This study employs super-efficiency DEA model with desirable inputs and an undesirable output in calculating environmental efficiency values in different regions in Asia-Pacific from 1990 to 2018. The study compares environmental efficiency index in South East Asia, South Asia and East Asia. The study also evaluates the determinants of environmental efficiency using truncated regression. The mean environmental efficiency score demonstrates that East Asia region is highly efficient whereas South East Asia is the least efficient. Results from the truncated regression established an inverted U-shape relationship between environmental efficiency and Technological Innovation (TI) in the main panel, and the three regions. Also, economic growth shows an inverted "U" shape link with environmental efficiency in the panels except in South East Asia. Human capital promotes environmental efficiency in the main panel and the rest of the regions. Moreover, while FDI promotes environmental efficiency in the main panel and East Asia, it reduces environmental efficiency in both South East and South Asia regions within the Asia-Pacific. In addition, an interaction effect between technological innovation and renewable energy use, advances environmental efficiency within the entire study countries. Based on the findings the study proposes several policy recommendations.
Financial performance is one of the basic indicators that investors and creditors check in accessing the performance of firms. The purpose of this paper is to empirically examine the impact of economic indicators on financial performance of quoted non-financial firms on the Ghana Stock Exchange (GSE). The study focuses on the impact of RealGDP, Exchange rate, Inflation, Unemployment and Interest rate as determinant of economic indicators whereas Sales growth, Company size, Leverage and Efficiency from firms specific are used as controlled variables in checking the effect of these indicators on financial performance of these firms. ROA and ROE were used as proxies for financial performance of the listed firms. The study employed a panel data of 21 listed non-financial firms from the period of 2008 to 2017. The result revealed that Real GDP and inflation have significant positive impact on ROE. On the contrarily, economic indicators used for this study showed no level of significance with ROA. Company size recorded positive and negative significant impact on ROA and ROE respectively, sales growth and efficiency were statistically significant with ROA. The study recommends government and regulatory authorities to come out with good policies that will help boost the economic activities in the country and drop inflation rate since they have the tendency of affecting non-financial firms’ performance. Moreover, management must ensure full utilization of its internal resources by focusing on diversification and expansion since company size, efficiency and sales growth affect the return on assets and equity of firms. In addition, management should warily consider inflation rate when making financial decision due to its impact on financial performance.
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