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Full-Text Articles in Business
Does Corporate Governance Quality Affect Default Risk? The Role Of Growth Opportunities And Stock Liquidity, Searat Ali, Benjamin Liu, Jen Je Su
Does Corporate Governance Quality Affect Default Risk? The Role Of Growth Opportunities And Stock Liquidity, Searat Ali, Benjamin Liu, Jen Je Su
Faculty of Business - Papers (Archive)
A series of defaults, a distinctive corporate environment and inconclusive findings in literature make Australia an interesting case in which to investigate the association between corporate governance and default risk. Using a large panel of 1086 non-financial firms from 2001 to 2013, we find that better governed firms are strongly associated with a lower level of default risk, and that the association is stronger among firms with more growth opportunities. Moreover, empirical evidence supports the role of stock liquidity as a channel of the relationship. Overall these findings have practical implications for the stakeholders in Australia.
Economic Growth And Environment: Tourism As A Trigger For Green Growth, Simone Marsiglio
Economic Growth And Environment: Tourism As A Trigger For Green Growth, Simone Marsiglio
Faculty of Business - Papers (Archive)
The author analyses the implications of tourism activities on economic growth and environmental assets, focusing especially on small island countries. She develops a stylized dynamic economic model in which tourism is the trigger of the incentive mechanism leading to abatement activities and economic growth. The basic idea is that tourists choose the location to visit according to a number of factors (including environmental quality) which are affected by residents' choices. If residents engage in environmental protection activities, it then may be possible for environmentally-based tourism economies to reach a smooth development process. The author shows that the (sustainable) balanced growth …
Self-Similar Measures In Multi-Sector Endogenous Growth Models, Davide La Torre, Simone Marsiglio, Franklin Mendivil, Fabio Privileggi
Self-Similar Measures In Multi-Sector Endogenous Growth Models, Davide La Torre, Simone Marsiglio, Franklin Mendivil, Fabio Privileggi
Faculty of Business - Papers (Archive)
We analyze two types of stochastic discrete time multi-sector endogenous growth models, namely a basic Uzawa-Lucas (1965, 1988) model and an extended three-sector version as in La Torre and Marsiglio (2010). As in the case of sustained growth the optimal dynamics of the state variables are not stationary, we focus on the dynamics of the capital ratio variables, and we show that, through appropriate log-transformations, they can be converted into affine iterated function systems converging to an invariant distribution supported on some (possibly fractal) compact set. This proves that also the steady state of endogenous growth models-i.e., the stochastic balanced …
Awakening Giant: International Business In China Growth, Opportunities And Challenges, Ananda Wickramasinghe, Alberto Ordigoni
Awakening Giant: International Business In China Growth, Opportunities And Challenges, Ananda Wickramasinghe, Alberto Ordigoni
Sydney Business School - Papers
This paper analyses China's growth through a developmental state framework, taking into account the positive role of the state in deliberately fostering a strategic industrial policy, with the aim of creating a process of rapid industrialisation and overcoming structural and technological constraints. It is argued that China growth has been achieved through a strong industrial policy implemented by state intervention in a way similar to other late-industrialised East Asian countries such as Japan, South Korea, Taiwan and Hong Kong. In particular, there are three main features in Chinese development typical of a developmental state policy: the constant control by the …
Does Health Capital Have Differential Effects On Economic Growth?, Arusha V. Cooray
Does Health Capital Have Differential Effects On Economic Growth?, Arusha V. Cooray
Faculty of Commerce - Papers (Archive)
Investigating the impact of health capital disaggregated by gender on economic growth in a sample of 210 countries over the 1990-2008 period, this study suggests that the influence of health capital across countries cannot be generalised. Results for the full sample indicate that health capital does not have a robust and significant effect on economic growth unless through their interactions with health expenditure and education. The results disaggregated by income group reveal that health capital has a positive robust influence on economic growth in high and upper middle income economies. In low and low middle income economies, health capital gains …
Trade Liberalisation, Labour Productivity Growth And Skilled Labour Complement: Evidence From The Thai Manufacturing Sector, Piyapong Sangkaew, Kankesu Jayanthakumaran
Trade Liberalisation, Labour Productivity Growth And Skilled Labour Complement: Evidence From The Thai Manufacturing Sector, Piyapong Sangkaew, Kankesu Jayanthakumaran
Faculty of Business - Papers (Archive)
Trade liberalisation in Thailand raised two wider questions regarding the labour market-one with regards to the link with labour productivity and the other the link with skilled workers. This outcome provides a link between (1) trade liberalisation and labour productivity growth, and, (2) skilled employment and labour productivity growth. Trade liberalisation is also correlated with skilled employment. This type of evidence matches conventional explanations for the beneficial allocation of trade liberalisation and demanding skills training for potential future industrial growth.
