Policy Variables Research Articles

EOQ with supply disruptions under different advance information regimes

In this paper, we consider the impact of advanced delivery information on the performance of supply chains facing endogenous disruptions. We study a single-echelon EOQ-based inventory model with backorders where the supplier could fail to deliver shipments on time following a Bernoulli process, a measure of the supplier service quality. Two extreme advance information regimes are analyzed: (1) full delivery information (FDI), where the timing of the next delivery is always known, and (2) partial delivery information (PDI), where the timing of the next delivery is known if it coincides with the next planned delivery. For both regimes, we use a natural adaptation of the base-stock policy, having multiple order up-to levels, each corresponding to the level of available information when ordering. We then model the long-run average cost and determine the policy variables that minimize this cost. While the analysis of the FDI model proved straightforward, the PDI model involved the solution of a mixed-integer nonlinear optimization problem. We found closed-form solutions for both models. Numerical results show that, by reducing planning uncertainty, advanced information directly reduces operating costs. They also show that the cost of the case of full information is higher than that of the EOQ model, suggesting the importance of finding reliable suppliers for disruption-free operations.

IMPACT OF FUNDAMENTAL MACROECONOMIC FACTORS, COST EFFICIENCY, FIRMS POLICIES WITH SYSTEMATIC RISK AS MEDIATOR ON ISLAMIC FINTECH WELFARE PERFORMANCE : EVIDENCE FROM AN INDONESIA'S ISLAMIC FINTECH INSTITUTION

This study tries to answer some questions on the impact of Fundamental Macroeconomic Factors, Cost Efficiency, Firms Policies to Islamic Fintech Walfare from economically emerging country like Indonesia. The analysis was conducted gradually by placing systematic risk and firm performance as intervening variables. This research, in specific, aims to test the gradual effect of macroeconomic fundamental factors on firm performance and firm value.
 The theoretical base applied to support this research was two established financial theories, such as agency and capital structure theory. This study used the samples of the Islamic Fintch Institution that listed in Indonesia's stock exchange, which the stocks actively traded in Indonesia's Stock Exchange. The data used was panel data, namely, the data of cross section and time series from the period of 2017 to 20019.
 The research results are; first, the macroeconomics variables (inflation, interest rate, exchange rate, and economic growth) have significant effect on systematic risks. On the other hand, systematic risks have significant effect on firm performance, and firm performance has significant effect on firm value. Second, the variables of firm policy (manager incentive and financial leverage) have significant effect on firm performance, and firm performance has significant effect on firm value.
 However, capital expenditure has insignificant effect on firm performance and firm value rather than manager incentive and financial leverage. Third, special findings from this research are that there is gradual process in influencing firm value so that firm performance has the role as intervening variable, which is the variables mediating the effects of macroeconomic variable (exchange rate), systematic risk, and firm policy (manager incentive) in Islamic financial technology welfare.

Major Determinants of Bank Profitability in India: A Machine Learning Approach

From reforms and fin-tech revolutions to macro-economic shocks, the Indian banking sector has witnessed rapid changes over the last two decades, which has significant implications for banks’ profitability. Viewing bank profitability from three different dimensions, Net Interest Margins (NIM), Return on Assets (RoA) and Return on Equity (RoE), this study has explored the key determinants with the help of machine learning algorithms. It has used a pooled data set of domestic and commercial banks covering 2005–2021. As a dependent variable, profitability by each measure (NIM, RoA and RoE) is reclassified into three categories, above average, average and below average, based on their quartiles. Twenty-one explanatory variables comprising bank-specific, macroeconomic and policy variables are chosen after due validation using feature selection methodology and multicollinearity check. The random forest (RF) classification algorithm is executed using the CARET package in R. The results obtained from feature selection are corroborated with the RF classification findings. The results are robust and give clear-cut visibility of unique and common factors influencing three profitability measures at varying levels. The classification estimates suggest that the bank-specific variables are major determinants of NIM, while macroeconomic and policy variables are the key determinants of RoA and RoE. Further, the results also suggest that the ratio of non-performing assets to total assets and business per employee are two such bank-specific determinants that play an important role in all three dimensions of profitability. Thus, recapitalization and automation will play an important role in bank profitability.

