Ordinary Squares Research Articles

Remittances and domestic investment in BRICS: Does financial development matter?

The study investigated the impact of remittances on domestic investment within the BRICS region. It also explored the complementarity effect (remittance and financial development) on domestic investment using the same data set. The existing literature shows a lack of consensus; hence, their findings are mixed, inconsistent, and divergent, and they show an absence of consensus. The study employed fixed effects, fully modified ordinary least squares (FMOS), and pooled ordinary squares (OS). Panel data used ranged from 1989 to 2020. Using personal remittance inflow per capita as a proxy, remittance’s influence on domestic investment was positive and significant across all three panel methods. When personal remittances received were employed as a proxy, remittance’s impact on domestic investment was significantly deleterious under the pooled OS. Financial development significantly improved domestic investment, as observed by Pooled OS (all three models) and FMOS (model 3). Pooled OS (model 1) and FMOS (model 2) produced results that show that financial development improved remittances’ ability to significantly improve domestic investment. The study shows that remittances are a critical element in enhancing domestic investment in BRICS. BRICS nations are urged to develop policies that enhance financial development and remittance inflow to improve domestic investment.

FINANCIAL TECHNOLOGY, BANK INTERMEDIATION, AND PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA

The performance of the small and medium-scale enterprises is a function of internal and external factors, which are challenges for the enterprises to consider in their internal operations that spur the contribution to economic development. The inability to align with financial technology and the availability of bank intermediation prowess could retard their supposed contribution to economic development due to poor levels of performance. In the peculiarity of these challenges, this study examines the combined effect of financial technology and bank intermediation on small and medium-scale enterprises' performance. The study adopted time series data from the Central Bank Statistical Bulletin from 2019 to 2022 but was converted to quarterly data to accommodate the ordinary square least regression. The findings from the short-run results in accordance with the bound test revealed that point-of-sale, loan-to-deposit ratio, liquidity ratio, and interest rate have a positive significant effect on credit for small and medium-scale enterprises, while automated teller machines and deposit mobilization have a negative significant effect on credit for small and medium-scale enterprises. It is therefore recommended that financial institutions also reconsider their reliance on ATMs in SME operations, as it has a substantial negative impact. Encouraging web-based payment systems could also be beneficial, though further studies are needed to assess their full potential. Strengthening financial indicators like loan-to-deposit ratios and liquidity ratios should be prioritized to enhance credit provision. Additionally, financial institutions should explore alternative deposit mobilization strategies that do not constrain credit flow to SMEs. Keywords: Financial Technology; Bank Intermediation; SME’s Performance; Interest Rate

The Impact of the 2018 Crisis and Covid 19 Pandemic on Macroeconomic Indicators

The aim of this study is to reveal the impact of both the increase in exchange rates and the Covid-19 pandemic on macroeconomic variables. For this purpose, the effects of exchange rate and the dummy variable, which are used to represent the Covid-19 pandemic, on the variables of unemployment rate, general level of prices, credit card expenditures, consumer confidence index and housing price index were analyzed by constructing five different econometric models. Model coefficients were estimated with the two-stage Engle-Granger method and Dynamic Ordinary Squares (DOLS) method. The relationships between the variables were examined by using quarterly data between 2014.I-2023.III. According to the analysis results, due to the increase in the exchange rate, the consumer confidence index has decreased, whereas the unemployment rate, general level of prices, housing prices and credit card expenditures have increased. The same results have been obtained for the period of Covid-19 pandemic. In addition, the response of relevant variables to shocks in the exchange rate was examined with the VAR model. According to the analysis results, while the unemployment rate, general level of prices, housing price index and credit card expenditures react positively to a 1 standard deviation shock in the exchange rate, the consumer confidence index reacts negatively. Therefore, the 2018 crisis and the Covid-19 pandemic have adverse effects on the Turkish economy.

