Forthcoming articles


International Journal of Economic Policy in Emerging Economies


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International Journal of Economic Policy in Emerging Economies (39 papers in press)


Regular Issues


  • Guidelines for Voluntourism Development: a Case Study of Undergraduate Student Activities in the Northeast of Thailand   Order a copy of this article
    by Annarviya Phutcharinya, Jongrak Hong-ngam, Supunnee Ungpansattawong, Panutporn Ruangchoengchum 
    Abstract: This paper aims to study guidelines for voluntourism development, a case study of undergraduate student activities in the Northeast of Thailand. This study used qualitative research methodology through informal and formal interviews and participant observation in addition to a wide literature analysis. The results found that most universities had the policies of promoting volunteer activities of students. The motivations and characteristics of students who participated in these activities included a spirit of service and sacrifice , self-development, and cultural understanding. Therefore, the Universities, government agencies, and the private sector, especially the Ministry of Tourism and Sports should set clear policies to support voluntourism and increase students motivation to engage in creative voluntourism. The ministry can also increase the income gained from voluntourism in Thailand, particularly from tourists who are students by developing tourism products that are consistent with the needs and expectations of tourists.
    Keywords: guidelines; voluntourism ; undergraduate; student activities; Northeast of Thailand; volunteer; motivations; characteristics; Universities; expectations of tourists.

