Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal最新文献

{"title":"Inventory Investment and Cash Flow Sensitivity: Evidence From Turkish Firms","authors":"O. Tan, Emin Avci","doi":"10.17261/pressacademia.2020.1223","DOIUrl":"https://doi.org/10.17261/pressacademia.2020.1223","url":null,"abstract":"Purpose - This study analyzes the inventory investment – cash flow sensitivity for 166 manufacturing firms in Turkey listed in Borsa Istanbul. The time spans 2006-2018. Methodology - Based on the previous literature, Lovell’s (1961) target adjustment model is used. The baseline equation model is estimated by the system Generalized Method of Moments (GMM). Findings- The relationship between inventory investment and cash flow is statistically positive for constrained firms, while insignificant for unconstrained firms according to all models. The effect of Gross Domestic Product (GDP) on inventory investment is positive and significant for both constrained and unconstrained firms, this implies that GDP contributes to an increase in inventory investment. Conclusion- This study is the first one that analyzes the inventory investment and cash flow relationships for Turkish manufacturing firms and want to fulfill this gap in the literature. It is found that cash flow is positively significant for constrained firms according to size and age classification criteria.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131567914","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}

{"title":"Does Debts have any Impact on Governance Bundle and Agency Costs? Over-Governance Hypothesis","authors":"S. F. Khatib, DF Abdullah, A. Kabara, S. Hazaea, T. Rajoo","doi":"10.47577/tssj.v9i1.1003","DOIUrl":"https://doi.org/10.47577/tssj.v9i1.1003","url":null,"abstract":"The purpose of this article is to extend the bundles of corporate governance theory and propose the role of corporate debt in determining the governance structure of a company. This research intended to answer some questions have been put forward by scholars to explain the inter-relationship between debt, corporate governance, and agency costs: (i) what exactly is the disciplinary role of debts? (ii) how is governance structure influenced by the debt level? and (iii) are extremely high debt ratios required? Previous works have looked at interrelations between debt, corporate governance, and agency costs in isolation result in inclusive findings. However, we argue that debt level is a key determinant of the effective governance structure that maintains agency costs at the optimal level. Based on the governance bundle theory, we contribute to the literature by introducing a new model (over-governance model) that suggests financial leverage as a critical contingency linking governance bundle and agency costs. Also, it provides a clear picture on the different type of agency costs. Our paper provides a theoretical framework to guide further studies and provide important implications for the board, corporate management, and regulators.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131105495","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}

{"title":"Generación de Valor en las Empresas Colombianas durante el Ciclo de la Globalización a partir de la Década del 2020 (Value Added Generation in Colombian Firms During 2020´s)","authors":"José Pérez-Toro","doi":"10.2139/ssrn.3618944","DOIUrl":"https://doi.org/10.2139/ssrn.3618944","url":null,"abstract":"Spanish Abstract: En virtud de los resultados inestables que muestran un tipo de cambio alejado de la linea de paridad de poder de compra, como es el deterioro del precio de los productos minero energeticos y la presencia de comportamientos propios de la desindustrializacion del pais, en este capitulo se exploran nuevos enfoques analiticos construidos por la comunidad epistemica en funcion de la restauracion de la competitividad del sector productivo de la economia en los mercados externos. Este nuevo ambiente coincide con el ciclo economico de largo plazo analizado en el primer capitulo donde recordamos que la economia ha atravesado por unos ciclos y unas fases de mas corto plazo, similares a los explorados por el historiador economico Kondratieff, para caracterizar los aportes de la industria en el proceso de largo plazo de formacion de capital. Las contribuciones de los autores Romer, Lucas y Sala-i-Martin, permiten construir hipotesis sobre nuevas posibilidades de crecer en esta fase ascendente de un nuevo ciclo, aprovechando las oportunidades que ofrecen la innovacion y el cambio tecnologico. \u0000 \u0000English Abstract: By virtue of the unstable results that show an exchange rate away from the buying power parity line, events such as the deterioration in the price of energy mining products and the presence of behaviors typical of the de-indstrialization of the country, this paper explores new analytical approaches built by the epistemic community according to the restoration of the competitiveness of the productive sector of the economy in external markets. This new environment coincides with the long-term economic cycle discussed in another´s same line of enquire's author paper where we remember that the economy has gone through shorter-term cycles and phases, similar to those explored by economic historian Kondratieff, to characterize industry's contributions in the long-term capital formation process. The contributions of the authors Romer, Lucas and Sala-i-Martin, allow building hypotheses on new possibilities to grow in this upward phase of a new cycle, taking advantage of the opportunities offered by innovation and technological change.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114075064","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}

