International Journal of Economic Policy in Emerging Economies (113 papers in press)

Regular Issues

• Human capital development and economic growth nexus in Sub-Saharan Africa countries using a novel panel data analysis.  
  by Wondesen Teshome Bekele, Fekadu Gelaw Mersha 
  Abstract: There has been increased recognition on the important role of human capital development for tackling the core welfare problems such as poverty, unemployment, and inequality. This motivated Sub-Saharan Africa (SSA) countries to aggressively expand of education over the past decades. This study examined the interdependence between human capital development and economic growth of 36 SSA countries using annual data from 1980 to 2017. A dynamic common correlated effects estimator that overcome the econometric grumblers that are common in cross-country studies. The coefficients of lagged economic growth, capital stock and human capital in the economic growth model had a positive and statistically significant effect on economic growth, while the lagged economic growth in the growth rate model had a negative effect indicating conditional convergence. Moreover, human capital was found to enhance economic growth rate more than capital stock. Thus, the SSA countries should invest on human capital development by expanding education.
  Keywords: economic growth; human capital development; HCD; panel data; dynamic common correlated effect; DCCE; Sub-Saharan Africa; SSA.
  DOI: 10.1504/IJEPEE.2020.10032603
   
  
• Empirical study of velocity of money in India trends and its implications  
  by Abhinav Singh 
  Abstract: In this paper, empirical study of quarterly velocity of money for the Indian economy was carried out for the period spanning from 2004 to 2014. The study establishes that the velocity of money is highly predictable and is dependent on certain macro-economic factors such as interest rates, cash-deposit ratio and GDP. We found a stable velocity trend which affirms the indirect transmission of money in the economy. These findings are significant as money stocks growth projection is an important intermediate goal for Reserve Bank of India to effectively implement the framework of flexible inflation targeting. In this paper, we have also studied the behaviour of cash-deposit ratio and found that it follows a random-walk model.
  Keywords: velocity of money; cash-deposit ratio; transmission of money; seasonality; cyclicity; trends; random walk model; flexible inflation targeting; India.
  DOI: 10.1504/IJEPEE.2020.10034072
   
  
• Financial sustainability of a health micro-insurance scheme: a theoretical investigation  
  by Souvik Dasgupta, Amit Kundu 
  Abstract: The article attempts to outline a business model of a for-profit insurance firm initiating a health micro-insurance (MHI) scheme and investigates whether it can sustain financially in that endeavour. We show that when firm cannot observe and monitor the effort taken by beneficiaries in prevention, the presence of a nodal agency (any voluntary local organisation like NGO) is very crucial in maintaining the financial sustainability of the scheme. If the individual claims are independent and identically distributed, under certain conditions the level of expected claims is decreasing in NGOs effort level. The firm can set a lower risk-loading with the higher monitoring effort of the NGO.
  Keywords: micro-insurance of health; moral hazard; nodal agency; risk loading; financial sustainability; monitoring; compensation.
  DOI: 10.1504/IJEPEE.2020.10034523
   
  
• Inherent needs of sharing logistic in mobility sharing transportation system  
  by Nur Budi Mulyono, Noorhan Firdaus Pambudi, Niken Larasati, Isnan Hidayat 
  Abstract: Empty truck in backhauling is one of the main problems faced by the land freight transportation system. The idea of sharing logistics, in the form of truck sharing, emerges as extended and inherent needs of sharing economy that contributes to the mobility sharing segment to solve an empty backhauling problem. The purpose of sharing logistics is to decrease transportation costs, maximise utilisation of the truck, and reduce carbon emission. This study aims to provide state of the art of the sharing logistic field of study, current practice, challenges, and future direction of sharing logistics that is generated from sharing economy and shared mobility. We employ depth interviews and survey targeting several small and medium enterprises (SME) in Java island of Indonesia and large enterprises that practicing mobility sharing for cars and motorcycle. As a result, the usage and application of sharing logistics are currently limited to internal uses of the company, and the barriers to implementing are coming from carriers, consumers, producers, infrastructure, and the environment. This study elaborates those barriers through the fishbone diagram as well as deliver the know-how of sharing logistic works.
  Keywords: empty backhauling; mobility sharing; sharing logistic; truck sharing.
  DOI: 10.1504/IJEPEE.2021.10034712
   
  
• Feed-in tariffs for solar energy in Thailand  
  by Christoph Casimir Odermatt 
  Abstract: Feed-in tariffs for solar power have been in effect in Thailand for a couple of years. Their costs of different levels of solar power installations from 2016 to 2036 are compared. The results are expressed in the Ft value which is the variable part of the Thai electricity tariff. The Ft values either feature learning or no learning and these two values are calculated accrued or discounted. Three scenarios are compared against the development plan; a non-solar, a medium, and a boom scenario. The no solar scenario shows that the government subsidises abatement. A learning scenario should replace the limit on FiT subsidised solar power, since lowering the feed-in tariff over time in line with lower levelised costs for solar power keeps the total subsidy in check. This could be applied to other countries that start with a low level of solar power installations.
  Keywords: solar subsidies; feed-in tariff; levelised costs of electricity; renewable energy; government policy analysis.
  DOI: 10.1504/IJEPEE.2021.10034831
   
  
• Oil price shocks, inflation and policy response: the emerging market experience  
  by T.G. Saji 
  Abstract: This research empirically examines the monetary policy responses towards the oil price pass-through to inflation dynamics in an emerging market like India during the period 20062017. Our results, based on vector auto-regressive (VAR) estimation, find low and insignificant crude price transmission to domestic fuel prices due to weighted tax content in the retail prices. The propagation effect of the fuel price hike to headline inflation is dismal or at minimum. The study observes weak causality from monitory policy to headline inflation, while the reverse relationship is found substantial and significant. The findings ultimately suggest the continued adherence to the present rule-based monetary policy framework of pegging policy rates to inflationary expectations in India enables the Monetary Policy Committee (MPC) to recognise the short-term trade-off between inflation and growth, while allows it to stabilise prices in the long-run and across different economic cycles.
  Keywords: oil price shocks; headline inflation; monetary policy; inflation targeting.
  DOI: 10.1504/IJEPEE.2021.10035110
   
  
• A study of sovereign risk and debt defaults. Evidences from Asian economies  
  by Moid U. Ahmad, Talla M. Al-Deehani 
  Abstract: Sovereign defaults are becoming increasingly common, raising questions about fiscal management and debt management by governments across the globe. This paper attempts to investigate country defaults in countries across Asia based on the level of their debt against income. A total of nine variables for 34 countries, across Asia, were studied for the time period 20152017 where binary and multinomial logistic regression was used as a primary technique of analysis. Exploratory factor analysis for data reduction and qualitative analysis is also done in the study. Out of total 34 sample countries, 14 (41%) were found to default based on 2017 data of Debt/GDP ratio. One of the significant finding was that Debt/GDP ratio is negatively correlated with GDP growth rate and that country debt defaults can be explained by two factors, Savings and Growth. The study is expected to provide inputs to policy makers, managers and bankers for effective distress and debt default management at country level.
  Keywords: country risk; debt default; logistic regression; macro-economy; Asia.
  DOI: 10.1504/IJEPEE.2021.10035112
   
  
• The volume of MTIC fraud between Poland and Czechia in electronic devices trade: general method of carousel fraud estimation  
  by Miroslav Vaškovič, Hana Zídková, Markéta Arltová 
  Abstract: EU member states are discussing the phenomenon of carousel (MTIC) fraud. Existing estimates of this type of VAT evasion are sparse and the methodology behind them is unclear. This paper describes a method of how to estimate (ex-post) the MTIC fraud realised within a trade on selected goods. The analysis is based on trade balances in the selected category of goods between two member states. The main assumption is that after the implementation of the specific reverse charge mechanism the MTIC frauds on the respective goods are eliminated. The fictitious (fraudulent) supplies of goods between the member states cease to exist and the trade balance changes accordingly. The results show that the MTIC realised EUR 44-51 million profit on the MTIC fraud in international trade between Poland and Czechia with selected electronic devises in 2014 and 1st quarter 2015 (fraud measured in Czechia)
  Keywords: VAT evasion; missing trader intracommunity; MTIC; MTIC fraud; estimation method; Poland; Czechia; trade balance analysis; carousel fraud; specific reverse charge; international trade.
  DOI: 10.1504/IJEPEE.2021.10035132
   
  
• Pass-through effects of global oil and food price shocks on Moroccos inflation: frequency causality analysis in VAR model  
  by Mounir El-Karimi 
  Abstract: Moroccos central bank aims to move towards targeting inflation rate rather than exchange rate. Since the country is substantially dependent on commodity imports, the imported inflation constitutes a crucial concern of policymakers. This paper examines the impacts of world oil and food price shocks on Moroccos consumer prices during 19992019. To this end, the Breitung and Candelon (2006) frequency causality test combined with Toda and Yamamoto (1995) procedure is applied on quarterly data in VAR model. The findings reveal that oil and food price changes significantly affect domestic consumer prices. On one hand, the inflationary effects of food price shocks are found to be significant in the short and long-run, while oil price inflationary effect is more important in the long-run. On the other hand, consumer prices show asymmetric responses to commodity price changes, as positive shocks in food price have more inflationary effects than negative shocks, while the inverse pattern is shown for oil price shocks. Our findings may give useful information to policy
  Keywords: oil price; food commodity price; consumer prices; inflation; Morocco; causality; frequency analysis; asymmetry.
  DOI: 10.1504/IJEPEE.2021.10035215
   
  
• Effect of leadership towards volunteer performance of the Citarum watershed ecovillage community, Indonesia  
  by Sam’un Jaja Raharja 
  Abstract: The purpose of this study was to analyse the effect of leadership on volunteer performance of the ecovillage community in the Citarum watershed, the dirtiest and most polluted river in the world. Data were obtained from 100 respondents of the ecovillage community and analysed using structural equation modelling. Results showed that leadership was unable to instil optimal commitment in the community. The indirect effect of leadership on performance was 0.635, indicating a strong influence on the performance of volunteers. The leaders with the ability to conduct their duties properly increased commitment and creativity, as reflected in the performance of the ecovillage community.
  Keywords: leadership; performance; ecovillage; commitment; co-production leadership; transformational leadership; incentive; Citarum watershed; Indonesia.
  DOI: 10.1504/IJEPEE.2021.10035375
   
