Search results

This study seeks to examine the extent to which strands of inflationary related conditions (inflation expectations, inflation uncertainty and realized inflation); macroeconomic uncertainty and the likelihood of recessionary conditions influence performance indicators in the US banking sector over a specified time period.

The study adopts seemingly unrelated regression model (SUR) advanced by Zellner (1962) in its examination of how specific strands of inflationary conditions, and other adverse macroeconomic conditions influence performance dynamics in the US banking sector.

Empirical evidence suggest that among various adverse macroeconomic conditions examined, inflation expectations and macroeconomic uncertainty tend to have significant constraining impact on key performance indicators in the US banking sector than other conditions examined. Comparatively, this study finds that inflation expectations and macroeconomic uncertainty tend to have much more constraining impact on return on equity, than on return on assets in the US banking sector. Results further suggest that among the three bank performance indicators examined, net interest margin is the least vulnerable bank performance indicator to various adverse macroeconomic conditions examined in the study.

Apart from the various empirical results noted above, this study's findings are projected to help inform strategic planning decisions among institutions in the banking sector. The various findings could, for instance, inform policies and operational strategies geared toward reducing vulnerability associated with specific performance indicators such as return on equity. This reduction could be achieved by critically examining how the various performance indicators react to individual adverse macroeconomic conditions examined in this study. The process could ultimately help in developing tailored measures/procedures aimed at reducing how susceptible key performance indicators are to the various adverse macroeconomic conditions. This study's findings could also provide the platform for more adaptive policies aimed at minimizing the effects of noted macroeconomic conditions on operational efficiency in the banking sector.

The uniqueness of this study, compared to related ones found in the literature, stems from its treatment of three variant of related strands of macroeconomic condition (different variant of inflationary conditions) in the same framework in its empirical analysis.

本研究旨在探討與通貨膨脹有關的狀況的組成部分(通脹預期 、通脹不確定性及體現了的通脹), 宏觀經濟不確定性及經濟衰退狀況的可能性、在一段特定時間內對美國銀行業的表現指數有何種程度的影響。

研究採用塞爾納 (Zellner) (1962) 提出的看似無關迴歸模型 (SUR)，去探討通脹狀況的特定組成部分及其它不利的宏觀經濟狀況如何影響美國銀行業內的績效動態。

實證證據暗示在被研究的各個不利宏觀經濟狀況中，通脹預期及宏觀經濟不確定性，對美國銀行業內的主要業績指標的約束影響, 與其它被探討的狀況相比，往往會較重大。相對地、本研究結果顯示通脹預期及宏觀經濟不確定性，對美國銀行業資本回報率的約束影響、往往遠多於資產收益率。研究結果進一步顯示，在被探討的三個銀行業績指標中，就本研究所探討的各個不利的宏觀經濟狀況而言，淨息差是脆弱性最小的銀行業績指標。

除了上述各實證結果外，本研究結果預期會給銀行業內機構間作戰略規劃的決定時提供資料，譬如，各項研究結果或可在制定旨在減少與特定業績指標如資本回報率相聯繫的脆弱性的政策和經營策略時提供資料。這脆弱性的減少，是透過嚴謹地研究各個業績指標，如何對在本研究中被探討的個別不利宏觀經濟狀況作出反應而達致的。這程序或許最終會幫助建立一個以減少各個不利宏觀經濟狀況對主要業績指標的影響為目的的量身定制措施／程序。本研究的結果，或許亦可為更多旨在減弱眾所周知的宏觀經濟狀況對銀行業運營效率的影響的適應性政策提供平台。

與文獻中可見的相關研究比較，本研究的獨特性源於其實證分析，是涉及在同一個構架內處理宏觀經濟狀況相互有關的組成部分的三個變體 (通脹狀況的不同變體) 。

This paper aims to explore various factors associated with radio frequency identification (RFID) adoption with quantitative meta-analysis. More specifically, this paper attempts to measure key variables of RFID adoption derived from Rogers’ innovation theory and further examines how state intervention influences the process of RFID adoption. First, this paper compares, relying on a meta-analysis, various mean effect sizes among technological, organizational and environmental factors (i.e. government-driven policies) that Rogers suggested in his innovation model.

In mean effect size analysis, this paper finds that the technological factor is the most powerful factor that affects the RFID adoption. The technological factor is statistically significant across all regions, including North America, Europe and Asia. The organizational factor is significant only in developing countries like Southeast Asian countries and East Asian countries. Environmental factors like government intervention for facilitating RFID adoption are strong enough only in Southeast Asia and Europe.

This paper finds that government’s supportive policy is more effective in Europe but not in America, while external pressure is still more effective in Southeast Asia. These results implicate that developmentalism or government-driven policy can be effective not only in developing countries but also in the case of developed countries. In addition, this paper conducts a seemingly unrelated regression (SUR) analysis based on Fisher’s standardized score.

