Template-Type: ReDIF-Article 1.0
Author-Name: Siwapong Dheera-aumpon
Author-X-Name-First: Siwapong
Author-X-Name-Last: Dheera-aumpon
Author-Name: Piyaphan Changwatchai
Author-X-Name-First: Piyaphan
Author-X-Name-Last: Changwatchai
Title: Institutional distance and Thai outward foreign direct investment
Abstract:
Outward foreign direct investment (OFDI) is critical for source countries' competitiveness and economic growth. An analysis of foreign direct investment (FDI) determinants is required to promote OFDI. Thus, the objective of this research is to analyse the determinants of Thai OFDI with a focus on institutional distance. This study focuses on the factors that promote FDI, which can broaden the scope of international finance. This study covers 28 host economies using secondary data from 2006 to 2020. The findings show that the factors that have positive effects on the stock of Thai OFDI are Thailand's gross domestic product (GDP) and trade openness between Thailand and host countries, while the physical distance between Thailand and host nations has a negative effect. The higher institutional distances in terms of voice and accountability (VCI); and corruption control (CCI) lead to higher Thai OFDI. Conversely, institutional distances in terms of political stability; and rule of law (RLI) have negative effects. Thailand's government should provide information about host countries' institutional environments, improve domestic institutional environments, and promote trade openness.
Journal: Int. J. of Monetary Economics and Finance
Pages: 341-349
Issue: 4
Volume: 17
Year: 2024
Keywords: institutional distance; FDI; foreign direct investment; outward; OFDI; outward foreign direct investment; corruption; Thailand.
File-URL: http://www.inderscience.com/link.php?id=140544
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:4:p:341-349

Template-Type: ReDIF-Article 1.0
Author-Name: Sitti Ma'ani Nina
Author-X-Name-First: Sitti Ma'ani
Author-X-Name-Last: Nina
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: Margo Purnomo
Author-X-Name-First: Margo
Author-X-Name-Last: Purnomo
Title: Effect of organisational agility and competitive action on competitive advantage study on small businesses in Banten Province, Indonesia
Abstract:
Women entrepreneurs play important role in economic growth, domestically and internationally. The purpose of this study is to test the influence of organisational agility and competitive action on competitive advantage in small businesses managed by women entrepreneurs in Banten Province, Indonesia. This research method used explanatory survey with a quantitative approach. The data were collected by surveying using instruments in the form of questionnaires. The data were analysed descriptively-inferentially by using partial least squares structural equation modelling (SEM). Results showed that organisational agility and competitive action simultaneously and partially had a positive and significant effect on competitive advantage. The research contribution provides a new look at the field of strategic entrepreneurship because capability-building processes and entrepreneurial action processes at the typical organisational level build the creation theory of entrepreneurial action.
Journal: Int. J. of Monetary Economics and Finance
Pages: 125-136
Issue: 2/3
Volume: 17
Year: 2024
Keywords: organisational agility; competitive action; women's entrepreneurial action; competitive advantage; entrepreneurial action; Banten Province.
File-URL: http://www.inderscience.com/link.php?id=139021
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:2/3:p:125-136

Template-Type: ReDIF-Article 1.0
Author-Name: Piyaphan Changwatchai
Author-X-Name-First: Piyaphan
Author-X-Name-Last: Changwatchai
Author-Name: Siwapong Dheera-aumpon
Author-X-Name-First: Siwapong
Author-X-Name-Last: Dheera-aumpon
Title: Cultural and institutional interaction effects on firm bribery
Abstract:
Firm bribery can be influenced by culture and institutions. They may have both direct and indirect effects on firm bribery. The aim of the study, therefore, is to examine the interaction effects of culture and institutions on firm bribery. This study relies on data from the World Bank's Enterprise Surveys on firm bribery, Hofstede's cultural data, and the Worldwide Governance Indicators for institutional data. According to the findings, a country's level of power distance has a moderating effect on the negative relationship between firm bribery and some institutional factors, including government effectiveness as well as voice and accountability. To combat bribery, the government of a nation with a high power distance should focus on enhancing its service quality while also allowing for greater freedom of speech and free media.
Journal: Int. J. of Monetary Economics and Finance
Pages: 212-220
Issue: 2/3
Volume: 17
Year: 2024
Keywords: bribe; business; culture; institution; power distance; government effectiveness; voice and accountability.
