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In this paper, we analyze the temporal dependence in energy prices and demand using daily data of Portugal and Spain over the period 2007–2017. The methodology used is based on a stochastic Hidden Markov Model and the results indicate first that all significant relationships between energy prices and demands were found to be positive; second, spot prices are only time dependent on future prices and spot energy, while future energy is solely time dependent on spot energy behavior; third, future prices are not only autocorrelated but also time-dependent with spot energy and future energy demands level; and finally, spot energy is autocorrelated and time-dependent with future prices and future energy. Policy implications of the results obtained are presented at the end of the article.
Jorge Antunes; Luis Alberiko Gil-Alana; Rossana Riccardi; Yong Tan; Peter Wanke. Unveiling endogeneity and temporal dependence in energy prices and demand in Iberian countries: a stochastic hidden Markov model approach. Annals of Operations Research 2021, 1 -39.
AMA StyleJorge Antunes, Luis Alberiko Gil-Alana, Rossana Riccardi, Yong Tan, Peter Wanke. Unveiling endogeneity and temporal dependence in energy prices and demand in Iberian countries: a stochastic hidden Markov model approach. Annals of Operations Research. 2021; ():1-39.
Chicago/Turabian StyleJorge Antunes; Luis Alberiko Gil-Alana; Rossana Riccardi; Yong Tan; Peter Wanke. 2021. "Unveiling endogeneity and temporal dependence in energy prices and demand in Iberian countries: a stochastic hidden Markov model approach." Annals of Operations Research , no. : 1-39.
The Healthcare sector is increasing in importance and relative size in BRICS countries (Brazil, Russia, India, China, South Africa). Despite BRICS relevance, the financial performance of their healthcare companies has been scarcely studied. This research fills this literature gap not only by focusing on the impacts of such diverse business environments on the financial performance of healthcare providers but also by proposing a novel approach to estimate an overall financial performance index based on weighted additive utility functions given a set of financial performance criteria. Precisely, bootstrapped Singular Value Decomposition is the cornerstone for identifying an orthogonal base of rotated financial performance criteria, upon which partial utility functions (PUFs) are estimated using locally estimated scatterplot smoothing (LOESS) polynomial regression. A compromise weighting scheme between singular values and quadratic programming results for minimal covariance and joint entropy matrices of residuals was used for summing up the PUFs. Results indicate that the values of financial performance range between 0.7 and 0.85. We further find that current assets, level of debt and liability, the company's Tobin Q are related to the financial performance. Besides, business freedom, government integrity, tax burden, monetary freedom and government spending are also the determinants of financial performance.
Peter Wanke; Abul Kalam Azad; Yong Tan; Roberto Pimenta. Financial performance drivers in BRICS healthcare companies: Locally estimated scatterplot smoothing partial utility functions. Journal of Multi-Criteria Decision Analysis 2021, 1 .
AMA StylePeter Wanke, Abul Kalam Azad, Yong Tan, Roberto Pimenta. Financial performance drivers in BRICS healthcare companies: Locally estimated scatterplot smoothing partial utility functions. Journal of Multi-Criteria Decision Analysis. 2021; ():1.
Chicago/Turabian StylePeter Wanke; Abul Kalam Azad; Yong Tan; Roberto Pimenta. 2021. "Financial performance drivers in BRICS healthcare companies: Locally estimated scatterplot smoothing partial utility functions." Journal of Multi-Criteria Decision Analysis , no. : 1.
Most countries have experienced land urbanization, which is indispensable for financial support, especially for their financing function achievement through land appreciation and other channels in the urbanization process. By using 34 provincial capital (sub-provinces) cities in China as the sample, this paper studies the impact of finance on land urbanization construction based on the panel data from 2003 to 2018 under a differential GMM method; besides, the causes of excessive financial support and results generated on different regions are reported. Moreover, a moderate range of financial support for land urbanization is found under the influence of land finance. We obtain the following results: first, there is excessive financial support for land urbanization with regional differences exhibited; for instance, the eastern and central regions have an excessive financial support but the western region does not. Second, land urbanization with an excessive financial support correlates with financial efficiency, while the relatively large financial efficiency leads to the waste of a large number of financial resources. Third, financial support has a single and significant threshold effect on land urbanization construction, and finance has a promoting effect when land finance is less than the threshold value; otherwise, it has an inhibiting effect.
