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This paper considers the implications of the liberalization of the New Zealand economy for entrepreneurial development by indigenous New Zealand Maori tribal organizations. Since 1984 the economic objective of the State has been to create a modern market economy free of price distortions, bureaucratic management and government protectionism. One of the State’s responses to enabling tribal organizations to provide for increased self‐determination and to lessen Maori State dependency was to seriously address the issue of compensation to Maori of resources that had been expropriated or confiscated during the past 150 years. While there have been difficulties in reaching agreement on appropriate or adequate allocations of Crown‐owned resources or compensation, the transferal of resources to private (but collective) Maori ownership is now providing a substantial economic base to build corporate and other entrepreneurial activities. It is argued that such willingness and commitment to transfer resources from the State back to the original owners was a manifest outcome of government’s adoption of liberal economic policies.

The aim of this study is to investigate profit efficiency in the banking industries of 11 Central and Eastern European (CEE) countries for the period 1998‐2005.

The authors employ a directional technology distance function approach to measure profit efficiency and decompose it into its technical and allocative components. They use these efficiency measures to investigate potential differences in banking performance across countries and across banks of different size and with different ownership status.

The results indicate that the highest proportion of profit inefficiency in the CEE region is attributed to allocative inefficiency, recognizing that considerable variation and different patterns in inefficiency levels across banking systems can be observed. Small and domestic private banks appear to be the most efficient. A negative relationship between efficiency and bank size, the capitalization ratio and market concentration, and a positive relationship with the European Bank for Reconstruction and Development index of banking reform are also found.

Bank performance relative to best practice is measured across the CEE region. While it is found that on average technical inefficiency is relatively small and about one quarter of the banks lie on the technological frontier, the size of technical inefficiencies is likely to be exacerbated if the sample were to include Western European banks.

The effects of banking reforms are evident by recent positive trends in profit and allocative efficiencies estimated for CEE banking sectors. These trends suggest that policy makers should intensify efforts to further improve the financial services regulatory and supervisory framework while freeing any remaining explicit or implicit barriers to bank competition.

The study departs from the traditional literature of efficiency. It uses a directional distance function approach to model multi input – multi output banking technology and to investigate profit efficiency in CEE countries.

The scope of this research is to investigate performing loan efficiency for fifty European banks during the period 2008–2017.

The study is structured as a two-stage analysis of performing loan efficiency and its driving factors. In the first stage of the proposed methodology “Data Envelopment Analysis” is used to estimate performing loan efficiency for each bank included in the sample. A bootstrap statistical procedure enhances the findings. In the second stage, the impact of other factors on the efficiency scores of loan performance using tobit regression is investigated.

The results are consistent with the findings of the individual banks' financial analyses. According to the findings of DEA implementation, the evaluated banks may enhance their cost efficiency by 39% on average. In addition, the results indicate that loan efficiency performance improves after 2015, coinciding with the business cycle's upward trend. The tobit regression is employed in the second stage to examine the influence of bank-related and macroeconomic factors on banks' loan management efficiency. According to the findings of the tobit regression, three factors, namely the capital adequacy ratio, GDP per capita and managerial inefficiency, have a substantial influence on performing loan efficiency.

This research investigates the effectiveness of European economic policy in protecting the European banking system from the consequences of the sovereign debt crisis in several euro area members. The results highlight the distance of the Eurozone from the level of the ‘optimal currency area’.

The recent performance literature suggests that policies that enhance corporate environmental performance are more likely to lead to sustainable development, as these strategies are connected to superior technical efficiency. This paper aims to investigate the possible link between the environmental performance achieved by Greek listed firms and the level of their technical efficiency, using financial reporting information as a proxy for environmental performance.

Data extracted from the financial statements of the most polluting firms listed in Athens Stock Exchange were used. An econometric framework based on stochastic frontier analysis was developed to estimate the probable linkage between the level of environmental performance, measured by environmental performance indicators (EPIs), and efficiency.

The empirical findings reveal that improved environmental performance is a potential source of competitive advantage leading to more efficient processes, improvements in productivity, lower costs of compliance and new market opportunities.

This research was based on corporate financial data coming from the firms listed in Athens Stock Exchange whose activities can be considered as environmentally harmful.

From the stock market investor's perspective, the combination of financial and environmental information can lead to decisions with prosper future growth, whereas regulating authorities and managers can adopt useful policies for sustainable development.

In this paper content analysis approach was used on financial and environmental reporting data to measure the level of corporate environmental performance. To the best of the authors' knowledge, this is the first study conducted with Greek firm level data that explores the relationship between EPIs and productivity, an issue which has not been lucidly investigated in the academic literature.

The purpose of this study is to explore at what stage of a company’s life cycle the theory of market timing has explained debt. Drawing on a unified conceptual framework of market timing theory, the authors scrutinize the impact of life cycle and ownership structure on the market condition.

Based on a sample of 24 Tunisian companies listed on the stock exchange and 100 French firms listed on the CAC All-Tradable on a 10-year period, this paper grounded the market timing theory and attempted to clear the relation between ownership structure, life cycle of the firm and market timing theory by statistical analysis.

The findings of panel data modeling indicate that when the life cycle was used as an explanatory variable, it was found that the variable reflecting the market timing is not significant in either context; it means that no significant support is found in the theory of market timing in both countries. Whereas when the life cycle was used as a dummy variable, it was found that the life cycle has an impact on debt only in the Tunisian context.

This study has several important implications for researchers and practitioners. The findings reported here clarify the strength of the impact of life cycle on the market timing, when it explains the debt in the two contexts and the impact of ownership structure such as the managerial ownership and concentration of capital on debt.

This study contributes to examine the theory of debt in different phases of life cycle. Focused on the case of Tunisian and French firms, this study is unique and valuable.

The purpose of this paper is to analyze the network path and internal mechanism of risks’ cross-contagion between shadow banks and design strategies for preventing risk infection between shadow banks.

Using the complex network theory, analyze the mechanism of risks’ cross-contagion between shadow banks from the credit network, business relationship network (BRN) and social network (SN); the cross-contagion mechanism using the structural equation model on the basis of China’s shadow banks is tested; based on the three risk infection paths, the prevention and control strategies for risk infection using the mathematical models of epidemic diseases are designed.

There are three network risk contagion paths between shadow banks. One, the credit network, risks are infected crossly mainly through debt and equity relationships; two, the BRN, risks are infected crossly mainly through business network and macro policy transmission; three, investor SN, risks are infected crossly mainly through individual SN and fractal relationships. The following three strategies for preventing risk’s cross-contagion between shadow banks: one, the in advance preventing strategy is more effective than the ex post control strategy; two, increasing the risk management coefficient; three, reducing the number of risk-infected submarkets.

The research of this study, especially the strategies for preventing the risks’ cross-contagion, could provide theoretical and practical guidance for regulatory authorities in formulating risk supervision measures.