Background: Stress tests have been increasingly used as a part of the supervisory tool by national regulators after the financial crisis, which can also be used to conduct authorities’ supervisory for determining bank capital levels, assessing the health of a bank. Purpose: The main purpose of this study is to assess whether some micro factors play important roles on the changes of Common Equity Tier One Capital Ratio (between the bank accounting value and the stress testing results under the adverse scenarios).  Our secondary purpose is to investigate if our empirical results will help to provide some theoretical suggestions to regulators when they exercise stress tests.   Method: An empirical analysis by using Panel Data, introducing GARCH model to measure volatility.   Empirical foundation: The results of EU-wide stress tests and bank financial statements   Conclusion: The coefficient associated with non-performing loans to total loans is positively significant and the coefficient associated with bank size is negatively significant.  In addition, the financial system of strong banks is better to absorb financial shocks. These findings are useful, as banks is a reflection of the financial stability of an economic entity, we can use these findings as another reason to pay attention to the process of the stress testing rather just stress testing results.

A pesquisa trata da relação entre as transações com partes relacionadas (RPT\'s) e o desempenho nas companhias do Novo Mercado. Teve como objetivo identificar se esta relação pode ser afetada pelos mecanismos de governança corporativa, especificamente de supervisão e monitoramento por elas adotados voluntariamente. Foram consideradas as hipóteses dicotômicas apresentadas por Gordon, Henry e Palia (2004), denominadas de \"conflitos de interesse\" e \" transações eficientes\". Na tentativa de mensurar estas relações, adotou-se o modelo de análise de dados em painel por permitir a incorporação de informações temporais e reduzir o problema do viés de variáveis omitidas. Evidências sugerem que há relação entre as transações com partes relacionadas operacionais e o desempenho das companhias estudadas. No entanto, os resultados a respeito do efeito de moderação dos mecanismos de supervisão e monitoramento na utilização de tais contratos foram inconclusivos. / The study deals with the relationship between related party transactions (RPT\'s) and firm performance in the Brazilian \"Novo Mercado\", and its goal is to identify whether this relationship can be affected by mechanisms of corporate governance. Audit committee was used to measure corporate governance mechanisms. The two assumptions made by Gordon, Henry and Palia (2004), called \"conflicts of interest\" and \"efficient transactions\" were considered in this study. In an attempt to measure these relationships, it was adopted the model of panel data analysis to reduce the problem of omitted variable bias. The empirical results provide evidence that there is a relationship between related party transactions and firm performance. However, the results regarding the moderating effect of the mechanisms of supervision and use of such contracts have been inconclusive.

This paper examines the impact of financial sector foreign direct investment (FSFDI) on economic growth by estimating a panel data model for 11 Central and Eastern European countries (CEECs) between 1996 and 2003 in a cross-country growth accounting framework. The analysis concentrates on the efficiency channel linking FSFDI to economic growth. The results clearly indicate that there can be a relationship between FSFDI and economic growth. Approaching a medium degree of financial M&A is rewarded by higher economic growth after two periods. Beyond it, FSFDI seems to spur economic growth depending on a higher human capital stock. FSFDI-induced knowledge-spillovers to domestic banks can be an explanation for this phenomenon. Above a certain threshold, the crowding-out of local physical capital caused by the entry of a foreign bank seems to hamper economic growth. The value of the paper lies in (1) providing novel data on FSFDI in CEECs, (2) analyzing the impact of FDI on a sectoral level and (3) in modeling the hitherto only qualitatively discussed relationship between foreign banks and economic development into a structural, econometric model that combines two streams of economic research: the FDI-growth-literature and the finance-growth-literature. (author's abstract) / Series: EI Working Papers / Europainstitut

This thesis presents an econometric methodology for analyzing the impact of market concentration (HHI) on the day rate prices paid by E&P operators for the lease of drilling rigs. It is an extension of the work of Lee (2008), ‘Measuring the Impact of Concentration in the Drilling Rig Market’. Specifically, the work entailed using a more detailed time series data than was initially used (quarterly), analyzing impact of concentration on day rate prices by water depth specification of drilling rigs, and accounting for the impact of autocorrelation on the analysis. The results for jack-ups, without adjustment for autocorrelation, supported the results of the prior study i.e. showing that increase in HHI causes rig day rate price increase. However, the results for semi-submersibles was inconclusive as it varied from region to region and also was contrary to the assumptions of positive relationships between HHI and day rate prices made in this study. These results imply that market concentration caused both price increase and decrease within the industry depending on whether it increased market power or increased cost efficiency and technological ability. / text

