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In this chapter, the authors contribute toward building a better understanding of farmers’ responses to behavioral drivers of land-use decision by establishing an alternative analytical procedure, which can overcome various drawbacks suffered by methods currently used in existing studies. Firstly, our procedure makes use of spatially high-resolution data, so that idiosyncratic effects of physical environment drivers, e.g., soil textures, can be explicitly modeled. Secondly, we address the well-known censored data problem, which often hinders a successful analysis of land-use shares. Thirdly, we incorporate spatial error dependence (SED) and heterogeneity in order to obtain efficiency gain and a more accurate formulation of variances for the parameter estimates. Finally, the authors reduce the computational burden and improve estimation accuracy by introducing an alternative generalized method of moments (GMM)–quasi maximum likelihood (QML) hybrid estimation procedure. The authors apply the newly proposed procedure to spatially high-resolution data in England and found that, by taking these features into consideration, the authors are able to formulate conclusions about causal effects of climatic and physical environment, and environmental policy on land-use shares that differ significantly from those made based on methods that are currently used in the literature. Moreover, the authors show that our method enables derivation of a more effective predictor of the land-use shares, which is utterly useful from the policy-making point of view.

The purpose of this study is to enhance understanding labour supply dynamics of the UK workers by examining whether and to what extent there is state dependence in the labour supply at both the extensive and intensive margins.

A dynamic two-tiered Tobit model is applied to the first seven waves of Understanding Society: the UK Household Longitudinal Study. The model used accounts for observed and unobserved individual heterogeneity and serially correlated transitory shocks to labour supply to draw inferences on state dependence.

The results show that both observed and unobserved individual heterogeneity contributes to observed inter-temporal persistence of the labour supply of the UK workers, and the persistence remains after these factors are controlled for, suggesting true state dependence at both the extensive and intensive margins of the labour supply. The study also finds that at both the margins, the state dependence of labour supply is larger for females than for males and that for both genders the state dependence is larger for people with low education, mature aged workers and people with long-standing illness or impairment. The results also show that estimates from a conventional Tobit model may produce misleading inferences regarding labour supply at the extensive and intensive margins.

This study adds to the international literature on labour supply dynamics by providing empirical evidence for both the extensive and intensive margins of labour supply, while previous studies tend to focus on the extensive margin of labour force participation only. Also, unlike earlier studies that often focus on females, this study compares labour supply dynamics between males and females. The study also compares the estimates from the more flexible two-tiered Tobit model with that from the conventional Tobit model.

China's increasing income inequality might cause a series of problems, such as the slowdown of economic growth, social and economic tension, the decline of the ecological environment quality and the threat to citizens' health. Consequently, income inequality will inevitably affect the ecological well-being performance (EWP) level of China's provinces through the above aspects. Analyzing the impact of income inequality on EWP and its spatial spillover effects are conducive to improving the level of EWP in China. Therefore, the research purpose of this paper is to use China's provincial data from 2001 to 2017 to analyze the impact of income inequality on EWP and the spatial spillover effect based on the evaluation of the EWP value of each province.

At first, this study utilizes the super efficiency slacks-based measure model (Super-SBM model) to calculate the EWP values of 30 provinces in China, which can evaluate and rank the effective decision units in the SBM model and make up for the defect that the effective decision units cannot be distinguished. Then this study applies the spatial Durbin model and Tobit regression model (SDM-Tobit model) to explore the impact of income inequality and other influencing factors on EWP and the spatial spillover effects in adjacent areas.

Firstly, the average EWP in China fluctuated slightly and showed a downward trend from 2001 to 2017. In addition, the EWP values of the provinces in the western region are usually weaker than those in the eastern and central regions. Moreover, income inequality is negatively correlated with EWP, and the EWP has a spatial spillover effect, which means the EWP level in a region is affected by EWP values in the adjacent regions. Furthermore, the industrial structure and urbanization level are both negatively related to EWP, while technology level, investment openness, trade openness and education level are positively related to EWP.

Compared with the existing research, the possible contribution of this research is that it takes income inequality as one of the important influencing factors of EWP and adopts the SDM-Tobit model to analyze the impact mechanism of income inequality on EWP from the perspective of time and space, providing new ideas for improving the EWP of various provinces in China.

