Does Eco-Certification Correlate with Improved Financial Performance? Evidence From a Longitudinal Study in the US Hospital Industry

2021 ◽  
pp. 002073142110189
Author(s):  
Germán M. Izón ◽  
Nathaniel Islip
Keyword(s):  
Financial Performance ◽  
Fixed Effects ◽  
Negative Relationship ◽  
Cost Savings ◽  
The United States ◽  
Fixed Effects Model ◽  
Sustainable Practices ◽  
Production Externalities ◽  
Energy Star ◽  
Operating Margin

Health care-based negative production externalities, such as greenhouse gas emissions, underscore the need for hospitals to implement sustainable practices. Eco-certification has been adopted by a number of providers in an attempt, for instance, to curb energy consumption. While these strategies have been evaluated with respect to cost savings, their implications pertaining to hospitals’ financial viability remain unknown. We specify a fixed-effects model to estimate the correlation between Energy Star certification and 3 different hospitals’ financial performance measures (net patient revenue, operating expenses, and operating margin) in the United States between 2000 and 2016. The Energy Star participation indicators’ parameters imply that this type of eco-certification is associated with lower net patient revenue and lower operating expenses. However, the estimated negative relationship between eco-certification and operating margin suggests that the savings in operating expenses are not enough for a hospital to achieve higher margins. These findings may indicate that undertaking sustainable practices is partially related to intangible benefits such as community reputation and highlight the importance of government policies to financially support hospitals’ investments in green practices.

Dampak Kebijakan Moneter Pada Output Di Negara-Negara ASEAN Tahun 1980-2014

2017 ◽  
Vol 4 (1) ◽  
pp. 58-70
Author(s):  
Nur Widiastuti
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Fixed Effects ◽  
Empirical Studies ◽  
Negative Relationship ◽  
Least Square ◽  
Fixed Effects Model ◽  
State Data ◽  
Ordinary Least Square ◽  
The Impact

The Impact of monetary Policy on Ouput is an ambiguous. The results of previous empirical studies indicate that the impact can be a positive or negative relationship. The purpose of this study is to investigate the impact of monetary policy on Output more detail. The variables to estimatate monetery poicy are used state and board interest rate andrate. This research is conducted by Ordinary Least Square or Instrumental Variabel, method for 5 countries ASEAN. The state data are estimated for the period of 1980 – 2014. Based on the results, it can be concluded that the impact of monetary policy on Output shown are varied.Keyword: Monetary Policy, Output, Panel Data, Fixed Effects Model

scholarly journals Are the Self-Employed Mentally Healthier Than Salaried Workers? Evidence From Korea, Mexico, and the United States

2020 ◽  
Vol 4 (Supplement_1) ◽  
pp. 40-41
Author(s):  
Hankyung Jun
Keyword(s):  
Fixed Effects ◽  
Mental Health Problems ◽  
Unobserved Heterogeneity ◽  
The United States ◽  
Fixed Effects Model ◽  
Reverse Causality ◽  
Positive Health ◽  
Self Employment ◽  
Salaried Workers ◽  
The U.S

Abstract Self-employed workers are often reported to have better health than salaried workers. Whether this is because self-employment has health benefits or healthier workers are self-employed is not clear. Self-employed workers may have higher job satisfaction due to higher levels of self-efficacy and autonomy, but may also experience higher job stress, uncertainty, and lack of health insurance leading to mental health problems. Self-employed workers in the U.S. may have different characteristics than those in Mexico and Korea given different working and living environments as well as different institutional arrangements. This study will examine the association between self-employment and mental and cognitive health for older adults in the U.S., Mexico, and South Korea. It uses harmonized panel data from the Health and Retirement Study, the Korean Longitudinal Study of Aging, and the Mexican Health and Aging Study. We compare the health and selection effect of self-employment using a pooled logistic model, fixed-effects model, and a bivariate probit model. In addition to comparing self-employed and salaried workers, we analyze differences between self-employed with and without employees. By using rich data and various models, we address reverse causality and estimate the relationship between self-employment and health. We show that the positive health effects of self-employed workers in the U.S. disappear once controlled for unobserved heterogeneity, indicating the possibility of healthier workers selecting into self-employment. Interestingly, for Korea and Mexico, healthier individuals seem to select into wage work which reflects the difference in working conditions across countries. Further analysis will show effects by business size.

