Market Size Research Articles

Analysing the European Defence Fund’s financing distribution across EU countries: what drives national participation in defence-industrial integration projects?

The establishment of the European Defence Fund (EDF) marks a significant shift in how EU Member States approach the integration of the defence industry as it aims to systematically promote inter-European defence-industrial cooperation across national defence sectors. However, there is a lack of empirical evidence of the actual dynamics regarding EDF implementation. While there are accounts of EU countries’ varying political positions on defence integration, including its industrial aspect, it remains unclear whether Member States’ actual participation in integration projects aligns with these positions. Are national motives consistent once effective defenceindustrial integration is underway? The findings, based on Masson’s (2024) data on by-country distribution of EDF project financing (2021–2022), present a more nuanced picture of EU countries’ effective engagement with defence-industrial integration than anticipated by the political perspective. While there is a positive relationship between participation in the EDF and defence market size, strategic culture does not influence EU members’ involvement in the Fund. Furthermore, while liberal economicindustrial governance is negatively associated with national participation in EDF projects, a country’s institutional quality has a significant positive relationship with it. This article reveals more complex dynamics of EDF implementation than suggested by the political perspective on defence-industrial integration pre-EDF.

Agency conflicts, product market competition and investment efficiency: new evidence from emerging market

PurposeThis study examines the influence of product market competition on investment inefficiency of Indian firms in context of agency problems. Additionally, this study also investigates whether intense competition is a substitute for or complementary to corporate governance in reducing investment inefficiency of firms.Design/methodology/approachUtilizing the residuals extracted from Biddle et al. (2009) investment model, investment inefficiency, overinvestment and underinvestment are measured for 506 non-financial Indian listed firms with 6,998 firm-year observations from 2009 to 2022. Product market competition is measured using various proxies such as the Herfindahl–Hirschman index, top-four firm concentration ratio, total number of firms in industry, industry market size, weighted average of entry costs and research and development (R&D) to sales ratio. Firms' internal governance is measured using a newly corporate governance index developed with 65 new governance stipulations. Several pooled ordinary least squares (OLS) panel regressions were estimated involving investment inefficiency of firms, product market competition, governance index and firm-specific variables. Endogeneity issues were addressed through two-stage least squares. Robustness checks were also conducted using a two-step system generalized method of moments (GMM).FindingsThe main finding of the study indicates that heightened product market competition reduces investment inefficiency, overinvestment and underinvestment among the selected Indian firms suggesting that firms facing intense competition are less prone to invest below or above optimal levels. This is primarily because in highly competitive industries, managers face greater liquidation risks, prompting more efficient capital investment decisions. The results also indicate that robust corporate governance significantly mitigates investment inefficiencies in non-competitive industries compared to competitive ones suggesting heightened competition reduces managerial slack, resulting in diminished benefits from good governance in competitive settings. Overall results indicate a substitution effect between corporate governance and competition in reducing investment inefficiency, with robustness across various empirical specifications, industry classifications and alternative competition and inefficiency measures.Practical implicationsThe evidence from this work emphasizes the pivotal roles of market competitiveness and corporate governance in shaping investment efficiency. Regulators must closely monitor monopolistic behaviors to safeguard stakeholder interests, enhance investment efficiency and foster value creation. Recognizing the positive impact of market competition, firms should prioritize initiatives to promote industrial openness and intensify competition while strengthening market mechanisms. Policymakers should consider implementing competition-centric governance policies, such as deregulation and antitrust laws, to stimulate market competition. These measures can mitigate governance-related costs and promote a competitive marketplace.Originality/valueThis study provides fresh evidence concerning the effects of product market competition on investment efficiency of Indian firms under new governance norms, an unexplored area in India as most of the existing work has primarily examined the association between competition and investment levels. To best of our knowledge, this is one of the earliest studies demonstrating the substitution effects of competitiveness and governance systems on lowering investment inefficiency suggesting a significant influence of corporate governance in non-competitive industries. Finally, this study contributes to the field of methodology by developing a new firm-specific governance index based on 65 governance indicators.

The impact of data factor-driven industry on the green total factor productivity: evidence from the China

Data factors have become an essential factor of production in today’s digital era, and provided renewed energy for China’s green and high-quality development. This study analyses the impact of data factor-driven industries on green total factor productivity (GTFP) and the underlying mechanisms using panel data of 277 Chinese cities from 2008 to 2020. The results show that: First, the urban data factor-driven industry can enhance GTFP. Second, the data factor-driven industry can increase the input–output ratio and enhance GTFP by promoting AI technological innovation and AI technological entrepreneurship. Third, the heterogeneity analysis show that in regions with high levels of digital technological innovation, the market size of data factor-driven industries is larger and the effect of data factor-driven industries in enhancing GTFP is more significant. And in regions with low levels of savings, the data factor-driven industry has limited capital availability and is more efficient in using capital, which has a stronger effect on GTFP enhancement. This study provides valuable empirical evidence on the relationship between data factor-driven industries and urban GTFP, and important policy implications for fully leveraging the green economic effects of data factors, and promoting green and high-quality urban development.

