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Ending poverty in all its forms by 2030 remains the first agenda of Sustainable Development Goals set by the United Nations in 2015. Motivated by this agenda, this study examined the direct and indirect effect of financial technology (fintech) and its sub-measures of third-party payment and credit on poverty measured by household per capita consumption. We used a panel of 31 provinces in China from 2011 to 2017. The results indicated that fintech and these sub-measures reduce poverty in China. The results further showed that fintech complements economic growth and financial development to reduce poverty in China.
Isaac Appiah-Otoo; Na Song. The Impact of Fintech on Poverty Reduction: Evidence from China. Sustainability 2021, 13, 5225 .
AMA StyleIsaac Appiah-Otoo, Na Song. The Impact of Fintech on Poverty Reduction: Evidence from China. Sustainability. 2021; 13 (9):5225.
Chicago/Turabian StyleIsaac Appiah-Otoo; Na Song. 2021. "The Impact of Fintech on Poverty Reduction: Evidence from China." Sustainability 13, no. 9: 5225.
In this paper, we consider inventory control problems for deteriorating items with maximum serviceable lifetime under mixed sales situation, both of the demand and the deterioration rate are depending on time. A model is presented to formulate the process of mixed sales that deteriorated items are sold to consumers together with serviceable items, where penalty cost for the sales of deteriorated products is included. From the literature search, this study is one of the first researches on the joint inspection and inventory control policies under the mixed sales situation with time-dependent demand and deterioration rate. An additional ordering contract is designed to improve the inventory holder’s profit. The optimal ordering time and ordering quantities are characterized for the additional ordering contract. We show that it would be more beneficial for the inventory holder to employ an additional order. Furthermore, two different inspection policies are considered in this study: (i) one inspection during the cycle; (ii) continuous monitoring in the cycle. The numerical results show that the net profit would increase if one inspection or continuous monitoring is conducted. These results provide useful insights to guide decision-making in inventory control problems of deteriorating products.
Yue Xie; Allen H. Tai; Wai-Ki Ching; Yong-Hong Kuo; Na Song. Joint inspection and inventory control for deteriorating items with time-dependent demand and deteriorating rate. Annals of Operations Research 2021, 1 -41.
AMA StyleYue Xie, Allen H. Tai, Wai-Ki Ching, Yong-Hong Kuo, Na Song. Joint inspection and inventory control for deteriorating items with time-dependent demand and deteriorating rate. Annals of Operations Research. 2021; ():1-41.
Chicago/Turabian StyleYue Xie; Allen H. Tai; Wai-Ki Ching; Yong-Hong Kuo; Na Song. 2021. "Joint inspection and inventory control for deteriorating items with time-dependent demand and deteriorating rate." Annals of Operations Research , no. : 1-41.
Background: There is growing literature promoting corporate governance mechanisms as important elements that could mitigate the inconclusive findings within the corporate social performance and firm profitability research. A key theoretical assumption within the extant literature that provides support for this proposition is that corporate social performance and firm profitability are organisational outcomes in the presence of good corporate governance.Aim: Firstly, the aim is to re-investigate voluntary social performance disclosure (SPD) and long-term profitability association from the perspective of international standards, using the Global Reporting Initiative G3.1 guidelines. Secondly, to examine the joint moderating effect of board independence and managerial ownership (MO) on the voluntary SPD and profitability nexus.Setting: The South Africa institutional setting, where recent corporate governance regimes require firms to voluntarily make corporate governance related disclosures on both shareholder-and stakeholder-related information is used as the study context.Method: Utilising manually extracted data of listed firms, over the period 2010 to 2015, the generalised least square regression and seemingly unrelated regression (with a 1-year lag as the main independent variable) are used to examine the stated hypotheses.Results: We found a positive association between voluntary SPD and long-term profitability. We also found that the presence of non-executive directors positively moderates the association between voluntary SPD and long-term profitability. Thirdly, the proportion of MO significantly positively moderates the association between voluntary SPD and long-term profitability. Lastly, the complementary role of the presence of non-executive directors and the proportion of MO significantly positively moderates the association between voluntary SPD and long-term profitability.Conclusion: This study finds support for scholarly theoretical arguments that organisational outcomes are largely possible in the presence of good corporate governance, which has a long-term implication for firms’ shareholder wealth maximisation. This study contributes to the ongoing research examining the notion of substitutive versus complementary effects of governance mechanisms, and a growing research literature on corporate social responsibility (CSR) disclosure from the perspective of international standardisation. This study therefore makes far-reaching contributions to the corporate governance and social responsibility literature in an African context.
