Globalising chains – decoupling grape production, wine production and wine exports

2018 ◽  
Vol 120 (3) ◽  
pp. 703-713 ◽  
Author(s):  
Stefan Mann ◽  
Silviu Beciu ◽  
Antanas Karbauskas
Keyword(s):  
Fixed Effects ◽  
World Market ◽  
Division Of Labour ◽  
Fixed Effects Model ◽  
Wine Production ◽  
Content Type ◽  
Avant Garde ◽  
The Future ◽  
New Phase ◽  
Wine Trade

Purpose The purpose of this paper is to show that globalisation (or de-regionalisation) in the wine business is entering a new phase in which grape production, wine production and wine exports are increasingly decoupled. In order to illustrate the case, the authors present Lithuania, compared to Romania, as a case study. Design/methodology/approach The authors tested the hypothesis that grape production and wine trade are increasingly decoupling. Based on the notion that transformation countries act as an avant-garde where new developments show first, the authors use Central and Eastern Europe as a case in point. The authors apply a mixed and a fixed effects model, where self-sufficiency in grapes explains wine exports to a reducing degree. Findings In the descriptive part the authors demonstrate how Lithuania, since EU accession, has become a major hub for wine trade, importing from the main export countries, and exporting mostly to Russia. In the multivariate section, it can then be shown that this decoupling between grape production and wine exports is a significant development in international terms. Practical implications The division of labour in wine trade has entered a new phase where wine production and wine marketing are decoupled. If extrapolated into the future, this may indicate that in the future world market, grape production and wine production may also decouple. Originality/value The paper has traced a new and un-described phenomenon on the global wine market. It shows that the division of labour is still advancing.

Economies of scale in European life insurance

2018 ◽  
Vol 19 (2) ◽  
pp. 190-207 ◽  
Author(s):  
Udo Klotzki ◽  
Alexander Bohnert ◽  
Nadine Gatzert ◽  
Ulrike Vogelgesang
Keyword(s):  
Life Insurance ◽  
Fixed Effects ◽  
Economies Of Scale ◽  
Insurance Markets ◽  
Fixed Effects Model ◽  
Content Type ◽  
Administrative Costs ◽  
Life Insurers ◽  
Acquisition Costs ◽  
The Uk

Purpose Due to the continuing low interest rate environment as well as the increase in acquisition costs, price transparency, cost transparency and competition with banks, the cost of life insurance becomes increasingly important for customers, insurers and shareholders. Against this background, the purpose of this paper is to study the development of insurers’ economies of scale in regard to administrative costs for four of the largest European life insurance markets. Design/methodology/approach The analysis on economies of scale is based on a comprehensive set of 477 life insurers in Germany, Italy, Spain and the UK, yearly data between 2000 and 2014, and regression calculations that are based on 4,855 observations. Findings The results show that economies of scale exist for all considered markets and for most of the considered years. However, the extent of economies of scale varies considerably across countries. Originality/value Overall, the existing academic literature on costs and corresponding economies of scale in life insurance primarily deals with analyses of total costs instead of administrative costs, a single year or a single market. This paper contributes to the existing literature by conducting an analysis of recent market dynamics and economies of scale in regard to administrative costs for the period from 2000 and 2014 for four of the largest European life insurance markets for which the respective data were available (Germany, Italy, Spain and the UK) and 477 life insurers in total. This is done by means of a log-log transformation of premiums and costs and a fixed effects model based on these transformed figures for 4,855 observations. In addition, for each market, the authors analyze the development of administrative costs for a total of 477 insurers.

scholarly journals Regional Effects of Perceived Risks of Harm on Cigarette Smoking among U.S. High School Seniors: Evidence from Monitoring the Future

2021 ◽  
Vol 18 (17) ◽  
pp. 9120
Author(s):  
Jorge Medina
Keyword(s):  
High School ◽  
Perceived Risk ◽  
Fixed Effects ◽  
High School Seniors ◽  
Smoking Behavior ◽  
Fixed Effects Model ◽  
Perceptions Of Risk ◽  
Regional Effects ◽  
The Future ◽  
Monitoring The Future

Overall, there has been an increasing trend in the perceived risk of harm from smoking among U.S. high school seniors. However, these perceptions of risk have been falling in recent years. This study uses regional-level panel data from the Monitoring the Future survey and a fixed effects model to estimate the effect of perceived risk on three regional measurements of smoking behavior: consumption, lifetime prevalence, and daily smoking prevalence. Elasticity measurements at regional levels show that an increase in perceived risk decreases these regional measurements of smoking behavior. Moreover, the results show that, at regional levels, these measurements of smoking behavior are more responsive to changes in the perceived risk associated with smoking than to changes in the price of cigarettes.

