Journal of economics and public finance最新文献

{"title":"Exploring the Nexus between Profitability, Dividend Policy and Share Prices in Kuwaiti Insurance Companies","authors":"M. AlAli, M. M. A. M. A. Ajmi, Ibraheem Alaskar, Hamed A. Aldhuaina, Nabi Alduwaila","doi":"10.22158/jepf.v10n2p110","DOIUrl":"https://doi.org/10.22158/jepf.v10n2p110","url":null,"abstract":"The purpose of this study is to investigate the impact of dividend policy and profitability ratios on the share prices of insurance companies listed on Kuwait Stock Exchange (KSE) between 2014 and 2022. The study's findings demonstrated that 42.4% of share prices could be explained by factors related to profitability and dividend policy. Earnings per share (EPS) was the only variable that demonstrated a significant direct relationship with share prices when the individual effects of each variable were examined. While dividend payout ratio (DPR) exhibited a negative correlation with stock prices, it was not statistically significant. Other characteristics that were considered included dividend yield (DY) and interest rate (IR), both of which showed significant inverse relations. This study concludes that investors in Kuwait Stock Exchange (KSE) shares of the insurance sector favor unpredictable future capital gains over more assured dividends.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140687808","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":"Corporate Transformation, Income Inequality, and Consumer Commodity Choice: The Economic Cycle in the Rise and Fall of Industries","authors":"Huan Yang","doi":"10.22158/jepf.v10n2p71","DOIUrl":"https://doi.org/10.22158/jepf.v10n2p71","url":null,"abstract":"In a multi-industry closed economy with constant productivity, this paper innovatively constructs an inter-industry transformation mechanism, and find the clustering behavior of enterprises transforming according to the industry prosperity will lead to the inter-industry evolution, which will lead to the fluctuation of the business cycle. We also find that the extreme boom/bust of a single industry will greatly increase the degree of income inequality, and when the industrial pattern composed of the development of different industries is in a balanced state, income inequality is at the lowest point of the economic cycle; At the same time, on the demand side of economic operation, we apply the heterogeneous commodity selection theory of utility maximization in classical economics to the household sector with two consumption preferences (high-grade and ordinary) for the first time, and finds that the implementation of diversified commodity basket subsidies for households in need of relief will promote the improvement of total social utility. This is the strong false evidence of the utilitarian view of social welfare; Finally, we study the government's attitude towards enterprise transformation, allowing the government to adjust the industrial structure of the economy by imposing macro-restrictions on the minimum number of companies in a single industry. It finds that enterprise transformation under excessive restrictions will lead to the failure of the market mechanism, making it impossible to rationally allocate production resources among industries, resulting in low GDP and low social utility. The extremely loose transformation supervision will have a profit impact on the high-end goods industry.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140689543","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 U.S. Sanitary Pads Market: A Competitive Profile","authors":"Y. Datta","doi":"10.22158/jepf.v10n1p20","DOIUrl":"https://doi.org/10.22158/jepf.v10n1p20","url":null,"abstract":"This is the seventeenth paper that follows the footsteps of sixteen studies that have tried to analyze the competitive profiles of U.S. consumer markets: Men’s Shaving Gel, Beer, Shampoo, Shredded/Grated Cheese, Refrigerated Orange Juice, Men’s Razor-Blades, Women’s Razor-Blades, Toothpaste, Canned Soup, Coffee, Potato Chips, Alkaline AA Battery, Facial Tissue, Toilet Paper, Paper Towel, and Disposable Diapers.Michael Porter associates high market share with cost leadership strategy, which is based on the idea of competing on a price that is lower than that of the competition.However, customer-perceived quality—not low cost—should be the underpinning of competitive strategy, because it is far more vital to long-term competitive position and profitability than any other factor. So, a superior alternative is to offer better quality vs. the competition.In most consumer markets, a business seeking market share leadership should try to serve the middle class by competing in the mid-price segment; and offering quality better than that of the competition: at a price somewhat higher to signify an image of quality, and to ensure that the strategy is both profitable and sustainable in the long run. Quality, however, is a complex concept, consumers generally find difficult to understand. So, they often use relative price, and a brand’s reputation, as a symbol of quality.The U.S. Sanitary Napkins market had sales of $881 million in 2008.This market consists of two segments: Pantiliners and Sanitary Pads, with 2008 sales, respectively, of $210 million and $671 million.However, we have focused our analysis on the Sanitary Pad segment with the pack size 22-36 that had a market share of 37.1%.Using Hierarchical Cluster Analysis, we tested two hypotheses: (I) That the market leader is likely to compete in the mid-price segment, and that (II) Its unit price is likely to be higher than that of the nearest competition.However, the data did not support Hypothesis I for both 2008 and 2007 because the market leader “Always Ultra-Thin Maxi Pad with Wings (32 count)” was a member of the premium segment.Technically, the data for 2008 did not support Hypothesis II, because the runner-up “Always Maxi Pad Ultra-Thin Overnight (28 count” had a unit price of $6.00, compared to the unit price of $5.98 for the market leader. Yet, the two prices are so close that we have concluded that the data did not really negate Hypothesis II.We found that relative price was a strategic variable, as hypothesized.A pattern is emerging in price-quality segmentation analysis. In ten of the seventeen studies—that exclude Men’s and Women’s Razor-Blades, Ground Coffee, Toilet Paper, Paper Towels, Disposable Diapers, and Sanitary Pads—the market leader was found to be a member of the mid-price segment, as we have hypothesized.Also, results in seven markets supported Hypothesis II.We also discovered four strategic groups in the industry.