Journal articles: 'Cross country diversification'

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Cavaglia, Stefano M. F. G., Dimitris Melas, and George Tsouderos. "Cross-Industry and Cross-Country International Equity Diversification." Journal of Investing 9, no. 1 (February 29, 2000): 65–71. http://dx.doi.org/10.3905/joi.2000.319401.

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Kim, Kyung-Min. "Cross-Country Convergence in Export Product Diversification." Journal of Industrial Economics and Business 36, no. 3 (June 30, 2023): 463–88. http://dx.doi.org/10.22558/jieb.2023.6.36.3.463.

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Gouvea, Raul, and Gautam Vora. "Reassessing Export Diversification Strategies: A Cross-Country Comparison." Modern Economy 06, no. 01 (2015): 96–118. http://dx.doi.org/10.4236/me.2015.61009.

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Falkinger, Josef, and Josef Zweimüller. "The cross-country Engel curve for product diversification." Structural Change and Economic Dynamics 7, no. 1 (March 1996): 79–97. http://dx.doi.org/10.1016/0954-349x(95)00039-p.

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Ghilal, Rachid, Ahmed Marhfor, M'Zali Bouchra, and Jean Jacques Lilti. "Are Strategies for International Diversification by Country, Industry and Region Equivalent?" ACRN Journal of Finance and Risk Perspectives 10, no. 1 (2021): 204–21. http://dx.doi.org/10.35944/jofrp.2021.10.1.011.

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In this study, we examine whether international portfolio diversification still matters despite an increase in the cross-country correlations of assets returns. More specifically, we explain why an increase in global return correlations does not necessarily imply a reduction in the benefits of international portfolio diversification. We also propose to compare empirically two traditional strategies of international diversification (by country and industry) in addition to a new strategy (by region) using two different methodological approaches, namely the mean variance spanning and multivariate cointegration analysis. Over the full sample period (1994- 2008), our results suggest that the three strategies of international diversification remain effective despite the secular increase in the cross-country return correlations. When we divide the sample into two different sub-periods (1994-2000 and 2000-2008), the findings indicate that the strategy based on regional diversification proved to be a new competing strategy during the second period in comparison to the other two traditional strategies.

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Caselli, Francesco, Miklós Koren, Milan Lisicky, and Silvana Tenreyro. "Diversification Through Trade*." Quarterly Journal of Economics 135, no. 1 (September 19, 2019): 449–502. http://dx.doi.org/10.1093/qje/qjz028.

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Abstract A widely held view is that openness to international trade leads to higher income volatility, as trade increases specialization and hence exposure to sector-specific shocks. Contrary to this common wisdom, we argue that when country-wide shocks are important, openness to international trade can lower income volatility by reducing exposure to domestic shocks and allowing countries to diversify the sources of demand and supply across countries. Using a quantitative model of trade, we assess the importance of the two mechanisms (sectoral specialization and cross-country diversification) and show that in recent decades international trade has reduced economic volatility for most countries.

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Ali, Md Hakim, Md Akther Uddin, Mohammad Ashraful Ferdous Chowdhury, and Mansur Masih. "Cross-country evidence of Islamic portfolio diversification: are there opportunities in Saudi Arabia?" Managerial Finance 45, no. 1 (January 14, 2019): 36–53. http://dx.doi.org/10.1108/mf-03-2018-0126.

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Purpose On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market. Design/methodology/approach The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic –DCC and continuous wavelet transforms. For robustness, this study also applied maximal overlap discrete wavelet transform. Findings The findings tend to indicate that the Saudi Arabian investors have portfolio diversification benefits with all major trading partners in the short-term investment horizon. Interestingly, Saudi Arabian market has the least portfolio diversification benefits with the Chinese market. However, in the long run, all markets are correlated, yielding minimum portfolio diversification benefits and most importantly Saudi Arabian investors have portfolio diversification benefits with the Indian Islamic equity market in almost all investment horizons. The findings are highly consistent across different econometric technique estimations. Research limitations/implications The authors are only considering five major trading partners of Saudi Arabia. Also, the authors are using S&P and FTSE shari’ah index. Moreover, the time period of the study is constrained by the availability of shari’ah indices. Econometric limitations are also well documented in the literature. Practical implications The results could be beneficial for the investors, portfolio managers, hedge fund managers and institutional investors and also could be useful for the policy makers in their policy-making decisions. Originality/value Only very few studies have looked into the benefits of international portfolio diversification from the perspective of local investors as well as the portfolio diversification benefits with the major trading partners of Saudi Arabia. One of the novelties of the method is to make the stock investors, practitioners and policy makers aware of the portfolio diversification benefits available at different time scales such as 4, 8, 16, 32, 64 and 256 trading days as investment holding periods to unveil the true dynamics of co-movement between those different assets.

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Le, Tu DQ, Van TH Nguyen, and Son H. Tran. "Geographic loan diversification and bank risk: A cross-country analysis." Cogent Economics & Finance 8, no. 1 (January 1, 2020): 1809120. http://dx.doi.org/10.1080/23322039.2020.1809120.

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Liow, Kim Hiang. "Linkages between cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles." Journal of European Real Estate Research 9, no. 2 (August 1, 2016): 123–46. http://dx.doi.org/10.1108/jerer-05-2015-0024.

