Panel Data Analysis

This paper analyses the determinants of transport costs for intra-Latin American trade over a period of six years (1999-2004). The data refer to yearly disaggregated (SITC 5 digit level) maritime trade flows on 277 trade routes. With this data set, a transport costs equation is estimated using linear regression analysis in a panel data framework. The first contribution to the

The present paper attempts to explore the pattern of industrial growth in India since 1980. Both the descriptive and panel regression analysis are done for estimating the results. To ascertain the impact of the 1991 economic reforms in determining the structure of industrial growth, comparative analyses of the pre- (1980–81 to 1991–92) and post-reform periods (1992–93 to 2005–06) were also

The aim of the study is the relationship between foreign direct investments, exports and economic growth. The analysis of this study included E7 (Emerging 7) the so-called developing countries are Turkey, Mexico, China, India, Brazil, Russia and Indonesia in the analysis in this context. This study covered the period of 1992-2018. Pesaran (2007) panel unit root test was used for the analysis of the series stationary. Panel ARDL approach, which allows short and long term relationship, is used for series with different levels of stationary. According to the results of the error correction model established for all panel, any shock in the gross domestic product equation was adjusted by approximately 0.86 % within the first year. Error correction models were estimated for all units, and error correction terms for all units expect India were obtained as negative and statistically significant. As a result of the panel causality test, one-way causality findings were found between economic growth and exports. Additionally, there was a causality relationship with foreign direct investments and exports.

In the present study, the effects of economic globalization on unemployment were examined for 16 emerging market economies by taking the period of 1991-2014. Within the scope of research, KOF economic globalization index as the economic globalization, unemployment rates based on the estimations of ILO for the unemployment were used. In the empirical analysis, the cross-sectional dependency was examined by using í µí° ¶í µí°·í µí°¿í µí±€ 1 and í µí° ¶í µí°·í µí°¿í µí±€ 2 , and then the stationarity of series was examined by using SURADF unit root test, whereas the long-term relationship between the series was analyzed by using Durbin-Hausman cointegration test. After proving the long-term relationship between the series, finally the cointegration coefficients were estimated by using DSUR method. The empirical analysis results indicated that the increase in economic globalization increased the unemployment rates in Colombia, Hungary, India, Malaysia, Poland, South Africa, and Turkey but the increase in economic globalization decreased the unemployment rates in Brazil, China, Indonesia, Mexico, Pakistan, Peru, Philippines, Russia, and Thailand.

The 2007/2008 global financial crisis has given a significant impact on the performance of banking industry worldwide. The objective of this study is to see the impact of global financial crisis towards the financial performance of Islamic banking industry in Bahrain. Moreover, it also utilizes bank specific factors as predictors for Islamic bank performance in Bahrain. Panel regression is used to analyze the data. The result shows that LTA, LEQ, and LOHE are significant bank specific factors to influence Islamic bank performance in Bahrain. In addition, there is no significant impact of financial crisis upon the financial performance during the crisis period; however, it does affect the financial performance of Bahrain Islamic banking industry after the crisis period.

Keywords: financial crisis, Islamic banking, bank performance, panel regression, Bahrain

The  aim  of  this  study  is  to  determine  the  financial  factors  that  affect  the  capital  structure  of the firms in Borsa Istanbul (formerly IMKB) food industry (XGIDA). In this context,  information obtained from the balance sheets, income statements and cash-­‐flow  statements of 19 firms were analyzed for 6 years (2007-­‐2012) by using panel data  analysis. In the study total debt to total asset ratio (leverage ratio) is used as the  dependent  variable  while  non-­‐debt  tax  shield,  size,  profitability  and  asset  structure  are  used  as  the  independent  variables.  According  to  the  findings,  it  is  detected  that  non-­‐debt  tax shield, growth, profitability and asset structure had a significant negative effect on  the  leverage.  The  results  of  the  study  confirm  the  main  aspects  of  Pecking  Order  Theory.  On the other hand, the only result that supports Trade-­‐off Theory is the non-­‐debt tax  shield. SERMAYE YAPISINI BELIRLEYEN FAKTORLER: B...