The role of foreign-owned entities in building economic resili-ence in times of crisis: The case of European digital and technologically-intensive firms during the Covid-19 pandemic

Research background: Over the decades, foreign-owned entities (FOEs) have become an important part of the economic landscape considered as behemoths of globalisation, but also transmitters of positive effects such as technology or know-how spillovers. In times of volatility and uncertainty, firms’ contribution to building a resilient economy is at the top of the public agenda. Purpose of the article: The purpose of the article is two-fold. Firstly, we test, how FOEs perform in this stressful time of volatility and uncertainty. Secondly, we examine the contribution to resilience by digital and technologically intensive sectors. Methods: The study utilises the Bureau van Dijk (BvD) Orbis firm-level database as a primary data source. The results are derived with the use of two econometric approaches. Firstly, we estimate a static model utilising the ordinary squares estimator. Secondly, we re-estimate the equations using a two-step System GMM estimator. It introduces a lagged dependent variable into the model and implements a correction for endogeneity among covariates by including instruments (in levels and differences). Findings & value added: We use size, age, ownership, gearing, and intangibility as firms’ financial performance determinants, together with the sector-, country- and time-fixed effects. FOEs compared to domestic ones generated a higher revenue growth rate. In times of crisis high-tech and digital firms are more resilient. However, ownership does not matter in this respect. We contribute to the discussion about functions performed by FOEs in crisis and turbulent times, in which resilience issues are on top of the agenda. Our research intends to bridge the gap between the performance of FOEs, micro-level analysis, and resilience.

Accounting information quality and systematic risk on the brazilian stock market

This study evaluated the association between accounting information quality and systematic risk on the Brazilian stock market based on a sample of 208 firms traded on B3 S/A Brasil, Bolsa, Balcão (1,675 observations) from 2010-2019. The systematic risk was measured with the beta coefficient, while accounting information quality was proxied by revenue predictability and earnings management by discretionary accruals. The data were analyzed with descriptive statistics and least ordinary squares multiple regressions on panel data and quantile regressions. The results showed earnings management by discretionary accruals and low revenue predictability were positively associated with systematic risk. In other words, there is evidence that the lower the accounting information quality in Brazilian firms, the greater the market risk. Our findings not only enrich the debate on the role of accounting information quality in emerging markets such as Brazil, but may subsidize investors in their decision-making by showing how accounting information quality impacts corporate risk and point to how managers can reduce systematic risk and equity costs.

Investigate the Real Effective Exchange Rate Misalignment in OPEC Member Countries

The effective real exchange rate is one of the variables that can Misalignment from equilibrium values, Performance affects macroeconomic indicators and creates an unstable and uncertain environment in the economy. Therefore, in order to investigate the factors affecting the real effective exchange rate Misalignment in OPEC member countries during the period 1980-1980, first, in the framework of the least dynamic ordinary squares method (DOLS), the effective factors for determining the effective equilibrium effective exchange rate have been investigated and the results confirm the estimation of the positive effects of oil shocks on the intensification of exchange rate Misalignment. Then, the effect of institutional quality indicators and financial development index on exchange rate Misalignment is investigated using the generalized panel method (GMM). The results of estimation at this stage indicate that the financial development index has a positive impact and institutional quality indicators, including; The stability of the state (rule of law), the ability to account democratically (democracy), social and economic conditions (political rights and civil liberties) have had a significant negative effect on the real effective exchange rate Misalignment. Therefore, programs and policies in the countries under study should focus on improving the quality of market regulation, government accountability for its performance, and ensuring political and economic stability.