China's phenomenal economic growth has coincided with a substantial increase in FDI inflows and hence led researchers, including the author, to believe that increased inflows of FDI into China has had important implications for the country's trade and economic development over the past decades. The objective of this thesis is to identify and investigate several key issues associated with inward FDI in the Chinese economy. These include the determinants of FDI inflows at the sectoral level, spillover effects of FDI on labour productivity and innovation, the causal linkage between FDI and China's bilateral trade with selected OECD countries, and the performance of foreign funded enterprises (FFEs) compared to the performance of state-owned enterprises (SOEs) in China. This thesis adds to the existing research on the role that FDI has played in recent growth of the Chinese economy by applying new as well as established techniques to China's regional and sectoral data. In particular, it integrates descriptive and empirical analysis to extend existing studies in several ways. First, analyses in the empirical chapters of this thesis are undertaken using data at the regional and sectoral level. Second, this thesis uses panel data from official sources for all empirical examinations. Last, whereas most existing studies have ignored the importance of unit-root issues when using panel data, and therefore possibly producing unreliable results, this thesis employs unit-root tests for all panel data analyses. The key findings in this thesis can be summarized in four points. First, at the sectoral level, for China as a whole, foreign investors are influenced by labour productivity, wage costs and innovation activities but not by the level of state ownership. For Guangdong province, foreign investors are concerned with labour productivity and wages as well as state ownership at sectoral level. However, the level of innovation does not play an important role in influencing inflows of FDI into Guangdong province at sectoral level. Second, the thesis found that FDI generates spillover effects on labour productivity in China although no spillover effects on the level of innovation were detected. At the regional level, it was concluded that the coastal and western regions experience a greater amount of spillover effects from FDI than do the municipal cities. Furthermore, the western region is the only region that experiences greater spillover effects from FDI on innovation than the municipal cities. Also, the spillover effects of FDI appear to be no different prior to or post-1997 when the Asian financial crises occurred. Third, a co-integrating relationship exists between FDI and total trade, FDI and exports, and FDI and imports in China. The thesis further concluded that bidirectional causality between FDI and trade variables exists in China in the long-run. However, short-run causality runs only from FDI to trade. Fourth, the thesis further shows that FFEs in China are more efficient than SOEs. Over time it is observed that SOEs and FFEs in the municipal cities and the coastal regions experienced greater productivity gains than those in the central and western regions during the sample period. It is also concluded that both SOEs and FFEs in the municipal cities have experienced more productivity growth than those in other regions with SOEs in the central region and FFEs in the western region experiencing the least productivity growth.

A pesquisa trata da relação entre as transações com partes relacionadas (RPT\'s) e o desempenho nas companhias do Novo Mercado. Teve como objetivo identificar se esta relação pode ser afetada pelos mecanismos de governança corporativa, especificamente de supervisão e monitoramento por elas adotados voluntariamente. Foram consideradas as hipóteses dicotômicas apresentadas por Gordon, Henry e Palia (2004), denominadas de \"conflitos de interesse\" e \" transações eficientes\". Na tentativa de mensurar estas relações, adotou-se o modelo de análise de dados em painel por permitir a incorporação de informações temporais e reduzir o problema do viés de variáveis omitidas. Evidências sugerem que há relação entre as transações com partes relacionadas operacionais e o desempenho das companhias estudadas. No entanto, os resultados a respeito do efeito de moderação dos mecanismos de supervisão e monitoramento na utilização de tais contratos foram inconclusivos. / The study deals with the relationship between related party transactions (RPT\'s) and firm performance in the Brazilian \"Novo Mercado\", and its goal is to identify whether this relationship can be affected by mechanisms of corporate governance. Audit committee was used to measure corporate governance mechanisms. The two assumptions made by Gordon, Henry and Palia (2004), called \"conflicts of interest\" and \"efficient transactions\" were considered in this study. In an attempt to measure these relationships, it was adopted the model of panel data analysis to reduce the problem of omitted variable bias. The empirical results provide evidence that there is a relationship between related party transactions and firm performance. However, the results regarding the moderating effect of the mechanisms of supervision and use of such contracts have been inconclusive.

