Estimation Of Random Effects Research Articles

The impact of financial development on OFDI: Based on GMM estimates

In this study, we use panel data from 2010 to 2019, covering a sample of 64 countries, including developing and developed economies. This study provides an in-depth exploration of the impact of financial development on foreign direct investment (OFDI) by applying four different estimation methods, namely hybrid ordinary least squares (OLS), fixed effects estimation, random effects estimation, and systematic generalized method of moments (GMM). Impact. Investors from the source country plan and conduct direct investments in foreign countries, representing the cross-border flow of direct investment (OFDI). We measure financial development through three indicators: economic growth scale, financial product structure composition, and financial development efficiency. Our results reveal a consistent positive relationship between all dimensions of financial development and OFDI. In addition, we introduce country-specific dummy variables to stratify the analysis between developing and developed countries. Our empirical results highlight the statistical significance of these dummy variables, indicating clear differences in OFDI patterns between the two categories of countries. On this basis, this article examines developing and developed countries, respectively, and draws different conclusions. This study reveals that the impact of financial development on OFDI is significantly different in developing and developed countries, and provides new evidence on the growth of OFDI in developing countries to support this theory. The findings of this study can better provide a reference for governments in developing countries to formulate policies.

Cyanobacteria's power trio: auxin, siderophores, and nitrogen fixation to foster thriving agriculture.

Cyanobacteria, often overlooked in traditional agriculture, are gaining recognition for their roles in enhancing plant growth and soil health through diverse mechanisms. This review examines their multifaceted contributions to agricultural systems, highlighting their proficiency in auxin production, which promotes plant growth and development. Additionally, we examined cyanobacteria's ability to produce siderophores that enhance iron absorption and address micronutrient deficiencies, as well as their capacity for nitrogen fixation, which converts atmospheric nitrogen into a form that plants can utilize, all with the goal of reducing reliance on synthetic fertilizers. A meta-analysis of existing studies indicates significant positive effects of cyanobacteria on crop yield, although variability exists. While some research shows considerable yield increases, other studies report non-significant changes, suggesting benefits may depend on specific conditions and crop types. The overall random-effects model estimate indicates a significant aggregate effect, with a few exceptions, emphasizing the need for further research to optimize the use of cyanobacteria as biofertilizers. Although cyanobacteria-based products are limited in comparison to seaweed-derived alternatives, for instance, ongoing challenges include regulatory issues and production costs. Integrating cultivation with wastewater treatment could enhance competitiveness and viability in the agricultural market.

How Many Checks Are Needed per Cycle in a Plant Breeding or Variety Testing Programme?

ABSTRACTCheck varieties are used in plant breeding and variety testing for a number of reasons. One important use of checks is to provide connectivity between years, which facilitates comparison among genotypes of interest that are tested in different years. When long‐term data are available, such comparisons allow an assessment of realized genetic gain (RGG). Here, we consider the question of how many check varieties are needed per cycle for a reliable assessment of RGG. We propose an approach that makes use of variance component estimates for relevant random effects in a linear mixed model and plugs them into an analysis of dummy datasets set up to represent the design options being considered. Our results show that it is useful to employ a larger number of checks and to keep the replacement rate low. Furthermore, there is intercycle information to be recovered, especially when there are few checks and replacement rates are high, so modelling the cycle main effect as random pays off.

Green growth a pathway to sustainable growth in developed countries

The quest by countries to drive to maturity stage of development especially by industrialize nations continued to impact on green economy despite policy framework and strategy implementation to curtail the activities. Emissions endanger the existence of secured environment. It is in the light of this literatures have concentrated on the area. This study seeks to investigate the determinants of green growth in 13 developed countries spanning 2010 to 2020. This study employed the ordinary least square regression with robust option, country specific effect and time fixed option, fixed effect and random effect estimation with time varying effect estimation options. This study also employed the generalized square regression technique with several robust option and post estimation test. The result of the study posit that CO2 emissions from gaseous fuel consumption which is (% of total) has a positive and significant relationship with green growth indicating that the consumption of this energy increases green growth. The coefficient Renewable energy consumption (% of total final energy consumption) revealed a positive effect on green growth. The coefficient Fossil fuel energy consumption (% of total energy) revealed a negative effect on green growth. In addition, Combustible renewable and waste (% of total energy) posit a negative relationship on green growth. A caveat for policy shows that in spite strategies and deliberate policy reform put in place to mitigate the effect on green growth, much is needed in terms of investment in clean energy. No doubt deliberate policy reform need to strengthen and enforced in this respect cannot be underscored

