scholarly journals Investor protection and country-level governance: cross-country empirical panel data evidence

2017 ◽  
Vol 30 (1) ◽  
pp. 806-817 ◽  
Author(s):  
Paula Ramona Rachisan ◽  
Cristina Bota-Avram ◽  
Adrian Grosanu
Keyword(s):  
Panel Data ◽  
Investor Protection ◽  
Country Level ◽  
Cross Country

scholarly journals PROVING AL-MAQRIZI’S CONCEPT ON THE DETERMINANTS OF INFLATION: CROSS BORDER ANALYSIS

2019 ◽  
Vol 5 (4) ◽  
pp. 873-890
Author(s):  
Nashr Akbar ◽  
Abdul Wahid Al Faizin
Keyword(s):  
Panel Data ◽  
Natural Disaster ◽  
Human Error ◽  
Economic Problems ◽  
Cross Border ◽  
Country Level ◽  
Natural Factors ◽  
Panel Data Regression ◽  
Data Regression ◽  
Cross Country

This research discusses the determinants of inflation according to Al-Maqrizi, one of Ibnu Khaldun’s disciples. He argued that inflation is caused by natural factors and human error factors. Among those human error factors, government corruption and the excess supply of non-metal money. This study employs a critical review on the work of al-Maqrizi, ighatsatul ummah bi kasyfil ghummah, supported with a panel data regression on cross-country data related to the rate of inflation, the rate of corruption and the number of the natural disaster. The empirical data shows that the rate of inflation is positively related to the human error factors; corruption, tax, and money supply. The results indicated the relevancy of al-Maqirizi’s postulate to the modern days’ economy.  However, natural disasters are not proven as a significant factor for inflation in the country level. This paper contributes to the importance of the study on the classical Muslim Scholars thinking to understand current economic problems and the way to solve it.

scholarly journals Does the Relation between Information Quality and Capital Structure Vary with Cross-Country Institutional Differences?

2016 ◽  
Vol 15 (3) ◽  
pp. 131-156 ◽  
Author(s):  
Jeff Zeyun Chen ◽  
Chee Yeow Lim ◽  
Gerald J. Lobo
Keyword(s):  
Capital Structure ◽  
Information Quality ◽  
Institutional Environment ◽  
Investor Protection ◽  
External Financing ◽  
Financial Leverage ◽  
Country Level ◽  
Accruals Quality ◽  
Institutional Differences ◽  
Cross Country

ABSTRACT Prior research based on U.S. data finds that firms with better information quality raise more equity whereas firms with poorer information quality prefer to issue debt when they seek external financing. Little is known about whether the same conclusion holds outside the U.S. and how the country-level institutional environment influences the relation between information quality and capital structure choices. We examine the relation between accounting information quality (measured by earnings precision, accruals quality, and analyst consensus) and financial leverage across 24 countries and whether that relation varies systematically with country-level investor protection and financial orientation. We document a lower financial leverage for firms with better information quality. More importantly, we find a stronger relation between information quality and financial leverage in countries with weaker investor protection and more market-oriented economies. These cross-country results suggest that information quality is especially important in shaping a firm's capital structure decision when investor demand for information is greater. JEL Classifications: G32; G38; M41.

scholarly journals Determinants of prepaid systems of healthcare financing: a worldwide country-level perspective

2021 ◽  
Author(s):  
Andrea M. Leiter ◽  
Engelbert Theurl
Keyword(s):  
Health Care ◽  
Panel Data ◽  
Health Care Financing ◽  
Value Added ◽  
The Elderly ◽  
Dynamic Panel Data ◽  
Individual Characteristics ◽  
Minor Importance ◽  
Data Set ◽  
Country Level

AbstractIn this paper we examine determinants of prepaid modes of health care financing in a worldwide cross-country perspective. We use three different indicators to capture the role of prepaid modes in health care financing: (i) the share of total prepaid financing as percent of total current health expenditures, (ii) the share of voluntary prepaid financing as percent of total prepaid financing, and (iii) the share of compulsory health insurance as percent of total compulsory prepaid financing. In the econometric analysis, we refer to a panel data set comprising 154 countries and covering the time period 2000–2015. We apply a static as well as a dynamic panel data model. We find that the current structure of prepaid financing is significantly determined by its different forms in the past. The significant influence of GDP per capita, governmental revenues, the agricultural value added, development assistance for health, degree of urbanization and regulatory quality varies depending on the financing structure we look at. The share of the elderly and the education level are only of minor importance for explaining the variation in a country’s share of prepaid health care financing. The importance of the mentioned variables as determinants for prepaid health care financing also varies depending on the countries’ socio-economic development. From our analysis we conclude that more detailed information on indicators which reflect the distribution of individual characteristics (such as income, family size and structure and health risks) within a country’s population would be needed to gain deeper insight into the decisive determinants for prepaid health care financing.

scholarly journals Determinants of the Adoption of Integrated Reports: An International Investigation

2020 ◽  
Vol 4 (1) ◽  
pp. 103
Author(s):  
Md. Jahidur Rahman ◽  
Pan Li ◽  
Rashedul Hasan
Keyword(s):  
Economic Development ◽  
Trade Union ◽  
Investor Protection ◽  
Union Density ◽  
Logistic Regression Models ◽  
Business Environments ◽  
Country Level ◽  
Sample Data ◽  
Reporting Decisions ◽  
Low Levels

