scholarly journals The Impact of Haze on the Availability of Company Debt Financing: Evidence for Sustainability of Chinese Listed Companies

2019 ◽  
Vol 11 (3) ◽  
pp. 806 ◽  
Author(s):  
Bin Li ◽  
Peixiang Guo ◽  
Yating Zeng
Keyword(s):  
Development Strategy ◽  
Fixed Effects ◽  
Negative Impact ◽  
Positive Impact ◽  
Listed Companies ◽  
Debt Financing ◽  
Enterprise Management ◽  
Fixed Effects Model ◽  
Marginal Increment ◽  
The Impact

Based on the data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2017 and the air quality monitoring data released by China Environmental Monitoring Station, the paper examines the impact of haze on the availability of company debt financing by using fixed-effects model and quantile regression model. The empirical results show that: Firstly, haze has a positive impact on the demand of company debt financing, and the positive effect is marginal increment. Secondly, haze has a negative impact on the availability of company debt financing, and the negative impact is also marginal increment. Further study found that heavy polluting industry characteristics weaken the impact of haze on company debt financing availability. The paper analyzes the influence of air pollution on enterprise management from the perspective of company debt financing and explains the necessity for companies to implement an environmentally sustainable development strategy.

scholarly journals The Impact Of Good Corporate Governance To Manufacturing Firm’s Profitability And Firm’s Value

2016 ◽  
Vol 5 (2) ◽  
pp. 181-196 ◽  
Author(s):  
Johanes Sumarno ◽  
Sendy Widjaja ◽  
Subandriah Subandriah
Keyword(s):  
Corporate Governance ◽  
Fixed Effects ◽  
Negative Impact ◽  
Stock Exchange ◽  
Manufacturing Firms ◽  
Fixed Effects Model ◽  
Good Corporate Governance ◽  
Oecd Principles ◽  
Equitable Treatment ◽  
The Impact

This paper studied the behavior of management toward the implementation of Good Corporate Governance in Indonesia to determine whether it has any influence towards profitability and its implication to the Manufacturing Firms’ value publicly listed in Indonesian Stock Exchange. There were 41 corporations who met the criteria of the survey. The data were analyzed using Panel Regression with fixed effects Model. The empirical findings show that the implementation of Corporate Governance in Indonesia has a positive, significant and direct impact toward firms’ profitability and firms’ value. Corporate Governance principles based on OECD principles that have positive and significant impact to both profitability and Firms’ Valueis Rights of Shareholders, Role of Stakeholders, Responsibilities of the Board Commissioners and Board of Directors. The principles that have significance and negative impact towards corporate profitability and value, are: Equitable treatment of shareholders and Disclosure and Transparencies. The most significant principle influencing profitability and firms’ value is Disclosure and Transparencies. Profitability plays a greater role in influencing Manufacturing Firms’ value in Indonesia. DOI: 10.15408/sjie.v5i2.3542

scholarly journals Exports, Misallocation, and Total Factor Productivity of Furniture Enterprises

2019 ◽  
Vol 11 (18) ◽  
pp. 4892
Author(s):  
Chang Xu ◽  
Jianbing Guo ◽  
Baodong Cheng ◽  
Yu Liu
Keyword(s):  
Total Factor Productivity ◽  
Value Chain ◽  
Fixed Effects ◽  
Negative Impact ◽  
Market Competition ◽  
Fixed Effects Model ◽  
Factor Productivity ◽  
Labor Costs ◽  
Negative Effect ◽  
The Impact