Zhenghui Li; Fanqi Zou; Yong Tan; Jinhui Zhu. Does Financial Excess Support Land Urbanization—An Empirical Study of Cities in China. Land 2021, 10, 635 .
AMA StyleZhenghui Li, Fanqi Zou, Yong Tan, Jinhui Zhu. Does Financial Excess Support Land Urbanization—An Empirical Study of Cities in China. Land. 2021; 10 (6):635.
Chicago/Turabian StyleZhenghui Li; Fanqi Zou; Yong Tan; Jinhui Zhu. 2021. "Does Financial Excess Support Land Urbanization—An Empirical Study of Cities in China." Land 10, no. 6: 635.
Although there is a growing number of research articles investigating the performance in the banking industry, research on Chinese banking efficiency is rather focused on discussing rankings to the detriment of unveiling its productive structure in light of banking competition. This issue is of utmost importance considering the relevant transformations in the Chinese economy over the last decades. This is a development of a two-stage network production process (production and intermediation approaches in banking, respectively) to evaluate the efficiency level of Chinese commercial banks. In the second stage regression analysis, an integrated Multi-Layer Perceptron/Hidden Markov model is used for the first time to unveil endogeneity among banking competition, contextual variables, and efficiency levels of the production and intermediation approaches in banking. The competitive condition in the Chinese banking industry is measured by Panar–Rosse H-statistic and Lerner index under the Ordinary Least Square regression. Findings reveal that productive efficiency appears to be positively impacted by competition and market power. Second, credit risk analysis in older local banks, which focus the province level, would possibly be the fact that jeopardizes the productive efficiency levels of the entire banking industry in China. Thirdly, it is found that a perfect banking competition structure at the province level and a reduced market power of local banks are drivers of a sound banking system. Finally, our findings suggest that concentration of credit in a few banks leads to an increase in bank productivity.
Yong Tan; Peter Wanke; Jorge Antunes; Ali Emrouznejad. Unveiling endogeneity between competition and efficiency in Chinese banks: a two-stage network DEA and regression analysis. Annals of Operations Research 2021, 1 -41.
AMA StyleYong Tan, Peter Wanke, Jorge Antunes, Ali Emrouznejad. Unveiling endogeneity between competition and efficiency in Chinese banks: a two-stage network DEA and regression analysis. Annals of Operations Research. 2021; ():1-41.
Chicago/Turabian StyleYong Tan; Peter Wanke; Jorge Antunes; Ali Emrouznejad. 2021. "Unveiling endogeneity between competition and efficiency in Chinese banks: a two-stage network DEA and regression analysis." Annals of Operations Research , no. : 1-41.
The current study proposes a new DEA model to evaluate the efficiency of 39 Chinese commercial banks over the period 2010–2018. The paper also, in the second stage, investigates the inter-relationships between efficiency and some bank-specific variables (i.e. bank profitability, bank size, expenses management, traditional business and non-traditional business) under the Robust Endogenous Neural Network Analysis. The findings suggest that the sample of Chinese banks experiences a consistent increase in the level of bank efficiency up to 2015; the efficiency score is 0.915, after which the efficiency level declines and then experiences a slight volatility, while finally ending up with an efficiency score of 0.746 by the end of 2018. We also find that among different bank ownership types, the state-owned banks have the highest efficiency, the rural commercial banks are found to be least efficient and the foreign banks experience the strongest volatility over the examined period. The second-stage analysis shows that bank size exerts a positive influence on the development of non-traditional banking business and a proactive expense management, bank size and non-traditional businesses have a positive impact on efficiency levels, while bank profitability, traditional businesses and expenses management have negative influences on bank efficiency.
Jorge Antunes; Abdollah Hadi-Vencheh; Ali Jamshidi; Yong Tan; Peter Wanke. Bank efficiency estimation in China: DEA-RENNA approach. Annals of Operations Research 2021, 1 -26.
AMA StyleJorge Antunes, Abdollah Hadi-Vencheh, Ali Jamshidi, Yong Tan, Peter Wanke. Bank efficiency estimation in China: DEA-RENNA approach. Annals of Operations Research. 2021; ():1-26.