  • Determinants of growth: evidence from the Malaysian ACE market   Order a copy of this article
    by Rafik Harkati, Fekri Ali Shawtari, Abdelkader Laallam 
    Abstract: This paper examines if Gibrat's Law holds for the Malaysian ACE market (access, certainty, and efficiency). It aims to shed light on the empirical determinants of firm growth by extending the literature to include a new variable related to liquidity constraints. Also, the age of the firm is examined for the manner in which it helps explain a firm's growth dynamics. The sample used is a balanced panel data set that covers all firms that managed to survive (84 companies) for the 2008 to 2014 period. By employing panel data modelling (fixed effect), the findings suggest that Gibrat's Law cannot be accepted for the Malaysian ACE market firms as large firms grow faster than small ones. The findings also show that firms listed on this market are extremely financially constrained and that firm growth is mainly explained by firm size, age and liquidity constraints. These results have significant policy implications and require further actions by authorities and policymakers to assess the viability of this market to achieve its objectives.
    Keywords: Growth; Size; Gibrat’s Law; liquidity constraints; ACE /MESDAQ market.
    DOI: 10.1504/IJEPEE.2018.10006682
  • Explaining the Performance of Russian Export: What Role Does the Hard and Soft Infrastructure Play?   Order a copy of this article
    by Sergey M. Kadochnikov, Anna A. Fedyunina 
    Abstract: In this paper, we estimate the effects of
    Keywords: export survival; export performance; hard infrastructure; soft infrastructure; Russian regions .
    DOI: 10.1504/IJEPEE.2018.10006687
  • Current status of higher education in the regions of Russia: a pilot study   Order a copy of this article
    by Anastasiya Sudakova 
    Abstract: The article introduces a methodology for higher education assessment in territories with the status of constituent federal subjects and shows the effect of its application in Russia. The monitoring procedure of the indicative figures of HE groups can be divided into two units: the operating conditions and status of HE infrastructure and the status of educational and scientific research in the HE system. Conducted over a five-year period, the analysis showed no direct correlation between growth of investment and education quality. The gap in the growth rate of financing in some regions is several times wider. Obviously, there is a discrepancy between the leading receivers and leaders in education quality. This addresses the need to reform the regulation of the higher education system, particularly with respect to setting priorities for its development and the improvement of financial and economic mechanisms.
    Keywords: higher education (HE); indicative analysis; the Russian Federation (the RF); operating conditions and status of the HE infrastructure; educational and scientific research activities in the HE system.
    DOI: 10.1504/IJEPEE.2018.10006688
  • Empirical Analysis of Civil Servants Wage and Maintenance Setting: Evidence from Perm Region.   Order a copy of this article
    by Ekaterina Oparina 
    Abstract: At a time of public expenditure cuts the issue of how public sector workers should be remunerated is of central importance. The paper presents an approach to wage and maintenance cost setting for municipal employees. Norm setting allows creating equal and fair conditions for local administrations, optimizing the structure and number of municipal employees, attracting qualified personnel. To determine the best mechanism for establishing the norm, we analyze the key features of the existing methods, formulate criteria for municipalities grouping and create the formula for norm calculating. Norm setting methodology is empirically tested, based upon 2013 data for the 339 municipalities of Perm region, and policy implications of the results are discussed.
    Keywords: Norm setting; public service; municipal finance; public finance; municipal workers wage; wage setting; public sector labour market; Perm region.
    DOI: 10.1504/IJEPEE.2018.10006689
  • The Relationship between Trade Liberalization, Poverty and Inequality: The Case of Indonesia   Order a copy of this article
    by Muhammad Sofjan 
    Abstract: we provide a detailed investigation of the relationship between trade liberalization, poverty and inequality in Indonesia by using provincial panel data from urban-rural regions. We use three models: an income model, a Gini model and a poverty model. The results were analyzed using a simultaneous equations model and a data panel. After testing and analyzing, it can be concluded that liberalization of trade in Indonesia has proven to be able to lift most of the poor above the poverty line by creating job vacancies due to trade relations. However, trade is not able to reduce income inequality in Indonesia. Factors which significantly affect the level of inequality in Indonesia are the ratio of the number of workers in the non-governmental sector and the infrastructure, while the degree of trade openness and income growth is not significantly associated with inequality. Trade openness in Indonesia does not affect inequality.
    Keywords: Liberalization; poverty; inequality; panel data.
    DOI: 10.1504/IJEPEE.2018.10006690
  • The impact of spatial concentration on enterprise performance: is localization level optimal in Russia?   Order a copy of this article
    by Natalia Davidson, Oleg Mariev 
    Abstract: This paper empirically analyzes the effect of spatial concentration of economic activities on enterprise productivity, using Russian firm-level data from 1999 to 2008. Panel data allows us to control for endogeneity biases associated with estimation of agglomeration economies, using fixed effects method. Our results show that Russian firms benefit from localization and urbanization economies, as well as from home market potential, and that these benefits vary across industries and cities. We also find that localization benefits are not well internalized by firms in their location choice, i.e. there is difference between the pattern of location that would maximize productivity gains and the observed one. It shows that regional policy could help approaching optimum level of localization economies.
    Keywords: spatial concentration; localization; urbanization; home market potential; enterprise productivity; Russian cities.
    DOI: 10.1504/IJEPEE.2018.10006691
  • Disclosing Risk Information by Malaysian Firms: A trend and the determinants   Order a copy of this article
    by Rayenda Brahmana 
    Abstract: This study examines the determinants of disclosing risk information for a sample of 144 listed firms in Malaysia over 2010-2014. Using random effect panel regression with robust white test to control the standard error, we find that Size, Leverage, growth are the factors for company to disclose more risk information. Interestingly, profitability has no significant contribution on risk disclosure. These findings gives implication to the policy maker and industry that the implementation of risk disclosure as part of good corporate governance might not be smooth because only big size firms, good leverage firms and high growth firms are the firms that would disclose their risk information.
    Keywords: Risk Disclosure; Voluntary Disclosure; Corporate Risk.
    DOI: 10.1504/IJEPEE.2018.10006692
  • Leverage, Firm Value and Competitive Strategy: Evidence from Indonesia   Order a copy of this article
    by Irwan Trinugroho 
    Abstract: We study the agency theory by re-examining the effect of financial leverage on firm value. Moreover, we introduce a contingency variable: firm competitive strategy. To do so, we study non-financial firms listed on the Indonesia Stock Exchange from 2007 through 2013, resulting in 2,438 observations. Using the panel data technique, after controlling for firm-specific characteristics and industry differences, we find that leverage has a positive effect on firm value. Going deeper, we find that this effect is stronger for firms that apply a cost leadership strategy, differentiation strategy, or focused strategy.
    Keywords: Firm value; financial leverage; competitive strategy; agency theory; Indonesia.
    DOI: 10.1504/IJEPEE.2018.10008381
  • Macroeconomic Policy and Exchange Rate Impacts on the Foreign Direct Investment in ASEAN Economies   Order a copy of this article
    by Mei Foong Wong 
    Abstract: ASEAN region has become one of the most attractive investment regions in the developing world which attracted significant amount of foreign direct investment (FDI) stock. Nevertheless, FDI inflows of the ASEAN region has shown increasing volatility which has given a renewed stimulus to research interest in the linkages between the macroeconomic policies, exchange rate and FDI inflows in ASEAN economies. This study examines the long-run relationship between macroeconomic policy, exchange rate and foreign direct investment in the selected ASEAN-four-plus-one countries from 1995 to 2015. The analysis was based on the panel unit root test, panel cointegration test, fully modified ordinary least squares estimator and dynamic ordinary least squares estimator. The results demonstrate that fiscal and monetary policies, exchange rate and FDI are cointegrated for the whole panel of countries. Furthermore, the panel estimators reveal that the relationship between macroeconomic policy, exchange rate and FDI is positive and statistically significant.
    Keywords: foreign direct investment; FDI; macroeconomic policy; exchange rate; ASEAN economies.
    DOI: 10.1504/IJEPEE.2019.10008383
  • Does Corporate Governance Affect Related-Party Transactions? A Study on Indonesian Companies Listed on the Indonesian Stock Exchange in 2011?2015   Order a copy of this article
    by Arie Pratama 
    Abstract: This research
    Keywords: Corporate Governance; Related-Party Transaction.
    DOI: 10.1504/IJEPEE.2018.10008391
  • Demand for private sector loans in the euro area   Order a copy of this article
    by Renata Pitonakova 
    Abstract: The current expansionary monetary policy of the European Central Bank stimulates corporates and households to higher investment and consumption. The article investigates determinants of demand for loans of private sector granted by Monetary financial institutions of the euro area. The modelling involves monthly data 2004 M1
    Keywords: Private sector loans; Interest rate; Industrial production index; Producer price index; Cointegration.
    DOI: 10.1504/IJEPEE.2019.10008577

