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Book part
Publication date: 29 December 2016

Hanh Thi My Phan and Kevin Daly

This study aims to investigate both market concentration and bank competition of banking across six emerging Asian countries (e.g., Bangladesh, Indonesia, India…

Abstract

This study aims to investigate both market concentration and bank competition of banking across six emerging Asian countries (e.g., Bangladesh, Indonesia, India, Philippines, Malaysia, and Vietnam) over pre and post the 2008 global financial crisis. The conduct parameter approach following the framework suggested by Uchida and Tsutsui (2005) is used to estimate bank competition in these countries. The study employs both seemingly unrelated regression (SUR) and three-stage least squares (3SLS) to estimate simultaneously the system of equations in our model. Generally we find a negative association between market concentration and bank competition across most of the countries in the study suggesting that banks in concentrated markets collude to generate higher profits. Monopolistic competition was the best description of competitive structure of banking across the majority of countries investigated by this study. The study fills the gap in the banking literature by investigating bank competition, concentration, and their relationship across emerging Asian economies over the 2008 global financial crisis. Moreover, several policy implications for banking industry are suggested.

Details

Risk Management in Emerging Markets
Type: Book
ISBN: 978-1-78635-451-8

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Article
Publication date: 1 June 2000

Vasanthakumar N. Bhat

Maintenance expenditures represent more than net profits of several manufacturing companies. Maintenance costs are easy to reduce in a year simply by deferring maintenance…

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Abstract

Maintenance expenditures represent more than net profits of several manufacturing companies. Maintenance costs are easy to reduce in a year simply by deferring maintenance activities. Examines maintenance expenditures of US chemical companies from 1975 to 1991. Uses a nonlinear model based on seemingly unrelated regression analysis to identify various factors that influence the expenditures. Uses the ratios of maintenance spending to cost of property, plant and equipment, and buildings (gross plant), cost of property, plant and equipment, and buildings minus accumulated depreciation (net plant) and cost of goods sold as dependent variables. Shows that the age of property, plant and equipment, and buildings, company size, and return on assets have significant influence on the maintenance expenditures. The leverage ratios adversely affect the ratios of maintenance costs to gross plant and net plant.

Details

Journal of Quality in Maintenance Engineering, vol. 6 no. 2
Type: Research Article
ISSN: 1355-2511

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Article
Publication date: 8 January 2021

Richard Kwasi Bannor, Mohit Sharma and Helena Oppong-Kyeremeh

The study attempted to assess the food security status of urban agriculture households in Ghana and India. Also, the extent of urban agriculture participation and its…

Abstract

Purpose

The study attempted to assess the food security status of urban agriculture households in Ghana and India. Also, the extent of urban agriculture participation and its effect on food security in Ghana and India were examined.

Design/methodology/approach

A total of 650 urban agriculture farmers were interviewed for this study in Ghana and India. Food security status of urban households was assessed by the use of the Household Food Insecurity Access Scale, whereas the determinants of the extent of urban agriculture and its effect on food security were analysed by the use of the heteroskedastic linear regression and the Seemingly Unrelated Regression models, respectively.

Findings

From the study on average, households in Ghana were mildly food insecure, but that of India was moderately food insecure. The results further revealed that various demographic, economic, institutional and health and nutrition factors differently influenced urban food security and urban agriculture. Also, the extent of urban agriculture participation positively influenced food security.

Originality/value

Several studies in Asia (India) and Africa (Ghana) on urban food security have been geographically limited to New Delhi, Mumbai and Greater Accra, with few studies in the Middle Belt of Ghana, and Bihar in India. Besides, there is a limited, rigorous, empirical study on the effect of the extent of UA on food security in Asia (India) and Africa (Ghana) individually and together. Moreover, we extend the frontiers of the methodological approach by applying the Seemingly Unrelated Regression (SUR) model to understand if the factors that affect food-security accessibility based on two food security accessibility tools are correlated.

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International Journal of Social Economics, vol. 48 no. 3
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 28 September 2020

Ken B. Cyree

This study investigates the relation of bank loan delinquencies to Fed Survey delinquency data from 2003 to 2017. Bank-generated loans have lower delinquencies than all…

Abstract

Purpose

This study investigates the relation of bank loan delinquencies to Fed Survey delinquency data from 2003 to 2017. Bank-generated loans have lower delinquencies than all Fed Survey loan types. Survey mortgage and auto loan delinquencies are positively related to bank loan delinquencies indicating complimentary delinquency decisions for borrowers. Conversely, student loans delinquencies are negatively related to bank loans, consistent with borrowers substituting student loan payments for bank debt for the entire sample period. Student loan delinquencies are negatively related to per-capita bankruptcy, and all other types of debt have a positive relation. The relation between Fed Survey loan delinquencies and bank-generated loan delinquencies is time varying and changed after the financial crisis in 2008.

