Asian Journal of Economics and Empirical Research最新文献

{"title":"Firm Survival through Semi-Exits: The Case of Indian Registered Manufacturing","authors":"P. Gupta","doi":"10.20448/journal.501.2019.62.148.168","DOIUrl":"https://doi.org/10.20448/journal.501.2019.62.148.168","url":null,"abstract":"The paper examines the extent to which product line change as a strategy improves the performance of firms across two manufacturing sectors over a period from 2008-2017. Durability and technology are the two dimensions chosen to identify the sectors. Hence, the paper studies electronic industry and food industry firms as the former are science-based, high-tech firms, whereas, the latter is a traditional manufacturing according to the Pavitt’s taxonomy. Additionally, food products are known to be less durable than the electronic and electrical products. The paper analyzes the data using a cross-section difference-in-differences estimation to study the difference in average performance since the strategy is not an exogenous treatment but relies on firm-specific characteristics. In Appendix 2 results from a hypothetical case is presented in which it shows how the average performance across the two sectors adopting the strategy differs had the strategy been completely exogenous. The results hint towards an overwhelming improvement in the performance for electronic industry firms showing a change in product line as compared to food industry firms not adopting the strategy. Even though it is vital in enhancing the efficiency in firms which is shown both theoretically and empirically still only a few firms adopt the strategy in the Indian market. The paper tries to find reasons for the same by using certain case studies and see how product line change may not be an ideal strategy to undertake despite its role in allocating resources efficiently.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123663202","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":"Credit Constraints and the Productivity of Small and Medium-sized Enterprises: Evidence from Canada","authors":"M. Lim, J. Foster","doi":"10.20448/journal.501.2020.72.178.185","DOIUrl":"https://doi.org/10.20448/journal.501.2020.72.178.185","url":null,"abstract":"Small and medium-sized enterprises (SMEs) are regulators of the business environment. In Canada, SMEs represent about 50 percent of businesses and are responsible for over 60 percent of the country’s employment. The role of SMEs in the development of a country can’t be ignored, as they are vital indicators of economic development. The size and cash flow of a company's assets are reliable indicators of credit constraints (CC), which results in a CC agent for models that use an asset-to-liability ratio. We focus on the actual impact of a previously estimated score in cases where corporate credit is limited. Investment and employment decisions are based on productivity shocks (PS) and the possibility of CC. Using variables, our model indicates the importance of measured credit restrictions being distinguished, such as cash flows that indicate productivity levels and the probability of CC. The data samples are from 2009 to 2014, although the measurement of CC is only available from 2011. Therefore, we use the model of credit constraint estimation to anticipate the likelihood of CC in the months before and after 2011. The findings reflect that the firm’s size, debt to assets ratio, and cash flow are significant factors in the evaluation of the CC, whereas long-term debt (LTD) to asset ratio wasn’t found to be significant. The study also evaluates and estimates firm-level productivity. This research paper makes two important and constructive contributions towards effectively understanding and forecasting financial constraints (FC), such as sales growth and LTDs, as well as their direct impacts on the performance level of the firm. First, the present study adds to existing research on CC, specifically in relation to small businesses. To our knowledge, the present research is the first to analyze FC in SMEs independently from examined outcomes and results of EF. Second, the following study significantly contributes to effectively forecasting the relationship between FC and productivity at an organizational level, which is mainly based on productivity measurements and a consideration of FC.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129761506","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":"Business Cycles and Financial Frictions under Money Growth Rule","authors":"W. Melesse","doi":"10.20448/journal.501.2019.61.16.26","DOIUrl":"https://doi.org/10.20448/journal.501.2019.61.16.26","url":null,"abstract":"In the last few years, macroeconomic modeling has emphasized the role of credit market frictions in magnifying and transmitting nominal and real disturbances and their implication for macro-prudential policy design. In this paper, I construct a modest New Keynesian general equilibrium model with active banking sector. In this set-up, the financial sector interacts with the real side of the economy via firm balance sheet and bank capital conditions and through their impact on investment and production decisions. I rely on the financial accelerator mechanism due to Bernanke et al. (1999) and combine it with a bank capital channel as demonstrated by Aguiar and Drumond (2007). The resulting model is calibrated from the perspective of a low-income economy reflecting the existence of relatively high investment adjustment cost, strong fiscal dominance, and underdeveloped financial and capital markets. The main objective of this exercise is to see whether the financial accelerator mechanism documented under interest-rate-rule based simulations could be replicated under a situation where the central bank uses money growth rule in stabilizing the national economy. The findings are broadly consistent with previous studies that demonstrated stronger role for credit market imperfections in amplifying and propagating monetary policy shocks.