ABSTRACT Existing studies have shown that the deterioration of domestic income distribution is an important cause for the decline in international trade. This paper investigates whether alleviating domestic income inequality could promote international trade. From the redistribution perspective, this study examines the relationship between state redistributive capacity and international trade by using unbalanced panel data of 153 countries from 1960 to 2018. According to our empirical findings, strengthening redistributive capacity promotes international trade by enhancing domestic society's perception of free trade. In addition, this promoting effect is independent of trade mode but varies with trade content, trade period, and trade subjects.
{"title":"Redistributive Capacity and International Trade: A Cross-Country Analysis","authors":"Yize Xie, Penglong Zhang, Zhusong Yang, Wenyin Cheng","doi":"10.1080/1226508X.2023.2215786","DOIUrl":"https://doi.org/10.1080/1226508X.2023.2215786","url":null,"abstract":"ABSTRACT Existing studies have shown that the deterioration of domestic income distribution is an important cause for the decline in international trade. This paper investigates whether alleviating domestic income inequality could promote international trade. From the redistribution perspective, this study examines the relationship between state redistributive capacity and international trade by using unbalanced panel data of 153 countries from 1960 to 2018. According to our empirical findings, strengthening redistributive capacity promotes international trade by enhancing domestic society's perception of free trade. In addition, this promoting effect is independent of trade mode but varies with trade content, trade period, and trade subjects.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77011477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-03DOI: 10.1080/1226508X.2023.2215807
Lei Wang, Xinya Gao, T. Ramsey, G. Hewings
ABSTRACT How emerging economies could improve their self-resilience is our focus. This paper employs the hypothetical extraction method, PageRank algorithm and the 2005–2019 Comtrade database to analyse the impacts of domestic market scale on the economy’s resilience in the value chains and conditions under which it is affected. The empirical results show that expanding the scale of the domestic market would significantly improve the economy’s resilience in both the RCEP and G7 value chains. Our conclusions support the enrichment of pathways for economies with relatively backward technologies to cope with unexpected shocks and gradually restore economic vitality.
{"title":"The Role of the Domestic Market Scale in Enhancing Self-Resilience: Analysis based on the PageRank centrality of RCEP and G7 Countries","authors":"Lei Wang, Xinya Gao, T. Ramsey, G. Hewings","doi":"10.1080/1226508X.2023.2215807","DOIUrl":"https://doi.org/10.1080/1226508X.2023.2215807","url":null,"abstract":"ABSTRACT How emerging economies could improve their self-resilience is our focus. This paper employs the hypothetical extraction method, PageRank algorithm and the 2005–2019 Comtrade database to analyse the impacts of domestic market scale on the economy’s resilience in the value chains and conditions under which it is affected. The empirical results show that expanding the scale of the domestic market would significantly improve the economy’s resilience in both the RCEP and G7 value chains. Our conclusions support the enrichment of pathways for economies with relatively backward technologies to cope with unexpected shocks and gradually restore economic vitality.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90738946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-03DOI: 10.1080/1226508X.2023.2215795
Yanzhao Liu, C. Hooy
ABSTRACT The purpose of this research is to explore the relationship between overall and components of CEOs power and Corporate Social Responsibility (CSR). Besides, we test the moderating influence of board independence on CEOs power and CSR relationship. We focused on public listed companies in China over a sample period of 2010–2020 with 22,182 firm-year observations. Our analysis shows that the total of CEOs power and structural power are negatively correlated with CSR, but ownership, expert and prestige power are positively correlated with CSR. Moreover, we find that board independence has different moderating effects on CEOs power and CSR.