File-URL: http://www.inderscience.com/link.php?id=139024
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Template-Type: ReDIF-Article 1.0
Author-Name: Siwapong Dheera-aumpon
Author-X-Name-First: Siwapong
Author-X-Name-Last: Dheera-aumpon
Author-Name: Piyaphan Changwatchai
Author-X-Name-First: Piyaphan
Author-X-Name-Last: Changwatchai
Title: The effect of institutional distance on foreign direct investment in Thailand
Abstract:
Inward foreign direct investment (FDI) is important for Thailand in terms of increasing value added and productivity while also fostering economic growth. The analysis of FDI determinants is necessary in order to promote inward FDI. This research then aims to study the FDI determinants focusing on institutional distance. This research uses secondary data from 2006-2019 and covers 32 home countries/Special Administrative Region. The results reveal that institutional distance between Thailand and home country, home country's GDP, Thailand's GDP, and international investment agreements have positive effects on Thailand's inward FDI. When each dimension of institutional distance is considered, institutional distance in terms of control of corruption; political stability and absence of violence; and rule of law has a positive effect on Thailand's inward FDI.
Journal: Int. J. of Monetary Economics and Finance
Pages: 221-228
Issue: 2/3
Volume: 17
Year: 2024
Keywords: institutional distance; institution; institutional environment; FDI; foreign direct investment; Thailand.
File-URL: http://www.inderscience.com/link.php?id=139025
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:2/3:p:221-228

Template-Type: ReDIF-Article 1.0
Author-Name: Yavida Nurim
Author-X-Name-First: Yavida
Author-X-Name-Last: Nurim
Author-Name: Nung Harjanto
Author-X-Name-First: Nung
Author-X-Name-Last: Harjanto
Author-Name: Nur Rizki Wijaya
Author-X-Name-First: Nur Rizki
Author-X-Name-Last: Wijaya
Author-Name: Agung Nur Probohudono
Author-X-Name-First: Agung Nur
Author-X-Name-Last: Probohudono
Title: The reconciliation of management and shareholders through Indonesian government policy on voluntary corporate social activity disclosure
Abstract:
This study examines the effect of corporate social responsibility (CSR) disclosure on bond ratings and market share to represent the alignment of interest between management and shareholders. In a country that is dominated by family firms, such as Indonesia, the CSR of family firms underperforms that of non-family firms. Moreover, in a voluntary CSR disclosure atmosphere, the reporting does not have the objective of fulfilling the government's rule. We assume that CSR activity needs support from majority shareholders in family firms because it will reduce their welfare. We predict that higher CSR disclosure implies an effort by management to impress creditors and society. The creditor needs to guarantee the ability to pay back loans and interest, while society-represented customers prefer high-quality products. It implies that investors can consider non-financial performance, such as CSR performance, because it becomes a benchmark for the company's efforts to avoid financial problems from negative events related to reputation.
Journal: Int. J. of Monetary Economics and Finance
Pages: 179-188
Issue: 2/3
Volume: 17
Year: 2024
Keywords: corporate social responsibility; bond rating; market share; sustainability report; family firm; legitimacy theory.
File-URL: http://www.inderscience.com/link.php?id=139026
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Template-Type: ReDIF-Article 1.0
Author-Name: Taufik Faturohman
Author-X-Name-First: Taufik
Author-X-Name-Last: Faturohman
Author-Name: Sudarso Kaderi Wiryono
Author-X-Name-First: Sudarso Kaderi
Author-X-Name-Last: Wiryono
Author-Name: Hasna Laila Nabila Khilfah
Author-X-Name-First: Hasna Laila Nabila
Author-X-Name-Last: Khilfah
Author-Name: Allesandra Andri
Author-X-Name-First: Allesandra
Author-X-Name-Last: Andri
Author-Name: Muhammad Abdullah Hamzah
Author-X-Name-First: Muhammad Abdullah
Author-X-Name-Last: Hamzah
Author-Name: Okta Saputra
Author-X-Name-First: Okta
Author-X-Name-Last: Saputra
Author-Name: Gun Gun Indrayana
Author-X-Name-First: Gun Gun
Author-X-Name-Last: Indrayana
Title: Peer-to-peer lending default prediction model: a credit scoring application with social media data
Abstract:
This study applied social media data to build credit scoring models in reducing non-performing loans in a peer-to-peer (P2P) lending portfolio. P2P lending can increase financial inclusion that has been known as one of the important factors in reducing poverty and enhancing prosperity. Discriminant analysis (DA), logistic regression (LR), neural network (NN), and support vector machine (SVM) were employed to compare effectiveness of the models. Results show that NN and SVM provide better outputs in predicting the default prediction model. Furthermore, social media data comprehensively increase the accuracy of lending default predictions.