Chicago/Turabian StyleJorge Antunes; Abdollah Hadi-Vencheh; Ali Jamshidi; Yong Tan; Peter Wanke. 2021. "Bank efficiency estimation in China: DEA-RENNA approach." Annals of Operations Research , no. : 1-26.
The current paper estimates the overall inefficiency indicator of a bank under a network Data Envelopment Analysis (DEA) in the presence of undesirable inputs and outputs. We primarily contribute to the DEA literature in four ways. First, we decompose banks’ overall inefficiency performance indicator into five component indicators, namely, the sub-indicators of innovation, two kinds of stability, profitability and corporate social responsibility. Second, since the proposed model, which is an absolute value optimization problem, does not give the overall inefficiency score directly, we introduce a two-step procedure to obtain all sub-indicator scores and the overall inefficiency score. Third, we extend the by-production framework by proposing not only a concept and interpretation of “strategic disposability” for an intermediate undesirable output in estimating the stability sub-indicators, but also another concept of “strategic disposability” for an intermediate undesirable input in gauging the sub-indicator related to corporate social responsibility. Our results show that 1) the Chinese banking industry has a high level of innovation inefficiency and profitability inefficiency is higher than primary business stability inefficiency, strategic management stability inefficiency and corporate social responsibility inefficiency for all the bank ownership types except the state-owned commercial banks; 2) state-owned commercial banks have a higher level of corporate social responsibility inefficiency compared to the other inefficiencies; 3) state-owned commercial banks, rural commercial banks and joint-stock commercial banks are the best three performers with different ownership types performing well in different perspectives; 4) all different ownership types experience a level of performance volatility over the examined period.
Hirofumi Fukuyama; Yong Tan. Implementing strategic disposability for performance evaluation: Innovation, stability, profitability and corporate social responsibility in Chinese banking. European Journal of Operational Research 2021, 1 .
AMA StyleHirofumi Fukuyama, Yong Tan. Implementing strategic disposability for performance evaluation: Innovation, stability, profitability and corporate social responsibility in Chinese banking. European Journal of Operational Research. 2021; ():1.
Chicago/Turabian StyleHirofumi Fukuyama; Yong Tan. 2021. "Implementing strategic disposability for performance evaluation: Innovation, stability, profitability and corporate social responsibility in Chinese banking." European Journal of Operational Research , no. : 1.
We develop an output-oriented data envelopment analysis framework to examine the efficiency of Chinese banks over the period 2007–2017 and further test the relationship between efficiency and corporate social responsibility (CSR). We are the first piece of research considering the number of employees as one bank input and potential increase in the number of employees as one CSR indicator. Additionally, we innovatively propose another three specific CSR indicators: namely donation, balance of green credits and loans to small and medium sized enterprises. The results show that the gain from improving allocative output-efficiency by reallocating variable inputs is less than the gain attained by improving technical output-efficiency. Evidence from the second-stage regression analysis shows that the overall indirect technical efficiency is significantly and negatively affected by the volumes of green credits, while an increase in the volumes of donations will improve the indirect allocative efficiency.
Hirofumi Fukuyama; Yong Tan. Corporate social behaviour: Is it good for efficiency in the Chinese banking industry? Annals of Operations Research 2021, 1 -31.
AMA StyleHirofumi Fukuyama, Yong Tan. Corporate social behaviour: Is it good for efficiency in the Chinese banking industry? Annals of Operations Research. 2021; ():1-31.
Chicago/Turabian StyleHirofumi Fukuyama; Yong Tan. 2021. "Corporate social behaviour: Is it good for efficiency in the Chinese banking industry?" Annals of Operations Research , no. : 1-31.
Assessment of and controlling air pollution are urgent global issues where international cooperation is deemed necessary. Although a very relevant data source can be obtained through continuous monitoring of air quality, measuring air pollutant concentrations is quite difficult when compared to other environmental indicators. We mainly have three different aims for the current study: (1) we propose the computation of the interval weights of decision makers (DMs) based on a group multiple criteria decision making (GMCDM) model; (2) we aim to rank the overall preferences of DMs by the possibility concepts; (3) we aim to evaluate the air quality in China using the most recent data based on our proposed method. We consider three monitoring stations, namely Luhu Park, Wanqingsha, and Tianhu, and the data for SO 2 , NO 2 , and PM 10 are collected for November 2017, 2018, and 2019. The results from our innovative model show that November 2019 had the best air quality. Finally, robustness analyses are also performed to confirm the discriminatory power of the proposed approach.
