scholarly journals Internationalization of Large Companies from Central and Eastern Europe or the Birth of New Stars

2021 ◽  
Vol 14 (1) ◽  
pp. 261
Author(s):  
Arjona Çela ◽  
Eglantina Hysa ◽  
Marian Catalin Voica ◽  
Mirela Panait ◽  
Otilia Manta
Keyword(s):  
Corporate Strategy ◽  
Random Effect ◽  
Generalized Method Of Moments ◽  
Random Effect Model ◽  
International Markets ◽  
Firm Characteristics ◽  
Time Duration ◽  
Effect Model ◽  
Firm Internationalization ◽  
Main Determinants

With rapid globalization, firm internationalization has become an important corporate strategy as well as the necessity for the survival and growth of the business. In the last decade, there has been a growth in literature that studies this field, especially in emerging countries. However, there exists a gap in the literature in CEE countries. This study aims to fill that gap by conducting an analysis and providing insight regarding the factors that lead to an increase in firm internationalization in this region. This research paper studies the main determinants that have an impact on the firm internationalization of large companies in CEE countries using panel data empirical methods, such as the random effect model and generalized method of moments (GMM) model for a panel of 50 firms from 11 CEE countries and a time duration of 14 years. This study determines the main factors that positively influence firm internationalization in selected countries. These countries have experienced a radical transition from centrally planned economies to market economies, and although they have experienced economic growth and a rise in productivity, they are still facing several challenges. Therefore, it is important to know what facilitates and helps firms to expand in international markets. The main findings derived from this study show that firm characteristics, such as age, size and corporate performance, have a positive effect on the internationalization process. An increase in age, size and firm performance leads to higher levels of internationalization. Larger and relatively older firms have access to more resources and are more experienced in dealing with the environmental difficulties characteristic of these countries.

scholarly journals Performance of Banks in Pakistan based on determinants of Profitability

2021 ◽  
Vol 2 (2) ◽  
pp. 139-148
Author(s):  
AQSA SIDDIQ ◽  
KHURSHEED IQBAL ◽  
SHAMS UR REHMAN
Keyword(s):  
Banking Sector ◽  
Random Effect ◽  
Random Effect Model ◽  
Fixed Effect Model ◽  
Positive Influence ◽  
Strategic Decision ◽  
Return On Assets ◽  
Return On Equity ◽  
Effect Model ◽  
Main Determinants

The study aims to seek the internal factors that affect the profitability of banks in Pakistan from a period of 2009 to 2013 by using two proxies i.e. Return on Assets (ROA) and Return on Equity (ROE). The panel data of fifteen banks have been obtained from the financial statements of the banks. Therefore, Hausman test has verified that random effect model is most appropriate model for Return on Assets (ROA), conversely fixed effect model is prominent for Return on Equity (ROE) for the current study. The empirical results confirm that investment to total assets, leverage, Net Performing Loan (NPL) to gross advances, capital ratio and total deposits to total equity are the main determinants of profitability across both proxies (i.e. ROA and ROE). Leverage and capital ratio have significantly negative, however net performing loan to gross advance and total deposit to total equity have significantly positive influence on profitability of banks across both models. Moreover, NPL to gross advance is insignificant determinant of Return on Equity. The results are worthy for bankers and all stakeholders to make strategic decision for the competitiveness of banking sector in Pakistan.

scholarly journals BANK TECHNICAL EFFICIENCY, PURE TECHNICAL EFFICIENCY AND SCALE EFFICIENCY, DOES ECONOMIC FREEDOM MATTER? EVIDENCE FROM CENTRAL EUROPE

2021 ◽  
Vol 3 (8) ◽  
pp. 76-103
Author(s):  
Ahmad Shakhashiro ◽  
Fakarudin Kamarudin ◽  
Ida Md. Yasin
Keyword(s):  
Technical Efficiency ◽  
Central Europe ◽  
Economic Freedom ◽  
Random Effect ◽  
Generalized Method Of Moments ◽  
Random Effect Model ◽  
Scale Efficiency ◽  
Parametric Data ◽  
Effect Model ◽  
The Impact

The current study attempts to investigate the impact of the limitation of economic freedom on conventional bank technical efficiency and its components (pure technical efficiency and scale efficiency) by using data from the region of central Europe. Non-parametric Data Envelopment Analysis (DEA) is employed to measure the bank's technical efficiency and its components levels. The applied method of estimation consists of “pooled Ordinary Least Square (OLS), Fixed Effect Model (FEM), Random Effect Model (REM), and the Generalized Method of Moments (GMM)” to investigate the influence of economic freedom and other potential determinants on bank efficiency. This study has found that the indicators of Government Spending, Fiscal Health, Business Freedom, Labor Freedom, and Financial Freedom have positive relationships with bank’s technical efficiency, pure technical efficiency, and scale efficiency. Contrariwise, Overall Economic Freedom, Monetary Freedom, and Investment Freedom exhibit a negative impact on a bank’s technical efficiency and its components. Implications from the study permit the related parties to identify the significant dimensions of economic freedom to the efficiency of the banks to ensure better bank performance.

