Search results for: panel data econometrics

Authors: Ida Bagus Mandhara Brasika, I Dewa Gde Sathya Deva

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Wolbachia is recently developed as the natural enemy of Dengue virus (DENV). It inhibits the replication of DENV in Aedes aegypti. Both DENV and its vector, Aedes aegypty, are sensitive to climate factor especially temperature. The changing of climate has a direct impact on temperature which means changing the vector transmission. Temperature has been known to effect Wolbachia density as it has an ideal temperature to grow. Some scenarios, which are known as Representative Concentration Pathways (RCPs), have been developed by Intergovernmental Panel on Climate Change (IPCC) to predict the future climate based on greenhouse gases concentration. These scenarios are applied to mitigate the future change of Aedes aegypti migration and how Wolbachia could control the virus. The prediction will determine the schemes to release Wolbachia-injected Aedes aegypti to reduce DENV transmission.

Keywords: Aedes aegypti, climate change, dengue virus, Intergovernmental Panel on Climate Change, representative concentration pathways, Wolbachia

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Authors: Salise Oktay, Nilgun Kizilcan, Basak Bengu

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At present, formaldehyde-based adhesives such as urea-formaldehyde (UF), melamine-formaldehyde (MF), melamine – urea-formaldehyde (MUF), etc. are mostly used in wood-based panel industry because of their high reactivity, chemical versatility, and economic competitiveness. However, formaldehyde-based wood adhesives are produced from non- renewable resources and also formaldehyde is classified as a probable human carcinogen (Group B1) by the U.S. Environmental Protection Agency (EPA). Therefore, there has been a growing interest in the development of environment-friendly, economically competitive, bio-based wood adhesives to meet wood-based panel industry requirements. In this study, like a formaldehyde-free adhesive, oxidized starch – urea wood adhesives was synthesized. In this scope, firstly, acid hydrolysis of corn starch was conducted and then acid thinned corn starch was oxidized by using hydrogen peroxide and CuSO₄ as an oxidizer and catalyst, respectively. Secondly, the polycondensation reaction between oxidized starch and urea conducted. Finally, nano – TiO₂ was added to the reaction system to strengthen the adhesive network. Solid content, viscosity, and gel time analyses of the prepared adhesive were performed to evaluate the adhesive processability. FTIR, DSC, TGA, SEM characterization techniques were used to investigate chemical structures, thermal, and morphological properties of the adhesive, respectively. Rheological analysis of the adhesive was also performed. In order to evaluate the quality of oxidized corn starch – urea adhesives, particleboards were produced in laboratory scale and mechanical and physical properties of the boards were investigated such as an internal bond, modulus of rupture, modulus of elasticity, formaldehyde emission, etc. The obtained results revealed that oxidized starch – urea adhesives were synthesized successfully and it can be a good potential candidate to use the wood-based panel industry with some developments.

Keywords: nano-TiO₂, corn starch, formaldehyde emission, wood adhesives

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Authors: Eyup Dogan

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One criticism of the energy-growth-environment literature, to the best of our knowledge, is that only a few studies analyze the influence of tourism on CO₂ emissions even though tourism sector is closely related to the environment. The other criticism is the selection of methodology. Panel estimation techniques that fail to consider both heterogeneity and cross-sectional dependence across countries can cause forecasting errors. To fulfill the mentioned gaps in the literature, this study analyzes the impacts of real GDP, renewable energy and tourism on the levels of carbon dioxide (CO₂) emissions for the top 10 most-visited countries around the world. This study focuses on the top 10 touristic (most-visited) countries because they receive about the half of the worldwide tourist arrivals in late years and are among the top ones in 'Renewables Energy Country Attractiveness Index (RECAI)'. By looking at Pesaran’s CD test and average growth rates of variables for each country, we detect the presence of cross-sectional dependence and heterogeneity. Hence, this study uses second generation econometric techniques (cross-sectionally augmented Dickey-Fuller (CADF), and cross-sectionally augmented IPS (CIPS) unit root test, the LM bootstrap cointegration test, and the DOLS and the FMOLS estimators) which are robust to the mentioned issues. Therefore, the reported results become accurate and reliable. It is found that renewable energy mitigates the pollution whereas real GDP and tourism contribute to carbon emissions. Thus, regulatory policies are necessary to increase the awareness of sustainable tourism. In addition, the use of renewable energy and the adoption of clean technologies in tourism sector as well as in producing goods and services play significant roles in reducing the levels of emissions.

Keywords: air pollution, tourism, renewable energy, income, panel data

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Authors: Jeeban Amgain

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This paper investigates the impact of the size and composition of government expenditure and tax on GDP per capita growth in 36 Asian economies over the period of 1991-2012. The research employs the technique of panel regression; Fixed Effects and Generalized Method of Moments (GMM) as well as other statistical and descriptive approaches. The finding concludes that the size of government expenditure and tax revenue are generally low in this region. GDP per capita growth is strongly negative in response to Government expenditure, however, no significant relationship can be measured in case of size of taxation although it is positively correlated with economic growth. Panel regression of decomposed fiscal components also shows that the pattern of allocation of expenditure and taxation really matters on growth. Taxes on international trade and property have a significant positive impact on growth. In contrast, a major portion of expenditure, i.e. expenditure on general public services, health and education are found to have significant negative impact on growth, implying that government expenditures are not being productive in the Asian region for some reasons. Comparatively smaller and efficient government size would enhance the growth.

