Estimation Of Random Effects Research Articles

Financial Reporting Quality and Investment Decisions Making in Organizations: An Empirical Analysis of Selected Listed Manufacturing Firms in Nigeria

The study examined the effect of financial reporting quality on investment decisions in ten listed manufacturing firms in Nigeria. The study used data from annual financial statements published between the period of 2013 to 2022. Also, unit root testing and co-integration were used as the pre-test technique; while, panel data, fixed effect result, random result, fixed effect result and Hausman’ test were applied for the formulated objectives. The Levin, Lin & Chut, Im, Pesaran and Shin W-stat and ADF - Fisher Chi- unit root techniques demonstrated that return on investment, accounting conservation, timely loss recognition and earning quality were integrated at order one and at level. Kao co-integration technique test confirmed a long-term association between the variables. Hence, indicating a long-term connection between return on investment, earning quality and accounting conservation, timely loss recognition. Also, the outcome indicates that the Hausman's test probability value was greater than 0.05 (p>0.05) levels of significance, indicating that Random effect estimate is the best estimator to explain the result. The result from the Random technique showed that earning quality and accounting conservation were significant at 5% significant level and directly related to return on investment; while, timely loss recognition was positively related to return on investment but non-significant at 5%. This suggests that 1% increase in earning quality (EAQ) and accounting conservation brought about 5.2% and 0.9% increase in return on investment (ROI) respectively; while, timely loss recognition had zero effective on return on investment (ROI). The study concluded that financial reporting quality boosts investment decisions made by investors, which promotes the rate of return on investments in listed manufacturing corporation. It is recommended that management of manufacturing organization should ensure that their respective financial reporting provide valuable knowledge for decision-making, with respect to the standard of financial statements through complying within commonly agreed accounting standards.

High Rate of Return to Sport for Athletes Undergoing Articular Cartilage Restoration Procedures for the Knee: A Systematic Review of Contemporary Studies.

Continued advancements in cartilage surgery and an accumulating body of evidence warrants a contemporary synthesis of return to sport (RTS) outcomes to provide updated prognostic data and to better understand treatment response. To perform an updated systematic review of RTS in athletes after knee cartilage restoration surgery. Systematic review; Level of evidence, 4. PubMed, OVID/Medline, and Cochrane databases were queried in October 2023 for studies reporting any RTS outcome after knee cartilage restoration surgery. Meta-analyses with inverse-variance proportion and DerSimonian-Laird random-effects estimators were applied to quantify overall RTS. Comparative proportional subgroup meta-analyses with relative odds ratios (ORs) were constructed to quantify (1) the influence of the procedure on RTS and (2) RTS ability (lower vs same/greater level of play) based on procedure, competition level, and specific sport. A total of 52 studies (n = 2387) were included. The overall pooled RTS was 80.3% (95% CI, 73.3%-86.5%). Matrix-assisted chondrocyte implantation (MACI) (OR, 2.15) and osteochondral autograft transplantation system (OATS) (OR, 1.83) demonstrated the highest likelihoods of RTS at the same/greater level, while microfracture (MF) (OR, 0.78) was the only treatment demonstrating a higher likelihood of RTS at a lower level. The fastest mean RTS was observed after OATS (6.6 ± 2.6 months). Professional athletes demonstrated an OR of 1.01 for RTS at the same/greater level, whereas recreational/amateur athletes demonstrated an OR of 1.63; however, all professional athletes underwent MF, and recreational/amateur athletes who underwent MF demonstrated lower likelihoods of RTS (OR, 0.78), indicating a consistent association between MF and low RTS propensity. Basketball players demonstrated the lowest likelihood of RTS at the same/greater level (OR, 1.1), while American football and soccer were associated with high likelihoods of RTS (OR, 3 and 2.4, respectively) across all procedure types. Cartilage restoration allows for high overall RTS, with OATS and MACI conferring the greatest propensity for RTS, while OATS allowed for the fastest RTS. Undergoing MF was associated with consistently poor RTS ability. This study identified several important associations between the level of RTS and clinically relevant factors when discussing RTS, with recreational/amateur athletes, soccer players, and American football players demonstrating a higher relative propensity to RTS.

Dynamic factor analysis with multivariate time series of multiple individuals: An error-corrected estimation method.