Analysis of key influencing factors on the financial performance of Jakarta Islamic Index 30 industrial firms

Purpose The purpose of this paper is to investigate the impact of size, asset quality, asset management, financial risk, gross domestic product and inflation rate on the financial performance of companies listed on the Jakarta Islamic Index of 30 industrial firms. Design/methodology/approach Based on the selected criteria, this study analysed an unbalanced panel of data from 30 industrial companies on the Indonesian capital market that are members of the Jakarta Islamic index. Profitability is measured using the dependent variables return on assets (ROA), return on equity (ROE) and stock prices. The influence of explanatory variables of internal factors, namely, size, asset quality, asset management, financial risk, gross domestic product and inflation is investigated using pooled OLS, fixed and random effect estimation. Findings The empirical findings indicate that the scale of a company has a significant impact on its performance, asset quality, asset management and financial risk. GDP has a substantial impact on financial performance, particularly as measured by ROA and ROE. This study’s ramifications have substantial effects on a broad spectrum of stakeholders. The results of this study provide the general public and investors with a greater understanding of the factors that influence a company’s performance on the Jakarta Islamic Index 30. Research limitations/implications The implication of this research is that a deeper comprehension of the factors that influence the financial performance of companies within industrial sectors that follow Islamic finance principles can help design more effective strategies and policies. Practical implications This research has significant practical implications in a number of crucial areas. First, it provides a comprehensive comprehension of the company’s financial performance in the industrial sector in accordance with Islamic finance principles. Second, the research findings provide more precise guidance on how company size, asset quality and macroeconomic variables influence the performance of Indonesia's financial market. Originality/value The study’s authenticity and value hold considerable importance. This study introduces novel perspectives on the assessment of corporate financial performance within industrial sectors through the lens of Islamic finance principles. It offers valuable insights that have not yet been extensively investigated by scholars in the field.

Performance of tests based on the area under the ROC curve for multireader diagnostic data

One of the main objectives of disease prevention is to lower the healthcare costs and improve the quality of life. To achieve this, reliable diagnostic tools are needed. The diagnostic performance of a tool can be measured by the ROC curve and the AUC. However, some diagnostic tools such as MRI images are not objective, but depend on the interpretation of experts. Therefore, the accuracy of these tools may vary depending on who is interpreting them. To account for possible correlations when multiple readers collect data, Dorfman, Berbaum and Metz (1992) proposed using AUC pseudovalues from the jackknife sampling method and applying them to the mixed model to analyze the diagnostic reagent's accuracy. However, pseudovalues may go beyond the AUC range. Also, the random effect estimate may be negative due to a small number of readers. This paper develops tests based on AUC estimates and gives their asymptotic distribution. Moreover, a two-stage test is suggested to correct for negative random effect estimates. Four tests are created in total and their performance is evaluated by Monte Carlo simulations. The distributional assumption's robustness of these tests is checked, and their applicability is demonstrated by two real data sets.

THE REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP (RCEP) AGREEMENT AND ITS IMPLICATIONS ON TRADE BETWEEN EU-27 AND RCEP-15

This paper investigated the impact of the RCEP on trade between RCEP-15 and EU-27. The static framework has been used. The empirical evidence is based on the Random Effect estimation and the models shows that while economic growth in RCEP-15 may reduce trade with EU-27, the RCEP negotiations does not have the same effect. The results show that the RCEP negotiations has resulted in an increase in trade between RCEP-15 and EU-27. The interactive term between the RCEP and GDP shows that together these two variables still lead to an increase in trade between RECP-15 and EU-27.

