How does corporate social responsibility affect financial performance,financial stability,and financial inclusion in the banking sector? Evidence from Pakistan

This paper examines the impact of corporate social responsibility (CSR) on the financial performance, financial inclusion, and financial stability of the banking sector, focusing on annual data for 20 Pakistani commercial banks for the period 2008–2017. The results suggest that CSR, as well as age and size, has a positive impact on all three factors. However, high levels of leverage reduce financial inclusion and financial stability, while financial inclusion is also negatively associated with the tangibility of assets.     

Japan's FDI drivers in a time of financial uncertainty. New evidence based on Bayesian Model Averaging

In this paper we analyse the determinants of Japanese outward FDI stock for the period 1996–2017. This period is especially relevant as it covers a process of increasing economic globalization and two financial crises. To this aim, we consider a large set of candidate variables based on the theory as well as on previous empirical analysis. Our sample includes a total of 27 host countries. We select the covariates using a data-driven methodology, the Bayesian Model Averaging (BMA) analysis. Moreover, we also analyse whether these determinants change depending on the degree of development (emerging vs developed) or the geographical areas (EU vs East Asia) of the countries considered. We find that Japan's FDI can be explained by a wide variety of variables, that include not only the typical gravitational ones but also institutional and macroeconomic variables, including those that measure financial development. Moreover, Japanese FDI can be explained by both horizontal and vertical FDI motives in the groups of countries analysed. However, in developed, and more precisely, EU countries, horizontal FDI strategies are predominant, whereas for East Asian and emerging countries, there is more evidence in favour of vertical FDI.     

There is no smoke without a fire: The effect of government interventions in less advanced economies

The lack of liquidity in the interbank market during the crisis of 2007–2011 led governments to impose different policies to rescue their countries’ banking sectors. While in advanced countries interventions in the banking sector were mostly related to a lack of liquidity and significant asymmetric information regarding counterparty risk, in many less advanced countries they had a precautionary motive. In our article, we investigate the effectiveness of policy interventions on healthy banking markets, with possible negative spill-over effects from other countries. To this extent, we use an event study methodology to test the effect of liquidity and financial sector policy announcements on interbank spread changes in six Central and Eastern European (CEE) countries over the period between 2007 and 2011. We find that standard liquidity interventions did not provide effective stabilization. In fact, our evidence suggests that the spread widened after their announcement, probably as a result of the negative signal and consequently increased risk aversion of banks. In such situations, regulators should consider policy instruments that aim to decrease uncertainty in the market.     

Drivers of management control systems in tourism start-ups firms

This study examines the use of Management Control Systems (MCS) in travel and tourism start-ups. The study empirically examines 176 European tourism start-ups; data are collected via an online survey of start-up CEOs, and supplemented by financial statements of early-stage tourism firms. The results show that travel and tourism start-ups use formal systems for management control. We observe a relationship between the usage of these systems with specific internal and external environment characteristics. Finally, the results show that the historical financial performance of travel and tourism start-up firms affects MCS usage.     

Does bond market development enhance the banking sector’s efficiency in resource allocation? Industry-level evidence from Korea

Korea’s financial system used to be bank-based, with banks playing the leading role in financing corporations. As highlighted by Park et al. (2019), however, bond markets have developed rapidly in Korea and other Asian countries. The corporate bond market competes with banks as a source of finance for large borrowers. As such, bond markets may affect banking sector operation, a process known as disintermediation. In this paper, we examine whether bond market development improves the efficiency of resource allocation in Korean bank lending. We propose two channels through which bond market development affects the efficiency of bank lending. Since the two channels have opposing effects on the efficiency of banking, the issue must be settled by empirical analysis. We find that bank loans are much less efficient than bond financing in allocating resources across industries. Furthermore, banks are particularly inefficient in resource allocation in industries that rely more on bond financing. This suggests that competition from bond financing does not improve allocative efficiency of bank loans.     

