Per capita output convergence across Asian countries: Evidence from covariate unit root test with an endogenous structural break

This study investigates long-run convergence of per capita output across ten Asian countries over 1960 to 2014 by taking advantage of possible economic growth determinants, which may be responsible for setting Asian countries on a long-term steady-state growth path. We simultaneously examine the presence of output convergence in the region, as well as the statistical significance of these economic growth determinants, by using a unit root test with a stationary covariate. In addition, the study allows for the presence of endogenous structural changes in the time series under investigation in order to capture sharp drops in per capita outputs, which may be brought about by influential economic events, such as serious economic slumps in domestic economies or the global financial crises in 1997–98 and 2008–09. The limiting distribution of the covariate unit root test that permits structural breaks is also derived. The results show significant evidence to support the convergence hypothesis. In particular, asymptotically absolute convergence holds among Hong Kong, Korea, Singapore, and Taiwan. In addition, Thailand shows a convergence tendency in terms of asymptotically relative convergence toward Singapore. Malaysia, Indonesia, and India also turn out to converge toward Hong Kong in an asymptotically relative sense. Certain potential growth determinants, such as the trade/GDP ratio, inflation rate, government expenditure/GDP ratio, and quality of human capital, may help these countries achieve and maintain the long-run convergence process toward the reference countries in the region.     

Does corporate diversification create value in emerging markets? New evidence from Chile

Using a sample of 85 Chilean firms listed in the Santiago Stock Exchange from 2005 to 2013, we analyze the impact of corporate diversification on firm value. We consider voting rights of the main shareholder and institutional investors’ influence on firm value. We report firm‐value destruction for diversified firms. Regarding ownership concentration, we report a negative relation between the largest shareholder ownership and firm value. Separation between voting rights and cash flows rights of this shareholder is negatively related to firm value. While Pension Fund Administrators (AFP) mitigate firm value destruction in diversified firms, other institutional investors do not play an active role in controlling value destruction. Finally, if the largest owner is a family, we report firm‐value creation in diversified firms. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.     

Bouncing Back from Extreme Weather Events: Some Preliminary Findings on Resilience Barriers Facing Small and Medium‐Sized Enterprises

Extreme weather events (EWEs) pose unprecedented threats to modern societies and represent a much‐debated issue strongly interlinked with current development policies. Small and medium‐sized enterprises (SMEs), which constitute a driving force of economic growth, employment and total value added, remain highly vulnerable to and ill prepared for such environmental perturbations. This study investigates barriers to SMEs’ resilience to EWEs in an attempt to shed light on enabling factors that can define effective organizational responses to non‐linear environmental stimuli. Relying on structural equation modeling and data gathered from 109 SMEs that recently experienced EWE impacts, we link the general concept of SMEs’ resilience barriers to EWEs with a series of elements to determine specific internal and external factors that contribute the most to EWE resilience. In particular, external barriers of institutional conditions and mechanisms of support and guidance as well as internal barriers of resources and managerial perceptions are found to be the most critical ones in determining resilience. The assessment offers essential research evidence for practitioners on SME management and sets forth linkages with current mechanisms for policy interventions towards an appropriate resilience agenda for SMEs. Copyright © 2018 John Wiley & Sons, Ltd and ERP Environment     

The major determinants of logistic performance in a global perspective: evidence from panel data analysis

The global logistics industry has grown significantly and logistics has become an important sector of the business economic system and a major global economic activity in recent years. Logistics activities accelerate economic and productivity growth. Efficient logistics is also important to a country’s competitiveness and source of employment. The purpose of this paper is to uncover and understand the major determinants of logistics performance (LP) to further lift the LP of countries. Using unbalanced panel data of 93 selected countries from 2007 to 2014, the present research attempts to critically investigate the major determinants of LP. In estimating the model, this study prefers to use static panel data approach owing to limited data. The findings of the present study reveal that (a) countries with low level of corruption and stable political environment are likely to yield a high level of LP; (b) improvement in resources supply such as infrastructure, technology, labour, and education also have a significant positive effect on LP. Therefore, institutional reforms and upgrading resources will effectively accelerate LP.     

Corporate environmental reporting: Are French firms compliant with the Task Force on Climate Financial Disclosures' recommendations?

This article deals with the practices of French corporate environmental disclosure with a focus on climate-related risks. In particular, it aims to analyse the compliance of CAC 40 firms with the recommendations of the Task Force on Climate-related Financial Disclosures (2017), an international initiative made up by Financial Stability Board to enhance financial transparency. On the basis of a content analysis of firms' reference documents spanning 2015–2018, we constructed the Climate Compliance Index (CCI) to evaluate whether firms disclose information on climate risks and opportunities about governance, strategy, risk management and metrics. Our results highlight a gradual increase of the CCI despite disparities across sectors and management areas. The content analysis allows us to develop a set of indicators frequently reported by domain and to identify and define climate risks and opportunities and their financial impacts per sector, which is a first step to improve the disclosure of non-financial information.     

