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Estimates of structural unemployment rates at a regional level: example of the Czech economy 对区域一级结构性失业率的估计:以捷克经济为例
Pub Date : 2018-10-30 DOI: 10.15208/BEH.2018.66
V. Pošta
While there are typically plenty of estimates of structural unemployment rate for an economy as a whole, the analysis of this phenomenon at the regional level is rather sparse. Of course, the task is quite different as the concept of structural unemployment as an image of the medium-run or long-run equilibrium of the economy does not need to hold at a regional level. This paper proposes an econometrical approach based on the search theory of the labor market. The generalized method of moments is employed to estimate the so-called stationarized unemployment rates in the fourteen regions of the Czech economy. By comparing the estimates and actually observed levels of unemployment rates, the effects of economic upswings and recessions after the year 2000 may be analyzed. Indeed, from the regional perspective the economic impacts differ substantially in certain periods of time.
虽然对整个经济体的结构性失业率通常有大量的估计,但在区域一级对这一现象的分析却相当稀少。当然,任务是完全不同的,因为作为经济中期或长期均衡形象的结构性失业概念并不需要在区域层面上成立。本文提出了一种基于劳动力市场搜索理论的计量经济学方法。采用广义矩量法估计捷克经济14个地区的所谓平稳失业率。通过比较估计的失业率和实际观察到的失业率水平,可以分析2000年以后经济上升和衰退的影响。的确,从区域的角度来看,在某些时期的经济影响差别很大。
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引用次数: 2
Do financial development and personal remittances matter in South African economic growth? A bound testing investigation 金融发展和个人汇款对南非经济增长有影响吗?绑定测试调查
Pub Date : 2018-10-30 DOI: 10.22004/ag.econ.287240
Odunayo Magret Olarewaju, G. W. Akinola, Verna Yearwood
This study explores the relationship amongst financial development, remittances and the economic growth of South Africa using quarterly data spanning the period 1995Q01 to 2015Q04. The study used Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) techniques for the unit root test and the variables were found to be stationary at level and at first difference. Findings from the Autoregressive Distributed Lag (ARDL) bound testing approach to co-integration revealed that a long-run relationship exists amongst these variables. Also, the Error Correction Model (ECM) showed that it required a 36% quarterly speed for maladjustment in the model to return equilibrium. This study concluded that the financial development sector should be improved to engender sufficient and adequate performance that would led to an effective impact of a long-run GDP growth. An increase in the gross capital formation that could lead to a long-run decrease in GDP growth should be avoided. Policy makers should formulate policies that could improve financial development in order to enhance the country’s economy to reap the potential gain of remittance which could enhance economic growth.
本研究利用1995Q01至2015Q04期间的季度数据,探讨了南非金融发展、汇款和经济增长之间的关系。本研究采用增广Dickey-Fuller (ADF)和Phillips-Perron (PP)技术进行单位根检验,发现变量在水平和初差上是平稳的。协整的自回归分布滞后(ARDL)约束检验方法的发现揭示了这些变量之间存在长期关系。此外,误差修正模型(ECM)表明,它需要36%的季度速度失调模型恢复平衡。本研究的结论是,金融发展部门应得到改善,以产生充分和充分的绩效,从而对长期GDP增长产生有效影响。应避免可能导致GDP增长长期下降的总资本形成的增加。政策制定者应该制定能够改善金融发展的政策,以增强国家经济,从而获得可以促进经济增长的汇款的潜在收益。
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引用次数: 1
Is there any causality between Islamic banks’ return on depositors and conventional banks’ deposit interest: Evidence of causality from Bahrain’s financial market 伊斯兰银行的存款回报率和传统银行的存款利息之间有因果关系吗?来自巴林金融市场的因果关系证据
Pub Date : 2018-09-24 DOI: 10.15208/BEH.2018.61
A. Samad
Unlike conventional banks' interest payment on deposits, Islamic banks do not pay interest to depositors. What they pay to depositors is called the rate of return to depositors. Does the rate of return of Islamic banks on deposits follow conventional banks' interest rates? This paper empirically investigates the relationship of causality and the causal direction between conventional banks' interest rate and Islamic banks' return applying VEC model. The results of the VAR Granger Causality/Block Exogeneity Wald Tests fail to reject the null hypothesis of bidirectional causality between Islamic banks' rate of return and conventional banks' interest. The pairwise Granger causality also confirms the same results. This suggests that Islamic banks' rate of return and the conventional banks' interest rate are not independent of each other rather they follow each other in the Bahrain financial market.
