scholarly journals What effect did the Green Credit Policy have on China's energy or emission intensive firms?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Qin Zhang ◽  
Li Xu ◽  
Keying Wang ◽  
Xunpeng Shi
Keyword(s):  
Dynamic Effect ◽  
Stock Exchanges ◽  
Credit Policy ◽  
Promoting Effect ◽  
Content Type ◽  
Inhibiting Effect ◽  
Policy Interventions ◽  
The Government ◽  
The Impact

PurposeThe role of energy or emission intensive firms face contradictory demands from advancing economic development and environmental improvement and protection and thus require appropriate policy interventions to balance the two needs. China's “Green Credit” policy that restricts loans to energy or emission intensive firms provides an example to study the impact of these kinds of policy intervention.Design/methodology/approachUsing the data of all A-share listed companies in Shanghai and Shenzhen stock exchanges, our paper empirically analyzes the impact of the Green Credit Policy on performance of these energy or emission intensive firms.Findings(1) Using difference-in-difference (DID) and propensity score matching (PSM)-DID method and the dynamic effect method, we found that from 2012 to 2015, the Green Credit Policy had an inhibiting effect on the performance of energy or emission intensive firms. This inhibiting effect was gradually weakened in 2016, and it turned into a positive promoting effect in 2017; (2) The performance's change of these firms around 2015 showed that Green Credit promoted the green transformation and upgrading of these firms; (3) Loans were helpful to the performance of energy or emission intensive firms to some extent, but government subsidies were not significant.Originality/valueThe results suggest that the government, banks and other institutions should dynamically assess the implementation results of the Green Credit Policy on energy or emission intensive firms.

Farmland transfer and agricultural economic growth nexus in China: agricultural TFP intermediary effect perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yuan-pei Kuang ◽  
Jia-li Yang ◽  
Meseret-Chanie Abate
Keyword(s):  
Economic Growth ◽  
Agricultural Economic ◽  
Test Model ◽  
Promoting Effect ◽  
Content Type ◽  
Effect Model ◽  
Intermediary Role ◽  
Multidimensional Effects ◽  
The Impact

PurposeThe multidimensional effects of farmland transfer in China have been profoundly unstudied. The purpose of this paper is to provide insights on the effects of the intermediary role of agricultural total factor productivity (TFP) of farmland transfer on agricultural economic growth in China.Design/methodology/approachBased on the agricultural data of 30 provinces in China over the period 2005–2018, this paper uses the intermediary effect model to test the relationship between farmland transfer, agricultural TFP and agricultural economic growth. This paper employed an intermediary effect test model to investigate the intermediary role of agricultural TFP in the influence of farmland transfer on agricultural economic growth.FindingsThe findings indicated that farmland transfer has a significant effect on promoting agricultural economic growth. There is a significant “inverted U-shaped” relationship between farmland transfer and agricultural TFP. The sample value of 84.3% of farmland transfers in China is still within the TFP promoting effect range. In addition, farmland transfer has an indirect impact on agricultural economic growth through the channel of agricultural TFP. Agricultural TFP plays a significant intermediary role, but the effect is relatively lowOriginality/valueThis paper is the first to provide fundamental evidence on the impact of farmland transfers on agricultural economic growth in China, driven by agricultural TFP as an intermediary factor. Agricultural TFP can reduce the involution effect of farmland transfer and promote an indirect effect on agricultural economic growth.

The effects of ownership structure on likelihood of financial distress: an empirical evidence

2017 ◽  
Vol 17 (4) ◽  
pp. 589-612 ◽  
Author(s):  
Shahab Udin ◽  
Muhammad Arshad Khan ◽  
Attiya Yasmin Javid
Keyword(s):  
Corporate Governance ◽  
Ownership Structure ◽  
Financial Distress ◽  
Generalized Method Of Moments ◽  
The Body ◽  
Content Type ◽  
The Government ◽  
The Impact

