1,720,966 research outputs found
Spatial patterns and local banks' tax behaviour: an empirical analysis in Italy
Full text linkIn this study, we consider the spatial dependence effects in an empirical model measuring local banks' tax behaviour, assessing the interdependence between geographical units and the related spillover effects. Our results strongly support the existence of co-movements among banks' tax avoidance policies. The findings rely on the assumption that local banks compete mainly among themselves, even on the funding side, and therefore unfair tax behaviour can trigger loss of customers, which limits banks' tax avoidance activities. However, neighbours' adoption of opportunistic tax strategies can remove the competition hurdle in pursuing tax avoidance policies. Our findings point out a virtuous effect of customer pressure, which could take effect in other areas of bank management
Spatial dependence in the non-performing loans of small Italian cooperative banks
No full textThis paper investigates the presence of spatial dependence in the non-performing loans (NPLs) ratio of small Italian cooperative banks. As these financial intermediaries operate in a delimited area, the strategies they adopt to recover NPLs can produce spatial spillover effects on the ability of neighbouring banks to recover credit. Furthermore, small banks’ reliance on the relationship lending technique to select and monitor borrowers suggests a similar ability to identify underperforming borrowers, which may have a negative impact on the community in which those banks operate. Our empirical estimations provide strong evidence for both spatial and spatial–temporal variables driving impaired loans in local banks. The results indicate different effects of the spatial terms, showing a direct positive effect of the contemporaneous spatial lag variable and a negative effect of the space–time autoregressive coefficient. Whereas the former effects can be ascribed to changes in the macroeconomic cycle, the latter confirms the insight that the recovery capacities of local banks can be harmed by neighbouring banks’ credit recovery policies
Do spatial dependence and market power matter in the diversification of cooperative banks?
Full text linkThis study examines the determinants of cooperative banks' diversification proclivity, with consideration of the spatial dependence effect. The empirical analysis demonstrates that Italian cooperative banks operate as a network with significant spillover effects that should not be ignored. Indeed, local banks compete in the same market segment, and any shift in their diversification strategy has a cascading effect on neighbouring cooperative banks as a result of customer migration. Finally, we observe that an increase in bank market power results in a decline in local bank lending activity
The inefficiency of exporting SMEs: Evidence from manufacturing industry
No full textThis paper analyzes the drivers of firms' technical efficiency among exporting Italian small-to-medium enterprises (SMEs). It fills a gap in the literature on international SMEs' performance by relating their profit and cost efficiency to a set of core determinants. We find that profit efficiency decreases as export intensity grows unless a firm achieves a medium scale. The evidence highlights another interesting trend: regardless of firm size, workforce experience shows a non-monotonic relationship with both a firm's profit and the cost-efficiency score. Further, a firm's debt sustainability affects its efficiency performance negatively in terms of profit but positively in terms of cost. Conversely, a higher financial burden leads to better profit efficiency for medium-sized enterprises, but this effect is reversed for smaller firms. These results have important policy implications, not only for policymakers but also for firms' management, pursuing a competitive advantage to navigate the stormy international market
Intravenous immunoglobulins for the treatment of diabetic lumbosacral radiculoplexus neuropathy
No full textN/
Forecasting the macro determinants of bank credit quality: a non-linear perspective
No full textPurpose: This study aims to propose a non-linear model to describe the effect of macroeconomic shocks on delinquency rates of three kinds of bank loans. Indeed, a wealth of literature has recognized significant evidence of the linkage between macro conditions and credit vulnerability, perceiving the importance of the high amount of bad loans for economic stagnation and financial vulnerability.
Design/methodology/approach: Generally, this linkage was represented by linear relationships, but the strong dependence of bank loan default on the economic cycle, subject to changes in regime, could suggest non-linear models as more appropriate. Indeed, macroeconomic variables affect the performance of bank’s portfolio loan, but such a relationship is subject to changes disturbing the stability of parameters along the time. This study is an attempt to model three different kinds of bank loan defaults and to forecast them in the case of the USA, detecting non-linear and asymmetric behaviors by the adoption of a Markov-switching (MS)approach.
Findings: Comparing it with the classical linear model, the authors identify evidence for the presence of regimes and asymmetries, changing in correspondence of the recession periods during the span of 1987–2017.
Research limitations/implications: The data are at a quarterly frequency, and more observations and more extended research periods could ameliorate the MS technique.
Practical implications: The good forecasting performance of this model could be applied by authoritiest to fine-tune their policies and deal with different types of loans and to diversify strategies during the different economic trends. In addition, bank management can refer to the performance of macroeconomic conditions to predict the performance of their bad loans.
Originality/value: The authors show a clear outperformance of the MS model concerning the linear one
Spatial dependence in the technical efficiency of local banks
No full textCooperative banks primarily compete with one another because they target niche markets that large banks typically ignore. The current study shows that in this competitive environment, the connection between financial intermediaries affects the operational efficiency of small banks. The findings indicate that the capitalization, diversification strategies, funding costs, liquidity, credit quality, and risk of bank neighbors have spillover effects on technical efficiency. Thus, bank networks trigger a cascading effect that demands the attention of bank stakeholders
Spatial dependence in small cooperative bank risk behavior and its effects on bank competitiveness and SMEs
No full textIn this article we consider the effects of the inclusion of spatial dependence in the empirical model measuring small cooperative banks' risk performance. In the presence of cross-sectional dependence, spatial analysis deals with co-movement among geographical units, allowing for the evaluation of spillover effects and improving econometric models. The article makes several contributions to the literature. First, we support the hypothesis that the inclusion of spatial terms improves small bank soundness models. Second, with the Z Score used as a proxy for bank soundness, we indirectly test the impacts of relationship lending on small firms, which is a classic tool adopted by small banks to assess the creditworthiness of small firms. Third, since we control for banks' market power, we expand the literature on the relationship between bank risk and market competitive pressure. Finally, we find empirical evidence that bank size does affect the financial standing of small banks
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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