This study examined the relationship between insurance and economic growth in sub-Saharan Africa over the period 1986-2011. Pooled OLS, Fixed Effect Model and Generalized Method of Moment Panel Model were employed in the estimation. The estimations of the dynamic panel-data results show that insurance has positive and significance impact on economic growth in sub-Saharan Africa. This shows that premium contributes to economic growth in sub-Saharan Africa which means that a well-developed insurance sector is necessary for the economic development, as it provides long-term investments for economic growth and simultaneously strengthening risk-taking abilities. The results also show that human capita has positive significant impact on economic growth. Openness and interest rate have negative and statistical significant on economic growth.

The aim of this study is to investigate the relationship between income and Carbon Dioxide (CO2) emissions in the context of the Environmental Kuznets Curve (EKC), which posits the existence of an inverted U-shape relationship between environmental degradation and economic development. For this purpose, two empirical models are examined. For both models, the relationship between per capita income and per capita CO2 emissions and the relationship among per capita income, per capita energy use, and per capita CO2 emissions are analyzed respectively between 1980 and 2010, using the panel data estimation techniques with the application of Driscoll-Kraay Standard Errors. Yet, for the first model, data are analyzed for 26 OECD countries with high income levels, while for the second model, data are examined for 52 emerging countries. The results of both models show that N-shape and an inverted N-shape relationship for cubic functional form are observed. Thus, the results do not support the EKC hypothesis, which implies that environmental degradation cannot be solved automatically by economic growth.

This paper measures the effect of low-cost carriers (LCCs) on British regional airports' commercial revenue using panel data analysis. The evidence shows that although LCCs have significant impact on airports' commercial revenue, their contribution is smaller compared to other carriers. The empirical results indicate that holding other variables constant, on average, each additional LCC passenger boosts airport commercial revenue by £2.87, while each additional other carrier passenger raises commercial revenue by £5.59. These results are relatively stable across different models. The findings have important policy implications for aviation strategy at the regional level and beyond.

While previous studies have demonstrated that organizational pride (OP) enhances frontline employees’ customer-oriented behavior (COB), they have neglected to address the dynamics of the relationship. This research helps close this gap by elaborating on a theory of spirals positing that the extent of COB depends not only on current levels of OP but also on the direction and rate of OP change. In addition, the authors challenge the prevalent view that OP affects COB unidirectionally, instead predicting reciprocal loops. Hence, they propose that increases in OP repeatedly amplify COB and trigger an upward spiral, whereas decreases trigger a downward spiral. The results of a six-wave panel study support these predictions. Furthermore, the authors identify lower and upper boundaries of the spiral: while a certain threshold of OP is required to create momentum, the effects of further increases in the same variables diminish at high levels of OP and COB.

Corruption has been one of the most debated issues in the social science literature for decades. It has negative outcomes in economics such as: reducing private sector investments, tax revenue, economic growth and development; deterring foreign direct investments; causing misallocation of sparse resources; lowering the resources allocated for infrastructure, public services and anti-poverty programs; deteriorating environmental quality etc... Moreover, it may weaken political stability and democracy of a country. Because of its destructive effects, there are ample studies in the literature trying to identify determinants of corruption. Besides the already identified determinants of corruption (e.g., trade openness, bureaucratic inefficiency, rule of law, political rights, religion, democracy, freedom, political stability, poverty, education etc.), globalization level of a country may also affect corruption level in that particular country. Hence in this study we analyze the impact o...

Her işletmede olduğu gibi ticari banka işletmelerinin de temel amacı kârlılıklarını artırarak sürdürülebilir büyüme amacını gerçekleştirmek ve nihayetinde piyasa değerini artırmaktır. Bankacılık sektörünün kârlılık performansının sürekli artması ve sağlıklı bir yapıya sahip olması ekonominin sağlıklı bir şekilde gelişmesi açısından da önemlidir. Bu çalışmada 2003-2016 dönemi sektördeki payı en yüksek olan 13 banka esas alınarak ticari bankalarda kârlığın belirleyicileri araştırılmıştır. Bu bağlamda, özellikle özkaynak ve aktif kârlılığı bağımlı değişken olarak alınmış, likidite, takipteki krediler, sermaye yapısı ile diğer faaliyet giderleri ve faaliyet dışı gelirlerin ticari banka kârlılığı üzerindeki etkisi araştırılmıştır. Çalışmada, yatay kesit bağımlılığı altında ikinci nesil panel birim kök, panel eşbütünleşme, uzun ve kısa dönemli katsayı tahmini gibi ekonometrik teknikler kullanılmıştır. Analiz sonuçlarına göre, likidite ve faaliyet dışı gelirler oranı aktif ve özkaynak kârlılığı üzerinde istatistiksel olarak anlamlı ve pozitif bir etkisinin olduğu sonucuna ulaşılmıştır. Diğer taraftan takipteki krediler ve diğer faaliyet giderleri oranlarının aktif ve özkaynak kârlılığı üzerinde istatistiksel olarak anlamlı ve negatif bir etkisinin olduğu tespit edilmiştir. 
Anahtar Kelimeler: Ticari Bankacılık, Aktif Kârlılığı, Özkaynak Kârlılığı, Panel Veri Analizi, Panel Eşbütünleşme.

