Are smart manufacturing systems beneficial for all SMEs? Evidence from Korea

PurposeThrough the resource-based view (RBV) and contingency theory, this study empirically investigates the impacts of smart manufacturing systems' maturity levels on the performance of small and medium-sized enterprises (SMEs). Moreover, it aims to examine how industry types (i.e. high- and low-tech industries) and human-resource factors (i.e. the proportion of production workers to total workers) as contingency factors influence the effects of smart manufacturing systems.Design/methodology/approachThe study conducted an empirical investigation of a sample of 163 Korean manufacturing SMEs. This study used an ordinary least squares regression to examine the impacts of the maturity levels of smart manufacturing systems on financial performance. Moreover, the impacts on operational efficiency were analysed using data envelopment analysis based on bootstrap methods and Tobit regression.FindingsThe RBV results indicate that the higher the maturity levels of smart manufacturing systems, the higher the financial performance and operational efficiency. Moreover, based on contingency theory, this study reveals that the effect of the maturity levels of smart manufacturing systems on financial performance and operational efficiency depends on firms' industry types and the proportion of production workers.Research limitations/implicationsThis study shows that the introduction of smart manufacturing systems can help SMEs achieve better financial performance and operational efficiency. However, their effectiveness is contingent on firms' industry types and the characteristics of their human resources.Practical implicationsSince the effects of the maturity levels of smart manufacturing systems on SME performance differ depending on their industries and the characteristics of human resources, managers need to consider them when introducing or investing in smart manufacturing systems.Originality/valueBased on the RBV and contingency theory, this is the first empirical study to examine the moderating effects of industry types and the proportion of production workers on the impacts of the maturity levels of smart manufacturing systems on the financial performance and operational efficiency of SMEs.

Does sustainability matter for Fintech firms? Evidence from United States firms

Purpose This study aims to look at how financial technology (FinTech) companies adhere to sustainable standards in contrast to their counterparts. Following the validation of its new sustainability index, this study looks into the impact of sustainability on the stock performance of FinTech companies. Design/methodology/approach To efficiently test the hypotheses, sample has been collected from the Bloomberg of all FinTech and non-FinTech companies from the USA. The final sample comprises 1,712 company-year observations over the investigation period 2010–2019. The methodology entails ordinary least squares regressions and generalized panel methods of moments (GMM). Findings The results suggest that the developed sustainability index is a valid proxy for sustainability measures and directly relates to stock performance. Besides, the evidence indicates that non-FinTech companies display superior sustainability and stock performance compared to FinTech companies. The present results corroborate with stakeholder theory, which implies that quality sustainability performance will alleviate the agency issue and safeguard the shareholders’ interest. Research limitations/implications Despite the fact that it presents the limitation of not considering other dimensions of financial performance, this research is important as it highlights the sustainability practices by the FinTech and non-FinTech companies, offering insights to researchers, policymakers, regulators, financial reports users, investors, environmental union, employees, clients and society. Originality/value This paper is novel because it is unique in evaluating the sustainability practices in FinTech and non-FinTech firms.

Sleep late? Pre-reform institutional embeddedness and entrepreneurial reinvestment of private firms in China’s transition economy

Purpose This study aims to introduce an important temporal dimension to the research on institution and entrepreneurship in the transition period. This study develops the concept of pre-reform institutional embeddedness, and explores its impact on entrepreneurial reinvestment of private firms in China’s transition economy. Design/methodology/approach The authors used secondary data of a nationally representative sample of China’s private firms collected in the early days of the institutional transition period and applied ordinary least squares regressions and the Baron and Kenny approach to test the theoretical model. Findings Pre-reform institutional embeddedness has a negative impact on entrepreneurial reinvestment of private firms in the transition period. This relationship is mediated by guanxi-induced employment, such that pre-reform institutional embeddedness promotes guanxi-induced employment, which in turn discourages a private firm to reinvest. Additionally, the negative impact of guanxi-induced employment on entrepreneurial reinvestment is reduced when decentralization of decision-making is used. Practical implications First, entrepreneurs should be aware of pre-reform institutional embeddedness’ negative influence on firms’ risk-taking abilities and incentives. Private firms already constrained by this connection could alleviate the negative impacts through a widespread delegation of decision-making authority. Second, policymakers should be cautious about improper government-business relationships, which may discourage private firms from fully pursuing entrepreneurial growth opportunities. Originality/value This paper makes theoretical contributions to the literature on entrepreneurial reinvestment, embeddedness perspective of entrepreneurship and imprinting theory.

