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Do Directors’ Remuneration and Remuneration Committees of the Board affect Bank’s Performance: Application of GMM model? 董事薪酬和董事会薪酬委员会是否影响银行业绩?GMM 模型的应用?
Pub Date : 2024-05-17 DOI: 10.47260/bae/1116
Ivy Eklemet, Emmanuel Gyamera
AbstractThis paper assessed the effect of directors' remuneration and the remuneration committee on a bank's performance. The study used 200 observations from 20 licensed banks in Ghana from 2012 to 2023. The study employed dynamic System Generalized Method of Moments as the main analytical estimator using Stata 16.0 software. The study revealed that directors' remuneration, audit committee independence, and the remuneration committee are positively and significantly related to the bank's performance. Furthermore, the study revealed that banks with a remuneration committee as well as an independent audit committee tend to enhance the bank's performance because remuneration and audit committees tend to align directors' remuneration with the bank's performance. The findings highlight the importance of setting up a remuneration committee as well as strengthening its functions. The first recommendation for this study is for the board to strengthen the remuneration committee since it affects the bank's performance positively. Lastly, the study recommends that the remuneration committee should be strengthened to align directors' remuneration with the bank's performance metrics, such as revenue growth, profitability of the bank, and shareholders' returns.Keywords: Audit committee independence; Bank’s performance; Directors’ remuneration; Ghana; Optimal contracting contract.
摘要 本文评估了董事薪酬和薪酬委员会对银行业绩的影响。研究使用了加纳 20 家持牌银行从 2012 年至 2023 年的 200 个观测值。研究采用动态系统广义矩法作为主要分析估计工具,使用 Stata 16.0 软件。研究显示,董事薪酬、审计委员会独立性和薪酬委员会与银行绩效呈显著正相关。此外,研究还表明,设有薪酬委员会和独立审计委员会的银行往往会提高银行业绩,因为薪酬委员会和审计委员会往往会使董事薪酬与银行业绩相一致。研究结果凸显了成立薪酬委员会并加强其职能的重要性。本研究的第一条建议是董事会应加强薪酬委员会,因为它对银行业绩有积极影响。最后,本研究建议加强薪酬委员会,使董事的薪酬与银行的业绩指标(如收入增长、银行盈利能力和股东回报)相一致:审计委员会独立性;银行绩效;董事薪酬;加纳;最优契约合同。
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引用次数: 0
Is There J-Curve Effect in the Services Trade in Canada? A Panel Data Analysis 加拿大服务贸易是否存在 J 曲线效应?面板数据分析
Pub Date : 2024-02-27 DOI: 10.47260/bae/1114
Ivan D. Trofimov
Abstract The effects of real exchange rate changes on the sectoral trade balance have received limited consideration in the empirical literature. We examine services trade and the dynamics of Canada’s bilateral trade balance in services with its 53 major trading partners during 1990-2018. We demonstrate a short-run deterioration and a long-term improvement of the services trade balance following depreciation in an aggregate panel as well as sub-panels, hence supporting the J-curve effect hypothesis and satisfying the Marshall-Lerner condition. At the level of individual cross-sections, the evidence was mixed: a number of economies experienced long-term improvement of the trade balance, albeit without short-term deterioration.JEL classification number: F14, F32, C23.Keywords: J-curve, Panel data, Trade balance, Exchange rate, Services.
