DETERMINANTS OF WORKING CAPITAL IN INDIAN REALTY SECTOR

Working capital is important aspect which ensures sufficient short-term capital to maintain the firm’s day-to-day operations and creating maximum value to the firm. As working capital may have a major impact on profitability, understanding the firm-specific determinants of working capital is important. This study was conducted on the firm-specific determinants of working capital in the Indian Realty Sector. The independent variables employed in the study includes firm size, asset tangibility, leverage, profitability, sales growth, and fixed assets growth, while the dependent variables employed in the study are inventory, receivables, payables, and cash conversation days. The study based on the sample of thirteen companies of Indian Realty Sector, of which five were large-cap, five were mid-cap, and three are small-cap companies. The study was conducted for the period of 2011-20. The study employed fixed-effects panel regression to analyse the significance of the firm-specific determinants of working capital in the Indian Realty Sector.

Impact of Socio-economic Factors in Reducing Malnutrition among Children: A comparative study of India, Bangladesh and Sri Lanka

Objective: To assess the impact of economic and gender factors on malnutrition among children below 5 years age by making a comparative study between India, Bangladesh and Sri Lanka Design and setting: The study uses data and information on economic and gender status parameters taken from the secondary sources for three South Asian Countries between the years 2000 to 2018. The study uses ANOVA, Post Hoc test and Fixed Effects Panel Regression analysis to arrive at the conclusions. Results: Comparative analysis between the three countries shows that the extent of malnutrition among children is lowest in Sri Lanka and highest in India. The study finds that economic factors such as domestic government’s expenditure of healthcare as percentage of total health expenditure and gender factors measured in terms of female labour force participation, and school enrolment of girls at secondary level significantly impact the level of malnutrition among children. Conclusion: Malnutrition among children is a complex challenge which cannot be solved by emphasizing on only economic growth. Policies emphasising on gender parity and empowerment integrated in healthcare policies will positively impact nutritional level of children.

Does market digitalization always benefit firms? The Latin American case

PurposePrior research has found that firms' adoption of digital technologies (i.e. digitalization) enhances transaction efficiency and improves firm performance. However, this finding is based on the assumption that firms respond to consumers' adoption of digital technology (market digitalization) in a timely fashion. The study investigates the impact of market digitalization on firm performance in Latin America, where resistance to change is often higher, despite the positive impact on performance when companies respond to the environmental shock of digitalization by restructuring.Design/methodology/approachUsing data from seven Latin American countries from 1997 to 2018 (Argentina, Brazil, Chile, Colombia, Peru, Venezuela and Mexico), fixed-effects panel regression robustly supports the results.FindingsMost Latin American firms fail to capitalize on the benefits of market digitalization, and their performance declines as a result. The authors extend research on digitalization by incorporating theoretical insights from the restructuring literature, finding that implementing a substantial restructuring strategy is a viable way to overcome market digitalization.Originality/valueThe authors demonstrate that the digitalization–firm performance relationship is more complex than has been described in studies using samples from developed economies. The authors establish restructuring as an effective adaptation strategy in Latin America, although the institutional environment's characteristics may constrain or discourage firms from adopting it.

German forecasters’ narratives: How informative are German business cycle forecast reports?

Based on German business cycle forecast reports covering 10 German institutions for the period 1993–2017, the paper analyses the information content of German forecasters’ narratives for German business cycle forecasts. The paper applies textual analysis to convert qualitative text data into quantitative sentiment indices. First, a sentiment analysis utilizes dictionary methods and text regression methods, using recursive estimation. Next, the paper analyses the different characteristics of sentiments. In a third step, sentiment indices are used to test the efficiency of numerical forecasts. Using 12-month-ahead fixed horizon forecasts, fixed-effects panel regression results suggest some informational content of sentiment indices for growth and inflation forecasts. Finally, a forecasting exercise analyses the predictive power of sentiment indices for GDP growth and inflation. The results suggest weak evidence, at best, for in-sample and out-of-sample predictive power of the sentiment indices.

Effects of provider incentives on dental X-raying in NHS Scotland: what happens if patients switch providers?

Background In many market settings individuals are encouraged to switch health care providers as a means of ensuring more competition. Switching may have a potentially undesirable side effect of increasing unnecessary treatment. Focusing on the most common source of medical radiation (dental X-rays), the purpose of this study was to assess whether, upon switching dentist, X-ray exposure increases depending on the type of provider payment. Methods The analysis used longitudinal data from 2005 to 2016 covering a 5% random sample of the Scottish adult population covered by the National Health Service (NHS). Multiple fixed-effects panel regression analyses were employed to determine the correlation of provider remuneration with patients’ likelihood of receiving an X-ray upon switching to a new dentist other things equal. A broad set of covariates including a patient’s copayment status was controlled for. Results Upon switching to a dentist who was paid fee-for-service, patients had a by 9.6%-points (95% CI 7.4–11.8%) higher probability of receiving an X-ray, compared to switching to a salaried dentist. Results were robust when accounting for patient exemption status, as well as unobserved patient and dentist characteristics. Conclusions In comparison to staying with the same dentist, patients may be exposed to substantially more X-rays upon switching to a dentist who is paid fee-for-service. There may need to be better guidance and regulation to protect the health of those who have to switch provider due to moving and greater caution in advocating voluntary switching.

