Los advergames en redes sociales

Ulog(Thailand Bank Claims) = – 0.03239 + 0.0062 GDP Thailand + 0.00009 GDP Cambodia - 0.076 GFC Dummy + 0.45GFC Dummy * Exposure Thailand.

This equation could be interpreted as the coefficients of the quarterly GDP growth of Thailand, the quarterly GDP growth of Cambodia, and global financial crisis and exposure Thailand are positive and statistically insignificant, while global financial crisis dummy is negative and statistically insignificant, based on the 5% level of significance with two tailed test. The null hypothesis signifies that the quarterly GDP growth of Thailand, the quarterly GDP growth of Cambodia, global financial crisis, and global financial crisis and exposure Thailand do not affect the Thailand bank claims on Cambodia was rejected. There is a positive relationship between the quarterly GDP growth of Thailand and the first difference of logarithm of Thailand bank claims on Cambodia. Particularly, the partial regression coefficient of the quarterly GDP growth of Thailand of 0.0062 means that holding other explanatory variables constant, when the quarterly GDP growth of Thailand rises by 1%, the Thailand bank claims on Cambodia increases by 0.0062%. In addition, while holding other explanatory variables unchanged, the partial regression coefficient of the quarterly GDP growth of Cambodia of 0.00009 signifies that Thailand bank lending to private sector in Cambodia would increase by 0.00009% for every increase of 1% of the quarterly GDP growth of Cambodia. In a similar way, the partial regression coefficient of global financial crisis dummy variable equaling to -0.076 means that the Thai bank claims on Cambodia would decrease by 0.076% for every increase of 1% for global financial crisis while holding other explanatory variables constant. Moreover, while holding other explanatory variables unchanged, the partial regression coefficient of the global financial crisis dummy and exposure of Thailand of 0.45 means that Thai bank lending to the private sector in Cambodia would increase by 0.45% for every increase of 1% of global financial crisis and exposure Thailand.

This regression equation could mean that when quarterly GDP growth of Thailand and Cambodia increase, Thai banks would invest and provide more credits to the private sector in Cambodia because there are opportunities to make profits. Moreover, Cambodia and Thailand can export goods and services to each other since both economies are neighbours with linkages of business activities such as tourist arrivals to Cambodia through Thailand’s international airport but staying in Cambodian hotels.

The following two tables emphasise on the analysis of foreign banks from developed economies to see whether there are any different impacts on their lending in Cambodia. In particular, Table 3 allows the regression equation to be written as follows:

Ulog(Australian Bank Claims) = – 6.73 + 1.48GDP Australia + 0.21 GDP Cambodia – 7.26 GFC Dummy + 101.14 GFC Dummy * Exposure Australia

This equation indicates that the coefficients of the quarterly GDP growth of Australia, the quarterly GDP growth of Cambodia, and global financial crisis and exposure of Australia are positive and statistically insignificant, while global financial crisis dummy is negative and statistically insignificant, according to the 5% level of significance with two tailed test. Moreover, the null hypothesis stating that the quarterly GDP growth of Australia, the quarterly GDP growth of Cambodia, global financial crisis, and global financial crisis and exposure of Australia do not have any impacts on the Australian bank claims on Cambodia was rejected. The partial regression coefficient of the quarterly GDP growth of Australia of 1.48 shows that holding other explanatory variables constant, if the quarterly GDP growth of Australia increase by 1%, the Australian bank claims on Cambodia would rise by 1.48%. In the same way, while holding other

explanatory variables constant, the partial regression coefficient of the quarterly GDP growth of Cambodia of 0.21 indicates that Australian bank claims on Cambodia would increase by 0.21% for every increase of 1% of quarterly GDP growth of Cambodia. On the other hand, the partial regression coefficient of global financial crisis dummy variable equaling to -7.26 means that the Australian bank claims on Cambodia would decline by 7.26% for every increase of 1% for global financial crisis while holding other explanatory variables constant. Lastly, while holding other explanatory variables unchanged, the partial regression coefficient of the global financial crisis dummy and exposure Australia of 101.14 signifies that Australian bank lending to private sector in Cambodia would increase by 101.14% for every increase of 1% of global financial crisis and exposure Australia.

This regression analysis would mean that when quarterly GDP growth of Australia and Cambodia increase, Australian banks would come to invest and provide more loans to the private sector in Cambodia because there are the opportunities to make profits and expand their business there.

Table 3: Summary Output of Australian Bank Claims on Cambodia

According to the Table 4, the regression equation could be written as follow:

Ulog(Netherland Bank Claims) = 2.23 + 0.324GDP Netherlands - 0.22 GDP Cambodia – 1.22 GFC Dummy + 8.37 GFC Dummy * Exposure Netherlands.