Evaluating Fiscal Policy Under Cyclical Balance in Developed Countries

Abstract This study investigates the cyclical patterns of fiscal policy rules using various policy variables that respond to the macroeconomic performance of developed countries over the past few decades. The study reveals that regardless of whether the economy is in a recession or a boom, fiscal policy basically displays counter-cyclical behavior. However, the degree of cyclicality varies depending on the output gap measurements chosen and the countries analyzed. Additionally, the estimates using various fiscal policy indicators demonstrate a strong time variation in fiscal cyclical behavior, resulting in a significant increase in the counter-cyclicality of the fiscal balance. The article also applies the time-varying coefficients vector autoregression model to assess the effects of fiscal policy on output and finds that a boost in the cyclically adjusted primary balance positively impacts production in the short run.

For health or for profit? Understanding how private financing and for-profit delivery operate within Canadian healthcare (4H|4P): protocol for a multimethod knowledge mobilisation research project

IntroductionPrivatisation through the expansion of private payment and investor-owned corporate healthcare delivery in Canada raises potential conflicts with equity principles on which Medicare (Canadian public health insurance) is founded. Some...

High-Cost Drug Policies in Canadian Children's Hospitals: An Exploratory Study.

Over the past decade a number of effective but costly drugs have entered the therapeutic arena. Ethical and logistical challenges associated with including children in research and policy have produced variability in public policy on funding pediatric drugs, with inconsistent coverage across Canada. The purpose of this study was to explore the processes for funding high-cost pediatric drugs in Canadian children's hospitals. We conducted a cross-sectional, text-based survey of all 19 chairs of Canadian departments of pediatrics about the funding and accessibility of high-cost drugs. Thematic qualitative analysis was performed to organize, sort, and code verbatim written responses and follow-up correspondence. Responses were received from all 19 Canadian departments of pediatrics surveyed (100% response rate). Three major themes emerged about pediatric high-cost drug policies: inconsistency between funding processes, variability in funding sources, and frustration with the current system. In aggregate, a clear concern emerged that current funding options were heterogenous and inadequate to meet patient needs. There was widespread consensus from respondents that current options for funding pediatric high-cost drugs were inadequate and that there was need for urgent action to address this problem. Policy changes are needed to sustain and improve access to high-cost drugs for Canadian children. We propose 3 solutions, including the creation of a national framework for funding high-cost pediatric drugs, increased incorporation of pediatric considerations in drug research and development, and a multidisciplinary drug summit on pediatric therapeutics.

Responding to Omicron: Speaker Commitment and Legitimisation in COVID-related Press Conferences

This paper examines the ways in which New Zealand and Polish government officials communicated the easing of COVID restrictions to the general public. The study aimed to identify legitimising strategies used to justify the lifting of restrictions and related measures, and to establish how agency and responsibility were discursively constructed in the subgenre of political press conference in two different socio-political settings. Informed by the notions of legitimisation (Chilton 2004), speaker commitment and stance (Marín Arrese 2011, 2015, 2021), the research looked into the linguistic marking of effective stance (deonticity, assessments, attitudinals and directives) and epistemic stance (epistemic modality, truth-factual validity as well as experiential, cognitive and communicative stance), considering both the subjectivity/intersubjectivity dimension and the explicitness/implicitness of the speaker’s role. In addition, the study considered the key discursive strategies used to (de)construct agency in the discourses of NZ and Polish policymakers seen as proponents of divergent public health policies. As the findings indicate, the Polish officials conveyed chiefly experiential stance and projected less involvement, whereas the NZ Prime Minister favoured cognitive stance and deonticity as well as direct appeals to the audience. The analysis shows that the speaker’s (dis)identification with the respective policy finds reflection in the varying degrees of speaker commitment and the (de)construction of agency.

코로나-19 위기와 공여국의 ODA 정책

This study examines the impact of COVID-19 on aid policy of donors. We aim to understand how COVID-19 global pandemic and the Russia-Ukraine war followed by the economic stagnation worldwide have affected aid policy of major donor countries. This study first traces the changes in ODA of OECD DAC countries after the break out of COVID-19. Based on the understanding of the general pattern of aid policy after the COVID-19, we then compare and analyze the cases of the UK and Germany. Soon after the breakout of the COVID-19, the UK drastically decreased the amount of ODA and adopted the 'UK first policy' as the guiding principle of the UK ODA policy. On the other hand, the ODA volume of Germany has seen a significant increase during the period of the COVID-19 crisis and played a leading role in supporting international cooperation to meet COVID-19 crisis and protect global peace and order. This study highlights major factors that have affected such divergent aid policies of the UK and Germany.

