ISSN: 2310-2799
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546,196 artículos
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Año:
2019
ISSN:
2254-4380
Fan, Hongzhong; He, Shi
Oviedo University Press
Resumen
Drawing on a unique dataset of 694 estimates from 24 studies on foreign direct investment backward productivity spillovers in China, our prime objective is to investigate determinants of backward spillovers from foreign direct investment using Bayesian Model Averaging based Meta-Analysis. Our results suggest that backward spillovers vary across firm attributes, including the ownership structure of foreign firms, the origin of foreign firms, market orientation of foreign firms, the ownership structure of local firms and the technological levels of local firms. For instance, export-orientated foreign firms generate largest benefits of backward spillovers for the domestic economy among firm attributes.
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Año:
2019
ISSN:
2254-4380
Farooq, Omar; Pashayev, Zakir
Oviedo University Press
Resumen
This paper documents asymmetric impact of various board characteristics on capital structure in six European countries (Austria, Belgium, France, Germany, Luxembourg and Netherlands) during the period between 2008 and 2014. Quintile regression estimates show asymmetric impact of independence of board’s audit committee, presence of CEO in the board, and Chairmanship of Ex-CEO on capital structure at 10th and 90th quintile.
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Año:
2019
ISSN:
2254-4380
González-Fernández, Marcos; González-Velasco, Carmen
Oviedo University Press
Resumen
The aim of this paper is to use Google data to predict Spanish mortgage market activity during the period from January 2004 to January 2019. Thus, we collect monthly Google data for the keyword hipoteca, the Spanish expression for mortgage, and then, we perform a regression and an out-of-sample analysis. We find evidence that the use of Google data significantly improves prediction accuracy.
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Año:
2019
ISSN:
2254-4380
Özşuca, Ekin Ayşe
Oviedo University Press
Resumen
This study aims to analyze the gender dimension of financial inclusion in MENA countries. Using the World Bank’s 2017 Global Findex Database, it explores the underlying factors of gender differences in formal financial services usage via Fairlie decomposition method. The findings of the study indicate that a significant portion of the disparity in financial inclusion is attributable to employment, while age and tertiary education are also found as contributing factors to the financial inclusion gap. Another notable finding is that upper income quintiles contribute positively to the gender gap, indeed to a greater extent compared to lower income groups.
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Año:
2019
ISSN:
2254-4380
Abdieva, Raziiakhan; Sulaimanova, Burulcha; Karymshakov, Kamalbek
Oviedo University Press
Resumen
This study analyses the role of risk attitude for entrepreneurship by gender differences in Kyrgyzstan. Logit analysis is applied to the cross-sectional data set drawn from the nationally representative survey for 2011. Entrepreneurship is measured by the self-employment activities and analysed by the agricultural and non-agricultural sample. Results of the study show that more risk-taking preferences are associated with higher entrepreneurship probability. However, this effect is not persistent for women in further estimations for non-agricultural entrepreneurship sample, while for men higher positive effect of risk loving behavior remains in off-farm self-employment too. These findings underline the existing difference in risk tolerance by gender in non-agricultural employment. Movement of women from farm to off-farm entrepreneurship may not necessarily require risk loving characteristics. However, further analysis of this difference should take into account potential difference of necessity and opportunity entrepreneurs by gender.
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Año:
2019
ISSN:
2254-4380
Carthy, Philip; Lyons, Sean
Oviedo University Press
Resumen
This paper examines the effects of deploying digital subscriber line (DSL) broadband on job creation within existing firms. We use spatial information on broadband and firm locations, exploiting geographical and temporal variation in broadband availability in Ireland during 2007-2014. This is linked to a panel of firm-level data on employment and other characteristics. Econometric models are used to explore the relationship between DSL and employment over time and across local economic and industry contexts. We also investigate whether effects might vary depending upon local educational attainment. We find little evidence of a general effect of DSL roll-out on employment in Irish firms.
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Año:
2019
ISSN:
2254-4380
Papanastasopoulos, Georgios A.
Oviedo University Press
Resumen
We study return predictability attributable to bloated balance sheets in European capital markets and find that the NOA anomaly is more severe across loss firms and is significantly attenuated across profit firms. A hedge trading strategy on NOA for loss firms generate large raw and abnormal returns that are almost three times higher than the respective returns for profit firms. Our evidence is more likely to be consistent with the hypothesis that low NOA firms may have superior returns relative to high NOA firms due to investors’ inability to make full use of information reported in financial statements.
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Año:
2019
ISSN:
2254-4380
Doyar, Bayram Veli
Oviedo University Press
Resumen
This paper attempts to reveal the relationship between GDP per capita and R&D expenditure per capita, R&D expenditure per capita on natural sciences and engineering, and R&D expenditure per capita on social sciences and humanities for Canada. Based on data from 1981 to 2014, bootstrap causality test proposed by Hacker and Hatemi-J (2006) show that there is a unidirectional causality from GDP per capita to R&D expenditure per capita, and a unidirectional causality from GDP per capita to R&D expenditure per capita on natural sciences and engineering. However, no causal relationship is observed between R&D expenditure per capita on social sciences and humanities and GDP per capita. These results may point an indirect relationship between the variables or the validity of R&D paradox and the European paradox for Canada.
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Año:
2019
ISSN:
2254-4380
Gupta, Rangan; Wohar, Mark
Oviedo University Press
Resumen
Theory suggests a strong link between monetary policy rate uncertainty and equity return volatility, since asset pricing models assume the risk-free rate to be a key factor for equity prices. Given this, our paper uses historical monthly data for the United Kingdom over 1833:01 to 2018:07, to show that monetary policy uncertainty increases stock market volatility within sample. In addition, we show that the information on monetary policy uncertainty also adds value to forecasting out-of-sample equity market volatility.
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Año:
2019
ISSN:
2254-4380
Özdemir, Onur
Oviedo University Press
Resumen
Contrary to the empirical findings that there is a negative link between financial sector development and income inequality, we introduce a different result: in the earlier stages of the financial and economic development, the level of income inequality decreases, but with an ongoing developmental process, the later stages show that the above-mentioned link between finance and inequality turns into positive within the framework of financial Kuznets curve. In terms of finance-inequality nexus, we find that neither markets nor institutions play a significant role for the decrease in income inequality. When the results are measured within this context, the study concludes that the U-shaped financial Kuznets curve hypothesis is valid in the sample countries.
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