Regenerative effect of pyramid solar still with incorporation of nickel oxide particles in the basin

AbstractA study has been conducted with a square pyramid solar still with an introduction of 5 wt% of nickel oxide nanoparticles in the basin water of depth 0.02 m. The ratio of condensing to evaporating surface has been fixed as 3.5 to increase the temperature difference for faster evaporation. In addition, regenerative effect for the system has been carried out by arranging to flow the water over the condensing surface with a rate of 1.5 × 10−3 kg/s to reduce the temperature of the condensing surface. The combined regenerative effect and increase in condensing to evaporative surface increases the productivity of 45% greater than the ordinary square pyramid solar still. It is found that, the daily average efficiency of 39.8916% with distillate yield of 5.6 L/m2 day has been obtained for the proposed system. Numerical results of the thermal are intact with the experimental observations and model is recommended for simulation of the system in the locations having similar climatic condition and for the optimization of design parameters of the still.

Numerical analysis of low-speed impact response of sandwich panels with bio-inspired diagonal-enhanced square honeycomb core

The diagonal-enhanced square grid configuration inspired by glass sponge has great potential in mechanics, with geometries serving as honeycomb cores for sandwich panels, which can improve the structure’s energy absorption capabilities. Modeling the hexagonal honeycomb core (HHC) sandwich panels, a finite element numerical model for low-speed impact of sandwich panels with high accuracy is proposed, and low-speed impact response of bio-inspired diagonal-enhanced square honeycomb core (BSHC) sandwich panels is studied. The impact response of BSHC sandwich panels, Hexagonal honeycomb core (HHC) sandwich panels and ordinary square honeycomb core (OSHC) sandwich panels were studied with the same relative densities and the same face-sheets. BSHC can lead to significantly enhanced the peak loads and stiffness of the sandwich panels. BSHC sandwich panels not only have excellent energy absorption performance, but also outperform HHC sandwich panels in terms of resistance to impact deformation. BSHC can transfer dynamic loads from the front face-sheet to the back face-sheet efficiently without stress concentration in the core itself. A theoretical analysis of the energy absorption capacity of the BSHCs and HHC were performed to illustrate the energy absorption mechanism. In addition, the peak load and contact energy of BSHC sandwich panels and HHC sandwich panels were theoretically predicted under low-speed impact.

Sultan Ageng Tirtayasa University and Its Impact on Social Economy

The purpose of this research is to analize the impact of Sultan Ageng Tirtayasa University (Untirta) as one of the State Universities in Banten to social economy impact which is proxied by human development index and economy growth in Serang City. Generally, there are two subtansial problems. First, the impact of the existence of the Untirta campus has not much impact to the human development index Serang City. Second, the relationship between educational sector and economic growth rate requires to further study. This research uses Ordinary Less Square regression and Input-Output Analysis. According to the results of several regression models, there are consistent influence of government investment and student graduated of Sultan Ageng Tirtayasa University which lead to an increase in human development index of Serang City. Meanwhile, according to another regression model, investment has not significant influence to local economy growth. However, the student graduated of Sultan Ageng Tirtayasa University has positive relationship and significant to influence the local economy growth. Furthermore, Input-Output Analysis is an equilibrium model, where Sultan Ageng Tirtayasa University as services provide on the education sector. Education sector has ability to increase industrial growth upstream (backward linkage) and encourage the production of other sectors that use inputs from the education service sector.

