In the post-war economy of Japan, the high-pressure economy as defined by Okun and Yellen maintained its real exchange rate relatively low and kept the economy mildly inflationary. Not only did it encourage short-term employment but it also fostered a long-term productivity trend as measured by its total factor productivity (TFP). International pressure for a stronger yen after the Plaza Accord, coupled with the restrictive monetary policy of the Bank of Japan, created a large exchange rate gap and accordingly, the extreme Japan-U.S. output price gap, referred to as the price level index (PLI), in 1995. It further caused the squeeze of domestic wages and led to the deflationary pressure that plagued the Japanese economy for decades. In our opinion, the exchange rate also depressed domestic capital accumulation caused by the internationally low nominal rate of return on capital and that situation caused the TFP stagnation in Japan.
{"title":"The Over-Valued Yen and the Low-Pressure Economy Repressed Productivity in Japan","authors":"K. Hamada, Koji Nomura","doi":"10.5539/ijef.v15n6p1","DOIUrl":"https://doi.org/10.5539/ijef.v15n6p1","url":null,"abstract":"In the post-war economy of Japan, the high-pressure economy as defined by Okun and Yellen maintained its real exchange rate relatively low and kept the economy mildly inflationary. Not only did it encourage short-term employment but it also fostered a long-term productivity trend as measured by its total factor productivity (TFP). International pressure for a stronger yen after the Plaza Accord, coupled with the restrictive monetary policy of the Bank of Japan, created a large exchange rate gap and accordingly, the extreme Japan-U.S. output price gap, referred to as the price level index (PLI), in 1995. It further caused the squeeze of domestic wages and led to the deflationary pressure that plagued the Japanese economy for decades. In our opinion, the exchange rate also depressed domestic capital accumulation caused by the internationally low nominal rate of return on capital and that situation caused the TFP stagnation in Japan.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90376193","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}
This paper examines the time-varying volatility behavior of the stocks that are added to or deleted from the major indices (Nifty 50 and Nifty Next 50) of the National Stock Exchange of India around the event of index rebalancing. The best fit asymmetric panel GJR-GARCH model estimates suggest that volatility persistence is relatively higher for the stocks added to a prominent benchmark index compared to the stocks deleted from such an index. On the contrary, the stocks deleted from a prominent benchmark index are exposed to a higher degree of volatility asymmetry than the stocks added. Our findings have implications on traders, asset managers, exchange managers, regulators and analysts.
本文研究了在指数再平衡事件前后，印度国家证券交易所主要指数(Nifty 50和Nifty Next 50)的增减股票的时变波动行为。最佳拟合非对称面板GJR-GARCH模型估计表明，与从该指数中删除的股票相比，被添加到突出基准指数的股票的波动性持久性相对较高。相反，从一个重要基准指数中剔除的股票，其波动性不对称程度要高于被纳入指数的股票。我们的研究结果对交易员、资产管理公司、交易所管理公司、监管机构和分析师都有启示意义。
{"title":"Measuring Volatility Persistence and Asymmetric Effects Around Index Rebalancing of Nifty Indices","authors":"Eshan Ahluwalia, Trilochan Tripathy, A. Mishra","doi":"10.5539/ijef.v15n5p86","DOIUrl":"https://doi.org/10.5539/ijef.v15n5p86","url":null,"abstract":"This paper examines the time-varying volatility behavior of the stocks that are added to or deleted from the major indices (Nifty 50 and Nifty Next 50) of the National Stock Exchange of India around the event of index rebalancing. The best fit asymmetric panel GJR-GARCH model estimates suggest that volatility persistence is relatively higher for the stocks added to a prominent benchmark index compared to the stocks deleted from such an index. On the contrary, the stocks deleted from a prominent benchmark index are exposed to a higher degree of volatility asymmetry than the stocks added. Our findings have implications on traders, asset managers, exchange managers, regulators and analysts.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88606767","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}
R. Pereira, Celso Vila Nova de S. Júnior, T. Moreira
In the mid 2000´s the Brazilian Government introduced a new environmental policy to reduce deforestation in the “Plan for Prevention and Control of Legal Amazon Deforestation”, (PPCDAM). With 14 years of track record, heavily relying on technological innovation, the policy is nowadays considered a major example of success in the overall war waged against the deforestation of tropical rainforests. In this paper we quantify this success. The results suggest that the policy not only had a direct effect of reducing deforestation, but also rendered deforestation less sensitive to fluctuations in the Amazon commodity production, which can be considered our academic contribution to this paper. We also perform a counterfactual exercise, estimating the levels of deforestation that would have been registered, had the policy not existed. We estimate that the plan saved a total of 196 thousand square kilometers of forest between 2005 and 2015, corresponding to almost twice the total amount of deforestation observed during this period, and 4.9% of the entire Brazilian Amazon Forest.
