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The Role of Uncertainty in Shaping the Relationship between Direct Investments and International Trade: Evidence from VAR Models 不确定性在形成直接投资与国际贸易关系中的作用:来自VAR模型的证据
IF 1.5 Q4 BUSINESS Pub Date : 2022-04-03 DOI: 10.1080/10669868.2022.2078920
Piotr Adamczyk
Abstract In this study, we test whether uncertainty shocks can affect the choice between direct investments and international trade as competitive modes of operating on foreign markets. In order to verify this, we built simple investments-to-trade ratios and used them with selected uncertainty measures in VAR models. Our analysis shows that in the case of the Polish manufacturing sector, different types of uncertainty not only affect the choice between direct investments abroad and exports but also affect the choice between foreign direct investment and imports as different modes of supplying the Polish market by foreign entities.
摘要在这项研究中,我们测试了不确定性冲击是否会影响直接投资和国际贸易作为在外国市场上竞争的经营模式之间的选择。为了验证这一点,我们建立了简单的投资与交易比率,并将其与VAR模型中选定的不确定性指标一起使用。我们的分析表明,就波兰制造业而言,不同类型的不确定性不仅影响海外直接投资和出口之间的选择,还影响外国直接投资和进口之间的选择。
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引用次数: 2
Implementing Well‐Being Practices through Russian Context: HRD Perspective 在俄罗斯背景下实施福祉实践:人力资源开发视角
IF 1.5 Q4 BUSINESS Pub Date : 2022-03-15 DOI: 10.1080/10669868.2022.2047131
A. Lisovskaia
Abstract As the understanding of well-being expands, organizations now see well-being as one of the focal areas of their interest. This paper provides evidence from Russian organizations that illustrate key issues of well-being program adoption and management. A qualitative research study was conducted with representatives from human resource development departments (further -HRD). The findings indicate the absence of the holistic view on well-being as such and human resource management (further-HRM) practices oriented on well-being in the Russian context. Our study highlighted the importance of enhancing the role of HRD managers and their responsibility for the implementation of these practices.
摘要随着对幸福感的理解不断扩大,组织现在将幸福感视为其感兴趣的焦点领域之一。本文提供了来自俄罗斯组织的证据,说明了福利计划采用和管理的关键问题。与人力资源开发部门的代表进行了一项定性研究(进一步的人力资源开发)。研究结果表明,在俄罗斯背景下,缺乏对幸福感的整体看法,也缺乏以幸福感为导向的人力资源管理(进一步的HRM)实践。我们的研究强调了加强人力资源开发管理人员的作用及其对实施这些做法的责任的重要性。
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引用次数: 1
The Relationship between the Employment of Expatriates and the Subsidiary Performance of Multinational Companies in Five CEE Countries 中东欧五国跨国公司外籍员工雇佣与子公司绩效的关系
IF 1.5 Q4 BUSINESS Pub Date : 2022-02-22 DOI: 10.1080/10669868.2022.2040686
J. Fehér, P. Kollár, Ádám Szobi, Anna Urbán, József Poór
Abstract Based on quantitative and qualitative empirical methods this research adds to the understanding of the control of subsidiaries through expatriates by investigating the issue specifically in the CEE region. In this study the multifaceted contributions of expatriates to the control and operations of subsidiaries are emphasized, although a significant positive relationship between the use of expatriates and subsidiary performance is found only for certain observation periods and on some of the performance indicators. The results are in line with those of previous research in other regions that have reported contradictory tendencies regarding the impact of employing expatriates on subsidiary performance.
摘要基于定量和定性的实证方法,本研究通过专门调查中东欧地区的子公司控制问题,增加了对外籍子公司控制的理解。在本研究中,强调了外派人员对子公司控制和运营的多方面贡献,尽管仅在某些观察期和一些绩效指标上发现外派人员的使用与子公司绩效之间存在显著的正相关关系。这一结果与其他地区先前的研究结果一致,这些研究报告了雇佣外籍人士对子公司业绩影响的矛盾趋势。
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引用次数: 1
Trade in Services in Kazakhstan: How Did the Entry into the EAEU Affect It? 加入欧亚经济联盟对哈萨克斯坦服务贸易的影响?
