Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh LDR (Loan to Deposit ration), ROA (Return On Asset), BOPO (Beban Operasional Pendapatan Operasional) terhadap harga saham pada perusahaan sektor perbankan di BEI. Data yang digunakan adalah data sekunder berupa laporan keuangan perusahaan yang terdaftar di BEI tahun2017-2018. Sampel yang digunakan sejumlah 44 perusahaan dengan metode purposive sampling. Tahap analisis data penelitian adalah analisis linear berganda. Hasil penelitian secara simultan menunjukkan bahwa LDR, ROA dan BOPO berpengaruh terhadap harga saham. Secara parsial LDR tidak berpengaruh terhadap harga saham memiliki signifikansi 0,152 > 0,05. ROA memiliki signifikansi 0,000 < 0,05 berpengaruh terhadap harga saham. BOPO memiliki signifikansi 0,011 < 0,05 berpengaruh terhadap harga saham. Hal tersebut berarti bahwa setiap kenaikan ROA dan BOPO akan menaikan harga saham, sedangkan LDR mempunyai pengaruh negatif terhadap harga saham, artinya setiap kenaikan LDR akan menurunkan harga saham.
{"title":"LDR, ROA Dan BOPO Terhadap Harga Saham","authors":"Dian Widianingsih, R. Dewi, Purnama Siddi","doi":"10.33005/JEDI.V4I1.95","DOIUrl":"https://doi.org/10.33005/JEDI.V4I1.95","url":null,"abstract":"Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh LDR (Loan to Deposit ration), ROA (Return On Asset), BOPO (Beban Operasional Pendapatan Operasional) terhadap harga saham pada perusahaan sektor perbankan di BEI. Data yang digunakan adalah data sekunder berupa laporan keuangan perusahaan yang terdaftar di BEI tahun2017-2018. Sampel yang digunakan sejumlah 44 perusahaan dengan metode purposive sampling. Tahap analisis data penelitian adalah analisis linear berganda. Hasil penelitian secara simultan menunjukkan bahwa LDR, ROA dan BOPO berpengaruh terhadap harga saham. Secara parsial LDR tidak berpengaruh terhadap harga saham memiliki signifikansi 0,152 > 0,05. ROA memiliki signifikansi 0,000 < 0,05 berpengaruh terhadap harga saham. BOPO memiliki signifikansi 0,011 < 0,05 berpengaruh terhadap harga saham. Hal tersebut berarti bahwa setiap kenaikan ROA dan BOPO akan menaikan harga saham, sedangkan LDR mempunyai pengaruh negatif terhadap harga saham, artinya setiap kenaikan LDR akan menurunkan harga saham.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"5 1","pages":"399-409"},"PeriodicalIF":0.0,"publicationDate":"2021-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79856150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-02-16DOI: 10.1108/JED-09-2020-0130
Nhung Nguyen Thi Kim, Huyen Le Thanh
PurposeThis article studies the impact of micro and macro factors on firm performance in the context of an emerging economy just changed from a subsidized economy to a market economy.Design/methodology/approachThe authors carried out an investigation into 30 listed food processing companies in Vietnam from 2014 to 2019. The data are analyzed by using STATA software. In this study, beside the regression analytical technique, the Blinder–Oaxaca decomposition analysis is used to study more deeply the effect of variables on financial performance of food processing companies, so its results are reliable base to give suggestions.FindingsThe results of empirical research help us to have some following conclusion. First, two variables consisting of total assets turnover ratio (ATR) and growth in sales significantly influence financial performance, when it is measured by return on equity (ROE) or return on sales (ROS). Second, leverage significantly negatively impacts return on sale. Third, there are difference in financial performance and the effect of predictors on dependent variable “ROS” between state-owned enterprises (SOEs) and non SOEs, and the causes come from the component effect.Originality/valueIn fact, although a range of previous researches on that topic have been carried out, none of them dig deeper reasons resulting to the differences in financial performance between SOEs and non SOEs, whereas Vietnamese economy has just changed to a market economy since 1986, making impacts of State ownership totally different from other countries. In this study, the authors use the t-test and analysis to have more accurate conclusions about that problem.