Evaluating the impact of energy and environment on economic growth in BRI countries

This study investigates the impact of renewable energy consumption (REC), nonrenewable energy consumption (NREC), and carbon emissions on economic growth in 133 Belt and Road Initiative (BRI) countries from 1996 to 2020. We divided our sample into four income groups. For empirical estimation, this study employs panel quantile regression (PQR), and fully modified ordinary least squares (FMOLS) estimation techniques. The results confirm that REC have a positive impact on economic growth and NREC has a negative impact on economic growth. A 1% increase in REC and carbon emissions results in an increase in economic growth of 0.108% and 1.085%, respectively. A 1% increase in NREC reduces economic growth by 0.263% in the full sample countries. There are regional differences, although NREC has a positive impact on economic growth in all income groups in the long run. These novel empirical findings will help policymakers design energy policies to fulfill the target of economic growth in BRI countries.

Measuring Spatial Distribution in the Banking System in Hungary

Over the past decade, due in part to the global economic crisis, a significant part of the bank branches have been closed in the European banking system, but in Hungary this proportion has been significantly higher than the European average. Therefore, the aim of the present study is to explore what aspects of commercial banks are taken into account when deciding where to be present within bank branches. This will also reveal the spatial dimension of public access to financial services. The present study seeks to answer the question of which socio-economic factors and in what form they affect the spatial structure of bank branches. The settlement-level examination can also provide additional indication of which settlements may be affected by further bank branch closures. Linear regression based on Ordinary Least Squares (OLS) parameter estimation was used to explore the factors influencing the location of bank branches. In addition, the possible clustering of bank branches was observed, i.e., whether spatial autocorrelation was present at certain stages of the analysis. Geographically Weighted Regression (GWR) was also estimated in the present study. Based on the results of the research, the resident population, the proportion of enterprises per capita, the average income, the number of neighbouring bank branches and the type of settlement all proved to be significant factors that may encourage decision-makers to establish a bank branch.

The Impact of Climate Variability and Change on Food Security in Sub-Saharan Africa: Perspective from Panel Data Analysis

This study investigates the relationship between climate variables such as rainfall amount, temperature, and carbon dioxide (CO2) emission and the triple dimension of food security (availability, accessibility, and utilization) in a panel of 25 sub-Saharan African countries from 1985 to 2018. After testing for cross-sectional dependence, unit root and cointegration, the study estimated the pool mean group (PMG) panel autoregressive distributed lag (ARDL). The empirical outcome revealed that rainfall had a significantly positive effect on food availability, accessibility, and utilization in the long run. In contrast, temperature was harmful to food availability and accessibility and had no impact on food utilization. Lastly, CO2 emission positively impacted food availability and accessibility but did not affect food utilization. The study took a step further by integrating some additional variables and performed the panel fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) regression to ensure the robustness of the preceding PMG results. The control variables yielded meaningful results in most cases, so did the FMOLS and DOLS regression. The Granger causality test was conducted to determine the causal link, if any, among the variables. There was evidence of a short-run causal relationship between food availability and CO2 emission. Food accessibility exhibited a causal association with temperature, whereas food utilization was strongly connected with temperature. CO2 emission was linked to rainfall. Lastly, a bidirectional causal link was found between rainfall and temperature. Recommendations to the national, sub-regional, and regional policymakers are addressed and discussed.

An Assessment of the Philippine Hospital Resources as Predictors of the Case Fatality Rate of COVID – 19

In the heightened effects of the pandemic, health resources have been in constant limbo as supplies and availability of hospital resources take a toll as COVID-19 cases surge, resulting in shortages. Thus, health systems are overwhelmed, resulting in a higher fatality rate since the capacity to provide medical attention is diminished. In this paper, hospital resources refer to mechanical ventilators, ICU, isolation, and ward beds which are the critical factors of the case fatality rate (CFR) of COVID-19 in the Philippines. Data were retrieved from the Department of Health (DOH) Case Bulletins from October 26, 2020, to June 30, 2021, with 248 total observations. This research used the Ordinary Least Squares (OLS) Multiple Regression to determine if hospital resources are the predictors of the case fatality rate of COVID-19. Furthermore, the results show a significant relationship between the hospital resources and the case fatality rate of COVID-19 in the Philippines. This study can become a framework for further research concerned about hospital resources as the predictors of case fatality rates of different diseases in a pandemic.

