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This article provides an overview of the panel vector autoregressive models (VAR) used in macroeconomics and finance to study the dynamic relationships between heterogeneous assets, households, firms, sectors, and countries. We discuss what their distinctive features are, what they are used for, and how they can be derived from economic theory. We also describe how they are estimated and how shock identification is performed. We compare panel VAR models to other approaches used in the literature to estimate dynamic models involving heterogeneous units. Finally, we show how structural time variation can be dealt with.

We develop a framework for measuring and monitoring business cycles in real time. Following a long tradition in macroeconometrics, inference is based on a variety of indicators of economic activity, treated as imperfect measures of an underlying index of business cycle conditions. We extend existing approaches by permitting for heterogenous lead–lag patterns of the various indicators along the business cycles. The framework is well suited for high-frequency monitoring of current economic conditions in real time – nowcasting – since inference can be conducted in the presence of mixed frequency data and irregular patterns of data availability. Our assessment of the underlying index of business cycle conditions is accurate and more timely than popular alternatives, including the Chicago Fed National Activity Index (CFNAI). A formal real-time forecasting evaluation shows that the framework produces well-calibrated probability nowcasts that resemble the consensus assessment of the Survey of Professional Forecasters.

This study aims to investigate the relationship between remuneration packages [chief executive officer (CEO) and director] and independent corporate social responsibility (CSR) practices (marketplace, environment, community, workplace and money spent on CSR) of 588 Malaysian listed firms during 2006–2017. Further, the study explored the moderating effect of board gender diversity on the remuneration-CSR nexus.

The dynamic estimator; namely, the system generalized method of moments given by Arellano and Bover (1995) has been used on the data set to control dynamic endogeneity, unobserved heterogeneity and simultaneity problems.

Findings indicate a weak relationship between remuneration and CSR where prior CEO remuneration negatively influences marketplace activities, environment-related activities and workplace practices. However, directors’ remuneration leaves no effect on socially responsible activities. Moreover, board gender diversity negatively moderates the CEO remuneration-CSR relationship and an insignificant moderating effect has been observed for directors’ remuneration-CSR nexus.

This study is particularly significant for regulatory bodies of Malaysia e.g. Securities Commission Malaysia, Bursa Malaysia, policymakers, investors and managers. For academia, this study fetches support from agency theory and overinvestment hypothesis to explain the relationships.

This paper is novel in providing empirical evidence on the moderating effect of board gender diversity on the relationship between remuneration and independent CSR activities for the first time. Moreover, this study has sourced several theoretical and practical implications. Then, the study uses a dynamic estimator that caters to the problems of endogeneity, simultaneity and heterogeneity.

The purpose of this paper is to estimate empirically and by empirical means, the empirical effect of the balance sheet management at the zero lower bound on the interest rate on performance and financial variables.

The paper has an empirical approach to examine whether the movement in the balance sheet has had a spillover effect on the performance and financial variable. The empirical method used is a “structural panel management,” being appropriate for the analysis. This has never been used in strategic and management development.

The paper presents the following interesting results: the balance sheet management explains a significant portion of the changes in performance and financial variable during the non-conventional strategy approach; the performance fundamentals as the development and the opening of the financial market deal with the heterogeneity of the business in relation to the responses of the balance sheet shocks; the positive advantage of the balance sheet management may not be profitable in context characterized by low liquidity, low exposure to global markets and low stability of performance fundamentals.

Based on a heterogeneous structural panel data management over a sample spanning the balance sheet management model, the author find some evidence of small cross-border effects on the decline of long-term bond yield, an increase in performance, an increase in the stock market prices, local currency appreciation and increase in credit growth. Yet, the quantile responses show that there is substantial heterogeneity in the Asia pacific business market responses to the governance’s shocks over all response periods. Accordingly, the effects vary across Asia pacific market and are time-varying, depending on their performance fundamentals, exposure to global markets and financial market depth. The balance sheet management on performance and financial variables could be an excellent reference for future researches and practices in Schools of Management and Finances.

