Template-Type: ReDIF-Article 1.0
Author-Name: Sam'un Jaja Raharja
Author-X-Name-First: Sam'un Jaja
Author-X-Name-Last: Raharja
Author-Name: Rusdin Tahir
Author-X-Name-First: Rusdin
Author-X-Name-Last: Tahir
Author-Name: Sitti Ma'ani Nina
Author-X-Name-First: Sitti Ma'ani
Author-X-Name-Last: Nina
Title: Analysis of the implications of role stress towards innovative behaviour and the success of womenpreneurs in Banten Province, Indonesia
Abstract:
Womenpreneurs play an important role in development, innovation and economic growth. This study aims to analyse the role of stress on innovation behaviour and its effect on the success of womenpreneurs. This study uses an explanatory survey method. Data collection is conducted by a questionnaire distributed to 312 womenpreneurs. Research results showed that womenpreneurs can play multiple roles, manage stress and draw creativity from stress triggers. The relationship amongst role stress, innovative behaviour and success positively and significantly affects success and innovative behaviour, and innovative behaviour positively and significantly affects the success of womenpreneurs.
Journal: Int. J. of Monetary Economics and Finance
Pages: 231-242
Issue: 3/4
Volume: 16
Year: 2023
Keywords: role stress level; innovative behaviour; emotional intelligence; womenpreneur; success.
File-URL: http://www.inderscience.com/link.php?id=131850
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:231-242

Template-Type: ReDIF-Article 1.0
Author-Name: Zhilin Ding
Author-X-Name-First: Zhilin
Author-X-Name-Last: Ding
Author-Name: Jianing Zhang
Author-X-Name-First: Jianing
Author-X-Name-Last: Zhang
Title: The impact of government subsidies on the innovation of new energy vehicle companies
Abstract:
In recent years, the public has gradually paid more attention to the new energy industry, where the new energy vehicle plays a key role but still suffers the problem of slow growth. The government uses fiscal subsidies to help enterprises develop. The research takes China's new energy vehicle listed companies from 2006 to 2020 as a sample to empirically test the impact of financial subsidies on the innovation intensity of new energy vehicle companies. The results show that the financial subsidies can significantly enhance the strength of innovation and development investment of new energy vehicle enterprises, and the impact is linear instead of nonlinear structure. Moreover, the impact of financial subsidies on the intensity of innovation investment of new energy enterprises is more significant for state-owned enterprises. The present study sheds light on the effect of financial subsidies on the innovation of new energy vehicle enterprises in the international markets.
Journal: Int. J. of Monetary Economics and Finance
Pages: 213-221
Issue: 3/4
Volume: 16
Year: 2023
Keywords: new energy vehicle; government subsidies; research and development; innovation intensity; state-owned enterprise; China.
File-URL: http://www.inderscience.com/link.php?id=131890
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:213-221

Template-Type: ReDIF-Article 1.0
Author-Name: Tuo Han
Author-X-Name-First: Tuo
Author-X-Name-Last: Han
Author-Name: Jianing Zhang
Author-X-Name-First: Jianing
Author-X-Name-Last: Zhang
Title: The impact of continuous tightening policies on China's real estate industry
Abstract:
This study investigates whether China's real estate industry is limited when facing tightening policies and the impact of government regulation on the real estate industry. We employed comprehensive indicators related to Chinese real estate from 2000 to 2019. The empirical results show that the land purchase area, social financing scale of the real estate industry, and real estate taxation negatively impact real estate prices. Further research shows that the land policy plays a dominating role in alleviating the rapid development of the real estate industry, which suggests that a centralised land policy could be beneficial for Chinese households. Consistent with empirical findings in international real estate markets, we find that social financing scale and tax policy have modest correlations with housing prices in China. The variance decomposition results show that explanatory powers of housing prices by the land area, social financing scale, and taxation are 26.8%, 5.9%, and 4.2%, respectively.
Journal: Int. J. of Monetary Economics and Finance
Pages: 188-196
Issue: 3/4
Volume: 16
Year: 2023
Keywords: housing price; real estate; tightening policies; government regulation; land policy; social financing scale; tax policy; China.
File-URL: http://www.inderscience.com/link.php?id=131891
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:188-196

Template-Type: ReDIF-Article 1.0
Author-Name: Jayoun Won
Author-X-Name-First: Jayoun
Author-X-Name-Last: Won
Author-Name: Sang-Lyul Ryu
Author-X-Name-First: Sang-Lyul
Author-X-Name-Last: Ryu
Title: Effect of the audit hours regulation on audit fees and scale efficiency in audit firms: Korean evidence
Abstract:
Many countries have increased accounting transparency by imposing rules on external auditors. Korea amended the Act on External Audit of Stock Companies (EAA), which has been in effect since 2019. The amendments to the EAA have included the standard audit hours (SAH) rule that mandates auditors to spend a certain amount of audit hours determined by the regulation. Korea expected that the SAH rule would secure sufficient audit hours and improve audit quality. However, audit practitioners argued that the SAH hugely increased audit hours resulted in significantly raised audit fees. Our findings showed that though audit hours and fees increased, audit firms' scale efficiency improved from 2018 to 2019. Moreover, auditors spent more hours on skilled audit professionals than unskilled ones, which led to high audit quality. This paper's results may interest policymakers in other countries that reformed audit regulations to ameliorate audit quality.
Journal: Int. J. of Monetary Economics and Finance
Pages: 261-271
Issue: 3/4
Volume: 16
Year: 2023
Keywords: standard audit rule; scale efficiency; mix variance; yield variance; translog production function.
File-URL: http://www.inderscience.com/link.php?id=131897
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:261-271