  
• Business cycle variability in Mexico: an empirical analysis from 19802017  
  by Guillermo Benavides 
  Abstract: The present paper analyses the properties of business cycles dynamics in Mexico from 1980 to 2017. Firstly, there is an examination of whether there have been significant changes in their properties over time. In doing so, the standard methodology about filtering time series for the analysis of business cycles facts are applied. Secondly, standard structural break tests are carried out in order to detect changes in the dynamics of the data. The results show that the volatility of consumption is greater than that of output and net exports and real interest rates are strongly countercyclical. These findings also show a statistical significant decrease in the volatility of the cyclical components of several aggregate variables around the mid-1990s. Important significant decreases are also observed in nominal variables like inflation and interest rates. These breaks coincide to some known events of economic policy changes in Mexico and may suggest a period of Great Moderation in that country.
  Keywords: emerging economies; filtering statistical methods; Mexico; real business cycles; RBCs; structural breaks; stylised facts.
  DOI: 10.1504/IJEPEE.2021.10035376
   
  
• The superstar effect on colour discrimination in the Brazilian cultural labour market  
  by Thais Alves Da Silva, Sandro Eduardo Monsueto, Marizélia Ribeiro De Souza, Jaqueline Moraes 
  Abstract: This article aims to analyse the role that individuals known as superstars have on colour discrimination in the Brazilian cultural labour market. We used data from the Continuous National Household Sample Survey between 2012 and 2018 to test the assumption that the superstars can use their extraordinary talent and popularity to reduce the colour discrimination associated with pay. We divided the cultural labour market into two groups, one with common occupations and the other with occupations with greater potential to be held by superstars, who have more media exposure, who are more popular, and for whom there is a higher concentration of income. We used quantile regressions to capture the impact of variables at various points along the income distribution, and a differential decomposition to confirm the hypothesis that colour discrimination decreases when the worker reaches superstar status. We obtained different results for gender and age, which revealed the presence of a superstar effect among younger women
  Keywords: culture; colour discrimination; superstar; Brazil.
  DOI: 10.1504/IJEPEE.2021.10035631
   
  
• The powerlessness of mudharabah instrument in Indonesian Islamic banking  
  by Muchlis Yahya, Agus Eko Sujianto, Edy Yusuf Agunggunanto, Johan Arifin, Syaparudin 
  Abstract: : The objective of this study is to analyse the powerlessness of profit sharing payment with the mudharabah instrument in Indonesian Islamic banking. The factors that could affect the powerlessness are inflation, interest rate, mudharib bankrupt potency (NPF), operational costs, and workload with fixed payment. Using time series data that consist of 60 months from 2014 to 2018, this study shows that the spirit of implementing mudharabah contract from the side of financing was excessive as indicated by the constant value 47.750. In the process, it is loosened due to inflation, interest rate, mudharib bankrupt potency (NPF), operational cost and workload with fixed payment model. In the future, it is necessary to synchronise the revenue model and cost. If the revenue from the financing side used profit sharing payment model, then all the production costs (wage and rent) should be applied the profit sharing payment model instead of fixed payments.
  Keywords: financing; mudharabah; profit sharing payments; fixed payments.
  DOI: 10.1504/IJEPEE.2021.10035797
   
  
• Decomposition of the effects of ageing population and migration on labour force  
  by Alma Mačiulytė-Šniukienė, Kristina Matuzevičiūtė, Dovilė Ruplienė 
  Abstract: Ageing is a long-term trend in Europe that started a few decades ago; it causes a number of economic and social problems. The paper aims to evaluate the effects of population ageing and migration on the changes of population and labour force (LF) size as well as the structure of the EU member states, using the decomposition method. We identified how the LF has changed due to the changes of the LF activity level and population volume and then we decomposed influence via demographic changes and migration. The analysis revealed that LF increased in 13 analysed countries over the period 20132017, with significant increases in Germany, Italy, Hungary, Sweden and France. Migration compensated the negative demographic effect on the LF in Germany, Sweden and Denmark. However, migration negatively influenced LF in eight countries, mostly in Spain and Poland, since the net migration was negative. Nevertheless, promoting immigration could help prevent LF shortage issue as well as population ageing.
  Keywords: ageing population; labour market; labour force; activity rate; migration; decomposition.
  DOI: 10.1504/IJEPEE.2021.10035798
   
  
• Impact of goods and services tax on various sectors of Indian economy: a systematic literature review  
  by Taru Maheshwar, Mukta Mani 
  Abstract: The study has reviewed the existent literature on the effect of good and services tax (GST) on various sectors of Indian economy. The purpose of the study is to analyse the findings of the number of studies which have been published for different sectors so as to be able to present a broad picture about the influence of GST on various sectors in the country. A systematic literature review has been performed based on 114 studies by focusing on the findings of the papers. The result of the paper highlights the impact of GST on 14 sectors of Indian economy and it has been envisaged that GST has positive effect on agriculture, automobile, healthcare, logistics, manufacturing, retail and textile sector. Insurance and power sectors are negatively affected. Banking, FMCG, IT, e-commerce and real estate sector have mixed effect.
  Keywords: good and services tax; GST; sectors; systematic literature review; indirect tax reform; synthesis; India.
  DOI: 10.1504/IJEPEE.2021.10036105
   
  
• Why dont firms grow? Evidence from Egypt  
  by Chahir Zaki 
  Abstract: Using a comprehensive firm-level dataset for Egypt from the World Bank Enterprise Surveys (2013, 2016, 2020), the paper tries to examine the main constraints faced by Egyptian firms and to analyse how these barriers limit their growth. The contribution of the paper is twofold: first, it considers a large array of constraints (related to infrastructure, macroeconomic policy, stability and security, institutions and factors of production) that hinder firms expansion; second, it examines the effect of these constraints on various measures of firms performance (sales, employment, capacity utilisation and exports). The main findings of the paper show that business licenses and practices from the informal sector exert a negative effect on sales, employment and capacity utilisation. At the macroeconomic policy level, access to finance, tax rates and tax administration hinder the expansion of firms. While small and exporting firms are more affected by most of the constraints, firms operating in the manufacturing sector face more impediments compared to their counterparts operating in the service sector
  Keywords: Egypt; firms; constraints.
  DOI: 10.1504/IJEPEE.2021.10036106
   
  
• Generation Z: the new mobile consumers. Empirical evidence from Poland  
  by Bogdan Mróz, Barbara Grabiwoda 
  Abstract: The primary purpose of this paper is to determine how marketing activities in the mobile environment impact the new, heavily digitalised purchase decision-making by Generation Z. To achieve a comprehensive view on Generation Zs consumer behaviour, the authors performed an empirical study focused on the usage of mobile technology. The research was supported by an extensive review of the topical literature. The results were followed by statistical analysis, which uncovered substantial importance of mobile technologies among young respondents. The findings of the research confirmed the assumed hypothesis that the most important factor determining purchase decision-making among Generation Z is employment of mobile technologies by companies in their contacts with young consumers. 53% of respondents pay attention to mobile marketing communication and declare positive attitude towards such activities. The research also indicated how crucial mobile social media presence is for companies aiming to target Generation Z consumers.
  Keywords: consumer behaviour; purchase decision-making; Generation Z; mobile technologies; Poland.
  DOI: 10.1504/IJEPEE.2020.10036744
   
  
• BRICS countries as new growth poles of the global digital economy  
  by Evgeniya K. Karpunina, Raisa L. Agabekyan, Igor V. Petrov, Elena A. Gorlova, Tatyana G. Sobolevskaya 
  Abstract: The purpose of the study is to identify the digital economy self-development potential of the BRICS countries, which is necessary for them to become the growth poles of the global economic system. The authors have adapted the concept of self-development potential to the research of the digital economy. The article offers the authors methodology for assessing the digital economy self-development potential based on the use of the method of integral estimates. The calculation of complex integral indicator of the digital economy self-development potential in each of the BRICS countries has allowed the authors to identify countries that have an opportunity to become growth poles in the global economy (China and Russia), as well as to determine the outsider countries (Brazil, India and South Africa). The authors justified the need to differentiate the state policy in relation to the growth poles and outsider countries.
  Keywords: digital economy; BRICS countries; emerging economies; digital economy self-development potential; developed countries; growth poles; advanced development; state policy; productivity; differentiated policy.
  DOI: 10.1504/IJEPEE.2021.10036746
   
  
• The impact of external debt on economic growth in emerging economies: investigating the role of capital formation  
  by Nisha Prakash, Swarupa Ranjan Panigrahi 
  Abstract: The emerging economies rely on external debt for their economic development (Hawkins and Turner, 2000). We investigate capital formation as one of the channels through which external debt impacts the economic growth of emerging economies. The study utilises unbalanced panel data estimation models on economic data of 24 emerging economies1 for the period 1990 to 2019. Unbalanced panel data regression models are developed to identify the impact of: 1) growth of external debt stock (EDS) on GDP growth; 2) capital formation growth on GDP growth; 3) growth of EDS on capital formation growth in these economies. The findings indicate that EDS growth in the emerging economies had a negative impact on GDP growth, while capital formation growth had a significant positive impact on GDP growth. Further, the EDS growth had a significant negative impact on capital formation. Findings indicate that the debt raised has hindered capital formation in emerging economies.
  Keywords: external debt; emerging economies; capital formation; crowding out; debt overhang; GDP per capita.
  DOI: 10.1504/IJEPEE.2021.10036988
   
