Industry Earnings Research Articles

Electronic Payments System and Banking Industry’s Return in Nigeria: A Time-Varying Granger Causality Approach

<p class="MsoNormal" style="margin-top: 12pt; text-align: justify;"><span lang="EN-US" style="font-family: 'times new roman', times, serif; font-size: 14pt;">The paper is motivated by the growth of the electronic payments system and its relevance in enhancing the banking industry's earnings. Consequently, the paper examines the causal relationship between the electronic payments system and the banking industry's returns in Nigeria. The paper offers some important contributions to the literature involving the use of an approach that allows for data-driven identification of the change points in the electronic payments system and the banking industry's returns nexus. The paper discovered three important findings. First, the causal relationship between the electronic payments system and the banking industry's returns in Nigeria changes with time changes. Second, there is evidence of causality between the electronic payments system and returns on assets and equity, however, the causality was more evident under the recursive window. Third, the causal relationship was more evident in some specific periods such as 2020Q4, all quarters of 2015 to 2016, and 2020 to the end of 2023. The paper recommends that policymakers should revisit and reinvigorate the specific cashless policies instituted in 2012-2016 that aided higher returns to the banking industry. Similarly, the Central Bank of Nigeria and other banking industry players should intensify efforts to encourage the use of electronic payments due to their usefulness and ability to enhance the banking industry's earnings.</span></p>

Impact of Program Region and Prestige on Industry Supplemental Earnings for Pediatric Orthopedic Surgery Fellowships in the United States: A Retrospective Analysis

Introduction: With the passage of the Physician Payment Sunshine Act, there has been increased transparency regarding the industrial financial relations that physicians have. Orthopedic surgeons have been highly studied in this domain with approximately 50% of all orthopedic surgeons engaging in industrial financial relationships. Furthermore, an increasing number of orthopedic surgeons are seeking fellowship training with pediatric fellowship programs gaining popularity in recent years. The purpose of this study is to evaluate the impact various pediatric orthopedic fellowship programs have on industry earnings and academic productivity. Methods: Pediatric orthopedic fellowship programs were identified via the Orthopedic Society of North America (POSNA) website. Information on individual fellowship programs was obtained from their respective websites. Academic productivity was measured via an aggregate of all employed physicians’ H-index at a specific fellowship as found on the Scopus website. The Open Payments Database (OPD) website was used to assess lifetime industry earnings. Other variables such as Newsweek or Doximity ranking were taken directly from relevant websites. Statistical analysis was performed using a Kruskal–Wallis test with Bonferroni correction and Mann–Whitney U-test. Results: A total of 43 pediatric orthopedic surgery fellowships in the United States were identified with a total of 392 physicians as fellowship faculty. Complete OPD and H-index information were available for 336 of those physicians (85.7%). On average, there were 7.81 ± 5.18 physicians and 1.56 ± 0.93 fellows per program. The mean combined physician H-index was 117.23 ± 122.51, and the mean combined physician lifetime supplemental earnings in dollars was $646,684.37 ± $1,159,507.17. There was no significant relationship between region of pediatric orthopedic fellowship, Newsweek ranking of affiliated hospital, Doximity ranking of affiliated hospital, presence of MBA program, type of program (public, private, mixed), and the lifetime industry earnings or academic productivity of program graduates. Conclusions: Despite the observed lack of statistical significance, there were clear trends observed with fellowship programs in the northeast and west coast regions being the highest earning and fellowship programs with top 10 Newsweek ranking of affiliated hospital having by far the greatest industry earnings. Sample size limitations likely prevented the detection of statistical significance. Future studies should examine if any relation exists when accounting for type of industry payment received and case volume per fellowship program.

Academic Productivity at Orthopedic Spine Surgery Fellowships is Positively Correlated With Nonresearch Lifetime Industry Earnings: A Retrospective Study.

