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Exchange rate volatility and financial performance of agriculture firms in Malaysia: An empirical analysis using GARCH, wavelet and system GMM 汇率波动与马来西亚农业企业财务绩效:基于GARCH、小波和系统GMM的实证分析
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.29
Reaz, Fauziah Mahat, Ahmed Mohamed Dahir, Mohammad Sahabuddin, Abu Saad Md Masnun Al Mahi
The insurgence of exchange rate volatility over the years has gained the attention of not only scholars but also policy makers around the world. This paper investigates the influence of exchange rate volatility to the financial performance of agriculture firms in Malaysia. Authors use the system GMM dynamic panel techniques, wavelet coherence technique and GARCH (1, 1) for the period of 2001 and 2015. The findings show that the volatility of exchange rate of Malaysian Ringgit (RM) has a negative impact on the financial performance of agriculture firms in Malaysia. The ARME and AVA demonstrate a positive impact on the financial performance at 1% significance level for the full sample. The findings also reveal that financial performance, exchange rate, consumer price index, and interest rate comove while using the wavelet coherence.
多年来,汇率波动的剧烈不仅引起了学者的关注,也引起了世界各国决策者的关注。本文研究了汇率波动对马来西亚农业企业财务绩效的影响。本文采用系统GMM动态面板技术、小波相干技术和GARCH(1,1)对2001 - 2015年的数据进行了分析。研究结果表明,马来西亚林吉特(RM)汇率波动对马来西亚农业企业的财务绩效有负面影响。ARME和AVA在1%的显著水平上对整个样本的财务绩效产生了积极影响。研究结果还表明,当使用小波相干性时,财务绩效、汇率、消费者价格指数和利率趋于一致。
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引用次数: 4
Corruption, governance and tax revenues in Africa 非洲的腐败、治理和税收
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.31
Manamba Epaphra, J. Massawe
In this paper we analyze the effects of institutional variables (corruption and governance), structural variables (per capita income, trade openness, inflation and share of agriculture in GDP), and policy variables (tax rate and tariff rate) on total tax revenues, direct taxes, indirect taxes and trade taxes using panel data set for 30 African countries over the 1996-2016 period. All estimates are based on fixed effects (FE) and random effects (RE) models. Using Hausman test, RE is earmarked to be the more preferred model in this paper. The RE regression results show that corruption and governance are two main determinants of tax revenues in Africa. While corruption has a significant negative effect on tax revenues, good governance measured in terms of government effectiveness, regulatory quality, rule of law and voice and accountability tends to raise tax revenue generation and in particular, indirect taxes. In the same vein, governance in form of political stability tends to have a very significant effect on direct taxes and international trade taxes. The basic intuition behind these results is that higher institutional capacity and lower corruption enhance tax revenue generation in the economy. Intriguingly, empirical results show that tariff rates tend to have a strong negative effect on total tax revenue but at the same time they have a strong positive effect on trade tax revenue. Moreover, trade openness tends to have a strong positive relationship with tax revenue. Overall, results suggest that to raise more tax revenue, governments should reduce corruption, improve tax and customs administration and raise revenues from tax categories that are less susceptible to corruption. They should as well enhance trade openness.
在本文中,我们使用1996-2016年期间30个非洲国家的面板数据集,分析了制度变量(腐败和治理)、结构变量(人均收入、贸易开放度、通货膨胀和农业在GDP中的份额)和政策变量(税率和关税税率)对总税收、直接税、间接税和贸易税的影响。所有的估计都是基于固定效应(FE)和随机效应(RE)模型。通过Hausman检验,本文认为RE是更优选的模型。回归结果表明,腐败和治理是非洲税收收入的两个主要决定因素。虽然腐败对税收有重大负面影响,但以政府效率、监管质量、法治、话语权和问责制衡量的善政往往会增加税收,特别是间接税。同样,政治稳定形式的治理往往对直接税和国际贸易税产生非常重大的影响。这些结果背后的基本直觉是,更高的制度能力和更低的腐败会增加经济中的税收收入。有趣的是,实证结果表明,关税税率往往对总税收收入产生强烈的负面影响,但同时对贸易税收收入产生强烈的积极影响。此外,贸易开放往往与税收收入有很强的正相关关系。总体而言,结果表明,为了增加税收,政府应减少腐败,改善税收和海关管理,并从不易受腐败影响的税收类别中增加收入。加强贸易开放。
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引用次数: 25
Analysis of the impact of select macroeconomic variables on the Indian Stock Market: A heteroscedastic cointegration approach 选择宏观经济变量对印度股市的影响分析:异方差协整方法
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.09
Naushad Alam
The present study examines the impact of the macroeconomic variables on the stock prices in India. To fulfil the objective of the study monthly data of inflation, short-term interest rate, long-term interest rate, index of industrial production, exchange rate, money supply, and the stock indices of CNX Nifty and BSE SENSEX were collected from March 2005 to April 2013. Heteroscedastic cointegration approach was employed using a Johansen test of cointegration, OLS and GARCH (1, 1) model to find out the long-term relationship between the selected macroeconomic variables and the stock prices. It is evident from the study that there exist the long-term heteroscedastic relationships between the stock prices and the macroeconomic variables chosen for the study. Further, it is also evident from the study that while INF, MSE and the IIP are positively related to the stock prices, the SIR, LIR and the EXR are negatively related to the stock prices.