Special Issue on: International Conference New Industrialisation, Spatial Development and Human Capital

  • Strengthening Competitive Forces in Russian Mandatory Health Insurance   Order a copy of this article
    by Hans Wiesmeth 
    Abstract: The Russian health care system has experienced significant reformssince the early 1990s. The traditional Semashko system of the Soviet Union was replaced by a more decentralized and insurance-based system, which in turn was augmented and modified several times with the goal to strengthen competitive forces for better quality of health care, to open equal access to quality medical care, in particular. Nevertheless, despite these serious attempts, the actual situation is still far from this goal. A serious lack of financial means, and framework conditions, which are not in favor of strong competitive forces, have to be blamed in the first place. In this context, a rigorous formal analysis is applied to provide insight into the competitive forces in Russian mandatory health insurance. The paper investigates first the current system. Thereafter, a modified system with more possibilities of competition will be proposed. Besides an increase in funding, this modified system requires structural changes in comparison to the current system. The results obtained refer to existence of equilibria and their structural, efficiency and fairness properties, which are of relevance for the further development of the Russian health care system.
    Keywords: Health system Russia; Health insurance; Competition, Mandatory membership; Locational equilibrium; Health care quality, Incentive mechanism.
    DOI: 10.1504/IJEPEE.2019.10008420

Special Issue on: SIBR-RDINRRU 2015 Osaka Conference Financial Development and Economic Policies in Emerging Economies

  • Determining the lowest loan-to-value ratio on commercial real estate investment   Order a copy of this article
    by Jeng-Hsiang Lin 
    Abstract: This study develops a reliability-based decision-making procedure for determining the lowest loan-to-value (LTV) ratio on a commercial real estate investment in seismically active regions. The decision-making of investment is based on two criteria including required rate of return and reliability of return on investment, set by the investor. The uncertainties induced by economic fluctuation of rent market of real estate and random repair cost due to earthquake-induced damages were addressed in this study. Based on the Monte Carlo (MC) simulation technique, a sampling process was repeatedly performed to construct relation curves of LTV ratio versus reliability of required rate of return for various interest rates. These curves can be used as a tool to determine the lowest LTV ratio acceptable under the two criteria set by the investor. An example case is presented to illustrate the decision-making process.
    Keywords: commercial real estate; loan-to-value ratio; investment; decision-making.

