scholarly journals The impact of economic freedom on foreign portfolio investments

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. 

scholarly journals Effects of hydrokinesitherapy on balance and walking ability in stroke survivors: a systematic review and meta-analysis of randomized controlled studies

2019 ◽  
Vol 16 (1) ◽  
Author(s):  
Guanli Xie ◽  
Tao Wang ◽  
Bo Jiang ◽  
Yan Su ◽  
Xiaoxia Tang ◽  
...  
Keyword(s):  
Meta Analysis ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Sufficient Evidence ◽  
Cochrane Library ◽  
Stroke Survivors ◽  
Walking Ability ◽  
Balance Function ◽  
Effect Model ◽  
Positive Effect

Abstract Background Balance and walking impairment are common dysfunctions after stroke. Emerging data has demonstrated that hydrokinesitherapy may have a positive influence on improvement of balance and walking ability. However, there is no firm evidence to support these results. Therefore, the aim of this review is to evaluate the effects of hydrokinesitherapy in stroke survivors systematically. Methods Medline, EMBASE, Cochrane Central Register of Controlled Trials (CENTRAL) in the Cochrane Library, CINAHL and SPORTDiscus were systemic searched from their inception to Septemter 30, 2018. RevMan 5.3 software was used to perform data synthesis. The fixed-effect model or random-effect model was employed according to the results of heterogeneity test. The mean differences (MD) or standardized mean difference (SMD) was used to evaluate the pooled effect of hydrokinesitherapy on balance function, walking ability and activty of daily life (ADL). Results A total of 13 studies were included involving 381 stroke survivors. Meta-analysis results indicated that hydrokinesitherapy could improve balance ability based on three test: Berg balance scale (BBS: MD = 3.84, 95% confidence interval (95% CI) 2.84 to 4.86, P < 0.001), Time Up To Go Test (TUGT: MD = − 1.22, 95% CI − 2.25 to − 0.18, P = 0.02, fixed-effect model), Functional Reach Test (FRT: MD = 2.41, 95% CI 1.49 to 3.33, P < 0.001). Additionally, we found a weakly positive effect on walking speed (SMD = 0.75, 95% CI 0.26 to 1.25, P = 0.003) and walking ability test (SMD = 0.36, 95% CI 0.04 to 0.68, P = 0.03). There was no significant difference between experimental group and control group in terms of ADL. Short conclusion Hydrokinesitherapy can improve balance function and had a weakly positive effect on walking ability in stroke survivors. We did not find sufficient evidence to indicate that hydrokinesitherapy could improve the ADL of stroke survivors. However, due to the methodological shortcoming and small number of included studies, caution is needed when interpreting these results. Due to imprecision and publication bias, the quality of the evidence was downgraded to “low-quality” for the primary outcomes of balance and walking ability. Trial registration CRD42018110787.

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

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.

scholarly journals Determinants of Financial Performance of Nepalese Commercial Banks: Evidence from Panel Data Approach

2020 ◽  
Vol 32 (2) ◽  
pp. 45-59
Author(s):  
Purna Man Shrestha
Keyword(s):  
Panel Data ◽  
Financial Performance ◽  
Commercial Banks ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Lagrangian Multiplier ◽  
Effect Model ◽  
Specific Factors ◽  
The Impact ◽  
Bank Specific Factors

The impact of bank specific factors on the financial performance of Nepalese commercial banks is analyzed in this paper. The financial performance is measured by using return on assets (ROA). Similarly, managerial efficiency (ME), liquidity (LIQ), credit risk (CR), assets quality (AQ) and operational efficiency (OE) is used as proxy of bank specific factors. This study used panel data of 17 commercial banks for the period of 2010/11 to 2017/18. Breusch and Pagan Lagrangian multiplier test showed that Pooled Regression model is not appropriate and Hausman test concluded that Fixed Effect model is appropriate rather than Random Effect model. Using the Fixed Effect model; this study concludes that bank specific factors have significant impact on financial performance of Nepalese commercial banks. Finally, this study reveals that ME, AQ and OE have significant positive impact, and CR has negative impact on the financial performance of Nepalese commercial banks.  

scholarly journals Managing Climate Change for Wheat Production: An Evidence from Southern Punjab, Pakistan

2019 ◽  
Vol 1 (2) ◽  
pp. 48-58
Author(s):  
Muhammad Haseeb Raza ◽  
Allah Bakhsh ◽  
Muhammad Kamran
Keyword(s):  
Climate Change ◽  
Negative Impact ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Wheat Production ◽  
Panel Model ◽  
Effect Model ◽  
Tube Wells ◽  
Relationship Of ◽  
The Impact