Retrospective Analysis. The objective of the study was to assess the impact of academic productivity at both individual and program levels on lifetime industry earnings within US orthopedic spine fellowships. Physician-industry transparency was codified by the Physician Payments Sunshine Act (PSSA) in 2010. No study has explored the relationship between academic productivity and industry earnings at the fellowship level. Inclusion criteria encompassed physicians with complete academic and industry data from orthopedic spine fellowship programs listed on the North American Spine Society (NASS) 2022-2023 fellowship directory. Academic productivity was defined via H-index on the Scopus website, and industry productivity by total lifetime earnings on the Open Payments Database (OPD). This analysis included 75 orthopedic spine fellowship programs with 320 individual physicians. Median individual physician lifetime earnings were $86,852.71 (mean: $666,580.23 ± $1,887,734.64; minimum-maximum: $10.86-$27,164,431.49) and the median individual physician (n=320 physicians) H-index was 17.0 (mean: 21.82 ± 19.28; minimum-maximum: 0-109). Median combined physician H-index per fellowship (n=75 fellowships) was 65.0 (mean: 93.08 ± 85.67; minimum-maximum: 3-434) and median combined physician lifetime earnings was $927,771.60 (mean: $2,844,075.64 ± $4,942,089.56; minimum-maximum: $1,112.32-$29,983,900.69). A positive correlation was observed between academic productivity and industry productivity at an individual level (P<0.001; Spearman's rho = 0.467). This correlation was stronger at the fellowship level (P<0.001; Spearman's rho = 0.734). There was no significant difference in total lifetime earnings (P=0.369) or H-index per fellowship (P=0.232) when stratified by region of the fellowship program in the United States. Orthopedic spine surgery fellowship programs in the United States exhibit a positive correlation between academic productivity and nonresearch industry lifetime earnings at both individual and program levels. This correlation is stronger at the program level, and regional differences among fellowship programs do not significantly impact academic or industry productivity.

Examining the impact of economic cycles on India’s information technology sector

The link between the Indian IT industry and business cycles is examined in this article. The IT-BPO sector has spearheaded India’s transition from an agricultural to a service economy. The industry has dominated this field by producing around 10% of India’s service industry earnings and developing a special “service-directed” export-oriented business model. In India there has been massive growth in the software industry due to its potential of exports and for hardware, a very promising demand at the domestic front has been indicated, starting in 1991. The main factors influencing the rise in technology adoption in India include the country’s economic growth, the quick development of its technological infrastructure, the fierce competition among Indian businesses, the government’s increased attention, and the introduction of new business models that enable the provision of IT to untapped markets. The study investigates the potential relationship and sensitivity of the IT sector to the cyclical patterns of the Indian economy. If so, what is the degree of correlation between IT companies and Indian business cycles? Whether the movements of IT Industry are procyclical and coincident to the movements of GDP. Data analysis was comprised of stationarity tests, detrending, and log transformation. Comparative charts clearly highlighted a positive relationship, but because of IT exports, the relationship is more complex. Also, it has been found the IT is not a lagging indicator.

Academic productivity correlates with industry earnings in foot and ankle fellowship programs in the United States: A retrospective analysis.

The study investigates the connection between academic productivity and industry earnings in foot and ankle orthopedic surgery fellowships. Utilizing metrics like the H-index and Open Payments Database (OPD) data, it addresses a gap in understanding the relationship between scholarly achievements and financial outcomes, providing a basis for further exploration in this specialized medical field. To elucidate the trends between academic productivity and industry earnings across foot and ankle orthopedic surgery fellowship programs in the United States. This study is a retrospective analysis of the relationship between academic productivity and industry earnings of foot and ankle orthopedic surgery fellowships at an individual faculty and fellowship level. Academic productivity was defined via H-index and recorded from the Scopus website. Industry earnings were recorded from the OPD. Forty-eight foot and ankle orthopedic surgery fellowships (100% of fellowships) in the United States with a combined total of 165 physicians (95.9% of physicians) were included. Mean individual physician (n = 165) total life-time earnings reported on the OPD website was United States Dollar (USD) 451430.30 ± 1851084.89 (range: USD 25.16-21269249.85; median: USD 27839.80). Mean physician (n = 165) H-index as reported on Scopus is 14.24 ± 12.39 (range: 0-63; median: 11). There was a significant but weak correlation between individual physician H-index and individual physician total life-time earnings (P < 0.001; Spearman's rho = 0.334) and a significant and moderate positive correlation between combined fellowship H-index and total life-time earnings per fellowship (P = 0.004, Spearman's rho = 0.409). There is a significant and positive correlation between academic productivity and industry earnings at foot and ankle orthopedic surgery fellowships in the United States. This observation is true on an individual physician level as well as on a fellowship level.