With the increase in labor costs in China and the tremendous changes in the international trade environment, upgrading the total factor productivity of Chinese furniture export enterprises faces a great challenge. Lots of studies have explored the interaction of exports or misallocation on the total factor productivity (TFP) of furniture enterprises, however, there is little knowledge on the impact and interaction of both exports and misallocation on the TFP. Based on panel data of Chinese furniture enterprises, this paper measures the TFP and the distortion of labor and capital resources in Chinese furniture enterprises. A two-way fixed-effects model is used to analyze the impact of exports and misallocation on the TFP of Chinese furniture enterprises. The paper reveals several important findings. First, the TFP of Chinese furniture export enterprises is lower than that of non-export enterprises, this phenomenon is called the “export–productivity paradox”. Chinese furniture export enterprises are processing trade-oriented and labor-intensive enterprises at the low end of the value chain, exports have a negative effect on improving the TFP of furniture enterprises in the short term. Second, the distortion of labor and capital resources in Chinese furniture enterprises promotes improvements to the TFP of furniture enterprises rather than reducing the TFP of furniture enterprises. Last but not the least, we find that misallocation has a positive moderating effect on exports and can weaken the negative impact of exports on TFP by the “forced mechanism”, which is that the higher the distortion of the misallocation, the higher the cost of acquiring capital and labor, and enterprises are forced to enhance their productivity when facing market competition, thus promoting improvements to the TFP of furniture enterprises.

scholarly journals Do Female Executives Make a Difference? The Impact of Female Leadership on Gender Gaps and Firm Performance

2019 ◽  
Vol 129 (622) ◽  
pp. 2390-2423 ◽  
Author(s):  
Luca Flabbi ◽  
Mario Macis ◽  
Andrea Moro ◽  
Fabiano Schivardi
Keyword(s):  
Firm Performance ◽  
Fixed Effects ◽  
Negative Impact ◽  
Positive Impact ◽  
Female Leadership ◽  
Wage Distribution ◽  
Female Executives ◽  
Female Workers ◽  
Fixed Effects Regression ◽  
The Impact

Abstract We investigate the effects of female executives on gender-specific wage distributions and firm performance. Female leadership has a positive impact at the top of the female wage distribution and a negative impact at the bottom. The impact of female leadership on firm performance increases with the share of female workers. We account for the endogeneity induced by non-random executives’ gender by including firm fixed-effects, by generating controls from a two-way fixed-effects regression and by using instruments based on regional trends. The findings are consistent with a model of statistical discrimination in which female executives are better at interpreting signals of productivity from female workers. This suggests substantial costs of women under-representation among executives.

scholarly journals The Impact of Political, Legal and Economic Institutions on Family Takaful/ Life Insurance Consumption in OIC Countries

2019 ◽  
Vol 6 (3) ◽  
pp. 97-114
Author(s):  
Mohammad Ghaith Mahaini ◽  
Kamaruzaman Noordin ◽  
Mohammad Taqiuddin Mohamad
Keyword(s):  
Life Insurance ◽  
Political Institutions ◽  
Fixed Effects ◽  
Negative Impact ◽  
Positive Impact ◽  
Economic Institutions ◽  
Random Effects Models ◽  
Government Effectiveness ◽  
Insurance Consumption ◽  
The Impact

This study aims at testing the impact of political, legal and economic institutions on life insurance/ family takaful consumption in OIC countries. Using a panel data covering 33 OIC countries for the years from 1990 till 2016, fixed effects and random effects models have been utilised. The empirical results suggest that for political institutions, more government effectiveness promotes consumption of life insurance in OIC countries. Additionally, the more unstable the country is, the more life insurance/family takaful is purchased perhaps as an attempt of individuals to mitigate the increased level of risks. Similarly, economic institutions, measured by both investment freedom and financial freedom, have a positive impact on life insurance consumption in OIC countries. However, results show that trade freedom index has a negative impact. Further, legal institutions do not seem to have any significant impact on life insurance consumption in OIC countries.

scholarly journals The Impact of Corporate Social Responsibility on the Financial Performance of Listed Companies in Thailand

2021 ◽  
Vol 13 (16) ◽  
pp. 8920
Author(s):  
Muttanachai Suttipun ◽  
Pankaewta Lakkanawanit ◽  
Trairong Swatdikun ◽  
Wilawan Dungtripop
Keyword(s):  
Financial Performance ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Descriptive Analysis ◽  
Listed Companies ◽  
Annual Reports ◽  
Corporate Social ◽  
The Impact

