Export activity and productivity: Evidence from the Taiwan electronics industry

Conclusions We use plant-level panel data for the Taiwanese electrical machinery and electronics industry to examine productivity differentials between exporters and non-exporters. Consistent with other recent literature, we find that exporters are larger, pay higher wages, undertake more investment expenditures in machinery, equipment, and new technology, and are substantially more productive than non-exporters.     

Understanding openness and productivity growth in China: An empirical study of the Chinese provinces

This paper investigates the effects of openness on China's regional productivity growth. We build a model of technology diffusion in which follower economies achieve productivity growth by taking advantage of technology spillovers from the world technology frontier. We hypothesize that China's regional productivity growth is a positive function of regional openness and a negative function of the current level of regional productivity. Empirical analysis in this paper focuses on how openness affects productivity growth in the Chinese provinces. We examine two effects of openness on regional productivity growth in China: the direct growth effect and the convergence effect. By using a variety of panel data regression techniques, we show that the direct growth effect of openness is the main effect while the convergence effect is insignificant. The findings of this paper lend strong support to the claim that the opening-up of China promotes the country's economic growth.     

An empirical analysis of market performance in the car industry

This article focuses on the determinants of market performance in the car industry. Trade and market patterns are studied using firm-level international data. Econometric models are developed and evaluated for a sample of firms from the major producing countries for the period 1970–1985. Among the factors responsible for the market shares of the different firms are international differences in unit labor costs, income levels, the European Community (EC) and locally based production scales, and transaction costs in the form of trade barriers.     

出口退税对我国出口影响的实证分析

采用1985-2004年的样本数据,运用Eviews软件测算出出口退税额与我国外贸出口之间的相关系数和回归系数,结论是:在99%的显著水平上,出口退税对我国出口增长的促进作用十分明显,出口退税率的调整将会使得我国的出口受到直接的影响.     

我国出口产品结构与劳动生产率提高的实证分析

本文通过对我国1980年以来的初级产品出口,工业制成品出口和名义劳动生产率的数据进行协整分析,揭示了我国名义劳动生产率与初级产品出口有协整关系,与工业制成品出口不存在协整关系,并根据格兰杰表示定理运用EG两步法,建立误差修正模型,对我国出口产品结构与劳动生产率的关系做出评价。     

The residential demand for electricity in Japan: An examination using empirical panel analysis techniques

This paper examines the residential demand for electricity in Japan, excluding Okinawa-prefecture, from 1975 to 2005 as a function of the disposable income per household and the overall unit price of electricity for general consumers, by using the empirical panel analysis techniques of a panel unit root test, a panel cointegration test, and group-mean dynamic ordinary least squares (DOLS) estimators to determine whether or not each variable is stationary. This study's contribution is twofold. First, for a more accurate empirical economic analysis, it divides Japan into a number of regions so that the estimation of coefficients becomes more powerful due to the increased degree of freedom from the utilization of the panel data. Second, the study chose Japan for this analysis on the basis of discussions regarding the deregulation of the residential electric power supply that is scheduled for the near future. All variables—sales per household, price, and income per household—can be assumed to have a unit root and cointegration relationship. The results determine that the price effect is negative and elastic and that the income effect is inelastic. These results correspond to other such studies on developed countries that are significant economic powers.     

Foreign exchange allocation and productivity growth in post-war Japan: a case of the wool industry

This paper examines functions of the foreign exchange allocation system which was employed in Japan until early 1960s, focusing on the case of the wool industry. Through analysis of historical documents, we make clear that the MITI utilized this system for such policy goals as export promotion, management of investment and production capacity etc. Using micro-data analysis, we confirm that allocation of foreign currency was based on clear and objective criteria, that generated rents actually promoted export and investment, and that its essential roles could be found in efficient use of foreign currency and mitigation of productivity differences between firms.     

The Effects of M&A on Corporate Performance in Japan:DID Analysis in the Era of Corporate Governance Reform

This study analyzes how mergers and acquisitions (M&A) affect the performance of acquired companies in Japan. The sample period includes the era in which the government of Japan promoted a series of corporate governance reforms. A difference-in-differences analysis is implemented to eliminate the endogenous effects of a corporate acquisition. Choosing a control group by propensity score matching, we find that acquisitions have significantly negative effects on employment but no significant effects on labor productivity. For acquisitions by Japanese companies, we also find no significant improvement in ROA but significant improvement in Tobin’s q. The results are consistent with the zombie company theory, which indicates that an M&A prolongs the life of an insolvent company. Acquisitions by Japanese companies are in contrast with those by foreign companies, which have positive effects on ROA.     