经济增长质量的研究进展与学术展望

改革开放40多年来，中国经济铸就了高速增长奇迹，目前已经具备向高质量发展转变的客观条件。本文通过梳理中国经济增长质量的相关文献，总结当下经济增长质量问题的研究不足和未来研究方向。研究发现：关于经济增长质量的文献集中在经济增长质量的内涵界定和解析、经济增长质量的评价维度与定量测度、经济增长质量的影响因素与调控政策等方面，研究成果较为丰富，但也存在经济增长质量的评价指标选取不一致、经济增长质量的评价指标缺乏宏微观维度区分、经济增长速度和增长质量关系认识不清等问题，今后学术研究当以此为重点突破方向。本文关于经济增长质量的文献梳理和评价，对各界理解经济高质量发展，确定经济增长质量的研究方向具有重要意义。     

非洲铁路发展需求分析与市场开发策略

中资企业面向非洲铁路市场,多以"广覆盖"的形式投入开发,一定程度上造成了资源浪费。为优化中资企业在非洲铁路市场布局以及资源配置,在分析非洲铁路发展现状、铁路网发展影响因素基础上,基于铁路系统需求度、铁路发展需求度分析非洲铁路发展需求,提出了非洲大陆49个国家高、较高、中、低4个等级的铁路发展需求度,同时提出非洲铁路市场开发策略建议,即:优化非洲铁路市场开发资源配置,分区域实施铁路市场开发及项目建设,创新合作模式、拓宽资金来源。     

我国省级区域金融发展对经常项目的影响研究——基于货物贸易视角的分析

本文选取我国大陆31个省(市、自治区)2007年-2018年的面板数据,综合运用系统GMM和差分GMM估计方法,实证检验了沿海与内陆、沿边与非沿边、享受优惠政策高与低、金融控制强与弱等4类不同省区金融发展对经常项目余额的影响。研究结果表明:使用全部样本估计时,金融发展显著负向影响经常项目余额,这一结论经稳健性检验后依然成立。使用不同区域的子样本估计时,金融发展对沿海省区、非沿边省区、享受优惠政策高以及金融控制弱省区的经常项目余额的抑制作用较大,而在其他省区作用较小。因此,各地区应充分利用金融手段来调整进出口余额,以保证经常项目的持续平衡。     

中国高技术产业技术创新效率影响因素研究——一个理论框架

系统识别高技术产业技术创新效率影响因素，厘清影响因素之间的相互作用关系，对于有针对性地制定高技术产业技术创新效率提升策略具有重要意义。运用文献编码分析方法，对中国知网中检索到的2000-2018年中国高技术产业技术创新效率影响因素相关文献进行编码与提炼，构建高技术产业技术创新效率影响因素综合研究框架。研究发现：高技术产业技术创新效率影响因素主要包括创新要素质量、产业组织因素、产业集聚水平、产业开放程度、产业创新导向、技术因素和环境因素；影响因素之间的相互作用关系错综复杂，共同影响高技术产业技术创新效率水平。最后，提出促进高技术产业技术创新效率提升的相关策略。     

Determining factors and impacts of the intention to adopt mobile banking app in Cameroon: Case of SARA by afriland First Bank

This study aims to know what are the factors determining the adoption of M-Banking app among customers in Cameroon. In other words, what are the factors that influence users in their decisions to adopt and use a system or technology such as the MBanking app, and indirectly, what is the impact of this use on both the customers and financial inclusion? The research model developed relying on a combination of Technology Acceptance Model (TAM ), Unified Theory of Acceptance and Use of Technology ( UTAUT2 ), Information System Success Model ( ISSM ), and Protection Motivation Theory ( PMT ) and other constructs; it was then tested with a sample of 223 users of the “ SARA” M-Banking app of the financial institution called “ Afriland First Bank” . Findings revealed that: (1) utilitarian expectation, hedonic motivation, and status gain, habit, and perceived privacy concern have a significant influence on the intention to adopt M-Banking apps; and (2) the exploitative/explorative use of this technology has an impact on user’s loyalty and satisfaction but also contributes strongly to fostering financial inclusion in Cameroon. Also, the Multi-group analysis was performed on the sample using 2 gender-based groups (males, n=121; females, n=102).