首页 > 最新文献

International Journal of Economics and Finance Studies最新文献

英文 中文
What Contribute to the Growth of EV Automakers’ Valuation? The Case of Tesla and Nio 电动汽车制造商估值增长的原因是什么?特斯拉与蔚来汽车案例
Q2 Economics, Econometrics and Finance Pub Date : 2023-06-14 DOI: 10.5539/ijef.v15n7p35
Quang Nguyen Tran
What does contribute to the tremendous valuation of electric vehicles (EVs) producers? Two prominent and representative EV producers, Tesla, and Nio are carefully examined and evaluated in this case study. The significant valuation growth of EV producers can be attributed to a range of factors, including industry growth expectations and unrelated to the growth in R&D expenses and the volatility of Google Search volume. Using multiple valuation methods, I conclude that EV producers are currently overvalued.
是什么促成了电动汽车(ev)生产商的巨额估值?在本案例研究中,特斯拉和蔚来这两家著名且具有代表性的电动汽车生产商进行了仔细的研究和评估。电动汽车生产商的显著估值增长可以归因于一系列因素,包括行业增长预期,与研发费用的增长和谷歌搜索量的波动无关。使用多种估值方法,我得出结论,电动汽车生产商目前被高估了。
{"title":"What Contribute to the Growth of EV Automakers’ Valuation? The Case of Tesla and Nio","authors":"Quang Nguyen Tran","doi":"10.5539/ijef.v15n7p35","DOIUrl":"https://doi.org/10.5539/ijef.v15n7p35","url":null,"abstract":"What does contribute to the tremendous valuation of electric vehicles (EVs) producers? Two prominent and representative EV producers, Tesla, and Nio are carefully examined and evaluated in this case study. The significant valuation growth of EV producers can be attributed to a range of factors, including industry growth expectations and unrelated to the growth in R&D expenses and the volatility of Google Search volume. Using multiple valuation methods, I conclude that EV producers are currently overvalued.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76646550","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}
引用次数: 0
A Study on the Effect of Heterogeneous Equity Mix on the Performance of Mixed Ownership Firms 异质性股权组合对混合所有制企业绩效的影响研究
Q2 Economics, Econometrics and Finance Pub Date : 2023-06-08 DOI: 10.5539/ijef.v15n7p23
Xuemei Liu, Rong Yang, Dongsheng Li
This paper empirically tests the impact of heterogeneous equity mix on corporate performance using unbalanced dynamic panel data of China’s A-share main board market from 2008-2019 and comparatively analyzes the differences in the impact of heterogeneous equity mix on different holding companies’ performance and socioeconomic efficiency. The results show that a heterogeneous equity mix has no significant effect on the operating efficiency of enterprises, but has a significant positive effect on the operating efficiency and socioeconomic efficiency of enterprises. However, a heterogeneous equity mix does not promote the transformation of operation and governance mechanisms, resulting in no significant improvement in enterprise operating efficiency.
本文利用2008-2019年中国a股主板市场的非平衡动态面板数据,实证检验了异质股权组合对公司绩效的影响,比较分析了异质股权组合对不同控股公司绩效和社会经济效率影响的差异。结果表明,异质性股权组合对企业的经营效率没有显著影响,但对企业的经营效率和社会经济效率有显著的正向影响。然而,异质股权结构并不能促进经营和治理机制的转变,企业经营效率也没有显著提高。
{"title":"A Study on the Effect of Heterogeneous Equity Mix on the Performance of Mixed Ownership Firms","authors":"Xuemei Liu, Rong Yang, Dongsheng Li","doi":"10.5539/ijef.v15n7p23","DOIUrl":"https://doi.org/10.5539/ijef.v15n7p23","url":null,"abstract":"This paper empirically tests the impact of heterogeneous equity mix on corporate performance using unbalanced dynamic panel data of China’s A-share main board market from 2008-2019 and comparatively analyzes the differences in the impact of heterogeneous equity mix on different holding companies’ performance and socioeconomic efficiency. The results show that a heterogeneous equity mix has no significant effect on the operating efficiency of enterprises, but has a significant positive effect on the operating efficiency and socioeconomic efficiency of enterprises. However, a heterogeneous equity mix does not promote the transformation of operation and governance mechanisms, resulting in no significant improvement in enterprise operating efficiency.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"214 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77691431","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}