  
• Dynamics of energy consumption, financial development, trade openness and economic growth in India: an autoregressive distributed lag bounds cointegration approach  
  by Harishankar Vidyarthi, Santosh Kumar Tiwari 
  Abstract: The study examines the dynamics between energy consumption, growth, trade openness, and financial development using multivariate ARDL bounds testing approach to cointegration approach for India during 19712018. The findings confirm long-run equilibrium relationship among underlying variables. Estimated income elasticity indicates that 1% rise in energy consumption per capita leads to 2.9220% increase in GDP per capita. Further, study confirms improvement in energy access, financial development and trade openness may enhance economic growth for India in long run.
  Keywords: energy consumption; economic growth; ARDL bounds test; financial development; India.
  DOI: 10.1504/IJEPEE.2021.10037510
   
  
• The kaizen philosophy, a management approach for continuous improvement in times of COVID-19. A case study  
  by Manuel F. Suárez-Barraza*, Manuel Francisco Morales-Contreras 
  Abstract: Studying the application of the kaizen philosophy in the midst of the global COVID-19 pandemic represents a great opportunity to observe the changes that are happening in people s daily work. In particular, in the health sector it has represented a challenge of extraordinary dimensions. Certain public hospitals in Mexico have taken into consideration this Japanese philosophy as a way of dealing with the new way of working to organise and improve it. An exploratory case study was conducted. The processes of healthcare for suspected and contaminated COVID-19 patients improved in terms of employee safety, elimination of MUDA and quality of service. Four kaizen techniques were applied before and after COVID-19 in the public hospital such as: kaizen teams, standardisation, genba walk management and senpai-kohai relationship. As a result of this research some drivers emerge during the case study analysis. Participative leadership from middle management, management by walking around, learning by doing among other drivers, they have helped the public hospital to solve its daily problems in addition to coping with the COVID-19 pandemic in terms of operational efficiency and safety of health employees.
  Keywords: kaizen philosophy; healthcare; kaizen teams; standardisation; problem solving; Mexico; senpai-kohai relationship; case study; kaizen applied during COVID-19.
  DOI: 10.1504/IJEPEE.2021.10037675
   
  
• The impact of COVID-19 crisis on return and volatility spillovers between the Vietnam stock market and world gold price  
  by Le Van, Nguyen Khac Quoc Bao 
  Abstract: In this paper, we examine the relations between Vietnam stock and world gold spot price in terms of return and volatility spillovers using the bivariate BEKK-GARCH framework models with Students t-distributed errors for daily return series from 1 January 2010 to 15 May 2020. We find that the world gold price positively affects the VN index return from 2010 to 2019 while affects negatively during the period of novel corona virus disease (COVID-19) pandemic from 1 January 2020 to 15 May 2020.The COVID-19 impact assessment on the VN index-world gold portfolio reveals that the gold weight gradually increases, and the optimal hedge ratio dramatically decreases to a negative value under implications of the pandemic
  Keywords: stock return; world gold price; COVID-19; Vietnam.
  DOI: 10.1504/IJEPEE.2021.10037684
   
  
• Income structure and bank capital: evidence from Vietnam  
  by Van Dan Dang 
  Abstract: The study examines the impacts of bank income structure captured by income diversification and volatility on capital buffers. Using a dataset of Vietnam during 20082017, we find that: 1) income diversification towards non-interest segments reduces capital holdings; 2) revenue volatility is accompanied by a higher level of capitalisation. These results are robust across alternative measures of bank income, and different econometric methodologies based on the generalised method of moments and the standard approach of least squares method in dynamic and static panel models. The findings exhibit the benefits of income diversification and revenue stability in terms of capital savings for banks themselves. In contrast, from the regulatory perspective that favours bank safety and sound
  Keywords: capital buffer; income diversification; income structure; revenue volatility; Vietnam.
  DOI: 10.1504/IJEPEE.2021.10038014
   
  
• Behaviour of financial consumers in banking market: a central and eastern European perspective regarding gender gap  
  by Adriana Grigorescu, Mirela Panait, Valentina Vasile, Maria Palazzo 
  Abstract: The international financial crisis has demonstrated the fragility of the international system, the weak supervision of markets by public authorities and, the precarious position of consumers in the face of large transnational giants that dominate the banking markets. The crisis highlighted the vulnerability of the financial consumers, unethical behaviour of financial institutions, but even so the corporate social responsibility practice seems to be accepted by the banking system. This shows that customers, nowadays, have to pay huge attention in understanding if financial institutions are really following ethical strategies or if they are just interested in promoting themselves using the sustainability as a window dressing approach. Aim of the research is analysis of the individual's adaptation to prolonged crisis situations specific to countries, with a precarious financial education of the population and the gender gap in terms of the degree of financial inclusion for specific indicators.
  Keywords: financial consumers; financial inclusion; financial education; gender gap.
  DOI: 10.1504/IJEPEE.2021.10038306
   
  
• Macro-economic determinants of the relationship between exchange rate and stock returns: a two-stage approach  
  by K.V. Bhanu Murthy, Amit Kumar Singh, Annu Aggarwal 
  Abstract: This paper has developed and implemented a two-stage least square (2SLS) simultaneous equation model based on Hayashi and Sims (1983). First, we have applied autoregressive distribution lag (ARDL) bounds testing approach for estimating the macro-economic determinants of foreign exchange rate (FER). The presence of long-run stable co-integrating relationship between FER and indirect macro-economic variables is established. The second stage examines the impact of pre-determined exchange rate and other (direct) macrovariables (like IIP, inflation, interest rate parity, oil trade index, and so on) on stock return (SR) in an OLS framework. In line with theory, we find a significant impact of predicted exchange rate, gold prices, risk free returns and international security returns on stock returns on the Index. We conclude that the relationship between FER and SR is a complex simultaneous one and it cannot be captured by a single equation model as has usually been done in extant literature.
  Keywords: stock returns; exchange rate movements; two-stage least square; interest parity; autoregressive distributed lag; ARDL; bounds testing.
  DOI: 10.1504/IJEPEE.2021.10038308
   
  
• Managing innovations and digitalisation in the age of intellectual machines: challenges for the economic policy in Russian regions  
  by Yakhya G. B. Buchaev, Arsen S. Abdulkadyrov, Salihbek G. Abdulmanapov, Rauf N. Gadzhiev, Zalina M. Abdullaeva 
  Abstract: The purpose of this article is to study the challenges to management of innovations and digitalisation in the age of intellectual machines and to develop an alternative approach to implementation of the economic policy in the sphere of modernisation in the modern regions by the example of Russian regions. Originality of this research consists in refusal from the traditional generalisation of innovations and digitalisation as the sources of modernisation. Instead of this, here innovations and digitalisation are differentiation in view of not only commercial effectiveness (for a company implementing them) but also of the consequences for a region in the age of intellectual machines. It is proved (by the example of Russian regions) that consequences of digitalisation and innovations for society, state, entrepreneurship, and environment are different. The importance of the obtained conclusions for economic policy consists in the study of its new challenges in the age of intellectual machines.
  Keywords: innovations; digitalisation; intellectual machines; economic policy; regions of Russia.
  DOI: 10.1504/IJEPEE.2021.10038312
   
  
• Innovative post-industrial development in the age of intellectual machines: experience and perspectives of financing in emerging economies  
  by Nelia A. Deberdeeva, Tatiana M. Rogulenko, Anna V. Bodiako, Svetlana V. Ponomareva 
  Abstract: Originality of this paper is predetermined by its following advantages as compared to the existing publications. First advantage: independent study of the financial factors of emerging economies innovative development, which allows determining their most precise and correct influence on innovative development. Second advantage: consideration of the experience of emerging economies, which allows determining the specifics of their innovative post-industrial development in the age of intellectual machines and offering unique (different from developed countries) recommendations in the sphere of economic policy. Third advantage: detailed study of not innovations on the whole, but hi-tech (digital) post-industrial innovations. Unlike the existing works, which treat Industry 4.0 as source and result of industrial innovations, this paper acknowledges the significant contribution and potential of Industry 4.0 in generation and provision of post-industrial innovations, which opens a new angle in the study of innovative development in the age of intellectual machines.
  Keywords: economic policy; innovative post-industrial development; business; financing; financial management; intellectual machines; emerging economies.
  DOI: 10.1504/IJEPEE.2021.10038313
   
  
• Digital personnel in labour market as the basis of creating highly efficient jobs in developing countries in the age of intellectual machines  
  by Mikhail Y. Zakharov, Elena A. Sulimova, Maria E. Konovalova, Timur A. Mustafin 
  Abstract: The purpose of this research is to determine and substantiate the perspectives of improving the economic policy of digital personnel management in labour market for creation of highly-efficient jobs in developing countries in the age of intellectual machines. Originality of this research consists in a new, wider view at the economic policy of digital personnel management in labour market for the purpose of creation of highly efficient jobs in developing countries in the age of intellectual machines, which is not limited by personnel training but takes into account their use in entrepreneurship. The obtained results contribute to development of the theory and practice of economic policy through specifying the factors of creation of highly-efficient jobs in developing countries in the age of intellectual machines based on digital personnel and developing high precision applied recommendations for management of these factors.
  Keywords: economic policy; digital personnel; intellectual machines; highly efficient jobs; emerging economies.
  DOI: 10.1504/IJEPEE.2021.10038314
   
  
• Marketing model of distribution of intellectual machines as new subjects of socio-economic relations in emerging economies  
  by Bogdan S. Vasyakin, Dmitry N. Mednikov, Ekaterina A. Karelina, Alexey S. Kharlanov 
  Abstract: The purpose of this paper is to develop and substantiate the preference of the marketing model of distribution of intellectual machines as ew subjects of socio-economic relations in emerging economies. Originality of this research consists in developing a new model of economic policy in emerging economies, which envisage management of intellectual machines distribution not on the basis of increase of regulation (which is traditionally done) but de-regulation with the help of marketing. The advantages of the offered model include the shift of non-commercial burden on stimulation of intellectual machines distribution from government to private entrepreneurship (saving government resources) and providing private business with an additional opportunity to obtain commercial advantages from digitalisation with the help of intellectual machines marketing. Contribution of the performed research consists in substantiation of the advantages of the marketing tools of managing the distribution of intellectual machines as new subjects of socioeconomic relations.
  Keywords: economic policy; marketing; intellectual machines; emerging economies.
  DOI: 10.1504/IJEPEE.2021.10038315
   