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139007067","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 Economic Implications of China’s Demographic Problems","authors":"Arthur S. Guarino","doi":"10.22158/jepf.v9n4p176","DOIUrl":"https://doi.org/10.22158/jepf.v9n4p176","url":null,"abstract":"China is facing a major threat that is entirely internal: a shrinking population. China’s population growth is a key factor for its economic and financial expansion since the late 1970’s and has allowed its gross domestic product to become the largest in the world. But in recent years, China’s population has started a dangerous decline that worries its policymakers and can only get worse.While China’s leaders have recently introduced policies to accelerate the birthrate, many analysts feel that this is too late to reverse a perilous trend. These analysts predict that a shrinking population will affect China from an economic and financial perspective that will eventually cause it to fall from its place as a major global economy.The aim and purpose of this article is to examine the economic implications of China’s demographic problems.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139213380","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":"Social Spending and Long-term Economic Performance in the US","authors":"Alfredo Marvão Pereira, Rui Manuel Pereira, Jiayong Lu","doi":"10.22158/jepf.v9n4p158","DOIUrl":"https://doi.org/10.22158/jepf.v9n4p158","url":null,"abstract":"In this paper, we study the effects of social spending on long-term economic performance in the USA from 1949 to 2019 using vector auto-regressive models. We break down social spending into six programs to identify the economic effects of different social programs. Overall, social spending has a positive impact on private saving but an adverse effect on the unemployment rate. Due to its dominant distortionary impact on the labor market, social spending decreases GDP. However, these effects are minimal and are primarily short-term. The economic implications of the different social spending programs on the economy are similar but different in magnitude. The impact of social security and medical care spending on GDP is not significant. In turn, the adverse effects of veteran benefits and unemployment insurance on GDP are dominated by the short-term impact. In contrast, the effects of public assistance are more evenly distributed, and the adverse effects of other social assistance are exclusively long-term. Overall, the message is that although social spending adversely affects economic performance, these effects are small and primarily short-term. As such, the quest for increased social protection and improved social welfare does not seem to come at a significant economic cost. This attests to the sustainability of such policies.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139234371","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":"Financial Technology Level and Credit Structure Adjustment of Commercial Banks","authors":"Yalong Sun","doi":"10.22158/jepf.v9n4p131","DOIUrl":"https://doi.org/10.22158/jepf.v9n4p131","url":null,"abstract":"Under the traditional bank credit model, due to financial control and risk considerations, the growth of commercial bank credit scale is limited. Banks often adopt short-term credit strategies and tend to issue guaranteed loans instead of credit loans. In recent years, the development of financial technology in commercial banks has broken the credit resource allocation model of the traditional financial system to a certain extent, which is of great significance for optimizing the credit structure of commercial banks. This paper first analyzes the path of the development of commercial bank financial technology on the adjustment of bank credit structure, and then selects the panel data of 91 commercial banks in China from 2017 to 2021, uses NLP (Natural Language Processing) to construct indicators to measure the level of bank financial technology. Taking commercial banks as the research object, this paper empirically studies the impact of financial technology on the credit structure of commercial banks in China and analyzes the relevant mechanisms. The study found that the increase of the level of financial technology of commercial banks can reduce the bank's non-performing loan ratio, promote the optimization of bank credit structure, increase the loan scale and proportion of credit loans, personal loans, medium and long-term loans. For large commercial banks and small and medium-sized banks, There is a significant difference in the degree of optimization of the credit structure. On the other hand, the adjustment of bank credit structure has brought more customers into the scope of loan business, which has promoted the continuous improvement of the bank's profitability.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139237134","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":"Research on Carbon Accounting Information Disclosure of BS Company","authors":"Huiyong Miao","doi":"10.22158/jepf.v9n4p120","DOIUrl":"https://doi.org/10.22158/jepf.v9n4p120","url":null,"abstract":"With the proposal of China's \"dual-carbon\" strategic goals and the gradual implementation of energy-saving and emission reduction plans at various levels, the carbon accounting information disclosure of key industries with carbon emissions has received increasing attention from all sectors of society. As the second largest carbon emitter in China after the power industry, the steel industry naturally becomes a focus of attention. This article takes BS Company, which is representative in China's steel industry, as the research object, analyzes the basic situation of carbon accounting information disclosure of BS Company, such as its methods and content, and further analyzes the main problems existing in its carbon accounting information disclosure, so as to provide corresponding suggestions.