International Journal of Education Economics and Development (20 papers in press)
Human Capital Formation and Economic Growth in South Asia: Heterogeneous Dynamic Panel Cointegration
by Muhammad Saiful Islam
Abstract: This study attempts to examine the impact of human capital formation in terms of health and education expenditure on GDP growth of five South Asian economies. It uses annual panel data of Bangladesh, India, Nepal, Pakistan and Sri Lanka for the period 2000-2017, published by the World Bank. Panel unit root test, Pedroni cointegration test, panel auto regressive distributed lagged (ARDL) model estimation, and Granger causality test are applied. The result of panel ARDL model estimation reveals that growth of GDP, health expenditure and government education expenditure have long run association, but no short run correlation among the variables. The Granger causality test reveals the existence of a bidirectional causality between GDP growth rate and health expenditure, and a unidirectional causality from education expenditure to GDP growth. It means health expenditure causes GDP growth rate and the vice versa, and government education expenditure also causes GDP growth. Therefore, the policy makers should promote human capital formation through greater budget allocations towards health and education sector, and ensure effective use of allocated expenditures on education and health for achieving sustainable economic growth through human capital formation in South Asia.
Keywords: GDP growth; health expenditure; education expenditure; cointegration.
Foreign aid volatility and lifelong learning
by Simplice A. Asongu
Abstract: This paper has put a demand-side empirical structure to the hypothesis that foreign aid volatility adversely affects choices to lifelong learning in recipient countries. Lifelong learning is measured as the combined knowledge acquired during primary, secondary and tertiary educational enrolments. Three types of aggregate foreign aid volatilities are computed in a twofold manner: baseline standard deviations and standard errors (standard deviations of residuals after first-order autoregressive processes). An endogeneity robust system GMM empirical strategy is employed. The findings broadly show that foreign aid volatility does not adversely affect the demand-side choices of lifelong learning in Africa. As a policy implication, when faced with aid uncertainty, the demand for education would increase. This may be explained by the need for more self-reliance in order to mitigate income risks or/and the use of education as means of coping with uncertainty. More policy implications are discussed.
Keywords: Lifelong learning; Foreign aid; Development; Africa.
Undergraduate students economic literacy, knowledge of the countrys economic performance and opinions regarding appropriate economic policies
by João Martins, Linda Veiga
Abstract: Based on a survey of more than 400 students at the University of Minho in Portugal, we analyse the relationship of (1) basic economic literacy, (2) knowledge of the countrys economic performance, and (3) opinions regarding appropriate economic policies, with previous economic training, and other socioeconomic variables. The results clearly show that economic training has a positive influence on students economic literacy and knowledge of the countrys current economic data and conditions. It also influences their assessment of how economic policy should be conducted. We argue that more training in Economics, both at the high school and university levels, is necessary to improve citizens knowledge for making personal and social decisions on economic issues. This recommendation is particularly relevant for countries that recently underwent deep economic crises.
Keywords: economic literacy; knowledge of the country’s economic performance; opinion on economic policies; training in Economics.
Theory and practice: the experience of graduate entrepreneurs
by Simon Stephens
Abstract: This paper explores the experience of graduates who become entrepreneurs. The aim is to study if and how the models and theories that the graduates learn during their time in higher education are applied during business development. The paper focuses on research that seeks to enhance the understanding of the impact higher education, specifically, the value academic theory and models have for entrepreneurs. The data was collected in two phases. Firstly, a survey was conducted of 100 academics. This survey examined how the academics conceive the relevance of their teaching content, delivery and strategies to the work environment for entrepreneurs. Secondly, 30 graduates who are entrepreneurs were interviewed. The interviews explored the graduates experience of higher education and its relevance to their activities as entrepreneurs. The findings from this research indicate that participation in higher education benefits the graduates through skill/knowledge development and access to business network members. However, the graduates perception of the benefits of entrepreneurship are different to the reality of working as an entrepreneur. Academics and graduates need to be cognisant that although academic theory and models have value for entrepreneurs the application can be explicit or occur implicitly. The data highlights the challenge of retrospectively assessing the value of education, specifically, the links to entrepreneurial outcomes.
