panel data estimation
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2022 ◽  
Vol 19 ◽  
pp. 150-160
Author(s):  
Indra Suhendra ◽  
Navik Istikomah ◽  
Cep Jandi Anwar

This paper examines how capital flight, loan interest rates, inflation, exchange rates and economic growth influence foreign direct investment in the ASEAN-8 countries. We apply fixed effect estimation to panel data for data belonging to eight countries from the period 1994 to 2018. The results show that capital flight and economic growth have a positive and significant effect on foreign direct investment. An increase in capital flight, capital retain from sources of funds which greater than the use of funds, has encouraged foreign direct investment to increase. Furthermore, increased economic growth has stimulated foreign direct investment. We find that an increase in loan interest rate (SIBOR), inflation and depreciation of the exchange rate triggers a significant decline in foreign direct investment. This finding implies that capital retention from capital flight and economic growth are the main factors that create an increase in foreign direct investment in the ASEAN-8 countries. Meanwhile, loan interest rates (SIBOR), inflation and depreciation of the exchange rate are the risk factors that investors need to consider when investing in those particular countries. This paper is useful for policy makers in the ASEAN-8 countries to consider these five variables, as the important factors that significantly influence foreign direct investment in the ASEAN-8 countries.


2021 ◽  
Vol 4 (4) ◽  
Author(s):  
Mustaruddin Saleh ◽  

The study was conducted to evaluate and analyze the factors that influence the value of the company, using 3 (three) alternative regression models, namely the stock market value; share price to book value; and the rate of return as a proxy for company value. Using the stratified random sampling technique, 22 companies were listed on the Indonesia Stock Exchange over a 10-year period from 2009 to 2018. The appropriate panel data estimation method for analyzing the regression model in this study used the fixed effect model (FEM). Regression results show that the variable of debt to total asset (DAR), return of asset (ROA) and gross profit margin (GPM) significantly influenced the value of the company measured by price to book value (PBV) as the dependent variable. For further research has to pay attention to differences in industry characteristics and also consider to use of other variables, such as age the company and the level of risk of the company that measures with the market model, so that it is possible to get better estimation results.


2021 ◽  
Author(s):  
Mustaruddin Saleh

The study was conducted to evaluate and analyze the factors that influence the value of the company, using 3 (three) alternative regression models, namely the stock market value; share price to book value; and the rate of return as a proxy for company value. Using the stratified random sampling technique, 22 companies were listed on the Indonesia Stock Exchange over a 10-year period from 2009 to 2018. The appropriate panel data estimation method for analyzing the regression model in this study used the fixed effect model (FEM). Regression results show that the variable of debt to total asset (DAR), return of asset (ROA) and gross profit margin (GPM) significantly influenced the value of the company measured by price to book value (PBV) as the dependent variable. For further research has to pay attention to differences in industry characteristics and also consider to use of other variables, such as age the company and the level of risk of the company that measures with the market model, so that it is possible to get better estimation results.


2021 ◽  
Vol 2 (5) ◽  
pp. 28-43
Author(s):  
Bac Truong Cong ◽  
Doan Van Hoang

This study aims to understand the relationship between the quality of public administration and the rate of profitable enterprises by locality in Vietnam in the period 2015 - 2019. With a combined data set from two sources including The first is the Provincial Competitiveness Index (PCI) dataset jointly implemented by the Vietnam Chamber of Commerce and Industry (VCCI) with the support of the United States Agency for International Development (USAID) in Vietnam, the second is the "White Book of Vietnamese Enterprises" compiled and published annually by the General Statistics Office of Vietnam. Combined with panel data estimation method to assess the impact of public administration quality indicators on the rate of profitable enterprises by locality. Research results show that there exists a relationship between the quality of public administration and the rate of profitable enterprises. Especially the indicators of Entry Costs, Policy Bias, and Labor and Training have both positive and negative effects with very strong statistical significance.


2021 ◽  
Vol 58 (2) ◽  
pp. 267-291
Author(s):  
Duc Nha Le

Most countries satisfy domestic food consumption by importing from foreign supplies, thus highlighting the role of agricultural exports in maintaining and diversifying the global food supply. In the age of globalisation, whether the flourishing number of regional trade agreements (RTAs) has been facilitating greater market access of agricultural and food products is questioned by national governments. Meanwhile, logistics performance has been the bottleneck of emerging economies, which exerts negative impacts on agricultural export competitiveness in foreign markets. Overall, the interlink between globalisation, logistics and food supply has not been addressed adequately. Therefore, this paper employs the trade gravity model to examine the relationship between agricultural exports, RTAs membership, and logistics performance in the case of Vietnam and her 97 major trading partners. Static and dynamic panel data estimation are employed with the methods applied to solving the zero trade and endogeneity concerns. Findings confirm the interlink between globalisation, logistics and food supply. RTAs-based globalisation and logistics policies are intertwined to secure and diversify import-driven food supply. The unified framework for long-term and sustainable development which aims at strengthening the interlink between globalisation, logistics, agriculture and global food supply should be considered in policy formulation.


