Panel Data Analysis Research Articles

Shining light on the shadows: The role of corruption control in the relationship between board composition and SDG disclosure

AbstractThis paper investigates how corruption control moderates the relationship between board composition and Sustainable Development Goals (SDG) disclosure. We analyze a sample of 269 companies from Mediterranean capitalism countries (Portugal, Greece, Italy, Spain, Malta, and Cyprus) combining a symmetric method (panel data analysis) and an asymmetric approach (fuzzy‐set qualitative comparative analysis). Our findings show that larger boards enhance SDG disclosure and female presence negatively impacts SDG disclosure. Corruption control is a driver of SDG disclosure, and the effect of board size on SDG disclosure is greater when companies are operating in countries with low rates of corruption. This the first paper that investigates the relationship between board composition and SDG disclosure, highlighting the moderating effect of controlling corruption at the country level. Managers should be aware that some board characteristics drive greater SDG disclosure. Additionally, governments can support SDG disclosure by combating corrupt practices in their countries, and by creating support mechanisms for companies to incorporate SDGs into business strategies.

How Avoidable Mortality is influenced by health expenditure: an Italian 14-year panel data analysis

Abstract Background Avoidable Mortality is a widely used public health indicator to assess the quality of healthcare systems. The aim of this study was to investigate how the allocation of private and public health expenditure (PHE) could influence avoidable mortality (AM), treatable mortality (TM) and preventable mortality (PM) of Italian citizens. Methods A pooled cross-sectional time series study was conducted. Italian healthcare data from 2009 to 2019 was extracted from ‘Health for All’, a WHO-related database released periodically by the Italian National Institute of Statistics. PHE was divided by providers area (directly provided services (DPS), general and specialist medicine, pharmaceutical, rehabilitation). Data about private health expenditure, gross domestic product per capita (GDPPC), level of education, medical drug consumption per capita (MDCPC), general practitioners per capita (GPPC), physical exercise, tobacco use, and obesity were collected. AM was divided into TM and PM using OECD/Eurostat lists of causes of death (2022). A fixed-effects regression was used to assess the effects of economic and social variables on AM, TM and PM. Results Higher spending on DPS (-0.027), higher MDCPC (-0.859) and higher GDPPC (-0.001) were associated with lower rates of AM. Higher sport activity (c -0.673) was associated with lower rates of TM. Higher levels of private health expenditure (0.022) and higher number of GPPC (0.023) were associated with higher rates of PM; these counterintuitive results could be caused by the inappropriateness of medical treatment directly requested by patients. Other variables were not significantly associated with AM, TM or PM. Conclusions The results highlight the importance of medical DPS by NHS (emergency departments, hospital care, specialized care, primary care, etc.). Analyzing health data divided by areas of NHS we could help policy makers to allocate human and economic resources more efficiently. Key messages • The allocation of public health resources could influence the health status of the polulazion. • Italian National Health System could reduce avoidable mortality through the use of directly provided services.

Brazilian natural gas market dynamics: A data panel analysis of the Brazilian market compared with Argentina, Colombia, Mexico, and India using Porter's five forces framework

This study offers a comparative analysis of natural gas markets in Brazil, Mexico, Colombia, Argentina, and India, spanning from 2000 to 2020. Leveraging panel data and historical time series analysis, coupled with Porter's Five Forces framework, it examines industry dynamics across upstream, downstream, midstream, and upstream dimensions. Insights into competitive landscapes are derived, considering regulatory frameworks, resource availability, infrastructure development, and demand patterns. Despite Brazil's efforts to enhance domestic production, infrastructure, and regulatory reforms, challenges persist, hindering sectoral growth. Comparative studies underscore the need for policy improvements to align with investment commitments. This study contributes novel insights into the competitive positioning of natural gas markets, offering actionable recommendations for stakeholders. Identifying potential bottlenecks informs strict decision-making in the global energy landscape.

