Asian-Pacific Economic Literature最新文献_第4页

Job Employment and Vertical Mismatch: Evidence From Thailand 就业与纵向错配：来自泰国的证据

IF 0.9 4区经济学

Asian-Pacific Economic Literature Pub Date : 2025-03-19 DOI: 10.1111/apel.12447

Siritas Kettanurak

引用次数: 0

Do Fiscal Regimes Matter for Fiscal Sustainability in India? 财政制度对印度财政可持续性重要吗？

IF 0.9 4区经济学

Asian-Pacific Economic Literature Pub Date : 2025-01-22 DOI: 10.1111/apel.12444

Arjun, Bibhuti Ranjan Mishra

{"title":"Do Fiscal Regimes Matter for Fiscal Sustainability in India?","authors":"Arjun, Bibhuti Ranjan Mishra","doi":"10.1111/apel.12444","DOIUrl":"https://doi.org/10.1111/apel.12444","url":null,"abstract":"<div>\u0000 \u0000 <p>Governments, economists, and policymakers in India have long been concerned about India's unsustainability of public debt. Therefore, the present study seeks fresh evidence of India's fiscal sustainability from 1980–81 to 2020–21. This study employs linear (model-based) and three non-linear models (quadratic, cubic, and kinked) to examine the fiscal sustainability in India. The regime changes are quantified using a ‘regime-switching model-based fiscal stability test’ that does not consider the linear fiscal response function method. The findings from the analysis point to a statistically significant fiscal sustainability outcome for the linear model but not for the non-linear model. There is also the sign of a ‘regime-switching’ fiscal rule in India from 1980–81 to 2020–21. The unsustainable fiscal regime has been identified only in three periods: 1983–84 to 1993–94, 2009–10 to 2012–13, and 2018–19 to 2020–21. For other periods, sustainable regimes are evident. The study finds that India's fiscal policy satisfies the ‘non-Ponzi game condition’, as revealed by the regime-specific reaction coefficients and the average periods of fiscal regimes. However, the country's long-term fiscal sustainability has been jeopardised, as the debt-stabilising condition is strictly violated. Regime-based insensitivity, which results in an unsustainable fiscal regime lasting for more than 3 years, might expose the country to long-term fiscal unsustainability.</p>\u0000 </div>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"39 2","pages":"74-89"},"PeriodicalIF":0.9,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145429473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Correction to ‘Spillover effects of Japanese firms and the role of absorptive capacity in Vietnam’ 修正“日本企业的溢出效应和越南吸收能力的作用”

IF 0.9 4区经济学

Asian-Pacific Economic Literature Pub Date : 2024-12-25 DOI: 10.1111/apel.12443

引用次数: 0

The Impact of State-Owned Assets Supervision System Reform on the Performance of State-Owned Enterprises: Evidence From the ‘Two Types of Companies’ Pilot Policy in China 国有资产监管体制改革对国有企业绩效的影响——来自中国“两类公司”试点政策的证据

IF 0.9 4区经济学

Asian-Pacific Economic Literature Pub Date : 2024-12-18 DOI: 10.1111/apel.12442

Guangqian Ren, Man Jing, Li Liu

{"title":"The Impact of State-Owned Assets Supervision System Reform on the Performance of State-Owned Enterprises: Evidence From the ‘Two Types of Companies’ Pilot Policy in China","authors":"Guangqian Ren, Man Jing, Li Liu","doi":"10.1111/apel.12442","DOIUrl":"https://doi.org/10.1111/apel.12442","url":null,"abstract":"<div>\u0000 \u0000 <p>Promoting the transformation of the state-owned assets supervision system (SASS) from ‘managing assets’ to ‘managing capital’ is the key direction of the new round of state-owned assets reform. This article takes the policy implementation of state-owned capital investment and operation companies (‘two types of companies’) as a quasi-natural experiment, selects Chinese A-share listed state-owned enterprises (SOEs) from 2009 to 2022 as the research sample, and investigates the impact of SASS reform on the performance of SOEs using a multi-period difference-in-differences model. The results suggest that SASS reform can significantly improve the performance of SOEs. Mechanism analysis indicates that SASS reform enhances the performance of SOEs by weakening government intervention, increasing external pay gaps, and reducing agency costs. Heterogeneity analysis shows that SASS reform on the performance of SOEs is affected by the administrative levels, industry attributes, and external institutional environments. The performance-enhancing effect of SASS reform is more significant in central SOEs, competitive SOEs, and SOEs with a better external institutional environment. The findings enrich the research on the economic consequences of SASS reform and the factors affecting the performance of SOEs, providing empirical evidence for deepening the reform of state-owned capital and SOEs and promoting the high-quality development of SOEs.</p>\u0000 </div>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"39 2","pages":"61-73"},"PeriodicalIF":0.9,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145429521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate Financial Performance Following the Opening of China's High-Speed Rail: A Firm-Level Perspective on Supply Chain Performance 中国高铁开通后的企业财务绩效：基于供应链绩效的企业层面视角