Template-Type: ReDIF-Article 1.0
Author-Name: Taufik Faturohman
Author-X-Name-First: Taufik
Author-X-Name-Last: Faturohman
Author-Name: Muhammad Abdullah Hamzah Syaiful Mukminin
Author-X-Name-First: Muhammad Abdullah Hamzah Syaiful
Author-X-Name-Last: Mukminin
Author-Name: Sudarso Kaderi Wiryono
Author-X-Name-First: Sudarso Kaderi
Author-X-Name-Last: Wiryono
Author-Name: Gun Gun Indrayana
Author-X-Name-First: Gun Gun
Author-X-Name-Last: Indrayana
Author-Name: Raden Aswin Rahadi
Author-X-Name-First: Raden Aswin
Author-X-Name-Last: Rahadi
Author-Name: Kurnia Fajar Afgani
Author-X-Name-First: Kurnia Fajar
Author-X-Name-Last: Afgani
Title: Artificial neural network to develop loan default predicting model using social media data: a case study of online peer to peer lending
Abstract:
Online Peer-to-Peer Lending has been growing rapidly in Indonesia. A system called credit scoring, delineated by a high non-performing financing (NPF) indicator, is considered an important tool used by financial institutions to address concerns and evaluate loan applicants. To enhance credit scoring models, social media data is added to increase the predictability rate on credit scoring models. This paper evaluates credit scoring models using artificial neural networks (ANNs) method with multilayer perceptron (MLP) approach. Inclusion of social media data resulted in increases in the predictability rate by 15.8%, to 98.3%. Our results suggest that social media data addition improves efficiency and healthier portfolios in the alternative financing industry.
Journal: Int. J. of Monetary Economics and Finance
Pages: 252-260
Issue: 3/4
Volume: 16
Year: 2023
Keywords: ANN; artificial neural network; loan default predicting model; social media; online peer-to-peer lending.
File-URL: http://www.inderscience.com/link.php?id=131898
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:252-260

Template-Type: ReDIF-Article 1.0
Author-Name: Maretta Arninda Dianty
Author-X-Name-First: Maretta Arninda
Author-X-Name-Last: Dianty
Author-Name: Taufik Faturohman
Author-X-Name-First: Taufik
Author-X-Name-Last: Faturohman
Title: Factors influencing the acceptance of Fintech lending platform in Indonesia: an adoption of technology acceptance model
Abstract:
Indonesian Fintech lending has grown rapidly. However, 50.9% of Indonesians do not have bank accounts (Google, Temasek, % Bain Company, 2019). It illustrates that untapped financial capacity still exists, giving the Fintech lending industry a great opportunity to grow. To increase Fintech lending adoption, this research examines how Indonesians adopt Fintech lending using a modified technology acceptance model (TAM). The survey yielded 200 PLS-SEM responses. In this study, Fintech lending adoption was influenced by perceived usefulness, trust, brand image, perceived risk, and government/regulator support through user attitude. By improving Indonesia's financial inclusion and economy, the global economy will also increase efficiently.
Journal: Int. J. of Monetary Economics and Finance
Pages: 222-230
Issue: 3/4
Volume: 16
Year: 2023
Keywords: Fintech; Fintech lending; user adoption; TAM; technology acceptance model.
File-URL: http://www.inderscience.com/link.php?id=131899
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:222-230

Template-Type: ReDIF-Article 1.0
Author-Name: Girija Nandini
Author-X-Name-First: Girija
Author-X-Name-Last: Nandini
Author-Name: Ratidev Samal
Author-X-Name-First: Ratidev
Author-X-Name-Last: Samal
Author-Name: Alaka Samantaray
Author-X-Name-First: Alaka
Author-X-Name-Last: Samantaray
Author-Name: Rashmi Ranjan Panigrahi
Author-X-Name-First: Rashmi Ranjan
Author-X-Name-Last: Panigrahi
Title: Impact of Covid-19 on broader indices of Indian stock market
Abstract:
The purpose of this study is to identify the trend in price movement of the two indices of India and find any abnormalities present in the movement during the period of study. The data have been obtained from the NSE site over a period of one year and analysis is conducted on excel with the help of selected technical indicators like exponential moving average (EMA), moving average convergence divergence (MACD), and BB. A combination of technical indicators has been used. Covid-19 has a deep impact on the market but the recovery is also faster and behind any abnormal moment in the market. The research captures different impetus of financial markets which enhances better decision making for swing traders and investors. To the author's knowledge, the paper is unique in terms of enhancing quantitative and qualitative decision making aspects and the simplest language being used for the interest of society at large.
Journal: Int. J. of Monetary Economics and Finance
Pages: 157-176
Issue: 2
Volume: 16
Year: 2023
Keywords: stock market; price; indicators; technical analysis; trading; investment.
File-URL: http://www.inderscience.com/link.php?id=130875
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:2:p:157-176