This study examines the determinants of companies’ reporting decisions. We employ three measures at the country-level: (1) investor protection, (2) trade union density, and (3) economic development. Regression model analysis was used to measure whether companies used integrated reports (IR) or traditional sustainable reports. Using sample data from Fortune Global 300 for the year 2017, which is the latest available data, this paper follows logistic regression models. The study finds out that the probabilities of publication of IR are high in countries with high trade union density, weak investor protection, and low levels of economic development. These results help companies and managers to better cope with current business environments.

scholarly journals Evaluation of International Competitiveness

Ekonomika ◽  
2004 ◽  
Vol 68 ◽  
Author(s):  
Gediminas Ramanauskas
Keyword(s):  
International Competitiveness ◽  
International Level ◽  
Successful Performance ◽  
Common Definition ◽  
Country Level ◽  
Level 3 ◽  
Cross Country ◽  
Definition Of ◽  
Or Organization ◽  
A Company

Competitiveness can be defined in a number of ways. We can think of it as of a successful performance of a company or organization; or we may talk about competitiveness in a macro context such as a favourable exchange rate of a national currency. Can we also talk about competitiveness of a nation? What is it and how can it be evaluated?There does not seem to be a common definition of what the international competitiveness of nations is. Some feel that the very notion of international competitiveness of nations is unfair and unacceptable. They argue that the nations themselves do not compete, their enterprises do. For others the notion of international competitiveness of nations is fair. They believe that creating appropriate measures of international competitiveness is central for tracking and understanding the sources of competitiveness of countries.In this paper I classify and compare the measures developed by various authors. I suggest that the studies on the measurement of competitiveness can be classified into five groups:1. Particular sector studies.2. Competitiveness studies at the regional / country level.3. Particular competitiveness indicator studies.4. Competitiveness studies at an international level.5. Cross-country economic policy studies.Since the competitiveness studies serve a different audience and purpose, we cannot discuss which is best without first asking: best at what?

Do Country-level Creditor Protections Affect Firm-level Debt Structure Concentration?

2021 ◽  
Author(s):  
Kose John ◽  
Mahsa S Kaviani ◽  
Lawrence Kryzanowski ◽  
Hosein Maleki
Keyword(s):  
Debt Structure ◽  
Difference In Differences ◽  
Firm Level ◽  
Creditor Rights ◽  
Country Level ◽  
Bankruptcy Costs ◽  
Cash Flow Volatility ◽  
Cross Country ◽  
Using Data ◽  
Alternative Settings

Abstract We study the effects of country-level creditor protections on the firm-level choice of debt structure concentration. Using data from 46 countries, we show that firms form more concentrated debt structures in countries with stronger creditor protection. We propose a trade-off framework of optimal debt structure and show that in strong creditor rights regimes, the benefit of forming concentrated structures outweighs its cost. Because strong creditor protections increase liquidation bias, firms choose concentrated debt structures to improve the probability of successful distressed debt renegotiations. Firms with ex-ante higher bankruptcy costs, including those with higher intangibility, cash flow volatility, R&D expenses, and leverage exhibit stronger effects. Firms with restricted access to capital are also affected more. A difference-in-differences analysis of firms’ debt structure responses to creditor rights reforms confirms the cross-country results. Our findings are robust to alternative settings and a battery of robustness checks.

National Culture and Corporate Governance

2015 ◽  
Vol 15 (3) ◽  
pp. 67-96 ◽  
Author(s):  
Hong K. Duong ◽  
Helen Kang ◽  
Stephen B. Salter
Keyword(s):  
Corporate Governance ◽  
National Culture ◽  
Hierarchical Linear Modeling ◽  
Economic Institutions ◽  
Linear Modeling ◽  
Firm Level ◽  
Country Level ◽  
Preference Index ◽  
Cross Country ◽  
Robust Evidence

ABSTRACT This paper examines the influence of national culture on corporate governance. We postulate that national culture can shape the contracting environments by serving as an informal constraint that affects incentives and choices in corporate governance. We hypothesize that national culture can explain cross-country variations in corporate governance after controlling for legal, political, financial, and economic institutions. We develop a Rule Preference Index as a proxy of national culture for a sample of 12,909 firm-year observations from 41 countries. Employing a hierarchical linear modeling approach to isolate the effects of firm-level and country-level variables, we find robust evidence that firms (and countries) with a higher Rule Preference Index tend to have better corporate governance.

Investigating the Landscape in National Interoperability Frameworks

2010 ◽  
Vol 2 (4) ◽  
pp. 28-41 ◽  
Author(s):  
Yannis Charalabidis ◽  
Fenareti Lampathaki ◽  
Dimitris Askounis
Keyword(s):  
Public Sector ◽  
Service Provision ◽  
Policy Making ◽  
Open Data ◽  
Wisdom Of Crowds ◽  
The Public ◽  
Country Level ◽  
Cross Country ◽  
Degree Of Maturity ◽  
Implementation Level

Openness, accountability, and transparency have attracted researchers’ and practitioners’ interest as open data and citizen engagement initiatives try to capitalize the wisdom of crowds for better governance, policy making, or even service provision. In this context, interoperability between public organizations, citizens, and enterprises seems to remain the center of interest in the public sector and national interoperability frameworks are continually revised and expanded across the globe in an effort to support the increasing need for seamless exchange of information. This paper outlines the current landscape in eGovernment interoperability, analyzing and comparing frameworks that have reached a certain degree of maturity. Their strengths and weaknesses at conceptual and implementation level are discussed together with directions for reaching consensus and aligning interoperability guidelines at a country and cross-country level.

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