IF 0.9 4区经济学

Asian-Pacific Economic Literature Pub Date : 2024-12-16 DOI: 10.1111/apel.12440

Fei Xu, XingRui Kang, Jiao Zhang, LiWei Qi, Zhuo Xu, Yi Lv

引用次数: 0

The Effects of Environmental Policy Stringency on Firms' Performances: Focusing on Korean Manufacturing Industry 环境政策严密性对企业绩效的影响：以韩国制造业为例

IF 0.9 4区经济学

Asian-Pacific Economic Literature Pub Date : 2024-12-10 DOI: 10.1111/apel.12441

Jinhee Lee, Cheol Jong Song

引用次数: 0

Do Children Come First? Evidence From the Impact of Two Major Economic Crises on Children Education in Thailand 孩子优先吗？来自两次重大经济危机对泰国儿童教育影响的证据

IF 0.9 4区经济学

Asian-Pacific Economic Literature Pub Date : 2024-12-05 DOI: 10.1111/apel.12439

Aeggarchat Sirisankanan, Papar Kananurak

引用次数: 0

Does investor sentiment enhance the impact of ESG ratings on firms' financial performance? Evidence from China 投资者情绪是否增强了ESG评级对公司财务业绩的影响？来自中国的证据

IF 1.1 4区经济学

Asian-Pacific Economic Literature Pub Date : 2024-11-25 DOI: 10.1111/apel.12437

Qingyu Hu, Qi Wang

{"title":"Does investor sentiment enhance the impact of ESG ratings on firms' financial performance? Evidence from China","authors":"Qingyu Hu, Qi Wang","doi":"10.1111/apel.12437","DOIUrl":"https://doi.org/10.1111/apel.12437","url":null,"abstract":"<p>Prior studies have explored the link between ESG ratings and firms' financial performance, but few have focused on its interplay with investor sentiment. This study examines how investor sentiment moderates the relationship between ESG ratings and financial performance. We use a fixed-effect regression model applied to panel data from Chinese listed firms from 2011 to 2020. We find strong evidence that investor sentiment can reinforce the impact of ESG ratings on financial performance. We further investigate how investor sentiment moderates the relationships between the dimensions of ESG—environmental (E), social (S), and governance (G)—performance, and financial performance, respectively. Evidence shows that investor sentiment can enhance the negative impact of E on financial performance, while it enhances the positive impacts of S and G on financial performance. Our results are robust across various econometric techniques, including generalised-least-squares regression, first-difference regression, and system-generalised method of moments estimation. We provide insights for firm managers on leveraging investor sentiment to enhance ESG strategies to improve financial performance and offer implications for policymakers in crafting effective regulations that account for investor sentiment dynamics.</p>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"39 1","pages":"188-215"},"PeriodicalIF":1.1,"publicationDate":"2024-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143904922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","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 domestic market fragmentation on China's food import prices 国内市场碎片化对中国食品进口价格的影响

IF 1.1 4区经济学

Asian-Pacific Economic Literature Pub Date : 2024-11-22 DOI: 10.1111/apel.12438

Lin Sun, Li Xu, M. R. Reed

引用次数: 0

Does tight monetary policy threaten the soundness of Korean banks? 紧缩的货币政策会威胁到韩国银行的健康吗？

IF 1.1 4区经济学

Asian-Pacific Economic Literature Pub Date : 2024-11-12 DOI: 10.1111/apel.12434

Ji-Yong Seo

{"title":"Does tight monetary policy threaten the soundness of Korean banks?","authors":"Ji-Yong Seo","doi":"10.1111/apel.12434","DOIUrl":"https://doi.org/10.1111/apel.12434","url":null,"abstract":"<p>This study analysed the relationship between the implementation of the Central Bank of Korea's tight monetary policy due to the recent deepening of inflation and the soundness of Korean banks. This study focused on the fact that the recently published research results of Jung (2023) were different from previous research results. The traditional result is that tight monetary policy reduces loan defaults by shrinking banks' lending capacity. However, Jung (2023), who analysed banks in the EU, claims that loan defaults do not increase despite easing monetary policy. This study empirically analysed the risk indicators that evaluate the financial soundness of banks by dividing them into the financial insolvency, financing costs, recapitalization, and risk holding. The research results are as follows. First, tight monetary policy reduces banks' loan defaults in line with Gambacorta and Mistrulli (2004) instead of Jung (2023). Second, banks' financing costs increased due to the tight monetary policy with same context to the claims of Borio and Hofmann (2017) and Jung (2023). Third, banks' recapitalization level actually decreased due to tight monetary policy as argument of Jung (2023). Fourth, tight monetary policy had no significant relationship with banks' risk taking behaviour in consistent with Diamond and Rajan (2011) and Jimenez et al. (2012). In conclusion, tight monetary policy reduces insolvency of loans, but increases potential risk factors such as increased financing costs and reduced recapitalization in the future. Therefore, this study suggests novel findings and policy challenges.</p>","PeriodicalId":44776,"journal":{"name":"Asian-Pacific Economic Literature","volume":"39 1","pages":"131-151"},"PeriodicalIF":1.1,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143905169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0