Keywords: Entrepreneurship; Entrepreneurial education; Academics; Graduates.
Effects of peer learning on learning performance, motivation, and attitude
by Hung Ling Chen
Abstract: Financial management skills are a critical and basic requirement for success across a number of professions. Thus, higher education should provide more engaging and inspiring activities to foster students financial management skills. This study aims to propose a peer-learning teaching approach in a financial management course to assist students in discussing and learning in small groups as well as in engaging in games and tournaments to achieve their learning goals. The results show that the peer-learning group outperforms the lecture-based group in both final exam scores and semester grades. These findings also reveal that the peer-learning group reports a marginally significant higher score for learning motivation and a more positive attitude toward peer learning than the lecture-based group. Participants qualitative feedback highlights that peer learning is the most helpful feature in enhancing students overall learning.
Keywords: attitude toward peer learning; financial management skill; motivation; peer learning; learning performance.
Implications of Smartphone Addiction on University Students in Urban, Suburban and Rural areas
by Oliver Daoud, Jacques Bou Abdo, Jacques Demerjian
Abstract: Smartphones are excellent connection tools that can join family members, continents apart, over a chat or birthday, but can hinder the communication between people in the same room. The different reactions to smartphones can be due to personal, cultural, economic or a combination of multiple factors with variable impacts. Several studies have shown that smartphones have negative effects on mental health as well as well-being. The limitation of these studies falls in the selected sample where all the respondents are assumed to belong to a coherent society/region. In this work, we categorize each respondent, based on his/her location, into urban, suburban or rural. The outcome shows that each of the above categories has a different interaction with smartphone addiction, stress and other factors took into consideration in this study
Keywords: Smartphone addiction; Stress; Life satisfaction; Academic performance; University students.
Socioeconomic status and tertiary academic performance in Enugu State, Nigeria
by Ambrose Nnaemeka Omeje, Ogochukwu Anyanwu, Augustine Jideofor Mba, Michael Okike Ugwu
Abstract: This study tried to examine the impact of low socioeconomic status on students academic performance using tertiary institutions in Enugu State, Nigeria as a case study. The study utilised survey data generated from 468 questionnaires distributed among student in 13 higher institutions in Enugu State, Nigeria. The propensity score matching model was adopted for the study and the results indicated that students academic performances significantly decreases when the student is found to be in low socioeconomic status. The results of the model also revealed that low socioeconomic status has negative significant impact on students academic performance of those in tertiary institutions in Enugu State, Nigeria and suggested that with low socioeconomic status, academic performance of students in tertiary institutions in Enugu state would decreases by about 62.5% but will rise by about 37.5% if the student were to be in the upper echelon of the socioeconomic strata (middle and high). The study therefore recommended among others that there is need for the government, non-governmental organizations, and other philanthropist to provide education fund concession to students from poor background (low socioeconomic status), not to students from the upper socioeconomic strata (middle and high) by granting them scholarships, bursary awards, and other special education interventions funds for poor students.
Keywords: Socioeconomic Status; Tertiary; Academic Performance; Students; propensity score matching.
Exploring the professional identities of pre-service teachers studying at the University of Ghana
by Ernest Ampadu, Paul Kwame Butakor, Samuel Amponsah, Rita Yeboah
Abstract: The success and quality of any educational system depend on how well it is organised and the extent to which the stakeholders especially teachers accept and own it. Teachers perceptions of themselves and professional identities affect the quality of education. The purpose of this study was to investigate pre-service teachers (N=58) professional identities using a qualitative approach. The 58 pre-service teachers were asked to produce a pen portrait of the perceived identities using open-ended questionnaires and drawings. The analysis of the results revealed that these teachers see their professional identity as consisting of a combination of visible and invisible domains. Review of the literature suggests that contextual factors play a critical role when it comes to teacher professional identity, however, the results from this study has revealed that the individual teachers personal characteristics are paramount in shaping his/her personal identity. Teachers in our study generally perceived or described themselves as teachers who are working hard to help children understand themselves and provide effective learning opportunities for their students to excel and develop inherent capabilities. It is a great asset to have teachers who see themselves as agents of change rather than custodians of knowledge. It is therefore important to have reflective dialogues with teachers to understand these personal characteristics that shape their identities. It is therefore recommended that education authorities develop strategies and frameworks for helping teachers to develop their professional identities in line with the underlining principles of the purpose of education and school since the quality of an education system cannot exceed the quality of its teachers.
