Policy Burden of State-Owned Enterprises and Efficiency of Credit Resource Allocation: Evidence from China

This article selects A-share state-owned listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2018 as samples and uses OLS together with intermediary effect tests to study the impact of state-owned enterprise’ (SOEs) policy burdens on credit resources and their allocation efficiency. The research finds that the heavier the policy burden SOEs assume, the more credit resources they obtained. However, they are also more likely to make inefficient investments after obtaining the credit resources, and these credit resources have a negative effect on the value of the SOEs which bear the policy burden. These negative impacts are more significant in SOEs with low degree of marketization in the region, low level of government control, and low information transparency. The path analysis elaborates that the policy burden of SOEs reduces the efficiency of resource allocation by increasing management agency costs and reducing financing constraints. The conclusions enrich the understanding of the consequences of policy burdens under the background of Chinese system, further broaden the analytical framework of the efficiency of credit resource allocation, and unveil the importance of relevant government departments that can optimize the efficiency of credit resource allocation.

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Impact of the European Working Time Directive on trainees and trainers 3 years post-implementation

The Psychiatrist ◽

10.1192/pb.bp.112.041285 ◽

2013 ◽

Vol 37 (9) ◽

pp. 286-289

Author(s):

Farshad Shaddel ◽

Subimal Banerjee

Keyword(s):

Working Time ◽

European Working Time Directive ◽

Junior Doctors ◽

Positive Effects ◽

European Working ◽

Negative Effect ◽

Negative Impacts ◽

Working Time Directive ◽

The Impact

Aims and methodTo assess the views of trainees and trainers of the impact of the European Working Time Directive (EWTD). The study was conducted in two stages. First, a qualitative survey of trainees and trainers in the Oxford Deanery was carried out on the positive and negative aspects of the EWTD to identify key areas. Second, a self-completed questionnaire was developed separately for trainees and trainers and the results collated. Twenty trainers and nineteen trainees took part in the study.ResultsAbout 70% of trainees and trainers were aware of the EWTD objectives. Ninety per cent of trainers and 30% of trainees believed that the introduction of the EWTD was a negative development. Compared with 42% of trainees, 80% of trainers believed that the EWTD had not improved the quality of care and instead had a negative effect on doctor–patient alliance and continuity of care. Although 53% of trainees believed that the quality of training was not compromised by the introduction of the EWTD, 84% of trainers thought otherwise. Less hands-on experience and some doctors' roles being given to other professionals were the most stated negative impacts of the EWTD on the quality of doctors' training. Positive effects of the EWTD from both trainees' and trainers' points of view were a better work-life balance and less burnout for junior doctors.Clinical implicationsThe EWTD may not have been successful in achieving all of its intended objectives. Further studies on different sample groups would help clarify the wider impact of the EWTD.

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Analysis of Restructuring the Mexican Electricity Sector to Operate in a Wholesale Energy Market

Energies ◽

10.3390/en14113331 ◽

2021 ◽

Vol 14 (11) ◽

pp. 3331

Author(s):

Juan C. Percino-Picazo ◽

Armando R. Llamas-Terres ◽

Federico A. Viramontes-Brown

Keyword(s):

Energy Demand ◽

Private Investment ◽

Electricity Sector ◽

Government Control ◽

Steady Growth ◽

System Operator ◽

Restructuring Process ◽

Negative Impacts ◽

The Impact ◽

Energy Reform

This paper analyzes the energy reform that has taken place in Mexico since 2013, driven by steady growth in energy demand and insufficient economic resources. The relevant points in the restructuring process are discussed, shedding light on the impact of recent governmental actions not aligned with the original spirit of the law. This research uses a framework and fundamentals of a well-organized structural process called the textbook model, making a comparative analysis of Mexican reform. It proceeds by presenting the Mexican Electrical System in numbers and how it is affected by the present government’s restructuring process providing positive and negative impacts of several implementations. The main objectives of restructuring were carried out to attract private investment and increase the reliability and efficiency of the system. During the first four years, the reform has attracted investment, in diminishing form in generation but not in transmission and distribution. Therefore, the main reason for this is explained and a brief analysis and the roots of these failures are presented. It is shown that recent political decisions tend to keep the system operator and regulatory agencies under Federal Government control so that it is acting against the main objectives of the original reform. Finally, a summary of the deviation of the reality from the existing law is outlined.

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Does capital structure affect firm value in Vietnam?