Journal: Int. J. of Monetary Economics and Finance
Pages: 189-200
Issue: 2/3
Volume: 17
Year: 2024
Keywords: peer-to-peer lending; credit scoring; social media; neural network; SVM; support vector machine; financial technology; non-performing loan.
File-URL: http://www.inderscience.com/link.php?id=139027
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:2/3:p:189-200

Template-Type: ReDIF-Article 1.0
Author-Name: Taufik Faturohman
Author-X-Name-First: Taufik
Author-X-Name-Last: Faturohman
Author-Name: Mega Zhafarina Purwono
Author-X-Name-First: Mega Zhafarina
Author-X-Name-Last: Purwono
Author-Name: Say Keat Ooi
Author-X-Name-First: Say Keat
Author-X-Name-Last: Ooi
Title: User acceptance of Islamic banking in Indonesia: the implementation of technology acceptance models
Abstract:
The emergence of the Islamic banking system is to accommodate the demand of Muslims for financing that complies with their religious values. Islamic banking is important in the global economy because 34.8% of world population are Muslims. However, the market share of Islamic banks in Indonesia is still low. Therefore, the purpose of this study is to assess the factors influencing Indonesian customers' acceptance of Islamic banking using the technology acceptance model. This study found that perceived usefulness and religiosity directly influences user acceptance. In addition, user acceptance is also indirectly influenced by perceived ease of use and trust.
Journal: Int. J. of Monetary Economics and Finance
Pages: 229-237
Issue: 2/3
Volume: 17
Year: 2024
Keywords: Islamic bank; user acceptance; TAM; technology acceptance model; behavioural intention; perceived usefulness; religiosity; Indonesia.
File-URL: http://www.inderscience.com/link.php?id=139028
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Template-Type: ReDIF-Article 1.0
Author-Name: Anang Muftiadi
Author-X-Name-First: Anang
Author-X-Name-Last: Muftiadi
Author-Name: Ratih Purbasari
Author-X-Name-First: Ratih
Author-X-Name-Last: Purbasari
Author-Name: Raden Marsha Aulia Hakim
Author-X-Name-First: Raden Marsha Aulia
Author-X-Name-Last: Hakim
Author-Name: Richa Nahdalaily Fathara
Author-X-Name-First: Richa Nahdalaily
Author-X-Name-Last: Fathara
Author-Name: Arbi Abdul Kahfi
Author-X-Name-First: Arbi Abdul
Author-X-Name-Last: Kahfi
Author-Name: Park Donghyun
Author-X-Name-First: Park
Author-X-Name-Last: Donghyun
Author-Name: Cynthia Petalcorin
Author-X-Name-First: Cynthia
Author-X-Name-Last: Petalcorin
Author-Name: Yothin Jinjarak
Author-X-Name-First: Yothin
Author-X-Name-Last: Jinjarak
Title: The determinants of innovations and their impact on business performance in Indonesia during the Covid-19 pandemic
Abstract:
Innovation drives growth. Thus, this research examines how economic sector configurations affect innovation and corporate success. It utilises a regression model based on Statistics Indonesia 2020-2021. The findings demonstrated that market structure strongly influences innovation. The gender mix of CEOs, domestic investment, company age of 5-10 years, and innovation division affect this innovative strategy. The 2020 COVID-19 pandemic reduced innovation to 29.7% from 32%. There are two sorts of innovation: product and process. 24% of organisations create new inventions domestically in 2020. Product innovation enhanced revenue and efficiency, whereas process innovation increased competitiveness. Market structure may be used to evaluate improvements in corporate governance, and economic sector innovations may affect business and economic development. Government policy may promote market competitiveness and domestic investment.
Journal: Int. J. of Monetary Economics and Finance
Pages: 146-159
Issue: 2/3
Volume: 17
Year: 2024
Keywords: business innovation; market structure; innovation performance; business governance; competitiveness; domestic investment; business performance.