This study aims to: (1) investigate the amount of corporate social and environmental responsibility (CSR) spending, awards, and activities of listed companies in the Stock Exchange of Thailand (SET) and in the Market for Alternative Investment (MAI); (2) test the impact of CSR spending, awards, and financial performance activities; and (3) examine the amount of CSR spending, awards, and activities between companies with and without a CSR committee. The sample included all the listed companies in the resource industry from the SET and the MAI. The data were collected from the companies’ annual reports from 2015 to 2019. Descriptive analysis, an independent-sample t-test, a correlation matrix, and an unbalanced panel data analysis were used to analyze the data. The average level of spending per activity was 2.2964 million baht. There were, on average, 2.1741 awards and 11.4178 activities during the studied period. Moreover, there was a significant negative impact of CSR spending, and a positive impact of CSR awards and activities, on corporate financial performance. Finally, there was a significantly different amount of CSR spending, awards, and activities between the companies with and without a CSR committee. The findings of this study demonstrate that legitimacy theory can be used to explain the benefit of CSR to Thai-listed companies, although CSR is still a voluntary corporate responsibility in Thailand.

scholarly journals Impacts of Capital Structure and Dividend Policy on the Financial Performance of Listed Companies on Vietnamese Stocks Market

2021 ◽  
Author(s):  
Loan T. Vu ◽  
Anh T. H. Vu ◽  
Thao T. P. Nguyen
Keyword(s):  
Dividend Policy ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Generalized Least Squares ◽  
Listed Companies ◽  
Dividend Yield ◽  
And Performance ◽  
The Impact ◽  
The Relationship

This study is taken to describe the relationship between the levels of debt, dividend policy and the performance of firms listed in Vietnamese stock market. The dividend policy is proxied by the dividend yield while firm’s performance is measured by ROE, ROA, and P/E. The total number of observations is 552, collecting from 92 listed companies on Hochiminh Stock Exchange during 2012 and 2019. The analysis results from generalized least squares (GLS) models report that the choice of firm’s performance proxy affects the relationship between firm’s performance and leverage as well as dividend policy. While leverage has positive impact on ROE and ROA, it has negative impact on P/E. In contrast, dividend yield ratio is negatively correlated with ROA and P/E but positively correlated with ROE. However, the impact of debt levels on firm’s performance is independent with the choice of leverage proxy. The findings of this research are expected to provide better understanding about the connection between debt, dividend and performance of the firm that can support the managers to make relevant decisions.

scholarly journals Evaluasi Dampak Pembangunan Pariwisata Menggunakan Konsep Community Based Tourism (CBT) di Kawasan Wisata Tebing Breksi

2021 ◽  
Vol 14 (2) ◽  
pp. 109-124
Author(s):  
Nurwanto Nurwanto
Keyword(s):  
Development Strategy ◽  
Negative Impact ◽  
Positive Impact ◽  
Secondary Data ◽  
Active Role ◽  
Government Support ◽  
Primary Data ◽  
Community Based ◽  
Study Approach ◽  
The Impact

Nowadays the development of tourism in an area will bring a positive impact on the local society. However, if the community is not ready to accept development and is not ready to manage its property, it will have a negative impact. Various problems will arise with the existence of mass tourism which makes it difficult or even detrimental to the community. Therefore, this study will discuss the evaluation of the impact tourism development in Tebing Breksi using the concept of community-based tourism (CBT). CBT is a development strategy that uses tourism as a tool to strengthen local communities that are managed by, from, and for the community, as well as considering aspects of sustainability to improve people’s welfare. The research method used is qualitative using a case study approach. The data used is sourced from primary data and secondary data. Primary data obtained by interviewing speakers who are considered competent in their fields and following the research topic. Secondary data were obtained from previous studies, documentation, a note, and an activity report related to Tebing Breksi. Evaluation of CBT principles at Tebing Breksi is seen based on five aspects, that is (i) Economic principles (ii) Social principles (iii) Cultural principles (iv) Environmental principles (v) Political principles, along with indicators. The result of the analysis shows that the principles of CBT applied at Tebing Breksi as a whole have shown success even though some of the indicators of the CBT principle need to be optimized again, while the positive impact obtained by the community with the presence of this CBT is increased economic income, improved quality of life, concern for waste management and mutual respect between cultures. Also, the success of CBT cannot be separated from the active role of community and government support.

scholarly journals The Consequences of Corruption on Economic Growth in Mediterranean Countries: Evidence from Panel Data Analysis