Impact of the Global COVID -19 Pandemic on the Earnings of the Construction Industry

The past two and half years has witnessed the huge impact of COVID-19 on the world economy. Construction industry is a pillar of the economy, buildings such as factories and warehouses and structures such as roads, docks, and dams required by various material production departments of the national economy are all products of the construction industry; machinery and equipment of industrial enterprises must also be installed by construction enterprises to form the final production capacity. is going through huge effect caused by COVID-19.This research aims to develop an understanding of how much, from which aspects and at what ratio the COVID -19 pandemic have affected the earning of construction industry by calculating the relative earnings of the construction industry through the data collected about four cities around the world. The result showed that Both the income and cost of the construction industry suffered from loss at the first stage of covid-19 pandemic. While London and NYC went through more loss in construction industry compared with Beijng and Wuhan.

Evaluating the Correlation Between Various Orthopaedic Foot and Ankle Fellowship Characteristics and Total Industry Payments Through the Open Payments Database.

Since the Physician Payments Sunshine Act in 2010, a substantial body of work has explored the supplemental income received by physicians to understand trends in industry payments and investigate sources of bias. To date, no study has examined how various fellowship characteristics impact industry earning levels at foot and ankle orthopaedic surgery fellowships. The purpose of this study is to examine the various fellowship and faculty-specific variables in correlation with industry earnings in foot and ankle orthopaedic surgery fellowships. This study is a retrospective analysis of foot and ankle orthopaedic surgery fellowships and respective faculty along with various fellowship characteristics in correlation to industry lifetime earning levels as of March 2023. Industry total lifetime earnings represent income directly paid to physicians, is not part of the physician's salary, and does not include any research grants or funding. Lifetime earnings represent all years recorded on the Open Payments Database website (2015-2021). There are 165 faculty physicians and 48 programs with complete data out of all foot and ankle orthopaedic surgery fellowship programs in the United States. The mean fellowship H-Index per fellowship was 48.94 ± 38.92, and the mean fellowship lifetime earning was $1 551 791.66 ± $4 136 091.64. There was no significant association between fellowship lifetime earnings and Newsweek ranking of fellowship-affiliated hospitals (P = .906), Doximity ranking of fellowship-affiliated residencies (P = .703), and region of the United States (P = .126). There was a statistically significant increase in total lifetime earnings in programs with 4 fellows as compared to 1 fellow (P = .035). There was no statistically significant correlation between a variety of foot and ankle fellowship-specific factors and lifetime industry earnings, aside from increased earnings in programs having 4 fellows. Prestige factors, such as Doximity and Ranked Hospital Newsweek List rank, as well as region of the United States is not associated with industry earnings. Level III, retrospective cohort study.

Temperature shocks and industry earnings news

Climate scientists project rising average temperatures and increasing frequency of temperature extremes. We study how extreme temperatures affect corporate profitability across different industries and whether sell-side analysts understand these relationships. We combine granular daily data on temperatures across the continental U.S. with locations of public companies’ establishments and build a panel of quarterly firm-level temperature exposures. Extreme temperatures significantly impact earnings in over 40% of industries, with bi-directional effects that harm some industries while others benefit. Analysts and investors do not immediately react to observable intra-quarter temperature shocks, though earnings forecasts account for temperature effects by quarter-end in many industries.