摘要 实际汇率变化对部门贸易平衡的影响在实证文献中得到的考虑有限。我们研究了 1990-2018 年间加拿大与其 53 个主要贸易伙伴的服务贸易以及双边服务贸易平衡的动态。我们在总面板和子面板上证明了贬值后服务贸易差额的短期恶化和长期改善,从而支持了 J 曲线效应假说,并满足了马歇尔-勒纳条件。在单个横截面层面,证据喜忧参半:一些经济体的贸易平衡出现了长期改善,尽管没有短期恶化:F14、F32、C23.Keywords:J曲线 面板数据 贸易平衡 汇率 服务业
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引用次数: 0
Effects of Expansionary Fiscal Policy in a Commodity-Exporting Economy: Evidence from Mongolia 商品出口经济体扩张性财政政策的影响:蒙古的证据
Pub Date : 2023-12-22 DOI: 10.47260/bae/1112
Javkhlan Ganbayar
AbstractThis study contributes to the ongoing debate on the consequences of expansionary fiscal policy by evaluating the macroeconomic effects of various fiscal policy options in a small open economy using a dynamic stochastic general equilibrium (DSGE) model. In addition, the study emphasizes the importance of studying Mongolia, which has unique characteristics and exhibits significant research gaps regarding its fiscal policy. The general architecture of the selected DSGE model includes different types of firms and households, commodity sectors, natural resource funds, and abundant fiscal tools regarding both expenditure and revenue. Employing numerous types of fiscal policy shocks, this study reveals that an exogenous increase in government investment yields the most significant long-term economic benefits, boosting potential output by 0.3%. Among the policy options, government transfers are the least effective in promoting economic output, and existing transfer policies in Mongolia appear to exert only a modest impact on growth, instead primarily contributing to the redistribution of resources. Finally, the estimated output multipliers (except transfers) are greater than one, implying that fiscal policy instruments may be an effective tool for managing the economy in Mongolia.JEL classification numbers: E17, E62, H24, H54, H55.Keywords: Fiscal policy, Fiscal policy multiplier, Small open economy, Dynamic Stochastic General Equilibrium model, Natural Resource Sector.
摘要 本研究利用动态随机一般均衡(DSGE)模型,评估了在一个小型开放经济体中各种财政政策选择的宏观经济影响,为目前关于扩张性财政政策后果的讨论做出了贡献。此外,本研究还强调了研究蒙古的重要性,因为蒙古具有独特的特点,在财政政策方面存在重大研究空白。所选 DSGE 模型的总体结构包括不同类型的企业和家庭、商品部门、自然资源基金以及有关支出和收入的丰富财政工具。本研究采用了多种类型的财政政策冲击,结果表明,政府投资的外生增长产生了最显著的长期经济效益,使潜在产出提高了 0.3%。在各种政策选项中,政府转移支付对促进经济产出的效果最差,蒙古现有的转移支付政策似乎只对经济增长产生了适度的影响,而主要是促进了资源的再分配。最后,估计的产出乘数(除转移支付外)均大于 1,这意味着财政政策工具可能是管理蒙古经济的有效工具:E17, E62, H24, H54, H55.Keywords:财政政策 财政政策乘数 小型开放经济体 动态随机一般均衡模型 自然资源部门
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引用次数: 0
The impact of corporate governance mechanisms on earnings quality during the COVID-19 Pandemic. Evidence from the UK COVID-19 大流行期间公司治理机制对盈利质量的影响。来自英国的证据
Pub Date : 2023-12-18 DOI: 10.47260/bae/1111
Chris Magnis, Louiza Skilodimou
Abstract This study aims to analyze the impact of corporate governance practices on the earnings quality of 228 firms located in the United Kingdom throughout the period from 2019 to 2022. Our fundamental concept states that there is a negative relationship between the efficiency of corporate governance practices within the organization and the probability of participating in earnings manipulation. The findings of our empirical study offer substantiation for our claims, as they demonstrate that companies with boards of directors marked by notable autonomy and financial capabilities, along with the presence of effective audit and compensation committees, experience an improvement in the quality of their earnings. JEL classification numbers: G32, G34, M40, M41. Keywords: Corporate Governance, Earnings Quality, Board of Directors, Audit Committee, Compensation Committee.
