Applied Economics Quarterly: Volume 65, Issue 1最新文献

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Natural Resources, Energy Dependency, and their Association with Institutional and Growth-Related Variables in the Black Sea and Southeastern European Region 黑海和东南欧地区自然资源、能源依赖及其与制度和增长相关变量的关联
Applied Economics Quarterly: Volume 65, Issue 1 Pub Date : 2019-03-01 DOI: 10.3790/aeq.65.1.1
Sotirios K. Bellos
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引用次数: 1
Determinants of Value Creation in Oil and Gas Firms: A Firm-Specific Comparative Study Using Panel Data 石油和天然气公司价值创造的决定因素:使用面板数据的公司特定比较研究
Applied Economics Quarterly: Volume 65, Issue 1 Pub Date : 2019-03-01 DOI: 10.3790/aeq.65.1.45
B. Kumar, K. Sujit
{"title":"Determinants of Value Creation in Oil and Gas Firms: A Firm-Specific Comparative Study Using Panel Data","authors":"B. Kumar, K. Sujit","doi":"10.3790/aeq.65.1.45","DOIUrl":"https://doi.org/10.3790/aeq.65.1.45","url":null,"abstract":"Abstract\u0000 This study examines the role of firm-level financial and operational characteristics in explaining the market valuation of oil and gas-based energy companies. Using panel data based on 82 major oil companies, the study explores the value drivers involved in value creation of integrated and independent oil companies. In other words, the study explores the impact of investment, financing, and dividend decisions on value creation in energy firms.\u0000 The results suggest that stock market is skeptical about the risky capital expenditures undertaken by oil and gas firms. The study finds some evidence for signaling theory of debt financing, which suggests that the use of higher debt by energy companies is viewed positively by markets. Higher dividend payment is viewed negatively by markets. The enterprise value variable EVEBITA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is positively related to share price with statistical significance. Higher profitability of oil firms leads to greater value creation for oil and gas-based firms. The higher the liquidity position, the greater the value enhancement of oil and gas firms would be. The study finds some evidence for the positive association of operating characteristics with market valuation of oil-based energy firms. Higher reserve replacement leads to higher valuation and is viewed positively by market analysts.\u0000 This study aims to provide new insights into how financial and operational information relates to the market valuation of both independent and integrated oil companies. The identification of factors for value creation in stock market is critical for the design of effective policies for wealth creation.\u0000 JEL classifications: G30, G31\u0000 Keywords: Market Valuation, Profitability, Reserve Replacement, Integrated Oil Companies","PeriodicalId":283765,"journal":{"name":"Applied Economics Quarterly: Volume 65, Issue 1","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116762288","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
Economic Sustainability of the MENA Region 中东和北非地区的经济可持续性
Applied Economics Quarterly: Volume 65, Issue 1 Pub Date : 2019-03-01 DOI: 10.3790/aeq.65.1.71
Osama D. Sweidan
{"title":"Economic Sustainability of the MENA Region","authors":"Osama D. Sweidan","doi":"10.3790/aeq.65.1.71","DOIUrl":"https://doi.org/10.3790/aeq.65.1.71","url":null,"abstract":"Abstract\u0000 This paper calculates an index measuring economic sustainability for the mainstream economy in the MENA region during the period 1999–2016. Our approximation says that a large value of the index indicates more stress on the economy or low sustainability and vice versa. We also explore some macroeconomic variables as potential determinants of economic sustainability. We employ the panel data analysis, in particular the feasible generalized least squares (FGLS). Our results show that economic development, trade openness, and political stability encourage economic sustainability. In contrast, government expenditures and control of corruption hinder the sustainability of the economy. Our paper suggests that policymakers should concentrate on economic development, enhance the trade openness, and create political stability environment to strengthen economic sustainability.\u0000 JEL classifications: I31, O11, Q01\u0000 Keywords: Economic sustainability; Economic development; Panel analysis; FGLS; MENA region","PeriodicalId":283765,"journal":{"name":"Applied Economics Quarterly: Volume 65, Issue 1","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131918917","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
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