Design/methodology/approach

Seemingly Unrelated Regression is used to study delinquencies for three bank loan types and whether or not they are related to Fed Survey loan delinquencies. The sample is split into pre-financial crisis before 2008 and post-crisis after 2008.

Findings

Seemingly Unrelated Regression (SUR) results show that bank delinquencies for second mortgages and “Other” loan types are consistently complementary to Fed Survey mortgage loan delinquencies. Fed Survey auto loans delinquencies are also consistent with a complimentary relation, and these results are largely driven by the relation after the financial crisis of 2008 since pre-crisis regression results are not significant for every dependent variable. Credit card loan delinquencies have a negative and substitute relation with bank-generated first mortgage loan delinquencies prior to the crisis in 2008, and with bank-generated second mortgages after the crisis. Conversely, student loan delinquencies from the Fed Survey are negatively and significantly related to bank mortgages for the entire sample period, but only with bank-generated first mortgages after 2008. The student loan delinquency results are consistent with income smoothing, on average, although this is not explicitly tested at the micro level since this study uses macro-level data and not borrower-specific data. These findings are also consistent with conventional wisdom that student loans provide “financial slack” and borrower flexibility.

Research limitations/implications

A limiting factor is this study uses macro-level data and not borrower-specific data.

Practical implications

Empirical findings are consistent with prior research that student loans provide income smoothing and “financial slack,” and borrowers with payment challenges will pay other debt before student loans.

Social implications

Borrowers in financial trouble tend to be delinquent for all debt, and more so for student debt.

Originality/value

To investigate whether Fed Survey delinquencies of auto loans, first mortgages, student loans and credit card loans from all sources have complementary or substitution effects with bank debt at a macro level. The study investigates whether bank debt follows “market trends” as a complementary effect, or if bank debt has a negative relation to other debt indicating a substitution effect.

Details

Managerial Finance, vol. 47 no. 3
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 16 November 2016

Roberto Fantozzi

The tax evasion phenomenon affects the economic systems of European countries in different ways. The literature shows that individuals provide biased information both to…

Abstract

The tax evasion phenomenon affects the economic systems of European countries in different ways. The literature shows that individuals provide biased information both to administrative agencies and household surveys. The effects of tax evasion could thus influence the income inequality computed in official statistics.

In this paper, I investigate whether tax evasion generates a bias when inequality indices are computed using household survey data. To achieve this, I apply a parametric model of the Dagum type (three parameters) on the gross personal income of 27 European countries, distinguishing between the self-employed and employees. Subsequently, the parameters computed in the model are used as dependent variables in seemingly unrelated regressions.

I find that for the self-employed, tax evasion tends to reduce inequality as measured by regular wage statistics. Thus, the results reveal that tax evasion distorts inequality indices, generating an underground inequality.

Details

Inequality after the 20th Century: Papers from the Sixth ECINEQ Meeting
Type: Book
ISBN: 978-1-78560-993-0

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Article
Publication date: 1 March 1996

M. Kabir Hassan and William H. Sackley

This study examines the stock market reactions to an involuntary adjustment to loan‐loss reserves by the write‐downs of Argentinean loans by major banks with Argentinean…

Abstract

This study examines the stock market reactions to an involuntary adjustment to loan‐loss reserves by the write‐downs of Argentinean loans by major banks with Argentinean loan exposure. This event has escaped investigation in the empirical literature of the LDC debt crisis. A seemingly unrelated regression study, rather than a Brown and Warner (1980) event study, is employed to investigate two pairs of hypotheses, namely the new‐information vs. information‐leakage hypothesis and the rational‐pricing vs. investor‐contagion hypothesis, using daily stock market data. Sample banks are grouped into three portfolios (highly exposed multinational banks, mildly exposed regional wholesale banks and unexposed or nominally exposed regional consumer banks) to test the investor‐contagion effect. The results indicate that the stock market adjusts quickly to new information, thereby providing evidence of semi‐strong‐form market efficiency. Unlike previous research, this research finds strong evidence for an investor‐contagion effect.

Details

Managerial Finance, vol. 22 no. 3
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 5 June 2020

Moeti Damane and Imtiaz Sifat

This paper sets out to investigate whether the four members of the common monetary area (CMA) regime experience similar inflation-unemployment dynamics as explained by the…

Abstract

Purpose

This paper sets out to investigate whether the four members of the common monetary area (CMA) regime experience similar inflation-unemployment dynamics as explained by the Phillips Curve phenomenon.

Design/methodology/approach

This study uses a combination of seemingly unrelated regression (SUR) and Copula based marginal regression techniques to investigate existence of a common Phillips curve (PC) between members of the CMA. Model estimation was done using country specific annual time series data for inflation, unemployment and imports spanning from 1980 to 2014.

Findings

We find evidence of contemporaneous correlation between the residuals of individual CMA PC equations and a statistically significant trade-off between inflation and unemployment for all CMA countries. Wald test results of cross-equation restrictions reveal a 9.94% chance of a common unemployment coefficient for CMA countries.

