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Cross-country Study (cross-country + study)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	75%

Selected Abstracts

Capital Investment and Earnings: International Evidence

CORPORATE GOVERNANCE, Issue 5 2009
Ahmet Can Inci
ABSTRACT Manuscript Type: Empirical Research Question/Issue: We examine the nature of the dynamic linkage (causality) between earnings and capital investment using firm-level data from around the world to see whether the legal environment, including corporate governance and monitoring mechanisms, and financial development are important in the profitability of capital investment. Research Findings/Insights: Using firms in 40 countries over the period 1988,2004, we find that the causality from earnings to capital investment is positive and strong in almost all countries, irrespective of the type of legal system and the degree of financial development. However, the causality from capital investment to earnings is generally negative for firms in civil law and financially undeveloped countries, while the causality is generally positive in common law and financially developed countries. Therefore, our international cross-country study enables us to find that the legal system and financial development are factors in the determination of the profitability of capital investment. Theoretical/Academic Implications: Our findings imply that internal financing is a significant constraint for capital investment, which provides support for the pecking order theory even for financially developed markets and for the free cash flow theory. Common law and financially developed countries tend to provide better shareholder protection with more efficient corporate governance and better investment decisions. Practitioner/Policy Implications: To encourage managers to make capital investments in value-increasing projects, it is important to further improve a legal environment that includes corporate governance, monitoring, and incentive mechanisms. Financial development that includes effective financial regulatory agencies should be sought. [source]

Does Corporate Transparency Contribute to Efficient Resource Allocation?

JOURNAL OF ACCOUNTING RESEARCH, Issue 4 2009
JERE R. FRANCIS
ABSTRACT This paper examines whether a country's corporate transparency environment, which includes the quality of accounting information, contributes to efficient resource allocation. Based on a cross-country study of 37 manufacturing industries in 37 countries, we provide three pieces of related evidence. First, we find the contemporaneous correlations in industry growth rates across country pairs are higher when there is a greater level of corporate transparency in the country pairs, after controlling for country-level economic and financial development. Second, we find the influence of transparency on these correlations is stronger when country pairs are at similar levels of economic development (GDP). Finally, when we control for the level of transparency explained by a country's institutions in place, we find that residual transparency (unexplained by country-level factors) is associated with industry-specific growth rates. Taken together, the results are consistent with corporate transparency facilitating the allocation of resources across industry sectors. [source]

What is the meaning of palliative care in the Asia-Pacific region?

ASIA-PACIFIC JOURNAL OF CLINICAL ONCOLOGY, Issue 3 2010
Margaret O'CONNOR
Abstract This paper describes the preliminary work required to understand cultural differences in palliative care in the United Kingdom and three countries in the Asia-Pacific region, in preparation for a cross-country study. The study is intended to address cultural understandings of palliative care, the role of the family in end of life care, what constitutes good care and the ethical issues in each country. Suggestions are then made to shape the scope of the study and to be considered as outcomes to improve care of the dying in these countries. It is anticipated that the method used to achieve consensus on cross-country palliative care issues will be both qualitative and quantitative. Identifying key priorities in the delivery and quality measures of palliative care will involve participants in focus groups, a Delphi survey and in the development of clinical indicators towards creating standards of palliative care common to the Asian Pacific region. [source]

Why Are Chinese Exports Not So Special?

CHINA AND WORLD ECONOMY, Issue 1 2009
Shunli Yao
C43; F10; F14 Abstract Applying a commonly used index for export sophistication in a cross-country study, Rodrik finds that the technological content of Chinese exports over the past decade has been so high that it cannot be explained simply by the economic fundamentals of a low-income country abundant with unskilled labor. Question has been raised for the empirical robustness of the index. I am also doubtful with Rodrik's analysis but develop my argument from a different perspective. This paper briefly reviews Rodrik's methodology and identifies other factors his empirical results potentially hinge on. Based on this, it elaborates on China's unique processing trade regime, the uneven distribution of its exports across Chinese regions and the limitation of HS codes in terms of identifying differentiated products, in an attempt to show that these factors also contribute to higher estimations of China's export sophistication level. Finally, it organizes trade data to reveal the trade patterns that are indeed consistent with the country's comparative advantage. [source]