Disentangling prefectural similarities in the capital structure of Japanese SMEs through pairwise testing

We investigate the capital structure of small- and medium-sized enterprises in Japan during 2007-2019 to identify whether firm-specific determinants of leverage exhibit locational differences among Japanese prefectures. To do so, we propose a testing scheme that disentangles potential similarities across prefecture pairs. When we apply the proposed testing scheme by creating 1081 prefecture pairs, we find that the impact of the firm-specific determinants of leverage does not greatly differ between prefecture pairs in terms of both sign and magnitude in contrast to the significant difference found by conventional hypothesis testing. As a convenient tool for other geographical research, we also discuss that the proposed testing scheme is helpful for regional policy-making, specifically during period of external shocks, the latest of which could be regarded as the COVID-19 pandemic.

Sectoral analysis of electricity consumption during the COVID-19 pandemic: Evidence for unregulated and regulated markets in Colombia.

We conduct a sectoral analysis of electricity consumption during the Coronavirus disease 2019 (COVID-19) pandemic for the primary sectors that make up Colombia's unregulated and regulated markets. Applying a model of seemingly unrelated regression equations to examine data between February 2015 and May 2021, we evidence the recomposition of electricity consumption related to mandatory preventive isolation during the pandemic. Average consumption in the residential sector increased by 16.9% as working from home became prevalent. In contrast, unregulated market sectors subjected to quarantines presented a significant decrease in consumption, up to 32% in the financial sector. While industries that were not subjected to mandatory confinement, such as health, food (agriculture), and water supply, had no significant effect. Our results are relevant for informing demand forecasts and planning network expansions to guarantee the reliability of the supply as pandemic practices such as working from home become permanent.

Farmers' response to COVID-19 disruptions: The case of cropland allocation decision.

This study provides new evidence on the determining factors of cropland allocation decisions within the context of the COVID-19 pandemic by using the seemingly unrelated regression (SUR) model on 309 farm households. The results reveal that socio-economic, production, institutional, and political factors significantly influence the choice and size of cropland allocation decisions among legumes and cereals. Beyond these factors, we find that COVID-19 education increases land area allocated to staples while perception of disruptive effect of COVID-19 on agriculture positively correlates with the area under commercial crop (soybean) production. The implications of the results are discussed.

Caring more about food: The unexpected positive effect of the Covid-19 lockdown on household food management and waste.

Over half of the total amount of food wasted in Europe concerns household food waste which is mainly due to incorrect food management habits and behaviour. During the Covid-19 outbreak, food management and consumption habits changed dramatically due to the tough lockdown restrictions imposed by governments to reduce infection. This study investigated how these dramatic changes in the daily lives of consumers influenced the generation of food waste at household level. A CAWI questionnaire was administered to a sample of 1078 Italian consumers during the lockdown (March-April 2020). The respondents were asked to self-estimate the percentage of food their households wasted before and during the lockdown and to explain their food management habits. We focused the analysis on the differences between the food the respondents declared to have wasted before and during lockdown, which revealed that most households threw away less food during the Covid-19 lockdown compared to the pre-Covid situation. We referred to Seemingly Unrelated Regression models to evaluate the association between the food waste behaviour in the two periods considered in the study and the other factors observed. The results disclosed that young consumers and people who started implementing good food management practices (shopping list, meal planning etc.) more frequently considerably reduced the food they wasted during lockdown. Also, the logistical difficulties of grocery shopping experienced by consumers during lockdown made them manage their household food consumption more carefully, which led to a reduction in the amount of food wasted.