Economics Commons^™

Can Corporate Sustainability Performance (Csp) Overcome Indonesia's Corporate Debt Problems?, Johnson Ferry Febrian, Nora Sri Hendriyeni

Jurnal Akuntansi dan Keuangan Indonesia

Based on IMF publications (2022), Indonesian companies have a risky debt level that may cause bankruptcy, so companies are required to make leverage adjustments to return the debt to its optimal level. In recent years, corporate sustainability performance (CSP) practices have been proven to improve performance and overcome financial problems such as debt by integrating sustainability aspects into business processes. Based on stakeholder theory and trade-off theory, this study aims to examine the effect of CSP on leverage adjustment and the role of competitive advantage, equity mispricing, profitability, and firm size in moderating this relationship. This study used a sample …

The Effect Of Fiscal And Monetary Policy On Public Debt In Egypt, Malak Mohamed

Theses and Dissertations

The thesis aims to examine the effect of monetary policies and fiscal policies on public debt in Egypt during the period from 2006 until 2021. Egypt is witnessing aggravated levels of debt, with limited fiscal and monetary space. Therefore, the objective of the paper is to analyze the effect of discount rates, inflation rates, subsidies, taxes and economic growth on debt-to-GDP in Egypt using a VAR model with an extended test of Impulse Response Function. The results suggest that a positive shock in government expenditures initially decreases public debt but leads to a fluctuating increase in the debt-to-GDP ratio in …

Policy Frameworks And Citizens’ Use Of Fintech Solutions: The Pros And Cons In Egypt, Salma Al-Mohamady

Theses and Dissertations

This thesis provides a comprehensive analysis of the significant influence of financial technology (FinTech) on the banking industry, consumer finance, and economic growth. It specifically concentrates on the swiftly changing FinTech environment in Egypt. The study investigates the impact of incorporating advanced technologies on worldwide financial practices, which has significantly transformed traditional banking models and facilitated the emergence of inventive financial services. The transition is clearly apparent in Egypt, where the expansion of FinTech has been driven by advances in regulations, adaptation to technology, and a population that is becoming more comfortable with digital solutions.

Using a combination of quantitative …

Unraveling The Nexus: Social Spending, Development, And Breaking The Cycle Of Poverty, Yasmin Shehata

Theses and Dissertations

This study examines the role of development, as indicated by the Human Development Index (HDI), in shaping the connection between social public spending on health, education, and social protection and poverty in terms of the poverty headcount ratio at $3.65/day (2017 PPP). Empirical analysis is used to this end, employing a panel dataset of 68 countries at varied stages of development over the period 1995-2021. The empirical model is estimated using the Fixed Effects Two-stage Least Squares (2SLS). It is also re-estimated using the Instrumental Variable Generalized Method of Moments (IV-GMM) and Limited Information Maximum Likelihood (LIML) to test the …

The Effects Of Short-Term Rentals On Communities And How To Legislate Them: An Expanded Literary Review, William Cherry

Finance Undergraduate Honors Theses

A literary review of the economic and socioeconomic effects of short-term rental properties, specifically the commercialization of the industry based upon other research studies. An in-depth look at how commercialized short-term rentals effect the younger generation, hospitality industry, housing market, communities they reside in, and other externalities. A further review of different legal case studies of short-term rental legislation in major cities across the globe and their varying degrees of effectiveness.

The Contribution Of The South Carolina Technical College System To Human Capital, Labor Force Participation, And Employment, Justin Land

Senior Theses

This thesis assesses the economic impact of the South Carolina Technical College System by applying a counterfactual analysis method to the study of human capital development and labor force growth from 2010-2019. Data from the U.S. Census Bureau and the Integrated Postsecondary Education Data System (IPEDS) are used to estimate the average years of schooling attained by a South Carolinian during the period and the counterfactual average were the Technical College System to not exist. This result is then combined with probit regression models of labor force participation and employment to estimate the Technical College System’s contribution to the labor …

Trade Liberalization With Brics: A Cge Model Of Egypt, Kareem Ashraf

Theses and Dissertations

This paper presents an ex-ante impact assessment of a hypothetical FTA between Egypt and the BRICS from an Egyptian economy-wide and sectorial perspectives, with a granular look into manufacturing. The chosen methodology is a static SAM-based Computable General Equilibrium model calibrated to Egypt’s 2018-2019 Social Accounting Matrix (SAM). With respect to existing literature, the paper uniquely stands in considering an Egypt-BRICS FTA with a granular assessment of manufacturing subsectors and in running a simulation of Egypt’s trade liberalization with the wider BRICS alliance, including the accession of Saudi Arabia, UAE, Ethiopia, and Iran, which joined the bloc along with Egypt …

[Discussions] Vol. 19 Iss. 1

Discussions

This issue of Discussions was published for the Spring 2023 cycle.

