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Economic integration and stock market linkages: evidence from South Africa and BRIC 经济一体化与股市联系:来自南非和金砖四国的证据
Q1 Economics, Econometrics and Finance Pub Date : 2023-11-06 DOI: 10.1108/jefas-11-2021-0232
Thabo J. Gopane
Purpose This study examines the impact of regional economic integration (REI) on stock market linkages in the BRICS (Brazil, Russia, India, China and South Africa) economic bloc. In this type of study, the BRICS framework is an appealing empirical case, given its uncommon characteristics. For example, BRICS member states come from remote geographic locations (Africa, Asia, Europe and South America) and have contrasting socioeconomic profiles. Design/methodology/approach An empirical design is framed from the perspective of bilateral trade between South Africa and BRIC. The author accepts trade intensity as a proxy of regional economic integration and then examines the resulting effect on the stock market co-movement within BRIC. The study applies a two-step econometric procedure of the BEKK-MGARCH and panel data models. Findings Overall, bilateral trade, as a proxy of economic inwctegration, is associated with an increase in stock market integration. This positive relationship is particularly observed during episodes of surplus trade, and more interestingly, was initiated three years after BRICS’ existence and continues to grow at an increasing rate. Practical implications The study outcome should benefit international trade practitioners and global investors interested in portfolio diversification or concerned with risk spillovers. Originality/value First, notwithstanding South Africa's significant economic presence in the African continent, to the best of the author’s knowledge, this is the first study to empirically evaluate the BRICS economic integration on their stock market linkages from the perspective of South Africa. The value of this contribution is that further work may investigate the bidirectional spillover impact conveyed by South Africa's trade interactions within the juxtaposition of Africa and BRICS economies. Second, given that research on REI and stock market integration has historically concentrated on mature regional blocs of Europe, Asia, South and North America, the current study advances knowledge while correcting the prevailing literature imbalance.
本研究探讨了区域经济一体化(REI)对金砖国家(巴西、俄罗斯、印度、中国和南非)经济集团股票市场联系的影响。在这类研究中,金砖国家框架是一个很有吸引力的经验案例,因为它具有不同寻常的特点。例如,金砖国家成员国来自遥远的地理位置(非洲、亚洲、欧洲和南美),社会经济状况也存在差异。设计/方法/方法从南非和金砖四国之间的双边贸易的角度进行实证设计。作者接受贸易强度作为区域经济一体化的一个代表,然后考察了由此产生的对金砖四国股票市场共同运动的影响。本研究采用BEKK-MGARCH和面板数据模型的两步计量经济学程序。总体而言,双边贸易作为经济一体化的代表,与股市一体化的增加有关。这种积极的关系在贸易顺差时期尤其明显,更有趣的是,这种关系是在金砖国家成立三年后开始的,并继续以越来越快的速度增长。研究结果应有利于国际贸易从业者和对投资组合多样化感兴趣或关注风险溢出的全球投资者。首先,尽管南非在非洲大陆具有重要的经济地位,但据作者所知,这是第一个从南非的角度对金砖国家的经济一体化及其股票市场联系进行实证评估的研究。这一贡献的价值在于,进一步的工作可能会研究南非在非洲和金砖国家经济并存的情况下贸易互动所带来的双向溢出影响。其次,考虑到历史上对REI和股票市场整合的研究主要集中在欧洲、亚洲、南美和北美等成熟的区域集团,本研究在推进知识的同时纠正了普遍存在的文献失衡。
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引用次数: 1
Types of organizational culture and sustainability in ecotourism businesses in southern Mexico 墨西哥南部生态旅游企业的组织文化和可持续性类型
Q1 Economics, Econometrics and Finance Pub Date : 2023-11-06 DOI: 10.1108/jefas-12-2021-0267
Efraín Medina-Álvarez, Patricia S. Sánchez-Medina
Purpose The purpose of this paper is to contribute to the understanding of the relationship between different types of organizational culture (hierarchical, clan or group, market or rational and adhocratic) and sustainability through three dimensions (economic, environmental and social) in ecotourism businesses in Oaxaca and Chiapas, Mexico. Design/methodology/approach In this research 80 questionnaires were administered in the form of face-to-face interviews to ecotourism business owners'. Through a discriminant analysis and the theoretical support of the competing values framework (CVF), the prevailing types of culture were identified, and their influence was analysed through a regression analysis. Findings The results show that ecotourism businesses which are driven by hierarchical culture tend to have a greater focus on economic sustainability, while those businesses with a market or rational culture show a positive and significant influence on environmental sustainability. Likewise, businesses with adhocratic culture achieve sustainability holistically; however, the data reveal that clan or group culture is not associated with social sustainability. Originality/value This study offers empirical research that explains the relationship between organizational culture and sustainability. Additionally, it contributes to the study of environmental management issues in the ecotourism sector.
