Pub Date : 2024-05-20DOI: 10.1108/jes-11-2023-0656
Dai Binh Tran, Hanh Thi My Tran
Purpose
This study examines the impact of schooling on risk perceptions and the moderation role of a non-cognitive skill, locus of control.
Design/methodology/approach
Using information from the Thailand Vietnam Socio Economic Panel data set, the study employs Generalised Method of Moments (GMM) to address the potential endogeneity problem of the schooling variable.
Findings
The findings indicate that a higher level of willingness to take risks is correlated with additional schooling years. In other words, those with higher levels of education are more prone to take more risks. The result demonstrates that the association between education and risk attitudes is moderated by locus of control.
Originality/value
This study contributes to the growing literature on education in emerging countries by addressing the endogeneity problem of schooling variables using the GMM method. Moreover, this study examines the mediating role of personal non-cognitive skills, namely locus of control, in the relationship between education and risk attitudes.
{"title":"Does education promote risk-taking? Evidence from Vietnam","authors":"Dai Binh Tran, Hanh Thi My Tran","doi":"10.1108/jes-11-2023-0656","DOIUrl":"https://doi.org/10.1108/jes-11-2023-0656","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study examines the impact of schooling on risk perceptions and the moderation role of a non-cognitive skill, locus of control.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Using information from the Thailand Vietnam Socio Economic Panel data set, the study employs Generalised Method of Moments (GMM) to address the potential endogeneity problem of the schooling variable.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings indicate that a higher level of willingness to take risks is correlated with additional schooling years. In other words, those with higher levels of education are more prone to take more risks. The result demonstrates that the association between education and risk attitudes is moderated by locus of control.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study contributes to the growing literature on education in emerging countries by addressing the endogeneity problem of schooling variables using the GMM method. Moreover, this study examines the mediating role of personal non-cognitive skills, namely locus of control, in the relationship between education and risk attitudes.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141061073","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 : 2024-05-20DOI: 10.1108/jes-10-2023-0596
Olawale Daniel Akinyele
Purpose
Development has been a long-age phenomenon from the millennium to sustainability. This is because the new millennium ushered in the episode of development in the global economy from the role of inputs to the role of productivity and knowledge. Thus, understanding the forefront of initiatives to develop better policies for better lives and to find fact-based answers to social, economic, and environmental problems becomes unavoidable.
Design/methodology/approach
The study therefore assesses the impact of labor productivity and investment decisions on human development. A modified production theory was adopted for OECD economies. To address the problem of endogeneity and cross-sectional dependence, a two-step system generalized method of moments, Driscoll–Kraay estimator, and Panel Corrected Standard Error were used.
Findings
The findings reveal that the impact of labor productivity on human development differs significantly from the impact of investment decisions. The result shows that investment decisions will have a positive impact on human development when there is an insignificant capital fixed formation to boost the productivity of OECD economies. Further, the result shows that the organization governments through the provision of social security and essential services have a positive impact on the OECD human development.
Originality/value
This study has contributed significantly to assessing the drivers of human development within the purview of labor productivity, investment decisions and government expenditure in OECD countries.
