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1 – 4 of 4Binh Thi Thanh Dang, Wang Yawei and Abdul Jabbar Abdullah
The study attempts to examine the impact of the US-China trade war on Vietnamese exports to the United States, which has consistently served as a key market for Vietnamese goods…
Abstract
Purpose
The study attempts to examine the impact of the US-China trade war on Vietnamese exports to the United States, which has consistently served as a key market for Vietnamese goods and services in recent decades. The heterogeneous effects of the trade war on different export sectors are also evaluated.
Design/methodology/approach
The secondary data on Vietnamese exports to the US at a 6-digit level is collected from UN Comtrade. Besides, the difference-in-differences (DiD) method is employed to analyze the impact of the trade war on exports from Vietnam to the United States.
Findings
The findings revealed a 14% increase in total Vietnamese exports to the United States due to the trade war. Examining heterogeneous effects, certain industries, such as plastics, iron or steel articles, textiles and garments, and machinery and mechanical appliances, experience significant benefits. However, the study did not identify statistically significant effects on other sectors, such as electrical machinery products, agricultural and forestry, and furniture.
Originality/value
The paper is one among limited studies considering the causal effects of the trade war on a developing country, accounting for the heterogeneous effects on different export sectors.
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Alain Coën and Aurélie Desfleurs
Our aim in this study is to investigate the relative importance of the economic policy uncertainty and of the geopolitical risk on U.S. REITs (Real Estate Investment Trusts…
Abstract
Purpose
Our aim in this study is to investigate the relative importance of the economic policy uncertainty and of the geopolitical risk on U.S. REITs (Real Estate Investment Trusts) returns with a special focus on the different real estate sectors.
Design/methodology/approach
We use an augmented Fama-French (1993)’s asset pricing model, including economic policy uncertainty indices (EPU), introduced by Baker et al. (2016), and geopolitical risk indices (GPR) recently developed by Caldara and Iacoviello (2022), to price the potential risk factors for U.S. Nareit indices returns. To obtain robust economic results, we correct for the problems of errors-in-variables in linear asset pricing models; we advocate the use of higher moments estimators as instruments in a generalized method of moments (GMM) framework.
Findings
Our results report that economic policy uncertainty (EPU), and geopolitical risk (GPR) are priced for the different Nareit sectors for the last three decades. The GPR index stands as a relevant risk factor. The coefficient estimates are low compared to Fama-French risk factors. They are higher for Shopping Centers, Retail and Region Malls and lower for Health Care and Lodging/Resorts. EPU indices are also priced and less statistically significant. Health Care sector, followed by Shopping Centers and Retail are the most policy-sensitive sectors.
Practical implications
In their “2023–2024 Top Ten Issues Affecting Real Estate” “political unrest and global economic health” is ranked 1 issue by the Counselors of Real Estate. Our results report that economic policy uncertainty and geopolitical risk are priced for the different Nareit sectors. They suggest implications for investors, insurers, bankers, policymakers and other stakeholders. The geopolitical risk index (GPR) stands as a relevant and significant risk factor for REITs returns.
Originality/value
Based on parsimonious robust asset pricing models, the results shed a new light on the relative importance of geopolitical risk and economic policy uncertainty in the real estate sector, with a special focus on the different U.S. REITs sectors. They suggest possible implications for investors, insurers, bankers, policymakers and other stakeholders in a context marked by higher uncertainty shocks and geopolitical risks.
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Natalia A. Volgina and Li Dingbang
In recent decades, with China's “Go Global” and “Belt and Road” strategies, Chinese multinational corporations (MNCs) have been provided with a new development direction. This…
Abstract
In recent decades, with China's “Go Global” and “Belt and Road” strategies, Chinese multinational corporations (MNCs) have been provided with a new development direction. This chapter aims to identify the features of the entry of Chinese multinationals into Kazakhstan and analyze their characteristics in terms of investment attractiveness and location advantages. The basic method for evaluating the characteristics of the development of Chinese MNCs in Kazakhstan is a statistical analysis based on UNCTADstat. Based on the analysis, the authors conclude that although China has many MNCs, their rate of transnationality and competitiveness index are far behind those of European and American ones. The number of Chinese multinational companies investing in Kazakhstan (1,234 companies) ranks third in the number of foreign companies in the country. Chinese multinationals investing in Kazakhstan are mainly concentrated in Xinjiang because it borders Kazakhstan and has geographical and cultural advantages. China's direct investment in Kazakhstan covers a wide range of industries, including agriculture, animal husbandry, planting, construction, mining, transportation and communication, hotel and catering industry, trade and auto repair industry, etc. However, most registered enterprises are engaged in developing and utilizing energy fields in Kazakhstan.
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Amparo Nagore and Constantino José García Martín
In the context of sustainable development goal 5 of the United Nations 2030 Agenda: “Achieve gender equality and women’s empowerment”, where gender equality is not only a matter…
Abstract
Purpose
In the context of sustainable development goal 5 of the United Nations 2030 Agenda: “Achieve gender equality and women’s empowerment”, where gender equality is not only a matter of justice but also essential to achieve sustainable development, this paper aims to examine the gender pay gap in executive director compensation and the influence of female board representation and participation in nomination and remuneration committee (NRC) on this gap in Spanish listed firms over the period 2012–2022.
Design/methodology/approach
The analysis is conducted using a data set created by the authors, which includes executive director compensation data for 164 unique firms. This data set comprises 128 distinct observations for a given firm and year for women, and 2,333 observations for men. The authors estimate ordinary least squares models, clustering standard errors by executive. The authors use Oaxaca-Blinder decomposition to decompose gender differences in compensation into differences in the characteristics of men and women and differences in the return on the same characteristics.
Findings
The authors find evidence of pay penalty for female executive directors compared to male counterparts. After controlling for firm, board and executive characteristics, the authors find that women earn 27% less than comparable men. The penalty is lower in companies with a higher share of women on the compensation committee, suggesting that women’s participation plays a role in setting a more equal remuneration policy. The gender gap in executive compensation narrows over time due to a substantial reduction of the differences between men and women in both characteristics and the return on these characteristics.
Originality/value
This study is one of the few analysing the gender gap in executive director compensation and its evolution in Spain. It specifically explores how gender diversity on both the board and the NRC impacts this gap. The analysis is focused on the most recent period characterized by important efforts to promote gender diversity.
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