Australian Economic Papers最新文献

{"title":"Cybersecurity Transparency and Firm Success: Insights From the Australian Landscape","authors":"Hamzeh Al Amosh,&nbsp;Saleh F. A. Khatib","doi":"10.1111/1467-8454.12385","DOIUrl":"https://doi.org/10.1111/1467-8454.12385","url":null,"abstract":"<p>Amid the increasing prevalence of cybersecurity challenges on a global scale, the significance of disseminating details pertaining to a company's ability to counteract cybersecurity threats becomes evident, reflecting the vigilance and preparedness of the organization in addressing such risks. This study aims to investigate the correlation between the disclosure of cybersecurity practices and the performance of companies within the Australian S&amp;P/ASX 300 index spanning the period from 2010 to 2020. To analyze this connection, the generalized method of moments (GMM) technique was employed on the panel dataset of 2376 observations to address potential endogeneity issues identified in the initial findings. Our results indicate a positive impact on both accounting and market-based performance metrics due to increased corporate cybersecurity disclosure. Consequently, broadening the range of disclosed cyber-related information enhances companies' performance by furnishing valuable insights to stakeholders. The findings underscore the significance and reach of cybersecurity disclosure, affirming that meeting stakeholder expectations through the divulgence of cybersecurity information yields financial advantages and increases company performance. Furthermore, heightened transparency in cybersecurity matters mitigates information asymmetry, curtails agency problems, and reduces associated costs. Consequently, the disclosure of cybersecurity practices and incidents emerges as a strategic avenue for companies to bolster corporate well-being in the future, fostering transparency, building trust with stakeholders, and potentially augmenting revenue. In light of these findings, it is increasingly imperative for companies to prioritize cybersecurity and proactively disclose their cybersecurity practices and incidents. To the best of our knowledge, this study stands out as one of the limited inquiries examining the impact of cybersecurity disclosure on company performance, specifically within the Australian context. The insights derived from this research carry significance for regulators, policymakers, investors, lenders, and a diverse array of stakeholders. By shedding light on the crucial role of cybersecurity disclosure practices, this study offers valuable guidance for these entities in understanding the pivotal connection between such disclosures and a company's ability to attain its financial objectives.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"189-204"},"PeriodicalIF":1.2,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12385","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Can Trade Policy Uncertainty Drive Green Innovation? Empirical Evidence From the US–China Trade War","authors":"Tingting Cao,&nbsp;Yifan Hu","doi":"10.1111/1467-8454.12384","DOIUrl":"https://doi.org/10.1111/1467-8454.12384","url":null,"abstract":"<div>\u0000 \u0000 <p>China's rapid economic growth in recent years has coincided with heightened environmental regulations and an upsurge in greenhouse gas emissions, necessitating a greater emphasis on green innovation to mitigate environmental risks. Concurrently, the US–China trade war has elevated trade policy uncertainty (TPU). This study uses the TPU surge from the trade war as a quasi-natural experiment, employing text analysis of annual reports to assess firms' TPU perceptions. Using a difference-in-differences method, we find that increased TPU significantly hinders green innovation. Firms' responses vary with environmental advantages, regulation levels, and government subsidies. Mechanisms include reduced environmental investment, decreased executive attention to environmental issues,  and corporate social responsibility. These findings underscore the importance of a stable trading environment for promoting green innovation.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"153-169"},"PeriodicalIF":1.2,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144207017","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}

{"title":"Digital Financial Inclusion and Diversity of Household Financial Asset Allocation: Evidence From China","authors":"Tingfeng Jiang,&nbsp;Wen Li,&nbsp;Wenjie Sun,&nbsp;Zunhui Yang","doi":"10.1111/1467-8454.12382","DOIUrl":"https://doi.org/10.1111/1467-8454.12382","url":null,"abstract":"<div>\u0000 \u0000 <p>Using panel data from the China Household Finance Survey (CHFS) and the Digital Financial Inclusion Index (DFII) of Peking University, this paper investigates the impacts of DFI development on household financial asset allocation. The results show that DFI development significantly increases the diversity of household financial assets and enhances the breadth and depth of household participation in the investment of stocks, funds, and internet finance products. These effects remain robust to various tests, including the use of instrumental variables, reconstructing the dependent variable, and adopting different regression models. Specifically, DFI increases household asset diversity through two main channels: improving financial literacy and alleviating liquidity constraints. Additionally, the heterogeneity analyses indicate that the promotive effect of DFI is stronger for households with younger heads, higher risk aversion, and greater income uncertainty or those located in rural areas. This research underscores the importance of digital financial inclusion in fostering a more diverse asset allocation landscape in China, with potential implications for other economies as well.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"205-220"},"PeriodicalIF":1.2,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206692","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}