{"title":"Assessing the determinants of human development in OECD economies: evidence from labor productivity and investment decisions","authors":"Olawale Daniel Akinyele","doi":"10.1108/jes-10-2023-0596","DOIUrl":"https://doi.org/10.1108/jes-10-2023-0596","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Development has been a long-age phenomenon from the millennium to sustainability. This is because the new millennium ushered in the episode of development in the global economy from the role of inputs to the role of productivity and knowledge. Thus, understanding the forefront of initiatives to develop better policies for better lives and to find fact-based answers to social, economic, and environmental problems becomes unavoidable.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study therefore assesses the impact of labor productivity and investment decisions on human development. A modified production theory was adopted for OECD economies. To address the problem of endogeneity and cross-sectional dependence, a two-step system generalized method of moments, Driscoll–Kraay estimator, and Panel Corrected Standard Error were used.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings reveal that the impact of labor productivity on human development differs significantly from the impact of investment decisions. The result shows that investment decisions will have a positive impact on human development when there is an insignificant capital fixed formation to boost the productivity of OECD economies. Further, the result shows that the organization governments through the provision of social security and essential services have a positive impact on the OECD human development.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study has contributed significantly to assessing the drivers of human development within the purview of labor productivity, investment decisions and government expenditure in OECD countries.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141061228","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 : 2024-05-17DOI: 10.1108/jes-11-2023-0626
Abbas Valadkhani, Barry O'Mahony
PurposeThe aim of this study is to identify environmental, social and governance (ESG)-focused funds that can effectively uphold ethical principles while also delivering competitive financial returns by evaluating the performance of 24 well-established exchange-traded funds (ETFs). The study also compares the performance of four widely recognized ETFs representing NASDAQ (ticker: QQQ), S&P500 (SPY), Dow Jones (DIA) and Russell 2000 (IWM) with the sample of 24 ESG funds.Design/methodology/approachThis paper utilizes four complementary measures, namely Sharpe, Sortino, Omega and Calmar ratios, to assess the risk-adjusted return performance of ETFs, with a particular emphasis on extreme downside risk.FindingsThe findings indicate that ESG-focused ETFs can predominantly outperform DIA and IWM in the last five years (1 November 2018–22 March 2023). However, when compared to QQQ and SPY, only ICLN, SUSA and DSI consistently delivered competitive risk-adjusted returns. The performance of DSI and SUSA is almost equivalent to QQQ and SPY even during the last ten years.Practical implicationsThe paper conducts a risk-return analysis of alternative ESG investment funds, suggesting that not all ETFs are created equal and that careful selection is vital for achieving different investment objectives. It is imperative to recognize that past performance is not a reliable indicator of future outcomes, requiring consideration of other factors in the post-evaluation phase.Social implicationsThe study provides evidence to support the “doing well while doing good” hypothesis, indicating that competitive returns are achievable while also engaging in socially responsible investment.Originality/valueThis study fills a vital gap in the literature on ESG investment by highlighting that the choice of funds stands as the primary factor responsible for the conflicting findings by previous studies.
{"title":"Sustainable investing in extreme market conditions: doing well while doing good","authors":"Abbas Valadkhani, Barry O'Mahony","doi":"10.1108/jes-11-2023-0626","DOIUrl":"https://doi.org/10.1108/jes-11-2023-0626","url":null,"abstract":"PurposeThe aim of this study is to identify environmental, social and governance (ESG)-focused funds that can effectively uphold ethical principles while also delivering competitive financial returns by evaluating the performance of 24 well-established exchange-traded funds (ETFs). The study also compares the performance of four widely recognized ETFs representing NASDAQ (ticker: QQQ), S&P500 (SPY), Dow Jones (DIA) and Russell 2000 (IWM) with the sample of 24 ESG funds.Design/methodology/approachThis paper utilizes four complementary measures, namely Sharpe, Sortino, Omega and Calmar ratios, to assess the risk-adjusted return performance of ETFs, with a particular emphasis on extreme downside risk.FindingsThe findings indicate that ESG-focused ETFs can predominantly outperform DIA and IWM in the last five years (1 November 2018–22 March 2023). However, when compared to QQQ and SPY, only ICLN, SUSA and DSI consistently delivered competitive risk-adjusted returns. The performance of DSI and SUSA is almost equivalent to QQQ and SPY even during the last ten years.Practical implicationsThe paper conducts a risk-return analysis of alternative ESG investment funds, suggesting that not all ETFs are created equal and that careful selection is vital for achieving different investment objectives. It is imperative to recognize that past performance is not a reliable indicator of future outcomes, requiring consideration of other factors in the post-evaluation phase.Social implicationsThe study provides evidence to support the “doing well while doing good” hypothesis, indicating that competitive returns are achievable while also engaging in socially responsible investment.Originality/valueThis study fills a vital gap in the literature on ESG investment by highlighting that the choice of funds stands as the primary factor responsible for the conflicting findings by previous studies.","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140963274","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 : 2024-05-17DOI: 10.1108/jes-11-2023-0664