File-URL: http://www.inderscience.com/link.php?id=139030
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Template-Type: ReDIF-Article 1.0
Author-Name: Qing Xu
Author-X-Name-First: Qing
Author-X-Name-Last: Xu
Author-Name: Chunxiao Xue
Author-X-Name-First: Chunxiao
Author-X-Name-Last: Xue
Author-Name: Jianing Zhang
Author-X-Name-First: Jianing
Author-X-Name-Last: Zhang
Title: The impact of CEO’s age on corporate performance in the medical industry: Evidence from China
Abstract:
The study examines the relationship between chief executive officer's (CEO) age and firm performance in Chinese medical companies and explores how CEOs of different ages have responded to the coexistence of opportunities and challenges during COVID-19. The study focuses on the healthcare and medical industries, exploring whether this particular industry would perform differently during the pandemic. We find no significant relationship between CEO age and company ROA, but a positive relationship between CEO age and company Tobin's Q. And the significantly positive relationship between CEO age and company Tobin's Q disappears during COVID-19. This study provides valuable guidance for the corporate governance of managers and policymakers. China's central role in global trade makes insights from its medical industry pertinent to international markets, affecting investment strategies and policy-making globally. The study's findings on CEO age and firm performance offer valuable lessons for management and governance practices worldwide.
Journal: Int. J. of Monetary Economics and Finance
Pages: 160-169
Issue: 2/3
Volume: 17
Year: 2024
Keywords: CEO age; firm performance; medical industry; COVID-19; China.
File-URL: http://www.inderscience.com/link.php?id=139039
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Template-Type: ReDIF-Article 1.0
Author-Name: Yosi Amelia Fitri
Author-X-Name-First: Yosi Amelia
Author-X-Name-Last: Fitri
Author-Name: Niki Lukviarman
Author-X-Name-First: Niki
Author-X-Name-Last: Lukviarman
Author-Name: Erna Setiany
Author-X-Name-First: Erna
Author-X-Name-Last: Setiany
Title: Intellectual capital and firm productivity: evidence from Indonesian commercial banks
Abstract:
This study investigates the connection between intellectual capital and firm productivity. Intellectual capital, represented by the value-added intellectual capital-coefficient, human capital efficiency, structural capital efficiency, and capital employed efficiency, influences the employee productivity and asset turnover of banks, which are measures of productivity. Utilising purposive sampling between 2017 and 2019, 35 banks listed on the Indonesia Stock Exchange were sampled. Using Eviews, panel data are analysed in this study. According to the study, the value-added intellectual capital-coefficient increases banks' productivity and asset turnover. Human capital efficacy increased employee productivity, but not asset turnover. Capital efficiency influences the output of personnel and the turnover of assets. The efficiency of capital deployed reduces employee output and has little effect on asset turnover. According to the study, investing in intellectual capital increases bank productivity. The implication of this study is that intellectual capital produces bank productivity, which benefits both the domestic and international economies.
Journal: Int. J. of Monetary Economics and Finance
Pages: 137-145
Issue: 2/3
Volume: 17
Year: 2024
Keywords: intellectual capital; employee productivity; value added intellectual capital; human capital efficiency; structural capital efficiency; capital employed efficiency firm productivity; assets turnover.
File-URL: http://www.inderscience.com/link.php?id=139040
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Template-Type: ReDIF-Article 1.0
Author-Name: Surachai Chancharat
Author-X-Name-First: Surachai
Author-X-Name-Last: Chancharat
Author-Name: Parichat Sinlapates
Author-X-Name-First: Parichat
Author-X-Name-Last: Sinlapates
Title: Asymmetric volatility spillovers between Bitcoin, oil, and global stocks in economic uncertainty
Abstract:
The shifting nature of volatility spillovers among Bitcoin, WTI oil, and the MSCI global index between two financial crises, the COVID-19 outbreak, and the Russia-Ukraine war, is examined in this paper. The BEKKGARCH model is applied to daily data for Bitcoin, crude oil, and the world stock index. Our empirical results suggest that the return spillovers for the Bitcoin-WTI, Bitcoin-MSCI, and WTI-MSCI pairings change among the four different periods. However, the volatility transmissions for the Bitcoin-WTI and Bitcoin-MSCI pairings change throughout the four study periods. These findings offer policymakers and portfolio managers useful information about risk management, forecasting, hedging, and portfolio diversification.
Journal: Int. J. of Monetary Economics and Finance
Pages: 238-246
Issue: 2/3
Volume: 17
Year: 2024
Keywords: Bitcoin; multivariate GARCH; oil; stock market; volatility spillover.