Institutions as a determinant of Foreign Direct Investment inflows into the Southern African Development Community

Foreign Direct Investment (FDI) in Southern Africa has been one of the drivers of infrastructure development and economic growth especially in sectors such as mining, agriculture, energy, information, and communications technology (ICT). However, although important economic and institutional reforms have been undertaken by some SADC countries to encourage the inflow of FDI--particularly in low-income countries in the region, the flow of FDI to SADC member states remains low and concentrated in few countries and sectors and is still largely attracted to natural resources sectors. This paper examines the institutions and infrastructure development in the promotion of FDI inflows into the SADC region. Institutions and infrastructure development typically have a positive effect on FDI inflows through their impact on the investment climate. The paper uses panel data econometric analysis with OLS and PCSE to ascertain the impact of governance institutions on FDI inflows into the region. The results obtained reveal that the quality of governance, together with the level of economic development, market size, and openness to trade with the external world play a critical role in attracting FDI into SADC countries. There is however a need to control rampant corruption and reduce the political instability common in some of the countries of the region.

Green innovation through trade: The impact of European Union emissions trading scheme on Chinese exporters

This paper investigates the international diffusion of green innovation through trade, focusing on the impact of the European Union Emissions Trading Scheme (EU ETS) on Chinese exporters. Using a difference-in-differences approach with firm-level data from 2000 to 2013, we find that the EU ETS significantly increased green patent applications among China-to-EU exporters. The likelihood of green patent applications increased by 0.2%, effectively doubling the pre-policy rate. Our mechanism analyses indicate that the increase is driven by the learning-by-exporting effect, rather than market size effects or the anticipation of regulatory and market condition changes. These results highlight the role of international trade in disseminating green technology and demonstrate how environmental regulations can foster innovation across global markets.

Trade facilitation, market size, and supply chain efficiency of Taiwan semiconductor companies.

In an environment marked by global economic volatility and geopolitical uncertainties, the stability of Taiwan's supply chain takes on heightened importance, particularly given Taiwan's crucial role in the global semiconductor supply chain. In recent years, semiconductor companies in Taiwan have faced increasing inventory pressures, which will reduce their competitiveness and increase operational costs over the long term. Although previous studies have explored the influence of trade facilitation on macroeconomic and trade efficiencies, its specific impacts on the semiconductor industry have been less frequently addressed. This study integrates corporate inventory, trade facilitation, and geopolitical factors within a unified analytical framework to construct a model that explores mediating and moderating effects. This study conducted regression analysis on data from 52 Taiwan-listed integrated circuit companies from 2014 to 2022. Contrary to traditional findings that trade facilitation decreases inventory in other industries, it predominantly fosters inventory accumulation within Taiwan's semiconductor sector by expanding market size, thereby affecting supply chain efficiency. Moreover, geopolitical factors were found to intensify the effects of trade facilitation on corporate inventory. Elevated geopolitical risks lead to greater inventory accumulation, which ultimately threatens long-term competitiveness and diminishes the semiconductor industry's advantage in Taiwan, further influencing supply chain efficiency. Consequently, this study recommends that to more accurately forecast market size, semiconductor companies in Taiwan are encouraged to expand their manufacturing investments in Chinese mainland. Additionally, the prudent handling of cross-strait relations by the Taiwan authorities is an important strategy to mitigate geopolitical risks affecting the semiconductor supply chain.

Cross-Linked Polyolefins: Opportunities for Fostering Circularity Throughout the Materials Lifecycle.