In SUR analysis, this paper finds that the correlations between RFID adoption intention and three innovation factors vary across industrial areas. More specifically, the manufacturing area shows negative moderating effect on all three equations where correlations between Rogers’ innovation factors and RFID adoption intention are meta-dependent variables. Also, RFID adoption is accelerated when the size of the firm is large or the location of the firm is in Southeast Asia. This result implicates that the aspect of technology adoption can be changed by region and type of industry.

In this paper, we examine whether fund market reactions are affected by the characteristics of categorized features of fund. To investigate the goal of the paper, we consider macroeconomic factors as well as financial characters. We classify fund flow into four groups depending upon type of fund and fund characters to determine which category is better to increase fund flow for capital market after these financial occurrence. In this regard, our research suggests important evidence about the effect of financial factor on fund flow with a case of an detailed situation in Emerging market. In order to test the hypothesis, we use seemingly unrelated regression (SUR) model to choose significant factors among various types of fund market-related changes. Our sample consisted of fund flows from 2006 to 2016 collected by Korean Financial Association and Bank of Korea. The empirical results are summarized as follows : First, we find that capital market index, exchange rate affect fund flows with time-lagged value changes. Second, the stock index fund and banking sector fund sales show strong positive relations with the fund flow changes. Third, values of the fund flow are significantly related with fund sales by asset management’s affiliated financial institution. These results are consistent with the hypotheses that the increase and decrease in the fund flows due to capital market situation are more pronounced as the financial factors fit. Our results suggest that it is necessary to consider the fundamental characteristics of fund flow changes as well as the external economic environment to get a more efficient market performance and supervision.

This paper aims to explore the effects of a surge in tourism short-term rentals (STR) on housing prices in municipalities within Portugal’s two largest Metropolitan Statistical Areas.

This study applies the difference-in-differences (DiD) methodology by using a feasible generalized least squares (FGLS) estimator in a seemingly unrelated regression (SUR) equation model.

The results show that the liberalization of STR had a significant impact on housing prices in municipalities where a higher percentage of housing was transferred to tourism. This transfer led to a leftward shift in the housing supply and a consequent increase in housing prices. These price increases are much higher than those found in previous studies on the same subject. The authors also found that municipalities with more STR had low housing elasticities, which indicates that adjustments to the transfer of real estate from housing to tourism were made by increasing house prices, and not by increasing supply quantities.

The study suggests that an unforeseen consequence of allowing property owners to transfer the use of real estate from housing to other services (namely, tourism) was extreme housing price increases due to inelastic housing supply.

This is the first time that the DiD methodology has been applied in real estate markets using FGLS in a SUR equation model and the authors show that it produces more precise estimates than the baseline OLS FE. The authors also find evidence of a supply shock provoked by STR.

The purpose of this paper is to investigate the simultaneous relationship among ownership concentration, innovation and firm performance of the small- and medium-sized enterprises (SMEs) in Vietnam during the 2011–2015. By employing a Conditional Mixed Process (CMP) model, the findings show that: there is no impact of ownership concentration on innovation, but it has a positive impact on sales growth; innovation positively affects firm performance; and there exists a positively reverse causality from sales growth to innovation.

In this study, the authors propose the adaption of CMP model (Roodman, 2011). The nature of the first stage dependent variable – Innovation – is a binary one while the dependent variable Performance is continuous. Therefore, a model that can adapt the binary nature of the dependent variable and perform the estimation of a system of equations such as CMP model is preferred. The CMP framework is substantially that of seemingly unrelated regression, but with application in a larger scope. This approach is based on a “simulated maximum likelihood method” suggested by Geweke–Hajivassiliou–Keane algorithm.

By applying CMP method, this study examines the simultaneous relationship among ownership concentration, innovation and firm performance of the SMEs in Vietnam from 2011 to 2015. The findings indicate that: there is no impact of ownership concentration on innovation, but it has a positive impact on sales growth; innovation positively affects firm performance; and there exists a positively reverse causality from sales growth to innovation.

In spite of the efforts to explore the simultaneous relationship among ownership concentration, innovation and firm performance of the SMEs in Vietnam, the study still has some limitations which are promising further research directions. First, the SME surveys by Central Institute for Economic Management do not have much information about other types of ownership including state-owned and foreign ownership. Therefore, possible further studies with richer data sets may explore the impacts of different types of ownership on firm innovation and performance. Second, other types of innovation such as organizational innovation, marketing innovation can also be investigated in further studies in a richer data set for the case of Vietnam SMEs.

The findings show that: there is no impact of ownership concentration on innovation, but it has a positive impact on sales growth; innovation positively affects firm performance; and there exists a positively reverse causality from sales growth to innovation. The policy implications insist on facilitating SMEs with easier access to capital via loans with preferred interest or trust loans without collateral, training programs for the labor force and SME leaders, and reduction of unnecessary administrative procedure.