The above equation means that the coefficients of the quarterly GDP growth of Netherlands and global financial crisis and exposure of Netherlands are positive and statistically insignificant, while the global financial crisis dummy and the quarterly GDP growth of Netherlands are negative and statistically insignificant, according to the 5% level of significance with two tailed test. Moreover, the null hypothesis stating that the quarterly GDP growth of Netherlands, the quarterly GDP growth of Cambodia, global financial crisis, and global financial crisis and exposure of Netherlands do not have any impacts on the Netherlands bank claims on Cambodia was rejected. The partial regression coefficient of the quarterly GDP growth of Netherlands of 0.324 means that the Netherlands bank claims on Cambodia would increase by 0.324% for every 1% increase of the quarterly GDP growth of Netherland, while holding other explanatory variables constant. On the other hand, while holding other explanatory variables fixed, the partial regression coefficient of the quarterly GDP growth of Cambodia of -0.22 indicates that Netherlands bank claims on Cambodia would decrease by 0.22% for every increase of 1% of quarterly GDP growth of Cambodia. Moreover, the partial regression coefficient of global financial crisis dummy variable equaling to -1.22 signifies that the Netherlands bank claims on Cambodia would decline by 1.22% for every increase of 1% of the global financial crisis while holding other explanatory variables constant. Finally, while holding other explanatory variables unchanged, the partial regression coefficient of the global financial crisis dummy and exposure of Netherlands of 8.37 means that Netherlands bank lending to the private sector in Cambodia would rise by 8.37% for every increase of 1% of global financial crisis and exposure of the Netherlands.

This regression analysis shows that when the quarterly GDP growth of Netherlands ncreases, Netherland banks provide more loans to the private sector in Cambodia because they can have more sources of funds from their economy to expand their business in Cambodia. In the meantime, when quarterly GDP growth of Cambodia decreases, Netherland bank claims on Cambodia are more likely to increase since during negative economic growth, he central bank of the host economy may conduct expansionary monetary policy to increase money supply. Most Netherland banks are joint ventures with local banks and has the largest market share in Cambodia.

Table 4: Summary Output of Netherlands Bank Claims on Cambodia

A. Regression Analysis of Panel Data

Since the time series data is limited, this research paper had to use panel data along with cross-sectional data. The ordinary least square produced the result as illustrated in the Table 5 which shows the regression equation as follows:

Ulog(Foreign Bank Claims) = -0.00126 - 0.00057GDP Foreign Countries + 0.00071 GDP Cambodia + 0.00745 GFC Dummy - 0.0034 GFC Dummy * Exposure Foreign Countries

The above equation explains that the coefficients of the quarterly GDP growth of foreign economies and global financial crisis and exposure foreign of economies are negative and statistically insignificant, while the coefficients of the global financial crisis dummy and the quarterly GDP growth of Cambodia are positive and statistically significant, according to the 5% level of significance with two tailed test. In addition, the null hypothesis stating that the quarterly GDP growth of foreign economies, the quarterly GDP growth of Cambodia, global financial crisis, and global financial crisis and exposure of foreign economies do not have any impact on the foreign bank claims on Cambodia was rejected. The partial regression coefficient of the quarterly GDP growth of foreign economies of -0.00057 means that foreign bank claims on Cambodia would decrease by 0.00057% for every 1% increase of the quarterly GDP growth of

foreign economies, holding other explanatory variables constant. On the other hand, while holding other explanatory variables constant, the partial regression coefficient of the quarterly GDP growth of Cambodia of 0.00071 means that foreign bank claims on Cambodia would increase by 0.00071% for every increase of 1% of quarterly GDP growth of Cambodia. In the same way, the partial regression coefficient of global financial crisis dummy variable equaling to 0.00745 explains that the foreign bank claims on Cambodia would increase by 0.00745% for every increase of 1% for global financial crisis while holding other explanatory variables constant. Finally, while holding other explanatory variables unchanged, the partial regression coefficient of the global financial crisis dummy and exposure of foreign economies of -0.0034 means that foreign bank lending to the private sector in Cambodia would decline by 0.0034% for every increase of 1% of global financial crisis and exposure of foreign economies.

This regression analysis of panel data illustrates that when the quarterly GDP growth of foreign economies decreases and the quarterly GDP growth of Cambodia increases, foreign banks tend to provide more loans to the private sector in Cambodia because they could have more opportunities to invest and expand their business in Cambodia.

In conclusion, both regression analysis of time series and panel data could explain that panel data could provide better results than the time series as most of coefficients are statistically significant and have the right signs. However, the regression analysis equations of both times series and panel data did not yield very good fits due to the low R square value. This low value of R square was a result of limited data.