Intellectual capital efficiency and market-based financial performance: Evidence from listed conglomerate companies

2021 ◽  
Vol 2 (2) ◽  
pp. 31-42
Author(s):  
Eniola Ayisat Sulaiman ◽  
Abubakar Sadiq Kasum ◽  
Wasiu Ajani Musa
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Fixed Effects ◽  
Value Added ◽  
Secondary Data ◽  
Lagrangian Multiplier ◽  
Fixed Effects Model ◽  
Analysis Technique ◽  
Capital Efficiency ◽  
The Impact

Having observed the rate at which dissimilarity occurs between market and book value, and management ignorance concerning the impact intellectual capital disclosure has on companies’ values spurred the interest to probe the association between the efficiency of value-added intellectual coefficient (VAIC) and market-based financial performance of listed Nigerian conglomerate companies. To accomplish the purpose of this study, secondary data were employed and extracted from annual audited reports of listed conglomerate companies in Nigeria from the period of 2010–2018. The data obtained were subjected to static panel data regression analysis technique. The random-effects model was adopted because the empirical result from Breusch and Pagan Lagrangian multiplier (BP-LM) and Hausman tests chose it over the fixed-effects model to produce better results. This study revealed that the value-added efficiency of capital employed (VACA), value-added efficiency of human capital (VAHU), and value-added efficiency of structural capital (STVA) are the drivers of intellectual capital in the conglomerate sector. This study concluded that elements of intellectual capital have a strong power on market-based financial performance. This study recommends that information on intellectual capital components should be reported in ways they deem fit by developing a model of intellectual capital disclosure that complies with the International Accounting Standard Board (IASB)

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.

Advertising expenditures in Brazil and its connection with the international economy

2016 ◽  
Vol 9 (1) ◽  
pp. 43
Author(s):  
Fábio Pesavento ◽  
André Marques
Keyword(s):  
Fixed Effects ◽  
Economic Freedom ◽  
Inflation Rate ◽  
The United States ◽  
International Economy ◽  
Fixed Effects Model ◽  
Trade Relations ◽  
Level Of Activity ◽  
Economic Freedom Index ◽  
Significant Patterns

The strong performance of the Brazilian economy during the 2000s allows the expansion of various sectors, including the advertising market, associated with the growth of the domestic market and the intensification of trade relations with other countries. The main objective of this study is to test the Relative Constancy Principle (RCP) in the context of greater integration with international economy, controlling for several factors that may exhibit some influence on the performance of the advertising market. We adopt a panel data of two periods for 49 countries and estimate a linear fixed effects model with dummies, controlling for the heterogeneity and unobserved factors of the countries. The results suggest that the advertising market of China, the United States and India have significant patterns above the average. The study does not support the RCP, yet they identify important regularities in those countries in relation to the advertising market. The level of activity and international reserves have a significant effect on the advertising market in countries; the higher the share of industry and services (urbanization), the higher the expenses on advertising; the inflation rate is nonlinearly related to the advertising market performance; the economic freedom index and the presence of Generations X and Y are associated with a reduction in advertising expenditure.

The Privatization of Public Hospitals: Its Impact on Financial Performance

2018 ◽  
Vol 77 (3) ◽  
pp. 249-260 ◽  
Author(s):  
Zo Ramamonjiarivelo ◽  
Robert Weech-Maldonado ◽  
Larry Hearld ◽  
Rohit Pradhan ◽  
Ganisher K. Davlyatov
Keyword(s):  
Financial Performance ◽  
Fixed Effects ◽  
Public Hospitals ◽  
For Profit ◽  
Not For Profit ◽  
Panel Regressions ◽  
Public Status ◽  
Operating Margin ◽  
Tm Model ◽  
And Control

This study examined the effects of public hospitals’ privatization on financial performance. We used a sample of nonfederal acute care public hospitals from 1997 to 2013, averaging 434 hospitals per year. Privatization was defined as conversion from public status to either private not-for-profit (NFP) or private for-profit (FP) status. Financial performance was measured by operating margin (OM) and total margin (TM). We used hospital level and year fixed effects linear panel regressions with nonlagged independent and control variables (Model 1), lagged by 1 year (Model 2), and lagged by 2 years (Model 3). Privatization to FP was associated with 17% higher OM (Model 2) and 9% higher OM (Model 3), compared with 3%, 4%, and 6% higher OM for privatization to NFP for all three Models, respectively. Privatization to FP was associated with 7% higher TM (Model 2) and privatization to NFP was associated with 2% higher TM (Model 3).

scholarly journals The Effect of Stay-at-Home Orders on COVID-19 Infections in the United States

2020 ◽  
Author(s):  
James H. Fowler ◽  
Seth J. Hill ◽  
Remy Levin ◽  
Nick Obradovich
Keyword(s):  
United States ◽  
Temporal Variation ◽  
Fixed Effects ◽  
National Level ◽  
The United States ◽  
Spatial And Temporal Variation ◽  
Full Potential ◽  
County Level ◽  
Fixed Effects Model ◽  
At Home