Keywords: government expenditure, tax, GDP per capita growth, composition

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Authors: Christian Castro Samaniego, Daniel Icaza Alvarez, Juan Portoviejo Brito

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For this research work, hybrid wind-photovoltaic (SHEF) systems were considered as renewable energy sources that take advantage of wind energy and solar radiation to transform into electrical energy. In the present research work, the feasibility of a wind-photovoltaic hybrid generation system was analyzed for the La Tranca tourist viewpoint of the Chordeleg canton in Ecuador. The research process consisted of the collection of data on solar radiation, temperature, wind speed among others by means of a meteorological station. Simulations were carried out in MATLAB/Simulink based on a mathematical model. In the end, we compared the theoretical radiation-power curves and the measurements made at the site.

Keywords: hybrid system, wind turbine, modeling, simulation, validation, experimental data, panel, Ecuador

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Authors: Priscila A. Bernardes, Marcos E. Buzanskas, Luciana C. A. Regitano, Ricardo V. Ventura, Danisio P. Munari

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Genotype imputation has been used to reduce genomic selections costs. In order to increase haplotype detection accuracy in methods that considers the linkage disequilibrium, another approach could be used, such as combined genotype data from different panels. Therefore, this study aimed to evaluate the linkage disequilibrium and haplotype blocks in two high-density panels before and after the imputation to a combined panel in Nelore beef cattle. A total of 814 animals were genotyped with the Illumina BovineHD BeadChip (IHD), wherein 93 animals (23 bulls and 70 progenies) were also genotyped with the Affymetrix Axion Genome-Wide BOS 1 Array Plate (AHD). After the quality control, 809 IHD animals (509,107 SNPs) and 93 AHD (427,875 SNPs) remained for analyses. The combined genotype panel (CP) was constructed by merging both panels after quality control, resulting in 880,336 SNPs. Imputation analysis was conducted using software FImpute v.2.2b. The reference (CP) and target (IHD) populations consisted of 23 bulls and 786 animals, respectively. The linkage disequilibrium and haplotype blocks studies were carried out for IHD, AHD, and imputed CP. Two linkage disequilibrium measures were considered; the correlation coefficient between alleles from two loci (r²) and the |D’|. Both measures were calculated using the software PLINK. The haplotypes' blocks were estimated using the software Haploview. The r² measurement presented different decay when compared to |D’|, wherein AHD and IHD had almost the same decay. For r², even with possible overestimation by the sample size for AHD (93 animals), the IHD presented higher values when compared to AHD for shorter distances, but with the increase of distance, both panels presented similar values. The r² measurement is influenced by the minor allele frequency of the pair of SNPs, which can cause the observed difference comparing the r² decay and |D’| decay. As a sum of the combinations between Illumina and Affymetrix panels, the CP presented a decay equivalent to a mean of these combinations. The estimated haplotype blocks detected for IHD, AHD, and CP were 84,529, 63,967, and 140,336, respectively. The IHD were composed by haplotype blocks with mean of 137.70 ± 219.05kb, the AHD with mean of 102.10kb ± 155.47, and the CP with mean of 107.10kb ± 169.14. The majority of the haplotype blocks of these three panels were composed by less than 10 SNPs, with only 3,882 (IHD), 193 (AHD) and 8,462 (CP) haplotype blocks composed by 10 SNPs or more. There was an increase in the number of chromosomes covered with long haplotypes when CP was used as well as an increase in haplotype coverage for short chromosomes (23-29), which can contribute for studies that explore haplotype blocks. In general, using CP could be an alternative to increase density and number of haplotype blocks, increasing the probability to obtain a marker close to a quantitative trait loci of interest.

Keywords: Bos taurus indicus, decay, genotype imputation, single nucleotide polymorphism

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Authors: Khuram Nawaz Sadozai, Sonia

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The agriculture sector is deemed more vulnerable to climate change as its variation can directly affect the crop’s productivity, but farmers’ adaptation strategies play a vital role in climate change-agriculture relationship. Therefore, this research has been undertaken to assess the Climate Change impact on wheat productivity and farmers’ adaptability strategies in Khyber Pakhtunkhwa province, Pakistan. The panel dataset was analyzed to gauge the impact of changing climate variables (i.e., temperature, rainfall, and humidity) on wheat productivity from 1985 to 2015. Amid the study period, the fixed effect estimates confirmed an inverse relationship of temperature and rainfall on the wheat yield. The impact of temperature is observed to be detrimental as compared to the rainfall, causing 0.07 units reduction in the production of wheat with 1C upsurge in temperature. On the flip side, humidity revealed a positive association with the wheat productivity by confirming that high humidity could be beneficial to the production of the crop over time. Thus, this study ensures significant nexus between agricultural production and climatic parameters. However, the farming community in the underlying study area has limited knowledge about the adaptation strategies to lessen the detrimental impact of changing climate on crop yield. It is recommended that farmers should be well equipped with training and advanced agricultural management practices under the realm of climate change. Moreover, innovative technologies pertinent to the agriculture system should be encouraged to handle the challenges arising due to variations in climate factors.