Keywords: Teacher; identity; professional; quality; reflective practitioners.
Remittance and education in recipient countries: an interdependence
by Abdur Rahman Forhad, Gazi Mahabubul Alam
Abstract: This study examines simultaneous effects between remittance-inflow and education in recipient countries. We employ a three-stage least squares (3SLS) method and find that education and remittance have positive influences on each other. We also find that tertiary education has a higher impact on remittance than secondary education, and remittance has a higher influence on secondary education in recipient countries.
Keywords: remittance; education; migration; remittance recipient country; developed country; developing country; simultaneous effects.
Assessing the effectiveness of using western movies in elucidating economic concepts
by Siew King Ting, Sze Wei Yong, Tze Wee Lai, Geetha Subramaniam, Brian Dollery
Abstract: The use of innovative techniques in teaching and learning has gained ground in Malaysian higher education institutions. Educators use a variety of modern methods to enhance the delivery of the contents of academic subjects, including economics. Among the various approaches, educators use movies to elucidate economic concepts and relate them to real-world phenomenon. Using questionnaire survey, this study aims to assess the effectiveness of using Western movies in explaining economic concepts to first semester undergraduate students who took introductory economic courses at the Faculty of Business and Management at UiTM Sarawak. Our results show positive responses on reaction levels and perceived learning outcomes by students with the average mean scores of 7.48. However, the results reveal that there was no association between students assessment marks and perceived individual achievement. Several recommendations are advanced on using digital learning in the economics education.
Keywords: economic concepts; short video clips; teaching and learning; western movies.
Are the student migrants satisfied with life? Effect of Acculturative Stress and Perceived Discrimination
by Monica Benita
Abstract: International student migrants constitute the major population of worlds leading universities and India is the second largest source of international students. Thus studying the psychological wellbeing of student migrants is imperative. This study analyses the effect of acculturative stress and perceived discrimination on student migrants life satisfaction. Students who have migrated from other parts of India to Chennai (N = 132), a metropolitan city of India and from India to other countries (N = 153) are the sample of our study. One way ANOVA and linear regression were used to test the data collected. While the stream of study significantly differs the level of acculturative stress and life satisfaction, age and gender have no differentiation over them. The results suggest that acculturative stress and perceived discrimination individually have significant negative effect on life satisfaction of student migrants. The results of the multiple regression suggested that acculturative stress is so predominant that it wipes off any impact of perceived discrimination. While there are several efforts to minimize perceived discrimination in educational institutions there is perhaps none to address acculturative stress as most often it is not considered an important issue. This study makes out a strong case to address acculturative stress as it can negatively impact life satisfaction and prevent migration of students. Practical implications to parents and educators are discussed.
Keywords: Acculturative stress; life satisfaction; perceived discrimination; student migrants; India.
Optimal levels of private tutoring investment in South Korea
by Patrik T. Hultberg, David Santandreu Calonge, Ty Choi
Abstract: During the past several decades, South Korea has transformed itselfrninto an international economic and educational powerhouse. The rapid economicrnand social achievements have largely been attributed to intentional government regulated education plans and policies. However, since the 1960s, a powerfulrnparallel for-profit private education sector (hagwons) has emerged withrnsignificant effect on families. This article adds to this growing area of researchrnby considering the importance of initial wealth, heterogeneity in timernpreferences, expected returns, and borrowing on households choice of privaternafter-school tutoring investments. The contribution of this study lies in therndevelopment of a simple two-period life-cycle model, which is applied to fourrndifferent illustrative Korean households, in order to explore its applicability. Thisrnapproach proves useful in expanding our understanding of why Korean familiesrnchoose to invest in private education.