This study explores the relationship between income inequality and household indebtedness using panel data on 17 OECD-countries over the time period 1995-2015. Motivated by relative income theory of consumption and previous empirical research we anticipate a non-monotonic relationship between changes in household debt and income inequality (measured by the Gini- coefficient), as dynamics between different groups of households in the income spread is expected to vary at different levels of inequality. Carrying out the empirical analysis we find notable indications of an inverse U-shape relationship between inequality levels and household borrowing. We locate an estimated turning point at a Gini-value of 28.84, which indicates a positive marginal effect on household borrowing as inequality grows from levels below this point, turning negative as inequality increases further. This suggests that as income inequality grows from relatively low levels households increase their rate of borrowing, while at higher levels of inequality households decrease their borrowing rate in response to growing income disparities. Results hold under a random effects model and a pooled OLS model, but fail to prove significant in the stricter fixed effects model, why we cannot draw any definitive conclusions about the magnitude of the effect. Nevertheless, the findings of further complimentary estimations lend credence to our hypothesis. Benefits and limitations of our data and empirical methods are comprehensively discussed, as well as the theoretical mechanisms explaining the relationship. Indicative but in the end inconclusive results leaves ample opportunity for further investigations with more advanced empirical methods. / <p>This bachelor thesis was awarded the highest grade, VG.</p>

This master thesis deals with research of Subjective Quality of Life for population fifty years old or more, depending on the selected demographic, social and economic indicators. More and more people live to the older ages, and thus important question of living conditions and well being of this ageing population comes forward. General concept of Quality of Life of older people is described on wide theoretical scale with focus on the cause of the phenomenon, Demographic Ageing of populations. The Demographic Ageing is described not only on the theoretical level, but also in a quantitative way. There are specific fertility rates introduced according to an age of a mother while birth giving, or still increasing Life Expectancy at Birth for both males and females. To explore the dependencies of Subjective Quality of Life on selected indicators, there is a statistical model introduced. The input indicators come from the European panel data research Survey of Health, Ageing and Retirement in Europe. Techniques used for analyzing the data are Analysis of variance for one single wave (held around year 2013) and Panel data analysis for all available waves (from 2004 to 2013). The results from both analyses for the Czech Republic are compared with results for selected countries, Germany, Sweden, Spain, Italy and Greece. From the SHARE data set can be read the following results. The variable Age significantly influences all included models for all selected countries, the similar influence can be observed for the Education. For almost all countries and models is proving of the significant influence of Gender to Subjective Quality of Life indefinite (we are not able to observe significant influence). Also the influence of the variable Living alone/with other people is not perfectly convincing. On the other hand, significantly observable categories are Unemployed and Permanently sick or disabled. The question of Quality of Life is related to all parts of population. While the number of older people in population increases, this question of the quality of their lives becomes more and more important. The way how to secure those needed, powerless and often vulnerable people in a decent way and with dignity is not easy.