引用次数: 0
Russian Drama: Inherited Development Underperformance and Eroding Global Dominance 俄罗斯戏剧:继承发展,表现不佳,侵蚀全球主导地位
Q2 Economics, Econometrics and Finance Pub Date : 2023-06-02 DOI: 10.5539/ijef.v15n7p10
Solomon I. Cohen
The new normal is a conceptual situation where economic and political agents are economically convinced and politically motivated to adapt to temporary austerity in economic growth and political participation. The concept entails a remarkable and rare mix of economics and politics. Focusing on Russia, the paper draws on results from two studies that reflect on underlying weak links in the benchmark economy that support expectations of moderation in economic growth and political participation. One study examines the tendency and causes for the Russian development underperformance (slow growth and sticky distribution when compared to other leading countries). The study makes use of social accounting matrix multipliers. The tendencies are partly due to structural imbalances inherited from the past economy with its state-led shadow agents, and its ethnic regional disparities. The other study looks forward into the future and examines Russian prospects for leadership and influence at the global level. This study makes use of a dominance index composed of the relative sizes of transforming agents (i.e., population) and transformed value (i.e., GDP). Results for Russia suggest that global dominance is eroding, and global marginalization is imminent. Both studies point to difficult choices that Russian leadership have been increasingly facing and continue to face in a drama-like sequence. We briefly comment on likely responses.
新常态是一种概念上的情况,在这种情况下,经济和政治行动者在经济上被说服,在政治上受到激励,以适应经济增长和政治参与方面的暂时紧缩。这一概念需要将经济和政治结合起来,这是一种非同寻常的、罕见的结合。本文以俄罗斯为研究对象,借鉴了两项研究的结果,这两项研究反映了基准经济体中潜在的薄弱环节,这些环节支持了经济增长和政治参与放缓的预期。一项研究调查了俄罗斯发展表现不佳的趋势和原因(与其他主要国家相比,增长缓慢,分布不均)。本研究利用社会会计矩阵乘数。这种趋势的部分原因是,过去的经济由国家主导的影子机构所遗留下来的结构性失衡,以及民族地区差异。另一项研究展望了未来,考察了俄罗斯在全球层面的领导地位和影响力的前景。本研究使用了由转化主体(即人口)的相对规模和转化价值(即GDP)组成的优势指数。结果表明,俄罗斯的全球主导地位正在受到侵蚀,全球边缘化迫在眉睫。这两项研究都指出,俄罗斯领导层已经越来越多地面临艰难的选择,并将继续以类似戏剧的顺序面临这些选择。我们简要评论一下可能的回应。
{"title":"Russian Drama: Inherited Development Underperformance and Eroding Global Dominance","authors":"Solomon I. Cohen","doi":"10.5539/ijef.v15n7p10","DOIUrl":"https://doi.org/10.5539/ijef.v15n7p10","url":null,"abstract":"The new normal is a conceptual situation where economic and political agents are economically convinced and politically motivated to adapt to temporary austerity in economic growth and political participation. The concept entails a remarkable and rare mix of economics and politics. Focusing on Russia, the paper draws on results from two studies that reflect on underlying weak links in the benchmark economy that support expectations of moderation in economic growth and political participation. One study examines the tendency and causes for the Russian development underperformance (slow growth and sticky distribution when compared to other leading countries). The study makes use of social accounting matrix multipliers. The tendencies are partly due to structural imbalances inherited from the past economy with its state-led shadow agents, and its ethnic regional disparities. The other study looks forward into the future and examines Russian prospects for leadership and influence at the global level. This study makes use of a dominance index composed of the relative sizes of transforming agents (i.e., population) and transformed value (i.e., GDP). Results for Russia suggest that global dominance is eroding, and global marginalization is imminent. Both studies point to difficult choices that Russian leadership have been increasingly facing and continue to face in a drama-like sequence. We briefly comment on likely responses.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78849584","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}
引用次数: 0
Who Seeks Financial Advice from a Financial Planner? 谁会向理财规划师寻求理财建议?
