scholarly journals The Impact of Haze Pollution on Firm-Level TFP in China: Test of a Mediation Model of Labor Productivity

2020 ◽  
Vol 12 (20) ◽  
pp. 8446
Author(s):  
Bin Li ◽  
Shuai Shi ◽  
Yating Zeng
Keyword(s):  
Labor Productivity ◽  
Negative Impact ◽  
Listed Companies ◽  
Mediation Effect ◽  
Test Model ◽  
Factor Productivity ◽  
Firm Level ◽  
Haze Pollution ◽  
The Impact ◽  
The Relationship

The core issue for China’s economy to shift from high-speed growth to high-quality development is to raise total factor productivity (TFP). Based on the data of A-share listed companies from 2013 to 2017 and the air quality monitoring data released by the China National Environmental Monitoring Centre, this paper conducts an empirical test on the relationship between haze pollution, labor productivity, and firm-level TFP by using the mediation effect test model. The results show the following: First, haze pollution will reduce a firm’s TFP. Second, labor productivity plays a partial intermediary role between haze pollution and a firm’s TFP. Haze pollution will not only have a direct negative impact on a firm-level TFP but also reduce a firm-level TFP by reducing labor productivity. Subsequently, the robustness test was carried out by means of a substitution of independent variables and dependent variables, and the results all supported the hypotheses in this paper. In addition, the heterogeneity of the industry and the ownership of listed companies was analyzed, and the two-stage least squares (2SLS) method was used to solve the endogeneity problem. The conclusions of this paper are helpful to clarify the relationship between haze pollution, firm factor productivity, and firm-level TFP. The paper’s findings also provide a practical basis for firms to further improve TFP from the perspective of air pollution problems such as haze.

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

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.

scholarly journals KONSENTRASI SPASIAL, AGLOMERASI DAN PRODUKTIVITAS PERUSAHAAN INDUSTRI MANUFAKTUR INDONESIA

2021 ◽  
Vol 4 (2) ◽  
pp. 146-156
Author(s):  
Kusuma Wardani (Universitas Indonesia) ◽  
Muhammad Halley Yudhistira (Universitas Indonesia)
Keyword(s):  
Total Factor Productivity ◽  
Negative Impact ◽  
Positive Impact ◽  
High Tech ◽  
Factor Productivity ◽  
Localization Economies ◽  
Instrument Variable ◽  
Urbanization Economies ◽  
The Impact ◽  
The Relationship

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.

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

2021 ◽  
Vol 4 (2) ◽  
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.

scholarly journals Government Subsidies and Firm-Level Markups: Impact and Mechanism

2020 ◽  
Vol 12 (7) ◽  
pp. 2726
Author(s):  
Wen Yue ◽  
Jianhua Wang
Keyword(s):  
Manufacturing Industry ◽  
Negative Impact ◽  
Mediation Effect ◽  
Significant Heterogeneity ◽  
Firm Level ◽  
Government Subsidies ◽  
Effect Model ◽  
Chinese Manufacturing Industry ◽  
New Perspective ◽  
The Impact

This paper investigates the impact of government subsidies on the firm-level markups and its mechanism of action by measuring the firm-level markups based on a micro dataset of Chinese manufacturing firms from 2000 to 2007. The findings suggest that government subsidies significantly reduce the markups of Chinese firms. Moreover, there is significant heterogeneity in the negative impact of government subsidies among different types of firms. Furthermore, analysis of the impact mechanism based on the mediation effect model shows that the increase in rent-seeking cost is an important way for government subsidies to reduce the firm-level markups. Finally, based on the dynamic decomposition of the aggregate markup of the Chinese manufacturing industry, it is found that government subsidies significantly reduce the industry-level aggregate markup through within-firm and cross-firm effects. This study enriches the literature on government subsidies and markups, and provides a new perspective for understanding the micro-performance of government subsidies.

THE ACCESS TO GOVERNMENT FINANCIAL SUPPORT THROUGH LEGAL CHANNELS OF SMALL AND MEDIUM ENTERPRISES IN FOUR ASIA PACIFIC COUNTRIES

2020 ◽  
Vol 9 (2) ◽  
pp. 298
Author(s):  
Muhamad Marwan
Keyword(s):  
Financial Support ◽  
Small And Medium Enterprises ◽  
Mediation Effect ◽  
Asia Pacific ◽  
Survey Questionnaire ◽  
Access To Finance ◽  
Medium Enterprises ◽  
The Impact ◽  
The Relationship

The aim of this study is to determine the impact of networking on SME’s ability to access government financial support through legal channels in Asia Pacific. This study is quantitative in nature in which the data has been gathered from 281 employees and managers working in SMEs through survey questionnaire. The SEM technique was utilised for the purpose of analysing and testing the mediation effect. The study found that there is a partial mediation of government financial support through legal channels among the relationship between networking with officers and access to finance. This study is restricted to the SMEs operating in the region of Asia Pacific.