  
• Financial measurement of emerging economies effectiveness in the age of intellectual machines: scientific methodology and policy implications  
  by Tatiana M. Vorozheykina, Liudmila I. Tsvetkova, Elena L. Pozharskaya, Yuliya A. Agunovich 
  Abstract: This paper aims at developing a scientific methodology of financial measurement of emerging economies effectiveness in the age of intellectual machines and compiling recommendations for state regulation of financial effectiveness based on digitalisation. Originality of this research consists, firstly, in development of a new methodology of financial measurement of emerging economies effectiveness, which takes into account the specifics of the age of intellectual machines large role of innovations and high technologies as the key directions of investing. The use of the leading methodology allows determining financial effectiveness of emerging economies in the age of intellectual machines. Secondly, digitalisation is considered as a factor of financial effectiveness of emerging economies in the age of intellectual machines, and influence of this factor and perspectives of its optimisation with the help of state economic policy in the financial sphere is determined.
  Keywords: financial measurement; financial effectiveness; emerging economies; age of intellectual machines; economic policy.
  DOI: 10.1504/IJEPEE.2021.10038604
   
  
• Models of economic growth of Russias regions in the age of intellectual machines: technological breakthrough vs. stability and sustainability  
  by Arsen S. Abdulkadyrov, Magomed Kh. Abidov, Stanislav Yu Evdokimov, Viktor N. Kvasnitsky, Suren Khachaturian 
  Abstract: This paper aims at determining the models of economic growth of Russias regions in the age of intellectual machines from the positions of consequences of digitalisation in the form of technological breakthrough, stability, and sustainability. By the example of Russias regions, we determine the models of regions economic growth in the age of intellectual machines from the positions of opposition of technological breakthrough, stability, and sustainability. It is proved based on the 2020 official statistics that the leading and rapidly developing countries (rockets) implement a sociooriented model, regions with large potential of development (racers) externally-oriented model, and progressive regions with slow development (parachutists) technology-oriented model. Contribution of the developed recommendations consists in systematisation of the models of regions economic growth in the age of intellectual machines and in the opportunity for application of the offered recommendations in the practice of Russias regions.
  Keywords: digital growth; regions of Russia; age of intellectual machines; technological breakthrough; stability; sustainability; economic policy.
  DOI: 10.1504/IJEPEE.2021.10038605
   
  
• The effect of statutory reserve requirement on conventional banks dividend decision in Malaysia  
  by Mei Foong Wong 
  Abstract: Dividend policy persists as one of the most important unsolved issues in finance involving in the banking industry. Hence, this study investigates the effect of statutory reserve requirement and bank-specific factors on bank dividend pay-out decision. Based on all listed conventional banks from Malaysia for the period 20012018, the dividend decision model is predicted by applying the panel cointegration test, fully modified ordinary least squares, dynamic ordinary least squares and panel Granger causality test. The findings offer evidence of the positive impact of reserve funds and liquidity on conventional banks dividend decision. The results also indicate that non-performing loan and leverage have significant and negative impact on bank dividend decision. Further analyses show that there is a long-run causality association running from reserve funds and bank-specific factors to dividend decision. Hence, policy makers should strive to formulate appropriate policies to mitigate the possibility undermining impacts on a nations growth.
  Keywords: bank-specific factors; dividend; leverage; non-performing loan; reserve funds; Malaysia.
  DOI: 10.1504/IJEPEE.2021.10039099
   
  
• Stock market anomalies in ASEAN+6 countries  
  by Suthasinee Suwannapak, Nuttida Thongrak, Surachai Chancharat 
  Abstract: This paper examines the day-of-the-week, the turn-of-month, and the January effects in ASEAN+6 stock markets from 2001 to 2020. The results indicate that the returns were statistically significant for Indonesia except for Monday, Tuesday, and Thursday for the pre-crisis period and Thursday for the crisis period. However, the estimated coefficients for Australia and Japan were statistically insignificant in all four periods. The results for the turn-of-month effect indicate that none of the developed markets exhibited a significant turn-of-month effect, except for Japan in the pre-crisis period and New Zealand for the whole period and the pre-crisis period. Lastly, the January effect indicates that the returns during January were higher than the returns during the rest of the year, and they were stronger for emerging markets as compared to developed markets
  Keywords: calendar anomaly; day-of-the-week; turn-of-the-month; January effect.
  DOI: 10.1504/IJEPEE.2021.10039232
   
  
• Impact of COVID-19 on agriculture supply chain: potential mitigation and adaptive measures from an Indian perspective  
  by Sneha Kumari, V.G. Venkatesh, Yangyan Shi, K.K. Tripathy 
  Abstract: Pandemics, like COVID-19, are unprecedented with huge potential for long-term disruptions and exodus in supply chain management activities. This study explores the impact of COVID-19 on the agriculture supply chain and maps potential pandemic mitigation measures for effectively managing the agriculture supply chains. The study uses a systematic content analysis of 127 articles. It examines the coping behaviour of the supply chain segment of agriculture. The study has recommended potential measures to manage agriculture supply chains in a pandemic situation. It captures COVID-19 induced factors and events that have caused a gradual breakdown in the global agriculture supply chain specifically that of India. The impact and the potential short-term and long-term mitigation mechanisms are also summarised. The study has examined different factors causing injury to the agriculture supply chain activities and laid down potential mitigation mechanisms.
  Keywords: agriculture supply chain; pandemic; COVID-19; farm production.
  DOI: 10.1504/IJEPEE.2021.10039409
   
  
• Indias weak investment: empirical estimation at corporate and household level  
  by Ashwani Bishnoi 
  Abstract: Investment has remained a predominant source for enhancing the productivity led economic growth in an economy. Indian economy has noted slowdown in investment especially in private sector since 2011, even in the presence of high growth trajectory, eased financing conditions, accommodative monetary policy and eased business regulations. This puts forth ample scope for research enquiry to understand the explaining factors behind this disconnect. Moreover, the investment slowdown mainly led by the household sector has been overlooked by the existing literature. In this background, this paper aims to empirically investigate the key drivers of the weak private investment in India including the household investment. Study employs ARDL bound-testing approach for annual data (19702019) as well as quarterly data (2004q1 to 2019q4). The estimation using the later period helps in getting better insight about the ongoing public debate of investment slowdown. Empirical evidence suggests that the gaps of financial resources, monetary policy, fiscal policy, economic uncertainty, debt burden and fluctuating exchange rate are key derivers for the corporate and household investment in India
  Keywords: private investment; corporate; ARDL bounds-testing; household investment; India.
  DOI: 10.1504/IJEPEE.2021.10039623
   
  
• Budgetary stability of territories as a consequence of developing and developed economies of the regions of Russia  
  by Nadezhda I. Yashina, Ekaterina P. G. Garina, Elena V. Romanovskaya, Natalia S. Andryashina, Sergey D. Tsymbalov 
  Abstract: The paper presents an analysis of the regions budgetary sustainability to identify developing economies in the Russian Federation regions. According to the ideas developed in the article, the budgetary stability of the regions is different and is based on indicators of state financing of human capital and the structure of budget revenues, as well as indicators of the regions business activity. The vector of budgetary stability of regions repeats the vector of developed or developing economies of regions. The object of the research is consolidated and regional budgets of regions. The subjects are the methods and tools of the budget in Russian Federation regions. Works of leading domestic and foreign scientists and experts in the area of budget management were the theoretical basis of this research. It is based on a systems approach that allows to analyse various aspects of the budget stability evaluation in internal and external financial constraints.
  Keywords: budget; analysis of the budget system; the method of evaluating fiscal sustainability regions; Russia.
  DOI: 10.1504/IJEPEE.2021.10039624
   
  
• Financial strategy of human development management in emerging economies in the age of intellectual machines  
  by Veronika V. Yankovskaya, Maria V. Zaytseva, Irina V. Petrovskaya, Olga Yu. Kuzmina 
  Abstract: The goal is to develop a financial strategy of human development management in emerging economies in the age of intellectual machines. A new approach to solving this problem is offered; it envisages the combination of state regulation and search for the ways to activate the market mechanism. Originality of this research consists in consideration and detailed study of a wide set of financial factors of human development in emerging economies in the age of intellectual machines, which allows for precise and correct determination of capabilities (potential) and limitations of application of the financial mechanism for human development. Uniqueness of this paper consists in consideration of the specifics of the age of intellectual machines and the international experience of emerging economies, due to which the developed recommendations in the sphere of economic policy are ready to be implemented and show high effectiveness in emerging economies with progressive digital economy.
  Keywords: economic policy; financial strategy; management; human development; age of intellectual machines; emerging economies.
  DOI: 10.1504/IJEPEE.2021.10039625
   
  
• Industry 4.0 as the vector of industrial development in emerging economies in the age of intellectual machines: a financial aspect  
  by Vladimir S. Osipov, Galina N. Semenova, Gyulnara A. Adamova, Lidiya B. Larina 
  Abstract: The purpose of this paper is to study a financial aspect of the progress of industry 4.0 as the vector of industrial development in emerging economies in the age of intellectual machines and to develop recommendations for conducting economic policy of managing this process. Originality and uniqueness of this research consist in consideration and determination of the specifics of emerging economies experience; deep research of the financial aspect of the progress of Industry 4.0 as the vector of industrial development in emerging economies in the age of intellectual machines with application of mathematical tools, in view of insufficient elaboration of this aspect in the existing literature, where it is studied only qualitatively (not quantitatively) together with other aspects; in systemic study of the factors and advantages of the progress of industry 4.0 as the vector of industrial development in emerging economies in the age of intellectual machines.
  Keywords: economic policy; Industry 4.0; industrial development; financial management; intellectual machines; emerging economies.
  DOI: 10.1504/IJEPEE.2021.10039626
   