Keywords: climate change, fixed effect model, panel data, wheat productivity

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Authors: K. B. Vinay, K. G. Vismay, S. Kasturirengan, G. A. Vivek

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Cryosorption pumps are considered to be safe, quiet and ultra-high vacuum production pumps which have their application from Semiconductor industries to ITER [International Thermonuclear Experimental Reactor] units. The principle of physisorption of gases over highly porous materials like activated charcoal at cryogenic temperatures (below -1500°C) is involved in determining the pumping speed of gases like Helium, Hydrogen, Argon and Nitrogen. This paper aims at providing detailed overview of development of Cryosorption pump which is the modern ultra-high vacuum pump and characterization of different activated charcoal materials that optimizes the performance of the pump. Different grades of charcoal were tested in order to determine the pumping speed of the pump and were compared with commercially available Varian cryopanel. The results for bare panel, bare panel with adhesive, cryopanel with pellets, and cryopanel with granules were obtained and compared. The comparison showed that cryopanel adhered with small granules gave better pumping speeds than large sized pellets.

Keywords: adhesive, cryopanel, granules, pellets

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Authors: K. S. Sivakumaran, T. Thanga, B. Halabieh

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The end panels of a large rectangular industrial duct, which experience significant internal pressures, also experience considerable transverse shear due to transfer of gravity loads to the supports. The current design practice of such thin plate panels for shear load is based on methods used for the design of plate girder webs. The structural arrangements, the loadings and the resulting behavior associated with the industrial duct end panels are, however, significantly different than those of the web of a plate girder. The large aspect ratio of the end panels gives rise to multiple bands of tension fields, whereas the plate girder web design is based on one tension field. In addition to shear, the industrial end panels are subjected to internal pressure which in turn produces significant membrane action. This paper reports a study which was undertaken to review the current industrial analysis and design methods and to propose a comprehensive method of designing industrial duct end panels for shear resistance. In this investigation, a nonlinear finite element model was developed to simulate the behavior of industrial duct end panel subjected to transverse shear and internal pressures. The model considered the geometric imperfections and constitutive relations for steels. Six scale independent dimensionless parameters that govern the behavior of such end panel were identified and were then used in an extensive parametric study. It was concluded that the plate slenderness dominates the shear strength of stockier end panels, and whereas, the aspect ratio and plate slenderness influence the shear strength of slender end panels. Based on these studies, this paper proposes design aids for estimating the shear strength of rectangular duct end panels.

Keywords: thin plate, transverse shear, tension field, finite element analysis, parametric study, design

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Authors: Stefano M. Spagocci

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The efficiency of photovoltaic panels can be calculated with such software packages as RETScreen that allow design engineers to take financial as well as technical considerations into account. RETScreen is interfaced with meteorological databases, so that efficiency calculations can be realistically carried out. The author has recently contributed to the development of solar modules with accumulation capability and an embedded water purifier, aimed at off-grid users such as users in developing countries. The software packages examined do not allow to take ancillary equipment into account, hence the decision to implement a technical and financial model of the system. The author realized that, rather than re-implementing the quite sophisticated model of RETScreen - a mathematical description of which is anyway not publicly available - it was possible to drastically simplify it, including the meteorological factors which, in RETScreen, are presented in a numerical form. The day-by-day efficiency of a photovoltaic solar panel was parametrized by the product of factors expressing, respectively, daytime duration, solar right ascension motion, solar declination motion, cloudiness, temperature. For the sun-motion-dependent factors, positional astronomy formulae, simplified by the author, were employed. Meteorology-dependent factors were fitted by simple trigonometric functions, employing numerical data supplied by RETScreen. The accuracy of our model was tested by comparing it to the predictions of RETScreen; the accuracy obtained was 11%. In conclusion, our study resulted in a model that can be easily implemented in a spreadsheet - thus being easily manageable by non-specialist personnel - or in more sophisticated software packages. The model was used in a number of design exercises, concerning photovoltaic solar panels and ancillary equipment like the above-mentioned water purifier.

Keywords: clean energy, energy engineering, mathematical modelling, photovoltaic panels, solar energy

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Authors: Yuthapoom Thanakijborisut

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This paper studies consumption insurance against the chronic illness in Thailand. The study estimates the impact of household consumption in the chronic illness on consumption growth. Chronic illness is the health care costs of a person or a household’s decision in treatment for the long term; the causes and effects of the household’s ability for smooth consumption. The chronic illnesses are measured in health status when at least one member within the household faces the chronic illness. The data used is from the Household Social Economic Panel Survey conducted during 2007 and 2012. The survey collected data from approximately 6,000 households from every province, both inside and outside municipal areas in Thailand. The study estimates the change in household consumption by using an ordinary least squares (OLS) regression model. The result shows that the members within the household facing the chronic illness would reduce the consumption by around 4%. This case indicates that consumption insurance in Thailand is quite sufficient against chronic illness.