Islamic bank stability and efficiency: A cross-country analysis

Purpose ― The study investigates the impact of the efficiency of Islamic banks on banking stability. Method ― A panel data analysis using the Least Square Dummy Variable Corrected (LSDVC) method is employed to examine the impact of efficiency on banking stability in Islamic banks. The study has a sample of 54 Islamic banks across eight countries from 2013 to 2021.Findings ― The findings reveal that the efficiency of Islamic banks has a positive and significant effect on banking stability. In addition, financial turmoil negatively and significantly affects the stability of Islamic banks but does not significantly affect institutional development. Additionally, financial turmoil can influence how effectively Islamic banks manage their businesses in response to banking stability. The outcomes are robust across various robustness methods. Implications ― The results imply that the efficiency of Islamic banks has a pivotal role in banking stability, considering the efficiency level. To ensure the stability of Islamic banks, practitioners and regulators of Islamic banks have to achieve and maintain the efficiency of Islamic banks by implementing the required policies and guidelines.Originality/Value ― Previous studies examining the impact of Islamic banks' efficiency on banking stability remain limited. The paper fills the research gap by examining how Islamic bank efficiency affects banking stability, considering the effects of financial turmoil and institutional development.

The Role of Government Health Expenditure in Driving Economic Growth: Evidence from OECD Countries

This study examines the influence of government health expenditure and life expectancy on economic growth. The study makes use of panel data analysis and utilizes data from the OECD nations between 2000 and 2021. The study applies panel data analysis using POLS, FEM and REM models and dynamic GMM models. The study also gauges the moderating role of life expectancy on the relationship between government health expenditure and economic growth. The results indicate that government expenditure on health hurts economic growth. A detrimental relationship between life expectancy and economic growth indicates that higher life expectancy could result in elevated healthcare and financial expenses. Nevertheless, the interactive regression model suggests that there is no significant moderation of the association between government expenditure on health and economic growth by life expectancy, implying that the influence of government health expenditure on economic growth is generally unaffected by demographic changes. These findings emphasize the significance of differentiating between the short-term and long-term economic consequences of healthcare expenditure. This study offers insights into the optimization of public spending in OECD nations to promote sustainable economic growth and enhance public health outcomes.

Examining The Impact of Macroeconomics Factors on Carbon Emissions in Selected 7-ASEAN Members: A Panel Data Analysis

This study investigates the relationships between urbanization, economic growth, energy consumption, transportation, and carbon emissions in seven ASEAN countries from 2011 to 2022. As released by the World Health Organization (WHO), more than 80 percent of the world’s population living in urban areas were exposed to air quality levels that were above the WHO limits. The region that is most affected comes from those nations categorized as low to middle-income countries. Hence, it is best to examine why these 7 ASEAN nations categorized from the lower to upper-middle income countries are not able to control the increase in the level of their carbon emissions. The analysis would also identify the appropriate empirical model suitable for the data. Using panel data analysis applying econometric modeling which are the Pooled Ordinary Least Square, Fixed Effects Model, and Random Effects Model, the findings support the Environmental Kuznets Curve hypothesis, revealing that urbanization and economic growth significantly increase carbon emissions. The study emphasizes the need for renewable energy adoption and sustainable urban planning to reduce carbon footprints. Key recommendations include enhancing energy efficiency and promoting cleaner transportation technologies to achieve sustainable economic growth in the ASEAN region.

Sovereign ESG and Foreign Direct Investment in the GCC: The Amplifying Role of Trade Openness in Economic Diversification