{"title":"Авторынок. Испытание коронавирусом. (Car Market. Coronavirus Test)","authors":"D. Shcherbakova","doi":"10.2139/ssrn.3605724","DOIUrl":"https://doi.org/10.2139/ssrn.3605724","url":null,"abstract":"<b>Russian Abstract:</b> Изменение повседневных практик россиян, связанное с ограничениями в период пандемии Covid-19, отражается на всей мировой промышленности. Огромные убытки несут автопроизводители и продавцы. Цель и методы исследования – на основе анализа и синтеза статистической информации оценить ущерб отрасли по всему миру, представить варианты развития. Падение продаж легковых автомобилей по всему миру беспрецедентно. По предварительным подсчетам Евросоюз просел на 55,1%, Китай – 42%, Россия – 30%. Автозаводы начинают работать в урезанном формате, соблюдая санитарные нормы. Стоит вопрос организации продаж автомобилей, так как дистанционно этот процесс организовать навряд ли получится. Но главная проблема рынка – падение спроса. Низкая платежеспособность населения сподвигла власти КНР выдавать деньги своим гражданам на покупку автомобиля. В России меры по поддержанию спроса пока не приняты. Практической значимостью исследования является изучение выхода из кризиса зарубежных и отечественных предприятий автомобильной отрасли для поиска новых путей.<br><br><b>English Abstract:</b> The change in everyday practices of Russians associated with restrictions during the COVID-19 pandemic affects the entire global industry. Huge losses are incurred by car manufacturers and sellers. The purpose and methods of the research are to assess the damage to the industry worldwide and present development options based on the analysis and synthesis of statistical information. The drop in passenger car sales around the world is unprecedented. According to preliminary estimates, the European Union sank by 55.1%, China-42%, Russia-30%. Car factories start working in a reduced format, observing sanitary standards. There is a question of organizing car sales since this process is unlikely to be organized remotely. But the main problem of the market is falling demand. Low solvency of the population prompted the Chinese authorities to issue money to their citizens to buy a car. In Russia, measures to maintain demand have not yet been taken. The practical significance of the research is to study the way out of the crisis of foreign and domestic enterprises in the automotive industry to find new ways.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126046542","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}

{"title":"Article Review of 'Trade Policy and Market Power: Firm-Level Evidence'","authors":"N. Mammadova","doi":"10.2139/ssrn.3609137","DOIUrl":"https://doi.org/10.2139/ssrn.3609137","url":null,"abstract":"The preliminary purpose of this paper is to analyze the methodology and results of the paper and compare its main findings to that of others concerning the effect of trade barriers on the flow of trade at firm and country level.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121601522","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}

{"title":"Measuring Corporate Governance Quality in Concentrated-Ownership Firms","authors":"O. Cohen","doi":"10.2139/ssrn.3606631","DOIUrl":"https://doi.org/10.2139/ssrn.3606631","url":null,"abstract":"In this paper, I present a corporate governance index adjusted to firms with concentrated ownership. The index consists of 31 components that measure three dimensions of corporate governance quality at the firm level: board independence, board qualifications, and controlcash flow wedge. The index has several advantages over indexes constructed in previous papers: it is based exclusively on mandatorily disclosed data, which are more reliable than the voluntarily disclosed data previously used in some studies; it does not contain components that measure the firm’s corporate social responsibility since this dimension is not relevant to investor protection; it does not contain components that measure outcomes related to a firm’s corporate governance quality, including the number and volume of related-party transactions and disciplinary acts taken against management; it extensively measures board qualifications; and its components are well defined so that the index may be calculated without applying discretion. Based on this index, I calculate corporate governance quality scores for 120 nonfinancial Israeli public firms in the period 2007–2014 and show governance quality to have improved owing to legal reforms that went into effect during those years, as well as to changes voluntarily undertaken by the firms.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123948881","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}

{"title":"Adopting Mobile Money: Evidence from an Experiment in Rural Africa","authors":"Catia Batista, Pedro C. Vicente","doi":"10.1257/PANDP.20201086","DOIUrl":"https://doi.org/10.1257/PANDP.20201086","url":null,"abstract":"Who uses mobile money, and what do people do with it? This paper describes mobile money adoption patterns following the experimental introduction of mobile money for the first time in rural areas of Southern Mozambique. We use administrative and household survey data to characterize adopters as well as their mobile money usage patterns over three years. Adopters of mobile money (and early adopters in particular) are more educated than nonadopters, and they are also more likely to already hold a bank account. Positive self-selection of adopters should be considered when introducing mobile money as a tool for rapid financial inclusion.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129457781","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}