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Purpose This research aims to investigate whether and to what extent the co-movements of cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles are linked across G7 from February 1990 to June 2014. Design/methodology/approach The empirical approaches include correlation analysis on Hodrick–Prescott (HP) cycles, HP cycle return spillovers effects using Diebold and Yilmaz’s (2012) spillover index methodology, as well as Croux et al.’s (2001) dynamic correlation and cohesion methodology. Findings There are fairly strong cycle-return spillover effects between the cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles. The interactions among the cross-country business cycles, cross-country stock market cycles and cross-country real estate market cycles in G7 are less positively pronounced or exhibit counter-cyclical behavior at the traditional business cycle (medium-term) frequency band when “pure” stock market cycles are considered. Research limitations/implications The research is subject to the usual limitations concerning empirical research. Practical implications This study finds that real estate is an important factor in influencing the degree and behavior of the relationship between cross-country business cycles and cross-country stock market cycles in G7. It provides important empirical insights for portfolio investors to understand and forecast the differential benefits and pitfalls of portfolio diversification in the long-, medium- and short-cycle horizons, as well as for research studying the linkages between the real economy and financial sectors. Originality/value In adding to the existing body of knowledge concerning economic globalization and financial market interdependence, this study evaluates the linkages between business cycles, stock market cycles and public real estate market cycles cross G7 and adds to the academic real estate literature. Because public real estate market is a subset of stock market, our approach is to use an original stock market index, as well as a “pure” stock market index (with the influence of real estate market removed) to offer additional empirical insights from two key complementary perspectives.

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Akram, Vaseem, and Badri Narayan Rath. "DOES EXPORT DIVERSIFICATION LEAD TO INCOME CONVERGENCE? EVIDENCE FROM CROSS-COUNTRY ANALYSIS." Buletin Ekonomi Moneter dan Perbankan 23, no. 3 (December 2, 2020): 319–46. http://dx.doi.org/10.21098/bemp.v23i3.1251.

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In this study, we examine the role of export diversification in the convergence of per capita income (output). By applying the dynamic system Generalized Method of Moments (GMM) estimator to a panel dataset consisting of 95 countries, we find evidence of both absolute and conditional divergence for the full sample and the subsamples based on income and regions. Thus, our findings suggest that, although high export diversification boosts the per capita income (output), it does not significantly reduce per capita income (output) gap between rich and poor countries.

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Magiera, Frank T. "International Portfolio Diversification Benefits: Cross-Country Evidence from a Local Perspective." CFA Digest 37, no. 4 (November 2007): 78–80. http://dx.doi.org/10.2469/dig.v37.n4.4886.

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Aditya, Anwesha, and Rajat Acharyya. "Export diversification, composition, and economic growth: Evidence from cross-country analysis." Journal of International Trade & Economic Development 22, no. 7 (October 2013): 959–92. http://dx.doi.org/10.1080/09638199.2011.619009.

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Driessen, Joost, and Luc Laeven. "International portfolio diversification benefits: Cross-country evidence from a local perspective." Journal of Banking & Finance 31, no. 6 (June 2007): 1693–712. http://dx.doi.org/10.1016/j.jbankfin.2006.11.006.

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Choudhury, Samira, and Derek Headey. "What drives diversification of national food supplies? A cross-country analysis." Global Food Security 15 (December 2017): 85–93. http://dx.doi.org/10.1016/j.gfs.2017.05.005.

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Tran, Son, Dat Nguyen, Khuong Nguyen, Canh Nguyen, and Liem Nguyen. "Income Diversification, Market Structure and Bank Stability: A Cross-country Analysis." Prague Economic Papers 32, no. 5 (October 27, 2023): 550–68. http://dx.doi.org/10.18267/j.pep.843.

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Kiymaz, Halil, and Tarun K. Mukherjee. "The Impact of Country Diversification on Wealth Effects in Cross-Border Mergers." Financial Review 35, no. 2 (May 2000): 37–58. http://dx.doi.org/10.1111/j.1540-6288.2000.tb01413.x.

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Fauver, Larry, Joel F. Houston, and Andy Naranjo. "Cross-country evidence on the value of corporate industrial and international diversification." Journal of Corporate Finance 10, no. 5 (November 2004): 729–52. http://dx.doi.org/10.1016/s0929-1199(03)00027-0.

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Shackman, Joshua D. "Corporate diversification, vertical integration, and internal capital markets: A cross-country study." Management International Review 47, no. 4 (October 2007): 479–504. http://dx.doi.org/10.1007/s11575-007-0027-z.

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McDowell, Shaun. "The benefits of international diversification with weight constraints: A cross-country examination." Quarterly Review of Economics and Finance 69 (August 2018): 99–109. http://dx.doi.org/10.1016/j.qref.2018.02.003.

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Galavotti, Ilaria, Donatella Depperu, and Daniele Cerrato. "Acquirer-to-target relatedness and target country unfamiliarity in acquisitions." Management Decision 55, no. 5 (June 19, 2017): 892–914. http://dx.doi.org/10.1108/md-12-2015-0607.

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Purpose The purpose of this paper is to analyze corporate scope decisions in acquisitions with a focus on the relationship between target country unfamiliarity and acquirer-to-target relatedness and on the moderating effects played by product diversification and international experience. Design/methodology/approach Using a dataset of 689 acquisitions completed in the period 2007-2013 by acquirers located in 60 countries, this paper utilizes an ordered logistic regression analysis. Findings With greater target country unfamiliarity, acquirers are encouraged to pursue greater acquirer-to-target relatedness. This finding suggests that acquirers tend to seek a balance between product and international diversification to reduce the sources of uncertainty in their acquisition moves. While past international experience strengthens this relationship, diversification experience has a negative moderating effect and hence encourages acquirers to reduce relatedness at increasing market unfamiliarity. Originality/value The originality of this paper is twofold. First, the authors extend the traditional internationalization-diversification framework to an unfamiliarity-relatedness relationship in the context of acquisitions. Second, the authors propose a construct of target country unfamiliarity in acquisitions that goes beyond the traditional domestic vs cross-border dichotomy by including previous experience in the target country.