Abdollah Hadi-Vencheh; Yong Tan; Peter Wanke; Seyed Loghmanian. Air Pollution Assessment in China: A Novel Group Multiple Criteria Decision Making Model under Uncertain Information. Sustainability 2021, 13, 1686 .
AMA StyleAbdollah Hadi-Vencheh, Yong Tan, Peter Wanke, Seyed Loghmanian. Air Pollution Assessment in China: A Novel Group Multiple Criteria Decision Making Model under Uncertain Information. Sustainability. 2021; 13 (4):1686.
Chicago/Turabian StyleAbdollah Hadi-Vencheh; Yong Tan; Peter Wanke; Seyed Loghmanian. 2021. "Air Pollution Assessment in China: A Novel Group Multiple Criteria Decision Making Model under Uncertain Information." Sustainability 13, no. 4: 1686.
Previous hotel performance studies neglected the role of information entropy in feedback processes between input and output management. This paper focuses on this gap by exploring the relationship between hotel performance at the industry level and the capability of learning by doing and adopting best practices using a sample of 153 UK hotels over a 10-year period between 2008-2017. Besides, this research also fills a literature gap by addressing the issues of measuring hotel performance in light of negative outputs. In order to achieve this, we apply a novel Modified slack-based model for the efficiency analysis and Least Absolute Shrinkage and Selection Operator to examine the influence of entropy related variable on efficiency score. The Results indicate that less can be learnt from inputs than from outputs to improve efficiency levels and resource allocation is more balanced than cash flow and liquidity. The findings suggest that market dynamics explains the cash flow generation potential and liquidity. We find that market conditions are increasingly offering the opportunities for learning and improving hotel efficiency. The results report that the distinctive characteristic of superior performance in hotel operations is the capability to match the cash flow generation potential with market opportunities.
Yong Tan; Ali Jamshidi; Abdollah Hadi-Vencheh; Peter Wanke. Hotel Performance in the UK: The Role of Information Entropy in a Novel Slack-Based Data Envelopment Analysis. Entropy 2021, 23, 184 .
AMA StyleYong Tan, Ali Jamshidi, Abdollah Hadi-Vencheh, Peter Wanke. Hotel Performance in the UK: The Role of Information Entropy in a Novel Slack-Based Data Envelopment Analysis. Entropy. 2021; 23 (2):184.
Chicago/Turabian StyleYong Tan; Ali Jamshidi; Abdollah Hadi-Vencheh; Peter Wanke. 2021. "Hotel Performance in the UK: The Role of Information Entropy in a Novel Slack-Based Data Envelopment Analysis." Entropy 23, no. 2: 184.
We significantly contribute to the empirical literature by investigating sustainability efficiency in the banking industry and decompose it into internal sustainability and external sustainability in an explicit manner. We fill in the gap of the literature by considering internal sustainability from two perspectives which are banking stability and economic performance. We also extend the current studies by including both banks' social contributions (contributions to the society and the company development) and environmental responsibility to the estimation of external sustainability. Finally, we fill in the gap of the literature by estimating the determinants of bank sustainability efficiency. The findings from the output distance function and the panel vector autoregressive model show that the sustainability efficiency level in the Chinese banking industry (2007–2017) ranges from 0.45 to 0.75 (maximum sustainability efficiency score is 1 and minimum sustainability efficiency score is 0). There is a larger difference in terms of external sustainability efficiency in the sample, while stability is still one of the most serious issues, as reflected by the low stability efficiency score compared to other efficiency concepts. The results also show that internal sustainability efficiency is significantly affected by the firm specific determinants, business environment determinants and economic environment determinants.
Yong Tan; Mike G. Tsionas. Modelling sustainability efficiency in banking. International Journal of Finance & Economics 2020, 1 .
AMA StyleYong Tan, Mike G. Tsionas. Modelling sustainability efficiency in banking. International Journal of Finance & Economics. 2020; ():1.
