Pub Date : 2020-09-30DOI: 10.1080/1226508X.2020.1821746
B. Jirasakuldech, Riza Emekter
ABSTRACT This study investigates herding behaviour of investors in Thailand under different market conditions, crisis periods, and major market structural changes. The results show that herding behaviour occurs during an extreme market movement of negative or positive returns, in the declining market environment, on days with high trading volume, and during economic downturn as measured by negative GDP output gap. The structural break point analysis and rolling regression technique further shows that herding behaviour gathered heavily around 1997 Asian crisis. The establishments of internet trading platform, bond electronic trading exchange, and future electronic exchanges in Thailand do not make investors herd.
{"title":"Empirical Analysis of Investors’ Herding Behaviours during the Market Structural Changes and Crisis Events: Evidence from Thailand","authors":"B. Jirasakuldech, Riza Emekter","doi":"10.1080/1226508X.2020.1821746","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1821746","url":null,"abstract":"ABSTRACT This study investigates herding behaviour of investors in Thailand under different market conditions, crisis periods, and major market structural changes. The results show that herding behaviour occurs during an extreme market movement of negative or positive returns, in the declining market environment, on days with high trading volume, and during economic downturn as measured by negative GDP output gap. The structural break point analysis and rolling regression technique further shows that herding behaviour gathered heavily around 1997 Asian crisis. The establishments of internet trading platform, bond electronic trading exchange, and future electronic exchanges in Thailand do not make investors herd.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"491 1","pages":"139 - 168"},"PeriodicalIF":1.7,"publicationDate":"2020-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81792059","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 : 2020-09-16DOI: 10.1080/1226508x.2020.1821745
Goran M. Muhamad, A. Heshmati, Nabaz T. Khayyat
ABSTRACT This paper discusses the role of private sector development in overcoming the challenges of the resource curse. It identifies the developmental factors in the private sector in natural resource dependent countries by adapting a dynamic flexible adjustment model. Its empirical results are based on panel data from 110 natural resource producers in developed, developing, and emerging countries during the period 1990–2017. The findings show that natural resource rents can foster private sector development, and the speed of adjustment towards the target level of development is faster in oil and gas exporting countries.
{"title":"The Dynamics of Private Sector Development in Natural Resource Dependent Countries","authors":"Goran M. Muhamad, A. Heshmati, Nabaz T. Khayyat","doi":"10.1080/1226508x.2020.1821745","DOIUrl":"https://doi.org/10.1080/1226508x.2020.1821745","url":null,"abstract":"ABSTRACT This paper discusses the role of private sector development in overcoming the challenges of the resource curse. It identifies the developmental factors in the private sector in natural resource dependent countries by adapting a dynamic flexible adjustment model. Its empirical results are based on panel data from 110 natural resource producers in developed, developing, and emerging countries during the period 1990–2017. The findings show that natural resource rents can foster private sector development, and the speed of adjustment towards the target level of development is faster in oil and gas exporting countries.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"61 1","pages":"396 - 421"},"PeriodicalIF":1.7,"publicationDate":"2020-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84204800","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 : 2020-07-25DOI: 10.1080/1226508x.2020.1798267
R. Rijesh
ABSTRACT The study examines the impact of embodied (capital goods) and disembodied (royalties, technical fees etc.) technology import on Indian manufacturing exports during 1995-2016. The panel econometric analysis based on OLS, RE, FGLS, and Tobit regression revealed a significant impact of both forms of technology purchase on overall manufacturing exports. The use-based classification of manufacturing revealed that the embodied technology facilitated the exports of intermediate and capital goods while the disembodied technology helped theexports of consumer goods and capital goods. In all cases, the impact of technology import on the exports of basic goods is negligible. We also find a statistically significant impact of R&D on Indian exports.