Differences in returns to cross-border M&A in the short and long run: Evidence from Chinese listed firms

Using the cross-border mergers and acquisitions (M&A) events of Chinese listed firms between 2009 and 2018, this paper studies the impact of cross-border M&A on the short- and long-term performance of firms through the event study method and the propensity score matching–difference-in-differences regression method. The results indicate that in the short run, Chinese firm cross-border M&A acquire significant, positive cumulative abnormal returns (CARs) within a 21-day event window. In the long run, cross-border M&A fail to improve firm returns on assets (ROA). Furthermore, the paper uncovers that the impact of M&A on ROA varies with the characteristics of acquirers and host countries, and the impact on CAR varies with the characteristics of deals and are not sensitive to characteristics of acquirers or host countries. The paper identifies the differing impacts of China’s “going out” strategy on firm performance in the short and long run and provides explanations for a deeper understanding of the cross-border M&A of Chinese listed firms.     

Surges and stops in greenfield and M&A FDI flows to developing countries: analysis by mode of entry

This paper investigates the factors associated with foreign direct investment “surges” and “stops”, defined as sharp increases and decreases, respectively, of foreign direct investment inflows to the developing world and differentiated based on whether these events are led by waves in greenfield investments or mergers and acquisitions. Greenfield-led surges and stops occur more frequently than mergers-and-acquisitions-led ones and different factors are associated with the onset of the two types of events. Global liquidity is the factor significantly and positively associated with a surge, regardless of its kind, while a global economic growth slowdown and a surge in the preceding year are the main factors associated with a stop. Greenfield-led surges and stops are more likely in low-income countries and mergers-and-acquisitions-led surges are less likely in resource-rich countries than elsewhere in the developing world. Global growth accelerations and increases in financial openness, domestic economic and financial instability are associated with mergers-and-acquisitions-led surges but not with greenfield-led ones. These results are particularly relevant for developing countries where FDI flows are the major type of capital flows and suggest that developing countries’ macroeconomic vulnerability increases following periods of increased global liquidity. As countries develop they typically become more exposed to merger-and-acquisition-led surges, which are more likely than greenfield-led surges and stops to be short-lived and associated with domestic macroeconomic policies.     

Investigating the linkages between industrial policies and M&A dynamics: Evidence from China

Mergers and acquisitions (M&As hereafter) have been widely examined in the economic and business literature under many perspectives. However, the industry-level view, specifically the relation between industrial policies and M&A waves at the sectoral level, has remained rather unexplored. This article contributes to fill this gap by empirically investigating the relation between selective industrial policies and M&A waves at the industry level in China. Referring to the four Five Year Plans covering the period 1996–2015, we explore whether being identified as an emerging sector in these plans generates positive or negative changes in the number of M&As. We reiterate the analysis according to the different types of M&As (vertical, horizontal or conglomerate) and the different natures of the acquirer (SOEs or private). Our results suggest that policies can differentially affect M&A waves according to the type of M&A. Moreover, while private firms are more responsive to both horizontal and vertical integration in emerging sectors, SOEs are more prone to engage in vertical M&As. We discuss the possible rationales behind the different behaviors. We also draw general policy implications on strategic industrial policy and market restructuring.     

The impact of technology shocks on the Japanese business cycle—An empirical analysis based on Japanese industry data

In order to investigate the impacts of technology shocks on the recent Japanese business cycles, we construct an aggregate technological measure from industry-based data. Our approach is to estimate production function by industry, by controlling for the returns to scale factor and unobserved factor utilization. We find that positive technology shocks result in a contraction of labor input on impact. This result implies that the standard real business cycle (RBC) model is not supported and the new Keynesian model or the labor reallocation model is a candidate to explain the Japanese business cycles. From further empirical studies, we find that the labor reallocation model is plausible for explaining the Japanese business cycles.     

Why has income inequality in Thailand increased?: An analysis using surveys from 1975 to 1998

This paper identifies the determinants of income inequality in Thailand, which increased between 1975 and 1998. Our regression results strongly suggest the significance of agricultural factors. We also obtain some limited evidence that sectoral factors, financial development, and education level disparities play a roughly equally important role in explaining inequality changes in Thailand.     

