International Journal of Economic Policy in Emerging Economies
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International Journal of Economic Policy in Emerging Economies (11 papers in press)
Consumer behaviours on the luxury goods market in Poland by Bogdan Mroz Abstract: The basic objective of the paper is to highlight new trends in consumer behaviours on the luxury goods market in Poland. The paper focuses on recent developments and growth trends in different categories of luxury goods and services. The author provides an empirical insight into luxury goods market in Poland based on available statistical data, think tanks reports and research findings. The relevant statistical data, e.g., regarding the number of high net worth individuals in Poland are provided as well as the split of the Polish luxury and premium goods market into categories of goods and services. The author tries to pinpoint factors conducive to the growth of the luxury market in Poland and to highlight country-specific consumer behaviours on this particular market. Keywords: consumer behaviour; consumer trends; luxury goods market; Poland. DOI: 10.1504/IJEPEE.2020.10026307
Long Run Analysis of Tourism and Economic Growth in Nigeria by Abidemi Adegboye, Clement A.U. Ighodaro Abstract: In this paper, the impact of tourism on economic growth in Nigeria is examined using a dynamic framework and data covering the 1983 Keywords: ARDL; capital investment; economic growth; employment; export shares; Nigeria; tourism. DOI: 10.1504/IJEPEE.2020.10026310
ANALYSIS OF SUPPLY CHAIN ADVANTAGES IN CREATIVE BUSINESSES: A CASE STUDY ON CREATIVE INDUSTRIES IN BANDUNG CITY, INDONESIA by SAMUN JAJA RAHARJA Abstract: Superior supply chain performance is an important foundation for the sustainability of business performance, either in domestic or international business. This study seeks to explore the source of creative industries business excellence from the supply chain side in the form of backward and forward linkages. This study takes Bandung City, a Keywords: creative businesses; backward linkages; forward linkages; sales patterns. DOI: 10.1504/IJEPEE.2020.10027980
Labor Market Flexibility, Distance to Frontier and Human Capital Accumulation: Evidence from Developing Countries by Deniz Güvercin Abstract: The present paper aims to explore whether policies enhancing labor market flexibility result in convergence to world technology frontier, and provide proper incentives to increase investment in human capital. Because of the interdependent relations among labor market flexibility, distance to world technology frontier and human capital investment, the Panel VAR methodology which account co-evolutionary relations in dynamic system is used. The data for 31 developing economies over the period 2000-2015 is used for the purpose of the study. Impulse response analysis shows that distance to frontier increases with labor market flexibility shock, while human capital investment decreases with labor market flexibility shock. Additionally, labor market flexibility decreases with the distance to frontier variable shock and distance to frontier decreases with the human capital investment shock. Results suggest that rigid labor market policies should be put in place first in developing countries to provide right incentives to invest in schooling, training, Keywords: Labor Market Flexibility; Distance to Frontier; Human Capital Accumulation; Panel VAR. DOI: 10.1504/IJEPEE.2020.10028043
Improving the Mechanisms of Evaluation of Efficiency of Managing an Educational Establishment Within the Global Crisis Management in Industry 4.0 by Olga V. Fokina, Elena V. Chirkova, Tatiana S. Bobkova, Maria V. Mazunina, Ekaterina L. Ralnikova Abstract: The purpose of the research is to improve the mechanism of evaluating the efficiency of managing the educational establishment within the global crisis management in Industry 4 0 in modern Russia The authors substantiate the necessity for conducting separate evaluation of efficiency of managing a university within the global crisis management in Industry 4 0 By the example of Samara State Technical University in 2018, the authors show low efficiency of a university within the global crisis management in Industry 4 0 due to foundation on the indicator of effectiveness The offered recommendations for improving the mechanism of evaluation of efficiency of managing a university within the global crisis management in Industry 4 0 in modern Russia allow achieving the following advantages: increased attention to universitys using the possibilities of globalization, which allows implementing the potential of growth of its global competitiveness; receipt of the most precise and correct results. Keywords: improvement; evaluation of efficiency; management; university; global crisis management; Industry 4.0; modern Russia. DOI: 10.1504/IJEPEE.2020.10028788
Safe Haven and Performance of Extension-Markowitz Portfolio on Indonesian Ethical Investments by Robiyanto Robiyanto, Bayu Adi Nugroho, Andreas Lako Abstract: There has been on-going discussion about the performance of ethical investments. Unlike previous studies, this research used extension Markowitz model to measure the market-based performance of ethical investments in Indonesia. In addition, this research also investigated whether gold was the safe haven instrument for the extension-Markowitz portfolio in Indonesia when the equity market was in extreme turmoil. The stocks from environmentally friendly firms (SRI) and Jakarta Islamic Index (JII) in Indonesia were used as the proxies of ethical investments. The results showed that the extension of Markowitz model could create an optimum portfolio that outperformed the market index. The result of this study supported The Social Impact Hypothesis implying that environmental and social spending could improve stock market performance. Also, based on Quantile Regression (QREG) and Ordinary Least Squares (OLS), this study found that gold was the safe haven and hedging instrument for ethical investors in Indonesia. Keywords: Extension Markowitz Model; Ethical Investments; Safe Haven. DOI: 10.1504/IJEPEE.2020.10029087