{"title":"Components of CEO Power and Corporate Social Responsibility: The Moderating Role of Board Independence","authors":"Yanzhao Liu, C. Hooy","doi":"10.1080/1226508X.2023.2215795","DOIUrl":"https://doi.org/10.1080/1226508X.2023.2215795","url":null,"abstract":"ABSTRACT The purpose of this research is to explore the relationship between overall and components of CEOs power and Corporate Social Responsibility (CSR). Besides, we test the moderating influence of board independence on CEOs power and CSR relationship. We focused on public listed companies in China over a sample period of 2010–2020 with 22,182 firm-year observations. Our analysis shows that the total of CEOs power and structural power are negatively correlated with CSR, but ownership, expert and prestige power are positively correlated with CSR. Moreover, we find that board independence has different moderating effects on CEOs power and CSR.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76454200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-20DOI: 10.1080/1226508X.2023.2190339
Yueyang Zhao, Jinbao Yang, Qian Wang, Yung‐ho Chiu, Tai‐Yu Lin
ABSTRACT This research analyses the improvement and differences of digital financial coverage and depth of usage on financial efficiency using the SBM dynamic DEA method. The results show that digital finance’s depth of usage having bigger influence on improving the financial system efficiency. The breadth of digital financial coverage is more conducive to improving input efficiency, while its depth of usage is more conducive to improving output efficiency. Considering both the depth of usage and breadth of coverage, in the east region the financial industry efficiency is higher than that in the non-east region. .
{"title":"Digital Financial Coverage, Depth of Usage, and Financial Efficiency","authors":"Yueyang Zhao, Jinbao Yang, Qian Wang, Yung‐ho Chiu, Tai‐Yu Lin","doi":"10.1080/1226508X.2023.2190339","DOIUrl":"https://doi.org/10.1080/1226508X.2023.2190339","url":null,"abstract":"ABSTRACT This research analyses the improvement and differences of digital financial coverage and depth of usage on financial efficiency using the SBM dynamic DEA method. The results show that digital finance’s depth of usage having bigger influence on improving the financial system efficiency. The breadth of digital financial coverage is more conducive to improving input efficiency, while its depth of usage is more conducive to improving output efficiency. Considering both the depth of usage and breadth of coverage, in the east region the financial industry efficiency is higher than that in the non-east region. .","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78747292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-02DOI: 10.1080/1226508X.2023.2181845
Jun Hyung Kim, Yu Kyung Koh, Jinseong Park
ABSTRACT This paper examines the effects of working from home on mental health, with particular attention to the role of home environments. Using unique real-time survey data from South Korea collected during the COVID-19 pandemic, we find that working from home negatively affects the mental health of workers, with greater effects on women and those who are primarily responsible for housework while also maintaining market work. Surprisingly, workers who live with children in the household do not suffer from the negative effects of working from home. Our findings suggest that family-work interaction may be an important factor in the optimal design of working from home.
{"title":"Mental Health Consequences of Working from Home during the Pandemic","authors":"Jun Hyung Kim, Yu Kyung Koh, Jinseong Park","doi":"10.1080/1226508X.2023.2181845","DOIUrl":"https://doi.org/10.1080/1226508X.2023.2181845","url":null,"abstract":"ABSTRACT This paper examines the effects of working from home on mental health, with particular attention to the role of home environments. Using unique real-time survey data from South Korea collected during the COVID-19 pandemic, we find that working from home negatively affects the mental health of workers, with greater effects on women and those who are primarily responsible for housework while also maintaining market work. Surprisingly, workers who live with children in the household do not suffer from the negative effects of working from home. Our findings suggest that family-work interaction may be an important factor in the optimal design of working from home.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84785648","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-02DOI: 10.1080/1226508X.2023.2171458
Hyun-jung Nam, Y. An
ABSTRACT This study examines whether the cost of debt decreases when a banker interlocking director sits on the boards and exists within interlocking directors' network using a panel dataset during the period from 1998 to 2014. This study finds that the interlocking directors' network in Korea has gradually increased each year, and Korean firms' cost of debt is reduced when a banker interlocking director is participating on the boards and within interlocking directors' network. Specifically, Chaebols more strategically use a banker interlocking directors to lower the cost of debt than non-Chaebols. This result suggests that a banker interlocking director on boards with a strong firm network alleviates the burden of the cost of debt.