Green Finance and Environmental Quality in Emerging Market and Developing Economies

This study explored the effect of green finance on environmental quality in eleven (11) emerging economies between 2002 and 2022. The study employed the fixed and random effect estimation methods. The results showed that environmental quality in emerging economies can be increased by improved green finance. Government integrity and financial freedom enhance environmental quality. Furthermore, the results depicted that economic growth has a detrimental effect on environmental quality. In many emerging nations with slow economic development and an imminent recession, governments need to alter their growth strategies to incorporate medium- to long-term green growth to improve environmental quality.

Grade inflation effects of capacity expansion in higher education: a longitudinal study in undergraduate teacher education programs from 2003 to 2022

This study examined the change in the rate of graduates with high honors (>3.50) in teacher training programs and the factors affecting grade inflation and graduation GPAs over a 20-year period. In the study, the weighted grade point average of 173,232 student-teachers who had graduated from 32 teacher training institutions between 2003 and 2022 was analyzed using the random effects estimator, ANOVA, t test, and ANCOVA. The findings suggest that their grade point averages increased from 2.83 to 3.34 within this period. The highest-grade averages were found in 2012, when the number of teacher training institutions was expanded; as well as in 2021–2022, during the COVID-19 pandemic. In addition, the gender of the students, their university admission scores, the teaching field, the establishment year of the program, and the ratio of students per faculty member were found to be important determinants of graduation GPAs. Based on our results, it can be argued that the rapid growth of teacher training programs in Türkiye has caused a decrease in quality, which has triggered an increase in grade averages. One of the most important findings supporting this idea is that programs with lower university admission scores have more students graduating with honors.

The Effect of Green Intellectual Capital, Good Corporate Governance, and Growth Options on Sustainability Performance

Global climate change, deforestation, plastic pollution, and other environmental issues have made sustainability performance an increasingly researched topic. This study investigates the impact of green intellectual capital, good corporate governance, and growth options on the sustainability performance of primary consumer goods sector companies in Indonesia. Additionally, it examines the moderating role of public ownership. We measure sustainability performance using a composite index based on the sustainability balanced scorecard and the G4 Global Reporting Initiative's sustainability reporting disclosure framework. To our knowledge, this study is the first to employ this specific measurement method. Using a random effects estimator on 144 observations, we estimated our models. The findings indicate that good corporate governance, growth options, and public ownership positively influence sustainability performance, while green intellectual capital does not. Furthermore, the study reveals that public ownership strengthens the effects of green intellectual capital and growth options on sustainability performance. This suggests that in companies with low public ownership, green intellectual capital alone may not sufficiently enhance sustainability performance.

Impact of Ownership-Location-Internalization (OLI) Paradigm and Investment Development Path (IDP) on Gravity Model of Foreign Direct Investments in Eastern Europe and Central Asia (EECA) Region

This study investigates the impact of OLI paradigm and the IDP on the gravity model of FDI in EECA region. Using panel data from 1995 to 2017, the analysis employs POLS, Fixed Effects, and Random Effects estimation methods to examine the determinants of FDI inflows. The results highlight the significance of the receiving country's GDP and labour market quality as the most consistent and statistically significant factors influencing FDI inflows. The distance between source and receiving countries also exhibits a negative relationship with FDI flows. Other variables, such as the source country's GDP, tertiary education, institutional governance, taxation, infrastructure, foreign exchange rates, and labour costs, do not show consistent or statistically significant effects across the estimation methods. The Fixed Effects model demonstrates the highest explanatory power, suggesting its suitability for capturing the variation in FDI inflows. These findings contribute to understanding the determinants of FDI and provide insights for policymakers and investors. Countries aiming to attract FDI should focus on promoting economic growth, improving labour market conditions, and reducing perceived distances between source and receiving countries.

