Pub Date : 2023-07-13DOI: 10.17811/ebl.12.2.2023.137-146
Yu-Lin Hsu, Ya-Ching Chu
This paper investigates whether the presence of CSR committees has a mitigating effect on firm value (measured by Tobin’s Q) during the COVID-19 pandemic. Analyzing UK listed firm data, we find that although the pandemic results in lower firm value, the presence of CSR committees helps to mitigate the negative impact of COVID-19 on firm value. The results suggest that the formation of CSR committees is not a symbolic impression management tool but an effective sustainability governance mechanism during the crisis. Our results should be helpful for regulators and companies in making decisions related to CSR committees.
{"title":"CSR committee and firm value during the COVID-19 pandemic","authors":"Yu-Lin Hsu, Ya-Ching Chu","doi":"10.17811/ebl.12.2.2023.137-146","DOIUrl":"https://doi.org/10.17811/ebl.12.2.2023.137-146","url":null,"abstract":"This paper investigates whether the presence of CSR committees has a mitigating effect on firm value (measured by Tobin’s Q) during the COVID-19 pandemic. Analyzing UK listed firm data, we find that although the pandemic results in lower firm value, the presence of CSR committees helps to mitigate the negative impact of COVID-19 on firm value. The results suggest that the formation of CSR committees is not a symbolic impression management tool but an effective sustainability governance mechanism during the crisis. Our results should be helpful for regulators and companies in making decisions related to CSR committees. ","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44362890","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 : 2023-07-13DOI: 10.17811/ebl.12.2.2023.147-156
O. Dvouletý
This research examines the working hours preferences of the employees in selected Central European countries, specifically in the Czech Republic, Hungary and Poland. Using the country-representative data from the 2017 edition of the European Union Labour Force Survey (EU LFS), the study investigates the discrepancies between respondents' desired working hours and those usually worked per week. A comparative econometric analysis of those individuals who work more than they wish (overemployed) and those who work less than they desire (underemployed) is conducted. Several interesting observations came out of the performed analysis. We document some significant variables shaping these two situations occurring in the Central European labour markets. The obtained findings document the heterogeneity concerning gender, education, migration background, experience and occupation.
{"title":"Underemployment and overemployment in Central Europe","authors":"O. Dvouletý","doi":"10.17811/ebl.12.2.2023.147-156","DOIUrl":"https://doi.org/10.17811/ebl.12.2.2023.147-156","url":null,"abstract":"This research examines the working hours preferences of the employees in selected Central European countries, specifically in the Czech Republic, Hungary and Poland. Using the country-representative data from the 2017 edition of the European Union Labour Force Survey (EU LFS), the study investigates the discrepancies between respondents' desired working hours and those usually worked per week. A comparative econometric analysis of those individuals who work more than they wish (overemployed) and those who work less than they desire (underemployed) is conducted. Several interesting observations came out of the performed analysis. We document some significant variables shaping these two situations occurring in the Central European labour markets. The obtained findings document the heterogeneity concerning gender, education, migration background, experience and occupation.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47766097","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 : 2023-07-13DOI: 10.17811/ebl.12.2.2023.115-120
Lucía de Carlos Fraile, Eva Crespo-Cebada, Ángel Sabino Mirón-Sanguino, C. Díaz‐Caro
The market and distribution of investment products that contribute to the achievement of the Sustainable Development Goals (SDGs), as a paradigm of the 2030 Agenda, are instruments that investors should incorporate into their financial portfolios. This paper analyses investors' preferences for investment funds that contribute in their investment policy to the achievement of SDG 6. Choice experiment methodology has been applied to try to obtain a valuation by Spanish investors. A survey was carried out in which a total of 456 valid observations were obtained. The results show that there is a high valuation of funds whose portfolios include investments that contribute to SDG 6 and that there is also heterogeneity in preferences.
{"title":"Heterogeneity in investment behavior in sustainable products: the case of thematic funds","authors":"Lucía de Carlos Fraile, Eva Crespo-Cebada, Ángel Sabino Mirón-Sanguino, C. Díaz‐Caro","doi":"10.17811/ebl.12.2.2023.115-120","DOIUrl":"https://doi.org/10.17811/ebl.12.2.2023.115-120","url":null,"abstract":"The market and distribution of investment products that contribute to the achievement of the Sustainable Development Goals (SDGs), as a paradigm of the 2030 Agenda, are instruments that investors should incorporate into their financial portfolios. This paper analyses investors' preferences for investment funds that contribute in their investment policy to the achievement of SDG 6. Choice experiment methodology has been applied to try to obtain a valuation by Spanish investors. A survey was carried out in which a total of 456 valid observations were obtained. The results show that there is a high valuation of funds whose portfolios include investments that contribute to SDG 6 and that there is also heterogeneity in preferences.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49130103","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 : 2023-07-13DOI: 10.17811/ebl.12.2.2023.172-185
Theodora Sotiropoulou, S. Giakoumatos, Antonios Georgopoulos
This paper examines the causality between financial development, economic growth, and income inequality using panel data for 23 European Union countries over the period 1987-2017. The empirical study employs a trivariate setting of Granger non-causality test of heterogeneous panels adopting the Toda and Yamamoto approach using several proxies of financial development capturing different dimensions of the banking system and stock markets. The findings suggest mixed evidence for the causality direction between financial development and economic growth and financial development and income inequality. In addition, the results support bidirectional causality between economic growth and inequality and one-way causality from inequality to growth. The policymakers can focus primarily on economic growth to raise the demand for financial services and encourage income distribution.
