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Article
Publication date: 7 January 2014

Chia-Wu Lu, Tsung-Kang Chen and Hsien-Hsing Liao

Real estate investment trust (REIT) stocks are well known for limited management discretion in investment, financing, and payout policies, implying little information…

Abstract

Purpose

Real estate investment trust (REIT) stocks are well known for limited management discretion in investment, financing, and payout policies, implying little information asymmetry between informed and uninformed investors. Besides, due to the renowned illiquidity and complexity of physical real estate markets, investors may be heterogeneously informed. The authors aim to investigate these arguments using REIT panel data from 1993 to 2010.

Design/methodology/approach

The authors simultaneously investigate the effects of heterogeneous information (PSOS) and information asymmetry (ADJPIN) on REIT excess returns by estimating panel data regressions controlling for both firm- and time-fixed effects.

Findings

The results confirm that heterogeneous information (PSOS) is significantly and positively associated with REIT excess returns while information asymmetry (ADJPIN) is insignificant when controlling for other variables well known for affecting REIT excess returns.

Originality/value

The effects of information asymmetry (ADJPIN) and heterogeneous information (PSOS) on REITs excess returns are rarely simultaneously discussed in the related literature, especially from the perspectives of limited managerial discretions, regulated dividend policy, and underlying asset liquidity (physical real estate markets). The results confirm the heterogeneous information arguments. Besides, the heterogeneous information (PSOS) effects become stronger when leverage and dividend yield are higher. Finally, the above effects of PSOS and ADJPIN on REIT excess returns are also robust during the real estate market growth period (2001-2008).

Details

Managerial Finance, vol. 40 no. 1
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 2 April 2015

Andreas Lemmerer and Klaus Menrad

The purpose of this paper is to demonstrate the heterogeneous effects of gains and losses on the perception of new products. It seeks to argue that the heterogeneity in…

Abstract

Purpose

The purpose of this paper is to demonstrate the heterogeneous effects of gains and losses on the perception of new products. It seeks to argue that the heterogeneity in these effects (partly) stems from the price-perceived quality relationship which is more important for quality-seeking customers.

Design/methodology/approach

A multilevel logit model was applied to household panel data on purchases of new yoghurt and sausage products in Germany. The multilevel model allowed to estimate heterogeneous price effects and accounted for the nested structure in panel data.

Findings

Significant variation in the effects of gains, losses, and promotions were found. Internal reference prices (IRPs), which served as indicator of loss-averse vs quality-seeking customers, were found to moderate these effects. Monetary losses have less negative effects for customers with high IRPs. Negative interaction effects of IRPs with monetary gains and promotions indicate that quality-seeking customers are less attracted by gains and promotions.

Practical implications

The heterogeneity in the price effects confirms the strategic importance of new product prices to influence customers’ perception of value. The price-quality relationship is an explanatory approach for heterogeneous price effects and should not be neglected in price setting. The inclusion of customer-specific reference price information yields deeper insights into customers’ use of prices to evaluate new products.

Originality/value

This study is the first to estimate asymmetric gain and loss effects in the analysis of new product trial. A customer-specific view in price setting is emphasized by taking customer-specific reference prices into account.

Details

British Food Journal, vol. 117 no. 4
Type: Research Article
ISSN: 0007-070X

Keywords

Content available
Article
Publication date: 7 August 2018

Zihan Nie, Nico Heerink, Qin Tu and Shuqin Jin

The purpose of this paper is to examine the effect of adopting certified food production on chemical fertilizer and pesticide use in China.

Abstract

Purpose

The purpose of this paper is to examine the effect of adopting certified food production on chemical fertilizer and pesticide use in China.

Design/methodology/approach

The authors estimate fixed effect models to track the changes in agrochemical consumption at household level over time and evaluate the effect of certified food production, using an unbalanced panel data set covering 4,830 households in six provinces over the period 2005–2013.

Findings

On average, the authors do not find significant effects of certified food production on either chemical fertilizer or pesticide consumption among Chinese farmers. The effects are heterogeneous across villages, but the heterogeneous effects show no clear pattern that is consistent with different types of certification. The findings are robust to the use of alternative panel structure and certification indicators. The lack of knowledge about certification among farmers, the price premium and differences in regulation enforcement across regions may explain why the authors do not find negative effects on agrochemical use.

Practical implications

This study suggests that careful inspections and strong enforcement of certified food production is needed to ensure that the environmental goals of certified food production can be achieved and the reputation of certification in China can be improved. The inspection of certification producers and the enforcement of current regulations should be stricter for the further healthy development of certified food production in China.

Originality/value

This study is the first attempt to systematically evaluate the impact of food certification on the use of agrochemicals in Chinese agriculture.