This research aims to reveal whether independent auditor’s (as the real person and the legal entity) qualifications (audit firm size, audit opinion, audit gender, audit firm specialization, audit firm rotation, geographical difference) have any effect on earnings management via discretionary accruals and real activities manipulations by using a panel data regression analyses of 162 units over 5 years (2011-2015). According to the results, independent auditor qualifications (audit firm and engagement partner) has no impact on the real activities manipulation. The results show that an independent audit by Big-4 firms has a decreasing effect on discretionary accruals. Earnings management via discretionary accruals increases when the local audit firms conduct the audit. The audit firms with diversified expertise decrease the earnings management via accruals. The results also confirm that disclaimer of opinion signals an increase in the discretionary accruals in Borsa İstanbul.

Abstract

This study aims to evaluate the effects of public expenditure, government stability and corruption on economic growth with other control variables namely openness and population growth. The empirical analyses are utilized by using annual panel data for 33 countries which are classified as Upper and Lower Middle-Income Countries by World Bank. The sample period covers the years between 1999 and 2014. The empirical analyses are performed by both the static panel data approach and dynamic generalized method of moments (GMM) techniques. The estimation results point out statistically significant positive impacts of government stability and openness variables on per capita growth in these developing countries. Moreover, corruption, population growth and public expenditure variables are found to cause some significant decreasing effects on economic growth.

Keywords: Economic Growth, Government Stability, Corruption, Public Expenditure, Panel Data Analysis

JEL Classification: E60, F43, H00, H50, O47

Öz

Bu çalışmada kamu harcamaları, hükümet istikrarı ve yozlaşmanın ekonomik büyüme üzerindeki etkilerinin dışa açıklık ve nüfus artışı gibi kontrol değişkenleriyle incelenmesi amaçlanmaktadır. Ampirik analizler Dünya Bankasınca üst ve alt orta gelirli olarak sınıflandırılmış 33 ülkenin 1999-2014 dönemine ilişkin yıllık panel verileri kullanılarak gerçekleştirilmiştir. Statik ve dinamik panel veri yöntemleri kullanılarak gerçekleştirilen ampirik analiz sonuçları ilgili ülkelerde kamu istikrarı ve dışa açıklık değişkenlerinin ekonomik büyüme üzerindeki istatistiksel olarak anlamlı pozitif etkilerine işaret etmektedir. Bununla birlikte, yozlaşma, nüfus artışı ve kamu harcamalarının ekonomik büyüme üzerinde istatistiksel olarak anlamlı ve negatif yönlü etkileri olduğu tespit edilmiştir.

Anahtar Kelimeler: Ekonomik Büyüme, Hükümet İstikrarı, Yozlaşma, Kamu Harcamaları, Panel Veri Analizi

