scholarly journals Money supply, inflation and output: an empirically comparative analysis for Vietnam and China

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pham Dinh Long ◽  
Bui Quang Hien ◽  
Pham Thi Bich Ngoc
Keyword(s):  
Money Supply ◽  
Comparative Research ◽  
Output Growth ◽  
Correction Model ◽  
Content Type ◽  
Vector Autoregression Model ◽  
Expected Inflation ◽  
Autoregression Model ◽  
The Difference ◽  
The Relationship

PurposeThis study focuses on analyzing the relation between money supply, inflation and output in Vietnam and China.Design/methodology/approachUsing the error correction model and the vector autoregression model (ECM and VAR) and the canonical cointegration regression (CCR), the study shows similar patterns of these variable relations between the two economies.FindingsThe study points out the difference in the estimated coefficients between the two countries with different economic scales. While inflation in Vietnam is strongly influenced by expected inflation and output growth, inflation in China is strongly influenced by money supply growth and output growth.Originality/valueTo the best of the authors’ knowledge, this is the first empirical and comparative research on the relation between money supply, inflation and output for Vietnam and China. The study demonstrates that the relationship between money supply, inflation and output is still true in case of transition economies.

The relationship between financial development and effectiveness of monetary policy: new evidence from ASEAN-3 countries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zulkefly Abdul Karim ◽  
Danie Eirieswanty Kamal Basa ◽  
Bakri Abdul Karim
Keyword(s):  
Monetary Policy ◽  
Money Supply ◽  
Financial Development ◽  
Open Economy ◽  
Banking Sector ◽  
Financial System ◽  
The Philippines ◽  
Output Growth ◽  
Content Type ◽  
The Relationship

Purpose This paper aims to investigate the relationship between financial development (FD) and monetary policy effectiveness (MPE) on output and inflation in ASEAN-3 countries (Singapore, Malaysia and the Philippines). Design/methodology/approach This study uses an open economy structural vector autoregressive model to generate MPE. Then, an autoregressive distributed lagged (ARDL) model is used to analyze the effect of FD on MPE across countries. Findings The findings revealed that FD plays a different role in MPE across countries. In Malaysia, a more developed financial system tends to reduce the MPE on output, whereas in Singapore, results show that the more developed financial system (stock market capitalization) tends to increase MPE on output. However, in the Philippines, the main results show that the effect of FD (liquid liabilities) upon MPE on output is depending on the policy variable (interest rates or money supply). Originality/value This paper fills this gap by providing the first study of ASEAN-3 countries in examining how effective is a monetary policy in response to the development of the financial market across the country. Second, this paper considers two FD indicators, namely, the banking sector and capital market development in investigating its effect on MPE on output and inflation. Third, the authors construct the MPE in each country using a structural (identified) VAR model by aggregating the response of output growth and inflation rate on monetary policy changes (interest rate and money supply) using impulse–response function. Regarding this, the results of this study provide new empirical evidence and insight into the long debate on the relationship between FD and the MPE.

Exploring the relationship between corporate responsibility and firm performance from a social media perspective

2019 ◽  
Vol 15 (3) ◽  
pp. 296-317 ◽  
Author(s):  
Ray Qing Cao ◽  
Dara G. Schniederjans ◽  
Vicky Ching Gu ◽  
Marc J. Schniederjans
Keyword(s):  
Social Media ◽  
Corporate Responsibility ◽  
Abnormal Return ◽  
Media Framing ◽  
Idiosyncratic Risk ◽  
Daily Basis ◽  
Expected Return ◽  
Content Type ◽  
The Difference ◽  
The Relationship

Purpose Corporate responsibility perceptions from stakeholders are becoming more difficult to manage. This is in part because of large amount of social media being projected to stakeholders on a daily basis. In light of this, the purpose of this paper is to examine the relationship between corporate responsibility framing from the social media perspective firm’s performance as defined by abnormal-return (defined as the difference between a single stock or portfolios return and the expected return) and idiosyncratic-risk (defined as the risk of a particular investment because of firm-specific characteristics). Design/methodology/approach Hypotheses are developed through agenda-setting theory and stakeholder and shareholder viewpoints. The research model is tested using sentiment analysis from a collection of social media from several industries. Findings The results provide support that three corporate responsibility social media categories (economic, social and environmental-framing) will have different impacts (delayed, immediate) on abnormal-return and idiosyncratic-risk. This study finds differences between immediate (one-day lag) and delayed (three-day lag) associations on abnormal-return and idiosyncratic-risk. Originality/value This study also suggests differences between the amount and sentiment of corporate responsibility social media framing on abnormal-return and idiosyncratic-risk. Finally, results identify interaction effects between different corporate responsibility social media categories.