scholarly journals Karakteristik Perusahaan dan Pemilihan Kebijakan Akuntansi

2020 ◽  
Vol 3 (1) ◽  
pp. 39
Author(s):  
Adilla Khairina ◽  
Nova Novita
Keyword(s):  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Firm Characteristics ◽  
Policy Choices ◽  
Effect Model ◽  
Investment Opportunity Set ◽  
Stock Exchange Of Thailand ◽  
The Relationship ◽  
Accounting Policy

This research focuses on the relationship between firm characteristics and the choice of accounting policies by examining their accounting-policy disclosure Agroindustrial companies registered in Southeast Asia are represented by Malaysia, Thailand and Indonesia. This research uses positive accounting theory and agency theory. The research investigates managers’ decisions related to accounting methods using panel data from the year 2014-2018. This study uses a sample of Agro-industry companies in 3 countries in ASEAN during the 2014-2018 period.Thirty companies listed on Bursa Malaysia, Stock Exchange of Thailand and Bursa Efek Indonesia were analyzed by using random-effect model. The result shows that financial leverage and ownership concentration are significant determinants of accounting policy choice. However, this paper did not find a significant relationship between accounting policy choices and profitability, firm size, investment opportunity set, and assets-in-place. The results of the study were also influenced by global commodity market that is experiencing a decline in the last three years. Keywords:   ASEAN; Accounting Policy Choices; Firm Characteristics; Income; Agroindustry; Earnings Management

Is There Any Impact of R&D on Financial Performance? Evidence from Indian Pharmaceutical Companies

2020 ◽  
Vol 9 (4) ◽  
pp. 319-334
Author(s):  
Mithun Nandy
Keyword(s):  
Financial Performance ◽  
Positive Impact ◽  
Random Effect ◽  
Generalized Method Of Moments ◽  
Random Effect Model ◽  
Pharmaceutical Companies ◽  
Bivariate Correlation ◽  
Effect Model ◽  
Lm Test ◽  
The Impact

This intention of this research article is to analyze the impact of research and development (R&D) activities on the financial performance of Indian pharmaceutical companies listed with the national stock exchange (NSE) of India. Strongly balanced panel dataset of 40 sample pharmaceutical companies for the period of 1998-2019 (21 years) has been used. In the empirical analysis section: Descriptive Statistics, Bivariate Correlation Matrix, Variation Inflation Factor, Skewness/Kurtosis Tests, Breusch-Godfrey LM Test, Heteroskedasticity Test, Levin-Lin-Chu Unit-Root Test, Generalized Method of Moments (GMM) and panel regression models (Fixed Effect Model and Random Effect Model) followed by Hausman Test have been discussed. For data analysis purpose, STATA (version 12.0) software has been used. To analyze the impact of R&D on financial performance, four different financial performance related variables: Sales Turnover, Return on Assets, Return on Equity, and Market Capitalization have been used as dependent variables and these variables have been placed one after another in four different empirical models which have been estimated in this study. The study has revealed that there is a significant positive impact of R&D activities on the financial performance of Indian pharmaceutical companies listed with NSE during the study period.

Analisis Pengaruh Kepemilikan Blockholder, Kepemilikan Manajerial, Kepemilikan Institusional, dan Komite Audit terhadap Nilai Perusahaan

2018 ◽  
Vol 2 (1) ◽  
pp. 96-121
Author(s):  
Iwan Wirawardhana ◽  
Meco Sitardja
Keyword(s):  
Firm Value ◽  
Audit Committee ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Estimation Model ◽  
Effect Model ◽  
Positive Effect

The aim of this study is to analyse the effect of Blockholder Ownership, Managerial Ownership,Institutional Ownership, and Audit Committee towards Firm Value. The background of this research isthe agency theory and ownership theory. The population in this study are 46 property companies listedon the Indonesia Stock Exchange (IDX) for the period 2012-2016. By using purposive samplingtechnique, 35 companies are qualified as data samples. This research uses the random effect model asthe estimation model and multiple regression as the method of analysis. The results of this study showsthat Institutional Ownership has a positive effect on Firm Value. Meanwhile, Blockholder Ownership,Managerial Ownership, and Audit Committee have no effect on Firm Value. Moreover, the F-testimplies that the variables, blockholder ownership, managerial ownership, institutional ownership, andaudit committee, simultaneously influence firm value.