The Impacts of Employees’ Job Performances in The Hotel Industry Post Pandemic in Kuala Lumpur

This study examines the relationship between training and development, job satisfaction, and compensation towards employee’s job performance in the hotel industry within Kuala Lumpur, Malaysia, post pandemic. The COVID-19 pandemic had a significant influence on the hotel sector through physical, psychological, and financial difficulties as hospitality workers had to face high job demands, irregular working hours, labor shortage, and insecure working position. Employees that are unhappy or frustrated are more likely to perform poorly. Increasing the number of guests and enhancing hotel earnings still heavily rely on the performance of hotel employees. It is crucial to increase the earnings of the hotel industry post pandemic to increase employment, improve living standards, and larger tax income to state and local governments. Data are gathered from 315 employees in a 3 to 5-star hotels from various department in Kuala Lumpur and analysed through correlation by using SPSS version 27. The findings from this research reveals that training and development, and compensation does have a relationship towards employee’s job performance in the hotel industry, but not job satisfaction. Future research may include adding other factors that affect employee’s job performance in hotel industry and emphasizing on a specific position held in the organisation.

Welcome to the inner circle? Earnings and inequality in the creative industries

ABSTRACT Do women and workers with a migration background earn relatively less in the core creative arts or in commercial creative sectors such as advertising? In this paper, we seek to (1) uncover to what extent workers’ socio-demographic characteristics and the sub-sector of the cultural and creative industries (CCIs) in which they are active affect how much they earn, and (2) unravel to what extent the context of sub-sectors affects inequality in earnings between different socio-demographic groups. Using Statistics Netherlands register data on all workers with earnings from the CCIs, we show that earnings are lowest in the sub-sectors in Throsby’s (2008) inner circles of the CCIs. Both having a migration background and being a woman affect earnings in the CCIs. Especially gender inequality in earnings is extensive and omnipresent, being least pronounced in sub-sectors such as literature, music and visual arts, and most severe in e.g. film and photography.

Impact of corporate governance on earnings management – Experimental evidence on listed commercial banks in Vietnam

Earnings management is the practice of adjusting accounting policies to change earnings. It affects the earnings of the banking industry, including listed commercial banks. It also reduces the trust of investors because the information provided is unreasonable for the bank system. Corporate governance as a management organization can prevent earnings management in the banking industry. The paper aims to consider the impact of corporate governance on the earnings management of listed commercial banks in Vietnam. The paper uses a time series of ten years from 2012 to 2021. The research uses experiments to test the hypothesis of the model. The result finds three factors positively affect the earnings management of listed commercial banks, including the number of members, professional qualifications, and meetings of the board of directors. The number of members is the strongest influence on earnings management, while the professional qualifications have the lowest effect. The results also demonstrate that listed commercial banks have practiced earnings management in recent years. From there, the paper proposes some policies to prevent the earnings management of listed commercial banks to improve the quality of information.

BEHAVIOUR OF INVESTMENT RETURNS IN THE DISINVESTMENT ENVIRONMENT: THE CASE OF POWER INDUSTRY IN INDIAN CPSEs

Investment return may be defined as a recital gauge through which profitability of an investment is evaluated. It helps to assess the effectiveness of dissimilar investments at a particular point of time. Hence, return on investment is an attempt to straightforwardly compute the income of a fastidious investment with respect to its investment cost. The CPSEs in India were set up to serve the extensive macro-economic objectives of fiscal augmentation, independence in manufacturing, surfeit equilibrium of payments, and managing the inflationary and deflationary situations. In the backdrop of our earlier research published in IJSSP, USA, vol.10, no.10, 2022, the present study is an attempt to assess the behavior of investment returns with a view to assess their impact in the disinvestment environment with reference to power industry in Indian CPSEs during 2010-11 to 2019-20. On the whole, both the industries (i.e., power generation industry and power transmission industry) have generated optimistic earnings on their investment in all the years under cram. Thus, power industry notably drives the Indian economy. Though mean investment earnings of power generation industry have decreased marginally, there has been enhancement in mean investment earnings of power transmission industry in vocabulary of ROCE and ROE. For further enhancement in investment returns of power industry, steps should be taken to ensure best likely use of installed capacity, minimization of interest cost and effectual utilization of inner resources produced by the power industry. The study is based on secondary statistics at aggregate level. Besides, the study considered only accounting based measures of investment returns. Hence, future research may be carried out at micro level i.e., at company-wise level within each power industry in Indian CPSEs.&#x0D; Key Words: CPSEs, Disinvestment, Investment Returns, Power Industry, ROA, ROCE, ROE.