scholarly journals Corporate reputation

2018 ◽  
Vol 25 (1) ◽  
pp. 47-64 ◽  
Author(s):  
Vanessa Pires ◽  
Guilherme Trez
Keyword(s):  
Organizational Performance ◽  
Corporate Reputation ◽  
Research Field ◽  
Social Implication ◽  
Public Companies ◽  
Content Type ◽  
Theoretical Paper ◽  
The Difference ◽  
And Performance ◽  
The Relationship

Purpose The purpose of this paper is to discuss the different approaches to the corporate reputation construct, in order to identify a comprehensive definition that can be used for measurement purposes, gaps identified by previous literature identified. Design/methodology/approach This is a theoretical essay. The authors analyzed studies that involve the relationship between corporate reputation and organizational performance, and the attributes of national and international corporate reputation ratings. Findings The authors identified a more comprehensive definition for the reputation construct, and indicated courses for the construct’s measurement, by considering: the judgment by the stakeholders (internal, suppliers, clients and the financial market); periodical evaluations under different organizational perspectives; attention to theoretical assumptions, among other aspects. Research limitations/implications The study is a theoretical paper that presents that the research field has many definitions that cannot be used interchangeably. It indicated how the reputation construct should be operationalized for measurement purposes. This study presented a reflection on the relationship between corporate reputation and performance, showing that it is not a settled topic in the academy. Practical implications The study advances the understanding of the reputation construct measurement, considering the adopted definition and the discussion of the attributes of the main ratings on corporate reputation. The adoption of a measurement method that takes into account the definition used in this study and the features of the methodologies discussed will improve the corporate reputation assessment. Social implications Literature indicates that a good corporate reputation can affect organizational performance and the inverse relationship is also true. As a social implication, it is extremely relevant to improve the understanding the definition and measurement methods of this construct. Originality/value This study discusses one of the most important intangible resources for organizations, contributing to the understanding of the difference between the market value and the book value of public companies. Besides it should be considered that there is one lack of a definition directly related to the measurement of the reputation construct in the literature, a gap in which this study contributes.

scholarly journals An Approach of Vector Autoregression Model for Inflation Analysis in Indonesia

2018 ◽  
Vol 20 (3) ◽  
Author(s):  
Idah Zuhroh ◽  
Hendra Kusuma ◽  
Syela Kurniawati
Keyword(s):  
Exchange Rate ◽  
Money Supply ◽  
Foreign Exchange ◽  
Vector Autoregression ◽  
Negative Relationship ◽  
Foreign Exchange Reserves ◽  
Monthly Data ◽  
Vector Autoregression Model ◽  
Autoregression Model ◽  
The Stability

A control of the inflation rate caused by the fluctuations in foreign exchange reserves, money supply, and exchange rate is required to create the stability of the country's economy. This study aims to analyze the dynamic impact of disturbance factors contained in the variables of foreign exchange reserves, the money supply, and the exchange rate. This research used monthly data from June 2009 to November 2016. It used a method used of Vector Autoregression. The result shows that a foreign exchange reserve has a negative relationship nut not significant effect on inflation, money supply has positive relationship and significant effect on inflation, and exchange rate of rupiah to US dollar has negative relationship and significant effect on inflation. The responce of inflation from shocking occurs to supply, foreign exchange reserves and exchange rate tend to be convergent and the biggest contribution that influences inflation the most is exchange rate beside inflation itself.

Unruptured intracranial aneurysms and arteriovenous malformations: frequency of intracranial hemorrhage and relationship of lesions

1990 ◽  
Vol 73 (6) ◽  
pp. 859-863 ◽  
Author(s):  
Robert D. Brown ◽  
David O. Wiebers ◽  
Glenn S. Forbes
Keyword(s):  
Intracranial Hemorrhage ◽  
Arteriovenous Malformations ◽  
Low Flow ◽  
Content Type ◽  
Unruptured Intracranial Aneurysms ◽  
The Difference ◽  
Arterial Feeder ◽  
Relationship Of ◽  
The Relationship ◽  
Feeding Systems