scholarly journals Alteration of Postural Balance in Patients with Fibromyalgia Syndrome—A Systematic Review and Meta-Analysis

Diagnostics ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 127
Author(s):  
David Núñez-Fuentes ◽  
Esteban Obrero-Gaitán ◽  
Noelia Zagalaz-Anula ◽  
Alfonso Javier Ibáñez-Vera ◽  
Alexander Achalandabaso-Ochoa ◽  
...  
Keyword(s):  
Systematic Review ◽  
Postural Balance ◽  
Fibromyalgia Syndrome ◽  
Meta Analysis ◽  
Random Effect ◽  
Random Effect Model ◽  
Healthy Controls ◽  
Functional Balance ◽  
Sensory Organization ◽  
Effect Model

Balance problems are one of the most frequent symptoms in patients with Fibromyalgia Syndrome (FMS). However, the extent and nature of this balance disorder are not known. The objective of this work was to determine the best evidence for the alteration of postural balance in patients with FMS and analyze differences with healthy controls. To meet this objective, a systematic review with meta-analysis was performed. A bibliographical search was carried out in PubMed Medline, Scopus, Web of Science, CINAHL and SciELO. Observational studies that assessed postural balance in patients with FMS compared to healthy subjects in baseline conditions, were selected. In a random-effect model, the pooled effect was calculated with the Standardized Mean Difference (SMD) and its 95% confidence interval (CI). Nineteen studies reporting data of 2347 participants (95% female) were included. FMS patients showed poor balance with a large effect on static (SMD = 1.578; 95% CI = 1.164, 1.992), dynamic (SMD = 0.946; 95% CI = 0.598, 1.294), functional balance (SMD = 1.138; 95% CI = 0.689, 1.588) and on balance confidence (SMD = 1.194; 95% CI = 0.914, 1.473). Analysis of the Sensory Organization Test showed large alteration of vestibular (SMD = 1.631; 95% CI = 0.467, 2.795) and visual scores (SMD = 1.317; 95% CI = 0.153, 2.481) compared to healthy controls. Patients with FMS showed worse scores for different measures of postural balance compared to healthy controls. Concretely, FMS patients appear to have poor vestibular and visual scores with a possible somatosensory dependence.

scholarly journals Designing a Bonus-Malus system reflecting the claim size under the dependent frequency–severity model

2021 ◽  
pp. 1-25
Author(s):  
Rosy Oh ◽  
Joseph H.T. Kim ◽  
Jae Youn Ahn
Keyword(s):  
Recent Literature ◽  
Insurance Industry ◽  
Random Effect ◽  
Random Effect Model ◽  
Partial Solution ◽  
Risk Classification ◽  
Transition Rule ◽  
Auto Insurance ◽  
Dependent Frequency ◽  
Effect Model

In the auto insurance industry, a Bonus-Malus System (BMS) is commonly used as a posteriori risk classification mechanism to set the premium for the next contract period based on a policyholder's claim history. Even though the recent literature reports evidence of a significant dependence between frequency and severity, the current BMS practice is to use a frequency-based transition rule while ignoring severity information. Although Oh et al. [(2020). Bonus-Malus premiums under the dependent frequency-severity modeling. Scandinavian Actuarial Journal 2020(3): 172–195] claimed that the frequency-driven BMS transition rule can accommodate the dependence between frequency and severity, their proposal is only a partial solution, as the transition rule still completely ignores the claim severity and is unable to penalize large claims. In this study, we propose to use the BMS with a transition rule based on both frequency and size of claim, based on the bivariate random effect model, which conveniently allows dependence between frequency and severity. We analytically derive the optimal relativities under the proposed BMS framework and show that the proposed BMS outperforms the existing frequency-driven BMS. Later, numerical experiments are also provided using both hypothetical and actual datasets in order to assess the effect of various dependencies on the BMS risk classification and confirm our theoretical findings.

scholarly journals Magnitude and determinants of neural tube defect in Africa: a systematic review and meta-analysis

2021 ◽  
Vol 21 (1) ◽  
Author(s):  
Daniel Atlaw ◽  
Yohannes Tekalegn ◽  
Biniyam Sahiledengle ◽  
Kenbon Seyoum ◽  
Damtew Solomon ◽  
...  
Keyword(s):  
Systematic Review ◽  
Neural Tube ◽  
Meta Analysis ◽  
Random Effect ◽  
Random Effect Model ◽  
Folic Acid Supplementation ◽  
Maternal Exposure ◽  
X Ray ◽  
Effect Model ◽  
Pooled Prevalence