Keywords: consumption insurance, chronic illness, health care, Thailand

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Authors: Chiung-Ju Huang, Yuan-Hong Ho

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This study utilizes the International Monetary Fund (IMF) Fiscal Rules Dataset focusing on four specific fiscal rules such as expenditure rule, revenue rule, budget balance rule, and debt rule and five main characteristics of each fiscal rule those are monitoring, enforcement, coverage, legal basis, and escape clause to construct the Fiscal Rule Index for nine countries in the Asia-Pacific region from 1996 to 2015. After constructing the fiscal rule index for each country, we utilize the Panel Generalized Method of Moments (Panel GMM) by using the constructed fiscal rule index to examine the effectiveness of fiscal rules in reducing procyclicality. Empirical results show that national fiscal rules have a significantly negative impact on procyclicality of government expenditure. Additionally, stricter fiscal rules combined with high government effectiveness are effective in reducing procyclicality of government expenditure. Results of this study indicate that for nine Asia-Pacific countries, policymakers’ use of fiscal rules and government effectiveness to reducing procyclicality of fiscal policy are effective.

Keywords: counter-cyclical policy, fiscal rules, government efficiency, procyclical policy

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Authors: K. Sridhar Reddy, M. Amaranatha Reddy, Nilanjan Mitra

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Short paneled concrete pavement (SPCP) with shorter panel size can be an alternative to the conventional jointed plain concrete pavements (JPCP) at the same cost as the asphalt pavements with all the advantages of concrete pavement with reduced thickness, less chance of mid-slab cracking and or dowel bar locking so common in JPCP. Cast-in-situ short concrete panels (short slabs) laid on a strong foundation consisting of a dry lean concrete base (DLC), and cement treated subbase (CTSB) will reduce the thickness of the concrete slab to the order of 180 mm to 220 mm, whereas JPCP was with 280 mm for the same traffic. During the construction of SPCP test sections on two Indian National Highways (NH), it was observed that the joints remain uncracked after a year of traffic. The undoweled and uncracked joints load transfer variability and joint behavior are of interest with anticipation on its long-term performance of the SPCP. To investigate the effects of undoweled and uncracked joints on short slabs, the present study was conducted. A multilayer linear elastic analysis using 3D finite element package for different panel sizes with different thicknesses resting on different types of solid elastic foundation with and without temperature gradient was developed. Surface deflections were obtained from 3D FE model and validated with measured field deflections from falling weight deflectometer (FWD) test. Stress analysis indicates that flexural stresses in short slabs are decreased with a decrease in panel size and increase in thickness. Detailed evaluation of stress analysis with the effects of curling behavior, the stiffness of the base layer and a variable degree of load transfer, is underway.

Keywords: joint behavior, short slabs, uncracked joints, undoweled joints, 3D numerical simulation

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Authors: András Horkai, Attila Talamon, Viktória Sugár

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There is an urgent need nowadays to reduce energy demand and the current level of greenhouse gas emission and use renewable energy sources increase in energy efficiency. On the other hand, the European Union (EU) countries are largely dependent on energy imports and are vulnerable to disruption in energy supply, which may, in turn, threaten the functioning of their current economic structure. Residential buildings represent a significant part of the energy consumption of the building stock. Only a small part of the building stock is exchanged every year, thus it is essential to increase the energy efficiency of the existing buildings. Present paper focuses on the buildings built with industrialized technology only, and their opportunities in the boundaries of nearly zero-energy regulation. Current paper shows the emergence of panel construction method, and past and present of the ‘panel’ problem in Hungary with a short outlook to Europe. The study shows as well as the possibilities for meeting the nearly zero and cost optimized requirements for residential buildings by analyzing the renovation scenarios of an existing residential typology.

Keywords: Budapest, energy consumption, industrialized technology, nearly zero-energy buildings

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Authors: Muhammad Tanveer Altaf, Mehmet Bedir, Waqas Liaqat, Gönül Cömertpay, Volkan Çatalkaya, Celaluddin Barutçular, Nergiz Çoban, Ibrahim Cerit, Muhammad Azhar Nadeem, Tolga Karaköy, Faheem Shehzad Baloch

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Food production needs to be almost double by 2050 in order to feed around 9 billion people around the Globe. Plant production mostly relies on fertilizers, which also have one of the main roles in environmental pollution. In addition to this, climatic conditions are unpredictable, and the earth is expected to face severe drought conditions in the future. Therefore, water and fertilizers, especially nitrogen are considered as main constraints for future food security. To face these challenges, developing integrative approaches for germplasm characterization and selecting the resilient genotypes performing under limiting conditions is very crucial for effective breeding to meet the food requirement under climatic change scenarios. This study is part of the European Research Area Network (ERANET) project for the characterization of the diversity panel of 172 sorghum accessions and six hybrids as control cultivars under limiting (+N/-H2O, -N/+H2O) and non-limiting conditions (+N+H2O). This study was planned to characterize the sorghum diversity in relation to resource Use Efficiency (RUE), with special attention on harnessing the interaction between genotype and environment (GxE) from a physiological and agronomic perspective. Experiments were conducted at Adana, a Mediterranean climate, with augmented design, and data on various agronomic and physiological parameters were recorded. Plentiful diversity was observed in the sorghum diversity panel and significant variations were seen among the limiting water and nitrogen conditions in comparison with the control experiment. Potential genotypes with the best performance are identified under limiting conditions. Whole genome resequencing was performed for whole germplasm under investigation for diversity analysis. GWAS analysis will be performed using genotypic and phenotypic data and linked markers will be identified. The results of this study will show the adaptation and improvement of sorghum under climate change conditions for future food security.

