Regional Heterogeneity of the Impact of FDI on China’s Marketization Process

As the process of marketization gradually takes place in China after 1978’s initiation of the reform and opening-up policy, FDI which is attracted by China’s preferential policies has become the main driving force of Economic growth. This paper tries to identify the determinants of marketization from the perspective of FDI based on provincial panel data ranged from 2000 to 2017 in China. Two-way-fixed effect model shows that the relationship between FDI and Marketization Level existed huge regional heterogeneity in China. Specifically, Eastern regions with higher development showed a stronger relationship, while in less developed western regions, this relationship was less significant. We also explore the heterogeneity from the time periods. The results indicate that FDI’s positive effect on Eastern China’s marketization level was slowing down, while FDI’s positive effect on Western China’s marketization level was escalating.

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Can the Famous University Experience of Top Managers Improve Corporate Performance? Evidence from China

Sustainability ◽

10.3390/su11246975 ◽

2019 ◽

Vol 11 (24) ◽

pp. 6975

Author(s):

Weifeng Xu ◽

Qingsong Ruan ◽

Chang Liu

Keyword(s):

Corporate Performance ◽

Top Management Team ◽

Listed Companies ◽

Fixed Effect Model ◽

Top Managers ◽

Effect Model ◽

University Experience ◽

The Impact ◽

Business Complexity ◽

Positive Effect

With the continuous improvement of China’s overall education level, the number of top managers with famous university experience in listed companies has been increasing. The question then becomes whether the performance of the listed companies is better if there are more top managers with famous university experience in the top management team (TMT). Based on the sample of listed companies in China from 2008 to 2018, we adopted the two-way fixed effect model and panel propensity score matching (Panel-PSM) methodology to examine the impact of top managers with famous university experience on corporate performance and its mechanism. We found that the higher the proportion of top managers with famous university experience in the TMT, the better the corporate performance will be, and this positive effect is larger in companies with high business complexity. We also found that this effect is mediated by overconfidence of the TMT. The proportion of top managers with famous university experience in the TMT will inhibit the overconfidence of the TMT, which will ultimately benefit corporate performance.

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The impact of economic freedom on foreign portfolio investments

International Journal of Research in Business and Social Science (2147-4478) ◽

10.20525/ijrbs.v9i2.658 ◽

2020 ◽

Vol 9 (2) ◽

pp. 213-222

Author(s):

Tricia Karen Mangal ◽

Day-Yang Liu

Keyword(s):

Economic Freedom ◽

Foreign Debt ◽

Fixed Effect Model ◽

Single Market ◽

Fixed Effect ◽

Foreign Investors ◽

Effect Model ◽

The Impact ◽

Positive Effect ◽

Portfolio Investments

The present phenomena of globalization and market liberalization have attracted considerable attention from foreign investors. Several member states of the Caricom Single Market and Economy are becoming heavily dependent on foreign investments. Consequently, this study intends to investigate the effect of economic freedom on foreign portfolio investments in the case of the Caricom Single Market and Economy. For this purpose, this study has used data from 2012 to 2016. The results of the stationarity test showed that data of all variables considered in the study are stationary at level. Moreover, the fixed-effect model better modeled the data as suggested by the results of the Hausman test. Based on the results of the fixed effect models, economic freedom has a significant and positive effect on the total foreign portfolio investments. Therefore, an increase in economic freedom among the Caricom Single Market and Economy member countries will attract more investors to invest in their country stocks and debt instruments. Furthermore, for the robustness of the results, the study has also estimated a separate regression model for foreign debt portfolio investments and foreign equity portfolio investments which also support the baseline regression results and showed a significant and positive effect of economic freedom on both foreign debt and foreign equity portfolio investments. This study suggests that the member countries of the Caricom Single Market and Economy improve their economic freedom which will attract foreign investors to invest in their countries.

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Impact of marketization process on China's forestry economic growth – based on the statistical yearbook data from 1978 to 2016

Forestry Economics Review ◽

10.1108/fer-02-2020-0002 ◽

2020 ◽

Vol 2 (1) ◽

pp. 43-60

Author(s):

Dan Qiao ◽

Shuifa Ke ◽

Xiaoxiao Zhang ◽

Qiya Feng

Keyword(s):

Economic Growth ◽

Market Mechanism ◽

Three Dimensions ◽

Production Factor ◽

Content Type ◽

Forestry Production ◽

Reform And Opening Up ◽

The Impact ◽

The Relationship ◽

Opening Up

PurposeThe paper aims to explore the impact of marketization on forestry economic growth. Firstly, the development process of forestry marketization was summarized. Secondly, from the three dimensions of forestry production factor marketization, production marketization and product marketization, the framework of marketization is constructed by the authors.Design/methodology/approachBased on the yearbook data from 1978 to 2016, the relationship between forestry marketization and forestry growth was demonstrated through multiple regression and Granger test in this paper.FindingsThe results showed that forestry marketization was one of the important driving factors that impacted on China's forestry economic growth. Since the reform and opening up, China's forestry marketization degree has been constantly strengthened, but there is still room for improvement. China has provided an important model as forestry marketization reform and development sample for the world.Social implicationsMany useful references and inspirations have been provided from China such as gradually promoting market-oriented reforms; paying attention to the important role of reform and opening up in the construction of market mechanism; dynamic coordination of market and government relations; developing and connecting the relationship between domestic and international market; and coordinating the development of forestry state-owned economy, private economy and mixed ownership economy.Originality/valueThis paper creates a measure index of forestry marketization from three dimensions of forestry production factor marketization, production marketization and product marketization.