摘要 本研究旨在分析公司治理实践对英国 228 家公司 2019 年至 2022 年整个期间盈利质量的影响。我们的基本概念是,组织内部公司治理实践的效率与参与收益操纵的概率之间存在负相关关系。我们的实证研究结果为我们的主张提供了佐证,因为研究结果表明,董事会具有显著的自主性和财务能力,同时存在有效的审计委员会和薪酬委员会的公司,其收益质量会得到改善。 JEL 分类号G32、G34、M40、M41。 关键词公司治理 盈利质量 董事会 审计委员会 薪酬委员会
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引用次数: 0
Asymmetric Effects of Exchange Rate Volatility on Taiwan-China Trade: A Non-Linear ARDL Analysis of 20 Industries 汇率波动对台湾-中国贸易的非对称效应:对 20 个行业的非线性 ARDL 分析
Pub Date : 2023-12-02 DOI: 10.47260/bae/10210
Ilia Tetin, Elizaveta Antonenko, Guych Nuryyev
AbstractThis study investigates the long-run and short-run effects of exchange rate volatility on Taiwan's exports to and imports from China across 20 industries, employing a non-linear autoregressive distributed lag (NARDL) approach. The analysis covers the period from January 2004 to December 2022 and highlights industry-specific sensitivities and asymmetric impacts of exchange rate fluctuations. Our findings reveal the critical role of exchange rate volatility in shaping export and import performance across industries, with both positive and negative shocks exerting significant short-run and long-run effects. Asymmetric impacts of exchange rate fluctuations affect 87.96% of Taiwan's total exports to China in the long run and 72.11% in the short run. In contrast, the asymmetric impacts on imports influence 77.12% of Taiwan's total imports from China in the long run and 13.21% in the short run, demonstrating varying sensitivity across industries. These findings accentuate the necessity for industry-tailored trade policies and strategic considerations to better manage the risks and opportunities presented by exchange rate volatility in cross-strait trade.JEL classification numbers: F14, F31, C22.Keywords: Exchange rate volatility, Taiwan-China trade, Non-linear ARDL, Asymmetric effects.
摘要本研究采用非线性自回归分布滞后(NARDL)方法,探讨汇率波动对台湾20个行业对大陆进出口的长期和短期影响。该分析涵盖2004年1月至2022年12月期间,突出了行业特定的敏感性和汇率波动的不对称影响。我们的研究结果揭示了汇率波动在塑造各行业进出口绩效方面的关键作用,积极和消极冲击都会产生显著的短期和长期影响。汇率波动的不对称影响长期影响87.96%的台湾对大陆出口总额,短期影响72.11%。相反,对进口的不对称影响影响了台湾从中国大陆进口总额的77.12%,短期影响了13.21%,显示出不同行业的敏感性不同。这些发现强调了为更好地管理两岸贸易中汇率波动所带来的风险和机遇,制定适合行业的贸易政策和战略考虑的必要性。JEL分类号:F14、F31、C22。关键词:汇率波动,两岸贸易,非线性ARDL,非对称效应
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引用次数: 0
Impact of Supply Risk Sharing on Supply Chains: Multiplicative vs. Additive Risks 供应风险分担对供应链的影响:乘法风险与加法风险
Pub Date : 2023-11-30 DOI: 10.47260/bae/1029
Junhyun Bae, Ji-Hung (Ryan) Choi
Abstract We consider a supply chain in which a retailer orders from a manufacturer(s) who face(s) a stochastic supply risk (random yield) under single or dual-sourcing cases. In specific, we look into this problem in two different yield risks: multiplicative and additive. One might intuit that if the retailer shares a manufacturer’s random yield risk with the manufacturer, the manufacturer will be better off. Interestingly, we confirm that this intuition is only valid in the additive yield risk but not necessarily in the multiplicative yield risk. Moreover, under dual sourcing, both manufacturers fiercely compete on their prices (i.e., Bertrand-like competition) to become the sole source in the additive yield risk, but the manufacturers do not compete as much in the multiplicative yield risk. Lastly, this paper shows that the supply chain inefficiency may decrease (increase) as risk-sharing increases in the additive risk model under dual sourcing (single sourcing) while it does not changeinthemultiplicativeriskmodel. Key words: supply risk, random yield, dual sourcing, game theory JEL Classification: L11, M11, M21