✓ Among 91 patients with unruptured intracranial arteriovenous malformations (AVM's), 16 patients had 26 unruptured intracranial saccular aneurysms. An actuarial analysis showed the risk of intracranial hemorrhage among patients with coexisting aneurysm and AVM to be 7% per year at 5 years following diagnosis compared to 1.7% for patients with AVM alone. The difference in length of survival free of hemorrhage was significant (log-rank, p < 0.0007). Several angiographic and clinical parameters were investigated to better understand the relationship of these lesions. The aneurysms occurred in similar percentages in patients with small, medium, and large AVM's. Twenty-five aneurysms were on arteries feeding the malformation system, almost equally distributed proximally and distally. Eleven aneurysms were atypical in location, and all arose from primary or secondary branch feeders to the malformation; 24 were on enlarged feeding arteries. Eleven (16%) of the 67 patients with high-flow AVM's had associated aneurysms, compared with five (21%) of the 24 patients with low-flow AVM's. Four (16%) of 25 low-shunt malformations and 12 (18%) of 65 high-shunt malformations had associated aneurysms. All five aneurysms associated with low-shunt malformations were on a direct arterial feeder of the malformation. These data suggest that the intracranial AVM's predispose to aneurysm formation within AVM feeding systems and that the mechanism is not simply based upon the high blood flow or high arteriovenous shunt in these systems.

Is value premium sector-specific? Evidence from India

2020 ◽  
Vol 46 (12) ◽  
pp. 1605-1628
Author(s):  
Vanita Tripathi ◽  
Priti Aggarwal
Keyword(s):  
Asset Pricing ◽  
Portfolio Management ◽  
Factor Model ◽  
Emerging Market ◽  
Value Premium ◽  
Market Model ◽  
Top Down ◽  
Content Type ◽  
The Difference ◽  
The Relationship

PurposeThis paper is an attempt to explore the fact that whether the literature-promised value premium has any sector orientation. The paper tests the relationship between the value premium and Indian sectors: fast-moving consumer goods (FMCG), financials, healthcare, information technology (IT), manufacturing and miscellaneous.Design/methodology/approachThe paper analyses around 210–480 companies listed on BSE-500 for the period of the recent 18 years ranging from March 1999 to March 2017. The paper employed Welch's ANOVA to examine whether the price-to-book market ratio is significantly different across sectors. Two prominent asset pricing models – single factor market model and Fama–French three-factor model – were used to examine the existence of value premium within sectors for full period and two sub-periods.FindingsThe empirical results of the paper suggest that the difference in the P/B ratio both between sectors and within sectors is statistically significant. The results further suggest that the value premium exists within the sectors irrespective of their value-growth orientation.Research limitations/implicationsThe paper is not free from certain limitations. Firstly, due to the non-availability of data in the public domain, the time period before 1999 could not be considered. Secondly, the study has used data pertaining to the Indian stock market only. To add to it, our study has concentrated on BSE-500 companies only; however, the future researchers can include both NSE and BSE companies.Practical implicationsThe paper has important implications for portfolio managers and retail investors following a top-down approach of investing. The portfolio manager can strategically build up the portfolios to concentrate more on the companies belonging to sectors like healthcare, manufacturing and FMCG. Investors following the top-down approach should avoid the underperforming growth stocks belonging to the growth sectors and allocate their funds to value stocks in the growth sector.Originality/valueThe paper is first of its kind to study the relationship between the value premium and Indian sectors. The paper contributes to portfolio management and asset pricing literature for an emerging market.

The relationship between CSR disclosure and competitive advantage

2017 ◽  
Vol 8 (5) ◽  
pp. 547-570 ◽  
Author(s):  
Hui-Cheng Yu ◽  
Lopin Kuo ◽  
Mao-Feng Kao
Keyword(s):  
Competitive Advantage ◽  
Signaling Theory ◽  
Content Type ◽  
Csr Strategies ◽  
Significant Difference ◽  
Strategic Csr ◽  
Environmentally Sensitive ◽  
The Difference ◽  
Csr Disclosure ◽  
The Relationship

Purpose This study aims to apply signaling theory to examine whether corporate social responsibility (CSR) disclosure can deliver effective signals to stakeholders to increase a firm’s competitive advantage in China. Whether ownership patterns or environmental sensitivity causes a significant difference in the relationship between a firm’s CSR disclosure and competitive advantage is also examined. Design/methodology/approach Data analysis is based on a regression model. Content analysis is performed to convert qualitative CSR information of Chinese firms into quantitative data, while intellectual capital (IC) is used as a proxy variable for competitive advantage. Findings The difference in competitive advantage impairment between environmentally sensitive industries (ESIs) and non-environmentally sensitive industries (NESIs) is significant. Further comparisons on the relationship between overall CSR disclosure and competitive advantage among state-owned enterprises, privately owned enterprises, ESIs and NESIs suggest that the relationship is negative. Research limitations/implications The study extends research of strategic CSR to signaling theory and competitive advantage. In particular, a research using IC as a proxy for competitive advantage is rare. It also contributes to the literature on competitive advantage and strategic CSR by examining the effects of both CSR disclosure and IC. Originality/value This paper provides evidence related to stakeholders’ reaction to managers’ various CSR strategies in China. The contribution of this study is that it confirms that different CSR initiatives have different effects on the competitiveness of enterprises in China.