Keywords: germplasm, sorghum, drought, nitrogen, resources use efficiency, sequencing

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Authors: Muhammad Tahir, Mushtaq Muhammad

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Capital structure is one of the key decisions taken by the financial managers. This study aims to investigate the factors influencing capital structure decision in Oil and Gas industry of Pakistan using secondary data from published annual reports of listed Oil and Gas Companies of Pakistan. This study covers the time-period from 2008-2014. Capital structure can be affected by profitability, firm size, growth opportunities, dividend payout, liquidity, business risk, and ownership structure. Panel data technique with Ordinary least square (OLS) regression model has been used to find the impact of set of explanatory variables on the capital structure using the Stata. OLS regression results suggest that dividend payout, firm size and government ownership have the most significant impact on financial leverage. Dividend payout and government ownership are found to have significant negative association with financial leverage however firm size indicated positive relationship with financial leverage. Other variables having significant link with financial leverage includes growth opportunities, liquidity and business risk. Results reveal significant positive association between growth opportunities and financial leverage whereas liquidity and business risk are negatively correlated with financial leverage. Profitability and managerial ownership exhibited insignificant relationship with financial leverage. This study contributes to existing Managerial Finance literature with certain managerial implications. Academically, this research study describes the factors affecting capital structure decision of Oil and Gas Companies in Pakistan and adds latest empirical evidence to existing financial literature in Pakistan. Researchers have studies capital structure in Pakistan in general and industry at specific, nevertheless still there is limited literature on this issue. This study will be an attempt to fill this gap in the academic literature. This study has practical implication on both firm level and individual investor/ lenders level. Results of this study can be useful for investors/ lenders in making investment and lending decisions. Further, results of this study can be useful for financial managers to frame optimal capital structure keeping in consideration the factors that can affect capital structure decision as revealed by this study. These results will help financial managers to decide whether to issue stock or issue debt for future investment projects.

Keywords: capital structure, multicollinearity, ordinary least square (OLS), panel data

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Authors: Humayun R. H. Kabir

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An analytical solution before used for static and free-vibration response has been extended for thermal buckling response on cylindrical panel with anti-symmetric laminations. The partial differential equations that govern kinematic behavior of shells produce five coupled differential equations. The basic displacement and rotational unknowns are similar to first order shear deformation theory---three displacement in spatial space, and two rotations about in-plane axes. No drilling degree of freedom is considered. Boundary conditions are considered as complete hinge in all edges so that the panel respond on thermal inductions. Two sets of double Fourier series are considered in the analytical solution process. The sets are selected that satisfy mixed type of natural boundary conditions. Numerical results are presented for the first 10 eigenvalues, and first 10 mode shapes for Ux, Uy, and Uz components. The numerical results are compared with a finite element based solution.

Keywords: higher order shear deformation, composite, thermal buckling, angle-ply laminations

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Authors: Mike Tsionas

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The paper develops new indices of financial stability based on an explicit model of expected utility maximization by financial institutions subject to the classical technology restrictions of neoclassical production theory. The model can be estimated using standard econometric techniques, like GMM for dynamic panel data and latent factor analysis for the estimation of co-variance matrices. An explicit functional form for the utility function is not needed and we show how measures of risk aversion and prudence (downside risk aversion) can be derived and estimated from the model. The model is estimated using data for Eurozone countries and we focus particularly on (i) the use of the modeling approach as an “early warning mechanism”, (ii) the bank- and country-specific estimates of risk aversion and prudence (downside risk aversion), and (iii) the derivation of a generalized measure of risk that relies on loan-price uncertainty.

Keywords: financial stability, banking, expected utility maximization, sub-prime crisis, financial crisis, eurozone, PIIGS

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Authors: Uyi Kizito Ehigiamusoe

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The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: economic growth, investments, money market, money market challenges, money market instruments

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Authors: Ekrem Erdem, Can Tansel Tugcu

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Improved resource efficiency of production is a key requirement for sustainable growth, worldwide. In this regards, by considering the energy and tourism as the extra inputs to the classical Coub-Douglas production function, this study aims at investigating the efficiency changes in the North African countries. To this end, the study uses panel data for the period 1995-2010 and adopts the Malmquist index based on the data envelopment analysis. Results show that tourism increases technical and scale efficiencies, while it decreases technological and total factor productivity changes. On the other hand, when the production function is augmented by the energy input, technical efficiency change decreases, while the technological change, scale efficiency change and total factor productivity change increase. Thus, in order to satisfy the needs for sustainable growth, North African governments should take some measures for increasing the contribution that the tourism makes to economic growth and some others for efficient use of resources in the energy sector.