國際觀光對於許多國內經濟成長趨緩的已開發國家是重要財源之一，日本政府近年來開始積極推動入境旅遊，來刺激停滯經濟成長。此研究探討觀光趨勢與政府能夠推動可增加觀光客人數的觀光政策進而成為以觀光為發展導向的國家。 此報告採用Panel Data分析方法中的固定效應模式來評估觀光收入與觀光價格以及主要事件與相關政策對於國際觀光客的影響，研究對象以十一個亞洲國家到日本旅遊為例。此研究發現觀光需求易受到觀光客出發國家以及目的國家的旅遊價格影響。此研究發現需求的收入彈性係數為+3.041，需求的收價格彈性係數為-0.486，表示對國際觀光客而言，赴日旅遊是較昂貴的商品，觀光客的價格較不彈性。此外, 有關當局預估福島核災事件在2011年會減少觀光客人次至2,765,669，而2015年的外國觀光客免稅購物政策則導致國際觀光客入境人次2,115,519。此研究發現免簽證觀光的延長政策以及對日本的重大抗議對於國際觀光客入境日本並無顯著影響。 / International tourism has become a significant source of economic growth for many developed countries that have encountered slowdowns in domestic economic productivity. The Japanese government has begun, in recent years, to promote inbound tourism in an effort to stimulate its own stagnant economic growth. This paper discusses tourism trends and policies the government could implement to increase the number of tourists and become the “tourism-oriented country” it aspires to be. This paper adopts a Panel Data Analysis with Fixed Effects model to estimate the impact of tourist income and tourism price as well as major events and policy on international tourist arrivals to Japan from 11 Asian countries. The paper finds that tourism demand is sensitive to both origin country income and destination country price. Income elasticity of demand is found to be +3.041 and price elasticity of demand to be -0.486 implying travel to Japan is considered a luxury good and that visitors are price inelastic. Further, the Fukushima nuclear disaster is estimated to have reduced international arrivals by 2,765,669 in its aftermath in 2011 and the implementation of tax-free shopping for foreign visitors led is estimated to have increased international arrivals by 2,115,519 in 2015. The paper finds the expansion of visa exempt travel and major protests against Japan to have no significant impact on international arrivals.

Summaries in English, Afrikaans and Zulu / This study explored the determinants of foreign portfolio investment (FPI) in emerging markets, using panel data analysis. In all three models, main data analysis using the dynamic generalized methods of moments (GMM) approach showed that FPI was positively and significantly by its own lag. This result confirms the view in the literature (Barrell and Pain. 1999; Wheeler and Mody. 1992; Saini. 2000), which argues that existing foreign investors attract other foreign investors as a result of the positive spillovers that they generate. Financial development also had a positive and a significant effect on FPI in all the three models under the fixed effects, random effects and the fully modified ordinary least squares (FMOLS). Moreover, a significant positive relationship running from financial development towards FPI was also detected in model 1 under the pooled OLS method. The findings resonate with those of Bartels et al. (2009), whose study observed that financial markets improve international mobility of capital through their ability to make use of timely, cheaper and efficient to prospective foreign investors. Model 2 produced results that showed that the impact of financial development on FPI was significantly negative under the pooled OLS approach, in line with Gordon and Gupta’s (2004) findings. Trade openness positively affected FPI in a significant manner under the FMOLS, random and fixed effects in all the three models. Similar results were observed in model 1 and 3 under the pooled OLS approach. These results agree with Dobbs et al (2013) that openness to trade addresses any obstacles that might hinder the movement of international capital from one country to another. The complementarity between openness to trade