Panel Data Analysis Method Research Articles

G8 Ülkelerinde Ar-Ge Harcamalarının Ekonomik Büyüme Üzerindeki Etkisi: Bir Panel Veri Analizi

Teknolojik yenilik ve gelişmeler, ekonomik olarak büyümek ve rekabet gücü kazanmak için önem teşkil etmektedir. Bu yenilik ve gelişmeler Araştırma ve Geliştirme (Ar-Ge) çalışmaları ile mümkün olmaktadır. Bu çalışmanın amacı, 1997-2017 dönemi yıllık verileri ile G8 ülkeleri (Almanya, Amerika Birleşik Devletleri, Birleşik Krallık, Fransa, İtalya, Japonya, Kanada, Rusya) için, Ar-Ge harcamalarının ekonomik büyüme üzerindeki etkisini, panel veri analizi yöntemi ile tespit etmektir. Çalışmanın sonucunda ampirik bulgular, G8 ülkeleri için Ar-Ge harcamaları ve ekonomik büyüme arasında pozitif ve anlamlı bir ilişki olduğunu göstermektedir.

Korumasız Faiz Oranı Paritesinin Geçerliliği: Gelişmiş Ülkelerden Yeni Kanıtlar

Uluslararası piyasalarda artan küreselleşme ile döviz kurları ile faiz oranları arasındaki etkileşimlerin önemi artmıştır. Özellikle finansal piyasalarda sermaye hareketliliğinin davranışlarının faiz oranlarına ve ilgili ülkeler arasındaki döviz kuruna oldukça bağımlı olduğu göz önüne alındığında, para otoritelerinin ilgili makroekonomik göstergeler arasındaki ilişkileri gözeterek politika uygulamaları önem kazanmaktadır. Bu çalışmada, seçilmiş 12 gelişmiş ülkenin 2002:Q1-2019:Q2 dönemi çeyreklik verileri aracılığıyla korumasız faiz oranı paritesinin geçerliliği sınanmıştır. Yatay kesit bağımlılığı altında, dinamik panel veri analizi yöntemlerinin tercih edildiği çalışmada, paneli oluşturan ülke ekonomilerinde faiz oranı ve döviz kuru arasındaki eşbütünleşme ilişkisi Westerlund ve Edgerton tarafından önerilen yapısal kırılmalı panel eşbütünleşme testi aracılığıyla test edilmiştir. Bulgular, eşbütünleşme ilişkisinin varlığını göstermektedir. Diğer taraftan faiz oranı ve döviz kuru değişkenleri için, Emirmahmutoğlu ve Köse tarafından önerilen nedensellik sonuçları ise, döviz kurundan faiz oranına doğru tek yönlü nedenselliğin varlığına işaret etmektedir. Bu sonuç, para otoritelerinin sadece faiz oranları ile finansal piyasaları düzenleyemeyeceği göstermektedir. Dolayısıyla, faiz oranlarının nedeni olan döviz kurlarının kontrolünün önemli hale geldiği anlaşılmaktadır.

THE ROLE OF CARBON TAXES IN REDUCING GREENHOUSE GAS EMISSIONS

An abnormal rise in greenhouse gases in the atmosphere has triggered a range of environmental problems the foremost of which is global warming. CO2 is among the gases most responsible for the greenhouse effect. That is why, after the 1990s, new tax regimes, also known as energy-carbon taxes, were put in place in an attempt to lower emissions. There is still an ongoing discussion as to whether tax regimes are working in practice. Certain studies have indicated that carbon taxes are effective or partially effective in preventing CO2 emissions. However, others assert that there is no causal relationship between carbon taxes and the lowering of greenhouse gas emissions. In this study, the annual data of 36 OECD countries in the period of 1990-2018 were used. To detect whether a carbon tax is effective in reducing greenhouse gas emissions, the panel data analysis method was employed. The results of the analysis revealed that carbon taxes have no effect on greenhouse gas emissions.