Template-Type: ReDIF-Article 1.0
Author-Name: Anna Purwaningsih
Author-X-Name-First: Anna
Author-X-Name-Last: Purwaningsih
Author-Name: Anggreni Dian Kurniawati
Author-X-Name-First: Anggreni Dian
Author-X-Name-Last: Kurniawati
Author-Name: Yohanes Mario Pratama
Author-X-Name-First: Yohanes Mario
Author-X-Name-Last: Pratama
Title: Ownership structure and earnings management: studies on banking companies before and during the COVID-19 pandemic
Abstract:
This study was conducted to obtain empirical evidence regarding earnings management practices in the banking industry before and during the COVID-19 pandemic, as well as the impact of ownership structure on earnings management practices. The sample of this research is banking companies listed on the IDX in 2019 and 2020. The modified Jones model is used to proxy accrual earnings management (AEM), whereas the modified Roychowdhury model is used to proxy real earnings management (REM) for banking companies. The independent variable of this research is ownership structure. Majority ownership, institutional ownership, government ownership, and CEO ownership are used to represent the ownership structure. The hypotheses in this study are tested using a t-test and a multiple regression test. The results showed that: 1) ownership structure (institutional ownership and government ownership) affect REM practices, but ownership structure had no effect on AEM practices; and 2) REM and AEM do not differ between before and during the new normal.
Journal: Int. J. of Monetary Economics and Finance
Pages: 300-308
Issue: 3/4
Volume: 16
Year: 2023
Keywords: banking; earnings management; real earnings management; accrual earnings management; ownership structure; institutional ownership; government ownership; COVID-19 pandemic.
File-URL: http://www.inderscience.com/link.php?id=131900
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:300-308

Template-Type: ReDIF-Article 1.0
Author-Name: Jean Damascene Mvunabandi
Author-X-Name-First: Jean Damascene
Author-X-Name-Last: Mvunabandi
Author-Name: Bomi Nomlala
Author-X-Name-First: Bomi
Author-X-Name-Last: Nomlala
Author-Name: Harold Patrick
Author-X-Name-First: Harold
Author-X-Name-Last: Patrick
Title: The impact of forensic auditing techniques on non-government organisations' fraud risk management in South Africa using a proactive approach
Abstract:
Using the quantitative research method, this study empirically investigated the relationship between forensic auditing and fraud risk management, focusing on financial statement fraud among 30 large non-governmental organisations in the eThekwini region. Data was gathered from 87 participants, knowledgeable individuals in the field of forensic auditing and fraud risk management and used for data analysis. Structural equation modelling (SEM) and conventional thematic analysis were used to analyse data. The results may significantly guide NGOs and their funders, auditors, regulators, professional bodies, and academia on the use of proactive forensic audit techniques to proactively prevent, detect and respond to fraud risks in NGO's context.
Journal: Int. J. of Monetary Economics and Finance
Pages: 272-281
Issue: 3/4
Volume: 16
Year: 2023
Keywords: fraud risk management; proactive forensic auditing techniques; financial statement fraud; non-government organisations.
File-URL: http://www.inderscience.com/link.php?id=131905
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:272-281

Template-Type: ReDIF-Article 1.0
Author-Name: Lina Anatan
Author-X-Name-First: Lina
Author-X-Name-Last: Anatan
Title: Factors influencing university-to-industry knowledge transfer
Abstract:
University-to-industry knowledge transfer is important to overcome the lack of industrial information and knowledge problem, especially within micro, small and medium enterprises (MSME). This study was conducted to examine the influence of knowledge ambiguity, absorptive capacity, and structural dimension on university-to-industry knowledge transfer. This study involved 62 respondents collected through an online survey. The study found that knowledge ambiguity has a negative effect and structural dimension has a positive effect on knowledge transfer activities are not supported. While absorptive capacity has a positive effect on knowledge transfer activities is supported.
Journal: Int. J. of Monetary Economics and Finance
Pages: 243-251
Issue: 3/4
Volume: 16
Year: 2023
Keywords: knowledge ambiguity; absorptive capacity; structural dimension; knowledge transfer; MSME.
File-URL: http://www.inderscience.com/link.php?id=131909
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:243-251