与传统银行对存款支付利息不同,伊斯兰银行不向储户支付利息。他们付给存款人的钱叫做存款人的回报率。伊斯兰银行的存款回报率是否遵循传统银行的利率?本文运用VEC模型实证研究了传统银行利率与伊斯兰银行收益率之间的因果关系和因果方向。VAR格兰杰因果关系/块外生性沃尔德检验的结果未能拒绝伊斯兰银行收益率与传统银行利率之间双向因果关系的零假设。两两格兰杰因果关系也证实了相同的结果。这表明,在巴林金融市场上,伊斯兰银行的收益率与传统银行的利率并不是相互独立的,而是相互追随的。
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引用次数: 7
Efficiency as a new ideology of trust-building corporate governance 效率:建立信任的公司治理新理念
Pub Date : 2018-09-24 DOI: 10.15208/BEH.2018.62
M. Brychko, A. Semenog
Though the ideology of efficiency has been investigated for many centuries, still it has not gained a clear definition and interpretation either in the scientific literature, or in the practice of corporate governance. This paper seeks to examine the mainstream theories of corporate governance in an attempt to suggest that efficient corporate governance has no logical claim to "objectivity" and it does not always contribute to trust-building. The purpose of this paper is to explore the ideology of efficiency, both with respond to its inconsistency and incoherence within trust-building corporate governance. The results suggest that efficiency is ideological and political concept that fails in repairing the breach of trust-building corporate governance. The efficiency as a new ideology of trust-building corporate governance promises to advance our understanding of corporate purpose beyond the old "shareholders-versus-stakeholders" and "shareholders-versus-society" debates.
尽管效率意识形态已经被研究了许多世纪,但无论是在科学文献中,还是在公司治理实践中,它都没有得到明确的定义和解释。本文试图考察公司治理的主流理论,试图表明有效的公司治理没有逻辑上的“客观性”要求,它并不总是有助于信任的建立。本文的目的是探讨效率的意识形态,并回应其在信任建设公司治理中的不一致性和不一致性。结果表明,效率是一种意识形态和政治概念,无法修复信任建设型公司治理的缺失。效率作为一种建立信任的公司治理新意识形态,有望推动我们对公司目标的理解,超越“股东与利益相关者”和“股东与社会”的旧争论。
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引用次数: 8
Assessing the financial security of the engineering enterprises as preconditions of application of anti-crisis management: practical aspect 评价工程企业财务安全是应用反危机管理的前提:实践方面
Pub Date : 2018-09-15 DOI: 10.15208/BEH.2018.63
O. Sylkin, A. Shtangret, O. Ogirko, Aleksander Melnikov
Today, engineering enterprises in Ukraine are experiencing poor development. The crisis development of many domestic engineering enterprises is reinforced by both internal and external factors, so it is critical to develop new methodologies to comprehensively estimate their level of financial security, thus serving as the information basis for the application of anti-crisis management. The objective of the study is to develop a model to assess the financial security of engineering enterprises. The subjects of the study are the activities of the top ten engineering enterprises in Ukraine for the period 2013-2017. The purpose of our research is to form a methodical approach to assess the financial security of engineering enterprises, which would become the basis for applying a certain type of anti-crisis management and encouragement in domestic engineering enterprises. The results of the study made it possible to form and implement a model to assess financial security, which will help to establish the need to apply anti-crisis management in an enterprise.
今天,乌克兰的工程企业发展不佳。国内许多工程企业的危机发展受到内外部因素的双重影响,因此开发新的方法来综合评估其财务安全水平,从而为反危机管理的应用提供信息基础是至关重要的。本研究的目的是建立一个评估工程企业财务安全的模型。研究对象是2013-2017年乌克兰十大工程企业的活动。本研究的目的是形成一种系统的工程企业财务安全评估方法,为我国工程企业实施某种类型的反危机管理和激励提供依据。研究结果使财务安全评估模型的形成和实施成为可能,这将有助于建立企业应用反危机管理的必要性。
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引用次数: 44
The effect of internal control on asset misappropriation: The case of Vietnam 内部控制对资产侵占的影响:以越南为例
Pub Date : 2018-09-15 DOI: 10.15208/BEH.2018.64
M. Tran, Thi Thai Ha Le
Asset misappropriation is a kind of fraud that may cause severe damages to the businesses. The internal control system is expected to provide a reasonable assurance for the management of the businesses in preventing and detecting frauds, including asset misappropriation. The study is conducted to examine the effect of internal control system on asset misappropriation in Vietnamese firms. Based on questionnaires collected from internal auditors, accountants and department managers in Vietnamese firms, the study assess the impact of COSO five internal control components on the popularity of asset misappropriation in the firms. The results show that of the five components, control environment presents the strongest impact, followed by control activities, information and communication in respective order. Determinants with the mildest impact are risk assessment and monitoring of control. Based on the findings, it is important that the management of the firms improve the internal controls to effectively reduce the chance of fraud in their firms.