  
• The impact of central bank policy on Thai banking development: the ARDL approach  
  by Kanokporn Intharak, Surachai Chancharat, Jakkrich Jearviriyaboonya 
  Abstract: Impacts of monetary policy and macroprudential policy were investigated on macroprudential, foreign currency-based capital flow, and residency-based capital flow measures in relation to Thai banking development. Measurement of banking development including financial depth, financial stability, financial efficiency, and financial inclusion associated with the central bank policy was assessed from 2004 to 2019 using the ADRL-bounds testing approach. Results showed that monetary policy and tightened and loosened macroprudential policy posed significant positive and negative impacts on Thai banking development. Policymakers should implement changes carefully to reduce unintended consequences hampering the domestic banking sector, other domestic financial markets, and international financial markets.
  Keywords: central bank; banking development; monetary policy; macroprudential policy.
  DOI: 10.1504/IJEPEE.2021.10039777
   
  
• Financial development and asset price reaction to monetary policy: case study of Thailand  
  by Attasuda Lerskullawat 
  Abstract: Recent studies in many countries have examined the reaction of asset prices to monetary policy; however, few have investigated the effect of financial development on this reaction, including in the case of Thailand. This paper aims to examine asset price reaction to monetary policy and the effect of financial development, including banking sector and capital market development, on this reaction in Thailand from January 2007 to December 2018. The paper also analyses these reactions in different industrial sectors. The results show that asset prices have a significant negative reaction to monetary policy, while financial sector development leads to a higher reaction. This reaction is especially high in industry groups which have relatively low returns. The study raises a policy implication for Thailand and other countries in the use of financial development to control asset price reaction and the economy.
  Keywords: asset price reaction; monetary policy; asset price channel; financial development; banking sector development; capital market development; Thailand.
  DOI: 10.1504/IJEPEE.2021.10039840
   
  
• The implications of financial literacy rate on the company profitability of MSMEs in Bandung  
  by Raden Aswin Rahadi, Nicholas King King Herijanto, Dwi Rahmawati, Sudarso Kaderi Wiryono, Aria Bayu Pangestu, Asep Darmansyah, Kurnia Fajar Afgani 
  Abstract: The value of MSMEs can be seen from their contribution to the national economy. More than 99% of Indonesias current business units are MSMEs, contributing about 61% of GDP and providing all 97% of all jobs (Damuri, 2020). The research is conducted using the OECD framework (2018) to determine the financial literacy rate implications on MSMEs company profitability. As many as 205 MSMEs owners in Bandung were asked through questionnaires during March 2020 to April 2020. The findings subsequently indicated that the financial literacy rate of MSMEs in Bandung is moderate, with the total cumulative score of 67.9%.
  Keywords: financial literacy; company profitability; MSMEs; new economic sources; demography; socio-economic.
  DOI: 10.1504/IJEPEE.2021.10040089
   
  
• Do occupation, work status and gender cause variations in wages? Case of Indian labour market  
  by Sonu Madan, Surender Mor 
  Abstract: This paper attempts to examine variations in wage earnings of workforce contributing to Indian labour market as own-account workers and regular wage/salaried employees, employing GLM: ANCOVA, a combination of ANOVA and regression. Three-factor full factorial design has been used to explore earnings from work for different factors, i.e., occupation, work status and gender along with educational attainment of workers as a covariate. The findings report significant variations in the earnings from work in various occupations, i.e., highest for managers and lowest for elementary workers. In contrast, the work status exhibits less monetary rewards for own account workers than that of regular wage/salaried employees. The verdict further establishes the fact that male workers tend to earn more than their female counterparts. However, two-way and three-way interaction of occupation, work status and gender indicate that the monetary outcomes change significantly in response to consideration of the interaction of factor(s) of relevance.
  Keywords: ANCOVA; earning; gender; occupation; own-account workers; salaried employees; work force; work status.
  DOI: 10.1504/IJEPEE.2021.10040188
   
  
• Theoretical framework to accelerate adoption and diffusion of the new theory farming practice for sustainable agriculture in Thailand  
  by Akkrin Vijitwrannon, Rath Pichyangkura, Anupap Somboonsavatdee 
  Abstract: The aim of this study was to determine key influent variables that influence the new theory farming adoption in Thailand. This study focused on 40 variables from past researches. They can be categorised into seven components: problem recognition, perceived benefits, perceived barriers, motivations, self-efficacy, subjective norms, and exogenous factors. The target samples are 450 Thai small-scale farmers. The proper method is to use a structured questionnaire survey. The data was analysed by using logistic regression and correlation to determine the relationship between adoption attributes and farmer stages of change. The correlation analysis found that farmers in different stages of adoption have different behaviours toward the new theory farming adoption. The advanced stage adopters have six influent factors related to their adoption behaviours, which are healthy belief, toxic chemical, practicality, credit-access, intension, and initial investment respectively. However, the early-stage non-adopters have 29 influent factors related to their adoption behaviours. The logistic regression result found that unsuccessful rate, conservative, opportunity and credit access variables have significant effect on the new theory farming adoption. The probability of non-adoption was 91.5% and the probability of adoption was 79.5%. The predicted value of the accuracy of all data was 87.8%.
  Keywords: technology adoption; sustainable agriculture; the new theory farming practice; logistic regression; Thailand.
  DOI: 10.1504/IJEPEE.2021.10040254
   
  
• The effect of accounting conservatism on the cost of equity capital: evidence from Indonesia  
  by Ade Imam Muslim, Doddy Setiawan 
  Abstract: Our study aims to investigate the effect of accounting conservatism on the cost of equity capital. We also extended our tests to see to what extent information asymmetry influencing these two variables. To test our proposed hypothesis, we used a sample of 200 companies listed on the Indonesia Stock Exchange for the 20162018 period and 600 firm year observations. With the moderate regression analysis (MRA) method and panel data regression, we provide evidence that information asymmetry is related to accounting conservatism and cost of equity capital, as well as having a role in influencing accounting conservatism and cost of equity capital. We also found that accounting conservatism can reduce the cost of equity capital. Our study is expected to make a contribution to academics, investors, managers, and regulators. Furthermore, this study is expected to fill the debate of financial accounting practices in developing countries.
  Keywords: accounting conservatism; information asymmetry; cost of equity capital; Indonesia; panel data; moderate regression analysis; MRA; Estrada; CAPM; spread; agency theory.
  DOI: 10.1504/IJEPEE.2021.10040473
   
  
• Dynamic financial connectedness in emerging and developed countries during the COVID-19 outbreak  
  by Usman Arief, Marwan Asri, Mamduh M. Hanafi 
  Abstract: This study examines the dynamic financial connectedness in emerging and developed countries during the COVID-19 pandemic using the Diebold-Yilmaz (2014) connectedness index. The capital markets reaction during this pandemic provides a new insight into how exogenous shocks drive volatility across countries and increase their interconnectedness. We find that connectivity between capital markets in developed and emerging countries converged in the earlier 2020. Before the World Health Organization (WHO) declared the COVID-19 pandemic, the Shanghai Stock Exchange played a crucial role as an epicenter of the connectedness of shocks. In the period after WHOs declaration, two new epicenters emerged: the capital markets in Brazil and Hong Kong. Finally, the empirical results show that countries with high idiosyncratic risk (with high average log volatility before the pandemic) show amplified risks during the pandemic.
  Keywords: connectedness; dynamic; COVID-19; financial market; contagion; developed countries; emerging countries.
  DOI: 10.1504/IJEPEE.2021.10040475
   
  
• The influence of country-of-origin image, brand image, perceived quality and celebrity endorsement on sportswear brand purchase intention in an emerging country  
  by Nurrani Kusumawati, Muhammad Bryant Muhadzdzib Abiyyu 
  Abstract: This study explores the factors that can influence the purchase intention towards sportswear; in particular, we analyse the effect of celebrities perceived credibility on purchase intention towards Skechers. A quantitative approach with a survey method was employed to collect data from 214 respondents. Data analysis was conducted using PLS-SEM to test the hypotheses. Results reveal that brand image, perceived quality and celebritys perceived trustworthiness significantly and positively influence purchase intentions. To win the market competition in Indonesia, we proposed the elaboration of the perceived quality toward the foreign companies brand image or products to fit market preferences.
  Keywords: brand image; celebrity endorsements; country-of-origin image; COOI: Indonesia; partial least square; PLS; perceived quality; purchase intention; quantitative; survey.
  DOI: 10.1504/IJEPEE.2021.10040896
   
  
• Financial capability and financial informations effect on the financial literacy index among Indonesian workers  
  by Sylviana Maya Damayanti, Karina Aditya, Raden Aswin Rahadi 
  Abstract: In a 2016 survey by the Financial Services Authority (FSA) of Indonesia, West Java Province had the second-highest financial literacy in Indonesia; however, in 2019, its ranking fell to 16th. This study explores the influence of financial capability on an index of financial literacy. Results of statistical analysis using multiple linear regressions show that respondents need to improve financial literacy to raise their capacity for planning and budgeting, access information and benefit from expert advice.
  Keywords: financial literacy; financial capability; financial information; West Java; Indonesia.
  DOI: 10.1504/IJEPEE.2021.10040898
   
  
• Extending Fama-French factors with interest rate changes: an empirical study of USA versus emerging markets  
  by Imran Hussain, Sudipa Majumdar 
  Abstract: This paper evaluates the effects of interest rate change on bank stock returns in the USA versus emerging markets by analysing the sensitivity of equally-weighted bank stock portfolios in the context of asset pricing models. The research makes a meaningful contribution to the existing literature on asset pricing models by incorporating interest rate change (Stone, 1974) into the Fama and French (2015) five-factor empirical model. Our dataset of monthly bank stock returns from January 2010 to June 2020 revealed that while the Fama-French (2015) asset pricing model offered a valid result of equity returns in the USA, size and investment factors had little impact on stock returns for banks in emerging markets. The volatility of interest rate had significant effect for USA and India. So, inclusion of interest rate change along with the Fama-French factors in the pricing of bank stocks added an important dimension and had important implications for policy makers and investors.
  Keywords: five-factor model; capital asset pricing model; CAPM; interest rate risk; bank stocks; emerging markets.
  DOI: 10.1504/IJEPEE.2021.10041080
   