Template-Type: ReDIF-Article 1.0
Author-Name: Ana Noveria
Author-X-Name-First: Ana
Author-X-Name-Last: Noveria
Author-Name: Muhamad Fikri
Author-X-Name-First: Muhamad
Author-X-Name-Last: Fikri
Title: Financial impact of COVID-19: non-pharmaceutical interventions in Indonesia
Abstract:
The COVID-19 pandemic is a global crisis that has influenced everyone's daily life and the business sector. The Indonesian government has implemented policies to control the spread of the pandemic. These policies, including large-scale social restrictions (LSSR), emergency public activity restrictions, and economic support, have affected the investors' reactions. Therefore, this research aimed to investigate how the government policies regarding the COVID-19 pandemic influence the stock returns on the Indonesia Stock Exchange (IDX). The results showed that policies on closures of public places negatively affect stock returns. However, the economic support from the government positively affects the stock returns. This study contributes to the literature on the effect of government response to the COVID-19 pandemic on the stock returns. The results could also be used as considerations for the government in making policies to prevent the future spread of the COVID-19 pandemic and mitigate the adverse impact on the business sector. Additionally, investors could consider the result in making decisions on responding to announced policies.
Journal: Int. J. of Monetary Economics and Finance
Pages: 206-212
Issue: 3/4
Volume: 16
Year: 2023
Keywords: COVID-19 pandemic; government response; Indonesia stock returns.
File-URL: http://www.inderscience.com/link.php?id=131910
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:206-212

Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Yousfi
Author-X-Name-First: Mohamed
Author-X-Name-Last: Yousfi
Author-Name: Houssam Bouzgarrou
Author-X-Name-First: Houssam
Author-X-Name-Last: Bouzgarrou
Title: Financial contagion among stock markets and portfolio risk during the COVID-19 crisis
Abstract:
This paper investigates the effects of the COVID-19 crisis on the co-movements and the risk based contagions between five developed stock markets for the daily data span from January, 2018 to February, 2022. We examine the co-movement using wavelet coherence and quantify the portfolio risk via wavelet value-at-risk ratio. The findings indicate a high degree of positive co-movements between stock markets at various investment horizons during entire sample period. Whereas, the stock market pairs show a high connectedness during the COVID-19 pandemic over the short-term compared to pre-COVID-19 periods, suggesting that the COVID-19 pandemic supports the positive nexus between stock markets. Moreover, the value-at-risk ratio indicates that the contagion between the stock markets, increases the portfolio risk over the long-term, and the pandemic also affects the value-atrisk ratio over the short- and long-term. Therefore, we conclude that portfolio diversification and hedging as a strategies for risk management are a good practice.
Journal: Int. J. of Monetary Economics and Finance
Pages: 121-138
Issue: 2
Volume: 16
Year: 2023
Keywords: COVID-19; financial market; co-movement; contagion; portfolio risk.
File-URL: http://www.inderscience.com/link.php?id=130887
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:2:p:121-138

Template-Type: ReDIF-Article 1.0
Author-Name: Tarek Chebbi
Author-X-Name-First: Tarek
Author-X-Name-Last: Chebbi
Author-Name: Waleed Hmedat
Author-X-Name-First: Waleed
Author-X-Name-Last: Hmedat
Title: The pandemic emergency asset purchase and the sovereign bond market connectedness
Abstract:
We examined the extent to which the biggest euro area sovereign bond markets are connected during the 2017-2020 period. Accordingly, we used the recent Gabaue (2020)'s approach viewed as an alternative to Diebold and Yilmaz's volatility connectedness methodology. We find that such markets are considerably connected during the whole period and the spillovers are relatively time varying. The results also show that the Spanish bond market is the primary net transmitter of shocks, followed by the Italian bond market, while the markets for Germany and France are the main net receivers. Second, we highlight some contribution of ECB's asset purchase and other monetary policy announcements to bilateral spillovers. Also, some pronounced spillovers are found to be generated from the monetary policy in US. Finally, the effect differs widely across bilateral linkages in terms of sign and magnitudes. A likely explanation is that investors started discriminating more through markets.
Journal: Int. J. of Monetary Economics and Finance
Pages: 105-120
Issue: 2
Volume: 16
Year: 2023
Keywords: connectedness analysis; bond markets; Covid-19 crisis; Euro area; monetary policy.
File-URL: http://www.inderscience.com/link.php?id=130888
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:2:p:105-120