The dependence of sustainable economic growth on the complex of factors in hydrocarbons-exporting countries

The analysis of factors affecting economic growth in different countries is fundamental for forecasting and strategic development of the economy. The increasing dependence of the world economy on the volatile conjuncture of world energy markets exacerbates the discussion about the role of resource dependence in economic development. At the same time, sustainable development is one of the priority goals in development models of many countries. Therefore, the purpose is to assess the influence of resource dependence factors and factors of sustainable growth on the economic growth of the net oil and gas exporting countries.To achieve the purpose of the study a panel data analysis method was used. The sample consists of 41 countries, which are the net exporters of hydrocarbons, for the period 1990–2018. Countries are classified by macro-regions.The authors confirmed that the influence of resource dependence factors is not significant for some hydrocarbons exporting countries. However, the growth of the economy of most countries is significantly dependent on factors of sustainable growth. Resource-dependent countries need diversification of their economies and government revenues. Given the trends of low-carbon development and improvement of climate policies, the accelerated dynamics of the development of “green” energy is essential.

Does Earnings Quality Affect Companies’ Performance? New Evidence from the Jordanian Market

This study aims to investigate the importance of earnings quality as a determinant of companies’ performance. It provides some empirical evidences from an emerging market, specifically from the Jordanian market. This study developed an econometric model for the effect of earnings quality on the companies’ performance using empirical evidence. The study employs a panel data analysis method by using a sample of all Jordanian industrial public shareholding companies listed on Amman Stock Exchange (ASE) during 2010-2018. The results reveal that Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS) as proxies of company’s performance are affected by the earnings quality. This provides the importance of positive earnings quality that eventually influences the companies’ performance. The results of this study suggest that the higher control level on the managers’ behavior and its outcome will have an effect on earnings quality, and thus the company’s performance increases. As well as, high relevance of accounting information will improve earnings quality, and thus earnings quality with the interaction factors of the company’s environment work on improving performance. As a conclusion, this study can work as a reference to assist standard setters, security analysts, regulators and other accounting-information users in appraising relation between the earnings quality and companies’ performance.

Pengaruh Dana Desa Dan Alokasi Dana Gampong Terhadap Kemiskinan Di Kecamatan Makmur Kabupaten Bireuen

This study aims to determine how much Influence funds and village fund allocation have on poverty in Makmur District, Bireuen Regency. This study uses the panel data analysis method. Which is a combination of time-series data from 2015 to 2019, and a cross-section involving 27 villages and results in 135 observations. The results show that village funds have a negative and significant effect on poverty in the Makmur sub-district. Meanwhile, the allocation of village fund has no significant effect on poverty in the Makmur sub-district.Keywords:Village Fund, VillageFund Allocation, Poverty.

Analisis Faktor Eksternal Dan Internal Terhadap Pembiayaan Pada Bank Umum Syariah Yang Terdaftar Di OJK

This research is a quantitative study to determine the effect of inflation, BI interest rates, capital influences and problematic financing on financing at Islamic banks. The dependent variable in this study is financing. While the independent variables in this study are inflation, BI interest rates, capital, and problem financing. The population of this study is Sharia Commercial Banks registered with the Financial Services Authority, which amounts to 14 Banks. The sample selection uses non probability sampling. The data used are secondary data with panel data analysis method using e-views 10. The sample used was 14 Sharia Bank for the period of 2016-2018. The results of panel data regression with a significance level of 0.05 indicate that inflation, BI interest rates, and problematic financing have no effect on financing, and capital influences has effect on financing.

THE DETERMINANT OF DIVIDEND PAYOUT RATIO: LONG-TERM ANALYSIS IN BUKU EMPAT'S BANKS DURING PERIODS 2008 - 2017

This research purposed to explored and analyzed those influence from capital adequacy ratios, net interest margins, loan to deposit ratios and non-performing loans towards dividend payout ratios on banks that registered as Buku Empat 2008-2017. Sampling gathered in this research by quantitative approach. Samples which obtained and used were Mandiri Bank, BRI, BNI, and BCA with observation period for 10 years. Data research was secondary data by panel data analysis method. The results shows that capital adequacy ratio had positive and significant influence towards dividend payout ratio, Net interest margin had negative and significant influence towards dividend payout ratio, Loan to deposit ratio had negative and significant impact on dividend payout ratio, non-performing loans had positive and significant impact towards dividends payout ratio.