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How Does Split Announcement Affect Stock Liquidity? Evidence from Bursa Malaysia

Risks ◽

10.3390/risks8030085 ◽

2020 ◽

Vol 8 (3) ◽

pp. 85

Author(s):

S. Amir Tabibian ◽

Zhaoyong Zhang ◽

Mohsen Jafarian

Keyword(s):

Panel Data Analysis ◽

Abnormal Returns ◽

Fixed Effect Model ◽

Stock Liquidity ◽

Effect Model ◽

Study Methodology ◽

The Impact ◽

The Relationship ◽

Event Study Methodology

This study examines the impact of stock splits on stock liquidity in Bursa Malaysia from 2004–2018. The study uses event study methodology and investigates liquidity changes, the role of liquidity, and the relationship between abnormal returns and liquidity as well. We found a significant liquidity improvement on the splits announcement, announcement of book closing date and split execution date (Ex-date), while it declined after the split Ex-date. The findings also indicate that firms with a low-level liquidity prior to split announcements experienced an increase in liquidity after Ex-date. Using panel data analysis, we find that the fixed effect model is more appropriate than the pooled OLS, and the abnormal announcement returns are driven by stock liquidity.

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The Relationship Between Farm Size And Productivity In Slovakia

Visegrad Journal on Bioeconomy and Sustainable Development ◽

10.1515/vjbsd-2015-0011 ◽

2015 ◽

Vol 4 (2) ◽

pp. 46-50 ◽

Cited By ~ 5

Author(s):

Jana Ladvenicová ◽

Silvia Miklovičová

Keyword(s):

Positive Impact ◽

Returns To Scale ◽

Fixed Effect Model ◽

Least Square ◽

Farm Size ◽

Ordinary Least Square ◽

Effect Model ◽

Regression Framework ◽

The Impact ◽

The Relationship

Abstract The paper investigates the relationship between farm size and productivity on chosen sample of companies in Slovakia. The impact of farm size in hectares and credits per hectare in euro on the production per hectare are analysed. The ordinary least square (OLS) and fixed effect model (FEM) regression framework confirms the inverse relationship between farm size and productivity. Credits per hectare have positive impact on productivity of farms. The results of the models show increasing returns to scale in Slovak farms.

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Impact of Dividend Policy on Share Price Evidence from Textile Sector PSX-100 Index

Global Social Sciences Review ◽

10.31703/gssr.2018(iii-iv).42 ◽

2018 ◽

Vol III (IV) ◽

pp. 616-630

Author(s):

Sanaullah Khan ◽

Muhammad Faizan Malik ◽

Shehzad Khan

Keyword(s):

Stock Price ◽

Dividend Policy ◽

Secondary Data ◽

Fixed Effect Model ◽

Share Price ◽

Empirical Estimation ◽

Effect Model ◽

Independent Variable ◽

The Impact ◽

The Relationship

This paper attempts to determine the impact of dividend policy on stock price in Pakistan. A sample of 20 textile listed companies in PSX is examined for a period from 2010 to 2017. The empirical estimation is based on a panel regression analysis of the relationship between dividend policy and share price and also used fixed effect model. Secondary data were used by the researcher in the study. The study has taken share price as a dependent variable while the dividend policy is an independent variable. The dividend policy was measure by different proxy such as SDS, DPR, EPS, PAT and ROE. The result explained that the ROE and EPS have significant positive relationship with share price while the SDS, PAT and DPR have negative association with share price. Although the results are not robust enough as in the case of developed markets but are consistent with the behavior of emerging markets

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The Impact of Climate Change on Economic Conditions: Evidence in Indonesia

JEJAK ◽

10.15294/jejak.v14i2.29920 ◽

2021 ◽

Vol 14 (2) ◽

pp. 261-271

Author(s):

Nur Rizqi Febriandika ◽

Cahyaningtiyas Rahayu

Keyword(s):

Climate Change ◽

Agricultural Land ◽

Fixed Effect Model ◽

Agricultural Produce ◽

Effect Model ◽

Panel Data Regression ◽

Data Regression ◽

Tropical Areas ◽

The Impact ◽

Positive Effect

Climate change has consequences and influences on agricultural productivity, especially in tropical areas such as Indonesia. Agricultural produce contributes to the level of Gross Domestic Product. Climate change is a challenge for the environment that has the most extensive impact on the economic, natural resources, and agricultural sectors, even as a concern for climate change on agricultural production. So it is needed to discuss climate change which has an impact on various sectors, especially the economic sector. This research was carried out during 2016-2018 using all provinces in Indonesia. This study uses panel data regression method, and the chosen model is the Fixed Effect Model (FEM) by displaying the effects of each region. The results of this study show that R-squared value is 0.990095 which means that 99% of independent variables collectively determine the value of GDP. Meanwhile, changes in temperature, increased rainfall, and increased air quality index partially have no effect on GDP. Only the extent of agricultural land area partially has a positive effect on GDP.