Households’ Determinants of Demand for Financial Credits in the City of Bukavu

In the DRC and particularly in the Bukavu city (It is the capital of the province of South Kivu. It is located 180 km from Goma by lake and 207 km by road (DRC, Ministry of Planning, PRSP Process Steering Unit, 2005a), 1650 km from Kinshasa (capital of the DRC) as the crow flies, 120 km from Uvira by road and 15 km by road only from Kamembe (Rwanda). It is a city that extends over 60 Km2 with a population growth rate of 3.3% per year. It is located in the Eastern Valley of the Graben, specifically the Great Lakes region at 2°30'S and 28°50'E. The city is lucky to have a rainy climate for more or less 8 months (September-mid-June). The average temperature rarely exceeds 20° in Bukavu. It is weighted by the presence of Lake Kivu.The rainfall amounts to 1320 mm at 1670 m altitude. According to the report of the Bukavu City Council of 2013, the population of Bukavu city is estimated at 718,210), there is a growing proliferation of financial institutions, especially microfinance institutions (MFIs), which by definition have the main mission to fight against poverty by offering financial services (including loans) even to the poorest people who do not have access to formal financial services. The main concern of this work is to highlight the different factors that could influence the behavior of households in Bukavu to ask for financial credit. This work is limited to the Bukavu city and data were collected from 147 household heads. To analyze the data, the Lesser Ordinary Square Model was used with dependent variable (the amount of credit) and independent variables (the income of the household head, the household size, the interest rate, the reimbursement deadline, assessment of the guarantees requested, credit information, sex of the household head, age of the household head, marital status of the household head, education level of the household head). The model selected explained to 57.6% (R²) the amount of credit requested which is the dependent variable. The results of the econometric analysis show that it is the income, repayment term, study level and gender variables that significantly explain the amount of credit requested by households in Bukavu. All of these variables have a positive influence on the credit amount. The result obtained from this analysis was that households requested more loans from MFIs (85.4%) than from banks (15.6%). It was noted that households in Bukavu allocate more credits to investment (80.2%) than consumption (29.8%).

A Novel Fast Searching Algorithm Based on Least Square Regression

Currently, the machine learning group is well-understood and commonly used for predictive modelling and feature generation through linear methodologies such as reversals, principal analysis and canonical correlation analyses. All these approaches are typically intended to capture fascinating subspaces in the original space of high dimensions. These methods have all a closed-form approach because of its simple linear structures, which makes estimation and theoretical analysis for small datasets very straightforward. However, it is very common for a data set to have millions or trillions of samples and features in modern machine learning problems. We deal with the problem of fast estimation from large volumes of data for ordinary squares. The search operation is a very important operation and it is useful in many applications. Some applications when the data set size is large, the linear search takes the time which is proportional to the size of the data set. Binary search and interpolation search performs good for the search of elements in the data set in O(logn) and ⋅O(log(⋅logn)) respectively in the worst case. Now, in this paper, an effort is made to develop a novel fast searching algorithm based on the least square regression curve fitting method. The algorithm is implemented and its execution results are analyzed and compared with binary search and interpolation search performance. The proposed model is compared with the traditional methods and the proposed fast searching algorithm exhibits better performance than the traditional models.

Modeling financial liberalization and economic growth in Liberia: A dynamic analysis

The impact of financial reforms and financial development on an economy has received considerable attention over the recent past. According to McKinnon and Shaw, financial liberalization policy and, in particular, interest rate deregulation is a means for achieving high economic growth by boosting savings and investments. This paper aims to investigate the long‐run relationship between financial liberalization and economic growth in Liberian as articulated by McKinnon and Shaw's theory. The study employed time series data spanning from 1980 to 2016 and dataset was sourced from World Development Indicators databases. The dataset was estimated using econometric techniques of Combined Co‐integration test, Dynamic Ordinary Least Squares, and robustness check of Fully Modified Ordinary Squares, and Canonical Co‐integration Regression, respectively. Results reveal, positive and significant coefficient of financial liberalization variables, thus supporting the McKinnon and Shaw hypotheses. Also, found long‐run Combined Co‐integration among the estimated models. Policy recommendation includes that policymakers should refrain from policy that will adversely affect deposit interest rates considering its immense impact on savings mobilization, gross investment, and economic growth. Furthermore, improving competition will compel deposit‐taking institutions to raise deposit interest rates in a bid to attract more depositors, thus reducing interest rates spread.

Constitutive relation of stiffened square CFST Columns

Using the constitutive model of a square CFST column with binding bars, the constrained mechanism of the stiffened square CFST columns is analyzed in great detail. The equivalent constitutive model under uniaxial compression is established for square CFST columns. The model is then used to describe the stress-strain curve process for concrete and to calculate the bearing capacity. Models of ten concrete-filled square steel tubular columns under axial compression specimens are created with constitutive relation. The results are compared with the axial compression test of an ordinary square CFST specimen column and stiffened square CFST specimens. Our results show that the bearing capacity and stress-strain curves under axial compression are consistent with the actual test measurements. Analysis can be applied to the square stiffened CFST columns, the square CFST columns with binding bars, and the ordinary square CFST columns.

