KONSENTRASI SPASIAL, AGLOMERASI DAN PRODUKTIVITAS PERUSAHAAN INDUSTRI MANUFAKTUR INDONESIA

AbstractThis study aims to analyze the impact of agglomeration in the form of localization economies and urbanization economies on the productivity of manufacturing industrial companies in Indonesia. Unlike previous studies, this study will look at the effect of technology level on the relationship between productivity and agglomeration by classifying research samples into low-tech and high-tech industries. In addition, this study also improves the estimation technique by addressing the endogeneity problem that has the potential to arise in estimating the relationship between productivity and agglomeration to be overcome by using instrument variable (IV). The study was conducted in two stages of estimation using company-level panel data from 2010 to 2014. First, productivity was measured at the company level using Total Factor Productivity (TFP). Then, the company productivity is estimated together with the company and industry characteristic variables, including the agglomeration measurement variable which represents localization economies and urbanization economies. The regression results show a positive impact from localization economies and a negative impact from urbanization economies.AbstrakPenelitian ini bertujuan menganalisis dampak aglomerasi berupa localization economies dan urbanization economies terhadap produktivitas perusahaan industri manufaktur di Indonesia. Berbeda dengan penelitian terdahulu yang juga meneliti dampak aglomerasi industri terhadap produktivitas perusahaan, pada penelitian ini akan melihat pengaruh tingkat teknologi terhadap hubungan produktivitas dan aglomerasi dengan mengklasifikasikan sampel penelitian ke dalam industri berteknologi rendah dan industri berteknologi tinggi. Selain itu, peneltian ini juga memperbaiki teknik estimasi dari penelitian sebelumnya dengan menangani masalah endogenitas yang berpotensi muncul dalam mengestimasi hubungan produktivitas dan aglomerasi akan diatasi dengan penggunaan instrument variable (IV). Penelitian dilakukan dalam dua tahap estimasi dengan menggunakan data panel level perusahaan dari tahun 2010 sampai 2014. Pertama, produktivitas diukur pada level perusahaan dengan menggunakan Total Factor Productivity (TFP). Kemudian, produktivitas perusahaan diestimasi bersama variabel karakteristik perusahaan dan industri, termasuk variabel pengukuran aglomerasi yang mewakili localization economies dan urbanization economies. Hasil regresi menunjukkan adanya dampak positif dari localization economies dan dampak negatif dari urbanization economies.

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The Dynamic Correlation Between Capital Deepening and Total Factor Productivity in China

Journal of Advanced Computational Intelligence and Intelligent Informatics ◽

10.20965/jaciii.2020.p0524 ◽

2020 ◽

Vol 24 (4) ◽

pp. 524-531

Author(s):

Wuliu Zhang ◽

Keyword(s):

Human Capital ◽

Total Factor Productivity ◽

Negative Impact ◽

Positive Impact ◽

Linear Structure ◽

Physical Capital ◽

Influence Coefficient ◽

Factor Productivity ◽

Capital Deepening ◽

The Impact

The impact of capital deepening on total factor productivity (TFP) is a significant and controversial issue. Based on the calculation of relevant indicators, this study adopts a Bayesian time-varying parameter model, Bayesian quantile regression, and adaptive Bayesian quantile models for in-depth statistical analysis. TFP was found to have a complex non-linear structure, and physical and human capital deepening indicators show a significant upward trend. The deepening of physical capital has a negative impact on TFP, while the deepening of human capital has a positive impact. In the capital deepening structure, the level of TFP has been improved and its structure optimized. Primary human and non-production physical capital deepening has no significant effect on TFP, while secondary human capital deepening has some significant effects on TFP. Tertiary and productive human capital deepening of TFP present two different forms of significant effect: the influence coefficient of the former declines in the increasing quantile and the change is larger, while the latter has a stable negative impact. The results of this study provide insights in terms of the improvement of China’s productivity.

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The impact of research and development activity on the TFP level in manufacturing in Poland

Equilibrium ◽

10.24136/eq.2019.033 ◽

2019 ◽

Vol 14 (4) ◽

pp. 711-737 ◽

Cited By ~ 2

Author(s):

Elżbieta Roszko-Wójtowicz ◽

Maria M. Grzelak ◽

Iwona Laskowska

Keyword(s):

