Asia and the Global Economy最新文献

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Uncovering heterogeneity in the relationship between competition, corporate governance and firm performance using quantile regression on Indian data 利用印度数据的分位数回归揭示竞争、公司治理和公司绩效之间关系的异质性
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100066
Indrani Chakraborty
{"title":"Uncovering heterogeneity in the relationship between competition, corporate governance and firm performance using quantile regression on Indian data","authors":"Indrani Chakraborty","doi":"10.1016/j.aglobe.2023.100066","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100066","url":null,"abstract":"<div><p>This paper investigates the relation between product market competition, corporate governance and firm performance in Indian manufacturing industries covering the period 1995–2017. Evidence suggests that firm performance improves as competition increases. Besides, results depict heterogeneity in the conditional determinants of firm performance between competitive and non-competitive industries. We observe that at upper quantiles of Tobin's q, competitive firms have better performance than their non-competitive counterparts. Findings also suggest that exogenous factors, such as managerial efficiency or managerial incentives provided by the promoters in competitive firms, may be some of the unobservable factors increasing the net positive differences in Tobin's q between competitive and non-competitive firms. This has the implication that policy frameworks are different in competitive and non-competitive industries. Moreover, we observe that the enactment of Clause 49 in December 2005, which aimed at improving corporate governance in India, improved firm performance in less competitive industries. The findings therefore imply that competition acts as an external mechanism to discipline management and increases firm performance as a consequence. Thus, competition seems to act as a substitute for direct institutional reforms to improve corporate governance. The results have important policy implications. Since improvement in corporate governance has relatively more pronounced effect in non-competitive industries, policy efforts should be made in that specific direction.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100066"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667111523000130/pdfft?md5=e8b499674493729f3a58fd906f59df8d&pid=1-s2.0-S2667111523000130-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92100939","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Meritocratic beliefs and economic growth: A mediating effect of economic inequality 任人唯贤的信念与经济增长:经济不平等的中介效应
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100072
Youli Cho , Zheng Fang , Nicholas Cheng Siang Sim
{"title":"Meritocratic beliefs and economic growth: A mediating effect of economic inequality","authors":"Youli Cho ,&nbsp;Zheng Fang ,&nbsp;Nicholas Cheng Siang Sim","doi":"10.1016/j.aglobe.2023.100072","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100072","url":null,"abstract":"<div><p>Meritocratic beliefs are defined as people's beliefs in the importance of hard work in societal success relative to other structural factors. As economic inequality grows, the plausibility of fair meritocracy has been called into a question, especially by those left behind by the supposedly meritocratic systems. Using data from the inequality module of International Social Survey Programme (<em>ISSP</em>), we find that a stronger belief in meritocratic values is associated with higher levels of inequality. Furthermore, our findings demonstrate a positive link between meritocratic beliefs and economic growth, with some indications that this relationship is mediated by inequality. From a policy perspective, this suggests that when efforts to engineer more equal outcomes in societies undermine the rewards of meritocracy, it has the potential to impede economic growth.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100072"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667111523000191/pdfft?md5=5383c528c8663ba22fa4d5b622866bd4&pid=1-s2.0-S2667111523000191-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138490209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimating the economic impacts of the regional comprehensive economic partnership 评估区域全面经济伙伴关系的经济影响
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100060
Carmen Estrades , Maryla Maliszewska , Israel Osorio-Rodarte , Maria Seara e Pereira
{"title":"Estimating the economic impacts of the regional comprehensive economic partnership","authors":"Carmen Estrades ,&nbsp;Maryla Maliszewska ,&nbsp;Israel Osorio-Rodarte ,&nbsp;Maria Seara e Pereira","doi":"10.1016/j.aglobe.2023.100060","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100060","url":null,"abstract":"<div><p>This paper links the ENVISAGE computable general equilibrium model with a microsimulation to assess the economic effects of implementing the Regional Comprehensive Economic Partnership (RCEP). Reductions of tariffs and non-tariff measures, implementation of a rule of origin, together with productivity gains stemming from trade cost reductions strengthens regional trade among RCEP members. The analysis indicate that tariff liberalization alone brings little benefit, with real income gains of 0.21 percent relative to the baseline (without the RCEP) in 2035. With liberal rules of origin, the gains in real income could double to 0.49 percent. The biggest benefits accrue when the productivity gains are considered, increasing real income by 2.5 percent and trade among RCEP members by 12.3 percent in 2035 relative to the baseline. RCEP has the potential to lift 27 million additional people to middle-class status by 2035. These aggregate effects mask large variety of outcomes across countries.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100060"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sectoral evidence on Indonesian economic performance after the pandemic 大流行后印度尼西亚经济表现的部门证据