Details

China Agricultural Economic Review, vol. 10 no. 3
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 28 September 2012

Zulkefly Abdul Karim

The purpose of this paper is to explore the role of monetary policy transmission mechanism channel on firms' investment spending. The focal point is to investigate the…

Abstract

Purpose

The purpose of this paper is to explore the role of monetary policy transmission mechanism channel on firms' investment spending. The focal point is to investigate the differential of monetary policy effects across sub‐sector firms' investment by examining the role of interest rates, and broad credit channel of monetary transmission.

Design/methodology/approach

The following research design has been employed in examining the relevance of both monetary policy channels. First, the firm user cost of capital as a proxy for the interest rates channel is constructed. Second, the neoclassical model of firm‐level investment function has been estimated using the dynamic panel data technique.

Findings

The results revealed that the monetary policy transmission mechanism works through both interest rate, and broad credit channels in influencing firms' investment spending in the Malaysian economy. Monetary policy has heterogeneous effects in respect of sub‐sectors of the economy. In the long‐run, the firm investment in the consumer products and services sectors are significantly affected by the interest rate and broad credit channels. However, the firm investment in the industrial products and property sectors has only been significantly affected by interest rates and broad credit channel, respectively.

Originality/value

The empirical results provide new evidence on the microeconomic effects of monetary policy in a small open economy (i.e. Malaysia) in two dimensions. First, this finding has supported the relevance of interest rates and broad credit channel of monetary transmission in a small open economy. Second, monetary policy effects are also heterogeneous by sub‐sectors of the economy, as some sectors (for example, consumer products, industrial products, and services) are significantly affected by monetary policy, and other sub‐sectors (for example, property) are not affected.

Details

Studies in Economics and Finance, vol. 29 no. 4
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 9 March 2021

Yunli Bai, Tianhao Zhou, Zhiyuan Ma and Linxiu Zhang

The purpose of this paper is to examine the role of infrastructure on the income growth and poverty reduction of rural household in China by estimating the impact of road…

Abstract

Purpose

The purpose of this paper is to examine the role of infrastructure on the income growth and poverty reduction of rural household in China by estimating the impact of road accessibility on the extent of household off-farm employment and its heterogeneous effects among the groups with different income level and earning capacity.

Design/methodology/approach

Using nationally representative panel data collected in 100 villages about 2000 households across five provinces in 2005, 2008, 2012, 2016 and 2019. This study adopts Tobit model with panel data, zero-inflated Poisson model and static nonbalanced panel model to yield consistent results.

Findings

We find that road accessibility generally has no effect on the number of off-farm laborers and duration of off-farm employment. However, road accessibility is not beneficial for the households in the low-income villages or with low educational attainment, but it benefits the households in the high-income villages by promoting local off-farm employment or with high educational attainment by increasing the duration of migrant off-farm employment.

Originality/value

This study identifies the heterogeneous effects of road accessibility on the extent of off-farm employment among rural households, which narrows the research gap and enriches the literature. The empirical findings imply that road accessibility widens the gap between rich and poor in off-farm employment, which is of great important to the alleviation of relative poverty after 2020 in China.

Details

China Agricultural Economic Review, vol. 13 no. 3
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 30 May 2020

R. Meenakumari, P. Lakshminarayana and K. Vajravelu

The aim of the present paper is to investigate the homogeneous and heterogeneous reactions on Prandtl fluid flow at a stretching sheet with an induced magnetic field and…

Abstract

Purpose

The aim of the present paper is to investigate the homogeneous and heterogeneous reactions on Prandtl fluid flow at a stretching sheet with an induced magnetic field and slip boundary conditions.

Design/methodology/approach

The governing equations include the continuity, induced magnetic field, momentum, energy and homogeneous–heterogeneous equations. Initially, with suitable similarity variables, the governing partial differential equations and converted into a system of ordinary differential equations. Then, the nonlinear ordinary differential equations are solved by a shooting technique with the help of the BVC5C Matlab package.

Findings

The results of the present investigation are presented through graphs for different values of the various parameters. The authors observed that the large values of the stretching ratio and the induced magnetic parameters are moderate magnetic field, velocity and temperature primarily. Also, the authors found the more velocity and temperatures by boosting the slip parameters.

Originality/value

In addition, the values of the skin friction and the rate of heat transfer for various values of physical parameters are tabulated and deliberated in detail.

Details

Multidiscipline Modeling in Materials and Structures, vol. 17 no. 1
Type: Research Article
ISSN: 1573-6105

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Article
Publication date: 12 August 2020

Xuejun Wang, Dinghui Huai and Ze Lu

The purpose of this paper is to identify the impacts of financing constraints on the quality upgrading of China's agri-food sector.

