Miracle-dz/UniFAR-FTUs huggingface dataset:
Too Much Liquidity? Seemingly Excess Cash for Innovative Firms

We show that more cash allows innovative firms facing financing constraints to undertake more research and development projects and that this phenomenon has been more pronounced since 1980. In contrast to the secular increase in the level of cash holdings, average excess cash has not increased appreciably. We analyze excess cash disposition and document a strong relation between excess cash and research and development spending. Finally, our results suggest that increased difficulty in valuing research and development might be a source of financing frictions. These findings imply that “seemingly excess cash” has played an increasingly important role in mitigating underinvestment in innovation.
Empirical Insights into the Long-Run Linkage between Households Energy Consumption and Economic Growth: Macro-Level Empirical Evidence from Pakistan

This study is a maiden empirical attempt to examine the long-run linkage between households’ usage of energy and economic progression in Pakistan from the period of 1972–2017. The Autoregressive Distributive Lag (ARDL) bounds testing method to co-integrate is employed to expose the causality dynamics between the variables such as households’ electricity consumption, households’ gas consumption, population growth, and per capita Gross Domestic Product (GDP) in Pakistan. The study adopted three renowned unit root approaches through the use of the Augmented Dickey-Fuller (ADF), the Phillips-Perron (P-P), and Zivot-Andrews (Z&A) tests to check the stationarity of the variables, while the Johansen cointegration technique is also employed to assess the robustness of the long-run association. The validity of outcomes is also checked with casualty and variance decomposition. The estimated results reveal that, in both the short and long run, households’ electricity and gas usage positively affect economic growth, while population growth in the long-run has a negative impact, but the short-run analysis has a positive impact on economic growth in Pakistan. Additionally, the Granger causality and variance decomposition confirm the robustness of outcomes and suggesting a long run association among the variables, and a unidirectional causal link running from three variables to economic growth of Pakistan in the short run.
Runs of Homozygosity as Footprints of Selection in the Norik of Muran Horse Genome

The aim of this study was to analyse the genome-wide distribution of runs of homozygosity (ROH) segments in the genome of Norik of Muran horse and to identify the regions under strong selection pressure. Overall, 25 animals genotyped by the GGP Equine70k chip were included in the study. After SNP pruning, 54479 SNPs (75.72%) covering 2.25 Gb of the autosomal genome were retained for scan of ROH segments distribution. The ROHs were present in the genome of all animals and covered in average 13.17% (295.29 Mb) of autosomal genome expressed by the SNP loci. The highest number of ROHs was identified on autosome 1 (404), while the lowest proportion of autosome residing in ROH showed ECA31 (38). The footprints of selection, characterized by SNPs with extreme frequency in ROHs across specific genomic regions, were defined by the top 0.01 percentile of signals. Overall, nine genomic regions located on seven autosomes (3, 6, 9, 11, 15, 23) were identified. The strongest signal of selection showed three autosomes ECA3, ECA9 and ECA11. The protein-coding genes located within these regions suggested that the identified footprints of selection are most likely consequences of intensive breeding for traits of interest during the grading-up process of the Norik of Muran horse.
SMEs’ growth under financing constraints and banking markets integration in the euro area

ABSTRACT We explore the impact of financing constraints and the role of banking markets integration on the growth of small and medium enterprises (SMEs). The data are drawn from the European Central Bank/Survey on the Access to Finance of Enterprises (ECB/SAFE) on SMEs’ access to finance aggregated at the country level for the largest 11 euro area countries during 2009–2015. Our findings suggest that financing constraints hamper SMEs’ growth and that the effect is stronger for perceived, rather than actual, financing constraints. On the other hand, increased banking markets integration in the euro area appears to foster SMEs’ growth. Furthermore, we found that the reduction in financing constraints is crucial in the transmission channel from banking markets integration to growth. This effect appears significantly stronger when integration is measured by the intensity of cross-border lending than through convergence in interest rates to loans to nonfinancial corporations.
The Impact of Audit Committee Information Technology Expertise on the Reliability and Timeliness of Financial Reporting