{"title":"Determinants of financial performance of listed firms manufacturing food products in Vietnam: regression analysis and Blinder–Oaxaca decomposition analysis","authors":"Nhung Nguyen Thi Kim, Huyen Le Thanh","doi":"10.1108/JED-09-2020-0130","DOIUrl":"https://doi.org/10.1108/JED-09-2020-0130","url":null,"abstract":"PurposeThis article studies the impact of micro and macro factors on firm performance in the context of an emerging economy just changed from a subsidized economy to a market economy.Design/methodology/approachThe authors carried out an investigation into 30 listed food processing companies in Vietnam from 2014 to 2019. The data are analyzed by using STATA software. In this study, beside the regression analytical technique, the Blinder–Oaxaca decomposition analysis is used to study more deeply the effect of variables on financial performance of food processing companies, so its results are reliable base to give suggestions.FindingsThe results of empirical research help us to have some following conclusion. First, two variables consisting of total assets turnover ratio (ATR) and growth in sales significantly influence financial performance, when it is measured by return on equity (ROE) or return on sales (ROS). Second, leverage significantly negatively impacts return on sale. Third, there are difference in financial performance and the effect of predictors on dependent variable “ROS” between state-owned enterprises (SOEs) and non SOEs, and the causes come from the component effect.Originality/valueIn fact, although a range of previous researches on that topic have been carried out, none of them dig deeper reasons resulting to the differences in financial performance between SOEs and non SOEs, whereas Vietnamese economy has just changed to a market economy since 1986, making impacts of State ownership totally different from other countries. In this study, the authors use the t-test and analysis to have more accurate conclusions about that problem.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82856790","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-02-15DOI: 10.1108/JED-07-2020-0088
Prince Fosu, Martinson Ankrah Twumasi
In Covid-19 pandemic era when most households’ members have lost their jobs and incomes, the government assistance and programs in ensuring consumption smoothing is imperative. The main objectives of this study are to analyze the impact of government expenditure and free maternal healthcare policy on household consumption expenditure in Ghana using the ARDL estimation technique and historical data from 1967 to 2018. The results revealed that government expenditure and free maternal healthcare policy had a negative and statistically significant effect of on household consumption expenditure in Ghana in both long run and short run. The result suggests that government expenditure and free maternal healthcare policy crowed-out private consumption in Ghana. In addition, the marginal propensity to consume in the long run is 0.690 while the marginal propensity to consume in the short run is 0.214 suggesting that real income have much higher effect on household consumption in the long run than in the short run. The study suggests the need to increase public spending on basic social amenities and also extend the free maternal healthcare policy to all pregnant women especially those in the rural areas of Ghana as these have a greater impact on household consumption in Ghana. The findings from the study have important implications for household savings and interest rate in Ghana.