Do Countries Belonging To The Same Region Suggest The Same Growth Enhancing Variables? Evidence From Selected South Asian Countries, Arusha Cooray, Antonio Paradiso, Francesco Giovanni Truglia
Do Countries Belonging To The Same Region Suggest The Same Growth Enhancing Variables? Evidence From Selected South Asian Countries, Arusha Cooray, Antonio Paradiso, Francesco Giovanni Truglia
Faculty of Business - Papers (Archive)
We investigate the growth enhancing variables in a group of countries belonging to the same geographical area namely, India, Sri Lanka, Pakistan and Bangladesh over the period 1960-2010. We find that this "homogeneity" does not necessarily imply that countries have the same growth enhancing variables due mainly to differences in institutions and policies. Our result suggests that time-series econometrics are preferable to identify the growth drivers for a country accurately.
Book Review: Ian W. Mclean. Why Australia Prospered: The Shifting Sources Of Economic Growth, Simon Ville
Book Review: Ian W. Mclean. Why Australia Prospered: The Shifting Sources Of Economic Growth, Simon Ville
Faculty of Business - Papers (Archive)
In a series of articles written over many years, Ian W. McLean has addressed the dual questions of how Australia attained high levels of prosperity less than a century after European settlement and why it has since remained amongst the wealthiest of nations. Although this book is not a comprehensive study of Australian economic history, it builds on this earlier body of work and brings together his answers to these questions. It is engagingly written, helped by the minimal use of technical material and the creation of counterfactual scenarios in several places. Most important of all is McLean's impressive use …
Stock Market And Gdp Growth Volatility Spillovers, Indika Karunanayake, Abbas Valadkhani, Martin O'Brien
Stock Market And Gdp Growth Volatility Spillovers, Indika Karunanayake, Abbas Valadkhani, Martin O'Brien
Faculty of Commerce - Papers (Archive)
This paper examines the interplay between stock market returns and GDP growth rates in four Anglo-Saxon economies located in three separate continents (namely, the US, the UK, Canada and Australia). We analyse the dynamics of cross-country volatility transmission across these countries by using quarterly data from 1959 to 2010 and a multivariate GARCH model. Country specific cross-mean spillovers from GDP growth to stock market returns exist only from the US growth towards its stock market, while country specific cross-mean spillovers from stock market returns towards GDP growth exist in both the US and Australia. The US economy influences all three …
Economic Growth: Technical Progress, Population Dynamics And Sustainability, Simone Marsiglio
Economic Growth: Technical Progress, Population Dynamics And Sustainability, Simone Marsiglio
Faculty of Business - Papers (Archive)
Economic growth is probably the most important goal of every policy intervention because of its wide consequences on the welfare of current and future generations. Because of the current crisis faced by several industrialized countries, this is probably much clearer today than in the past. In order to determine whether and which kind of public intervention can be taken to restore the growth process, the first step is understanding the relationship between different factors and economic growth. The goal of this brief paper is to shed some light on the mutual implications of growth and some of these factors: demography, …
Website Intangibles Disclosure And Corporate Growth Reputation Of Small Businesses, Indra Abeysekera
Website Intangibles Disclosure And Corporate Growth Reputation Of Small Businesses, Indra Abeysekera
Faculty of Business - Papers (Archive)
Abstract presented at the European Accounting Association 35th Annual Congress, Ljubljana, Slovenia, 9-11 May 2012.