Pengaruh Kinerja Keuangan Daerah Terhadap Kemiskinan: Studi Kasus Kabupaten/Kota di Provinsi Sulawesi Tengah

Pemberian kewenangan kepada Daerah dalam mengelola keuangan daerahnya melalui penerapan kebijakan otonomi daerah diharapkan salah satunya mendorong terjadinya akselerasi penurunan tingkat kemiskinan. Salah satu wilayah provinsi yang memiliki tingkat kemiskinan yang tinggi adalah Provinsi Sulawesi Tengah. Penelitian ini bertujuan menganalisis dampak dari kinerja keuangan daerah terhadap tingkat kemiskinan di berbagai kabupaten dan kota di Provinsi Sulawesi Tengah. Metode analisis menggunakan econometrics method of panel data analysis. Hasil penelitian mengindikasikan kinerja keuangan daerah di berbagai kabupaten/kota di Provinsi Sulawesi Tengah tidak signifikan memengaruhi penurunan tingkat kemiskinan di wilayahnya. Hal ini diduga salah satunya disebabkan oleh rendahnya kemampuan pemerintah kabupaten dan kota dalam menggali potensi keuangan daerahnya. Diperlukan peningkatan kreativitas pemerintah kabupaten dan kota di Provinsi Sulawesi Selatan dalam menggali sumber-sumber keuangan daerah, antara lain melalui reformasi di bidang pajak dan retribusi daerah. Selain itu, perlunya pemerintah kabupaten dan kota di Provinsi Sulawesi Selatan meningkatkan keberpihakan, khususnya dalam hal anggaran untuk program penanggulangan kemiskinan.

The influence factors of the national roles in the FDI network: A combined methods of complex networks and Panel Data Analysis

This paper examines the influence factors of Foreign Direct Investment (FDI) and focuses on the two main questions to be answered: (1) How do the foreign direct investment (FDI) network form and (2) what factors affect the formation of foreign direct investment (FDI) Network. First, we identify the basic FDI relationship in the homogeneous complex network of nations from 2001 to 2012. Then, we use the network indicators such as FDI relationships, independence, information control ability, FDI inflows and FDI outflows in FDI relations to construct the panel regression model to analyze the influence factors for Foreign Direct Investment. The results indicate that (1) The number of the nations with FDI relationships is increasing for 2001 to 2012, which highlight the importance of FDI relationship; (2) The nations in the FDI relationship network are getting closer and closer and the information of the network is controlled by few nations; (3) National competitiveness and inflows of FDI are directly related to each other; (4) Depreciation of exchange rate against USD increase FDI. This paper can help policymakers to better understand the features of FDI and thereby provides new insight for attracting FDI to promote economic growth.

Determinants of national innovation capacity in developing countries: An empirical survey

Abstract. National innovation capacity is seen as the main source of sustainable growth and prosperity of countries. National innovation capacity, being both an economic and political asset, is defined as the potential of a country to produce innovation. At the same time, measuring the capacity of national innovation provides important information about the dynamics of innovation in the field of economics. Also, it is seen that most of the studies on national innovation capacity have focused on developed countries. In this study, it is aimed to make an empirical analysis of the determinants of national innovation capacity in developing countries in comparison with developed countries. For this purpose, variables considered to be determinants of national innovation capacity are classified under three headings as national technological capability and infrastructure factors, external factors, and institutional factors. In most studies in the literature, national innovation capacity is represented only by the number of patents in the empirical analysis. However, in most of these studies, the disadvantages and deficient aspects of representing national innovation capacity only with the number of patents are mentioned and almost no alternative methods have been suggested. Based on the suggestions and methods in empirical studies, the national innovation capacity index is calculated and represented as a new output variable representing the national innovation capacity in the effort to fill the relevant gap in the literature. In the study, data in the period of 1996-2016 are analyzed by the panel data analysis method for 18 developing countries and 31 developed countries. The effects of national technological capabilities and infrastructure factors of national innovation capacity in developing countries are seen to be weak. At the same time, it is seen that external factors have a positive effect on national innovation capacity in these countries and this indicates the dependence on foreign technologies in the development of technological capabilities. Keywords. National Innovation Capacity, National Technological Capability, Developing Countries, Panel Data Analysis. JEL. O32, O33, C23.

