IDEAS home Printed from https://ideas.repec.org/a/kap/jculte/v45y2021i3d10.1007_s10824-020-09402-3.html
   My bibliography  Save this article

Oscar awards and foreign language film production: evidence for a panel of countries

Author

Listed:
  • Henry Aray

    (University of Granada)

Abstract

Based on the model proposed by Hui and Png (Am Econ Rev 92(2):217–220, 2002), this article provides evidence of the relationship between Oscar awards and movie production. Panel data including 53 countries for the period 2005–2017 are used. Estimation results for the full sample show a positive relationship between Oscar wins and movie production. The results across subsamples reveal that Oscar wins in the category of “Best Foreign Language Film” (BFLF) and nominations in the four major categories (best picture, actor, actress and director) are positively correlated with movie production for a sample of middle-income countries. Strikingly, the estimations show a negative correlation between movie production and nominations in the BFLF category for high-income countries. The results are fairly robust to the introduction of control variables and different estimation methods.

Suggested Citation

  • Henry Aray, 2021. "Oscar awards and foreign language film production: evidence for a panel of countries," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(3), pages 435-457, September.
    • Handle: RePEc:kap:jculte:v:45:y:2021:i:3:d:10.1007_s10824-020-09402-3
    DOI: 10.1007/s10824-020-09402-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10824-020-09402-3
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10824-020-09402-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jordi McKenzie, 2012. "The Economics Of Movies: A Literature Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 26(1), pages 42-70, February.
    2. Arellano, Manuel, 1993. "On the testing of correlated effects with panel data," Journal of Econometrics, Elsevier, vol. 59(1-2), pages 87-97, September.
    3. McCalman, Phillip, 2004. "Foreign direct investment and intellectual property rights: evidence from Hollywood's global distribution of movies and videos," Journal of International Economics, Elsevier, vol. 62(1), pages 107-123, January.
    4. Betty Agnani & Henry Aray, 2010. "Subsidies and awards in movie production," Applied Economics Letters, Taylor & Francis Journals, vol. 17(15), pages 1509-1511.
    5. Eva Deuchert & Kossi Adjamah & Florian Pauly, 2005. "For Oscar Glory Or Oscar Money?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(3), pages 159-176, August.
    6. Francis Lee, 2009. "Cultural discount of cinematic achievement: the academy awards and U.S. movies’ East Asian box office," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 33(4), pages 239-263, November.
    7. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January.
    8. Jeffrey M Wooldridge, 2010. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232588, December.
    9. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 33(1), pages 125-132.
    10. M. Hashem Pesaran, 2021. "General diagnostic tests for cross-sectional dependence in panels," Empirical Economics, Springer, vol. 60(1), pages 13-50, January.
    11. Kai-Lung Hui, 2002. "On the Supply of Creative Work: Evidence from the Movies," American Economic Review, American Economic Association, vol. 92(2), pages 217-220, May.
    12. Reinhard Schunck & Francisco Perales, 2017. "Within- and between-cluster effects in generalized linear mixed models: A discussion of approaches and the xthybrid command," Stata Journal, StataCorp LP, vol. 17(1), pages 89-115, March.
    13. Victor Ginsburgh, 2003. "Awards, Success and Aesthetic Quality in the Arts," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 99-111, Spring.
    14. Agnani, Betty & Aray, Henry, 2016. "Effects of Oscar awards on movie production," Economics Discussion Papers 2016-8, Kiel Institute for the World Economy (IfW Kiel).
    15. Colin Hoskins & Stuart McFadyen & Adam Finn & Anne Jackel, 1997. "Evidence on the Performance of Canada/Europe Co-productions in Television and Film," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(2), pages 129-138, June.
    16. Iain Pardoe & Dean K. Simonton, 2008. "Applying discrete choice models to predict Academy Award winners," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 171(2), pages 375-394, April.
    17. Thorsten Hennig-Thurau & Mark Houston & Gianfranco Walsh, 2007. "Determinants of motion picture box office and profitability: an interrelationship approach," Review of Managerial Science, Springer, vol. 1(1), pages 65-92, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jordi McKenzie, 2023. "The economics of movies (revisited): A survey of recent literature," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 480-525, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Agnani, Betty & Aray, Henry, 2016. "Effects of Oscar awards on movie production," Economics Discussion Papers 2016-8, Kiel Institute for the World Economy (IfW Kiel).