The Economic Effects of Free Trading Policies Within an Integrated Economy Between Philippines and the Asean-6 Member States

The analysis of the effects that free trade has within the context of the Philippines and its fellow co-members within the Association of Southeast Asian Nations was purposed as a conduit for greater insight on trade relations between the nations of what is being considered as a fast-growing unified economy. In a more specific lens, the paper identifies how the Philippines and its fellow nations within the bloc conduct free trade while also carefully examining the number of goods that are being imported and exported. The study will use a Quantitative research design to find the changes in exports and imports as well as to point out the association between the dependent and independent variables. The study also determines the effect of trade policy. The research is a cross-country study exclusive to ASEAN-6, namely Brunei, Indonesia, Malaysia, Singapore, Thailand and the Philippines, and the period of the study is from the year 1993 – 2015. The researchers used Ordinary Least Squares and showed a high degree of predictability between the dependent and independent variables. The findings confirm that there exists a significant degree of negative correlation between the import and inflation, tariff and FDI. On the other hand, there is a significant positive correlation between the FDI and import of 4 ASEAN countries, namely Brunei, Singapore, Thailand, and Indonesia, besides a negative correlation between FDI and import of Malaysia. While the tariff and inflation of the Philippines and imports come up with a negative relationship, so this brings us to the conclusion that the independent variables are affected by the policy of free trade but for the good of the economies of the countries involved. With the result of the study, it is expected that further examination of this topic will expound more as the zeitgeist affecting the ASEAN bloc continues to tentatively change. The policy-makers should build an inclusive and sustainable trading system by identifying priorities for improvement and clarifying the design of new trade rules. The policy-makers should also come up with indicators, trade facilitation performance of different countries, information on the level of trade in services restrictiveness, and also records on export restrictions.

Urbanization and carbon dioxide (CO2) emission nexus in the CEMAC countries

PurposeThis study investigates the relationship between urbanization and carbon dioxide emission in the Central African Economic and Monetary Community from 1990 to 2019. The literature reveals that the relationship between urbanization and carbon dioxide emissions is still debatable and the existing findings are inconclusive.Design/methodology/approachCarbon dioxide is the regressand; while, urbanization, gross domestic product (GDP) and financial development (FD), rule of law (ROL) and government effectiveness (GEF) are the regressors. Johansen Fisher and Kao residual co-integration tests alongside the fully modified and dynamic ordinary least squares.FindingsThe results show a significant positive relationship between urbanization and carbon dioxide emissions. The causality tests results show that carbon dioxide granger causes urbanization, GDP and FD unit directionally.Research limitations/implicationsThe countries' governments should effectively improve their legal systems to regulate carbon dioxide emissions. Urbanization laws should be implemented to limit urbanization environmental deteriorating effects on carbon dioxide emissions. This occurs as the countries practiced unregulated urbanization which increases population's environmental impacts. The study recommends sustainable green urbanization policies for environmental conservation through tree planting and horticulture. Balance development in urban and rural areas is vital to decongest the urban cities' pressure in the states. The governments should motivate the private sector with rural investments captivating policies to limit rural urban migration.Originality/valueThe findings contribute value by supporting a positive link between urbanization and carbon dioxide emissions in the CEMAC zone. The causality tests findings confirm the view that carbon dioxide granger causes urbanization, GDP and FD unit directionally. This value addition is essential to the governments and policy makers to mitigate urbanization and carbon dioxide emissions in the CEMAC region.

Quantile regression analysis of the association between parental rearing and interpersonal sensitivity in Chinese adolescents

Background Parental rearing is well documented as an important influencing factor of interpersonal sensitivity (IS). However, little research has focused on the extent by which various aspects of parental rearing in fluence IS. This study aimed to analyze the effects of parental rearing on IS, using quantile regression. We analyzed the extent of the influence of parental rearing on IS by quantile regression to provide definitive evidence on the family education of adolescents with IS problems. Methods The multiple cross-sectional studies were conducted among 3345 adolescents from Harbin, China, in 1999, 2006, 2009 and 2016. Furthermore, a multistage sampling method (stratified random cluster) was used to select participants. IS was assessed using a subscale of the Symptom Checklist-90-Revision. Perceived parental rearing was assessed using the Egna Minnen av. Barndoms Uppfostran. The ordinary least squares (OLS) linear regression was used to determine the average effect of parental rearing on IS. The quantile regression was conducted to examine the established associations and to further explain the association. Results Paternal emotional warmth was found to be associated with IS across the quantile, especially after the 0.6 quantiles; however, this association was not found for maternal emotional warmth. Paternal punishment was associated with IS at the 0.22–0.27 and 0.60 quantile; however, maternal punishment had no significant effect on IS. QR method found that paternal overinvolvement was associated with IS at the 0.48–0.65 quantiles, but paternal overprotection was associated with IS across the quantile; however, maternal overinvolvement and overprotection was positively correlated with IS at the 0.07–0.95 quantiles. The correlation between paternal rejection and IS was found at the 0.40–0.75 and > 0.90 quantiles; maternal rejection was associated with IS within the 0.05–0.92 quantiles. Conclusions Parental rearing practices predict different magnitudes of IS at varying levels. This study provides suggestions for parents to assess purposefully and systematically, intervene, and ameliorate adolescent IS problems. We also highlight the role of paternal rearing in children’s IS problems, providing new ideas for family education.