  
• Household vulnerability to poverty in Thailand  
  by Krichayapron Duangkaew 
  Abstract: This paper investigates the households vulnerability to poverty in Thailand. The three-stage feasible generalised least squares (3FGLS) method is employed to measure the poverty vulnerability in Thailand, and the panel regression is then used to investigate the macroeconomic impact on the vulnerability to poverty. The result shows that the Northern, Eastern, Central, Southern, and Bangkok regions are not much different in the household vulnerability to poverty matter. However, Bangkok apparently has the lowest vulnerability to poverty compared to other regions. Finally, the panel regression analysis reveals that household debt and unemployment are the key factors affecting vulnerability to poverty in Thailand.
  Keywords: consumption; panel regression; Thailand; three-stage least-squares; vulnerability to poverty.
  DOI: 10.1504/IJEPEE.2021.10041186
   
  
• Impact of central banks COVID-19 policy measures on banks: evidence from India  
  by Nivedita Sinha, Saandra Nandakumar 
  Abstract: Indias central bank has responded decisively with a slew of development and regulatory policies to tackle the economic challenges posed by the pandemic crisis. This study aims to find the banks response to the COVID-19 monetary policy announcements in India using an event study methodology. We compare banks response to policy measures during the pandemic crisis to the response during the 20082009 financial crisis; crisis events during different monetary policy regimes. Furthermore, this paper examines if the heterogeneity in response depends on the banks characteristics. The results suggest, on average, banks respond negatively to COVID-19 monetary policy interventions, with the sensitivity of banks response to the policy announcements reducing with size and capitalisation of banks and increasing with profitability and poor financial health of banks.
  Keywords: financial economics; crisis-events; financial intermediation; financial market; event study; central bank policy; India.
  DOI: 10.1504/IJEPEE.2021.10041774
   
  
• E-procurement and corruption prevention in Indonesias local governments  
  by Dwi Intan Ariani, Dyah Setyaningrum 
  Abstract: The purpose of this study is to provide empirical evidence that regards the effect of e-procurement on the prevention of corruption in Indonesias local government. This is because it is well known that investors will be attracted to invest in countries with good governance and a low level of corruption. This study uses the purposive sampling method to select sample from the local government and data was obtained from the official website of the Government Procurement Policy Institute. Also, reports on the progress of corruption prevention were obtained from the official website of the Corruption Eradication Commission. The result shows that e-procurement has no association with the anti-corruption strategy. The e-procurement ratio in Indonesias local government is low because e-government implementation has not fully reached the transaction stage. The central government should have mechanisms to ensure optimal e-procurement and to monitor the implementation of reported anti-corruption plans in local government.
  Keywords: e-government; e-procurement; corruption prevention; transparency; local government; Indonesia.
  DOI: 10.1504/IJEPEE.2021.10043468
   
  
• A study of macroeconomic effects on the growth of BRICS: a systematic review  
  by Sukhmani Kaur, Shalini Aggarwal, Vikas Garg 
  Abstract: The purpose of this paper is to synthesise the existing literature on study of Macroeconomic Variables on the economic growth of BRICS countries in a systematic manner, where GDP has been proxied as measure of economic growth; to study the macroeconomic variables affecting the stock market of BRICS nations through content analysis. Systematic literature review (SLR) has been carried out in line with the five-step process as formulated by Rowley and Slack (2004). The paper has largely contributed in terms of naming the major causative authors, some of the high-ranking journals, types of data and nation-wise input for the macroeconomic variables and growth of BRICS countries. Further, the results also highlighted the experiential in nature of these studies. Further, the study addressed the prevailing gaps that confine the influence of macroeconomic variables and restrict the growth of BRICS countries. Hence the literature is accordingly proposing directions for future research.
  Keywords: BRICS; macroeconomic variables; GDP; systematic review.
  DOI: 10.1504/IJEPEE.2021.10042091
   
  
• Exploring the research opportunities in public entrepreneurship: insight from systematic mapping study and co-authorship analysis  
  by Sam’un Jaja Raharja, Margo Purnomo 
  Abstract: This study aims to explore the themes of studies on public entrepreneurship publications. It uses systematic mapping study and co-authorship analysis methods. Data used for the analysis cover the period of 20102019. Studies have provided outputs in the form of visualisation of research maps of the authors involved in the largest set of connected and collaboration in the field of public entrepreneurship and from various countries. A total of 77 authors, amongst the 2,864, are included in this study. The general topics of study are capital in public entrepreneurship, public sector entrepreneurship, public entrepreneurship process and public entrepreneurship performance.
  Keywords: co-authorship analysis collaboration; public entrepreneur; public entrepreneurship; systematic mapping study; SMS.
  DOI: 10.1504/IJEPEE.2021.10042190
   
  
• An empirical study of largest FDI acquisition in the technology sector: evidence from deal of Jio and Facebook  
  by Isha Gupta, T.V. Raman, Naliniprava Tripathy 
  Abstract: This paper tries to analyse the impact of the acquisition announcement of Jio by Facebook on the volatility of stock returns of Jio Platform Ltd. The study has been divided into three periods, pre-period, post-period, and whole period. The paper used the GARCH (1, 1) model to conclusively analyse the change in volatility after the acquisition of the company and the asymmetric EGARCH model to capture the leverage effect. The study results infer that the coefficient of the ARCH and GARCH model (+ ) becomes 1(0.11 + 0.89) in the post period which implies that volatility is persistent during the period. The leverage effect is evident in the study as the variance coefficient is negative in all periods and statistically significant which implies that every price change responds asymmetrically to the positive and negative news in the market. Thus, it can be concluded that the announcement has a significant favourable influence.
  Keywords: mergers and acquisitions; M&A; conglomerate M&A; Facebook-Jio; event study; GARCH (1; 1) model; EGARCH (1; 1) model.
  DOI: 10.1504/IJEPEE.2021.10042850
   
  
• International tourism demand in India: an empirical insight  
  by Subhendu Dutta, Aruna Kumar Dash 
  Abstract: The purpose of this research is to analyse the tourism demand in India from 14 major source countries between 19952017. We use the variables such as word-of-mouth, relative price, globalisation, GDP per capita, nominal exchange rate, destination preference, and the terrorist attack and employ panel data analysis. The empirical results of this study revealed that tourism demand is affected by word-of-mouth, GDP per capita, access to globalisation, and relative price. The study will help policy makers to identify the driving forces behind the growth of the tourism sector. The study suggests that there is a need for keeping the domestic price at a competitive level and augment globalisation efforts. Further, our findings support the need for, and the effectiveness of, positive word-of-mouth in promoting tourist arrivals through proper implementation of Athithi Devo Bhavah campaign which says that the guest is equivalent to God
  Keywords: ourism demand; destination preference index; globalisation; word-of-mouth; WOM; panel data analysis; India.
  DOI: 10.1504/IJEPEE.2021.10042944
   
  
• Non-performing assets, moral hazard and liquidity creation: evidence from Indian banks  
  by Naina Grover, Pankaj Sinha 
  Abstract: This study looks into the incidence of the moral hazard hypothesis in the Indian banks using the liquidity creation concept. Liquidity creation measure is considered to be more inclusive and comprehensive in measuring the risk-taking of a bank. The study uses data from 2005 to 2019 extracted from the database of the Reserve Bank of India. A fixed-effect model with Driscoll and Kraay standard errors and system GMM is deployed to ascertain the association between liquidity creation and NPAs. This study determines a significantly positive relationship between NPAs and liquidity creation in public sector banks, but this relationship is not evident in private banks. This study testifies the moral hazard hypothesis in public sector bank. This study highlights the perils associated with the recent mergers in public sector banks and how too big to fail might incentivise public banks to undertake more risks since there are already traces of the problem of moral hazard.
  Keywords: India; liquidity creation; moral hazard; non-performing assets; NPA; off-balance sheet activities; scheduled commercial banks.
  DOI: 10.1504/IJEPEE.2021.10043099
   
  
• Effects of resource mix and internationalisation on alliance portfolio configuration  
  by Wei He, Tantatape Brahmasrene 
  Abstract: Studies focusing on the strategic outcomes of alliance portfolios are receiving attention recently. However, only a handful research addresses the areas of determinants of the portfolio mix or its characteristics. This study attempts to fill this gap by investigating the key drivers of alliance portfolio configuration. Drawing on multiple theoretical lenses and a two-dimensional typology of portfolio composition, a longitudinal study is developed and applied to a sample of multinational firms in the global hospitality sector. The results suggest that alliance management experience, brand image, and organisational slack play significant roles in predicting the type of alliance portfolio configuration. Moreover, focal firms degree of internationalisation moderates the predicting effects. Using firm-specific factors, this study bridges the gap between firms internal resource mix and alliance portfolio complexity, and sheds new light on how alliance portfolio configuration is defined, measured, and predicted. Implications for policymakers are also discussed
  Keywords: strategic alliance; alliance portfolio complexity; alliance portfolio configuration; resource-based view; resource dependence.
  DOI: 10.1504/IJEPEE.2021.10043255
   
  
• Estimation of fiscal multipliers for India  
  by Bibhuti Ranjan Mishra, Bharadwaja Sastry Adiraju 
  Abstract: The multiplier remains an effective tool to evaluate the effects of the changes in government expenditure. In this paper, we estimate five multipliers using the SVAR framework. We report impact multipliers in the range 0.23 to 1.85 and cumulative multipliers in the range 0.45 to 5.45. Our results are in line with empirical literature and have important implications for the Government of Indias fiscal stance. We point out that since capital expenditure multipliers are greater than revenue expenditure multipliers, the government must rationalise revenue expenditure and spend more on building productive capital. Secondly, we recommend that capital budgets should be optimised towards components that provide the most productive effects. Finally, in light of the coronavirus-induced economic crisis, we recommend caution to ensure that greater revenue expenditure does not crowd out private investment and that a calibrated and coordinated monetary policy will be essential in tackling this issue
  Keywords: fiscal multipliers; fiscal policy; India.
  DOI: 10.1504/IJEPEE.2021.10043666
   