The elephant in the room of mutual forbearance

2018 ◽  
Vol 11 (2) ◽  
pp. 257-279 ◽  
Author(s):  
Burak Cem Konduk
Keyword(s):  
Airline Industry ◽  
Fixed Effects ◽  
Research Question ◽  
Fixed Effects Model ◽  
Content Type ◽  
High Performing ◽  
The Us ◽  
Mutual Forbearance ◽  
Low Performance ◽  
The Impact

PurposeThe purpose of this paper is to explain how a multi-market firm develops the motivation to forbear from competition.Design/methodology/approachA two-way fixed effects model with Driscoll and Kraay standard errors investigates the research question with panel data collected from the US scheduled passenger airline industry.FindingsThe results demonstrate that although the interaction of multi-market contact with strategic similarity impairs a firm’s forbearance from competition, the same interaction promotes it as firm performance deteriorates, supporting the hypotheses.Research limitations/implicationsPerformance explains not only how forbearance emerges out of coincidental multi-market contact but also reconciles the mixed evidence for the impact of the two-way interaction between multi-market contact and strategic similarity on forbearance.Practical implicationsAntitrust authorities should pay more attention to low performing firms than to high performing firms in their investigations. Also, managers of multi-market firms should identify multi-market rivals with low performance as targets for the initiation of forbearance.Originality/valueThis study revises the mutual forbearance theory to align it with the accumulating empirical evidence that otherwise refutes its assumption and thereby improves theory’s descriptive and predictive power.

A big data approach to examining social bots on Twitter

2019 ◽  
Vol 33 (4) ◽  
pp. 369-379 ◽  
Author(s):  
Xia Liu
Keyword(s):  
Big Data ◽  
Fixed Effects ◽  
Latent Dirichlet Allocation ◽  
User Generated Content ◽  
Fixed Effects Model ◽  
Data Set ◽  
Information Distortion ◽  
Content Type ◽  
Related Information ◽  
Brand Reputation

Purpose Social bots are prevalent on social media. Malicious bots can severely distort the true voices of customers. This paper aims to examine social bots in the context of big data of user-generated content. In particular, the author investigates the scope of information distortion for 24 brands across seven industries. Furthermore, the author studies the mechanisms that make social bots viral. Last, approaches to detecting and preventing malicious bots are recommended. Design/methodology/approach A Twitter data set of 29 million tweets was collected. Latent Dirichlet allocation and word cloud were used to visualize unstructured big data of textual content. Sentiment analysis was used to automatically classify 29 million tweets. A fixed-effects model was run on the final panel data. Findings The findings demonstrate that social bots significantly distort brand-related information across all industries and among all brands under study. Moreover, Twitter social bots are significantly more effective at spreading word of mouth. In addition, social bots use volumes and emotions as major effective mechanisms to influence and manipulate the spread of information about brands. Finally, the bot detection approaches are effective at identifying bots. Research limitations/implications As brand companies use social networks to monitor brand reputation and engage customers, it is critical for them to distinguish true consumer opinions from fake ones which are artificially created by social bots. Originality/value This is the first big data examination of social bots in the context of brand-related user-generated content.

Does precarious employment ruin youth health and marriage? Evidence from Egypt using longitudinal data

2020 ◽  
Vol 19 (3) ◽  
pp. 391-406
Author(s):  
Mesbah Fathy Sharaf ◽  
Ahmed Shoukry Rashad
Keyword(s):  
Mental Health ◽  
Longitudinal Data ◽  
Fixed Effects ◽  
Job Insecurity ◽  
Well Being ◽  
Poor Mental Health ◽  
Youth Workers ◽  
Fixed Effects Model ◽  
Precarious Employment ◽  
Content Type