{"title":"The Use of Information Technology in Environmental Management: The Case of Brazilian Amazon Forest","authors":"R. Pereira, Celso Vila Nova de S. Júnior, T. Moreira","doi":"10.5539/ijef.v15n5p54","DOIUrl":"https://doi.org/10.5539/ijef.v15n5p54","url":null,"abstract":"In the mid 2000´s the Brazilian Government introduced a new environmental policy to reduce deforestation in the “Plan for Prevention and Control of Legal Amazon Deforestation”, (PPCDAM). With 14 years of track record, heavily relying on technological innovation, the policy is nowadays considered a major example of success in the overall war waged against the deforestation of tropical rainforests. In this paper we quantify this success. The results suggest that the policy not only had a direct effect of reducing deforestation, but also rendered deforestation less sensitive to fluctuations in the Amazon commodity production, which can be considered our academic contribution to this paper. We also perform a counterfactual exercise, estimating the levels of deforestation that would have been registered, had the policy not existed. We estimate that the plan saved a total of 196 thousand square kilometers of forest between 2005 and 2015, corresponding to almost twice the total amount of deforestation observed during this period, and 4.9% of the entire Brazilian Amazon Forest.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"77 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78721146","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}
The objective of this paper is to examine the truth of the whole book of Das Kapital instead the truth of a particular theory subordinating to the whole book of Das Kapital (e.g., labor theory of value and transformation problem). Theory is composed of logical inferences by which we derive conclusions from premises. One of methods that test the truth of a theory is to investigate the consistency of premises because a theory that is constructed on inconsistent premises will lead to contradictory conclusions. Labor theory of value and profit pursuing based on the analysis of supply and demand (i.e., maximum return rate on capital) are two premises in Das Kapital. This paper shows that labor theory of value and maximum return rate on capital are inconsistent logically because maximum return rate on capital does not operate under labor theory of value and this conclusion is logically contradictory to the premise that maximum return rate on capital operates. Further, shifting in supply curve or demand curve leads to logical contradiction between market monetary price and value while Marx stated that market monetary price is value in money form. Thus, the whole book of Das Kapital is illogical. I also demonstrate that dialectical contradiction and logical contradiction are different. Thus, Marxian cannot deny this paper by the argument that all logical contradictions are dialectic contradiction so that all logical contradictions in Das Kapital are not wrong because real world is dialectical.