Q2 Economics, Econometrics and Finance Pub Date : 2023-06-02 DOI: 10.5539/ijef.v15n7p1
F. Liu
In this paper, we examine factors that motivate people to seek financial advice from financial planners. Data from a national survey conducted by the Consumer Financial Protection Bureau in 2016 was used in the analysis. We discovered that essential factors, such as subjective norms, financial knowledge, financial risk tolerance, and personal traits, have a positive impact on an individual's decision to seek advice from financial planners. On the other hand, financial stress caused by financial constraints has a significant negative effect. This study also found that contrary to previous research, minorities are more likely to seek financial advice from planners. However, when examining different financial asset domains, such disparities across racial groups decreased. This study contributes to the literature by providing new insights into the decision-making process when it comes to hiring financial planners and how individual socioeconomic and psychosocial characteristics can influence this choice.
在本文中,我们研究了激励人们向理财规划师寻求财务建议的因素。该分析使用了消费者金融保护局2016年进行的一项全国调查的数据。我们发现,主观规范、金融知识、金融风险承受能力和个人特质等基本因素对个人寻求理财顾问建议的决定有积极影响。另一方面,资金约束导致的资金压力具有显著的负面影响。这项研究还发现,与之前的研究相反,少数族裔更有可能向理财规划师寻求理财建议。然而,当检查不同的金融资产领域时,种族群体之间的这种差异减少了。本研究通过对雇佣财务规划师的决策过程以及个人社会经济和心理社会特征如何影响这一选择提供了新的见解,从而为文献做出了贡献。
{"title":"Who Seeks Financial Advice from a Financial Planner?","authors":"F. Liu","doi":"10.5539/ijef.v15n7p1","DOIUrl":"https://doi.org/10.5539/ijef.v15n7p1","url":null,"abstract":"In this paper, we examine factors that motivate people to seek financial advice from financial planners. Data from a national survey conducted by the Consumer Financial Protection Bureau in 2016 was used in the analysis. We discovered that essential factors, such as subjective norms, financial knowledge, financial risk tolerance, and personal traits, have a positive impact on an individual's decision to seek advice from financial planners. On the other hand, financial stress caused by financial constraints has a significant negative effect. This study also found that contrary to previous research, minorities are more likely to seek financial advice from planners. However, when examining different financial asset domains, such disparities across racial groups decreased. This study contributes to the literature by providing new insights into the decision-making process when it comes to hiring financial planners and how individual socioeconomic and psychosocial characteristics can influence this choice.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"11 6 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78638629","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}
引用次数: 0
IPSAS: Which Stage Is the Brazilian Public Sector Accounting In? 公共部门会计准则:巴西公共部门会计处于哪个阶段?
Q2 Economics, Econometrics and Finance Pub Date : 2023-05-30 DOI: 10.5539/ijef.v15n6p66
Abimael de Jesus Barros Costa
This article aims to contribute to the visibility of the development process of Government Accounting systems in Latin America, especially Brazil’s case. Based on analysis of the period between 2008 and 2018, it concludes that Law 4,320/1964 needs to be updated; the Brazilian Public Sector Technical Accounting Standards (NBC TSP) represent the IPSAS in Brazil (translated and adjusted to local reality); the implementation of the Full IPSAS was applied to all Brazilian federation entities (Central Government, 26 States, Federal District and 5,570 Municipalities); the Handbook of Accounting Applied to the Public Sector (MCASP) is the main IPSAS guide; and, finally, the greatest difficulties faced by public accountants and managers are the lack of public workers, technology and training. Among the 60 master’s dissertations carried out by the PPGCCs focusing on the area of public accounting, only 14% addressed topics related to public accounting.