Template-Type: ReDIF-Article 1.0
Author-Name: Margaret Rutendo Magwedere
Author-X-Name-First: Margaret Rutendo
Author-X-Name-Last: Magwedere
Author-Name: Godfrey Marozva
Author-X-Name-First: Godfrey
Author-X-Name-Last: Marozva
Title: Household debt, inequality, and financial stability nexus
Abstract:
South Africa is ranked among the most unequal societies globally in terms of income disparities. The South African Reserve Bank reckoned that 75% of households' income goes to debt repayment. The link between household debt, income inequality and financial stability is examined at national level using annual time series data from 1990 to 2020. Using the autoregressive distributed lags (ARDL) and the Error Correction Model to isolate the long- run and short-run links, the results show that there is long-run relationship between household debt, income inequality and financial stability. Furthermore the results suggest a strong causality as shown by a negative and significant error correction term. In economies where households' income fall below their reference group, in keeping up with the Joneses they tend to borrow increasing the level of indebtedness. The study found evidence that inequality increases indebtedness in the long-run. The findings of the study are essential on the relevance of the interactions between private debt and inequality to macroeconomic stability.
Journal: Int. J. of Monetary Economics and Finance
Pages: 139-156
Issue: 2
Volume: 16
Year: 2023
Keywords: household debt; inequality; financial stability; indebtedness; ARDL; autoregressive distributed lags.
File-URL: http://www.inderscience.com/link.php?id=130889
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Template-Type: ReDIF-Article 1.0
Author-Name: Adefemi A. Obalade
Author-X-Name-First: Adefemi A.
Author-X-Name-Last: Obalade
Author-Name: Lusanda Mbatha
Author-X-Name-First: Lusanda
Author-X-Name-Last: Mbatha
Author-Name: Nkululeko Radebe
Author-X-Name-First: Nkululeko
Author-X-Name-Last: Radebe
Author-Name: Nosipho Dlamini
Author-X-Name-First: Nosipho
Author-X-Name-Last: Dlamini
Author-Name: Nqobile Dludla
Author-X-Name-First: Nqobile
Author-X-Name-Last: Dludla
Author-Name: Paul-Francois Muzindutsi
Author-X-Name-First: Paul-Francois
Author-X-Name-Last: Muzindutsi
Title: Housing regimes and macroeconomy in South Africa: a tripartite analysis
Abstract:
The basic human needs recognised by the United Nations (UN) include housing. We examined housing regimes and the impact of macroeconomic variables, namely, inflation, interest rates, gross domestic product, exchange rate, money supply, rent, and unemployment rate on different segments of the housing market. The study used Markov-switching regression models to examine the effect of selected macroeconomic variables on the three segments of housing, namely small, medium, and large houses, based on quarterly time series from the first quarter of 1995 to the fourth quarter of 2020. The results show that the effect of macroeconomic variables depends on the housing segments, whether small, medium or large. In addition, the small and medium housing indices stay longer in the bear regime, while the large housing index stays longer in the bull regime. The study concludes that the impact of the key macroeconomic variables on housing price indices changes with regimes. Domestic and international stakeholders must consider changing regimes and the regime-specific effect of macroeconomic factors on investment in the housing market.
Journal: Int. J. of Monetary Economics and Finance
Pages: 179-187
Issue: 3/4
Volume: 16
Year: 2023
Keywords: real estate; market regimes; macroeconomic factors; housing segments ; Markov-switching model; South Africa.
File-URL: http://www.inderscience.com/link.php?id=131914
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:179-187

Template-Type: ReDIF-Article 1.0
Author-Name: Mercédesz Mészáros
Author-X-Name-First: Mercédesz
Author-X-Name-Last: Mészáros
Author-Name: Gábor Dávid Kiss
Author-X-Name-First: Gábor Dávid
Author-X-Name-Last: Kiss
Title: Heterogeneous drivers of Nordic capital market movements in the light of UMP
Abstract:
Scandinavia follows the role of a welfare state with relatively small but highly open economies, where capital markets playing a relevant role in their financing habits. Due to their macroeconomic stability and growth-orientation, Denmark, Norway and Sweden have been safe havens during the latest crisis periods. Although the role of fiscal policy is more authoritative in the Scandinavian model, there is less talk of monetary policy, but the unconventional monetary policy (UMP) has also appeared in these countries. Overall effects of these measures have not yet been fully explored, so the aim of our research was to examine the main drivers of the Scandinavian capital market indices - focusing on the possible side effects of UMP. Calibrating vector autoregression (VAR) models our results confirmed the significant effects of monetary policy. In the case of bond markets, differences in the relative size of central banks vis-à-vis the European Central Bank (ECB) was also evident over the period.
Journal: Int. J. of Monetary Economics and Finance
Pages: 83-104
Issue: 2
Volume: 16
Year: 2023
Keywords: capital markets; Scandinavia; UMP; unconventional monetary policy; VAR; vector autoregression.
File-URL: http://www.inderscience.com/link.php?id=130890
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:2:p:83-104

Template-Type: ReDIF-Article 1.0
Author-Name:  Lindrianasari
Author-X-Name-First: 
Author-X-Name-Last: Lindrianasari
Author-Name: Ira Oktamalia
Author-X-Name-First: Ira
Author-X-Name-Last: Oktamalia
Author-Name: Widya Rizki Eka Putri
Author-X-Name-First: Widya Rizki Eka
Author-X-Name-Last: Putri
Title: Islamic social reporting index, company performance, and market performance
Abstract:
This study examines the impact of the Islamic Social Reporting disclosure index on company performance and market performance. To provide more in-depth information, this study also compares the performance of Islamic companies in Indonesia and Malaysia. The object of research is food and beverage companies are registered in the Sharia Securities List (DES) and registered as sharia shares on the Malaysian Stock Exchange for the 2015-2020 period. The sample of this research is 35 food and beverages companies with a purposeful sampling method. Hypothesis testing using independent sample <i>t</i>-test and MANOVA test. The results of the study indicate that there is an effect of the disclosure of the ISR Index on market performance. However, the ISR Index has no effect on return on assets (ROA). In addition, there are significant differences in the disclosure of the Islamic Social Reporting Index for companies in Indonesia and Malaysia.
Journal: Int. J. of Monetary Economics and Finance
Pages: 291-299
Issue: 3/4
Volume: 16
Year: 2023
Keywords: Islamic social reporting index; financial performance; ROA; return on assets; market performance.
File-URL: http://www.inderscience.com/link.php?id=131915
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:291-299