Research And Development ◽

Total Factor Productivity ◽

Manufacturing Industry ◽

Value Added ◽

High Tech ◽

Factor Productivity ◽

Development Activity ◽

Manufacturing Enterprises ◽

The Impact ◽

The Relationship

Research background: The paper presents the issue of total factor productivity in the manufacturing industry in Poland. It has been assumed that total factor productivity (TFP) is a synthetic measure of efficiency of the production process and a measure of the impact of technical progress on the rate of economic growth. Purpose of the article: The main aim of the paper is to assess the differentiation in the level of total factor productivity (TFP) occurring among the Section C manufacturing divisions in Poland. In particular, the paper raises the issue of measuring and analysing the relationship between expenditure on research and development and the level of TFP in manufacturing divisions in Poland. Methods: In the presented research, the TFP level was determined by using the two-factor Cobb-Douglas production function, while econometric panel models were used to assess the studied relationship. Findings & Value added: The presented considerations show that manufacturing divisions in Poland are diversified in terms of total factor productivity. Generally, manufacturing divisions with high R&D intensity, i.e. divisions classified as so-called high-tech ones, are characterised by a high TFP level. The econometric analysis carried out allows us to conclude that expenditure on R&D incurred in manufacturing enterprises significantly affects the level of TFP.

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Impact of Determinants of Industrial Development on Employment and Wages in Indian Manufacturing

Indian Journal of Economics and Development ◽

10.35716/ijed/19053 ◽

2020 ◽

pp. 18-30

Keyword(s):

Technical Efficiency ◽

Total Factor Productivity ◽

Technical Change ◽

Positive Impact ◽

Manufacturing Sector ◽

Factor Productivity ◽

Firm Level ◽

Employment Level ◽

The Impact ◽

Level Performance

ABSTRACT The present study was undertaken to explore the evolution of the impact of firm-level performance on employment level and wages in the Indian organized manufacturing sector over the period 1989-90 to 2013-14. One of the major components of the economic reform package was the deregulation and de-licensing in the Indian organized manufacturing sector. The impact of firm-level performance on employment and wages were estimated for Indian organized manufacturing sector in major sub-sectors in India during the period from 1989-90 to 2013-14 of the various variables namely profitability ratio, total factor productivity change, technical change, technical efficiency, openness (export-import), investment intensity, raw material intensity and FECI in total factor productivity index, technical efficiency, and technical change. The study exhibited that all explanatory variables except profitability ratio and technical change cost had a positive impact on the employment level. Out of eight variables, four variables such as net of foreign equity capital, investment intensity, TFPCH, and technical efficiency change showed a positive impact on wages and salary ratio and rest of the four variables such as openness intensity, technology acquisition index, profitability ratio, and technical change had negative impact on wages and salary ratio. In this context, the profit ratio should be distributed as per the marginal rule of economics such as the marginal productivity of labour and capital.

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Exports, Misallocation, and Total Factor Productivity of Furniture Enterprises

Sustainability ◽

10.3390/su11184892 ◽

2019 ◽

Vol 11 (18) ◽

pp. 4892

Author(s):

Chang Xu ◽

Jianbing Guo ◽

Baodong Cheng ◽

Yu Liu

Keyword(s):

Total Factor Productivity ◽

Value Chain ◽

Fixed Effects ◽

Negative Impact ◽

Market Competition ◽

Fixed Effects Model ◽

Factor Productivity ◽

Labor Costs ◽

Negative Effect ◽

The Impact

With the increase in labor costs in China and the tremendous changes in the international trade environment, upgrading the total factor productivity of Chinese furniture export enterprises faces a great challenge. Lots of studies have explored the interaction of exports or misallocation on the total factor productivity (TFP) of furniture enterprises, however, there is little knowledge on the impact and interaction of both exports and misallocation on the TFP. Based on panel data of Chinese furniture enterprises, this paper measures the TFP and the distortion of labor and capital resources in Chinese furniture enterprises. A two-way fixed-effects model is used to analyze the impact of exports and misallocation on the TFP of Chinese furniture enterprises. The paper reveals several important findings. First, the TFP of Chinese furniture export enterprises is lower than that of non-export enterprises, this phenomenon is called the “export–productivity paradox”. Chinese furniture export enterprises are processing trade-oriented and labor-intensive enterprises at the low end of the value chain, exports have a negative effect on improving the TFP of furniture enterprises in the short term. Second, the distortion of labor and capital resources in Chinese furniture enterprises promotes improvements to the TFP of furniture enterprises rather than reducing the TFP of furniture enterprises. Last but not the least, we find that misallocation has a positive moderating effect on exports and can weaken the negative impact of exports on TFP by the “forced mechanism”, which is that the higher the distortion of the misallocation, the higher the cost of acquiring capital and labor, and enterprises are forced to enhance their productivity when facing market competition, thus promoting improvements to the TFP of furniture enterprises.