{"title":"Management of an Advertising Campaign Based on the Model of the Enterprise’s Logistic System","authors":"Y. Sherstennikov, Tatyana Rudyanova, Liliia Barannyk, Victoriia Datsenko, Lyudmyla Novikova","doi":"10.15587/1729-4061.2020.201087","DOIUrl":"https://doi.org/10.15587/1729-4061.2020.201087","url":null,"abstract":"The study is devoted to solving the scientific problem of optimal expansion of the enterprise’s market niche, taking into account potential demand and the formation of an effective advertising campaign. An economic-mathematical model of the enterprise’s production activity has been developed taking into account logistics and market demand. \u0000 \u0000The problem of determining the optimal advertising costs is solved in two formulations: \u0000 \u0000a) the enterprise produces homogeneous goods and the wholesale warehouse can fulfill the retail order for any quantity of goods in the wholesale warehouse; \u0000 \u0000b) the enterprise produces some products in assortment. In this case, a certain minimum stock of products should be available at the wholesale warehouse. \u0000 \u0000The study found that the optimal advertising costs are determined by the value of all the main parameters of the enterprise’s logistics system. \u0000 \u0000This conclusion was obtained as a result of careful model accounting of the structure of the enterprise’s logistics system. All the main links (flows) between the elements of the logistics system were also taken into account. The simulation was performed in such a way that non-physical phenomena (for example, storage overflow, etc.) did not appear at the intermediate stages of modeling. The calculations found that with the planned capacity of 4.1 (units per day), the annual profit will be 3975.5 (units) with an optimal advertising cost of 44.8 (units). The practical significance of the study is that scientific ideas about the relationship of the advertising campaign with the production potential of the enterprise can serve as the basis for more efficient management of the budget process at the enterprise, namely: more informed planning of production volumes and expenses for its advertising campaign.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126542113","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}

{"title":"Подходы к определению оптимальных санкций за картели (Approaches to Determining Optimal Cartel Sanctions)","authors":"N. Pavlova","doi":"10.2139/ssrn.3619014","DOIUrl":"https://doi.org/10.2139/ssrn.3619014","url":null,"abstract":"Russian Abstract: На фоне высокого уровня картелизации российской экономики встает вопрос об оценке существующей системы санкций за картели и о ее соответствии критериям оптимальности. В работе продемонстрировано, что проблема недостаточности накладываемых штрафов для обеспечения оптимального сдерживания характера не только для России, но и для других стран. Это создает основания для использования других форм санкций, в частности, запрета заниматься определенными видами деятельности и лишения свободы. В статье дается оценка некоторым инициативам антимонопольного органа по ужесточению уголовных санкций за картели. \u0000 \u0000English Abstract: Against the background of a high level of cartelization of the Russian economy, the question arises of assessing the existing system of sanctions for cartels and its compliance with the criteria of optimality. The work demonstrated that the problem of the insufficiency of fines imposed to ensure optimal deterrence of character not only for Russia, but also for other countries. This creates the basis for the use of other forms of sanctions, in particular, the ban on certain activities and imprisonment. The article assesses some initiatives of the anti-monopoly body to tighten criminal sanctions for cartels.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117350211","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}

{"title":"Corporate Governance and the Cost of Debt: Evidence From Food and Beverage Companies in Nigeria","authors":"Wasiu Abiodun Sayanolu","doi":"10.2139/ssrn.3543962","DOIUrl":"https://doi.org/10.2139/ssrn.3543962","url":null,"abstract":"In the corporate world, different business players have a divergent and often conflicting interest; shareholders, for instance, are interested in dividend or capital gain, managers want to implement a policy that maximizes their self-interest while debt holders are interested in favorable interest on capital. The study focused on the effect of corporate governance on the cost of dent of listed food and beverage companies in Nigeria from 2008 to 2017 amidst these divergent interests. The study used an ex post facto research design while multiple regression involving fixed effect was used to analyze the secondary data obtained from the annual financial reports of the selected six food and beverage companies. The study found significant positive effects of board size and board independence on the cost of debt while the director’s remuneration exerts negative but no significant effect on the cost of debt. Leverage as a control variable for the study was also found to have no significant negative influence on the cost of debt. The study, therefore, concludes that corporate governance has a significant joint effect on the cost of debt of listed food and beverage companies in Nigeria. The main recommendation of the study is that board size and composition should be structured and tailored towards sending a good signal to debt holders in the form of quality financial reporting in a bid to reduce the cost of debt to maximise shareholders’ wealth.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126630457","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}