本文旨在为拉丁美洲政府会计制度发展过程的可见性做出贡献,特别是巴西的案例。根据对2008年至2018年期间的分析,得出结论:第4320 /1964号法律需要更新;巴西公共部门技术会计准则(NBC TSP)代表巴西的公共部门会计准则(根据当地实际情况进行翻译和调整);《全面公共部门会计准则》的实施适用于巴西所有联邦实体(中央政府、26个州、联邦区和5 570个市);《公共部门会计应用手册》是公共部门会计准则的主要指南;最后,公共会计和管理人员面临的最大困难是缺乏公共工作人员、技术和培训。在ppgcc开展的60篇专注于公共会计领域的硕士论文中,只有14%涉及与公共会计相关的主题。
{"title":"IPSAS: Which Stage Is the Brazilian Public Sector Accounting In?","authors":"Abimael de Jesus Barros Costa","doi":"10.5539/ijef.v15n6p66","DOIUrl":"https://doi.org/10.5539/ijef.v15n6p66","url":null,"abstract":"This article aims to contribute to the visibility of the development process of Government Accounting systems in Latin America, especially Brazil’s case. Based on analysis of the period between 2008 and 2018, it concludes that Law 4,320/1964 needs to be updated; the Brazilian Public Sector Technical Accounting Standards (NBC TSP) represent the IPSAS in Brazil (translated and adjusted to local reality); the implementation of the Full IPSAS was applied to all Brazilian federation entities (Central Government, 26 States, Federal District and 5,570 Municipalities); the Handbook of Accounting Applied to the Public Sector (MCASP) is the main IPSAS guide; and, finally, the greatest difficulties faced by public accountants and managers are the lack of public workers, technology and training. Among the 60 master’s dissertations carried out by the PPGCCs focusing on the area of public accounting, only 14% addressed topics related to public accounting.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"45 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73790262","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}
引用次数: 0
Sustainable Start-Up Ecosystems in Terms of Capital Investment and Other Business Opportunities for Corporate Involvement – A Comparative Analysis of Hong Kong and Shenzhen 从资本投资和企业参与的其他商业机会的角度看可持续创业生态系统——香港和深圳的比较分析
Q2 Economics, Econometrics and Finance Pub Date : 2023-05-30 DOI: 10.5539/ijef.v15n6p75
Sandi Vrabec, Krištof Zorko, V. Bobek
Start-ups play one of the most significant roles in global economic development. The business environment or the business ecosystem is well-known in entrepreneurship. A start-up’s success level is positively correlated with the environment in which it operates. One of the supporting factors in the start-up ecosystems is corporations, which try to connect with start-up companies using corporate acceleration programs. Another one is a higher engagement of educational institutions within the start-up environment. The study is a comparative analysis of start-up ecosystems in Shenzhen and Hong Kong from a corporate initiative perspective. The study applied a triangulated approach, synergizing primary data from interviews with relevant start-up ecosystem stakeholders and secondary data to further examine and support the initial findings. The results identified and compared the development levels of the Hong Kong and Shenzhen start-up ecosystems and were sufficient to create recommendations and best practices for start-ups and corporates interested in the respective areas. The findings suggest that Shenzhen’s start-up ecosystem is more attractive for corporations than Hong Kong’s within the context of innovation, technology, and talent. Hong Kong will first maintain its role as a business hub and as an international asset management center and, secondly, promote the development of technologies and innovation to increase its global competitiveness. The Outline Plan positions Shenzhen as a leading innovation hub within the broader area aiming to increase the city’s level of internationalization.
初创企业在全球经济发展中扮演着最重要的角色之一。商业环境或商业生态系统在创业中是众所周知的。初创企业的成功程度与其所处的经营环境呈正相关。创业生态系统中的一个支持因素是企业,它们试图通过企业加速计划与初创企业建立联系。另一个原因是教育机构在创业环境中的参与度更高。本研究从企业创新的角度对深圳和香港的创业生态系统进行了比较分析。该研究采用了三角方法,将采访相关初创生态系统利益相关者的主要数据和次要数据结合起来,进一步检验和支持初步发现。研究结果确定并比较了香港和深圳创业生态系统的发展水平,足以为对各自领域感兴趣的初创企业和企业提供建议和最佳实践。研究结果表明,在创新、技术和人才方面,深圳的创业生态系统对企业的吸引力高于香港。香港首先要保持商业枢纽和国际资产管理中心的地位,其次要推动科技和创新的发展,提高香港的全球竞争力。《规划纲要》将深圳定位为更大范围内领先的创新中心,旨在提高城市的国际化水平。
{"title":"Sustainable Start-Up Ecosystems in Terms of Capital Investment and Other Business Opportunities for Corporate Involvement – A Comparative Analysis of Hong Kong and Shenzhen","authors":"Sandi Vrabec, Krištof Zorko, V. Bobek","doi":"10.5539/ijef.v15n6p75","DOIUrl":"https://doi.org/10.5539/ijef.v15n6p75","url":null,"abstract":"Start-ups play one of the most significant roles in global economic development. The business environment or the business ecosystem is well-known in entrepreneurship. A start-up’s success level is positively correlated with the environment in which it operates. One of the supporting factors in the start-up ecosystems is corporations, which try to connect with start-up companies using corporate acceleration programs. Another one is a higher engagement of educational institutions within the start-up environment. The study is a comparative analysis of start-up ecosystems in Shenzhen and Hong