193 resultados para EMPIRICAL-EVIDENCE
Resumo:
This paper examines the recent spectacular corporate collapses of Parmalat in Europe, Enron and WorldCom in the USA and HIH in Australia and argues for a re-examination of corporate governance regulations, particularly in relation to accounting standards regarding the valuation of assets. The recommendation that is put forward in this regard is based upon empirical evidence arising from further examination of the empirical results in (Hossari and Rahman, 2004). Specifically, the recommendation is based upon the realization that, among the 48 financial ratios across the 50-plus refereed studies, five financial ratios, all of which contained assets as one of the variables, were a relatively robust indicator of corporate collapse. The five ratios are: Net Income/Total Assets, Current Assets/Current Liabilities, Total Liabilities/Total Assets, Working Capital/Total Assets, and Earnings Before Interest and Taxes/Total Assets. This paper suggests that it's not the failure of the corporate collapse prediction models, rather it's the erosion of the reliability of some key input data, namely assets and the valuation thereof, that is largely responsible for the apparent failure of these models in capturing impending collapses, such as those that we witnessed in the recent past. Such empirical findings support the argument that assets are soft targets for misrepresentation, because of the leeway granted in accounting standards with regards to their valuation.
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Devaluation has been traditionally promoted as an effective tool for increasing exports and improving the external position of the devaluing country if a nominal devaluation results in expenditure switching. In this article, our aim is to model the relationship between currency devaluations and output for Fiji. Following the approach in Bahmani et al. (2002), we extend the traditional model by incorporating other monetary and fiscal policy variables. We achieve our goal by using the recently developed bounds testing approach to cointegration and the autoregressive distributed lag model and find that devaluation is expansionary in the case of Fiji.
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In this paper we examine the role of environmental quality in determining per capita health expenditures. We take a panel cointegration approach in order to explore the possibility of estimating both short-run and long-run impacts of environmental quality. Our empirical analysis is based on eight OECD countries, namely Austria, Denmark, Iceland, Ireland, Norway, Spain, Switzerland, and the UK for the period 1980–1999. We find that per capita health expenditure, per capita income, carbon monoxide emissions, sulphur oxide emissions and nitrogen oxide emissions are panel cointegrated. While short-run elasticities reveal that income and carbon monoxide emissions exert a statistically significant positive effect on health expenditures, in the long-run in addition to income and carbon monoxide, we find that sulphur oxide emissions have a statistically significant positive impact on health expenditures.
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This paper tests Wagner's law of increasing state activity using panels of Chinese provinces. The paper's main methodological contribution is in that we employ for the first time in the literature on Wagner's law a panel unit root, panel cointegration and Granger causality testing approach. Overall, we find mixed evidence in support of Wagner's law for China's central and western provinces, but no support for Wagner's law for the full panel of provinces or for the panel of China's eastern provinces.
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This study applies Granger causality tests within a multivariate error correction framework to examine the relationship between female participation rates, infant mortality rates and fertility rates for Australia using annual data from 1960 to 2000. Decomposition of variance and impulse response functions are also considered. The main findings are twofold. First, in the short run there is unidirectional Granger causality running from the fertility rate to female labour force participation and from the infant mortality rate to female labour force participation while there is neutrality between the fertility rate and infant mortality rate. Second, in the long run both the fertility rate and infant mortality rate Granger cause female labour participation.
Resumo:
This study investigates the determinants of the fertility rate in Taiwan over the period 1966–2001. Consistent with theory, the key explanatory variables in Taiwan's fertility model are real income, infant mortality rate, female education and female labor force participation rate. The test for cointegration is based on the recently developed bounds testing procedure while the long-run and short-run elasticities are based on the autoregressive distributed lag model. Among our key results, female education and female labor force participation rate are found to be the key determinants of fertility in Taiwan in the long run. The variance decom-position analysis indicates that in the long run approximately 45percent of the variation in fertility is explained by the combined impact of female labor force participation, mortality and income, implying that socioeconomic development played an important role in the fertility transition in Taiwan. This result is consistent with the traditional structural hypothesis.
Resumo:
This study investigates the determinants of the fertility rate in Japan over the 1950–2000 period. We use, for the first time in the fertility literature, the bounds testing approach to cointegration. Amongst our key results, we find that, in both the short-run and long-run, the use of contraceptives and abortion have significantly contributed to the fertility decline in Japan. We also find statistically significant evidence that increasing age at marriage in Japan and increasing education level of women have contributed negatively to the fertility transition.
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An essential function of derivative markets is price discovery. A model is proposed to incorporate a comprehensive dynamic interaction between price size coordinates of orders and trades. An example of application of the model and its effect on price discovery is discussed.
