Entry, reforms, complementarity and performance: A tale of two Indian manufacturing sectors

In this paper, we use plant-level data from two Indian industries, namely, electrical machinery and textiles, to examine the empirical relationship between structural reforms like abandonment of entry restrictions to the product market, competition and firm-level productivity and efficiency. These industries have faced different sets of policies since Independence but both were restricted in the adoption of technology and in the development of optimal scales of production. They also belonged to the first set of industries that benefited from the liberalization process started in the 1980s. Our results suggest that both the industries have improved their efficiency and scales of operation by the turn of the century. However, the process of adjustment seems to have been worked out more fully for electrical machinery. We also find evidence of spatial fragmentation of the market as late as 2000–2001. Gains in labour productivity were much more evident in states that either have a strong history of industrial activity or those that have experienced significant improvements in business environment since 1991.     

Contemporary Accounting Research: A Retrospective between 1984 and 2021 using Bibliometric Analysis*

This study critically evaluates research published by Contemporary Accounting Research (CAR) between 1984 and 2021 using bibliometric analysis. We examine the following: (i) CAR's publication quality and the factors associated with its citations and (ii) CAR's scope regarding research diversity, methods, authors geographical dispersion, and collaborative networks. The methodology permits observation of finer collaboration details and research patterns not apparent by simply categorizing the data. We use tools such as performance analysis, coauthorship analysis, bibliographic coupling, and regression analysis. The bibliometric analysis shows improvement in CAR's CiteScore and source-normalized impact per paper over time, consistent with publishing high-quality research. Our analysis reveals that authors' geographical affiliations, research subject areas, and research methods are not systematically associated with citations across our various subsamples. A notable exception is that research on audit topics generates more citations than studies examining financial accounting topics. Other factors significantly and positively associated with citations include article age, article length, number of authors, order of author names, and number of references. We also show that CAR has become more diverse regarding author affiliations, subject areas, and research methods than most leading accounting journals. Only Accounting, Organizations and Society emerges as more diverse, thereby serving as a benchmark for CAR in the future. CAR should consider focusing on high-interest areas to boost citations and tightening its acceptance criteria.     

A global food–energy–water nexus with heterogeneity,non-stationarity and cross-sectional dependence

We estimate the Food–Energy–Water (FEW) nexus for 21 countries worldwide, with data available from year 1990–2000 in order to investigate the relationship between food production and two scarce resources: energy and water. Food production is proxied by four alternative variables: The index of agricultural production, the index of crops production, the index of livestock production and the value added from agriculture. Water and energy as independent variables are controlled by methane and nitrogen emissions, capital, labor and five versions of fertilizer proxy: pesticides, insecticides, fungicides, herbicide and other. For robust estimation, we have perused a number of standard and novel panel estimators such as the common correlated effects mean group estimator and the augmented mean group estimator (AMG). These estimators can account both for non-stationarity and the cross-dependence problems. Based on standard estimators such as the generalized least squares estimator or the Arellano-Bond generalized method of moments GMM, they reveal the existence of a significant FEW nexus while the mean group estimator, the group mean DOLS estimator, the common correlated effects and the augmented mean group estimator (AMG) do not yield significant coefficients for water and energy. In the latter models only labor and pesticides are significant at 5%. Also, the unobserved total factor productivity appears significant at 5% under the AMG estimation. When significant, energy and water elasticities ranged from ? 0.001 to ? 0.256 and from ? 0.014 to ? 0.084 respectively.     

Destination brand experience and visitor behavior: the mediating role of destination brand identification

ABSTRACT

Destination branding has emerged as a critical tool for achieving competitive advantage through various conceptualizations, focusing on various aspects of branding. This research examines the role of destination brand experience (DBE), a new conceptualization, in assessing the holistic and unified view of tourism destinations. The conceptual model proposed in this research has been validated using structural equation modeling, based on the primary responses collected from 312 and 262 foreign visitors for study 1 and study 2 respectively, conducted at two different tourism destinations in India. Findings of both the studies suggest that various dimensions of DBE have a varied influence on destination brand identification (DBI), which subsequently affects both tourists’ trust and loyalty toward tourism destinations. In addition, DBI emerges as an important mediator for the relationship between DBE and destination trust (DT) as well as DBE and destination loyalty (DL). The study provides several implications for destination marketers about building trust and loyalty among tourists using DBE and DBI.     