A tale of two Italies: ‘access-orders’ and the Italian regional divide

ABSTRACT

This paper uses the ‘access orders’ paradigm developed by North, Wallis, and Weingast [(2009). Violence and social order: A conceptual framework for interpreting recorded human history. Cambridge: Cambridge University Press] to analyse the case of the Italian North–South economic divide. In line with their framework, we collect and discuss several social and political indicators over the long-run, at the regional level. Firstly we looked at data on the pre-conditions for the establishment of an open-access order, such as murders per capita (a proxy for control over violence), voting turnout and referendums participation (proxies for political legitimacy), and the impersonality of exchange. We then showed evidence of different access orders in the North and in the South, using the information on human capital formation, women participation in the labour market, and referendum results. On the basis of this evidence, we argue that, despite being part of the same State and subject to the same formal institutions, the North of the country progressively developed into an open-access order, while the South remained a form of limited access order.

Institutional differences are linked to specific aspects of the economic performance of the two areas, thus the ‘access order’ paradigm appears to be an effective conceptual scheme to explain the North–South economic divide.     

自然资源依赖对城乡收入差距的影响研究

［目的］针对全国31个省（市、区）（不含港澳台地区）、自然资源依赖度高的地区和自然资源依赖度低的地区，从整体和分区域研究自然资源依赖对城乡收入差距的影响，探究不同区域其影响程度的差异性，进而为弱化各区域城乡收入差距，解决由城乡收入差距拉大造成的各类社会矛盾具有重要的现实意义。［方法］从理论上分析了自然资源依赖对城乡收入差距的影响，并利用1999—2017年的省级面板数据，运用固定效应模型，从全国和分区域实证分析了自然资源依赖对城乡收入差距的影响。［结果］针对全国，自然资源依赖会拉大城乡收入差距； 分区域结果，针对自然资源依赖度高的地区，自然资源依赖拉大城乡收入差距； 针对自然资源依赖度低的地区，自然资源依赖对城乡收入差距影响不显著。［结论］为缩小城乡收入差距，需要降低经济体对自然资源的依赖，针对自然资源依赖度高的地区，政府通过将部分自然资源收益转化为农业创新基金和农村基础设施投入，促进自然资源收益向农村公共资本转化，完善现有的自然资源收益分配及转化制度； 鼓励资源型产业技术创新，加大研发投入，延长资源产业链； 加大农村教育投入、提升农村人力资本质量。     

机构交叉持股对企业价值的影响

基于2007-2018年中国A股上市公司数据,本文考察了机构交叉持股对企业价值的影响及其作用机制。研究发现,机构交叉持股显著提高了企业价值,在考虑内生性问题和替换主要变量后结论依然较为稳健。交叉持股机构投资者能够成为更加积极的监督者,主动参与公司治理,缓解代理问题,同时促进同行业企业间产品市场协作,改善企业的产品市场表现,进而提升企业价值。此外,相比其他类型的投资者,长期、独立以及稳定型的交叉持股机构投资者对企业价值的促进作用更显著,进一步印证了监督治理渠道的作用。机构交叉持股推动产品市场协作,主要是通过提高企业创新能力和营业利润率。本文结论证实了机构交叉持股的正向协同效应,对完善中国资本市场制度体系和促进企业可持续发展具有重要意义。     

Past,present, and future of green product innovation

Firms are under constant pressure from various governmental and nongovernmental agencies to switch from conventional environmentally polluting products to green product innovations (GPIs). However, the relevant research pertaining to GPI has been published in a diverse set of journals that vary in their scope and readership and, therefore, the scholarly contribution to the topic remains largely fragmented. This study has utilised a systematic literature review approach to examine the literary corpus on GPI to paint a holistic picture of its different aspects. The content and thematic analysis of 85 studies resulted in the extraction of seven key research themes: organisational capabilities, organisational learning, institutional pressures, barriers, structural changes, benefits of GPI, and methodological choices. This study's findings further highlight the various gaps in the GPI literature and raise some research questions that warrant scholarly investigation in the future. Likewise, our study has important implications for practitioners who are likely to benefit from a holistic understanding of the different aspects of GPI. Similarly, policymakers can use this study's findings to introduce policy interventions, especially in countries where GPI adoption is low.