• Environmental and Resource Economics Review
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• v.22 no.4
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• pp.671-689
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• 2013

Transmission mechanisms of volatility between two crude oil markets (WTI and Brent markets) have drawn the attention of numerous academics and practitioners because they both play crucial roles in portfolio and risk management in crude oil markets. In this context, we examined the volatility linkages between two representative crude oil markets using a VECM and an asymmetric bivariate GARCH model. First, looking at the return transmission through the VECM test, we found a long-run equilibrium and bidirectional relationship between two crude oil markets. However, the estimation results of the GARCH-BEKK model suggest that there is unidirectional volatility spillover from the WTI market to the Brent market, implying that the WTI market tends to exert influence over the Brent market and not vice versa. Regarding asymmetric volatility transmission, we also found that bad news volatility in the WTI market increases the volatility of the Brent market. Thus, WTI information is transmitted into the Brent market, indicating that the prices of the WTI market seem to lead the prices of the Brent market.

• Management & Information Systems Review
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• v.1
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• pp.41-73
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• 1997

Responses from the information users on the information technology are very important considerations when majority of the companies are going to introduce information technology by way of computers. When new information technology is introduced, resistance from the information users are likely to be happen and if suitable management about this is not carried out, resistance from the users of information technology will be continued. It is needed for the companies to minimize user's resistance about the information technology to reduce the introduction cost of information technology and to elevate the degree of use. To reduce the resistance from the users about information technology, factors which affect the resistance of users should be analyzed first and it will be effective to control those factors later on. Therefore it will be meaningful for the successful management of information technology if several factors which affect the resistance of users about information technology are searched out and managed. The purpose of this study is to find various factors which affect the resistance of the individuals in the organization about information technology in the process of introducing information technology. The relationship between the factors and factors which affect indirectly to the information technology are the things which are supposed to be considered to the companies who are going to introduce information technology in the long run. Instead of decreasing the resistance directly, let individuals in the organization decreases the resistance by themselves is a more effective way and may have less side effects, in terms of controlling the members in the organization.

• Journal of agricultural medicine and community health
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• v.22 no.1
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• pp.75-83
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• 1997

The medical insurance system has been adopted in 1989. Since then, the utilization of medical care services has increased rapidly. It appears that the medical institution needs more nursing manpower such as nurses and nurse aides to meet an increased demand for medical care for the residents. However, the medical care clinics run by a medical practitioners has a more shortage of nursing manpower than hospitals. The purpose of this survey was to analyze the current employment status and to obtain an opinion on the improvement of utilization such as recruitment and retention of nursing manpower. The questionnaire sent to the private physician and the response rate was 28.7% ; 87 out of 300 physicians. 82.6% of the respondents employed nurses aides rather than nurses and an average number of employees per clinic was 2.5 persons. Most physicians had difficulties in recruiting nursing manpower. It took more than one month for replacement on average, therefore, they were suffering from giving good continual care for the patient and also high resignation of nursing personnel. The low wage, long working hours, hard work and lack of incentives are the biggest reasons for the difficulty in recruiting and retaining of the nursing personnel obtained for the clinics survey. The above mentioned problems would be solved in the near future by changing those difficulties. In the meantime, the private physicians are marking an effort to retain the nursing personnel by keeping a relationship of the private physician's cooperatives.

• Knowledge Management Research
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• v.19 no.2
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• pp.1-19
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• 2018

This study aims to identify the causal relationship among public technology transfer, technological performance, and research and development (R&D) productivity. Using the impulse-response function(IRF) of a panel vector autoregressive model (panel VAR), this study suggests the results of how long the factors such as technological performance (patent), public technology transfer, and R&D productivity takes and lasts if a one-unit shock of standard deviation occurs. As a result, first, the increase of public technology transfer activities has no power to increase the technology performance but improve the R&D productivity. If the public institute increases its technology transfer activities by one unit, the R&D productivity will increase within five years. Second, the impact of increasing technological performance on improvement of public technology transfer and R&D productivity is an insignificant. Third, the effect of R&D productivity on the public technology transfer creates a substantial reaction after a current time. Considering the structural relationships among public technology transfer, technological performance, and R&D productivity, if policy makers intend to construct the active R&D circumstance, technology suppliers should be motivated to run the active R&D mechanism because they achieve gains.

• The Journal of Asian Finance, Economics and Business
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• v.5 no.2
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• pp.15-24
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• 2018

The study examines the magnitude of economic spillover and the impact of foreign direct investment (FDI) inflows on the efficiency of the bank industry in China. This study employs unit root tests, cointegration tests and cointegrating regression analysis, including fully modified ordinary least squares (FMOLS), canonical cointegrating regression (CCR) and dynamic OLS (DOLS) to test the proposed hypotheses. The sample is restricted to the period of time in which monthly data is available and comparable among variables for the period from January 2002 to October 2013 (142 observations). All of the time series data was collected and retrieved from the People's Bank of China, China Monthly Statistics from the National Bureau of Statistics of China, and International Financial Statistics database from International Monetary Fund. The results of the Johansen cointegration test suggest that there is a long-run equilibrium relationship between FDI inflows, foreign exchange rate and banks performance in China. The results of cointegrating regression analysis using FMOLS, CCR and DOLS suggest that M2 supply and FDI inflows are significant at the 0.01 level. The results confirm that FDI inflows in the banking sector are positively related to the increase of banks productivity and performance and short-term loans in China. However, the results suggest that Chinese Yuan currency exchange rate to U.S. dollar is not significant in the banking and financial industry of China.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.5
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• pp.259-268
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• 2020