  • Exploring Optimal Hedging Strategy in Thai Rice Pledging Scheme Policy   Order a copy of this article
    by Thanasin Tanompongphandh, Nattapong Puttanapong, Preesan Rakwatin 
    Abstract: From 2011-2014, the Thai government pledged to buy Thai paddy rice above the market price in order to subsidize Thai rice farmers and push the world rice price higher. However, the volatility of the rice price casts uncertainty over how much the Thai Government fiscal budget will be liable for. Following optimal hedging technique and mean-variance framework, this paper explores a hedging strategy for the Thai Government to protect against risk of price fluctuation. Based on in-sample and out-of-sample testing, result shows that the volatility of the returns decreases after optimally hedged portfolio are created. The results are robust against different estimation methods, namely, OLS, rolling OLS, and MGARCH model.
    Keywords: optimal hedging; rice pledging; rice futures; paddy rice; rough rice futures; rice mortgage scheme.

  • Unexpected Social Performance and Share Returns in South African companies: An Event Study Methodology   Order a copy of this article
    by Paul-Francois Muzindutsi 
    Abstract: This paper used event study methodology to analyse whether South African companies returns are affected by unexpected increases or declines in their social performance. Using daily returns spanning from 2004 to 2014, this study found that abnormal returns of companies added to the South African Socially Responsible (SRI) index for the first time were not statistically significant during the event period. Companies removed from the SRI Index earned significant negative abnormal returns. This means that unexpected increases in companies social performance has no effect on companies returns; while unexpected declines in companies social performance tend to affect companies returns negatively. This study concludes that South African socially responsible investors consider unexpected decline in companies social performance as bad news.
    Keywords: Corporate social performance; responsible investing; event study; share return; SRI index; South Africa.

  • Downgrading Employment of University Graduates in Korea and Policy Implications   Order a copy of this article
    by Sungeun Cho, Youngmin Lee 
    Abstract: This paper examined downgrading employment issues based on existing studies and discussed the causes and solutions regarding the downgrading employment of university graduates. Specifically, this paper will focus on the occurrence of downgrading employment in Korean society. The downgrading employment induced by causes and influential factors have brought about lower utilization of human resources, reduced productivity, weakening stable labor market, crowding-out effects of labor market due to downgrading employment, and so on. To resolve these problems, efforts should be made to resolve the problem of downgrading employment respectively on each hierarchy encompassing the level of the nation, university and companies, and individuals.
    Keywords: Downgrading employment; Over-education; Youth Unemployment; highly-educated laborers; Policy implication.

  • Impact of underwriter reputation on the accounting conservatism of the IPO firm: South Korean cases   Order a copy of this article
    by Na-Youn Kim, Kook-Jae Hwang 
    Abstract: ABSTRACT rnWe empirically examined whether underwriter reputation is associated with the level of accounting conservatism of IPO firms in South Korea. Financial institutions such as underwriters are motivated to maintain long-term business relationships with firms that appointed them as underwriters, and this relationship is considered more important to ensure a successful IPO process for IPO firms. However, only scant research exists that investigated the relationship between underwriter reputation and the level of accounting conservatism of an IPO firm. This research examined this relationship using both KOSPI and KOSDAQ markets in South Korea. rnWe hypothesized that underwriter reputation is correlated with the level of accounting conservatism of an IPO firm. We examined our hypothesis using a sample of newly listed firms in the KOSPI and KOSDAQ markets from 2006 to 2014. The statistically significant result is that an underwriter with a good reputation indicates an IPO firm with higher accounting conservatism. rn
    Keywords: Key words: IPO; accounting conservatism; reputation.