The purpose of this paper is to reveal and justify influential factors of dynamic capabilities on research organizations’ R&D and innovation performance.

Adoption of seminal D. Teece’s (1997) concept of dynamic capabilities and operationalized matrix of key performance indicators in the area of R&D and innovation allowed the construction of the strategic management model for research organizations, consequently tested by methods of statistical analysis.

The empirical findings reveal that there exists positive influence of the dynamic capabilities on research organizations’ R&D and innovation performance. Explicitly, sensing, seizing and re-configuring dimensions of dynamic capabilities have positive impact on R&D and innovation results; consequently, the peculiarities of their inter-dependencies are identified.

Delivered research is based on the investigation of Lithuanian research organizations’ dynamic capabilities and their impact on their R&D and innovation performance. Therefore, further research could be extended to foreign countries.

The model on management of research organization’s dynamic capabilities with the aim for better R&D and innovation performance is conceptualized and specified hereinafter. In the course of the research, constructed toolkit to eventually measure research organization’s R&D and innovation performance or use it as the set of key performance indicators in the benchmarking exercise is suggested.

The paper is one of the first to suggest novel application of dynamic capabilities’ view within the domain of research organizations.

The prime objective of this study is to investigate the moderating influence of executive and independent female directors on the relationship between remuneration packages (CEO and executive director) and socially responsible practices (marketplace, environment, community, workplace and money spent on CSR) of 483 Malaysian listed firms during 2006–2017.

The dynamic estimator, namely, system generalized method of moments (GMM) given by Blundell and Bond (1998) has been employed on the dataset to control dynamic endogeneity, unobserved heterogeneity and simultaneity problems.

Findings indicate that there is a significant relationship between remuneration patterns of CEOs and executive directors and socially responsible activities. In the same way, executive board gender diversity significantly, whereas independent board gender diversity insignificantly moderates the remuneration and CSR nexus.

This study is particularly significant for regulatory bodies of Malaysia, e.g. Securities Commission Malaysia, Bursa Malaysia, policy makers, investors and managers. For academia, this study fetches support from agency theory, stakeholder theory and upper echelons theory and presents integrated theoretical approach to be considered for future research.

This paper is unique in providing empirical evidence on the moderating effect of both executive and independent women directors on the relationship between remuneration patterns of CEOs and executive directors and independent CSR activities for the first time. Moreover, this study has sourced several theoretical and practical implications. And, the study employs dynamic estimator for precise and concrete results.

The purpose of this paper is to examine the relationship between corporate governance (CG) and microfinance institution (MFI) performance, using a dynamic panel generalised method of moments (GMM) estimator to mitigate the serious issues with endogeneity.

Inconsistent findings and a general lack of empirical results for the microfinance industry leave an unclear message regarding the impacts of CG on MFI performance, especially in emerging economies. The authors use GMM estimation techniques to examine whether CG has an influence on MFI performance.

This study confirms that the MFIs’ contemporaneous performance and CG characteristics are statistically significantly positively linked with their past performance. This study finds statistically significant governance effects on MFI performance, including the presence of international directors and/or donor representatives on the board, client representatives on the board, percentage of non-executive directors and the quality of the national governance system.

These findings provide some insights for policy-makers and practitioners to develop suitable policies and guidelines to streamline MFIs’ operations in emerging countries. Moreover, national and international investors and donors may use these finding as a benchmark for their investment and funding decisions.

This paper is the first to estimate the CG and performance relationship of MFIs in a dynamic framework by applying the GMM estimation method. This approach improves upon traditional estimation methods by controlling the likely sources of endogeneity. Further, this paper examines whether quality of national-level governance characteristics is related to performance measures of profitability and outreach of MFIs.

