the effect of internal control bypasses on fraud risk management efficiency of Nigerian banking sector; investigate the effect of information security breaches on fraud risk management efficiency of Nigerian banking sector, and ascertain the effect of fraud risk governance on fraud risk management efficiency of Nigerian banking sector. The study adopted ex-post factoresearch design. Secondary data were gathered from the quarterly report on fraud and forgeries of the Financial Institutions Training Centre (FITC) from the first quarter of 2011 to the second quarter of 2020 given a total of thirty-eight (38) observations. The dependent variable of the study was fraud risk management efficiency (FRMη) while the independent variables were malicious insider abuses (MIA), Internal Control Bypasses (ICB), Information Security Breaches (ISB), and fraud risk governance (FRG). Four hypotheses were formulated and tested using robust linear regression analysis. The study employed Stata 14.2 and SPSS 22 in data analyses. We also conducted Skewness/Kurtosis and Shapiro-Francia W’ normality tests, Variance Inflation Factor (VIF) of multicollinearity, Breusch-Pagan/Cook Weisberg test of heteroskedasticity, and Durbin-Watson test for autocorrelation. The results revealed statistically significant negative effects of internal control bypasses and information security breaches on fraud risk management efficiency. The study also found an insignificant positive effect of malicious insider threats and fraud risk governance on fraud risk management efficiency. The implication of these findings is that the Nigerian banking sector is confronted with both internal and external fraud capability challenges which require management attention and stakeholders’ education and awareness. Based on these findings, the study offers comprehensive fraud vulnerability suggestions integrating all banking stakeholders (internal and external) to improve fraud risk management efficiency in Nigerian banking sector.
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Hatem, Ben Said. "Interdependence between Managerial Ownership, Leverage and Firm Value: Theory and Empirical Validation." International Journal of Economics and Finance 7, no. 12 (November 24, 2015): 106. http://dx.doi.org/10.5539/ijef.v7n12p106.
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<p>This paper test the interdependence between managerial ownership, debt and firm value. To this end, we examined a sample of 246 French firms over a period of 11 years is built. In addition, we use two estimation methods: simultaneous equations and data panels methods. The empirical results support the interaction between these three variables. We concluded a nonlinear relationship between insider ownership and shareholder wealth. An inverse U-shaped relationship was found between debt and managerial ownership. However, an increase in debt leads to an increase in managerial ownership. Moreover, the share capital held by managers is a significant factor in explaining debt ratio of French firms. Finally, we conclude that the disciplinary role of debt is valid only for the data panels method.</p><p>al Jordanian firms listed at Amman Stock Exchange (ASE) for the period of 2005-2013, by applying panel data regression analysis. It depends on building three OLS models: Pooled, Fixed Effects Model and Random Effects Model. In addition, a test for Breusch and Pagan Lagrangian multiplier (LM), and Hausamn test to choose among the three models which model is most suitable for our data. A main finding of the panel data analysis is that; fixed effect regression is the most convenient model. As a result, there is no strong evidence that there is a relationship between both institutional ownership and firm performance for Jordanian listed firms. This conclusion can be due to the fact that institutional ownership has its own pros and cons, therefore, their existence and influence could affect materially the types and risk level of investment decisions taken by the management which in return will affect the firm’s performance as a whole. ociation with external reserve and net credit to the economy. Based on these results; it is recommended that, the Nigeria government should designed programmes and incentives to boost industrial capacity utilization in the country. Markets determine nominal exchange rate should prevail in the economy. The country should regulate its foreign reserve policy by setting a threshold, above which excess deposit should be plough back to the domestic economy inform of investments rather than support excessive importation.</p><p> </p>