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Article
Publication date: 1 August 2003

Zakir Hossain and M. Ishaq Bhatti

This paper briefly introduces the concept of model selection, reviews recent development in the area of econometric analysis of model selection and addresses some of the crucial…

Abstract

This paper briefly introduces the concept of model selection, reviews recent development in the area of econometric analysis of model selection and addresses some of the crucial issues that are being faced by researchers in their routine research problems. The paper emphasizes on the importance of model selection, particularly the information criteria and penalty functions based model selection procedures which are useful for economists and finance researchers.

Details

Managerial Finance, vol. 29 no. 7
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 12 May 2022

Arun Aggarwal, Dinesh Jaisinghani and Kamrunnisha Nobi

The purpose of this study is to develop and test a model on antecedents and consequences of employee engagement in the context of information technology (IT) employees.

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Abstract

Purpose

The purpose of this study is to develop and test a model on antecedents and consequences of employee engagement in the context of information technology (IT) employees.

Design/methodology/approach

In this descriptive research, the data were collected from 432 employees working in IT companies operating in India. The authors performed structural equation modeling to test the proposed relationships.

Findings

The results of this study indicate a positive effect of perceived procedural justice, perceived distributive justice and perceived organizational support on employee engagement. Further, the results of this study show a positive effect of employee engagement on employees’ organizational commitment (OC) and a negative effect on employees’ turnover intentions.

Research limitations/implications

As this study uses self-reported and cross-sectional research design to collect the data, therefore, it limits the generalizations of the results.

Practical implications

The findings of this study can be beneficial for the senior managers and human resources functionaries by examining the antecedents and consequences of employee engagement.

Originality/value

To the best of the authors’ knowledge, this study is one of the few studies that have examined the mediating role of employee engagement on the relationship among organizational justice, organizational support, OC and employee turnover intentions.

Article
Publication date: 5 July 2022

António M. Cunha and Júlio Lobão

This paper studies the dynamics and elasticities of house prices in Spain and Portugal (Iberia) at the Metropolitan Statistical Area (MSA) level, addressing panel regression…

Abstract

Purpose

This paper studies the dynamics and elasticities of house prices in Spain and Portugal (Iberia) at the Metropolitan Statistical Area (MSA) level, addressing panel regression problems such as heterogeneity and cross-sectional dependence between MSA.

Design/methodology/approach

The authors develop a two steps study. First, five distinct estimation methodologies are applied to estimate the long-term house price equilibrium of the Iberian MSA house market: Mean Group (MG), Fully Modified Ordinary Least Square (FMOLS) MG (FMOLS-MG), FMOLS Augmented MG (FMOLS-AMG), Common Correlated Effects MG (CCEMG) and Dynamic CCEMG (DCCEMG). FMOLS-AMG is found to be the best estimator for the long-term model. Second, an additional five distinct estimation methodologies are applied to estimate the short-term house price dynamics using the long-term FMOLS-AMG estimated price in the error-correction term of the short-term dynamic house price model: OLS Fixed Effects (FE), OLS Random Effects (RE), MG, CCEMG and DCCEMG. DCCEMG is found to be the best estimator for the short-term model.

Findings

The results show that in the long run Iberian house prices are inelastic to aggregate income (0.227). This is a much lower elasticity than what was previously found in US MSA house price studies, suggesting that there are other factors explaining Iberian house prices. According to our study, coastal MSA presents an inelastic housing supply and a price to income elasticity close to one, whereas inland MSA are shown to have an elastic supply and a non-significant price to income elasticity. Spatial differences are important and cross-section dependence is prevalent, affecting estimates in conventional methodologies that do not account for these limitations, such as OLS-FE and OLS-RE. Momentum and mean reversion are the main determinants of short-term dynamics.

Practical implications

Recent econometric advances that account for slope heterogeneity and cross-section dependence produce more accurate estimates than conventional panel estimation methodologies. The results suggest that house markets should be analyzed at the metropolitan level, not at the national level and that there are significant differences between short-term and long-term house price determinants.

Originality/value

To the best of the authors' knowledge, this is the first study applying recent econometric advances to the Iberian MSA house market.

Details

Journal of European Real Estate Research, vol. 15 no. 3
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 22 May 2007

Dimitris K. Christopoulos and Miguel A. León‐Ledesma

The paper aims to re‐examine the stationarity properties of unemployment rates in 12 European Union (EU) countries over the period 1988: I‐1999: IV.

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Abstract

Purpose

The paper aims to re‐examine the stationarity properties of unemployment rates in 12 European Union (EU) countries over the period 1988: I‐1999: IV.

Design/methodology/approach

This paper applies a battery of second‐generation panel unit root tests that allow for cross‐sectional correlation.

Findings

The study shows that, contrary to previous empirical literature, hysteresis does not characterise EU unemployment.

Originality/value

This paper uses recent advances in the econometrics of panel unit root tests. The new tests have more power than the traditional ones in detecting the null hypothesis of a unit root.

