Forthcoming articles


International Journal of Education Economics and Development


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International Journal of Education Economics and Development (11 papers in press)


Regular Issues


  • Examining the Relationship between Entrepreneurship, Unemployment and Education in South Africa Using a VECM Approach   Order a copy of this article
    by Irrshad Kaseeram, Darma Mahadea 
    Abstract: The economic growth and unemployment challenges that South Africa has been encountering in recent times has shifted researchers attention to entrepreneurship as a possible growth driver. However, no studies have considered the education level entrepreneurship nexus within a macroeconomic context of high unemployment. This study attempts to fill that lacuna through employing 1994-2016 yearly data to derive a long run cointegrated relationship between entrepreneurship, unemployment and education together with an error correction mechanism using the Johansen (1991) VAR/VECM approach. The results found a statistically significant long run relationship between the variables with the diagnostic tests supporting the validity of the model. The results have major implications for the quality of education if South Africa is to escape the low growth trap.
    Keywords: Job creation; education; economic growth; entrepreneurship; unemployment; TEA.

  • Pre-University Education Outputs in Egypt: Does Money Matter?   Order a copy of this article
    by Israa A. El Husseiny, Khaled Zakaria Amin 
    Abstract: The effect of school resources on education outputs has always been a debatable question. While supporters of the money matters argument could find a significant relationship between the school resources and students achievement, proponents of the money does not matter argument could not. In this context, the current study aims at verifying empirically the hypothesis that the more the school resources of the public pre-university education system at the local level in Egypt, the higher will be the education performance at the same level. Using a panel dataset that covers 270 observations (27 governorates over the time period between fiscal years 2004/2005 and 2013/2014), this study finds a little positive impact of per-student public expenditure on the student achievement, as measured by the graduation rate, at the preparatory educational level. In addition, this impact tends to be smaller for the governorates with a relatively high level of human development. The other school resources variables of pupil-teacher ratio, class size, and teachers qualifications proved to have different effects on the student achievement by educational level.
    Keywords: Pre-university education; Egypt; education production functions; education finance; education resources; education outputs.

  • Employment Issues and its Effect on Academic Burnout (Case: Agricultural Students)   Order a copy of this article
    by Mahtab Pouratashi, Asghar Zamani 
    Abstract: The purpose of this study was to investigate employment issues and its effect on academic burnout of students. The statistical population comprised students in colleges of agriculture at selected universities of Iran (N= 6352). For the study, 247 students were selected, using random sampling method. After developing a questionnaire, confirming validity and reliability of the questionnaire -by views of experts panel and calculating Cronbach's alpha (employment issues= .78, exhaustion= .76, cynicism= .81, and academic inefficacy= .79), and collecting data, the five specific objectives were studies descriptively and inferentially using SPSS/Windows. The findings indicated that employment issues for agricultural students (by use of factor analysis) could be classified in five groups, including: knowledge and skill, awareness and attitude, support, university and educational expectations, and the value of knowledge and learning. In addition, regression analysis showed that about half of the variation of dependent variable (academic burnout) was defined by three variables (including awareness and attitude, knowledge and skill, and university and educational expectations).
    Keywords: employment; academic burnout; agriculture; exhaustion; cynicism; academic inefficacy; higher education; student; factor analysis; regression analysis.

    by Osita Aguolu, Anthony Igwe, Chinwe Okoyeuzu, Wilfred Ukpere 
    Abstract: Universities have been experiencing maladministration, declining standards and academic fraud, hence their search for proactive partners to help them to reverse this situation, and to achieve more favourable ranking in the world of learning. External auditors have a well-defined legal duty to report on the accuracy and reliability of records. However, they do not provide management with information that is required to keep abreast of a changing world and to respond appropriately to risks and opportunities that these changes effect. An internal auditor serves as a convenient partner for university administration, as it performs a crucial role of identifying and analysing risks for the university. This allows the university to perform effectively within a constantly changing global village, and amidst competition as a result of the growing numbers of universities. This article discusses the modern role of the internal auditor as a university partner that can add real value to the effectiveness and efficiency of university administration. It details a practical approach that should be adopted in respect of new skills, tool-kits, and a change of attitude. The modern internal auditor must be able to add value within a twenty first century university environment. The systems approach is hereby proposed as the most appropriate approach that should be adopted by internal auditors to remain relevant in the current global business environment.
    Keywords: Corporate Governance; Internal Audit; Risk Management; Value Added; Systems Approach; Work Study; Risk Assessment; Fixed Assets.

