Journal of economics and public finance最新文献

{"title":"A Comparative Multimodal Discourse Analysis of the Consumer Touch Points Image of Chinese and US Tea Enterprises Based on Corpus on the Amazon Platform","authors":"Zihan Lang, Run Huang, Zhen Zhang","doi":"10.22158/jepf.v9n2p85","DOIUrl":"https://doi.org/10.22158/jepf.v9n2p85","url":null,"abstract":"On Amazon’s cross-border e-commerce platform, tea products are iconic commodities that account for a relatively large amount of exports between China and the US, and play an important role in the foreign trade market, while the e-commerce development of tea enterprises is also of great significance to the construction of the national agricultural economy. This paper mainly takes the product promotion information of 20 Chinese and US tea enterprises on the Amazon platform as an example, and uses multimodal discourse analysis theory and Maslow’s hierarchy of needs to conduct a comprehensive analysis of the three promotion forms of text, pictures and videos. With the support of the above two theories, the paper aims to interpret the characteristics of the consumer touch points image expressed in the product promotion messages of Chinese and US tea enterprises, so as to provide reference for cross-border tea enterprises in the field of e-commerce marketing and international competition.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84555915","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":"Non-performing Loans and Deposit Money Banks’ Financial Performance: Empirical Evidence from Nigeria","authors":"S. E. Ughulu, Aliyu Mohammed Inobemhe, David Esezobor Ughulu","doi":"10.22158/jepf.v9n2p66","DOIUrl":"https://doi.org/10.22158/jepf.v9n2p66","url":null,"abstract":"Nigeria’s deposit money banks (DMBs) are financial institutions licensed by the Central Bank of Nigeria to mobilize demand and saving deposits from the surplus economic units for on-lending to the deficit economic units for investment and consumption   purposes. In carrying out this intermediation function, DMBs are exposed to several risks including credit risk, market risk, interest rate risk, exchange rate risk, and others. Of these risks, the credit risk seems the most harmful to DMBs’ financial performance as its occurrence can easily and quickly send a bank into distress or outright liquidation. For over a decade now, DMBs in the country have been experiencing continuously increasing nonperforming loans portfolios. This type of scenario had led to poor financial performance among the Banks. It is for this reason that the present study seeks to verify empirically the impact of certain financial and macroeconomic variables on DMBs’ financial performance for the period 2001 to 2021, that is, 21 years. In doing this, we dissected financial performance into return on assets and return on equity. Hence, two separate models were specified in the study with return on asset and   return on equity serving as the dependent variables in each of the models, while non-performing loans, loan-loss provisions, lending rate, bank size, monetary policy rate and inflation rate represented the independent variables. The longitudinal research design was adopted since   the study’s data covered a specific timeframe. The fully modified ordinary least squares and the panel data regression techniques were used to analyze the data. The findings of the study revealed, among others, that non-performing loans exerted a negative impact on the financial performance of the DMBs in terms of return on assets and return on equity. It was, therefore, recommended that provisions for loan losses, even though appeared with positive impact on return assets and return on equity, should to be scaled up as the variable is frequently used as a strategic and effective means for mitigating loans losses and, invariably, the financial performance of the DMBs.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87514876","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 Enterprise Innovation Level on IPO Underpricing under Registration System - Based on Signaling Theory","authors":"Jie Li, Jun-qiu Chen, Jiahao Li","doi":"10.22158/jepf.v9n2p27","DOIUrl":"https://doi.org/10.22158/jepf.v9n2p27","url":null,"abstract":"Background: Chinese capital market has continued to develop and mature recently. And in December 2021, the Central Economic Work Conference formally proposed the full implementation of the stock issuance registration system. In this context, the phenomenon of IPO underpricing has not been effectively alleviated in the Chinese capital market.Objective: This paper aims to analyze the impact of listed companies’ characteristics and underwriters’ underwriting level on high IPO underpricing in the Chinese capital market, find the main reasons for high IPO pricing, and ultimately help enterprises alleviate IPO high underpricing.Methods: Based on incomplete adjustment theory and signal transmission theory, this paper analyzes the impact of listed companies’ innovation level (R&D), governance level (CG), and underwriters’ underwriting level on high IPO underpricing in the Chinese capital market through the RE model and robustness test. And all the data are from the CSMAR database and related enterprise annual report search.Conclusion: Based on the signal transmission theory, this paper empirically finds that the high innovation level of enterprises can replace their active underpricing issuance by transmitting high-quality signals to investors, thus alleviating the phenomenon of high IPO underpricing in China. But the level of corporate governance is difficult to send a signal to investors, and underwriters have no significant impact on IPO underpricing. Therefore, the main reason for the high IPO underpricing in China is the active underpricing of the issuer. And enterprises bear the cost of eliminating information asymmetry through low-price issuance between enterprises and investors.