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Grouped Variation in Factor Shares: An Application to Misallocation 因子份额分组变异:在错配中的应用
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-07-24 DOI: 10.2139/ssrn.3546842
Jose Asturias, Jack Rossbach
{"title":"Grouped Variation in Factor Shares: An Application to Misallocation","authors":"Jose Asturias, Jack Rossbach","doi":"10.2139/ssrn.3546842","DOIUrl":"https://doi.org/10.2139/ssrn.3546842","url":null,"abstract":"A striking feature of micro-level plant data is the presence of significant variation in factor cost shares across plants within an industry. We develop a methodology to decompose this variation into idiosyncratic and group-specific components and to use cluster analysis to recover the number and membership of groups using breaks in the dispersion of factor cost shares across firms. We apply our methodology to Chilean plant-level data and find that group-specific variation accounts for approximately one-third of the variation in factor shares across firms. We motivate our results with an economic model in which group-specific variation can arise from differences in production technologies or through distortions that affect different groups of firms. We evaluate several potential explanations for our results and argue that our findings are most consistent with the interpretation of group-specific variation arising from the presence of multiple production technologies. Under this interpretation, ignoring groups overstates the gains from eliminating mis-allocation by roughly one-third.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"95 39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129223409","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
Quality Wars in the North 北方的质量战争
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-07-01 DOI: 10.1111/twec.12795
Yoonho Choi, E. Choi
{"title":"Quality Wars in the North","authors":"Yoonho Choi, E. Choi","doi":"10.1111/twec.12795","DOIUrl":"https://doi.org/10.1111/twec.12795","url":null,"abstract":"This paper investigates two stylised facts about quality wars between Northern firms and a Southern copycat firm in the North. First, due to low wage, a foreign or Southern copycat firm may enter the market of a developed economy inhabited by a high‐quality firm and a low‐quality domestic copycat. When the products of the high‐quality firm and the foreign copycat are vertically differentiated, the foreign copycat firm may choose an intermediate quality between the quality levels of domestic high‐ and low‐quality firms. In the second scenario where the products of the high‐quality firm and the foreign copycat are horizontally differentiated, the quality of the foreign copycat may surpass that of the domestic high‐quality firm. As the wage gap between the developed and developing countries widens, the foreign copycat is more likely to survive in the markets of developed economies.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116769461","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: 1
‘Social Responsibility’ in the Governance of Chinese State-Owned Enterprises 中国国有企业治理中的“社会责任”
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-06-24 DOI: 10.2139/ssrn.3431685
F. Sapio
{"title":"‘Social Responsibility’ in the Governance of Chinese State-Owned Enterprises","authors":"F. Sapio","doi":"10.2139/ssrn.3431685","DOIUrl":"https://doi.org/10.2139/ssrn.3431685","url":null,"abstract":"This paper sheds new light on the mechanisms used to monitor Chinese MCNs compliance with their corporate social responsibility (CSR) obligations. China’s state-owned MNCs play a pivotal role in the implementation of the Belt and Road Initiative, and continue to account for roughly 30 cent of domestic GDP. SOEs’ position within China’s governance system, and the ideological features of China’s governance model make CSR obligations a binding duty of state-owned MNCs, and of their domestic and foreign subsidiaries. \u0000 \u0000In Western legal systems, CSR and its more recent evolution of business and human rights are understood as a form of regulation public and private enterprises may adopt on an entirely voluntary basis, and integrate within their business model. China’s case is obviously different. The first part of this paper places the notion of CSR (gongsi shehui zeren) against the backdrop of non-state based compliance and monitoring mechanisms specific to state-owned MNCs. Next, the paper describes the major CSR norms and mechanisms grounded within the system of regulations of the Chinese Communist Party. In its concluding section, the paper presents some reflections on the main features of CSR in China and their relevance to the Belt and Road Initiative.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115678536","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