The current research study was conducted to estimate the impact of climate change on wheat production by using panel data from 1998-2014.  For this purpose four districts were selected from southern Punjab, Pakistan. Panel model of fixed effect (FE) was estimated at region level for wheat productivity utilizing climatic and non-climatic variables based on season. The conclusion of the study showed that non-climatic, i.e. inputs, number of tractors, area under wheat, number of tube wells and fertilizer consumption in each district have significant impact on the wheat production. The fixed effect model results revealed that the increase in temperature has significance impact on the month of the November and January, while it showed negative impact in the month of April. The results also showed a non-linear relationship of precipitation for the months of April and November.

scholarly journals Exchange Rate, Terms of Trade and Employment Nexus: Evidence From Turkey

2020 ◽  
Author(s):  
Muhammad Salah Uddin ◽  
Mahadi Hasan ◽  
Zobayer Ahmed
Keyword(s):  
Exchange Rate ◽  
Real Wage ◽  
Positive Impact ◽  
Fixed Effect Model ◽  
Terms Of Trade ◽  
Fixed Effect ◽  
Moderate Increase ◽  
Real Wages ◽  
Effect Model ◽  
The Impact

Abstract The objective of this study is to analyze the impact of the real exchange rate (RER) on employment, and real wage using quarterly disaggregated data (ISIC Rev 4 classification) composed of 19 industries in Turkey from 2010 to 2017. In our study, we employed the Fixed Effect Model, where industry-specific effects are used to control heterogeneity within the sectors. Moreover, robustness is applied to get rid of the heteroscedasticity in the error terms. Our results find that the currency appreciation has a negative, however insignificant effect on employment; whereas it has a significant positive impact on real wage. Generally, the terms of trade has no remarkable impact on employment and real wages; however, the larger industries have a substantial adverse impact on employment. Nevertheless, the interaction between currency appreciation and the top 25 per cent larger industries indicates a moderate increase in employment. The findings reflect that the appreciation of the domestic currency decreases employment at the industry level. The originality of this paper includes the effects of the terms of trade and interaction with currency appreciation in larger industries using Fixed Effect Model approach.

PENGARUH ECONOMIC FREEDOM TERHADAP PERTUMBUHAN EKONOMI DAN FOREIGN DIRECT INVESTMENT (FDI) DI ASEAN

2019 ◽  
Vol 1 (4) ◽  
Author(s):  
Iis Dayanti ◽  
Syamsul Amar B
Keyword(s):  
Rule Of Law ◽  
Direct Investment ◽  
Economic Freedom ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Government Size ◽  
Role Of Government ◽  
Effect Model ◽  
Independent Variable

This study aims to determined the effect of noneconomic variable on the economy, this study involves the role of government and institutions as factors that can affect the economy. Independent variable in this study is economic freedom, government size, rule of law, and investment freedom. Then, dependent variable in this study is PDB and FDI. This study used panel data in ASEAN for the 2008-2017 period. The model in this study is simultaneous panel with Two-Stage Least Sqares (2SLS) method. The result is economic freedom and government size have significant effect on PDB under fixed effect model and government size and investment freedom have significant effect on FDI under fixed effect model. But, rule of law in this study does not have significant effect on FDI.

The impact of the China–USA trade war on USA Chapter 12 farm bankruptcies

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yu Wu ◽  
Calum G. Turvey
Keyword(s):  
Fixed Effect Model ◽  
Mixed Effects ◽  
Cubic Splines ◽  
Fixed Effect ◽  
Economic Factors ◽  
Producer Price ◽  
Content Type ◽  
Effect Model ◽  
Trade War ◽  
The Impact