Keywords: data envelopment analysis, economic efficiency, North African countries, sustainable growth

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Authors: Imalka Wasana Rathnayaka, Rasheda Khanam, Mohammad Mafizur Rahman

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TheCOVID-19 pandemic has created unprecedented challenges to both the health and economic states in countries around the world. This study aims to evaluate the effectiveness of governments' decisions to mitigate the risks of COVID-19 through proposing policy directions to reduce its magnitude. The study is motivated by the ongoing coronavirus outbreaks and comprehensive policy responses taken by countries to mitigate the spread of COVID-19 and reduce death rates. This study contributes to filling the knowledge by exploiting the long-term efficacy of extensive plans of governments. This study employs a Panel autoregressive distributed lag (ARDL) framework. The panels incorporate both a significant number of variables and fortnightly observations from22 countries. The dependent variables adopted in this study are the fortnightly death rates and the rates of the spread of COVID-19. Mortality rate and the rate of infection data were computed based on the number of deaths and the number of new cases per 10000 people.The explanatory variables are fortnightly values of indexes taken to investigate the efficacy of government interventions to control COVID-19. Overall government response index, Stringency index, Containment and health index, and Economic support index were selected as explanatory variables. The study relies on the Oxford COVID-19 Government Measure Tracker (OxCGRT). According to the procedures of ARDL, the study employs (i) the unit root test to check stationarity, (ii) panel cointegration, and (iii) PMG and ARDL estimation techniques. The study shows that the COVID-19 pandemic forced immediate responses from policymakers across the world to mitigate the risks of COVID-19. Of the four types of government policy interventions: (i) Stringency and (ii) Economic Support have been most effective and reveal that facilitating Stringency and financial measures has resulted in a reduction in infection and fatality rates, while (iii) Government responses are positively associated with deaths but negatively with infected cases. Even though this positive relationship is unexpected to some extent in the long run, social distancing norms of the governments have been broken by the public in some countries, and population age demographics would be a possible reason for that result. (iv) Containment and healthcare improvements reduce death rates but increase the infection rates, although the effect has been lower (in absolute value). The model implies that implementation of containment health practices without association with tracing and individual-level quarantine does not work well. The policy implication based on containment health measures must be applied together with targeted, aggressive, and rapid containment to extensively reduce the number of people infected with COVID 19. Furthermore, the results demonstrate that economic support for income and debt relief has been the key to suppressing the rate of COVID-19 infections and fatality rates.

Keywords: COVID-19, infection rate, deaths rate, government response, panel data

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Authors: Sheng-Hung Chen, Grace Mmametena Mahlangu, Hui-Cheng Wang

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This study aims to explore the trends of the Entrepreneurial Framework Conditions (EFCs) in the five African regions. The Global Entrepreneur Monitor (GEM) is the primary source of data. The data drawn were organized into a panel (2000-2021) and obtained from the National Expert Survey (NES) databases as harmonized by the (GEM). The Methodology used is descriptive and uses mainly charts and tables; this is in line with the approach used by the GEM. The GEM draws its data from the National Expert Survey (NES). The survey by the NES is administered to experts in each country. The GEM collects entrepreneurship data specific to each country. It provides information about entrepreneurial ecosystems and their impact on entrepreneurship. The secondary source is from the literature review. This study focuses on the following GEM indicators: Financing for Entrepreneurs, Government support and Policies, Taxes and Bureaucracy, Government programs, Basic School Entrepreneurial Education and Training, Post school Entrepreneurial Education and Training, R&D Transfer, Commercial And Professional Infrastructure, Internal Market Dynamics, Internal Market Openness, Physical and Service Infrastructure, and Cultural And Social Norms, based on GEM Report 2020/21. The limitation of the study is the lack of updated data from some countries. Countries have to fund their own regional studies; African countries do not regularly participate due to a lack of resources.

Keywords: trend analysis, entrepreneurial framework conditions (EFCs), African region, government programs

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Authors: Saad Bin Nasir

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This research will examine the impact of corporate governance on firm performance in family and non-family owned firms in Pakistan. For the purpose of this research, corporate governance mechanisms which included are board size, board composition, leadership structure, board meetings are taken as independent variable and firm performance taken as dependent variable and it will be measured with return on asset and return on equity. Firm size and firm’s age will be taken as control variables. Secondary data will collect from audited annul reports of companies and panel data regression model will applied, to check the impact of corporate governance on firm performance.