This study examines the relationship between Sovereign Environmental, Social, and Governance (SESG) initiatives and foreign direct investment (FDI) within the context of the Gulf Cooperation Council (GCC) countries from 2000 to 2022. The research explores how national ESG performance influences the attractiveness of these countries to foreign investors, with a particular focus on the moderating role of trade openness. Using a comprehensive panel data analysis, the study finds that strong SESG frameworks are positively correlated with higher FDI inflows, with trade openness amplifying the positive impact of SESG. Additionally, the use of Instrumental Variables (IV) estimation addresses endogeneity concerns, further confirming the robustness of the results. Moreover, the analysis reveals that trade openness amplifies the positive impact of SESG on FDI, suggesting that GCC countries with liberal trade policies and robust ESG practices are more successful in attracting sustainable and responsible investments. These findings contribute to the growing body of literature on ESG and FDI, offering valuable insights for policymakers seeking to enhance economic growth through strategic investments in sustainability and governance. The findings offer valuable insights for policymakers in aligning SESG frameworks with global ESG standards and leveraging global liquidity conditions to enhance FDI inflows, particularly in light of ongoing economic diversification efforts in the GCC.

Financial Impact on Aviation Industry Before and During Covid-19: Passenger Demand as Moderator

This study analyses the impact of the pandemic on the financial performance of airlines, with a specific focus on financial ratios. The travel limitations imposed as a result of the pandemic, coupled with a significant decline in passenger demand, resulted in significant financial losses. This study investigates how passenger demand moderates the relationship between financial ratios and the performance of the aviation industry. This study gathered data from 20 premier Asian airline companies, as acknowledged by Skytrax. The data was collected from 2016 to 2022, with the timeframe from 2016 to 2019 designated as the 'pre-Covid19' period, and the timeframe from 2020 to 2022 designated as the 'during Covid19' period. The study uses static panel data analysis to accomplish its objective by integrating cross-sectional and time series analysis. Based on this analysis, it was determined that the company's financial condition had a substantial impact on its performance and operating worth before the COVID-19 outbreak. This influence was observed across all variables, except TATO (Total Assets Turnover). However, the company’s financial condition does not affect its performance during the COVID-19 outbreak. This is due to the implementation of government initiatives and bailouts offered some respite, while also underscoring pre-existing structural weaknesses within the business. The results emphasize the crucial requirement for airlines to implement adaptable financial strategies and strong risk management techniques to successfully navigate future disruptions. Hence, the aviation sector should embrace a comprehensive strategy centered on minimizing expenses, expanding income sources, and implementing digitalization.

Air Quality Benefits of Renewable Energy: Evidence from China’s Renewable Energy Heating Policy

This paper examines the impact of renewable energy heating on air quality in China, using the Qinling Mountains–Huaihe River line as a quasi-natural experiment to distinguish between regions with central heating and those without. Employing a difference-in-differences approach and analyzing panel data from 298 cities between 2014 and 2022, our findings indicate that the renewable energy heating policy has significantly improved air quality. Specifically, the policy led to substantial improvements in air quality, reducing concentrations of key pollutants: SO2 by 28.31%, CO by 7.57%, NO2 by 5.72%, and PM2.5 by 7.15%. The policy’s effects are most pronounced in regions with lower temperatures and in the eastern parts of the country. Further analysis emphasizes the critical role of energy transition, environmental regulations, and government investment in technology as key drivers of these air quality improvements.

The Driving Factors and Path Selection for the Development Level of China’s Mariculture—A Dynamic Analysis Based on the TOE Framework

Mariculture is a key practice to promote the supply-side reform of fishery, and it is of strategic significance to explore the causes and paths of its high-level development. Based on the TOE (Technology-Organization-Environment) theoretical framework and the configuration methodology, this paper adopts the dynamic qualitative comparative analysis (QCA) method and panel data from 10 coastal provinces and cities in China from 2013 to 2021 to explore the configuration effects of six antecedents, namely, the intensity of technology promotion, investment in scientific research, personnel specialization, industry intensification, nearshore water quality, and offshore pollution discharge, along temporal and spatial dimensions, on the level of mariculture development. The results show that (1) individual driving factors do not constitute the necessary conditions for a high level of mariculture industry development, but the necessity of the three conditions—research funding, industry intensification and nearshore seawater quality—shows a general increasing trend; and (2) the results of the path analysis show that a total of seven configuration paths for a high level of development are generated, which can be further classified into “organization-led and technology synergistic”, “technology-organization-environment multiple-driven type”, and “technology-environment dual-driven type”. Based on the panel data, this study explores the impact of spatial and temporal changes in factor combinations on the development level of mariculture and provides a theoretical basis and practical insights for the development of locally adapted execution pathways.