Cross-linked polyolefins (XLPOs) constitute a significant portion of the plastics commercial market, with a market size of a similar order of magnitude to those of polystyrene and polyethylene terephthalate. However, few aspects of XLPO materials circularity have been examined relative to thermoplastic polyolefins. The cross-linking of polyolefins imparts superior performance properties, such as impact strength, chemical and electrical resistance, and thermal stability vs thermoplastic analogues, but it also makes the reprocessing of XLPOs to valuable products more challenging, as XLPOs cannot be molten. Thus, most XLPOs are incinerated or landfilled at the end of the first lifecycle, even though XLPO products are commonly collected as a relatively clean waste stream-providing a unique opportunity for valorization. In this review, we discuss approaches to improve XLPO circularity throughout the entire materials lifecycle by examining biobased feedstocks as alternative olefinic monomer sources and by assessing both traditional mechanical and advanced XLPO recycling methods based on industrial feasibility and potential product value. We also consider how advancing materials longevity can reduce environmental impacts and lifecycle costs and how recyclable-by-design strategies can enable better end-of-life opportunities for future generations of XLPO materials. Throughout this review, we highlight XLPO circularity routes that have the potential to balance the performance, circularity, and scalability necessary to impart economic and environmental viability at an industrial scale.

Valorization of Strawberry Juice Production Wastewater: Possibilities for Polyphenols Recovery and Plant Biostimulant Production.

Fruit juice production is one of the most important branches of the food and beverage industry, considering both the market size and demand. It is also one of the largest generators of industrial wastewater, considering the large consumption of fresh water during fruit processing. Hence, the appropriate treatment strategies are of the utmost importance to minimize the environmental footprint of food industry effluents. This study aimed to investigate the valorization routes for strawberry juice production wastewater (SJPW), both in terms of nutrient recovery and a circular approach to its utilization as a medium for plant biostimulant production. The results show a low antioxidant capacity and low content of polyphenols in SJPW; however, promising results were obtained for the in vitro seed germination and tomato growth promotion when investigating a biostimulant based on Bacillus sp. BioSol021, which was cultivated using SJPW in a lab-scale bioreactor, with root and shoot length improvements of approximately 30% and 25%, respectively, compared to the control samples. The plant growth promotion (PGP) traits indicated the ability of IAA production, in a concentration of 8.55 ± 0.05 mg/L, and the enzymatic activity was evaluated as through the enzymatic activity index (EAI), achieving the following: 2.26 ± 0.04 for cellulolytic activity, 2.49 ± 0.08 for hemicellulolytic activity, 2.91 ± 0.16 for pectinolytic activity, and 1.05 ± 0.00 for proteolytic activity. This study opens a new chapter of possibilities for the development of techno-economically viable circular bioprocess solutions aimed at obtaining value-added microbial products for sustainable agriculture based on the valorization of food industry effluents thus contributing to more sustainable food production at both the agricultural and industrial levels.

An Empirical Study on Asset Pricing Models Based on The Chinese A-Share Market

Based on the analysis of the A-share markets in Shanghai and Shenzhen Stock Exchange from 2000 to 2023, this paper systematically evaluates the applicability and explanatory power of the Capital Asset Pricing Model (CAPM), the Fama-French Three-Factor Model (FF3) and the Fama-French Five-Factor Model (FF5) in the Chinese market. The study finds that although CAPM has some explanatory power in the early stage, the three-factor and five-factor models can better explain the cross-sectional changes in stock returns as the market develops. In the descriptive statistics, each factor's volatility and correlation reveal the Chinese market's unique characteristics, such as the relative strength of small-cap and growth stocks. In the regression analysis, the results of the Fama-MacBeth regression showed that the significance and explanatory power of the market factor, size factor and value factor were different in different models. Further robustness analysis reveals the COVID-19's impact on the model's performance through the sub-period analysis. This paper provides a new perspective on understanding the asset pricing of China's A-share market and a theoretical basis for investors' investment decisions. It also points out the limitations of existing models in explaining emerging market equity returns. It suggests that future research can deeply explore the performance of more factors in different market environments.

Race, Market Size, Segregation and Subsequent Opportunities for Former NFL Head Coaches

Abstract This study examines subsequent head coach opportunities for former National Football League (NFL) head coaches. Under a subsequent CEO career framework, survival analysis is used to examine the effects of race and market characteristics on subsequent NFL head coach opportunities for former head coaches. Observations of former head coaches who neither ended their coaching careers nor possess head coach positions in the observed seasons are used (n = 1,132). Black former NFL head coaches are less likely to secure subsequent NFL head coaching opportunities if their most recent coaching position was in a large media market. However, both Black and non-Black former head coaches who most recently coached in highly segregated metropolitan areas experienced higher likelihoods of securing subsequent head coaching opportunities. This segregated market effect is even stronger for Black former head coaches. The NFL can utilize this information in policy formation decisions regarding hiring policies and practices. Teams and their lead executives can also use this information to identify any personal biases that may arise within the head coach labor market. Coaches may use the information to best position themselves for subsequent career opportunities.

