The impact of ownership and size heterogeneity on hotel efficiency in the Canary Islands (Spain)

2021 ◽  
pp. 135481662110358
Author(s):  
Jorge Vicente Pérez-Rodríguez ◽  
Eduardo Acosta-González

This study was conducted to analyse the influence of technological differences on hotel efficiency in the Canary Islands (Spain), with particular regard to the heterogeneity observed in hotel ownership and size. A metafrontier approach, based on non-parametric deterministic efficiency methods (data envelopment analysis and free-disposal hull) and robust non-parametric estimators (order-α), is used. This empirical analysis considered a panel data sample selection model of Canary Islands hotels for the period 2002–2015. The results obtained show that the frontiers against which the hotels are compared (metafrontier or group) and the consideration or otherwise of outliers are factors of crucial importance. We find that efficiency depends on hotel size (large hotels are more efficient than small ones), but not on the type of ownership. The results also show that the impact of the global financial crisis on the average technical efficiency of these hotels was slight or non-existent. Finally, the technological gap narrowed over time, especially in large hotels and those with no majority shareholder.

2018 ◽  
Vol 13 (02) ◽  
pp. 1850008 ◽  
Author(s):  
DAVID E. ALLEN ◽  
MICHAEL McALEER ◽  
ROBERT J. POWELL ◽  
ABHAY K. SINGH

This paper presents an application of a recently developed approach by Matteson and James ( 2014 ) for the analysis of change points in a dataset, namely major financial market indices converted to financial return series. The general problem concerns the inference of a change in the distribution of a set of time-ordered variables. The approach involves the non-parametric estimation of both the number of change points and the positions at which they occur. The approach is general and does not involve assumptions about the nature of the distributions involved or the type of change beyond the assumption of the existence of the [Formula: see text] absolute moment, for some [Formula: see text]. The estimation procedure is based on hierarchical clustering and the application of both divisive and agglomerative algorithms. The method is used to evaluate the impact of the Global Financial Crisis (GFC) on the US, French, German, UK, Japanese and Chinese markets, as represented by the S&P500, CAC, DAX, FTSE All Share, Nikkei 225 and Shanghai A share Indices, respectively, from 2003 to 2013. The approach is used to explore the timing and the number of change points in the datasets corresponding to the GFC and subsequent European Debt Crisis.


Author(s):  
Norzitah Abdul Karim ◽  
Syed Musa Syed Jaafar Alhabshi ◽  
Salina Kassim ◽  
Razali Haron

The present study, grounded in theory of financial intermediation, provides new empirical evidence on comparison of bank stability measures of Islamic banks, conventional banks and other bank models in Indonesia. Specifically, 72 conventional banks, 4 Islamic banks, 3 conventional banks with Islamic subsidiaries and 2 subsidiary Islamic banks in Indonesia are considered, focusing on the sample period of 1999-2015. The study adopts z-score as a measure of bank stability, while a non-parametric multiple comparison analysis was used to test the significance of the differences in the bank stability of the different bank models, namely Islamic banks, conventional banks, Subsidiary Islamic banks and conventional banks with Islamic subsidiaries. The sample period is further divided into three sub-periods, namely, before the global financial crisis (1999-2006), during the global financial crisis (2007-2009) and after the global financial crisis (2010-2015) so as to gain more detail findings on the impact of the global financial crisis on the banks’ stability. The impact of local crisis periods (1999-2001) on bank stability of different bank models is also investigated. Findings of this study contribute towards extending the theory of financial intermediation through empirical works of stability of different banking models namely Islamic banks, conventional banks, Subsidiary banks and conventional banks with Islamic subsidiaries.


2017 ◽  
Vol 9 (3) ◽  
pp. 91
Author(s):  
Sinem Sefil-Tansever

The aim of this study is to examine mechanism responsible for the behavior of the income and earning inequality in Turkey during the global financial crisis based on data from the 2006 to 2014 Income and Living Conditions Survey. Gini decomposition by income source is employed in order to provide an analysis of the contribution of the various income sources to the evolution of income inequality and to assess the impact of a marginal percentage change in the income from a particular source on income inequality. For examining the contributions of specific variables (education, position in occupation, economic sector) to the interpretation of labor earnings inequality in terms of their gross and marginal contribution, we use static decomposition of Theil T index.