File-URL: http://www.inderscience.com/link.php?id=139041
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Template-Type: ReDIF-Article 1.0
Author-Name: Rindu Rika Gamayuni
Author-X-Name-First: Rindu Rika
Author-X-Name-Last: Gamayuni
Title: The perceived usefulness of accrual-based financial statements and influencing factors at local government
Abstract:
This study provides empirical evidence on the perceived usefulness of accrual-based financial statements for decision-making in local governments and the factors influencing them. The results showed that the application of e-government positively and significantly affects the quality of accrual-based financial reporting by local governments. However, the quality of financial reporting has yet to be proven to affect the usefulness of financial statements in the decision-making process. Applying the accrual basis to local government financial reports in Indonesia is a coercive and mimetic isomorphism. The implementation of e-government and qualified financial reporting will encourage international markets and sustainable economic growth.
Journal: Int. J. of Monetary Economics and Finance
Pages: 201-211
Issue: 2/3
Volume: 17
Year: 2024
Keywords: usefulness; accrual-based accounting; e-government; financial reporting quality.
File-URL: http://www.inderscience.com/link.php?id=139042
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcellia Susan
Author-X-Name-First: Marcellia
Author-X-Name-Last: Susan
Author-Name: Hamfri Djajadikerta
Author-X-Name-First: Hamfri
Author-X-Name-Last: Djajadikerta
Title: Building trust in airline service: an empirical study
Abstract:
Airlines' operation of flight services has specific service characteristics that cannot rely only on physical aspects. Service deliveries are designed to cater to the needs of flight passengers and maintain the high standard of quality held by airline services. This study analyses the factors determining passenger trust and their impact on airline service continuity. Structural equation modelling has confirmed the relationship between variables in the developed model regarding airline services. The study's finding of the importance of airline integrity as a determinant of customers' trust will contribute to research on trust building. By identifying the determinants of passenger trust, the results of this study can be beneficial for airlines when building customers' trust in their services, which will positively impact their service continuance.
Journal: Int. J. of Monetary Economics and Finance
Pages: 247-255
Issue: 2/3
Volume: 17
Year: 2024
Keywords: airline; service; trust; shared values; competence; integrity; benevolence; service continuance.
File-URL: http://www.inderscience.com/link.php?id=139046
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Template-Type: ReDIF-Article 1.0
Author-Name: Dmitriy Chulkov
Author-X-Name-First: Dmitriy
Author-X-Name-Last: Chulkov
Author-Name: Xiaoqiong Wang
Author-X-Name-First: Xiaoqiong
Author-X-Name-Last: Wang
Title: Corporate social responsibility and types of CEO turnover
Abstract:
This study examines the relationship between corporate social responsibility (CSR) and different types of chief executive officer (CEO) turnover. Our findings, based on a sample of over 2500 US firms, clarify how CSR engagement relates to CEO turnover by reason and source of new CEO. Firms with higher CSR measures are positively associated with the firing of CEOs and negatively associated with normal retirements. Low-CSR firms are more likely to experience contender successions that indicate a power struggle within the firm's management. This relationship becomes stronger when other members of the top management team (TMT) leave the firm at the time of CEO turnover. The results suggest that CSR is an indicator of good corporate governance.
Journal: Int. J. of Monetary Economics and Finance
Pages: 170-178
Issue: 2/3
Volume: 17
Year: 2024
Keywords: CEO turnover; CSR; corporate social responsibility; financial economics; contender succession; corporate governance; statistical modelling.
File-URL: http://www.inderscience.com/link.php?id=139052
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Template-Type: ReDIF-Article 1.0
Author-Name: Alex Cerqueira Pinto
Author-X-Name-First: Alex Cerqueira
Author-X-Name-Last: Pinto
Author-Name: Alexandre Xavier Ywata de Carvalho
Author-X-Name-First: Alexandre Xavier Ywata de
Author-X-Name-Last: Carvalho
Author-Name: Mathias Schneid Tessmann
Author-X-Name-First: Mathias Schneid
Author-X-Name-Last: Tessmann
Author-Name: Alexandre Vasconcelos Lima
Author-X-Name-First: Alexandre Vasconcelos
Author-X-Name-Last: Lima
Title: Are machine learning models more effective than logistic regressions in predicting bank credit risk? An assessment of the Brazilian financial markets
Abstract:
This paper seeks to investigate whether machine learning models are more efficient than logistic regressions to predict credit risk in financial institutions. Through an empirical study that develops the models and applies interpretability techniques to identify the relationships between the variables and their importance, data and economic-financial indicators from Brazilian firms in the wholesale segment are used, combined with the use of supervised machine learning. The results indicate that the model with the best predictor performance is XGBoost, with an accuracy of 0.59 and a ROC curve of 0.97 for out-of-time data. In the interpretability analysis - via sharp value - the results corroborate the importance and economic meaning of the variables. These findings confirm the improvement in the predictive capacity of the models using machine learning techniques and are useful for the financial literature and for financial market agents in general.
