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Investigating Soft Budget Constraints in a Transition Economy: The Case of Angolan Banks
Nareth Silva,이지선,정진호 국제지역학회 2024 국제지역연구 Vol.28 No.1
This study analyzes the effect of soft budget constraints from the perspective of firm ownership structure. The contribution of this study is that it analyzes soft budget constraints, firm value and ownership structure in a unified model, while previous studies have analyzed them independently. This integrated model gives us a better understanding of the impact channel of SBC on firm value. Using a sample of Angolan banks from 2015 to 2020, we find a significant negative relationship between government ownership and firm cash holdings, confirming the existence of soft budget constraints in Angolan banks. We also find a significant negative relationship between government ownership and firm value (Tobin's Q) and operating performance (ROE). In addition, we find that there is a significant positive relationship between institutional ownership and firm value. The result suggests that the monitoring function of external institutional investors can be effective even for firms in transition economies with high government ownership.
Cambodian Species of the Arctiinae (Lepidoptera, Noctuoidea, Erebidae): Part III
Bayarsaikhan Ulziijargal,Young-Don Ju,Mu jie Qi,Chea Nareth,Yang-Seop Bae 한국응용곤충학회 2014 한국응용곤충학회 학술대회논문집 Vol.2014 No.04
The family Erebidae (Lepidoptera, Noctuoidea) is one of four quadrifid noctuoid families recently redefined by Zahiri et al. (2011) and Zaspel et al. (2012). Fibiger and Lafontaine (2005) verified the monophyly of Erebidae in terms of morphology but retained Arctiidae and Lymantriidae as separate families. These two groups were readjusted as erebid subfamilies in the latest phylogeny of Noctuoidea (Zahiri et al., 2011), and by van Nieukerken et al. (2011). Erebidae, as currently defined comprises 1760 genera and 24.569 species (van Nieukerken et al., 2011), representing the largest family of the Lepidoptera. The quadrifid Noctuoidea describes taxa in which forewing vein M2 arises closer to the origin of M3 than M1, in the lower part of the discal cell, so that the cubital vein appears to be four-branched; M2 in the hindwing is present giving vein Cu a four-branched appearance. Taxonomic study of the Arctiidae in Cambodia has been done by a few foreign entomologists. As the results of this study, about 98 species of 45 genera belonging to Arctiidae were recorded from Cambodia, most of them are recorded for the first time in Cambodia.
Cambodian Species of the Family Arctiidae (Lepidoptera, Noctuoidea): Part II
Bayarsaikhan Ulziijargal,Young-Don Ju,Xuanvi Le,Chea Nareth,Yang-Seop Bae 한국응용곤충학회 2013 한국응용곤충학회 학술대회논문집 Vol.2013 No.04
The family Arctiidae belonging to superfamily Noctuoidea, it was divided into three subfamilies: Lithosiinae, Arctiinae, and Syntominae (Kitching and Rawlins, 1999; Conner, 2009). The family include 11,155 species of 750 genera worldwide (Heppner, 2005). About 6000 species distribute in the Neotropics but the family is represented in all the main zoogeographical regions (Scoble, 1992). Taxonomic study of the Arctiidae in Cambodia has been done by a few foreign entomologists. As the results of this study, about 90 species of 40 genera belonging to Arctiidae were recorded from Cambodia, most of them are recorded for the first time in Cambodia. 21 species are briefly redescribed in this study such as: Nyctemera coleta (Boisduval, 1832), Brunia antica (Walker, 1854), Darantasia cuneiplena (Walker, 1859), Eilema longpala (Holloway, 2001), Cabarda sequens (Walker, 1862), Lyclene lutara (Moore, 1859), Teulisna steineri (Holloway, 2001), Cyana obliquilineata (Hampson, 1900), and Cyana quadrinotata (Walker, 1897), etc.