Template-Type: ReDIF-Article 1.0
Author-Name: Kristina Kocisova
Author-X-Name-First: Kristina
Author-X-Name-Last: Kocisova
Title: A VAR analysis of the macroeconomic shocks on the non-performing loans ratio in Slovakia
Abstract:
This paper presents the key findings of our research on the relationship between selected variables (macroeconomic and banking sector-specific) and the ratio of non-performing loans (NPLs) to total loans in the Slovak banking sector. Our analysis spans from 2006:Q1 to 2022:Q4 and uses a vector autoregressive model (VAR), the unit root technique, Granger causality, impulse response functions, and forecast variance decomposition. We focus on significant macroeconomic variables such as gross domestic product growth rate, inflation rate, unemployment rate, 3M EURIBOR, monetary aggregate M3, and banking sector-specific variables, including return on assets and capital adequacy. Our research assesses the resilience of the Slovak banking sector to shocks from these variables, providing insights into the impact of macroeconomic and banking variables on the NPL ratio. We also offer a projection of NPL ratio trends for the upcoming year.
Journal: Int. J. of Monetary Economics and Finance
Pages: 1-23
Issue: 1
Volume: 18
Year: 2025
Keywords: macroeconomic analysis; NPLs; non-performing loans; VAR; vector autoregressive model; granger causality; impulse response analysis; decomposition of dispersion.
File-URL: http://www.inderscience.com/link.php?id=145193
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:1:p:1-23

Template-Type: ReDIF-Article 1.0
Author-Name: Roshnay R. Britz
Author-X-Name-First: Roshnay R.
Author-X-Name-Last: Britz
Author-Name: Adefemi A. Obalade
Author-X-Name-First: Adefemi A.
Author-X-Name-Last: Obalade
Author-Name: Anthanasius F. Tita
Author-X-Name-First: Anthanasius F.
Author-X-Name-Last: Tita
Title: Impact of Russia-Ukraine invasion on commodity prices in South Africa
Abstract:
The Russia-Ukraine invasion presents one of the most trending news in 2022. Economies having solid ties with Russia are exposed to the contagion effects of the crisis. The South African economy is strongly linked to Russia via international trade and the Brazil, Russia, India, China and South Africa (BRICS) alliance. This study investigates the impact of the Russia-Ukraine invasion on daily and monthly commodity prices in South Africa for the 2015-2023 period. The study applies descriptive statistics, dummy regression model and sub-period analysis to evaluate wheat prices, oil prices and inflation rate before and during the Russia-Ukraine invasion. The descriptive analysis and regression results indicate an increase in wheat prices, oil prices and inflation rates during the post-invasion period compared to the pre-invasion period. This implies a significant impact of the Russia-Ukraine invasion on these economic indicators in South Africa. Policy implications of the findings are highlighted in the concluding section.
Journal: Int. J. of Monetary Economics and Finance
Pages: 24-33
Issue: 1
Volume: 18
Year: 2025
Keywords: inflation rate; oil prices; wheat prices; Russia-Ukraine invasion; international trade.
File-URL: http://www.inderscience.com/link.php?id=145195
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:1:p:24-33

Template-Type: ReDIF-Article 1.0
Author-Name: Musa Essayyad
Author-X-Name-First: Musa
Author-X-Name-Last: Essayyad
Author-Name: Omar Altiti
Author-X-Name-First: Omar
Author-X-Name-Last: Altiti
Author-Name: William B. Galose
Author-X-Name-First: William B.
Author-X-Name-Last: Galose
Title: Application of the modified organic benchmarks model in assessing performance of university endowment portfolios
Abstract:
This paper investigates the performance of university endowments using a modified version of Tiu's (2017) organic benchmarks model based on panel regressions. The exercise is to ensure that endowments keep adjusting to align with the university goals of enhancing teaching, research, and community engagement. The empirical results show that, whether using pooled ordinary least squares (OLS), fixed effect, random effects, or fixed effect period seemingly unrelated regression (SUR), all panel regression coefficients are positive and statistically significant at all levels for all variables as reported in the university or endowment characteristics or the intertemporal endowments or intertemporal enrolment, and the size of the endowment. The research outcomes substantiate the premise that university endowment funds should concentrate on increasing their endowments size and enhancing their student enrolment, and consequently helping institutions keep adjusting to align with the university goals of enhancing teaching, research, and community engagement.
Journal: Int. J. of Monetary Economics and Finance
Pages: 34-51
Issue: 1
Volume: 18
Year: 2025
Keywords: university endowment funds; portfolio performance; capital asset pricing models; organic benchmarks; panel regression.
File-URL: http://www.inderscience.com/link.php?id=145196
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:1:p:34-51

Template-Type: ReDIF-Article 1.0
Author-Name: Fathi Abid
Author-X-Name-First: Fathi
Author-X-Name-Last: Abid
Author-Name: Ons Triki
Author-X-Name-First: Ons
Author-X-Name-Last: Triki
Title: Stochastic dominance performance comparison of optimal fiat and cryptocurrency portfolios
Abstract:
In this study, three replication-based portfolio optimisation strategies are explicitly compared for their effectiveness. Specifically, the tangency portfolio, the risk parity, and the minimum variance portfolio were used and applied to the excess returns of selected fiat and cryptocurrencies in terms of the U.S. dollar (USD). Employing fourth-order stochastic dominance with resampling and the fourth-order stochastic dominance zone over a construction-dominated portfolio, the study examined seven large-cap cryptocurrencies, as well as six major fiat currencies. The rolling window technique is used to replicate optimal currency portfolios by considering the time-varying premiums and optimal portfolio structures. Findings show that there is no significant stochastic dominance between strategies and portfolio groups. Even though cryptocurrencies seem more volatile, using them as part of a diversification plan has no benefits and has no effect on lowering risk or increasing returns.
Journal: Int. J. of Monetary Economics and Finance
Pages: 76-100
Issue: 1
Volume: 18
Year: 2025
Keywords: portfolio optimisation; stochastic dominance; fiat-crypto currencies; risk parity; mean-variance analysis.
File-URL: http://www.inderscience.com/link.php?id=145204
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:1:p:76-100