Kong from a corporate initiative perspective. The study applied a triangulated approach, synergizing primary data from interviews with relevant start-up ecosystem stakeholders and secondary data to further examine and support the initial findings. The results identified and compared the development levels of the Hong Kong and Shenzhen start-up ecosystems and were sufficient to create recommendations and best practices for start-ups and corporates interested in the respective areas. The findings suggest that Shenzhen’s start-up ecosystem is more attractive for corporations than Hong Kong’s within the context of innovation, technology, and talent. Hong Kong will first maintain its role as a business hub and as an international asset management center and, secondly, promote the development of technologies and innovation to increase its global competitiveness. The Outline Plan positions Shenzhen as a leading innovation hub within the broader area aiming to increase the city’s level of internationalization.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"48 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76729694","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}
引用次数: 0
Land Financing-Led Urbanization in China: Evolution, Scale and Lessons 土地融资主导的中国城市化:演变、规模与教训
Q2 Economics, Econometrics and Finance Pub Date : 2023-05-20 DOI: 10.5539/ijef.v15n6p54
Minquan Liu, Yuming Cui
The role of land financing in China’s rapid urbanization and economic development in recent decades has been much debated. This paper reviews and discusses the emergence and evolution of land financing both as a source of revenue and as a financing vehicle for local governments in China, and the contribution it makes to rapid urbanization in the country through its impact on the real estate sector. Urbanization as a possible independent driver for a country’s economic development is also discussed, using China’s case as a concrete example. The paper further touches on the possible reference value of the Chinese case to other countries, taking into account both the preconditions for a successful land financing strategy, and inherent risks with such a strategy. The contribution of land financing to local governments’ debt burden in China, which has recently been an international concern, is also discussed.
近几十年来,土地融资在中国快速城市化和经济发展中的作用一直备受争议。本文回顾和讨论了土地融资作为中国地方政府收入来源和融资工具的出现和演变,以及土地融资通过对房地产行业的影响对中国快速城市化的贡献。本文还以中国为具体案例,讨论了城市化作为一个国家经济发展可能的独立驱动力。本文进一步探讨了中国案例对其他国家的参考价值,考虑了成功的土地融资战略的先决条件,以及该战略的内在风险。本文还讨论了最近受到国际关注的中国土地融资对地方政府债务负担的影响。
{"title":"Land Financing-Led Urbanization in China: Evolution, Scale and Lessons","authors":"Minquan Liu, Yuming Cui","doi":"10.5539/ijef.v15n6p54","DOIUrl":"https://doi.org/10.5539/ijef.v15n6p54","url":null,"abstract":"The role of land financing in China’s rapid urbanization and economic development in recent decades has been much debated. This paper reviews and discusses the emergence and evolution of land financing both as a source of revenue and as a financing vehicle for local governments in China, and the contribution it makes to rapid urbanization in the country through its impact on the real estate sector. Urbanization as a possible independent driver for a country’s economic development is also discussed, using China’s case as a concrete example. The paper further touches on the possible reference value of the Chinese case to other countries, taking into account both the preconditions for a successful land financing strategy, and inherent risks with such a strategy. The contribution of land financing to local governments’ debt burden in China, which has recently been an international concern, is also discussed.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80096638","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}
引用次数: 0
CEO Compensation in Founder-Controlled Firms: A Comparison Between Family CEOs and Non-Family CEOs 创始人控股公司CEO薪酬:家族CEO与非家族CEO的比较
Q2 Economics, Econometrics and Finance Pub Date : 2023-05-15 DOI: 10.5539/ijef.v15n6p44
Y. Bozec, Jackie Di Vito
When the founder is no longer the CEO of the firm he controls, he can entrust the position either to a family member or to a professional non-family CEO. Our study examines how founder-controlled firms compensate family CEOs versus non-family CEOs. Using regression analyses on a sample of large Canadian firms listed on the Toronto Stock Exchange (S&P/TSX) over a 7-year period (2002 to 2008), we find that the total compensation of family CEOs is lower than that of non-family CEOs, especially when the founder does not have excess voting rights. On the other hand, there is no difference in the incentive component of the compensation of family and non-family CEOs. Overall, our results tend to support the “optimal contracting” approach as opposed to the “rent extraction” approach in explaining founders’ behaviour in regard to CEO compensation when no excess-voting rights are involved.