Details

Journal of Economic Studies, vol. 34 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 15 May 2017

Kira Janstrup, Sigal Kaplan, Michael Bruhn Barfod and Carlo Giacomo Prato

The phenomenon of traffic crash under-reporting has been extensively documented in terms of its extent, but not equally analysed in terms of its reasons. As police distrust has…

Abstract

Purpose

The phenomenon of traffic crash under-reporting has been extensively documented in terms of its extent, but not equally analysed in terms of its reasons. As police distrust has been recently identified as a major reason for crash under-reporting, the purpose of this paper is to look at the police service quality for handling the reporting of traffic crashes.

Design/methodology/approach

This study introduces a novel approach to evaluate service quality that combines multi-criteria decision analysis (MCDA) with latent class analysis (LCA). Moreover, this study presents the design of a web-based survey on the basis of the SERVQUAL approach to detecting strengths, opportunities and threats with crash reporting to the police at a strategic level. Transportation stakeholders (e.g. researchers, authorities, consultants, NGO representatives, suppliers) with an interest in traffic safety in Denmark participated in the survey that yielded 86 complete responses.

Findings

The novel approach was successfully applied and its implementation demonstrated the usefulness of the tool even in countries with a high police service. Results showed that the participating stakeholders perceived human factors as more important than physical factors in order to increase the crash reporting, with responsiveness as the most important and tangibles as the least important dimensions. Nevertheless, most stakeholders viewed a mixture of human and physical factors as crucial to increase crash reporting rates.

Originality/value

This study advances the knowledge about police service quality with a novel expert-based decision support tool based on SERVQUAL, MCDA and LCA, demonstrates its applicability in countries with a high-police service, and opportunities and barriers for increasing the crash reporting rate.

Details

Policing: An International Journal of Police Strategies & Management, vol. 40 no. 2
Type: Research Article
ISSN: 1363-951X

Keywords

Article
Publication date: 23 December 2019

Nihar Ranjan Jena and Narayan Sethi

The purpose of this paper is to empirically examine the effectiveness of foreign aid in improving economic growth prospects in the sub-Saharan Africa (SSA) region from 1993 to…

Abstract

Purpose

The purpose of this paper is to empirically examine the effectiveness of foreign aid in improving economic growth prospects in the sub-Saharan Africa (SSA) region from 1993 to 2017.

Design/methodology/approach

A sample of 45 SSA countries for the period 1993–2017 is considered for this study. The study uses various econometrics tools such as Pedroni and Kao’s cointegration test, Johansen-Fisher Panel cointegration test, FMOLS and PDOLS in order to ascertain the long-run and short-run dynamics among the variables under consideration.

Findings

The empirical results find that long-run and short-run relationships exist among foreign aid, economic growth, investment, financial deepening, price stability and trade openness of the SSA economies. The authors also find unidirectional causality running from foreign aid to economic growth. The policymakers in these countries are well-advised to implement suitable policy measures to build on the growth momentum created by foreign aid inflows.

Originality/value

The study uses a dynamic macroeconomic modeling framework to assess the impact of aid flows on economic growth in the SSA region. Taking into account the diversity of level of growth experienced by the 45 countries in the region, the study uses an appropriate regression technique, i.e., panel dynamic OLS whose results are robust. The finding is also supported by the Granger-causality test and robust cointegration techniques.

Details

African Journal of Economic and Management Studies, vol. 11 no. 1
Type: Research Article
ISSN: 2040-0705

Keywords

Article
Publication date: 11 August 2022

Shaohui Gao and Yiming He

This paper aims to take a step in this direction and use the high dimensional fixed effects and quantile regression discontinuity design to test the managerial Coase theorem…

Abstract

Purpose

This paper aims to take a step in this direction and use the high dimensional fixed effects and quantile regression discontinuity design to test the managerial Coase theorem, which provides an institutional perspective for us to gauge the impact of private property rights on firm performance and the effect of management costs on intermediate inputs.

Design/methodology/approach

This study first uses high dimensional regression discontinuity designs to examine the impact of privatization on firm performance in China between 1998 and 2013.

Findings

Results indicate that privatization effects increase average outputs of the firm by around 10% given lower management costs, and management costs increase intermediate inputs by more than 50% points. Using data from annual surveys to test managerial Coase theorem, the authors show that management costs negatively affect the marginal effect of privatization on the average outputs of the firm. The positive impact on the investment in intermediate goods and services is larger in magnitude under higher management costs.

Originality/value

The authors develop the managerial Coase theorem. Today, given lower management costs, private property rights provide an incentive structure for a firm to maximize the value of the assets and expand the boundaries.

Details

Chinese Management Studies, vol. 17 no. 5
Type: Research Article
ISSN: 1750-614X

Keywords

Article
Publication date: 15 May 2017

Rudra P. Pradhan, Mak Arvin, John H. Hall, Sara E. Bennett and Sahar Bahmani

The purpose of this paper is to shed light on the age-old trade-and-economic-growth controversy. The authors do so by utilizing the data relating to the G-20 countries between…

Abstract

Purpose

The purpose of this paper is to shed light on the age-old trade-and-economic-growth controversy. The authors do so by utilizing the data relating to the G-20 countries between 1988 and 2013.