scholarly journals HRM and innovative work behaviour: a systematic literature review

2017 ◽  
Vol 46 (7) ◽  
pp. 1228-1253 ◽  
Author(s):  
Anna Bos-Nehles ◽  
Maarten Renkema ◽  
Maike Janssen
Keyword(s):  
Training And Development ◽  
Journal Articles ◽  
Content Type ◽  
Hrm Practices ◽  
Innovative Climate ◽  
Huge Impact ◽  
Innovative Work ◽  
Innovative Work Behaviour ◽  
The Difference ◽  
The Relationship

Purpose Although we know that HRM practices can have a huge impact on employees’ innovative work behaviour (IWB), we do not know exactly which practices make the difference and how they affect IWB. Thus, the purpose of this paper is to determine the best HRM practices for boosting IWB, to understand the theoretical reasons for this, and to discover mediators and moderators in the relationship between HRM practices and IWB. Design/methodology/approach Based on a systematic review of the literature, the authors carried out a content analysis on 27 peer-reviewed journal articles. Findings Working with the definitions and items provided in the articles, the authors were able to cluster HRM practices according to the ability-motivation-opportunity framework. The best HRM practices for enhancing IWB are training and development, reward, job security, autonomy, task composition, job demand, and feedback. Practical implications The results of this study provide practical information for HRM professionals aiming to develop an HRM system that generates innovative employee behaviours that might help build an innovative climate. Originality/value A framework is presented that aggregates the findings and clarifies which HRM practices influence IWB and how these relationships can be explained.

Health investments and economic growth: a quantile regression approach

2018 ◽  
Vol 17 (2) ◽  
pp. 220-245 ◽  
Author(s):  
Francisca Rosendo Silva ◽  
Marta Simões ◽  
João Sousa Andrade
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Quantile Regression ◽  
Output Growth ◽  
Policy Implications ◽  
Infant Mortality Rate ◽  
Childhood Development ◽  
Lower Growth ◽  
Content Type ◽  
The Relationship

Purpose This study aims to analyse the relationship between health human capital and economic growth for a maximum sample of 92 countries over the period 1980-2010 taking into account countries’ heterogeneity by assessing how health variables affect different countries according to their position on the conditional growth distribution. Design/methodology/approach The paper estimates a growth regression applying the methodology proposed by Canay (2011) for regression by quantiles (Koenker, 1978, 2004, 2012a, 2012b) in a panel framework. Quantile regression analysis allows us to identify the growth determinants that present a non-linear relationship with growth and determine the policy implications specifically for underperforming versus over achieving countries in terms of output growth. Findings The authors’ findings indicate that better health is positively and robustly related to growth at all quantiles, but the quantitative importance of the respective coefficients differs across quantiles, in some cases, with the sign of the relationship greater for countries that recorded lower growth rates. These results apply to both positive (life expectancy) and negative (infant mortality rate, undernourishment) health status indicators. Practical implications Given the predominantly public nature of health funding, cuts in health expenditure should be carefully balanced even in times of public finances sustainability problems, particularly when growth slowdowns, as a decrease in the stock of health human capital could be particularly harmful for growth in under achievers. Additionally, the most effective interventions seem to be those affecting early childhood development that should receive from policymakers the necessary attention and resources. Originality/value This study contributes to the existing literature by answering the question of whether the growth effects of health human capital can differ in sign and/or magnitude depending on a country’s growth performance. The findings may help policymakers to design the most adequate growth promoting policies according to the behaviour of output growth.

MONEY SUPPLY VOLATILITY AND THE MACROECONOMY

2019 ◽  
Vol 24 (6) ◽  
pp. 1392-1402
Author(s):  
Apostolos Serletis ◽  
Libo Xu
Keyword(s):  
Money Supply ◽  
Output Growth ◽  
Correction Model ◽  
Monthly Data ◽  
Vector Error Correction ◽  
Vector Error ◽  
The Usa ◽  
Growth Volatility ◽  
Autoregressive Conditional Heteroscedasticity ◽  
Structural Vector

This paper extends the ongoing literature on the macroeconomic effects of money supply volatility. We use monthly data for the USA and a bivariate, Markov switching, structural vector error correction model that is modified to accommodate generalized autoregressive conditional heteroscedasticity-in-mean errors to isolate the effects of money growth volatility on output growth. The model allows us to study how monetary uncertainty affects economic growth across different macroeconomic regimes.

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