Journal: Int. J. of Monetary Economics and Finance
Pages: 29-48
Issue: 1
Volume: 17
Year: 2024
Keywords: credit risk measurement; machine learning to detect credit risk; credit risk in Brazilian banks; empirical evidence in finance and banking.
File-URL: http://www.inderscience.com/link.php?id=137545
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei Wang
Author-X-Name-First: Wei
Author-X-Name-Last: Wang
Author-Name: Fernando Moreira
Author-X-Name-First: Fernando
Author-X-Name-Last: Moreira
Author-Name: Yiteng Liang
Author-X-Name-First: Yiteng
Author-X-Name-Last: Liang
Title: Does FinTech adoption improve bank performance?
Abstract:
In this paper, we estimate the effect of FinTech activities on bank performance by using data on 355 American banks from 2010 to 2020. Our results show that FinTech plays a significant role in promoting bank performance. Bank performance can be improved by 0.30% when the FinTech level is improved by one unit. We also find that the impact of FinTech on bank performance is heterogeneous in terms of bank size and chartered membership. In particular, the influence of FinTech on the leading banks and the state-chartered nonmember banks is more significant than on small and medium banks. Thirdly, the development of bank financial technology in every region of the United States is uneven. In addition, we put forward policy suggestions on how FinTech can promote bank performance in four aspects.
Journal: Int. J. of Monetary Economics and Finance
Pages: 1-28
Issue: 1
Volume: 17
Year: 2024
Keywords: FinTech; bank performance; commercial banks; heterogeneous impact; bank size; chartered membership; American banks; SysGMM; fixed effects; ordinary least squares.
File-URL: http://www.inderscience.com/link.php?id=137546
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammadriyaj Faniband
Author-X-Name-First: Muhammadriyaj
Author-X-Name-Last: Faniband
Author-Name: Pravin Jadhav
Author-X-Name-First: Pravin
Author-X-Name-Last: Jadhav
Title: Indian stock market sensitivity to macroeconomic and non-macroeconomic factors: an industry-level analysis
Abstract:
This paper examines the impact of macroeconomic factors and non-macroeconomic factors on the ten stock indices of the National Stock Exchange using the quantile regression methodology and the monthly dataset from April 2010 to May 2022. We find that the exchange rate has less influence on IT, infra, pharma, FMCG and realty stock returns. Further, all the sectors except energy are not sensitive to inflation. Moreover, financial services, infra, pharma, private banks and realty are the sectors where the impact of interest rates is not visible. The sectors that are not affected by geopolitical risk include auto, infra, IT, pharma, private and public sector banks. Furthermore, the financial services, infra, pharma, private bank sectors are affected by economic policy uncertainty. The volatility has a negative impact and the Nifty has a positive impact on all the sectors. Our results are useful for investors and portfolio managers to make informed investment decisions and manage their portfolio risk.
Journal: Int. J. of Monetary Economics and Finance
Pages: 49-73
Issue: 1
Volume: 17
Year: 2024
Keywords: macroeconomic; non-macroeconomic; stock returns; quantile regression; India.
File-URL: http://www.inderscience.com/link.php?id=137547
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricky Wong
Author-X-Name-First: Ricky
Author-X-Name-Last: Wong
Author-Name: Hoang Thi My Nguyen
Author-X-Name-First: Hoang Thi My
Author-X-Name-Last: Nguyen
Author-Name: Nana Abena Kwansa
Author-X-Name-First: Nana Abena
Author-X-Name-Last: Kwansa
Title: ESG performance and cost of capital: what do we know? Evidence from the US
Abstract:
This paper empirically examines the impact of environmental, social and governance (ESG) performance and its individual components on the cost of debt and the cost of equity. Using a sample of S%P 500 firms from 2015 to 2021, we find that strong ESG performance reduces the cost of debt and the cost of equity. Furthermore, our analyses on the individual constituents of the ESG performance indicate that firms with high environmental and social performance benefit from both lower cost of debt and cost of equity with the effect more pronounced for cost of equity. The evidence also indicates that high performance in governance only has implications for equity cost of capital. The evidence supports the position that integrating relevant ESG activities in firm business model has capital raising benefits.
Journal: Int. J. of Monetary Economics and Finance
Pages: 74-96
Issue: 1
Volume: 17
Year: 2024
Keywords: environmental; social and governance; capital structure; cost of debt; cost of equity.