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New Evidence on the Relationship Between Economic Freedom and Growth: A Panel Cointegration Analysis for The Case of OECD

Global Economy Journal ◽

10.1515/1524-5861.1796 ◽

2012 ◽

Vol 12 (3) ◽

pp. 1850263 ◽

Cited By ~ 3

Author(s):

Ekrem Erdem ◽

Can Tansel Tugcu

Keyword(s):

Economic Growth ◽

Panel Data ◽

Total Factor Productivity ◽

Economic Freedom ◽

Global Financial Crisis ◽

Oecd Countries ◽

Cointegration Analysis ◽

Factor Productivity ◽

The Impact ◽

The Relationship

The aim of this paper is to find a new answer to an old question “Is economic freedom good or not for economies?” which was refreshed after the Global Financial Crisis of 2008. For this purpose, the relationship between economic freedom and economic growth, and the relationship between economic freedom and total factor productivity in OECD countries were investigated by using panel data for the period of 1995-2009. Study employed the recently developed cointegration test by Westerlund (2007) and the estimation technique by Bai and Kao (2006) which account for cross-sectional dependence that is an important problem in the panel data studies. Although no significant relationship found between economic freedom and total factor productivity, cointegration analysis revealed that economic freedom matters for economic growth in OECD countries in the long-run, and estimation results showed that direction of the impact is negative.

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The Impact of Supervisor Support on Employees’ Psychological Wellbeing: A Parallel Mediation Analysis of Work-To-Family Conflict and Job Satisfaction

International Business Research ◽

10.5539/ibr.v13n11p41 ◽

2020 ◽

Vol 13 (11) ◽

pp. 41

Author(s):

Erasmus Keli Swanzy

Keyword(s):

Job Satisfaction ◽

Mediation Analysis ◽

Family Conflict ◽

Negative Impact ◽

Positive Impact ◽

Supervisor Support ◽

Psychological Wellbeing ◽

Cape Coast ◽

The Impact ◽

The Relationship

This study tries to examine the influence of work-to-family conflict and job satisfaction on the relationship between supervisor support and the psychological wellbeing of 290 administrative workers at the University of Cape Coast, Ghana. The results of the parallel mediation analysis showed that supervisor support had a significant positive impact on employees’ psychological wellbeing and job satisfaction and also had a significant negative impact on employees’ work-to-family conflict. Moreover, the study found a direct positive effect of employees’ job satisfaction on their psychological wellbeing but did not find a direct negative effect of employees’ work-to-family conflict on their psychological wellbeing. In addition, job satisfaction mediated the association between supervisor support and the psychological wellbeing of employees. The study however found no evidence of the mediating influence of work-to-family conflict on the relationship between supervisor support and employees’ psychological wellbeing. Both theoretical and practical implications were further discussed.

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The Impact of Public Expenditure on Economic Growth: A Review of International Literature

Folia Oeconomica Stetinensia ◽

10.2478/foli-2019-0015 ◽

2019 ◽

Vol 19 (2) ◽

pp. 81-101

Author(s):

Sheilla Nyasha ◽

Nicholas M. Odhiambo

Keyword(s):

Economic Growth ◽

Empirical Evidence ◽

Government Spending ◽

Public Expenditure ◽

Negative Impact ◽

Positive Impact ◽

Government Expenditure ◽

Empirical Literature ◽

The Impact ◽

The Relationship

Abstract Research background: Although a number of studies have been conducted on the relationship between public expenditure and economic growth, it is difficult to tell with certainty whether or not an increase in public expenditure is good for economic growth. This lack of consensus on the results of the previous empirical findings makes this study of paramount importance as we take stock of the available empirical evidence from the 1980s to date. Purpose: In this paper, theoretical and empirical literature on the relationship between government expenditure and economic growth has been reviewed in detail. Focus was placed on the review of literature that assessed the impact of government spending on economic growth. Research Methodology: This study grouped studies on the impact of public expenditure on economic growth based on their results. Three groups emerged – positive impact, negative impact and no impact. This was followed by a review of each relevant study and an evaluation of which outcome was more prevalent among the existing studies on the subject. Results: The literature reviewed has shown that the impact of government spending on economic growth is not clear cut. It varies from positive to negative; with some studies even finding no impact. Although the impact of government spending on economic growth was found to be inconclusive, the scale tilts towards a positive impact. Novelty: The study provides an insight into the relationship between public expenditure and economic growth based on a comprehensive review of previous empirical evidence across various countries since the 1980s.

