International Journal of Economics and Business Research (24 papers in press)
BOARD SIZE, MULTIPLE DIRECTORSHIP AND PERFORMANCE OF INDIAN LISTED FIRMS
by Apu Manna, Tarak Nath Sahu, Krishna Dayala Pandey
Abstract: The present study is an endeavor to empirically investigate the impact of board size and multiplicity of directorship on the performance of Indian firms. The study uses a set of strongly balanced panel data consisting 168 firms of BSE 200 indices of India for the period of 2010-11 to 2016-17 and adopts panel data regression analysis to establish the relationship among the variables. The study observes a significantly positive relationship between board size and multiplicity of directorship with the corporate performance of the sample firms. Based on the findings, the study infers that the large boards are more efficient in performing supervisory, controlling and decision making role. Again, a director with multiple directorships is highly able to build his reputational capital through his excellence, knowledge, precious experience and effective decision-making capabilities. The study is highly expected to provide important implications in strategy making in the domain of corporate finance and governance and act as a piece of supplementary information for the academicians, corporate strategists and business analysts.
Keywords: Board Size; Multiplicity of Directorship; Firm Performance; Panel Data Analysis.
Technological capabilities and rent eroding battles: Scandinavia centric evidence on firm profitability
by Muhammad Azeem Qureshi, Tanveer Ahsan, Saqib Aziz, Muhammad Yousaf
Abstract: This paper furthers our understanding towards determinants of firm profitability using the data of listed firms from Scandinavia over the period from 2002 to 2015. Applying robust Generalized Method of Moments (GMM) and ANCOVA techniques, we show that firm size, capital intensity, leverage, and growth are the major drivers of firm profitability in Scandinavia. A predominantly positive effect of size over profitability is in line with the broader prior evidence while a simultaneous negative capital intensity-profitability relationship is in contrast with the evidence from rest of the Europe. This contrasting effect may potentially be explained as an outcome of a suboptimal deployment of technological investments and/or rent-eroding battle among the incumbent firms operating in Scandinavia. Our results are robust to reverse causality and alternate proxies of capital intensity.
Keywords: Profitability; capital intensity; firm size; Scandinavia; panel data analysis.
The development of Local Innovation Systems and firm performance: empirical evidence from the South of Italy
by Marco Ferretti, Eva Panetti, Adele Parmentola
Abstract: By positioning in the literary stream that considers the performance of Local Innovation Systems (LIS) in terms of their contribution to the regional economic growth and, more specifically to the increase of entrepreneurial capacity, this paper explores the effect of LIS development on firm performance in the particular case of top-down initiatives to promote cooperation among industry and universities in the region of Campania (South of Italy). Main findings show that these initiatives are associated to a greater firm performance in two districts, focused on the Biotechnology and Cultural Heritage respectively, suggesting that the effect of LIS development on firm performance is dependent upon sectorial characteristics such as the knowledge intensity and the level of basic research needed for the conduct of firms innovation activities as well as their need of recurring to complementary capabilities.
Keywords: Local Innovation Systems; Firm Performance; Campania; High-Technology Districts.
Management of Non-Performing Loans by Bhutanese Commercial Banks
by ALKA RATHORE
Abstract: This paper included four commercial banks of Bhutan to find out the impact of NPAs on profitability indicators of Banks. Secondary data collected from annual reports of the banks, recovered from the respective bank sites and the staff of the banks with regard to data on the various internal determinants. The study used the estimated ratios, and calculated ratios from annual reports of four commercial banks of Bhutan namely Bank of Bhutan, Bhutan National Bank, Druk Panjab National Bank, and Tashi Bank over the period of 2010 to 2015. To measure and analyses the data money related ratios, regression analysis, Analysis of Variances (ANOVA) used. This investigation uncovers that private sector bank has lower Non-Performing Loans than public sector banks
Keywords: Bhutan; Banks; NPA; Regression Analysis; Tashi Bank; Profitability; Bank of Bhutan; Druk Panjab National Bank; Bhutan National Bank; Determinant.