Intensive longitudinal data, increasingly common in social and behavioral sciences, often consist of multivariate time series from multiple individuals. Dynamic factor analysis, combining factor analysis and time series analysis, has been used to uncover individual-specific processes from single-individual time series. However, integrating these processes across individuals is challenging due to estimation errors in individual-specific parameter estimates. We propose a method that integrates individual-specific processes while accommodating the corresponding estimation error. This method is computationally efficient and robust against model specification errors and nonnormal data. We compare our method with a Naive approach that ignores estimation error using both empirical and simulated data. The two methods produced similar estimates for fixed effect parameters, but the proposed method produced more satisfactory estimates for random effects than the Naive method. The relative advantage of the proposed method was more substantial for short to moderately long time series (T = 56-200). (PsycInfo Database Record (c) 2025 APA, all rights reserved).

The Impact of Export Diversification on Economic Growth by Provinces in Türkiye

Beyond being a national measure of success, export diversification is closely linked to regional development, local employment, innovation capacity, and economic resilience. In the current study, we investigate the impact of export diversification on economic growth by provinces in the case of Türkiye for the period 2004-2018. For the purpose of the study, we employ static panel data models using Fixed Effects (FE) and Random Effects (RE) estimators, which account for unobserved heterogeneity. The findings of the study show that there is a significant negative relationship between per capita income and export intensity (HHI and GINI). In other words, as export diversification increases, per capita incomes increase. On the other hand, the coefficients obtained for the THEIL index are statistically insignificant. Therefore, it can be argued that indices measuring different dimensions of export diversification reflect different effects despite their conceptual similarities. The findings suggest that promoting export diversification can enhance regional economic growth and resilience, indicating that policymakers should prioritize strategies that encourage diversification of export portfolios, especially in underdeveloped regions, to foster balanced economic growth.

Gout flares after stopping anti-inflammatory prophylaxis: a rapid literature review and meta-analysis.

The aim of this research was to determine how common gout flares are after ceasing anti-inflammatory prophylaxis. A rapid literature review and meta-analysis were undertaken. PubMed was searched from inception to February 2024. Eligibility criteria included: any clinical trial of people with gout with at least one arm starting or intensifying ULT with co-prescription of anti-inflammatory prophylaxis, and the percentage of participants experiencing ≥ one gout flare reported during and after the period of prophylaxis. Random effects meta-analyses were used to generate pooled estimates of the percentage of participants experiencing ≥ one flare in each period. Six trials included, together with aggregated, unpublished data from the VA-STOP Gout trial (2972 participants). Pooled random effects estimates (95% CI) of the percentage of participants having ≥ one gout flare were 14.7% (11.3%-18.5%) during prophylaxis, 29.7% (22.9%-37.0%) in the three-month period after ceasing prophylaxis and 12.2% (6.8%-19.0%) during the last study period. The mean difference in the percentage of participants having ≥ one gout flare while on prophylaxis and immediately after ceasing prophylaxis was -14.8.0% (-21.2% to -8.5%)(p<0.0001). The mean difference from the period immediately following prophylaxis discontinuation compared to the last study period was 16.0% (p<0.001). Sensitivity analyses indicated no material effects of prophylaxis duration, trial duration, ULT class, or placebo arms. Gout flares are common after stopping anti-inflammatory prophylaxis but return to levels seen during prophylaxis. Patients should be cautioned about the risk of gout flares and have a plan for effective gout flare management in the three months after stopping anti-inflammatory prophylaxis.

Return to Sport in Professional Athletes After Cartilage Restoration Surgery of the Knee: A Systematic Review and Meta-Analysis Demonstrates Gender Inequality and the Need for Improved Reporting.