Asian Survey ◽  
2009 ◽  
Vol 49 (1) ◽  
pp. 135-145 ◽  
Author(s):  
Charles E. Ziegler

Russia's seamless presidential succession produced no major changes in domestic politics or foreign policy. Ties with Asia remained strong, though several key relationships——with China, Japan, and the Central Asian states——frayed under the impact of Russia's military action in Georgia. Impressive economic performance in the first half of the year boosted Russian confidence as a great power, but its vulnerability to the global financial crisis together with the heavy-handed operation in the Caucasus undermined Moscow's standing with both Asia and Europe by the end of the year.


2021 ◽  
Vol 16 (4) ◽  
pp. 846-858
Author(s):  
Matthias Klumpp ◽  
Dominic Loske

Order picking is a crucial but labor- and cost-intensive activity in the retail logistics and e-commerce domain. Comprehensive changes are implemented in this field due to new technologies like AI and automation. Nevertheless, human worker’s activities will be required for quite some time in the future. This fosters the necessity of evaluating manual picker-to-part operations. We apply the non-parametric Data Envelopment Analysis (DEA) to evaluate the efficiency of n = 23 order pickers processing 6109 batches with 865,410 stock keeping units (SKUs). We use distance per location, picks per location, as well as volume per SKU as inputs and picks per hour as output. As the convexity axiom of standard DEA models cannot be fully satisfied when using ratio measures with different denominators, we apply the Free Disposal Hull (FDH) approach that does not assume convexity. Validating the efficiency scores with the company’s efficiency assessment, operationalized by premium payments shows a 93% goodness=of-fit for the proposed model. The formulated non-parametric approach and its empirical application are promising ways forward in implementing empirical efficiency measurements for order picking operations within e-commerce operations.


2021 ◽  
Vol 26 (4) ◽  
Author(s):  
Peter L. Molloy ◽  
Lester W. Johnson ◽  
Michael Gilding

A recent study assessed the investor performance of the Australian drug development biotech (DDB) sector over a 15-year period from 2003 to 2018. The current study builds on that research and extends the analysis to 2020, using a 10-year period starting 2010, to exclude the impact of the global financial crisis in 2008/09. Based on a value-weighted portfolio of all 41 DDB firms, the overall sector delivered a negative annualized return of -4.1%. Individual firm performance was also assessed using the compound annual growth rate (CAGR) in share price over the period as a measure of investor outcomes. On this basis 68% of firms produced negative CAGRs over the period, and of the 32% of firms that produced positive CAGRs, six firms produced CAGRs greater than 20% per annum and in three cases of recently-listed firms, the CAGR’s were greater than 50%. Overall however, the sector overall delivered very poor investor returns and despite a relatively large number of listed biotech firms, Australian biotechnology continues to be small and weak in terms of its contribution to global biotechnology industrialization. As such it lacks the critical mass to grow a robust bioeconomy based on drug development, which remains the standard-bearer of biotechnology industrialization.


2021 ◽  
Author(s):  
Наталия Александровна Иванова

Актуальность исследования для экономики усиливается такими явлениями, как влияние мирового финансового кризиса, усложнение отраслевой и территориальной структуры производства, усиление интеграции всех сфер общественной жизни, возрастание значения экологических, социальных и политических факторов развития общества, повышение трансакционных издержек принятия решений в сфере управления. Изучение литературы о территориях дает основание определить понятие региональной системы России как элемент, подсистему некоторой иерархической системы, в роли которой выступает национальная экономика. Процессы глобализации коренным образом изменяют роль регионов в национальной экономике. Регион постепенно становится не только отдельным экономическим агентом, но также вступает в мировые конкурентные процессы. Положение территориально-организованных систем оказывается зависимым не только от макроэкономических условий или возможностей самих регионов, но также от расстановки конкурентных сил, механизмов взаимодействия регионов с другими субъектами. В этой связи возникает необходимость системных исследований с целью выработки комплекса мер, которые будут способствовать повышению конкурентоспособности экономики в целом, ее регионов в частности. Существующий инструментарий региональной экономики является уже недостаточным для анализа такого рода проблем, а традиционный конкурентный анализ не рассматривает регионы в качестве субъектов конкуренции. Требуется расширение и применение новых теоретических подходов к анализу региональных экономических систем и эффективности их развития, формированию целостной концепции развития территориальной организации хозяйства, что обусловило актуальность данного исследования. The relevance of the study for the economy is enhanced by such phenomena as the impact of the global financial crisis, the complication of the sectoral and territorial structure of production, the strengthening of integration of all spheres of public life, the increasing importance of environmental, social and political factors in the development of society, the increase in transaction costs of decision-making in the field of management. The study of the literature on territories gives grounds to define the concept of the regional system of Russia as an element, a subsystem of some hierarchical system, in the role of which the national economy acts. The processes of globalization are fundamentally changing the role of regions in the national economy. The region is gradually becoming not only a separate economic agent, but also enters into global competitive processes. The position of geographically organized systems turns out to depend not only on the macroeconomic conditions or the capabilities of the regions themselves, but also on the alignment of competitive forces, the mechanisms of interaction of regions with other entities. In this regard, there is a need for systematic research in order to develop a set of measures that will contribute to improving the competitiveness of the economy as a whole, its regions in particular. The existing tools of the regional economy are no longer sufficient to analyze such problems, and traditional competitive analysis does not consider regions as subjects of competition. It requires the expansion and application of new theoretical approaches to the analysis of regional economic systems and the effectiveness of their development, the formation of an integral concept of the development of the territorial organization of the economy, which determined the relevance of this study.