The Impact of Interest Rates on Household Debt Accumulation in Malaysia: A Structural Break Analysis
by Hafizah Hammad Ahmad Khan, Hussin Abdullah, Shamzaeffa Samsudin
Abstract: Interest rate plays a significant role on household borrowing activities since it affects the household demand for loans. Although the banking sector can boost its loans distribution by offering a lower interest rate, this will eventually lead to a higher debt accumulation that could bring a harmful effect in the future. Therefore, this study aims to investigate the long run impact of the cost of borrowing on the household debt in Malaysia in order to determine whether the interest rate targeting method could provide solutions to control high debt accumulation. Since the household debt has increased remarkably following the Global Financial Crisis, hence, taking into consideration the presence of structural break in the analysis is crucial to avoid biased estimation. By using the Autoregressive Distributed Lag (ARDL) modelling approach, findings of this study suggest that, although the cost of borrowing has a negative impact on household debt, the effect is relatively low compared to the income level, housing markets and demographic effects on the debt accumulation. As a result, the low interest rate policy adopted by the country since the Asian Financial Crisis is not the basis that brings towards the bulk of household debt in the country and thereby the interest rate targeting method is not the effective mechanism to control the high debt level. Although the banking sector can continue offering a lower interest rate to boost its loans allocation, their lending activities should be done cautiously mainly during a crisis period while their risk management policies should also be strengthened to mitigate any risks associated with high household debt.
Keywords: Household debt; Interest rate; Life Cycle Model; Structural break; Unit root; Quandt-Andrews breakpoint test; Autoregressive Distributed Lag (ARDL) modelling approach; Malaysia.
An Institutional Perspective to International Development
by John Marangos
Abstract: The purpose of this paper is to develop an alternative scheme and recommendations for international development based on the institutionalist tradition. Such an exercise of contrasting the institutional tradition with the Washington Consensus and the After the Washington Consensus (AWC) has not been endeavored. Students of international development would benefit from these findings that distinguish between mainstream and institutionalist perspectives on international development programs. A classification strategy is adopted using the WC and AWC as starting points. The alternative institutionalist development program is scrutinized according to how it varies from the WC and AWC features. The original WC and the AWC are both based on the prevailing mainstream discourse on the relationship between institutions and economic development that requires only institutions that maximize market freedom and protect private property rights. As well, the Washington Consensus and the AWC have a poor understanding of evolutionary character of institutional change, habitually being either overly optimistic or pessimistic about the feasibility of institutional change.
Keywords: Institutionalism; Washington Consensus; International Development; Economic Development.
The Application of Corporate Governance Rules in the UAE
by Mahmoud Nassar, Ammar Jreisat
Abstract: The main objective of this study is to measure the compliance of corporate governance rules in UAE, and their correspondence with the global governance rules. To achieve this, questionnaires were designed and distributed over all companies listed in both Dubai and Abu Dhabi markets. In the study methodology, the researcher distributed around (197) questionnaires for the study sample consisted of board of directors members in the companies, general managers, financial managers who have relation to the application of governance rules inside companies. rnResults showed that UAE companies comply with the application of governance rules of all study variables that hadnt any effect with a statistical significance (company size measured with the current number of the companys employees, sector type and ownership type) on the mechanisms of governance system application in the UAE companies. The study concluded a set of recommendations that include: disseminate and promot governance culture through relevant parties by providing training programs that would promote governance culture and practices, invite the UAE companies to pay the greatest attention to the human in terms of training and continuous development of skills, as well as calling universities for proposing a course that takes company governance in faculties of commerce and law; in order to strengthen the culture of university student on company goverance before engaging in the labor market that can raise their level inside the company they work in.rn
Keywords: Corporate Governance; UAE Companies; Audit Committee.
Relooking the import demand function of China: evidence from asymmetric cointegration
by SUDESHNA GHOSH
Abstract: This paper examines the association among quantity of imports expressed in real terms, relative import prices, exchange rate volatility, foreign exchange reserves and real GDP in the aggregate import demand function for China during the period 2000Q12015Q4. The nonlinear Autoregressive Distributed Lag model was applied to test for the long run association among the variables and also to explore the short run dynamics. The study obtains a long run cointegrating association between the variables. An increase in income of China by 10 percent leads to the rise in imports by 6.7 percent, again a fall in the income level by 10 percent leads to the drop in the import demand by 39 percent. The impact of exchange rate volatility is rather mixed, a phase of rising fluctuations generates a decline in the imports by 21 percent, however when the fluctuations are diminishing imports are not impacted significantly. The study lends support to the hypothesis that volatility of the exchange rates discourages imports. The study further shows that foreign exchange reserves do not impact imports in China. Such investigation will be important in making policy decisions related to trade and balance of payments in China
Keywords: China; import demand function; exchange rate; volatility; GDP; relative price; time series; NARDL.