We examine whether information technology expertise on audit committees impacts the reliability and timeliness of financial reporting. We find a reduction in the likelihood of material restatement, a reduction in the likelihood of information technology-related material weaknesses (which account for 55 percent of all reported material weaknesses), and more timely earnings announcements at firms with audit committee information technology expertise. These findings are robust to controlling for a firm's other information technology attributes, as well as when using entropy balanced samples, and we mitigate endogeneity concerns with evidence that our findings hold in a subsample of firms that all possess overall high-quality information technology. Finally, a difference-in-differences analysis, inclusion of firm fixed effects, and a falsification test largely support our assertion that the quality of financial reporting is significantly improved by the presence of an audit committee information technology expert. JEL Classifications: M41; M15. Data Availability: All data used in the study are publicly available.
Effect of Aid for Trade Unpredictability on Trade Policy in Recipient-Countries

This article examines the effect of the unpredictability of Aid for Trade (AfT) flows on trade policy in 124 recipient-countries, of which 42 are least developed countries (LDCs), over the period 2002–2016. The analysis shows that while AfT flows exert a positive effect on trade policy liberalisation, AfT unpredictability induces the adoption of restrictive trade policies. These results apply to LDCs and other countries, although the magnitude of the negative effect of AfT unpredictability on trade policy liberalisation is higher for LDCs than for other countries. Furthermore, AfT unpredictability reduces the positive trade policy liberalisation effect of AfT flows. JEL: F13, F14, F35
The effect of CEO turnover on dropped coverage of analysts issuing biased earnings forecasts

ABSTRACT This study offers evidence on the relationship between analysts’ dropped coverage and CEO turnover, based on analyst forecast bias. The results suggest that analysts with more frequent forecast biases are more likely to drop their covered firms which their CEOs are replaced. Especially as for cases of new CEOs hired from the outside, the effect of analyst biased forecast on analysts’ dropped coverage corresponding with CEOs turnover are stronger. However, this effect is weaker in the post-SOX period (after 2003) than in the pre-Reg FD period (before 2000).
Does female representation on corporate boards improve intellectual capital efficiency?

Purpose The purpose of this paper is to analyse the relationship between female representation on corporate boards and intellectual capital (IC) efficiency – while prior studies focus on the relationship between gender diversity and firms’ financial performance. Design/methodology/approach Drawing on data from top 500 UK listed firms for 2007–2016 (3,279 firm-years), this study employs an adjusted-value-added intellectual coefficient as a measure of IC efficiency. Further, the two-step system-generalised method of moments has been applied to account for endogeneity issues. Findings The results reveal a significant positive relationship between female representation on boards and IC efficiency, including human capital, structural/innovation capital and financial capital efficiency. These results are robust to alternative proxies for the independent variable and difference-in-difference estimation. Practical implications The results posit that female representation on boards is associated with IC efficiency, which is vital for firms’ value creation and competitive advantage in the knowledge-economy era. The study also endorses current legislation to increase female representation on corporate boards. Originality/value This is among the limited studies to explore the role of female representation on boards in IC efficiency – while most prior studies relate IC efficiency to financial performance.
Residual Government Ownership and Corporate Investment Efficiency in Privatised Firms: Evidence from a Transition Country

This paper delves into the link between residual government ownership and investment efficiency in privatised firms in a transitional economy. The study uses a data set covering firms listed on the Ho Chi Minh City stock exchange, Vietnam, over the period from 2007 to 2015. It is found that firms with higher residual government ownership are associated with lower levels of investment efficiency. The finding suggests that government ownership is less beneficial than private ownership in privatised firms. The paper has important implications for policymakers in supporting privatisation policy and in designing a framework to promote better corporate governance in privatised firms after privatisation.
Is Prestige Only Beneficial? A Cost of Perceived External Prestige Among Accounting Employees