Nonlinear Growth Effect Of Remittances In Recipient Countries: An Econometric Analysis Of Remittances-Growth Nexus In Bangladesh, Gazi Mainul Hassan, Shamim Shakur, Mohammed Bhuyan
Nonlinear Growth Effect Of Remittances In Recipient Countries: An Econometric Analysis Of Remittances-Growth Nexus In Bangladesh, Gazi Mainul Hassan, Shamim Shakur, Mohammed Bhuyan
Faculty of Business - Papers (Archive)
The macroeconomic impacts of remittances flows on developing economies are not well understood. The paper is an attempt to understand the impact of inward remittances flows on per capita GDP growth in Bangladesh during 1974-2006. We find that the growth effect of remittances is negative at first but becomes positive at a later stage- a strong evidence of a non-linear relationship. This could be due to unproductive use of remittances in the beginning followed by more productive utilisation. Remittances positively affect per capita GDP growth in Bangladesh when the complementarity between remittances and financial development is incorporated into the analysis.
A Note On Demographic Shocks In A Multi-Sector Growth Model, Simone Marsiglio, Davide La Torre
A Note On Demographic Shocks In A Multi-Sector Growth Model, Simone Marsiglio, Davide La Torre
Faculty of Business - Papers (Archive)
We introduce demographic shocks in a multi-sector endogenous growth model, a-la Uzawa-Lucas. We show that an analytical solution of the stochastic problem can be found, under the restriction that the capital share equals both the inverse of the intertemporal elasticity of substitution and the degree of altruism. We show that uncertainty lowers the optimal levels of consumption and the physical capital stock, while they do not affect the share of human capital employed in production.
The Impact Of Migrant Remittances On Economic Growth: Evidence From South Asia, Arusha V. Cooray
The Impact Of Migrant Remittances On Economic Growth: Evidence From South Asia, Arusha V. Cooray
Faculty of Commerce - Papers (Archive)
Incorporating migrant remittances among other variables into a growth model, and employing panel data over the 1970-2008 period, this study investigates the impact of migrant remittances on economic growth in South Asia. Migrant remittances are found to have a significant positive effect on economic growth. A significant positive interactive effect of remittances on economic growth is detected through education and financial sector development.
Fractals And Self-Similarity In Economics: The Case Of A Two-Sector Growth Model, Davide La Torre, Simone Marsiglio, Fabio Privileggi
Fractals And Self-Similarity In Economics: The Case Of A Two-Sector Growth Model, Davide La Torre, Simone Marsiglio, Fabio Privileggi
Faculty of Business - Papers (Archive)
We study a stochastic, discrete-time, two-sector optimal growth model in which the production of the homogeneous consumption good uses a Cobb-Douglas technology, combining physical capital and an endogenously determined share of human capital. Education is intensive in human capital as in Lucas (1988), but the marginal returns of the share of human capital employed in education are decreasing, as suggested by Rebelo (1991). Assuming that the exogenous shocks are i.i.d. and affect both physical and human capital, we build specific configurations for the primitives of the model so that the optimal dynamics for the state variables can be converted, through …
Endogenous Technological Progress In A Multi-Sector Growth Model, Davide La Torre, Simone Marsiglio
Endogenous Technological Progress In A Multi-Sector Growth Model, Davide La Torre, Simone Marsiglio
Faculty of Business - Papers (Archive)
This paper presents an endogenous growth model driven by human capital, where human capital can be allocated across three sectors: the production of the final consumption good, the educational sector and the production of technological capital (in the form of knowledge or ideas). In our model, which also includes public expenditure and population growth, labor augmenting technical progress is endogenous and this enriches the transitional dynamics of the economy. With respect to ideas-based growth models, we assume knowledge is produced according to a neoclassical technology, combining ideas and human capital. Such an assumption is motivated by empirical works showing the …
Cross Country Co-Movements Of Gdp Growth Rates: Are They Systematic?, Abbas Valadkhani, Charles Harvie
Cross Country Co-Movements Of Gdp Growth Rates: Are They Systematic?, Abbas Valadkhani, Charles Harvie
Faculty of Commerce - Papers (Archive)
Using factor analysis this paper examines discernable patterns of real GDP growth comovementsacross 97 countries, using consistent time series data for the period 1961-2008.Of these countries only 21 are found to form three statistically significant groupings, wheremembership count exceeds more than two. Ten major OECD European countries plus Japanand Hong Kong form the first well-defined common bloc of countries (G12). The second bloc,consisting of six major Asian countries (G6), have GDP growth rates that exhibit a very highdegree of correlation, based on their robust factor loadings. The last group of countiescollectively witnessed a very substantial degree of cross-country growth co-movementsconstituted …
Government Expenditure, Governance And Economic Growth, Arusha V. Cooray
Government Expenditure, Governance And Economic Growth, Arusha V. Cooray
Faculty of Commerce - Papers (Archive)
This study investigates the role of the government in economic growth by extending the neoclassical production function to incorporate two dimensions of the government - the size and the quality dimensions. The government size- and quality-augmented model, where size is measured by government expenditure and quality by governance, is tested on a cross section of 71 economies. Estimation is also carried out on the sample by income distribution. The empirical results indicate that both the size and quality of the government are important for economic growth. It is argued that investing in the capacity for enhanced governance is a priority …
The Role Of Education In Economic Growth, Arusha V. Cooray
The Role Of Education In Economic Growth, Arusha V. Cooray
Faculty of Commerce - Papers (Archive)
This study examines the effect of the quantity and quality of education on economic growth. Using a number of proxy variables for the quantity and quality of education in a cross section of low and medium income countries, this study finds that education quantity when measured by enrolment ratios, unambiguously influences economic growth. The effect of government expenditure on economic growth is largely indirect through its impact on improved education quality.