{"title":"Financial development, economic growth, and income inequality: a Toda-Yamamoto panel causality test","authors":"Theodora Sotiropoulou, S. Giakoumatos, Antonios Georgopoulos","doi":"10.17811/ebl.12.2.2023.172-185","DOIUrl":"https://doi.org/10.17811/ebl.12.2.2023.172-185","url":null,"abstract":"This paper examines the causality between financial development, economic growth, and income inequality using panel data for 23 European Union countries over the period 1987-2017. The empirical study employs a trivariate setting of Granger non-causality test of heterogeneous panels adopting the Toda and Yamamoto approach using several proxies of financial development capturing different dimensions of the banking system and stock markets. The findings suggest mixed evidence for the causality direction between financial development and economic growth and financial development and income inequality. In addition, the results support bidirectional causality between economic growth and inequality and one-way causality from inequality to growth. The policymakers can focus primarily on economic growth to raise the demand for financial services and encourage income distribution.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45992242","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 : 2023-07-13DOI: 10.17811/ebl.12.2.2023.157-164
Tekin Kose, Kubra Avcioglu
Gender differences in labour market outcomes are frequently reported. Earlier findings on associations of job satisfaction and gender reveal mixed results. Majority of empirical results indicate that women report higher levels of job satisfaction than men whereas others find no gender differences in job satisfaction. This study explores gender differences in job satisfaction by utilizing the Survey of Adult Skills for OECD countries. Employing the Balanced Worth Vector (BWV) procedure for data analysis, this study contributes to literature by presenting additional cross-national evidence from various regions of the world. Our findings reveal that there are heterogeneities in gender-gap paradox of job satisfaction across OECD countries.
{"title":"Gender and job satisfaction in OECD countries","authors":"Tekin Kose, Kubra Avcioglu","doi":"10.17811/ebl.12.2.2023.157-164","DOIUrl":"https://doi.org/10.17811/ebl.12.2.2023.157-164","url":null,"abstract":"Gender differences in labour market outcomes are frequently reported. Earlier findings on associations of job satisfaction and gender reveal mixed results. Majority of empirical results indicate that women report higher levels of job satisfaction than men whereas others find no gender differences in job satisfaction. This study explores gender differences in job satisfaction by utilizing the Survey of Adult Skills for OECD countries. Employing the Balanced Worth Vector (BWV) procedure for data analysis, this study contributes to literature by presenting additional cross-national evidence from various regions of the world. Our findings reveal that there are heterogeneities in gender-gap paradox of job satisfaction across OECD countries.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41923323","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.40-48
Kjetil K. Haugen
This article investigates training in sports and argues (and demonstrates) that training (game- theoretically) works exactly as doping do. That is, the Nash equilibrium is, under reasonable assumptions, a Prisoner’s Dilemma outcome. Furthermore, several other performance improving categories within sport are examined, and proven to behave similarly. Finally, a link to general competitive economic activity is examined and proven NOT (necessarily) to have similar characteristics. The article also discusses (initially) the Prisoner’s Dilemma game and its lack of a sensible definition. Such a definition is proposed, although this proposition is not considered the main finding in the paper.
{"title":"The doping dilemma is not the only dilemma in sport","authors":"Kjetil K. Haugen","doi":"10.17811/ebl.12.1.2023.40-48","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.40-48","url":null,"abstract":"\u0000\u0000\u0000This article investigates training in sports and argues (and demonstrates) that training (game- theoretically) works exactly as doping do. That is, the Nash equilibrium is, under reasonable assumptions, a Prisoner’s Dilemma outcome. Furthermore, several other performance improving categories within sport are examined, and proven to behave similarly. Finally, a link to general competitive economic activity is examined and proven NOT (necessarily) to have similar characteristics. The article also discusses (initially) the Prisoner’s Dilemma game and its lack of a sensible definition. Such a definition is proposed, although this proposition is not considered the main finding in the paper.\u0000\u0000\u0000","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":"63 2","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41257331","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.62-67
Qiubin Huang
Executive compensation is an important mechanism of corporate governance for banks, but its effect on bank risk remains inconclusive. Based on a sample of banks listed in China, we uncover a significantly positive relationship between executive compensation and bank risk during the 2007–2018 period. The finding is robust to model specifications, the risk measures used, and the way to calculate executive compensation.