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Ejara, Demissew Diro, and Kamal Upadhyaya. "An Empirical Study of the Impact of the Euro on Cross-Country Diversification." Economies 12, no. 1 (December 27, 2023): 8. http://dx.doi.org/10.3390/economies12010008.

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The euro was launched, on 1 January 1999, as a common currency for members of the European Union that complied with the Maastricht Treaty. The Maastricht Treaty calls for the coordination of major macroeconomic policies, such as inflation, budget balance, public debt, and long-term interest rates. Theoretically, the coordination of these policy issues and the launch of a common currency will increase the degree of market integration among member countries. This paper empirically tests the impact of the euro on the degree of market integration by looking at the comovement of the European equity markets and a sample of OECD equity markets. Weekly stock market indices for the period covering seven years before the euro and seven years after the euro was implemented was used. The results show that cross-country divergences in stock markets continued after the euro. There is no evidence of cointegration after the adoption of the euro. Cross-country portfolio diversification continues to be beneficial even among euro countries.

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Zaremba, Adam. "Country selection strategies based on quality." Managerial Finance 41, no. 12 (December 7, 2015): 1336–56. http://dx.doi.org/10.1108/mf-03-2015-0082.

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Purpose – The purpose of this paper is to examine country-level parallels of the stock-level anomalies related to quality, i.e. profitability, leverage, liquidity, accruals, payout and turnover. Design/methodology/approach – The study uses sorting and cross-sectional tests within a sample of 77 countries over the period of 1999-2014. Findings – Markets populated with low-leveraged and cash-rich companies significantly outperform highly leveraged and cash-poor markets, respectively. The both cross-sectional patterns are stronger across small markets than across large ones. Furthermore, additional sorts on leverage and profitability markedly improve performance of cross-national value strategies. Finally, markets with companies with high-cash holdings earn additional premium in times of tight liquidity conditions. Practical implications – Considering the diminishing benefits of international diversification in recent decades, investors should consider the country-level quality strategies in a strategic asset allocation, and not to postpone them to a later stage of the investment process. Furthermore, investments in cash-rich markets provide a hedge against liquidity distress. Originality/value – The first study to comprehensively examine country-level quality effects across global stock markets.

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Nguyen, Tung Dao, and Pana Elisabeta. "Financial integration and diversification benefits: China and ASEAN4 countries." Managerial Finance 42, no. 5 (May 9, 2016): 496–514. http://dx.doi.org/10.1108/mf-12-2014-0300.

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Purpose – The strategic partnership between China and ASEAN has resulted in significant financial reforms at the country and regional level. The scale and pace of these changes call for systematic assessments of their bearing on the development and integration of financial markets in this region. The purpose of this paper is to investigate the level of financial integration of the equity markets in China and ASEAN4 countries (Indonesia, Malaysia, Philippines, and Thailand) for the period 2004-2014. Design/methodology/approach – The authors use the β and σ convergence, dynamic conditional correlation, and wavelet correlation to assess the degree, trend, and change across different time scales of the integration of China-ASEAN4 equity markets. Using two measures of change in return per unit risk and variance, we assess the difference in diversification benefits between an equity portfolio China-ASEAN4 and China-EU. Findings – The authors find that financial integration across China-ASEAN4 equity markets fluctuated between a moderate level before and after the recent crisis and a higher level during the crisis. The results indicate that investors achieve higher diversification benefits from a cross-industry than a cross-country investment strategy within this region. Research limitations/implications – Future research should investigate whether local factors and existing cultural and political differences explain the weak to moderate level of integration of China and emerging ASEAN equity markets. Practical implications – A good understanding of the degree and evolution of the regional financial integration may be used by investors to allocate capital efficiently when adding ASEAN4 equities to a portfolio of Chinese equities. Social implications – Systematic assessments of the regional financial integration contribute to the effort to mitigate the ensuing cross-border financial contagion during crises. Originality/value – The authors argue that that the increase in correlations of CHINA-ASEAN4 equity markets during the recent crisis does not reflect a permanent shift in the dynamic of the dominant markets in the region. While investors achieve higher diversification benefits from a cross-industry than a cross-country investment strategy within this region, the diversification benefits are lower for long-term than short-term investors.

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Bandelj, Andreja. "Should banks be geographically diversified? Empirical evidence from cross-country diversification of European banks." European Journal of Finance 22, no. 2 (December 6, 2014): 143–66. http://dx.doi.org/10.1080/1351847x.2014.960978.

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FU, DAHAI, YANRUI WU, and YING ZHANG. "DOES EXPORT DIVERSIFICATION MATTER FOR CHINA’S REGIONAL GROWTH?" Singapore Economic Review 64, no. 04 (September 2019): 863–82. http://dx.doi.org/10.1142/s0217590817450023.