File-URL: http://www.inderscience.com/link.php?id=137548
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:1:p:74-96

Template-Type: ReDIF-Article 1.0
Author-Name: Quynh Lien Le
Author-X-Name-First: Quynh Lien
Author-X-Name-Last: Le
Author-Name: Van Thinh Vu
Author-X-Name-First: Van Thinh
Author-X-Name-Last: Vu
Author-Name: Quynh Trang Le
Author-X-Name-First: Quynh Trang
Author-X-Name-Last: Le
Author-Name: Anh Linh Nguyen
Author-X-Name-First: Anh Linh
Author-X-Name-Last: Nguyen
Author-Name: Phuong Anh Luong
Author-X-Name-First: Phuong Anh
Author-X-Name-Last: Luong
Author-Name: Thi Tam Nguyen
Author-X-Name-First: Thi Tam
Author-X-Name-Last: Nguyen
Title: The impact of corporate social responsibility disclosure and board characteristics on firm performance: evidence from Vietnam-listed firms
Abstract:
This study aims to investigate the influence of corporate social responsibility disclosure (CSRD) and board characteristics on firm performance, proxied by return on assets (ROA), earnings per share (EPS), and Tobin's Q (TQ) in 498 listed firms on the Vietnamese stock market between 2015 and 2019. To examine this impact, we conducted various statistical methods, including pooled ordinary least squares (OLS), fixed effects model (FEM), random effects model (REM), and generalised least squares (GLS) estimation. Our findings indicate a significant and positive association between CSRD and firm performance when evaluated by TQ, whereas a negative relationship is observed when measured by ROA and EPS. Furthermore, the impact of board characteristics on firm performance is partially significant when firm performance is assessed using all three variables (ROA, EPS, and TQ).
Journal: Int. J. of Monetary Economics and Finance
Pages: 97-122
Issue: 1
Volume: 17
Year: 2024
Keywords: board characteristics; CSRD; corporate social responsibility disclosure; firm performance; listed firms; non-financial; Vietnam; stakeholder; shareholders.
File-URL: http://www.inderscience.com/link.php?id=137552
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:1:p:97-122

Template-Type: ReDIF-Article 1.0
Author-Name: Isaac Bentum-Ennin
Author-X-Name-First: Isaac
Author-X-Name-Last: Bentum-Ennin
Author-Name: Paul Owusu Takyi
Author-X-Name-First: Paul Owusu
Author-X-Name-Last: Takyi
Title: Central bank independence and monetary policy outcomes in Ghana: a Bayesian structural time series approach
Abstract:
The paper examines the impact of central bank independence (CBI) on monetary policy outcomes in Ghana using annual data from 1985 to 2019 and the novel Bayesian structural time series approach. The results reveal that the granting of autonomy to the Bank of Ghana has increased economic growth by about 43% in relative terms and 1.9% in absolute terms. In absolute terms, the CBI has increased the value of the Ghana cedi to the US dollar by 1.8. Relatively, the loss in value of the local currency during the CBI period is about 400%. Also, although CBI resulted in a reduction in inflation by 10% and 41% in absolute and relative terms, respectively, these effects are not statistically significant. From a policy perspective, strengthening the operations of the Bank of Ghana is necessary to achieve its desired objectives of lower inflation, higher economic growth, and a strong local currency.
Journal: Int. J. of Monetary Economics and Finance
Pages: 280-300
Issue: 4
Volume: 17
Year: 2024
Keywords: CBI; central bank independence; Bayesian structural time series; monetary policy; inflation; exchange rate; Ghana.
File-URL: http://www.inderscience.com/link.php?id=140530
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:4:p:280-300

Template-Type: ReDIF-Article 1.0
Author-Name: Sorphasith Xaisongkham
Author-X-Name-First: Sorphasith
Author-X-Name-Last: Xaisongkham
Author-Name: Liu Xia
Author-X-Name-First: Liu
Author-X-Name-Last: Xia
Author-Name: Muhammad Saeed Meo
Author-X-Name-First: Muhammad Saeed
Author-X-Name-Last: Meo
Author-Name: Phetphongphanh Savangchakavane
Author-X-Name-First: Phetphongphanh
Author-X-Name-Last: Savangchakavane
Author-Name: Somchith Sompaseuth
Author-X-Name-First: Somchith
Author-X-Name-Last: Sompaseuth
Title: Nexus between monetary policy, net foreign assets and exchange rate: fresh insight from Lao PDR
Abstract:
This research aims to discover the nexus between monetary policy, net foreign assets and exchange rate in Lao PDR by applying an autoregressive distributed lag (ARDL) model and a modified version of the Toda % Yamamoto approach to the Granger causality relationship. The findings aver the presence of cointegration when exchange rate and monetary policy were used as response variables and corroborated a feedback effect between exchange rate with currency in circulation and monetary policy. Similarly, the paper found a negative effect of net foreign assets on the exchange rate, while monetary policy was a major cause of the depreciation of domestic currency against the US dollar in Lao PDR. The results confirmed a bidirectional causality between exchange rate and currency in circulation, while there was a one-way causality running from currency in circulation to monetary policy and net foreign assets, which policy recommendations are essential tools to exploit in practical application for Laos and other small developing countries.