Purpose The purpose of this paper is to explore the role of corporate governance proxies by ownership structure on the likelihood of firms’ financial distress for a sample of 146 Pakistani public-limited companies listed at the Karachi Stock Exchange over the period of 2003-2012. Design/methodology/approach The dynamic generalized method of moments (GMM) estimator and panel logistic regression (PLR) are used to determine the impact of corporate governance on the financial distress. The ownership structure is used as a determinant of corporate governance, while the Altman Z-score is utilized as an indicator of financial distress, as it measures financial distress inversely. The smaller the values of the Z-score, the higher will be the risk of financial distress. Findings The authors find insignificant impact of ownership structure on firms’ likelihood of financial distress based on the dynamic GMM method. However, the PLR results indicate that foreign shareholdings have a significant negative association with firms’ likelihood of financial distress, in the case of Pakistan. An evidence of a negative and insignificant relationship between institutional ownership and financial distress was observed, which indicates the passive role of institutional investors in Pakistan. The results also reveal a positive and significant relationship between insider’s ownership and likelihood of financial distress. This finding is consistent with the entrenchment hypothesis which predicts that insiders are more aligned with their self-interest than outside shareholders’ interest when their shareholding increases in the business. Furthermore, the results also reveal insignificant association between government shareholdings and the probability of financial distress. The reason could be the social welfare objective of the government entities rather than profit maximization. Practical implications The findings of this study provide more insight to corporate managers and investors about the association between the quality of corporate governance and the degree of financial distress, with respect to Pakistani firms. Furthermore, this study contributes to the existing literature by adding new evidence from developing countries like Pakistan which are helpful for regulatory bodies and policymakers in the formulation of long-term corporate governance strategies to manage the financial distress. It is well established that strengthening the quality of corporate governance practices enhances the efficiency of capital markets and reduces the probability of financial distress. Originality/value The study extends the body of existing literature on corporate governance and the likelihood of financial distress with reference to Pakistan. The results suggest that policymakers may pay special attention to the quality of corporate governance, specifically ownership structure, while predicting corporate financial distress.

scholarly journals An interaction effect of perceived government response on COVID-19 and government agency’s use of ICT in building trust among citizens of Pakistan

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mahnaz Mansoor
Keyword(s):  
Social Media ◽  
Government Agency ◽  
The Body ◽  
Quality Information ◽  
Content Type ◽  
Government Response ◽  
The Government ◽  
The Impact ◽  
Moderating Role

Purpose Among the digital age players, one of the fastest-growing digital channels is social media. In the past few years, developing nations’ government entities and political parties started using social media platforms to broadcast important information regarding decisions made at the state level. Pakistan is among those countries. Therefore, this study aims to empirically investigate the impact of the government agency’s provision of quality information on social media in establishing trust among citizens of Pakistan in a government agency with an underlying mechanism of citizens’ perception about agency’s transparency and responsiveness along with moderating role of perceived government response on COVID-19. Design/methodology/approach Data was collected from 542 social media followers of the Associated Press of Pakistan (a government news agency) and was analysed using measurement and structural models by using SmartPLS 3.3.0. Findings Results revealed that the interactive effect of government response on COVID-19 and government agency’s provision of quality information on social media strengthens the association of government presence on social media with citizens’ perception of the agency’s transparency and responsiveness and their trust in the agency. Practical implications Furthermore, the current study will contribute to the body of knowledge regarding the government agency’s use of information and communication technology and the government’s resultant response on COVID-19. Originality/value An extensive study of the literature revealed a gap available regarding the mediatory role of the citizens’ perception about agency’s transparency and responsiveness in between the association of government agency’s provision of quality information on social media and citizens’ trust in the government agency. Also, to the best of the author’s knowledge, no study to date has investigated the moderating role of government response on COVID-19 in between the relationship of government agency’s provision of quality on social media and citizens’ trust in the government agency and their perception about agency’s transparency and responsiveness. Thus, the current study aimed to address these existing gaps in the literature.