This paper examines the determinants of corporate dividend policy in Jordan. The study uses a firm‐level panel data set of all publicly traded firms on the Amman Stock Exchange between 1989 and 2000. The study develops eight research hypotheses, which are used to represent the main theories of corporate dividends. A general‐to‐specific modeling approach is used to choose between the competing hypotheses. The study examines the determinants of the amount of dividends using Tobit specifications. The results suggest that the proportion of stocks held by insiders and state ownership significantly affect the amount of dividends paid. Size, age, and profitability of the firm seem to be determinant factors of corporate dividend policy in Jordan. The findings provide strong support for the agency costs hypothesis and are broadly consistent with the pecking order hypothesis. The results provide no support for the signaling hypothesis.

This chapter reviews the recent developments in the estimation of panel data models in which some variables are only partially observed. Specifically we consider the issues of censoring, sample selection, attrition, missing data, and measurement error in panel data models. Although most of these issues, except attrition, occur in cross-sectional or time series data as well, panel data models introduce some particular challenges due to the presence of persistent individual effects. The past two decades have seen many stimulating developments in the econometric and statistical methods dealing with these problems. This review focuses on two strands of research of the rapidly growing literature on semiparametric and nonparametric methods for panel data models: (i) estimation of panel models with discrete or limited dependent variables and (ii) estimation of panel models based on nonparametric deconvolution methods.

The purpose of this paper is to examine the influence of the innovation ability of universities (IAU) on the efficiency of University–Industry knowledge flow and investigate whether the level of provincial innovative agglomeration (PIA) moderates the relationship between IAU and the efficiency of the University–Industry knowledge flow.

This study uses the super-efficiency data envelopment analysis model to measure knowledge research efficiency (KRE) and knowledge transformation efficiency (KTE) and then studies the influencing mechanism of the two kinds of efficiency using the spatial Tobit model with panel data from 2008 to 2017.

The results show that the overall KRE in Chinese universities is higher than the KTE. IAU has a significantly positive impact on KRE and KTE. PIA has a significantly inverted U-shaped influence on KRE and KTE and positively moderates the promoting effect of IAU on KRE and KTE.

Due to the limitations of the data, this paper only selects several secondary indicators to measure KRE and KTE with reference to previous studies.

This study enriches the future research of University–Industry cooperation and knowledge flow and it is conducive to promoting the efficiency of University–Industry knowledge research and transformation from the perspective of universities, enterprises and local governments.

This study proposes the concept of University–Industry knowledge flow and divides the knowledge flow into the knowledge research stage and the knowledge transformation stage based on the knowledge supply chain theory. Moreover, the paper expands the theoretical framework of the impact of IAU on the efficiency of University–Industry knowledge flow and provides findings on the moderating effect of PIA.

The purpose of this paper is to examine the influence of corporate governance on the dividend payout decisions of Australian firms by considering two related objectives. First, it considers the role of corporate governance ratings (CGRs) on the decision to pay or not to pay dividends. Second, it considers the influence of CGRs on the average dividend payout level of Australian firms.

The sample consists of 413 non-financial firms included in the All Ordinaries Index for the period 2004-2009. A logit model is employed to analyse the decision to pay or omit dividends. Similarly, tobit method is employed to analyse the factors influencing the dividend payout level of Australian firms. To control for unobserved heterogeneity, this study employs random effects panel logit and panel tobit models.

This study finds that CGRs have a significant positive influence on the decision to pay dividends and on the average dividend payout level of Australian firms. Similarly, the present study finds support for signalling hypothesis as profitability has a significant positive influence and a loss dummy has a significant negative influence on the dividend payout decisions of Australian firms. The study also finds support for the life cycle hypothesis as growth opportunities have a significant negative impact on the average dividend payout level of Australian firms. This study finds no conclusive evidence of the existence of dividend tax clientele in Australia.

Dividends provide a complementary governance role consistent with the “outcomes model” of the agency cost theory as proposed by La Port et al. (2000).

The findings have implications for corporate governance policies. Principle-based governance mechanisms work as well as the rule-based governance mechanisms in an environment characterized by high levels of investor protection and well-developed stock markets. Companies that are well governed may limit the opportunities for managers to expropriate shareholders and thus governance may reduce the contracting costs associated with compensation policies.

This is the first study that examines the influence of governance on dividend policy using the CGRs developed by the WHK Horwath/University of Newcastle. Findings are robust and account for unobserved heterogeneity as random effects panel models are employed.

The forest products processing industry is a key component of the forestry economy, and the level of companies’ operating efficiency directly affects its profitability and market competitiveness.