Frank Sampong; Na Song; Gilbert K. Amoako; Kingsley O. Boahene. Voluntary social performance disclosure and firm profitability of South African listed firms: Examining the complementary role of board independence and managerial ownership. South African Journal of Economic and management Sciences 2021, 24, 12 .
AMA StyleFrank Sampong, Na Song, Gilbert K. Amoako, Kingsley O. Boahene. Voluntary social performance disclosure and firm profitability of South African listed firms: Examining the complementary role of board independence and managerial ownership. South African Journal of Economic and management Sciences. 2021; 24 (1):12.
Chicago/Turabian StyleFrank Sampong; Na Song; Gilbert K. Amoako; Kingsley O. Boahene. 2021. "Voluntary social performance disclosure and firm profitability of South African listed firms: Examining the complementary role of board independence and managerial ownership." South African Journal of Economic and management Sciences 24, no. 1: 12.
Presently, research and development (R&D) and innovation have been discussed in diverse ways. However, the nexus of subsidy was relatively unexplored in emerging economies. Furthermore, the effects of age are observed to be inconclusive. Considering 1272 selected Chinese manufacturing firms over the period 2007–2017, we employ fixed effect models to examine the effects of Subsidy on R&D and innovation and whether age was a moderating factor. Consistent with the sandwich theoretical proposition, this article found that there exists a significantly transitive relationship between government subsidy, R&D, and innovation. Whereas young firms perform better in the short-term, state-owned firms outweigh the private ones in performance. Subsequently, age alternatively moderates the R&D and innovation relationship from the perspective of subsidy. Though subsidy is a short-term determinant of R&D, it has a long-term relationship with innovation. In contrast, R&D and innovation have short-term effects based on lag computations. Overall, our findings suggest that government subsidy plays a crucial role in R&D and innovation for emerging markets. We discuss our results within the theoretical frameworks of sandwich, the economics of subsidy, and behavioral theory of R&D.
Bright Nana Kwame Ahia; Na Song; Solomon Abugri Anafo; Elijah Asante Boakye. A Story Conveyed for Emerging Economies: The Transitivity Effects of Subsidy, R&D, and Innovation Within Manufacturing Industries. IEEE Transactions on Engineering Management 2020, PP, 1 -15.
AMA StyleBright Nana Kwame Ahia, Na Song, Solomon Abugri Anafo, Elijah Asante Boakye. A Story Conveyed for Emerging Economies: The Transitivity Effects of Subsidy, R&D, and Innovation Within Manufacturing Industries. IEEE Transactions on Engineering Management. 2020; PP (99):1-15.
Chicago/Turabian StyleBright Nana Kwame Ahia; Na Song; Solomon Abugri Anafo; Elijah Asante Boakye. 2020. "A Story Conveyed for Emerging Economies: The Transitivity Effects of Subsidy, R&D, and Innovation Within Manufacturing Industries." IEEE Transactions on Engineering Management PP, no. 99: 1-15.
We address the question: which countries-rich (high-income countries) or poor (middle-income and low-income countries) - tend to gain more from the Information and Communication Technology (ICT) revolution? By employing a panel of 123 countries consisting of 45 high-income countries, 58 middle-income countries, and 20 low-income countries from 2002 to 2017 and by constructing ICT index from mobile, internet, and fixed broadband, we find that in general ICT increases economic growth in both countries, however, poor countries tend to gain more from the ICT revolution.
Isaac Appiah-Otoo; Na Song. The impact of ICT on economic growth-Comparing rich and poor countries. Telecommunications Policy 2020, 45, 102082 .
AMA StyleIsaac Appiah-Otoo, Na Song. The impact of ICT on economic growth-Comparing rich and poor countries. Telecommunications Policy. 2020; 45 (2):102082.
Chicago/Turabian StyleIsaac Appiah-Otoo; Na Song. 2020. "The impact of ICT on economic growth-Comparing rich and poor countries." Telecommunications Policy 45, no. 2: 102082.
Prior CSR and firm performance research has produced mixed results. Even so, numerous researches examining this relationship from the perspective of international standardisation have primarily concentrated on developed economics. This leaves an obvious gap within the extant literature with regards to evidence from sub-Saharan Africa. The aim of this study is to investigate the relationship between the extent of CSR disclosure performance and firm value, in an emerging institutional setting. Using hand collected data of South African listed companies, we apply the GRI G3.1 guidelines, as a measure of disclosure performance. Based on the panel data fixed effect model, we document a positive but insignificant relationship between CSR disclosure performance and firm value. Secondly, a negative and insignificant relationship was found between environmental disclosure performance and firm value. Lastly, we found a positive and statistically significant relationship between social disclosure performance and firm value. Overall, our findings suggest that CSR disclosure has a limited effect on firm value. Our findings hold for a set of robustness tests. Our findings suggest that the incorporation of sustainability disclosure, on the basis of GRI, is moderately high among the selected companies. Implications of our results suggest that CSR disclosure may not necessarily influence firm value, despite its numerous benefits. We contribute to this line of research from a multi-theoretical perspective.