{"title":"As Quantity Theory of Money Is Illogically Derived from Definition Instead Premises, Marx Illogically Constructed the Whole Book of Das Kapital on Inconsistent Premises","authors":"C. Ting","doi":"10.5539/ijef.v15n5p66","DOIUrl":"https://doi.org/10.5539/ijef.v15n5p66","url":null,"abstract":"The objective of this paper is to examine the truth of the whole book of Das Kapital instead the truth of a particular theory subordinating to the whole book of Das Kapital (e.g., labor theory of value and transformation problem). Theory is composed of logical inferences by which we derive conclusions from premises. One of methods that test the truth of a theory is to investigate the consistency of premises because a theory that is constructed on inconsistent premises will lead to contradictory conclusions. Labor theory of value and profit pursuing based on the analysis of supply and demand (i.e., maximum return rate on capital) are two premises in Das Kapital. This paper shows that labor theory of value and maximum return rate on capital are inconsistent logically because maximum return rate on capital does not operate under labor theory of value and this conclusion is logically contradictory to the premise that maximum return rate on capital operates. Further, shifting in supply curve or demand curve leads to logical contradiction between market monetary price and value while Marx stated that market monetary price is value in money form. Thus, the whole book of Das Kapital is illogical. I also demonstrate that dialectical contradiction and logical contradiction are different. Thus, Marxian cannot deny this paper by the argument that all logical contradictions are dialectic contradiction so that all logical contradictions in Das Kapital are not wrong because real world is dialectical. ","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82102496","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}
E. Z. Monte, Renzo Caliman Souza, Ricardo Ramalhe Moreira
This study analyzed the financial interrelations between Brazil and selected foreign economies (United States (US), Germany, United Kingdom (UK), Japan and China) during and after the Subprime crisis, using three financial market indicators: stock market index, exchange rate and interest rate. The Vector Autoregressive approach and the Granger causality test were used, with daily data. The periods considered were: i) period of crisis (03/14/2007 to 03/31/2010); and ii) post-crisis period (04/01/2010 to 12/30/2019). The results revealed that in the Subprime crisis, the interrelations were intense, especially in the stock and exchange markets. IBOVESPA and Brazilian exchange rate were predominantly affected by the US, German and UK equity markets. Evidence in the post-crisis period showed considerably lesser interrelationships between the Brazilian financial market and foreign financial markets. Thus, the results confirmed that the crisis significantly intensified interrelations, with the main contagion channels as the stock markets and the foreign exchange markets.
{"title":"Interrelationships Between the Brazilian Financial Market and Foreign Financial Markets: New Evidence During and After the Subprime Crisis","authors":"E. Z. Monte, Renzo Caliman Souza, Ricardo Ramalhe Moreira","doi":"10.5539/ijef.v15n5p37","DOIUrl":"https://doi.org/10.5539/ijef.v15n5p37","url":null,"abstract":"This study analyzed the financial interrelations between Brazil and selected foreign economies (United States (US), Germany, United Kingdom (UK), Japan and China) during and after the Subprime crisis, using three financial market indicators: stock market index, exchange rate and interest rate. The Vector Autoregressive approach and the Granger causality test were used, with daily data. The periods considered were: i) period of crisis (03/14/2007 to 03/31/2010); and ii) post-crisis period (04/01/2010 to 12/30/2019). The results revealed that in the Subprime crisis, the interrelations were intense, especially in the stock and exchange markets. IBOVESPA and Brazilian exchange rate were predominantly affected by the US, German and UK equity markets. Evidence in the post-crisis period showed considerably lesser interrelationships between the Brazilian financial market and foreign financial markets. Thus, the results confirmed that the crisis significantly intensified interrelations, with the main contagion channels as the stock markets and the foreign exchange markets.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78283494","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}
It is no secret that the Malawi Stock Exchange (MSE) is still in its infancy. In 2011, the Malawi government in conjunction with the World Bank launched the Financial Sector Technical Assistance Project (FSTAP). The project targeted an improvement in financial literacy and also the automation of trading on the MSE to an advanced stage so as to improve market efficiency. This paper investigated the weak form and semi-strong efficient market hypotheses on the Malawi Stock Market in the wake of such a project with aid of parametric and non-parametric tests. The weak form efficiency of the market is tested by the application of Lo and MacKinlay’s Variance ratio test, the Cumby-Huizinga autocorrelation test and the Phillips-Perron unit root test. An adjustment to the methodology suggested by Borges (2009) is employed to ascertain the presence of market anomalies and by extension test out semi-strong form of efficiency. The paper employed more recent and comprehensive data stretching back to January 2010 through to June, 2022, amounting to 12years and 6months. Results are in support of weak form efficiency. However, the paper found significant evidence against semi-strong efficiency of the MSE. Calendar effects like day-of-the-week effect and turn-of-the-year effect were deemed to be absent from the market but turn-of-the-month effect was existent. Results of applying the Fama and French three-factor model to a time series regression reveal the presence of size and value effects. As such, the paper concludes that the Malawi Stock Market is weak-form efficient but semi-strong inefficient.