{"title":"Trade Liberalisation, Technology Import, and Indian Manufacturing Exports","authors":"R. Rijesh","doi":"10.1080/1226508x.2020.1798267","DOIUrl":"https://doi.org/10.1080/1226508x.2020.1798267","url":null,"abstract":"ABSTRACT The study examines the impact of embodied (capital goods) and disembodied (royalties, technical fees etc.) technology import on Indian manufacturing exports during 1995-2016. The panel econometric analysis based on OLS, RE, FGLS, and Tobit regression revealed a significant impact of both forms of technology purchase on overall manufacturing exports. The use-based classification of manufacturing revealed that the embodied technology facilitated the exports of intermediate and capital goods while the disembodied technology helped theexports of consumer goods and capital goods. In all cases, the impact of technology import on the exports of basic goods is negligible. We also find a statistically significant impact of R&D on Indian exports.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"5 1","pages":"369 - 395"},"PeriodicalIF":1.7,"publicationDate":"2020-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89285530","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 : 2020-07-22DOI: 10.1080/1226508x.2020.1798268
C. Chung, Dongnyoung Kim, Junyoup Lee
ABSTRACT Institutional investors dissatisfied with weak firm governance can directly or indirectly intervene in management to maximise profits. However, no study has investigated the effects of such interventions on corporate governance. This study therefore examines the effect of Korean National Pension Service blockholdings on firms’ corporate governance quality in the Korean market. This setting is interesting because the market is dominated by chaebols, which have ineffective internal governance mechanisms. We find that blockholdings reduce corporate governance quality under various endogeneity checks and empirical models; this finding in an emerging market implies that regulatory authorities should support institutional blockholders’ active market participation.
{"title":"Do Institutional Investors Improve Corporate Governance Quality? Evidence From the Blockholdings of the Korean National Pension Service","authors":"C. Chung, Dongnyoung Kim, Junyoup Lee","doi":"10.1080/1226508x.2020.1798268","DOIUrl":"https://doi.org/10.1080/1226508x.2020.1798268","url":null,"abstract":"ABSTRACT Institutional investors dissatisfied with weak firm governance can directly or indirectly intervene in management to maximise profits. However, no study has investigated the effects of such interventions on corporate governance. This study therefore examines the effect of Korean National Pension Service blockholdings on firms’ corporate governance quality in the Korean market. This setting is interesting because the market is dominated by chaebols, which have ineffective internal governance mechanisms. We find that blockholdings reduce corporate governance quality under various endogeneity checks and empirical models; this finding in an emerging market implies that regulatory authorities should support institutional blockholders’ active market participation.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"25 1","pages":"422 - 437"},"PeriodicalIF":1.7,"publicationDate":"2020-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73495202","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 : 2020-07-02DOI: 10.1080/1226508X.2020.1792329
Eugene Beaulieu, Zeng Lian, Shan Wan
ABSTRACT This paper studies the trade promotion effects of state visits paid by Chinese political leaders by analyzing China’s trade flow with 184 countries between 1998 and 2014. International events are used to instrument state visits. The results find that trade promotion effects come two years after the visits. Moreover, the promotion effects are biased towards the industries and firms with connections to the government. Trade barriers offset the promotion effects of state visits.
{"title":"Presidential Marketing: Trade Promotion Effects of State Visits","authors":"Eugene Beaulieu, Zeng Lian, Shan Wan","doi":"10.1080/1226508X.2020.1792329","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1792329","url":null,"abstract":"ABSTRACT This paper studies the trade promotion effects of state visits paid by Chinese political leaders by analyzing China’s trade flow with 184 countries between 1998 and 2014. International events are used to instrument state visits. The results find that trade promotion effects come two years after the visits. Moreover, the promotion effects are biased towards the industries and firms with connections to the government. Trade barriers offset the promotion effects of state visits.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"99 1","pages":"309 - 327"},"PeriodicalIF":1.7,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84181143","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 : 2020-07-02DOI: 10.1080/1226508X.2020.1792330
Jinqing Zhang, Hui Chen, Yunbi An
ABSTRACT This paper presents a three-period dynamic model establishing the expropriation-investment relation for firms with financing constraints. Focusing on Chinese listed companies, we find that firms with less tight financing constraints overinvest before expropriation if the intended expropriation level is below a threshold, and underinvest if otherwise, while expropriation in these firms does not impact inefficient investment during and after expropriation even after relevant sanctions are imposed. We also find that expropriation in firms with tight financing constraints has no significant impacts on inefficient investment before expropriation, but further tightens firms’ financing constraints during and after expropriation, leading to underinvestment.
