FDI inflows,economic growth,and governance quality trilogy in developing countries: A panel VAR analysis

This study provides evidence of the triangular relationship between governance quality, foreign direct investment, and economic growth. Unlike previous studies in the governance—foreign direct investment—growth literature, this study employed the panel vector autoregressive model to examine the impact of governance quality and foreign direct investment on economic growth. Moreover, we used the impulse response function tool, which was developed in the same context, to better understand the reaction of the two main variables of interest, foreign direct investment, and economic growth, after shocks to the governance quality variable. Finally, the analysis was completed by the variance decomposition of all variables. These analyses were conducted for 102 developing countries from 1996 to 2014. Overall, the results show that inward foreign direct investment has a significant impact and can strongly encourage economic growth. These results indicate that the quality of governance in developing countries does not affect foreign direct investment and economic growth.     

FISCAL DECENTRALIZATION AND ECONOMIC GROWTH OF VIETNAMESE PROVINCES: THE ROLE OF LOCAL PUBLIC GOVERNANCE

This study offers an insight into the public governance role in the relationship between fiscal decentralization and provincial economic growth in Vietnam. Fiscal decentralization measures are assorted. Applying a sequential (two‐stage) estimation for the panel data of 62 provinces of Vietnam over the 2006–2015 period, we find that first, fiscal decentralization is positively related to the economic growth of Vietnamese provinces. Second, the effects of public governance on economic growth vary across provinces depending on various levels of local public governance. Interestingly, the effect of fiscal decentralization is strengthened when this variable is added along with better quality of public governance. In a region of high public governance quality, fiscal decentralization exerts a positive effect on its economic growth. Our findings imply that the design of fiscal decentralization needs to be associated with local governments’ ability of public governance to improve the local economic growth.     

股权结构与董事会治理效率交互效应探究

以2006-2011年983家上市公司为样本,运用面板数据的个体固定效应模型,不仅对股权结构、董事会治理效率与公司绩效间的关系进行了研究,还检验了股权结构与董事会治理效率间是否存在交互效应。通过研究发现,股权集中度和股权制衡度都与公司绩效呈倒U型关系,董事会治理效率与公司绩效正相关,股权结构与董事会治理效率间存在交互效应。具体来说,股权集中度与董事会治理效率的交互效应与公司绩效负相关,股权制衡度与董事会治理效率的交互效应与公司绩效正相关。     

The Differential Impact of Public and Private Governance Institutions on the Different Modes of Foreign Investment

This paper examines the respective impacts of public and private governance institutions on foreign direct and foreign portfolio investment inflows. We present two hypotheses: (1) there is a strong correlation between the quality of a country’s public governance institutions and the amount of foreign direct investment (FDI) received while the quality of its private governance institutions has no further discernible impact on this correlation; (2) there is a strong correlation between the quality of a country’s public governance institutions and the amount of foreign portfolio investment (FPI) received while the quality of its private governance institutions has a further positive impact on this correlation. Our findings, which are based on panel data analysis, show both hypotheses to be valid.     

Financial development,political rights,civil liberties and economic growth: Evidence from South Asia

A number of existing studies have examined the theoretical link between financial development and economic growth. Kose et al. (2010), among others, have argued that financial development can affect the extent of the benefits from foreign direct investment. Other studies, such as Huang (2010) have suggested that the quality of political institutions can also affect the level of financial development. This implies that the extent of the benefits from financial development also depend on the quality of governance. However, few empirical studies have considered these issues. By making use of panel data over the period 1970 to 2009, this paper focuses on the impact of the interaction of (i) financial development and foreign direct investment and (ii) financial development and the quality of governance on economic growth in South Asia. Our empirical analysis, suggests that financial development has contributed to an increase in the benefits of FDI in South Asia. In addition, improvement in political rights and civil liberties has also enhanced the benefits of financial development in South Asia.     

Does domestic financial development enhance the linkages between foreign direct investment and economic growth?