CSR disclosure, financial performance, and ownership: evidence from China

PurposeThis study investigates the relationship between corporate social responsibility (CSR) disclosure and financial performance (FP), and ascertains whether ownership structure (OS) moderates the CSR disclosure–FP nexus.Design/methodology/approachWe distinctly employed the well-established approach of panel data analysis to examine the comprehensive dataset of Shanghai A-share listed firms from 2008 to 2017 with 20,236-full sample and 4,190-disclosed sample firm-year observations. To test the hypotheses, the study used panel regression analysis. The study used CSR disclosure as an explanatory variable and accounting-based performance measures: return on equity (ROE) and earning per share (EPS) as dependent variables. In addition, we used CSR score to determine the extent of disclosure by each firm and employed matched pair sample analysis to check for the robustness of the earlier obtained results.FindingsThe findings indicate significant positive association among CSR disclosure and CSR score with ROE and EPS. Further, the CSR disclosure–FP nexus is more pronounced when the OS moderates it.Research limitations/implicationsThe results of this study lack generalizability due to its unique setting. A limitation of this paper is that our sample period only covers 2008–2017. Future studies can extend our research to a more recent period to test whether our findings remain valid in other periods.Practical implicationsOur findings suggest stronger CSR disclosure measures to enhance the image of businesses in the eyes of stakeholders. The study findings are consistent and confirm the theoretical basis (stakeholder theory) that Chinese listed firms can be more beneficial from disclosing CSR related information, and they should put more emphasis on the improvement of CSR disclosure.Originality/valueThis research offers empirical evidence that sheds light on the importance of OS as the moderating effect on the nexus of CSR disclosure–FP measures. In doing so, this study’s findings contribute to the literature significantly, along with the regulators and shareholders.

ESG performance and corporate carbon emission intensity: based on panel data analysis of A-share listed companies

This study investigates the impact of ESG performance on enterprise carbon emission intensity, using panel data from A-share listed companies over 2011–2022. The findings suggest that ESG can encourage enterprises to actively engage in environmental governance, enhancing their profitability and reducing carbon emission intensity, thereby achieving dual optimization of environmental and economic benefits. The mechanism test reveals the intermediary roles of institutional investors’ participation, total factor productivity, and green technology innovation. Heterogeneity analysis indicates that the relationship between ESG performance and enterprise carbon emission intensity varies with different degrees of management shortsightedness, ownership separation, equity balance, legitimacy status, and industrial pollution characteristics, reflecting the heterogeneous influence driven by Intrinsic motivation and external factors. Notably, the mitigating influence of ESG on enterprise carbon emission intensity is mainly attributed to enhanced corporate profitability, which effectively decelerates the growth rate of enterprise carbon emissions, albeit insufficient to arrest the overall increase. This observation points to a certain degree of “green paradox” phenomenon. Overall, the analysis underscores the significant contribution of ESG in promoting enterprises’ green transformation efforts.

Revisiting the Double Dividend Hypothesis with the Load Capacity Factor

The aim of the paper is to test the validity of the double dividend hypothesis in the five OECD countries with the highest environmental taxes (Türkiye, Slovenia, Latvia, the Netherlands and Denmark) using panel data analysis. With this motivation, the paper analyses the effects of environmental taxes on the load capacity factor and unemployment through two models for the period 1997-2022. According to the empirical findings, environmental taxes are cointegrated with both the load capacity factor and unemployment. The coefficient results of the first model reveals that environmental taxes positively affect the load capacity factor in Türkiye and Slovenia as well as at the panel level. Environmental taxes cause environmental degradation only in Denmark. In the second model, environmental taxes reduce unemployment in Latvia, the Netherlands, Denmark and at the panel level. In sum, the paper confirms the double dividend hypothesis for the panel.