Journal: Int. J. of Monetary Economics and Finance
Pages: 257-279
Issue: 4
Volume: 17
Year: 2024
Keywords: exchange rate; net foreign assets; monetary policy; ARDL model; Toda % Yamamoto approach.
File-URL: http://www.inderscience.com/link.php?id=140535
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:4:p:257-279

Template-Type: ReDIF-Article 1.0
Author-Name: Elisa Tjondro
Author-X-Name-First: Elisa
Author-X-Name-Last: Tjondro
Author-Name: I. Made Narsa
Author-X-Name-First: I. Made
Author-X-Name-Last: Narsa
Author-Name: Heru Tjaraka
Author-X-Name-First: Heru
Author-X-Name-Last: Tjaraka
Title: How does organisational capital influence firm value? Moderating effect of tax haven utilisation
Abstract:
This study investigates whether organisational capital and tax haven utilisation through subsidiaries are associated with firm value. We use 705 observations of Indonesian-listed firms from the agriculture and manufacturing sectors as the main contributors to the gross domestic product (GDP). The sample has been analysed using the weighted least square (WLS) panel regression technique over the period 2015-2019. The findings suggest that the positive association between organisational capital and firm value is stronger when tax haven subsidiaries are utilised. High organisational capital (OC) firms are often linked to limited access to financing since intangible assets are difficult to use as collateral. Tax haven subsidiaries can serve as a risky tradeoff for OC firms. Our study provides novel empirical evidence supporting social tax justice and stakeholder theory and encourages the cooperation of all stakeholders to resolve the recognition and assessment of intangible capital in financial reports.
Journal: Int. J. of Monetary Economics and Finance
Pages: 301-321
Issue: 4
Volume: 17
Year: 2024
Keywords: organisational capital; intangible capital; tax haven utilisation; firm value; tax audit; sustainable tax behaviour.
File-URL: http://www.inderscience.com/link.php?id=140541
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:4:p:301-321

Template-Type: ReDIF-Article 1.0
Author-Name: Adriana Novotná
Author-X-Name-First: Adriana
Author-X-Name-Last: Novotná
Title: Bibliometric and statistical approaches to examining non-performing loans in the Eurozone
Abstract:
Being part of an integration of countries offers advantages such as shared benefits among nations but also exposes economies to the potential unfavourable effects across the entire region. In the context of the Eurozone, non-performing loans (NPLs) play a crucial role as they reflect the health of member countries' banking sectors under a shared monetary policy. This study delves into the multifaceted determinants influencing NPLs within the dynamic landscape of Euro area countries during the period from 1999 to 2021. To conduct a comprehensive examination of this issue, we employed bibliometric analysis of co-occurring keywords using the VOSviewer software to explore which determinants were relevant to the topic. Then, we examine selected bank-specific and macroeconomic determinants through panel data analysis. Following the exploration of the determinants, the aim of the study is to analyse the factors influencing NPLs within the Eurozone context and to assess their implications for the stability and resilience of the banking sector. By compiling four different models, the results indicate interest rate as a key indicator influencing the non-performing loan ratio (NPLR), with other determinants explored and compared to findings from other studies.
Journal: Int. J. of Monetary Economics and Finance
Pages: 322-340
Issue: 4
Volume: 17
Year: 2024
Keywords: NPLs; non-performing loans; bank-specific determinants; macroeconomic determinants; Eurozone; banks; bibliometric analysis; statistical analysis; VOSviewer; co-occurring keywords; panel data analysis.
File-URL: http://www.inderscience.com/link.php?id=140543
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Handle: RePEc:ids:ijmefi:v:17:y:2024:i:4:p:322-340