{"title":"Interlocking Network, Banker Interlocking Director and Cost of Debt","authors":"Hyun-jung Nam, Y. An","doi":"10.1080/1226508X.2023.2171458","DOIUrl":"https://doi.org/10.1080/1226508X.2023.2171458","url":null,"abstract":"ABSTRACT This study examines whether the cost of debt decreases when a banker interlocking director sits on the boards and exists within interlocking directors' network using a panel dataset during the period from 1998 to 2014. This study finds that the interlocking directors' network in Korea has gradually increased each year, and Korean firms' cost of debt is reduced when a banker interlocking director is participating on the boards and within interlocking directors' network. Specifically, Chaebols more strategically use a banker interlocking directors to lower the cost of debt than non-Chaebols. This result suggests that a banker interlocking director on boards with a strong firm network alleviates the burden of the cost of debt.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78880039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-02DOI: 10.1080/1226508X.2023.2166973
Xiaohong Yu, Maonan Chen, Liping Zhang
ABSTRACT This paper studies the relationship between the local chairperson of the board and the cash dividend distribution level by using annual data from A-share listed firms in China. Firstly, the empirical results show a firm’s cash dividend distribution level will increase when the firm has a local chairperson. The analysis of mediating effect concludes that the local chairperson can improve corporate performance by alleviating the first type of principal-agent problems, and this ultimately increases its cash dividend distribution level. Secondly, the cross-sectional tests show this consistency has a greater effect on the cash dividend distribution levels of state-owned enterprises and those that embraced high-quality external audits. Finally, this relationship will be weakened in firms that have the more serious second type of principal-agent problems.
{"title":"Cash Dividend, Principal-agent Problem and Local Chairperson: Evidence from China","authors":"Xiaohong Yu, Maonan Chen, Liping Zhang","doi":"10.1080/1226508X.2023.2166973","DOIUrl":"https://doi.org/10.1080/1226508X.2023.2166973","url":null,"abstract":"ABSTRACT This paper studies the relationship between the local chairperson of the board and the cash dividend distribution level by using annual data from A-share listed firms in China. Firstly, the empirical results show a firm’s cash dividend distribution level will increase when the firm has a local chairperson. The analysis of mediating effect concludes that the local chairperson can improve corporate performance by alleviating the first type of principal-agent problems, and this ultimately increases its cash dividend distribution level. Secondly, the cross-sectional tests show this consistency has a greater effect on the cash dividend distribution levels of state-owned enterprises and those that embraced high-quality external audits. Finally, this relationship will be weakened in firms that have the more serious second type of principal-agent problems.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75916663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-14DOI: 10.1080/1226508x.2022.2145333
Kwangyong Park
ABSTRACT
In this paper, we analyse the impacts of COVID-19 and the policy response to it in Korea based on a version of a Macro-SIR model with labour friction, and with multiple types of jobs and households. Due to substantial uncertainty in the model and parameters that govern the interaction between epidemiological and macroeconomic developments, we rely on a prior predictive analysis when simulating the model. We find that the model successfully predicts an endogenous rise in the number of confirmed cases in the second half of 2020, and a sharp decline in economic activity followed by a temporary recovery caused by the government transfer program. It also turns out that low-wealth households are more damaged from the pandemic due to larger losses in terms of labour income. In addition, it is shown that the consumption multiplier of the universal transfer program is around 0.09.