Abstract Perceived external prestige (PEP), which is an employee’s belief of how outsiders view his or her organization, has a positive effect on multiple employee job outcomes. However, we posit that PEP also carries costs that arise due to increases in the perception of coworker competitiveness that negatively affects some job outcomes. Prior research has not yet examined negative outcomes of PEP. Using structural equation modeling with survey data from a sample of 477 accounting professionals employed in public accounting firms, we find that PEP is negatively related to job satisfaction and positively related to turnover intentions through its relationship with perceptions of the competitiveness of coworker environment, thus documenting a cost of PEP. Overall, though, we find that the net effect of PEP on job outcomes remains positive. Additionally, we find these relationships hold with 383 accounting professionals in industry. Implications for research and practice are discussed.
Human-carnivore relations: conflicts, tolerance and coexistence in the American West

Carnivore and humans live in proximity due to carnivore recovery efforts and ongoing human encroachment into carnivore habitats globally. The American West is a region that uniquely exemplifies these human-carnivore dynamics, however, it is unclear how the research community here integrates social and ecological factors to examine human-carnivore relations. Therefore, strategies promoting human-carnivore coexistence are urgently needed. We conducted a systematic review on human-carnivore relations in the American West covering studies between 2000 and 2018. We first characterized human-carnivore relations across states of the American West. Second, we analyzed similarities and dissimilarities across states in terms of coexistence, tolerance, number of ecosystem services and conflicts mentioned in literature. Third, we used Bayesian modeling to quantify the effect of social and ecological factors influencing the scientific interest on coexistence, tolerance, ecosystem services and conflicts. Results revealed some underlying biases in human-carnivore relations research. Colorado and Montana were the states where the highest proportion of studies were conducted with bears and wolves the most studied species. Non-lethal management was the most common strategy to mitigate conflicts. Overall, conflicts with carnivores were much more frequently mentioned than benefits. We found similarities among Arizona, California, Utah, and New Mexico according to how coexistence, tolerance, services and conflicts are addressed in literature. We identified percentage of federal/private land, carnivore family, social actors, and management actions, as factors explaining how coexistence, tolerance, conflicts and services are addressed in literature. We provide a roadmap to foster tolerance towards carnivores and successful coexistence strategies in the American West based on four main domains, (1) the dual role of carnivores as providers of both beneficial and detrimental contributions to people, (2) social-ecological factors underpinning the provision of beneficial and detrimental contributions, (3) the inclusion of diverse actors, and (4) cross-state collaborative management.
Identification of critical components of resilience during and after economic crises: The case of women food operators in Kuala Lumpur

In the past, there has been a preponderance of studies on entrepreneurs or small and medium enterprises (SMEs) in Malaysia; however, very few studies concentrated on women entrepreneurs. Women entrepreneurs are known to be persistent and resilient in running their business. However, it may be interesting to focus on factors or components that contribute towards their resiliency. Hence, this study explores the critical components of entrepreneurial resiliency which play a significant role in the business survival of women entrepreneurs during and after undergoing economic crises. The term resilience comprises three components, namely hardiness, resourcefulness, and optimism. Hardiness refers to adaptive capacity, and not easily discouraged by failures. Resourcefulness, on the other hand, relates to cash flow, investment, relational networks, material assets, and the ability to adapt to changes, while optimism means the preparedness to make decisions, take action, and the ability to see the humorous side of things. The sample of the study consisted Nazatul Shima Abdul Rani et al. 112 of 100 women entrepreneurs, mainly food operators in Klang Valley who were selected randomly. Most of the women entrepreneurs were aged above 30 years, and more than half have more than 10 years’ experience in running their business. A set of questionnaire with items on entrepreneurial resilience and its components—hardiness, resourcefulness, and optimism—was used to gain information among women entrepreneurs. The findings show that the most critical components for resilience during crises was resourcefulness, while optimism emerged as the most important component after undergoing crises.
The EITC and the Extensive Margin: A Reappraisal