To synthesize the literature concerning return to sport (RTS) and related outcomes after cartilage restoration surgery of the knee in professional athletes. Cochrane, PubMed, and OVID/Medline databases were queried for data pertaining to RTS after knee cartilage surgery in professional athletes. Demographic information, cartilage lesion characteristics, and RTS-specific information were extracted. Freeman-Tukey Double-Arscine Transformations with Dersimonian-Laerd random-effects estimators were constructed to quantitatively describe the cumulative incidence of RTS, while heterogeneous data described narratively. Eleven studies (476 athletes; mean age 27.5 ± 2.1 years; 96.6% male) were included. Nine (81.8%) studies investigated a form of microfracture as treatment, with 6 (54.5%) performing isolated microfracture. The remaining studies investigated osteochondral allograft transplantation and mosaicplasty. More than half (n = 6; 54.5%) did not report cartilage lesion location or size. The pooled RTS rate was 84.3% (95% CI: 75.4%-91.8%) at a mean 39.9 (range, 12-104) weeks postoperatively. In 6 studies reporting competition level, a trend toward returning to a lower than pre-injury level was observed. The definition of RTS was only provided in 6 (54.5%) studies, while the criteria for RTS was only reported in 2 (18.2%) studies, suggesting limited transparency. One study reported an objective imaging assessment of reparative tissue, while none reported formal RTS testing protocols or minimum RTS timeline. Although the majority of professional athletes are reported to achieve a successful RTS after cartilage restoration surgery of the knee, the literature predominantly reflects microfracture treatment. Current limitations in this literature include a substantial lack of female representation and infrequent reporting of cartilage lesion characteristics, rehabilitation and RTS criteria, and objective imaging assessments of reparative tissue.

Bank Risk Taking Behaviour and Performance: Evidence from Indonesian Bank

This study aim to assess the impact of risk management and internal control on Indonesian Banks' risk-taking behaviour and performance. By assessing sample of 60 Banks spanning from 2013 and 2022 using the Generalized Least Square random effect estimator model, results show that while risk management and internal control lower credit risk and operational risk, they have no significant impact on liquidity risk. This impact is more pronounced for Government owned Banks than for privately owned Banks. Furthermore, the research demonstrates that risk management and internal control improve Banks' performance particularly in ROA and ROE parameters.

The impact of financial development on OFDI: Based on GMM estimates

In this study, we use panel data from 2010 to 2019, covering a sample of 64 countries, including developing and developed economies. This study provides an in-depth exploration of the impact of financial development on foreign direct investment (OFDI) by applying four different estimation methods, namely hybrid ordinary least squares (OLS), fixed effects estimation, random effects estimation, and systematic generalized method of moments (GMM). Impact. Investors from the source country plan and conduct direct investments in foreign countries, representing the cross-border flow of direct investment (OFDI). We measure financial development through three indicators: economic growth scale, financial product structure composition, and financial development efficiency. Our results reveal a consistent positive relationship between all dimensions of financial development and OFDI. In addition, we introduce country-specific dummy variables to stratify the analysis between developing and developed countries. Our empirical results highlight the statistical significance of these dummy variables, indicating clear differences in OFDI patterns between the two categories of countries. On this basis, this article examines developing and developed countries, respectively, and draws different conclusions. This study reveals that the impact of financial development on OFDI is significantly different in developing and developed countries, and provides new evidence on the growth of OFDI in developing countries to support this theory. The findings of this study can better provide a reference for governments in developing countries to formulate policies.

Cyanobacteria's power trio: auxin, siderophores, and nitrogen fixation to foster thriving agriculture.

Cyanobacteria, often overlooked in traditional agriculture, are gaining recognition for their roles in enhancing plant growth and soil health through diverse mechanisms. This review examines their multifaceted contributions to agricultural systems, highlighting their proficiency in auxin production, which promotes plant growth and development. Additionally, we examined cyanobacteria's ability to produce siderophores that enhance iron absorption and address micronutrient deficiencies, as well as their capacity for nitrogen fixation, which converts atmospheric nitrogen into a form that plants can utilize, all with the goal of reducing reliance on synthetic fertilizers. A meta-analysis of existing studies indicates significant positive effects of cyanobacteria on crop yield, although variability exists. While some research shows considerable yield increases, other studies report non-significant changes, suggesting benefits may depend on specific conditions and crop types. The overall random-effects model estimate indicates a significant aggregate effect, with a few exceptions, emphasizing the need for further research to optimize the use of cyanobacteria as biofertilizers. Although cyanobacteria-based products are limited in comparison to seaweed-derived alternatives, for instance, ongoing challenges include regulatory issues and production costs. Integrating cultivation with wastewater treatment could enhance competitiveness and viability in the agricultural market.

How Many Checks Are Needed per Cycle in a Plant Breeding or Variety Testing Programme?