当创始人不再是他控制的公司的首席执行官时,他可以将这个职位委托给家族成员或专业的非家族首席执行官。我们的研究考察了创始人控制的公司对家族ceo和非家族ceo的薪酬。通过对在多伦多证券交易所(S&P/TSX)上市的加拿大大型公司样本进行回归分析(2002 - 2008),我们发现家族ceo的总薪酬低于非家族ceo,尤其是在创始人没有过多投票权的情况下。另一方面,家族ceo和非家族ceo薪酬的激励成分没有差异。总的来说,我们的研究结果倾向于支持“最优契约”方法,而不是“租金提取”方法,来解释创始人在没有过多投票权的情况下对CEO薪酬的行为。
{"title":"CEO Compensation in Founder-Controlled Firms: A Comparison Between Family CEOs and Non-Family CEOs","authors":"Y. Bozec, Jackie Di Vito","doi":"10.5539/ijef.v15n6p44","DOIUrl":"https://doi.org/10.5539/ijef.v15n6p44","url":null,"abstract":"When the founder is no longer the CEO of the firm he controls, he can entrust the position either to a family member or to a professional non-family CEO. Our study examines how founder-controlled firms compensate family CEOs versus non-family CEOs. Using regression analyses on a sample of large Canadian firms listed on the Toronto Stock Exchange (S&P/TSX) over a 7-year period (2002 to 2008), we find that the total compensation of family CEOs is lower than that of non-family CEOs, especially when the founder does not have excess voting rights. On the other hand, there is no difference in the incentive component of the compensation of family and non-family CEOs. Overall, our results tend to support the “optimal contracting” approach as opposed to the “rent extraction” approach in explaining founders’ behaviour in regard to CEO compensation when no excess-voting rights are involved.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82657393","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}
引用次数: 0
Financial Inclusion and the Role of Financial Literacy in the Philippines 金融包容性和金融知识在菲律宾的作用
Q2 Economics, Econometrics and Finance Pub Date : 2023-05-10 DOI: 10.5539/ijef.v15n6p27
Jared Martin U. Desello, Mary Grace R. Agner
Financial inclusion is increasingly seen as a key enabler of various development objectives. While not explicitly one of the UN Sustainable Development Goals (SDGs), financial inclusion is recognized as an important enabler for them. The Philippine central bank—the Bangko Sentral ng Pilipinas (BSP)—has even identified financial inclusion as a “national development agenda” that requires a conscious effort by various sectors to accelerate and enable its societal benefits. This paper studies the relationship between financial literacy and financial inclusion in the Philippines using data gathered from the 2019 Financial Inclusion Survey (FIS). We apply ownership of financial account and use of financial services as indicators of financial inclusion. Based on the results, financial literacy is a positive driver of financial inclusion. We calculated that a one-standard-deviation increase in financial literacy scores increased the likelihood of holding at least one account by 3.7 to 4.2 percentage points. On the other hand, a one-point increase in financial literacy scores improved the likelihood of availing of a financial service by 4.9 to 6.0 percentage points. The other drivers of owning at least one formal account and availing of financial services are age, gender, employment status, awareness of BSP’s programs, income above 40,000 PHP, and being the main household financial decision-maker. This paper aims to promote BSP’s agenda to bridge the financial inclusion gap and raise financial literacy levels in the country. With this study, the authors second BSP’s advocacy that financial inclusion is one of the instruments to attain sustainable and equitable development in the Philippines.