A wavelet analysis for exploring the relationship between economic policy uncertainty and tourist footfalls in the USA

We attempt to establish the relationship between Economic Policy Uncertainty (EPU) and international tourist footfalls in the USA. In the first stage, we investigate the influence of country-specific EPU and global EPU on tourist footfalls. Since, these two are overlapping in nature, in the second stage, we study the isolated influence of country-specific EPU on footfalls by eliminating the influence of global EPU and vice versa. We consider a study period spanning over January 1997 to April 2017. To capture the variations in the relationship at different time dimensions, we apply wavelet-based techniques. We observe the following: (a) the impact of policy uncertainty shock has a little immediate impact on tourist footfalls, (b) medium to long-run shocks persist due to occurrence of major undesirable economic events, and (c) the influence of domestic (country-specific) EPU is dominant in comparison to global EPU for the USA.     

Speed-profile-based road segmentation for accident occurrence modelling for hilly terrains

Modelling the accident occurrences per unit length of the road requires segmentation of road stretch. In the case of hilly terrains, homogeneity-based approach results in extremely small sections thus creating a biased accident data. This result is due to the high variations in geometry along the length of the road stretch. Constant length sections do not consider the effect of road's characteristics, hence may lead to undesirable results. It is hypothesized that the speed profile of a vehicle moving in free-flow conditions is governed by the road geometry as well as the road side environment. In this paper, a new methodology based on speed profile of a test vehicle (passenger car) has been proposed for segmenting a road stretch passing through hilly terrain. Comparative analysis of the results obtained from the constant length segmentation approach and the proposed approach shows that the later approach is producing statistically better results. Relatively more parameters were found to be statistically significant in the model based on speed-profile-based segmentation. Grade length, which could be one of the major parameters in hilly terrains, was found to be statistically significant only in the model based on speed-profile-based segmentation.     

Rationale and Motivation of Agricultural Producers in Adopting Crop Rotation in the Northern Great Plains,USA

Despite several environmental and economic benefits of crop rotation, the adoption of this agricultural practice is relatively low. Understanding the reasons for low adoption is important from a sustainability policy perspective. This study explores the motivation, challenges, and sources of information of agricultural producers who participate in crop rotation practices in South Dakota, North Dakota, and Nebraska. The findings of a mail survey of 672 producers in these three states show that producers are familiar with the crop rotation practice. Economic profitability is found to drive motivation for crop rotation adoption. The results of a binary logistic regression model show that a producer who perceives that crop rotation is beneficial to farm profitability is 1.83 times more likely to adopt it than the producer who does not believe in its profitability to the farm. The lack of time or resources is the primary barrier to the adoption of crop rotation practice. This study provides additional evidence in support of the importance of farm profitability for the adoption of the practice of crop rotation. Understanding the rationale and addressing the challenges faced by agricultural producers would be useful in planning and policy making of sustainable agriculture.     

Hidden liquidity: An analysis of order exposure strategies in electronic stock markets

Many stock exchanges choose to reduce market transparency by allowing traders to hide some or all of their order size. We study the costs and benefits of order exposure and test hypotheses regarding hidden order usage using a sample of Euronext-Paris stocks, where hidden orders represent 44% of the sample order volume. Our results support the hypothesis that hidden orders are associated with a decreased probability of full execution and increased average time to completion, and fail to support the alternate hypothesis that order exposure causes defensive traders to withdraw from the market. However, exposing rather than hiding order size increases average execution costs. We assess the extent to which non-displayed size is truly hidden and document that the presence and magnitude of hidden orders can be predicted to a significant, but imperfect, degree based on observable order attributes, firm characteristics, and market conditions. Overall, the results indicate that the option to hide order size is valuable, in particular, to patient traders.     

INFLATION AND THE DISPERSION OF REAL WAGES*

The article studies the effects of inflation on real wage dispersion in a search‐monetary framework. The economy is characterized by frictions in both the goods and the labor markets. In the goods market, buyers and sellers bargain over prices, whereas in the labor market firms post wage offers. In equilibrium, a lower inflation rate increases the dispersion of real wages. This result is consistent with both the observed trends in wage dispersion and the inflation rate witnessed in the 1980s and the 1990s in the United States and the empirical literature linking reduced inflation to greater wage dispersion.