Sequential coding of maternal sensitivity: application of nonlinear dynamic analyses and reliability

Quality & Quantity - In infant development, maternal sensitivity is a central construct in the study of the processes involved in the caregiver-infant relationship and child attachment. The...     

Corporate financial distress: The case of publicly listed firms in an emerging market economy

Occurrences of financial distress (FD) are not readily obvious yet can span several periods. This paper examines episodes of FD using industry‐relative (IR) firm‐/ accounting‐, market‐ and macro‐level information. Mixed logit regressions reveal that firm‐ and market‐based measures, as well as macro‐level variables explain the likelihood of FD in 263 publicly listed non‐banking firms in the Philippines during the period 1995 to 2018. Rates of identification of firms in financial distressed states of close to 69 percent are obtained at a cutoff probability of 0.30 in the model with time‐varying intercept and slope. This study shows the importance of recognizing heterogeneous firm behavior. The ability to more accurately predict the probability of FD and to determine the financial health of firms can help financial institutions in allocating funds and policy makers in predicting crises episodes.     

低水分活度的预包装食品中菌落总数复查的研究

为了探讨食品抽检中菌落总数指标复检的可能性,通过对水活度较低的预包装食品乳粉、营养米粉、燕麦片、膨化食品、蜂蜜进行菌落总数测定,对低水分活度预包装食品菌落总数指标的稳定性进行分析。结果表明,同一批次、同一储存条件的未开封预包装食品在不同保存周期内菌落总数在统计学上无显著差异,本研究结果可为低水分活度预包装菌落总数的复查可行性提供参考依据。     

财税政策、工农业分工与农业生产率——理论分析与经验证据

本文基于动态分工演进,以自给自足的自然经济为起点,将秩序服务和财税政策纳入一个理论框架,结合超边际决策分析和一般均衡分析,考察在此过程中各个经济人的最优决策在市场上相互作用而内生的各种变化,揭示了财税政策作用于工农业分工和农业生产率的内在机制。然后,使用中国改革开放以来的数据对相关结论进行实证检验。模型分析表明,政府财税政策的实施在促进工农业分工水平提高的情况下,会扩大粮食生产的迂回化经济程度,进而推动粮食部门的农地生产率提升。就长期而言,单位面积的财政支农支出对农地生产率的提高有显著正向影响,在其他农业生产要素既定情况下,单位面积的财政支农支出每增加1%,农地生产率增加3.23%;从短期来看,单位面积财政支农支出对农地生产率的作用较弱,但在反向修正机制的作用下,最终会达到有效提高农地生产率的长期稳定均衡。另外,财政支农支出的增加促进了分工水平的提高,而分工水平的提高又推动了农业生产率的提升。     

绿色全要素生产率的区域差异与动态演化

文章基于2001-2017年中国大陆30个省份的面板数据,综合运用SBM-DEA模型、dagum基尼系数和马尔科夫链等多种方法,对中国绿色全要素生产率的区域差异与动态演化进行了分析.研究发现:中国绿色全要素生产率整体呈波动上升趋势,存在显著的非均衡特征且随着时间的推移明显加剧;区域间差异与超变密度差异是绿色全要素生产率差异的主要来源;中国区域绿色全要素生产率各种状态间的流动性较高.最后,研究从推进区域一体化战略,加强落后地区的基础设施建设及提高企业的信息化能力等方面提出缩小绿色全要素生产率差异的政策建议.     

Market reaction to supranational banking supervision in Europe: Do firm- and country-specific factors matter?

This paper investigates the financial market´s perception regarding the effectiveness of the Single Supervisory Mechanism in Europe. Do investors believe that centralized supervision adds value compared to multiple supervision? . Do they feel uncertain about the supervisory role of the ECB? To answer these questions, a sample of 118 European Banks has been used finding that whereas in early dates the market reaction was positive reflecting the expectation of greater stability, it turned negative at the time the scope of the supervision was limited to only a group of banks. As might be expected, the reaction is significantly more negative for the directly supervised entities, anticipating a different and more demanding style of supervision that could lead to higher cost. This negative wealth effect is intensified for banks with higher price-to-book ratios or those located in countries with more developed financial systems and better investor protection. However, solvency and productivity firm indicators or low levels of perceived corruption moderate it. This research not only highlights the doubts and uncertainty of investors about the final applications of the SSM, but it could be also useful for policy makers and regulators in order to achieve a more harmonized supervision that improves the credibility of the systems and promote financial stability.

     

The influence of entrepreneurs’ social referents on start-up size

This paper uses social comparison theory to explore the effect that the average size of established businesses at the regional (provincial) level may have on start-up size. It is argued that established entrepreneurs at the regional level become referents of new entrepreneurs, influencing not only the decision to become entrepreneurs but also the characteristics of the new venture, such as its initial size. Specifically, the greater the average size of established businesses at the provincial level, the bigger the start-up size of new ventures. This paper further considers how this effect is moderated by two key individual level variables: knowing an entrepreneur personally (i.e., close social referent), and being the owner and manager of an existing business (i.e., past entrepreneurial and managerial experience). Predictions are tested using data that combine individual- and provincial-level information in Spain over the period 2008–2014. The results show the positive relationship of the average size of established businesses on new venture start-up size, and that this effect decreases when the entrepreneurs have previous entrepreneurial experience.     

Growth machines and social movements in mature tourist destinations Costa del Sol-Málaga

Abstract

The purpose of this study is to analyse the new processes of tourism growth and its conflicts from the perspective of social movements. First, the urban growth machine analysis model is applied by the systematisation of six projects. Second, the resistance movements against those projects and whether this resistance could be the start of local tourism degrowth policies are examined. The methodology is qualitative, based on documentary analysis, participatory observation, discussion groups and interviews. The case study is the destination of Costa del Sol-Málaga. The results enable the development of the urban growth machine model in tourist destinations. Meanwhile, social movements demystify the argument based on neoclassical economic progress. The social movements condemn the effects of large-scale top-down projects, and implement alternative bottom-up proposals. Although the social movements do not reject tourism, they call for greater control over its impact, denounce unlimited growth, overtourism and the loss of urban quality of life. These movements advocate a lifestyle linked to the everyday space, which they believe is threatened by excessive urban-tourism growth. They are a symptom of the need to devise a proposal using the principles of degrowth.     

The impact of pre-announced day-to-day interventions on the Colombian exchange rate

Using cross-country cross-industry data, this paper explores how industry’s growth in number of firms in Central-East Europe (CEE) region is influenced by bank concentration in both the pre-crisis and crisis periods. The CEE region shows highly concentrated banking markets and less-developed financial markets; thus, the level of bank concentration and the resulting credit supply are crucial for firm creation and survival. Despite this, there is little evidence on these countries in the literature. Our empirical results suggest an inverted-U relationship: industry growth is fostered by bank concentration, but there is a turning point from which higher concentration begins producing the opposite effect. Moreover, the positive impact has a greater intensity during the crisis period compared to the pre-crisis period. Between sectors’ analysis shows that high-tech sectors are less reactive to changes in the concentration level.