ABSTRACTCheck varieties are used in plant breeding and variety testing for a number of reasons. One important use of checks is to provide connectivity between years, which facilitates comparison among genotypes of interest that are tested in different years. When long‐term data are available, such comparisons allow an assessment of realized genetic gain (RGG). Here, we consider the question of how many check varieties are needed per cycle for a reliable assessment of RGG. We propose an approach that makes use of variance component estimates for relevant random effects in a linear mixed model and plugs them into an analysis of dummy datasets set up to represent the design options being considered. Our results show that it is useful to employ a larger number of checks and to keep the replacement rate low. Furthermore, there is intercycle information to be recovered, especially when there are few checks and replacement rates are high, so modelling the cycle main effect as random pays off.

Green growth a pathway to sustainable growth in developed countries

The quest by countries to drive to maturity stage of development especially by industrialize nations continued to impact on green economy despite policy framework and strategy implementation to curtail the activities. Emissions endanger the existence of secured environment. It is in the light of this literatures have concentrated on the area. This study seeks to investigate the determinants of green growth in 13 developed countries spanning 2010 to 2020. This study employed the ordinary least square regression with robust option, country specific effect and time fixed option, fixed effect and random effect estimation with time varying effect estimation options. This study also employed the generalized square regression technique with several robust option and post estimation test. The result of the study posit that CO2 emissions from gaseous fuel consumption which is (% of total) has a positive and significant relationship with green growth indicating that the consumption of this energy increases green growth. The coefficient Renewable energy consumption (% of total final energy consumption) revealed a positive effect on green growth. The coefficient Fossil fuel energy consumption (% of total energy) revealed a negative effect on green growth. In addition, Combustible renewable and waste (% of total energy) posit a negative relationship on green growth. A caveat for policy shows that in spite strategies and deliberate policy reform put in place to mitigate the effect on green growth, much is needed in terms of investment in clean energy. No doubt deliberate policy reform need to strengthen and enforced in this respect cannot be underscored

Benefits of stereotactic radiosurgical anterior capsulotomy for obsessive-compulsive disorder: a meta-analysis.

Anterior capsulotomy (AC) is a therapeutic option for patients with severe, treatment-resistant obsessive-compulsive disorder (OCD). The procedure can be performed via multiple techniques, with stereotactic radiosurgery (SRS) gaining popularity because of its minimally invasive nature. The risk-benefit profile of AC performed specifically with SRS has not been well characterized. Therefore, the primary objective of this study was to characterize outcomes following stereotactic radiosurgical AC in OCD patients. Studies assessing mean Yale-Brown Obsessive Compulsive Scale (Y-BOCS) scores before and after stereotactic radiosurgical AC for OCD were included in this analysis. Inverse-variance fixed-effect modeling was used for pooling, and random-effects estimate of the ratio of means and standard mean differences were calculated at 6 months, 12 months, and the last follow-up for Y-BOCS scores, as well as the last follow-up for the Beck Depression Inventory (BDI)/BDI-II scores. A generalized linear mixed model was used to generate fixed- and random-effects models for categorical outcomes. Univariate random-effects meta-regression was used to evaluate associations between postoperative Y-BOCS scores and study covariates. Adverse events were summed across studies. Publication bias was assessed with Begg's test. Eleven studies with 180 patients were eligible for inclusion. The mean Y-BOCS score decreased from 33.28 to 17.45 at the last-follow up (p < 0.001). Sixty percent of patients were classified as responders and 10% as partial responders, 18% experienced remission, and 4% had worsened Y-BOCS scores. The degree of improvement in the Y-BOCS score correlated with time since surgery (p = 0.046). In the random-effects model, the mean BDI at the last follow-up was not significantly different from that preoperatively. However, in an analysis performed with available paired pre- and postoperative BDI/BDI-II scores, there was significant improvement in the BDI/BDI-II scores postoperatively. Adverse events numbered 235, with headaches, weight change, mood changes, worsened depression/anxiety, and apathy occurring most commonly. Stereotactic radiosurgical AC is an effective technique for treating OCD. Its efficacy is similar to that of AC performed via other lesioning techniques.