Template-Type: ReDIF-Article 1.0
Author-Name: Jitender Kumar
Author-X-Name-First: Jitender
Author-X-Name-Last: Kumar
Author-Name: Vinay Sharma
Author-X-Name-First: Vinay
Author-X-Name-Last: Sharma
Author-Name: Pankaj Kumar
Author-X-Name-First: Pankaj
Author-X-Name-Last: Kumar
Author-Name: Garima Rani
Author-X-Name-First: Garima
Author-X-Name-Last: Rani
Title: Research on stock market anomalies: a systematic literature review, synthesis and framework for future research
Abstract:
The current study aims to conduct a systematic literature review (SLR) to shed light on the current state of research on stock market anomalies, identify key publications, conduct content analysis and assemble the key findings. We highlight journal listing, country and region-wise classification, research methods, statistical techniques, citation analysis and future research issues. The authors systematically review 121 papers from 54 journals indexed in Web of Science (WoS), Scopus and Australian Business Deans Council (ABDC) regarding stock market anomalies during the last 48 years (1976-2024). In the current review, only 39 papers are related to 2000-2011, but 54 refer to 2012-2024. The results show that most (95.87%) of the selected studies are empirical. Further, to make this review more focused and systematic, key theme is considered: antecedents of anomalies, mediators and moderators and consequences of anomalies. The conceptual framework is prepared after synthesising the literature to reflect various anomalies impact on stock return.
Journal: Int. J. of Monetary Economics and Finance
Pages: 52-75
Issue: 1
Volume: 18
Year: 2025
Keywords: stock market anomalies; DOW; day of the week; EMH; efficient market hypothesis; TOM; turn of the month; holiday effect; market efficiency.
File-URL: http://www.inderscience.com/link.php?id=145205
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:1:p:52-75

Template-Type: ReDIF-Article 1.0
Author-Name: Anna Purwaningsih
Author-X-Name-First: Anna
Author-X-Name-Last: Purwaningsih
Title: Conservatism culture, earnings management, and corporate governance: studies on Asia Pacific countries
Abstract:
This study aims to investigate the effect of conservatism culture on earnings management practices, both accrual and real earnings management. In addition, this study also investigates corporate governance to the relationship between conservatism culture and earnings management. The research samples were eleven Asia Pacific countries from 2010 to 2019. The data were taken from the Bloomberg and Thomson Reuters databases. Hypothesis testing was done with Multiple Linear Regression. The results provide empirical evidence that: 1) the conservatism culture has a positive effect on accrual (real) earnings management; and 2) corporate governance weakens the positive relationship between conservatism culture and accrual (real) earnings management practices. Therefore, these test results confirmed consistency-built hypotheses.
Journal: Int. J. of Monetary Economics and Finance
Pages: 103-109
Issue: 2/3
Volume: 18
Year: 2025
Keywords: conservatism; culture; AEM; accrual earnings management; REM; real earnings management; corporate governance; Asia; Pacific.
File-URL: http://www.inderscience.com/link.php?id=148078
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:103-109

Template-Type: ReDIF-Article 1.0
Author-Name: Surachai Chancharat
Author-X-Name-First: Surachai
Author-X-Name-Last: Chancharat
Author-Name: Areeya Wisamart
Author-X-Name-First: Areeya
Author-X-Name-Last: Wisamart
Title: Asymmetric impact of COVID-19 on Thailand's stock market volatility: an industry group analysis
Abstract:
This study investigates the effect of the COVID-19 outbreak on the industry group index in the Stock Exchange of Thailand (SET). Daily data on confirmed cases and industry group indices were collected from January 1, 2020, to December 30, 2022. Using the EGARCH model, the results indicate that the agricultural, real estate, construction, resource, and service groups responded negatively to the increase in COVID-19 confirmed cases, leading to decreases in the stock returns for these industrial groups. Conversely, the technology group experienced a positive response, with stock returns increasing as the number of confirmed COVID-19 cases rose.
Journal: Int. J. of Monetary Economics and Finance
Pages: 129-135
Issue: 2/3
Volume: 18
Year: 2025
Keywords: asymmetric volatility; COVID-19; emerging market; industrial group; Thailand.
File-URL: http://www.inderscience.com/link.php?id=148079
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:129-135

Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence J.M. Marcella
Author-X-Name-First: Lawrence J.M.
Author-X-Name-Last: Marcella
Author-Name: Patricia M. Empleo
Author-X-Name-First: Patricia M.
Author-X-Name-Last: Empleo
Author-Name: Ma. Belinda S. Mandigma
Author-X-Name-First: Ma. Belinda S.
Author-X-Name-Last: Mandigma
Title: Effect of PFRS 15 adoption on the value relevance of selected Philippine publicly-listed companies' financial ratios and macroeconomic attributes
Abstract:
Ball and Brown (Aladwan, 2019) originated the research on value relevance. The study used a descriptive-correlational research design to analyse if the book value, earnings, dividends, firm size, firm growth, leverage, inflation rate, and GDP growth rate are value relevant. More so, it tested if the PFRS 15 adoption affected the stock price. The financial data from 58 publicly-listed companies went through fixed effect regression as statistical treatment. Results revealed that earnings per share and firm size are value-relevant with significant positive effect on the stock price, while the adoption of PFRS 15 has significant negative influence on it.
Journal: Int. J. of Monetary Economics and Finance
Pages: 147-155
Issue: 2/3
Volume: 18
Year: 2025
Keywords: PFRS 15; value relevance; stock price; Ohlson Price Model; book value per share; earnings per share; dividends per share.
File-URL: http://www.inderscience.com/link.php?id=148080
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:147-155

