International Journal of Trade and Global Markets (10 papers in press)

Regular Issues

• Do institutions matter in global trade? Evidence from high-income countries and their spillover effects on Indonesia  
  by Muhammad Rizal Anggit Putra, Suryanto, Bhimo Rizky Samudro 
  Abstract: This study analyses the influence of institutions on trade openness in 16 high-income countries (HICs) that are Indonesias main trading partners, and their spillover effects on Indonesia using panel-error correction model (ECM) and Granger Causality test. The short-term estimation results show that corruption perception index (CPI), income per capita, foreign direct investment (FDI) outflow, and carbon emissions have a positive effect on trade openness, while military spending has a negative effect. The long-run analysis shows that government effectiveness, CPI, and military expenditure have a positive influence, while income per capita, FDI outflow, and carbon emissions have a negative impact on trade openness. Furthermore, the Granger causality test shows that the UAEs trade openness affects Indonesias gross domestic product (GDP), while China and Singapore influence its FDI inflows. Additionally, increased openness in several countries leads to higher carbon intensity in Indonesia. These results suggest that Indonesia and other developing countries should promote exports with a higher added value and greener production.
  Keywords: carbon emission; CPI; corruption perception index; FDI; foreign direct investment; HICs; high-income countries; military; trade openness.
  DOI: 10.1504/IJTGM.2025.10075100
   
  
• Stock liquidity and stock price crash risk  
  by Bambang Sutrisno, Irwan Trinugroho, Taufiq Arifin, Tastaftiyan Risfandy 
  Abstract: Weak governance and high levels of volatility are characteristics of developing markets. Analyzing stock price crash risk in these markets is crucial. We explore how stock liquidity impacts crash risk in Indonesia. Using 556 listed firms for 2011-2020 (3,937 observations), this study reveals that crash risk is positively influenced by stock liquidity. This result aligns with the short-termism theory that high stock liquidity strengthens short-term pressure on corporate management, especially when investors are short-term outcome-oriented. In this situation, managers are more motivated to maintain short-term performance even by hiding negative information, which raises crash risk. Our primary finding remains robust based on several robustness tests. Additionally, this study reveals that the stock liquidity-crash risk link is moderated by foreign ownership.
  Keywords: stock price crash risk; stock liquidity; foreign ownership; short-termism theory; bad news hoarding; emerging markets; Indonesia.
  DOI: 10.1504/IJTGM.2025.10075189
   
  
• Globalisation and urban-rural consumption disparity nexus in Pakistan: a provincial perspective  
  by Jabbar Ul-Haq, Asrorzoda Ubaidullo Sattor, Hubert Visas, Sadriddinov Manuchehr Islomiddinovich, Kainat Hameed 
  Abstract: In the current academic literature, it is rare to find a Pakistan specific study that explores regional disparity through the lens of globalisation. This paper examines the effects of Globalisation on regional disparity in consumption using micro-level data from Pakistan. As Consumption expenditure is regarded as a more direct and precise indicator of long-term earning ability than current income, it is used in this study as a measure of regional disparity. We investigate the regional variations in the effectiveness of trade policies that aim to reduce import tariffs. The results show that trade liberalisation and regional disparity in consumption are associated. In this country-specific study, globalisation widens the gap between urban-rural consumption expenditures. Regions more exposed to globalisation have higher levels of consumption inequality. Empirically lagged trade policy and regional disparity are also correlated. Our results are robust after incorporating other geographical control variables. The government should focus on a policy that reduces the urban-rural education gap, improves the skills by training rural migrant workers, and accelerates urbanisation policy to achieve a sustainable reduction in urban-rural disparities.
  Keywords: regional disparity; globalisation; regional analysis; urbanisation; educational disparity; family income; Pakistan.
  DOI: 10.1504/IJTGM.2025.10075405
   