{"title":"The effect of government expenditure and free maternal health care policy (FMHC) on household consumption in Ghana","authors":"Prince Fosu, Martinson Ankrah Twumasi","doi":"10.1108/JED-07-2020-0088","DOIUrl":"https://doi.org/10.1108/JED-07-2020-0088","url":null,"abstract":"In Covid-19 pandemic era when most households’ members have lost their jobs and incomes, the government assistance and programs in ensuring consumption smoothing is imperative. The main objectives of this study are to analyze the impact of government expenditure and free maternal healthcare policy on household consumption expenditure in Ghana using the ARDL estimation technique and historical data from 1967 to 2018. The results revealed that government expenditure and free maternal healthcare policy had a negative and statistically significant effect of on household consumption expenditure in Ghana in both long run and short run. The result suggests that government expenditure and free maternal healthcare policy crowed-out private consumption in Ghana. In addition, the marginal propensity to consume in the long run is 0.690 while the marginal propensity to consume in the short run is 0.214 suggesting that real income have much higher effect on household consumption in the long run than in the short run. The study suggests the need to increase public spending on basic social amenities and also extend the free maternal healthcare policy to all pregnant women especially those in the rural areas of Ghana as these have a greater impact on household consumption in Ghana. The findings from the study have important implications for household savings and interest rate in Ghana.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"25 1","pages":"184-202"},"PeriodicalIF":0.0,"publicationDate":"2021-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86178289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-01-14DOI: 10.1108/JED-04-2020-0033
Quangdung Tran
PurposeThe green building (GB) market in Vietnam is growing quite slowly. Project stakeholders are facing very much undefined difficulty to gain success of GB projects. This study focused on investigation of the critical challenges the general contractors are facing in executing GB projects in Vietnam.Design/methodology/approachThe study conducted a literature review and three in-depth interviews to define 31 potential challenges hindering success of GB projects. Data was collected from 163 respondents through the questionnaire survey and was analyzed by the mean ranking technique, EFA and PLS-SEM.FindingsThe result found general contractors in Vietnam are facing the four components of challenges, namely “Planning activities-related challenges”, “Organizational activities-related challenges”, “Onsite management and control activities-related challenges” and “Green supply chain-related challenges”; and all of them have statistically significant effects on success of GB projects in Vietnam. Furthermore, the most dominant component was related to the non-readiness of external GB supply chain.Research limitations/implicationsThis present study has several notable limitations that may be addressed by future research. First, the data was collected from the quite small sample; and sampling is not randomly conducted. The findings may be tested by a larger dataset from a nationwide population. Also, the generalization of the findings may be limited because the data was only collected under the viewpoint of general contractors within the specific context of Vietnam; future studies should extend to developers and/or project managers, etc.Practical implicationsThe findings suggest for practical measures to enhance success of GB projects in Vietnam, including (1) completing the system of legal regulations and technical codes, standards, guidelines on GB, (2) providing incentive policies to promote the R&D activities on GB and (3) providing educational programs to improve the awareness and capacity on GB in domestic construction organizations, especially medium and small subcontractors.Originality/valueIn order to fill the gap of the existing literature, this study seeks to gain a better understanding on critical challenges hindering success of green building projects under the view point of general contractors with reference to the context of Vietnam – a developing economy. This study first identified potential challenges, then evaluated the impact of the key components of challenges on success of GB projects.
{"title":"Using PLS-SEM to analyze challenges hindering success of green building projects in Vietnam","authors":"Quangdung Tran","doi":"10.1108/JED-04-2020-0033","DOIUrl":"https://doi.org/10.1108/JED-04-2020-0033","url":null,"abstract":"PurposeThe green building (GB) market in Vietnam is growing quite slowly. Project stakeholders are facing very much undefined difficulty to gain success of GB projects. This study focused on investigation of the critical challenges the general contractors are facing in executing GB projects in Vietnam.Design/methodology/approachThe study conducted a literature review and three in-depth interviews to define 31 potential challenges hindering success of GB projects. Data was collected from 163 respondents through the questionnaire survey and was analyzed by the mean ranking technique, EFA and PLS-SEM.FindingsThe result found general contractors in Vietnam are facing the four components of challenges, namely “Planning activities-related challenges”, “Organizational activities-related challenges”, “Onsite management and control activities-related challenges” and “Green supply chain-related challenges”; and all of them have statistically significant effects on success of GB projects in Vietnam. Furthermore, the most dominant component was related to the non-readiness of external GB supply chain.Research limitations/implicationsThis present study has several notable limitations that may be addressed by future research. First, the data