Chicago/Turabian StyleYong Tan; Mike G. Tsionas. 2020. "Modelling sustainability efficiency in banking." International Journal of Finance & Economics , no. : 1.
Using 522 nonfinancial listed companies on the Chinese A-share Market during 2008–2016 as the sample, this paper studies the discretion of corporations to fulfill their environmental responsibilities in the face of economic policy uncertainty (EPU) through a panel regression model and a panel quantile regression model. Additionally, the sample is classified and the heterogeneity is analyzed based on the equity nature, the financing constraints and the economic region in which the corporations are located. The conclusions are as follows. First, faced with EPU, the corporations are willing to actively undertake environmental responsibilities, but their marginal propensity to these responsibilities shows a downward trend. Second, under the premise of EPU, the decision-making behavior of different types of corporations to fulfill their environmental responsibilities is heterogeneous, which is embodied in the equity nature, financing constraints and economic region. Third, through the stepwise regression method, this paper further studies the impact mechanism, and finds that the enterprise’s leverage ratio plays a partial mediating role in the relationship between EPU and environmental responsibility of nonfinancial corporations. Our paper provides important policy implications for the government. In the process of requiring corporations to fulfill their environmental responsibilities, relevant government organizations should fully consider the impact of EPU on the corporations’ development, and the level of environmental responsibilities should be controlled based on the type of the corporation. We further suggest that the requirement should be imposed on the corporations to disclose high-quality and reliable environmental protection information. Finally, we recommend that the corporations should adhere to the route of sustainable development.
Jieqiong Yang; Panzhu Luo; Yong Tan. Contingent Decision of Corporate Environmental Responsibility Based on Uncertain Economic Policy. Sustainability 2020, 12, 8839 .
AMA StyleJieqiong Yang, Panzhu Luo, Yong Tan. Contingent Decision of Corporate Environmental Responsibility Based on Uncertain Economic Policy. Sustainability. 2020; 12 (21):8839.
Chicago/Turabian StyleJieqiong Yang; Panzhu Luo; Yong Tan. 2020. "Contingent Decision of Corporate Environmental Responsibility Based on Uncertain Economic Policy." Sustainability 12, no. 21: 8839.
A strong capitalized position of financial institutions is essential to ensure their solvency. Because of their unique nature, banks must always keep an optimum level of capital to ensure smooth banking earnings. Consequently, it is mandatory for all types of banks operating in Pakistan to keep a minimum amount of required capital along with capital adequacy to remain solvent and profitable. Therefore, using three measures of capitalization, i.e., the Capital Ratio (CR), Capital Adequacy Ratio (CAR), and Minimum Capital Requirement (MCR), and four measures of profitability, i.e., Return on Avg. Assets (ROAA), Return on Avg. Equity (ROAE), Net Interest Margin (NIMAR), and Profit Margin (NMAR), this study contributes to the existing literature on the relationship between the capitalization and profitability of 29 Pakistani banks over the period of 2007–2018. The results, based on the Generalized Method of Moments (GMM) system estimator technique, reported an inverted U-shaped relationship between the two capitalization measures, i.e., CR and CAR, and the four profitability measures, i.e., ROAA, ROAE, NIMAR, and NMAR. This indicates that profitability increases with an increase in capitalization up to a certain level, while beyond that level, a further increase in capitalization decreases profitability. The results also indicate that banks who maintain their MCR have higher profitability than those who do not.
Muhammad Haris; Yong Tan; Ali Malik; Qurat Ain. A Study on the Impact of Capitalization on the Profitability of Banks in Emerging Markets: A Case of Pakistan. Journal of Risk and Financial Management 2020, 13, 217 .
AMA StyleMuhammad Haris, Yong Tan, Ali Malik, Qurat Ain. A Study on the Impact of Capitalization on the Profitability of Banks in Emerging Markets: A Case of Pakistan. Journal of Risk and Financial Management. 2020; 13 (9):217.
Chicago/Turabian StyleMuhammad Haris; Yong Tan; Ali Malik; Qurat Ain. 2020. "A Study on the Impact of Capitalization on the Profitability of Banks in Emerging Markets: A Case of Pakistan." Journal of Risk and Financial Management 13, no. 9: 217.