and financial development had a significant negative impact on FPI in all the three models under the random effects, fixed effects and FMOLS. This result is similar to Al-Smadi’s (2018) finding that foreign investors can easily sell off their investments if financial markets are developed and liquid, especially in the presence of high levels of trade openness that facilitates the movement of capital across country borders (Dobbs et al. 2013). In contrast, model 2 under the pooled OLS showed that the combination between financial development and trade openness had a positive significant effect on FPI. This finding agrees with literature which notes that both trade openness and financial development separately and individually enhance FPI. The expectation therefore is that the combination of trade openness and financial development in a particular single country leads to greater FPI inflows. In model 1, the FMOLS, random and fixed effects showed that exchange rates had a significant positive impact on FPI, something that was found in all three models under the pooled OLS approach. This finding supports Haider et al.’s (2016) argument. Models 1, 2 and 3 showed a significant positive relationship running from economic growth to FPI under the fixed effects, FMOLS and pooled OLS econometric estimation techniques. Similar results were observed in models 1 and 2 under the random effects approach. The finding echoes Al-Smadi’s (2018) argument on the relationship between economic growth and FPI. In contrast, the dynamic GMM method showed that economic growth had a negative significant impact on FPI, supporting Leong and Wickramanayake’s (2004) argument that in the presence of high levels of economic growth, local investors prefer to buy back domestic securities from foreign investors, triggering a deleterious effect of FPI inflows. In model 1, the impact of savings on FPI was found to be significantly negative under the fixed effects, random effects, pooled OLS and FMOLS approaches. Similar results were found in model 2 under the random effects and the pooled OLS. These findings contradict the available literature (Masood and Mohsin. 2002; Abdelhafidh. 2013; Ferreira and Laux. 2009) but are similar to those of Al-Smadi (2018), who argues that higher levels of inflation wipe out the value of not only return on capital but also of the original capital invested. Inflation had a significant negative effect on FPI in models 1 and 2 under the pooled OLS approach. Human capital development had a significant positive influence on FPI in models 1 and 2 under the pooled OLS and the dynamic GMM approaches. This result supports Dunning’s (1988) argument that locational advantages exert a significant influence on foreign direct investment or any form of foreign investment. Human capital development was found to be a locational advantage for foreign investment in this case, as Tsaurai (2017a) found. / In hierdie studie is die bepalers van buitelandse portefeuljebelegging (BPB) in ontluikende markte aan die hand van ʼn paneeldataontleding verken. In al drie die modelle het ʼn hoofdataontleding volgens die benadering van dinamiese, veralgemeende metodes van momente (VMM) aangetoon dat sy eie vertraging BPB positief en opmerklik beïnvloed. Hierdie uitslag onderskryf die bevindings in die literatuuroorsig (Barrell & Pain 1999; Wheeler & Mody 1992; Saini 2000). Hiervolgens word aangevoer dat bestaande buitelandse beleggers ander buitelandse beleggers deur hulle positiewe surplusse aanlok. Ook finansiële ontwikkeling het in al drie die modelle onder die benadering van vaste en ewekansige effekte en