Investment Management and Financial Innovations ◽

10.21511/imfi.18(1).2021.03 ◽

2021 ◽

Vol 18 (1) ◽

pp. 33-41

Author(s):

Tien Dat Dang ◽

Thi Van Trang Do

Keyword(s):

Capital Structure ◽

Firm Value ◽

Positive Impact ◽

Stock Exchanges ◽

Enterprise Value ◽

Control Factors ◽

Beverage Industry ◽

Food And Beverage ◽

Negative Effect ◽

The Impact

This study aims to examine whether the capital structure and several factors have significant influences on firm value in Vietnam. To achieve this objective, 435 non-financial listed companies have been selected from 2012 to 2019 on Vietnamese stock exchanges. Four groups of firms continue to be chosen from the total to investigate the differences in the outcomes among industries. The results altogether using the GMM method show that the impact of capital structure and other control variables on firm value is significant, yet different across industries: capital structure has a significant positive impact on firm value in the food and beverage industry, but has a significant negative effect on the value of the firm in wholesale trade and construction, as well as real estate industry, while has an insignificant influence on enterprise value considering all industries. Apart from the firm size, the impact of other control factors on firm value also indicates mixed results.

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Getting personal: investigating how living with universal credit affects emotions and identities

10.7190/shu-thesis-00413 ◽

2021 ◽

Author(s):

◽

Sophia Constance Negus

Keyword(s):

Labour Market ◽

Analytical Framework ◽

The Self ◽

Self Management ◽

Structured Interviews ◽

Market Society ◽

Working Age ◽

Negative Impacts ◽

The Impact

This thesis investigates the impacts of Universal Credit (UC) on emotions, wellbeing, identities, and the ‘self’. The findings are of growing importance as increasing numbers of people are receiving UC. Six million people now engage with a ‘violent’ system (Cooper and Whyte, 2017) which pushes people further from the labour market, society, health, and their ‘self’. UC introduced radical changes to British working-age social security, with aims to ‘simplify’ the system, reduce costs and fraud, and ‘make work pay’. Since launching in 2013, there has been growing evidence on the negative impacts of UC, yet, little is known about the impact UC has on emotions, wellbeing, identities, and the ‘self’, a gap in knowledge this thesis addresses. A geographically bound case-study was adopted using semi-structured interviews and participant-solicited diaries to investigate the diverse realities and impacts of UC. The analytical framework utilises several concepts and theories, drawing upon Elias (1994) as it is argued UC is a ‘civilising offensive’ (Powell, 2013), and Goffman (1997/2007) to explore the impacts on identities. This thesis provides empirical contributions to knowledge surrounding the extent and severity of the impacts of UC on emotions and the ‘self’. The research found that harm inflicted from UC carries serious consequences and the experiences indicate a systemic erosion of people, lives, and possibilities. The findings demonstrate how UC is experienced as dehumanizing and destabilising of emotions, wellbeing and the ‘self’. It provides important insights into how people respond to UC and the significant resources spent on ‘self-management’ as individuals attempt to preserve their identities which are under threat from institutional scrutiny, stigma and increasing poverty. Therefore, this thesis provides an important contribution to knowledge surrounding the corrosive nature of UC.

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Equity financing constraints and R&D investments: evidence from an IPO suspension in China

China Finance Review International ◽

10.1108/cfri-06-2017-0074 ◽

2018 ◽

Vol 8 (2) ◽

pp. 158-172 ◽

Cited By ~ 3

Author(s):

Binxi Cui ◽

Chaojun Yang

Keyword(s):

Empirical Studies ◽

Financing Constraints ◽

Negative Evidence ◽

Difference In Difference ◽

Equity Financing ◽

Cross Sectional ◽

Content Type ◽

Negative Effect ◽

The Impact ◽

Quasi Experiment

Purpose The purpose of this paper is to exploit the effect of equity financing constraints on the firm’s investment in research and development (R&D) by utilizing a quasi-experiment in China. Design/methodology/approach A difference-in-difference identification strategy is employed to test the treatment effect of the IPO suspension in China. For robustness testing, the authors incorporate cross-sectional variation in external financial dependence to identify the different influences an IPO suspension has on R&D investments for firms across multiple industries through the difference-in-difference-in-difference approach and the authors also adopt a matching approach to check the parallel trend assumption. Moreover, the authors introduce a placebo test to further verify the empirical results. Findings Through the empirical analysis, the authors find that the firms subjecting to the IPO suspension are more likely to reduce their investments in R&D than those not affected by the IPO suspension. Besides, the negative effect of equity financing constraints on R&D investments is concentrated on external financial dependent industries. The firms in industries with larger external financial dependence tend to decrease more in their R&D expenditures when they experience the equity financing constraints. Research limitations/implications This paper provides a new negative evidence on equity financing constraints on R&D investments link so that contributes to the debate about the effect of the financing constraints on R&D investments. Practical implications The study provides a meaningful suggestion for governments to diminish the frictions in the financial market and to improve enterprises’ public financing circumstances by finding that equity financing constraints have negative impacts on firms’ R&D investments. Originality/value There are some apprehensions around previous empirical studies investigating the impact of financing constraints on R&D investments as the existing literature is unable to provide an unambiguous method to exactly distinguish and measure the degree of financing constraints the firms confronting with. This paper solves this problem by first utilizing an IPO suspension in China as a quasi-experiment to examine the effect of equity financing constraints. Therefore, it gives insight to solve the problem of measuring financing constraints in future researches.