Asif Tariq, Shahid Bashir, Aadil Amin
PurposeIndia’s historical fiscal performance has featured elevated deficit levels. Driven by the imperative need for fiscal stimulus measures in response to the crisis, efforts toward fiscal consolidation from 2003 to 2008 were reversed in 2008–2009 due to the financial crisis. These stimulus actions are believed to have wielded a notable influence on inflation dynamics. Presumably, a high inflation rate hinders growth and inflicts severe welfare costs. Accordingly, the principal objective of this paper is to scrutinise the threshold effects of fiscal deficit on inflation within the context of the Indian economy.Design/methodology/approachWe employed the Smooth Transition Autoregressive (STAR) Model, a robust tool for capturing non-linear relationships, to discern the specific threshold level of fiscal deficit. Our analysis encompasses annual data spanning from 1971 to 2020. Additionally, we have leveraged the Toda-Yamamoto causality test to establish the existence and direction of a causal connection between fiscal deficit and inflation in the Indian economy.FindingsOur analysis pinpointed a critical threshold level of 3.40% for fiscal deficit, a value beyond which inflation dynamics in India undergo a marked transition, signifying the presence of significant non-linear effects. Moreover, the results derived from the Toda-Yamamoto causality test offer substantiating evidence of a causal relationship originating from the fiscal deficit and leading to inflation within the Indian economic framework.Research limitations/implicationsThe findings of our study carry significant implications, particularly for the formulation and execution of both fiscal and monetary policies. Understanding the threshold effects of fiscal deficit on inflation in India provides policymakers with valuable insights into achieving a harmonious balance between these two critical economic variables.Originality/valueTo the best of our knowledge, this study is the first of its kind to empirically investigate threshold effects of fiscal deficit on inflation in India from a non-linear perspective using the Smooth Transition Autoregression (STAR) model.
{"title":"Beyond the basics: mapping the inflation response to fiscal deficit in India with smooth transition autoregressive model","authors":"Asif Tariq, Shahid Bashir, Aadil Amin","doi":"10.1108/jes-11-2023-0664","DOIUrl":"https://doi.org/10.1108/jes-11-2023-0664","url":null,"abstract":"PurposeIndia’s historical fiscal performance has featured elevated deficit levels. Driven by the imperative need for fiscal stimulus measures in response to the crisis, efforts toward fiscal consolidation from 2003 to 2008 were reversed in 2008–2009 due to the financial crisis. These stimulus actions are believed to have wielded a notable influence on inflation dynamics. Presumably, a high inflation rate hinders growth and inflicts severe welfare costs. Accordingly, the principal objective of this paper is to scrutinise the threshold effects of fiscal deficit on inflation within the context of the Indian economy.Design/methodology/approachWe employed the Smooth Transition Autoregressive (STAR) Model, a robust tool for capturing non-linear relationships, to discern the specific threshold level of fiscal deficit. Our analysis encompasses annual data spanning from 1971 to 2020. Additionally, we have leveraged the Toda-Yamamoto causality test to establish the existence and direction of a causal connection between fiscal deficit and inflation in the Indian economy.FindingsOur analysis pinpointed a critical threshold level of 3.40% for fiscal deficit, a value beyond which inflation dynamics in India undergo a marked transition, signifying the presence of significant non-linear effects. Moreover, the results derived from the Toda-Yamamoto causality test offer substantiating evidence of a causal relationship originating from the fiscal deficit and leading to inflation within the Indian economic framework.Research limitations/implicationsThe findings of our study carry significant implications, particularly for the formulation and execution of both fiscal and monetary policies. Understanding the threshold effects of fiscal deficit on inflation in India provides policymakers with valuable insights into achieving a harmonious balance between these two critical economic variables.Originality/valueTo the best of our knowledge, this study is the first of its kind to empirically investigate threshold effects of fiscal deficit on inflation in India from a non-linear perspective using the Smooth Transition Autoregression (STAR) model.","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140964244","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 : 2024-05-16DOI: 10.1108/jes-01-2024-0014
Lucia Errico, Andrea Mosca, Sandro Rondinella
PurposeThis study explores whether ethnic minorities exhibit varying levels of income inequality compared to the host population.Design/methodology/approachThe research leverages a unique immigration event in Italy, specifically the settlement of multiple Albanian groups in southern Italy during the 16th century. This historical occurrence enables an investigation into the role of cultural traits in income inequality, as these groups are situated in the same geographical region and often share borders.FindingsThe results, which remain consistent after undergoing various robustness checks, indicate that Albanian villages, while still preserving their identity and tradition, tend to experience an approximately 2% lower level of income concentration compared to similar Italian municipalities.Originality/valueOur findings aim to provide supporting evidence for future policy considerations regarding the long-term impact of immigration on income inequality.