  • Is University education an investment or a consumption good in a small open economy?   Order a copy of this article
    by Anastasia Pseiridis, Theodore Lianos, George Agiomirgianakis 
    Abstract: Traditionally, University Education (UE) has been considered as an investment in human capital that changes the lifetime earnings profile of people. In the last two decades, however, there is a transitional refocusing to the consideration that people by holding a university degree, enjoy certain intangible benefits such as a lasting feeling of self-fulfilment and self-esteem i.e. they simply treat UE as a consumption good. This transitional refocusing to what motivates people into UE is associated to economic changes shaping both the educational perceptions and job opportunities available in small open economies. In this empirical study we take a broader view of UE by distinguishing and quantifying three kinds of benefits arising from UE: (a) monetary benefits; (b) social status benefits, and (c) psychic benefits using a sample of 832 graduates of three universities in a small open economy, i.e. Greece. Our findings show that graduates of all three universities enjoy significant psychic benefits. Family educational background does not influence psychic benefits, suggesting that these are related to the inner ability and personal quests rather than to any inherited or transferable characteristics. Graduates of Humanities enjoy a higher psychic benefit compared to computer sciences graduates. Most importantly, however, is that monetary motivations are strong substitutes to psychic motivations suggesting an interesting policy implication: in a small open economy where strong monetary rewards are relatively limited compared to large economies, psychic benefits should be considered as a key motivational issue into undertaking UE. Consequently, by ignoring psychic benefits in educational decisions we will not be able to explain either the mass education or the observed overeducation occurring in a small open economy, as it happens in Greece in the last two decades.
    Keywords: Higher education as consumption; Psychic benefits from education; Motivation for University education; Small Open Economy; Non-pecuniary returns; Consumption value of education.

  • Selection of an undergraduate programme using an analytic hierarchy process   Order a copy of this article
    by Carlos Domínguez 
    Abstract: Opening a new undergraduate programme at a university requires a dedicated process that can be addressed as a multiple-criteria decision-making problem. A suitable method for higher education institutions is proposed. It starts with the identification of the stakeholders affected by the decision followed by the data extraction of their major concerns. A hierarchy is developed in accordance with the levels of importance of the concerns. Then, the analytic hierarchy process is applied so that prioritization can take place. The application of this method to a particular case in Colombia showed that civil engineering is the most suitable programme, followed by electronic and mechanical engineering. It is also concluded that the method can be applied for the selection and opening of any programme of any university.
    Keywords: Keywords: AHP; analytic hierarchy process; stakeholders; undergraduate program selection; pairwise comparison; higher education institution quality; MCDM; multiple criteria decision making; Colombia; behavioural economics.

Special Issue on: SMICBES 2017 Financial Education and Economic Inclusion in Emerging Markets

  • Financial Literacy Determinants Among West Java Athletes   Order a copy of this article
    by Sylviana Maya Damayanti 
    Abstract: Every country needs to be ready to face the global financial crisis. The important is that everyone has the same responsibility for securing his or her financial management. In this regard, financial literacy has a fundamental role to help managing individual finance. This study measures the financial literacy index among Indonesian athletes specifically in West Java. In Indonesia, specifically for West Java athletes, the professional athletes are also having the same experience of struggling in managing their money after their retired in sports. On the other hand, when they are retired and not facilitated anymore, they are actually not financially independent. In other words, they cannot manage their money or investment properly. For example, there are several retired athletes who are bankrupt after years. This may indicate that they have a low financial literacy and knowledge.rnrnTo collect the primary data, this research conducts to distribute 183 questionnaires for West Java athletes by using the convenience sampling. The questionnaire includes basic and advanced financial literacy concept. The gathered data is analyzed by using One-Way ANOVA Analysis. Then using the Tukey Kramers analysis to find the impact of demographic profiles to the financial literacy.rnrnThe result shows that the financial literacy index among West Java Athletes is low, both the basic and advanced financial literacy. So, the respondents need to be targeted as a group of people who need strategies to increase their financial literacy awareness. This research also shows the impact of demographic profile to its financial literacy. Therefore, strategies to elevate the level of financial literacy among West Java Athletes have been identified in this research.rn
    Keywords: Financial Literacy; Athletes; West Java.

  • Building Students Loyalty in Private Higher Education Institutions: Activities for Competitiveness   Order a copy of this article
    by Muji Gunarto, Ratih Hurriyati, Disman, Lili Adi Wibowo 
    Abstract: The purpose of this study is to examine the factors that influence students loyalty in the private higher education (PHE) institutions. The survey is conducted on 225 respondents who are based from 27 PHE in Bandung City, Indonesia. The results reveal that the image of higher education institution does not affect students satisfaction, but it affects the trust and loyalty of students. It is then discovered that the image of higher education institution and students satisfaction indirectly affects students loyalty through students trust. Therefore, students trust is a good mediator for higher education institutions image and students satisfaction to students loyalty. Based on the findings, this study also provides a strategy for managers in private higher education institutions in building students' loyalty. The implications of the study raise a number of opportunities for future research by both public and private higher education institutions on attracting and retaining students.
    Keywords: higher education image; student satisfaction; student trust; student loyalty.