MONETARY POLICY AND STOCK PRICE BEHAVIOUR OF BANKS IN NIGERIA: A PANEL DYNAMIC CO-INTEGRATION APPROACH

This study was conducted to examine effect of monetary policy on stock prices of listed banks in Nigeria. Specifically, the study examined effects of broad money supply, Treasury bill rate, monetary policy rate, exchange rate, cash reserve ratio, lending rate and savings deposit rate on stock prices of 15 listed banks on the Nigerian Stock Exchange as at 31st December, 2019. The study employed descriptive statistics, panel dynamic ordinary least squares and panel causality analysis to analyze quarterly data of stock price (STP) and monetary policy variables from 2006 to 2019. Results of the panel dynamic ordinary least squares (PDOLS) show that for banks, broad money supply (M2), monetary policy rate (MPR), exchange rate (EXCH) and interest on savings (SDR) significantly affect stock price negatively (p =0.0147; p =0.0000; p = 0.0110 and p = 0.0003 for M2, MPR, EXCH and SDR respectively). Treasury bill rate (TBR) significantly affects stock price positively (p = 0.0000) while cash reserve ratio (CRR) and lending rate (LDR) have insignificant effect on stock prices of banks. We recommend that Nigerian banks should be more pro-active in managing effects of monetary policy announcements to avert prolonged negative effects of such policies on their stock prices. We also advocate a re-appraisal of MP tools vis-à-vis stock market expansion goal by the Central Bank of Nigeria.

Variables Associated with Ultra-Processed Foods Consumption among Brazilian Adolescents: A Systematic Review

Background: Considering its deleterious effects on health, as well as the importance of information to support actions, strategies, and public policies, the present study was developed, aiming at identifying and classifying the main variables associated with ultra-processed foods consumption in Brazilian adolescents. Data sources: Targeting observational studies involving samples of Brazilian adolescents (11 to 19 years old), which evaluated possible associations between the consumption of ultra-processed foods and individual, interpersonal, environmental, and public policy variables, in October 2022, a systematic review was conducted, consulting electronic databases (Lilacs, Pubmed, Scielo, Scopus, and Web of Science), Google Scholar, and the reference lists of included articles. Data synthesis: The descriptive synthesis consisted of 11 papers, representing nine original studies. The main variables identified were: sedentary behavior (specially screen time), studying at a private school, having a higher body mass index, and being female. Conclusions: Based on this evidence, it is important to direct actions, strategies, and public policies aimed at confronting the consumption of ultra-processed foods for these groups.

MODERASI PROFITABILITAS DAN LEVERAGE TERHADAP PENGARUH KEBIJAKAN DIVIDEN PADA NILAI PERUSAHAAN

Shareholders generally want a relatively stable dividend distribution because it reduces uncertainty about the expected returns from the investments they make. It can also increase shareholder confidence in the company so that the share value can also increase. This study aims to obtain empirical evidence of the effect of dividend policy on firm value and the ability of profitability and leverage variables as moderating variables. The approach used in this research is a quantitative approach in the form of causality. The location of this research was carried out on the Indonesia Stock Exchange in manufacturing companies listed during 2017-2019. The sampling method used in this study was a saturated sample and obtained 15 manufacturing companies that distributed dividends in a row during 2017-2019. The data were then analyzed using a moderated regression analysis test. The results of the study explain that the dividend policy variable has no effect on firm value, the leverage variable as a moderating variable strengthens the effect of dividend policy on firm value and the profitability variable is not able to moderate the effect of dividend policy on firm value

A Novel Self-Organizing Map (SOM) With Data Mining Model for Formulation of Vocational Education Policies

Data mining is a process of extracting valuable and previously unknown patterns, insights, and knowledge from large datasets. data mining techniques enable the analysis of educational data to inform multi-level vocational education policies that contribute to regional sustainable development. By leveraging the power of data, policymakers can make evidence-based decisions, align vocational education with regional needs, and enhance the effectiveness and relevance of vocational education programs in promoting sustainable development. In this paper proposed an Associative Rule Kohonen SOM (AR-KS) for multi-level vocational educational policies assessment for sustainable development. Initially, the proposed AR-KS model collects relevant data, including information on vocational education programs, student performance records, regional development indicators, and policy documents. This data is then preprocessed to ensure consistency and quality. The next step involves training a Kohonen SOM using the preprocessed data. The SOM forms a topological map where each neuron represents a unique combination of policy variables and regional development factors. This map captures the multidimensional relationships among the variables and provides a visual representation of the policy space. The relationship between the patterns is computed with the associative rule-based training of SOM between variables. The analysis of the AR-KS framework allows policymakers to assess the impact of different vocational education policies on sustainable development goals. Overall, the proposed AR-KS framework offers a novel approach for assessing multi-level vocational educational policies in the context of sustainable development.