本研究考察了宏观经济变量对印度股票价格的影响。为了实现研究目标,收集了2005年3月至2013年4月的通货膨胀、短期利率、长期利率、工业生产指数、汇率、货币供应量以及CNX Nifty和BSE SENSEX股票指数的月度数据。采用异方差协整方法,采用协整检验、OLS和GARCH(1,1)模型,找出所选宏观经济变量与股价之间的长期关系。研究表明,股票价格与本研究选取的宏观经济变量之间存在着长期的异方差关系。此外,从研究中还可以看出,虽然INF、MSE和IIP与股价呈正相关,但SIR、LIR和EXR与股价呈负相关。
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引用次数: 14
Financial literacy and financial planning: Implication for financial well-being of retirees 财务知识和财务规划:对退休人员财务福利的影响
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.17
A. Adam, S. Frimpong, M. Boadu
This study examines how financial literacy, financial behaviour, family support (as another source of income), number of dependents, and retirement planning influence on the financial well-being of retirees in Cape Coast Metropolis of Ghana. A cross-sectional survey strategy was employed on 400 respondents randomly selected from 1500 members of the association to analyze the effect of financial literacy, financial behaviour, family support, number of dependents and retirement planning on financial wellbeing. It then tests their hypothesized relationships with the use of Partial Least Squares (PLS), a structural equation modelling technique. The results reveal that financial literacy, retirement planning and family support significantly impact the financial well-being of retirees. More importantly, the effect of family support and retirement planning on retirees’ financial well-being is stronger than the one of financial literacy. The findings imply that finance literacy and retirement planning should be promoted. In addition to policies aimed at bridging social cohesion and promoting family values should not be ignored the maximizing of financial well-being of retirees. The study contributes to the extant literature on financial literacy and provides evidence on the effect of financial literacy and financial planning on the financial well-being of retirees in a developing country. It has also provided support for the need of social cohesion.
本研究考察了财务知识、财务行为、家庭支持(作为另一种收入来源)、受抚养人数量和退休计划如何影响加纳海岸角大都会退休人员的财务状况。采用横断面调查策略,从协会的1500名成员中随机抽取400名受访者,分析财务素养、财务行为、家庭支持、受抚养人数量和退休计划对财务健康的影响。然后用偏最小二乘(PLS),一种结构方程建模技术来测试他们假设的关系。结果显示,财务知识、退休计划和家庭支持对退休人员的财务福祉有显著影响。更重要的是,家庭支持和退休计划对退休人员财务幸福感的影响强于财务素养的影响。研究结果表明,应提高金融知识和退休计划。除了旨在弥合社会凝聚力和促进家庭价值的政策之外,不应忽视最大限度地提高退休人员的财务福利。本研究对现有的财务知识文献进行了补充,并提供了有关财务知识和财务规划对发展中国家退休人员财务福利影响的证据。它还为社会凝聚力的需要提供了支持。
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引用次数: 48
A social breakthrough and an economic slowdown in Ukraine 乌克兰的社会突破和经济放缓
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.41
A. Mostepaniuk
Recent revolutions were either successful as in Georgia, where the living standards were improved or a great fault as in Yemen, Libya and Syria, where a civil war started. What are the underneath reasons of a successful revolution? Why in some countries anti-governmental protests brought prosperity while in others continuous military conflicts and social deprivation? This paper provides a multi approach analysis of the Revolution of Dignity in Ukraine, shows visible and hidden preconditions as well as key social and economic outcomes. It concludes that despite a fundamental shift in the social identity and ideology of the nation, there are number of negative economic results, which slow down economic development and further social improvement. Key words: Ukraine, social capital, economic growth, post-revolution performance, corruption.