  • An Empirical Study on Income Equality, Economic Growth and Financial Inclusion in Indonesia: Model Development on SMEs Financing   Order a copy of this article
    by Grahita Chandrarin, Anwar Sanusi, Ali Imron, Sari Yuniarti 
    Abstract: The issue of income equality (IE) is one of the frequently discussed topics in SDGs and in fact one of their central goals. In line with economic growth (EG) in the world today, as one among the developing countries of the world, Indonesia must rise to the challenge of income equality for all layers of its society. Financial Inclusion (FI) is an Indonesian government program employed to respond to such an issue. The study conducted is to develop an empirical model to evaluate such a program as FI. Credit distribution to SMEs through financing institutions (SMEs financing) is added to the model to evaluate the theoretical framework that could strengthen FIs influence both toward IE and EG in Indonesia. Data were analyzed using the fixed and random effect models in all provinces in Indonesia for five years. IE is measured using the Gini proxy ratio, economic growth by calculating Gross Domestic Product, while FI by observing the spread of financial institutions in all provinces, and government funding for SMEs measured by the capacity to distribute credit for SMEs in the respective provinces. Funding and capital disbursement are used as a control variable added to minimize errors in the disposition of this model. Empirical analysis results indicate that FI is an Indonesian government program that can increase IE of the community. SMEs financing has a significant role in the strengthening of financial inclusion toward both IE and the potential to foster greater financial inclusion within the overall goal of elevating EG in Indonesia.
    Keywords: Economic Growth; Financial Inclusion; Income Equality; SME’s Financing.

  • Consumption and Bank Credit at the BRICS countries: a new light on the Financial Education process   Order a copy of this article
    by André Taue Saito, Nuno Manoel Martins Dias Fouto, Cláudio Felisoni De Angelo 
    Abstract: Financial Education promotes individuals material well-being in accordance with established school of thought (see Section 1). In order to contribute to a discussion of this conventional wisdom, we investigated BRICS countries, as their Bank Credit and Human Wealth enjoyed rapid growth during 2003 to 2014 period, and these emerging countries faced several social and economic challenges. Besides the gap in the literature, these are the reasons why BRICS countries were chosen. Our panel data regressions results indicated that Non-Performing Loan and Inflation were oriented towards Bank Credit and Consumption. According to literature (i) material well-being is derived from Consumption (i. e. established school of thought) and (ii) Financial Education efforts are in line with this conventional wisdom. Our combined qualitative analysis and quantitative research findings provided a new light on the Financial Education role. We suggested the material well-being in accordance with established school of thought offers a narrow understanding about how the variables we studied in empirical models should be interpreted (see Section 4). We advocate for an enlightening educative process that co-operates to the improvement of individuals discernment and understanding about this interpretation.
    Keywords: cognition; economy; finance; mixed methods; qualitative research; regression analyses.

Special Issue on: Financial Education and Economic Inclusion in Emerging Markets

  • Performance of Shadow Teachers in Inclusive Schools in Indonesia viewed from Working Understanding, Appreciation of Work, and Career Guidance   Order a copy of this article
    by Munawir Yusuf, Erma Kumala Sari, Mahardika Supratiwi, Arsy Anggrellanggi 
    Abstract: The present research belongs to a correlational quantitative study that aims to ascertain the relationship between working understanding, appreciation of work, and career guidance and the performance of shadow teachers (Guru Pembimbing KhususGPK) in inclusive schools in Indonesia. Shadow teachers are special education teachers who guide children with special needs to help them to follow the learning process in inclusive schools. Data were collected randomly from 168 shadow teachers of inclusive schools in Indonesia. The instrument used was a 4-point Likert scale, consisting of working understanding, appreciation of work, career guidance, and performance of shadow teachers. The content was validated, and the reliability was examined using Cronbach's alpha. Data was collected through an online questionnaire. A multiple regression analysis was run to detect the relationship between independent and dependent factors. The research results show a significant positive relationship between performance of shadow teachers and working understanding, appreciation of work, and career guidance in inclusive schools in Indonesia (R = 0.491; R 2 = 0.481), with effective contribution of 48.1%. Meanwhile, each separate variable also has a positive relationship between performance of shadow teachers and the effective contribution to working understanding (28.82%), to appreciation of work (18.70%), and to career guidance (0.59%). Therefore, working understanding, appreciation of work, and career guidance simultaneously contribute to performance of shadow teachers in inclusive schools in Indonesia.
    Keywords: shadow teachers; inclusive education; performance; working understanding; appreciation of work; career guidance.