Pub Date : 2022-12-22DOI: 10.1080/14765284.2022.2161175
Zhongchen Song, T. Coupé
ABSTRACT There is a substantial literature that suggests that search behavior data from Google Trends can be used for both private and public sector decision-making. In this paper, we use search behavior data from Baidu, the internet search engine most popular in China, to analyze whether these can improve nowcasts and forecasts of the Chinese economy. Using a wide variety of estimation and variable selection procedures, we find that Baidu’s search data can improve nowcast and forecast performance of the sales of automobiles and mobile phones reducing forecast errors by more than 10%, as well as reducing forecast errors of total retail sales of consumptions goods in China by more than 40%. Google Trends data, in contrast, do not improve performance.
{"title":"Predicting Chinese consumption series with Baidu","authors":"Zhongchen Song, T. Coupé","doi":"10.1080/14765284.2022.2161175","DOIUrl":"https://doi.org/10.1080/14765284.2022.2161175","url":null,"abstract":"ABSTRACT There is a substantial literature that suggests that search behavior data from Google Trends can be used for both private and public sector decision-making. In this paper, we use search behavior data from Baidu, the internet search engine most popular in China, to analyze whether these can improve nowcasts and forecasts of the Chinese economy. Using a wide variety of estimation and variable selection procedures, we find that Baidu’s search data can improve nowcast and forecast performance of the sales of automobiles and mobile phones reducing forecast errors by more than 10%, as well as reducing forecast errors of total retail sales of consumptions goods in China by more than 40%. Google Trends data, in contrast, do not improve performance.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"429 - 463"},"PeriodicalIF":2.0,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44554257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-29DOI: 10.1080/14765284.2022.2137723
Kai Liu, Xin Yue, Yan‐Ling Yu
ABSTRACT The indirect spillover effects of manufacturing foreign direct investment (FDI) through upstream suppliers are often ignored by academia. This paper first explains theoretically the mechanism of indirect horizontal spillovers from foreign-funded firms and matches China Industry Business Performance Data and the China Customs Dataset, then empirically analyzes the indirect horizontal spillover effects of China’s manufacturing FDI through upstream suppliers. The results show that China’s manufacturing FDI generates significant positive technology spillovers to local firms through an indirect horizontal mechanism; the vertical spillover effects of China’s manufacturing FDI are asymmetric; the indirect spillover effects are influenced by firm ownership, whether it trades or not, and firm size; and the indirect spillovers generated by FDI restrain the quality of products for exports by local firms in the intra-industry but significantly improve the quality of products for export of upstream suppliers through backward linkages.
{"title":"FDI, indirect horizontal spillover and firm productivity in China’s manufacturing industry","authors":"Kai Liu, Xin Yue, Yan‐Ling Yu","doi":"10.1080/14765284.2022.2137723","DOIUrl":"https://doi.org/10.1080/14765284.2022.2137723","url":null,"abstract":"ABSTRACT The indirect spillover effects of manufacturing foreign direct investment (FDI) through upstream suppliers are often ignored by academia. This paper first explains theoretically the mechanism of indirect horizontal spillovers from foreign-funded firms and matches China Industry Business Performance Data and the China Customs Dataset, then empirically analyzes the indirect horizontal spillover effects of China’s manufacturing FDI through upstream suppliers. The results show that China’s manufacturing FDI generates significant positive technology spillovers to local firms through an indirect horizontal mechanism; the vertical spillover effects of China’s manufacturing FDI are asymmetric; the indirect spillover effects are influenced by firm ownership, whether it trades or not, and firm size; and the indirect spillovers generated by FDI restrain the quality of products for exports by local firms in the intra-industry but significantly improve the quality of products for export of upstream suppliers through backward linkages.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49072465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-18DOI: 10.1080/14765284.2022.2136933
Hong Bo
ABSTRACT In this short article, I provide a preliminary assessment of the economic consequences of possible secondary sanctions on China. Considering the interdependence of China with the rest of the world, I analyse challenges and opportunities China would face in the scenario of secondary sanctions. My analysis covers China’s real economy, domestic financial system, role in international finance, and Belt and Road Initiative (BRI). Overall, China can survive secondary sanctions, but its ambitions for the advancement of technology would face mounting difficulties.