Can Independent Directors Effectively Monitor Controlling Shareholders? Evidence from Hong Kong 独立董事能否有效监督控股股东?来自香港的证据
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-06-21 DOI: 10.2139/ssrn.3407959
Hong Huang, Charles Zhen Qu, Haitian Lu
{"title":"Can Independent Directors Effectively Monitor Controlling Shareholders? Evidence from Hong Kong","authors":"Hong Huang, Charles Zhen Qu, Haitian Lu","doi":"10.2139/ssrn.3407959","DOIUrl":"https://doi.org/10.2139/ssrn.3407959","url":null,"abstract":"This paper studies whether and when independent directors monitor effectively in companies with controlling shareholders. Exploiting a 2004 regulatory change in Hong Kong that compelled some companies to increase the number of independent directors in a triple-differences setup, we find robust evidence that post-reform treated firms received 10.9-13.5% higher market abnormal returns on their announcement of “nonpropping” types of connected transactions. Moreover, treated firms reduced their use of connected transactions relative to arm’s length transactions by 14.9% in the postreform period. Taken together, our evidence suggests that independent directors, despite chosen by controlling shareholders, can safeguard shareholder value if an apposite legal design is put in place.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"100 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129471581","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: 1
How Commitment, Satisfaction, and Cost Fluctuations Influence Customer Loyalty 承诺、满意度和成本波动如何影响顾客忠诚度
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-06-19 DOI: 10.35609/JMMR.2019.4.2(3)
Andreas Samudro, U. Sumarwan, M. Simanjuntak, Eva Z Yusuf
{"title":"How Commitment, Satisfaction, and Cost Fluctuations Influence Customer Loyalty","authors":"Andreas Samudro, U. Sumarwan, M. Simanjuntak, Eva Z Yusuf","doi":"10.35609/JMMR.2019.4.2(3)","DOIUrl":"https://doi.org/10.35609/JMMR.2019.4.2(3)","url":null,"abstract":"Objective – The purpose of this study is to investigate which factors have a stronger influence on final purchase decisions from the perspective of the chemical market. The factors under consideration are customer satisfaction, commitment and cost fluctuations.\u0000Methodology/Technique – By understanding the factors that influence purchase decisions, a chemical company or other industrial company can place greater focus on the factors that will improve or enhance customer loyalty. The research design is a conclusive-descriptive and quantitative method.\u0000Findings & Novelty – The results of the analysis confirm that customer commitment and satisfaction have a stronger influence on customer loyalty, compared to fluctuating costs. Satisfaction does not have a direct influence on loyalty, except where commitment is used as a mediator.\u0000Type of Paper: Empirical\u0000\u0000Keywords: Satisfaction; Commitment; Switching Cost; Loyalty; B2B Relationship.\u0000\u0000Reference to this paper should be made as follows: Samudro, A.; Sumarwan, U.; Simanjuntak, M.; Yusuf, E. Z. 2019. How Commitment, Satisfaction, and Cost Fluctuations Influence Customer Loyalty, J. Mgt. Mkt. Review 4 (2): 115 – 125 https://doi.org/10.35609/jmmr.2019.4.2(3)\u0000\u0000JEL Classification: M10, M12, M19, M30.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132870857","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: 18
Good Dispersion, Bad Dispersion 好的分散，坏的分散
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-06-01 DOI: 10.3386/W25923
Matthias Kehrig, Nicolas Vincent
{"title":"Good Dispersion, Bad Dispersion","authors":"Matthias Kehrig, Nicolas Vincent","doi":"10.3386/W25923","DOIUrl":"https://doi.org/10.3386/W25923","url":null,"abstract":"Dispersion in marginal revenue products of inputs across plants is commonly thought to reflect misallocation, i.e., dispersion is \"bad.\" We document that most dispersion occurs across plants within rather than between firms. In a model of multi-plant firms, we then show that dispersion can be \"good\": Eliminating frictions increases productivity dispersion and raises overall output. Based on this framework, we argue that in U.S. manufacturing, one-quarter of the total variance of revenue products reflects good dispersion. In contrast, we find that in emerging economies, almost all dispersion is bad and the gains from eliminating distortions are larger than previously thought.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133836040","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: 24
SMS Advertising in India: Is TAM a Robust Model for Explaining Intention? 印度短信广告:TAM是解释意向的稳健模型吗?