Penerapan Analisis Data Panel Pada Suhu Udara Terhadap Perubahan Iklim Curah Hujan di Kota Padang

Climate is the average weather conditions that prevail over an extended period in a particular region. The complex climate system, comprising components such as the atmosphere, lithosphere, and biosphere, generates climate variations among different areas. Climate change has potential impacts such as changes in rainfall patterns, rising temperatures, and sea level rise. Extreme weather, prolonged droughts, and heatwaves can endanger both the environment and human beings.This article aims to assist in predicting future climate patterns to prepare for their impacts using panel data analysis. A panel data regression model is employed to assess the influence of rainfall and air temperature on climate change in Kota Padang from 2018 to 2022. The analysis reveals a significant influence of air temperature, estimated at 0.08, on climate change in Kota Padang during this period. These findings provide a basis for developing mitigation and adaptation strategies to address climate challenges in the region and offer valuable insights for government policies in facing future climate-related issues.

Evaluation of long-term care expenditures from the silver economy perspective

Silver economics is a field of science that evaluates the long-term care needs that develop because of aging from the economics perspective within the supply and demand framework. The expenditures and investments made to meet long-term care needs constitute the main subject of long-term care expenditures. This study empirically tested the relationship between long-term care expenditures and life expectancy. Expenditures on long-term care facilities (LTCFE) were taken as the dependent variable, and life expectancy at birth (LEAB) and life expectancy at 65 years and over (LEO65) were taken as independent variables. The analysis included data from 25 countries with regular LTCFE from 2004 to 2020. The variables were analyzed using the econometric model established within the framework of panel data analysis. According to the least squares analysis results, a 1% increase in LEAB increased LTCFE by 2.1%, while a 1% increase in LEO65 decreased LTCFE by 0.54%. Moreover, a unidirectional causality relationship was found between LTCFE and LEAB and LEO65. The empirical evidence suggests that life expectancy impacted LTCFE. According to the findings, they emphasize the importance of aligning policy frameworks with demographic changes to ensure sustainable long-term care systems in aging societies.

Relationship Corruption and Economic Growth ASEAN Countries

Corruption is a detrimental act for many people, especially related to the economy. Various groups widely discuss corruption and economic growth from academia, government, and the private sector. This is even more complex when coupled with competitiveness between countries and democratic systems. So this study aims to analyze the influence of global competitiveness, corruption and democracy on economic growth in ASEAN countries. This study used panel data analysis methods in 7 ASEAN countries from 2014-2019. The seven countries are Indonesia, Malaysia, Thailand, the Philippines, Vietnam, Laos, and Cambodia. It is related to economic growth, corruption, and competitiveness in ASEAN countries. The results of this study show that corruption brings mudhorot but has yet to be significant to economic growth. Another interesting finding is that democracy negatively affects global competitiveness and increases economic growth. This research can be one of the government's policy recommendations by increasing economic growth through strict enforcement against corruption and increasing global competitiveness. To realize economic growth that prospers society requires the role of the government through increasing human and institutional resources to support other competitiveness factors that focus on technological, environmental, and innovation aspects

Net‐Zero Transition Pathways in Belt and Road Economies: Insights From Threshold Effects and Heterogeneous Analysis