AatmaNirbhar Bharat Abhiyan: a tool to revive Uttar Pradesh handloom sector

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sabiha Khatoon ◽  
Ayesha Iffat
Keyword(s):  
Economic Condition ◽  
Uttar Pradesh ◽  
The State ◽  
Future Research ◽  
Special Focus ◽  
Content Type ◽  
Future Studies ◽  
The Government ◽  
The Impact

Purpose The study aims to analyse the challenges faced by the Indian Handloom Sector with a special focus on the state of Uttar Pradesh before and during the COVID-19 pandemic. This study further explores the benefits of AatmaNirbhar Bharat Abhiyan for the betterment of the livelihood of the COVID-19–hit handloom weavers and allied workers. Design/methodology/approach A total of 400 handloom weavers and allied workers from ten cities of Uttar Pradesh were contacted through telephone. Descriptive statistics were applied to measure the awareness about the government welfare schemes and the benefits of these schemes. Furthermore, satisfaction and opinion of the handloom weavers and allied workers regarding the benefits and sufficiency of the funds received under these schemes have also been measured. Findings Based on the results, the least awareness has been noted about government welfare schemes. However, a small number of weavers and allied workers were found beneficiaries of the schemes. Additionally, the majority of the respondents were found dissatisfied with the benefits. The COVID-19 pandemic is an addendum to the plight of handloom weavers and allied workers. The measures of AatmaNirbhar Bharat Abhiyan could be used to aid weavers and allied workers to restore their lost revenue. Research limitations/implications This study has limitations. Firstly, the research is limited to the handloom industry of Uttar Pradesh. Future researchers could consider the handloom sector of other states like Maharashtra and Andhra Pradesh, known for hand-woven clothes. Secondly, this study aims to analyse the role of AatmaNirbhar Bharat Abhiyan in improving the living conditions of handloom weavers and allied workers and not to measure the impact of the Abhiyan on handloom weavers or the handloom sector. Researchers could measure the impact in future studies. Thirdly, the authors have not applied any behavioural theory or marketing models such as the Theory of Reasoned Action or the Blackwell model, which may be applied to study the attitude of handloom weavers towards welfare schemes. This may prove to be a potential direction for future research. Additionally, master weavers and handloom cooperatives societies were excluded while collecting the data. Future researchers could consider them to examine the role of the government’s welfare schemes for uplifting the socio-economic condition of the handloom weavers, allied workers, master weavers and the business of cooperative societies. Finally, due to lockdown and travel ban, the authors were forced to limit their survey to telephone only because of which they could not get the qualitative information in full. Researchers for future studies could visit the handloom concentrated areas personally or take the help of an enumerator for data collection. Practical implications The research holds significance for the young and competent designers, handloom weavers and allied workers. Designers could work with and hire handloom weavers of Uttar Pradesh. If designers and weavers work together, it will help them restore their business and generate revenue that they have lost due to the COVID-19 pandemic. Furthermore, policymakers can collaborate with designers, which will help enhance the socio-economic condition of handloom weavers and allied workers, which has deteriorated due to the COVID-19 crisis. Originality/value The research holds significance from the point of view of exploring the challenges faced by handloom weavers and allied workers of the state of UP before and during the COVID-19 period while examining the role of AatmaNirbhar Bharat Abhiyan in setting off these challenges.

Understanding the link between government cashless policy, digital financial services and socio-demographic characteristics in the MENA countries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Amari Mouna ◽  
Anis Jarboui
Keyword(s):  
Technology Adoption ◽  
Financial Services ◽  
Demographic Characteristics ◽  
Financial Inclusion ◽  
Mena Region ◽  
Content Type ◽  
Mena Countries ◽  
The Government ◽  
The Impact

PurposeTo help inform the debate over whether socio-demographic characteristics are related to the use of digital technologies, the authors investigated the effects of age, gender, education, income and being in the workforce on changes in using financial digital services using panel data collected in the MENA countries during 2017.Design/methodology/approachThis study aims to identify the impact of government policy on the determinants of financial inclusion and digital payment services in the MENA region. The authors use microdata from the 2017 Global Findex database on MENA countries to perform probit estimations. The paper focuses on the role of technology adoption by government authorities in extending financial inclusion and digital payment around different people.FindingsThe authors find that poorer people (and, by association, less educated people) and the young (but less so the elderly) are disproportionately excluded from the financial system. Results confirm that better collaboration between the government and the financial sector can help to develop digital financial inclusion through the technology adoption channels. The study confirms the significant impact of the government cashless policy in advancing financial inclusion in the MENA countries, with potentially wider applicability to other developed economies.Practical implicationsPolicies to advance mobile money innovations could stimulate financial inclusion by promoting digital transaction services. The role of government authorities is imperative to harness the beneficial and sustainable gains from digitizing remittances and transfers to promote a cashless economy.Originality/valueFinancial inclusion promotes equality through a broadening of the system and government cashless policy can be a major catalyst for greater financial inclusion. It helps in the overall economic development of the underprivileged population and contributes to poverty reduction.