Revisiting CAPM model with quantile regression: creating investment strategies on the Zagreb Stock Exchange
by Tihana Škrinjarić, Marina Slišković
Abstract: This research explores whether conditional CAPM holds at different points of the return distribution by focusing on data from the Zagreb Stock Exchange and quantile regression methodology. There are several reasons for this specification of modelling: quantile regression does not require strong assumptions on return distributions and handles heteroskedasticity of data. Moreover, the CAPM model has not yet been observed by using quantile regression on the Croatian and several similar CEE markets as well. In that way, it can be observed if this methodology is useful for estimating systematic risk on the Croatian stock market conditioned on different quantiles of the return distribution. Weekly data on 5 sector indices, market return on CROBEX and return on Treasury bills (91 days) for the period January 2012 April 2018 will be collected in order to empirically evaluate the CAPM model via quantile regression. Economic interpretations of results are given as guidance for investors. Moreover, the contribution of this research is given in the simulation part, where several specifications of investment strategies based on estimation results are discussed. Previous literature does not focus on utilizing estimation results as guidance for dynamic investment strategies. Based upon simulations of several strategies, it was shown that quantile regression strategies could be beneficial for more conservative investors. Since this study is one of the few which try to link statistical aspects of estimating finance models with investment strategies, there is hope that this research contributes to the existing literature on the aforementioned matters.
Keywords: downside beta; quantile regression models; stock market; volatility; systematic risk.
Can Cooperative Network Promote Enterprise Innovation in China?
by Xiaoli Wang
Abstract: Based on the institutional background of China's economic development and transformation, in this paper, we investigate whether cooperative networks promote enterprise innovation in China using the World Bank's 2012 survey data on Chinese companies' operations. We found that (1) the diversity of cooperative networks significantly increased the enterprises probability of carrying out innovative activities; (2) different cooperation networks have different impacts on corporate innovation: i.e. bothenterprise-customer corporative network and the enterprise-research organization corporative networks have significantly increased the probability of enterprise innovation, but the enterprise-supplier network has hindered the corporates process innovation. (3) After considering the characteristics of corporate heterogeneity, the cooperation network will benefit high-tech enterprises more than for the low- and medium-tech enterprises in China. Our research contributes to the literature by providing significant insights for the companies to understand their innovation mechanism and also offering meaningful enlightenments for relevant policy-making departments.
Keywords: Corporative Network; Enterprise Innovation; Innovative Value Chain; Network Diversity.
Implied Equity Duration (IED) as a measure of risk and its simultaneous endogeneity with performance in European companies.
by Pedro Reis
Abstract: This work, in addition to applying the adapted Implied Equity Duration (IED) concept through incorporating the dividends returned by the stock markets of France, Germany, Spain, Portugal and the United Kingdom, creates and tests new concepts both for firm risk and of business life expectancy, entitled the Implied Enterprise Value Duration (IEVD), for those countries. Furthermore, this article provides proof of the simultaneous endogeneity between IED and performance through recourse to a simultaneous equations system approach with 3sls and, additionally, studies the implications of company expected life, capital structure, size, market expectations, historic growth and risk both on IED and on performance. This paper reaches an IED based on dividends for European companies of 9.93 years, contributing to the existing IED paradox and confirming that IED is a risk measure. Furthermore, it concludes that IED does not provide a proxy for company life expectancy.
Keywords: Duration; implied equity; bonds; life; risk; valuation; performance.
The Economic Effects of Private Social Security Accounts
by Katarina Keller
Abstract: Since the 1980s, over 30 countries have implemented various kinds of personal social security accounts. Most counties have adopted them as a part of their social security systems, to also continue to fund their public pay-as-you-go system. This paper analyzes the effects of adopting private accounts, as well as the percentage of income paid into private accounts, on GDP per capita growth. Global panel-data regressions over time are used, as well as sample splits for developing countries and separately for Latin America, where many countries adopted some form of private accounts following Chiles ground-breaking example of a complete switch from public to private social security system. The paper estimates statistically significant effects of privatizing parts or all of social security on countries GDP per capita growth. Private accounts also benefit stock market growth and enrollment rates in secondary and higher education, as well as in reducing government expenditures and national debt.