Abstract Background Neural tube defects (NTDs) are a group of disorders that arise from the failure of the neural tube close between 21 and 28 days after conception. About 90% of neural tube defects and 95% of death due to these defects occurs in low-income countries. Since these NTDs cause considerable morbidity and mortality, this study aimed to determine the prevalence and associated factors of NTDs in Africa. Methods The protocol of this study was registered in the International Prospective Register of Systematic Reviews (PROSPERO number: CRD42020149356). All major databases such as PubMed/MEDLINE, EMBASE, CINAHL, Web of Science, African Journals Online (AJOL), and Google Scholar search engine were systematically searched. A random-effect model was used to estimate the pooled prevalence of NTDs in Africa, and Cochran’s Q-statistics and I2 tests were used to assess heterogeneity between included studies. Publication bias was assessed using Begg ’s tests, and the association between determinant factors and NTDs was estimated using a random-effect model. Results Of the total 2679 articles, 37 articles fulfilled the inclusion criteria and were included in this systematic review and meta-analysis. The pooled prevalence of NTDs in Africa was 50.71 per 10,000 births (95% CI: 48.03, 53.44). Folic acid supplementation (AOR: 0.40; 95% CI: 0.19–0.85), maternal exposure to pesticide (AOR: 3.29; 95% CI: 1.04–10.39), mothers with a previous history of stillbirth (AOR: 3.35, 95% CI: 1.99–5.65) and maternal exposure to x-ray radiation (AOR 2.34; 95% CI: 1.27–4.31) were found to be determinants of NTDs. Conclusions The pooled prevalence of NTDs in Africa was found to be high. Maternal exposure to pesticides and x-ray radiation were significantly associated with NTDs. Folic acid supplementation before and within the first month of pregnancy was found to be a protective factor for NTDs.

scholarly journals Efficacy of interventions to increase physical activity for people with heart failure: a meta-analysis

Open Heart ◽  
2021 ◽  
Vol 8 (1) ◽  
pp. e001687
Author(s):  
Aliya Amirova ◽  
Theodora Fteropoulli ◽  
Paul Williams ◽  
Mark Haddad
Keyword(s):  
Physical Activity ◽  
Heart Failure ◽  
Meta Analysis ◽  
Behavioural Change ◽  
Mode Of Delivery ◽  
Random Effect ◽  
Random Effect Model ◽  
Action Planning ◽  
Exercise Programme ◽  
Effect Model

ObjectivesThis meta-analysis aims to (1) evaluate the efficacy of physical activity interventions in heart failure and (2) to identify intervention characteristics significantly associated with the interventions’ efficacy.MethodsRandomised controlled trials reporting intervention effects on physical activity in heart failure were combined in a meta-analysis using a random-effect model. Exploratory meta-analysis was performed by specifying the general approach (eg, cardiac rehabilitation), strategies used (eg, action planning), setting (eg, centre based), mode of delivery (eg, face to face or online), facilitator (eg, nurse), contact time and behavioural change theory use as predictors in the random-effect model.ResultsInterventions (n=21) had a significant overall effect (SMD=0.54, 95% CI (0.13 to 0.95), p<0.0005). Combining an exercise programme with behavioural change intervention was found efficacious (SMD=1.26, 95% CI (0.26 to 2.26), p<0.05). Centre-based (SMD=0.98, 95% CI (0.35 to 1.62), and group-based (SMD=0.89, 95% CI (0.29 to 1.50),) delivery by a physiotherapist (SMD=0.84, 95% CI (0.03 to 1.65),) were significantly associated with efficacy. The following strategies were identified efficacious: prompts/cues (SMD=3.29, 95% CI (1.97 to 4.62)), credible source (standardised mean difference, SMD=2.08, 95% CI (0.95;3.22)), adding objects to the environment (SMD=1.47, 95% CI (0.41 to 2.53)), generalisation of the target behaviour SMD=1.32, 95% CI (0.22 to 2.41)), monitoring of behaviour by others without feedback (SMD=1.02, 95% CI (0.05 to 1.98)), self-monitoring of outcome(s) of behaviour (SMD=0.79, 95% CI (0.06 to 1.52), graded tasks (SMD=0.73, 95% CI (0.22 to 1.24)), behavioural practice/rehearsal (SMD=0.72, 95% CI (0.26 to 1.18)), action planning (SMD=0.62, 95% CI (0.03 to 1.21)) and goal setting (behaviour) (SMD=0.56, 95% CI (0.03 to 1.08)).ConclusionThe meta-analysis suggests intervention characteristics that may be suitable for promoting physical activity in heart failure. There is moderate evidence in support of an exercise programme combined with a behavioural change intervention delivered by a physiotherapist in a group-based and centre-based settings.PROSPERO registerationCRD42015015280.

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