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China has enjoyed high economic growth for more than three decades since the initiative of economic reform in early 1980s. This growth has been driven mainly by labor-intensive export-oriented manufacturing activities. Yet, there are remarkably few empirical studies of the link between export diversification and economic growth. In this paper, the effect of export diversification on economic growth in Chinese provinces in the period 2000–2006 is examined. The findings support cross-country evidence that regions with diversified export baskets enjoy higher economic growth. However, it is found that the growth benefits are linked to diversification of export products, rather than geographical diversification of exports. Further, it is also found that the growth effect and export diversification may have a nonlinear relationship. As such, governments promoting export diversification should distinguish the diversification of export products from that of export destinations. Their policies should also change as regional economies develop.

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Asfaw, Solomon, Antonio Scognamillo, Gloria Di Caprera, Nicholas Sitko, and Adriana Ignaciuk. "Heterogeneous impact of livelihood diversification on household welfare: Cross-country evidence from Sub-Saharan Africa." World Development 117 (May 2019): 278–95. http://dx.doi.org/10.1016/j.worlddev.2019.01.017.

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Fauver, Larry, Joel Houston, and Andy Naranjo. "Capital Market Development, International Integration, Legal Systems, and the Value of Corporate Diversification: A Cross-Country Analysis." Journal of Financial and Quantitative Analysis 38, no. 1 (March 2003): 135. http://dx.doi.org/10.2307/4126767.

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Kocsis, Zalán. "Global, regional, and country-specific components of financial market indicators." Acta Oeconomica 64, Supplement-1 (December 1, 2014): 81–110. http://dx.doi.org/10.1556/aoecon.64.2014.s1.3.

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This paper studies the global, regional, and country-specific components of four key financial market indicators: sovereign CDS spreads, equity indices, exchange rates, and EMBI Global bond spreads. In all four markets, the results support the findings of the literature of a significant global component, but also point out the importance of regional correlations. Variance decompositions point to roughly a third of variance explained by both global and country-specific components in each of the four analysed financial markets, although there is considerable cross-country heterogeneity in this respect. The global factors of indicators are correlated across asset classes, but the market- and country-specific components of indicators are still significantly large to suggest diversification benefits of both multi-asset and multi-country portfolios. An application of the factor model suggests that the link between Central Eastern European and Euro zone periphery markets is stronger and more direct in the case of equity indices than in the case of sovereign CDS spreads.

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Domańska, Agnieszka, and Dobromił Serwa. "Vulnerability to foreign macroeconomic shocks – an empirical study in cross-industry perspective. Example of 2008–2009 global crisis in Europe*." Folia Oeconomica Stetinensia 13, no. 1 (December 1, 2013): 150–73. http://dx.doi.org/10.2478/foli-2013-0003.

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Abstract The paper analyses the factors explaining the vulnerability of the European countries’ industries to foreign trade and production downturn in the years 2008-2009 and attempts to identify branches and industries (or their features significant in this context) that most greatly contributed to the last crisis transmission in Europe, mainly through the slump in their trade. Among those factors we took into particular consideration: the level of specialization versus diversification of the export basket and production, trade openness in the cross-country and cross-industry perspective, the intra-industry/inter-industry structure of trade and the financial openness.

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Berry-Stölzle, Thomas R., Robert E. Hoyt, and Sabine Wende. "Capital Market Development, Competition, Property Rights, and the Value of Insurer Product-Line Diversification: A Cross-Country Analysis." Journal of Risk and Insurance 80, no. 2 (May 28, 2012): 423–59. http://dx.doi.org/10.1111/j.1539-6975.2012.01470.x.

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Harrington, Charlene, Frode F. Jacobsen, Justin Panos, Allyson Pollock, Shailen Sutaria, and Marta Szebehely. "Marketization in Long-Term Care: A Cross-Country Comparison of Large For-Profit Nursing Home Chains." Health Services Insights 10 (January 1, 2017): 117863291771053. http://dx.doi.org/10.1177/1178632917710533.

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This article presents cross-country comparisons of trends in for-profit nursing home chains in Canada, Norway, Sweden, United Kingdom, and the United States. Using public and private industry reports, the study describes ownership, corporate strategies, costs, and quality of the 5 largest for-profit chains in each country. The findings show that large for-profit nursing home chains are increasingly owned by private equity investors, have had many ownership changes over time, and have complex organizational structures. Large for-profit nursing home chains increasingly dominate the market and their strategies include the separation of property from operations, diversification, the expansion to many locations, and the use of tax havens. Generally, the chains have large revenues with high profit margins with some documented quality problems. The lack of adequate public information about the ownership, costs, and quality of services provided by nursing home chains is problematic in all the countries. The marketization of nursing home care poses new challenges to governments in collecting and reporting information to control costs as well as to ensure quality and public accountability.

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Goswami, Arti Grover, and Sebastián Sáez. "Trade in services competitiveness: An assessment methodology." Journal of International Commerce, Economics and Policy 05, no. 01 (February 2014): 1440001. http://dx.doi.org/10.1142/s1793993314400018.

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The share of developing countries in exports of world services increased from 15% in 2000 to 21% in 2011. Interestingly, in many of the developing economies, the growth in services exports is derived from not just traditional services, but also from modern, high-value, skill-intensive services. Given the rising importance of services, this paper develops a widely applicable methodology for evaluating the contribution of the service sector and the potential of using the sector for growth, employment and trade diversification objectives. We summarize a few key indicators for assessing the performance of the services sector using the available cross-country and bilateral trade data on the services sector. The indicators proposed in this paper are fairly general and draw on cross-country databases; however, to illustrate the methodology we use examples of the following nine countries: Brazil, Chile, Egypt, Hungary, India, Malaysia, Philippines, South Africa, and Ukraine.