Market competition,differences in technology,and productivity improvement: An empirical analysis based on Japanese manufacturing firm data

In this paper we examine empirically the effect of market competition on firm productivity improvements using data drawn from the Japanese manufacturing sector. We find that a non-linear relationship between competition and productivity growth induced by R&D activity as suggested by Aghion et al. (2005) holds for Japanese manufacturing firms. We also show that greater market competition widens technology differences across firms, and firms facing more intense competition are more productive than other firms. Our empirical results imply that productivity improvement through R&D activity depends on not only a competitive environment but also technological differences between firms.     

Canadian academic accountants' productivity: A survey of 10 refereed publications, 1976–1989*

Abstract. In this paper we examine the productivity of Canadian academic accountants through analyses of articles published in 10 refereed journals between 1976 and 1989, inclusive. We report the numbers of articles by Canadian institutional affiliation cross-tabulated by subject area, whether theoretical or empirical, and by the journal in which articles appeared. Summary statistics are computed to identify the gross and per capita productivity of the institutions represented and to identify the 10 most productive researchers in this period as well as in the subperiods 1976–82 and 1983–89.     

An empirical analysis of China's equilibrium exchange rate: A co-integration approach

This paper estimates time specific values for China's long-run equilibrium exchange rate and develops measures of the direction and extent of misalignment based on a reduced-form real effective exchange rate (REER) model. An appropriately specified long-run equilibrium model is estimated and tested following Johansen and Juselius (1990) procedures, which is then used to construct an estimated time path for long-run equilibrium exchange rate values.Unit root tests indicated that each series can be considered as I(1) and that there was one cointegrating relationship linking the RMB series with its “fundamentals” – openness, money supply, productivity and government spending – with long-run elasticities of (0.41), (0.97), (0.51) and (0.75), respectively. The estimated error-correction model of REER determination showed that during China's latest exchange rate regime (from 2005:Q3) the RMB was undervalued by an average of 6.7 percent, which is modest compared to related studies.Estimation of the associated short-run error correction model shows that the error correction term has a statistically significant value of 0.85, implying that the actual real effective exchange rates would converge relatively quickly (just over one quarter, on average) towards their long-run equilibrium level in the absence of central bank intervention.     

Interindustry effects of productivity growth in Japan: 1960–2000

Combining conventional sectoral growth accounting and the static open input–output price model, we analyze the sources of growth of product prices in Japan during the period 1960–2000. Using the input–output framework, we take into account not only the effects of factor costs and productivity within a sector, but also their impacts outside of the sector. We find that Japan's deflation in the 1990s was characterized by low growth of wage rates, low productivity growth, and a low rate of return on capital. Until 1990, productivity improvements compensated for factor cost pressures on output price, especially the rapid growth of labor cost. In contrast, during the 1990s, decreasing rates of return on capital, not productivity improvements, canceled out the inflationary effect of wage growth. J. Japanese Int. Economies 19 (4) (2005) 568–585.     

A project management approach to the implementation of development programmes within the local government sphere: An empirical analysis

Local government constitutes that part of the public sector that is closest to the inhabitants and is therefore indispensable in its role of promoting their general welfare through, inter alia, undertaking various development initiatives. Furthermore, legislation imposes upon local authorities the obligation to promote the social and economic development of local communities and to participate in implementing national and provincial development programmes. The efficiency and effectiveness with which local government fulfils its developmental role will largely depend on the ability of local authorities to manage development projects. The purpose of this article is to investigate the application of a project management approach as a tool for implementing development programmes in the local government sphere. This is done by means of a comprehensive study of the relevant literature and empirical research based on a research questionnaire that was distributed among selected municipal officials in leadership posts throughout South Africa. The findings of the empirical study are utilised to make specific recommendations with respect to the application of a project management approach to service delivery and local government development initiatives.     

Export supply of New Zealand’s live rock lobster to Japan: an empirical analysis

This paper investigates the export supply behavior of live rock lobster from New Zealand (NZ) to Japan. Potential factors such as foreign and domestic prices, productive capacity, stochastic and deterministic seasonality, introduction of trade barriers and changes in management regulatory decisions were taken into consideration to construct the export supply function. Using a partial adjustment modeling (PAM) approach, it was found that lag supply, productive capacity, seasonality and time trend were significantly affecting the export supply behavior of live rock lobster. The NZ seafood industry as well as its fishing industry may find the findings from this study useful in formulating appropriate policies to sustain export market returns and maintain long term sustainability of the resource.