Pengaruh Kinerja Keuangan, Kebijakan Dividen, dan Struktur Modal Terhadap Nilai Perusahaan Otomotif di Masa Pandemi Covid-19

This study aimed to analyse the relationship between financial performance variables (ROA), dividend policy, and capital structure as intermediary variables on firm value. This research was a quantitative descriptive study. The research subjects used were the automotive industry which was registered on the Indonesia Stock Exchange website in the 2019-2021 period. The sampling technique used is a purposive sampling technique based on: 1) automotive industries that reporting sustainable financial data, 2) automotive industries without loss status, and 3) automotive industry without negative assets during period. The data analysis technique used is multiple linear regression and path analysis. The results of this study indicate that the variables of financial performance, dividend policy and capital structure have no significant effect on firm value. Meanwhile, the dividend policy variable has an effect on firm value with a mediating capital structure.

PERAN PROFITABILITAS SEBAGAI VARIABEL PEMODERASI PENGARUH KEBIJAKAN DIVIDEN DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN

This study aims to examine the role of profitability as a moderating variable of dividend policy and debt policy on company value in Basic Industrial and Chemical sector companies listed on the Indonesia Stock Exchange during the period 2016 to 2020. The research method used in this study is a quantitative method based on financial statement data of companies that are the study population. The total sample in this study was 100 firm years. The sampling method using purposive sampling techniques and presenting the hypothesis used in this study is multiple linear regression analysis. The hypothesis proposed in this study is the effect of dividend policy on company value, the effect of debt policy on company value and the effect of profitability as a moderating variable for the effect of dividend policy and debt policy on company value. Dividend policy and debt policy are proven to affect company value; profitability is also proven to be able to moderate dividend policy to company value but not proven to moderate debt policy to company value.

China's 5G and supercomputing industrial policies: A critical (comparative) analysis

AbstractThe Chinese central government has greatly supported two strategic high‐tech industries: 5G and supercomputing. However, when both encountered similar U.S. sanctions, the 5G industry failed to make crucial upstream components while the supercomputing industry could. This article argues that the central government‐level industrial policies contributed to these divergent outcomes. Using natural language processing and qualitative content analysis of meticulously collected official documents and secondary sources, key policy differences were identified. Before the U.S. sanctions in May 2019, China's 5G industrial policies were significantly unbalanced, with inadequate attention given to research and development of vital upstream components, contributing to a lack of upstream investment. Although recent attempts to rebalance 5G industrial development since 2021, the policy focus remains largely on the mid and downstream segments. In contrast, before the U.S. sanctions in 2015, the supercomputing industrial policies emphasised the development of the entire industrial chain, including crucial upstream components, resulting in China's possession of entirely homegrown supercomputers. Leveraging a tri‐level analysis framework rooted in political economics, this study also offers possible explanations for the policy divergence and discusses implications. It contributes to the existing literature and ongoing debate on China and industrial policy amidst great power high‐tech competition.

Brazil’s Foreign Policy and Security under Lula and Bolsonaro: Hierarchy, Racialization, and Diplomacy

This article outlines how Brazil’s state actors carry out racialized diplomatic performances, which coexist alongside the oppression of Black, Indigenous, and mixed-race Brazilians, and at times even affect their physical security. Moreover, these racialized diplomatic performances are a continuous feature of Brazilian foreign policy across the two presidencies compared here, but with important differences due to their divergent ideologies and policy goals. During the Lula (2003–10) administration, racialized enactments of national identity furthered Brazil’s commercial interests across the Global South while having a mixed impact on marginalized domestic populations. Invocations of Brazil’s position within global hierarchies, under Lula, allowed its Global South activism to advance alongside the violence Brazil’s security forces perpetrated during the MINUSTAH mission in Haiti and in Brazil’s favelas. Meanwhile, for the Bolsonaro (2019–22) administration, racialized appeals functioned as a method for minimizing and disavowing the political violence that occurred during his term. Bolsonaro employed Brazil’s hybrid national identity to downplay concerns over deforestation in the Amazon as external “neocolonialism” while centering the role of Christianity in his foreign policy. This article draws upon trade/commercial figures, public speeches, data from official visits, and other sources to illustrate these claims regarding hierarchy, racialization, and diplomacy.