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80503721","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 Formation Mechanism of House Price Differences in China’s Urban Area in the Same City—Based on Lasso Bayesian Model Averaging Method","authors":"Jiayao Pan, Shaoling Ding","doi":"10.22158/jepf.v9n2p48","DOIUrl":"https://doi.org/10.22158/jepf.v9n2p48","url":null,"abstract":"With the development of economy and the expansion of urban scale, the variation of housing prices within Chinese cities has gradually become significant. Based on the housing prices of 79 districts in Chengdu, this paper analyzes the reasons for such differences. With an index system of the price difference of locational housing, a semi-log linear regression Lasso Bayesian average model is constructed, which can realize variable selection while estimating coefficients. Empirical evidence shows that the inequality of social-economic resources and the imbalance of housing supply and demand in the area are important internal factors that lead to the difference in housing prices between areas within the city; the related housing prices have an extremely significant positive impact, showing that the mobility of the place of purchase and the contagion of the house price are the main reasons for housing price; in addition, influential factors have strong positive interaction effects.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83727994","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":"Deficit Financing and Economic Growth: Empirical Evidence from Nigeria","authors":"Stephen Ebhodaghe Ughulu, Ph.D., Nosa M. Edogiawerie, Ph.D., Abubakar Alasan Billyaminu","doi":"10.22158/jepf.v9n2p1","DOIUrl":"https://doi.org/10.22158/jepf.v9n2p1","url":null,"abstract":"The impact of deficit financing on economic growth has long been recognized in the extant literature given that this type of financing is germane to accelerated and sustainable economic growth. Yet, Nigeria did not seem to have utilized deficit financing proceeds to invest in those related infrastructural facilities that would generate income and augment domestic savings, thereby helping to make and sell quality products and services that are internationally competitive, and ultimately stimulate economic growth. Rather, the seemingly weak governance in the country engaged in massive misappropriation of public funds and outright corruption thereby exacerbating unemployment, insecurity, and widespread poverty both in the urban and rural areas of the country. The main aim of the study therefore was to investigate empirically the impact of deficit financing on economic growth in Nigeria for the period 1981 to 2019. Secondary data for the study were sourced from the Central Bank of Nigeria and the World Bank Global Development Index. The fully modified ordinary least squares methodology of the econometrics was employed to analyze the data of the study. The major findings of the study showed that the federal government domestic debt variable, the federal government budget deficit variable, the foreign exchange reserves variable, and the broad money supply variable exerted positive impacts on economic growth, while the external debt variable exerted a negative and insignificant impact on economic growth in Nigeria. The study therefore concluded that public borrowing in Nigeria can only induce rapid and sustainable economic growth only and if only borrowed funds are massively invested in related infrastructural facilities that would generate revenue which would augment domestic financial resources. Accordingly, the study recommended that the federal government of Nigeria should carefully study the state of its economy to enable it invest in those infrastructural facilities that are thought germane to the achievement of sustainable economic growth.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88827489","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":"A Framework for Income, Inheritance, and Wealth Tax in America amid Increasing Income Inequality when the Richest are Leaving even the Rich Far Behind","authors":"Y. Datta","doi":"10.22158/jepf.v9n1p89","DOIUrl":"https://doi.org/10.22158/jepf.v9n1p89","url":null,"abstract":"Income inequality in America has run a full circle, and has now touched or even exceeded the dizzying heights of income recorded in 1928 before the Geat Depression of 1929.On the other hand, the middle class has beeon undergoing a relentless economic squeeze since 1974. The median family income has literally been stagnant for almost half a century.Stagnant incomes do not fully reflect the decline in the standard of living of most Americans. Facing job insecurity, rising health-care costs, the massive $1.75 trillion college loan debt, credit has become a palliative of the middle class to address the deeper anxieties of downward mobility.Many are unable to fulfill the “American Dream” because they cannot afford the middle class standard of living: having a good job, being able to retire in security, owning a home, having affordable health care, and a better future for their children.This inequality is now so vast that it is almost twice as high as in Europe.In 2017, an American CEO’s pay went up 361-times the median pay of a worker—by far the widest gap in the world.Because of an incentuous relationship between Washington and Wall Street, we have a tax code that has been hatched to reward wealthy individuals and corporations.Some of the world’s richest men paid just a tiny fraction of their income in federal tax in 2021. For the first time Trump’s tax cuts helped billionaires pay less than the working class.Many large U.S.