  • The Effect of Internal Auditor Competence and Objectivity, and Management Support on Effectiveness of Internal Audit Function and Financial Reporting Quality Implications at Local Government   Order a copy of this article
    by Rindu Rika Gamayuni 
    Abstract: Governmental internal auditors have an important function at the central and local government, but the internal audit function is still not effective, and needs to be improved. Therefore, this research aims to examine the effect of the internal auditor competence and objectivity, and management support on the effectiveness of the internal audit function, and its implication on the quality of financial reporting. This research uses survey method with description verification approach, and it is conducted on Local Government at Java Island, Indonesia. Primary data was statistically tested by using SEM Partial Least Square (PLS). This research has shown that the internal auditor competence and objectivity, and management support have significant influence to the effectiveness of the internal audit function. Moreover, the internal auditor competence and objectivity and the effectiveness of the internal audit function have significant influence to the financial reporting quality.
    Keywords: Internal auditor competence; objectivity; management support; effectiveness of internal audit function; financial reporting quality.

  • Food Crops Production Efficiency Analysis in Indonesia in 1971-2008   Order a copy of this article
    by Anang Muftiadi 
    Abstract: Food crops market in Indonesia is very large. But its slow growth and contribution to economy indicate a negative trend of this subsector efficiency. This study aims to determine, explain and predict the tendency of the efficiency of food crops subsector efficiencies in Indonesia, specifically rice and other food crops. The method used is based time series Leontief Input-Output Table in technology coefficient changes, as approach of cost efficiency in production.rnrnThe results showed that the efficiency of rice subsector production during 1971-2008 decreased very sharp. The efficiency of other food crops subsector production (beans, corn, vegetables and fruits and other food crops that are not mentioned previously) show an increase in efficiency. It is indicate that other food crops subsector in Indonesia is more attractive than the rice subsector. Both subsectors tend to be more inefficient in the future if no fundamental government policy to support.rn
    Keywords: Leontief Input-Output; technology coefficient; cost efficiency.

  • Investment Aid as a Catholicon for Regional Development in Slovakia?   Order a copy of this article
    by Darina Saxunova, Daniela Novackova, Lucia Paskrtova 
    Abstract: The Slovak Republic may provide the state aid strictly following European Union regulations. Public financial resources of the EU member states are approved for entrepreneurial entities after fulfilling terms explicitly constituted in the EU related to the state aid. Implementing international rules of investment protection and investment support have led to increased foreign direct investments and other foreign investment forms flowing to Slovakia having a positive impact on its economic growth. The objective of this paper emphasizing an interdisciplinary focus, (geographic economy, law, finance) highlights essential commensalism of the law via necessity of high quality legislation to secure a safe environment to attract foreign investors to do business in Slovakia. This scientific paper analyses, compares and assesses consequences of the state aid in chosen businesses of selected Slovak regions.
    Keywords: Keywords: regional development; optimal public policy; bilateral treaty and state aid legislation; investors’ stimuli.

Special Issue on: SIBR-RDINRRU 2015 Osaka Conference Market Structure and Resource Allocation in Emerging Economies

  • Resource Misallocation in Thai Manufacturing Industries between 1996 and 2011   Order a copy of this article
    by Siwapong Dheera-aumpon 
    Abstract: This paper uses plant-level data from Thailand censuses to study the extent of resource misallocation across plants within the same industry and its effect on aggregate productivity in Thai manufacturing sector between 1996 and 2011. The findings indicate that resource misallocation in Thai manufacturing industries has not been improved but worsened. If resource misallocation is reduced to the level observed in the US, aggregate manufacturing productivity would increase by about 64 percent in 1996, 73 percent in 2006, and 83 percent in 2011. The automotive industry greatly contributes to this productivity gain in recent years.
    Keywords: misallocation; distortion; manufacturing; productivity; TFP; Thai; Thailand.