LIQUIDITY MANAGEMENT AND FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA

The study empirically investigates the impact of liquidity management on financial performance of deposit money bank in Nigeria using time series data from 2011 to 2020. The study analyses the data with the aid of E-view statistical package for descriptive and correlation analysis and STATA 11 after testing for the best estimator from pool OLS, fixed effect and random effect estimator based on Breusch and Pagan LM test, F-test and Hausman test. Deposit to asset ratio has negative but statistically insignificant relationship with returns on assets of DMBs in Nigeria since the P-value of 7.9% is greater than 5% significant level. Cash reserve ratio has positive but statistically insignificant relationship with returns on equity of DMBs in Nigeria since P value of 22.1% is greater than 5% significant level. Loan deposit ratio has negative but statistically insignificant relationship with net interest margin of deposit banks in Nigeria since P value of 91.8% is less than 5% significant level. The study recommends that CBN should strive to improve their regulatory capacity over all DMBs in Nigeria. Special financial court should be established by the government to prosecute serial loan defaulters. Regular training and retraining couple with professional development of staff should be encouraged by the board and management of the bank and CBN. CBN should also set a limit to the level the staff of DMBs can attain without requisite professional and academic qualifications. KEYWORDS: Liquidity Management, Financial Performance, Deposit Money Banks

Meta-Analysis of The Effectiveness of The Flipped Classroom Model On Students' HOTS in Mathematics

The use of the Flipped Classroom (FC) Model has become a global phenomenon in the last decade, and has had a significant impact on mathematics learning objectives. Nevertheless, the scientific literature shows inconsistent results in testing the underlying theoretical assumptions in this model. This meta-analysis study collected analyses of 42 effect sizes from 31 journal articles and international proceedings between 2014 and 2024. The Comprehensive Meta-Analysis (CMA) program was used as a calculation tool, with the Hedges coefficient used to calculate the effect size at a 95% confidence level. The results of analysis using the random-effect estimation model show that the overall effect size is 1.06 (large effect category). This shows that the use of the FC model has a relatively high positive influence on High Order Thinking Skills (HOTS) mathematics when compared to the conventional model. In addition, analysis of research characteristics shows that the effectiveness of using the FC model can be increased by considering factors such as the type of platform used, the type of FC model applied, educational level, and the capacity of the experimental class. These findings provide valuable guidance for educators in the future use of the FC model, particularly in developing students' mathematics HOTS. Keywords: Flipped Classroom; HOTS, Mathematics; Meta-Analysis; Effect Size

Burnout Among Social Workers in Social Services: A Systematic Review and Meta-Analysis of Prevalence

This study aimed to conduct, for the first time, a systematic review and meta-analysis of the level of burnout among social workers in the social services sector and to identify factors associated with burnout among them. Using PRISMA guidelines, searches were carried out from January 1, 1990 through January 10, 2024. Exclusively primary studies implementing the Maslach Burnout Inventory (MBI) questionnaire for diagnosing burnout were included in the review. In total, data were extracted from 24 studies, including 16,962 social services workers from seven countries. The random-effects pooled prevalence estimate of burnout was 20% (95% confidence interval [CI] 13–27%). Pooled Emotional Exhaustion (EE), Depersonalization (DP), and lack of Personal Accomplishment (PA) were 50% (95% CI 38–62%), 45% (95% CI 34–64%), and 39% (95% CI 26–52%), respectively. Several variables emerged as significantly associated with higher prevalence of burnout, including older age, lower response rate, and studies conducted outside Europe. Overall, the current review demonstrated that approximately half of the social workers in the social services sector experienced burnout. A uniform diagnostic tool for the assessment of burnout is warranted, and further studies on burnout in lower- and middle-income countries are suggested.

