This study aims to examine total factor productivity (TFP) and its determinants in offshore fisheries under the worsening fishing environment and to propose policy improvement based on the estimation results. We identified a decline in TFP of offshore fisheries from 2012 to 2020 employing the global Malmquist productivity index (GMPI), with the primary cause being the regression of the production possibility frontier due to the reduction of fishery resources. Moreover, utilizing the system generalized method of moments (GMM), we found that the determinants, such as the cessation of operations in Japan’s EEZ, vessel age, fishing experience, and oil prices, contribute to a decrease in the TFP of offshore fisheries. Therefore, this study suggests implementing a total allowable catch (TAC)-centered fishery resource management policy, along with reducing loan interest rates and extending the repayment period for the vessel modernization project. Furthermore, it is necessary to improve the TFP of offshore fisheries by providing regular training for fishermen, implementing the tax-free petroleum stockpiling project, and developing alternative fishing grounds.

Using the Malmquist productivity index, this paper compares the productivity of Korean manufacturing industries from 1999 to 2006. The malmquist productivity index has more advantages than previous methods such as solow model, endogenous growth theory. The malmquist productivity index can be decomposed productivity into two parts. The first part is an index of the technical efficiency change. This index has high value when the elements of production is used more efficiently. The second part is an index of technical change. This index has high value if the advent of new technology and process innovation occur.

The purpose of this study is to analyze the determinants of risk factor model for the Jordanian banking stocks from 2006 to 2018. This study employs the Five-factor Fama and French’s (2015) methodology and uses the annual returns of all Jordanian banks including 2 Islamic and 13 commercial banks listed on the Amman Stock Exchange (ASE) over a period of 13 years. The results show that the factors of value and profitability have an important role in evaluating the expected return in Jordanian banking stocks. Moreover, the value HML and profitability RMW factors provide the highest cumulative returns among these five factors, while the investment CMA and size SMB factors are still around zero cumulative returns. For the market factor, it provides the least negative cumulative returns. The results showed that the largest correlation is between value and investment factors which means that banks with a high book to market value become banks with a conservative investment strategy. The result of the sub-periods confirmed the value and profitability results. The findings of this study suggest that the five-factor Fama and French model is the choice of building an investment portfolio, especially the factors of value and profitability.