  • Opportunistic Behavior on Institution of Textile Industry: West Java- Indonesia Experience   Order a copy of this article
    Abstract: The textile industry occupies a strategic position in the Indonesian economy in the value of exports and employment. But now, many textile industries company have a decline competitiveness and business closure due to high production costs. Four majors cause the problems; inadequate infrastructure, lack of banking support, the availability of energy and the problems of bureaucracy and institutional practice. Institutional practice in the form of formal and informal rules that should be complementary, cannot work well. Dysfunction of formal and informal rules in the textile industry give slit opportunistic behavior for the parties involved which in turn causes high costs assured by the company.
    Keywords: competitiveness; costs; formal rules; informal rules; dysfunction; opportunistic behavior.

  • An Institutional Perspective of Knowledge Transfer within University and Industry Alliance   Order a copy of this article
    by Lina Anatan 
    Abstract: University to industry knowledge transfer within university-industry alliance has become an essential element of the research endevours both in academic institutions and industrial sectors. It contribute significant resources not only financial resources but also intellectual resources to the companies related. By managing it, they expected to invest on the development of university research and business research capabilities on current research strength, and to link the research strength to solve the problem within industry which lead to the improvement of performance, not only the companies, but also the academic institutions performance. This paper discusses and develops some propositions of university to industry knowledge transfer within university and industry alliance that explain antecedents (knowledge attributes, organizational attributes, network attributes) and consequent of university to industry knowledge transfer and the role of uncertainties that might affect the relationship between university to industry knowledge transfer and the alliance performance. Institutional perspective is used to develop some proposition to explain the relationships between variables in the proposed framework of university to industry knowledge transfer.
    Keywords: university to industry knowledge transfer; alliance performance; institutional theory.

  • THE CHALLENGES TO ACHIEVE COMMONWEAL IN INDUSTRIAL AREA (Case Study In Bandar Lampung Industrial Area)   Order a copy of this article
    by Erwin Octavianto, Angrita Denziana 
    Abstract: In many countries, most of the companies in the Industrial Area, which is engaged in the manufacturing, agribusiness and agro-industries, believe that Corporate Social Responsibility (CSR) is an investment which has positive impact in the form of growth and sustainability development towards the company. Ironically, the practices of CSR are just implemented as "cosmetics", do good on the surface but turned out to be just lip service, sheer polish, and done only as a global fulfillment without substance distribution for economic welfare, social and environmental sustainability. The aim of this study is to evaluate the beneficial impact of CSR activities on community that lives around these kinds of companies in the Bandar Lampung Industrial Area by using consumer satisfaction index. This study is expected to provide recommendations for the policy model to create a commonwealth between companies and community that lives among the area.
    Keywords: Corporate Social Responsibility; Commonweal; Bandar Lampung Industrial Area.

  • Transparency and Privacy in Environmental Matters   Order a copy of this article
    by Alessia Vacca, Hiroko Onishi 
    Abstract: The main theme of this paper is the examination of the current EU legal framework for open data in relation to environmental matters and its transparency. The paper will explore a number of benefits that transparency can bring to beneficiaries. The purpose of this paper is two-fold: the first part of the paper will deal with the efficacy of EU legislation in ensuring there is a sufficient level of transparency in communicating the environmental data openly to the public. The Aarhus Convention grants a wider scope of right of access to environmental information. The second part of the paper will look at possible adverse effects that transparency can bring to the individual and society as a whole. The paper will focus on exploring the conflicting interests between disclosure of the environmental data and potential harms caused to the individuals, such as deterioration of protection of the right to privacy.
    Keywords: Open data; Environment; Transparency; Privacy; Aarhus Convention; Directive 2003/4/EC; EU legislation; Energy efficiency; Energy Sector; Transparency in revenue; the right to privacy; Article 8 of the European Convention of Human Rights.