{"title":"Ethnic minorities and income inequality: the Albanian community in Italy","authors":"Lucia Errico, Andrea Mosca, Sandro Rondinella","doi":"10.1108/jes-01-2024-0014","DOIUrl":"https://doi.org/10.1108/jes-01-2024-0014","url":null,"abstract":"PurposeThis study explores whether ethnic minorities exhibit varying levels of income inequality compared to the host population.Design/methodology/approachThe research leverages a unique immigration event in Italy, specifically the settlement of multiple Albanian groups in southern Italy during the 16th century. This historical occurrence enables an investigation into the role of cultural traits in income inequality, as these groups are situated in the same geographical region and often share borders.FindingsThe results, which remain consistent after undergoing various robustness checks, indicate that Albanian villages, while still preserving their identity and tradition, tend to experience an approximately 2% lower level of income concentration compared to similar Italian municipalities.Originality/valueOur findings aim to provide supporting evidence for future policy considerations regarding the long-term impact of immigration on income inequality.","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140967581","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 : 2024-05-16DOI: 10.1108/jes-08-2023-0410
S. Majumder
PurposeThe purpose of the study is to analyze the hedging abilities of the cryptocurrencies vis-à-vis gold against macroeconomic shocks in four emerging economies, India, China, Brazil and Russia.Design/methodology/approachUsing the monthly data from January 2013 to April 2023, the paper analyses the response of Cryptocurrencies vis-à-vis gold prices to three different macroeconomic shocks, namely, the economic policy uncertainty shock, the financial uncertainty shock and the inflation shock, within a VAR framework with the help of the Generalized Impulse Response Function.FindingsBoth gold and cryptocurrencies have limited hedging abilities against macroeconomic shocks across countries. In India, bitcoin has become the new digital gold, while in China, it is not bitcoin but rather gold that retains its hedging abilities. Neither bitcoin nor gold, Binance Coin or Cardano, are found to be the new digital gold in Brazil and Russia.Originality/valueThe paper compares the top nine cryptocurrencies with the traditional asset gold in terms of their hedging potential against macroeconomic shocks in emerging countries.
{"title":"Is cryptocurrency a new digital gold? Evidence from the macroeconomic shocks in selected emerging economies","authors":"S. Majumder","doi":"10.1108/jes-08-2023-0410","DOIUrl":"https://doi.org/10.1108/jes-08-2023-0410","url":null,"abstract":"PurposeThe purpose of the study is to analyze the hedging abilities of the cryptocurrencies vis-à-vis gold against macroeconomic shocks in four emerging economies, India, China, Brazil and Russia.Design/methodology/approachUsing the monthly data from January 2013 to April 2023, the paper analyses the response of Cryptocurrencies vis-à-vis gold prices to three different macroeconomic shocks, namely, the economic policy uncertainty shock, the financial uncertainty shock and the inflation shock, within a VAR framework with the help of the Generalized Impulse Response Function.FindingsBoth gold and cryptocurrencies have limited hedging abilities against macroeconomic shocks across countries. In India, bitcoin has become the new digital gold, while in China, it is not bitcoin but rather gold that retains its hedging abilities. Neither bitcoin nor gold, Binance Coin or Cardano, are found to be the new digital gold in Brazil and Russia.Originality/valueThe paper compares the top nine cryptocurrencies with the traditional asset gold in terms of their hedging potential against macroeconomic shocks in emerging countries.","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140969158","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 : 2024-05-10DOI: 10.1108/jes-09-2023-0526
Isaac Kofi Bekoe, Joshua Abor, Samuel Sekyi
Purpose
This study aims to examine the impact of financial inclusion and bank stability on agricultural productivity in Sub-Saharan Africa (SSA).
Design/methodology/approach
The study used 38 countries in the SSA with data spanning between 2004 and 2021. The data were analyzed using the two-step system generalized method of moments (GMM) and the panel-corrected standard error (PCSE) model.
Findings
The study found a positive effect of financial inclusion and bank stability on agricultural productivity. The study also discovered that while the access component of financial inclusion has a negative influence on agricultural productivity, the usage dimension has a positive impact.
Research limitations/implications
The study suggests to policymakers that an inclusive and stable financial system improves agricultural productivity. The findings recommend that policymakers should empower farmers to leverage financial inclusion.