{"title":"Sovereign Bond Holdings, Bank Risk-Taking, and Macroeconomic Shocks: Evidence From Vietnam","authors":"Japan Huynh","doi":"10.1111/1467-8454.12383","DOIUrl":"10.1111/1467-8454.12383","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines whether the purchase of sovereign bonds leads to decreased bank risk and how this impact changes in worse macroeconomic conditions. For a broad picture of macroeconomic shocks, we concentrate on the dimensions of uncertainty (the cross-sectional dispersion of shocks to bank-level characteristics) and crises (the global financial crisis and the COVID-19 contagion). An empirical examination of the Vietnamese banking sector between 2007 and 2021 shows that banks purchasing securities issued by the domestic government tend to have lower risk. However, this impact is relatively weak on average, varying with the measures of bank risk. Through subsample tests, we document that the impact of sovereign bond holdings on bank risk is shaped by banks with high-risk-weighted assets and low diversification. Further results designate that sovereign bond holdings are necessary for banks as such activities help significantly lower their risk exposure in periods of crisis and uncertainty. This finding remains robust to different measures of bank risk.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 2","pages":"221-234"},"PeriodicalIF":1.2,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142188012","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}

{"title":"Russia's Trade With G7 Countries and Asymmetric J-Curve Effect","authors":"Mohsen Bahmani-Oskooee,&nbsp;Muhammad Aftab,&nbsp;Huseyin Karamelikli","doi":"10.1111/1467-8454.12381","DOIUrl":"10.1111/1467-8454.12381","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the relationship between exchange rates and trade balance, specifically focusing on Russia's trade dynamics with the Group of Seven (G7) countries. Employing a multifaceted approach, we scrutinize the asymmetric responses evident in the trade balance concerning fluctuations in exchange rates. Our investigation, rooted in linear analysis, initially reveals that rubble depreciation predominantly impacts the Russian trade balance adversely in the short term, albeit demonstrating a positive influence on trade balance in select instances over the long run—an observation aligned with the established J-curve phenomenon. However, as we transition to nonlinear analysis, our findings yield stronger substantiation for the J-curve hypothesis. Notably, our research underscores the asymmetric nature of exchange rate changes' effects on trade balance. Moreover, through nonlinear modeling techniques, we observe a pronounced enhancement in the convergence toward establishing a long-term relationship between these variables. This emphasizes the significance of nonlinear approaches in comprehending the complexities inherent in exchange rate-trade balance dynamics of Russian trade with G7.</p>\u0000 </div>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"113-120"},"PeriodicalIF":1.2,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224646","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}