{"title":"Does Expropriation of Large Shareholders Change Corporate Investment Behaviors? Evidence from Chinese Listed Companies","authors":"Jinqing Zhang, Hui Chen, Yunbi An","doi":"10.1080/1226508X.2020.1792330","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1792330","url":null,"abstract":"ABSTRACT This paper presents a three-period dynamic model establishing the expropriation-investment relation for firms with financing constraints. Focusing on Chinese listed companies, we find that firms with less tight financing constraints overinvest before expropriation if the intended expropriation level is below a threshold, and underinvest if otherwise, while expropriation in these firms does not impact inefficient investment during and after expropriation even after relevant sanctions are imposed. We also find that expropriation in firms with tight financing constraints has no significant impacts on inefficient investment before expropriation, but further tightens firms’ financing constraints during and after expropriation, leading to underinvestment.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"25 2 1","pages":"223 - 250"},"PeriodicalIF":1.7,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79411536","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 : 2020-07-02DOI: 10.1080/1226508X.2020.1792327
Zhihui Wen, Lijuan Zhuang, Rixin Zhang
ABSTRACT The paper analyzes the formative mechanism of the import and export technology effect, the trade contribution and squeezing effect on technology of agricultural FDI, and further regionally discusses this issue in China. The contribution of agricultural FDI to the import and export of agricultural products is remarkable. The agricultural FDI and growth rate of international trade had crowding out effects on domestic agricultural investment. There is a significant positive correlation in the study of regional technical spillover. Agricultural FDI investment enhances the ability of agricultural research and development, to produce technology spillover. Midwest regional technology spillover is not obvious.
{"title":"The Empirical Analysis on the Import and Export Technology Effect of Agricultural FDI in China","authors":"Zhihui Wen, Lijuan Zhuang, Rixin Zhang","doi":"10.1080/1226508X.2020.1792327","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1792327","url":null,"abstract":"ABSTRACT The paper analyzes the formative mechanism of the import and export technology effect, the trade contribution and squeezing effect on technology of agricultural FDI, and further regionally discusses this issue in China. The contribution of agricultural FDI to the import and export of agricultural products is remarkable. The agricultural FDI and growth rate of international trade had crowding out effects on domestic agricultural investment. There is a significant positive correlation in the study of regional technical spillover. Agricultural FDI investment enhances the ability of agricultural research and development, to produce technology spillover. Midwest regional technology spillover is not obvious.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"10 1","pages":"273 - 285"},"PeriodicalIF":1.7,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85702421","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 : 2020-07-02DOI: 10.1080/1226508X.2020.1792328
T. Long
ABSTRACT The UK departure from EU (Brexit) has profound economic implications for all countries engaged in the global value chains. Using a new decomposition approach, this study examines the position of Asian exports in the EU27-UK supply chains trade. We find that total Asian VA embedded in the EU27-UK supply chains trade increased during 2000–2014, mostly due to the emergence of China. Although Japan’s position in the EU27-UK supply chains trade declined, her positions in the supply chains trade between EU27 (the UK) and all EU27’s (the UK’s) trading partners have increased. Some Asian industries, including computer and electronic and electrical equipment or textile and garment apparel, may affect heavily due the EU27-UK trade disruptions.