2022 ◽  
Vol 9 (1) ◽  
pp. 0-0

The impact of the Information and Technology (IT) sector on the countries’ innovation development has been recognized as crucial in prior and recent research studies. Moreover, firms’ innovativeness affects positively countries’ economies. Nevertheless, the global economic crisis of the last decade constituted a significant barrier to the development of country economies and had a negative effect on firms’ performance. Specifically, the negative consequences of the global crisis became harder for Southern Europe Countries. More specifically the Greek economy was suffered by an extended period of crisis with harder consequences than those of other European countries. The main purpose of this study was to examine the financial performance of Greek IT firms in the early years of crisis. Our findings have been relevant to those of previous studies which observed negative effects of the financial recession on firms profitability.


2015 ◽  
Vol 7 (2) ◽  
pp. 19-31 ◽  
Author(s):  
Janice Lay Hui Nga

This paper investigates the issue of the global financial crisis and its impacts on philanthropy and civil society organisations (CSOs) in Malaysia. CSOs are popularly known as non-governmental organisations (NGOs) in Malaysia. Financial crisis has caused NGOs in many countries to receive less funding. This situation may threaten and discourage voluntary works. Undoubtedly, these beneficial contributions from the NGOs are needful services to the society. This paper examines the impact of financial crisis through the lens of NGOs and philanthropy activities in Malaysia. It utilises primary and secondary data, employs a mixed method approach, and uses quantitative and qualitative data. While there are many influencing factors in this development, this paper presents several significant aspects in the Malaysian context, including the style and nature of giving, culture, religion, and political pressure. This study attempts to seek potential solutions, pathways and possible approaches beneficial to NGOs and philanthropy activities for their sustainability in facing the financial crisis and its consequences. Experiences and lessons learnt in Malaysia may well be useful and applicable to some extent in other countries.


2011 ◽  
Vol 28 (1) ◽  
pp. 9 ◽  
Author(s):  
Rohana Othman ◽  
Nooraslinda Abdul Aris ◽  
Rafidah Mohd Azli ◽  
Roshayani Arshad

The global financial crisis that devastated many of the worlds financial systems in a manner never seen before exposed the glaring weakness in risk management and interest-driven policies. The crisis brought the collapse of several iconic financial institutions once perceived to be too strong to capitulate. The crisis engulfed one economy after another from corporations to eventually bring about the collapse of governments of countries reeling from the impact of the crisis. Asset values plummeted and the crisis clearly demonstrated the fragility of the western capitalist system and the free market economy. The Islamic economic and financial system is anchored on universal honorable values, ideals and morals - honesty, credibility, transparency, co-operation and solidarity. These fundamental values uphold stability, security and safety in any financial transactions. Of paramount consideration is that the Shariah prohibits any economic and financial transactions that involve usury, lying, gambling, cheating, unsubstantiated risk or uncertainty (gharar), monopoly, exploitation, greed, unfairness and taking other peoples money unjustly. Another key aspect to the philosophy behind the Islamic financial system is money issued must be fully asset backed. It is impermissible to allow money to be traded for money except at par. Islam is not just the prohibition of riba and zakah (alms); it is a comprehensive system to fulfill societys basic necessities (food, clothing and shelter). History has demonstrated that Islam has the capacity to deliver and has succeeded in providing a viable economic system.


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