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How Does Environmental Regulation Affect the Relationship between FDI and Technological Innovation: From the Perspective of Technology Transactions

Processes ◽

10.3390/pr9081264 ◽

2021 ◽

Vol 9 (8) ◽

pp. 1264

Author(s):

Meng Zeng ◽

Lihang Liu ◽

Fangyi Zhou ◽

Yigui Xiao

Keyword(s):

Environmental Regulation ◽

Technological Innovation ◽

Pollutant Emissions ◽

Regulatory Effect ◽

Host Countries ◽

Regional Heterogeneity ◽

Industrial Sectors ◽

Reduction Effect ◽

The Impact ◽

The Relationship

Many studies have found that FDI can reduce the pollutant emissions of host countries. At the same time, the intensity of environmental regulation would affect the emission reduction effect of FDI in the host country. This study aims to reveal the internal mechanisms of this effect. Specifically, this paper studies the impact of FDI on technological innovation in China’s industrial sectors from the perspective of technology transactions from 2001 to 2019, and then analyzes whether the intensity of environmental regulation can promote the relationship. Results indicate that FDI promotes technological innovation through technology transactions. In addition, it finds that the intensity of environmental regulation significantly positively moderates the relationship between FDI and technological innovation, which is achieved by positively moderating the FDI–technology transaction relationship. Regional heterogeneity analysis is further conducted, and results show that in the eastern and western regions of China, FDI can stimulate technological innovation within regional industrial sectors through technology trading. Moreover, environmental regulation has a significant positive regulatory effect on the above relationship, but these effects are not supported by evidence in the central region of China.

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The impact of regular sperm donation on bulls’ seminal plasma hormonal profile and phantom response

Scientific Reports ◽

10.1038/s41598-021-90630-8 ◽

2021 ◽

Vol 11 (1) ◽

Author(s):

Alicja Kowalczyk ◽

Elżbieta Gałęska ◽

Ewa Czerniawska-Piątkowska ◽

Anna Szul ◽

Leszek Hebda

Keyword(s):

Seminal Plasma ◽

Sperm Donation ◽

Hormonal Profile ◽

Holstein Friesian ◽

Different Seasons ◽

Day Of The Week ◽

The Impact ◽

The Relationship ◽

Positive Effect

AbstractThe aim of this study was to analyze the relationship between the concentration of hormones in the seminal plasma, the bull maintenance system in the insemination station, and the regularity of sperm donation and the response to the phantom (libido level). An additional goal was to determine whether there is a relationship between the hormonal profile in the blood, the sperm plasma, the oxidative and antioxidant profile in the blood of bulls and the biometry of their testicles and scrotum, as well as the quality of their sperm in both different seasons and intensities of reproductive use. For the study, 220 healthy and sexually mature Polish Holstein–Friesian bulls were used. They all had normal libido and were fed equally. The animals were grouped according to the scheme: young (16–20 month/n = 60) and old (26–30 month/n = 60) including: individually housed (n = 30) and group housed (n = 30) young, old individually housed (n = 30) and group housed (n = 30) (n total animals = 120); young animals donating semen once a week (every Thursday) (n = 25) and sporadically (once every two months on a random day of the week) (n = 25), old animals donating semen once a week (every Thursday) (n = 25 ) and sporadic donors (once every two months on a random day of the week) (n = 25) (n total animals = 100). When analyzing the results of this study, it should be stated that regular use has a positive effect on the secretion of sex hormones in bulls. Higher levels of testosterone and lower levels of estradiol and prostaglandins resulted in higher sexual performance, expressed by a stronger response to the phantom. The differences in favor of regular use were independent of the bull's age. The results of our research illustrate that the quality of semen and its freezing potential may depend on the season and frequency of its collection, as well as on the age of the males.

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The Impact of the Credit Channel on Macroeconomic Variables and Bank Characteristics in the Brazilian Economy from 2009 to 2018

Studies of Applied Economics ◽

10.25115/eea.v40i1.5465 ◽

2021 ◽

Vol 40 (1) ◽

Author(s):

Mohammad Farajnezhad

Keyword(s):

Monetary Policy ◽

Fixed Effect Model ◽

Credit Channel ◽

Macroeconomic Variables ◽

Brics Countries ◽

Effect Model ◽

Level Data ◽

Monetary Policy Transmission Mechanism ◽

The Interest Rate ◽

The Impact

This article uses commercial bank-level data to examine a credit channel of the monetary policy transmission mechanism in the Brazilian economy from BRICS countries. Static panel data with a fixed-effect model are used for data analysis. Using a sample of 212 commercial banks from 2009 to 2018. According to the findings of this study, there is a significant and positive relationship between macroeconomic variables that affect the interest rate and GDP with the loan amount, but not with the inflation rate. Also, it is reasonable to conclude that banks in Brazil react to monetary policy in a variety of ways.

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