{"title":"Executive compensation and bank risk in China","authors":"Qiubin Huang","doi":"10.17811/ebl.12.1.2023.62-67","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.62-67","url":null,"abstract":"Executive compensation is an important mechanism of corporate governance for banks, but its effect on bank risk remains inconclusive. Based on a sample of banks listed in China, we uncover a significantly positive relationship between executive compensation and bank risk during the 2007–2018 period. The finding is robust to model specifications, the risk measures used, and the way to calculate executive compensation.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42435894","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.33-39
Ana Paula Goerne Luna, Jaime Lara Lara, Luz Daniela Montañez Martínez, Regina Saracho Cueto, Alonso Torre De Silva, Iliana Michelle Zaldivar Galindo
With the onset of the COVID-19 pandemic and its negative effect on economic activity, a decrease in remittances was expected. However, on the contrary, remittances have increased in countries like Mexico. Using a fixed-effect model with information at the state level, this study finds evidence that the increase in COVID-19 cases was associated with a higher level of remittances to Mexican states, allowing some degree of insurance against the pandemic. However, remittances did not respond to the decrease in employment caused by the pandemic in local economies. A portion of the observed increases in remittances during the pandemic can be explained by factors at the national level.
{"title":"COVID-19 and remittances to Mexican states","authors":"Ana Paula Goerne Luna, Jaime Lara Lara, Luz Daniela Montañez Martínez, Regina Saracho Cueto, Alonso Torre De Silva, Iliana Michelle Zaldivar Galindo","doi":"10.17811/ebl.12.1.2023.33-39","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.33-39","url":null,"abstract":"With the onset of the COVID-19 pandemic and its negative effect on economic activity, a decrease in remittances was expected. However, on the contrary, remittances have increased in countries like Mexico. Using a fixed-effect model with information at the state level, this study finds evidence that the increase in COVID-19 cases was associated with a higher level of remittances to Mexican states, allowing some degree of insurance against the pandemic. However, remittances did not respond to the decrease in employment caused by the pandemic in local economies. A portion of the observed increases in remittances during the pandemic can be explained by factors at the national level.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44876070","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.68-74
C. Tang, Mannir Salisu
This paper seeks to determine the factors energising economic growth using balanced panel data between 1997 and 2017 from 44 developing economies. The heterogeneous panel data estimator, namely the pool mean group (PMG) estimator is utilised to analyse the data. We find national leadership, telecommunication technology and finance significantly impact growth. Additionally, the effects of finance and telecommunication on growth are both contingents upon exemplary leadership.
{"title":"A note on national leadership and technology in moderating finance-growth nexus","authors":"C. Tang, Mannir Salisu","doi":"10.17811/ebl.12.1.2023.68-74","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.68-74","url":null,"abstract":"This paper seeks to determine the factors energising economic growth using balanced panel data between 1997 and 2017 from 44 developing economies. The heterogeneous panel data estimator, namely the pool mean group (PMG) estimator is utilised to analyse the data. We find national leadership, telecommunication technology and finance significantly impact growth. Additionally, the effects of finance and telecommunication on growth are both contingents upon exemplary leadership.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45366929","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 : 2023-03-26DOI: 10.17811/ebl.12.1.2023.10-19
Ilhang Shin, Hansol Lee
This study examines the impact of product market competition on a firm’s investment in organization capital using a sample of Korean, listed firms during 2001–2020. As the high product market competition provides firms with incentives to build competitive advantages and increase productivity, we hypothesize that increases in product market competition drive firms to invest in organization capital. We found a positive relationship between product market competition and a firm’s investment in organization capital. We also found that such a relationship is more pronounced for firms in the high-tech industry and financially distressed firms.
{"title":"Product market competition and organization capital","authors":"Ilhang Shin, Hansol Lee","doi":"10.17811/ebl.12.1.2023.10-19","DOIUrl":"https://doi.org/10.17811/ebl.12.1.2023.10-19","url":null,"abstract":"This study examines the impact of product market competition on a firm’s investment in organization capital using a sample of Korean, listed firms during 2001–2020. As the high product market competition provides firms with incentives to build competitive advantages and increase productivity, we hypothesize that increases in product market competition drive firms to invest in organization capital. We found a positive relationship between product market competition and a firm’s investment in organization capital. We also found that such a relationship is more pronounced for firms in the high-tech industry and financially distressed firms.","PeriodicalId":43184,"journal":{"name":"Economics and Business Letters","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47812421","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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