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100069
Willem Thorbecke
{"title":"Sectoral evidence on Indonesian economic performance after the pandemic","authors":"Willem Thorbecke","doi":"10.1016/j.aglobe.2023.100069","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100069","url":null,"abstract":"<div><p>The Indonesian economy has a long history of steady growth punctuated by times of turmoil and crisis. Recently Indonesia has faced the COVID-19 pandemic, inflation, contractionary U.S. monetary policy, and fluctuating commodity prices. To examine how the economy is faring since the pandemic began, this paper compares sectoral stock returns since COVID-19 hit the Indonesian economy with forecasted returns based on macroeconomic variables. The results indicate that coal, iron and steel, health care, and pharmaceuticals are outperforming more than three years after the coronavirus crisis began. Tobacco, industrials, and sectors related to construction are underperforming. The regression evidence also indicates that Indonesian sectors are primarily exposed to the Indonesian stock market. Coal, iron and steel and natural resources stocks are less exposed to the Indonesian stock market and more exposed to the world stock market. Almost no sectors exhibit exposure to contractionary U.S. monetary policy. The importance of the Indonesian stock market in explaining stock returns reflects the fact that the Indonesian economy is largely driven by domestic demand. To increase its resilience, Indonesia should also nurture labor-intensive exports.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100069"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667111523000166/pdfft?md5=e37c9836270db984e6e3d78eda3869a1&pid=1-s2.0-S2667111523000166-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138501178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Emerging developments in ASEAN–China relations in regional production linkages 东盟-中国关系在区域生产联系中的新发展
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100070
Ewa Cieślik
{"title":"Emerging developments in ASEAN–China relations in regional production linkages","authors":"Ewa Cieślik","doi":"10.1016/j.aglobe.2023.100070","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100070","url":null,"abstract":"<div><p>The article presents changes in trade flows of added value between ASEAN and China in the years 1995–2020. The article aims to assess the intensity of value-added flows in trade links between ASEAN and China. The article tried to answer whether the ASEAN economies and China take part equally in global value chains (GVCs) and regional value chains (RVCs). The article uses input-output models from the ICIO OECD database. The study shows significant changes in value-added flows between ASEAN and China since 1995. Not only the geographical structure of China's partners in ASEAN has changed, but also the participation and relative position of individual ASEAN economies in GVCs and RVCs. Generally, the role of China is growing while ASEAN economies are losing their positions in upstream GVCs and RVCs. However, ASEAN economies participate more strongly in GVCs and RVCs than China.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100070"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667111523000178/pdfft?md5=4a7780c14af5177dc69b88a5f22c97fa&pid=1-s2.0-S2667111523000178-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138501179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FDI, international trade and global value chains (GVCs): India's GVC participation, position and value capture 外国直接投资、国际贸易和全球价值链(GVCs):印度对全球价值链的参与、地位和价值获取
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100071
Isha Chawla, Nagesh Kumar
{"title":"FDI, international trade and global value chains (GVCs): India's GVC participation, position and value capture","authors":"Isha Chawla,&nbsp;Nagesh Kumar","doi":"10.1016/j.aglobe.2023.100071","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100071","url":null,"abstract":"<div><p>Using OECD Trade in Value Added (TiVA) database (2021, 2022) and Asian Development Bank (2022) dataset, this paper indicates that though India's GVC participation rate has risen over time, it was lower than that of several economies in Asia-Pacific and its relative share in participation gains was marginal. Nevertheless, India's relative share in forward and backward GVC content to (and from) the region was not as peripheral. Raising net participation gains will require key enablers, and stimulating the mutually reinforcing FDI-GVC relationship by attracting quality FDI inflows. Findings based on the panel, fixed-effects model support the hypotheses that production-based GVC participation, revealed comparative advantage based on value-added exports, the country's relative economic size, and economic complexity (in medium-to-high technology manufacturing sectors) positively affect economic upgrading through capturing a greater share in world's domestic value-added in an industry while relative GVC position has a negative effect.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100071"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S266711152300018X/pdfft?md5=a2b7f7d8548e98ecb39fa05a2b4e064a&pid=1-s2.0-S266711152300018X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138570511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Shifted paradigm in technonationalism in the 21st century: The influence of global value chain (GVC) and US-China competition on international politics and global commerce —A case study of Japan's semiconductor industry 21世纪技术民族主义范式的转变:全球价值链和美中竞争对国际政治和全球商业的影响——以日本半导体产业为例
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100063
Seohee Ashley Park