DETEKSI FRAUDULENT FINANCIAL REPORTING MENGGUNAKAN FRAUD PENTAGON

Abstract— The purpose of this research is to analyze the effects of variables, which were derived from the Fraud Pentagon framework, on earnings management. Beneish M-Score was used to measure earnings management, which serves as a proxy fraudulent financial reporting. The independent variables consist of financial target, financial stability, external pressure, personal financial need, nature of industry, effective monitoring, change in auditor, change in director, and CEO duality. One hundred and sixteen publicly traded manufacturing companies were examined for the period 2016-2018 (n=348). Our balanced dataset was analyzed using fixed-effects panel regression. Our investigation finds that financial target, external pressure, personal financial need, nature of industry, change in auditor, and CEO duality significantly affect fraudulent financial reporting. Meanwhile, financial stability, ineffective monitoring, and change in director do not significantly affect fraudulent financial reporting. Keywords: Earnings Management; Fraud, Fraud Pentagon; Fraudulent Financial Reporting

Impact of cuts to local government spending on Sure Start children’s centres on childhood obesity in England: a longitudinal ecological study

BackgroundChildhood obesity is rising in disadvantaged areas in England. Sure Start children’s centres provide community-based services for children <5 years and their parents, including many services that can support healthy weight, directly or indirectly. Since 2010, austerity-driven cuts to local authority (LA) budgets have led to substantially reduced public expenditure on Sure Start services. We assessed whether childhood obesity prevalence has increased more since 2010 in those areas in England that experienced greater cuts to spending on Sure Start.MethodsThis longitudinal ecological study covers the period 2010/2011–2017/2018. Our exposure was LA expenditure on Sure Start, using Department for Education data. Our main outcome was LA obesity prevalence at age 4–5 years, using National Child Measurement Programme data. We used fixed-effects panel regression to quantify the association between change in spending and change in the prevalence of childhood obesity.ResultsSpending on Sure Start children’s centres decreased on average 53% over the study period, with deeper cuts in more deprived LAs. Each 10% spending cut was associated with a 0.34% relative increase in obesity prevalence the following year (95% CI 0.15% to 0.53%). We estimated there were an additional 4575 children with obesity (95% CI 1751 to 7399) and 9174 overweight or obese (95% CI 2689 to 15 660) compared with expected numbers had funding levels been maintained.ConclusionsCuts to spending on Sure Start children’s centres were associated with increased childhood obesity. With deprived areas experiencing bigger spending cuts, reinvesting in these services may, alongside wider benefits for child development, contribute to reducing inequalities in childhood obesity.

Spatial income inequality in Toronto: a longitudinal study

This paper examines the trends and changes in both spatial and non-spatial income inequality in the Toronto CMA between 1985 and 2015 at various geographic scales, including both within and between neighbourhoods. Fixed effects panel regression models are used to uncover which local demographic and housing characteristics are most significant in explaining changes in inequality within neighbourhoods over time. Findings indicate that macro-scale income segregation among neighbourhoods has declined, while micro-scale intra-neighbourhood income segregation has increased since 1985. Further, compared to overall changes in income inequality in the region, neighbourhoods have become more homogenous in terms of their household income distribution. Thus, neighbourhood sorting by households based on income has increased since 1985. Consistent with extant literature, local housing characteristics have spillover effects on income segregation. Specifically, variables associated with greater housing affluence are negatively correlated with intra-neighbourhood inequality measures, and thus positively correlated with income homogenization. This confirms and adds to the literature that local land use regulations impact income spatial inequality. KEYWORDS Spatial Income Inequality; Segregation; Neighbourhoods; Toronto CMA; Fixed Effects Models; Quantitative Analysis; GIS; Housing Regulation

Spatial income inequality in Toronto: a longitudinal study

This paper examines the trends and changes in both spatial and non-spatial income inequality in the Toronto CMA between 1985 and 2015 at various geographic scales, including both within and between neighbourhoods. Fixed effects panel regression models are used to uncover which local demographic and housing characteristics are most significant in explaining changes in inequality within neighbourhoods over time. Findings indicate that macro-scale income segregation among neighbourhoods has declined, while micro-scale intra-neighbourhood income segregation has increased since 1985. Further, compared to overall changes in income inequality in the region, neighbourhoods have become more homogenous in terms of their household income distribution. Thus, neighbourhood sorting by households based on income has increased since 1985. Consistent with extant literature, local housing characteristics have spillover effects on income segregation. Specifically, variables associated with greater housing affluence are negatively correlated with intra-neighbourhood inequality measures, and thus positively correlated with income homogenization. This confirms and adds to the literature that local land use regulations impact income spatial inequality. KEYWORDS Spatial Income Inequality; Segregation; Neighbourhoods; Toronto CMA; Fixed Effects Models; Quantitative Analysis; GIS; Housing Regulation