Household, Private And Public Savings And Investment, Foreign Capital Inflows And Gdp Growth In India With Structural Breaks 1950-2005, Reetu Verma
Faculty of Commerce - Papers (Archive)
The objective of this paper is to examine the short and the long-run interrelationshipsbetween sectoral savings and investment, foreign capital inflows and their roles in thegrowth process for India for the period 1950 to 2005. This paper uses theAutoregressive Distributed Lag (ARDL) procedure to test for both the long-run andshort-run effects between the eight variables, along with any endogenously detectedstructural breaks. This is in response to shortcomings relating to previous studies whichpredominantly analyse savings and investment aggregates only, over long time periodswhich contain structural changes, using bivariate estimation techniques, which areshort-run in nature. The analysis firstly tests for the short-run …
Foreign Debt, Trade Openness, Labor Force And Economic Growth: Evidence From Sri Lanka, Ramesh Chandra Paudel, Nelson Perera
Foreign Debt, Trade Openness, Labor Force And Economic Growth: Evidence From Sri Lanka, Ramesh Chandra Paudel, Nelson Perera
Sydney Business School - Papers
This study examines the role of foreign debt, trade openness and labor force in the economic growth of Sri Lanka, by employing the Johansen maximum likelihood approach of cointegration. It analyzes the data for the period, 1950-2006. The study finds that there is a cointegration relationship between economic growth and foreign debt, trade openness and labor force. Further the results suggest that in the long run, labor force, trade openness and foreign debt have a positive impact on economic growth of Sri Lanka.
Financial Development And Economic Growth In Sri Lanka, Nelson Perera, Ramesh Chandra Paudel
Financial Development And Economic Growth In Sri Lanka, Nelson Perera, Ramesh Chandra Paudel
Sydney Business School - Papers
This study investigates the causal relationship between financial development and economic growth in Sri Lanka over the period 1955 to 2005. After considering the time series characteristics of six measures of financial development, Johansen cointegration and the appropriate Error Correction Model are used to investigate the causal relationship between financial development and economic growth. The findings suggest that broad money causes economic growth with two-way causality. The major finding of this study does not strongly support the view that financial development boosts economic growth.
Financing Growth: New Issues By Australian Firms, 1920-1939, David Merrett, Simon Ville
Financing Growth: New Issues By Australian Firms, 1920-1939, David Merrett, Simon Ville
Faculty of Commerce - Papers (Archive)
An expanding economy, new technologies, and changing consumer preferences provided growth opportunities for firms in interwar Australia. This period saw an increase in the number of large-scale firms in mining, manufacturing, and a wide range of service industries. Firms unable to rely solely on retained earnings to fund expansion turned to the domestic stock exchanges. A new data set of capital raisings constructed from reports of prospectuses published in the financial press forms the basis for the conclusion that many firms used substantial injections of equity finance to augment internally generated sources of funds. That they were able to do …
The Financial Sector And Economic Growth, Arusha V. Cooray
The Financial Sector And Economic Growth, Arusha V. Cooray
Faculty of Commerce - Papers (Archive)
The Mankiw-Romer-Weil (1992) augmented Solow-Swan (Solow 1956; Swan 1956) model is extended to incorporate the financial sector in this study. Distinguishing between financial capital, physical capital and human capital, the research attempts to identify, in particular, the effects of financial capital on economic growth. The effects of financial sector efficiency on economic growth are also examined. The financial sector augmented model is tested on a cross-section of 35 economies. Strong support is found for the model.