Institutions, capital control, and liquidity creation

2016 ◽  
Vol 8 (3) ◽  
pp. 396-422 ◽  
Author(s):  
Babu G. Baradwaj ◽  
Yingying Shao ◽  
Michaël Dewally
Keyword(s):  
Banking Sector ◽  
Dynamic Effect ◽  
Control Policy ◽  
Economic Conditions ◽  
Economic Downturn ◽  
Capital Control ◽  
Content Type ◽  
The Creation ◽  
The Impact

Purpose The purpose of this study is to conduct an empirical investigation on how country-specific characteristics such as the quality of the institutional environment and the restrictiveness of capital control policy affect domestic financial sector’s ability to provide liquidity to the economy. Design/methodology/approach This study uses panel regressions on international banking data across 102 countries from Bankscope. Findings The results show that strong institutions and looser capital control in a country enhance the banks’ role as the liquidity provider to the economy. The study also finds that institutional quality and capital control have a dynamic effect that influences the creation of liquidity. Better institutions benefit the creation of liquidity in either under normal economic conditions or during economic downturn. Loosened capital control, as a result of financial openness, facilitates liquidity creation under normal economic conditions. Originality/value This study complements the research on the role of country-level institutions in financial and economic development and suggests a liquidity channel through which a country’s institutions can further economic growth. The study also provides evidence on the impact of a country’s control of capital flows on the role of banking sector in domestic economy.

The relationship between the withdrawal of the digital economy's innovators, government interventions, the marketization level and market size based on big data

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yang Zhao ◽  
Xiaohui Chen
Keyword(s):  
Prevention And Control ◽  
Market Size ◽  
Nonlinear Relationship ◽  
Content Type ◽  
Government Interventions ◽  
The Government ◽  
And Control ◽  
The Impact ◽  
The Relationship

PurposeDigital economic innovation is associated with risks. The lack of a platform's profitability weakens the operation's ability to sustain innovators and increases the possibility of the business' termination. Relevant data demonstrate a significant upward trend in the exit of Chinese innovators of the digital economy. The study aims to clarify the role of an effective government and effective market in the prevention and control of the withdrawal of innovators.Design/methodology/approachBased on balanced panel data of 31 provinces and cities from 2010 to 2018, this study uses the individual fixed effect model to study the impact of the marketization level, the market's scale and government interventions on the withdrawal of innovators. Simultaneously, based on the spatial econometric model, this study examines the spatial spillover effect of the withdrawal of innovators.FindingsResults indicate that government interventions have an inhibiting effect on the withdrawal of innovators. Moreover, there was a positive “U”-shaped nonlinear relationship between the marketization level and the withdrawal of innovators, and an inverse “U”-shaped nonlinear relationship between the market size and the withdrawal of innovators.Originality/valueThe paper first studies the relationship between the exit of innovators and government intervention, marketization level and field scale; takes the lead in the research on the role of the government and effective market in the prevention and control of the exit of innovators from the perspective of the exit of innovators and puts forward policy suggestions to promote the sustainable and healthy development of fintech innovation in China from the market scale and other aspects.

Investor sentiment and government policy interventions: evidence from COVID-19 spread

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Garima Goel ◽  
Saumya Ranjan Dash
Keyword(s):  
Stock Returns ◽  
Government Policy ◽  
Stock Return ◽  
Investor Sentiment ◽  
Role Of Government ◽  
Content Type ◽  
Policy Interventions ◽  
The Impact ◽  
Moderating Role