JEL Sınıflandırması: E60, F43, H00, H50, O47

Azerbaijan proclaimed its independence after the USSR collapse on August, 1991 and on October with the adoption of The Declaration of Independence it has become independent. The USSR had kept the economy dependent and prevented from fair competition for a long time. Azerbaijan which was known with its agriculture and industry during the period of the USSR has begun to develop on only one side since the middle of 20th century. As a result differences in the form of the development has been increased and Baku has gained priority. The Independent Azerbaijan Republic has had to struggle against not only economic distress but also differences in standards of living in different regions, internal chaos, social shock and Armenian invaders.
Azerbaijan government which decided to prevent crisis left central management and tried to attract foreign industry to the country using rich natural resources. Strategy which has been carried out since independence causing economic recovery has become financial support and it has improved standard of living. But unchangeable strategy used in oil and gas industry since the first years of the Azerbaijan Republic caused risks together with profits.
The first part of the study were discussed in general terms the Azerbaijan economy, industry, services and agriculture investigated in the form of headlines.
The second part deals with oil and gas industry which occupy major place in the country’s economy, statistic information and contracts with foreign oil companies.
In the third part economic panel data analysis has been used to identify the influence of oil industry on the economy of the government and the importance of non-oil sector. At the end of the part solutions and proposals are mentioned taking into consideration other parts and the results of the analyses.

Özet

Azerbaycan, 71 yıllık SSCB’nin dağılması üzerine, 30 Ağustos 1991 tarihinde bağımsızlığını ilan etmiş ve 18 Ekim 1991’de, Bağımsızlık Kanunu’nun kabul edilmesiyle resmi olarak bağımsız olmuştur. Uzun yıllar SSCB politik yapısında merkeze bağlı yönetim şekli, ekonomiyi diğer ülkelere bağımlı kılmış ve adil rekabet ortamının gelişmesine engel olmuştur. Söz konusu birlik döneminde tarım ve sanayi sektörü ile ön plana çıkan Azerbaycan ekonomisi, XX. yüzyılın ortalarından sonra tek taraflı gelişimi ile dikkat çekmiştir. Diğer bir ifadeyle, II. Dünya Savaşı yıllarında enerji ihtiyacının artması, ülke petrolüne ilgi uyandırmış ve petrol sanayi alanı hızlı şekilde gelişmeye başlamıştır. Öte yandan bu sistem ekonomide sektörel farklılaşma ile beraber bölgesel ayrışmaya da neden olmuştur. Sonuçta Azerbaycan, yalnızca ekonomik dengesizliklerle değil, aynı zamanda bölgesel farklılıklar, iç istikrarsızlıklar, sosyal bunalım ve Ermenistan’ın saldırıları ile mücadele etmek zorunda kalmıştır.
Ekonomiyi canlandırmak için açık piyasa ekonomisini tercih eden Azerbaycan, merkezi planlama yönetimini terk ederek zengin enerji kaynaklarını kullanma, yabancı sermayeyi ülkeye çekme kararı almış ve söz konusu strateji kısa zamanda ekonomiye mali kaynak sağlayarak, yaşam standartlarının yükselmesine neden olmuştur. Ancak cumhuriyetin ilk yıllarında, petrol ve doğalgaz sektöründe devam ettirilen değişmez strateji, ülkeye sermaye girmesi, ihracat gelirlerinin artması, uluslararası arenada statü kazanma gibi avantajlar sunması yanında ekonomiyi doğal kaynak gelirlerine bağımlı olma sorunu ile karşı karşıya koymuştur.
Üç bölümden oluşan bu çalışmanın ilk bölümünde, Azerbaycan ekonomisi genel olarak değerlendirilmekte; sanayi, hizmet, tarım ve hayvancılık sektörlerinin nispi konumu incelenmektedir. İkinci bölümde ekonominin esasını teşkil eden petrol ve doğalgaz sanayisi hakkında bilgilere yer verilerek sektörlerin istatistik verileri, yabancı kuruluşlarla yapılan anlaşmaları yansıtılmaktadır. Son bölümde ise, Azerbaycan ekonomisinin petrol gelirlerine bağlılığı ve petrol dışı sektörlerin ülke iktisadi durumu üzerindeki etkisinin tespit edilmesi için panel veri analizinden yararlanılmaktadır. Tahmin sonuçları yorumlanarak önerilere yer verilmektedir

Abstract This paper presents the first systematic, empirical examination of the impact of constitutional structures on income inequality among eighteen OECD countries. Our pooled time series/cross–sectional panel analysis (n = 18, t = 2) reveals that consensual political institutions are systematically related to lower income inequalities while the reverse is true for majoritarian political institutions. We also make a crucial distinction between ‘collective’ and ‘competitive’ veto points. Our multiple regression results provide strong evidence that collective veto points depress income inequalities while competitive veto points tend to widen the inequality of incomes. Thus, some institutional veto points have constraining effects on policy while others have ‘enabling’ effects.