The study examines the relationship between foreign direct investment (FDI), financial development, and economic growth in a panel of 95 developed and developing countries from 1983 to 2006. The study moves away from the traditional cross-sectional analysis, and focuses on more direct evidence of the channels via which FDI might help or retard economic growth. Using generalized method of moment (GMM) panel data analysis, we find strong evidence of a positive relationship between FDI inflows into a country and its economic performance. We also find evidence that domestic financial system is a significant prerequisite for FDI to have a positive effect on economic growth. Policy implications are clear. Effort should be made to reform and improve the development of domestic financial system in order to benefit more from the presence of FDI.     

地方政府性债务治理与上市企业投融资*——基于我国247座城市的初步证据

本文利用中国社科院披露的我国247座城市地方政府性债务对金融稳定影响的评价指数,分析了地方政府性债务治理对上市企业债务融资与资本性投资效率的影响及其传导机理。研究发现,与地方政府性债务治理较好地区相比,处于地方政府性债务治理较差地区的地方政府控股国企,其杠杆率均显著较高,但企业资本性投资效率却显著较低,企业产能过剩的财务特征十分明显。这表明,地方政府性债务治理会显著影响微观企业的投融资,并且地方政府性债务治理越差,透过政府对经济活动的控制或干预,通过预算外举债,政府“杠杆”有转化为企业“杠杆”的风险。本文明确了“去杠杆”究竟应去谁的“杠杆”问题,对理解地方政府性债务治理转变为“内涵型”经济增长的微观基础具有重要的理论和现实意义。     

中国区域低碳竞争力的政治经济学分析：理论与实证

如何正确认识我国各区域低碳竞争力的影响因素以及政府力量在区域低碳经济发展过程中扮演的角色,对于区域经济的可持续发展具有十分重要的意义。文章在马克思价值理论框架下构建了一个区域低碳竞争力模型,以此探讨导致中国区域低碳竞争力差异的影响机制,并利用2000-2012年中国30个省市的面板数据对其进行检验,重点考察了两种不同的政府环境治理模式影响区域低碳竞争力的绩效差异。研究表明：(1)区域低碳竞争力可分解为传统要素禀赋效应、政府治理效应、技术进步效应和产业内部结构效应,其中,政府治理和技术进步对区域低碳竞争力具有正向影响,产业内部结构对区域低碳竞争力具有负向影响,而传统要素禀赋效应的影响方向并不确定,这取决于资本投入规模、人力资本及资本有机构成之间形成的动态互动关系。(2)由于政府的环保投资支持政策具有时滞性和累积性,因此基于行政监管的政府环境治理模式在控制生产性排放污染和提高区域低碳竞争力方面的绩效要略优于基于政府环保投资支持的环境治理模式。(3)政府环境治理在影响区域低碳竞争力方面的总体绩效要弱于传统要素和产业内部结构的影响。因此,“既加大投资治污力度,又加强环境管制”的双管齐下治理模式应该是各地方政府提高环境治理绩效、引导绿色发展的重要选择。     

公司治理与技术创新关系的实证研究--基于中国省级区域面板数据

采用中国省级面板数据在区域层面对公司治理水平与技术创新之间的关系进行实证研究的结果表明：在控制了地区资本存量、人力资本存量、经济外向性、外商投资、信贷规模以及技术产出效率的差异之后,省级股东治理指数与省级R＆D资本存量之间存在显著的负相关关系,而省级经理层治理指数与省级R＆D技术创新资本积累却有显著的正相关关系。此外,随着地区生产要素投入和生产总值的增加、对外开放程度和技术效率的提升,地区经理层治理的影响不断增强,技术创新促进的效果也更加明显。     

Oil Exports, Non-Oil GDP, and Investment in the GCC Countries

This paper studies the long-run and short-run relationships between oil exports, non-oil GDP, and investment in five major oil-exporting countries. Its goal is to verify the effect of natural resources exports on economic performance. It considers the effect of cross-sectional correlations and uses the corresponding panel unit-root tests to study the long-run characteristics of the data series. The results show that resources' exports have no long-run relationship with the macroeconomic variables. A VAR analysis is used to estimate the short-run dynamics and shows that the effect of oil exports on those variables depends on local policies.     

