scholarly journals Impacts of neighboring countries on military expenditures

2017 ◽  
Vol 54 (6) ◽  
pp. 777-790 ◽  
Author(s):  
M Ensar Yesilyurt ◽  
J Paul Elhorst
Keyword(s):  
Fixed Effects ◽  
Political Regime ◽  
Spatial Econometric ◽  
Cross Sectional ◽  
Habit Persistence ◽  
The Matrix ◽  
Common Framework ◽  
Spatial Panel Data ◽  
Military Expenditures ◽  
The Impact

Using the latest spatial econometric techniques and data pertaining to 144 countries over the period 1993–2007, this article tests and compares four frequently used spatial econometric models and eight matrices describing the mutual relationships among the countries, all within a common framework, which helps clarify the impact of neighboring countries on military expenditures. Furthermore, it utilizes two different data sources. Due to this setup, it provides one of the most thorough spatial analyses of military expenditures so far. Furthermore, it confirms but also challenges the results of several previous studies. Military spending measured as a ratio of GDP in one country indeed depends primarily on the spending of other countries, but in a limited number of cases, it also depends on control variables that can be observed in other countries, among which are the level of GDP, the occurrence of international wars, and the political regime. The most likely specification of the matrix describing the relationships among countries is the first-order binary contiguity matrix based on land or maritime borders, extended to include two-sided relationships among the five countries that are permanent members of the UN Security Council and one-sided relationships to all other countries. Finally, cross-sectional approaches are rejected in favor of dynamic spatial panel data approaches due to their controls for habit persistence, country, and time-period fixed effects.

Impact of Financial Risks on the Profitability of Systematically Important Banks in Nigeria

Paradigm ◽  
2019 ◽  
Vol 23 (2) ◽  
pp. 117-129
Author(s):  
Olufemi Adewale Aluko ◽  
Funso Tajudeen Kolapo ◽  
Patrick Olufemi Adeyeye ◽  
Patrick Olajide Oladele
Keyword(s):  
Interest Rate ◽  
Fixed Effects ◽  
Positive Impact ◽  
Financial Risks ◽  
Cross Sectional ◽  
Bank Profitability ◽  
Alternative Measures ◽  
Cross Sectional Dependence ◽  
Fixed Effects Regression ◽  
The Impact

This study examines the impact of financial risks in form of credit, interest rate and liquidity risk on the profitability of systematically important banks in Nigeria over the period from 2010 to 2016. The fixed effects regression model is estimated with Driscoll–Kraay standard errors in order to produce results that are robust to heteroscedaticity, autocorrelation, cross-sectional dependence and temporal dependence. After controlling for some bank-specific, industry-specific, macroeconomic and institutional factors, the empirical results show that credit and liquidity risks have a positive impact on bank profitability while interest rate does not have an impact. The results are robust to alternative measures of profitability.

scholarly journals Family Involvement in Business and Financial Performance: A Panel Data Analysis

2015 ◽  
Vol 40 (4) ◽  
pp. 395-420 ◽  
Author(s):  
Suveera Gill ◽  
Parmjit Kaur
Keyword(s):  
Financial Performance ◽  
Family Involvement ◽  
Fixed Effects ◽  
Panel Data Analysis ◽  
Performance Measure ◽  
Family Businesses ◽  
Executive Summary ◽  
Cross Sectional ◽  
Dummy Variables ◽  
The Impact

Executive SummaryThe economic backdrop of most nations remains dominated by family businesses. Family control is common in publicly traded Indian companies. Such controlling families often hold large shareholdings and for the most part have representation at the top management level as well as on the board. Consequently, an overarching question that emerges is whether and how family ownership, management, and governance affect corporate performance.This article attempts to discern the relationship between family involvement in business (FIB) and financial performance (FP) of companies included in the S&P BSE 500 Index during the period 2006–2010. In addition, an attempt has been made to examine the difference in accounting and market measures of FP for family companies (FCs) vis-à-vis non-family companies (NFCs). A two-way fixed-effects panel model was used to examine the FIB–FP relationship with fixed effects being dummy variables for each year of the sample and dummy variables for each two-digit National Industrial Classification (NIC) code. Finally, to test for the ‘reverse causation’ between FIB and FP, the instrumental-variable—two-stage least-squares (IV-2SLS) regression was applied.The results confirm that FCs are a predominant form over a number of industries in a large sample, S&P BSE 500 Index. In addition, founding families are often involved in the actual management of the companies. Controlling for company-specific, industry affiliation, and corporate governance variables, the cross-sectional longitudinal analyses show that FIB is associated with superior FP. Furthermore, FP is higher for FCs vis-à-vis NFCs. Based on the market performance measure, FC appear to be better performers with higher outside board representations. On further analysis of the profile of independent directors, it was observed that they had a diverse background and expertise. The impact of firm size and unaffiliated blockholdings on FP was found to be significantly negative. Finally, the estimates from the IV-2SLS were found to be consistent with the preliminary results that FIB is associated with better FP.This article joins the evolving concurrence on the diversity and heterogeneity of family businesses by differentiating between family-owned, family-managed, and family-governed companies. It distinguishes itself from previous studies on the subject, as it uses different typologies based on the extent of FIB as well as presents multiple theoretical perspectives rather than a mono-theoretical view to empirical findings in the present study. Keeping this distinction in perspective is imperative for family business researchers, practitioners, and policymakers.