{"title":"Shifted paradigm in technonationalism in the 21st century: The influence of global value chain (GVC) and US-China competition on international politics and global commerce —A case study of Japan's semiconductor industry","authors":"Seohee Ashley Park","doi":"10.1016/j.aglobe.2023.100063","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100063","url":null,"abstract":"<div><p>Because of escalating technological conflicts, the US-China technology war, and hegemonic competition since the late 2010s, “technonationalism,” has become a critical topic in the international political economy, and this study contributes to the ongoing discussion proposing two mediating variables, the global value chain (GVC) and the US-China competition in the 2010s. First, we propose a shift in the technonationalist paradigm, from focusing on a single-state approach with an industrial policy oriented toward development to a multistate focus approach with a geoeconomic strategy oriented toward security. It also highlights the integration of business interests into the national strategic agenda as a critical criterion. Second, the study examines investment in Japan by Elpida Memory, Kioxia, and Taiwan Semiconductor Manufacturing Company. Based on Japan as a case study, the findings show a shift to technonationalism, as the government responds to changes in international political conditions, rather than to domestic demands for supporting a specific segment of the semiconductor industry.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100063"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of mergers and acquisitions on performance of firms: A pre- and post-TRIPS analysis of India's pharmaceutical industry 并购对企业绩效的影响:对印度制药行业TRIPS前后的分析
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100059
Indrani Chakraborty , Paul Kattuman
{"title":"The impact of mergers and acquisitions on performance of firms: A pre- and post-TRIPS analysis of India's pharmaceutical industry","authors":"Indrani Chakraborty ,&nbsp;Paul Kattuman","doi":"10.1016/j.aglobe.2023.100059","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100059","url":null,"abstract":"<div><p>This study analyses the impact of mergers and acquisitions on performance of Indian pharmaceutical firms following the implementation of TRIPS in 1995. In order to identify adequately the effect of mergers, we investigate the impact on firm performance of the merged vis-a-vis the non-merged firms in the post-TRIPS period using difference-in-differences and propensity score matching approaches. Our results suggest that firm performance improved in merged firms, following the mergers. We argue that our finding represents the incidence of “positioning” merger (Gorton et al., 2009). Moreover, transfer of technologies and capabilities helped to improve firm performance in merged firms. Our findings have significant policy implications for Asian countries.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100059"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
State capacity & the soft budget constraint: Fiscal federalism, Indian style 国家能力与软预算约束:印度式的财政联邦制
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100058
Praduymn K. Tripathi , Theocharis N. Grigoriadis
{"title":"State capacity & the soft budget constraint: Fiscal federalism, Indian style","authors":"Praduymn K. Tripathi ,&nbsp;Theocharis N. Grigoriadis","doi":"10.1016/j.aglobe.2023.100058","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100058","url":null,"abstract":"<div><p>In this paper, we explore the effects of India's federal structure on state-level fiscal responsibility. Drawing from a 1991–2018 dataset, we argue that higher levels of transfer and borrowing dependence (soft budget constraints) from the central government facilitate lower levels of fiscal responsibility by subnational governments. Our hypothesis is tested using panel regressions on fiscal responsibility outcomes across Indian states. We also evaluate the effects of the world's largest employment program, the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), on subnational fiscal responsibility. We find that rural public employment measures are conducive to lower levels of fiscal responsibility. Soft budget constraints constitute a key structural feature of Indian federalism.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100058"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50187717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
China vs India in the Himalayas: Comparing economic development in Tibet and Ladakh 喜马拉雅山脉的中国与印度:比较西藏和拉达克的经济发展
Asia and the Global Economy Pub Date : 2023-07-01 DOI: 10.1016/j.aglobe.2023.100073
Kiril Tochkov
{"title":"China vs India in the Himalayas: Comparing economic development in Tibet and Ladakh","authors":"Kiril Tochkov","doi":"10.1016/j.aglobe.2023.100073","DOIUrl":"https://doi.org/10.1016/j.aglobe.2023.100073","url":null,"abstract":"<div><p>The Himalayas are of great strategic importance for China and India but the remote region remains relatively underdeveloped. This paper conducts a comparative analysis of China's Tibet and India's Ladakh with the aim of identifying common and idiosyncratic factors relevant for local economic development. A descriptive analysis explores the administrative, military, demographic, and economic factors in each region. Moreover, we use an ARDL model to examine the long-run relationship between fiscal transfers and regional growth. Lastly, three measures are employed to investigate the extent of integration between the Himalayan regions and the rest of their respective countries. The results indicate that Tibet and Ladakh exhibit many similarities related to a limited degree of regional autonomy, a strong military presence, and the importance of agriculture and services. The empirical investigation confirms the cointegration between transfers and growth. Regional integration is furthered by increasing inflows of domestic tourists and expanding freight traffic.</p></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"3 2","pages":"Article 100073"},"PeriodicalIF":0.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2667111523000208/pdfft?md5=d458a0766ac575f5188ef4c5eee6d249&pid=1-s2.0-S2667111523000208-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138549951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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