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Olander, Petrus. "Economic Diversification and Institutional Quality—Issues of Concentrated Interests." Studies in Comparative International Development 54, no. 3 (September 2019): 346–64. http://dx.doi.org/10.1007/s12116-019-09287-0.

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Abstract Recent research has provided broad accounts of what high institutional quality is; bureaucrats should be impartial and recruited on merit, public power should not be used for private gain, there should be rule of law, and property rights should be secure. Many scholars argue the reason why, in spite of this knowledge, recent institutional reforms have had limited success is that improvements are not in the interest of incumbent elites. Constraining elites is, therefore, crucial for institutional improvements. In this article, I argue that economic diversification functions as one such constraint on elite behavior, affecting their ability to form collusive coalitions. When the economy is concentrated to a few sectors, elite interests are more uniform making it easier for them to organize. However, as the economy becomes more diverse, collusion becomes harder and elites must settle for impartial institutions more often. I test the theory using cross-national time series data covering the last 25 years; the results corroborate the theory, as the economy of a country becomes more diverse, institutions become more impartial.

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Baglioni, Angelo, and Francesco Cefalà. "Banks’ Sovereign Exposures: In Search of New Rules." Journal of Financial Regulation 7, no. 1 (March 2021): 100–148. http://dx.doi.org/10.1093/jfr/fjab002.

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ABSTRACT In this article, we examine the reform of the prudential treatment of banks’ sovereign exposures with the purpose of introducing risk-sensitive capital charges and limiting home bias. We consider six different options and measure their impact on the common equity Tier 1 (CET1) ratio of 82 banks fom 10 euro-area countries, participating in the 2019 European Banking Authority EU-wide transparency exercise and subject to European Central Bank supervision. Our evidence shows that the proposal put forward by the Basel Committee on Banking Supervision in 2017 is the proposal which leads to the most evenly distributed impact across countries, in terms of CET1 ratio decline. That proposal targets the goals of risk sensitivity and diversification, with two independent instruments: rating-based risk weights and concentration add-ons. As a consequence, it is the only proposal which introduces an incentive for banks located in all countries, whether low rated or high rated, to reduce their home bias. Some proposals focus on one objective only: either risk sensitivity or diversification. Others introduce heavy penalization for banks located in low-rated countries, without addressing the home bias of banks located in high-rated countries. Several options are prone to pro-cyclicality, and we measure this effect by simulating the impact of a two-notch downgrading of high debt countries on the CET1 ratio of banks. Some relevant cross-country effects emerge from our analysis, due to the large cross-country exposures of a few intermediaries.

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Tacconi, Francesco, Katharina Waha, Jonathan Jesus Ojeda, Peat Leith, Caroline Mohammed, William N. Venables, Jai C. Rana, et al. "Farm diversification strategies, dietary diversity and farm size: Results from a cross-country sample in South and Southeast Asia." Global Food Security 38 (September 2023): 100706. http://dx.doi.org/10.1016/j.gfs.2023.100706.

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Krishnaswamy, Sai Preethi. "MACROECONOMIC FACTORS, CORRUPTION, NPAS IN 4 PUBLIC SECTOR BANKS: A CROSS STUDY." INFORMATION TECHNOLOGY IN INDUSTRY 9, no. 1 (March 10, 2021): 766–72. http://dx.doi.org/10.17762/itii.v9i1.197.

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Banks play a vital role in economic development and growth of a country. A sound and healthy financial institution ensures overall stability of the system. Commercial and cooperative banks together constitute the Indian Banking System. Commercial Banks account for more than 90% of the banking sector’s assets. The public sector banks account for a substantial part of the banking activity in India. The growth in banking sector has been burdened and hindered by increasing non-performing assets. In this paper, we aim to understand the influence of macroeconomic factors such as GDP per capita, Real Interest rates and inflation along with some bank factors such as bank size, diversification of assets and priority sector lending on NPAs of four PSBs - Punjab National Bank, Andhra Bank, Corporation Bank and Indian Bank. This paper also aims to understand whether corruption could be a determinant for NPAs in these banks.

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Umar, Zaghum, Mariya Gubareva, and Tatiana Sokolova. "The impact of the Covid-19 related media coverage upon the five major developing markets." PLOS ONE 16, no. 7 (July 1, 2021): e0253791. http://dx.doi.org/10.1371/journal.pone.0253791.

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This paper analyses the influence of the Covid-19 coverage by the social media upon the shape of the sovereign yield curves of the five major developing countries, namely Federative Republic of B razil, Russian Federation, Republic of India, People’s Republic of China, and the Republic of South Africa (BRICS). The coherenc e between the level, slope, and the curvature of the sovereign yield term structures and the Covid-19 medi a coverage is found to vary between low and high ranges, depending on the phases of the pandemic. The empirical estimations of the yield-curve factors a re performed by means of the Diebold–Li modified version of the Nelson–Siegel model. The intervals of low coherence reveal the capacity of the two latent factors, level and slope, to be used for creating cross-factor diversification strategies, workable under crisis conditions, as evidenced on the example of the ongoing pandemic. Diverse coherence patterns are reported on a per-country basis, highlighting a promising potential of sovereign debt investments for designing cross-country and cross-factor fixed-income strategies, capable of hedging downside risks.

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Le, Tu DQ, Tin H. Ho, Dat T. Nguyen, and Thanh Ngo. "A cross-country analysis on diversification, Sukuk investment, and the performance of Islamic banking systems under the COVID-19 pandemic." Heliyon 8, no. 3 (March 2022): e09106. http://dx.doi.org/10.1016/j.heliyon.2022.e09106.