Design of handheld electronic nose bionic chambers for Chinese liquors recognition

The existing electronic nose (e-nose) chamber has problems in design, such as large volume, unreasonable structure and so on, so it cannot be well used in handheld e-nose systems. Inspired by the structural characteristics of mammalian nasal cavity, seven design schemes of handheld e-nose bionic chamber for liquor recognition were proposed in this paper. Firstly, through fluid dynamics simulation, the effects of chamber shape and internal structure on airflow uniformity, flow velocity, air pressure and residual gas were compared comprehensively. On this basis, the bionic chamber with the best comprehensive performance was selected. Then, the selected bionic chamber and the ordinary square gas chamber were installed in the self-made handheld e-nose system and used in the identification experiments of six liquors. The results show that the selected bionic chamber has higher recognition rate.

Optimization of a system of square cascades for efficient concentration of intermediate isotopes

The problem of obtaining relatively high concentrations of stable isotopes of intermediate mass numbers is considered. The object of research is a connection of three ordinary square cascades. The possibility of simultaneous concentration of isotopes of intermediate masses in different output flows of cascades is shown. The dependencies of the parameters of the cascade schemes under consideration are investigated. The method of optimization of such system of square cascades according to the criterion of minimum relative total flow at given concentrations of target components is proposed. Calculations were made on the example of isotope mixtures with the number of components 4 and 5.

Economic Complexity and Ecological Footprint: Evidence from the Most Complex Economies in the World

The paper introduces economic complexity as an explanatory variable of ecological footprint change, along with income per capita and fossil fuel energy consumption. The link between the ecological footprint and economic complexity is explored within a panel of 48 complex economies over the period 1995–2014. The panel analysis is based on the annual data series of the economic complexity index (ECI), fossil fuel energy consumption, income per capita, and the ecological footprint of production. The econometrical analysis, based on second-generation unit root tests, cointegration testing, and estimation of fully modified ordinary square (FMOLS) and dynamic ordinary least square (DOLS) models in a heterogeneous panel of countries, revealed a validated positive long-run association between the ecological footprint of production as dependent variable and the economic complexity index, gross domestic product per capita, and fossil fuel energy consumption. The paper sheds light on the critical situation of environmental sustainability, taking into consideration that 75% of countries under examination are in ecological deficit.

Structure turbulent flow behind a square cylinder with an angle of incidence

This article shows the results of a study of the structure of turbulent flow behind a square profile ALUTEC 45×45mm with T-slots. The angle of rotation of the profile relative to its axis varied α=0°, 15°, 30° and 45°. During the experiment, the flow velocity was 5m⋅s−1, Reynolds number was 7.7⋅104. The Constant Temperature Anemometry technique was used for experimental studies. To avoid backflow, the measuring plane was positioned at the rear of the profile at a distance of x⋅d−1≈2.2. As a result of the studies, it was found that the highest Taylor microscale Reynolds number and standard deviation for turbulent flow was observed in the area behind the cylinder. The width of this area is 3.5 times the width of the cylinder. With the distance from the center of the cylinder in the spanwise direction to flow the Taylor microscale Reynolds number and standard deviation sharply decreases. The maximum values of the Taylor microscale Reynolds number are observed at α=45° is 426 and 398. It has also been found that behind the cylinder there is some area in which the some parameters of the turbulent flow vary greatly with the change angle α. The lowest energy dissipation rate in this range is observed for α=15°−68m2⋅s−3 and the largest for α=0°−138m2⋅s−3. We also found that the minimum value of the Kolmogorov scale and the Kolmogorov time is observed at α=0°. The minimum values of the Kolmogorov scale η=71μm and the Kolmogorov time τη=0.33ms. The maximum values for previous parameters observed at α=15° is η=84μm and τη=0.47ms. We also found that the flow rate and standard deviation distributions between the ALUTEC profile and the ordinary square cylinder different. This can be observed when the upper part of the profile is tightly closed and the lower part is open. In this case, along with the profile inside of the T-slot, there is a generation of internal flow. This reduces the total backflow area behind the ALUTEC profile by 20% compared to an ordinary square profile.