资产侵占是一种可能对企业造成严重损害的欺诈行为。内部控制制度有望为企业管理层提供合理的保证,防止和发现欺诈行为,包括资产挪用。本研究旨在探讨内部控制制度对越南企业资产侵占的影响。基于对越南企业内部审计师、会计师和部门经理的问卷调查,本研究评估了COSO五个内部控制组成部分对企业资产挪用流行程度的影响。结果表明:控制环境的影响最大,其次是控制活动、信息和沟通。影响最轻微的决定因素是风险评估和控制监测。基于调查结果,重要的是,公司的管理层改善内部控制,以有效地减少欺诈的机会在他们的公司。
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引用次数: 14
An analysis of the relationship between foreign direct investment (FDI), political risk and economic growth in South Africa 南非外商直接投资(FDI)、政治风险和经济增长关系分析
Pub Date : 2018-08-16 DOI: 10.15208/BEH.2018.54
D. Meyer, T. Habanabakize
A country’s political stability and trends in economic growth are important factors to attract foreign investment. Most developing countries struggle to achieve political stability and high levels of growth. Due to these issues, developing countries attract limited foreign investment. Applying the Bounds test for cointegration, an ARDL model was utilized using time series data from 1995 to 2016, this study examined the potential impact of political risk and gross domestic product (GDP) on foreign direct investment (FDI) flows to the South Africa. Findings of the study revealed that in both short and long run, political risk and economic growth affect the level of foreign direct investment. The political risk rating was found to have a higher impact on FDI flow if compared to GDP. The lower the political risk level (resulting in a highly rated index), the higher the level of FDI inflows. Using the Granger causality approach, empirical results indicated a bi-directional causal relationship between FDI and economic growth, while it was found that political risk causes changes in FDI. In other words, individually, political risk and gross domestic product cause changes in FDI. Based on the study findings, it is imperative for the South African government to reduce the level of political risk in order to increase foreign investment into the country which, in return, could assist in economic growth and welfare.
一个国家的政治稳定和经济增长趋势是吸引外资的重要因素。大多数发展中国家都在努力实现政治稳定和高水平的增长。由于这些问题,发展中国家吸引的外国投资有限。本文利用1995 - 2016年的时间序列数据,运用协整检验的边界检验,采用ARDL模型,考察了政治风险和国内生产总值(GDP)对南非外国直接投资(FDI)流动的潜在影响。研究结果表明,从短期和长期来看,政治风险和经济增长都会影响外国直接投资水平。与GDP相比,政治风险评级对FDI流量的影响更大。政治风险水平越低(导致高评级指数),外国直接投资流入水平就越高。运用格兰杰因果关系方法,实证结果表明FDI与经济增长之间存在双向因果关系,同时发现政治风险导致FDI的变化。换句话说,政治风险和国内生产总值(gdp)会单独导致外国直接投资的变化。根据研究结果,南非政府必须降低政治风险水平,以增加对该国的外国投资,作为回报,可以帮助经济增长和福利。
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引用次数: 12
Can disclosure practices and stakeholder management influence zakat payers’ trust? A Malaysian evidence 披露实践和利益相关者管理会影响天课支付人的信任吗?马来西亚证据
Pub Date : 2018-08-16 DOI: 10.15208/BEH.2018.60
Nahla Samargandi, Sakinah Mohamed Tajularifin, E. Ghani, A. Aziz, A. Gunardi
This study examines whether disclosure practices and stakeholder management play an important role in influencing the zakat payers' trust in the zakat institutions in Malaysia. A regression analysis was performed to examine the relationship between disclosure practices and stakeholder management of the zakat institutions on zakat payers' trust. Using questionnaire survey on 184 zakat payers, this study shows that the disclosure practices do influence the zakat payers' trust in the zakat institutions. However, it is revealed that stakeholder management does not influence the zakat payers' trust in zakat institutions. The findings in this study imply that the zakat institutions should focus on the transparency of disclosure practices. The findings in this research could assist the zakat institutions to increase the trust level of the zakat taxpayers towards them and assist the policy makers in establishing zakat institutions which would be perceived by the public as legitimate.