摘要 我们考虑了这样一个供应链:零售商向制造商订货,而制造商在单源或双源情况下面临随机供应风险(随机产量)。具体地说,我们研究了两种不同产量风险下的问题:乘法风险和加法风险。人们可能会直觉地认为,如果零售商与制造商分担制造商的随机产量风险,制造商的收益会更好。有趣的是,我们证实这种直觉只适用于加法收益风险,而不一定适用于乘法收益风险。此外,在双重采购的情况下,两家制造商会在价格上展开激烈竞争(即伯特兰式竞争),以成为加法收益风险中的唯一来源,但在乘法收益风险中,制造商之间的竞争并不激烈。最后,本文表明,在双采购(单采购)的加法风险模型中,供应链的低效率可能会随着风险分担的增加而降低(增加),而在乘法收益风险模型中则不会改变。 关键词:供应风险、随机产量、双重采购、博弈论 JEL 分类:L11, M11, M21L11、M11、M21
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引用次数: 0
Forecasting TAIEX and FITX with Affirmative and Doubtful Investor Sentiments 用肯定和怀疑的投资者情绪预测TAIEX和FITX
Pub Date : 2023-08-22 DOI: 10.47260/bae/1027
Tzu-Pu Chang, Yu-Wei Chan, P. Wang
AbstractThe existing literature have used media messages as a proxy variable for investor sentiment, but they mainly classify sentiment into positive or negative categories based on the words used in news articles, without much attention to the degree of affirmative or doubtful conveyed by the words used. Thus, in addition to classifying news content into positive or negative sentiment, this study also measures the degree of affirmative or doubtful expressed in the news articles in order to achieve more accurate predictive results. The study converts qualitative text to two quantitative scores (sentiment ratio and affirmative ratio) and investigates the predictive ability of these two variables on stock index returns and volatility in Taiwan’s case. The empirical findings indicate that only affirmative ratio exhibits a significant and negative impact on the one-day ahead returns of the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) and the Taiwan Stock Exchange Index Futures (FITX). Additionally, the volatility of returns in both future and spot markets is significantly influenced by both sentiment ratio and affirmative ratio.JEL Classifications: C22; G10; G40.Keywords: Investor sentiment; Text-mining; TAIEX; FITX; Affirmative ratio.
摘要现有文献将媒体信息作为投资者情绪的代理变量,但主要是根据新闻文章中使用的词语将投资者情绪分为积极或消极两类,而没有过多关注词语所传达的肯定或怀疑的程度。因此,本研究除了将新闻内容分为正面或负面情绪之外,还测量了新闻文章中表达的肯定或怀疑程度,以获得更准确的预测结果。本研究将定性文本转换为两个定量分数(情绪比率和肯定比率),并以台湾为例,探讨这两个变量对股指回报和波动率的预测能力。实证结果显示,只有肯定比例对台湾证券交易所市值加权股票指数(TAIEX)和台湾证券交易所指数期货(FITX)的前一天收益有显著的负向影响。此外,未来市场和现货市场的收益波动性均受到情绪比率和肯定比率的显著影响。JEL分类:C22;十国集团;G40。关键词:投资者情绪;文本挖掘;加权;FITX;肯定的比率。
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引用次数: 0
The Covid-19 Pandemic Impact on the Saudi Arabia Tourism Sector: An Accountancy Approach Covid-19大流行对沙特阿拉伯旅游业的影响:一种会计方法
Pub Date : 2023-08-18 DOI: 10.47260/bae/1026
S. Bahrawe, Mohammed Abulkhair, Sami Mensi
AbstractThe article aims to determine the impact of the COVID-19 outbreak on the tourism industry in the world and in the Kingdom of Saudi Arabia. It adopts the financial data of listed companies in Saudi Arabia and uses the synthetic index compilation method to compile an accounting index that captures the period before and during the COVID-19 outbreak and measures the impact of the COVID-19 on the tourism sector. From this article, we recommend the appropriate policies to re-launch some tourism activities within the after COVID-19 period. It will be crucial to restore all types of travel, and domestic and international flights, improve direct and indirect employment and the recovery of many related business as travel agencies, hotels, and airline companies, which allow for economic and social benefits.Keywords: COVID-19 Pandemic; Tourism Sector; Accountancy Approach, KSA.