Purpose This study aims to analyze whether precarious employment is associated with youth mental health, self-rated health and happiness in marriage and whether this association differs by sex. Design/methodology/approach This paper uses longitudinal data from the Survey of Young People in Egypt conducted in 2009 and 2014 and estimates a fixed-effects model to control for time-invariant unobserved individual heterogeneity. The analysis is segregated by sex. Findings The results indicate that precarious employment is significantly associated with poor mental health and less happiness in marriage for males and is positively associated with poor self-reported health for females. The adverse impact of precarious work is likely to be mediated through poor working conditions such as low salary, maltreatment at work, job insecurity and harassment from colleagues. Social implications Governmental policies that tackle job precariousness are expected to improve population health and marital welfare. Originality/value Egypt has witnessed a significant increase in the prevalence of precarious employment, particularly among youth, in recent decades, yet the evidence on its effect on the health and well-being of youth workers is sparse. This paper adds to the extant literature by providing new evidence on the social and health repercussions of job precariousness from an understudied region.

scholarly journals The relationship between debt and a firm’s performance: the impact of institutional factors

2019 ◽  
Vol 45 (9) ◽  
pp. 1272-1291 ◽  
Author(s):  
Rosa Forte ◽  
José Miguel Tavares
Keyword(s):  
Fixed Effects ◽  
Negative Relationship ◽  
Research Area ◽  
Institutional Framework ◽  
Market Regulation ◽  
Fixed Effects Model ◽  
Content Type ◽  
Macroeconomic Variables ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to contribute to the existing literature on the relationship between debt and firms’ performance, by focusing on the influence of the institutional framework on this relationship and on the role of macroeconomic variables in explaining performance. Design/methodology/approach The present work is based on a large sample of 48,840 manufacturing firms from nine European countries covering the 2008–2013 period and uses a fixed effects model. Findings Results show that the impact of debt on a firm’s performance depends on the measure of debt (short-term debt positively affects a firm’s performance, whereas long-term debt presents a negative relationship) and that the institutional framework is indeed affecting the relationship between debt and a firm’s performance: the positive effect of debt on a firm’s performance tends to be higher the greater the “efficiency of the legal system” and the greater the “credit market regulation.” Macroeconomic variables also play a key role in explaining performance. Originality/value Unlike most of the existing studies, which focus only on the relationship between debt and firms’ performance in a single country, the present work uses a sample of firms from nine countries with the purpose of filling a research gap and bringing new empirical evidence to this research area.

Product diversification, business structure, and firm performance in Taiwanese property and liability insurance sector

2017 ◽  
Vol 18 (5) ◽  
pp. 486-499 ◽  
Author(s):  
Chen-Ying Lee
Keyword(s):  
Firm Performance ◽  
Financial Services ◽  
Fixed Effects ◽  
Ordinary Least Squares ◽  
Product Diversification ◽  
Least Squares Regression ◽  
Fixed Effects Model ◽  
Content Type ◽  
The Impact ◽  
Business Structure

Purpose The purpose of this study is to analyze product diversification, business structure and insurer performance with a comprehensive look at the property-liability (P/L) insurance operations. Design/methodology/approach Using a panel data, this study employs an ordinary least squares regression model, fixed effects model and random effects model to examine the impact of product diversification and business structure on the performance of P/L insurers. The study assesses insurer performance using both risk-adjusted return on assets and risk-adjusted return on equity. Findings The study finds that product diversification is significantly negatively related to the performance of P/L insurers. The results are consistent with the diversification discount theory. The empirical results reveal that business lines have significant impacts on firm performance, particularly on the lines of fire and marine insurances. Furthermore, the interaction between product diversification and firm size implies that product diversification significantly increases the performance of large-sized insurance firms. Originality/value The study provides some valuable insights into the effects of diversification and business structure on the performance of P/L insurers in a developing country. The study’s findings suggest that management of P/L insurers should clarify their objectives and carefully assess the company’s resources when dealing with product diversification and business structure. The results have practical implications for the financial services industry in Taiwan.

The negative synergistic effect of internationalization and corporate social responsibility on US restaurant firms’ value performance

2016 ◽  
Vol 28 (8) ◽  
pp. 1759-1777 ◽  
Author(s):  
SoYeon Jung ◽  
Seoki Lee ◽  
Michael Dalbor
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Synergistic Effect ◽  
Fixed Effects ◽  
International Markets ◽  
Investment Strategies ◽  
Fixed Effects Model ◽  
Content Type ◽  
Csr Strategies ◽  
Corporate Social