volgewysigde gewone kleinste kwadrate (VGGKK) ʼn positiewe en opmerklike effek op BPB gehad. Daarby is ʼn opmerklik positiewe verband, wat van finansiële ontwikkeling tot BPB strek, onder die saamgevoegde gewone kleinstekwadrate- oftewel GKK-metode in model 1 bespeur. Hierdie bevinding staaf dié van Bartels et al (2009) dat finansiële markte die internasionale mobiliteit van kapitaal verbeter deurdat hulle tydig goedkoper en doeltreffende inligting aan voornemende buitelandse beleggers verstrek. Die uitslag van model 2, dat die uitwerking van finansiële ontwikkeling op BPB onder die saamgevoegde GKK-benadering opmerklik negatief is, strook met die bevindings van Gordon en Gupta (2004). Oop handel het BPB onder die VGGKK, ewekansige en vaste effekte in al drie die modelle op ʼn opmerklike wyse positief geaffekteer. Soortgelyke uitslae is in model 1 en 3 onder die saamgevoegde GKK-benadering waargeneem. Hierdie uitslae stem ooreen met dié van Dobbs et al (2013), naamlik dat oop handel baie hindernisse uit weg ruim wat die beweging van internasionale kapitaal van een land na ʼn ander belemmer. Die komplementariteit tussen oop handel en finansiële ontwikkeling het ʼn opmerklik negatiewe uitwerking op BPB in al die modelle onder die benadering van ewekansige effekte, vaste effekte en VGGKK gehad. Hierdie uitslag klop met Al-Smadi (2018) se bevinding dat buitelandse beleggers hulle beleggings maklik van die hand kan sit as finansiële markte ontwikkeld en likied is, en in die besonder as handel in hoë mate oop is en kapitaal met gemak oor landsgrense heen kan beweeg (Dobbs et al 2013). In teenstelling hiermee het model 2 onder die saamgevoegde GKK getoon dat die kombinasie van finansiële ontwikkeling en oop handel ʼn opmerklik positiewe effek op BPB het. Hierdie bevinding stem ooreen met dié in die literatuur dat oop handel en finansiële ontwikkeling gesamentlik en afsonderlik BPB aanwakker. Dienooreenkomstig word verwag dat oop handel en finansiële ontwikkeling groter BPB na in ʼn land sal laat vloei. Die VGGKK en ewekansige en vaste effekte het in model 1 getoon dat wisselkoerse ʼn opmerklik positiewe uitwerking op BPB gehad het. Dit het trouens in al drie die modelle onder die saamgevoegde GKK-benadering voorgekom. Hierdie bevinding beaam Haider et al (2016) se argument. Model 1, 2 en 3 het ʼn opmerklik positiewe verband, wat van ekonomiese groei tot BPB strek, onder die vaste effekte, VGGKK en saamgevoegde GKK ekonometriese ramingstegnieke aangedui. Soortgelyke uitslae is in model 1 en 2 onder die benadering van ewekansige effekte waargeneem. Hierdie bevinding sluit aan by Al Smadi (2018) se argument oor die verband tussen ekonomiese groei en BPB. Hierteenoor het die dinamiese GMM-metode getoon dat ekonomiese groei ʼn negatiewe, opmerklike uitwerking op BPB gehad het. Dit staaf Leong en Wickramanayake (2004) se argument dat plaaslike beleggers verkies om binnelandse sekuriteite by buitelandse beleggers terug te koop as ʼn hoë mate van ekonomiese groei aanwesig is, en dat dit ʼn nadelige effek op die invloei van BPB het. In model 1 was die uitwerking van spaargeld op BPB opmerklik negatief onder die benadering van vaste effekte, ewekansige effekte, saamgevoegde GKK en VGGKK. Soortgelyke resultate het in model 2 voorgekom onder die ewekansige effekte en die saamgevoegde GKK. Ofskoon hierdie bevindings strydig met dié in die beskikbare literatuur is (Masood & Mohsin 2002; Abdelhafidh 2013; Ferreira & Laux 2009), strook dit met dié van Al-Smadi (2018) wat beweer dat hoë inflasie nie alleen die opbrengs op kapitaal nie, maar ook die oorspronklike kapitaal uitwis. Inflasie het ʼn