This paper reconsiders the impact of the Earned Income Tax Credit (EITC) on labor supply at the extensive margin. I investigate every EITC reform at the state and federal level since the inception of the policy in 1975. Based on event studies comparing single women with and without children, or comparing single mothers with different numbers of children, I show that the only EITC reform associated with clear employment increases is the expansion enacted in 1993. The employment increases in the mid-late nineties are very large, but they are influenced by the confounding effects of welfare reform and a booming macroeconomy. Based on different approaches that exploit variation in these confounders across household type, space and time, I show that the employment effects align closely with exposure to welfare reform and the business cycle. Single mothers who were unaffected by welfare reform (but eligible for the EITC) did not respond. Overall and contrary to consensus, the case for sizable extensive margin effects of the EITC is fragile. I highlight the presence of informational frictions, widely documented in the literature, as a natural explanation for the absence of extensive margin responses.
THE ASSOCIATION BETWEEN EARNINGS MANAGEMENT AND CAPITAL STRUCTURE: AN EMPIRICAL STUDY ON JORDANIAN FIRMS LISTED IN AMMAN STOCK EXCHANGE

The purpose of this study is to investigate the association between earnings management, measured by the absolute unexpected accruals and the firm’s capital structure. The study sample consists of 44 manufacturing Jordanian firms listed in the Amman Stock Exchange during the 5 years (2008-2012), a total of 220 (firm-year) observations. The study provides evidence supporting the hypothesized association between capital structure and the absolute unexpected accruals. Consistent with most prior related studies’ results, findings indicate a statistically positive association between earnings management and a firm’s financial leverage which is used as a proxy of the firm capital structure. This result hold for one measure of financial leverage (long–term-debt to equity ratio). However, when we use alternative leverage measure (total debt to assets ratio) as a capital structure proxy, the association between earnings management and leverage remains positive but statistically insignificant at the conventional level. Consistent with most related prior studies’ findings, the empirical evidence also shows that capital structure is negatively associated with profitability return on equity and positively related to firm size. The regression coefficients on both variables are statistically significant at the conventional level. Also, both external financing and investment opportunities, are positively and significantly associated with capital structure.
ENDOWMENTS OF HIGHER EDUCATION INSTITUTIONS AND INDIVIDUAL INCOME TAX POLICY: WEALTH EROSION FROM A LOSS IN CHARITABLE CONTRIBUTIONS

OF DISSERTATION ENDOWMENTS OF HIGHER EDUCATION INSTITUTIONS AND INDIVIDUAL INCOME TAX POLICY: WEALTH EROSION FROM A LOSS IN CHARITABLE CONTRIBUTIONS The most significant tax overhaul bill in over thirty years was enacted in 2017 and expected to have wide-ranging effects. The Tax Cuts and Jobs Act includes numerous policies that directly and indirectly impact the higher education sector and the effect to endowments was not addressed in the public debate leading up to enactment. Unlike expendable gifts, a reduction in endowment contributions has a cumulative effect because a gift to an endowment can benefit all subsequent years. Each year following a contribution, investment income earned on the original gift is available for spending and benefits escalate over time in amount, assuming the value of the original gift continues to grow. The purpose of this study is to analyze precisely the direct and indirect impact of personal income tax regulations on the charitable sector. It will do so by disaggregating data to delineate clearly the differential consequences that distinguish higher education from other components of the broad charitable sector umbrella. A model is developed to predict the erosion of endowment wealth following a decrease in contributions due to tax policy using panel data from a previous ten-year period assuming the tax policy was first effective beginning in year one. The erosion of overall endowment wealth is gradual, and subsectors of higher education are predicted to experience varying rates of attrition. Regression analysis is then used on giving by source data to institutional and endowment characteristics indicative of greater reliance on contributions from individuals to the endowment; the results are suggestive but inconclusive.
Evaluating Australian electoral reforms : 1983-2007

