Hoang Thanh Tung, Nguyen Thi Van Anh, Nguyen Quoc Anh
{"title":"Research on Digital Marketing for Play Nutrition’s Nutrition Bar","authors":"Hoang Thanh Tung, Nguyen Thi Van Anh, Nguyen Quoc Anh","doi":"10.31014/aior.1992.06.03.534","DOIUrl":"https://doi.org/10.31014/aior.1992.06.03.534","url":null,"abstract":"","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136276546","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":"ESG score, board structure and the impact of the non-financial reporting directive on European firms","authors":"Marco Bigelli, Stefano Mengoli, Sandro Sandri","doi":"10.1016/j.jeconbus.2023.106133","DOIUrl":"10.1016/j.jeconbus.2023.106133","url":null,"abstract":"<div><p>The primary objective of this research is to examine the impact of the EU Non-Financial Reporting Directive on the significance of specific board characteristics in promoting higher ESG scores among 835 European companies listed from 2002 to 2020. Empirical results indicate that gender diversity<span>, cultural diversity, a higher number of independent directors on the board, and the presence of a CSR committee all significantly contribute to achieving higher ESG scores. Furthermore, the Non-Financial Reporting Directive 95/2014, which requires large EU firms to report on various environmental, social, and governance issues, not only drives EU firms to attain higher ESG scores but also significantly reduces the ESG gap between companies with and without a CSR committee. Meanwhile, other board characteristics have maintained their relevance to a substantial extent.</span></p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"127 ","pages":"Article 106133"},"PeriodicalIF":3.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85025009","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 bank competition on contagion risk: The case of Mexico","authors":"Enrique Bátiz-Zuk , José Luis Lara-Sánchez","doi":"10.1016/j.jeconbus.2023.106135","DOIUrl":"10.1016/j.jeconbus.2023.106135","url":null,"abstract":"<div><p>This paper examines the link between bank competition measures and risk indicators using quarterly interbank exposures data for all banks in Mexico during 2008Q1–2019Q1. The classical literature focuses on disentangling the link between competition and individual bank solvency risk. In this paper, we take one step forward in analyzing the relationship between competition and systemic risk. We use counterfactual bank-level contagion risk indicators as a proxy of systemic risk to assess their relationship with traditional competition measures. Our main finding indicates a negative relationship between the bank-level Lerner index and systemic risk. This means that an increase in competition is associated with an increase in systemic risk. Additionally, we find that the implementation of regulatory reform during the period studied does not affect this relationship.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"127 ","pages":"Article 106135"},"PeriodicalIF":3.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83651658","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":"From Hero to Zero: The case of Silicon Valley Bank","authors":"Lai Van Vo , Huong Thi Thu Le","doi":"10.1016/j.jeconbus.2023.106138","DOIUrl":"10.1016/j.jeconbus.2023.106138","url":null,"abstract":"<div><p>This paper examines the factors contributing to the rapid collapse of Silicon Valley Bank, once regarded as one of the best banks. We show that the bank invested heavily in debt securities during a period of low interest rates, and the subsequent surge in interest rates in 2022 resulted in significant unrealized losses. Additionally, the bank's deposits were heavily concentrated among a small group of venture capitalists, which increased the likelihood of a bank run. Furthermore, the bank held less equity capital and had an inefficient risk management system, exacerbating the impact of the risk. Overall, the mismanagement of assets and liabilities led to the bank’s failure.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"127 ","pages":"Article 106138"},"PeriodicalIF":3.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135347670","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}
Anisur Rahman , Bakhtear Talukdar , Zaifeng Steve Fan