  
• Determinants of young generation retirement planning behaviour the case of Czechia  
  by Richard Pospíšil, Ondře Kročil, Tomáš Sadílek 
  Abstract: The topic of retirement planning behaviour has been discussed in a large number of scientific articles in recent years. The main aim of this paper is to examine the relationship among retirement planning intention, knowledge of pension system, perceived importance of pension situation, year of study, gender, university type, and risk-taking behaviour among Czech university students. Data were collected from 570 university students from two Czech universities with different study programs. Binary logistic stepwise regression was employed to test the hypotheses. On the one hand, the findings show that male Czech students have more positive attitudes towards risk than female Czech students when we talk about the selection of financial products for their retirement securing. On the other hand, our findings are not in line with the results of other studies on the influence of knowledge of the pension system and the perceived importance of the pension situation. We found out that the relationship between these variables and retirement planning intention is very specific in the case of Czech university students because it shows negative dependence.
  Keywords: pension system; retirement planning; risk-taking behaviour; RTB; university students; Czechia.
  DOI: 10.1504/IJEPEE.2021.10043872
   
  
• The relationship between Islamic banking deposits and profitability: an evidence from Malaysia Islamic banks  
  by Roukia Bouhider 
  Abstract: The main objective of this paper is to analyse the relationship between the deposits and the profitability of 14 Malaysian Islamic banks over the 20062018 period by employing fixed effects panel data. The main independent variable is the deposits to assets ratio, and the return on assets (ROAs) is the main profitability measure. The findings of this study have reported a strong positive relationship between the bank deposits to assets ratio and profitability. The study recommended that Islamic banks in Malaysia embark on a serious effort to develop their own instruments to mobilise deposits and to use them in order to foster economic and social development, which would increase their future profitability and reduce their costs
  Keywords: Islamic banks; current deposits; saving deposits; Al-Wadiah; deposits; Al-Mudarabah; profit-sharing investment accounts; PSIA; panel data; profitability; Malaysia.
  DOI: 10.1504/IJEPEE.2021.10043873
   
  
• From conflict to empty stomachs, empty classrooms, and empty wallets  
  by Marcus Marktanner, Almuth Merkel 
  Abstract: This paper examines the direct and indirect effects of conflict on food insecurity, education, and income. We examine a panel dataset with 169 countries over the period from 1990 to 2017. To estimate the long-run equilibrium and short-run effects, we employ pooled OLS regression and error correction models, respectively. We find that the lagged indirect effects of conflict on income through an increase of food insecurity and reduced educational opportunities outweigh the direct effects by a factor of around 1.5. Our findings add to the literature on the long-term indirect effects of conflict. In order to illustrate the socioeconomic significance of our model, we discuss its simulation potential in the context of Jordan. As for policy implications, we argue that, whenever possible, humanitarian assistance programming should not end with saving lives by fighting conflict-induced malnutrition, but also include efforts for continued access to education.
  Keywords: conflict; education; food insecurity; empirical estimates; simulation model.
  DOI: 10.1504/IJEPEE.2021.10043874
   
  
• Does corporate governance play a dynamic role in mitigating opportunistic transactions? Evidence from India  
  by Nitya Nand Tripathi, Asha Binu Raj, Sudhakara Reddy Syamala, Aviral Kumar Tiwari 
  Abstract: This paper investigates the effect of corporate governance mechanism on various types of related party transactions (RPTs) in India. We examine whether the corporate governance mechanism helps to restrict the managements opportunistic behaviour of transferring resources from the company through RPTs or not. We find that the percentage of related party sales to total assets is between 6.4%37.98% and the percentage of related party expenses to total assets is in the range of 4.4%25.30% during the study period. Whereas, the percentage of loans given to related parties to total assets is between 5.0% to 26.0% and loans taken from related parties to total assets is 3.9% to 22.70%. The empirical findings show a negative relation between independent directors and RPTs. The findings can strategically facilitate the regulators to make necessary decisions which could strengthen the corporate governance mechanism to mitigate opportunistic transactions in terms of RPTs
  Keywords: corporate governance; related party transactions; audit committee; opportunistic transactions; corporate governance index; CGI; India.
  DOI: 10.1504/IJEPEE.2022.10044140
   
  
• Country specific and world productivity shocks and current account: does the relationship hold in case of India and the G20 group?  
  by Nikita Patial 
  Abstract: Intertemporal approach to current account became a fashionable tool in last few decades to study the lending and borrowing decisions of an economy in the international markets. Following, Glick and Rogoff (1995) theoretical model, this study empirically examines the link between Indias current account and its country specific productivity shocks using dynamic factor analysis approach to segregate world and country specific shocks. Our results suggest that Indias current account movements are independent of its country specific productivity shocks as opposed to the theory. The mean reverting nature of country specific shocks leads to consumption smoothing by agents, increasing savings in the economy, which offsets any impact of rise in investment. We also extend our analysis to a panel of G20 countries. This study reiterates the potential of intertemporal models to replace the enhanced versions of Mundell Fleming IS-LM framework in analysing key macroeconomic issues by banks, and other international institutions.
  Keywords: current account; productivity shocks; country specific productivity; global shock; G20 countries; investment; dynamic factor analysis; DFA.
  DOI: 10.1504/IJEPEE.2022.10044142
   
  
• Borrowers response to bank consolidation in India  
  by Nivedita Sinha, Saandra Nandakumar 
  Abstract: We assess the response of publicly-traded borrower-firms to bank consolidation announcements in India using an event study methodology. The results of our paper suggest that borrower-firms, on average, respond positively to the news of bank consolidation; however, the response is heterogeneous. We investigate if this variation in response depends on the primary banks characteristics and borrower-firms characteristics. The paper finds that borrowers of merging banks with a high ratio of gross non-performing assets (GNPAs) react more positively to the consolidation announcement than borrower-firms of relatively low GNPAs banks. The paper also suggests that large borrower-firms, and business groups affiliated firms, respond more positively to the bank consolidation announcement. The results of cross-sectional regression analysis imply that borrower-firms characteristics such as profitability, size, business group affiliation, firms age, and primary banks GNPAs are important determinants to the sensitivity of cumulative abnormal returns to bank consolidation news.
  Keywords: financial economics; financial intermediation; financial markets; event study; government policy and regulation; public sector banks; borrower-firms; bank consolidation; abnormal returns; business groups; India.
  DOI: 10.1504/IJEPEE.2022.10044143
   
  
• Understanding the actual buying behaviour of organic food users in India: a PLS-SEM approach  
  by Deepak Pandey, Amit Kakkar, Mithilesh Pandey, Mohd. Farhan 
  Abstract: Indian consumers have become more conscious these days for their consumption patterns, as they are becoming more informed with times. Economies have become more connected in todays era of information. Consumerism is found replicated from the developed to the emerging economies. Organisations are forced to move towards sustainable development as pressure from consumers is growing day by day. Consumers are looking for products that take care of human health without negatively impacting the environment. As a result, health conscious consumers have started showing their keen interest in organic food. This study has explored the important antecedents of actual buying behaviour towards organic food. The study has proposed a conceptual model which is checked empirically and established in the results. Researchers have used the survey method to collect data from 295 respondents. Only organic food users are approached as respondents for data collection. The data is then analysed using Smart PLS 2.0. The findings of this paper have established the relationship among the antecedents with the actual buying behaviour of organic food users
  Keywords: sustainability; organic food; perceived behavioural control; actual buying behaviour; subjective norms; PLS-SEM; India.
  DOI: 10.1504/IJEPEE.2022.10044144
   
  
• A regional analysis of female labour force participation in Africa: application of seemingly unrelated regression  
  by Omowumi Omodunni Idowu, Taiwo Owoeye 
  Abstract: This study modelled female labour force participation in all the five regions in Africa. It investigated the regional differences in female labour force participation (FLFP) in West, East, North, Southern and Central African regions over the period 19902018 and their implications for economic policy. The study used seemingly unrelated regression (SUREG) to analyse differences in demand and supply factors of FLFP in the five regions of Africa. The study discovered that wages have significant effects on FLFP in all the regions except Central Africa while GDP growth and per capita were not significant in North Africa. Meanwhile, it found that the major demand side factor of FLFP across all African regions during this period was gender gap in labour participation, while fertility influenced female decision to supply labour in all the regions. These findings are important for government/policy makers in each sub-region to develop a policy framework within its economic, social and political contexts in order to improve FLFP in the region.
  Keywords: female; labour force participation; demand factors; supply factors; West Africa; East Africa; North Africa; Southern Africa; Central Africa; regional differences; seemingly unrelated regression; SUREG; economic policy.
  DOI: 10.1504/IJEPEE.2022.10044146
   
  
• One country, two system: analysing contractual work arrangement and labour practices  
  by Sazzad Parwez, Kapil Meena 
  Abstract: This paper uses both theoretical and empirical methods to examine working conditions of contractual workers with illustrations on discriminative labour practices in mining units. The analysis mainly follows a descriptive approach and based on field data, but we have also used secondary data to support arguments. The primary data reflects on wage and other form of discrimination captured in interview with contractual workers of copper mining units in Madhya Pradesh and Rajasthan state. The most telling finding is significant use of contractual workers in these public units, indicates that the socio-economic background is detrimental to discriminatory behaviour in these mining units. Analysis suggests discrimination is higher for lower caste-based groups in context of education, experience, and skills levels. This informalisation of labour is causing considerable deterioration in working conditions, reflected by wage differential for and among contractual workers. This aggravates the situation for labour community.
  Keywords: workers; labour; contractualisation; discrimination; wage; India.
  DOI: 10.1504/IJEPEE.2021.10044354
   