Keywords: board size, board composition, Leadership Structure, board meetings, firm performance, family and non-family owned firms

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Authors: Ellis Kofi Akwaa-Sekyi, Jordi Moreno Gené

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Managerial actions which negatively profile banks and impair corporate reputation are addressed through effective internal control systems. Disregard for acceptable standards and procedures for granting credit have affected bank loan portfolios and could be cited for the crises in some European countries. The study intends to determine the effectiveness of internal control systems, investigate whether perceived agency problems exist on the part of board members and to establish the relationship between internal controls and credit risk among listed banks in the European Union. Drawing theoretical support from the behavioural compliance and agency theories, about seventeen internal control variables (drawn from the revised COSO framework), bank-specific, country, stock market and macro-economic variables will be involved in the study. A purely quantitative approach will be employed to model internal control variables covering the control environment, risk management, control activities, information and communication and monitoring. Panel data from 2005-2014 on listed banks from 28 European Union countries will be used for the study. Hypotheses will be tested and the Generalized Least Squares (GLS) regression will be run to establish the relationship between dependent and independent variables. The Hausman test will be used to select whether random or fixed effect model will be used. It is expected that listed banks will have sound internal control systems but their effectiveness cannot be confirmed. A perceived agency problem on the part of the board of directors is expected to be confirmed. The study expects significant effect of internal controls on credit risk. The study will uncover another perspective of internal controls as not only an operational risk issue but credit risk too. Banks will be cautious that observing effective internal control systems is an ethical and socially responsible act since the collapse (crisis) of financial institutions as a result of excessive default is a major contagion. This study deviates from the usual primary data approach to measuring internal control variables and rather models internal control variables in a quantitative approach for the panel data. Thus a grey area in approaching the revised COSO framework for internal controls is opened for further research. Most bank failures and crises could be averted if effective internal control systems are religiously adhered to.

Keywords: agency theory, credit risk, internal controls, revised COSO framework

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Authors: Svetlana Zhikrivetskaya, Nataliya Shirokova, Roman Bikanov, Elizaveta Musatova, Yana Kovaleva, Nataliya Vetrova, Ekaterina Pomerantseva

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Nowadays there is a growing number of couples with conceiving problems due to male or female infertility. Genetic abnormalities are responsible for about 31% of all cases of male infertility. These abnormalities include both chromosomal aberrations or aneuploidies and mutations in certain genes. Chromosomal abnormalities can be easily identified, thus the development of screening panels able to reveal genetic reasons of male infertility on gene level is of current interest. There are approximately 2,000 genes involved in male fertility that is the reason why it is very important to determine the most clinically relevant in certain population and ethnic conditions. An infertility screening panel containing 48 mutations in genes AMHR2, CFTR, DNAI1, HFE, KAL1, TSSK2 and AZF locus which are the most clinically relevant for the European population according to databases NCBI and ClinVar was designed. The aim of this research was to confirm clinic relevance of these mutations in the Russian population. Genotyping was performed in 220 patients with different types of male infertility and in 57 healthy males with normozoospermia. Mutations were identified by end-point PCR with TaqMan probes in microfluidic plates. The frequency of 5 mutations in healthy males and 13 mutations in patients with infertility was revealed and estimated. The frequency of mutation c.187C>G in HFE gene was significantly lower for healthy males (8.8%) compared with patients (17.7%) and the values for the European population according to ExAc database (13.7%) and dbSNP (17.2%). Analysis of c.3454G>C, and c.1545_1546delTA mutations in the CFTR gene revealed increased frequency (0.9 and 0.2%, respectively) in patients with infertility compared with data for the European population (0.04%, respectively (ExAc, European (Non-Finnish) and for the Aggregated Populations (0.002% (ExAc), because there is no data for European population for c.1545_1546delTA mutation. The frequency of del508 mutation (CFTR) in patients (1.59%) were lower comparing with male infertility Europeans (3.34-6.25% depending on nationality) and at the same level with healthy Europeans (1.06%, ExAc, European (Non-Finnish). Analysis of c.845G>A (HFE) mutation resulted in decreased frequency in patients (1.8%) in contrast with the European population data (5.1%, respectively, ExAc, European (Non-Finnish). Moreover, obtained data revealed no statistically significant frequency difference for c.845G>A mutation (HFE) between healthy males in the Russian and the European populations. Allele frequencies of mutations c.350G>A (CFTR), c.193A>T (HFE), c.774C>T, and c.80A>G (gene TSSK2) showed no significantly difference among patients with infertility, healthy males and Europeans. Analysis of AZF locus revealed increased frequency for AZFc microdeletion in patients with male infertility. Thereby, the new data of the allele frequencies in infertility patients in the Russian population was obtained. As well as the frequency differences of mutations associated with male infertility among patients, healthy males in the Russian population and the European one were estimated. The revealed differences showed that for high effectiveness of screening panel detecting genetically caused male infertility it is very important to consider ethnic and population characteristics of patients which will be screened.

Keywords: allele frequency, azoospermia, male infertility, mutation, population

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Authors: Oguzhan Cepni, Doruk Kucuksarac, M. Hasan Yilmaz

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Changes in the global risk appetite cause co-movement in emerging market risk premiums. However, the sensitivity of the changes in risk premium to the global risk appetite may vary across emerging markets. In this study, how the global risk appetite affects Credit Default Swap (CDS) premiums in emerging markets are analyzed using Principal Component Analysis (PCA) and rolling regressions. The PCA results indicate that the first common component derived by the PCA accounts for almost 76 percent of the common variation in CDS premiums. Additionally, the explanatory power of the first factor seems to be high over the sample period. However, the sensitivity to the global risk factor tends to change over time and across countries. In this regard, fixed effects panel regressions are used to identify the macroeconomic factors driving the heterogeneity across emerging markets. The panel regression results point to the significance of government debt to GDP and international reserves to GDP in explaining sensitivity. Accordingly, countries with lower government debt and higher reserves tend to be less subject to the variations in the global risk appetite.