PurposeThe purpose of this paper is to determine the effects of the 2018–2020 China–US trade war on US farm bankruptcies as filed under Chapter 12. The key task is to identify the economic factors affecting farm bankruptcies generally, and to then control for the trade war impacts including the Market Facilitation Program (MFP), floods, agricultural conditions and the health of agricultural finance leading into the trade war.Design/methodology/approachResults were obtained using ordinary least square regression and panel fixed effect model using bankruptcy rates and number as the dependent variable. Independent variables included market effects, credit conditions, yield variation, trade impacts, 2019 flooding, macroeconomic conditions and regional fixed effects. The authors use cubic splines to interpolate annual and quarterly data to a monthly base.FindingsBased on a fixed effect model, the authors find that all other things being equal the China–USA trade war would have had a significant impact on Chapter 12 farm bankruptcies, increasing the bankruptcy rate by 25.7%. The flooding in 2009 had minor effects of increasing the rate by only 0.05%. The overall impact will, however be substantially lower than the 25.7% because of the MFP. The MFP variables (binary) had mixed effects and its true impact is unknowable at this time; however, the authors also find that a 1% increase in the producer price index decreases bankruptcy rates by 2.62% and farm bankruptcy numbers by 3.70%. Likewise a 1% increase in GDP reduces bankruptcies by 3.25%. These suggest that the MFP program will have likely reduced farm bankruptcies considerably than what would have occurred in their absence. The authors also find that states heavily dependent on trade faced lower market uncertainty. Broader economic factors (net charge-offs of farm loans held by insured commercial banks, US real GDP, the average effective interest rate on nonreal estate farm loans) affect farm bankruptcy.Research limitations/implicationsThe authors use monthly bankruptcy statistics, however not all data were available in monthly measures requiring interpolation using cubic spline functions to approximate monthly changes in some variables. Although the MFP had mixed effects in the model, the mid- to longer-term effects may be more impactful. These longer-term effects (and even shorter-term effects through 2020) are complicated by the coronavirus disease 2019 (COVID-19) pandemic, which will require a different identification strategy than that employed in this paper.Originality/valueThe analysis and results of this paper are, to the authors' knowledge, the first to investigate the impact of the China–US trade war on Chapter 12 farm bankruptcy filings. The use of cubic splines in the interpolation of agricultural data is also a technical innovation.

Impact of Corporate Governance Practices on Firm's Cash Holdings in an Emerging Market: A Panel Data Analysis

2017 ◽  
Vol 7 (2) ◽  
pp. 210 ◽  
Author(s):  
Lingesiya Kengatharan
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Cash Holdings ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Board Independence ◽  
Manufacturing Companies ◽  
Effect Model ◽  
Governance Practices ◽  
The Impact

The aim of the study was to examine the impact of corporate governance practices on firm's cash holdings of listed manufacturing companies in Sri Lanka, using panel data extracted from the financial statements of the companies listed on Colombo Stock Exchange. Corporate governance practices of Sri Lankan listed manufacturing companies were measured by board independence, board size, CEO duality, audit committee meetings and audit committee members, cash holdings were measured by percentage of cash and cash equivalents on total assets and also leverage and firm size were considered as control variables. Data were collected from 26 listed manufacturing companies over a five years period of 2011-2015. Pooled Ordinary Least Square, Fixed Effect and Random Effect models were performed using STATA to explore the best model for the impact of corporate governance practices on firm's cash holdings. Results of the study revealed that fixed effect model was the best model with the evidence of Hausman specification test. According to the fixed effect model, CEO-duality and leverage had significant negative impact on cash holdings while audit committee meetings and firm size had positive impact on cash holdings of the listed manufacturing companies in Sri Lanka. Board independence, board size and audit committee members did not show any significant impact on cash holdings. Findings of the study may be useful to practitioners to identify the effects of corporate governance practices on firm's cash holdings.

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.

scholarly journals The impact of corruption on the economic growth in Bangladesh, India and Pakistan: An ARDL approach

2021 ◽  
Vol 12 (8) ◽  
pp. 2079-2093
Author(s):  
Md. Mamun Miah ◽  
Tahmina Akter Ratna ◽  
Shapan Chandra Majumder
Keyword(s):  
Economic Growth ◽  
Correction Term ◽  
Negative Relationship ◽  
Secondary Data ◽  
Fixed Effect Model ◽  
Positive Influence ◽  
Fixed Effect ◽  
Ardl Model ◽  
Effect Model ◽  
The Impact

Purpose of the study: Main purpose of the paper is to find out the impact of corruption on the economic growth of Bangladesh, India, and Pakistan. At the same time, our other objectives are to find the long and short-run effects of corruption on growth in these countries. Methodology: For conducting the study, we have taken the data from Bangladesh, India, and Pakistan. For this study necessary secondary data have been collected from 1990 to 2016 based on countries like Bangladesh, India, and Pakistan. Data for economic growth (dependent) and trade (independent) are collected from World Development Bank and data for corruption are taken from International Country Risk published by the PRS Group. The study has used ECM ARDL Model and the Fixed Effect Model.  Findings: The result of the fixed effect model shows a 1percent increase in corruption decreases GDP by 0.07 units and shows a negative relationship with economic growth. Again if trade increases by 1 percent then growth will increase by 0.09 units on average and shows a positive relationship with economic growth. ECM ARDL Model shows the positive coefficient of corruption but not significant but trade has a long-run positive influence on economic growth. The error correction term indicating that the adjustment is corrected by 70% in these three countries. Contributions: This paper may be helpful for existing literature gap and also for further research. It will be helpful for policy makers to control corruption in three countries.

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