SUSTAINABLE DEVELOPMENT TOURISM: RESEARCH IN VIETNAM AFTER COVID -19

Tourism has become a leading economic sector in Vietnam, is termed a "smokeless business," and generates substantial money for the government. However, the present complex evolution of the Covid-19 epidemic has had a significant effect on the whole Industry. Tourism models must be bolstered by the variety of Vietnam's ecosystems, wildlife, and cultural heritage. Nonetheless, the complex dynamics of the present Covid-19 outbreak have had a significant influence on Vietnam's whole tourism economy. Many hotels, restaurants, and retail chains in tourist sites become empty as a result of flight bans, travel restrictions, and tourists' dread of the pandemic's effects. This forewarns of a decline in the tourist industry's earnings in numerous nations, including Vietnam. By synthesising statistics, this article evaluates the influence of the Covid-19 pandemic on tourist development in Vietnam and makes some recommendations for the post-Covid-19 sustainable growth of Vietnam's tourism business.

Koneksi Politik Dan Praktik Manajemen Laba Riil: Studi Pada Industri Keuangan Di Indonesia

The aim of the research is to find empirical evidence of the impact of political ties on the management of actual earnings in the Indonesian financial industry. Earnings management in this study is measured by real earnings management, namely abnormal CFO and abnormal discretionary expense, as well as the value of Allowance for Impairment Losses (CKPN). The research sample is 98 companies that are members of the financial industry listed on the Indonesia Stock Exchange (IDX) for the 2018-2020 period with a total of 294 observations. This research used the panel data regression analysis technique. The results showed that the politically connected board of commissioners had a positive effect on earnings management as measured by abnormal CFO and CKPN, but had no effect on earnings management as measured by abnormal discretionary expense. Meanwhile, the politically connected board of directors was found to have no effect on earnings management, either as measured by abnormal CFO, abnormal discretionary expense, or CKPN. This research provides additional empirical evidence that is advantagoues for several parties such as companies, investors and regulators regarding the consideration of political connected council that have a negative effect on earnings management. The results of this study support the agency theory that political connections increase agency problems through earnings management practices.

Earnings Persistence and Market Reaction to Earnings in the International Insurance Industry

ABSTRACT Objective: this paper analyses the earnings persistence and market reaction to earnings in the international insurance industry. Methods: the analysis considers a sample of 307 listed international insurance companies from 2004 to 2019 and assesses several quantitative empirical models and estimations, including panel fixed effects and pooled OLS. Results: results indicate that operating cash flows are highly and strongly persistent when compared to the accruals component of earnings and that reported earnings are informative about companies’ performance. However, these findings vary significantly across insurance sub-segments. Additionally, the association between earnings and returns is significantly affected by specific companies’ performances in the sense that market agents review their expectation in a higher level when a reduction in earnings (bad news) is reported. Results also show that market risk patterns are positively associated with earnings response coefficient, suggesting a numerator effect of risk. Conclusions: overall, this paper provides evidence that economic analysis and scrutiny of earnings persistence and the market reaction to earnings announcements in insurance industry, and its insurance sub-segments, can provide superior assessment of future outcomes by investors, regulators, and academics.