Resumo:
Tertiary institutions should seek continuous feedback from industries to keep track of the needs of businesses to provide education and training. Academics should stay in touch with businesses by networking and consulting. Holland and De Cieri (2006) refer to theories of child learning (pedagogy) to inform their understanding of andragogy, the study of adult learning. Adult learners would be continuous learners and would move in and out of formal education according to individual needs or life circumstances, job requirements or career development. In designing programmes and up-grading curricula, these are important factors to bear in mind so that programmes “cater” for these learners as well.
This study was financed by Auckland City Council focussing on Auckland’s Rosebank Business Precinct (ARBP). The surrounding communities, particularly Mäori, Pacific peoples and recent migrants, experience disparities in employment. Our research questions were:
• Is there a skills match between the present-day workforce and actual business needs over the medium term?
• What can these data tell us about Rosebank’s trajectory as a skilled business cluster and about its future workforce requirements?
• What education and training will be necessary for these organisations to maintain their competitive advantage and profit margins?
The target population were the 500-600 businesses operating on Rosebank Road. A total of 529 businesses were identified. Interviews with 102 companies with a 36-question questionnaire were conducted. The sampling frame was owner-managers (senior, non-shareholding managers). Of the respondent firms, 68.75% had vacancies for up to 3 months and 31.24% vacancies for 6 months.
This paper highlights areas identified in the ARBP for developing programmes and curricula for tertiary institutions to provide employable students with the right knowledge, skills and attributes (KSAs) to grow existing ventures. A fine balance must be struck between human and organisational needs. In the analysis and discussion we point out what education or training is necessary for the ARBP to provide greater efficiencies and subsequent improvement to their profit levels by current and future employees entering the workforce; well “equipped” employees with knowledge and skills to add value in their organisations. Recommendations, future perspectives and conclusions form the last part of this paper
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Education is an industry which has seen rapid growth in its trade over a short period of time. From the import and export of textbooks to international examinations such as the British Advanced and Ordinary levels and the American GMAT, GRE, LSAT, TOEFL and others, international trade in education has truly become a multidimensional phenomenon (Liston and Reeves, 1985). While all these aspects have largely contributed to the development of the so called “academic trade” (McMahon, 1988), it is the cross-border migration of international students which however remains the most visible aspect of this trade (Bourke, 2000). Indeed, recent estimates by the Organisation for Economic Cooperation and Development (OECD) suggest that nearly 1.9 million students were abroad in 2002 (OECD, 2004). There are probably thousands more foreign students involved in lower level education, language training and the like, but at the time of writing, no comprehensive statistics is yet available on international students enrolled in non-tertiary level institutions (Knight, 2002). As a result, it is vital to stress at the outset that this paper focuses exclusively on cross-border tertiary education but parallels can be drawn for lower level education.
Resumo:
The issue of corporate governance has been emerging as important phenomena that has been searched extensively both in developed countries due to its strategic impact on the monitoring of management activities and firms’ performance. Yet little attempt has been made in developing countries like Malaysia to ascertain what constitute corporate governance and its impact on firm's performance. Therefore, this study aims at examining the structure of the corporate governance and its impact on firm’s performance. This study is based on 100 firms, which are the component of the Composite Index (CI) serve as market barometer. This study employs cross-sectional annual multiple regression model to examine, what constitutes the corporate governance structure and its impact on performance of the firm. The analysis was based on annual regression over 5 years period from 1997 through 2001. Three different blend of surrogate for corporate governance were developed for good corporate governance structure. These are the independent non-executive (outside) directors, audit committee and remuneration committee. To isolate the size effect from the impact of corporate governance structure on firm’s performance, firm’s size was also included are variable in the model. The ratio of net income before tax to total asset is used as a surrogate for firm’s performance. Evidence from the study indicates that there is partial relation between corporate governance structure and corporate performance. The presence of both audit and remuneration committee serves as an important monitoring device to control management activities that lead to increase firm's performance. While on average, the presence of independent nonexecutive directors does not provide any significant explanation for the firm's performance. However, the firm size appears to have significant impact on corporate performance.
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This article examines the relationship between the renminbi real exchange rate and China's foreign exchange reserves using cointegration and Granger causality testing. The main findings are that in the long run foreign exchange reserves Granger cause the real exchange rate. Meanwhile, in the short run there is unidirectional Granger causality running from foreign exchange reserves to the real exchange rate.
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This article examines the causal relationship between human capital and real income using data for China from 1960 to 1999. In the long run there is unidirectional Granger causality running from human capital to real income, while in the short run there is unidirectional Granger causality running from real income to human capital