{"title":"Earnings, Productivity and Housing Expenditure: Who Retains the Wage-Related Agglomeration Effect?","authors":"Christian A. Nygaard","doi":"10.1111/1467-8454.12380","DOIUrl":"10.1111/1467-8454.12380","url":null,"abstract":"<p>Productivity gains enable real wage growth and improved standards of living. But whose income actually benefits from productivity gains when highly productivity urban locations in Australia, and other advanced economies, also are associated with worsening housing affordability and inequality? This paper answers this question by empirically testing whether agglomeration effects vary across the wage distribution in Australia? And, how much of any agglomeration effect is retained by individuals across the wage distribution? Unconditional quantile regressions are employed to analyse changes in agglomeration effects across the before- and after-housing cost wage distribution. Information on individual earnings, housing costs and place of employment is sourced from the Household, Income and Labour Dynamics in Australia (HILDA). The paper utilises four pre-COVID waves of HILDA (2017–2020) as details on place of employment was first introduced in 2017. Agglomeration indices are constructed from Australian Bureau of Statistics census data using 17 industry (ANZSIC) classifications (2016, 2021). The results show that the before-housing cost wages of higher-wage earners typically benefit twice as much as those of lower-wage earners. However, after adjusting for housing expenditure (mortgage payments and rents) the after-housing costs wage benefit for the lowest two wage earning deciles disappear and is transferred to owners of real estate. Higher wage earners retain approximately 50%–60% of the agglomeration benefit. It is thus higher wage earner, and owners of land and property, who typically benefit from agglomeration related productivity—often at the expense of lower-wage earners.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"20-30"},"PeriodicalIF":1.2,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12380","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142188006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Judy Yates and Housing Economics","authors":"Geoffrey Meen,&nbsp;Christine Whitehead","doi":"10.1111/1467-8454.12378","DOIUrl":"https://doi.org/10.1111/1467-8454.12378","url":null,"abstract":"<p>This editorial captures the history of immense contributions that Judy Yates AM has made to the discipline of housing economics. It traces her legacy and combines notes of personal appreciation by two international colleagues that Judy worked closely with during her lifetime.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 3","pages":"547-552"},"PeriodicalIF":1.2,"publicationDate":"2024-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12378","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142170271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Judy Yates","authors":"Stephen Whelan","doi":"10.1111/1467-8454.12379","DOIUrl":"https://doi.org/10.1111/1467-8454.12379","url":null,"abstract":"&lt;p&gt;Judith (Judy) Nancy Yates first lectured at the University of Sydney in 1967–1968 before rejoining the University in 1972 following her PhD. Judy remained a member of staff until her retirement in 2008, after which she was appointed an Honorary Associate. During her time in the School of Economics (and its predecessors), Judy left an indelible mark on students and colleagues at the University of Sydney and on the policy community in Australia through her work as an applied economist. While that work focussed largely on housing-related research throughout much of her career, Judy's PhD from the University of Amsterdam was in optimal control theory rather than economics, and her appointment at the University of Sydney was to a lectureship in mathematical economics. It was during the late 1970s and early 1980s that Judy immersed herself in the housing-related research following her work for the Campbell Report into the Australian Financial System. That report along with others initiated many of the microeconomic reforms, especially liberalisation of financial markets, that were a feature of the 1980s and 1990s. Those policy reforms were an important contributor to the economic developments that Judy immersed herself in throughout her academic career. Specifically, Judy's role in that Inquiry and her deep concerns around distributional issues initiated an ongoing interest in, analysis of and contribution to academic and public debates focussing on housing policy.&lt;/p&gt;&lt;p&gt;While Judy's academic and public policy contributions around housing are well documented, it is important to note that those contributions from the very beginning were to what at the time was the nascent field of housing economics. Judy's contributions beginning in the early to mid-1980s highlight the instrumental role Judy played not just in Australia but also internationally in raising the intellectual rigour of this field of study. In this respect as in many others, Judy was a pathbreaker. Judy had topped her Honours class at the ANU and upon finding that as a female she would be paid less than her male counterparts at the Commonwealth Bureau of Census and Statistics, took a tutorship at the Australian National University. In the 1980s, Judy was the first woman to be appointed to the boards of the Housing Loans Insurance Commission and the Commonwealth Bank. Judy held numerous appointments on Commonwealth and State Government statutory bodies (including the National Housing Supply Council between 2008 and 2013) and Ministerial Advisory Committees throughout her distinguished career.&lt;/p&gt;&lt;p&gt;During her career at the University of Sydney, Judy was a dedicated educator, selfless in mentoring of junior colleagues and an example for all on how to actively engage in the policy-making process as an academic. Judy was director of the Australian Housing and Urban Research Institute (AHURI) Sydney Research Centre from 2001 to 2004 and contributed to numerous AHURI reports. My own introductio","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"63 3","pages":"403-405"},"PeriodicalIF":1.2,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12379","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142170236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Australian Greens' Public Property Developer: An Input–Output Analysis","authors":"Chad Satterlee","doi":"10.1111/1467-8454.12376","DOIUrl":"10.1111/1467-8454.12376","url":null,"abstract":"<p>The Australian Greens have recently proposed the establishment of a new federal government agency to build 360,000 extra homes over five years. These homes would be sold or rented at below-market rates. The appraisal of this plan has so far been confined to a fiscal balance perspective, where completed homes are sold, rental income is received, and government administration and borrowing costs are serviced. This ignores the flow-on effects on the broader economy from expanded residential building construction activity. This paper starts to fill this gap by using a simple Leontief input–output model to analyse a counterfactual in which the Greens' plan is partially implemented into the structure of the Australian economy in 2021–2022. In light of the $84.14 billion static change in the level of total national product that, other things equal, must have occurred to satisfy an augmented final use bill corresponding to the Greens' plan, the simulation finds that projected imposts on the federal budget are rendered relatively modest. Potential extensions and applications of the model for policymakers are considered.</p><p>\u0000 <b>\u0000 JEL Classification:</b> D5, E1, P5</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"31-43"},"PeriodicalIF":1.2,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12376","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142188007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is There Still a Catholic Earnings Premium for Men? Evidence From Australia","authors":"Michael A. Kortt,&nbsp;Michael B. Charles,&nbsp;Luan Vinicius Bernardelli,&nbsp;Brian Dollery","doi":"10.1111/1467-8454.12377","DOIUrl":"10.1111/1467-8454.12377","url":null,"abstract":"<p>Studies using large-scale survey data from Australia, Germany, and the United States have found evidence that religious affiliation influences earnings, with Catholic men benefitting from a wage premium. This paper examines religious affiliation and human capital formation for males aged 25 and 54 using six waves of data from the Household Income Labour Dynamics Australia (HILDA) survey. This study examines the impact of religious affiliation on male earnings through three main approaches: (i) estimating male earnings functions using various religious groupings, (ii) stratifying the analysis by wave to detect potential changes over time, and (iii) evaluating differences in the return to human capital investment among Anglicans, Catholics, and men with other religious affiliations. Contrary to existing studies, we find no evidence of a Catholic wage premium.</p>","PeriodicalId":46169,"journal":{"name":"Australian Economic Papers","volume":"64 1","pages":"44-54"},"PeriodicalIF":1.2,"publicationDate":"2024-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1467-8454.12377","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142188010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}