Analysis of key influencing factors on the financial performance of Jakarta Islamic Index 30 industrial firms

Purpose The purpose of this paper is to investigate the impact of size, asset quality, asset management, financial risk, gross domestic product and inflation rate on the financial performance of companies listed on the Jakarta Islamic Index of 30 industrial firms. Design/methodology/approach Based on the selected criteria, this study analysed an unbalanced panel of data from 30 industrial companies on the Indonesian capital market that are members of the Jakarta Islamic index. Profitability is measured using the dependent variables return on assets (ROA), return on equity (ROE) and stock prices. The influence of explanatory variables of internal factors, namely, size, asset quality, asset management, financial risk, gross domestic product and inflation is investigated using pooled OLS, fixed and random effect estimation. Findings The empirical findings indicate that the scale of a company has a significant impact on its performance, asset quality, asset management and financial risk. GDP has a substantial impact on financial performance, particularly as measured by ROA and ROE. This study’s ramifications have substantial effects on a broad spectrum of stakeholders. The results of this study provide the general public and investors with a greater understanding of the factors that influence a company’s performance on the Jakarta Islamic Index 30. Research limitations/implications The implication of this research is that a deeper comprehension of the factors that influence the financial performance of companies within industrial sectors that follow Islamic finance principles can help design more effective strategies and policies. Practical implications This research has significant practical implications in a number of crucial areas. First, it provides a comprehensive comprehension of the company’s financial performance in the industrial sector in accordance with Islamic finance principles. Second, the research findings provide more precise guidance on how company size, asset quality and macroeconomic variables influence the performance of Indonesia's financial market. Originality/value The study’s authenticity and value hold considerable importance. This study introduces novel perspectives on the assessment of corporate financial performance within industrial sectors through the lens of Islamic finance principles. It offers valuable insights that have not yet been extensively investigated by scholars in the field.

Performance of tests based on the area under the ROC curve for multireader diagnostic data

One of the main objectives of disease prevention is to lower the healthcare costs and improve the quality of life. To achieve this, reliable diagnostic tools are needed. The diagnostic performance of a tool can be measured by the ROC curve and the AUC. However, some diagnostic tools such as MRI images are not objective, but depend on the interpretation of experts. Therefore, the accuracy of these tools may vary depending on who is interpreting them. To account for possible correlations when multiple readers collect data, Dorfman, Berbaum and Metz (1992) proposed using AUC pseudovalues from the jackknife sampling method and applying them to the mixed model to analyze the diagnostic reagent's accuracy. However, pseudovalues may go beyond the AUC range. Also, the random effect estimate may be negative due to a small number of readers. This paper develops tests based on AUC estimates and gives their asymptotic distribution. Moreover, a two-stage test is suggested to correct for negative random effect estimates. Four tests are created in total and their performance is evaluated by Monte Carlo simulations. The distributional assumption's robustness of these tests is checked, and their applicability is demonstrated by two real data sets.

THE REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP (RCEP) AGREEMENT AND ITS IMPLICATIONS ON TRADE BETWEEN EU-27 AND RCEP-15

This paper investigated the impact of the RCEP on trade between RCEP-15 and EU-27. The static framework has been used. The empirical evidence is based on the Random Effect estimation and the models shows that while economic growth in RCEP-15 may reduce trade with EU-27, the RCEP negotiations does not have the same effect. The results show that the RCEP negotiations has resulted in an increase in trade between RCEP-15 and EU-27. The interactive term between the RCEP and GDP shows that together these two variables still lead to an increase in trade between RECP-15 and EU-27.

Green Finance and Environmental Quality in Emerging Market and Developing Economies

This study explored the effect of green finance on environmental quality in eleven (11) emerging economies between 2002 and 2022. The study employed the fixed and random effect estimation methods. The results showed that environmental quality in emerging economies can be increased by improved green finance. Government integrity and financial freedom enhance environmental quality. Furthermore, the results depicted that economic growth has a detrimental effect on environmental quality. In many emerging nations with slow economic development and an imminent recession, governments need to alter their growth strategies to incorporate medium- to long-term green growth to improve environmental quality.