  
• Mapping the trends and themes of global sourcing research using bibliometric analysis  
  by Shalini Singh 
  Abstract: Global sourcing is at its rampant stage and enabling companies to attain a competitive advantage. Noteworthy research developed in global sourcing reveals versatile trends and concepts. This paper aims to analyse relevant past research done in the global sourcing area. To identify the trends and themes of global sourcing research using bibliometric and content analysis. This technique has been applied using the Biblioshiny of Bibliometrix package of R Studio on the Scopus data of 825 papers published between the years 1981 to 2024. Results indicate the elaboration of bibliographic information and relevant content of the retrieved data. Results obtained from this study are visualised in the form of bibliographic coupling, cooccurrence, co-citation, collaboration, trends analysis, and thematic evolution. This study provides comprehensive knowledge of the research of global sourcing and provides significant implications for both researchers and practitioners. This study adds value by elaborating bibliographic data of global sourcing research.
  Keywords: sourcing; globalisation; bibliometric review; content analysis; thematic evaluation; trends analysis.
  DOI: 10.1504/IJTGM.2025.10075408
   
  
• Beyond the positive: understanding followers endorsement of manipulative and tyrannical traits through implicit leadership and self-construal  
  by Mona Pearl, Richard Muszynski III 
  Abstract: This study (N = 595) investigates who supports tyrannical and manipulative leaders, utilising a two-step approach involving latent profile analysis (LPA) that classified respondents into distinct profiles while stepwise logistic regression identified key endorsement predictors. Results show that self-construal, leadership experience, and years in the workforce significantly predict the endorsement or rejection of tyrannical and manipulative leadership. Respondents with interdependent self-construal, leadership experience, and moderate work experience demonstrated the highest level of support for tyrannical and manipulative leaders (66.62%). Respondents with extensive work experience, non-interdependent self-construal, and no leadership experience are more inclined to oppose tyrannical and manipulative leaders (4.36%). The analysis underscores the influence of implicit leadership theories (ILTs) and self-construal in shaping perceptions of leadership effectiveness, highlighting how demographic factors intersect with these dynamics. These insights hold significance for enhancing leadership effectiveness, fostering ethical practices, and addressing the risks of manipulative leadership within diverse cultural and organisational contexts.
  Keywords: ILT; implicit leadership theory; self-construal; LPA; latent profile analysis; leader emergence; individual differences; tyrannical leader; manipulative leader; stepwise logistic regression.
  
  
• From infrastructure to innovation: a review of economic growth effects from ICT, education, and R&D  
  by Rashid S. Aljneibi, Ijaz Ur Rehman, Panagiotis D. Zervopoulos 
  Abstract: We review how information and communication technology (ICT), education, and Research and Development (R&D) work together to influence economic growth in both emerging and developed countries. To fill that gap, we reviewed 108 peer-reviewed papers from the Scopus database using thematic analysis and bibliometric mapping. Our review shows that ICT boosts the quality of education and strengthens R&D collaboration, which helps build skilled human capital and drive innovation, which is a key ingredient for economic growth. Education improves productivity and innovation potential, though its impact depends on the countrys institutions and stage of development. R&D, meanwhile, supports long-term growth but needs a strong ecosystem and good governance to be effective. Overall, the findings point to a complex but influential relationship between ICT, education, and R&D. Together, they shape how economies grow, especially when policies are designed to match each countrys unique needs and context.
  Keywords: digitalisation; education systems; research and development; innovation; economic growth.
  
  

Special Issue on: SIBR 2024 Structural Changes in International Finance, Trade, and Entrepreneurship

• Dynamical linkages between volatility index and stock markets in ASEAN + 6 during economic uncertainty  
  by Surachai Chancharat, Pichakorn Sithigon 
  Abstract: This study examines the relationship between the volatility index (VIX) and stock market indices in the ASEAN + 6 countries from daily stock market data from January 2, 2017, to December 30, 2022. The study is divided into two periods: the years 2017 to 2019, considered a regular period, and the years 2020 to 2022, considered a period with the coronavirus pandemic (COVID-19). This study utilises the generalised autoregressive conditional heteroscedastic (GARCH) and the threshold GARCH (TGARCH) models. The results of the analysis indicated an inverse relationship between volatility indices and stock market indices in the ASEAN + 6 countries.
  Keywords: COVID-19; GARCH; generalised autoregressive conditional heteroscedastic; stock market; uncertainty; VIX; volatility index.
  DOI: 10.1504/IJTGM.2025.10073660
   