Purpose This paper aims to investigate the moderating role of government policy interventions amid the early spread of novel coronavirus (COVID-19) (January–May 2020) on the investor sentiment and stock returns relationship. Design/methodology/approach This paper uses panel data from a sample of 53 countries to examine the impact of investor sentiment, measured by the financial and economic attitudes revealed by the search (FEARS) index (Da et al., 2015) on the stock return. Findings The moderating role of government policy response indices with the FEARS index on the global stock returns is further explored. This paper finds that government policy responses have a moderating role in the sentiment and stock returns relationship. The effect holds true even when countries are split based on five classifications, i.e. cultural distance, health standard, government effectiveness, social well-being and financial development. The results are robust to an alternative measure of pandemic search intensity, quantile regression and two measures of stock market activity, i.e. conditional volatility and exchange traded fund returns. Research limitations/implications The sample period of this study encompasses the early spread phase (January–May 2020) of the novel COVID-19 spread. Originality/value This paper provides some early evidence on whether the government policy interventions are helpful to mitigate the impact of investor sentiment on the stock market. The paper also helps to shed better insights on the role of different country characteristics for the sentiment and stock return relationship.

The Government’s role in private partnerships for urban poor housing in India

2014 ◽  
Vol 7 (4) ◽  
pp. 524-538 ◽  
Author(s):  
Dipti Parashar
Keyword(s):  
Urban Poor ◽  
Design Methodology ◽  
Housing Supply ◽  
Content Type ◽  
The Government ◽  
Partnership Models ◽  
Role Of The Government ◽  
The Impact ◽  
Changing Role

Purpose – The purpose of the paper is to primarily understand the changing role of the government in Housing delivery and envisaged role through public-private-partnerships (PPPs) in Housing. An increased emphasis has been laid on the private sector and particularly on PPPs for delivery of Housing to the urban poor ever since the government changed its role from being a “provider” to “enabler” of housing supply. Design/methodology/approach – The paper analyses the various projects of Partnership models that have emerged in various parts of the country for Housing the poor and investigates the role of the Government that emerges within the same. Findings – The enablement and partnership approaches primarily aimed for increasing housing supply have so far seen the government play a backhand role rather than a forthcoming one, not keeping with the spirit of a PPP. The current models of PPPs backed with incentives, cross subsidies and waivers of charges are inadequate and not holistic in approach resulting in a “zero-cost” policymaking stand of the government within the same. The government needs to be in the forefront, devising appropriate PPP innovative approaches and appropriate urban poor housing models to achieve the impact that the policies desire. An enhanced role of the government is crucial along with models along with clear institutional support to meet the desired demand. Research limitations/implications – Research is limited to cases of PPP that are currently existing in the country. Originality/value – With policy emphasis in the recent times for PPP in housing, the topic is of utmost importance for research.

Tourism and logistics in an age of unprecedented crime

2017 ◽  
Vol 9 (1) ◽  
pp. 86-94 ◽  
Author(s):  
Richard Bennett
Keyword(s):  
Structured Interviews ◽  
Social Implication ◽  
Logistics Industry ◽  
Content Type ◽  
International Trends ◽  
The Caribbean ◽  
The Government ◽  
Global Arena ◽  
The Impact

Purpose This paper aims to examine the positioning of tourism and logistics and the related impact of crime. Design/methodology/approach The study is exploratory in nature and draws extensively on related literature. Data were obtained through primary sources (semi-structured interviews, observation) and additionally draw on the researcher’s own professional experience. Findings The findings suggest that both tourism and logistics need a more rigorous security infrastructure and support to keep pace in the current global arena where the range and scale of crime is unprecedented. Research limitations/implications The limitation of this study is that the focus is specifically on the Caribbean – though the situation in the Caribbean is no different from international trends. Practical implications Jamaican society has been impacted by different forms of crime (drugs, domestic and political) over the past three decades. While tourism has been the major source of foreign exchange for the island, little attention has been given to the impact of crime on tourism. Logistics, like tourism, has been premised as the next agenda for economic growth for the island. Similar to tourism, security has not been emphasized in the promotion of the logistics hub. Therefore, the role of security should be a priority agenda for the country as it works towards establishing a global logistic hub. Social implications The social implication of this study is to sensitize both the government and local people on the importance of the tourism and logistics industry and the role that security will play in their sustainability. The proposed logistics hub and the special economic zones will probably double the employment opportunity provided by tourism. Finally, the paper will help inform government policy both at the national and local levels on attitudes to national and private security. Originality/value Little has been written on the role of security in tourism and logistics in the Caribbean. As a result, this paper is timely and makes a fresh contribution to what is known on the subject matter.

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