U.S. Public Equity Esg Fund Composite And Parnassus Core Equity Fund: Performance And Factor Attribution, Karthik Nemani, Barrett Buhler

Discussions

This is the first paper to examine all U.S. public equity Environmental, Social, and Governance (ESG) funds offered by the Forum for Sustainable and Responsible Investment’s (SIF) institutional member firms from 2005 to 2020. For ease of communication, this will be called the ESG Composite. With a Net Asset Value (NAV) over $150 billion, these funds comprise nearly half of the U.S. public equity ESG investment landscape. The article finds that the ESG Composite maintains performance with the Standard and Poor’s (S&P) 500 total return index on an overall returns basis with lower volatility, indicating greater risk-adjusted returns. Factor analysis …

Historical Perspectives In Volatility Forecasting Methods With Machine Learning, Zhiang Qiu, Clemens Kownatzki, Fabien Scalzo, Eun Sang Cha

Seaver College Research And Scholarly Achievement Symposium

Volatility forecasting in the financial market plays a pivotal role across a spectrum of disciplines, such as risk management, option pricing, and market making. However, volatility forecasting is challenging because volatility can only be estimated, and different factors influence volatility, ranging from macroeconomic indicators to investor sentiments. While recent works suggest advances in machine learning and artificial intelligence for volatility forecasting, a comprehensive benchmark of current statistical and learning-based methods for such purposes is lacking. Thus, this paper aims to provide a comprehensive survey of the historical evolution of volatility forecasting with a comparative benchmark of key landmark models. We …

Payments As A Tool For Policy, Aaron Klein

Brookings Scholar Lecture Series

What are the implications of using payment systems to enforce foreign policy (against Russia, Iran, Cuba, etc...) and domestic policy (on-line poker, cannabis, etc..)? What are the long-term ramifications for the United States, with its dominant status as a global financial system and home to the world reserve currency, using payment systems to achieve its political objectives? In this lecture, Brookings Institution scholar and former deputy assistant secretary for economic policy at the Department of Treasury, Aaron Klein discusses the pros, cons, and intended and unintended consequences of our current system. He proposes a path forward to maximize economic growth …

Searching Govinfo.Gov/, Bert Chapman

Libraries Faculty and Staff Presentations

This U.S. Government Publishing Office (GPO) database provides access to information legal, legislative, and regulatory information produced on multiple subjects by the U.S. Government. Content includes congressional bills, congressional committee hearings and prints (studies), reports on legislation, the text of laws, regulations, and executive orders and multiple U.S. Government information resources covering subjects from accounting to zoology.

An Economic Advocacy Approach To Empower Rural Victims Of Gender-Based Violence: A Review Of The Literature, Loganne Ditter, Ziwei Qi

Academic Leadership Journal in Student Research

Gender-based violence (GBV) has devastating effects on survivors’ mental, emotional, psychological, physical, and financial well-being. In rural communities, cultural stigma, isolation, lack of services, economic deprivation, and poverty can create additional barriers for survivors to seek help and leave their abusive relationships. Economic advocacy is a survivor-centered approach that addresses poverty and economic insecurity in ending GBV and empowers individuals and communities with the necessary resources and skills. In this review article, the researchers aim to identify survivors’ unique challenges in rural communities, especially in economic hardship and financially dire situations. While the empirical research examined in this review has …

Twenty Years Of The Application Of Rooney Rule And Diversity Practices In The Nfl Workplace, David M. Savino

Journal of the North American Management Society

While the inception of the Rooney Rule has been generally applauded in its intention, the results achieved have been less than noteworthy. In the 20 years since its inception and application in team searches for head coaches of the National Football League, the outcome may be a true sign of the difficulty associated with creating fair and equitable job opportunities in any workplace. Also, there has been a long-standing and deeply entrenched system that has been in place, especially in the sports world, to ensure little change in the overall system. This has not only been true for the sports …