Abstract

Purpose

The purpose of this paper is to identify the impacts of financing constraints on the quality upgrading of China's agri-food sector.

Design/methodology/approach

Our empirical study is performed using the “distance to the frontier” framework. We employ a merged sample of Chinese agri-food trading firms based on Chinese firm-level data from the National Bureau of Statistics of China and Chinese customs data. To verify robustness, we test whether the results hold when using different definitions of quality upgrading and alternative proxy variables for product quality and financing constraints. To examine the heterogeneous effects, we generate subsamples by firm location, export destination and the product sophistication of exports.

Findings

The results suggest that financing constraints have a significant negative impact on the product quality upgrading of Chinese agri-food export firms. In addition, the negative impacts of financing constraints are more severe for firms close to the quality frontier than for those far from the frontier. These results are robust to various checks. Moreover, the heterogeneous effects of financing constraints on quality upgrading are identified when the sample is split according to firm location, export destination and the sophistication of export products.

Originality/value

This paper reviews and applies some recent studies in the literature to investigate the relationship between financing constraints and the product quality upgrading of agri-food export firms in China. Overall, the results of this paper could be considered of importance for promoting the quality upgrading of export products in the China's agri-food sector.

Details

British Food Journal, vol. 123 no. 1
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 September 2006

Chien‐Chiang Lee and Chun‐Ping Chang

The purpose of this paper is to re‐examine the long‐run co‐movement and causal relationship between GDP and social security expenditures.

Abstract

Purpose

The purpose of this paper is to re‐examine the long‐run co‐movement and causal relationship between GDP and social security expenditures.

Design/methodology/approach

The paper uses panel data unit root tests and panel cointegration tests, as well as estimation techniques appropriate for heterogeneous panels such as fully modified OLS. Data are employed on 12 Asian countries from 1972 to 2000.

Findings

The cointegration test results show strong evidence in favor of the existence of a long‐run equilibrium cointegrating relationship between GDP, capital stock and social security expenditures after allowing for heterogeneous country effects. Regarding the panel‐based error correction model and the Granger causality test, there are long‐run, bi‐directional causal linkages between social security expenditures and economic growth. In addition to the robust test, they display similar results.

Originality/value

The paper shows that in every moment, economic growth must be based in the social welfare policy contiguously, and the economic growth process can allow the social welfare policy to proceed contiguously

Details

Journal of Economic Studies, vol. 33 no. 5
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 19 October 2020

Tiziano Arduini, Eleonora Patacchini and Edoardo Rainone

The authors generalize the standard linear-in-means model to allow for multiple types with between and within-type interactions. The authors provide a set of…

Abstract

The authors generalize the standard linear-in-means model to allow for multiple types with between and within-type interactions. The authors provide a set of identification conditions of peer effects and consider a two-stage least squares estimation approach. Large sample properties of the proposed estimators are derived. Their performance in finite samples is investigated using Monte Carlo simulations.

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Article
Publication date: 23 January 2019

Rui Mao

The purpose of this paper is to extend empirical investigations of the relationship between real exchange rates and agricultural exports to the firm-product-country level…

Abstract

Purpose

The purpose of this paper is to extend empirical investigations of the relationship between real exchange rates and agricultural exports to the firm-product-country level with the use of disaggregated panel data of China’s food industry. In particular, the study aims to explore heterogeneities in the export response to real exchange rates across firms, destinations and products, as well as to differentiate responses on the intensive and extensive margins.

Design/methodology/approach

This paper utilizes a merged panel data set of firm-product-country level transaction records of China’s agricultural exports with firm-level survey data of the food industry. Panel regression models are constructed to identify empirical relationships.

Findings

Real appreciations are found to reduce export quantities and the probability to enter destination markets. These impacts are enhanced in 2005 when China unexpectedly depegged yuan from the USD. In addition, real appreciations in 2005 also reduced the yuan-denominated export price and increased firms’ probability to exit destination markets. Taking the exchange rate reform as a natural experiment, evidence suggests that the negative exchange rate effects on exports are robust to the endogeneity issue. Finally, heterogeneous export responses are identified with respect to firm productivities and ownerships, income levels and locations of destination markets, as well as product groups.

Originality/value

This paper provides first-hand evidence on how real exchange rates influence agricultural exports at the firm-product-country level. A featured contribution is that China’s exchange rate reform in 2005 is utilized to alleviate the typical concern of endogeneity. Findings may benefit policy makers, for example, by identifying firms most vulnerable to real appreciations.

Details

China Agricultural Economic Review, vol. 11 no. 4
Type: Research Article
ISSN: 1756-137X

Keywords

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