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-05-31 DOI: 10.15388/OMEE.2012.3.1.14277
Hemant Bamoriya, Rajendra Singh
{"title":"SMS Advertising in India: Is TAM a Robust Model for Explaining Intention?","authors":"Hemant Bamoriya, Rajendra Singh","doi":"10.15388/OMEE.2012.3.1.14277","DOIUrl":"https://doi.org/10.15388/OMEE.2012.3.1.14277","url":null,"abstract":"This study examined mobile users’ intentions to receive SMS advertising in India using Technology Acceptance Model (TAM) as a research framework. 242 respondents completed a structured questionnaire, measuring their responses to the TAM’s five constructs. Using Structural Equation Modeling (SEM) both measurement model and structural model testing was done to analyze the data. The findings suggested that specified TAM model contributed to 81.8% of variance in the intention to receive SMS advertising and was a valid model in explaining the intention to receive SMS advertising. The study indicated that perceived utility was a much better predictor of attitude towards SMS advertising than perceived ease of use and perceived trust. The study suggested that in order to increase acceptance of SMS advertising marketers should focus more on increasing utility of SMS ads, so that users would develop positive attitudes towards SMS advertising.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"28 9","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131506033","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: 10
Diversification, Efficiency and Risk of Banks: Evidence From Emerging Economies 银行多元化、效率与风险:来自新兴经济体的证据
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-05-15 DOI: 10.2139/ssrn.3419935
Ji (George) Wu, Limei Chen, Minghua Chen, B. Jeon
{"title":"Diversification, Efficiency and Risk of Banks: Evidence From Emerging Economies","authors":"Ji (George) Wu, Limei Chen, Minghua Chen, B. Jeon","doi":"10.2139/ssrn.3419935","DOIUrl":"https://doi.org/10.2139/ssrn.3419935","url":null,"abstract":"Abstract This paper examines the impact of business diversification of banks on their risk, with efficiency taken into consideration as a conduit. Using bank-level data from more than 1000 commercial banks in 39 emerging economies during the period of 2000–2016, we find that increased business diversification exerts two competing effects on bank risk. The direct effect of increased diversification bolsters the stability of banks, but it is offset by the indirect effect whereby lowered efficiency, which is resulted from higher diversification, increases the riskiness of banks. Thus, the overall benefits from bank business diversification on bank stability rely on the trade-off of the two competing forces.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115864235","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: 23
Inclusion Gains in Markets for Scarce Products 稀缺产品市场的包容性增长
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-05-11 DOI: 10.2139/ssrn.3386817
Calixto Salomão Filho
{"title":"Inclusion Gains in Markets for Scarce Products","authors":"Calixto Salomão Filho","doi":"10.2139/ssrn.3386817","DOIUrl":"https://doi.org/10.2139/ssrn.3386817","url":null,"abstract":"Microeconomic models of equilibrium are not real descriptions of reality. Even more so in markets where scarcity is a growing source of concern. The pricing mechanism in these cases is not only misleading but can lead to more scarcity and disorganization of markets for products dependent on natural resources. The inclusion gains concept defined and discussed in this paper, the new criteria it highlights for defining the frontier between firm and market transactions and the consequent restructuring of markets for scarce products might be therefore a step in the right direction, both theoretically and in practice. Inclusion gains can replace or complement the transaction costs notion to understand and ameliorate both the internal as well as the external (market) organization of firms.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123644951","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
Financial Determinants of Cash Holding Levels: An Analysis of Indian Agricultural Enterprises 现金持有水平的财务决定因素:印度农业企业的分析
Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal Pub Date : 2019-05-10 DOI: 10.17221/240/2018-AGRICECON
Kuldeep Singh, M. Misra
{"title":"Financial Determinants of Cash Holding Levels: An Analysis of Indian Agricultural Enterprises","authors":"Kuldeep Singh, M. Misra","doi":"10.17221/240/2018-AGRICECON","DOIUrl":"https://doi.org/10.17221/240/2018-AGRICECON","url":null,"abstract":"A significant number of studies have been conducted on the determinants of cash holding levels for different corporates. However, no such study has been witnessed so far on the agricultural enterprises. In this study, we examine the determinants of the cash-holding levels for the Indian agrarian enterprises during 1995–2016 period. With the help of weighted least-squares (WLS) regression analysis, we find evidence that the Indian agro-enterprises with greater lucrative opportunities tend to hold less cash. On the other side, we found that large agro-enterprises tend to hold some other mode of liquid assets rather than cash. The firms with higher capital expenditure and distributing profits as a dividend were shown to hold more cash. In our analysis, we find supportive evidence of the static trade-off theory of cash holding. In general, transaction motives and precautionary motives also play an important role in explaining the determinants of cash holding levels for Indian agrarian enterprises.","PeriodicalId":236490,"journal":{"name":"Emerging Markets Economics: Firm Behavior & Microeconomic Issues eJournal","volume":"205 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131788522","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: 11
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