The empirical conclusions regarding the relationship between energy price and energy efficiency are relatively mixed. This paper systematically examines the influence of energy price on energy efficiency in China based on data from 30 provinces between 2003 and 2017, using linear and nonlinear effect analysis. We found that the impact of energy price on energy efficiency in China was positive in general. However, there existed heterogeneous effects of energy price on energy efficiency in various regions, and the effect differed with differences in energy efficiency levels based on the panel quantile regression analysis. Finally, the nonlinear effect analysis based on the panel threshold model indicated that the effect of energy price on energy efficiency increased with the rise of the environmental regulation level and economic growth rate, while it decreased with the ascent of the degree of energy price distortion and economic development level. In particular, when the value of a region’s economic development level and economic growth rate was within a certain range, the impact was not statistically significant. Overall, these findings contribute to a deeper understanding regarding the effect of energy price on energy efficiency in China.
Peng Hou; Yilin Li; Yong Tan; Yuanjie Hou. Energy Price and Energy Efficiency in China: A Linear and Nonlinear Empirical Investigation. Energies 2020, 13, 4068 .
AMA StylePeng Hou, Yilin Li, Yong Tan, Yuanjie Hou. Energy Price and Energy Efficiency in China: A Linear and Nonlinear Empirical Investigation. Energies. 2020; 13 (16):4068.
Chicago/Turabian StylePeng Hou; Yilin Li; Yong Tan; Yuanjie Hou. 2020. "Energy Price and Energy Efficiency in China: A Linear and Nonlinear Empirical Investigation." Energies 13, no. 16: 4068.
The current study proposes a new three‐stage network data envelopment analysis (DEA) model to estimate three different types of efficiencies. More specifically, the input efficiency is estimated in the first stage, followed by the evaluation of stability efficiency in the second stage, and finally, the output efficiency is derived from the final stage. In particular, we consider market power in deposits and market power in loans in the banking production process. Rather than using non‐performing loans as an undesirable output, this paper innovatively uses loan loss provisions in bank production. We argue that the loan loss provisions are helpful to improve bank stability because they provide a cushion to absorb unexpected losses, therefore we treat it as a good intermediate output in the second stage and a good intermediate input in the third stage. The results exhibit that the scores of stability inefficiency are the highest, followed by output inefficiency, while Chinese commercial banks have the lowest level of input inefficiency. Not only did we observe that the Chinese banking industry has the highest level of stability inefficiency, but we also noticed that the stability inefficiency had the strongest volatility during 2007–2017. We also explore the impact of non‐performing loan ratios from three different geographical areas on bank efficiency in China in a second‐phase regression analysis, the results of which show that the input inefficiency results from higher levels of financial risk from the central area in China, while the western area in China has the opposite sign.
Hirofumi Fukuyama; Yong Tan. Deconstructing three‐stage overall efficiency into input, output and stability efficiency components with consideration of market power and loan loss provision: An application to Chinese banks. International Journal of Finance & Economics 2020, 1 .
AMA StyleHirofumi Fukuyama, Yong Tan. Deconstructing three‐stage overall efficiency into input, output and stability efficiency components with consideration of market power and loan loss provision: An application to Chinese banks. International Journal of Finance & Economics. 2020; ():1.
Chicago/Turabian StyleHirofumi Fukuyama; Yong Tan. 2020. "Deconstructing three‐stage overall efficiency into input, output and stability efficiency components with consideration of market power and loan loss provision: An application to Chinese banks." International Journal of Finance & Economics , no. : 1.
This study investigates the causal relationship between financial innovation and economic growth in China, India, and Pakistan over the period of 1970–2016. Using an Autoregressive Distributed Lag (ARDL) bound testing and Granger causality‐based Error Correction Model (ECM), this study finds that financial innovation generally has a positive and statistically significant impact on economic growth in the short‐run and long‐run. These results show that in the long‐run, monetary management and credit flow to the private sector play an essential role in economic growth. The trade openness and gross capital formation contribute considerably to the economic growth in China, India, and Pakistan. For robustness, this study also applies the Dynamic Ordinary Least Square (DOLS) and Fully Modified Ordinary Least Square (FMOLS) method. The findings of this study suggest that the financial sector plays an essential role in supporting innovation activity in Asian countries.