Keywords: credit default swaps, emerging markets, principal components analysis, sovereign risk

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Authors: Fahim Ullah, Muhammad Usman

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Energy consumption and environmental sustainability are hard challenges of 21st century. Energy richness increases environmental pollution while energy poverty hinders economic growth. Considering these two aspects, present study calculates energy deficiency and examines the role of renewable energy to overcome rising energy deficiency and carbon emission for selected countries from 1990 to 2021. For empirical analysis, this study uses methods of moments panel quantile regression analysis and to check the robustness, study used panel quantile robust analysis. Graphical analysis indicated rising global energy deficiency since last three decades where energy consumption is higher than energy production. Empirical results showed that renewable energy is a significant factor for reducing energy deficiency. Secondly, the energy deficiency increases carbon emission level and again renewable energy decreases emissions level. This study recommends that global energy deficiency and rising carbon emissions can be controlled through structural change in the form of energy transition to replace non-renewable resources with renewable resources.

Keywords: energy deficiency, renewable energy, carbon emission, energy trade, PQL analysis

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Authors: Po-Yuan Tung, Jen-Chueh Kuo, Chia-Ray Chen, Chien-Hsing Li, Kuo-Liang Pan

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The main-body structure of satellite is mainly constructed by lightweight material, it should be able to withstand certain vibration load during launches. Since various kinds of change possibility in the space, it is an extremely important work to study the random vibration response of satellite structure. This paper based on the reciprocity relationship between sound and structure response and it will try to evaluate the dynamic response of satellite main body under random acoustic load excitation. This paper will study the technical process and verify the feasibility of sonic-borne vibration analysis. One simple plate exposed to the uniform acoustic field is utilized to take some important parameters and to validate the acoustics field model of the reverberation chamber. Then import both structure and acoustic field chamber models into the vibro-acoustic coupling analysis software to predict the structure response. During the modeling process, experiment verification is performed to make sure the quality of numerical models. Finally, the surface vibration level can be calculated through the modal participation factor, and the analysis results are presented in PSD spectrum.

Keywords: vibration, acoustic, modal, honeycomb panel

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Authors: Mansour Mohammadpour

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Data transformation refers to the modification of any point in a data set by a mathematical function. When applying transformations, the measurement scale of the data is modified. Data transformations are commonly employed to turn data into the appropriate form, which can serve various functions in the quantitative analysis of the data. This study addresses the investigation of the use of data transformations in Data Envelopment Analysis (DEA). Although data transformations are important options for analysis, they do fundamentally alter the nature of the variable, making the interpretation of the results somewhat more complex.

Keywords: data transformation, data envelopment analysis, undesirable data, negative data

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Authors: I. L. Kim, J. Y. Lee, A. K. Tekile

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In consequence of the very high urbanization rate of Korea, the number of traffic noise damages in areas congested with population and facilities is steadily increasing. The current environmental noise levels data in major cities of the country show that the noise levels exceed the standards set for both day and night times. This research was about comparative analysis in search for optimal soundproof panel shape and design factor that can minimize sound reflection noise. In addition to the normal flat-type panel shape, the reflection noise reduction of swelling-type, combined swelling and curved-type, and screen-type were evaluated. The noise source model Nord 2000, which often provides abundant information compared to models for the similar purpose, was used in the study to determine the overall noise level. Based on vehicle categorization in Korea, the noise levels for varying frequency from different heights of the sound source (directivity heights of Harmonize model) have been calculated for simulation. Each simulation has been made using the ray-tracing method. The noise level has also been calculated using the noise prediction program called SoundPlan 7.2, for comparison. The noise level prediction was made at 15m (R1), 30 m (R2) and at middle of the road, 2m (R3) receiving the point. By designing the noise barriers by shape and running the prediction program by inserting the noise source on the 2nd lane to the noise barrier side, among the 6 lanes considered, the reflection noise slightly decreased or increased in all noise barriers. At R1, especially in the cases of the screen-type noise barriers, there was no reduction effect predicted in all conditions. However, the swelling-type showed a decrease of 0.7~1.2 dB at R1, performing the best reduction effect among the tested noise barriers. Compared to other forms of noise barriers, the swelling-type was thought to be the most suitable for reducing the reflection noise; however, since a slight increase was predicted at R2, further research based on a more sophisticated categorization of related design factors is necessary. Moreover, as swellings are difficult to produce and the size of the modules are smaller than other panels, it is challenging to install swelling-type noise barriers. If these problems are solved, its applicable region will not be limited to other types of noise barriers. Hence, when a swelling-type noise barrier is installed at a downtown region where the amount of traffic is increasing every day, it will both secure visibility through the transparent walls and diminish any noise pollution due to the reflection. Moreover, when decorated with shapes and design, noise barriers will achieve a visual attraction than a flat-type one and thus will alleviate any psychological hardships related to noise, other than the unique physical soundproofing functions of the soundproof panels.

Keywords: reflection noise, shaped noise barriers, sound proof panel, traffic noise

Procedia PDF Downloads 507