摘要本文旨在确定COVID-19疫情对世界和沙特阿拉伯王国旅游业的影响。本文采用沙特阿拉伯上市公司的财务数据,采用综合指数编制方法,编制了一个捕捉新冠疫情爆发前和期间的会计指数,衡量新冠疫情对旅游行业的影响。据此,我们建议采取适当的政策,在疫情后重新启动部分旅游活动。恢复国内、国际航班等所有类型的旅行,改善直接和间接就业,恢复旅行社、酒店、航空公司等相关行业的经济和社会效益是至关重要的。关键词:COVID-19大流行;旅游业;会计方法,KSA。
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引用次数: 0
Labor Demand Forecasting: The Case of Cambodia 劳动力需求预测:以柬埔寨为例
Pub Date : 2023-07-19 DOI: 10.47260/bae/1025
KY Sereyvuth
AbstractLabor demand forecasting is crucial for Cambodia’s economic prosperity. This is because it enables the country to make well-informed decisions and implement effective policies that align with the changing dynamics of its labor market to promote sustainable economic progress. This study utilizes a demand-driven model; specifically, the autoregressive integrated moving average (ARIMA) model with a top-down approach to forecast Cambodia’s labor demand from 2020 to 2025. By capturing current and future labor market trends, we can identify skill requirements and ensure high employment rates for sustainable development. With labor demand forecasting, Cambodia can proactively address skill gaps, optimize workforce planning, and foster an environment conducive to economic growth and stability.JEL classification: C82, J21, J23.Keywords: Labor demand, Employment forecasting, ARIMA, Top-down forecasting.
【摘要】劳动力需求预测对柬埔寨经济的繁荣至关重要。这是因为它使国家能够做出明智的决策并实施有效的政策,以配合其劳动力市场不断变化的动态,从而促进可持续的经济发展。本研究采用需求驱动模型;具体而言,采用自回归综合移动平均(ARIMA)模型,采用自上而下的方法预测柬埔寨2020年至2025年的劳动力需求。通过把握当前和未来的劳动力市场趋势,我们可以确定技能需求,确保高就业率,促进可持续发展。通过劳动力需求预测,柬埔寨可以积极解决技能差距问题,优化劳动力规划,营造有利于经济增长和稳定的环境。JEL分类:C82、J21、J23。关键词:劳动力需求,就业预测,ARIMA,自上而下预测。
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引用次数: 0
Explaining the first effects of Covid-19 on Greek banks’ profitability 解释新冠疫情对希腊银行盈利能力的首批影响
Pub Date : 2023-06-08 DOI: 10.47260/bae/1024
Panagiotis Barkas, Theodoros Kounadeas, Nikolaos Dimitrios Spatharakis
AbstractThe present paper studies the profitability dynamics of systemic Greek banks. By deploying an econometric methodology based on multiple linear regression analysis, we empirically investigate the drivers of banks’ return on assets between 2008 and 2020. We also shed light on the first effects of Covid-19 on banks. Examining the effects various macroeconomic, regulatory and financial factors, we find that public debt developments, including Greek debt restructuring, and banks’ provisions for credit losses had a negative effect on banks profitability. Besides, we testify that banks' capital adequacy and the size of liabilities of financial institutions towards their customers strengthened chances of increased bank profitability. We discuss the implications of our empirical findings in light of macroeconomic, regulatory and financial developments in Greece and the EU.JEL classification number: G01, G20, G21, M40, M49.Keywords: Systemic Banks, Profitability, Greece, ROA, Debt Crisis, Covid-19, Financial Analysis, Financial Ratios.
摘要本文研究了希腊系统性银行的盈利能力动态。本文运用基于多元线性回归分析的计量经济学方法,对2008 - 2020年银行资产收益率的驱动因素进行了实证研究。我们还阐明了Covid-19对银行的初步影响。研究了各种宏观经济、监管和金融因素的影响,我们发现公共债务的发展(包括希腊债务重组)和银行对信贷损失的拨备对银行的盈利能力产生了负面影响。此外,我们证明银行的资本充足率和金融机构对其客户的负债规模增加了银行盈利能力增加的机会。我们根据希腊和欧盟的宏观经济、监管和金融发展讨论了我们的实证研究结果的含义。JEL分类号:G01、G20、G21、M40、M49。关键词:系统性银行,盈利能力,希腊,总资产回报率,债务危机,Covid-19,财务分析,财务比率
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引用次数: 0
期刊
Bulletin of Applied Economics
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