was collected from the quite small sample; and sampling is not randomly conducted. The findings may be tested by a larger dataset from a nationwide population. Also, the generalization of the findings may be limited because the data was only collected under the viewpoint of general contractors within the specific context of Vietnam; future studies should extend to developers and/or project managers, etc.Practical implicationsThe findings suggest for practical measures to enhance success of GB projects in Vietnam, including (1) completing the system of legal regulations and technical codes, standards, guidelines on GB, (2) providing incentive policies to promote the R&D activities on GB and (3) providing educational programs to improve the awareness and capacity on GB in domestic construction organizations, especially medium and small subcontractors.Originality/valueIn order to fill the gap of the existing literature, this study seeks to gain a better understanding on critical challenges hindering success of green building projects under the view point of general contractors with reference to the context of Vietnam – a developing economy. This study first identified potential challenges, then evaluated the impact of the key components of challenges on success of GB projects.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83420308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-21DOI: 10.1108/jed-08-2020-0108
Thu-Ha Thi An, K. Yeh
PurposeThe purpose of this study is to examine the effect of foreign direct investment (FDI) on economic growth contingent on the development level of the local financial system in emerging and developing Asia during the period 1996–2017.Design/methodology/approachThe study adopts the threshold approach, namely the panel smooth transition regression (PSTR) model, for the annual data collection of 18 emerging and developing Asian countries in 22 years. The authors analyze the alternative PSTR models on different proxies of financial development (FD).FindingsThe results show new findings of two distinct thresholds of FD in the FDI–growth nexus. The growth-enhancing effect of FDI is realized only when the FD lies between the two threshold values. Notably, at very high levels of FD, the beneficial effect of FDI on growth is vanishing.Originality/valueThe authors provide new insights into the growth effect of FDI and the role of FD. The estimated nonlinear effect of FDI on growth and the thresholds of FD can be benchmarks for emerging and developing Asia in assessment of their situations. The results suggest important implications to the region in setting the long-run policies to boost the effect of FDI on economic growth.
{"title":"Growth effect of foreign direct investment and financial development: new insights from a threshold approach","authors":"Thu-Ha Thi An, K. Yeh","doi":"10.1108/jed-08-2020-0108","DOIUrl":"https://doi.org/10.1108/jed-08-2020-0108","url":null,"abstract":"PurposeThe purpose of this study is to examine the effect of foreign direct investment (FDI) on economic growth contingent on the development level of the local financial system in emerging and developing Asia during the period 1996–2017.Design/methodology/approachThe study adopts the threshold approach, namely the panel smooth transition regression (PSTR) model, for the annual data collection of 18 emerging and developing Asian countries in 22 years. The authors analyze the alternative PSTR models on different proxies of financial development (FD).FindingsThe results show new findings of two distinct thresholds of FD in the FDI–growth nexus. The growth-enhancing effect of FDI is realized only when the FD lies between the two threshold values. Notably, at very high levels of FD, the beneficial effect of FDI on growth is vanishing.Originality/valueThe authors provide new insights into the growth effect of FDI and the role of FD. The estimated nonlinear effect of FDI on growth and the thresholds of FD can be benchmarks for emerging and developing Asia in assessment of their situations. The results suggest important implications to the region in setting the long-run policies to boost the effect of FDI on economic growth.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"120 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75788129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-17DOI: 10.1108/jed-08-2020-0110
L. Hoi, Huong Thi Lan Tran
PurposeThis paper aims to examine the credit composition and income inequality reduction in Vietnam. In particular, the authors focus on the distinction between policy and commercial credits and investigate whether these two types of credit had adverse effects on income inequality. The authors also examine whether the impact of policy credit on income inequality is conditioned by the educational level and institutional quality.Design/methodology/approachThe authors use the primary data set, which contains a panel of 60 provinces collected from the General Statistics Office of Vietnam from 2002 to 2016. The authors employ the generalized method of moments to solve the endogenous problem.FindingsThe authors show that while commercial credit increases income inequality, policy credit contributes to reducing income inequality in Vietnam. In addition, we provide evidence that the institutional quality and educational level condition the impact of policy credit on income inequality. Based on the findings, the paper implies that it was not the size of the private credit but its composition that mattered in reducing income inequality, due to the asymmetric effects of different types of credit.Originality/valueThis is the first study that examines the links between the two components of credit and income inequality as well as constraints of the links. The authors argue that analyzing the separate effects of commercial and policy credits is more important for explaining the role of credit in income inequality than the size of total credit.