Template-Type: ReDIF-Article 1.0
Author-Name: Indrian Supheni
Author-X-Name-First: Indrian
Author-X-Name-Last: Supheni
Author-Name: Nung Harjanto
Author-X-Name-First: Nung
Author-X-Name-Last: Harjanto
Author-Name: Djoko Suhardjanto
Author-X-Name-First: Djoko
Author-X-Name-Last: Suhardjanto
Author-Name:  Rahmawati
Author-X-Name-First: 
Author-X-Name-Last: Rahmawati
Author-Name: Agung Nur Probohudono
Author-X-Name-First: Agung Nur
Author-X-Name-Last: Probohudono
Author-Name: Yavida Nurim
Author-X-Name-First: Yavida
Author-X-Name-Last: Nurim
Author-Name: Nur Rizki Wijaya
Author-X-Name-First: Nur Rizki
Author-X-Name-Last: Wijaya
Title: Disruptive innovations disclosure in the international business system groups
Abstract:
This research aims to gain a more comprehensive insight into the urgency of disruptive innovation disclosure (DID) on companies in the different international business system groups and the factors that influence it. The sample of this study includes 210 companies from 2015 to 2019 and is subject to prove that the information presented by the company in the DID every year is different and is expected to grow further. This research result shows that the company's information in the DID from 2015 to 2019 always increased positively. It means that by DID, companies are more transparent in providing information to stakeholders. Using a regression test, the research also reveals that social media influences the DID level. It addresses to gives a comprehensive insight into the role of additional voluntary reports in increasing the credibility of disclosed information consideration in decision-making.
Journal: Int. J. of Monetary Economics and Finance
Pages: 136-146
Issue: 2/3
Volume: 18
Year: 2025
Keywords: disruptive innovations disclosure; social media; emerging market; communitarian; Anglo-Saxon.
File-URL: http://www.inderscience.com/link.php?id=148082
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:136-146

Template-Type: ReDIF-Article 1.0
Author-Name: Maghfur Rozudin
Author-X-Name-First: Maghfur
Author-X-Name-Last: Rozudin
Author-Name: Udisubakti Ciptomulyono
Author-X-Name-First: Udisubakti
Author-X-Name-Last: Ciptomulyono
Author-Name: Jani Rahardjo
Author-X-Name-First: Jani
Author-X-Name-Last: Rahardjo
Author-Name: Muhammad Ainul Fahmi
Author-X-Name-First: Muhammad Ainul
Author-X-Name-Last: Fahmi
Title: Analysis of the level readiness and acceptance Bravo technology with the technology readiness and acceptance model (TRAM) approach (case study in financial firm)
Abstract:
The successful implementation of a new technology can never be separated from the user readiness and acceptance. This study aims to analyse the level of readiness and acceptance technology. It was found that 11 hypotheses were accepted, 5 were rejected. Positive factor of TRI significantly affects PU, but only the Innovativeness variable has a significant effect on perceived ease of use (PEOU). Negative factors do not have a significant influence. External factors have a significant influence on PEOU. Research using technology readiness and acceptance model (TRAM) has never been carried out in multifinance, so the results are expected to be input for companies as technology improvements in the future.
Journal: Int. J. of Monetary Economics and Finance
Pages: 187-195
Issue: 2/3
Volume: 18
Year: 2025
Keywords: TRI; technology readiness index; TAM; technology acceptance model; TRAM; technology readiness and acceptance model; PU; PEOU; perceived ease of use.
File-URL: http://www.inderscience.com/link.php?id=148083
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:187-195

Template-Type: ReDIF-Article 1.0
Author-Name: Min-Sun Kim
Author-X-Name-First: Min-Sun
Author-X-Name-Last: Kim
Author-Name: Andrian Dolfriandra Huruta
Author-X-Name-First: Andrian Dolfriandra
Author-X-Name-Last: Huruta
Title: Connection between green microfinance and social entrepreneurship: an investigation of multigroup analysis
Abstract:
This study examines how the green microfinance practices between both genders affect their social entrepreneurship. Purposive sampling was used in this study to gather samples from a women's microfinance group in Eastern Sumba. Partial least squares multigroup analysis (PLS-MGA) was employed for analysis in this study. Empirical evidence is presented in this study to support the favourable nexus between green microfinance and social entrepreneurship. The results indicate that both genders play a significant role in achieving sustainable social entrepreneurship through green microfinance practices. It is intended that the study's conclusions will assist those involved in creating and carrying out the nation's goal to encourage social entrepreneurs to operate at a considerably greater level.
Journal: Int. J. of Monetary Economics and Finance
Pages: 110-118
Issue: 2/3
Volume: 18
Year: 2025
Keywords: green microfinance; social entrepreneurship; partial least squares; multigroup analysis.
File-URL: http://www.inderscience.com/link.php?id=148103
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:110-118

Template-Type: ReDIF-Article 1.0
Author-Name: Wanichcha Narongchai
Author-X-Name-First: Wanichcha
Author-X-Name-Last: Narongchai
Author-Name: Piyada Naewprasert
Author-X-Name-First: Piyada
Author-X-Name-Last: Naewprasert
Title: Economic risk management of sugarcane farmer' households in the Northeastern, Thailand
Abstract:
This paper examines the level of economic risk management and factor influencing of sugarcane farmers' households in the Northeast, Thailand. The sample consisted of 384 sugarcane farmers' households from Chaiyaphum, Khon Kaen, Nakhon Ratchasima, Udon Thani and Nongbua Lamphu. The finding revealed that sugarcane farmers' households were at a relatively low and low level of the economic risk management (46.9%). Sugarcane cultivation area, production costs per hectare, the experience in sugarcane production, awareness of sugarcane production policy, and the highest years of education of the household members were significantly important factors for the economic risk management of sugarcane farmers' household.
Journal: Int. J. of Monetary Economics and Finance
Pages: 156-164
Issue: 2/3
Volume: 18
Year: 2025
Keywords: economic risk management; sugarcane farming; sugarcane farmers' households; household economics; sugarcane production.
File-URL: http://www.inderscience.com/link.php?id=148104
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:156-164

