relationship. All subsequent studies confirmed it (see for example King and Levine, 1993, and the review in: Pagano, 1993). Goldsmith used a sample of 35 countries for the period between 1860 and 1963 to show the relationship between income and financial depth measured by the ratio between bank's assets and GDP. He also showed that in periods of rapid growth, financial depth grows faster than income. More details about measuring financial depth can be found in this paper. FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH Velimir Šonje

/pdf/financial-development-and-economic-growth-1933kuo17q.pdf

Financial development and economic growth

We develop and test an attention-based theory of search by top management teams and the influence on firm innovativeness. Using an in-depth field study of 61 publicly traded high-technology firms and their top executives, we find that the location selection and intensity of search independently and jointly influence new product

Top management attention to innovation: The role of search selection and intensity

The main purpose of this study was to establish the nexus between financial sector development and economic growth in South Africa. The main motivation of the study is that although many studies on this nexus have been carried out in both developed and developing countries very few similar studies have been carried out in Sub-Saharan countries which include South Africa. This has led to the dearth of relevant literature in Sub-Saharan Africa. Cointegration and error correction methodology together with Granger causality tests were used to establish how economic growth and financial sector development are related in South Africa. The results of the study show that economic growth is explained by the financial sector variables (broad money stock as a percentage of GDP and total credit to the private sector as a percentage of GDP) and control variables (inflation, exchange rate, and real interest rates). The Granger causality test results show that there is generally a bidirectional relationship between economic growth and financial sector development which implies that if the economy grows the financial services sector also grows and vice versa. We recommend that more studies using more growth and financial indicators than the ones included in this study need to be carried out using the same methodology applied in this study. In addition, the role of equity markets in economic growth also needs to be investigated.

Financial sector development and economic growth nexus in South Africa

The effect of firm level factors or industry specific determinants on company performance has been worked on in Pakistan but the researches are mainly focused on textile industries and to an extent agro food industry. This study has been conducted on the effect of macroeconomic factors on firm performance in Pakistan with the focus being on seven industries. 10-year data of 5 companies each in 7 industries in Pakistan (35 companies) was collected through the financial reports, from their official websites. Seven industries were selected the Sugar, Textile, Garments, Automotive, Food, Ceramics and Cement industries. The effect of macro-economic factors like Inflation Rate, Real Effective Exchange Rate, Foreign direct investment and Unemployment Rate, as well as Unit Labor Cost, were assessed on Return on Assets for each industry using separate regressions. The results indicated that inflation was a significant factor in sugar industry whereas labor unit cost and exchange rate significantly contributed to textile industry firm performance. Garment and auto industry firm performance were heavily influenced by inflation and unemployment. Lastly food and cement industry ROA were greatly influence by rate of exchange and FDI. Whereas these macroeconomic factors had very little impact on Ceramic industry. These results can assist managers, company auditors, lenders, and regulatory bodies to identify businesses that will be affected by macroeconomic changes and use this information to improve future performance.

https://archive.aessweb.com/index.php/5050/article/download/127/245

Effect of Macroeconomic Factors on Firms ROA: A Comparative Sectorial Analysis from Pakistan

This study aims to examine the macroeconomic determinants that have influenced the development of the banking sector in Nepal by using the ARDL approach technique with economic time series data over the period 1995 to 2020. The research study applied the ARDL approach for a small number of observations to avoid the spurious regression issue that plagues the creation of modern time series data. The research study used bound test co-integration analysis to determine the long-run equilibrium association between the macroeconomic determinants and the development of banking sector industry. The arithmetic average of the normalised values for banking efficiency, banking depth, and banking stability is used to measure the development of the banking industry. The research study found that per capita GDP and remittances have a positive and significant impact on the development of the banking industry. Additionally, the development of the banking industry was explained by government expenditure and stock market capitalisation. However, the research study reveals that the development of the banking industry is negatively impacted by trade openness and inflation in Nepal.

Macroeconomic Determinants and Development of Banking Industry in Nepal

This study investigates the causal relationship between banking sector development, inflation, and economic growth for six Asian countries (Bangladesh, China, India, Malaysia, Pakistan and Sri Lanka) over the period of 1970-2016. Using a Pedroni panel, Kao co-integration test, Panel Granger causality-based Error Correction Model, Dynamic ordinary least square (DOLS), and Fully modified ordinary least square (FMOLS), this study finds that the development of the banking sector generally has a positive relationship with economic growth in the long-run. This results show that in the long-run, monetary policy play a vital role in the economic growth. This study also confirmed the response causality between the indicators of banking sector development and economic growth. Based on the empirical findings, this research provides important policy implications to the banking sector and economic supervisory bodies in order to achieve the long run economic growth.

/pdf/banking-sector-development-inflation-and-economic-growth-in-1ivqv05obz.pdf

Banking Sector Development, Inflation and Economic Growth in Asian Countries: A Panel Causality and Co-Integration Approach

This study examines the effects of three highly-visible CEO characteristics on a valuation of the organization. Using a sample for Chinese firms over the period of 2007-2016, we find that CEO age is consistently related with lower organizations’ valuation. CEO tenure is also related with lower valuation, but more significantly so in the higher quantiles of organizations’ valuation, that is for organizations with high growth opportunities. The CEO duality is found to be valuable only for organizations with high growth opportunities. Overall, this study highlights the contingent association between CEO characteristics and valuation of the organization.

/pdf/ceo-characteristics-and-valuation-of-the-organization-a-1xo9usx7c7.pdf

CEO Characteristics and Valuation of the Organization: A Quantile Regression Analysis

Macroeconomic factors play a fundamental role in attracting the growth the country. This research examined the impact of various macroeconomic factors on GDP of Pakistan for the period of 1975-2015. The core objective of this research was to check the impact of inflation, investment, exchange rate and net export on development of Pakistan. The tool for analysis was Ordinary Least Square (OLS) multiple regression model. This research used Descriptive Statistics, Harvey's test for checking the heteroscedasticity and Breusch Godfrey LM test to check autocorrelation among variables. The results of this study show that inflation exerts negative significant effect on Pakistan GDP whereas investment shows positive significant effect and exchange rate have positive insignificant effect on GDP of Pakistan. Moreover net export has been highly positive significant on Pakistan GDP.

/pdf/impact-of-macroeconomic-factors-on-development-of-paki-stan-5e2ge2y2jm.pdf

Impact of macroeconomic factors on development of Paki-stan

This study examines the TMT attention to innovation influences an organizations innovation activities. The results show that the influence of executive attention to innovation on organizations innovation activities is moderated by the characteristics of corporate governance. This study develop and test the hypotheses imitative from the expectation of firm level data covering the period of 2012-2016. The result shows that TMTAI is positively related with an organization’s patent application, and that the positive association is stronger when an organizations is a state owned, has a large members of the board, and has a few independent directors.

/pdf/tmt-attention-to-innovation-of-organizations-influence-the-281navmlpd.pdf

TMT Attention to Innovation of Organizations Influence the Organization Innovation Activities: Moderating Role of Corporate Governance

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Papers

Banking Sector Development, Inflation and Economic Growth in Asian Countries: A Panel Causality and Co-Integration Approach

CEO Characteristics and Valuation of the Organization: A Quantile Regression Analysis

Impact of macroeconomic factors on development of Paki-stan

TMT Attention to Innovation of Organizations Influence the Organization Innovation Activities: Moderating Role of Corporate Governance