In 2001, the Malaysian Code on Corporate Governance (MCCG) became an integral part of the Bursa Malaysia Listing Rules, which requires all listed firms to disclose the extent of compliance with the MCCG. Our panel analysis of 440 firms from 1999 to 2002 finds that corporate governance reform in Malaysia has been successful, with a significant improvement in governance practices. The relationship between ownership by the Employees Provident Fund (EPF) and corporate governance has strengthened during the period subsequent to the reform, in line with the lead role taken by the EPF in establishing the Minority Shareholders Watchdog Group. The implementation of MCCG has had a substantial effect on shareholders' wealth, increasing stock prices by an average of about 4.8%. Although there is no evidence that politically connected firms perform better, political connections do have a significantly negative effect on corporate governance, which is mitigated by institutional ownership.

This study’s ambition is to investigate the effects of Foreign Direct Investment for Turkey at the individual sector level. To the best of our knowledge, this is the first endeavor to investigate the sector-specific effect of FDI on GDP for Turkey. The main research is carried out by support of basic neo-classical growth theory and new endogenous growth paradigms. The study mainly employs empirical models, such as the panel data estimation, panel cointegration and pooled/panel estimation techniques. Moreover, Granger-Causality, Arellano-Bond Dynamic panel-data estimation with one-step system GMM estimator techniques is indispensable to the accomplishment of this work. By choosing panel estimation technique, the author intends to control unobserved sector-specific effects, and consequently to reduce the omitted variable bias. The essential findings for the study suggest that Foreign Direct Investment contributed growth rate overall positive in Turkish economy. Foreign Direct Investment seems to benefit growth rate most in the Manufacturing, Electricity, Gas and Water, Wholesale and Retail Trade sectors. It justifies that FDI utilizes the labor productivity and consequently the growth rate at the sector-specific level in variety of magnitudes. Moreover, one way causality from FDI to GDP is found.

By using a full panel design in a representative sample of Finnish dentists (N=2555), the present study aimed to test longitudinally the motivational and health impairment processes as proposed in the Job Demands-Resources (JD-R) model. The second aim was to investigate whether home resources and home demands have an additional influence on both processes over time. The hypotheses were tested

While it is common wisdom that “identity matters” in Ukrainian politics, we still lack a robust understanding of precisely when and how it matters. Reflecting challenges facing the broader interdisciplinary field of comparative identity politics, authors frequently bring to their analyses very different notions of the nature of identity itself, skipping a rigorous examination of these notions in an effort to get right to documenting the effects of identity. Similarly, identity is frequently operationalized in quantitative studies without much discussion of the implications of selecting one particular measure over another or of what precisely each measure is reflecting, not to mention what might have changed over time. While we do have nuanced research on Ukrainian identity, it tends not to address the evolution of identity over time or the moments and conditions of identity change. Such issues are particularly important for current research since identities and their associated meanings may shift or “harden” during severe crises or conflicts like those that unfolded in Ukraine during 2013–14. The five original articles that make up this special issue1 all address these challenges, with important implications for how we understand Ukrainian politics after the EuroMaidan.

This study deals with convergence analysis. Based on economic growth theories,
the differences between regions were examined. With this study convergence process has
been examined and analyzed between 12 regions which are placed on NUTS 1 in Turkey.
In the empirical part of the study, it was focused on beta and sigma convergence analysis
between NUTS 1 regions buy considering 2004-2017 years in Turkey. Beta convergence
was analyzed using panel data models formulated in two variations based on the
mathematical concept of convergence. These models have investigated interregional
effect whether there is absolute and conditional convergence between the regions or not
in Turkey. In order to test conditional convergence, public investment indicator is
included in the model to reveal interregional structural differences. As a result of the
analysis, it was concluded that there was no absolute convergence between the regions of
NUTS 1, but there was conditional convergence between 2004-2017. After the
convergence analysis, assumptions that economic relations have changed from region to
region, the effect of public investments and research and development expenditures on
per capita income were estimated by using random coefficient panel data model. In line
with these results, it is concluded that R & D expenditures and public investments have a
positive effect on per capita income in each region.