{"title":"How Efficiently Can Infant Stock Markets Exhibit the Random Walk? Evidence From Malawi","authors":"Joseph Paul Chunga, Yu Ping","doi":"10.5539/ijef.v15n5p26","DOIUrl":"https://doi.org/10.5539/ijef.v15n5p26","url":null,"abstract":"It is no secret that the Malawi Stock Exchange (MSE) is still in its infancy. In 2011, the Malawi government in conjunction with the World Bank launched the Financial Sector Technical Assistance Project (FSTAP). The project targeted an improvement in financial literacy and also the automation of trading on the MSE to an advanced stage so as to improve market efficiency. This paper investigated the weak form and semi-strong efficient market hypotheses on the Malawi Stock Market in the wake of such a project with aid of parametric and non-parametric tests. The weak form efficiency of the market is tested by the application of Lo and MacKinlay’s Variance ratio test, the Cumby-Huizinga autocorrelation test and the Phillips-Perron unit root test. An adjustment to the methodology suggested by Borges (2009) is employed to ascertain the presence of market anomalies and by extension test out semi-strong form of efficiency. The paper employed more recent and comprehensive data stretching back to January 2010 through to June, 2022, amounting to 12years and 6months. Results are in support of weak form efficiency. However, the paper found significant evidence against semi-strong efficiency of the MSE. Calendar effects like day-of-the-week effect and turn-of-the-year effect were deemed to be absent from the market but turn-of-the-month effect was existent. Results of applying the Fama and French three-factor model to a time series regression reveal the presence of size and value effects. As such, the paper concludes that the Malawi Stock Market is weak-form efficient but semi-strong inefficient.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"81 1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87993292","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}
The study employed a Panel Vector Autoregressive (PVAR) model to examine the relationships among three macroeconomic variables- Gross Domestic Product, Total External Debt Stocks, and Gross National Expenditure - in International Development Association (IDA) member countries. Data from three different time frames - 1991-2019 (29 countries), 1994-2018 (35 countries), and 2008-2018 (39 countries) – was analyzed, and the lags of endogenous variables were used as instruments to address endogeneity issues in the dynamic model. The variables were transformed into growth rates to ensure stationarity and were estimated using the Generalized Method of Moments (GMM). The results were reported after removing both panel-specific and time-specific fixed effects. The study found a positive relationship between Total External Debt Stocks growth and Gross Domestic Product growth, which became more significant with the increase in the sample timeframe. The findings showed that a 100% increase in Total External Debt growth would lead to a 4-7% increase in Gross Domestic Product growth. The positive relationship was confirmed by the transmission of shocks from Total External Debt growth to Gross Domestic Product growth, but it lasted only for two periods and quickly returned to an equilibrium state. The relationship between Gross National Expenditure growth and the other variables was not conclusively established due to its lack of consistent and stable behavior with the other variables. The Stata package “pvar” was employed for data analysis and inferential conclusions.