IF 1.5 Q4 BUSINESS Pub Date : 2022-02-17 DOI: 10.1080/10669868.2022.2040688
A. Zhunussova, R. Dulambayeva
Abstract This paper investigates the factors important for bilateral services trade between Kazakhstan and other countries. The subject of this article is trade in services in Kazakhstan. Our goal is to determine the factors significantly affecting trade in services in Kazakhstan. Our central hypothesis is that the Eurasian economic union (EAEU) membership was not essential for trade in services in Kazakhstan. The main result is that external trade in services is mainly influenced by factors such as the distance between Kazakhstan and partner countries and the GDP growth rate of partner countries.
摘要本文研究了影响哈萨克斯坦与其他国家双边服务贸易的重要因素。本文的主题是哈萨克斯坦的服务贸易。我们的目标是确定显著影响哈萨克斯坦服务贸易的因素。我们的中心假设是欧亚经济联盟(EAEU)的成员资格对哈萨克斯坦的服务贸易不是必要的。主要结果是,服务对外贸易主要受哈萨克斯坦与伙伴国的距离、伙伴国国内生产总值增长率等因素的影响。
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引用次数: 1
Determinants of Publicly-Listed Firms’ Liquidity: Evidence from French and Taiwanese Banks 上市公司流动性的决定因素:来自法国和台湾银行的证据
IF 1.5 Q4 BUSINESS Pub Date : 2022-01-02 DOI: 10.1080/10669868.2021.2022558
J. Diaz, Bastien Pauchet
Abstract This study investigates the effects of 7 internal corporate factors on the liquidity of 30 French and 30 Taiwanese banks and uses the Quick Ratio (LIQ) as a liquidity proxy using quarterly data from 2012 to 2018. The analysis employs multiple linear panel regression models, namely, Ordinary Least Squares (OLS); and both Fixed Effects (FE), and Random Effects (RE) are used as robustness tests. This research examines financial leverage (LEV), size (SZ), return on total assets (ROTA), operating profit (OP), customer loans and bank loans (CLBL), return on equity (ROE), and working capital ratio (WCR) as possible factors influencing a bank’s liquidity. Findings show that banks from both countries do not exhibit many similarities except that SZ positively affects LIQ. For French banks and all banks combined, LEV and ROTA have the same negative relationship with LIQ, whereas WCR has a positive relationship. However, these ratios do not show any significance for Taiwanese banks. Bigger French banks mostly show different results from smaller French banks. LEV and ROE positively affect LIQ, and WCR negatively affects LIQ for bigger French banks, while the opposite is true for smaller French banks. However, both LIQ is negatively influenced by ROTA. Bigger Taiwanese banks show a similar and negative influence of CLBL and WCR on LIQ with smaller Taiwanese banks. This paper provides original empirical evidence in examining financial factors that management can use to better understand changes in a bank’s liquidity. It also contributes to the literature by understanding the different effects of corporate variables on the liquidity of French and Taiwanese banks.
摘要本研究利用2012-2018年的季度数据,调查了7个内部企业因素对30家法国和30家台湾银行流动性的影响,并使用快速比率(LIQ)作为流动性指标。该分析采用了多个线性面板回归模型,即常最小二乘(OLS);并且固定效应(FE)和随机效应(RE)都被用作鲁棒性测试。本研究考察了金融杠杆(LEV)、规模(SZ)、总资产回报率(ROTA)、营业利润(OP)、客户贷款和银行贷款(CLBL)、净资产收益率(ROE)和营运资本比率(WCR)等可能影响银行流动性的因素。研究结果表明,除了SZ对LIQ有正向影响外,两国银行没有表现出太多相似之处。对于法国银行和所有银行的合并,LEV和ROTA与LIQ有相同的负相关关系,而WCR有正相关关系。然而,这些比率对台湾银行来说并没有任何意义。法国大银行的业绩大多与法国小银行不同。法国大型银行的LEV和ROE对LIQ产生积极影响,而WCR对LIQ则产生负面影响,而法国小型银行则相反。然而,两种液化石油气都受到ROTA的负面影响。较大的台湾银行表现出与较小的台湾银行类似的CLBL和WCR对LIQ的负面影响。本文为研究金融因素提供了原始的经验证据,管理层可以利用这些证据来更好地了解银行流动性的变化。通过了解企业变量对法国和台湾银行流动性的不同影响,它也为文献做出了贡献。
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引用次数: 0
Foreign Direct Investment and the Role of Institutional Framework: Evidence from Greek Outward FDI 外国直接投资与制度框架的作用——来自希腊对外直接投资的证据
IF 1.5 Q4 BUSINESS Pub Date : 2022-01-02 DOI: 10.1080/10669868.2021.2022063
Dimitris Giakoulas, Konstantina Louloudi, Constantina Kottaridi, P. Pantelidis
Abstract The present study analyses MNEs’ internationalization’s strategic motivation within different institutional and regulatory contexts through a study of Greek firms. Based on home country deficiencies, the study conceptualizes different internationalization motives in different regions, particularly CEECs and Western European countries. We use a unique database consisting of macro- and micro-level data covering the entire population of greenfield investments made from 2003 to 2019. Our analysis is based on Dunning and Lundan’s eclectic paradigm. Empirical evidence resulting from a panel data analysis and the fixed effects method corroborates our conceptualization of dualism on FDI motivations among the regions. In addition, a significant role of investment freedom is identified, which, depending on the region, either reinforces or moderates the importance of firm efficiency.