scholarly journals Governance and Domestic Investment in Africa

2019 ◽  
Vol 8 (1) ◽  
pp. 63-80 ◽  
Author(s):  
Chimere Okechukwu Iheonu
Keyword(s):  
Fixed Effects ◽  
Principal Component ◽  
Domestic Investment ◽  
Fixed Effects Model ◽  
African Countries ◽  
Cross Sectional ◽  
Data Set ◽  
Governance Indicators ◽  
World Governance Indicators ◽  
The Impact

The study empirically examined the impact of governance on domestic investment in 16 African countries with a balanced panel data set, between the years 2002 and 2015. The study employed six unbundled governance indicators from the World Bank, World Governance Indicators and constructed three bundled governance indicators using the Principal Component Analysis. The Driscoll and Kraay Fixed Effects model which accounts for serial correlation, groupwise heteroskedasticity and cross-sectional dependence were employed with empirical results revealing that all the indicators of governance positively and significantly influence domestic investment in Africa, except for government effectiveness which happens to be insignificant. Also, Voice/Accountability and the Control of Corruption exert more influence on domestic investment as indicated by their coefficient values. Furthermore, economic growth is also an important factor in explaining domestic investment in Africa. Policy recommendations are discussed.

Spatial Econometric Analysis of Urban and County-level Economic Growth Convergence in China

2016 ◽  
Vol 41 (4) ◽  
pp. 410-447 ◽  
Author(s):  
Guangdong Li ◽  
Chuanglin Fang
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Panel Data ◽  
Population Growth ◽  
Convergence Rates ◽  
Spatial Econometric ◽  
Cross Sectional ◽  
Growth Convergence ◽  
Savings Rate ◽  
Spatial Panel Data

Economic growth convergence, one of the classical assumption in regional economic growth, has been perplexing. There are many empirical studies trying to test if there is regional convergence in China. In this article, we bring new information of the finer spatial scale to the existing literature by using neoclassical convergence analysis, cross-sectional specifications, panel data models, and spatial econometric techniques to test the convergence hypothesis across 2,286 cities and counties in China. Empirical findings from cross-sectional data and spatial panel data show that significant absolute β and conditional β convergence are present in gross domestic product per capita after controlling for investment return rate, human capital, savings rate, population growth, technology advancement, capital depreciation rate, and initial technology level. We also find spatial agglomeration in urban and county economic growth is strong, and spatial effects are significant. Urban and county economic growth convergence rates for 1992–2010 show a gradually accelerated development trend. We present significant evidence that levels of investment, human capital, and initial technology impose significant facilitating effects on city and county economic growth, while savings and population growth have significant negative effects. And city and county economic growth differ in terms of convergence levels and influential factors.

scholarly journals The impact of financial structure on profitability of firms: a cross-sectional industry analysis of Nigerian quoted firms

2011 ◽  
Vol 9 (1) ◽  
pp. 415-427
Author(s):  
Ogbuagu Onu Ekumankama
Keyword(s):  
Fixed Effects ◽  
Time Series Data ◽  
Financial Structure ◽  
Positive Influence ◽  
Least Square ◽  
Series Data ◽  
Cross Sectional ◽  
Ordinary Least Square ◽  
The Impact ◽  
Industrial Groups

This study empirically examines the impact of financial structure decision on the profitability of Nigerian quoted firms. Cross-sectional time series data of 72 Nigerian quoted firms were collated and analysed. Two hypotheses were proposed for the study, while the ordinary least square (OLS), fixed-effects (FE) and the gerneralised least square (GLS) regression were used on pooled and panel data to estimate the relationship between financial leverage and the different measures of profitability in Nigeria quoted firms. In determining the extent of the influence of leverage on the dependent variables, most of the industrial groups showed evidence of sizable positive influence of leverage on profitability and earnings yield. This was significant and robust with all the measures of leverage.

The impact of mass-level ideological orientations on immigration policy preferences over time

2018 ◽  
Vol 49 (3) ◽  
pp. 279-291
Author(s):  
Jens Peter Frølund Thomsen ◽  
Arzoo Rafiqi
Keyword(s):  
Immigration Policy ◽  
Political Ideology ◽  
Fixed Effects ◽  
Policy Preferences ◽  
Cross Sectional ◽  
Individual Level ◽  
Level Data ◽  
The Impact ◽  
Mass Level ◽  
Over Time