Muhammad Rizwan Nazir; Yong Tan. Financial innovation and economic growth: Empirical evidence from China, India and Pakistan. International Journal of Finance & Economics 2020, 1 .
AMA StyleMuhammad Rizwan Nazir, Yong Tan. Financial innovation and economic growth: Empirical evidence from China, India and Pakistan. International Journal of Finance & Economics. 2020; ():1.
Chicago/Turabian StyleMuhammad Rizwan Nazir; Yong Tan. 2020. "Financial innovation and economic growth: Empirical evidence from China, India and Pakistan." International Journal of Finance & Economics , no. : 1.
It is no doubt that successful organizations tend to be those that persistently innovate, believing on new technologies and emphasizing on abilities and knowledge of their employees. Knowledge has become one of the most imperative intangible assets of financial institutions in recent years. The aspiring organizations have recognized that Intellectual Capital Efficiency is important in promoting the performance of financial institutions. This paper tests the relationship between intellectual capital and performance using a sample of 76 financial institutions from Mainland China, Hong Kong, and Taiwan over the period 2006–2016. The results show that intellectual capital efficiency has a significant and positive impact on the profitability of financial institutions, while human capital and structural capital are not significantly related to the performance of financial institutions in Taiwan and Hong Kong. The present research extends the knowledge of intellectual capital between managers, academicians, and highlights its contribution to the value creation. These results determine that the financial institutions need to emphasize on the elements of intellectual capital, to enhance the best financial performances in these countries.
Muhammad Imran Nazir; Yong Tan. Intellectual capital performance in the financial sector: Evidence from China, Hong Kong, and Taiwan. International Journal of Finance & Economics 2020, 1 .
AMA StyleMuhammad Imran Nazir, Yong Tan. Intellectual capital performance in the financial sector: Evidence from China, Hong Kong, and Taiwan. International Journal of Finance & Economics. 2020; ():1.
Chicago/Turabian StyleMuhammad Imran Nazir; Yong Tan. 2020. "Intellectual capital performance in the financial sector: Evidence from China, Hong Kong, and Taiwan." International Journal of Finance & Economics , no. : 1.
This paper explores the effects and mechanisms of corporate financialization on corporate environmental responsibility (CER), using panel regression and the panel quantile regression model. The data is from 484 Chinese A-share non-financial listed companies, over the period 2008–2015. Some valuable results were achieved, as follows. Firstly, corporate financialization has a significantly negative impact on CER. We attribute this fact to the hard constraint of shareholder value maximization and the soft constraint of CER by taking an extrinsic analysis. Moreover, this negative impact shows heterogeneity. As the CER level increases, the remarkable restraint taken by the corporate financialization on CER is gradually weakened. This results in the corporation aiming not only at the shareholder value maximization, but also at the social effect, rather than only the former. In addition, the effect of the moderating role played by corporate leverage and ownership concentration in the influence of corporate financialization on the CER is captured in different kinds of corporations, while different performances are shown.
Zhenghui Li; Yan Wang; Yong Tan; Zimei Huang. Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China. Sustainability 2020, 12, 3696 .
AMA StyleZhenghui Li, Yan Wang, Yong Tan, Zimei Huang. Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China. Sustainability. 2020; 12 (9):3696.
Chicago/Turabian StyleZhenghui Li; Yan Wang; Yong Tan; Zimei Huang. 2020. "Does Corporate Financialization Affect Corporate Environmental Responsibility? An Empirical Study of China." Sustainability 12, no. 9: 3696.
Improving the technical efficiency of the energy industry is a fundamental way to ensure energy security and sustainable development and is also a requirement of the supply-side structural reform of China’s energy. Although the business environment plays an important role in the energy industry, this relationship between efficiency and business environment has been scarcely studied. In addition, there has been no attempt made to link the financial sector and energy industry together. To this end, a novel Robust Bayesian Stochastic Frontier Analysis (RBSFA) is developed here, where DIC (Deviance Information Criteria) is minimized by the variance/covariance optimization of three classical distributional assumptions for the inefficiency term (u): Gamma, Exponential, and Half-Normal. The goal is to develop a RBSFA model to relate the technical efficiency of the energy industry in China with major business environment performance variables (financial sector variables, energy industry variables and macroeconomic variables). Results indicate that the efficiency level of the Chinese energy industry is quite high over the examined period, although there is a large variance between different companies. Our findings further show that increases in the efficiency of the Chinese energy industry can be achieved by increasing the level of inventories and fixed assets, as well as research and development expenses. Finally, we find that the efficiency level in the Chinese energy industry is affected by the business environment. In particular, we notice that financial sector development and competition are helpful to improve the efficiency of Chinese energy companies.