{"title":"Interactions of Gross Domestic Product, External Debt and Government Expenditure: Evidence From International Development Association Countries [A Panel-VAR Approach]","authors":"Krishna Hari Baral","doi":"10.5539/ijef.v15n5p11","DOIUrl":"https://doi.org/10.5539/ijef.v15n5p11","url":null,"abstract":"The study employed a Panel Vector Autoregressive (PVAR) model to examine the relationships among three macroeconomic variables- Gross Domestic Product, Total External Debt Stocks, and Gross National Expenditure - in International Development Association (IDA) member countries. Data from three different time frames - 1991-2019 (29 countries), 1994-2018 (35 countries), and 2008-2018 (39 countries) – was analyzed, and the lags of endogenous variables were used as instruments to address endogeneity issues in the dynamic model. The variables were transformed into growth rates to ensure stationarity and were estimated using the Generalized Method of Moments (GMM). The results were reported after removing both panel-specific and time-specific fixed effects. The study found a positive relationship between Total External Debt Stocks growth and Gross Domestic Product growth, which became more significant with the increase in the sample timeframe. The findings showed that a 100% increase in Total External Debt growth would lead to a 4-7% increase in Gross Domestic Product growth. The positive relationship was confirmed by the transmission of shocks from Total External Debt growth to Gross Domestic Product growth, but it lasted only for two periods and quickly returned to an equilibrium state. The relationship between Gross National Expenditure growth and the other variables was not conclusively established due to its lack of consistent and stable behavior with the other variables. The Stata package “pvar” was employed for data analysis and inferential conclusions.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75336531","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}
Due to the advancement of information and communication technology and related services, the digital world has reached many people, private companies, and governments, and meanwhile, threat actors regarding motivation, knowledge, and capabilities have also evolved, and thus, today, they compete and collaborate with others. Financially motivated threat actors also do businesses; as such, with a higher sophistication level, they create tools and provide them as Malware as a Service (MaaS) for renting, and if they can extract accounts, they launder those amounts of cash through hardly traceable channels. In contrast, state-sponsored threat actors act according to the government’s political and military needs. The Russian government lets independent threat actors freely conduct various cyberattacks, including cyber espionage, sabotage, and ransomware attacks on non-Russian geolocations and entities, meanwhile financing its threat actors to achieve social and political activities. As such, providing a thought experiment, the paper examines the potential income of a for-profit organization, the related tax income, and the costs of operating a government-related threat actor. To conduct the analysis, it provides a methodological approach and applies that to TA542 and APT28 threat actors, using inputs from open-source intelligence.
{"title":"Financial Perspective Thought Experiment on Russian Cyber Threat Actors","authors":"Zsolt Bederrna","doi":"10.5539/ijef.v15n5p1","DOIUrl":"https://doi.org/10.5539/ijef.v15n5p1","url":null,"abstract":"Due to the advancement of information and communication technology and related services, the digital world has reached many people, private companies, and governments, and meanwhile, threat actors regarding motivation, knowledge, and capabilities have also evolved, and thus, today, they compete and collaborate with others. Financially motivated threat actors also do businesses; as such, with a higher sophistication level, they create tools and provide them as Malware as a Service (MaaS) for renting, and if they can extract accounts, they launder those amounts of cash through hardly traceable channels. In contrast, state-sponsored threat actors act according to the government’s political and military needs. \u0000 \u0000The Russian government lets independent threat actors freely conduct various cyberattacks, including cyber espionage, sabotage, and ransomware attacks on non-Russian geolocations and entities, meanwhile financing its threat actors to achieve social and political activities. As such, providing a thought experiment, the paper examines the potential income of a for-profit organization, the related tax income, and the costs of operating a government-related threat actor. To conduct the analysis, it provides a methodological approach and applies that to TA542 and APT28 threat actors, using inputs from open-source intelligence.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"85 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78177644","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}
Mislene Maria da Costa, Flávia Lorenne Sampaio Barbosa, Fabiana Pinto de Almeida Bizarria, João Carlos Hipólito Bernardes do Nascimento, Rogeane Morais Ribeiro, Maria do Socorro Silva Mesquita
The research aims to analyze determinants of board size (BD) of companies listed on B3 S/A, from 2014 to 2019, with data collected by the Com.dinheiro.com platform. The hypotheses “firm size is positively related to board size” (H1); “firm ownership structure is negatively related to board size” (H2); and, “firm performance is positively related to board size” (H3), were quantitatively analyzed by multiple linear regression, heteroscedasticity and multicollinearity tests and F-statistics, based on the variables: company size (TAMA); ownership structure; type of control; performance (EBITDA), and control variable, gender of the board of directors and the year. The results indicate that board size was explained by company size, ownership structure, and performance, confirming the three proposed hypotheses. For future research we suggest the use of other dependent variables that portray the board structure.