2018 ◽  
Author(s):  
Hicham Boussalham
Keyword(s):  
Economic Growth ◽  
Fixed Effects ◽  
Negative Impact ◽  
Panel Data Analysis ◽  
Suitable Model ◽  
Fixed Effects Model ◽  
Mediterranean Countries ◽  
Individual Effects ◽  
The Individual ◽  
The Impact

This study attempts to assess the impact of corruption on economic growth in the Mediterranean countries, during the period from 1998 to 2007. Econometric analysis using panel regression has been adopted to test this effect. Individual effects models such as random effects model and fixed effects model were applied to the study sample of 160 observations, and to choose the suitable model, we implemented several tests. For our analysis, we used a basic model that includes the dependent variable GDP per capita as a factor of economic growth and the corruption perception index as the independent variable concerned. Then we completed the model with several standardized macroeconomic control variables mentioned above and applied the individual effects models. The outcomes illustrate that corruption has a negative impact on the selected Mediterranean countries’ economic growth.

scholarly journals ANALISIS PENGARUH NON-TARIFF MEASURES EKSPOR KOMODITI CRUDE PALM OIL (CPO) INDONESIA KE NEGARA TUJUAN EKSPOR UTAMA

2018 ◽  
Vol 3 (2) ◽  
pp. 111-135 ◽  
Author(s):  
Ayu Renita Sari ◽  
Dedi Budiman Hakim ◽  
Lukytawati Anggraeni
Keyword(s):  
Gravity Model ◽  
Palm Oil ◽  
Fixed Effects ◽  
Positive Impact ◽  
Trade Flow ◽  
Trade Barriers ◽  
Fixed Effects Model ◽  
Crude Palm Oil ◽  
Phytosanitary Measures ◽  
The Impact

The study of this paper is aimed to evaluate the effects of non-tariff measures (NTM) upon Indonesian crude palm oil (CPO) export in the main destinations. Identified the competitiveness analysis using the Revealed Comparative Advantage index and the impact of the measures has estimated using a panel data gravity model constructed with disaggregated data about bilateral export trade flow of crude palm oil between Indonesia and its main trade partners for the period from 2003 to 2013. NTM represented binary variable that specified with a dummy variable. The gravity model has estimated with a fixed effects model and the results indicated that the existence of trade barriers to trade (TBT) appears to impede the Indonesian exports of CPO. But the existence of sanitary and phytosanitary measures (SPS) which related to food safety and the existence of trade remedy (antidumping, subsidy, safeguard) presented a positive impact upon the Indonesian exports of CPO. Keywords: Export, Non-Tariff Measures (NTM), Sanitary and Phytosanitary (SPS), Trade Barriers to Trade (TBT), Trade Remedy, Crude Palm Oil

scholarly journals An empirical analysis on the impact of non-performing loans on investment and economic growth and the role of political governance

2020 ◽  
Vol 8 ◽  
pp. 1-21
Author(s):  
Swapnanil SenGupta ◽  
Keyword(s):  
Fixed Effects ◽  
Negative Impact ◽  
Annual Data ◽  
Fixed Effects Model ◽  
Model Composite ◽  
Paradoxical Result ◽  
Governance Index ◽  
Political Governance ◽  
The Impact

Objective: To empirically analyze the link between nonperforming loans and investments along with the role of political governance. The estimation technique used is the fixed effects model including both the country and timMethods: e fixed effects. The dataset consists a panel of 103 countries with annual data over the period from 2000 to 2017. A unique composite political governance index has been prepared combining the six existing governance indicators via Principal Component Analysis (PCA). Findings: It is found that NPL has significant negative impact whereas, governance has significant positive impact on investments as per expectations. However, it is found that the negative impact of NPL on investment gets stronger in presence of good governance. This is a paradoxical result and further attempts has been made to rationalize the outcome. Applications: The study empirically proves the theory of negative impacts of NPL on investment in the economy. Furthermore, the role of political governance has been scrutinized. No prior works have been carried out on this topic. The paradoxical result in this study has opened up new areas for research. An extensive literature review has been provided along with a detailed discussion on the possible measures to tackle with the problems. JEL Classification: C3, E6, G0. Keywords: NPL; investment; political governance institutions; fixed effects model; composite political governance index

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