{"title":"Board independence and analysts' forecast accuracy: R&D perspective","authors":"Anisur Rahman , Bakhtear Talukdar , Zaifeng Steve Fan","doi":"10.1016/j.jeconbus.2023.106136","DOIUrl":"10.1016/j.jeconbus.2023.106136","url":null,"abstract":"<div><p>Research and development (<em>R&D</em>) activities are essential for firm growth and profitability. However, <em>R&D</em> activities also exacerbate information complexity in the financial markets. Therefore, the accuracy of earnings forecasts suffers when <em>R&D</em> expenses are high. This study aims to examine whether board independence can mitigate the adverse effect of high <em>R&D</em> expenditure on analysts' forecasts. Using a sample of 11,645 annual observations from 1997 to 2016, we find that board independence improves analysts' forecast accuracy for <em>R&D</em><span>-intensive firms. The improvement is more pronounced in firms with low analyst coverage and powerful CEOs. These results are robust with an alternative measure of information asymmetry, a dynamic generalized method of moments (GMM) model and a quasi-natural experiment based on the Sarbanes-Oxley Act of 2002 to address endogeneity concerns.</span></p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"127 ","pages":"Article 106136"},"PeriodicalIF":3.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85006190","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}
Wahyoe Soedarmono , Iman Gunadi , Sudiro Pambudi , Tika Nurhayati
{"title":"Monetary policy, funding liquidity, and undisbursed loans in Indonesia: The bank lending channel revisited","authors":"Wahyoe Soedarmono , Iman Gunadi , Sudiro Pambudi , Tika Nurhayati","doi":"10.1016/j.jeconbus.2023.106134","DOIUrl":"10.1016/j.jeconbus.2023.106134","url":null,"abstract":"<div><p><span><span>This paper extends the literature on the bank lending channel by assessing the interplay between </span>monetary policy and funding liquidity in affecting undisbursed loans. Using a sample of Indonesian banks, our empirical findings highlight that a higher monetary policy </span>interest rate increases undisbursed loan growth, suggesting that the bank lending channel affects borrower decisions. Furthermore, we find that banks with higher funding liquidity exhibit lower undisbursed loan growth in response to contractionary monetary policy. However, the role of funding liquidity in reducing undisbursed loans due to a higher monetary policy interest rate is more pronounced for weakly capitalized banks and small banks. On one hand, this paper emphasizes the role of funding liquidity, particularly for weakly capitalized banks and small banks, in maintaining financial intermediation during the implementation of contractionary monetary policy. On the other hand, we also emphasize that the effectiveness of the bank lending channel is mainly driven by highly capitalized banks and large banks.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"127 ","pages":"Article 106134"},"PeriodicalIF":3.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74882874","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":"Competitive advantage and firm, industry, and country effects: An asset pricing perspective","authors":"Tobias Kohls , Ferdinand Mager , Tobias Regele","doi":"10.1016/j.jeconbus.2023.106137","DOIUrl":"10.1016/j.jeconbus.2023.106137","url":null,"abstract":"<div><p>We examine the relation between competitive advantage, its underlying drivers, and abnormal stock returns<span>. We use a comprehensive global dataset covering 22 years. To measure competitive advantage, we use the cash flow return-on-investment (CFROI®) metric, which allows for consistent comparisons across industries<span>, countries, and periods. We find a positive relation between competitive advantage and stock returns after controlling for common risk factors. Industry-based advantages are more important than resource-based advantages in explaining abnormal stock returns in developed markets. This result contrasts with most studies in strategic management, which mostly base their analysis on accounting-based profitability metrics. Country effects play a minor role.</span></span></p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"127 ","pages":"Article 106137"},"PeriodicalIF":3.8,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134997683","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}
David Forgenie, N. Khoiriyah, Xiaoling Zhu, Doppy Roy Nendissa, Meera Mahase-Forgenie, A. Sa’diyah, E. F. Elbaar
{"title":"An Empirical Assessment of the Welfare Impacts of the Rising Global Price of Food: The Case of Haiti","authors":"David Forgenie, N. Khoiriyah, Xiaoling Zhu, Doppy Roy Nendissa, Meera Mahase-Forgenie, A. Sa’diyah, E. F. Elbaar","doi":"10.31014/aior.1992.06.02.511","DOIUrl":"https://doi.org/10.31014/aior.1992.06.02.511","url":null,"abstract":"Global food price inflation has serious implication toward welfare and food and nutrition security in developing countries where most of the population are classified as low-income and are net-food importers. Haiti is one such nation which depend heavily on trade for food, making them extremely vulnerable to global food price increase. This study aims to investigate the welfare impact of rising global prices of imported food on Haitian consumers using annual data from 1980-2021. The LA-AIDS model was employed to estimate Hicksian price and income elasticities for the five major imported food categories, and compensating variation was used to assess the welfare impacts of rising global food prices on Haitian consumers. The study finds that all imported food categories were import price