摘要本研究通过对希腊企业的研究,分析了跨国公司在不同制度和监管背景下的国际化战略动机。基于母国的不足,本研究概念化了不同地区,特别是中东欧国家和西欧国家的不同国际化动机。我们使用一个由宏观和微观数据组成的独特数据库,涵盖2003年至2019年绿地投资的全部人口。我们的分析基于邓宁和伦丹的折衷范式。面板数据分析和固定效应方法得出的经验证据证实了我们对区域间外国直接投资动机的二元论的概念。此外,还确定了投资自由的重要作用,根据地区的不同,投资自由加强或缓和了企业效率的重要性。
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引用次数: 1
Does Innovation Capital Mediate the Link between Human Capital Investment and Financial Performance? An International Investigation 创新资本是否在人力资本投资与财务绩效之间起到中介作用?一项国际调查
IF 1.5 Q4 BUSINESS Pub Date : 2021-10-17 DOI: 10.1080/10669868.2021.1987369
C. Kuzey, Muhammet Sait Dinc, A. Akin, Halil Zaim
Abstract Using a comprehensive database of 6,331 firms obtained from 78 countries, this study examines the impact of human capital investment in employee training and development upon the firm financial performance through the research and development intensity of innovation capital. Various analyses were employed, including descriptive statistics, Pearson’s correlation analysis, and mediation analysis. Study results revealed the partial mediation role of innovation capital upon the relationship between human capital investment and firm performance as measured by accounting-based return on assets. However, the role of innovation capital converted to full mediation when market-based Tobin’s Q was used for the performance measurement.
摘要本研究利用来自78个国家的6331家企业的综合数据库,通过创新资本的研发强度,考察了员工培训和发展中的人力资本投资对企业财务绩效的影响。采用了各种分析方法,包括描述性统计、皮尔逊相关分析和中介分析。研究结果表明,创新资本在人力资本投资与企业绩效之间的关系中起着部分中介作用。然而,当基于市场的托宾Q用于绩效衡量时,创新资本的作用转化为完全中介。
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引用次数: 1
Regional Expansion of Emerging Market Banks: Evidence from the Middle East 新兴市场银行的区域扩张:来自中东的证据
IF 1.5 Q4 BUSINESS Pub Date : 2021-10-03 DOI: 10.1080/10669868.2021.1982103
Canan Yildirim, Belma Öztürkkal
Abstract This study investigates challenges and opportunities that regionally expanding emerging market banks face. We focus on four leading Middle Eastern banks’ internationalization trajectories and performances by employing a case study approach. We first examine the four banks’ choices of target markets, entry sequencing, and entry modes over time and then analyze their entry strategies and post-entry financial performances in one of their key markets, Turkey. We show that the success of regional expansion strategies depends on parent bank characteristics such as scale and capital strength, strategic decisions regarding entry mode and timing, and host market structure and competitiveness.