本研究考察了披露实践和利益相关者管理是否在影响马来西亚天课支付人对天课机构的信任方面发挥了重要作用。进行回归分析,以检验天课机构对天课支付人信托的披露实践与利益相关者管理之间的关系。通过对184名天课支付人的问卷调查,本研究表明,披露行为确实影响了天课支付者对天课机构的信任。然而,研究表明,利益相关者管理不会影响天课支付人对天课机构的信任。这项研究的结果表明,天课机构应该关注披露实践的透明度。这项研究的结果可以帮助天课机构提高天课纳税人对他们的信任水平,并帮助政策制定者建立公众认为合法的天课机构。
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引用次数: 16
Long-Term Memory in Euronext Stock Indexes Returns: an Econophysics Approach 长期记忆在泛欧交易所股票指数回报:一个经济物理学的方法
Pub Date : 2018-08-16 DOI: 10.15208/BEH.2018.59
Luís Gomes, V. Soares, S. Gama, J. Matos
The purpose of paper is to assess the long-term memory of stock index returns in the pan-European platform Euronext (CAC-40, AEX, BEL-20 and PSI-20). We find evidence of time dependency in much of the data, suggesting that the series may best be described as fractional Brownian motion. Modified Rescaled-Range Analysis and Detrended Fluctuation Analysis were used to measure the degree of long memory. The global Hurst exponents evidence persistent long memory in the Dutch, Belgian and Portuguese markets. In the French market, evidence of long memory is inconsistent and weak. Fractal structure suggests non-conformity with the Efficient Market Hypothesis, and may compromise the reliability of asset pricing models. Furthermore, time-dependent Hurst exponents show evidence of weakening persistence in these markets, particularly after the international crises of 2000, 2002 and 2010. A possible explanation for those changes is that the markets may have matured over time, becoming more efficient after these severe events.
本文的目的是评估泛欧平台泛欧交易所(CAC-40, AEX, BEL-20和PSI-20)股票指数回报的长期记忆。我们在许多数据中发现了时间依赖的证据,表明该系列可能最好地被描述为分数布朗运动。采用修正的重标距分析和去趋势波动分析来衡量长记忆的程度。全球赫斯特指数表明,荷兰、比利时和葡萄牙市场存在持久的长期记忆。在法国市场,长记忆的证据是不一致和薄弱的。分形结构表明不符合有效市场假说,并可能损害资产定价模型的可靠性。此外,随时间变化的赫斯特指数显示,这些市场的持续性减弱,尤其是在2000年、2002年和2010年的国际危机之后。对这些变化的一个可能解释是,随着时间的推移,市场可能已经成熟,在这些严重事件之后变得更有效率。
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引用次数: 2
The analysis of capital structure for property-liability insurers: a quantile regression approach 财产责任保险公司资本结构的分位数回归分析
Pub Date : 2018-08-16 DOI: 10.15208/BEH.2018.57
J. Hung, Vincent Y. L. Chang
By using a two-stage quantile regression approach (2SQR), this study demonstrates how the insurer’s leverage is determined across various quantiles. The evidence shows that the influence of the business concentration and marketing channel at the lower leverage quantiles is opposite to that at the higher leverage quantiles, which proposes that the mean effects of the two-stage ordinary least squares method are insufficient to capture the effects of business strategies on the insurer’s capital structure determination. Moreover, the 2SQR evidence also shows that the magnitude of the impacts for some determinations varies among the different leverage quantiles. In sum, the evidence suggests that these two competing approaches should be viewed as complementary functions when discussing the insurer’s capital structure.
通过使用两阶段分位数回归方法(2SQR),本研究展示了保险公司的杠杆是如何在各个分位数上确定的。证据表明,业务集中度和营销渠道对低杠杆分位数的影响与高杠杆分位数的影响相反,这表明两阶段普通最小二乘法的平均效应不足以捕捉业务策略对保险公司资本结构确定的影响。此外,2SQR证据还表明,对某些决定的影响程度在不同的杠杆分位数之间有所不同。总之,证据表明,在讨论保险公司的资本结构时,这两种相互竞争的方法应被视为互补的功能。
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引用次数: 1
期刊
Business and Economic Horizons
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