Keywords: Educational expenditures; Private tutoring; Economic model; South
WHAT INFLUENCES THE WILLINGNESS OF UNIVERSITY STUDENTS TO INVEST IN STOCKS?
by Godfred Matthew Yaw Owusu, Fred Akwasi Anokye, James Kwame Otieku, Gabriel Sam Ahinful
Abstract: This study examines the attitudes of University students towards stock market investment and investigates the factors that influence their willingness to invest in stocks. A survey-based method of research was adopted and data was collected from 473 students from the University of Ghana Business School by means of a questionnaire. The Partial Least Square Structural Equation Modelling (PLS-SEM) technique was used to analyse the data. The results demonstrate that two dimensions of the money attitude construct: obsession and viewing of money as a good thing are important predictors of an individuals willingness to invest in stocks. The results also show that financial literacy, ethical stance towards stock market investment and financial risk attitude of an individual have important implications on willingness to invest in stocks. Given that stock market participation at the individual level is low in most countries, an understanding of the factors that influence individuals decision to invest in stocks may be useful in developing the appropriate strategies to encourage people to invest in stocks.
Keywords: Stock Market; Money Attitudes; Financial Literacy; Ethical Stance.
Impact of Individualized Consideration on Transformational and Transactional Leadership Styles
by Irfan Ullah Khan
Abstract: The feelings of being part of the institution is the basic requirement for ensuring an employee that he/she is not just the part of a big machine rather indispensable to the very success of institution. This feeling comes from the attitude of the institution and behavior of the leadership. The current study presents the findings about perceptions of administrative workforces in selected universities of Khyber Pakhtunkhwa, Pakistan, in relation to the existing transformational and transactional leadership styles practiced by leaders at different levels in institutional hierarchy. The empirical data reveals surprising insights, like the relationship between individualized consideration and transformational leadership is positive and significant but R-value is very weak (r = .395) showing that little transformational leadership is practiced in the universities. However, the link between individualized consideration and transactional is huge in terms of R-value (-.473) with significant p-value thereby telling that transactional leadership is in vogue but negatively associated with individualized consideration. The regressions verify these assumptions with the strong statistics. Likewise, demographic impacts have also been identified. The results are an eye-opener for the concerned stakeholders of the higher education.
Keywords: Individualized Consideration; Transformational & Transformational Leadership.
Teaching the Greek financial crisis in an introductory macroeconomics course: university students' perceptions
by John Marangos, Eirini Triarchi
Abstract: The same survey of a self-administered questionnaire was handed out to introductory macroeconomics students in Spring 2014 and Spring 2015 at the University of Macedonia in Greece, to determine students' perceptions of how including the Greek financial crisis (GFC) in the teaching of introductory macroeconomics benefits students. The methodology of the survey is quantitative in nature based on descriptive statistics and t-tests were carried out for each variable of interest. The research questions under examination are: 1) Did the incorporation of the GFC in the teaching of introductory macroeconomies influence university students' perceptions about the course?; 2) Did the evaluations of the course by the two cohorts of students change as the crisis intensifies in a statistically significant manner? The innovation of the study is determining students' perceptions of the value of incorporating the GFC in the teaching of macroeconomics and the statistical evaluation of responses of two cohorts of students as the crisis intensifies. Overall, students evaluated positively the incorporation of the GFC in their learning in the introductory macroeconomics course. From 2014 to 2015, the student level of understanding of the GFC incorporated in the teaching of introductory economics increases. Nevertheless, students are not interested in employment as economists.
Keywords: teaching economics; teaching introductory macroeconomics; Greek financial crisis; GFC; global financial crisis; teaching the global financial crisis.
Learning and earning in Nigeria: who works for less?
by Ben Ozougwu
Abstract: This study quantitatively analyses the differences in levels or size of financial returns to education, by gender in the Nigerian labour market with particular emphasis on estimating gender earning differentials across the country, at zonal levels and at different levels of educational attainments. The analysis is static, employing Mincer's wage equation on a cross sectional dataset. An attempt is made at solving the endogeneity problem that often arise from the violation of the strict exogeneity assumption associated with education, using instrumental variable. The study finds skewed earnings against the female gender, especially in Northern Nigeria. Private returns at all levels of education are lower in the Northern region. Based on the findings, the study suggests that developmental programs aimed at curbing gender and regional inequalities in returns especially for the Northern part of Nigeria be encouraged.