Frank Sampong; Na Song; Kingsley Osei Boahene; Kwame Ansong Wadie. Disclosure of CSR Performance and Firm Value: New Evidence from South Africa on the Basis of the GRI Guidelines for Sustainability Disclosure. Sustainability 2018, 10, 4518 .
AMA StyleFrank Sampong, Na Song, Kingsley Osei Boahene, Kwame Ansong Wadie. Disclosure of CSR Performance and Firm Value: New Evidence from South Africa on the Basis of the GRI Guidelines for Sustainability Disclosure. Sustainability. 2018; 10 (12):4518.
Chicago/Turabian StyleFrank Sampong; Na Song; Kingsley Osei Boahene; Kwame Ansong Wadie. 2018. "Disclosure of CSR Performance and Firm Value: New Evidence from South Africa on the Basis of the GRI Guidelines for Sustainability Disclosure." Sustainability 10, no. 12: 4518.
Qing-Qing Yang; Wai-Ki Ching; Wan-Hua He; Na Song. Effect of institutional deleveraging on option valuation problems. Journal of Industrial & Management Optimization 2017, 13, 2097 .
AMA StyleQing-Qing Yang, Wai-Ki Ching, Wan-Hua He, Na Song. Effect of institutional deleveraging on option valuation problems. Journal of Industrial & Management Optimization. 2017; 13 (5):2097.
Chicago/Turabian StyleQing-Qing Yang; Wai-Ki Ching; Wan-Hua He; Na Song. 2017. "Effect of institutional deleveraging on option valuation problems." Journal of Industrial & Management Optimization 13, no. 5: 2097.
An optimal selection problem for bid and ask quotes subject to a stock inventory constraint is investigated, formulated as a constrained utility maximisation problem over a finite time horizon. The arrivals of buy and sell orders are governed by Poisson processes, and a diffusion approximation is employed on assuming the Poisson arrivals intensity is sufficiently large. Using the dynamic programming principle, we adopt an efficient numerical procedure to solve this constrained utility maximisation problem based on a successive approximation algorithm, and conduct numerical experiments to analyse the impacts of the inventory constraint on a dealer's terminal profit and stock inventory level. It is found that the stock inventory constraint significantly affects the terminal stock inventory level.
Na Song; Yue Xie; Wai-Ki Ching; Tak-Kuen Siu; Cedric Ka-Fai Yiu. Optimal Strategy for Limit Order Book Submissions in High Frequency Trading. East Asian Journal on Applied Mathematics 2016, 6, 222 -234.
AMA StyleNa Song, Yue Xie, Wai-Ki Ching, Tak-Kuen Siu, Cedric Ka-Fai Yiu. Optimal Strategy for Limit Order Book Submissions in High Frequency Trading. East Asian Journal on Applied Mathematics. 2016; 6 (2):222-234.
Chicago/Turabian StyleNa Song; Yue Xie; Wai-Ki Ching; Tak-Kuen Siu; Cedric Ka-Fai Yiu. 2016. "Optimal Strategy for Limit Order Book Submissions in High Frequency Trading." East Asian Journal on Applied Mathematics 6, no. 2: 222-234.
This paper develops a model for measuring the risk inherent from trading a bond position under some important stochastic interest rate models. We employ the value at risk (VaR) and expected shortfall (ES) as proxies for the extreme risk inherent from trading a bond position. In particular, we concern ourselves with the average tail behavior of the real-world profit/loss distribution for a bond position. We investigate the risk behaviors of a bond position under some stochastic interest rate models including the Merton model, the Vasicek model, and the Cox–Ingersoll–Ross (CIR) model.
Na Song; Tak Kuen Siu; Farzad Alavi Fard; Wai-Ki Ching; Eric S. Fung. Risk measures and behaviors for bonds under stochastic interest rate models. Mathematical and Computer Modelling 2012, 56, 204 -217.
AMA StyleNa Song, Tak Kuen Siu, Farzad Alavi Fard, Wai-Ki Ching, Eric S. Fung. Risk measures and behaviors for bonds under stochastic interest rate models. Mathematical and Computer Modelling. 2012; 56 (9-10):204-217.
Chicago/Turabian StyleNa Song; Tak Kuen Siu; Farzad Alavi Fard; Wai-Ki Ching; Eric S. Fung. 2012. "Risk measures and behaviors for bonds under stochastic interest rate models." Mathematical and Computer Modelling 56, no. 9-10: 204-217.