opmerklik negatiewe effek op BPB in model 1 en 2 onder die saamgevoegde GKK- en dinamiese VMMbenadering gehad. Die ontwikkeling van menslike kapitaal het ʼn beduidend positiewe invloed op BPB gehad in model 1 en 2 onder die saamgevoegde VKK- en die dinamiese VMM-benadering. Hierdie uitslag beaam Dunning (1988) se argument dat landsgebonde voordele ʼn beduidende invloed op direkte buitelandse belegging of enige ander vorm van buitelandse belegging uitoefen. Tsaurai (2017a) het bevind dat die ontwikkeling van menslike kapitaal in hierdie geval ʼn landsgebonde voordeel vir buitelandse belegging inhou. / Lolu cwaningo luye lwaphenya izizathu zokutshalwa kwezimali emazweni angaphandle, phecelezi (foreign portfolio investment (FPI) ezimakethe ezisafufusayo, ngokusebenzisa uhlelo lokuhlaziywa kwedatha, phecelezii-panel data analysis. Kuwo onke amamodeli omathathu, kuhlelo lokuhlaziywa kwedatha esemqoka, ngokusebenzisa izindlela eziguquguqukayo zezikhathi ezahlukene (GMM) , lokhu kuye kwakhombisa ukuthi i-FPI yathola umthelela omuhle futhi okungumthelela wayo wokushiywa yisikhathi. Lo mphumela uqinisekisa ulwazi olutholakele olumayelana nokubuyekezwa kombhalo wobuciko (Barrell & Pain 1999; Wheeler & Mody 1992; Saini 2000), okuwumbhalo okhuluma ngokuthi abatshalizimali bangaphandle abakhona baheha abanye abatshalizimali bangaphandle okuyinto edalwa yizinzuzo ezinhle ezingumphumela wokutshalwa kwezimali. Ukuthuthukiswa kwezinhlelo zezimali nakho kube nomthelela omuhle nobalulekile kwi-FPI, kuwo wonke amamodeli amathathu, angaphansi kwesimo semiphumela enqunyelwe isikhathi, angaphansi kwemiphumela yazo zonke izinhlelo eziguqulwe ngokugcwele phecelezi fully modified ordinary least squares (FMOLS) . Ngaphezu kwalokho, ubudlelwano obuhle obusemqoka, obuqala ekuthuthukisweni kwezinhlelo zezimali ukuya kuhlelo lwe-FPI, nabo lobudlelwano buye babonakala kumodeli 1, ngaphansi kohlelo lwe pooled OLS method. Ulwazi olutholakele lufana nalolo lukaBartels et al. (2009), lapho ucwaningo lwakhe lwathola ukuthi izimakethe zezimali zithuthukisa ukuthunyelwa kwezimali emhlabeni ngekhono lokusebenzisa ulwazi lwalo ngesikhathi, ngentengo ephansi futhi ulwazi olufanele, lolu lwazi luthunyelwa kubatshalizimali bangaphandle abathembisayo. Imodeli 2 ikhiqize iveze imiphumela ethi umthelela wokuthuthukiswa kwezinhlelo zezimali ohlelweni lweFPI luye lwabonakala lulubi kakhulu ngaphansi kohlelo lwepooled OLS approach, lokhu kuhambisana nolwazi olutholwe nguGordon kanye noGupta (2004). Uhlelo lwezokuhwebelana oluvulekile luye lwaba nomthelela omuhle ohlelweni lweFPI, ngendlela esemqoka kakhulu, ngaphansi kohlelo lweFMOLS, ngaphansi kohlelo lwemiphumela enqunyelwe isikhathi nohlelo olunganqunyelwanga isikhathi, kuwo wonke amamodeli amathathu. Imiphumela efana naleyo yatholakala kumodeli 1 neye 3, ngaphansi kohlelo lwepooled OLS approach. Le miphumela ihambisana naleyo kaDobbs et al. (2013), yona ngile elandelayo; uhlelo oluvulekile lokuhwebelana luyisisombululo sanoma yiziphi izihibe ezingaphazamisa ukuthunyelwa kwezimali emhlabeni ukusuka kwelinye izwe ukuya kwelinye. Ukusebenzisana phakathi kohlelo lokuhweba oluvulekile kanye nohlelo lwezokuthuthukiswa kwezinhlelo zezimali kuye kwaba nomthelela ongemuhle kwiFPI, kuwo wonke amamodeli omathathu, ngaphansi kwemiphumela enganqunyelwanga isikhathi, imiphumela enqunyelwe isikhathi kanye nakwihlelo lweFMOLS. Lo mphumela ufana nalowo ka-Al-Smadi’s (2018) othi abatshalizimali bangaphandle bangatshala kalula izimali zabo uma izimakethe zezimali zithuthukile futhi zinemali elingene, ikakhulukazi uma kukhona amazing aphezulu wohlelo oluvulekile lokuhwebelana, okungamazinga