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131293980","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 Peso Depreciation or More Government Debt Affect Aggregate Output? The Case of Chile","authors":"Y. Hsing, A. S. Phillips, C. R. Phillips, Y. Morgan","doi":"10.20448/journal.501.2019.61.70.75","DOIUrl":"https://doi.org/10.20448/journal.501.2019.61.70.75","url":null,"abstract":"This paper attempts to determine whether real peso depreciation/appreciation or fiscal expansion would be effective in raising output in Chile. Real peso depreciation tends to stimulate exports but raise import costs and domestic inflation. More government debt-financed spending tends to increase aggregate demand but cause the crowding-out effect. Based on an extended IS-MP-AS model (Romer, 2000) incorporating the monetary policy function and the advanced EGARCH process, this study shows that real peso appreciation increased output during 2006.Q1-2011.Q3 whereas real peso depreciation raised output during 2011.Q4-2016.Q4 and that a higher lagged government debt ratio raised output. In addition, a lower U.S. real interest rate, real crude oil price or expected inflation helped increase output. Hence, real peso depreciation or appreciation may increase or reduce output depending upon the development phase, and expansionary fiscal policy is effective. Although more government debt-to-GDP ratio has a positive effect on output, fiscal discipline needs to be pursued as the effect of debt-financed government spending seemed to be leveling off in recent years.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"2014 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121438137","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":"Effects of High-Voltage Overhead Power Lines (HVOPLs) on Residential Property Prices","authors":"W. M. Jayantha, L. H. U. W. Abeydeera","doi":"10.20448/journal.501.2020.72.115.125","DOIUrl":"https://doi.org/10.20448/journal.501.2020.72.115.125","url":null,"abstract":"Research findings on the effects of high-voltage overhead power lines on values of neighborhood properties remain inconclusive and inadequately explored. This study aims to investigate the effects of HVOPLs on market values and sale-prices of residential properties in the vicinity. The empirical results based on a hedonic price model show that HVOTLs impart a significant negative effect on nearby residential properties. Results show that affected properties are selling at a discount price compared to properties without the influence of HVOPLs. The market value of a residential unit located within physical distance of 300-meters of power-lines, and pylon, are on average, 34.2% and 18% lower than comparable properties, respectively. Furthermore, results suggest that it is the physical distance to HVOPL structures that accounts more for the value diminution compared to the visual impact of the structure. The results imply that the market value of properties adjacent to HVOPL corridors is reduced significantly. This discourages potential property buyers. The study contributes to the knowledge in two-ways: (i) it shows the greater impact of HVOPLs on property prices with a larger reduction in valuation than previous studies; and (ii) effects of the different visual impact of pylons compared with that of cables are clearly distinguished.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125601025","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":"Aspects Hindering the Development and Survival of Small and Medium-Sized Enterprises in Pakistan: Stability Perspective","authors":"Shoaib Ali","doi":"10.20448/JOURNAL.501.2021.81.10.16","DOIUrl":"https://doi.org/10.20448/JOURNAL.501.2021.81.10.16","url":null,"abstract":"This article intends to explore aspects that are hindering the development and survival of small and medium-sized enterprises (SMEs) in Pakistan. A survey was developed to collect statistics from 226 SME owners and staff in selected Punjab Provinces in Pakistan. Some statistical approaches accompanied the results of the survey to examine the elements hindering the development of SMEs in Pakistan. The results of the research indicate that the expected constraints, including lack of management knowledge, corruption, decaying infrastructure, absence of financial funds, and inadequate earnings are hindering SME development and survival in Pakistan. Considering the elements hindering the development will help legislators, federal and local concerns, NGOs, shareholders, policymakers, and others to create well-structured policies and plans that will aggressively promote the efficiency and stability of SMEs in Pakistan. The significance of this research derives from the reality that few studies have been conducted about the development and survival of SMEs in Pakistan with a stability perspective. This study contributes to the existing literature by exploring aspects that hindering the development and survival of small and medium-sized enterprises (SMEs) in Pakistan.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115506136","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":"Socio-Economic Factors of Empowerment in Developing Countries","authors":"Rabnawaz Khan, Jin Xinxin, Yusheng Kong, Emmanuel Yamoah Cobbold","doi":"10.20448/journal.501.2020.72.159.170","DOIUrl":"https://doi.org/10.20448/journal.501.2020.72.159.170","url":null,"abstract":"The study is carried to identify the main socio economic cultural and political view determinants of women empowerment in the developing countries. The highest determination of the study is to analyze and identify the variables through which the process of women empowerment can be measured. This study is based on secondary data and reported to analyze the empowerment factor of women in 124 developing countries, the data was ordinal in nature and randomly selected from the population. The main investigation of this research study to analyzed the relationship of women fertility, socio-economic and political factor on the women empowerment. After conducting a cross sectional study for the most recent period, the findings of study show that the main deterrents towards women disempowerment are attributed as high fertility rates, high maternal mortality, gender inequality, lack of female‟s access towards education, health and economic opportunities, lack of leadership and decision making qualities. It is found that a patriarchal culture is equally responsible for women in sufferings and disempowerment. However, democracy and democratic culture can contribute well in upgrading the process of women empowerment in developing countries.