The Impact of Tariffs on a Transnational Supply Chain under Different Power Structures in China

In the trade environment of a globalized economy, tariffs play a crucial role in transnational supply chains. At the same time, the power structure of the supply chain also plays an important role in the decision making and income distribution of a transnational supply chain. Therefore, we construct game-theoretic models to analyze the impacts of tariffs and power structures on the decision making and revenue distribution of transnational supply chains. First, we consider a bilateral monopoly model consisting of a Chinese manufacturer and a U.S. retailer and analyze the effects of tariffs and power structures on decision making and revenue distributions in this supply chain. Then, we extend the model to a duopoly competition model consisting of two Chinese manufacturers and one American retailer, further analyzing the roles of tariffs and power structures. The results indicate that in the bilateral monopoly model, the impact of tariffs on the manufacturer’s profits is always greater than on the retailer’s profits under a manufacturer-led circumstance. However, in a competitive model, when the market size is large, the impact of tariffs on the manufacturer’s profits exceeds that of the retailer’s profits; conversely, when the market size is smaller, the impact of tariffs on the retailer’s profits is greater than on the manufacturer’s profits. Furthermore, we find that in the duopoly competition model, under the manufacturer-led circumstance, both the manufacturer and the retailer earn the highest profits.

A Study of Hong Kong's Insurance Industry Based on the New Development Pattern Model

Against the backdrop of global economic changes and China's economic restructuring, the potential of Hong Kong's insurance industry as an investment channel is gaining increasing attention. This thesis aims to explore the opportunities and challenges of Hong Kong's insurance industry under the new development pattern. Through a combination of quantitative and qualitative analyses, it examines the historical data and future trends of Hong Kong's insurance market and conducts a study based on first-hand information obtained through data surveys and expert interviews, exploring the specific impacts of the new development pattern on the insurance industry, and incorporating the development of the Greater Bay Area into the research framework. Hong Kong's insurance industry harbours a wealth of investment opportunities in terms of expanding market size, product diversification, and policy support, but it also faces challenges such as intensifying market competition and international uncertainty. The study recommends that investors should focus on long-term trends to optimise their investment strategies and address market risks.

Geographical distance, cultural differences and digitalization

This study examines the impact of geographical distance,cultural differences, and digitalization on the internationalization ofCroatian franchise businesses, incorporating a thorough analysis basedon the 2022 Global Market Potential Index. Covering 97 countries, theresearch specifically focuses on 22 European Union nations, which areevaluated for their potential to expand franchising operations. Theanalysis delves into various dimensions, including market potentials,geographical proximity, and the degree of digitalization, withparticular emphasis on access to digital public services.Notable findings highlight those countries like Ireland, Germany,Switzerland, and the Netherlands, with their robust market sizes,significant trade volumes, and high economic growth, rank amongthe top ten on the global index. This underscores the substantialimpact of the European market on the franchising internationalizationprocesses, with ten EU countries featuring prominently among the toptwenty positions.The study also discusses the positioning of Germany, Ireland, andBelgium at the top of the list, contrasting with countries such asBulgaria, Greece, and Latvia, which exhibit lower potential forfranchising expansion. The proximity of markets like Serbia, Bosniaand Herzegovina, and North Macedonia is recognized; however,these countries are not extensively analyzed due to their geographicalcloseness and presumed familiarity to Croatian entrepreneurs, whichposes fewer challenges in market expansion decisions.To facilitate informed decision-making in the internationalizationprocess, this paper extends the analysis to include cultural factors,geographical distances, and the level of digitalization in target markets.

Dampak Perilaku Fanatisme Game Online Terhadap Minat Membaca Al-Quran pada Siswa Sekolah Dasar

Online games have a sizable market in Indonesia. In recent years, the proliferation of online games has been quite rapid. One of the consequences of playing online games is addiction. Playing online games significantly impacts a child's daily activities, including social interactions, learning, and religious activities, leading to a decline in religious interests such as reciting the Qur'an or reading it because of the time spent

Understanding after-market service channel selection for complex product-services supply chains: A game-theoretical approach

Today, cooperation between an OEM (Original Equipment Manufacturer) of Complex Products and Systems (CoPS) and her multiple Key Component Suppliers (KCSs) is characterized by a strategic partnership where long-term benefits are sought for both parties. Since CoPS after-market service can be provided by the KCS, the OEM, or an MRO (Maintenance, Repair, and Overhaul) party, different after-market service channels can be established. In this paper, we model each of these channels using game theory, compare their main features, and discuss the selection of the optimal after-market service channel. We show that the duration of the after-market service is not influenced by the service channel if the service cost remains constant. If the after-market service costs are equal for all parties, each party would prefer the other to perform the service. In the case of different costs, both the cost of the service and potential market size have the same effect on the OEM’s preference for the after-market service channel as on the CoPS ordered quantities. Furthermore, OEM and KCS after-market service channel preferences depend on market size, and “win-win” situations are discussed for the different channels, along with their impact on the long-term stability of the strategic partnership between KCS and OEM. Finally, a sensitivity analysis is carried out to examine the impact of several key parameters. The results presented in the paper serve to deepen the understanding of complex product-service systems and offer a number of managerial insights to select an appropriate after-market service channel for KCSs.