普惠金融日益被视为实现各种发展目标的关键推动因素。虽然不是联合国可持续发展目标(sdg)的明确目标之一,但普惠金融被认为是实现这些目标的重要推动因素。菲律宾中央银行——菲律宾中央银行(BSP)——甚至将普惠金融确定为“国家发展议程”,需要各部门有意识地努力加速并实现其社会效益。本文使用2019年金融包容性调查(FIS)收集的数据研究了菲律宾金融素养与金融包容性之间的关系。我们将金融账户所有权和金融服务的使用作为普惠金融的指标。结果表明,金融知识是普惠金融的积极驱动力。我们计算出,金融知识得分每提高一个标准差,持有至少一个账户的可能性就会提高3.7至4.2个百分点。另一方面,金融知识得分每提高1分,获得金融服务的可能性就会提高4.9至6.0个百分点。拥有至少一个正式账户并利用金融服务的其他驱动因素是年龄、性别、就业状况、对BSP计划的了解、收入超过40,000菲律宾比索,以及成为家庭主要的财务决策者。本文旨在促进BSP的议程,以弥合金融包容性差距,提高该国的金融素养水平。通过这项研究,作者第二BSP倡导金融包容性是菲律宾实现可持续和公平发展的工具之一。
{"title":"Financial Inclusion and the Role of Financial Literacy in the Philippines","authors":"Jared Martin U. Desello, Mary Grace R. Agner","doi":"10.5539/ijef.v15n6p27","DOIUrl":"https://doi.org/10.5539/ijef.v15n6p27","url":null,"abstract":"Financial inclusion is increasingly seen as a key enabler of various development objectives. While not explicitly one of the UN Sustainable Development Goals (SDGs), financial inclusion is recognized as an important enabler for them. The Philippine central bank—the Bangko Sentral ng Pilipinas (BSP)—has even identified financial inclusion as a “national development agenda” that requires a conscious effort by various sectors to accelerate and enable its societal benefits. This paper studies the relationship between financial literacy and financial inclusion in the Philippines using data gathered from the 2019 Financial Inclusion Survey (FIS). We apply ownership of financial account and use of financial services as indicators of financial inclusion. Based on the results, financial literacy is a positive driver of financial inclusion. We calculated that a one-standard-deviation increase in financial literacy scores increased the likelihood of holding at least one account by 3.7 to 4.2 percentage points. On the other hand, a one-point increase in financial literacy scores improved the likelihood of availing of a financial service by 4.9 to 6.0 percentage points. The other drivers of owning at least one formal account and availing of financial services are age, gender, employment status, awareness of BSP’s programs, income above 40,000 PHP, and being the main household financial decision-maker. This paper aims to promote BSP’s agenda to bridge the financial inclusion gap and raise financial literacy levels in the country. With this study, the authors second BSP’s advocacy that financial inclusion is one of the instruments to attain sustainable and equitable development in the Philippines.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76360215","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}
引用次数: 0
Speculation in Food and Commodities - A Research Report: A Critical Discussion of the Econometric Research Method and an Alternative Analysis 食品和商品投机-一份研究报告:计量经济学研究方法的批判性讨论和另一种分析
Q2 Economics, Econometrics and Finance Pub Date : 2023-04-25 DOI: 10.5539/ijef.v15n6p14
C. Conrad
This paper is a report of the research on the effect of speculation on commodities and food since deregulation. Econometrics can be applied to show how speculation influences price and vice versa. However, there is no clear empirical picture. In this paper, we examine the reasons for the lack of empirical clarity and arrive at a critical discussion of the econometric research approach. As an alternative approach, we use scientific logic on the basis of statistical data and other verifiable facts as method of investigation. This method allows us to derive the influence of speculation on spot prices. We find a negative impact of speculation why regulation is necessary.
本文是一篇关于放松管制以来投机对商品和食品的影响的研究报告。计量经济学可以用来说明投机如何影响价格,反之亦然。然而,并没有明确的经验图景。在本文中,我们考察了缺乏经验明确性的原因,并对计量经济学研究方法进行了批判性的讨论。作为一种替代方法,我们使用基于统计数据和其他可验证事实的科学逻辑作为调查方法。这种方法使我们能够得出投机对现货价格的影响。我们发现了投机的负面影响,为什么监管是必要的。
{"title":"Speculation in Food and Commodities - A Research Report: A Critical Discussion of the Econometric Research Method and an Alternative Analysis","authors":"C. Conrad","doi":"10.5539/ijef.v15n6p14","DOIUrl":"https://doi.org/10.5539/ijef.v15n6p14","url":null,"abstract":"This paper is a report of the research on the effect of speculation on commodities and food since deregulation. Econometrics can be applied to show how speculation influences price and vice versa. However, there is no clear empirical picture. In this paper, we examine the reasons for the lack of empirical clarity and arrive at a critical discussion of the econometric research approach. As an alternative approach, we use scientific logic on the basis of statistical data and other verifiable facts as method of investigation. This method allows us to derive the influence of speculation on spot prices. We find a negative impact of speculation why regulation is necessary.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"115 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76146662","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}
引用次数: 1
期刊
International Journal of Economics and Finance Studies
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1