The Lead Underwriter Reputation and Underpricing: Study of Companys IPO in Indonesia by Bandi -, Wahyu Widarjo, Irwan Trinugroho Abstract: We analyze the effect of lead underwriter reputation on underpricing during initial public offering (IPO) in the Indonesia Stock Exchange. This study uses the signaling theory perspective to explain the relationship between the variables. This study predicts that companies using reputable lead underwriter will have a low level of underpricing. We analyze 163 companies that conduct an IPO from 2010 to 2017. The analysis results show that the reputation of a lead underwriter has a negative and significant effect on underpricing. These results are consistent after a series of robustness tests are performed. The findings of this study indicate the importance of lead underwriters role in reducing the level of underpricing. This finding has an implication in the selection of underwriter during the IPO. For companies, underpricing is considered as the cost of capital. The higher the level of underpricing, the higher is the cost of capital in the IPO. Keywords: Lead underwriter reputation; underpricing; initial public offerings. DOI: 10.1504/IJEPEE.2020.10029088
Testing on Productivity Transition in Thai Economy through the Lens of State Space Model by KANOKWAN CHANCHAROENCHAI, Wuthiya Saraithong Abstract: This empirical investigation seeks to detect the behavior of the Thai economy and its production input efficiency. After conducting various statistical tests, AR('2') model incorporating input factors seems the most appropriate specification.A significant AR coefficient demonstrates the martingale process that suggests a long memory in any change in the quarterly gross domestic output. The state space model suggests that the estimated parameters statistically illustrate the transitional productivity. They also elucidate the sensitivity of input factor efficiency before 2012 and seem to be steady since then. The technological transfer from foreign countries via direct channels unfortunatelyshows itsnegative productivity. The labor productivity sheds some light of positive signal to human capital improvement. The monetary credibility has enhanced as insignificant inflation uncertainty, while the foreign exchange uncertainty provides some benefit to Thai business. Finally, the international integration has not supported the growth of Thailand. Keywords: Productivity; State space model; Thai economy; Economic growth. DOI: 10.1504/IJEPEE.2020.10029882
Loan securitisation and accounting measurement methods in banks by Sang-Lyul Ryu, Jayoun Won Abstract: This paper examines the extent to which banks securitise loans under three accounting measurement methods: historical cost, lower-of-cost-or-market and fair value. Securitisation is becoming an indispensable tool for financing liquidity in the global capital market. Prior research has developed different models to analyse why a firm securitise its assets. The established models dont address if accounting measurement methods have different effects on loan securitisation. In our model, the banks loan securitisation is jointly determined by the weight on earnings for each period and the marginal expected rate of return on new investments under the three measurement methods. Keywords: loans; securitisation; historical cost; lower-of-cost-or-market; fair value. DOI: 10.1504/IJEPEE.2020.10029978
Research of Organizational Environment for Staff Performance Improving: case of the small Trade Metal Company, Yekaterinburg, Russian Federation by Elena Lysenko, Laura Sartillo Vazquez Abstract: The concept of performance includes of combination of employee behavior and productivity as basic characteristics that influence the achievement of organizational goals. Submitted study was commissioned by the Trade Metal Company, operating on the market of Yekaterinburg, Russian Federation in the area of small business. The aim of the research is to diagnose the organizational climate and personal performance with using of mixed quantitative and qualitative methods to identify "weaknesses" and improve individual work. Results of research can be used for improving organizational environment for the reaching of individual staff performance. Keywords: human resources management; labor relations; organizational environment; individual work performance. DOI: 10.1504/IJEPEE.2020.10029983
Bank funding and liquidity in an emerging market by Van Dan Dang Abstract: The study examines the impact of bank funding, in two main dimensions capturing equity capital and customer deposits, on bank liquidity positions in an emerging market. Through the regression estimates following both dynamic and static approaches in panel data models and the support of typical characteristics in funding structure of Vietnamese banks from 2007 to 2017, the study has the ideal tools to find the research results as expected, based on traditional accounting measures. The results show that equity capital and customer deposits have positive effects on bank liquidity positions. Further, the state ownership factor indicates no difference between liquidity behaviours of surveyed banks. These results are validated by alternative robustness checks from both linear and nonlinear specifications. The findings clarify the debates relating to emerging economies, thus providing some implications for better disciplines. Keywords: Deposit; emerging market; equity; funding liquidity; funding structure; market liquidity. DOI: 10.1504/IJEPEE.2020.10030280