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

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.

scholarly journals COVID-19 Pandemic and Quality of Life among Romanian Athletes

2021 ◽  
Vol 18 (8) ◽  
pp. 4065
Author(s):  
Germina-Alina Cosma ◽  
Alina Chiracu ◽  
Amalia Raluca Stepan ◽  
Marian Alexandru Cosma ◽  
Marian Costin Nanu ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Trait Anxiety ◽  
Negative Impact ◽  
Well Being ◽  
Quality Of Life Scale ◽  
Life Scale ◽  
Personality Item ◽  
The Impact ◽  
The Relationship

The aim of this study was to analyze athletes’ quality of life during the COVID-19 pandemic. The study involved 249 athletes between 15 and 35 of age, M = 21.22, SD = 5.12. The sample was composed of eight Olympic Games medalists, three European medalists, 67 international medalists, and 63 national medalists. The instruments used were: (1) COVID-19 Anxiety Scale, (2) Athlete Quality of Life Scale, (3) Impact of Pandemic on Athletes Questionnaire, and (4) International Personality Item Pool (IPIP Anxiety, Depression, and Vulnerability Scales). The results indicate significant differences in COVID-19 anxiety depending on the sport practiced, F (9239) = 3.81, p < 0.01, showing that there were significant differences between sports. The negative impact of the COVID-19 pandemic mediates the relationship between trait anxiety and the athletes’ quality of life. The percentage of mediation was 33.9%, and the indirect effect was −0.11, CI 95% (−0.18, −0.03), Z = −2.82, p < 0.01. Trait anxiety has an increasing effect on the intensity of the negative impact of the COVID-19 pandemic, 0.23, CI 95% (.10, 0.35), Z = 3.56, p < 0.01, and the negative impact of the COVID-19 pandemic has a decreasing effect on quality of life, −0.47, CI 95% (−0.67, −0.27), Z = −4.62, p < 0.01. Gender and age did not moderate the relationship between the negative impact of COVID-19 and athletes’ quality of life. The results of the study highlighted the impact that social isolation and quarantine have on athletes’ affective well-being.

scholarly journals The Impact of Participation in PPP Projects on Total Factor Productivity of Listed Companies in China

2021 ◽  
Vol 13 (14) ◽  
pp. 7603
Author(s):  
Xiangdong Liu ◽  
Guangxi Cao
Keyword(s):  
Total Factor Productivity ◽  
High Speed ◽  
Operation Mode ◽  
Listed Companies ◽  
Financing Constraints ◽  
Eastern Region ◽  
Time Varying ◽  
Factor Productivity ◽  
The Impact ◽  
China’S Economy

The key to transforming China’s economy from high-speed growth to high-quality development is to improve total factor productivity (TFP). Based on the panel data of China’s listed companies participating in PPP (Public–Private Partnerships) projects from 2010 to 2019, this paper constructs the time-varying DID method to test the impact of participation in PPP projects on the company’s TFP empirically, explore the mechanism of the effect of participation in PPP projects on the company’s TFP, and then conduct heterogeneous analysis from four perspectives: region, industry, ownership form, and operation mode. The empirical results show that participation in PPP projects can significantly promote the growth of the company’s TFP, which mainly comes from the promotion of the innovation level of listed companies and the alleviation of financing constraints by participating in PPP projects. In addition, participation in PPP projects has a significant impact on TFP of listed companies in the eastern region, listed companies in the secondary and tertiary industries, state-owned listed companies, and listed companies participating in PPP projects under the BOT mode.

The Impact of the Business Environment on the Formalization of Informal Firms. The Case of Kosovo

Südosteuropa ◽  
2020 ◽  
Vol 68 (4) ◽  
pp. 505-529
Author(s):  
Kujtim Zylfijaj ◽  
Dimitar Nikoloski ◽  
Nadine Tournois
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Business Environment ◽  
Positive Influence ◽  
Policy Implications ◽  
Tax Reforms ◽  
Firm Level ◽  
Characteristics Analysis ◽  
Significant Negative Impact ◽  
The Impact

AbstractThe research presented here investigates the impact of the business environment on the formalization of informal firms, using firm-level data for 243 informal firms in Kosovo. The findings indicate that business-environment variables such as limited access to financing, the cost of financing, the unavailability of subsidies, tax rates, and corruption have a significant negative impact on the formalization of informal firms. In addition, firm-level characteristics analysis suggests that the age of the firm also exercises a significant negative impact, whereas sales volume exerts a significant positive impact on the formalization of informal firms. These findings have important policy implications and suggest that the abolition of barriers preventing access to financing, as well as tax reforms and a consistent struggle against corruption may have a positive influence on the formalization of informal firms. On the other hand, firm owners should consider formalization to be a means to help them have greater opportunities for survival and growth.

scholarly journals Firm Level Strategy, Organization Culture and Performance of Food and Beverage Manufacturing Firms in Kenya

2018 ◽  
Vol 13 (8) ◽  
pp. 224 ◽  
Author(s):  
Zachary B. Awino ◽  
Dominic C. Muteshi ◽  
Reginah K. Kitiabi ◽  
Ganesh P. Pokhariyal
Keyword(s):  
Policy Formulation ◽  
Manufacturing Firms ◽  
Organization Culture ◽  
Hierarchical Regression ◽  
Firm Level ◽  
Food And Beverage ◽  
Improved Performance ◽  
And Performance ◽  
The Impact ◽  
The Relationship

The study tested the impact of organization culture on the on the relationship between firm-level strategy and performance of food and beverage manufacturing firms in Kenya. The opinion of the CEO/MDs from 125 firms in this sector was sought by application of a structured questionnaire; the collected data was analysed using hierarchical regression analysis. The paper stated hypothesis that organizational culture has a significant effect on the relationship between firm-level strategy and performance. The results supported the hypothesis. Therefore, firm development of strong organization culture to support firm-level strategy for higher performance is paramount. These findings will contribute to government policy formulation for sector’s expansion and competitiveness and management drives in building a positive organization culture to support firm-level strategy for improved performance.

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