Water Price Effects on Consumption and Territorial Imbalances in Spain in the Context of the Water Framework Directive

This research examines the water tariff applied to Spanish households with the aim of determining the adequacy of the river-basin approach established by the water framework directive (WFD). The analysis pays particular attention to Spain’s interregional differences in water prices, as well as determining the most influential factors in household water consumption. The results achieved through minimum ordinary squares and 2-stage least squares show the great influence of relevant factors such as the composition of the household, as the most populated households are penalized by the structure of the rate. In addition, there is evidence of inefficiency of the approach derived from the existence of regional differences, since the prices are higher in those regions where resources are reduced, a fact related to the higher cost of service. Thus, taking into account the excessive attention to the cost of the service, the results obtained allow to propose a change in the rate with the aim of balancing prices between regions taking into account factors such as the structure of the household or income.

The Economic Cost and Burden of Informal Caregiving for the Inpatient: The Case of Lemlem Karl Hospital, Maichew, Ethiopia

The objective of this study is to present new empirical findings about the economics of informally supplied health care with special emphasis on the labor market-related opportunity cost and to measure the burden of informal caregiving for the inpatient at Lemlem Karl hospital, Maichew, Ethiopia. The study employs ordinary list square and ordered logit method of regression. In addition, the study also employed measurement mechanisms like; opportunity cost, proxy good and Zarit Burden Scale. The mean time spent on informal caregiving was 73.18 hours/4.1days and the mean cost of informal caregiving for the inpatient at Lemlem Care Hospital by using the opportunity cost and proxy good valuation method is 689.56birr (23.74$) and 724.653 birr (24.5$) per 4.1 days respectively. The study also measures caregiver’s burden level by using Zarit Burden Scale and the result depict that of the total respondents 51 (38.06%) affected by moderate caregiving burden and followed by 41 (30.60%) of the respondents with little caregiving burden. To reduce the cost and burden of principal informal caregivers and to fill this gap the following policy recommendations are made based on the findings of the study and the experience of the rest of the world. Enable informal caregivers to balance personal and social life with care responsibilities through respite care, develop and deploy a national caregiving strategy and the strategy should at a minimum include three policies; (a) Policy Related to Workplace Accommodation; (b) Financial Assistance policy; (c) Investment in informal caregiving research and development related projects.

Pengaruh Produk Domestik Regional Bruto dan Indeks Pembangunan Manusia Terhadap Tingkat Pengangguran Terbuka di Provinsi Sumatera Barat

This research aimed to know how the effect of Gross Regional Domestic Bruto and Human Devolopment Indeks (HDI) toward open unemployment rate in West Sumatera with selected model is the Fixed Effect Model (FEM) The data were used panel data during the period 2010-2017, with the technique of collecting documentation data and library studies obtained from relevant institusions and agencies. The independent variables of this study are Gross Regional Domestic Bruto (X1) and Human Devolopment Indeks r (X2). The research method used is Odinary Least Square (OLS) that use classical Assumtions, determination coeffisient test (R2), and hypothesis test used t-test with significance level of 5%.. The estimation results show that, gross regional domestic product have a negative and significant effect on open unemployment rate in West Sumatera, and Human Development Indeks have a positive and significant effect on open unemployment in West Sumatera. Meanwhile simultaneously Gross Regional Domestic Bruto and Human Devolopment Indeks affect the open unemployment rate in West Sumatera. Keyword: open unemplument, human development indeks, gross domestic product and ordinary keast square (ols)