Template-Type: ReDIF-Article 1.0
Author-Name: Lina Anatan
Author-X-Name-First: Lina
Author-X-Name-Last: Anatan
Title: Impact of engagement on business students' academic performance
Abstract:
This study aims to investigate the impact of student engagement (behavioural, social, cognitive, and emotional engagement) on academic performance analysed using student involvement theory. Data was collected through an online survey, and the sample was selected through the purposive sampling method. By involving 118 students of the Faculty of Business, this study found that cognitive and emotional engagement significantly affect student academic performance, while behavioural and social engagement has no significant effect on student academic performance. Faculty of Business students were selected due to the consideration that they study business, finance, and economics which aim to provide an understanding of how to make decisions regarding economic action. It is expected that it may positively influence to analysis of the impact of engagement on academic performance. Study results are expected to provide insight to develop strategic policies that may increase student engagement and academic performance.
Journal: Int. J. of Monetary Economics and Finance
Pages: 206-214
Issue: 2/3
Volume: 18
Year: 2025
Keywords: student engagement; academic performance; student involvement theory; strategic decision-making; strategic policies.
File-URL: http://www.inderscience.com/link.php?id=148105
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:206-214

Template-Type: ReDIF-Article 1.0
Author-Name: Anthanasius F. Tita
Author-X-Name-First: Anthanasius F.
Author-X-Name-Last: Tita
Author-Name: Adefemi A. Obalade
Author-X-Name-First: Adefemi A.
Author-X-Name-Last: Obalade
Title: Measuring SME technical cost and allocative efficiency and its determinants in South Africa
Abstract:
A question that has received little research in the empirical literature is whether small and medium-sized enterprises are efficient and what are the determinants of efficiency? We employ a two-stage efficiency analysis to measure the technical, cost and allocative efficiency of South African small and medium enterprises (SMEs) and their determinants. Our results showed that only 3.7% and 0.17% of the 588 SMEs analysed are technically and costefficient, respectively, with an overall average score for technical, cost and allocative efficiency of 84.7%, 70.8% and 94%. SMEs led by women are 3% points more cost and allocation-efficient than SMEs led by men. Cost efficiency emerges as the biggest challenge for SMEs' growth and survival, while foreign ownership, experience, and location are the major determinants of SME efficiency.
Journal: Int. J. of Monetary Economics and Finance
Pages: 176-186
Issue: 2/3
Volume: 18
Year: 2025
Keywords: technical efficiency; cost efficiency; allocative efficiency; non-parametric DEA; fractional regression; SMEs; small and medium enterprises; two-stage efficiency analysis; location.
File-URL: http://www.inderscience.com/link.php?id=148106
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:176-186

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: M. Yudhika Elrifi
Author-X-Name-First: M. Yudhika
Author-X-Name-Last: Elrifi
Author-Name: Indrian Supheni
Author-X-Name-First: Indrian
Author-X-Name-Last: Supheni
Author-Name: Nur Rizki Wijaya
Author-X-Name-First: Nur Rizki
Author-X-Name-Last: Wijaya
Author-Name: Angelia Pribadi
Author-X-Name-First: Angelia
Author-X-Name-Last: Pribadi
Title: Power distance and gender gap perception on the credit risk of rural banks: study of social and economic mission of Indonesian rural banks
Abstract:
The Indonesian government has been trying to accommodate the needs of the micro, small, and medium enterprises (MSMEs) for legal financing. Indonesian rural banks (IRBs) as private bank - have social and economic missions to accommodate it. Consequently, a good relationship between the IRB's management and its customers, namely MSMEs, impacts its financial performance. It is built from organisational culture, such as power distance and gender equity. This study uses primary data from a questionnaire and secondary data from IRBs' financial reports for 2016-2019. The smaller the gap between superiors and subordinates and the smaller the gap between genders will decrease the credit risk. A good atmosphere in an organization encourages the members to pursue the organisation's goal rather than the individual's. This study contributes to the cognitive social theory, namely the social environment around individuals, which plays a role in cognitive development and individual behaviour.
Journal: Int. J. of Monetary Economics and Finance
Pages: 165-175
Issue: 2/3
Volume: 18
Year: 2025
Keywords: power distance; credit risk; IRB; Indonesian rural bank; gender equality; social mission.
File-URL: http://www.inderscience.com/link.php?id=148107
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:165-175

Template-Type: ReDIF-Article 1.0
Author-Name: I. Putu Sugiartha Sanjaya
Author-X-Name-First: I. Putu Sugiartha
Author-X-Name-Last: Sanjaya
Author-Name: Si Made Kanaka Putri Jelantik Padma Sanjaya
Author-X-Name-First: Si Made Kanaka Putri Jelantik Padma
Author-X-Name-Last: Sanjaya
Author-Name: I. Gede Siswantaya
Author-X-Name-First: I. Gede
Author-X-Name-Last: Siswantaya
Title: Influence of managed and unmanaged operating and financial performance on firm value
Abstract:
This study empirically examines whether managed and unmanaged operating and financial performance influence firm value. Managed operating and financial performance proxied return on assets (ROA) and return on equity (ROE). Unmanaged operating performance is ROA minus accrual and real earnings management. Unmanaged financial performance is ROE minus accrual and real earnings management. This study uses Tobin's Q to measure firm value. Data is collected from the Indonesia Stock Exchange (IDX) and yahoofinance.com. This study uses a purposive method for manufacturing companies at the IDX from 2018 to 2020 and provides empirical evidence that managed operating and financial performance does not influence firm value. Unmanaged operating performance positively influences firm value. The implication of this study for the international market is that investors in the global capital market should be more prudent when analysing financial reports related to company performance, which contain choices of accounting policies and real activities with opportunistic intentions.
Journal: Int. J. of Monetary Economics and Finance
Pages: 119-128
Issue: 2/3
Volume: 18
Year: 2025
Keywords: managed; unmanaged; operating; financial; firm value.
File-URL: http://www.inderscience.com/link.php?id=148116
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:119-128