Template-Type: ReDIF-Article 1.0
Author-Name: Suchunya Khainsiri
Author-X-Name-First: Suchunya
Author-X-Name-Last: Khainsiri
Author-Name: Surachai Chancharat
Author-X-Name-First: Surachai
Author-X-Name-Last: Chancharat
Title: An application of survival analysis to the impact of the COVID-19 epidemic on Thailand's stock market volatility
Abstract:
This study investigated the probability and time to event of the Thailand stock market's volatility when the rate of change in COVID-19 confirmed cases daily increased from January 1, 2020, to September 30, 2021, using applied survival analysis. We find that the highest probability is 98.4366%, with a volatility period of 1 day. The lowest probability is 9.4252%, with a volatility period of 76 days. There is an average of 48 consecutive days of high volatility. The rate of change in COVID-19 confirmed cases increase is statistically significant with the high volatility and correlated in the same direction. The rate of change that increases as much as it has the most at risk of causing high volatility. It represents a response to the exaggerated information on stock prices. Therefore, speculators have a chance to profit in an inefficient market environment. Which, if the market is inefficient. When the Fed's policy rate changes, it moves capital around the world to balance the returns and risks of financial instruments. As a result, the market value of financial instruments decreases.
Journal: Int. J. of Monetary Economics and Finance
Pages: 197-205
Issue: 3/4
Volume: 16
Year: 2023
Keywords: stock market; survival analysis; volatility; COVID-19; speculators.
File-URL: http://www.inderscience.com/link.php?id=131916
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:197-205

Template-Type: ReDIF-Article 1.0
Author-Name: Nongnit Chancharat
Author-X-Name-First: Nongnit
Author-X-Name-Last: Chancharat
Author-Name: Boonyarit Kotphootorn
Author-X-Name-First: Boonyarit
Author-X-Name-Last: Kotphootorn
Title: Corporate board and shareholder structure, cost of capital, and the performance of Thai listed companies: the application of path analysis
Abstract:
The objectives of this study were: (1) to develop and validate the coherence of a causal relationship model with empirical data; and (2) to study the relationship model and compare the influence of board and shareholder structure on cost of capital and corporate performance using path analysis. The data of 156 Thai listed companies were collected throughout 2016-2020. The results showed that percentages of free float and board size had positive relationship with the cost of debt. Meanwhile, percentage of outside directors, percentage of the audit committee in financial or accounting expertise, and percentage of director meetings had negative relationship with the cost of debt. Furthermore, the cost of debt had negative relationship with return on assets. The findings yield important implications for international markets and the global economy as they support the agency theory that explains that good corporate governance reduces conflicts between shareholders and creditors.
Journal: Int. J. of Monetary Economics and Finance
Pages: 282-290
Issue: 3/4
Volume: 16
Year: 2023
Keywords: corporate governance; board structure; shareholder structure; cost of capital; corporate performance; path analysis.
File-URL: http://www.inderscience.com/link.php?id=131917
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:3/4:p:282-290

Template-Type: ReDIF-Article 1.0
Author-Name: Vineeta Kumari
Author-X-Name-First: Vineeta
Author-X-Name-Last: Kumari
Author-Name: Varun Kumar Rai
Author-X-Name-First: Varun Kumar
Author-X-Name-Last: Rai
Author-Name: Dharen Kumar Pandey
Author-X-Name-First: Dharen Kumar
Author-X-Name-Last: Pandey
Title: Impact of novel coronavirus outbreak-related announcements on pharmaceutical stocks: empirical evidence from an emerging market
Abstract:
This study uses the event study method to examine the impact of COVID-19 outbreak-related announcements on the returns and volatility of 74 exchange-listed Indian pharmaceutical stocks. We find significant negative effects of pandemic-related announcements on stock returns and volatility in an emerging market, particularly during the declaration of a global pandemic. Further, small-cap stocks are hit harder than large-cap and mid-cap stocks. We also use abnormal volatility to assess the outbreak's impact on market volatility. We also find waning effects in the post-event window analysis. Our findings are consistent with current literature.
Journal: Int. J. of Monetary Economics and Finance
Pages: 40-57
Issue: 1
Volume: 16
Year: 2023
Keywords: event study; market model; abnormal return; abnormal volatility; emerging market; COVID-19; global pandemic.
File-URL: http://www.inderscience.com/link.php?id=130216
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:1:p:40-57

Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Fabian
Author-X-Name-First: Tomáš
Author-X-Name-Last: Fabian
Author-Name: Kristína Kočišová
Author-X-Name-First: Kristína
Author-X-Name-Last: Kočišová
Title: The impact of low interest rates on the bank profitability
Abstract:
The recent negative interest rate policy implemented by the European Central Bank (ECB) has raised concerns about the impact of interest rates on bank profitability. Therefore, this paper aims to study the determinants of banking profitability in the European Union (EU) countries. Using annual macro-level data for the period 2008-2018, we examine the impact of banking sector, macroeconomic, and competition variables on the aggregate profitability of the banking sectors by using a panel data methodology. We find a positive relationship between short-term rates and negative relationship long-term rates. Hence, our findings indicate that monetary policy significantly influences bank profits in EU countries.
Journal: Int. J. of Monetary Economics and Finance
Pages: 23-39
Issue: 1
Volume: 16
Year: 2023
Keywords: bank profitability; low interest rate policy; European Union countries; banking sector variables; macroeconomic variables; competition; short-term interest rate; long-term interest rate; panel data.
File-URL: http://www.inderscience.com/link.php?id=130217
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:1:p:23-39