EXPORT AND CULTURAL AFFINITY RELATIONSHIP: THE EXAMPLE OF RUSSIA (2001-2018)

The aim of the study is to investigate the export of Russia to Lithuania, Latvia, Estonia, Georgia, and Ukraine in the context of cultural affinity. Lithuania, Latvia, Estonia, Ukraine, and Georgia are the former USSR (Union of Soviet Socialist Republics) countries. Besides, a quarter of the population is Russian origin in Latvia and Estonia, this rate is 6% in Lithuania, and 1.5% in Georgia. Therefore, there is a cultural affinity among Lithuania, Latvia, Estonia, Ukraine, Georgia, and Russia. In the study, the panel data analysis method and panel gravity model are applied. This analysis involves the years from 2001 to 2018. As a result, it is determined that if the populations and GDPs of Lithuania, Latvia, Estonia, Ukraine, and Georgia increase, they prefer not to trade with Russia. In other words, the cultural and historical relationships of Lithuania, Latvia, Estonia, Ukraine, and Georgia with Russia does not affect commercial relations positively.

Political stability and economic growth relation: the case of Turkey and Turkic republics

Purpose – The purpose of this study is to investigate the possible relation between political stability and economic growth in Turkey and Central Asian Turkic Republics namely, Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan. By doing so, we will be able to conclude the effect of political stability on transition economies such as Turkic countries. Methodology – We employ panel data analysis methods which take cross section dependency into account. In this regard, we employ cross section dependency test and unit root tests. In the second step, we use panel unit root co-integration test. At the end we employ panel VAR causality and Kose and Emirmahmutoglu Panel causality tests. Findings- Results imply that there is a uni-directional causality running from gross domestic product per capita to political stability. In country based analysis, it is seen that the causation linkage running from political stability to economic growth occurs in only Azerbaijan. In other countries, there is no relationship between variables. Conclusion- According to results, it is possible to conclude that political stability is not a pre-condition of economic growth in Turkic economies, except Azerbaijan. On the other hand, political stability might be a pre-condition of another macroeconomic indicator such as inflation, trade opennes and etc.

FINANCING-TO-VALUE (FTV) POLICY AND ITS IMPACT ON RESIDENTIAL PROPERTY PRICES IN INDONESIA

Financing-to-value (FTV) policy is a macroprudential policy currently used by the central banks to maintain the stability of financial systems and prevent systemic risks. In Indonesia this is particularly the case in relation to financing of the property sector by Islamic financial institutions. This paper aims to analyse the impact of FTV policy on the residential property price index (RPPI) in Indonesia using a panel data analysis method. Indonesia is chosen in this study as it is one of the countries implementing FTV policy in its Islamic banking system. There are three important findings to be drawn from the study. First, FTV policy ratios significantly affect RPPI.

Military executives and corporate environmental information disclosure: Evidence from China

This article provides empirical evidence on whether and how executives’ military experience affects firms’ environmental information disclosure (EID). Using the panel data analysis method based on a sample of 2614 listed Chinese companies from 2007 to 2016, we find that companies with military executives have lower EID than those without military executives. We further divide the executives into chairpersons and CEOs and find that military chairpersons have a significant negative effect on corporate EID, whereas military CEOs have no significant effect on the quality of EID. The results remain robust in a series of robustness tests. Our seemingly against common sense findings suggest that although firms run by executives with the military experience may have a strong environmental performance, the quality of EID of those firms is not necessarily high possibly due to the lack of skills or willingness of military executives in communicating their environmental performance with external stakeholders. Implications of these findings for theory and practice are discussed.