Grade inflation effects of capacity expansion in higher education: a longitudinal study in undergraduate teacher education programs from 2003 to 2022

This study examined the change in the rate of graduates with high honors (>3.50) in teacher training programs and the factors affecting grade inflation and graduation GPAs over a 20-year period. In the study, the weighted grade point average of 173,232 student-teachers who had graduated from 32 teacher training institutions between 2003 and 2022 was analyzed using the random effects estimator, ANOVA, t test, and ANCOVA. The findings suggest that their grade point averages increased from 2.83 to 3.34 within this period. The highest-grade averages were found in 2012, when the number of teacher training institutions was expanded; as well as in 2021–2022, during the COVID-19 pandemic. In addition, the gender of the students, their university admission scores, the teaching field, the establishment year of the program, and the ratio of students per faculty member were found to be important determinants of graduation GPAs. Based on our results, it can be argued that the rapid growth of teacher training programs in Türkiye has caused a decrease in quality, which has triggered an increase in grade averages. One of the most important findings supporting this idea is that programs with lower university admission scores have more students graduating with honors.

The Effect of Green Intellectual Capital, Good Corporate Governance, and Growth Options on Sustainability Performance

Global climate change, deforestation, plastic pollution, and other environmental issues have made sustainability performance an increasingly researched topic. This study investigates the impact of green intellectual capital, good corporate governance, and growth options on the sustainability performance of primary consumer goods sector companies in Indonesia. Additionally, it examines the moderating role of public ownership. We measure sustainability performance using a composite index based on the sustainability balanced scorecard and the G4 Global Reporting Initiative's sustainability reporting disclosure framework. To our knowledge, this study is the first to employ this specific measurement method. Using a random effects estimator on 144 observations, we estimated our models. The findings indicate that good corporate governance, growth options, and public ownership positively influence sustainability performance, while green intellectual capital does not. Furthermore, the study reveals that public ownership strengthens the effects of green intellectual capital and growth options on sustainability performance. This suggests that in companies with low public ownership, green intellectual capital alone may not sufficiently enhance sustainability performance.

Impact of Ownership-Location-Internalization (OLI) Paradigm and Investment Development Path (IDP) on Gravity Model of Foreign Direct Investments in Eastern Europe and Central Asia (EECA) Region

This study investigates the impact of OLI paradigm and the IDP on the gravity model of FDI in EECA region. Using panel data from 1995 to 2017, the analysis employs POLS, Fixed Effects, and Random Effects estimation methods to examine the determinants of FDI inflows. The results highlight the significance of the receiving country's GDP and labour market quality as the most consistent and statistically significant factors influencing FDI inflows. The distance between source and receiving countries also exhibits a negative relationship with FDI flows. Other variables, such as the source country's GDP, tertiary education, institutional governance, taxation, infrastructure, foreign exchange rates, and labour costs, do not show consistent or statistically significant effects across the estimation methods. The Fixed Effects model demonstrates the highest explanatory power, suggesting its suitability for capturing the variation in FDI inflows. These findings contribute to understanding the determinants of FDI and provide insights for policymakers and investors. Countries aiming to attract FDI should focus on promoting economic growth, improving labour market conditions, and reducing perceived distances between source and receiving countries.

LIQUIDITY MANAGEMENT AND FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA

The study empirically investigates the impact of liquidity management on financial performance of deposit money bank in Nigeria using time series data from 2011 to 2020. The study analyses the data with the aid of E-view statistical package for descriptive and correlation analysis and STATA 11 after testing for the best estimator from pool OLS, fixed effect and random effect estimator based on Breusch and Pagan LM test, F-test and Hausman test. Deposit to asset ratio has negative but statistically insignificant relationship with returns on assets of DMBs in Nigeria since the P-value of 7.9% is greater than 5% significant level. Cash reserve ratio has positive but statistically insignificant relationship with returns on equity of DMBs in Nigeria since P value of 22.1% is greater than 5% significant level. Loan deposit ratio has negative but statistically insignificant relationship with net interest margin of deposit banks in Nigeria since P value of 91.8% is less than 5% significant level. The study recommends that CBN should strive to improve their regulatory capacity over all DMBs in Nigeria. Special financial court should be established by the government to prosecute serial loan defaulters. Regular training and retraining couple with professional development of staff should be encouraged by the board and management of the bank and CBN. CBN should also set a limit to the level the staff of DMBs can attain without requisite professional and academic qualifications. KEYWORDS: Liquidity Management, Financial Performance, Deposit Money Banks