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Shen, Sijie. "The Research on the Dilemma and Strategies of Chinese Culture IP Take the Film Creation of The God: Kingdom of Storms as an Example." Communications in Humanities Research 20, no. 1 (December 7, 2023): 277–84. http://dx.doi.org/10.54254/2753-7064/20/20231387.

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In recent years, with the rapid development of entertainment mode, entertainment has gradually become an impossible part of the publics life. The effective dissemination of entertainment is also one of the important ways of cultural dissemination in a country. Among them, the formation of cultural IP can better promote cultural promotion, so that the country can develop more efficiently. As a country with rich cultural background, China is unable to come up with a highly representative IP image when mentioning cultural IP. China has fallen into a contradictory situation on the road of cultural communication, leading to the restriction of cross-cultural communication. Therefore, this study takes Chinese cultural IP and the film Creation of The God:Kingdom of Storms as the research object, and uses literature reading and case analysis to analyze the characteristics of Chinese cultural IP and its difficulties in the development process and communication countermeasures. According to the research results, it is found that the dilemma of Chinese cultural IP mainly include the differences in cross-cultural communication, the neglect of IP value, and the lack of cultural confidence. In the future countermeasures, China can start with the diversification of IP communication and the recovery of cultural initiative.

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Chrid, Naima. "Drivers of export upgrading: Evidence from panel data for upper-middle and high income groups, low and lower-middle income groups." Frontiers in Management and Business 2, no. 1 (2021): 63–73. http://dx.doi.org/10.25082/fmb.2021.01.001.

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The objective of this study is to contribute with empirical evidence to the understanding of the determinants of export upgrading measured through two alternative indicators (export complexity level and degree of export diversification) using a cross-country panel dataset over the 1999-2013 period. For this purpose, a panel cointegration framework and two homogenous subpanels have been considered based on the income level of the sample countries (upper-middle and high income groups, low and lower-middle income groups). Based on the Dynamic OLS (DOLS) and Fully Modified OLS (FMOLS) technique, the results indicate that export upgrading of countries is enhanced by GDP per capita, knowledge creation ( this variable is differentiated into internal knowledge(i.e humain capital and research & development) and external knowledge (i.e Foreign Direct Investment and imports) and Institutional quality. The effects of these determinants vary between low, lower-middle income, upper-middle and high income country.

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Chrid, Naima. "Drivers of export upgrading: Evidence from panel data for upper-middle and high income groups, low and lower-middle income groups." Frontiers in Management and Business 1, no. 2 (2021): 63–73. http://dx.doi.org/10.25082/fmb.2020.02.004.

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The objective of this study is to contribute with empirical evidence to the understanding of the determinants of export upgrading measured through two alternative indicators (export complexity level and degree of export diversification) using a cross-country panel dataset over the 1999-2013 period. For this purpose, a panel cointegration framework and two homogeneous subpanels have been considered based on the income level of the sample countries (upper-middle and high income groups, low and lower-middle income groups). Based on the Dynamic OLS (DOLS) and Fully Modified OLS (FMOLS) technique, the results indicate that export upgrading of countries is enhanced by GDP per capita, knowledge creation ( this variable is differentiated into internal knowledge(i.e human capital and research & development) and external knowledge (i.e Foreign Direct Investment and imports) and Institutional quality. The effects of these determinants vary between low, lower-middle income, upper-middle and high income country.

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Baik, Youjin, and Young-Ryeol Park. "Toward a better understanding of MNEs’ local staffing decision: a multilevel analysis." Management Decision 53, no. 10 (November 16, 2015): 2321–38. http://dx.doi.org/10.1108/md-05-2015-0186.

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Purpose – The purpose of this paper is to address the question of how regional diversification affects subsidiary staffing composition in multinational enterprises. Another important objective of this study is to examine the effects of institutional distance, specifically regulative and normative distances, on foreign subsidiary staffing composition. Design/methodology/approach – To estimate firm- and country-level parameters simultaneously, hierarchical linear modeling was conducted on a sample of 1,068 foreign subsidiaries of South Korean firms operating in 25 countries in 2014. Findings – The results reveal that intra-regional diversification has a positive effect, whereas inter-regional diversification has a negative effect on local staffing in foreign subsidiaries. In addition, there is a positive association between informal distance (such as normative distance) and local staffing of foreign subsidiaries, while formal distance (such as regulative distance) is negatively related to local staffing of foreign subsidiaries. Research limitations/implications – The cross-sectional nature of the data in this study may preclude examination of the relationships among institutional distance, institutional environment, and subsidiary staffing composition. The authors suggest that future researchers employ a longitudinal design to examine the effects on staffing composition of institutional distance and institutional environments over time. Originality/value – The paper contributes to the literature on international human resources management by highlighting the importance of combining multilevel parameters to improve assessment of the importance of firms’ competitive strategy and institutional environments in local staffing in foreign subsidiaries.

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M. Adam, Anokye, and Imran Sharif Chaudhry. "The currency union effect on intra-regional trade in Economic Community of West African States (ECOWAS)." Journal of International Trade Law and Policy 13, no. 2 (June 10, 2014): 102–22. http://dx.doi.org/10.1108/jitlp-04-2013-0008.