Originality/value
This study provides insightful discussion on the impact of financial inclusion and its various dimensions and bank stability on agricultural productivity in SSA.
{"title":"How do financial inclusion and bank stability explain agricultural productivity in Sub-Saharan Africa?","authors":"Isaac Kofi Bekoe, Joshua Abor, Samuel Sekyi","doi":"10.1108/jes-09-2023-0526","DOIUrl":"https://doi.org/10.1108/jes-09-2023-0526","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to examine the impact of financial inclusion and bank stability on agricultural productivity in Sub-Saharan Africa (SSA).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The study used 38 countries in the SSA with data spanning between 2004 and 2021. The data were analyzed using the two-step system generalized method of moments (GMM) and the panel-corrected standard error (PCSE) model.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The study found a positive effect of financial inclusion and bank stability on agricultural productivity. The study also discovered that while the access component of financial inclusion has a negative influence on agricultural productivity, the usage dimension has a positive impact.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>The study suggests to policymakers that an inclusive and stable financial system improves agricultural productivity. The findings recommend that policymakers should empower farmers to leverage financial inclusion.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This study provides insightful discussion on the impact of financial inclusion and its various dimensions and bank stability on agricultural productivity in SSA.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140940261","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 : 2024-05-10DOI: 10.1108/jes-11-2023-0667
António Miguel Martins, Pedro Correia, Ricardo Gouveia
Purpose
This paper examines the short-term market impact of the beginning of the military conflict between Russia and Ukraine (February 24, 2022) on the world’s largest defense firms.
Design/methodology/approach
The authors examine the world’s 100 largest listed defense firms at and around the beginning of the military conflict between Russia and Ukraine using an event-study methodology.
Findings
We observe a positive and statistically significant stock price reaction at and around the beginning of the military conflict. These results are consistent with the asset-pricing perspective/expected cash flow hypothesis. Consistent with the captured regulator theory, we find superior market returns for the two portfolios with a greater weight of defense sales. Superior market returns are also found for defense firms with higher R&D and capital expenditure intensity. Finally, these reactions are reinforced or mitigated by other firm-specific characteristics such as size, profitability and institutional ownership.
Originality/value
The effect of the war on stock markets has been relatively little examined in the financial theory. This study intends to fill this gap in the literature.
{"title":"War! Good news for defense firms? Analysis of the impact of Russia–Ukraine conflict","authors":"António Miguel Martins, Pedro Correia, Ricardo Gouveia","doi":"10.1108/jes-11-2023-0667","DOIUrl":"https://doi.org/10.1108/jes-11-2023-0667","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper examines the short-term market impact of the beginning of the military conflict between Russia and Ukraine (February 24, 2022) on the world’s largest defense firms.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors examine the world’s 100 largest listed defense firms at and around the beginning of the military conflict between Russia and Ukraine using an event-study methodology.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>We observe a positive and statistically significant stock price reaction at and around the beginning of the military conflict. These results are consistent with the asset-pricing perspective/expected cash flow hypothesis. Consistent with the captured regulator theory, we find superior market returns for the two portfolios with a greater weight of defense sales. Superior market returns are also found for defense firms with higher R&D and capital expenditure intensity. Finally, these reactions are reinforced or mitigated by other firm-specific characteristics such as size, profitability and institutional ownership.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The effect of the war on stock markets has been relatively little examined in the financial theory. This study intends to fill this gap in the literature.</p><!--/ Abstract__block -->","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140940345","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 : 2024-05-10DOI: 10.1108/jes-06-2023-0306
Rostand Arland Yebetchou Tchounkeu
PurposeThis work aims to analyse the relationship between public health efficiency and well-being considering a panel of 102 Italian provinces from 2000 to 2016 and evaluates if there are omitted variable biases and endogeneity biases and also evaluates if there are heterogeneous effects among provinces with different income levels.Design/methodology/approachWe use a multi-input and output bootstrap data envelopment analysis to assess public health efficiency. Then, we measure well-being indices using the min-max linear scaling transformation technique. A two-stage least squares model is used to identify the causal effect of improving public health efficiency on well-being to account for time-invariant heterogeneity, omitted variable bias and endogeneity bias.FindingsAfter controlling for important economic factors, the results show a significant effect of an accountable and efficient public health system on well-being. Those effects are concentrated in the North, the most economically, geographically and environmentally advantageous areas.Research limitations/implicationsThe use of the sample mean, probably the oldest and most used method for aggregating the indicators, could be affected by variable compensation, with consequent misleading results in the process of constructing the well-being index. Another limitation is the use of lagged values of the main predictor as an instrument in the instrumental variables setting because it could lead to information loss. Finally, the availability of data over a long period of time.Practical implicationsThe findings could help policymakers adopt measures to strengthen the public health system, encourage private providers and inspire countries worldwide.Social implicationsThese results draw the attention of local authorities, who play an important role in designing and implementing policies to stimulate local public health efficiency, which puts individuals in the conditions of achieving overall well-being in their communities.Originality/valueFor the first time in Italy, a panel of well-being indices was constructed by developing new methodologies based on microeconomic theory. Furthermore, for the first time, the assessment of the relationship between public health efficiency and well-being is carried out using a panel of 102 Italian provinces.