{"title":"Credit composition and income inequality in Vietnam: an empirical analysis","authors":"L. Hoi, Huong Thi Lan Tran","doi":"10.1108/jed-08-2020-0110","DOIUrl":"https://doi.org/10.1108/jed-08-2020-0110","url":null,"abstract":"PurposeThis paper aims to examine the credit composition and income inequality reduction in Vietnam. In particular, the authors focus on the distinction between policy and commercial credits and investigate whether these two types of credit had adverse effects on income inequality. The authors also examine whether the impact of policy credit on income inequality is conditioned by the educational level and institutional quality.Design/methodology/approachThe authors use the primary data set, which contains a panel of 60 provinces collected from the General Statistics Office of Vietnam from 2002 to 2016. The authors employ the generalized method of moments to solve the endogenous problem.FindingsThe authors show that while commercial credit increases income inequality, policy credit contributes to reducing income inequality in Vietnam. In addition, we provide evidence that the institutional quality and educational level condition the impact of policy credit on income inequality. Based on the findings, the paper implies that it was not the size of the private credit but its composition that mattered in reducing income inequality, due to the asymmetric effects of different types of credit.Originality/valueThis is the first study that examines the links between the two components of credit and income inequality as well as constraints of the links. The authors argue that analyzing the separate effects of commercial and policy credits is more important for explaining the role of credit in income inequality than the size of total credit.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83481685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-15DOI: 10.1108/jed-07-2020-0089
Gabriel Obermann, Nguyen Hoang Oanh, Nguyen Thi Hong Ngoc
PurposeThis paper investigates the extent, the determinants and the change in the gender pay gap in Vietnam in the period 2010–2016 in order to provide suggestions for policy adjustment to narrow gender pay inequality more effectively.Design/methodology/approachThis study employs the propensity score matching (PSM) method to examine inequality in pay between female and male earners sharing identical characteristics. The analysis is conducted for both the full sample and various characteristic-based subsamples. This procedure is conducted for 2010 and 2016 separately to discover the change in gap and inequality during this period.FindingsThe matching results based on the data sets taken from the Vietnam Household Living Standards Survey (VHLSS) 2010 and 2016 affirm that gender income inequality in Vietnam, though persisted, decreased significantly in 2016 compared to 2010, and was insignificant in many subsamples in 2016. In addition to the observable determinants including educational level, occupation, economic sector and industry, unobservable factors are proved to also play an important role in creating the gender pay gap in Vietnam.Practical implicationsThe research findings suggest that policies aimed at mitigating gender pay inequality should take into account both observable characteristics and unobservable factors such as unobservable gender differences that affect wages and gender discrimination in pay.Originality/valueThis is the first study using a matching technique to investigate gender wage gap in Vietnam. With up-to-date data, longer research period and the superiority of the method used in dealing with sample selection bias, the results obtained are more robust, more detailed and reliable.
{"title":"Gender pay gap in Vietnam: a propensity score matching analysis","authors":"Gabriel Obermann, Nguyen Hoang Oanh, Nguyen Thi Hong Ngoc","doi":"10.1108/jed-07-2020-0089","DOIUrl":"https://doi.org/10.1108/jed-07-2020-0089","url":null,"abstract":"PurposeThis paper investigates the extent, the determinants and the change in the gender pay gap in Vietnam in the period 2010–2016 in order to provide suggestions for policy adjustment to narrow gender pay inequality more effectively.Design/methodology/approachThis study employs the propensity score matching (PSM) method to examine inequality in pay between female and male earners sharing identical characteristics. The analysis is conducted for both the full sample and various characteristic-based subsamples. This procedure is conducted for 2010 and 2016 separately to discover the change in gap and inequality during this period.FindingsThe matching results based on the data sets taken from the Vietnam Household Living Standards Survey (VHLSS) 2010 and 2016 affirm that gender income inequality in Vietnam, though persisted, decreased significantly in 2016 compared to 2010, and was insignificant in many subsamples in 2016. In addition to the observable determinants including educational level, occupation, economic sector and industry, unobservable factors are proved to also play an important role in creating the gender pay gap in Vietnam.Practical implicationsThe research findings suggest that policies aimed at mitigating gender pay inequality should take into account both observable characteristics and unobservable factors such as unobservable gender differences that affect wages and gender discrimination in pay.Originality/valueThis is the first study using a matching technique to investigate gender wage gap in Vietnam. With up-to-date data, longer research period and the superiority of the method used in dealing with sample selection bias, the results obtained are more robust, more detailed and reliable.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76286245","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-08DOI: 10.1108/jed-09-2020-0131
Aleksandar Vasilev
Purpose The author augments an otherwise standard business-cycle model with a rich government sector and adds monopolistic competition in the product market and rigid prices, as well as rigid wages a la Calvo (1983) in the labor market. Design/methodology/approach This specification with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999–2018), allows the framework to reproduce better observed variability and correlations among model variables and those characterizing the labor market in particular. Findings As nominal wage frictions are incorporated, the variables become more persistent, especially output, capital stock, investment and consumption, which help the model match data better, as compared to a setup without rigidities. Originality/value The computational experiments performed in this paper suggest that wage rigidities are a quantitatively important model ingredient, which should be taken into consideration when analyzing the effects of different policies in Bulgaria, which is a novel result.