Keywords: privatizing social security; private social security accounts; economic growth.
THE RELATIONSHIP BETWEEN TURKEYS OLIVE OIL EXPORT INCOME AND ECONOMIC GROWTH
by Dilek Temiz Dinç, Aytaç Gökmen, Sinan Can Altuntaş
Abstract: The purpose of this study is to provide information about the agricultural product sector and the olive and olive oil products. Also, the main purpose of this study is the demonstration of relationship between Turkeys olive oil export income and economic growth figures. This relationship is examined by using the quarterly data in between 1999:Q1 and 2017:Q1. In addition, another aim is to find solutions on the existing ut the sector.
Keywords: Table Olive; Olive Oil; Economic Growth; Export; Turkey.
Practicing Internal Marketing in Secondary Public Education: Development of an Integrated Model.
by Christina Thomaidou Pavlidou, Andreas Efstathiades
Abstract: The aim of this study is to investigate the existence of Internal Marketing (IM) strategies in secondary public schools, providing suggestions to principals and policy-makers for their application. Based on the literature review, a conceptual model of IM strategies has been developed to test on secondary public schools in Cyprus. The Structural Equation Modelling (AMOS) software used for data analysis showed that a range of IM strategies are absent from secondary public schools and there is a positive relationship between Relationship Development, Human Resource Management and Education Process & Internal Customer Segmentation strategies respectively to IM in the public secondary schools.
Keywords: Internal Marketing; Secondary Public Education; HRM; Relationship Development; Education Process.
Special Issue on: SEDD 2018 Globalisation, Governance and Empowerment
Real Exchange Rate and the Development Stages in Selected Oil Exporting Countries
by Majidah Ashour, Chen Chen Yong, Kee Cheok Cheong
Abstract: This study aims to evaluate the effect of the oil boom on the competitiveness of non-oil exports across development stages. A total of 52 net oil-exporting countries is selected as the study sample. The results indicate that the oil boom affects developing economies more than developed economies, where the effect is reduced. The study provides supporting evidence on the Dutch Disease hypothesis, in which the structural composition of countries is important and the real exchange rate provides a perfect benchmark for monitoring and reforming export diversification.
Keywords: real exchange rate; development stages; oil export; oil boom; economies.
Student enterprise intentions: The effects of founders characteristics, university roles, entrepreneurial environments, and perception of barriers
by Abdul Rahman Zahari, Puteri Fadzline Muhamad Tamyez, Noor Azlinna Azizan, Elinda Esa
Abstract: The study of student enterprises intention can be found in many developed countries whereas the similar study is very limited in developing country. This study aims to examine the effect of founders characteristics, university roles, entrepreneurial environments (enablers) and perception of barriers on student enterprises intention in Malaysian higher educational institutions. A cluster sampling technique was applied and able to obtain 369 samples from the founders of student enterprises in eleven Malaysian public universities. Data was analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM). Results indicate that the founders characteristics such as the need for achievement, innovativeness, propensity of risk taking and self-efficacy are positively related to student enterprises intention. Moreover, the perception of barriers is negatively related to student enterprises intention. In addition, locus of control, university roles and entrepreneurial environments are unable to show positive relationships with student enterprises intention. The findings suggest that a holistic understanding about the enablers and barriers in the formation of student enterprises intention.
Keywords: founders’ characteristics; university roles; entrepreneurial environment; perception of barriers; student enterprise intentions.
Board Characteristics and Director Remuneration Disclosure in Malaysia
by Elinda Esa, Abdul Rahman Zahari, Noor Azlinna Azizan, Nor Raihan Mohamad
Abstract: As a result of the Enron era and the global financial catastrophe in 2008, stakeholders ' interest in director remuneration disclosure issues has remained acute, robust and persisted in recent years and has become a significance that triggers discussions and works among practitioners and academics. Director remuneration is usually the subject of intense scrutiny by regulators, investors and the public due to the issue that many directors continued to receive large pay packages despite many structural and financial problems. In addition, the gap between the level gained by managers and the rest of their workers has also become a point of contention for many. As a result, increased transparency requirements are under a microscope. Therefore, this study was intended to assess the level of transparency of director remuneration among Malaysian public listed companies. It also aims to investigate whether corporate governance attributes such as board characteristics influence the transparency of director remuneration in the corporate annual report of Malaysian public listed companies. Six board characteristics were chosen for this purpose, namely independent directors, the board size, female on board, board ethnicity, board meeting frequency, and board experience. The transparency of board remuneration in Malaysian public listed companies is measured using director remuneration scoreboard. The results show that the board ethnic and company size has influences on the extent of directors remuneration disclosure, while other board characteristics are found to not be associated with the extent of directors remuneration disclosure.