Impact Of Fluctuations In Oil Prices On Libyan Economic Growth, Abdusalam Yahia, Mokhtar M. Metwally
Impact Of Fluctuations In Oil Prices On Libyan Economic Growth, Abdusalam Yahia, Mokhtar M. Metwally
Faculty of Commerce - Papers (Archive)
This paper examines the impact of fluctuations in Libyan oil exports on Libyan economic growth. The paper uses "export as an engine of growth model". Such a model is applied to total output as well as sectoral outputs. However, this study uses a Koyck distributed lag scheme. The paper also uses cointegration analysis to examine the long-term trade relationship between Libyan GDP and its oil exports. The results suggest that are spread effects from oil exports to the rest of the economy. However, when both the component and inflationary effects are excluded (but not the real gain from the rise …
The Conundrum Of Economic Miracle: Manufacturing Growth Without Tfp Growth, Chia-Hung Sun
The Conundrum Of Economic Miracle: Manufacturing Growth Without Tfp Growth, Chia-Hung Sun
Faculty of Commerce - Papers (Archive)
The findings of low or even negative total factor productivity (TFP) growth in Singapore's manufacturing industries by Young (1995) and many others has been a controversial issue in view of its crucial role in the future sustainability of Singaporean manufacturing. This paper applies the varying coefficients frontier model to re-examine productivity growth in Singapore's manufacturing at the 3-digit industry level over the period 1970–1997. The results indicate that Singapore's manufacturing has on average experienced a –0.8 percent TFP growth per annum although the extent of TFP growth improved slightly in the 1990s. The decomposition of TFP growth into technical efficiency …
The Impact Of Large Firms In Promoting Economic Growth, Exports, And Regional Integration: A Chandlerian Perspective, Elias Sanidas
The Impact Of Large Firms In Promoting Economic Growth, Exports, And Regional Integration: A Chandlerian Perspective, Elias Sanidas
Faculty of Commerce - Papers (Archive)
Chandler's work is well known. He has amply demonstrated that large firms played a huge role in the economic take-off and development of countries such as Germany and especially the USA. In this paper his thesis is extended to the whole world, by considering various countries, economically itegrated regions, their exports and economic achievement. The largest firms in the world are examined in this context. Chandler's thesis is thus confirmed wth this analysis and some quantitative evidence is provided in that respect. In addition, integration seems to take place even without the existence of formal agreements due to the presence …
Sources Of Economic Growth In Iran: A Cointegration Analysis In The Presence Of Structural Breaks, Mosayeb Pahlavani
Sources Of Economic Growth In Iran: A Cointegration Analysis In The Presence Of Structural Breaks, Mosayeb Pahlavani
Faculty of Commerce - Papers (Archive)
This paper examines the major determinants of GDP growth in Iran using annual time series data spanning form 1960 to 2003.
Introduction: The Role Of Small And Medium-Sized Enterprises In Achieving And Sustaining Growth And Performance, Charles Harvie, Boon-Chye Lee
Introduction: The Role Of Small And Medium-Sized Enterprises In Achieving And Sustaining Growth And Performance, Charles Harvie, Boon-Chye Lee
Faculty of Commerce - Papers (Archive)
This volume is the third in a series on small and medium sized enterprises in East Asia, defined broadly to include the countries along the western rim of the Pacific from Japan and China in the north to Australia and New Zealand in the south, taking in the ASEAN countries along the way.
On The Evolution Of Firm Organization, Smes And Economic Growth In The Usa And Japan, Elias Sanidas
On The Evolution Of Firm Organization, Smes And Economic Growth In The Usa And Japan, Elias Sanidas
Faculty of Commerce - Papers (Archive)
The evolution of the organization of firms throughout history has only recently been extensively analysed. This evolution, especially in countries like the USA and Japan, i is important to know and understand for many reasons, and in particular for its contribution to economic growth.