International comparison of the impact of digital transformation on employment

Theoretical analysis in this paper examines the impact of digital transformation on employment and its transmission mechanisms. It proposes that regional characteristics, such as market size, industry structure, and labor structure, are important factors influencing the employment effect of digital transformation. Empirically, this paper analyzes the employment effect of digital transformation using economic panel data from 68 countries spanning the years 2013 to 2019 and finds that: 1) In terms of employment, digital transformation is dominated by the substitution effect. In terms of wages, digital transformation presents wage-rising effects. 2) Large market size and advanced industry structure significantly mitigate the employment substitution effect and enhance the wage-rising effect. 3) The skillization of labor structure has no significant impact on the employment substitution effect of digital transformation, but it significantly enhances the wage-raising effect. 4) Developing countries experience a more pronounced employment substitution effect from digital transformation, while developed countries witness a more prominent wage-increasing effect. The robustness of these results has been confirmed after introducing a one-period lag in the explanatory variables and utilizing instrumental variables. These findings of this paper offer valuable insights for achieving a balance between equity and efficiency in the context of digital transformation.

Modeling the Distributed Energy Resource Aggregator Services in A Macroeconomic Framework: The Application to Japan

Distributed energy resources (DER) are highly interconnected with public and private entities in one economy, thus often modeled in the long-term decarbonization transition pathways. However, at the initial stage of the DER integration scaling-up, barriers such as consumer behavior and market dynamics can impede progress, which has not yet been thoroughly considered and accurately represented even in models. Therefore, we proposed an approach to integrated DER aggregator services in the macroeconomic framework. It can reveal how industrial and household DER providers participate in demand response requests, as well as how thermal power can be substituted by distributed renewables. We applied the framework to the benchmark year in Japan. The results show that the DER aggregator services at a full scale may have occupied 33.2% of all grid aggregator services in electricity transmission and distribution. Faster-pace implementation of policy supports related to DER aggregator services is required to match such a potential market size.

A Study on Market Share and Size Estimation through Expressway Rest Area Business Analysis(Conducting Research using The Modified Huff Model)

A Study on Market Share and Size Estimation through Expressway Rest Area Business Analysis(Conducting Research using The Modified Huff Model)

The Impact of E-commerce Live Streaming on Consumer Purchasing Behavior in the Influencer Economy

This study investigates the impact of e-commerce live streaming on consumer purchasing behavior, focusing on the current market size, the promotion efforts of mainstream media and businesses, and conversion rates. The results show that the market for live streaming is expanding rapidly, with businesses and media viewing it as a key traffic source and marketing tool. The conversion rate of live stream content is also higher than traditional e-commerce marketing methods. However, the influence of live streaming is not entirely positive, highlighting the need for increased regulation and more rigorous market standards. E-commerce platforms and influencers must also deepen their understanding of consumer needs to build trust and optimize their content to suit purchasing behavior.

A Theoretical Discussion on the Flow of Tourist Population and the Development of Tourism Market in Heilongjiang Province

This paper deeply discusses the basic law of tourist population flow and its influence on the development of tourism market in Heilongjiang Province. Under the background of the vigorous development of global tourism, the flow of tourist population, as the core element of tourism activities, has an important impact on the prosperity and sustainable development of regional tourism market, such as seasonal, spatial distribution and interactive effects. Through the detailed analysis of Heilongjiang tourism market, this paper reveals the market size, resource characteristics, challenges and problems of this market under the action of tourist population flow. Further, this paper analyzes the dual impact of tourist population flow on Heilongjiang tourism market, including the positive effect of promoting local economy, cultural exchange and industrial development, and the negative effect of environmental pressure, over-exploitation of resources and decline of service quality. At the same time, this paper puts forward some strategic suggestions to promote the sustainable development of Heilongjiang tourism market, including rational planning of tourist population flow, strengthening the protection and development of tourism resources, promoting the development of smart tourism, and strengthening regional cooperation and linkage. These suggestions are intended to provide theoretical basis and practical guidance for the scientific planning and management of Heilongjiang's tourism market, and help it achieve long-term prosperity and sustainable development.