In order to deeply study the operation status of forest product processing industry, this paper takes the panel data of 70 listed forest product processing companies from 2015 to 2022 as the basis, and adopts BBC, CCR and DEA-Malmquist models to measure the operating efficiency of these companies. Meanwhile, the Tobit model is applied to deeply explore the impact of innovation input on operating efficiency.

The results of the paper show that: (1) the overall operating efficiency of listed forest product processing companies performs well, and the improvement of technology level promotes the growth of total factor productivity; (2) innovation input plays a significant positive role in listed forest product processing companies, which positively affects the operating efficiency.

A scientific and reasonable evaluation of the operating efficiency of listed forest product companies is of great practical significance to the development of the forestry industry The study of forest product processing industry is of key significance to the social economy.

This paper explores the improvement of production and operation efficiency of forest products processing enterprises for the purpose of in-depth analysis of the current situation of China's forest products processing enterprises, which is conducive to improving the innovation and operation efficiency of China's forest products processing enterprises, and realizing the high-quality development of China's forest products processing industry.

This paper aims to investigate bank-specific determinants affecting the dividend policy of commercial banks listed in the Middle East and North Africa (MENA) region countries.

The study uses pooled and panel tobit and logit regression analyses based on 16-year unbalanced data with 1,593 firm-year observations collecting from 117 commercial banks listed in 11 MENA countries.

The results indicated that the main bank-specific factors affecting dividend payment decisions are bank size, profitability, capital adequacy, credit risk and bank age in the context of the MENA emerging markets. In addition, the analysis showed that the yearly dummy for the global financial crisis (2008–2009) has a significant negative effect, while the yearly dummy for the Arabic spring crisis (2010–2011) has no significant effect on the dividend payment decision of banks listed in the MENA region. Furthermore, the growth opportunity is not one of the key factors affecting dividend policies by banks in MENA emerging markets. Considering this information, it is reasonable to conclude that MENA region banks’ dividend decisions follow investment decisions. In other words, the dividend decisions and investment decisions are independent of each other. The findings support theories (hypotheses) of dividends such as residual, signalling, regulatory pressures, transaction cost and lifecycle.

This study is restricted to a sample of one type of financial firm, conventional commercial banks listed in the MENA markets because of the problem of missing data and limited information on other financial firms for the same period, particularly Islamic banks. Moreover, the focus of this study was on factors that are considered bank fundamentals. However, ownership variables were not included in the study because of unavailability.

The results of this study have several important implications for banks’ dividend policymakers, regulators, analysts and investors. Dividend policymakers in MENA emerging markets seem to use residual dividend policy, in which they distribute dividends according to what is left over after all acceptable investment opportunities have been undertaken. These inconsistent, unstable dividend policy trends make it difficult for investors to predict future dividend decisions. Further, this practise may convey information to shareholders about a lack of positive future investment opportunities. This may negatively affect the share value of banks. Acquiring a broad understanding of the dividend behaviour of MENA banks enables regulators to take more effective regulatory actions to protect shareholders and depositors. Finally, the results of this study can help analysts and investors build their dividends predictions and investment strategies.

The banking sector plays a disproportionately large role in the development of emerging economies. Therefore, this study is one of the first to examine a large cross-country sample of MENA banks (117) for an extensive period (2000–2015). The study includes both the Global financial crisis and Arab uprising periods, including after the liberalization and recent economic reforms and structural changes in financial sectors across MENA countries.

This paper aims to employ data envelopment analysis (DEA) models to evaluate the efficiency level and the change of efficiency of the hotel industry in major Chinese cities from 2001 to 2011. The study also aims to investigate the determinants of this efficiency.

The DEA models were used to calibrate the scores of technical efficiency, pure technical efficiency and scale efficiency in each city, and the Malmquist productivity index was introduced to trace the efficiency change. Furthermore, the panel Tobit and linear regression models were applied to look into various factors contributing to efficiency scores.

The inefficiency of the hotel industry generally comes from the pure technical inefficiency. Moreover, the efficiency of the hotel industry has been considerably improved over the research period due to the change in technical efficiency. In addition, it was found that political hierarchy, degree of openness and level of tourism dependence help explain the cross-city differences in efficiency scores, whereas ownership structure dominantly contributes to the improvement of efficiency over time.

The benchmark analysis of efficiency is of great importance to cities with an unproductive hotel industry, as it helps them make critical adjustments towards the efficiency frontier.

This study represents one of the first studies to rigorously and systematically investigate the efficiency and efficiency change of the hotel industry in major Chinese cities and identify the possible factors explaining the efficiency score.