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Faculty of Business - Papers (Archive)

Growth

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Does Corporate Governance Quality Affect Default Risk? The Role Of Growth Opportunities And Stock Liquidity, Searat Ali, Benjamin Liu, Jen Je Su Jan 2018

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 Jan 2015

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 Jan 2015

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 …


Trade Liberalisation, Labour Productivity Growth And Skilled Labour Complement: Evidence From The Thai Manufacturing Sector, Piyapong Sangkaew, Kankesu Jayanthakumaran Jan 2013

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.


Book Review: Ian W. Mclean. Why Australia Prospered: The Shifting Sources Of Economic Growth, Simon Ville Jan 2013

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 …


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 Jan 2013

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.


Economic Growth: Technical Progress, Population Dynamics And Sustainability, Simone Marsiglio Jan 2012

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 Jan 2012

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.


A Note On Demographic Shocks In A Multi-Sector Growth Model, Simone Marsiglio, Davide La Torre Jan 2012

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.


Nonlinear Growth Effect Of Remittances In Recipient Countries: An Econometric Analysis Of Remittances-Growth Nexus In Bangladesh, Gazi Mainul Hassan, Shamim Shakur, Mohammed Bhuyan Jan 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

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.


Fractals And Self-Similarity In Economics: The Case Of A Two-Sector Growth Model, Davide La Torre, Simone Marsiglio, Fabio Privileggi Jan 2011

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 Jan 2010

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 …