Design/methodology/approach

The authors seek to establish the formal statistical links between openness to trade and economic growth in the context of interactions with financial depth, gross capital formation, and foreign direct investment. The authors use a panel vector autoregressive model to obtain the estimates. The authors check for the robustness of the results.

Findings

The authors find that all the variables are cointegrated. That is, there is a long-run equilibrium relationship between the variables. Moreover, trade openness, financial depth, gross capital formation, and foreign direct investment are all causative factors for the economic growth of the G-20 countries in the long run. At the same time, the short-run results demonstrate that there is a myriad of causal links between these variables.

Practical implications

The decision makers in the G-20 countries wishing to encourage economic growth in the long run should pay close attention to trade openness, financial depth, gross capital formation, and foreign direct investment inflows to their countries.

Originality/value

The authors study an important group of countries over a long span of time, using advanced panel data techniques. The results demonstrate that future studies on economic growth that do not simultaneously consider trade openness, financial depth, foreign direct investment, and gross capital formation will offer biased or misguided results.

Details

Journal of Economic and Administrative Sciences, vol. 33 no. 1
Type: Research Article
ISSN: 1026-4116

Keywords

Open Access
Article
Publication date: 10 November 2021

Mohammed Ayoub Ledhem and Mohammed Mekidiche

This study aims to empirically investigate the connection between Islamic finance and economic growth in Turkey using the endogenous growth model.

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Abstract

Purpose

This study aims to empirically investigate the connection between Islamic finance and economic growth in Turkey using the endogenous growth model.

Design/methodology/approach

It applies quantile regression with the Markov chain marginal bootstrap resampling technique by adopting total Islamic financing as the main exogenous explanatory factor in the endogenous growth model, while the gross domestic product (GDP) is employed as a measure of economic growth. The sample consists of all full-fledged participation (Islamic) banks operating in Turkey spanning from 2013Q4 until 2019Q4. The study uses academic literature, official financial reports from the Participation Banks Association of Turkey, REDmoney Group, Islamic Financial Services Board (IFSB) and the International Monetary Fund (IMF) database.

Findings

The results show that Islamic finance is promoting economic growth in Turkey, which mirrors the success of the New Turkish Economy Program (2019–2021) which aims at boosting economic growth by enhancing the Islamic finance share in the Turkish banking sector and the global market.

Research limitations/implications

Turkey has a dual banking system (conventional and participation (Islamic)) and both can influence the country's real economy. This study is limited to the influence of Islamic banking on Turkish economic growth. The study also restricts its size and coverage from 2013Q4 to 2019Q4, to cover the years over which data for all variables included in the research are available.

Practical implications

This paper suggests the adoption of the Turkish successful experiment as a path to reach economic growth by increasing the Islamic finance share in the banking industry for countries that seek to promote economic growth by Islamic finance, as the findings of this paper support.

Originality/value

This study is the first that examines the influence of Islamic finance on economic growth under a new theoretical framework of the endogenous growth model in Turkey using a robust non-parametric approach.

Details

ISRA International Journal of Islamic Finance, vol. 14 no. 1
Type: Research Article
ISSN: 0128-1976

Keywords

Article
Publication date: 27 December 2021

Stefano Amato, Valentina Pieroni, Nicola Lattanzi and Giampaolo Vitali

A burgeoning body of evidence points out the importance of spatial proximity in influencing firm efficiency besides internal characteristics. Nevertheless, the family status of…

Abstract

Purpose

A burgeoning body of evidence points out the importance of spatial proximity in influencing firm efficiency besides internal characteristics. Nevertheless, the family status of the firm has been traditionally overlooked in that debate. Therefore, this study aims to investigate productivity spillovers stemming from the geographical closeness to innovators and family firms.

Design/methodology/approach

Using secondary data on Italian technology-intensive manufacturing firms, the paper exploits spatial econometric models to estimate productivity spillovers across firms.

Findings

As regards the presence of spatial dependence, this study reveals that a firm's level of efficiency and productivity is influenced by that of nearby firms. Specifically, three main results emerge. First, spatial proximity to innovators is beneficial for the productivity of neighbouring firms. Second, closeness to family firms is a source of negative externalities for spatially proximate firms. However, and this is the third result, the adverse effect vanishes when the nearby family firms are also innovators.

Research limitations/implications

As the study relies on cross-sectional data, future research should explore productivity spillovers in a longitudinal setting. Additionally, the channels through which productivity spillovers occur should be measured.

Practical implications

The study highlights the importance of co-location for public policy initiatives to strengthen the competitiveness of firms and, indirectly, that of localities and regions. Moreover, the findings show the crucial role of innovation in mitigating the productivity gap between family and non-family firms.

Social implications

Notwithstanding the advent of the digital era, spatial proximity and localized social relationships are still a relevant factor affecting firms' performance.

Originality/value

By exploring the role of family firms in influencing the advantages of geographical proximity, this study contributes to the growing efforts to explore family enterprises across spatial settings.

Details

Journal of Small Business and Enterprise Development, vol. 29 no. 4
Type: Research Article
ISSN: 1462-6004

Keywords

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