最近的革命要么像格鲁吉亚那样成功,生活水平得到了提高,要么像也门、利比亚和叙利亚那样发生了严重的错误,内战开始了。革命成功的根本原因是什么?为什么在一些国家,反政府抗议带来了繁荣,而在另一些国家,持续的军事冲突和社会剥夺?本文对乌克兰的尊严革命进行了多方法分析,展示了可见和隐藏的先决条件以及关键的社会和经济成果。它的结论是,尽管国家的社会认同和意识形态发生了根本性的转变,但仍有一些负面的经济结果,这些结果减缓了经济发展和进一步的社会改善。关键词:乌克兰,社会资本,经济增长,革命后绩效,腐败。
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引用次数: 0
Antecedents of Thai Select restaurant brand loyalty in the United Kingdom 英国泰式精选餐厅品牌忠诚度的前因后果
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.33
Puris Sornsaruht, S. Sawmong
This study examined the determinants of Thai Select restaurant brand loyalty which included restaurant brand image, staff service quality, perceived quality, brand awareness, and brand association on brand loyalty. Of the estimated 1,600 Thai restaurants within the United Kingdom, only 57 have been certified as having the authenticity and quality of "Thai Select", which functions as a global branding effort for Thai restaurants by the Thai government. LISREL 9.1 was used to conduct a confirmatory factor analysis, and structural equation modelling to test the 12 hypothesized interrelationships affecting overall brand loyalty. Questionnaires were administered to 550 patrons at 13 London metropolitan restaurants. Results showed that the latent variables staff service quality, brand awareness, restaurant brand image, brand awareness, and perceived quality had a total value of 0.88, 0.54, 0.47, 0.42, and 0.26, respectively. Specifically, dining patrons felt that the most important aspect of staff service quality was that the staff could communicate effectively, were knowledgeable about the food they served, and could deliver the food on time.
本研究考察了泰国精选餐厅品牌忠诚度的决定因素,包括餐厅品牌形象、员工服务质量、感知质量、品牌意识和品牌联想对品牌忠诚度的影响。在英国大约1600家泰式餐厅中,只有57家获得了“泰式精选”的认证,这是泰国政府为泰式餐厅打造的全球品牌。使用lisrel9.1进行验证性因子分析,并使用结构方程建模来检验影响整体品牌忠诚度的12个假设相互关系。研究人员对伦敦13家大都会餐厅的550名顾客进行了问卷调查。结果表明,潜在变量员工服务质量、品牌意识、餐厅品牌形象、品牌意识和感知质量的总价值分别为0.88、0.54、0.47、0.42和0.26。具体来说,用餐顾客认为员工服务质量最重要的方面是员工能够有效地沟通,了解他们所提供的食物,并能够按时上菜。
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引用次数: 5
Do board characteristics and risk management disclosure have any effect on firm performance? Empirical evidence from Deposit Money Banks (DMBs) in Nigeria 董事会特征和风险管理披露对公司业绩有影响吗?来自尼日利亚存款银行(dmb)的经验证据
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.35
M. Kakanda, B. Salim, Sitraselvi Chandren
This study examines the relationship between board characteristics, risk management disclosure and performance of Deposit Money Banks (DMBs) in Nigeria. Data were obtained from the annual accounts and reports of the 15 DMBs listed on the Nigerian Stock Exchange (NSE) covering 2012 to 2016. For the purpose of testing the relationship between the dependent variable (return on asset [ROA]) and the explanatory variables in this study, Random Effect (RE) regression model was employed. The study finds that board size, board composition, and risk management disclosure have a significant positive effect on ROA, whereas, board meeting has a significant negative influence on ROA. Moreover, the study documents that board expertise has a negative, but an insignificant association with ROA. The finding of this study is essential to both corporate authorities and other corporate stakeholders in Nigeria. The study concludes by providing an agenda for future research in a similar domain.