  • ASEAN Energy Sector under PublicPrivate Partnership: Challenge for Market Governance   Order a copy of this article
    Abstract: The paper explicates the rising role of PrivatePublic Partnerships (PPPs) in the ASEAN energy sector. PPPs are an important factor in this sector, as such partnerships have stimulated the decreasing roles of state enterprises, and raised some complicated issues regarding the convergence of the roles of state-owned enterprises and PPPs in this sector. This paper elaborates these issues and highlights the progress in the energy sector governance in ASEAN countries. It suggests some ideas and plans for managing PPPs, the market power held by the SOEs, and the competition law and policy for the ASEAN energy sector.
    Keywords: PPPs; Competition Law and Policy; ASEAN; Infrastructure sectors.

  • Efforts to Enhance Active Cooperatives in Indonesia based on Macroeconomic Variables   Order a copy of this article
    by Amelia Amelia, Ronald Ronald 
    Abstract: Cooperative is a group of people that allow several people or legal entity working together on a basic of voluntary held a job to improve the lives of its members (Sagimun, 1990). The purpose of this study is to look at the effect of macroeconomic variables, namely the level of income per capita, unemployment rate, education level, poverty level, average expenditure per capita and human development index of 33 provinces in Indonesia to the number of active cooperatives in every province in Indonesia. In addition, this study uses the sample data from every province in Indonesia with the time span from 2006 to 2013. This study uses a quantitative approach using Multiple Regression through SPSS 16. The results of this study can be utilized by the government, especially the Ministry of Cooperatives and SMEs, public, and non-governmental organizations in a joint effort to increase Indonesian cooperatives in facing the internationalization.
    Keywords: Active Cooperation; Macroeconomic Variables; Internationalization; Indonesia.

  • Approach to Enhance Thai Massage Business in Ang Thong Province   Order a copy of this article
    by Sasitorn Wachirapanyapong 
    Abstract: This research aimed at creating a standard business plan adhering to the standards of traditional Thai massage. The results showed that most massage businesses required beauty, cleanliness, serenity, and comfort to attract clients. The clients needs included stress relief, pain treatment, private areas, security, and cleanliness of massage equipment. The business plan focused on location and environment with equipment, human resources, operations, quality control, and service management. This business was considered as profitable because the return of the investment was high and fast. To illustrate, the investment structure from the business plan was divided into 75% of the fixed costs classified into building decoration (45%), material (15%), and office stationery (15%), while 25% of the variable costs were related to employees salary (10%), rental locations (4%), utilities (2.5%), management fees (5%), and other expenses (3.5%), respectively. The Return on Investment (ROI) was 13.22% with a break-even point within 6 months.
    Keywords: Traditional Thai Massage; Business Plan; Business Approach; Massage Business; Massage Business in Ang Thong.

    by Ria Arifianti 
    Abstract: There has been significant developments in modern retail, particularly in Bandung, which have led to increased competition among retailers. These retailers are often part of a much larger company. Retail mix strategies of the hypermarket retailers in Bandung are studied to understand their competitive practices. rnThis study is a descriptive research. Data is collected from literature reviews and field studies, where in the latter involves observation and interviews with representatives of the retailers and consumers.rnIt is found that the retail mix strategies have worked well. Despite such achievements, it is also found that product placements leaves much to be desired. Listed and actual cashier prices are at times inconsistent. Similar issues are also found in discount prices. Discount periods are also erratic. For instance, a product is listed on display as discounted but such discount is not accounted at the cashier. Quality-wise, discounted products are less desirable, tending to fail within a short period of time following purchase.rnHypermarket retailers are suggested to conduct frequent quality assurance checks, in particular on products being discounted. More specifically, the quality of such products are to be scrutinised more. rn
    Keywords: retail mix strategies; hypermarkets.