{"title":"The impact of public health efficiency on well-being in Italian provinces","authors":"Rostand Arland Yebetchou Tchounkeu","doi":"10.1108/jes-06-2023-0306","DOIUrl":"https://doi.org/10.1108/jes-06-2023-0306","url":null,"abstract":"PurposeThis work aims to analyse the relationship between public health efficiency and well-being considering a panel of 102 Italian provinces from 2000 to 2016 and evaluates if there are omitted variable biases and endogeneity biases and also evaluates if there are heterogeneous effects among provinces with different income levels.Design/methodology/approachWe use a multi-input and output bootstrap data envelopment analysis to assess public health efficiency. Then, we measure well-being indices using the min-max linear scaling transformation technique. A two-stage least squares model is used to identify the causal effect of improving public health efficiency on well-being to account for time-invariant heterogeneity, omitted variable bias and endogeneity bias.FindingsAfter controlling for important economic factors, the results show a significant effect of an accountable and efficient public health system on well-being. Those effects are concentrated in the North, the most economically, geographically and environmentally advantageous areas.Research limitations/implicationsThe use of the sample mean, probably the oldest and most used method for aggregating the indicators, could be affected by variable compensation, with consequent misleading results in the process of constructing the well-being index. Another limitation is the use of lagged values of the main predictor as an instrument in the instrumental variables setting because it could lead to information loss. Finally, the availability of data over a long period of time.Practical implicationsThe findings could help policymakers adopt measures to strengthen the public health system, encourage private providers and inspire countries worldwide.Social implicationsThese results draw the attention of local authorities, who play an important role in designing and implementing policies to stimulate local public health efficiency, which puts individuals in the conditions of achieving overall well-being in their communities.Originality/valueFor the first time in Italy, a panel of well-being indices was constructed by developing new methodologies based on microeconomic theory. Furthermore, for the first time, the assessment of the relationship between public health efficiency and well-being is carried out using a panel of 102 Italian provinces.","PeriodicalId":47604,"journal":{"name":"JOURNAL OF ECONOMIC STUDIES","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140992085","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 : 2024-05-07DOI: 10.1108/jes-07-2023-0345
Kwadwo Opoku, G. Domfe, Emmanuel Adu Boahen
PurposeThe purpose of this paper is to examine the prevalence of labour force participation and the factors affecting labour supply among older persons in Ghana. Both the extensive and intensive margins of older persons’ labour supply were analysed.Design/methodology/approachThe paper uses nationally representative samples of household and individual data in 2016–2017 – Ghana Living Standard Survey (GLSS 7) data – for the analysis. Heckman’s sample selection model is used to analyse both the extensive and intensive margins of older persons’ labour supply.FindingsThe study found that older persons in Ghana who are pensioners, widowed, have high levels of education, poor health status and live in urban areas are less likely to participate actively in the labour market. On the other hand, being head of a household, married and owning certain assets increase the likelihood of an older person to work. Furthermore, pensions, household headship and post-secondary education have negative effects on the labour supply as having them make older persons work fewer hours per week compared to their counterparts.Originality/valueThis research is the first study to examine the prevalence of old age employment and factors that affect labour market decisions of older persons in Ghana. It also adds to the limited literature on pension and retirement decisions in developing countries.
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