Industry Choice and within Industry Earnings Effects

Industry Choice and within Industry Earnings Effects

Price Reversals After Extreme Price Shocks: Impact of Earnings Information With Time Series Evidence From Emerging Market

The purpose of the article is to analyze the relevance of earnings fundamentals in predicting extreme price reversals of an emerging stock market. We collect monthly price data on six sector indices from Bombay Stock Exchange (BSE) of India for the period 2004–2019. The research decomposes industry stock returns into Potential Maximum Gains (PMG) and Potential Maximum Losses (PML) with price extremes at first and then tests price reversal behavior using Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) and vector autoregressive (VAR) models. The study finds symmetry between PMG and PML in the banking, realty, and oil sectors, while the asymmetric reversal behavior is noted in the automobiles and capital goods industries. The presence of industry fundamentals in the models estimating the reversal behavior of share prices enhances their predictive power, which suggests the significance of value strategies in making gains from extreme price variations. The price reversal behavior is sector specific and found inconsistent in emerging market. Hence, the investors cannot overlook the relevance of the industry characteristics and earnings fundamentals while predicting the stock price behavior in emerging markets.

Characteristics of industries determining high differentiation of wages in Russia

The problem of reducing the differentiation of wages in Russia does not lose its relevance. The fund ratio is constantly decreasing, but still exceeds world standards. Its reduction due to growth of the minimum wage has already gone beyond acceptable boundaries. Beyond them, the qualifying wage differences decrease. Currently, they have already begun to contradict one of the fundamental functions of remuneration, namely the incentive function. This raises the question of finding opportunities to reduce the ratio of funds at the expense of wages in the 10th decile of the distribution. Wages in this decile were studied by industry (types of economic activity). Industries in which earnings in the 10th decile are higher than the average for the decile are selected for analysis. These industry earnings affect the value of the fund ratio, limiting its decline. The characteristics of the selected industries are reviewed. These are qualifications of personnel, financial and economic situation of enterprises, their form of ownership, and sectoral coefficient of funds. It has been established that the value of the fund ratio exceeding world standards is, in all likelihood, provided mainly by three industries. These include activities in the field of information and communication; financial and insurance activities; professional, scientific and technical activities. Administrative regulation of wages should be applied to the segments of these industries, where high wages are not consistent with the quality of services provided.

Quality of Reported Earnings: An Empirical Study of Indian Banking Industry

Earnings management (EM) practices by bank managers can prove to be very precarious in smooth running of the financial system of a country. The failure of financial system shocks the entire economy. The present paper aims to assess the quality of earnings in the Indian banking industry. EM is estimated by employing a bank-specific model that measures EM through loan loss provision (LLP) and realized security gains and losses (RSGL). The findings exhibit that public banks practice income increasing and private banks practice income decreasing EM, whereas, combined result reinforces the practice of income decreasing EM. The results indicate that public sector banks use both LLP and RSGL to manage earnings whereas private sector banks increasingly rely on RSGL. Further, direction of EM is gauged by classifying EM on the basis of quartiles. This study has implication for regulators, investor and depositors. Regulators should be stricter regarding policies of LLP. Apart from earnings, investor and depositors should be considered other measures of stability of banks like capital adequacy ratio because earnings may be manipulated.

The Dependency Structure of Bad Jobs: How Market Constraint Undermines Job Quality

Power and dependence in economic exchange shape industry structure. When a focal industry faces powerful suppliers or buyers, this can reduce industry rents. The authors argue that these dynamics also affect job quality by reducing the economic surplus available to be shared with workers. Drawing on ideas from power-dependency theory, this article explains industry earnings and job quality differences by examining inter-industry exchange patterns. The authors build on Ronald Burt’s seminal analysis of structural constraint in economic exchange using industry input-output tables. They calculate market constraint measures for recent years in the United States and link these with CPS data on wages and benefits. Analyses reveal that workers in more buyer-constrained industries (dependence on powerful buyers) experience lower wages and benefits. Findings also show that market constraint reduces the economic surplus available for union bargaining. Theory and results suggest that market concentration reduces suppliers’ economic rents, harming job quality.