{"title":"Implications of the Ukraine war for China: can China survive secondary sanctions?","authors":"Hong Bo","doi":"10.1080/14765284.2022.2136933","DOIUrl":"https://doi.org/10.1080/14765284.2022.2136933","url":null,"abstract":"ABSTRACT In this short article, I provide a preliminary assessment of the economic consequences of possible secondary sanctions on China. Considering the interdependence of China with the rest of the world, I analyse challenges and opportunities China would face in the scenario of secondary sanctions. My analysis covers China’s real economy, domestic financial system, role in international finance, and Belt and Road Initiative (BRI). Overall, China can survive secondary sanctions, but its ambitions for the advancement of technology would face mounting difficulties.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"311 - 322"},"PeriodicalIF":2.0,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47330984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-02DOI: 10.1080/14765284.2022.2138161
Yizhi Wang, Florian Horky, L. Baals, B. Lucey, S. Vigne
ABSTRACT Amid surging market values and widespread regulatory discussion, NFT and DeFi markets are widely perceived as being simply speculative in nature. This paper detects the existence and dates of price bubbles in the NFT and DeFi markets by applying SADF and GSADF tests. We document that NFT and DeFi markets both exhibit speculative bubbles, with NFT bubbles being more recurrent and having higher average explosive magnitudes than DeFi bubbles. The price bubbles in the NFT and DeFi markets are highly correlated with market hype and with more general cryptocurrency market uncertainty. We do find periods where bubbles are not detected, suggesting that these markets do have some intrinsic value and should not be dismissed as simply bubbles.
{"title":"Bubbles all the way down? Detecting and date-stamping bubble behaviours in NFT and DeFi markets","authors":"Yizhi Wang, Florian Horky, L. Baals, B. Lucey, S. Vigne","doi":"10.1080/14765284.2022.2138161","DOIUrl":"https://doi.org/10.1080/14765284.2022.2138161","url":null,"abstract":"ABSTRACT Amid surging market values and widespread regulatory discussion, NFT and DeFi markets are widely perceived as being simply speculative in nature. This paper detects the existence and dates of price bubbles in the NFT and DeFi markets by applying SADF and GSADF tests. We document that NFT and DeFi markets both exhibit speculative bubbles, with NFT bubbles being more recurrent and having higher average explosive magnitudes than DeFi bubbles. The price bubbles in the NFT and DeFi markets are highly correlated with market hype and with more general cryptocurrency market uncertainty. We do find periods where bubbles are not detected, suggesting that these markets do have some intrinsic value and should not be dismissed as simply bubbles.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"415 - 436"},"PeriodicalIF":2.0,"publicationDate":"2022-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45752515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-28DOI: 10.1080/14765284.2022.2116203
Jing-Li Fan, Zixia Ding, Kai Li, Qian Wang, Xian Zhang
ABSTRACT Many countries have made carbon neutrality pledges in response to climate change. In this study, we collected 2,918 publications related to carbon neutrality from the Web of Science and conducted a bibliometric analysis. In this field, we discovered: (1) The number of publications has gone through three phases, with 66.6% of total publications during 2015–2021; research was dominated by the US, with four of the ten most influential institutions coming from it. In 2016, China exceeded the UK in terms of annual publications and ranked second. (2) Academic collaboration among the Top 20 productive countries was extensive, with co-authors from 12 of the 20 countries publishing more than 50% of the total. (3) Co-word analysis indicated that during 2000–2007, researchers focused mainly on ecological carbon sinks; during 2008–2014, carbon markets, bioenergy, and bio-based products attracted attention; during 2015–2021, carbon sequestration technologies, hydrogen, and fuel cells were the focus.