Capital Structure, Corporate Governance and Profitability of Listed Industrial Goods Firms in Nigeria

Nowadays, industrial goods firms have experienced draught in debt financing due to the lending preference of financial institutions to firms in the oil and gas sector, corporate failures and financial scandals as well as the overstatements of accounts of some firms in and outside Nigeria blamed to be as a result of account improprieties and ineffective board of directors also Issues of the mixed outcome of previous researches; thus, necessitating and justifying the need for undergoing more investigations into the subject area. The objective of this study is to determine the overall effect of capital structure and corporate governance on profitability with the influence of firm size of the sampled industrial goods firms. The study used multiple regressions as a tool for analysis. The population of the study includes the thirteen (13) industrial goods firms listed by the Nigerian Stock Exchange as of 31st December 2022 out of which ten (10) are considered as sample size. The study employed panel data analysis by using random-effect estimation model as alternatively considered more appropriate. Secondary data explored from the annual reports and accounts of the sampled firms for the period of ten (10) years from 2013 to 2022 were analyzed. The results revealed that Leverage, board size and firm size are negatively significant at 1% level of significance. While board composition is positively significant at 5% level of significance to the profitability of the sampled firms. In view of the findings, it is recommended that the financial managers/ management of the industrial goods firms should have more independent directors of its board size to enhance proper control over the activities of the managers through which profit level would be increased. It is therefore recommended to conduct careful evaluation and take into consideration on leverage, board size and firm size that influence the profitability of their firms before making major business decisions as this will go a long way in improving their profitability.

The Effect of Carob (Ceratonia Siliqua) on Sperm Parameters of Infertile Men: Systematic Review and Meta-Analysis of Randomized Controlled Trials

Carob (Ceratonia siliqua) supplements can increase sperm quality. This study aimed to summarize the available evidence about the effects of carob (Ceratonia siliqua) supplements on sperm quality and reproductive hormones in infertile men. Systematic searches of five databases were conducted from inception to October 20, with the last update on November 20, 2023. Randomized clinical trials (RCTs) that compared carob (Ceratonia siliqua) supplements with nonintervention control groups on infertile man. Risk of bias and certainty of evidence were assessed by the Cochrane risk of bias tool 2. Summary effect size measures were calculated using a random-effects model estimation and are reported as standardized mean differences and 95% confidence intervals. Reporting followed the PRISMA guidelines. The analysis included four studies involving 236 infertile men. It was found that sperm motility of infertile men improved after carob intervention (MD:11.30, 95% CI:5.97 to 16.64, Z = 4.15, p < 0.00001), and there was a significant difference compared to control groups. The effect size of carob on semen quantity in infertile men was positive, and the relationship was statistically significant (MD:5.42, 95% CI:1.58 to 9.42, Z = 2.77, p = 0.006). When hormone parameters of infertile men were analyzed, the MDA (malondialdehyde) value decreased compared to the control group (MD = -4.81, 95% CI: -10.18 to 0.56, Z = 1.76, p = 0.08), and there was a significant difference between them. Carob (Ceratonia siliqua) supplements was associated with improvement in sperm quality compared with nonintervention control groups in infertile man. However, high-quality, larger RCTs are required to draw more definitive conclusions.

A Pretest Estimator for the Two-Way Error Component Model

For a panel data linear regression model with both individual and time effects, empirical studies select the two-way random-effects (TWRE) estimator if the Hausman test based on the contrast between the two-way fixed-effects (TWFE) estimator and the TWRE estimator is not rejected. Alternatively, they select the TWFE estimator in cases where this Hausman test rejects the null hypothesis. Not all the regressors may be correlated with these individual and time effects. The one-way Hausman-Taylor model has been generalized to the two-way error component model and allow some but not all regressors to be correlated with these individual and time effects. This paper proposes a pretest estimator for this two-way error component panel data regression model based on two Hausman tests. The first Hausman test is based upon the contrast between the TWFE and the TWRE estimators. The second Hausman test is based on the contrast between the two-way Hausman and Taylor (TWHT) estimator and the TWFE estimator. The Monte Carlo results show that this pretest estimator is always second best in MSE performance compared to the efficient estimator, whether the model is random-effects, fixed-effects or Hausman and Taylor. This paper generalizes the one-way pretest estimator to the two-way error component model.