本研究考察了尼日利亚存款货币银行(dmb)董事会特征、风险管理披露和绩效之间的关系。数据来自尼日利亚证券交易所(NSE)上市的15家dmb的年度账目和报告,涵盖2012年至2016年。为了检验因变量(资产收益率[ROA])与解释变量之间的关系,本研究采用随机效应(Random Effect, RE)回归模型。研究发现,董事会规模、董事会构成和风险管理披露对资产收益率有显著的正向影响,而董事会会议对资产收益率有显著的负向影响。此外,研究表明,董事会专业知识与总资产回报率呈负相关,但不显著。这项研究的发现对尼日利亚的公司当局和其他公司利益相关者都至关重要。该研究最后为类似领域的未来研究提供了一个议程。
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引用次数: 4
Impact of Green Innovation on the Sustainable Performance of Food Industrial Firms Applying Green Industry Initiatives Under the Green Industry Project of the Ministry of Industry of Thailand 绿色创新对泰国工业部绿色产业项目下实施绿色产业举措的食品工业企业可持续绩效的影响
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.15
Monika Tantayanubutr, Vinai Panjakajornsak
This research examines the impact of green innovation on the sustainable performance of Thai food industry implementing green industry initiatives in compliance with the national Green Industry Project. The correlation analysis was conducted on green supply chain integration (GSCI) and corporate social responsibility (CSR) as key influencing variables, while the green innovation was a moderator. A total of 441 samples were received from the total population of 8,520 accredited Green Industry Mark enterprises (GIM) (2016). Structural equation modeling (SEM) was employed to test the empirical data derived from surveys, which were collected from entrepreneurs and chief executive officers involved in the Thai food industry. The model indicated the absolute fit indices, confirming the validity and reliability of the SEM analysis. The findings confirmed the positive relationship of the selected key factors and their effect on the sustainable performance.
本研究考察了绿色创新对泰国食品工业可持续发展绩效的影响,泰国食品工业实施了符合国家绿色工业项目的绿色工业倡议。对绿色供应链整合(GSCI)和企业社会责任(CSR)作为关键影响变量进行相关分析,绿色创新是调节变量。2016年,共从8520家获得绿色工业标志认证的企业(GIM)中收到441份样本。本文采用结构方程模型(SEM)对来自泰国食品行业企业家和首席执行官的调查数据进行检验。模型显示了绝对拟合指标,验证了SEM分析的有效性和可靠性。研究结果证实了所选择的关键因素及其对可持续绩效的影响呈正相关关系。
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引用次数: 10
Is the price-cost margin affected by the market concentration? Evidence from the Czech food and beverages industry 价格成本边际是否受到市场集中度的影响?来自捷克食品和饮料行业的证据
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.19
I. Blažková, O. Dvouletý
The paper investigates the relationship between the market concentration and the price-cost margin in the Czech food processing industry during 2003-2014. Estimated econometric models with Fixed Effects supported hypothesis assuming the positive impact of the market concentration on the price-cost margin controlling for productivity. The increase in the productivity was associated with the increase of the pricecost margins. Based on the results, policy makers should promote market competition in the food processing industry, for example through the reduction of entry barriers. Another option worth consideration is to support R&D activities potentially leading to market transformation and increase in efficiency.
本文研究了2003-2014年捷克食品加工业市场集中度与价格成本边际的关系。具有固定效应的估计计量模型支持市场集中度对控制生产率的价格成本边际产生积极影响的假设。生产率的提高与价格成本边际的增加有关。根据研究结果,政策制定者应促进食品加工业的市场竞争,例如通过降低进入壁垒。另一个值得考虑的选择是支持可能导致市场转型和提高效率的研发活动。
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引用次数: 8
Regime switching behavior of Indian VIX and its time dependent correlation with select developed economies 印度波动率指数的制度转换行为及其与特定发达经济体的时变相关性
Pub Date : 2017-01-01 DOI: 10.15208/BEH.2017.45
J. Chittineni
This paper investigates the international financial market integration as a trigger for regime switching behavior of Indian implied volatility index and its regime-dependent conditional correlations with the selected developed markets. The 2-state dynamic regression model reveals two different regimes using state-dependent variables during the time period 2009 to 2016. The results found that Hong Kong and US markets have a significant effect on the Indian market during highly volatile state, and there is a clear decoupling effect among these markets when the Indian market is stable. The predicted turning point probabilities indicate that the bull market state is persistent.
本文研究了国际金融市场一体化对印度隐含波动率指数制度转换行为的触发作用,以及其与所选发达市场的制度依赖条件相关性。两态动态回归模型使用状态相关变量揭示了2009年至2016年期间的两种不同制度。结果发现,在高度波动状态下,香港和美国市场对印度市场的影响显著,而在印度市场稳定状态下,这两个市场之间存在明显的脱钩效应。预测的拐点概率表明牛市状态是持续的。
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引用次数: 1
期刊
Business and Economic Horizons
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