-based multinational corporations employ accounting tricks to make profits made in America appear as if they were generated in offshore tax havens—with minimal or no taxes. Thus by using such a clever maneuver, multinationals are able to avoid paying an estimated $90 billion in federal income taxes each year,Encouraged by the Friedman doctrine, the 1970s represented a turning point when America took a sharp turn toward unfettered capitalism—and greed. American CEOs set themselves upon a journey toward maximizing shareholder value. And it is this radical ideology that has guided Ameican business over the last fifty years.This is a mind-set that encourages risk aversion and short-run behavior: an accountant’s short-cut to profits, with a focus on cost reduction, rather than long-term concerns about innovation, quality, and customer satisfaction. And it is this journey that has contributed so much to America’s industrial decline.A key development that has accelerated this decline is the financialization of America. In recent decades, the share of financial services has been about 7-8% of GDP. However, in sharp contrast, the sector accounts for 25-30% of all corporate profits. Yet, the sector has created only 4% of all jobs.In 1999 and 2000 America went through a massive deregulation of the financial markets, which proved to be disasterous, because it led--in 2008--to the worst stock-market crash in America since the Great Depression of 1929.Finance and its way of thinking have now come to permeate every facet of business, so much so ","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73965773","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":"Overcoming home- and overconfidence bias: an effective guideline for private investors based on meta-analysis","authors":"Prof. Sebastian Wenning, PhD, DBA","doi":"10.22158/jepf.v9n1p72","DOIUrl":"https://doi.org/10.22158/jepf.v9n1p72","url":null,"abstract":"Private investors’ underperformance compared to institutional investors is attributed to a combination of factors, including home bias and overconfidence bias. Home bias refers to the tendency of private investors to overinvest in their domestic markets, which can result in missed opportunities for diversification and exposure to international markets. Institutional investors are less likely to exhibit this bias as they have the resources and expertise to invest globally. Overconfidence bias, on the other hand, refers to private investors’ tendency to believe they have an informational advantage and can outperform the market. This can lead to excessive trading and suboptimal investment decisions. Institutional investors, with their experience and disciplined investment processes, are less likely to fall prey to overconfidence bias. Together, these biases contribute to the underperformance of private investors compared to institutional investors. The following abstract presents four strategies to overcome home- and overconfidence bias derived from the insights of this literature reviewed meta analysis.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84667581","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 the Mechanism and Path of Farmers’ Connection to E-commerce Market under the Background of Rural Revitalization","authors":"Y. You, Yanchuan Hu","doi":"10.22158/jepf.v9n1p66","DOIUrl":"https://doi.org/10.22158/jepf.v9n1p66","url":null,"abstract":"Rural e-commerce is a powerful tool for rural economic revitalization, and it will continue to transform and survive with the continuous promotion of rural revitalization. Analyze the mechanism and path of farmers’ connection to the e-commerce market, study its development rules, summarize the existing practical experience, and analyze emerging new models. Through the establishment of supply and marketing cooperatives, more employment opportunities would be provided, enhance the regional economic strength, and meet the diversified consumption needs of farmers. Establish a co-construction mechanism between farmers, e-commerce markets, and the government, explore the “rural e-commerce+rural tourism” model, encourage farmers to start businesses and generate income, provide theoretical support and practical experience exploration for achieving sustainable development and rural revitalization, and make positive contributions to the implementation of the rural revitalization strategy.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81598387","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 the Practical Path of Green Consumption in China under the Concept of Green Development in the New Era","authors":"Yuanyuan Li","doi":"10.22158/jepf.v9n1p58","DOIUrl":"https://doi.org/10.22158/jepf.v9n1p58","url":null,"abstract":"Since the reform and opening up, China’s economy and society have developed rapidly and achieved great construction results. However, the rough development has brought a series of bad consequences, especially the ecological environment is getting worse and worse, so it is especially important to promote green development. Green development is to focus on the common development of economy, ecology and natural environment, to save resources and to adhere to the road of sustainable development. With the development of the times, the green consumption mode has become a new way of consumption. This mode is complementary to green development and follows the principles and concepts of green development. Green consumption is also a concrete embodiment of this concept. The purpose of this paper is to summarize the challenges faced by the implementation of green consumption policy in China and to put forward some feasible suggestions.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75450428","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":"Did Wayfair Help Brick and Mortar Stores?","authors":"Charles Swenson","doi":"10.22158/jepf.v9n1p34","DOIUrl":"https://doi.org/10.22158/jepf.v9n1p34","url":null,"abstract":"Using a detailed establishment level data, this study finds that the imposition of a sales tax on remote sellers resulted in a 4.8 to 7.2 percent sales increase for brick and mortar retail sellers in 2018 and 2019. Employment gains for such brick and mortar sellers for this period was approximately 4.3 percent. Such sales and employment increases were not even, as bigger establishments, those part of a national chain, and those part of a publicly-traded company generally experienced larger sales and employment gains. However, the onset of the pandemic saw much of this gain erased, as sales declined and shifted back to online retailers.","PeriodicalId":73718,"journal":{"name":"Journal of economics and public finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89071625","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}