Peter Wanke; Yong Tan; Jorge Antunes; Abdollah Hadi-Vencheh. Business environment drivers and technical efficiency in the Chinese energy industry: A robust Bayesian stochastic frontier analysis. Computers & Industrial Engineering 2020, 144, 106487 .
AMA StylePeter Wanke, Yong Tan, Jorge Antunes, Abdollah Hadi-Vencheh. Business environment drivers and technical efficiency in the Chinese energy industry: A robust Bayesian stochastic frontier analysis. Computers & Industrial Engineering. 2020; 144 ():106487.
Chicago/Turabian StylePeter Wanke; Yong Tan; Jorge Antunes; Abdollah Hadi-Vencheh. 2020. "Business environment drivers and technical efficiency in the Chinese energy industry: A robust Bayesian stochastic frontier analysis." Computers & Industrial Engineering 144, no. : 106487.
This study contributes to the banking literature by testing the joint impacts of profitability and industry environment on several types of risk (credit risk, liquidity risk, capital risk, and insolvency risk) in a sample of Chinese commercial banks over the period 2003–2015. The results show that a more highly developed banking sector increases the liquidity risk and credit risk of Chinese commercial banks but decreases their capital risk. It is further suggested that profitability may lead to a reduction in credit risk and insolvency risk. The findings from the current study thus have important policy implications in terms of improving stability in the Chinese banking industry.
Yong Tan; Marco Chi Keung Lau; Giray Gozgor. Competition and Profitability: Impacts on Stability in Chinese Banking. International Journal of the Economics of Business 2020, 28, 197 -220.
AMA StyleYong Tan, Marco Chi Keung Lau, Giray Gozgor. Competition and Profitability: Impacts on Stability in Chinese Banking. International Journal of the Economics of Business. 2020; 28 (2):197-220.
Chicago/Turabian StyleYong Tan; Marco Chi Keung Lau; Giray Gozgor. 2020. "Competition and Profitability: Impacts on Stability in Chinese Banking." International Journal of the Economics of Business 28, no. 2: 197-220.
The current paper contributes to the empirical literature on bank profitability by testing the joint-impact of different types of risk, competition in different banking markets and different types of efficiency on bank profitability using a sample of Chinese commercial banks over the period 2003–2017. In particular, we fill in the gap of the empirical studies by examining the impact of efficiency on profitability when banks undertake different levels of risk-taking behaviour and face different degrees of competition. The results show that competition in the Chinese banking markets (deposit market, loan market and non-interest income market) is stronger over the period 2003–2005 and also 2014–2017. In addition, it is found that bank size, cost efficiency, profit efficiency and inflation are significantly related to bank profitability. Finally, we find that the positive impact of cost efficiency on profitability is stronger when banks undertake higher levels of risk and face more competition.
Jianchun Fang; Chi-Keung Marco Lau; Zhou Lu; Yong Tan; Hua Zhang. Bank performance in China: A Perspective from Bank efficiency, risk-taking and market competition. Pacific-Basin Finance Journal 2019, 56, 290 -309.
AMA StyleJianchun Fang, Chi-Keung Marco Lau, Zhou Lu, Yong Tan, Hua Zhang. Bank performance in China: A Perspective from Bank efficiency, risk-taking and market competition. Pacific-Basin Finance Journal. 2019; 56 ():290-309.
Chicago/Turabian StyleJianchun Fang; Chi-Keung Marco Lau; Zhou Lu; Yong Tan; Hua Zhang. 2019. "Bank performance in China: A Perspective from Bank efficiency, risk-taking and market competition." Pacific-Basin Finance Journal 56, no. : 290-309.