ABSTRACTGiven the pressing need for economies to mitigate climate change and champion carbon neutrality, this study investigates the threshold effects of financial development and foreign direct investment (FDI) on carbon dioxide (CO₂) emissions in Sub‐Saharan Africa (SSA) within the Belt and Road Initiative (BRI) bloc, taking into account the moderating role of the regulatory environment. Drawing on the environmental Kuznets curve and the pollution haven hypothesis, the study utilizes the dynamic generalized method of moments (GMM) modeling, proposed by Arellano and Bover, to analyze panel data from 37 SSA countries spanning 1990–2022. The findings reveal that financial development in the banking, financial, and private sectors, along with FDI outflows, is associated with a reduction in CO₂ emissions. Conversely, FDI inflows are linked to increased CO₂ emissions. A curvilinear relationship is observed, where initial increases in financial development and FDI correlate with higher emissions, which decline beyond a certain threshold. Stronger regulations enhance the positive impact of financial development on reducing CO₂ emissions. Finally, the findings show a significant heterogeneous effect across the SSA regional blocs. These findings underscore the critical need for implementing stringent environmental regulations and promoting sustainable financial practices to mitigate negative environmental impact. This research provides both theoretical and practical insights into fostering a carbon neutrality agenda and advancing Sustainable Development Goal 13.

The macroeconomic determinants of trade openness in Latin American countries: A panel data analysis

Background Trade openness shows a positive impact on economic growth, supported by economic theory, and export diversification and economic complexity show a positive dynamic in trade openness in the world; however, a specificity is generated in South American countries. Therefore, the objective of the research is to analyse the macroeconomic determinants of trade openness in Latin American countries. Methods The research approach was quantitative and explanatory using panel data methodology from the databases of the World Bank, Harvard University and the Economic Commission for Latin America and the Caribbean for the period 2000-2020. Results The fixed effects panel data model showed that the variables that had a negative impact on trade openness were GDP, the economic complexity index and the logistic performance index, while the variables that had a positive impact were exports of high-tech products (a proxy for innovation), exports, imports, research and development expenditure and interregional trade in goods. Conclusions Therefore, during the analysis period of 2000-2020 in South America, based on the panel data analysis under fixed effects, a total of 8 countries had a negative impact on trade openness, and only the economies of Chile, French Guiana, and Brazil had a positive impact on trade openness; these economies are characterized by their better performance in the economic complexity index, their higher percentage of budget for research and development expenses, and their trade policies oriented towards the industrialization of their value-added products.

Factors afffecting on the growth assets of sharia life insurance companies in Indonesia

Purpose - The objective of this research is to present a summary and examination of the impact of investment returns, claims, and premiums on asset growth in Indonesian sharia life insurance firms from 2018 to 2022.Method - This study uses quantitative methods. The study's population consists of sharia life insurance companies that are registered with the OJK, and its sample consists of seven such companies that provide complete financial reports through 2022. Panel data analysis is the data analysis technique employed in this study, and the Common Effect Model (CEM) was selected using eviws 10.Result - This study provides evidence that premiums and claims have a detrimental effect on Indonesian Islamicic life insurance businesses' asset growth. Low premiums and high claims inhibit asset growth. On the other hand, investment returns have a positive effect, because Islamicic insurance companies gain opportunities for asset growth from investments in various sectors. Therefore, claim management and optimization of investment returns are very important to encourage the growth of company assets.Implication - These findings have implications from the results of this investigation, which show that a company is better and can be considered healthy if its assets are larger.Originality - This study is the first to employ profit-sharing finance as an intervening variable.

The Influence of World Heritage Sites on Tourism Dynamics in the EU 27 Nations

Culture and tourism are crucial for economic growth and sustainable development, working together symbiotically. Culture boosts tourism by supporting heritage, production, and creativity, while cultural heritage, reflecting national identity and traditions, strengthens local economies. This study uses a panel data analysis to examine the impact of cultural factors on international tourist arrivals in 27 EU nations. The Driscoll–Kraay method reveals that UNESCO World Heritage Sites, government cultural expenditures, household recreation and cultural expenditures, real GDP per job, and bed capacity positively influence international tourist numbers. Regarding cultural factors, World Heritage Sites have the most significant influence, with each additional UNESCO site leading to a 0.22% rise in tourist numbers. The most crucial determinant of tourist arrivals is bed capacity, with a one percent increase leading to a 0.66% increase in tourist arrivals. Conversely, healthcare expenditures and political civil liberties have a negative impact on tourist arrivals. This study discusses managerial implications and offers recommendations for future research.