The Effect of Pricing Policy and Service Quality on Customer Satisfaction at Bunga Laundry in Surabaya Village, Bengkulu City (Case Study on Customers of Bunga Laundry in Surabaya Village, Bengkulu City)

This study aims to determine the effect of pricing policies and service quality on customer satisfaction in laundry flowers in the Surabaya urban village, Bengkulu city (a case study in laundry interest customers in the Surabaya urban village, Bengkulu city), either partially or simultaneously. There are several factors that will be discussed in this study, including pricing policies and service quality. The objects in this study were customers at Laundry Flowers in the Surabaya Village, Bengkulu City, totaling 140 people. In this research the writer uses data collection methods by means of observation, interviews and questionnaires.
 There are several data analysis techniques used in this study, namely instrument testing namely validity test, reliability test, classical assumption test, coefficient of determination, and also hypothesis testing. From the results of the multiple linear regression test, the regression equation is as follows: Y = 2.242 + 0.567 (X1) + 0.416 (X2). From the hypothesis test, namely the T test that has been carried out, it can be seen that the variable Pricing Policy (X1) obtained a tcount of 7.180 (higher than the value of ttable, or ttable > 1.97743 (see distribution in table t), and a significance level of 0.000 (significant <0.05) and the variable Quality of Service (X2) obtained a tcount of 7.350 (lower than the value of ttable, or ttable <1.97743 (see distribution in table t), and a significance level of 0.000 (significant > 0.05). So it can be concluded that the hypothesis is accepted, meaning that there is a partial influence between the Pricing Policy (X1) and Service Quality (X2) on the Customer Satisfaction variable (Y).From the F test it is known that the Pricing Policy variables (X1) and Service Quality (X2) are obtained fcount of 114.545 (higher than the ftable value, or ftable > 2.67 (see distribution in table f), and a significance level of 0.000 (significant <0.05). This means that together the variables l Pricing Policy (X1) and Service Quality (X2) have an effect on Customer Satisfaction (Y) on Laundry Flowers in the Surabaya Village, Bengkulu City.

The Impact of Company Size and Debt Policy on Firm Value during COVID Pandemic: Profitability as a Moderating

During the COVID-19 Pandemic, investors perceive the value of a company, as reflected in its stock price, as a crucial factor in their investment decisions. The higher the company’s value, the more appealing it becomes to potential investors. This study aims to examine how company size and debt policy impact firm value, with profitability acting as a moderating variable during the pandemic. The research specifically focuses on manufacturing companies listed on the Indonesia Stock Exchange between 2019 and 2021, analyzing the variables of company size, debt policy, and profitability as moderators for firm value. The study utilizes a quantitative approach with a causal research design. The sample was selected using purposive sampling, and the data was analyses using multiple linear regression analysis. The findings reveal that both company size and debt policy exert a positive influence on firm value. Furthermore, profitability is found to strengthen the relationship between company size, debt policy, and firm value.

The dynamics of labor force participation: Is all quiet on the Appalachian front?

This study examines the divergence and synchronicity of labor force participation rate (LFPR) dynamics across the USA. Using a dynamic factor model with time-varying stochastic volatility, we decompose each state’s LFPR into a national, regional, and state-specific latent factor. We find significant time variation in our factors and heterogeneous labor market responses and relative sensitivities. Our results show that, save for West Virginia, there is no strong Appalachian regional component, and instead, the national and state-specific components explain much of the variation in state LFPRs. Our results suggest the need for more targeted and localized labor market policies during periods of divergence in LFPRs (i.e., recessions and shocks) and federal policies during national economic booms or periods of recovery.

Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Di Bursa Efek Indonesia (BEI)

The purpose of this study was to determine the effect of financial performance on firm value with dividend policy as a moderating variable. In this study the authors used a quantitative approach, and based on the type of data is secondary data. The analysis used is multiple linear regression and MRA (Moderated Regression Analysis) using SPSS software. the variables used, namely the measurement of influencing factors (independent variables) are financial performance, namely liquidity, financial leverage and profitability. The factors that are affected (dependent variable) are firm values (Tobin`s Q). The moderating variable which is the independent variable as well as the dependent variable is dividend policy. The population used in this study are manufacturing companies listed on the Indonesia Stock Exchange (IDX). The results of this study are that the variable liquidity on firm value does not have a positive influence. While the results of the research on dividend policy as a moderating variable on liquidity on firm value, indicate that liquidity was not tested for moderation because previously it had obtained negative results, namely it did not have a significant effect even though a moderation test was carried out with the dividend policy variable. leverage has a positive effect on firm value and the results of dividend policy research as a moderating variable on leverage on firm value show that leverage has no effect on firm value, profitability research on firm value shows that profitability has a positive effect, results of dividend policy research as a moderating variable on profitability on firm value, indicating that profitability has no effect on firm value.
 Keywords: Financial Performance, Firm Value, Dividend Policy, Manufacturing