作者在一个标准的商业周期模型中增加了一个丰富的政府部门，并增加了产品市场的垄断竞争和刚性价格，以及劳动力市场的刚性工资a la Calvo(1983)。该规范具有名义工资刚性，在引入货币局(1999-2018)后根据保加利亚数据进行校准时，允许框架重现更好地观察到的模型变量之间的可变性和相关性，特别是那些表征劳动力市场的变量。随着名义工资摩擦的纳入，变量变得更加持久，特别是产出、资本存量、投资和消费，与没有刚性的设置相比，这有助于模型更好地匹配数据。本文进行的计算实验表明，工资刚性是定量上重要的模型成分，在分析保加利亚不同政策的影响时应考虑到这一点，这是一个新颖的结果。
{"title":"A business-cycle model with monopolistically competitive firms and Calvo wages: lessons for Bulgaria (1999–2018)","authors":"Aleksandar Vasilev","doi":"10.1108/jed-09-2020-0131","DOIUrl":"https://doi.org/10.1108/jed-09-2020-0131","url":null,"abstract":"Purpose \u0000The author augments an otherwise standard business-cycle model with a rich government sector and adds monopolistic competition in the product market and rigid prices, as well as rigid wages a la Calvo (1983) in the labor market. \u0000 \u0000Design/methodology/approach \u0000This specification with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999–2018), allows the framework to reproduce better observed variability and correlations among model variables and those characterizing the labor market in particular. \u0000 \u0000Findings \u0000As nominal wage frictions are incorporated, the variables become more persistent, especially output, capital stock, investment and consumption, which help the model match data better, as compared to a setup without rigidities. \u0000 \u0000Originality/value \u0000The computational experiments performed in this paper suggest that wage rigidities are a quantitatively important model ingredient, which should be taken into consideration when analyzing the effects of different policies in Bulgaria, which is a novel result.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77757749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-01DOI: 10.1108/jed-07-2020-0094
S. Gnangnon
PurposeThis paper investigates the effect of the volatility of resource revenue on the volatility of non-resource revenue.Design/methodology/approachThe empirical analysis has utilized an unbalanced panel data set comprising 54 countries over the period 1980–2015. The two-step system generalized methods of moments (GMM) is the main economic approach used to carry out the empirical analysis.FindingsResults show that resource revenue volatility generates lower non-resource revenue volatility only when the share of resource revenue in total public revenue is lower than 18%. Otherwise, higher resource revenue volatility would result in a rise in non-resource revenue volatility.Research limitations/implicationsIn light of the adverse effect of volatility of non-resource revenue on public spending, and hence on economic growth and development prospects, countries whose total public revenue is highly dependent on resource revenue should adopt appropriate policies to ensure the rise in non-resource revenue, as well as the stability of the latter.Practical implicationsEconomic diversification in resource-rich countries (particularly in developing countries among them) could contribute to reducing the dependence of economies on natural resources, and hence the dependence of public revenue on resource revenue. Therefore, policies in favour of economic diversification would contribute to stabilizing non-resource revenue, which is essential for financing development needs.Originality/valueTo the best of our knowledge, this topic has not been addressed in the literature.