Template-Type: ReDIF-Article 1.0
Author-Name: Ishfaq Ahmad
Author-X-Name-First: Ishfaq
Author-X-Name-Last: Ahmad
Author-Name: Javaid Iqbal
Author-X-Name-First: Javaid
Author-X-Name-Last: Iqbal
Title: Differential impacts of fiscal consolidation policies under alternative monetary regimes: evidence from Indian economy
Abstract:
The study tried to examine the effects of fiscal consolidation policies under alternative monetary stances in Indian economy. Using structurally adjusted vector autoregression (SVAR) we found that both Monetary and Fiscal-policies interact in cooperative as well as competing manner depending on the type and timing of shocks. Although fiscal policy enjoys a certain degree of superiority, the potency of monetary policy has not waned away. In terms of effectiveness, the study found that the fiscal policy is a better tool of economic stabilisation in the short run but in long and medium run it may harm growth. A consolidation program aimed at infusing fiscal prudence was found to have differential impacts on economic growth depending on whether such a policy is undertaken in an expansionary or contractionary monetary regime. Ironically the fiscal-policy was found to have more influence on inflation than monetary policy pointing towards the fiscal theory of price level; FTPL.
Journal: Int. J. of Monetary Economics and Finance
Pages: 58-82
Issue: 1
Volume: 16
Year: 2023
Keywords: fiscal policy; monetary policy; GDP; gross domestic product; private investment; private consumption.
File-URL: http://www.inderscience.com/link.php?id=130218
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:1:p:58-82

Template-Type: ReDIF-Article 1.0
Author-Name: Adriana Novotná
Author-X-Name-First: Adriana
Author-X-Name-Last: Novotná
Author-Name: Kristína Kočišová
Author-X-Name-First: Kristína
Author-X-Name-Last: Kočišová
Title: The influence of market power on bank risk-taking in the Euro area countries during the inter-crises period
Abstract:
The European debt crisis affected the global economy, and banking stability became fragile. The economy was recovering from a difficult situation, and a new threat in the form of COVID-19 had emerged. Using a sample of 405 banks in 19 Euro area countries between 2010 and 2019, we explore the relationship between market power and bank risk-taking behaviour and verify the presence of competing paradigms. We use panel data analysis considering linear regression models and testing the potential U-shaped curve to analyse banks' market power and risk-taking behaviour. We consider various dimensions of bank risk measures (default risk, leverage risk, operational risk, liquidity risk and interest rate risk), while the market power is expressed through the Lerner index. We also examine the impact of bank-specific and macroeconomic variables on bank stability. The main findings reveal that higher market power decreases banks' risky behaviour, confirming the competition-fragility paradigm.
Journal: Int. J. of Monetary Economics and Finance
Pages: 1-22
Issue: 1
Volume: 16
Year: 2023
Keywords: Euro area; banks; stability; risk-taking behaviour; market power; Lerner index; panel data analysis; linear regression model.
File-URL: http://www.inderscience.com/link.php?id=130219
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:1:p:1-22

Template-Type: ReDIF-Article 1.0
Author-Name: Irina D. Turgel
Author-X-Name-First: Irina D.
Author-X-Name-Last: Turgel
Author-Name: Olga A. Chernova
Author-X-Name-First: Olga A.
Author-X-Name-Last: Chernova
Title: Economic resilience of large urbanised Russian regions to pandemic-induced shocks
Abstract:
The aim of this study is to evaluate the level of resilience of large highly urbanised Russian regions to recessionary shocks caused by the pandemic. We calculated the index of resilience by using the Mahalanobis distances method. Depending on the changes in the level of regional economic resilience at different stages of the pandemic, we identified six scenarios. We drew up profiles of regional resilience and grouped the regions accordingly. We found that all the regions demonstrated a higher level of resilience during the first wave. The most significant factors that affected the regions' resilience capacity were the following: the sectoral composition of their economies, population distribution patterns, the share of small businesses, 'systemically important' industrial enterprises, innovative propensity as well as the severity of lockdown restrictions and state support.
Journal: Int. J. of Monetary Economics and Finance
Pages: 334-347
Issue: 5
Volume: 16
Year: 2023
Keywords: COVID-19 pandemic; coronavirus crisis; highly urbanised regions; regional economic; resilience; adaptability; stable development; factors of regional development; stability index; economic potential.
File-URL: http://www.inderscience.com/link.php?id=135663
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:5:p:334-347