{"title":"Determinants of Board Size: A Longitudinal Analysis with 194 Firms Listed on the B3 S/A","authors":"Mislene Maria da Costa, Flávia Lorenne Sampaio Barbosa, Fabiana Pinto de Almeida Bizarria, João Carlos Hipólito Bernardes do Nascimento, Rogeane Morais Ribeiro, Maria do Socorro Silva Mesquita","doi":"10.5539/ijef.v15n4p60","DOIUrl":"https://doi.org/10.5539/ijef.v15n4p60","url":null,"abstract":"The research aims to analyze determinants of board size (BD) of companies listed on B3 S/A, from 2014 to 2019, with data collected by the Com.dinheiro.com platform. The hypotheses “firm size is positively related to board size” (H1); “firm ownership structure is negatively related to board size” (H2); and, “firm performance is positively related to board size” (H3), were quantitatively analyzed by multiple linear regression, heteroscedasticity and multicollinearity tests and F-statistics, based on the variables: company size (TAMA); ownership structure; type of control; performance (EBITDA), and control variable, gender of the board of directors and the year. The results indicate that board size was explained by company size, ownership structure, and performance, confirming the three proposed hypotheses. For future research we suggest the use of other dependent variables that portray the board structure.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87898865","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}
The increasing use of targeted social investments has led to relevant research interest in the transaction costs of social efforts. However, the majority of the research is characterised by the following two challenges: first, the analyses are often limited to public sources of revenue and, therefore, exclude private sources; and second, the transaction costs are measured based on self-declared information about administrative costs. The article contributes to the field of research in two ways. First, the contribution is made through an analytical model that brings together private and public revenue streams in a single model, providing a unique opportunity to compare the transaction costs from these two sources. Second, in this article, transaction costs are measured based on the actual development in the number of administrative academic full-time equivalents (FTEs) in the organisations. The latter attribute also achieves a better link to the theory in the field, which precisely focuses on administrative employees. The article derived data from a longitudinal dataset for 2012‒17 with the accounts for revenue in the nationwide voluntary social organisations and register data from Statistics Denmark on the education and working hours of employees in organisations. The article finds that targeted project funds (that is, earmarked funding) from private sources have significantly higher transaction costs than government project funds and general public operating grants. Smaller organisations were also shown to generally have higher costs when striving to secure funding than larger organisations with economies of scale.
{"title":"Transaction Costs in Voluntary Social Organisations","authors":"M. Clausen","doi":"10.5539/ijef.v15n4p35","DOIUrl":"https://doi.org/10.5539/ijef.v15n4p35","url":null,"abstract":"The increasing use of targeted social investments has led to relevant research interest in the transaction costs of social efforts. However, the majority of the research is characterised by the following two challenges: first, the analyses are often limited to public sources of revenue and, therefore, exclude private sources; and second, the transaction costs are measured based on self-declared information about administrative costs. \u0000 \u0000The article contributes to the field of research in two ways. First, the contribution is made through an analytical model that brings together private and public revenue streams in a single model, providing a unique opportunity to compare the transaction costs from these two sources. Second, in this article, transaction costs are measured based on the actual development in the number of administrative academic full-time equivalents (FTEs) in the organisations. The latter attribute also achieves a better link to the theory in the field, which precisely focuses on administrative employees. \u0000 \u0000The article derived data from a longitudinal dataset for 2012‒17 with the accounts for revenue in the nationwide voluntary social organisations and register data from Statistics Denmark on the education and working hours of employees in organisations. The article finds that targeted project funds (that is, earmarked funding) from private sources have significantly higher transaction costs than government project funds and general public operating grants. Smaller organisations were also shown to generally have higher costs when striving to secure funding than larger organisations with economies of scale.","PeriodicalId":37166,"journal":{"name":"International Journal of Economics and Finance Studies","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83820152","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}
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