Machine Learning with High-Cardinality Categorical Features in Actuarial Applications

AbstractHigh-cardinality categorical features are pervasive in actuarial data (e.g., occupation in commercial property insurance). Standard categorical encoding methods like one-hot encoding are inadequate in these settings.In this work, we present a novel Generalised Linear Mixed Model Neural Network (“GLMMNet”) approach to the modelling of high-cardinality categorical features. The GLMMNet integrates a generalised linear mixed model in a deep learning framework, offering the predictive power of neural networks and the transparency of random effects estimates, the latter of which cannot be obtained from the entity embedding models. Further, its flexibility to deal with any distribution in the exponential dispersion (ED) family makes it widely applicable to many actuarial contexts and beyond. In order to facilitate the application of GLMMNet to large datasets, we use variational inference to estimate its parameters—both traditional mean field and versions utilising textual information underlying the high-cardinality categorical features.We illustrate and compare the GLMMNet against existing approaches in a range of simulation experiments as well as in a real-life insurance case study. A notable feature for both our simulation experiment and the real-life case study is a comparatively low signal-to-noise ratio, which is a feature common in actuarial applications. We find that the GLMMNet often outperforms or at least performs comparably with an entity-embedded neural network in these settings, while providing the additional benefit of transparency, which is particularly valuable in practical applications.Importantly, while our model was motivated by actuarial applications, it can have wider applicability. The GLMMNet would suit any applications that involve high-cardinality categorical variables and where the response cannot be sufficiently modelled by a Gaussian distribution, especially where the inherent noisiness of the data is relatively high.

How do product responsibility and corporate philanthropy affect firm value?

Satisfying the consumer and contributing to societal well-being have been globally acknowledged, and these developments consequently boost corporate image, attract investors, increase stock prices, enhance firm value, and enable industrial and other firms to contribute to national development. This paper examines how product responsibility and philanthropy affect the performance of industrial goods firms in Nigeria. A sample of 7 firms was selected from 24 listed firms after employing a judgmental sampling technique and using secondary data and a quantitative research method. Data validation and analysis were aided by econometric views statistical software, panel data regression, fixed and random effects estimators, stationarity test, cross-section dependence test, Durbin-Watson test, and Hausman test. The study revealed that investment in product responsibility, as evidenced by the rising stock turnover rate, is value-enhancing in Nigeria {B1 = 0.076807, P = 0.0171 or P &amp;amp;lt; 0.05}, while philanthropic donation is value destroying {B1 = –0.369535, P = 0.5817 or P &amp;amp;gt; 0.05}. It was concluded that consumers’ confidence in corporate institutions can enhance corporate value, while investment in philanthropy is not usually value-enhancing when done irresponsibly and non-strategically. The study, therefore, recommended that investment in product responsibility should be consolidated to sustain the rising stock turnover rate, while investment in philanthropy should be done strategically and responsibly to make it value-enhancing. AcknowledgmentThis research was based on Nnamdi Azikiwe University Ph.D. Dissertation funded by the Tertiary Education Trust Fund (Tetfund), Nigeria. University of Calabar in Nigeria is highly acknowledged for funding the PhD dissertation through its Tetfund platform.

BOARD CHARACTERISTICS AND AUDIT QUALITY: EVIDENCE FROM VIETNAM

This study investigates the relationship between key director characteristics, board composition, and audit quality in the context of Vietnamese listed firms on the Ho Chi Minh City Stock Exchange over the period 2015 to 2020. Based on the study of Mustafa et al (2017), we employ a comprehensive dataset comprising 415 firms, we utilize a random effects estimation model to analyze the nuances of these associations. Our findings reveal a noteworthy positive relationship between directors aged 36-55 and 46-55 years old and audit quality, suggesting that the experience and expertise of directors within these age brackets contribute positively to the enhancement of audit processes. Furthermore, our study identifies a significant positive impact on audit quality associated with interlocking directorships, emphasizing the importance of interconnected networks within corporate governance structures. In addition, our results highlight the influential role of boards populated by members holding Master's degrees, indicating a positive correlation between educational qualifications and clients' demand for high audit quality. This insight underscores the significance of academic prowess and specialized knowledge in fostering a climate conducive to rigorous audit practices.