AbstractThis paper introduces a dynamic perspective on how (personal) political ideology shapes reactions to immigration policies at the mass level. Greater ethnic diversity and growing calls for multiculturalism represent a disproportionately greater challenge to rightists because they value conformity, tradition, and stability more than leftists. Consequently, we hypothesize that the impact of political ideology on opposition to immigration has become stronger over time. Analyses show that: (a) leftists were less opposed to immigration than rightists in both 2002 and 2014, and (b) rightists have become more opposed to immigration in the time between 2002 and 2014, whereas leftists’ reactions remained stable across this period. We tested our motivated reasoning hypothesis in a repeated cross-sectional (fixed effects regression) analysis of individual-level data from 18 countries (N = 55,367). The individual-level data on political ideology and immigration policy preferences is from the European Social Survey data sets fielded in 2002 and 2014.

scholarly journals The impact of social insurance on health among middle-aged and older adults in rural China: a longitudinal study using a three-wave nationwide survey

2020 ◽  
Vol 20 (1) ◽  
Author(s):  
Xinxin Ma ◽  
Takashi Oshio
Keyword(s):  
Older Adults ◽  
Longitudinal Study ◽  
Health Outcomes ◽  
Fixed Effects ◽  
Social Insurance ◽  
Positive Impact ◽  
Rural China ◽  
Middle Aged ◽  
Cross Sectional ◽  
The Impact

Abstract Background Many studies have examined the impact of social insurance on health, but the results have generally been mixed, presumably because they have not fully addressed potential biases related to the study’s cross-sectional design. In this study, we conducted a longitudinal analysis to investigate how participation in two social insurance programs in China—the New Rural Social Pension Insurance (NRSPI) and the New Rural Cooperative Medical Scheme (NRCMS)—was associated with health outcomes among middle-aged and older adults in rural China. Methods Using three-wave longitudinal data from the China Health and Retirement Longitudinal Study conducted in 2011, 2013, and 2015, we estimated the dynamic fixed-effects regression models to examine the association between participation in the NRCMS/NRSPI and six types of health outcomes. Results Participation in the NRSPI was positively associated with some health outcomes, but the associations were relatively modest and were observed only for some specific age and household income groups. Participation in NRCMS was not associated with any health outcomes. Conclusions The results provide limited evidence of the positive impact of social insurance on health among middle-aged and older adults in rural China. Thus, social insurance programs should be reformed to enhance their positive impact on health.

A Study of the Effect of Geometry Changes on the Structural Stiffness of a Composite D-Spar

2010 ◽  
Author(s):  
Swaroop B. Visweswaraiah ◽  
Damiano Pasini ◽  
Larry Lessard
Keyword(s):  
Cross Section ◽  
Beam Theory ◽  
Leading Edge ◽  
Structural Stiffness ◽  
Cross Sectional ◽  
Composite Blade ◽  
The Matrix ◽  
Coupling Parameters ◽  
Laminate Theory ◽  
The Impact

The paper examines the impact of varying two geometric cross-section parameters of an advance composite D-spar on its structural stiffness. For a given blade topology, the orientation of the D-spar web with respect to the beam axis and the distance of the D-spar web from the leading edge of the blade have been selected here as the variables of study, as they govern the elastic properties of the composite cross-section. A code has been developed to calculate the matrix terms of the Euler-Bernoulli cross-sectional stiffness utilizing the closed form expressions of the structural properties formulated by assuming both Thin-Walled composite Beam theory (TWB) and Classical Laminate Theory. The code has been validated through the Variational Asymptotic Beam Sectional analysis (VABS) for the cross-sectional stiffness matrix. Two cases have been studied for a quasi-isotropic laminate D-spar. The first is for a symmetric airfoil, whereas the second is for an unsymmetrical airfoil. The variation of the stiffness parameters for the quasi-isotropic D-spar including the coupling parameters has been visualized into parametric maps. The paper also examines the impact that these geometric variables have on the stiffness-to-mass ratio to show that along with the ply orientations they play a major role in the aeroelastic tailoring and structural optimization of a composite blade.

Impact of Military Expenditures on the Globalization Process: A Spatial Econometric Analysis for African Region

2021 ◽  
pp. 002190962110103
Author(s):  
Saima Sarwar ◽  
Alvina Sabah Idrees
Keyword(s):  
Economic Growth ◽  
Negative Relationship ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Spatial Econometric ◽  
Effect Model ◽  
The World ◽  
Spatial Autoregressive ◽  
Military Expenditures ◽  
The Impact

With modernization, ideological shifts and economic interdependency, the concept of globalization has expanded vastly. Though the world is unipolar, still the international competition remains prevalent that poses serious threats to regional conflicts. The great powers of the world are still competing with each other for influence over other countries. Thus, the role of militarization cannot be ignored in this context. Thus, it would be interesting to examine the impact of military expenditures on the globalization process through the spill-over effects, along with their relationship with economic growth. The study employed panel data consisting of African countries, covering the time period from 2001 to 2014. The econometric estimation is done through the application of spatial econometric techniques, that is, the spatial autoregressive fixed effect model and spatial Durbin fixed effect model. The study has found a positive relationship between economic growth and globalization but a negative relationship was found between military expenditures and economic growth.

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