Purpose The purpose of the current study is to investigate the possible existence of a synergistic effect of internationalization and corporate social responsibility (CSR) on a firm’s value performance. Design/methodology/approach To empirically test the argument, this study analyzed data from 40 US-based publicly traded restaurant companies (251 observations) from 2000 to 2011 by performing a two-way fixed-effects model. Findings This study’s findings support the hypothesis that when implemented simultaneously, internationalization and CSR have a negative synergistic impact on a restaurant firm’s value performance. Practical implications Restaurant managers might need to inquire thoroughly into the timing and content of CSR investment strategies while entering into new international markets. Restaurant executives may additionally need to focus more on effective risk management than other issues (e.g. growth or reputation) when developing both internationalization and CSR strategies simultaneously. Originality/value By suggesting and demonstrating a negative synergistic effect of internationalization and CSR on a firm’s value, this study presents new and unique insights into previous research regarding the combined effect of the two strategies.

Board diversity and corporate risk: evidence from China

2019 ◽  
Vol 20 (2) ◽  
pp. 280-293 ◽  
Author(s):  
Kalim Ullah Bhat ◽  
Yan Chen ◽  
Khalil Jebran ◽  
Zulfiqar Ali Memon
Keyword(s):  
Risk Taking ◽  
Fixed Effects ◽  
Fixed Effects Model ◽  
Board Diversity ◽  
Content Type ◽  
Listed Firms ◽  
Governance Practices ◽  
And Gender ◽  
Task Oriented ◽  
Corporate Risk

Purpose The purpose of this study shows how overall board diversity influences corporate risk-taking. Board diversity is quantified into task-oriented diversity (tenure and education) and relation-oriented diversity (age and gender). Further, this study tests whether the association of board diversity and corporate risk varies across state-owned firms (SOEs) and non-state-owned firms (NSOEs). Design/methodology/approach The authors used a sample of Chinese listed firms over the period 1999-2017. The results are estimated using the fixed-effects model. To deal with the endogeneity problem and single model bias, the authors use a dynamic model, i.e. two-step generalized method of moment’s model. Findings The results show that both task-oriented and relation-oriented diversity reduces corporate risk. Further, the authors document that overall board diversity reduces risk-taking across different types of firms, that is, SOEs and NSOEs. These results are consistent after controlling for endogeneity problems. Practical implications The results provide implications for enhancing corporate governance practices by considering overall board diversity as an important factor influencing corporate decisions. The findings suggest that policymakers and shareholders should consider different diversity attributes important for the composition of a board, which can enhance board outcomes. Originality/value Most of the prior studies considered only one dimension of diversity, and therefore, have overlooked the overall board diversity. Unlike prior studies, this study considers four board diversity attributes – age, gender, tenure and education, and further tests their association with corporate risk. Further, this study also examines the effect of overall diversity on corporate risk in SOEs and NSOEs.

Cross-country technology gap in Latin America

2015 ◽  
Vol 22 (4) ◽  
pp. 630-648 ◽  
Author(s):  
Kaustav Misra ◽  
Esra Memili ◽  
Dianne H.B. Welsh ◽  
Surender Reddy ◽  
Gail E. Sype
Keyword(s):  
Labor Productivity ◽  
Latin American ◽  
Fixed Effects ◽  
Trade Openness ◽  
Fixed Effects Model ◽  
Technology Gap ◽  
Content Type ◽  
Constant Returns To Scale ◽  
Latin American Countries ◽  
Patent Filing

Purpose – The purpose of this paper is to investigate the factors influencing the total factor productivity (TFP) gap between the USA and eight Latin American countries for the period of 1970-2000. Design/methodology/approach – The paper provides an explicit application of TFP estimation by employing a growth accounting approach (Solow Residual) in the presence of non-constant returns to scale and a non-parametric approach (DEA – Malmquist Index) while relaxing the scale-related constraint. A macro-based economic model of innovator and follower countries is employed to explore the linkage between technology gaps and innovations, labor productivity, trade openness, foreign direct investment, and adult workforce illiteracy rates. A pooled model and a fixed effects model are used to determine the factors of the technology gap between the innovator and the follower countries. Findings – The results show that the labor productivity gap, adult work force illiteracy rates, patent filing gap, and trade openness are significant determinants of the technology gap between innovator and follower country. Practical implications – Latin American countries would benefit from the technology diffusion from an innovator country; but a minimum threshold of human capital, such as adult workforce illiteracy rates and patent filing has to be met. The authors find government policies on trade openness also have large effects on technology limitations in foreign countries. Originality/value – This paper is of value to researchers, policy makers, and economic development specialists trying to improve the rate of technology adoption and innovation.

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