Australia has an international reputation for electoral innovation and the professionalism and independence o f its electoral administration. Significant reforms over the past 25 years, however, demand a re-appraisal o f Australia's standing in terms o f electoral democracy. Applying and adapting international measures o f 'fairness', this doctoral thesis assesses electoral reforms since 1983, considers their impacts on voters, candidates, and parties, and also examines the drivers o f reform. While governments tend to introduce electoral reforms that reap partisan benefits, there may be unintended consequences o f such changes. Moreover, and consistent with the party cartelisation thesis, reforms may benefit major parties as a group at the expense o f other electoral competitors. At the same time, impacts on voters in terms o f fairness may be mixed, depending on the partisan effect. The thesis investigates specific reforms in Australia's nine electoral jurisdictions using both a comparative and case study approach. The thesis applies a model for evaluating the fairness o f electoral governance that draws on the work o f Elkit and Reynolds (2005) but extends it to make it more capable o f distinguishing between good and bad practice in developed democracies. In evaluating the reforms, the study draws on comparative measures such as Elklit and Reynolds' (2005) framework for measuring fairness and partisan bias, and Gallagher's Least Squares Index. The Elklit and Reynolds model is modified to make it more applicable to developed democracies such as Australia. In addition to specific reforms, the independence o f electoral management bodies is interrogated and measured, building on existing assessment criteria. The thesis draws on a variety o f sources, including personal interviews with current electoral commissioners and electoral administrators, ministers and shadow ministers, and parliamentary committee members. In addition to these interviews with key players, the thesis uses legislative and parliamentary data to inform its analysis and assessment.
Brucelloses animales en Afrique tropicale. Particularités épidémiologique, clinique et bactériologique

Zoonose majeure, la brucellose est retrouvée en Afrique tropicale tant chez l’homme que chez les animaux avec une incidence variable. Chez les animaux, elle présente quelques particularités. L’agent causal est représenté par Brucella melitensis et surtout Brucehà ahurtus avec les biotypes 1, Z-3 ou 3/6,4 et 5. Les biotypes 3 ou 3/6 sont prépondérants. Ces souches sont de croissance plus lente que les souches européennes et ont un profil de métabolisme oxydatif particulier par rapport au profil classique de l’espèce. La prévalence sérologique, influencée par le climat et le mode d’élevage est variable selon les pays et les localités. Les facteurs intrinsèques qui agissent sur la réceptivité et la sensibilité des organismes, subissent également l’effet des facteurs d’environnement. Les manifestations cliniques sont marquées par des avortements dans les formes aiguës et la présence d’hygruma dans les formes chroniques. Si l’incidence hygiénique est connue, l’appréciation de l’incidence économique vient d’être à peine ébauchée. Elle mérite d’être poursuivie pour justifier la mise en oeuvre d’une lutte concertée entre les différents pays. Mots clés : Brucellose Brucella melitensis Brucella abortus Zoonose Epidemiologie Avortement Hygroma Afrique.
Use of mobile apps in online shopping: scale development and validation

The research paper focuses on the development of two scales to measure the applicability of the technology acceptance model and shopping motives behind the use of mobile shopping apps. Qualitative and quantitative techniques were employed to develop and validate the scales. An item pool was generated using a review of previous literature, in-depth interviews with online shoppers and experts from the retail industry. Based on quantitative analysis, two scales for mobile technology acceptance and motivation towards using mobile apps were developed. The item pool for both the scales was generated through a review of existing literature, interviews with experts and academicians. Data collected from shoppers using mobile apps were analysed using exploratory and confirmatory factor analyses. The results revealed two factors for technology acceptance (perceived usefulness and perceived risk) and shopping motives (utilitarian and hedonic). Convergent, discriminant and nomological validity were established. The study provides several theoretical and managerial implications.