Template-Type: ReDIF-Article 1.0
Author-Name: Kirti Aggarwal
Author-X-Name-First: Kirti
Author-X-Name-Last: Aggarwal
Title: Effect of company characteristics and board structure on human resource disclosure index in Indian corporate sector
Abstract:
The objective of the present study is to determine the effect of company characteristics and board structure on human resource disclosure index of the Indian listed companies. The sample size consists of 63 companies listed on National Stock Exchange (NSE-100) for the time period of seven years starting from F.Y. 2012-2013 to 2018-2019. The results of Two-way Least Square Dummy Variable (LSDV) regression model shows that there is significant positive effect of company age, market capitalisation, pages of an annual report, board size, board meeting, CEO duality and significant negative of earnings per share, quick ratio on human resource disclosure index of the Indian listed companies. The HR disclosure index constructed in the study helps to the regulatory bodies such as The Institute of Chartered Accountants of India to make standards for making HR disclosure practices mandatory for Indian corporates.
Journal: Int. J. of Monetary Economics and Finance
Pages: 348-396
Issue: 5
Volume: 16
Year: 2023
Keywords: Human resource disclosure; annual report; content analysis; human resource disclosure index; company characteristics; board structure; India.
File-URL: http://www.inderscience.com/link.php?id=135664
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:5:p:348-396

Template-Type: ReDIF-Article 1.0
Author-Name: Bhaskar Bagchi
Author-X-Name-First: Bhaskar
Author-X-Name-Last: Bagchi
Author-Name: Raktim Ghosh
Author-X-Name-First: Raktim
Author-X-Name-Last: Ghosh
Title: Understanding the effects of COVID-19 on regime switching behaviour of Asian stock markets
Abstract:
The present work aims to study the regime-switching behaviour of stock indices of Asian emerging economies namely China, India, South Korea, Indonesia, Hong Kong, and Thailand that have been caused due to outbreak of the COVID-19 pandemic. The Markov Regime-Switching model identifies the switching over of the variables from one regime to another. The break-point unit root test confirms the non-existence of unit root along with the identification of structural breaks. Johansen Co-integration test and Wald test are applied to ascertain the long-run and short-run relationship. The findings from the Johansen Co-integration test and Wald test verify the existence of the associations. The Markov Switching model signifies the switching over of all the select stock indices from regime 1 to regime 2 and the magnitude of volatility in regime 2 is much more than that of regime 1.
Journal: Int. J. of Monetary Economics and Finance
Pages: 397-416
Issue: 5
Volume: 16
Year: 2023
Keywords: COVID-19; stock markets; Asian economies; Markov regime-switching model; Co-integration; Wald test; break-point unit root test.
File-URL: http://www.inderscience.com/link.php?id=135665
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:5:p:397-416

Template-Type: ReDIF-Article 1.0
Author-Name: Rawya Ben Youssef
Author-X-Name-First: Rawya Ben
Author-X-Name-Last: Youssef
Author-Name: Fathi Jouini
Author-X-Name-First: Fathi
Author-X-Name-Last: Jouini
Title: The relationship between investor sentiment and stock returns: the case of the S%P 500 companies
Abstract:
This paper investigates the association between stock returns and firm-specific investor sentiment in US stock market, including 265 firms belonging to the S%P 500 Index on daily data from 2010 to 2018, by using five-factor model and four sentiment indicators. The study allows to analyst to predict stock price movements and to decide on the market position and to identify the behaviour and expectations of speculative traders and/or noisemakers who invest based on their own emotions and feelings. The composite sentiment index allows for a more in-depth and multiple approaches to determining investor sentiment than a single indicator. This research shows that the risk factor, and profitability factor played an important role in assessing expected stock returns. The empirical results suggest that there is a negative relationship between sentiment and stock market performance. However, we also find a positive association between sentiment and short-run stock returns.
Journal: Int. J. of Monetary Economics and Finance
Pages: 309-333
Issue: 5
Volume: 16
Year: 2023
Keywords: excess return; firm-specific investor sentiment; Fama and French five-factor model; principal component analysis.
File-URL: http://www.inderscience.com/link.php?id=135666
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:5:p:309-333

Template-Type: ReDIF-Article 1.0
Author-Name: Kay Zekany
Author-X-Name-First: Kay
Author-X-Name-Last: Zekany
Author-Name: Musa Essayyad
Author-X-Name-First: Musa
Author-X-Name-Last: Essayyad
Title: Investigation of relative superiority of business valuation methods
Abstract:
The objective of this study is to compare and contrast actual stock prices with estimated stock value using the discounted cash flow (DCF) and residual operating income (ROPI) methods to evaluate the degree of correlation of the three. This paper addresses the following two intertwined research questions: first, can the value of Fortune 1000 firms be estimated using either the discounted cash flows method or the ROPI method? and second, is one method better than the other? This study relies upon actual financial statement data and the real-time dynamics of the business operations. The results of this study offer strong evidence for the viability of both the DCF and the ROPI methods of estimating firm value. Not only are their estimates very highly correlated with each other (frequently coming to the exact same point estimate), they are also highly correlated with the actual stock price.
Journal: Int. J. of Monetary Economics and Finance
Pages: 417-425
Issue: 5
Volume: 16
Year: 2023
Keywords: business valuation; free cash flow approach; discounted cash flow model; residual operating income method; corporate finance; financial management theory; financial management applications.
File-URL: http://www.inderscience.com/link.php?id=135669
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Handle: RePEc:ids:ijmefi:v:16:y:2023:i:5:p:417-425