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Purpose – The purpose of this paper is to investigate the currency union (CU) effect on aggregate intra-trade in the Economic Community of West African States (ECOWAS) and on bilateral trade among individual countries using the gravity model. Design/methodology/approach – Using panel dynamic ordinary least square, we examined the short- and long-run CU effect on aggregate intra-ECOWAS trade and bilateral trade among ECOWAS countries from 1995 to 2010. Chow poolability test was conducted for the appropriateness of pooling the cross-section parameters as against individual model. The augmented Dickey–Fuller (ADF) test; the Phillips–Perron (PP) test; and the Kwiatkowski, Phillips, Schmidt and Shin (KPSS) test were conducted on the individual data series, and the Levin, Lin and Chu test; the Im, Pesaran and Shin test; the Breitung test; and the Hadri test were used for testing cross-sectional independent panel unit root tests. Kao panel cointegration test was conducted to identify long-run relationships. Findings – We found evidence of significant positive CU effect on aggregate intra-ECOWAS trade. The estimates also show that Benin, Burkina Faso, Niger, Senegal and Togo trade more with countries they share common currency with than what they would have been in both short and long run. We again observed that CU is insignificant in explaining Cote d’Ivoire, Mali and Senegal intra-trade with ECOWAS countries, though their observed intra-trade with ECOWAS is relatively high which is found to be explained by export diversification. Practical implications – The findings reveal that CU is good for aggregate intra-regional trade though some individual members respond negative to CU. The finding of diversification as a necessary tool to increase intra-regional trade imply that as effort of introducing single currency is being pursued rigorously, effort to diversify export or trade complement should not be overlooked. Originality/value – There exist panel studies on CU on aggregate intra-regional trade in ECOWAS. However, there is a need to have country level study to identify CU effect on each country, as it is sensitive to country-specific factors which are unobservable in time series analysis of group of countries. Also, our group estimate differs in methodology in the sense that the dynamic generalised least takes care of endogeneity in trade gravity literature.

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Sibrian, Ricardo, Marco d’Errico, Patricia Palma de Fulladolsa, and Flavia Benedetti-Michelangeli. "Household Resilience to Food and Nutrition Insecurity in Central America and the Caribbean." Sustainability 13, no. 16 (August 13, 2021): 9086. http://dx.doi.org/10.3390/su13169086.

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Latin American and Caribbean countries, affected mainly by extreme climatic events, are heterogeneous in farming practices and the relevance of critical determinants of resilience. This paper fills the knowledge gap and informs on the application of the Resilience Index Measurement and Analysis version II (RIMA-II) for Resilience on Food and Nutrition Security (RFNS) indicators in five vulnerable countries in Central America and the Caribbean: Costa Rica, El Salvador, Guatemala, Honduras, and the Dominican Republic. Already-collected information on food consumption and social and economic dimensions, depicting key determinants or “pillars” as defined by RIMA-II methodology, is the basis for developing several models on RFNS. These findings are baselines for subnational territories and country-specific inputs for monitoring and enhancing Food and Nutrition Security (FNS) indicators. This paper fills three critical gaps in the literature on resilience. It presents cross-country data-driven evidence, highlighting consistencies and discrepancies by analyzing data on otherwise unexplored Latin American and Caribbean countries. It suggests the country-specific approach of resilience measurement for heterogeneous contexts. In addition, it provides policy indications to support the role of farm diversification in promoting household resilience.

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Hou, Yumei, Wasim Iqbal, Ghulam Muhammad Shaikh, Nadeem Iqbal, Yasir Ahmad Solangi, and Arooj Fatima. "Measuring Energy Efficiency and Environmental Performance: A Case of South Asia." Processes 7, no. 6 (June 1, 2019): 325. http://dx.doi.org/10.3390/pr7060325.

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When assessing energy efficiency, most studies have frequently ignored environmental aspects even though the concept has been widely used in the past. This study evaluates the energy efficiency and environmental performance of South Asia by using DEA (data envelopment analysis) like mathematical composite indicator. We construct a comprehensive set of indicators, including an energy self-sufficiency ratio, energy production over consumption ratio, energy imports, diversification index of energy imports, energy reserve ratio, GDP productivity, energy intensity, per capita energy consumption index, carbon emission index, carbon emission index per unit of energy consumption and share of renewable energy in order to develop an energy efficiency and environmental performance index. Unlike other studies, this study first examines each indicator and then estimates a combined score for each country. The results reveal that Bhutan as a more secure country and Pakistan showed a decreasing trend, while Sri Lanka and India performed satisfactorily. Remarkably, Bangladesh, Nepal and Afghanistan showed a decreasing trend. This study proposes a policy that increases the cross-border trade of renewable energy for long term energy efficiency and environmental performance.

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Kozak, Sylwester, and Agata Wierzbowska. "Did the COVID-19 pandemic amplify the positive impact of income diversification on the profitability of European banks?" Equilibrium 17, no. 1 (March 27, 2022): 11–29. http://dx.doi.org/10.24136/eq.2022.001.