政绩推动、政治关联与民营企业投资扩张

地方政府以行政方式推动民营企业投资扩张是造成投资过度和产能过剩的重要原因。以2004-2011年民营上市公司为样本,本文实证分析了地市级政府面临的政绩压力对民营企业投资的影响,并重点考察了政治关联在其中的作用以及政绩压力对信贷资源配置的影响。研究发现,控制地区固定效应后,地方政府政绩压力影响辖内民营企业投资,政绩压力特别是经济增长压力越大时,辖内民营企业过度投资越严重。政治关联弱化了政绩压力对民营企业投资的推动作用,地方政府面临较大的政绩压力特别是经济增长压力时,政治关联民营企业过度投资程度相对较低。进一步研究还发现,地方性政治关联对政绩压力推动民营企业投资扩张的弱化作用更为显著。政绩压力特别是经济增长压力增大时,地方政府同样有着强烈的动机推动非管制行业民营企业扩张投资。信贷资源在政绩压力影响政治关联民营企业投资行为方面扮演了重要角色。本文的相关结论对于理解地方政府推动企业投资扩张造成产能过剩以及政治关联的经济后果具有一定的参考价值。     

区域性教育与经济协调发展关系的实证研究

教育与经济发展之间存在着相互制约、相互促进的关系,但这种关系的每个传递环节并不总是必然协调的.本文通过面板数据模型(panel data)对全国31个省份的教育与经济增长的相关关系进行实证分析后发现,中国教育与经济发展的协调性在东、中、西部三个地区的情况各有不同,差别较大.随着经济的增长,不同区域的教育投入均有所增加,而教育投入的增加到教育水平的提高以及教育发展推动经济进一步增长的过程均不协调.     

Have the euro area and EU governance worked? Just the facts

We test whether the two key EU and euro area economic governance pillars, the Stability and Growth Pact and the Lisbon Strategy, have had any impact on macroeconomic outcomes. We test this proposition on a panel of 27, some of which are non-EU (control group) using a programme evaluation approach. The impact of the EU economic governance pillars is evaluated based on both the performance before and after their application as well as against the control group. We find strong and robust evidence that neither the Stability and Growth Pact nor the Lisbon Strategy have had a significant beneficial impact on fiscal and economic performance outcomes. We conclude that a profound reform of these pillars is needed to make them work in the next decade.     

Does good governance matter for FDI? New evidence from emerging countries using a static and dynamic panel gravity model approach

This paper assesses the impact of institutional factors on foreign direct investment (FDI) attractiveness using a pool of 25 emerging host countries (ECs) for the period 1996–2012. In particular, the paper aims to examine whether higher institutional quality and good governance do improve FDI attractiveness, and thereby to identify which institutional factors are the main drivers of FDI in ECs. Using a static and dynamic panel gravity model with various estimation techniques, we find that FDI is positively and significantly influenced by political stability, government effectiveness and regulatory quality. The remaining set of governance indicators is found to be statistically significant and negatively linked to FDI. Our findings also show that factors like a larger GDP per capita difference between investing partner and ECs, higher degree of trade openness and better infrastructure have positive and significant effects on FDI attractiveness. These results have important policy implications for ECs. Fostering FDI inflows into these countries requires policymakers to improve the quality of their institutions and business climate through implementing sound economic policies and regulations.     

The effects of local government investment on economic growth and employment: evidence from transitional China

Based on the panel data of 28 provinces in the year of 1987-2001,this paper examines the effects of the local government investment on economic growth and employment.The empirical result shows that the local government investment plays a significant positive role in economic growth and emplovment.However,while the proportion of local government investment to GDP had a remarkable rise after 1998.the elasticity of local government investment on economic growth declined,which shows that there is a hig room for raising the efficiency of local government mvestment.Moreover,the empirical examination shows that although local government investment had positive effect on employment,the elasticity had a decrease after 1994 when the tax-sharing system reform was put into practice.This shows that the positive role of local government investment on emplovment is also limited.This paper argues that the role of local governments as investors must be weakened,and local governments of different levels should lessen direct economic intervention and concentrate on public regulation.     