This study aims to provide empirical evidence on the causal relationship between bribery and firm innovation. To this end, we use a micro-dataset of small and medium firms in Vietnam surveyed in 2015. Given the binary nature of the dependent variable, a simple probit regression model is employed. However, as bribery variable is potentially endogenous, a simple probit regression may give biased estimates. We deal with the potential endogeneity by making use of the bivariate probit model. A property of the bivariate probit model is that it can produce efficient estimates of a typical probit model with endogenous binary explanatory variable. A Hausman-like likelihood ratio test is implemented following the estimation to test the existence of endogeneity. We find that bribery significantly undermines firm innovation. Also, firms run by household appear less innovative. The probability of innovation diminishes significantly if firm owners or managers have previous experience in firm products. As expected, larger firms seem to be more innovative. Exporters tend to be more innovative compared to non-exporters. Our findings provide support to the hypothesis that bribery is detrimental to firm innovation and, thus, innovation may be a mediating channel, through which, bribery impedes firm long-term performance.

• Environmental and Resource Economics Review
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• v.14 no.3
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• pp.569-593
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• 2005

This study tests for the law of one price and Grander Causality between the EU ETS and Nord Pool $CO_2$ allowance prices. The Johansen cointegration test shows that there exists a long run equilibrium between EU ETS and Nord Pool prices and support the law of one price. The Granger casuality test suggests that the EU ETS leads Nord Pool for all vintages traded. The test results imply that the EU ETS can be regarded as the representative carbon market in the EU where many exchanges just started competing for the newly rising market for carbon.

• The Journal of Industrial Distribution & Business
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• v.8 no.1
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• pp.5-13
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• 2017

Purpose - In this article, a dynamic model like a VAR is an appropriate choice for estimating the possible interrelationship between ownership structure and firm performance as a dynamic process. Research design, data, and methodology - Data of this work are collected from Chinese stock exchange including 350 Chinese-listed firms during the period of 1999-2012. We hypothesize that this interrelationship dynamically exists between ownership structure and firm performance. To examine the correlation, a panel Vector Auto-regression (PVAR) approach generated by GMM method is utilized to test the possible dynamic relation embedded in corporate governance. Another two dynamic analysis solutions such as orthogonalized impulse-response function and variance decomposition are also used simultaneously. Results - Findings of this study indicate the evidence that dynamically endogenous relationship exists between ownership structure and firm performance. Further, there is a dynamical correlation between investment and performance. Impulse response and variance decomposition illustrate that impact of a shock to variables themselves is the main source for their variability. Conclusions - The conclusion in this study is that there is a bidirectional and inter-temporal effect between proportion of ownership and corporate performance for a long run in accordance with impulse response function. Overall, our results suggest that corporate governance in China is more market oriented.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.865-874
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• 2020

In Vietnam, the airline service sector plays an important economic role. However, it is a complicated industry that is open to failures. Negative emotions are an essential variable for the airline service industry because they can trigger a variety of coping behaviors that affect consumer loyalty as well as the image and reputation of the airline service providers. However, negative emotions and the accompanying coping behaviors are often investigated partially or as separate issues, thus leading to an incomplete understanding. This study is conducted to fill this gap by proposing and testing the causal relationship between negative emotions (anger, frustration, regret) and coping behaviors (complaint, negative word-of-mouth (WOM), and switching intention) in the context of the airline industry. Eight research hypotheses are tested. Using the partial least squares structural equation modeling (PLS-SEM) on a sample of 587 passengers in Vietnam, the empirical results show that anger and frustration influence complaints, negative WOM, and switching intention, while regret leads to switching intention and negative WOM. Thus, the research has important academic and practical implications. The empirical outcome could be of major importance for airline companies in planning to provide new services and achieve high performance in the long run.

• Korean Journal of Agricultural Science
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• v.47 no.3
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• pp.567-576
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• 2020

One of the main challenges receiving much attention in the Rwandan agriculture and food industry in recent decades is the increases in maize prices. Indeed, a rise in maize prices causes higher living expenses for households because maize, which is a major staple food crop, constitutes a significant share of total food consumption among households in Rwanda. The aim of this study was to assess the extent of integration and how prices are transmitted between retail and wholesale markets of domestic maize in Rwanda. This study used monthly data of retail and wholesale prices of maize from January 1995 to December 2019. This empirical investigation was based on a linear cointegration approach and an asymmetric error correction model framework. Using the augmented dickey-fuller residual-based test and the Johansen Maximum Likelihood cointegration test, the results revealed that the retail and wholesale markets of maize are integrated. Hence, prices in these markets do not drift apart in the long run. The results of the Granger causality test revealed that there is a unidirectional causal relationship flowing from wholesale prices to retail prices, i.e., wholesale prices influence retail prices. Accordingly, the results from the asymmetric error correction model confirmed the presence of a positive asymmetric price transmission between wholesale and retail prices of maize in Rwanda. Thus, we suggest that policymakers take a critical look at the causes and factors that may influence asymmetry price transmission.