Macroeconomic, institutional and financial determinants of current account balances: a panel data assessment

This study aims to find out the fundamental macroeconomic, institutional and financial determinants of current account balances by using panel data analysis method. The analysis is carried out by using the data for the period between 1986 and 2013 of 97 developing and developed countries. We find that the determinants of current account balances can be related to the factors such as fiscal balance, growth, terms of trade, exchange rate, trade openness, stage of economic development, oil dependency, financial market development, macroeconomic stability and institutional quality. A rise in growth rate, real effective exchange rate, fiscal deficit, trade openness, institutional quality, financial market development and stage of development generates larger current account deficits. A rise in terms of trade, inflation rate (representing macroeconomic stability), crude oil export reduces the current account deficits. For industrial countries, macroeconomic stability and growth also have the opposite effect on current account balances compared with other groups. The legal system and property rights, voice and accountability, political stability and absence of violence, political risks are identified as the institutional determinants of current account balances.

CSR Impact on the Firm Market Value: Evidence from Tour and Travel Companies Listed on Chinese Stock Markets

The study examines the impact of corporate social responsibility (CSR) activity on the firm market value, in particular, market capitalization of tour operators listed on Chinese stock markets. This study employs panel data analysis methods to examine endogeneity concerns in observational data. The balanced panel data includes a total of 1,296 observations with 27 cross-sections of tour operators listed on Chinese stock markets and with 48 time-specific periods from March 2006 to December 2017. The results indicate that CSR activity has a negative impact on the market value of the firm for the concurrent period, but from one-period time lag and afterwards CSR activity has a strong positive impact on the market value and sustains its positive impact on the market value even for a two-period time lag. The findings suggest that the economic effect of CSR activity on the firm market value tends to take some degree of lagged effects to be fully showcased in the market capitalization of tour operators and travel companies listed on Chinese stock markets. The findings suggest that, though CSR activity may carry some financial risk for an immediate short-term, tour operators must put a lot of time and effort into making CSR actions effective.

ANALYSIS OF FACTORS AFFECTING COMPANY VALUE (Emperical Study Of Mining Companies Listed On The Indonesia Stock Exchange)

This research is a quantitative study that examines the factors that affect the value of the company in mining companies listed on the Indonesia Stock Exchange. The dependent variable in this study is firm value. While the independent variables in this study are profitability, leverage, and size. The population in this study are mining companies listed on the Indonesia Stock Exchange in th 2015-2018 period with a total of 47 companies. The sample selection in this study used purposive sampling. The type of data used is secondary data and data analysis method used is panel data analysis method using e-views program 10. The sample used in this study amounted to 18 mining companies listed on the stock exchange. The results of the evaluation panel data analysis using a significance level of 0.05 indicate profitabilits has effect on firm value, while leverage and size have no effectt on firm value.

Les déterminants de la pérennité des institutions de microfinance au Cameroun

The aim of this study is to identify factors that influence the sustainability of MFI in Cameroon. To achieve this, we use panel data analysis method on 62 MFI for a sample made up of MFI which ages range between 9 years and above covering a period from 2009 to 2015. Findings show that, firstly, the characteristics of financial resources of MFI such as equity, grants and deposits are the main variables affecting sustainability of our sample. Secondly, our results show that efficiency measured by portfolio at risk less than 30 day, personnel productivity and cost per borrower also outreach measured by number of active borrowers, female borrower, length of MFI and legal frame works influence the sustainability of MFI in Cameroon.

The Causal Relationship between Local Financial Performance and Border Communities Welfare in Indonesia Eastern Areas

The regional development in border areas including in eastern Indonesia can not be separated from important participation of local government as reflecting through the local financial performance indicators. Mostly, in some recent decades, there has been a defined policy on fiscal decentralization which is able to boost the local governments to escalate their financial performances. This research aims to seek the magnitude of local financial performance effects on the border community welfare in the areas. Furthermore, this research is also intended to discover the border community welfare effects on local financial performance. The research uses secondary data that is the application of the panel data analysis method. The results show that local financial performance is not affected by the increasing welfare of the border community. However, the upliftment of community welfare indeed possesses a significant influence on an increase in local financial performance. Efforts are needed to improve the welfare of border communities through increasing development priorities, especially by the central government to the foremost and outermost areas in eastern Indonesia.