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126457718","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":"The Impact of Capital Inflows on Economic Growth in Nigeria: Empirical Evidence from Wavelet Coherence Technique","authors":"T. Adebayo","doi":"10.20448/journal.501.2020.72.136.146","DOIUrl":"https://doi.org/10.20448/journal.501.2020.72.136.146","url":null,"abstract":"The study explores the interaction between capital inflows and economic growth in Nigeria using data between 1981 and 2018. This study utilized the ARDL techniques to catch the short and long-run dynamics among variables utilized, and the granger causality test was utilized to ascertain the direction of causality. Furthermore, the wavelet coherence, a recent and more powerful technique was deployed to verify the co-movement and causality among the variables. Findings from the ARDL techniques depict; (i) there is cointegration among the variables in the long-run; (ii) Gross capital formation impact economic growth positively (iii) foreign aid and FDI inflows have an insignificant impact on economic growth. The Granger causality test reveals; (i) feedback causality between gross capital formation and economic growth; (ii) unidirectional causality was found running from FDI inflows and foreign aid to economic growth. The wavelet coherence provides supportive evidence for the ARDL and Granger causality test. Based on these findings, recommendations were suggested.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116503427","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":"Determinants of Liquidity and its Relationship with Profitability – The Case of Macedonian Banking Sector","authors":"Gockov Gjorgji, Hristovski Goran","doi":"10.20448/journal.501.2019.61.85.92","DOIUrl":"https://doi.org/10.20448/journal.501.2019.61.85.92","url":null,"abstract":"This paper deals with the liquidity and profitability of the Macedonian banking sector and attempts to identify the determinants of liquidity mainly focusing on the relationship between profitability and liquidity. First, we analyzed the level of liquidity and profitability and we found that the Macedonian banking system is characterized by high liquidity and relatively high profitability compared with the banking systems of the countries in the region and the more developed economies. Furthermore, the paper examines the determinants of liquidity. The empirical analysis is carried out through the use of the dynamic panel analysis based on the generalized method of moments (GMM) methodology on a dataset of overall banking sector operating in Macedonia in the period from 2007 to 2017. The study uses seven factors as potential determinants of banks liquidity, five of them are internal banks variables (lagged value of liquidity, bank profitability, size of the bank, capital adequacy and non-performing loans) while two of them are macroeconomic variables (GDP growth rate and Central bank reference interest rate). The study showed that profitability is one of the most important factors influencing liquidity in the Macedonian banks. The other determinants with important positive effects on liquidity are lagged value of liquidity, non-performing loans and Central bank interest rate but, to a somewhat lower extent. On the other hand, only the size of the bank is significantly inversely associated with bank liquidity. The capital adequacy and GDP growth rate are not statistically significant factors of Macedonian banks liquidity.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125474681","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":"Dynamics of Demographic Structure and Economic Growth in Nigeria","authors":"J. Ogunjimi, Dauda Oladipupo","doi":"10.20448/journal.501.2019.62.186.196","DOIUrl":"https://doi.org/10.20448/journal.501.2019.62.186.196","url":null,"abstract":"This study evaluated the impact of demographic structure on Nigeria’s economic growth over the period between 1981 and 2016. Employing the Autoregressive Distributed Lag ARDL) framework and granger causality test, this study confirms the existence of a long-run relationship between the dependent and independent variables. The results further showed that aged population has a negative impact on economic growth while children population as well as labour force stimulates the growth of the Nigerian economy both in the short-run and long-run thereby support the existence of the demographic dividend hypothesis. On the other hand, whereas a bidirectional relationship exists between aged population and economic growth in Nigeria and a unidirectional causality runs from children population and labour force to real GDP, economic growth engenders gross fixed capital formation (investment) and school enrolment. Hence, this study concludes that aged population, children population, labour force, gross fixed capital formation and secondary school enrolment constitute important determinants of economic growth in Nigeria. Therefore, this study recommends that the Nigerian government provide incentives and platforms which will encourage old people to engage in productive activities and to continually develop human capital of the children and labour force as it would increase the effectiveness of labour and have growth-enhancing effects on the Nigerian economy.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"162 12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129141997","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}