本文的目的是通过三个维度(经济、环境和社会),帮助理解墨西哥瓦哈卡和恰帕斯州生态旅游企业中不同类型的组织文化(等级、氏族或群体、市场或理性和民主)与可持续性之间的关系。设计/方法/方法本研究以面对面访谈的形式对生态旅游企业主进行了80份问卷调查。通过判别分析和竞争价值框架(CVF)的理论支持,确定了主流文化类型,并通过回归分析分析了它们的影响。结果表明,受等级文化驱动的生态旅游企业更注重经济可持续性,而具有市场文化或理性文化的生态旅游企业对环境可持续性有显著的正向影响。同样,拥有民主文化的企业也能从整体上实现可持续性;然而,数据显示宗族或群体文化与社会可持续性无关。原创性/价值本研究对组织文化与可持续性的关系进行了实证研究。此外,它有助于研究生态旅游部门的环境管理问题。
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引用次数: 1
Institutional ownership, earnings management and earnings surprises: evidence from 39 years of U.S. data 机构持股、盈余管理和盈余意外:来自美国39年数据的证据
Q1 Economics, Econometrics and Finance Pub Date : 2023-11-06 DOI: 10.1108/jefas-01-2023-0021
Justin G. Davis, Miguel García-Cestona
Purpose As the influence of institutional investors over managerial decision-making grows, so does the importance of understanding the effect of institutional investor ownership (IO) on firm outcomes. The authors take a comprehensive approach to studying the effect of IO on earnings management (EM). Design/methodology/approach The authors study the relation between IO and EM using a sample of 59,503 listed U.S. firm-year observations from 1981–2019. The authors proxy EM with earnings surprises and with accrual-based and real activity measures. The authors test for nonlinear relations and analyze changes resulting from the passage of the Sarbanes–Oxley Act. Findings The findings support a positive IO-EM relation overall, but show that the relation is dynamic and heavily context-dependent with evidence of nonlinearity. The authors also find evidence that IO positively affects accrual-based EM and real activities EM negatively. Originality/value To the authors’ knowledge, this is the first study of the IO-EM relation to consider evidence of nonlinearity in the U.S. context, measuring changes to the relation over time, and with the use of several measures of EM.