ahola uhlelo lwezokuthunyelwa kwezimali ngaphesheya kwemingcele yamazwe (Dobbs et al. 2013). Okuphikisana nalokhu, imodeli 2, ngaphansi kohlelo lwepooled OLS, luye lwakhombisa ukuthi ukuhlanganiswa kohlelo lwezokuthuthukiswa kwezinhlelo zezimali kanye nohlelo oluvulekile lwezokuhwebelana kuye kwaba nomthelela omuhle kakhulu kwiFPI. Lolu lwazi olutholakele luvumelana nombhalo wobuciko, wona oshoyo ukuthi zombili lezi zinhlelo uhlelo oluvulekile kwezohwebo kanye nokuthuthukiswa kwezinhlelo zezimali, ezehlukene kanye nalezo ezizimele ngayinye, ziqinisa uhlelo lweFPI. Ngalokho, okulindelwe, ukuthi umbimbi oluxuba uhlelo oluvulekile lwezokuhwebelana kanye nezinhlelo zokuthuthukiswa kwezimali, ngandlelathize,, ezweni elilodwa, ziholela izinga eliphezulu lokungena kweFPI. Kumodeli 1, uhlelo lweFMOLS, imiphumela enganqunyelwe naleyo enqunyelwe isikhathi iye yabonisa ukuthi amazinga okushintshelana ngezimali abe nmothelela omuhle kakhulu kwiFPI; okuyinto etholakele kuwo wonke amamodeli omathathu angaphansi kohlelo lwe pooled OLS. Lolu lwazi olutholakele luxhasa umbono kaHaider et al’s (2016. Amamodeli Models 1, 2 kanye neye 3 ziye zakhombisa ubudlelwano obuhle kakhulu obuqala ekuthuthukisweni kwezomnotho ngokohlelo lwe FPI, ngaphansi kwesimo semiphumela enqunyelwe isikhathi, ngaphansi kohlelo lwe FMOLS kanye nasohlelweni lwe pooled OLS okuyindlela esetshenziswa ukulinganisa izinga lokuhluma komnotho. Imiphumela efana nayo le iye yatholakala kumodeli 1 kanye nakumodeli 2, ngaphansi kwemiphumela enganqunyelwe sikhathi. Ulwazi olutholakele luveza imibono ka-Al-Smadi (2018) mayelana nobudlelwano obuphakathi kokuhluma komnotho kanye nohlelo lwe FPI. Okuphikisana nalokho, indlela eguquguqukayo iGMM iye yakhombisa ukuthi ukuhluma komnotho kuye kwaba nomthelela omubi kakhulu kwi FPI, uxhasa umbono ka Leong kanye no Wickramanayake (2004) othi, uma kunamazinga aphakeme okukhula komnotho, abatshalizimali basekhaya bathanda ukuthenga amasheya amabhizinisi asekhaya kubatshalizimali bangaphandle, lokho kuba nomthelela omubi kakhulu ekungeneni kwe FPI. Kumodelil 1, umthintela wokongiwa kwezimali ohlelweni lwe FPI watholakala ukuthi ube nomthelela omubi kakhulu, ngaphansi kwesimo semiphumela enqunyelwe isikhathi, kwemiphumela enganqunyelwanga isikhathi, ohlelweni lwe pooled OLS kanye nasezinhlelweni ze FMOLS. Imiphumela efana nayo le iye yatholakala kumodeli 2, ngaphansi kwemiphumela enganqunyelwe kanye naleyo enqunyelwe isikhathi kanye nasohlelweni lwe pooled OLS. Lolu lwazi olutholakele luphikisana nolwazi lombhalo wobuciko okhona (Masood & Mohsin 2002; Abdelhafidh 2013; Ferreira & Laux 2009), kanti futhi le miphumela ifana naleyo ka-Al-Smadi (2018), yena oshoyo ukuthi amazinga aphezulu amandla emali akaqedi kuphela inzuzo yokutshalwa kwezimali, kodwa aqeda nemali yokuqala etshaliwe. Amandla email aye aba nomthelela omubi kakhulu kwi FPI, kumodeli 1 kanye nnakumodeli 2, ngaphansi kohlelo lwe pooled OLS. Ukuthuthukiswa kwamagugu ayikhono nezingqondo zabasebenzi aye aba nomthelela omuhle ohlelweni lwe FPI, kumamodeli 1 kanye nakumodeli 2, ngaphansi mkohlelo lwe pooled OLS kanye nezindlela eziguquguqukayo ze GMM. Lo mphumela uxhasa umbono kaDunning (1988) othi izinzuzo zendawo ziba nomthelela omuhle kakhulu ohlelweni oluqondile lwezokutshalwa kwezimali emazweni angaphandle noma ngiluphi uhlelo lwezokutshalwa kwezimali emazweni angaphandle. Ukuthuthukiswa kwamagugu angamakhono kanye nemibono yabasebenzi kuye kwatholakala kuyinzuzo yendawo ekutshalweni kwezimali emazweni angaphandle kulesi simo, njengoba lokhu kuye kwatholakala kuTsaurai (2017a). / Business Management / M. Com. (Management Studies)