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Research background: The contribution of banks? non-interest income to the total income becomes particularly important in the face of a severe financial crisis, usually accompanied by burdensome restrictions in economic activity, insolvencies of enterprises and households and low interest rates of central banks. Purpose of the article: This study investigates banks in 40 European countries to determine whether non-interest income had a significant impact on the bank?s profitability and whether the severity of the COVID-19 pandemic influences the form of this relationship. Methods: This study used a linear cross-section model using bank-level data. In the model, the bank?s profitability was regressed with the measure of income diversification, controlling for the pandemic?s intensity and the state of the country?s economy and bank characteristics. Banking data were obtained from the S&P Global MI. The Oxford COVID-19 Government Response Tracker (Hale et al., 2021, pp. 529?538) was the source of pandemic-related variables. Findings & value added: The obtained results indicate that the increases in non-interest income share in the bank?s total income have a statistically significant positive impact on profitability for the European banking sector. The dependence of profitability on diversification was stronger with the growing adverse effects of the pandemic. Our results are in line with those for the US banks (Li et al., 2021) and the European Central Bank Banking Supervision?s assessment that higher non-interest income has allowed banks? profitability in the euro area to be maintained at a pre-pandemic level (ECB, 2021). In addition, the study contributes to previous literature by testing the impact of the severity of the COVID-19 pandemic on the relationship between income diversification and bank profitability in 40 European countries.

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Andrijasevic, Rutvica, and Devi Sacchetto. "‘Disappearing workers’: Foxconn in Europe and the changing role of temporary work agencies." Work, Employment and Society 31, no. 1 (July 9, 2016): 54–70. http://dx.doi.org/10.1177/0950017015622918.

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This article investigates the role of temporary work agencies (TWAs) at Foxconn’s assembly plants in the Czech Republic. Drawing on ethnographic fieldwork, it shows TWAs’ comprehensive management of migrant labour: recruitment and selection in the countries of origin; cross-border transportation, work and living arrangements in the country of destination; and return to the countries of origin during periods of low production. The article asks whether the distinctiveness of this specific mode of labour management can be understood adequately within the framework of existing theories on the temporary staffing industry. In approaching the staffing industry through the lens of migration labour analysis, the article reveals two key findings. Firstly, TWAs are creating new labour markets but do so by eroding workers’ rights and enabling new modalities of exploitation. Secondly, the diversification of TWAs’ roles and operations has transformed TWAs from intermediaries between capital and labour to enterprises in their own right.

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Moagăr-Poladian, Simona, Dorina Clichici, and Cristian-Valeriu Stanciu. "The Comovement of Exchange Rates and Stock Markets in Central and Eastern Europe." Sustainability 11, no. 14 (July 23, 2019): 3985. http://dx.doi.org/10.3390/su11143985.

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This paper analyses the link between exchange rates and stock markets in four Central and Eastern European countries. We simultaneously explore the comovements of foreign exchange markets and stock markets at the cross-country level and the link between these two markets within each country while employing a Dynamic Conditional Correlation Mixed Data Sampling (DCC-MIDAS) model. Such an approach to financial markets conveys a much more visible picture of the existing patterns of financial integration between these markets that would otherwise be neglected. The estimates reveal significant differences between the patterns of correlation in our sample countries. First, the paper finds a quite low degree of convergence between foreign exchange markets, with rising correlations during some of the crisis episodes. Second, both the 2004 European Union enlargement and the European sovereign debt crisis underpin the stock market comovements in the Central and Eastern European countries. Third, the correlations between the exchange rate returns and stock markets rise mostly during the European sovereign debt crisis and to a lesser extent during the global financial crisis, revealing signs of contagion and lower portfolio diversification opportunities. These results are of utmost relevance for the process of financial integration and they also have important implications for policy makers, risk management, and investors.

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Dosi, Giovanni, Federico Riccio, and Maria Enrica Virgillito. "Specialize or diversify? And in What? Trade composition, quality of specialization, and persistent growth." Industrial and Corporate Change 31, no. 2 (March 31, 2022): 301–37. http://dx.doi.org/10.1093/icc/dtac008.

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Abstract This paper, using a long-term, product-level, cross-country dataset, analyzes the trade–growth nexus by introducing two novel indicators able to capture demand and supply attributes of countries’ quality of specialization. The Keynesian efficiency index measures demand attractiveness of the export baskets, estimating product-level demand elasticities and weighting them by diversification; the Schumpeterian efficiency index tracks the export baskets’ technological dynamism proxied by product-level patent intensities. These two dimensions of quality of specialization are effective in explaining the rate and volatility of growth and the duration of growth episodes, identified as periods longer than 8 years of 2% average growth and, even more, of exceptional growth episodes ($\geq\,5\%$). Our results, robust to a wide range of control variables, suggest that specialization per sé is detrimental for growth resilience while countries with a diversified export structure specialized either in demand-elastic and technological-dynamic productions are likely to experience longer growth episodes.

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Lee, Jaekyung. "Policy Variation among Japan, Korea, England and the United States." education policy analysis archives 9 (April 24, 2001): 13. http://dx.doi.org/10.14507/epaa.v9n13.2001.

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School reform initiatives during the last two decades in Japan, Korea, England, and the United States can be understood as balancing acts. Because policymakers in England and the United States saw their school systems fragmented and student outcomes mediocre, they focused reform efforts on raising educational standards, tightening curriculum and assessment, and improving academic achievement. In contrast, policymakers in Japan and Korea, who saw their school systems overstandardized and educational processes deficient, focused their reform efforts on deregulating schools, diversifying curriculum and assessment, and enhancing whole-person education. While school reform policies were formulated and adopted in response to each countrys unique problems, they also were driven by globalization forces that fostered an international perspective. If implemented successfully, such cross-cultural policy variations (i.e., standardization vs. differentiation in curriculum, unification vs. diversification in assessment, and privatization vs. democratization in governance) would make distinctive educational systems more alike. Cultural and institutional barriers to educational convergence between the Eastern and Western school systems are discussed.

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Journal articles on the topic 'Cross country diversification'

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