The effects of corporate governance mechanisms on the financial leverage–profitability relation

Purpose This paper aims to investigate the moderating effects of corporate governance mechanisms on the financial leverage–profitability relation in emerging market firms. Design/methodology/approach The paper examines the impacts by estimating the empirical model in which a firm’s accounting profitability is a dependent variable, while financial leverage, board size, board independence, CEO duality, CEO ownership, state ownership and the interaction variables are predictors. The paper uses the panel data set of 295 listed firms in Vietnam in the period 2011-2015 and two key econometric methods for panel data, namely, the two-stage least square instrumental variable and general moments method. Findings The paper finds the evidence for the significant and positive effect of board size, board independence and state ownership on the financial leverage–profitability relation. The effect of CEO duality on the financial leverage–profitability relation tends to be negative, and the impact CEO ownership inclines to be positive, although both of them are statistically insignificant. The results are consistent across different estimation methods. Originality/value This paper is the first investigating the moderating effect of various corporate governance mechanisms on the financial leverage–profitability relationship in emerging market firms

Effects of the 2008 Financial Crisis on developing Asia's Economic Growth

The aim of this paper is to study macro aspect of the virulent impacts of the 2008 financial crisis on Asian developing economies. To do this, we apply the Pedroni panel co-integration technique developed to examine the long-run relationship between economic growth, exports and inward FDI on a sample of selected Asian developing countries over the period 1995-2008. Our main finding is that FDI inflows and exports exert a significant and positive impact on developing Asia's economic growth. The 2008 global financial crisis is, therefore, likely to have a significant effect on developing Asia's economic growth through two main transmission channels - FDI and exports channels.Financial crisis, Exports, FDI, Economic growth, Developing countries.

Debt financing and firm performance: The moderating role of board independence

This article investigates the moderating role of board independence in the relationship between debt financing and performance of emerging market firms. We have used an empirical model in which the firm’s accounting profitability is a dependent variable and the independent variables are debt financing, board independence, the interaction variable made of debt financing and board independence as well as various control variables. Our analysis is based on a panel data set of 300 listed firms in Vietnam between 2013 and 2017. Our study finds that debt financing has a significantly negative effect and that board independence reduces the adverse impact of debt financing on accounting profitability. Our results are consistent across different estimation models and methods

Does trade integration matter for reducing intra-regional disparities? ASEAN evidence from a panel co-integration approach

Needless to say, it is necessary to study the relative scales of the trade creation effect and the trade diversion effect to evaluate success of ASEAN trade integration and to determine whether or not the intra-bloc trade share is appropriate as an indicator of the progress of reducing intra-regional disparities in ASEAN. Therefore, this paper first uses descriptive statistics and some key indicators to track the progress in economic growth and in trade integration that is the main pillar of building ASEAN Economic Community. Second, we make an attempt to provide answers to the question of whether trade integration matters for reducing intra-regional disparities among ASEAN member states over the period 1995-2007. We perform the panel co-integration method developed by Pedroni (1999) that allows for heterogeneity across ten ASEAN countries. Our major finding shows that trade integration, which is captured by intra-regional exports and imports flows, is appropriate as an indicator of progress of reducing income disparities in the ASEAN zone. Finally, applying the General Method of Moments (GMM) estimation, we also find that deepening of intra-regional trade integration creates more trade flows among ASEAN member states without diverting trade flows with non-members.Growth, Trade Integration, Intra-regional disparities, Co-integration, ASEAN

Does exchange rate policy matter for economic growth? Vietnam evidence from a co-integration approach

Both economic growth and exchange rate theories suggest that the exchange rate regime could have consequences for the medium-term growth of a country, directly, through its effects on the adjustment to shocks, and indirectly, through its impact on the important determinants of growth. It is, however, surprising that there was little empirical work investigating the indirect relationship between the exchange rate policy and economics growth in the case of a specific country. In a co-integration framework, our research attempts to fill the gap by econometrically investigating the possible impacts of exchange rate regime on economic growth through two main channels - Foreign direct investment (FDI) and Exports - in the case of Vietnam - a successful example of a transitional economy.Exports, Exchange Rate, FDI, Growth, Co-integration

Energy management systems and market value: Is there a link?