随着机构投资者对管理决策的影响越来越大,理解机构投资者所有权(IO)对公司结果的影响的重要性也越来越大。本文采用一种综合的方法来研究IO对盈余管理的影响。作者使用1981-2019年59,503个美国上市公司年度观察样本研究了IO和EM之间的关系。两位作者用意外收益、基于权责发生制和实际活动指标来衡量新兴市场。作者检验了非线性关系,并分析了萨班斯-奥克斯利法案通过后的变化。研究结果总体上支持一个积极的IO-EM关系,但表明这种关系是动态的,并且严重依赖于非线性的证据。作者还发现证据表明,IO对权责发生制的EM有积极影响,而对实际活动EM有消极影响。原创性/价值据作者所知,这是第一个考虑美国背景下非线性证据的IO-EM关系研究,测量了随时间的关系变化,并使用了几种EM测量方法。
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引用次数: 2
Ownership structure and agency costs: evidence from the insurance industry in Jordan 股权结构与代理成本:来自约旦保险业的证据
Q1 Economics, Econometrics and Finance Pub Date : 2023-11-06 DOI: 10.1108/jefas-12-2021-0257
Mohammad Tayeh, Rafe’ Mustafa, Adel Bino
Purpose This study investigated the impact of corporate ownership structure on agency costs in the insurance industry. Design/methodology/approach The study sample included 23 insurance companies listed on the Amman Stock Exchange (ASE) from 2010 to 2019. Panel regression was used to account for the firm- and time-specific unobservable variables and system-GMM estimation was used to address endogeneity concerns. Findings The results show that managerial ownership positively (negatively) affects selling, general and administrative (SG&A) expenses (assets turnover), implying that unmonitored managers engage in activities that serve their own interests rather than those of shareholders. The largest shareholder's ownership has no impact on agency costs, implying that the ownership of the largest shareholder is irrelevant. However, as the wedge between the percentage of capital owned by the largest shareholders and managers increases, SG&A expenses (efficiency ratio) decrease (increases), indicating that the existence of large non-management shareholders reduces agency costs. After accounting for the endogeneity problem, the impact of ownership structure on agency costs measured by asset turnover remains robust. Originality/value To the best of the authors' knowledge, this study is the first to provide unique evidence and useful insights into the determinants of agency costs from a frontier market in the Middle East and North Africa (MENA), with a focus on the insurance sector. Additionally, this study uses a new measure of separation between ownership and control by calculating the wedge between managers' and large shareholders' ownership.
目的研究保险公司股权结构对代理成本的影响。研究样本包括2010年至2019年在安曼证券交易所(ASE)上市的23家保险公司。面板回归用于解释公司和特定时间的不可观察变量,系统gmm估计用于解决内生性问题。结果表明,管理层所有权正(负)影响销售、一般和行政(SG&A)费用(资产周转率),这意味着不受监督的管理者从事的活动服务于他们自己的利益,而不是股东的利益。第一大股东的所有权对代理成本没有影响,这意味着第一大股东的所有权是不相关的。但是,随着第一大股东与管理者所持资本比例之间的楔子增大,SG&A费用(效率比)减小(增大),说明非管理层大股东的存在降低了代理成本。在考虑内生性问题后,所有权结构对以资产周转率衡量的代理成本的影响仍然强劲。据作者所知,本研究首次从中东和北非(MENA)的前沿市场(重点是保险业)为代理成本的决定因素提供了独特的证据和有用的见解。此外,本研究通过计算经理人和大股东所有权之间的楔子,使用了一种新的衡量所有权和控制权分离的方法。
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引用次数: 1
Behavioural finance: the decoy effect on stock investment decisions 行为金融学:股票投资决策的诱饵效应
Q1 Economics, Econometrics and Finance Pub Date : 2023-11-03 DOI: 10.1108/jefas-01-2022-0007
Bruno Uekane Okumura, Tabajara Pimenta Júnior, Márcia Mitie Durante Maemura, Luiz Eduardo Gaio, Rafael Confetti Gatsios
Purpose This study aims to investigate the occurrence of the decoy effect in stock investment decisions based on fundamental analysis. Design/methodology/approach In this study, the decoy effect was investigated by applying two questionnaires, one of them with the presence of a decoy alternative, to a set of 224 respondents with knowledge of business fundamentals, simulating investment decisions in stocks of companies listed on the Brazilian Stock Exchange. The data analysis was performed using the Fisher's exact test, Student's t -test and ANOVA. The research also aimed to detect a potential relationship between the variables gender, age, degree and professional experience with the type of decision made. Findings The results pointed to the occurrence of the decoy effect when analysing the general response data. However, such evidence was not confirmed when the sample was analysed by classes (gender, course, age and professional experience). There is no statistical evidence that the decoy effect influences classes. Originality/value The recent decoy effect literature is little explored in investment decision-making. This study is unique in examining the decoy effect in investment decisions in the Brazilian context.