{"title":"Macroeconomic Impacts of COVID-19 and Universal Transfer Programs: The Case of Korea","authors":"Kwangyong Park","doi":"10.1080/1226508x.2022.2145333","DOIUrl":"https://doi.org/10.1080/1226508x.2022.2145333","url":null,"abstract":"<p><b>ABSTRACT</b></p><p>In this paper, we analyse the impacts of COVID-19 and the policy response to it in Korea based on a version of a Macro-SIR model with labour friction, and with multiple types of jobs and households. Due to substantial uncertainty in the model and parameters that govern the interaction between epidemiological and macroeconomic developments, we rely on a prior predictive analysis when simulating the model. We find that the model successfully predicts an endogenous rise in the number of confirmed cases in the second half of 2020, and a sharp decline in economic activity followed by a temporary recovery caused by the government transfer program. It also turns out that low-wealth households are more damaged from the pandemic due to larger losses in terms of labour income. In addition, it is shown that the consumption multiplier of the universal transfer program is around 0.09.</p>","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2022-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138513861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-02DOI: 10.1080/1226508X.2022.2151030
C. Chung, A. Fard
ABSTRACT This study investigates whether the effectiveness of institutional monitoring varies depending on the economic conditions of emerging capital markets. By analysing the Korean context, we find that the proportion of institutional trading negatively correlates with income smoothing. This finding indicates that, given the Korean market’s structural characteristics (high ownership concentration, large systematic risk, and a high proportion of individual investors), institutional investors, on average, have a strong preference for short-term investments, which may lead to an increase in managers’ opportunistic earnings reporting to meet institutional investors’ earnings expectations. We select our sample period, with the 2008 financial crisis at its centre, and compare the relationship between the proportion of institutional trading and income smoothing across periods before and after the crisis. Notably, our findings show that, in Korea, the diminished effectiveness of institutional monitoring is more pronounced in the post-financial crisis period, characterised by sluggish market growth. Therefore, within emerging capital markets in a period of low market growth, institutional investors’ long-term investment preferences and monitoring may be subdued because the costs of institutional monitoring may outweigh its benefits. This study provides an improved understanding of the variations in institutional monitoring in emerging capital markets brought on by the market’s structural properties and conditions.
{"title":"Institutional Investors and Earnings Management in the Korean Stock Market","authors":"C. Chung, A. Fard","doi":"10.1080/1226508X.2022.2151030","DOIUrl":"https://doi.org/10.1080/1226508X.2022.2151030","url":null,"abstract":"ABSTRACT This study investigates whether the effectiveness of institutional monitoring varies depending on the economic conditions of emerging capital markets. By analysing the Korean context, we find that the proportion of institutional trading negatively correlates with income smoothing. This finding indicates that, given the Korean market’s structural characteristics (high ownership concentration, large systematic risk, and a high proportion of individual investors), institutional investors, on average, have a strong preference for short-term investments, which may lead to an increase in managers’ opportunistic earnings reporting to meet institutional investors’ earnings expectations. We select our sample period, with the 2008 financial crisis at its centre, and compare the relationship between the proportion of institutional trading and income smoothing across periods before and after the crisis. Notably, our findings show that, in Korea, the diminished effectiveness of institutional monitoring is more pronounced in the post-financial crisis period, characterised by sluggish market growth. Therefore, within emerging capital markets in a period of low market growth, institutional investors’ long-term investment preferences and monitoring may be subdued because the costs of institutional monitoring may outweigh its benefits. This study provides an improved understanding of the variations in institutional monitoring in emerging capital markets brought on by the market’s structural properties and conditions.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78847301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-02DOI: 10.1080/1226508X.2022.2151029
Yunok Cho, Jungho Kim
ABSTRACT This article investigates how a firm’s foreign equity share affects its likelihood of strategic alliances with local firms, discussing the benefits and costs of such strategic alliances. Analysing a panel dataset of Korean firms, we find the inverted U-shaped relationship between foreign equity share and the likelihood of alliance involvement. We also find that the relationship depends on the types of alliance partner and industry. This relationship is relatively steeper when the foreign-owned firm collaborates with a local firm in a different industry. The negative effect of foreign equity share on the likelihood of strategic alliances dominates in high-technology industries.
{"title":"Strategic Alliances between Foreign-Owned Firms and Local Firms: The Role of Partner and Industry Types","authors":"Yunok Cho, Jungho Kim","doi":"10.1080/1226508X.2022.2151029","DOIUrl":"https://doi.org/10.1080/1226508X.2022.2151029","url":null,"abstract":"ABSTRACT This article investigates how a firm’s foreign equity share affects its likelihood of strategic alliances with local firms, discussing the benefits and costs of such strategic alliances. Analysing a panel dataset of Korean firms, we find the inverted U-shaped relationship between foreign equity share and the likelihood of alliance involvement. We also find that the relationship depends on the types of alliance partner and industry. This relationship is relatively steeper when the foreign-owned firm collaborates with a local firm in a different industry. The negative effect of foreign equity share on the likelihood of strategic alliances dominates in high-technology industries.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78700405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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