  
• Bitcoin as a safe haven for portfolio diversification  
  by Sarita Meekoh, Parichat Sinlapates 
  Abstract: Global events including the COVID-19 epidemic, the conflict of Russia-Ukraine, and the Israel-Palestine conflict directly affect the economy, increasing volatility. Diversifying risk across asset classes using safe-haven assets offer protection to investors during a financial uncertainty period. During economic uncertainty, investing in Bitcoin helps disperse risks across asset classes. Hence, this research aims to examine the capacity of Bitcoin to function as a safe-haven asset. The period of study is segmented into four distinct periods: pre-events affecting the economy, the COVID-19 epidemic, the conflict of Russia-Ukraine, and the Israel-Palestine conflict. The exponential generalised autoregressive conditionally heteroskedastic (EGARCH) approach is employed to analyse the correlation and volatility concerning other asset values. The analysis revealed a positive relationship between Bitcoin and gold, during the COVID-19 epidemic. Bitcoin could function as a safe-haven asset throughout these specific periods. In the Russia Ukraine conflict and the Israel-Palestine conflict, Bitcoin and gold did not exhibit a correlation.
  Keywords: Bitcoin; safe-haven; portfolio diversification; financial crisis; cryptocurrency; alternative investment.
  DOI: 10.1504/IJTGM.2025.10073892
   
  
• Firms adoption of robust internal compliance programs to navigate global trade in dual-use items  
  by Val-Thida Ramasoot, Sanong Ekgasit, Tatri Taiphapoon, Jakkrit Thavorn 
  Abstract: Global trade in dual-use items has increasingly widespread used, expanding in goods and technologies with civilian and military applications. An internal compliance program (ICP) is essential for traversing international export control regulation. This study applied a quantitative method to examine factors influencing ICP adoption and its impact on firm performance of ICP. The analysis, from 200 firms, employed confirmatory factor analysis (CFA) and structural equation modelling (SEM). The results show that external regulatory frameworks (ERF) had the strongest positive effect on ICP adoption, while supply chain influence (SCI) had a negative influence. The ICP adoption improved compliance and performance. The findings offer policymakers practical guidance for enhancing compliance and operational efficiency.
  Keywords: export control; internal compliance program; dual-use items; strategic trade control; corporate governance; regulatory frameworks; supply chain; CSR; ESG; international trade.
  DOI: 10.1504/IJTGM.2025.10075101
   
  
• Influence of relationship marketing on customer loyalty of PT.X (telecommunication provider) in the Jabodetabek Region, Indonesia  
  by Pratami Wulan Tresna, Vivi Nalindah, Raden Marsha Aulia Hakim, Rani Sukmadewi 
  Abstract: This study aims to determine the effect of relationship marketing on customer loyalty of PT.X by using a quantitative research approach. The primary data are obtained through surveys using questionnaires and unstructured interviews. Meanwhile, the secondary data are obtained through documentation and literature studies. The study population consists of PT.X prepaid card users who have purchased internet packages at least once in the last 3 months and reside in the Greater Jakarta area. However, the population size is unknown. The research sample is drawn from a population of 110 respondents. The sampling technique is nonprobability sampling with a purposive sampling technique. The data analysis methods include validity test, reliability test, classic assumption test consisting of normality and linearity tests, simple linear regression test, hypothesis test (t-test), and test of the coefficient of determination. The study results show the existence of influence between relationship marketing on customer loyalty.
  Keywords: relationship marketing; customer loyalty; telecommunication; internet packages; marketing.