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Using Geotagged Social Media Data to Explore Sentiment Changes in Tourist Flow: A Spatiotemporal Analytical Framework

ISPRS International Journal of Geo-Information ◽

10.3390/ijgi10030135 ◽

2021 ◽

Vol 10 (3) ◽

pp. 135

Author(s):

Wei Jiang ◽

Zhengan Xiong ◽

Qin Su ◽

Yi Long ◽

Xiaoqing Song ◽

...

Keyword(s):

Social Media ◽

Analytical Framework ◽

Historical Background ◽

Spatiotemporal Pattern ◽

Government Control ◽

Social Media Data ◽

Seasonal Characteristics ◽

The Impact ◽

Media Data ◽

Tourist Flow

Understanding sentiment changes in tourist flow is critical in designing exciting experiences for tourists and promoting sustainable tourism development. This paper proposes a novel analytical framework to investigate the tourist sentiment changes between different attractions based on geotagged social media data. Our framework mainly focuses on visualizing the detailed sentiment changes of tourists and exploring the valuable spatiotemporal pattern of the sentiment changes in tourist flow. The tourists were first identified from social media users. Then, we accurately evaluated the tourist sentiment by constructing a Chinese sentiment dictionary, grammatical rule, and sentiment score. Based on the location information of social media data, we built and visualized the tourist flow network. Last, to further reveal the impact of attractions on the sentiment of tourist flow, the positive and negative sentiment profiles were generated by mining social media texts. We took Beijing, a famous tourist destination in China, as a case study. Our results revealed the following: (1) the temporal trend of tourist sentiment has seasonal characteristics and is significantly influenced by government control policies against COVID-19; (2) due to the impact of the attraction’s historical background, some tourist flows with highly decreased sentiment strength are linked to attractions; (3) on the long journey to the attraction, the sentiment strength of tourists decreases; and (4) bad traffic conditions can significantly decrease tourist sentiment. This study highlights the methodological implications of visualizing sentiment changes during collective tourist movement and provides comprehensive insight into the spatiotemporal pattern of tourist sentiment.

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Individual and combined impacts of sulfoxaflor and Nosema bombi on bumblebee ( Bombus terrestris ) larval growth

Proceedings of The Royal Society B Biological Sciences ◽

10.1098/rspb.2020.0935 ◽

2020 ◽

Vol 287 (1932) ◽

pp. 20200935 ◽

Cited By ~ 2

Author(s):

Harry Siviter ◽

Arran J. Folly ◽

Mark J. F. Brown ◽

Ellouise Leadbeater

Keyword(s):

Reproductive Output ◽

Bombus Terrestris ◽

Larval Mortality ◽

Larval Growth ◽

Life History Stage ◽

Nosema Bombi ◽

Negative Effect ◽

Negative Impacts ◽

The Individual ◽

The Impact

Sulfoxaflor is a globally important novel insecticide that can have negative impacts on the reproductive output of bumblebee ( Bombus terrestris ) colonies. However, it remains unclear as to which life-history stage is critically affected by exposure. One hypothesis is that sulfoxaflor exposure early in the colony's life cycle can impair larval development, reducing the number of workers produced and ultimately lowering colony reproductive output. Here we assess the influence of sulfoxaflor exposure on bumblebee larval mortality and growth both when tested in insolation and when in combination with the common fungal parasite Nosema bombi, following a pre-registered design. We found no significant impact of sulfoxaflor (5 ppb) or N. bombi exposure (50 000 spores) on larval mortality when tested in isolation but found an additive, negative effect when larvae received both stressors in combination. Individually, sulfoxaflor and N. bombi exposure each impaired larval growth, although the impact of combined exposure fell significantly short of the predicted sum of the individual effects (i.e. they interacted antagonistically). Ultimately, our results suggest that colony-level consequences of sulfoxaflor exposure for bumblebees may be mediated through direct effects on larvae. As sulfoxaflor is licensed for use globally, our findings highlight the need to understand how novel insecticides impact non-target insects at various stages of their development.