为应对气候变化，许多国家都做出了碳中和承诺。在本研究中，我们从Web of Science收集了2918篇与碳中和相关的出版物，并进行了文献计量分析。在这一领域，我们发现:(1)论文发表数量经历了三个阶段，2015-2021年占总发表量的66.6%;最具影响力的10家研究机构中，有4家来自美国。2016年，中国年度出版物数量超过英国，排名第二。(2)生产力排名前20位的国家之间的学术合作非常广泛，其中12个国家的共同作者发表的论文超过总数的50%。(3)共词分析表明，2000-2007年，研究人员主要关注生态碳汇;2008-2014年，碳市场、生物能源和生物基产品备受关注;在2015-2021年期间，碳封存技术、氢和燃料电池是重点。
{"title":"Research on carbon neutrality from the past to the future: a bibliometric analysis","authors":"Jing-Li Fan, Zixia Ding, Kai Li, Qian Wang, Xian Zhang","doi":"10.1080/14765284.2022.2116203","DOIUrl":"https://doi.org/10.1080/14765284.2022.2116203","url":null,"abstract":"ABSTRACT Many countries have made carbon neutrality pledges in response to climate change. In this study, we collected 2,918 publications related to carbon neutrality from the Web of Science and conducted a bibliometric analysis. In this field, we discovered: (1) The number of publications has gone through three phases, with 66.6% of total publications during 2015–2021; research was dominated by the US, with four of the ten most influential institutions coming from it. In 2016, China exceeded the UK in terms of annual publications and ranked second. (2) Academic collaboration among the Top 20 productive countries was extensive, with co-authors from 12 of the 20 countries publishing more than 50% of the total. (3) Co-word analysis indicated that during 2000–2007, researchers focused mainly on ecological carbon sinks; during 2008–2014, carbon markets, bioenergy, and bio-based products attracted attention; during 2015–2021, carbon sequestration technologies, hydrogen, and fuel cells were the focus.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"27 - 48"},"PeriodicalIF":2.0,"publicationDate":"2022-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46253934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-30DOI: 10.1080/14765284.2022.2106539
Kangyin Dong, Jun Zhao, Xiaohang Ren, Yukun Shi
ABSTRACT This study aims to explore whether the impact of environmental regulation on pollution emissions varies across China’s regions under different human capital levels. And whether environmental regulation will affect sulfur emissions through human capital is also examined. The empirical results conclude that: (1) environmental protection investment cannot effectively contribute to sulfur emission reduction for the full sample; (2) environmental regulation can aggravate pollution emissions when human capital is low, while human capital is in a high-level, enhanced regulation can help reduce pollution emissions; and (3) environmental regulation can help strengthen sulfur reduction through human capital accumulation; however, the reduction of sulfur emissions by human capital cannot offset the direct positive effect of environmental regulation on sulfur emissions.
{"title":"Environmental regulation, human capital, and pollutant emissions: the case of SO2 emissions for China","authors":"Kangyin Dong, Jun Zhao, Xiaohang Ren, Yukun Shi","doi":"10.1080/14765284.2022.2106539","DOIUrl":"https://doi.org/10.1080/14765284.2022.2106539","url":null,"abstract":"ABSTRACT This study aims to explore whether the impact of environmental regulation on pollution emissions varies across China’s regions under different human capital levels. And whether environmental regulation will affect sulfur emissions through human capital is also examined. The empirical results conclude that: (1) environmental protection investment cannot effectively contribute to sulfur emission reduction for the full sample; (2) environmental regulation can aggravate pollution emissions when human capital is low, while human capital is in a high-level, enhanced regulation can help reduce pollution emissions; and (3) environmental regulation can help strengthen sulfur reduction through human capital accumulation; however, the reduction of sulfur emissions by human capital cannot offset the direct positive effect of environmental regulation on sulfur emissions.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"21 1","pages":"111 - 135"},"PeriodicalIF":2.0,"publicationDate":"2022-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47155618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-29DOI: 10.1080/14765284.2022.2103629
Yibo Mao, Xinxin Ma, Peng Zhan
ABSTRACT This study attempts to estimate how much older adults would work if they were to work as much as middle-aged adults with the same health status in China. Using data from the China Household Income Project survey in 2013 and 2018, and based on the Milligan–Wise and CMR models, three main findings emerge: first, an untapped additional work capacity exists for those in the group aged 60–69, which comprises 29.8–65.8% of urban residents and 4.4–22.4% of rural residents. Second, additional work capacity is higher for urban residents with higher levels of education than for their counterparts, and the educational disparity in work capacity is greater for urban residents than for rural residents. Third, the decomposition results indicate that changes in health status contributed to increased potential work capacity for urban residents while decreasing that of rural residents.
