We used simulated data to investigate both the small and large sample properties of the within-groups (WG) estimator and the first difference generalized method of moments (FD-GMM) estimator of a dynamic panel data (D...We used simulated data to investigate both the small and large sample properties of the within-groups (WG) estimator and the first difference generalized method of moments (FD-GMM) estimator of a dynamic panel data (DPD) model. The magnitude of WG and FD-GMM estimates are almost the same for square panels. WG estimator performs best for long panels such as those with time dimension as large as 50. The advantage of FD-GMM estimator however, is observed on panels that are long and wide, say with time dimension at least 25 and cross-section dimension size of at least 30. For small-sized panels, the two methods failed since their optimality was established in the context of asymptotic theory. We developed parametric bootstrap versions of WG and FD-GMM estimators. Simulation study indicates the advantages of the bootstrap methods under small sample cases on the assumption that variances of the individual effects and the disturbances are of similar magnitude. The boostrapped WG and FD-GMM estimators are optimal for small samples.展开更多
The intensity of environmental regulation (ERI) affects the short-term effect of the level of green mining (GML),and which structure determines the long-term mechanism.Based on the panel data from 2001 to 2015,with th...The intensity of environmental regulation (ERI) affects the short-term effect of the level of green mining (GML),and which structure determines the long-term mechanism.Based on the panel data from 2001 to 2015,with the dynamic panel model and system GMM estimation method were employed to test the influence of heterogeneous environmental regulation on green mining and its transmission mechanism.The results show that,there is a 'U' type nonlinear relationship between the ERI and GML.The direct effect of command-control-based (CAC) and the market incentive-based (MBI) environmental regulation on green development of mining shows the characteristics of inhibition and promotion.There is a 'U' type of indirectly moderating effect between technological innovation and the energy consumption structure on the GML.The technological innovation promotes the green development of the mining industry only after pass the inflection point of MBI,while the CAC plays a significant guiding role in upgrading of the energy consumption structure.There is an inhibition and promotion effect of MBI on the GML in the southeast coastal area,and the CAC is not significantly.Meanwhile,both of the ERI shows no positive effects in the central and western inland region.展开更多
Using data for China for the years 1991 to 2005 by province and employing the semi- parametric panel data model estimation method developed by Horowitz （2004） and Henderson et al. （2006） and Hubler＇s non-parametr...Using data for China for the years 1991 to 2005 by province and employing the semi- parametric panel data model estimation method developed by Horowitz （2004） and Henderson et al. （2006） and Hubler＇s non-parametric generalized method of moments （GMM） estimation （2005）, this article constructs a dynamic semi-parametric panel data model and describes the dynamic changing trajectory of the effect on consumption of income disparity among urban residents. Our findings show that there is a significant ＂ratchet effect＂ in the consumption of urban residents; that income disparity among urban residents has a clear negative influence on consumption; and that the trajectory of this influence shows a roughly bimodal curve.展开更多
At present, the research on the relationship of corporate social responsibility and economic performance mostly adopts the method of large-scale sampling, but does not distinguish the sample industries and regions, so...At present, the research on the relationship of corporate social responsibility and economic performance mostly adopts the method of large-scale sampling, but does not distinguish the sample industries and regions, so the relevant research needs to be further analyzed. Based on the 2008-2017 data of 78 listed enterprises in Henan province, the relationship between corporate social responsibility and economic performance in 7 industries is measured by 8 indexes through Arellano-Bond dynamic panel data model. The research shows that the social responsibility of listed enterprises in Henan Province has a lagging impact on the economic performance of enterprises, which has a negative impact on the short-term and a positive impact on the long-term. The common point is that the responsibility of the investor has a positive impact on the economic performance of the enterprise, and other aspects vary greatly due to industry categories. In general, the degree of corporate social responsibility of listed enterprises in Henan Province is relatively low.展开更多
文摘We used simulated data to investigate both the small and large sample properties of the within-groups (WG) estimator and the first difference generalized method of moments (FD-GMM) estimator of a dynamic panel data (DPD) model. The magnitude of WG and FD-GMM estimates are almost the same for square panels. WG estimator performs best for long panels such as those with time dimension as large as 50. The advantage of FD-GMM estimator however, is observed on panels that are long and wide, say with time dimension at least 25 and cross-section dimension size of at least 30. For small-sized panels, the two methods failed since their optimality was established in the context of asymptotic theory. We developed parametric bootstrap versions of WG and FD-GMM estimators. Simulation study indicates the advantages of the bootstrap methods under small sample cases on the assumption that variances of the individual effects and the disturbances are of similar magnitude. The boostrapped WG and FD-GMM estimators are optimal for small samples.
文摘The intensity of environmental regulation (ERI) affects the short-term effect of the level of green mining (GML),and which structure determines the long-term mechanism.Based on the panel data from 2001 to 2015,with the dynamic panel model and system GMM estimation method were employed to test the influence of heterogeneous environmental regulation on green mining and its transmission mechanism.The results show that,there is a 'U' type nonlinear relationship between the ERI and GML.The direct effect of command-control-based (CAC) and the market incentive-based (MBI) environmental regulation on green development of mining shows the characteristics of inhibition and promotion.There is a 'U' type of indirectly moderating effect between technological innovation and the energy consumption structure on the GML.The technological innovation promotes the green development of the mining industry only after pass the inflection point of MBI,while the CAC plays a significant guiding role in upgrading of the energy consumption structure.There is an inhibition and promotion effect of MBI on the GML in the southeast coastal area,and the CAC is not significantly.Meanwhile,both of the ERI shows no positive effects in the central and western inland region.
文摘Using data for China for the years 1991 to 2005 by province and employing the semi- parametric panel data model estimation method developed by Horowitz （2004） and Henderson et al. （2006） and Hubler＇s non-parametric generalized method of moments （GMM） estimation （2005）, this article constructs a dynamic semi-parametric panel data model and describes the dynamic changing trajectory of the effect on consumption of income disparity among urban residents. Our findings show that there is a significant ＂ratchet effect＂ in the consumption of urban residents; that income disparity among urban residents has a clear negative influence on consumption; and that the trajectory of this influence shows a roughly bimodal curve.
文摘At present, the research on the relationship of corporate social responsibility and economic performance mostly adopts the method of large-scale sampling, but does not distinguish the sample industries and regions, so the relevant research needs to be further analyzed. Based on the 2008-2017 data of 78 listed enterprises in Henan province, the relationship between corporate social responsibility and economic performance in 7 industries is measured by 8 indexes through Arellano-Bond dynamic panel data model. The research shows that the social responsibility of listed enterprises in Henan Province has a lagging impact on the economic performance of enterprises, which has a negative impact on the short-term and a positive impact on the long-term. The common point is that the responsibility of the investor has a positive impact on the economic performance of the enterprise, and other aspects vary greatly due to industry categories. In general, the degree of corporate social responsibility of listed enterprises in Henan Province is relatively low.