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Health View to Decrease Negative Effect of High Heels Wearing: A Systemic Review

Applied Bionics and Biomechanics ◽

10.1155/2021/6618581 ◽

2021 ◽

Vol 2021 ◽

pp. 1-10

Author(s):

Meizi Wang ◽

Ci Jiang ◽

Gusztáv Fekete ◽

Ee-Chon Teo ◽

Yaodong Gu

Keyword(s):

Systemic Review ◽

Specific Information ◽

Negative Effects ◽

Heel Height ◽

Negative Effect ◽

Comfort Rating ◽

High Heels ◽

Negative Impacts ◽

The Individual ◽

The Impact

Effective recommendations about how to decrease adverse effects of high heels (HH) need to be provided, since wearing HH is inevitable for most women in their daily life, regardless of their negative impacts on the foot morphology. The main purpose of this systematic review was to summarize studies which have provided specific information about how to effectively offset the negative effects of wearing HH, in the case of women, by means of examining heel height, insole, and heel base support (HBS). Some evidence indicate the following: (i) the range of appropriate heel height for HH shoes is 3.76 cm to 4.47 cm; (ii) compared to small HBS, the larger ones effectively increase gait stability, reduce risk of ankle injury, and improve comfort rating during HH walking; and (iii) the use of a total contact insert (TCI) significantly decreases plantar pressure and the impact on the foot, resulting in higher perceived comfort. It must be noted that these results are based on short-term research; therefore, any conclusions with regard to effects in the long term should be taken with a grain of salt. Nevertheless, future studies should be aimed at combining numerical and experimental methods, in order to provide personal recommendations for HH shoes by considering heel height and HBS size, based on the individual characters (weight, height, and age).

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Financing Constraints, Risk of Stock Price Crash and Impact of New Crown Pneumonia

BCP Business & Management ◽

10.54691/bcpbm.v13i.88 ◽

2021 ◽

Vol 13 ◽

pp. 233-241

Author(s):

Jianing Xu ◽

Rongxing Ouyang ◽

Nanjie Chen ◽

Xinyan Wan

Keyword(s):

Stock Price ◽

Excess Return ◽

Crash Risk ◽

Financing Constraints ◽

Transmission Channel ◽

Financing Constraint ◽

Negative Effect ◽

Negative Role ◽

Heterogeneity Analysis ◽

The Impact

Taking Shanghai and Shenzhen A stock listed companies as a sample, this paper uses the event research method to test the effect of financing constraints and stock price crash risk on the cumulative excess return (CAR) of enterprises under the impact of the epidemic situation. The results show that the risk of stock price collapse plays a negative role in the transmission channel of the impact of the new crown epidemic on the enterprise's cumulative excess return, and the financing constraint intensifies the negative effect. Further, the heterogeneity analysis based on firm size and ownership found that in SMEs and non-state-owned enterprises, the effect of increased financing constraints is more significant Is significant. Finally, this paper puts forward some suggestions from the perspective of relevant regulatory departments and enterprises themselves.

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The Impact of Globalization agains Environmental Condition in Indonesia

E3S Web of Conferences ◽

10.1051/e3sconf/20187302012 ◽

2018 ◽

Vol 73 ◽

pp. 02012 ◽

Cited By ~ 1

Author(s):

Hadi Sasana ◽

Jalu Aji Prakoso ◽

Yuliani Setyaningsih

Keyword(s):

Environmental Degradation ◽

Environmental Conditions ◽

Multinational Corporation ◽

Main Product ◽

Economic Globalization ◽

Environmental Condition ◽

Negative Effect ◽

Political Globalization ◽

Negative Impacts ◽

The Impact

Globalization led to the movement of goods, services, technology, capital and people no longer recognize the limits of the State. The main product of globalization was the inception of a multinational corporation, with characteristic expansiveness and exploratory. Expansive activities that are done naturally bring such potential negative impacts of pollution of water, soil, air, the destruction of forests, the habitats of flora and fauna. This research aims to analyze the impact of globalization is globally against environmental degradation in Indonesia during the period of 1990 – 2015. The results of the analysis showed a negative effect of economic globalization against environmental conditions (CO2emissions), while the influential social and political globalization is positive towards CO2emissions.

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