{"title":"Impact of the volatility of resource revenue on non-resource revenue volatility","authors":"S. Gnangnon","doi":"10.1108/jed-07-2020-0094","DOIUrl":"https://doi.org/10.1108/jed-07-2020-0094","url":null,"abstract":"PurposeThis paper investigates the effect of the volatility of resource revenue on the volatility of non-resource revenue.Design/methodology/approachThe empirical analysis has utilized an unbalanced panel data set comprising 54 countries over the period 1980–2015. The two-step system generalized methods of moments (GMM) is the main economic approach used to carry out the empirical analysis.FindingsResults show that resource revenue volatility generates lower non-resource revenue volatility only when the share of resource revenue in total public revenue is lower than 18%. Otherwise, higher resource revenue volatility would result in a rise in non-resource revenue volatility.Research limitations/implicationsIn light of the adverse effect of volatility of non-resource revenue on public spending, and hence on economic growth and development prospects, countries whose total public revenue is highly dependent on resource revenue should adopt appropriate policies to ensure the rise in non-resource revenue, as well as the stability of the latter.Practical implicationsEconomic diversification in resource-rich countries (particularly in developing countries among them) could contribute to reducing the dependence of economies on natural resources, and hence the dependence of public revenue on resource revenue. Therefore, policies in favour of economic diversification would contribute to stabilizing non-resource revenue, which is essential for financing development needs.Originality/valueTo the best of our knowledge, this topic has not been addressed in the literature.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82017638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-11-23DOI: 10.1108/jed-05-2020-0059
Viet Anh Duong Hoang, Man Dang, N. Nguyen, N. Nguyen
The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across 41 emerging markets.,The paper first reviews the existing literature and develops the related hypotheses, in conjunction with the objectives of this paper. We then describe the data employed, variable measurement and examine the effects of cross-country characteristics on the acquirers' target status choice in cross-border mergers and acquisitions while controlling for firm-level and deal-specific characteristics. The paper continues to conduct the robustness check on cross-country determinants of target status choices using the difference independent variables rather than target country-level variables only.,This research found that the likelihood of a public firm acquired relative to private one is higher if the target firm is located in countries with stronger government quality, weaker economic freedom, better financial market development and lower cultural distance between the host and home countries. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning.,Rather than commonly analysed determinants in the previous research such as firm- and deal-specific attributes, value creation and shareholder protection, this paper indicates that institutional environments and economic conditions are closely associated with acquisition risks and benefits and have direct influences on bidder firms' acquisition bidding planning and target choice decision-making.
{"title":"What drives target status decision in emerging markets acquisitions?","authors":"Viet Anh Duong Hoang, Man Dang, N. Nguyen, N. Nguyen","doi":"10.1108/jed-05-2020-0059","DOIUrl":"https://doi.org/10.1108/jed-05-2020-0059","url":null,"abstract":"The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across 41 emerging markets.,The paper first reviews the existing literature and develops the related hypotheses, in conjunction with the objectives of this paper. We then describe the data employed, variable measurement and examine the effects of cross-country characteristics on the acquirers' target status choice in cross-border mergers and acquisitions while controlling for firm-level and deal-specific characteristics. The paper continues to conduct the robustness check on cross-country determinants of target status choices using the difference independent variables rather than target country-level variables only.,This research found that the likelihood of a public firm acquired relative to private one is higher if the target firm is located in countries with stronger government quality, weaker economic freedom, better financial market development and lower cultural distance between the host and home countries. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning.,Rather than commonly analysed determinants in the previous research such as firm- and deal-specific attributes, value creation and shareholder protection, this paper indicates that institutional environments and economic conditions are closely associated with acquisition risks and benefits and have direct influences on bidder firms' acquisition bidding planning and target choice decision-making.","PeriodicalId":34568,"journal":{"name":"Journal of Economics and Development","volume":"24 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77278491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：