This paper aims to advance in the knowledge of the economic impacts of ISO 50001 certification on firms' performance. The study hypothesizes that ISO 50001 is associated with improvements in market value of firms. We employ, on one hand, event study methodology for a sample of 40 companies listed on different stock exchanges. On the other hand, we use market reaction to the announcement of ISO 50001 as a proxy for changes in firm performance. We reveal that market reaction to the adoption of ISO 50001 is negative but statistically insignificant. However, this result is not suggesting that getting ISO 50001 is a bad investment, but rather that inflated expectations of financial performance improvement due to the adoption of ISO 50001 has still been unfounded

A modelling study of environmental fate and effects of oil leakage from abandoned wells

Master's thesis in Environmental EngineeringPotential environmental consequences of oil leakages are taken into consideration in the ongoing development of plug and abandonment (P&A) activities on the Norwegian Continental Shelf (NCS). The P&A on the NCS has been required to reach a “zero leakage” target, while environmental regulations and risk monitoring for permanent abandonment are still needed. Thus, a modelling study of fate and effects of oil leakage from abandoned wells is the topic of this thesis. The research covers an investigation into applicable models and scenario modelling of a theoretical oil leak case study on the NCS. Lessons from natural oil seeps are utilized to understand potential exposure and effects of the oil leakages. In order to estimate the chronic biological exposure and effects from continuous low-rate oil leakages, the modelling is executed via a software developed by SINTEF. An Environmental Impact Factor (EIF) tool is used to compute impacted areas and risks of different oil droplets. The results show that the smaller the droplets are, the greater the impact they have on the environment. EIFs or risks develop in time and become more stable over long periods, meanwhile impacted areas with risk > 5% become denser in a certain location of a few hundred meters from the release site. Chronic exposure and effects on organisms potentially occur with a steady state effect over a long period. Some unacceptable risks, which are exceeding the conventional accepted level of 5%, appear surrounding the release site, indicating a need of mitigation measures. Under variation of currents and winds, dilution, dispersion, evaporation, oxidation and biodegradation are parts of the influence processes on fate and effects of the oil leakage. Toxic hydrocarbons including polycyclic aromatic hydrocarbon, naphthalene 1, C4 benzene and C7 to C9 saturates should be of concern regarding hydrocarbon contributions to risks.publishedVersio

Projekt pro provedení stavby bytového domu

Hanh Pham Thi Hong. The Detailed Design Documentation of Apartment Building. VŠB-TUO, 2018, 60 p + Contruction drawings. This thesis focus on detailing design for an apartment building in terms of primary architectural designs, main support structures, civil works. In addition, the mission includes: - Making BOQ – The bill of quantities of joinery elements, locksmith elements and plumbing elements, - Designing reinforced concrete foundations – Strip foundations The apartment building is supposed locating in Poruba, Ostrava, Czech Republic. It should take a long period of time to complete designing a building with all construction stages in fact. Thus, in this design document, all done works are considered at the prelimary approach. However, the primary stages during contruction process are mentioned and discussed in detailed ways in this thesis.Hanh Pham Thi Hong. Detailní návrhová dokumentace bytového domu. VŠB-TUO, 2018, 60 p + Konstrukční výkresy. Tato diplomová práce se zaměřuje na detailní návrh bytového domu z hlediska primárních architektonických návrhů, hlavních nosných konstrukcí, stavebních prací. Mimo to mise zahrnuje: - Provedení BOQ - Výkaz počtu kusů truhlářských prvků, zámečnických prvků a vodovodních prvků, - Projektování železobetonových základů - Základové pásy Bytová budova se nachází v Porubě, v Ostravě, Česká republika. Mělo by trvat dlouhé časové období dokončení projektování budovy se všemi stavebními stupni ve skutečnosti. V tomto konstrukčním dokumentu jsou proto veškeré provedené práce zohledněny v předběžném přístupu. Nicméně, primární etapy během procesu budování jsou zmíněny a podrobně diskutovány v této práci.225 - Katedra pozemního stavitelstvívelmi dobř