本研究旨在探讨基于基本面分析的股票投资决策中诱饵效应的发生。设计/方法/方法在本研究中,通过应用两份问卷来调查诱饵效应,其中一份问卷存在诱饵替代方案,对224名具有商业基础知识的受访者进行调查,模拟在巴西证券交易所上市公司股票的投资决策。数据分析采用Fisher精确检验、学生t检验和方差分析。该研究还旨在发现性别、年龄、学位和专业经验等变量与决策类型之间的潜在关系。结果在对一般反应数据进行分析时,发现存在诱饵效应。然而,当样本按类别(性别、课程、年龄和专业经验)进行分析时,这些证据并没有得到证实。没有统计证据表明诱饵效应会影响等级。最近关于诱饵效应在投资决策中的研究很少。这项研究在考察巴西背景下投资决策中的诱饵效应方面是独一无二的。
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引用次数: 1
Long-Run and Short-Run Causality between Government Tax Revenue and Economic Growth in Ghana 加纳政府税收与经济增长的长期和短期因果关系
Q1 Economics, Econometrics and Finance Pub Date : 2023-09-19 DOI: 10.12691/jfe-11-3-5
Godfred Nyamadi
The study investigates the causal flow between government tax revenue and economic growth in Ghana using time series data from 1970-2021. The study employs the Auto-Regressive Distributed Lag (ARDL) bounds test approach and Granger Causality test to investigate the long run and short run relationship between government tax revenue and economic growth. Findings of this study indicated that there is significant correlation between total tax revenue and economic growth with 87% speed of adjustment in the short run towards equilibrium level in the long run. Empirically, the analysis also indicates the evidence of long run equilibrium correlation. Thus, the Granger Causality test indicated positive and statistically significant unidirectional causal flow from tax revenue to economic growth. Based on the findings, the policy makers should consider the tax revenue-led growth policies for effective formulation and implementation to enhance the nature of the Ghanaian economy. Hence, to curb the persistent budget deficit, the outlook is that policymakers should employ efficient, ideal and buoyant tax system which would then bring substantial increase in gross tax revenue of the government leading to optimum mobilization of resources for higher economic growth in Ghana. This can only be sustained via efficient allocation of the tax revenue collected to productive sectors and similarly using the distributive principle through societal welfare maximization. Efficient tax regulation system has to be adopted to mitigate the issue of tax evasion, especially among firms and corporate entities. Also, tax rates should be frequently revised to avoid discouraging investments.
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引用次数: 0
Editorial: 60th anniversary of the foundation of ESAN and first special section on business economics in Ibero-America 社评:ESAN成立60周年暨伊比利亚-美洲第一个商业经济学专题
IF 2.4 Q1 Economics, Econometrics and Finance Pub Date : 2023-09-07 DOI: 10.1108/jefas-04-2023-332
Nestor U. Salcedo, Samuel Mongrut
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引用次数: 1
Corporate Governance, Institutional Quality, and Firm Performance: A Comprehensive Analysis of the Oil & Gas Sector 公司治理、制度质量和公司绩效:对石油和天然气行业的综合分析
IF 2.4 Q1 Economics, Econometrics and Finance Pub Date : 2023-08-28 DOI: 10.12691/jfe-11-3-4
Akinbola Olawale, Ezeala Obinna
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引用次数: 0
An Empirical Analysis of Capital Structure, Liquidity and Banking Sector Performance in Nigeria (2011-2021) 尼日利亚资本结构、流动性与银行业绩效实证分析(2011-2021)
IF 2.4 Q1 Economics, Econometrics and Finance Pub Date : 2023-08-28 DOI: 10.12691/jfe-11-3-3
Akinbola Olawale, Ezeala Obinna
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引用次数: 0
The Determining Factors of Financial Performance of Tourism Companies from Romania – Comparisons with the Pandemic Period 罗马尼亚旅游公司财务绩效的决定因素——与疫情时期的比较
IF 2.4 Q1 Economics, Econometrics and Finance Pub Date : 2023-08-18 DOI: 10.12691/jfe-11-3-2
Adriana-Nicoleta Cârlan (Tămaș)
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引用次数: 0
期刊
Journal of Economics, Finance and Administrative Science
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