  • Relationship between CSR and Financial Performance: The First Comparative Study on Listed Companies in Thailand and USA   Order a copy of this article
    Abstract: Corporate Social Responsibility (CSR) is gaining more popularity among leading companies globally. Following the principle theory of corporate finance, all firms have to pursue Firm Value Maximization by setting the right strategies and actions to generate value creation. In the past, CSR has normally been considered as redundancy and used primarily as a marketing gimmick for large firms. However, if CSR is utilized properly and extensively by private and public enterprises (and creating more Social Firms or Social Enterprises or SE), CSR can finally become the most proficient tools to complement government roles for Sustainable Socio-Economic Development in both developed and developing countries. Thus, the big question is whether and to what extent CSR can make positive impact on a firms financial performance. If the rule is right, we can painlessly create the condition for win-win social leaded business model globally. Classon and Dahlstrom (2006) found that effective and positive CSR programs will promote companies sales, while negative reputations garnered through CSR initiative leads to potential declines in sales performance. All these relevant theories have been used to develop the conceptual framework for this study. There are 2 key areas in this study: first, the relationship between Internal Factors and CSR implementation and second, the relationship between CSR and potential revenue in the future. Result from the first area of study indicates that the bigger firms Size and higher Capital Investment per Total Asset have a positive impact leading to increases in the CSR Rating. On second area of study, I have found that higher CSR ratings or CSR implementation associate with higher revenues in the future. Thus, CSR is proved to be the valuable investment option (not perishable expenses) for smart and sustainable firms.
    Keywords: CSR; Social Enterprises; Financial Performance; Thai and US Listed Companies; Sustainable Development.

  • Comparative study of outplacement programs for building effective operation   Order a copy of this article
    by Soyoung Kim, Youngmin Lee, Ji-Hyum Shim 
    Abstract: This study is performed to compare current Korean outplacement programs to find out effective support methods for retired middle aged workers due to restructuring. From the results, the paper suggests the followings. First, conducting advance outplacement education program before retirement should be presupposed. Second, the outplacement program should be developed on the basis of NCS (National Competency Standards). Third, the ways of enhancing easy access of the retirees should be explored by systematical networking job change based on the job information and recruiting & job-seeking sites which are operated individually by industry sectors. .
    Keywords: Outplacement program; career transition; the middle-age or elderly; retirees.

Special Issue on: SIBR-Thammasat 2015 Conference Policy Incentives, Investments and Growth in Emerging Economies

  • Housing Property Market and Tourism Accommodation in South Africa: Time Series Analysis   Order a copy of this article
    by Paul-Francois Muzindutsi, Jhalukpreya Surujlal 
    Abstract: This study tested the relationship between tourism accommodation and South African property market for small, medium and large houses. The sample period consists of 101 monthly time series from January 2007 to May 2015. Three different autoregressive distributed lag (ARDL) models were used to test for the short-run and long-run relationships between the income from tourism accommodation and housing property prices. This study provides empirical evidence supporting the long-run relationships between tourism accommodation and the South African property market for large and medium houses. This implies that the demand for tourism accommodation is affected by changes in housing property prices in the long-run and, in turn, the growth of the tourism industry tends to affect the property prices in the long-run. Analysis of the short-run relationships showed that housing prices have a significant short-run effect on tourism accommodation but the tourism sector does not have a short-run effect on the property market. This study further found that there is no short-run interactions between the tourism accommodation and property market for small houses. This study concluded that the property market is among the key determinants of growing demand for tourism accommodation in South Africa.
    Keywords: Tourism accommodation; property prices; ARDL; time series; South Africa.

Special Issue on: Diverse Perspectives on Income, Money and Banking

  • Bank Specific Factors and Macro Economic Factors on Indonesians Bank Efficiency
    by Nurafni Eltivia 

Special Issue on: Mixed-methods Approach to Economic and Business Analyses in Emerging Economies

  • Budget Process of Local Government in Indonesia
    by Harryanto, Kartini, Haliah 

  • Indias new law on Sexual Harassment and its implications on the Corporate Sector
    by Geeta M Jaisingh, Jaya Mathew 


Special Issue on: Performance Impacts of Policies and Reforms

  • Service-dominant logic and supply networks: missed opportunities for business in developing countries?
    by Mawuko Dza, Ron Fisher, Rod Gapp 

Special Issue on: Socio-Economic Impacts of Government Policies and Firm Strategies

  • Tax reform and earning management: Political cost hypothesis test in indonesia
    by Vierly Ananta Upa 
    Keywords: .