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139238611","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":"Confirmation Bias, Data Manipulation and the Kuznets Curve: Original, Environmental and Financial","authors":"E. Merza, Mohammad Alawin","doi":"10.22158/jepf.v9n4p115","DOIUrl":"https://doi.org/10.22158/jepf.v9n4p115","url":null,"abstract":"Empirical work in economics and finance involves data manipulation in ways that make it possible to confirm prior beliefs. The results typically turn out to be sensitive to model specification, sample period, variable definitions and estimation methods. The status quo provides the motivation for dealing with this problem using three versions of the Kuznets curve for the purpose of illustration. The underlying hypotheses are represented by quadratic functions of income per capita, with a different dependent variable for each version of the Kuznets curve. Both time series and cross-sectional data are used to estimate the equations. The results turn out to be highly sensitive to a number of factors, which provides an incentive for being selective in the reporting of results while exhibiting confirmation bias. To overcome the model uncertainty problem one can resort to the use of one of several methods that are based on the reporting of the distribution rather than the point estimation of the coefficients.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139266462","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 U.S. Disposable Diapers Market: A Competitive Profile","authors":"Y. Datta","doi":"10.22158/jepf.v9n4p99","DOIUrl":"https://doi.org/10.22158/jepf.v9n4p99","url":null,"abstract":"This is the sixteenth paper that follows the footsteps of fifteen studies that have tried to analyze the competitive profiles of U.S. consumer markets: Men’s Shaving Gel, Beer, Shampoo, Shredded/Grated Cheese, Refrigerated Orange Juice, Men’s Razor-Blades, Women’s Razor-Blades, Toothpaste, Canned Soup, Coffee, Potato Chips, Alkaline AA Battery, Facial Tissue, Toilet Paper, and Paper Towel.Michael Porter associates high market share with cost leadership strategy, which is based on the idea of competing on a price that is lower than that of the competition.However, customer-perceived quality—not low cost—should be the underpinning of competitive strategy, because it is far more vital to long-term competitive position and profitability than any other factor. So, a superior alternative is to offer better quality vs. the competition.In most consumer markets, a business seeking market share leadership should try to serve the middle class by competing in the mid-price segment; and offering quality better than that of the competition: at a price somewhat higher to signify an image of quality, and to ensure that the strategy is both profitable and sustainable in the long run. The middle class is the socio-economic segment that represents about 40% of households in America.Quality, however, is a complex concept, consumers generally find difficult to understand. So, they often use relative price, and a brand’s reputation, as a symbol of quality.For 2008 the U.S. Disposable Diapers market had sales of $2,411 million.Using Hierarchical Cluster Analysis, we tested two hypotheses: (I) That the market leader is likely to compete in the mid-price segment, and that (II) Its unit price is likely to be higher than that of the nearest competition.For both 2008 and 2007, the results did not support Hypothesis I, because both the market leader, Pampers, and the runner-up, Huggies, were member of the super-premium segment.However, the results did support Hypothesis II for both 2008 and 2007, because Pampers’ unit price was higher than that of the runner-up, Huggies.We found that relative price was a strategic variable, as hypothesized.A pattern is emerging in price-quality segmentation analysis. In ten of the sixteen studies—that exclude Men’s and Women’s Razor-Blades, Ground Coffee, Toilet Paper, Paper Towels, and Disposable Diapers—the market leader was found to be a member of the mid-price segment, as we have hypothesized.Moreover, results in seven markets supported Hypothesis II.Finally, we also discovered three strategic groups in the industry.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136282052","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":"Development of the Single European Sky","authors":"Ekaterina Kirilova Stefanova","doi":"10.22158/jepf.v9n4p88","DOIUrl":"https://doi.org/10.22158/jepf.v9n4p88","url":null,"abstract":"The objective of the research is to present the development of the Single European Sky initiative and to outline its importance for the European economy and the European aviation industry. The paper reviews in detail the concept of the Single European Sky, the economic factors that have led to its formation and the European regulatory framework comprised of a set of EU-wide rules on Air Traffic Management (ATM) safety, on the provision of ATM services, on airspace management and on interoperability within the network, as well as financial support to the technological modernization programme (the SESAR project). It presents the rulemaking activity of the European Commission to deal with the inefficiency of the European ATM System due to the fragmented character of international airspace, fragmented into smaller air traffic control centres divided by the national boundaries, effectively limiting integration, interoperability, and economies of scale, and leading to induced delays, excessive air-traffic control costs and uneconomical flight trajectories. The applied research methodology includes content analysis, analysis of statistical data, historical data, conclusions, and generalizations. The hypothesis is that the strategic goals of the Single European Sky initiative and its implementation are beneficial for the competitiveness of the European aviation industry, and the common rules and the introduction of a harmonized legislative framework will contribute to improving the efficiencies of ATM while accounting for the interests and singularities of all stakeholders in the European aviation value chain.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135243408","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}