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The Impact of Financial Structure Towards Performance of Non-Financial Companies Listed on Amman Stock Exchange

Management and Accounting Review (MAR) ◽

10.24191/mar.v20i01-04 ◽

2021 ◽

Vol 20 (1) ◽

pp. 61-83

Author(s):

Laith Fouad Alshouha ◽

◽

Wan Nur Syahida Wan Ismail ◽

Mohd Zulkifli Mokhtar ◽

Nik Mohd Norfadzilah Nik Mohd Rashid ◽

...

Keyword(s):

Firm Performance ◽

Negative Impact ◽

Positive Impact ◽

Stock Exchange ◽

Financial Structure ◽

Managerial Ownership ◽

Data Set ◽

Amman Stock Exchange ◽

The Impact ◽

The Relationship

The purpose of the current study was to investigate the relationship between financial structure towards the financial performance of companies listed on Amman stock exchange (ASE) as one of the emerging economies. This paper adopted a panel data set of 88 non-financial companies listed on the ASE over a period of 10 years from 2009 to 2018. According to empirical results that there is significant evidence to support the fact that debt repaying ability (DRAB), managerial ownership (MANOW), and foreign ownership (FOROW) are positively related to firm performance. Otherwise, the findings revealed no evidence to support the impact of the financial structure ability (FSA) towards firm performance. Moreover, the findings support the fact that firm size (SIZ) has a positive impact on firm performance of companies listed on the ASE. On the other hand, (AGE) has a negative impact on firm performance, while (GROWTH) has no impact on firm performance. The current study encourages managers to maintain a good percentage of debt repaying ability and owners to grant shares as managers’ incentives, and also to attract foreign investors. Future studies, should try applying the current study on the financial sector.

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Impacts of Capital Structure and Dividend Policy on the Financial Performance of Listed Companies on Vietnamese Stocks Market

10.31219/osf.io/u8pd9 ◽

2021 ◽

Author(s):

Loan T. Vu ◽

Anh T. H. Vu ◽

Thao T. P. Nguyen

Keyword(s):

Dividend Policy ◽

Negative Impact ◽

Positive Impact ◽

Stock Exchange ◽

Generalized Least Squares ◽

Listed Companies ◽

Dividend Yield ◽

And Performance ◽

The Impact ◽

The Relationship

This study is taken to describe the relationship between the levels of debt, dividend policy and the performance of firms listed in Vietnamese stock market. The dividend policy is proxied by the dividend yield while firm’s performance is measured by ROE, ROA, and P/E. The total number of observations is 552, collecting from 92 listed companies on Hochiminh Stock Exchange during 2012 and 2019. The analysis results from generalized least squares (GLS) models report that the choice of firm’s performance proxy affects the relationship between firm’s performance and leverage as well as dividend policy. While leverage has positive impact on ROE and ROA, it has negative impact on P/E. In contrast, dividend yield ratio is negatively correlated with ROA and P/E but positively correlated with ROE. However, the impact of debt levels on firm’s performance is independent with the choice of leverage proxy. The findings of this research are expected to provide better understanding about the connection between debt, dividend and performance of the firm that can support the managers to make relevant decisions.

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INNOVATION INVESTMENT: BEHAVIOUR OF CHINESE FIRMS TOWARDS FINANCING SOURCES

International Journal of Innovation Management ◽

10.1142/s1363919619500701 ◽

2019 ◽

Vol 23 (07) ◽

pp. 1950070 ◽

Cited By ~ 1

Author(s):

MUHAMMAD KALEEM KHAN ◽

AHMAD KALEEM ◽

SALMAN ZULFIQAR ◽

UMAIR AKRAM

Keyword(s):

Positive Impact ◽

Cash Flows ◽

High Tech ◽

Capital Investments ◽

Bank Debt ◽

Chinese Firms ◽

Public Offerings ◽

Growing Economy ◽

The Impact ◽

The Relationship

Although the extant literature on corporate finance has largely focused on capital investments, relatively less attention has been paid to identify how research and development (R&D) related investments are financed. This study empirically tests the relationship between the different financing sources used by firms and their intensity of R&D in the rapidly growing economy of China. Furthermore, we posit that the firm’s choice to adopt the finance source for R&D will change if the firm is likely to be in financial constraints. This study finds out an empirical evidence that internally generated cash flows, bank debt, and seasonal public offerings (SPOs) stipulate a positive impact on R&D of Chinese firms, whereas the issuance of bond impacts it negatively. The study also confirms that financially constrained firms perceive the impact of financing sources on their R&D differently than non-financially constrained firms do. Results also slightly differ between high-tech and non-high-tech firms.

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