The role of corporate governance strength in crisis and non-crisis times

This study evaluates corporate governance practices of listed firms in the United Arab Emirates and investigates whether corporate governance mitigates/exacerbates the impact of leverage and risk on firm performance during crisis and non-crisis times. The study constructs a corporate governance index not only to examine the dispute of the role of corporate governance during the crisis but also its influence on other factors that fuelled the crisis. A firm-level panel data is used that spans the period 2008–2012 of all listed firms on Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM). The study finds a positive influence of corporate governance strength on the accounting performance, but a negative influence on the firms’ economic performance. In normal times, corporate governance mitigates the negative influence of leverage and risk on the accounting and economic firm performance. However, this synergy effect varies across performance indicators during crisis.     

雾霾治理、地方政府竞争与全要素生产率

在将城市面板数据与中国工业企业面板数据进行匹配的基础上,本文就地方政府竞争下环境治理策略互动形式进行了检验,然后构建空间自滞后模型并运用两阶段最小二乘法探讨了雾霾治理对全要素生产率的本地影响及其空间溢出影响,进一步从资源配置效应、创新补偿效应和污染避难所效应三方面考察了雾霾治理的传导机制。结果表明,随着环保政绩考核的加入,地理邻近城市环境治理策略逐渐从“逐底竞争”转变为“模仿”形式,即邻近城市加强或放松治理,该城市也加强或放松治理强度,相对竞优模仿形式下雾霾治理更有助于促进本地、邻地全要素生产率的提高,且不同区域、行业和所有制企业存在差异。进一步探究原因,发现加强雾霾治理产生的资源配置效应和创新补偿效应有利于促进城市间全要素生产率提高,而雾霾治理产生的污染避难所效应不利于城市间全要素生产率提高。由此,本文提出完善雾霾联防联控机制、创新绿色经济发展方式,实现环境保护和经济发展良性互动的建议。     

中国式分权下地方政府FDI税收竞争的策略性及其经济增长效应

中国式分权机制下,政治和经济双重激励使地方政府竞相降低税率吸引FDI流入,本文考察了这种税收竞争的策略性及其对FDI经济增长效应的影响。模型表明地区间策略性税收竞争将通过降低外资质量影响FDI经济增长效应。使用1999-2006年省级面板数据进行实证分析,回归结果表明,经济发展水平相近的地区间外资企业实际所得税率具有显著的空间正相关性;税收优惠对FDI经济增长效应具有明显的阻碍作用;并且税收优惠幅度越大,阻碍作用越强。因此,我国需要加大对地方政府招商引资行为的监督和约束,以使地方政府放弃对FDI的盲目追捧,转而注重FDI质量,提高FDI对国民福利的促进作用。     

股东对创新投入的反应：股权激励异质性的信号作用

以我国2017—2019年沪深两市A股实施股权激励的上市企业为样本,基于股东视角分析股东对创新投入信息的反应,探讨这一反应在股权高度集中时的变化,并考察高管团队股权激励异质性因素向股东传递信号的机制。结果表明,创新投入与股东反应正相关;股权集中度正向调节创新投入与股东反应的关系;股权激励异质性负向调节创新投入与股东反应的关系,且该效应在民企中更加显著;经营风险是股权激励异质性负向影响股东对创新投入反应的中介变量。     

我国城市商业银行与地方政府关系

我国的城市商业银行与地方政府关系演变带有经济转型时期的特征。通过政府干预,城市商业银行获得了较快发展,地方政府也因为控制了一定的金融资源而促进了地方经济的发展。但是,现有的制度格局却带来了城市商业银行股权结构不合理、治理结构不完善等问题。由于各方利益的博弈,城市商业银行所推行的股权改革必然是一个渐进的过程,而在这一过程中,形成城市商业银行与地方政府良好的互动关系仍然是必要的。