Template-Type: ReDIF-Article 1.0
Author-Name: Navira Erliani
Author-X-Name-First: Navira
Author-X-Name-Last: Erliani
Author-Name: Einde Evana
Author-X-Name-First: Einde
Author-X-Name-Last: Evana
Author-Name:  Lindrianasari
Author-X-Name-First: 
Author-X-Name-Last: Lindrianasari
Author-Name: Rindu Rika Gamayuni
Author-X-Name-First: Rindu Rika
Author-X-Name-Last: Gamayuni
Title: Fraud detection in local government in Indonesia
Abstract:
This study aims to test the influence of the hexagon fraud theory on fraud in local government. The sample for this study consists of districts and cities in Indonesia. The results indicate that all independent variables - pressure, opportunity, rationalisation, capability, arrogance, and collusion - significantly influence fraud in local government in Indonesia. This study is expected to evaluate and identify mitigation efforts for potential factors that contribute to the occurrence of fraud. Finally, we conclude that the Fraud Hexagon model developed by Vousinas is very effective for detecting fraud in government, especially in Indonesia.
Journal: Int. J. of Monetary Economics and Finance
Pages: 196-205
Issue: 2/3
Volume: 18
Year: 2025
Keywords: fraud; fraud hexagon; local government.
File-URL: http://www.inderscience.com/link.php?id=148118
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:2/3:p:196-205

Template-Type: ReDIF-Article 1.0
Author-Name: Faizul Mubarok
Author-X-Name-First: Faizul
Author-X-Name-Last: Mubarok
Author-Name: M. Nur Rianto Al Arif
Author-X-Name-First: M. Nur Rianto Al
Author-X-Name-Last: Arif
Author-Name: Abdul Hamid
Author-X-Name-First: Abdul
Author-X-Name-Last: Hamid
Title: Dynamic behaviour of Islamic banking financing in the real sector
Abstract:
One of the activities of Islamic banking is channelling financing to the real sector, comprising different characteristics, therefore appropriate management of the distribution process is needed. The purpose of this study is to analyse the effect of real sector financing on non-performing Islamic banking in the short and long terms and analyses its response in facing real sector financing shocks. This study uses a vector error correction model (VECM) with data collected monthly from Islamic commercial banks and business units from 2007 to 2020. The results showed no effect in the short term, with a significant effect in the long term on the industrial sector. Islamic banking stabilised the fastest when it responded to the agricultural sector financing shock. Furthermore, the transportation, warehousing, and communication sectors dominate the non-performing financing of Islamic banking, therefore a reserve fund is needed to create a portfolio and a priority scale.
Journal: Int. J. of Monetary Economics and Finance
Pages: 228-244
Issue: 4
Volume: 18
Year: 2025
Keywords: financing; non-performing financing; real sector; Islamic bank; Islamic business units; distribution process.
File-URL: http://www.inderscience.com/link.php?id=148208
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:4:p:228-244

Template-Type: ReDIF-Article 1.0
Author-Name: S. Sreejith
Author-X-Name-First: S.
Author-X-Name-Last: Sreejith
Author-Name: Hareesh N. Ramanathan
Author-X-Name-First: Hareesh N.
Author-X-Name-Last: Ramanathan
Title: A correspondence analysis on dynamics of local gold prices among major consumer economies during the pre-covid period and the pandemic period
Abstract:
The largest consumers of physical gold are China and India. Consumer attitudes towards gold in these emerging markets for consumption and investment are linked to their culture. Prices of gold in Indian and Chinese local markets mainly differ from international markets, either at a premium or at a discount price. The recent economic slowdown during the outbreak of COVID-19 also affected investors' investment preferences, especially towards safe-haven investments. Social restrictions, economic slowdown, and high gold prices have contributed to the same. The premium or discount to gold prices in the local market also gives financial leverage. The study compares the pricing strategies adopted by the largest consumer markets of gold during the pre-COVID-19 period and the COVID-19 pandemic period. India followed discount prices in both periods. China regularly followed premium costs, and a radical shift occurred during the pandemic. China shifted to discount prices during the COVID-19 period.
Journal: Int. J. of Monetary Economics and Finance
Pages: 215-227
Issue: 4
Volume: 18
Year: 2025
Keywords: gold price; premium gold price; discount gold price; pandemic; COVID-19; correspondence analysis.
File-URL: http://www.inderscience.com/link.php?id=148209
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:4:p:215-227

Template-Type: ReDIF-Article 1.0
Author-Name: Le Ha Diem Chi
Author-X-Name-First: Le Ha Diem
Author-X-Name-Last: Chi
Author-Name: Pham Hai Nam
Author-X-Name-First: Pham Hai
Author-X-Name-Last: Nam
Title: The impact of ownership concentration on bank stability: evidence from Vietnamese commercial bank
Abstract:
The paper uses data from 27 Vietnamese commercial banks from 2011 to 2021 to examine the impact of concentrated ownership on bank stability. In the research model, in addition to the ownership concentration variable, represented by the largest shareholder rate, the control variables include the bank-specific variables, the macroeconomic variables, and the variables that describe the quality of regulation and supervision by the State. The dependent variables use credit risk, and the Z-score represent calculated based on return on assets (ROA) and return on equity (ROE). By the system generalised method of moments (SGMM) estimation method, the research results show that highly concentrated ownership positively impacts bank stability. The study's findings highlight the role of ownership concentration, as an effective governance mechanism, in increasing supervision and the discipline of administrators to avoid excessive risk-taking and maintain banking stability.
Journal: Int. J. of Monetary Economics and Finance
Pages: 245-259
Issue: 4
Volume: 18
Year: 2025
Keywords: ownership concentration; bank stability; Z-score; credit risk; bank-specific; risk-taking.
File-URL: http://www.inderscience.com/link.php?id=148278
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:4:p:245-259