Keywords: director remuneration; disclosure; board ethnics; Malaysia.
NEXUS BETWEEN HUMAN CAPITAL AND WAQF REGULATIONS WITH WAQF PERFORMANCE IN MALAYSIA: THE MODERATING ROLE OF GOVERNANCE
by Nur Azni Mohd Zeni, Noraina Mazuin Sapuan
Abstract: Over the years, waqf institutions have played an important role in addressing a wide range of socio-economic development for the ummah (society) all over the world. The growth of waqf with time has led to increasing expectation surrounding the role of waqf institutions. Nevertheless, there has been an inefficiency issue regarding waqf institutions in Malaysia. The literature emphasises that inefficiency is usually associated with internal factors such as governance and management. Hence, the present study examines whether governance moderates the relationship between human capital in Waqf institution and waqf regulations (both as a proxy of waqf management attribute) with the performance of waqf institutions in Malaysia. In particular, the current research employed a quantitative research methodology by analysing a selected sample of 99 respondents in waqf institutions. The developed model was tested using the Structural Equation Model (SEM) technique through the Partial Least Square (PLS) approach. The results revealed a positive relationship between waqf management attribute and waqf performance which becomes stronger with high governance. Moreover, it should be noted that the use of governance as a moderator between waqf management attribute and waqf performance is very limited in past research. Therefore, the result of the present study is expected to enhance the understanding of existing conceptual literature on the importance of governance in influencing the relationship between waqf management attribute and the performance of waqf institutions in Malaysia.
Keywords: Human capital; waqf regulations; waqf governance; waqf performance; Malaysia.
Corporate Governance of Banks In Asia Emerging Market: The Relationship between Board Governance Enhancement and Bank Performance
by Abdul Hadi Zulkafli
Abstract: This study is conducted to analyse the impact of corporate governance mechanisms specifically board governance enhancement on the performance of banks in emerging Asia from 2011 until 2015 of post 2007 global financial crisis. A total of 109 banks with 545 observations from eight countries are selected into this study. The board governance enhancements are represented by the proportion of directors who had qualifications in banking and/or finance, the proportion of directors who had experience in banking and/or finance and the majority number of independent directors on board. Meanwhile, net interest margin (NIM) is the proxy for bank performance. Evidently, all the three variables under board governance enhancement have significant relationship with bank performance. Concerning board qualification and experience in banking and finance, the finding of this model signifies that the appointment of more directors with qualification in banking and finance enhanced NIM of emerging Asia banks. In relation to board independence, this model documented negative relationship with NIM. Therefore, bank performance deteriorated with more independent directors on board.
Keywords: corporate governance; board structure; bank; Asia; emerging market.
The impact of organisational trust on employee loyalty: analysis of employment length differences using multi-group structural equation models
by Mohd Alwi, Siti Baharuddin
Abstract: The study of trust and loyalty in management setting has been covered widely where recent study focused on trust as a condition on predicting workplace outcome based on employee behaviour. The purpose of this study is to examine the effects of employee trust on loyalty. Respondents of this study are the insurance agents from various insurance companies. Data is collected through questionnaires and analysed using structural equation modelling. The results show that employee trust has a direct effect on employee loyalty. According to the result of multi-group analysis, the standardized parameter estimates for high working length is lower than low working length. Thus we can conclude that the effect of employee trust on loyalty is more pronounced in shorter working length compared to longer working length.
Keywords: Employee trust; Employee loyalty; Working length.