{"title":"Health capacity to work of the older adults in China: evidence from CHIPs","authors":"Yibo Mao, Xinxin Ma, Peng Zhan","doi":"10.1080/14765284.2022.2103629","DOIUrl":"https://doi.org/10.1080/14765284.2022.2103629","url":null,"abstract":"ABSTRACT This study attempts to estimate how much older adults would work if they were to work as much as middle-aged adults with the same health status in China. Using data from the China Household Income Project survey in 2013 and 2018, and based on the Milligan–Wise and CMR models, three main findings emerge: first, an untapped additional work capacity exists for those in the group aged 60–69, which comprises 29.8–65.8% of urban residents and 4.4–22.4% of rural residents. Second, additional work capacity is higher for urban residents with higher levels of education than for their counterparts, and the educational disparity in work capacity is greater for urban residents than for rural residents. Third, the decomposition results indicate that changes in health status contributed to increased potential work capacity for urban residents while decreasing that of rural residents.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":" ","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43931657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-13DOI: 10.1080/14765284.2022.2046439
Yunling Zhang
ABSTRACT China needs a long-time peaceful and cooperative environment, and it has no intention to overthrow the existing basic international system. China supports a multiple world with different cultures, political systems and social structures based on the principle of mutual respect and peaceful coexistence. The relationship between China and the United States seems enter into a sensitive and dangerous time. We need new mind set and wisdom to handle such a complex and important relationship. China’s rise is a significant event in our world. The quick rise of China changes China itself and also changes the region and the world. Due to these changes, the relations between China and the outside world are undergoing significant restructuring. It is crucial to manage the changes smoothly so as to realize a peaceful age.
{"title":"China’s rise and peace building in Asia","authors":"Yunling Zhang","doi":"10.1080/14765284.2022.2046439","DOIUrl":"https://doi.org/10.1080/14765284.2022.2046439","url":null,"abstract":"ABSTRACT China needs a long-time peaceful and cooperative environment, and it has no intention to overthrow the existing basic international system. China supports a multiple world with different cultures, political systems and social structures based on the principle of mutual respect and peaceful coexistence. The relationship between China and the United States seems enter into a sensitive and dangerous time. We need new mind set and wisdom to handle such a complex and important relationship. China’s rise is a significant event in our world. The quick rise of China changes China itself and also changes the region and the world. Due to these changes, the relations between China and the outside world are undergoing significant restructuring. It is crucial to manage the changes smoothly so as to realize a peaceful age.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"275 - 285"},"PeriodicalIF":2.0,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41486425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-31DOI: 10.1080/14765284.2022.2077631
Yuan Li, A. Hadfield
ABSTRACT The COVID-19 pandemic has few recent parallels in terms of its scale and scope in contemporary human history. Its after-effects are ongoing, many of which include a devastating impact on economies and societies the world over. Within this Special Issue, we reflect on the major impacts, trends and consequences that have arisen from spread of the Covid-19 pandemic in the past two years. In doing so, we highlight the varying responses of national governments and international institutions, explore the causes behind the choice of different models to suppress the pandemic, and evaluate the way in which those choices have had material impacts on communities, economies and governments. We also focus on some of the specific interactions between China and the outside world, including its relationship and cooperation with Asia and Europe, amidst US-China rivalry.