Template-Type: ReDIF-Article 1.0
Author-Name: Prashant Ishvarlal Vadikar
Author-X-Name-First: Prashant Ishvarlal
Author-X-Name-Last: Vadikar
Title: The good, the bad and the ugly: A policy debate on the political budget cycle in India with an ARDL model
Abstract:
Fiscal tools can be used to signal voters mainly spending by the incumbents; this study attempts to verify empirically the same in the Indian general election during 1980-1981 to 2020-2021. The study has used the autoregressive distributed lag model to find evidence of the presence of a political budget cycle (PBC). The study assessed the stationarity of the series, selected the lag-length criteria, and even performed the diagnostic test to verify the credibility of the model. There is clear evidence of the presence of the electoral cycle in the pre-election budget, and the outcome seems to be aligned with past empirical studies. The incumbent influences the capital expenditure for the long run and revenue expenditure for the short run before the election year. The Fiscal policy has reduced non-development expenditure in long run; otherwise, the fiscal tools remained insignificant. The study suggests encouraging voters' awareness to enrich their voting decisions.
Journal: Int. J. of Monetary Economics and Finance
Pages: 282-298
Issue: 4
Volume: 18
Year: 2025
Keywords: public finance; fiscal tools; PBC; political budget cycle; government policy.
File-URL: http://www.inderscience.com/link.php?id=148295
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:4:p:282-298

Template-Type: ReDIF-Article 1.0
Author-Name: Rim Oueghlissi
Author-X-Name-First: Rim
Author-X-Name-Last: Oueghlissi
Title: Do central bank governors' characteristics matter for sovereign credit ratings? Evidence from emerging markets
Abstract:
We examine whether a country's central bank governor's characteristics matter for its sovereign credit ratings. Using a panel regression model over a dataset of 20 emerging economies from 2000 to 2019, we show that central bank governor's characteristics could play a crucial role in assessing sovereign ratings. In particular, we find that when the central bank governor is old, there is a positive effect on sovereign credit ratings, and the same is true for tenure. When considering academic and professional background, we show that being specialised in the area of finance and having previous experiences in a bank, in a ministry or in a public institution contribute to attaining higher sovereign credit ratings. The results are economically relevant in the sense that they could matter to both investors and national policy makers.
Journal: Int. J. of Monetary Economics and Finance
Pages: 260-281
Issue: 4
Volume: 18
Year: 2025
Keywords: sovereign credit ratings; central bank governor's characteristics; emerging market; panel data analysis; fixed effects model; low and lower-middle-income economies; upper-middle-income economies; global financial crisis.
File-URL: http://www.inderscience.com/link.php?id=148296
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:4:p:260-281

Template-Type: ReDIF-Article 1.0
Author-Name: Mohamad Fazli Sabri
Author-X-Name-First: Mohamad Fazli
Author-X-Name-Last: Sabri
Author-Name: Siong Hook Law
Author-X-Name-First: Siong Hook
Author-X-Name-Last: Law
Author-Name: Chong Kok Fei
Author-X-Name-First: Chong Kok
Author-X-Name-Last: Fei
Author-Name: Anthony Ang Sang Nang
Author-X-Name-First: Anthony Ang Sang
Author-X-Name-Last: Nang
Author-Name: Husniyah Abdul Rahim
Author-X-Name-First: Husniyah Abdul
Author-X-Name-Last: Rahim
Author-Name: Mervin Anthony
Author-X-Name-First: Mervin
Author-X-Name-Last: Anthony
Title: Factors influencing Fintech adoption among Malaysian consumers: the moderating role of Fintech literacy
Abstract:
This study explores the factors influencing FinTech adoption among various demographic groups in Malaysia, including public and private sector workers, rural residents, and youths. It also examines the moderating role of FinTech literacy using an integrated framework based on systems theory and the unified theory of acceptance and use of technology (UTAUT). Employing a quantitative approach with survey data and structural equation modelling, the findings show that while FinTech literacy improves awareness and access, it may also increase reliance on traditional banking due to security concerns, regulatory uncertainties, and a preference for personalised services. The study reveals a non-linear relationship between financial literacy and FinTech adoption, challenging traditional assumptions about digital finance behaviour. It offers policy recommendations to enhance consumer protection and develop FinTech solutions. The research highlights the need for building digital trust, strengthening security features, and promoting hybrid financial models that merge traditional and digital financial services.
Journal: Int. J. of Monetary Economics and Finance
Pages: 349-375
Issue: 5
Volume: 18
Year: 2025
Keywords: financial capability; FinTech; investment; literacy; risk; social influence.
File-URL: http://www.inderscience.com/link.php?id=148851
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:5:p:349-375

Template-Type: ReDIF-Article 1.0
Author-Name: Warawut Ruankham
Author-X-Name-First: Warawut
Author-X-Name-Last: Ruankham
Author-Name: Yuthana Sethapramote
Author-X-Name-First: Yuthana
Author-X-Name-Last: Sethapramote
Title: Distributional effects of monetary policy on wealth inequality in developing Asia
Abstract:
Building upon research primarily conducted in more advanced economies, this study broadens the investigation of the distributional effects of monetary policy and wealth inequality in developing Asia, with a specific focus on long-term cointegration between monetary policy and inequality. Utilising inequality data from the World Inequality Database during 2000-2021, we provide a comprehensive examination of the distributional effects of monetary policy on wealth inequality in nine developing countries in Asia who adopted inflation targeting monetary policy framework. Employing the Panel Vector Auto Regressive and the Auto Regressive Distributed Lag models, our findings reveal that expansionary monetary policy, characterised by lower interest rates and higher inflation, exacerbates long-term disparities in personal wealth. These results underscore the importance of central banks addressing the distributional consequences of their policies and incorporating inequality considerations into their long-term monetary objectives.
Journal: Int. J. of Monetary Economics and Finance
Pages: 376-393
Issue: 5
Volume: 18
Year: 2025
Keywords: monetary policy; distributional effect; wealth inequality; time series analysis; developing Asia; panel VAR.
File-URL: http://www.inderscience.com/link.php?id=148852
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:5:p:376-393