Keywords: Nigeria; financial returns; education; GMM; Mincer; instrument; two-stage least square; 2SLS.
Geographic region, student loans, and college graduation rates
by J.D. Mohundro, Steve Joanis, James Burnley
Abstract: Student loan debt has become an increasingly important topic among American students, families, politicians, and economists. These student loans are even more concerning for those who do not complete their course of education and are left with reduced earning potential. Although an expansive collection of scholarly research has examined the outcomes - both financial and psychological - of student debt burdens, very few studies have considered the combined effects of endogenous and exogenous characteristics on graduation likelihood. To this end, we conducted a series of analyses to test multiple environmental variables' influence on graduation rates and student loan levels. We found out that school size and type, student background, and regional factors all heavily influenced both graduation rates and student loan debt.
Keywords: student loans; default; graduation rates; higher education; debt; public policy.
An innovative approach to entrepreneurship in higher and secondary education: cultural routes and economy of experience - a case study
by Vasiliki Brinia, George Economou, Georgios Gialos, Angeliki-Rafailia Panagiotopoulou, Marianna Spanidi, Maria Beloyianni
Abstract: The aim of the present study is to present how social entrepreneurship can find its place in higher and secondary education by involving students, through experiential learning, in the creative development of solutions for sustainable development of an area with rich cultural heritage. To this end, the present study followed the qualitative research method and constitutes a case-study of the town of Orchomenus in Boeotia, Greece. This case-study is based on field-research at the important historical monuments of the area organised by the DIAZOMA Association and the Teacher Education Program of Athens University of Economics and Business. Proposals made by groups of the student-teachers were formed through the research method and aimed at exploiting the rich heritage of the area in favour of its financial and cultural development, and showed that students' ideas were diverse, following objective and realistic criteria that responded to the needs and prospects of Orchomenus town. The study is the first of its kind in Greece and abroad, as it introduces for the first time the way students can learn the notions of social entrepreneurship and cultural sustainability through field-research and the project method.
Keywords: entrepreneurship in higher education; experiential learning; case study; Orchomenus Archaeological Park; economy of experiences; cultural routes; cultural promenades.
Is there a productivity growth in private universities in Vietnam? Revisiting the 2005 Higher Education Reform Agenda
by Carolyn-Dung Thi Thanh Tran
Abstract: Since the undertaking of the reform policy, Vietnamese private higher education has made remarkable contributions to a nation's socio-economic development via providing high qualified human resources to the labour market. In integration of the world's higher education, the 2005 Higher Education Reform Agenda (HERA) has proposed an increase in private enrolments to 40% of total tertiary enrolments by 2020. Whether this target could be achievable as planned is still questionable. This paper aims to measure a productivity growth of private universities using the Malmquist productivity index and examine if they can obtain the target of the 2005 HERA. The findings indicate that private universities have regression in productivity at 8%. The main source of this regression results from a decline of technological innovation at 14%. Private universities could potentially fail to obtain the target of the 2005 HERA. Policy implications are suggested for enhancing efficiency and productivity of private universities.
Keywords: data envelopment analysis; DEA; Malmquist index; efficiency; private universities.
Return to schools and work in a war hit city: impact of socio-cultural events
by Ejaz Gul, Suriati Ghazali
Abstract: Role of cultural activities in social development of communities has recently been the subject of interest for social scientists. These activities act as catalyst for boosting socio-economic growth of communities. This was successfully demonstrated in Tubmanburg, Liberia; a city that remained in crisis for last couple of decades. This paper examines role of cultural events in reviving social life of population particularly its influence on school attendance and per capita income of households. After 2004, school attendance and per capita income of people in Tubmanburg started improving significantly and a perception developed that probably it happened due to greater social interaction in cultural events. In essence this paper is a reality check of this perception. It was concluded that cultural activities played significant role in social awareness of population, consequently school attendance by students and per capita income of population increased in war hit city of Tubmanburg.
Keywords: cultural; events; catalyst; effect; education; per capita; income; computational; dynamics.