{"title":"East meets West: challenges and responses in pandemic times","authors":"Yuan Li, A. Hadfield","doi":"10.1080/14765284.2022.2077631","DOIUrl":"https://doi.org/10.1080/14765284.2022.2077631","url":null,"abstract":"ABSTRACT The COVID-19 pandemic has few recent parallels in terms of its scale and scope in contemporary human history. Its after-effects are ongoing, many of which include a devastating impact on economies and societies the world over. Within this Special Issue, we reflect on the major impacts, trends and consequences that have arisen from spread of the Covid-19 pandemic in the past two years. In doing so, we highlight the varying responses of national governments and international institutions, explore the causes behind the choice of different models to suppress the pandemic, and evaluate the way in which those choices have had material impacts on communities, economies and governments. We also focus on some of the specific interactions between China and the outside world, including its relationship and cooperation with Asia and Europe, amidst US-China rivalry.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"20 1","pages":"219 - 224"},"PeriodicalIF":2.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59960946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The annual income earned plays a very important role in stock investing as it influences several dimensions of the investment process. The main goal of this research was to examine the role of the annual income earned by the secondary equity investors in the decision- making process. The research is exploratory in nature where a questionnaire survey was conducted on a sample of 436 secondary equity investors residing in the Chennai city of India. The data was analysed using quantitative techniques like ANOVA, Multinomial Logistic Regression, Discriminant and Cross Tabulation. The ANOVA results revealed that except in economy analysis and company analysis, the investors belonging to the various income groups differed in all the other decision-making techniques. When divided in terms of gender and age as well, the results were significant. The Multinomial logistic regression analysis resulted in a robust model which showed that industry analysis, technical analysis, gender*advocate recommendation and gender*equity investment knowledge are significant predictors of the annual income. The Discriminant model developed to predict the returns earned in equity investments showed that only the industry analysis and company analysis have a positive relationship with the equity returns. The demographic and financial profile of the high- and low-income investors were examined in the Cross-tabulation analysis. The main outcomes of the study are (i) older investors are less likely to belong to the low income group compared to the average income group; (ii) the low-income investors are likely to be male investors with decreased equity investment knowledge; (iii) investors who employ industry analysis are more likely to belong to the high income group and those who employ technical analysis are less likely to belong to the high income group compared to the average income group and (iv) investors with more equity investment knowledge are more likely to belong to the high income group compared to the average income group. The results also show that adopting industry analysis and/or company analysis may lead to a higher probability of earning higher returns in the equity market whereas the adoption of economy analysis, technical analysis and/or advocate recommendation lead to lower returns. This study would guide investors and advisors to examine the direct and indirect influences of the income earned. Government bodies and investor associations need to focus on the low income investors who are more vulnerable to financial blunders owing to their financial issues.
{"title":"Does the annual income earned influence the decision-making in the Indian Secondary equity market?","authors":"R. Isidore, C. Arun","doi":"10.53462/aznz9904","DOIUrl":"https://doi.org/10.53462/aznz9904","url":null,"abstract":"The annual income earned plays a very important role in stock investing as it influences several dimensions of the investment process. The main goal of this research was to examine the role of the annual income earned by the secondary equity investors in the decision- making process. The research is exploratory in nature where a questionnaire survey was conducted on a sample of 436 secondary equity investors residing in the Chennai city of India. The data was analysed using quantitative techniques like ANOVA, Multinomial Logistic Regression, Discriminant and Cross Tabulation. The ANOVA results revealed that except in economy analysis and company analysis, the investors belonging to the various income groups differed in all the other decision-making techniques. When divided in terms of gender and age as well, the results were significant. The Multinomial logistic regression analysis resulted in a robust model which showed that industry analysis, technical analysis, gender*advocate recommendation and gender*equity investment knowledge are significant predictors of the annual income. The Discriminant model developed to predict the returns earned in equity investments showed that only the industry analysis and company analysis have a positive relationship with the equity returns. The demographic and financial profile of the high- and low-income investors were examined in the Cross-tabulation analysis. The main outcomes of the study are (i) older investors are less likely to belong to the low income group compared to the average income group; (ii) the low-income investors are likely to be male investors with decreased equity investment knowledge; (iii) investors who employ industry analysis are more likely to belong to the high income group and those who employ technical analysis are less likely to belong to the high income group compared to the average income group and (iv) investors with more equity investment knowledge are more likely to belong to the high income group compared to the average income group. The results also show that adopting industry analysis and/or company analysis may lead to a higher probability of earning higher returns in the equity market whereas the adoption of economy analysis, technical analysis and/or advocate recommendation lead to lower returns. This study would guide investors and advisors to examine the direct and indirect influences of the income earned. Government bodies and investor associations need to focus on the low income investors who are more vulnerable to financial blunders owing to their financial issues.","PeriodicalId":45444,"journal":{"name":"Journal of Chinese Economic and Business Studies","volume":"18 1","pages":""},"PeriodicalIF":2.0,"publicationDate":"2022-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80825205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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