Template-Type: ReDIF-Article 1.0
Author-Name: Youcef Maouchi
Author-X-Name-First: Youcef
Author-X-Name-Last: Maouchi
Title: The asymmetric relationship between monetary policy and the institutional investors march into cryptocurrencies
Abstract:
Using monthly data from April 2017 to June 2023, this study explores the factors associated with the rising institutional investments in cryptocurrencies, focusing on US monetary policy. We employ nonlinear autoregressive distributed lag (NARDL) and multiple threshold nonlinear ARDL (MT-NARDL) models to investigate the relationship between institutional crypto assets under management (AuM), the US Shadow Federal Funds Rate, Bitcoin price, S%P 500 index, and VIX. The results reveal a long-run asymmetrical relationship: institutional Crypto AuM increase with decreasing rates but remain stable during periods of monetary tightening. Moreover, institutional exposure to cryptocurrencies shows long-term growth, though short-term market volatility reduces exposure. Interestingly, Bitcoin's price seems to play a minimal role in these decisions. Our findings highlight the need for robust risk management by portfolio managers and suggest that policymakers consider the institutional capital flows into cryptocurrencies, given the potential implications for financial stability.
Journal: Int. J. of Monetary Economics and Finance
Pages: 316-340
Issue: 5
Volume: 18
Year: 2025
Keywords: cryptocurrencies; institutional investors; USA monetary policy; shadow federal funds rate; asymmetric effects; risk-taking behaviour; NARDL; nonlinear autoregressive distributed lag; MT-NARDL; multiple threshold nonlinear ARDL.
File-URL: http://www.inderscience.com/link.php?id=148854
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:5:p:316-340

Template-Type: ReDIF-Article 1.0
Author-Name: Sutaryo Sutaryo
Author-X-Name-First: Sutaryo
Author-X-Name-Last: Sutaryo
Author-Name: Taufiq Arifin
Author-X-Name-First: Taufiq
Author-X-Name-Last: Arifin
Author-Name: Muhtar Muhtar
Author-X-Name-First: Muhtar
Author-X-Name-Last: Muhtar
Author-Name: Ekwanto Ekwanto
Author-X-Name-First: Ekwanto
Author-X-Name-Last: Ekwanto
Title: Does government spending really contribute to development? Evidence from Indonesia
Abstract:
The implementation of decentralisation in Indonesia still invites public concern about local development, especially in realising the outcomes of government spending, that marks the urgency for a comprehensive study in this field. This study aims to comprehensively investigate the impact of government spending on development outcomes. Our study utilises secondary data from the authorised government institutions in Indonesia during 2015-2021 fiscal period, analysed with multiple regression analysis. We report that the development across Indonesia still experiences significant issues that requires urgent improvement. Overall, we find that government spending exhibits positive effect on development. Based on our findings, we suggest the government to improve the quality of the spending so that the spending realisation can be translated into the desired development outcomes to push the development towards a developed country. It is important to keep improving the management of the spending from the budget planning, realisation, until accountability evaluation.
Journal: Int. J. of Monetary Economics and Finance
Pages: 299-315
Issue: 5
Volume: 18
Year: 2025
Keywords: Indonesia; local government; decentralisation; government spending; development.
File-URL: http://www.inderscience.com/link.php?id=148855
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:5:p:299-315

Template-Type: ReDIF-Article 1.0
Author-Name: Simiso Msomi
Author-X-Name-First: Simiso
Author-X-Name-Last: Msomi
Author-Name: Paul-Francois Muzindutsi
Author-X-Name-First: Paul-Francois
Author-X-Name-Last: Muzindutsi
Title: Determining the threshold of the exchange rate instability for South Africa
Abstract:
Despite extensive literature, understanding exchange rate dynamics remains a challenging subject in the macroeconomics literature. For instance, the South African rand against the USA dollar has constantly experienced depreciating exchange rates since the 1960s. In the early 2000s, a rapid exchange rate depreciation led to the formation of the Myburgh Commission to investigate the causes of the exchange rate depreciation. However, the commission failed to point out the causes of the unexpected movement of the exchange rate. This study uses the SETAR model to determine the threshold value at which the exchange rate movement can be considered as exhibiting unusual behaviour. Thus, if the exchange rate movement exceeds the particular threshold value, then it is associated with a higher risk of exchange rate instability. The study established that when the exchange rate depreciates by more than 1.905% points, there is a higher risk of instability for the rand. Furthermore, the study finds that the South African exchange rate is currently in an unstable state.
Journal: Int. J. of Monetary Economics and Finance
Pages: 341-348
Issue: 5
Volume: 18
Year: 2025
Keywords: exchange rates; instability; depreciation; appreciation; South Africa.
File-URL: http://www.inderscience.com/link.php?id=148856
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:5:p:341-348

Template-Type: ReDIF-Article 1.0
Author-Name: Mahrus Lutfi Adi Kurniawan
Author-X-Name-First: Mahrus Lutfi Adi
Author-X-Name-Last: Kurniawan
Author-Name: Nurul Azizah Az Zakiyyah
Author-X-Name-First: Nurul Azizah Az
Author-X-Name-Last: Zakiyyah
Author-Name: Aulia Hapsari Juwita
Author-X-Name-First: Aulia Hapsari
Author-X-Name-Last: Juwita
Title: Does money causes output? evidence from Indonesia
Abstract:
The debate on the role of monetary policy on output is growing and is of interest to researchers. Above the debate is the determination of the money-output relationship not only reflects the dynamic relationship between monetary aggregates and economic activity (output) but also involves important issues regarding the effectiveness of monetary policy in real economic activity. This study uses Bayesian vector autoregressive (BVAR) to construct a structural model of money-output in Indonesia. The results show that money plays an important role in output and narrow money has predictive power to the output. Another finding is that the exchange rate has greater variation and response size to output. The implication of the research is that monetary policy should be able to influence money that has a stronger predictive power on output and maintain exchange rate stability.
Journal: Int. J. of Monetary Economics and Finance
Pages: 453-464
Issue: 6
Volume: 18
Year: 2025
Keywords: BVAR; Bayesian vector autoregressive; money-output; structural model; exchange rate.
File-URL: http://www.inderscience.com/link.php?id=150816
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:6:p:453-464