    2. Peppel-Srebrny, Jemima, 2021. "Not all government budget deficits are created equal: Evidence from advanced economies' sovereign bond markets," Journal of International Money and Finance, Elsevier, vol. 118(C).
    3. Lööf, Hans & Sahamkhadam, Maziar & Stephan, Andreas, 2022. "Is Corporate Social Responsibility investing a free lunch? The relationship between ESG, tail risk, and upside potential of stocks before and during the COVID-19 crisis," Finance Research Letters, Elsevier, vol. 46(PB).
    4. Damien Rousselière, 2019. "A Flexible Approach to Age Dependence in Organizational Mortality: Comparing the Life Duration for Cooperative and Non-Cooperative Enterprises Using a Bayesian Generalized Additive Discrete Time Survi," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 17(4), pages 829-855, December.
    5. Georgios Alaveras & Estrella Gomez-Herrera & Bertin Martens, 2018. "Cross-border circulation of films and cultural diversity in the EU," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 42(4), pages 645-676, November.
    6. Vasilis Sarafidis & Tom Wansbeek, 2012. "Cross-Sectional Dependence in Panel Data Analysis," Econometric Reviews, Taylor & Francis Journals, vol. 31(5), pages 483-531, September.
    7. Georges Bresson & Guy Lacroix & Mohammad Arshad Rahman, 2021. "Bayesian panel quantile regression for binary outcomes with correlated random effects: an application on crime recidivism in Canada," Empirical Economics, Springer, vol. 60(1), pages 227-259, January.
    8. Markku Maula & Wouter Stam, 2020. "Enhancing Rigor in Quantitative Entrepreneurship Research," Entrepreneurship Theory and Practice, , vol. 44(6), pages 1059-1090, November.
    9. Theodor Florian Cojoianu & Gordon L. Clark & Andreas G. F. Hoepner & Vladimir Pažitka & Dariusz Wójcik, 2021. "Fin vs. tech: are trust and knowledge creation key ingredients in fintech start-up emergence and financing?," Small Business Economics, Springer, vol. 57(4), pages 1715-1731, December.
    10. Gianpiero Meloni & Dimitri Paolini & J. D. Tena, 2018. "American beauty: trade flows and export costs of US movies," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 42(4), pages 701-716, November.
    11. Cepparulo, Alessandra & Eusepi, Giuseppe & Giuriato, Luisa, 2020. "Public finances and Public Private Partnerships in the European Union," MPRA Paper 103918, University Library of Munich, Germany.
    12. Chenlu Li & Simon C Moore & Jesse Smith & Sarah Bauermeister & John Gallacher, 2019. "The costs of negative affect attributable to alcohol consumption in later life: A within-between random longitudinal econometric model using UK Biobank," PLOS ONE, Public Library of Science, vol. 14(2), pages 1-15, February.
    13. Pablo Brañas-Garza & Maria Paz Espinosa, 2011. "Unraveling Public Good Games," Games, MDPI, vol. 2(4), pages 1-18, November.
    14. Roel Dom, 2017. "Semi-Autonomous Revenue Authorities in Sub-Saharan Africa: Silver Bullet or White Elephant," Discussion Papers 2017-01, University of Nottingham, CREDIT.
    15. Juan Prieto-Rodriguez & Fernanda Gutierrez-Navratil & Victoria Ateca-Amestoy, 2015. "Theatre allocation as a distributor’s strategic variable over movie runs," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 39(1), pages 65-83, February.
    16. Maria Elena Bontempi & Jan Ditzen, 2023. "GMM-lev estimation and individual heterogeneity: Monte Carlo evidence and empirical applications," Papers 2312.00399, arXiv.org, revised Dec 2023.
    17. Caroline Elliott & Palitha Konara & Haiyi Ling & Chengang Wang & Yingqi Wei, 2018. "Behind film performance in China’s changing institutional context: The impact of signals," Asia Pacific Journal of Management, Springer, vol. 35(1), pages 63-95, March.
    18. Haile, Kaleab & Tirivayi, Nyasha & Nillesen, Eleonora, 2019. "Climate shocks, coping responses and gender gap in human development," MERIT Working Papers 2019-052, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    19. Yusheng Kong & Takuriramunashe Famba & Grace Chituku-Dzimiro & Huaping Sun & Ophias Kurauone, 2020. "Corporate Governance Mechanisms, Ownership and Firm Value: Evidence from Listed Chinese Firms," IJFS, MDPI, vol. 8(2), pages 1-26, April.

    More about this item

    Keywords

    Movie production; Oscar awards; Panel data;
    All these keywords.

    JEL classification:

    • Z10 - Other Special Topics - - Cultural Economics - - - General
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jculte:v:45:y:2021:i:3:d:10.1007_s10824-020-09402-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.