inelastic, except for meat which was price elastic. Cross-price elasticities indicated substitution and complementary relationships between various pairs of imported food categories. Income elasticities showed that demand for cereals and dairy was income inelastic, while demand for meat, vegetable oil, and sugar was income elastic. The welfare exercise revealed that price increases between 2006-2008, 2010-2013, and 2020-2021 resulted in welfare losses of around US$223.91 million, US$89.33 million, and US$458.50 million, respectively. It was also discovered that imported cereals and vegetable oil accounted for most of the lost welfare during the study periods. The results of this study provide valuable information for policymakers to develop policy intervention strategies that aims to safeguard the welfare of Haitian consumers.","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"18 1","pages":""},"PeriodicalIF":3.8,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74183220","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}
Apoh Ibrahim Saragih, Sukamdi ., Elan Satriawan, E. Pangaribowo
{"title":"Household Transfer to Family in Indonesia: The Parental Role Model","authors":"Apoh Ibrahim Saragih, Sukamdi ., Elan Satriawan, E. Pangaribowo","doi":"10.31014/aior.1992.06.02.508","DOIUrl":"https://doi.org/10.31014/aior.1992.06.02.508","url":null,"abstract":"In this paper, we study the impact of parental transfer on the behavior of their next generation’s transfer using corrected data from Indonesian Family Life Surveys (household size), and an inter generations pairing method based on the demonstration effect theory. Our findings support the existence of parental role models, particularly transfers given to family members living outside households (parents, siblings or children). Specifically, the transfer decision of adults living independently from their origin household is positively affected by their membership in the origin household. This parental role model exists after controlling endogeneity problems contained in the role model estimation framework. This finding empirically confirms the vital role of parents in preserving altruism in society.","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"1 1","pages":""},"PeriodicalIF":3.8,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77890761","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}
Nguyen Thi Van Anh, Nguyen Ngọc Tung, Dinh Le Quynh Thu, Trương Thị Ánh Tuyết
{"title":"Relationship Between Regulatory Interest and Market Interest Rates in Vietnam: Quantitative Analysis Perspective","authors":"Nguyen Thi Van Anh, Nguyen Ngọc Tung, Dinh Le Quynh Thu, Trương Thị Ánh Tuyết","doi":"10.31014/aior.1992.06.02.503","DOIUrl":"https://doi.org/10.31014/aior.1992.06.02.503","url":null,"abstract":"The article studies the relationship between regulatory interest and market interest rates in Vietnam from 2015 – 2022. This relationship has been mentioned in many theories and empirical studies in different countries and in different periods. In order to explain it, the research team collected data on the refinancing rate – which represents the regulatory interest rates and lending rates – representing the market interest rates from 2005 to 2022. The data is collected quarterly and analyzed using Eviews8 software to build a linear regression model showing the relationship between regulatory interest rates and market interest rates during the research period. In this article, the research team divides the research period into three phases: 2005Q1 – 2011Q4, 2012Q1 – 2016Q4, 2017Q1 – 2022Q4. The results of the linear regression model show that for the period 2005Q1 – 2011Q4, when the regulatory interest rate increases by 1%, the market interest rate increases by 1%, the market interest rate increases by 0.7326%; for the period 2012Q1 – 2016Q4, when the regulatory interest rate increases by 1%, the market interest rate increases by 0.5943%; for the period 2017Q1-2022Q4, when the regulatory interest rate increases by 1%, the market interest rate increases by 0.2269%. This shows a positive relationship of regulatory interest rate and market interest rate. In addition, for the period 2012Q1-2016Q4, the research team added trend variables and for the period 2017Q1-2022Q4 the research team added trend variables and dummy variables to the regression model. It also proves that the market interest rate in the research period is governed by the trend and volatility of the economy. From the research results, the research team made several exchanges and discussions to improve the effectiveness of the interest rate management policy in order to achieve the goal of stabilizing the macro economy and supporting economic growth.","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"611 1","pages":""},"PeriodicalIF":3.8,"publicationDate":"2023-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77614446","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}