Template-Type: ReDIF-Article 1.0
Author-Name: Foday Joof
Author-X-Name-First: Foday
Author-X-Name-Last: Joof
Author-Name: Mehdi Seraj
Author-X-Name-First: Mehdi
Author-X-Name-Last: Seraj
Author-Name: Huseyin Ozdeser
Author-X-Name-First: Huseyin
Author-X-Name-Last: Ozdeser
Title: Examining the dynamics of optimal level of inflation nexus economic growth in the Gambia: a threshold model perspective
Abstract:
Better economic performance accompanied by stable and low inflation are the key objectives of monetary policy, especially after the COVID-19 episode. Thus, the Central Bank of The Gambia is face with the laborious duty of accomplishing these dual economic policy objectives, which is often elusive and hard to achieve concurrently, most notably post COVID-19 episode rising inflation rates. Therefore, this paper investigates the optimal association between inflation and growth in The Gambia from 1977-2021. The threshold autoregressive model (TAR) is use due to appropriate procedures for estimation and inference it provides. The empirical outcome confirms the existence of nonlinearities in the inflation-growth nexus and revealed the presence of 11.69% threshold, above which inflation is unfavourable to economic performance. This result will inform policymakers to adopt the appropriate inflation target to evade the harmful consequences of high inflation whereas reaping the benefit of low inflation.
Journal: Int. J. of Monetary Economics and Finance
Pages: 465-479
Issue: 6
Volume: 18
Year: 2025
Keywords: optimal inflation; GDP growth; threshold autoregressive; broad money; gross capital formation; the Gambia.
File-URL: http://www.inderscience.com/link.php?id=150817
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:6:p:465-479

Template-Type: ReDIF-Article 1.0
Author-Name: Lela Hindasah
Author-X-Name-First: Lela
Author-X-Name-Last: Hindasah
Author-Name: Irwan Trinugroho
Author-X-Name-First: Irwan
Author-X-Name-Last: Trinugroho
Author-Name:  Atmaji
Author-X-Name-First: 
Author-X-Name-Last: Atmaji
Author-Name: Doddy Setiawan
Author-X-Name-First: Doddy
Author-X-Name-Last: Setiawan
Title: Stock immunity during the COVID-19 pandemic: financial performance, maximum drawdown, and recovery
Abstract:
This study investigates the effect of financial performance on stock immunity during the COVID-19 pandemic, focusing on maximum drawdown (MAX) and stock recovery in the context of Indonesia. The results reveal that firms with stronger financial performance demonstrate higher immunity, as indicated by lower MAXs and faster recovery. However, this relationship is not consistent across beneficial and detrimental sectors. Further analysis indicates that firms experiencing lower operating cash flow, larger market capitalisation, higher trading volumes, and increased volatility face greater challenges with more substantial MAXs. Conversely, firms with more independent commissioners and foreign ownership exhibit greater immunity to the impacts of the COVID-19 pandemic. During stock rebounds, better financial performance, lower MAXs, lower valuations, and higher trading volumes contribute to a faster recovery.
Journal: Int. J. of Monetary Economics and Finance
Pages: 395-427
Issue: 6
Volume: 18
Year: 2025
Keywords: stock immunity; financial performance; recovery; MAX; maximum drawdown; market overreaction.
File-URL: http://www.inderscience.com/link.php?id=150822
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:6:p:395-427

Template-Type: ReDIF-Article 1.0
Author-Name: Zhan Baihui
Author-X-Name-First: Zhan
Author-X-Name-Last: Baihui
Author-Name: Ku Maisurah Ku Bahador
Author-X-Name-First: Ku Maisurah Ku
Author-X-Name-Last: Bahador
Author-Name: Rafeah Mat Saat
Author-X-Name-First: Rafeah Mat
Author-X-Name-Last: Saat
Title: Factors influencing investment in internet money market funds: an extended TPB with perceived risk and trust
Abstract:
The COVID-19 epidemic has led to the global financial crisis, and investors have turned to money market funds (MMFs) for safety. The development of internet finance has led to changes in China's financial environment. Internet money market funds (IMMFs) are favoured by more and more young investors because of their low-risk, high-liquidity operating model. Although low- and middle-income groups have a large amount of investable assets, these assets have not been effectively utilised due to the high investment threshold of traditional banks. This phenomenon highlights wealth inequality and the urgency of investment diversification. The research will analyse the factors that influence university students' investment intention in IMMFs based on the extended theory of planned behaviour (TPB).
Journal: Int. J. of Monetary Economics and Finance
Pages: 428-452
Issue: 6
Volume: 18
Year: 2025
Keywords: IMMFs; internet money market funds; MMFs; money market funds; TPB; theory of planned behaviour; perceived risk; trust; investment intention.
File-URL: http://www.inderscience.com/link.php?id=150824
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:6:p:428-452

Template-Type: ReDIF-Article 1.0
Author-Name: Anto Prabowo
Author-X-Name-First: Anto
Author-X-Name-Last: Prabowo
Author-Name: Wimboh Santoso
Author-X-Name-First: Wimboh
Author-X-Name-Last: Santoso
Author-Name: Djoko Suhardjanto
Author-X-Name-First: Djoko
Author-X-Name-Last: Suhardjanto
Author-Name: Irwan Trinugroho
Author-X-Name-First: Irwan
Author-X-Name-Last: Trinugroho
Title: Paradox of consumer protection in platform development and digital banking performance
Abstract:
This study examines the effect of bank size on digital performance through the mediating roles of consumer protection and platform development, and explores the interaction between these mediators. Using primary and secondary data from 87 Indonesian commercial banks offering digital services, consumer protection was measured via survey responses, while financial and digital indicators were obtained from official reports and app statistics. Data were analysed using covariance-based structural equation modelling. Results indicate that bank size positively affects both consumer protection and platform development, which in turn positively influence digital performance. However, consumer protection negatively affects platform development, creating a paradox. The findings reveal that while consumer protection directly enhances digital performance, it indirectly diminishes it through platform development. The indirect positive effect of bank size on digital performance is stronger via platform development than via consumer protection due to this paradoxical interaction.
Journal: Int. J. of Monetary Economics and Finance
Pages: 480-501
Issue: 6
Volume: 18
Year: 2025
Keywords: banking; bank size; consumer protection; platform development; digital performance.
File-URL: http://www.inderscience.com/link.php?id=150830
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Handle: RePEc:ids:ijmefi:v:18:y:2025:i:6:p:480-501