2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Andrzej Cieślik ◽  
Tenzin Tseyang

Abstract This paper studies the ex-post trade effects of China's multilateral, regional and bilateral trade liberalization using augmented gravity and panel data estimation methods for the period 1995–2016. China's accession to the WTO was revealed to have had a significant impact on the volume of trade as well as on bilateral exports and imports. Regional trade agreements and the majority of bilateral trade agreements were found not to be effective in increasing China's foreign trade. Only the agreements with Chile, Costa Rica and Switzerland were effective in increasing China's trade volume. Moreover, the results for Chile were driven by increases in both exports and imports, while for Costa Rica and Switzerland only by increased imports from these countries.


2021 ◽  
Author(s):  
Bamidele Segun Ilugbusi ◽  
Adebayo Tunbosun Ogundipe ◽  
Oluwasegun David Ojo

Abstract This study examined the determinants of government expenditure in Southwest Nigeria. The study adopted ex-post facto research design and it covered 10 years, spanning from 2010 to 2019. The panel data used was sourced from the CBN statistical bulletin (2019) and the annual budget of each of the sampled states. Panel data estimation techniques were used and based on the most consistent and efficient estimation, it was discovered that internally generated revenue exerts a positive significant effect on both capital and recurrent expenditure to the tune of1.315 (p=0.000 < 0.05) and 0.670(p=0.001 < 0.05) respectively. It was equally discovered that statutory allocation exerts a positive but insignificant effect on both capital and recurrent expenditure for the period covered to the tune of 0.34 (p=0.236 > 0.05) 0.389 (p=0.065 > 0.05) respectively. Also, it was discovered that domestic debt exerts a negative insignificant effect on capital expenditure to the tune of -0.061 (p=0.733 > 0.05). Finally, domestic debt has a positive but insignificant effect on recurrent expenditure to the tune of 0.109 (p=0.352 > 0.05). It was established that internally generated revenue, statutory allocation and domestic debt are the determinant factors of public expenditure across all the states in the Southwest region of Nigeria. Thus, it was recommended that available revenue should be judiciously utilized on the pressing needs of the state. While revenue is needed for the functionality of the government, state governments are urged to embrace more capital projects through which additional revenue might be generated.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Catarina Proença ◽  
Maria Neves ◽  
José Carlos Dias ◽  
Pedro Martins

Purpose This paper aims to study the determinants of the sovereign debt ratings provided by the 3 main rating agencies for 32 European countries. It verifies the clusters of countries existing for each of the agencies, considering regional bias, and then analyzes whether the determinants were different before and after the global financial crisis. It also aims to explain how the determinants are taken into account for rich and developing countries, using a sample for the period between 2001 and 2008 and the period between 2009 and 2016. Design/methodology/approach To this purpose, this paper performs panel data estimation using an ordered Probit approach. Findings This method shows that for developing countries after the crisis, the relevant explanatory variables are the unemployment rate and the presence in the Eurozone. For rich countries, the inflation rate is pivotal after the crisis period. Originality/value This paper is the first to use a clustering methodology within sovereign debt rating literature, grouping the countries into cohesive clusters according to their sovereign debt ratings along with the proposed time frame. Moreover, it explains, which countries belong to strong or weak groups, according to the rating agencies under discussion; and, in these groups, it identifies the sovereign rating determinants.


2021 ◽  
Vol 19 (1) ◽  
pp. 17-26
Author(s):  
Vita Kartika Sari ◽  
Dwi Prastyani

The ideal community life structure has a strong institutional level. Economists agree on the institution as an important factor in creating economic growth. The purpose of this study was to investigate the influence of institutional factors on economic growth in ASEAN. Institutional variables include political stability, voice and accountability, government effectiveness, regulatory quality, rule of law, and control of corruption, while economic variables include exports and imports. This study utilized panel data estimation on 10 countries in ASEAN during 2002-2018. The fixed effect model was the best estimation model. The findings show that there are three keys of institutions that had a significant influence on per capita GDP on ASEAN, namely voice and accountability, regulatory quality, and rule of law. It could be that if the institutional factors are weak, it will be detrimental to economic performance. The policy implication is that the synergy of all stakeholders needs to be improved for better institutional enforcement.


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