Originality/value

Together, the results of the SUR and Gaussian Copula techniques provide mixed and inconclusive evidence to support the existence of a common PC among CMA member states. This study is the first of its kind in examining this phenomenon for currency board regimes like CMA, and one of the very few among emerging market economies.

Details

Journal of Economic Studies, vol. 47 no. 6
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 23 June 2016

Bao Yong, Fan Yanqin, Su Liangjun and Zinde-Walsh Victoria

This paper examines Aman Ullah’s contributions to robust inference, finite sample econometrics, nonparametrics and semiparametrics, and panel and spatial models. His early…

Abstract

This paper examines Aman Ullah’s contributions to robust inference, finite sample econometrics, nonparametrics and semiparametrics, and panel and spatial models. His early works on robust inference and finite sample theory were mostly motivated by his thesis advisor, Professor Anirudh Lal Nagar. They eventually led to his most original rethinking of many statistics and econometrics models that developed into the monograph Finite Sample Econometrics published in 2004. His desire to relax distributional and functional-form assumptions lead him in the direction of nonparametric estimation and he summarized his views in his most influential textbook Nonparametric Econometrics (with Adrian Pagan) published in 1999 that has influenced a whole generation of econometricians. His innovative contributions in the areas of seemingly unrelated regressions, parametric, semiparametric and nonparametric panel data models, and spatial models have also inspired a larger literature on nonparametric and semiparametric estimation and inference and spurred on research in robust estimation and inference in these and related areas.

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Article
Publication date: 29 March 2013

Darush Yazdanfar

The purpose of this paper is to investigate the variables affecting firm profitability, applying the seemingly unrelated regression method to a large sample of…

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Abstract

Purpose

The purpose of this paper is to investigate the variables affecting firm profitability, applying the seemingly unrelated regression method to a large sample of approximately 87,000 observations covering 12,530 non‐financial micro firms operating in four industry sectors, from 2006 to 2007.

Design/methodology/approach

The study considers profitability determinants at the firm as well as industry affiliation levels in examining hypotheses developed from resource‐based approaches. Seemingly unrelated regression (SUR) was used to detect the combination of variables that best estimated the impact of the explanatory variables on the dependent variable.

Findings

The findings indicate that while firm size, lagged profitability, growth, and productivity positively influence profitability, firm age and industry affiliation negatively influence it. The empirical results suggest that productivity is the most significant determinant of profitability. These results are fairly robust across the various industry sectors covered in the study and are largely consistent with the hypotheses developed from the resource‐based approach.

Research limitations/implications

The current study addresses an issue that is relevant to various stakeholders, including managers, investors, and debtholders, and may facilitate further research in similar areas of small business studies.

Practical implications

The question of what factors determine profitability should accordingly be one of high priority for both researchers and practitioners, including managers, investors, debt holders, and policy makers.

Originality/value

Most of previous studies of profitability determinants were actually performed in the industrial organization discipline. This study examines the impact of internal determinants including firm size, age, and sector on firm profitability from a managerial perspective. Unlike the other approaches, this approach suggests that firm performance is mainly determined by internal rather than external variables.

Details

International Journal of Managerial Finance, vol. 9 no. 2
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 4 May 2012

Khaled Samaha, Khaled Dahawy, Ahmed Abdel‐Meguid and Sara Abdallah

The purpose of this study is to examine the impact of corporate governance attributes of listed Egyptian companies on the propensity (adoption) and comprehensiveness…

Abstract

Purpose

The purpose of this study is to examine the impact of corporate governance attributes of listed Egyptian companies on the propensity (adoption) and comprehensiveness (quality) of corporate internet reporting (CIR) practices.

Design/methodology/approach

This study uses archival data from the largest (top) 100 listed companies on the Egyptian Stock Exchange (EGX 100). Corporate governance attributes are captured by ownership structure (free float, managerial ownership, government ownership) and board of directors' structure (board size, board independence, CEO‐chair duality). Empirical models are used to estimate the effects of these attributes on the propensity, content, presentation, and overall comprehensiveness of CIR.

Findings

The results of this study indicate mixed effects of governance attributes on the choice to adopt CIR and its quality. The results from the Binary Logistic Regression suggest that Egyptian companies with greater (less) ownership dispersion, managerial ownership, governmental ownership, and (board independence) are more likely to adopt CIR. On the other hand – and as revealed by the seemingly unrelated regressions – among CIR companies those with greater (less) ownership dispersion, board size (governmental ownership), and (board independence) have more comprehensive CIR.

Originality/value

This study extends the relatively limited research on the effects of corporate governance and CIR in emerging markets. The study contributes to this literature by demonstrating how corporate governance attributes affects the choice to adopt CIR disclosure practices and the level of its quality in an emerging market such as Egypt.

Details

International Journal of Accounting & Information Management, vol. 20 no. 2
Type: Research Article
ISSN: 1834-7649

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