Working Remotely And Corporate Culture Wars In The Post-Pandemic Era, David M. Savino, Danielle C. Foster

Journal of the North American Management Society

Organizational culture is a sacred element of any organization. It is the lifeblood and the guiding force that makes each organization unique in its ability to navigate day-to-day and longer-term perspectives of corporate operations. Strong cultures help identify direction and philosophy and provide confidence in how to proceed to pursue innovative ideas and solve problems. Since 2020, the core value and the strength of many organizational cultures have been tested as a result of the increased reliance on working remotely and the adoption of a hybrid model of business operations not previously utilized to a great degree. While many survived …

Employer Market Power In Silicon Valley, Matthew Gibson

Upjohn Institute Working Papers

Adam Smith alleged that employers often secretly combine to reduce labor earnings. This paper examines an important case of such behavior: illegal no-poaching agreements through which information-technology companies agreed not to compete for each other’s workers. Exploiting the plausibly exogenous timing of a U.S. Department of Justice investigation, I estimate the effects of these agreements using a difference-in-difference design. Data from Glassdoor permit the inclusion of rich employer- and job-level controls. On average the no-poaching agreements reduced salaries at colluding firms by 5.6 percent, consistent with considerable employer market power. Stock bonuses and job satisfaction were also negatively affected.

Work Organization And High-Paying Jobs, Dylan Nelson, Nathan Wilmers, Letian Zhang

Upjohn Institute Working Papers

High-paying factory jobs in the 1940s were an engine of egalitarian economic growth for a generation. Are there alternate forms of work organization that deliver similar benefits for frontline workers? Work organization varies by type of complexity and degree of employer control. Technical and tacit knowledge tasks receive higher pay for signaling or developing human capital. Higher-autonomy tasks elicit efficiency wages. To test these ideas, we match administrative earnings to task descriptions from job postings. We then compare earnings for workers hired into the same occupation and firm, but under different task allocations. When jobs raise task complexity and autonomy, …

The Long-Run Impacts Of Public Industrial Investment On Local Development And Economic Mobility: Evidence From World War Ii, Andrew Garin, Jonathan Rothbaum

Upjohn Institute Working Papers

This paper studies the long-run effects of government-led construction of manufacturing plants on the regions where they were built and on individuals from those regions. Specifically, we examine publicly financed plants built in dispersed locations outside of major urban centers for security reasons during the United States’ industrial mobilization for World War II. Wartime plant construction had large and persistent impacts on local development, characterized by an expansion of relatively high-wage manufacturing employment throughout the postwar era. These benefits were shared by incumbent residents; we find men born before WWII in counties where plants were built earned $1,200 (in 2020 …

Employment Effects Of Minimum Wage Changes Across Regions, Age Groups, And Sectors, Aleksandra Majchrowska, Pawel Strawinski

Journal of Banking and Financial Economics

Increases in minimum wages in many developed and developing economies in recent years raise the question of whether and how they impact employment. We analyze the employment effects of minimum wage increases for different age groups of workers simultaneously. We construct a panel using three-dimensional cells formed by three age groups, two economic sectors, and 16 regions, separately for each year. We use individual data on employee and employer characteristics from the Structure of Earnings Survey and aggregated data from the Local Data Bank in Poland. The research period covers 2006–2020. Our results confi rm the differences in employment elasticity …

Cross Country Heterogeneity Of Procyclicality Of Bank Loans: Evidence From Oecd Countries Using The Sure Model, Mateusz Pipień, Abhisek Anand

Journal of Banking and Financial Economics

Procyclicality of credit supply, which refers to the simultaneous movement of credit issued to the non-financial sector alongside economic activity indicators, can create a destabilizing feedback loop between the banking system and the real economy. The impact of credit supply on the financial and real sectors may vary across different economies, and the interconnectedness between countries can magnify the effect. We conducted research examining procyclicality of loans provided by banks, analyzing data at the country level for 13 OECD countries for over 16 years (2005–2020). Our research findings indicate that the parameters measuring the procyclical effect are statistically insignificant when …