摘要本研究调查了区域性新兴市场银行面临的挑战和机遇。我们采用案例研究的方法,重点研究了四家中东领先银行的国际化轨迹和表现。我们首先考察了四家银行在一段时间内对目标市场、进入顺序和进入模式的选择,然后分析了它们在其关键市场之一土耳其的进入策略和进入后的财务表现。我们发现,区域扩张战略的成功取决于母银行的规模和资本实力等特征、进入模式和时机的战略决策、东道国市场结构和竞争力。
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引用次数: 3
Causal Linkage between Remittances and Financial Development: Evidence from the BRICS (Brazil, Russia, India, China, and South Africa) 汇款与金融发展之间的因果关系:来自金砖国家(巴西、俄罗斯、印度、中国和南非)的证据
IF 1.5 Q4 BUSINESS Pub Date : 2021-09-28 DOI: 10.1080/10669868.2021.1976348
Suman Bindu, P. Sridharan, R. Swain, C. Das
Abstract The steady flow of remittances due to financial integration has grabbed the attention of academicians and policy advisors. Despite the growing importance of remittances, the study on the relationship between remittances and financial development in Brazil, Russia, India, China, and South Africa remains unexplored. Thus, this paper analyses the effect of remittances on financial development. It also investigates the long-run and short-run relationship between remittances and financial development using annual data of Brazil, Russia, India, China, and South Africa from 1990 to 2019. Three different financial development indicators are used: domestic credit to the private sector as a percentage of GDP, bank deposit as a percentage of GDP, liquid liabilities as a percentage of GDP. The study employs the fixed and random effect model, Johansen Cointegration tests, vector error correction model, and Wald tests for analysis. The results suggest a positive effect of remittances on bank deposits. It indicates that a 1% increase in remittances leads to a 4.5% increase in bank deposits. The study also reveals the long-run relationship between remittances and bank deposits and the absence of a short-run relationship between remittances and financial development. The main implications of the study can be predicted as remittances allow the accumulation of savings in the long run and provide the platform for the unbanked recipients to utilize certain financial products and services. The absence of a short-run relationship indicates that remittances are utilized mainly for consumption in the short run. However, it can be recommended that BRICS economies should make every effort to increase the remittance inflows through reduced transaction costs and tax benefits in remittance-led investment or banks to bank deposits with competitive deposit rates for the diaspora.
摘要金融一体化带来的汇款稳定流动引起了学者和政策顾问的关注。尽管汇款的重要性越来越大,但对巴西、俄罗斯、印度、中国和南非汇款与金融发展之间关系的研究仍有待探索。因此,本文分析了汇款对金融发展的影响。它还利用巴西、俄罗斯、印度、中国和南非1990年至2019年的年度数据调查了汇款与金融发展之间的长期和短期关系。使用了三种不同的金融发展指标:私营部门的国内信贷占国内生产总值的百分比,银行存款占国内生产产值的百分比,流动负债占国内生产总额的百分比。本研究采用固定和随机效应模型、Johansen协整检验、向量误差校正模型和Wald检验进行分析。研究结果表明,汇款对银行存款产生了积极影响。它表明,汇款增加1%会导致银行存款增加4.5%。该研究还揭示了汇款和银行存款之间的长期关系,以及汇款和金融发展之间不存在短期关系。这项研究的主要影响可以预测,因为从长远来看,汇款可以积累储蓄,并为没有银行账户的收款人提供利用某些金融产品和服务的平台。没有短期关系表明汇款在短期内主要用于消费。然而,可以建议金砖国家经济体尽一切努力,通过降低汇款导向投资的交易成本和税收优惠,或通过对侨民具有竞争力的存款利率的银行对银行存款,增加汇款流入。
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引用次数: 6
Australia’s Free Trade Agreements (FTAs) and Potentiality of Wheat Exports: A Panel Gravity Model Approach 澳大利亚自由贸易协定(fta)和小麦出口潜力:面板重力模型方法
IF 1.5 Q4 BUSINESS Pub Date : 2021-09-22 DOI: 10.1080/10669868.2021.1974640
K. P. Timsina, R. Culas
Abstract This paper estimates the trade creation and export diversion effects of different Australia’s free trade agreements (FTAs) using the panel data from 1996 to 2017. The heteroscedasticity robust Regression Error Specification Test confirms the relevance of Poisson Pseudo Maximum Likelihood estimator over Ordinary Least Square estimator. Results showed that the total trade creation effects of FTAs in wheat trade is higher than Intra block export diversion. The exhausted wheat exports potentiality from Australia to the countries like Indonesia, Iraq, Japan, Korea, and the Philippines has suggested seeking for additional potential markets based on demand in the future.
摘要本文利用1996 - 2017年的面板数据,对澳大利亚不同自由贸易协定的贸易创造效应和出口转移效应进行了估算。异方差稳健回归误差规范检验证实了泊松伪极大似然估计量相对于普通最小二乘估计量的相关性。结果表明,自由贸易协定在小麦贸易中的总贸易创造效应高于区域内出口转移效应。澳大利亚对印度尼西亚、伊拉克、日本、韩国和菲律宾等国的小麦出口潜力已经枯竭,因此建议根据未来的需求寻找其他潜在市场。
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引用次数: 5
期刊
Journal of East-West Business
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