SummaryBackgroundIn March and April 2020, public health authorities in the United States acted to mitigate transmission of and hospitalizations from the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which causes coronavirus disease 2019 (COVID-19). These actions were not coordinated at the national level, which raises the question of what might have happened if they were. It also creates an opportunity to use spatial and temporal variation to measure their effect with greater accuracy.MethodsWe combine publicly available data sources on the timing of stay-at-home orders and daily confirmed COVID-19 cases at the county level in the United States (N = 124,027). We then derive from the classic SIR model a two-way fixed-effects model and apply it to the data with controls for unmeasured differences between counties and over time. This enables us to estimate the effect of stay-at-home orders while accounting for local variation in factors like health systems and demographics, and temporal variation in national mitigation actions, access to tests, or exposure to media reports that could influence the course of the disease.FindingsMean county-level daily growth in COVID-19 infections peaked at 17.2% just before stay-at-home orders were issued. Two way fixed-effects regression estimates suggest that orders were associated with a 3.9 percentage point (95% CI 1.2 to 6.6) reduction in the growth rate after one week and a 6.9 percentage point (2.4 to 11.5) reduction after two weeks. By day 27 the reduction (22.6 percentage points, 14.8 to 30.5) had surpassed the growth at the peak, indicating that growth had turned negative and the number of new daily infections was beginning to decline. A hypothetical national stay-at-home order issued on March 13, 2020 when a national emergency was declared might have reduced cumulative infections by 63.3%, and might have helped to reverse exponential growth in the disease by April 10.InterpretationAlthough stay-at-home orders impose great costs to society, delayed responses and piecemeal application of these orders generate similar costs without obtaining the full potential benefits suggested by this analysis. The results here suggest that a coordinated nationwide stay-at-home order might have reduced by hundreds of thousands the current number of infections and by tens of thousands the total number of deaths from COVID-19. Future efforts in the United States and elsewhere to control pandemics should coordinate stay-at-home orders at the national level, especially for diseases for which local spread has already occurred and testing availability is delayed. Since stay-at-home orders reduce infection growth rates, early implementation when infection counts are still low would be most beneficial.FundingNone.

scholarly journals Do White Police Officers Unfairly Target Black Suspects?

2022 ◽  
Vol 4 (2) ◽  
pp. p12
Author(s):  
John R. Lott, Jr ◽  
Carlisle E. Moody
Keyword(s):  
Panel Data ◽  
Police Officers ◽  
Fixed Effects ◽  
The United States ◽  
Fixed Effects Model ◽  
Discrimination Test ◽  
Data Set ◽  
Unique Data ◽  
Fbi Data ◽  
The City

Using a unique data set we link the race of police officers who kill suspects with the race of those who are killed across the United States. We have data on a total of 2,706 fatal police killings for the years 2013 to 2015. This is 1,333 more killings by police than is provided by the FBI data on justifiable police homicides. We conducted three tests of discrimination. The results of these tests are different. In the first test we find some evidence that white officers are more likely to kill a black suspect who is later found to be unarmed than they are to kill an unarmed white suspect. However, this result could not be confirmed using a fixed effects model on panel data aggregated to the city level. In the second test, we find that white police officers are no more likely to kill an unarmed black suspect than are black or Hispanic officers. The results of this test are confirmed by the panel data version of the test. The third discrimination test indicated that black suspects, whether armed or not, are no more likely to be killed by a white officer than they are to be killed by black or Hispanic officers. Similarly, Hispanic suspects are no more likely to be killed by white offices than officers of other races. These results are also confirmed by panel data analyses. We find that when there is more than one officer on the scene, unarmed black suspects are not more likely to be killed by white police officers than unarmed white suspects. This could be evidence supporting a policy of reducing the number of officers working alone. Also, we find no evidence that body cameras affect either the number of police killings or the racial composition of those killings.

scholarly journals Market Risk and Financial Performance of Non-Financial Companies Listed on the Moroccan Stock Exchange

Risks ◽  
2019 ◽  
Vol 7 (1) ◽  
pp. 20
Author(s):  
Diby François Kassi ◽  
Dilesha Nawadali Rathnayake ◽  
Pierre Axel Louembe ◽  
Ning Ding
Keyword(s):  
Financial Performance ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Market Risk ◽  
Fixed Effects Model ◽  
Financial Leverage ◽  
Return On Equity ◽  
Positive Effects ◽  
Book To Market Ratio ◽  
The Difference

This study examines the effect of market risk on the financial performance of 31 non-financial companies listed on the Casablanca Stock Exchange (CSE) over the period 2000–2016. We utilized three alternative variables to assess financial performance, namely, the return on assets, the return on equity and the profit margin. We used the degree of financial leverage, the book-to-market ratio, and the gearing ratio as the indicators of market risk. Then, we employed the pooled OLS model, the fixed effects model, the random effects model, the difference-GMM and the system-GMM models. The results show that the different measures of market risk have significant negative influences on the companies’ financial performance. The elasticities are greater following the degree of financial leverage compared with the book-to-market ratio and the gearing ratio. In most cases, the firm’s age, the cash holdings ratio, the firm’s size, the debt-to-assets ratio, and the tangibility ratio have positive effects on financial performance, whereas the debt-to-income ratio and the stock turnover hurt the performance of these non-financial companies. Therefore, decision-makers and managers should mitigate market risk through appropriate strategies of risk management, such as derivatives and insurance techniques.

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