The chapter aims to examine the interrelationships between aviation and Asian inbound tourism demand to Australia. First, the chapter introduces key factors in the economics of tourism demand and the empirical work in assessing the aviation–tourism demand relations. Based on 2005–2016 annual time series data across 12 of Australia’s main Asian markets, a dynamic panel regression model is applied to empirically examine the factors influencing tourism demand including exchange rates and disposable income. Using a generalized method of moments approach, the study accounts for the endogenous relations between levels of international air services availability (proxied by seat capacity) and tourism demand. The results suggest, on average, the generative effect of aviation exists albeit with small magnitude (0.1–0.5% increase in tourism demand per 100,000 additional seat capacity). The chapter concludes with a discussion on the shifting inbound tourism balance toward Asia and the implications for aviation policy to meet the high Asian tourism growth targets.

The purpose of this paper is to show the complexity in dealing with climate change adaptation at the local level, and to show how social and institutional factors in addition to the ecological challenges contribute to that complexity.

This paper examines four institutional climate change activities and reveals how institutions currently address climate change, and how the Sherpas are involved in the process. It draws on three sorts of material: the interviews and observations conducted during my field research in 2010 and 2011; my personal experiences as a Sherpa woman; my recent participation in Sherpa face-to-face and online communities.

Organizing institutional climate change activities to draw international attention alone are not sufficient to address climate change adaptation issues. Communities at the local level cannot be assumed to be homogeneous entities. Institutional climate change adaptation efforts cannot assume that by reaching out to a few individuals in the region they will benefit the whole. Institutional activities have increased receptivity to scientific climate change knowledge, but it has also increased fear of an impending doom, and anger over the continuous discussion of climate change without concrete actions.

Future research in the Everest region should include residents from all ethnic groups considering their historical contacts and interactions.

It is crucial that not only the Sherpa agency (or lack of agency) or understandings are examined but the institutional engagements and delivery are also assessed to practically, effectively, and sustainably address the challenges of climate change adaptation.

In today’s turbulent environment, it is important that companies effectively leverage resources available both in-house and in their interorganizational ties. The purpose of this study is to focus on technology as a key resource and aims to analyse contextual factors of the relationship between the technological heterogeneity of suppliers and the buyer firm’s short- and long-term performance in a dynamic approach.

This paper applies a mixed-method approach. The theoretical model has been developed based on extant literature, validated by a workshop with practitioners, and tested using structural equation modelling on a sample of 157 companies.

Suppliers’ technological heterogeneity has a significant positive effect on both the buyer’s actual business performance and its research and development capability. Business performance captures the short term, while the long-term performance implications of heterogeneity are understood as a precondition for future, technology-based competitiveness. The results show that both short- and long-term consequences are mediated by the buyer’s supply chain management efforts (SCMEs), while the relationship between technological heterogeneity and these efforts is moderated by the buyer’s networking capability (NC).

This study provides the first evidence of potential long-term positive performance consequences of technologically heterogeneous suppliers. Additionally, it develops new insights into how the internal abilities of the focal firm might facilitate or hinder the positive implications of such heterogeneity. Specifically, the role of the buyer’s SCMEs and its NC is analysed. Industry-specific analyses offer new opportunities for future scholarship and future studies could extend research with other contextual factors.

Managers at different levels of the buyer firm should be aware of the organizational capabilities through which they can leverage the potential embedded in technologically heterogeneous suppliers. The results contribute to this understanding, which is especially important when a change in the environment (and the consequent changes in the level of technological heterogeneity) is constant.

This paper reflects on an important critique of the extant literature by applying a dynamic approach. Dynamization is twofold. Firstly, this study does not limit empirical analysis to short-term performance consequences. Secondly, this study discusses contextual factors that capture some aspects of the buyer’s ability to dynamically adapt to the changing environment. SCMEs align the supply chain of the buyer along customer requirements that change over time, while the NC is responsible for the ongoing reconfiguration of the supplier’s base.