Determinants of workplace green behaviour: Higher learning institutions in Malaysia.
by Zalina Hashim, Hutkemri Zulnaidi, Salina Daud
Abstract: This paper aimed to investigate the influential factors that motivate employees to perform pro-environmental behaviour in their workplaces by using the social exchange theory. A correlational survey was carried out to examine the determinants of green workplace behaviours among higher learning institutions in Malaysia. A structured questionnaire was used to gather data from 505 business and engineering lecturers from several selected private and public universities in the country. The data was analysed using the SPSS and AMOS 20.0, which revealed results that indicated that the perceived organisational support positively corresponds with job commitment, job satisfaction and PEB. Results of the analyses also showed that job commitment and job satisfaction partially played as positive mediators in the relationship between perceived organisational support and pro-environmental behaviour; hence, offer further empirical evidence to the current literature. Pertinent practical implications and suggestions are also proposed for future research.
Keywords: Job commitment; job satisfaction; perceived organisational support; pro-environmental behaviour; Social Exchange Theory; green workplace behaviour.
Islamic Financial Development and Income inequality in the selected Organisation of Islamic Cooperation (OIC) countries
by Tajul Ariffin Masron, Muslimah M.J, AZAM ABDELHAKEEM KHALID, AMAR HISHAM B.I.N. JAAFFAR
Abstract: The purpose of this paper is to examine the effect of Islamic financial development on income inequality in OIC countries. It seeks to explain whether the existence of Islamic financial development helps the OIC countries in reducing the income inequality. Out of 56 of OIC countries, only 25 countries are having the Islamic financial system. Several databases are used for the data collection for the period of 2006 to 2014. Generalized methods of moment (GMM) is adopted for analyzing the data collected. This study shows that the Islamic financial development gives significant impact in reducing the income inequality in OIC countries. This study helps in assessing the existence of the Islamic financial intermediaries regarding their roles in helping the society through the income gap reduction and assisting policy planning for poverty alleviation programme.
Keywords: Islamic financial development; income inequality; OIC.
Applying Partial Least Square in Human Governance Index
by Zulkefli Muhamad Hanapiyah, Salina Daud, Nur Azizah Mohamad Parij, Wan Mohammad Taufik Wan Abdullah
Abstract: High quality workforce depends on how good governance practices are. The establishment of governance has produced a concept of human governance that aims to communicate the development and practice of good values among employees. Human governance is a significant element to improve the value and ethical behavior of employees in the organization. This study seeks to establish the human governance determinants. The selected organizations involved in this study are based on the information provided by Malaysia Anti-Corruption Commission (MACC). The unit of analysis for this study is the employees whom were involved in the decision making within the organization. partial Least Square Structural Equation Modelling (PLS-SEM) was utized to analysis the collected data. This study adopts the stratified sampling technique. The results of this study revealed that the factor loading for each item is above 0.60, average variance extracted is above 0.50, composite reliability is above 0.70, and Cronbachs Alpha is above 0.60. The finding shows that human governance index consists of 8 determinants namely: Leadership, Integrity, Religiosity, Spirituality, Culture, Training and Development, Recruitment and Selection, and Internal Policy Control.
Keywords: Human Governance; Measurement; Ethic; Corruption Risk; Partial Least Square (PLS).
DETERMINANTS OF FOREIGN DIRECT INVESTMENT IN YEMEN: THE ROLE OF FINANCIAL DEVELOPMENT AND ENERGY CONSUMPTION
by Noraina Mazuin Sapuan, Khaled Al Sayed Mohamed
Abstract: Yemen is facing with lots of developmental challenges such as an increase in poverty, rapid population growth, increasing unemployment and so forth. These issues require strategic leadership, or else, the Yemeni economy will not withstand future economic shocks. Foreign Direct Investment (FDI) is one of the impetuses highlighted in the literature to have a significant effect on economic growth, but in the context of Yemen this view is still unclear. Hence, this study aims to investigate the long run and the short run relationship between FDI and economic growth in Yemen. The semi-annual time series data is used from 1990 to 2014 and Autoregressive Distributed Lag (ARDL) approach is employed to explore the long run relationship between FDI and economic growth, and other macroeconomic variables in Yemen. The findings from the study revealed that FDI, energy consumption, real GDP growth, financial development, exchange rates, exports and inflation rates have a long run relationship in Yemen, with energy consumption and economic growth having a significant positive impact on FDI. On the contrary, the study found financial development to have a significant but negative relationship with FDI in the long run.
Keywords: Foreign direct investment; Economic growth; Yemen.