{"title":"Brexit and Asian Exports: A Value Chains Perspective","authors":"T. Long","doi":"10.1080/1226508X.2020.1792328","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1792328","url":null,"abstract":"ABSTRACT The UK departure from EU (Brexit) has profound economic implications for all countries engaged in the global value chains. Using a new decomposition approach, this study examines the position of Asian exports in the EU27-UK supply chains trade. We find that total Asian VA embedded in the EU27-UK supply chains trade increased during 2000–2014, mostly due to the emergence of China. Although Japan’s position in the EU27-UK supply chains trade declined, her positions in the supply chains trade between EU27 (the UK) and all EU27’s (the UK’s) trading partners have increased. Some Asian industries, including computer and electronic and electrical equipment or textile and garment apparel, may affect heavily due the EU27-UK trade disruptions.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"53 1","pages":"286 - 308"},"PeriodicalIF":1.7,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85624508","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 : 2020-06-08DOI: 10.1080/1226508X.2020.1748083
L. Hung
ABSTRACT On a sample of 150 economies, we characterise the safety of public debt by both ordinary least square and instrument variable regressions. For demand analysis, the public debt is safer for a larger financial market size, a higher financial development level, a lower inflation rate and greater political stability. For supply analysis, the safety of debt improves for a huger debt stock in economies with high income per capita but deteriorates in economies with low income per capita. Cases studies record that, compared with the prediction by economic fundamentals, the investors overestimate the debt safety of China but underestimate that of Greece and Japan.
{"title":"Public Safe Assets Determination","authors":"L. Hung","doi":"10.1080/1226508X.2020.1748083","DOIUrl":"https://doi.org/10.1080/1226508X.2020.1748083","url":null,"abstract":"ABSTRACT On a sample of 150 economies, we characterise the safety of public debt by both ordinary least square and instrument variable regressions. For demand analysis, the public debt is safer for a larger financial market size, a higher financial development level, a lower inflation rate and greater political stability. For supply analysis, the safety of debt improves for a huger debt stock in economies with high income per capita but deteriorates in economies with low income per capita. Cases studies record that, compared with the prediction by economic fundamentals, the investors overestimate the debt safety of China but underestimate that of Greece and Japan.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"6 1","pages":"350 - 368"},"PeriodicalIF":1.7,"publicationDate":"2020-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87244981","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 : 2020-04-02DOI: 10.1080/1226508X.2019.1699846
K. Lee, C. Chung, Justin D. Morscheck
ABSTRACT We examine institutional blockholders’ active monitoring influence using a proprietary corporate governance score (CGS) provided by the Korea Corporate Governance Service (KCGS). We find that institutional blockholders effectively exert monitoring influence to improve CSG scores of investee firms. The evidence of effective monitoring is particularly evident for domestic institutional blockholders and is strongest in the shareholder rights category of the CSG score. Consistent with domestic blockholders having an informational advantage over their foreign counterparts, the evidence of active monitoring is stronger (weaker) in firms with lower (higher) earnings management (higher information quality) and for firms with lower (higher) stock liquidity. Our robust findings shed light on the specific monitoring role of institutional blockholders in emerging markets, where sound corporate governance is essential to firms’ long-term sustainability.
{"title":"Does Geographic Proximity Matter in Active Monitoring? Evidence from Institutional Blockholder Monitoring of Corporate Governance in the Korean Market","authors":"K. Lee, C. Chung, Justin D. Morscheck","doi":"10.1080/1226508X.2019.1699846","DOIUrl":"https://doi.org/10.1080/1226508X.2019.1699846","url":null,"abstract":"ABSTRACT We examine institutional blockholders’ active monitoring influence using a proprietary corporate governance score (CGS) provided by the Korea Corporate Governance Service (KCGS). We find that institutional blockholders effectively exert monitoring influence to improve CSG scores of investee firms. The evidence of effective monitoring is particularly evident for domestic institutional blockholders and is strongest in the shareholder rights category of the CSG score. Consistent with domestic blockholders having an informational advantage over their foreign counterparts, the evidence of active monitoring is stronger (weaker) in firms with lower (higher) earnings management (higher information quality) and for firms with lower (higher) stock liquidity. Our robust findings shed light on the specific monitoring role of institutional blockholders in emerging markets, where sound corporate governance is essential to firms’ long-term sustainability.","PeriodicalId":45235,"journal":{"name":"Global Economic Review","volume":"&NA; 1","pages":"150 - 170"},"PeriodicalIF":1.7,"publicationDate":"2020-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83376176","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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