  
• The role of culture, religious belief, and subjective norm on the environmental factors and life satisfaction  
  by Phuong Nguyen, Hoa Doan Xuan Trieu, Toan Bao Le, Toan Duy Le, Khoa Tien Tran 
  Abstract: This study examines the effects of culture, religious belief, subjective norm, and environmental concern on pro-environmental behaviour and life satisfaction. The quantitative approach was implemented to analyse data gathered from 301 worshipers in Bind Duong province, Vietnam. Using the PLS-SEM approach, the findings reveal that culture has positive relationships with religious beliefs, subjective norm, and environmental concern. Moreover, there is a connection between environmental concern and behaviour, which in turn influences life satisfaction. This article contributes to the limited literature review of culture, religion, and environment-related variables in Vietnam. Finally, this study provides authorities meaningful insights to mitigate the negative impacts of economic and social development by utilising cultural factors and promoting pro-environmental behaviour and life satisfaction.
  Keywords: environmental behaviour; environmental concern; satisfaction with life; culture; religious beliefs; subjective norm.
  DOI: 10.1504/IJEPEE.2022.10044356
   
  
• Trade liberalisation and its nexus with environmental issues: an individual perspective  
  by Kanokwan Chancharoenchai, Wuthiya Saraithong 
  Abstract: This paper aims to study the micro aspects of the implementation of international trade policy, with an emphasis on the relationship between peoples concerns for the environment and their preferences for trade policy. It is undertaken based on questionnaire surveys conducted in Bangkok, Thailand. Logit technique is found to be proper to estimate the marginal effect. The main result shows that understanding and accurate perception about both the liberalisation of trade policy and environmental issues can influence peoples support for the openness of trade policy. More importantly, the investigation reveals the positive relationship between the awareness of environmental problems and the favour for trade policy liberalisation.
  Keywords: trade policy preference; trade liberalisation; environmental concerns; Thailand.
  DOI: 10.1504/IJEPEE.2022.10044357
   
  
• The impact of the COVID-19 pandemic on different property sectors of J-REIT: comparative analysis before and after the crisis  
  by Takayasu Ito 
  Abstract: Three sectors (office, residential, and retail and logistics) of J-REIT (real estate investment trust) in Japan moved independently without mutual transmission before the COVID-19 pandemic. However, these three sectors moved together with some mutual transmission after the pandemic. These sectors were driven without a common trend before the pandemic, but they were driven with a common trend after the pandemic. The common trend is the influence of COVID-19, which severely damaged the demand for real estate in Japan. Additional measures introduced by the BOJ enhanced the impact of this common trend. The J-REIT market structurally changed after the COVID-19 pandemic. The impact of COVID-19 is possibly a worldwide common trend affecting different sectors of REIT markets not only in Japan but also in other countries
  Keywords: causality; cointegration; COVID-19; J-REIT; property sectors.
  DOI: 10.1504/IJEPEE.2022.10044584
   
  
• Quality education and human development index  
  by Dyah Setyaningrum 
  Abstract: This study analyses the relationship between education expenditure with the fulfilment of quality education indicators, and whether these fulfilments affect the quality of human development index (HDI). HDI will help a country to transform to be a developed country. This study is using 22 SDGs indicators from Indonesian provincial governments in 20182019. The results show the positive correlation between the education expenditure and the fulfilment of quality education. The result also shows the positive influence of the quality education on the HDI. Through the educational expenditure, it will improve the quality of education and expected to increase the HDI.
  Keywords: education expenditure; human development index; HDI; Indonesia; sustainable development goals; SDGs; quality education.
  DOI: 10.1504/IJEPEE.2022.10044592
   
  
• Integrated perspective of corporate social responsibility on ASEAN Capital Market Forum members corporate governance code  
  by Dhina Mustika Sari, Lilik Purwanti 
  Abstract: The integration of CSR with CG is generally seen in the regulation of the CSR implementation mechanism in CGC. However, not all codes regulate this and differ in the level of regulation and discussion. The purpose of this study is to review the integration of CSR on CGC by revealing its convergence in six codes of ASEAN Capital Market Forum members, i.e., Indonesia, Malaysia, Singapore, the Philippines, Thailand and Vietnam. The analysis was conducted using content analysis and described in a modified cube-shaped indicator of CSR in CGC. Various results were found, which the Philippines have the best integration level of CSR to CGC because it guides CSR in its principle/chapter of code. Moreover, it has a high specificity in recommendations and guidelines related, explicitly stating that CSR implementation is mandatory. A regular review of CGC is required to update the issue and necessity frequently, including CSR integration.
  Keywords: corporate social responsibility; CSR; corporate governance; modified cube-shaped of CSR.
  DOI: 10.1504/IJEPEE.2022.10044594
   
  
• Are Chinese exports crowding out competitors? Evidence from Malaysian electrical and electronic exports  
  by Kok Onn Ting, Alessandro De Matteis 
  Abstract: The rapid expansion of Chinas production of electricals and electronics is benefiting Malaysia, which is exporting more intermediate parts and components to China to feed into its production networks, especially for finished goods assembly. However, Malaysia concurrently faces competition from China in exports to third markets and import penetration of own domestic markets. The positive side of Chinas rise is characterised in terms of complementary effects, and the negative side as competitive impacts. As Chinas effect on Malaysias electricals and electronics is not clear-cut, there is a need for combined analysis conducted at different levels. This paper combines the analysis of Chinese and Malaysian export performance in their major destination markets with the analysis of ongoing transformative processes in the production and trade of electricals and electronics in the two economies. Our findings highlight that Chinas effect on Malaysian electrical and electronic exports differs according to the market destination of the exports, with some trade war effects between the USA and China captured in the analysis. Overall, Malaysias response to Chinas rising exports has been to upgrade its value chain.
  Keywords: China’s effect; Malaysia trade; electricals and electronics; export sophistication.
  DOI: 10.1504/IJEPEE.2022.10044752
   
  
• Beyond unemployment rate: exploring the unemployment duration in Cote dIvoire  
  by Niango Sika Antoine Brice Adou 
  Abstract: This study explores unemployment duration in Cote dIvoire and focuses on the role of personal characteristics. Along with these characteristics, labour market variables are also explored. We use a discrete time proportional hazard model with census data from the National Statistics Institute. The data show that unemployment duration is higher in general but is quite sensitive to the sector of activity. The gender gap in the labour market is not huge. The results show that education influences positively the probability to find a job faster, while social capital has a mixed impact. Being married and unemployed is a positive signal for employer. Therefore, this study poses that hiring through agencies, which are more likely to match better job needs, can help reducing time spend in unemployment.
  Keywords: unemployment; survival; education; Cote d’Ivoire; social capital.
  DOI: 10.1504/IJEPEE.2022.10044755
   
  
• Will the cross-cultural marriage be a happy wife and happy life?  
  by Vilaiwan Thiangtong, Surachai Chancharat 
  Abstract: Cross-cultural marriage is one of the regions unique socio-economic phenomenon in Northeastern Thailand (ISAN). This encourages economic growth in the region as if it were a result of international trade. However, the main reason that these women married foreign men because of their poverty (Pomsema et al., 2015). While the economy appears to be improving, one could wonder what their level of life satisfaction is. In 2015, 452 individuals were surveyed using the questionnaire in the provinces of Udon Thani and Burirum. The findings of OLS regression will disclose their life satisfaction, and the proper economic implication could be designed
  Keywords: subjective well-being; life satisfaction; cross-cultural marriage; happiness.
  
  
• Bribery and firm characteristics in Thailand  
  by Siwapong Dheera-aumpon, Piyaphan Changwatchai 
  Abstract: Corruption is a major issue in Thailand, commonly occurring as bribery. This study examined the relationships between bribery and the characteristics of firms in Thailand using data from the 2016 World Bank Enterprise Survey. Findings indicated that two characteristics including the experience of the senior executive and the level of market competition significantly and positively related to bribe-giving. The results were robust and applied additional control variables and different regression models. To eliminate bribery, the government should target experienced managers and firms in highly competitive markets. International investors should also be aware of the prevalence of bribery in firms facing high competition
  Keywords: bribery; business; corruption; firm; Thai.
  DOI: 10.1504/IJEPEE.2022.10045056
   
  
• The determinants of financial performance at public services of regional hospital  
  by Wartono Wartono, Guntur Riyanto, Djoko Suhardjanto 
  Abstract: This study aims to test the factors that influence the financial performance of regional public hospital (Rumah Sakit Umum Daerah RSUD) with public service agency (Badan Layanan Umum BLU) status in Indonesia by putting an emphasise on four aspects, which are the income structure of BLU, cost efficiency, liquidity, and regional characteristics. The analysis is conducted on the data from 43 RSUD from 2013 to 2019 with a total observation of 215. Financial performance is measured using four indicators, namely asset turnover, fixed asset turnover, service revenue ratio divided by total assets and surplus (deficit) ratio divided by total income. The finding of this study shows that liquidity has a positive and significant effect on financial performance. Additionally, RSUD income structure that relies on service income has not been able to drive significant improvement in financial performance. This study also shows that there is no difference in financial performance between RSUD in Java and another region. The study finds that RSUD owned by district government has better financial performance compared to RSUD owned by the municipal government.
  Keywords: financial performance; public service agency; regional public hospital; income structure; cost efficiency; liquidity; regional characteristics.
  DOI: 10.1504/IJEPEE.2022.10045316
   
  
• A decade of competition laws in Arab economies: a de jure and de facto assessment  
  by Jala Youssef, Chahir Zaki 
  Abstract: The main objective of this paper is to provide an assessment of competition policy in a group of Arab countries. First, we construct indices for both competition policy rules and implementation assessing three categories: enforcement, advocacy, and institutional effectiveness. Second, it assesses the impact of competition policy rules (de jure) and implementation (de facto) on competition outcomes (fact-based and perception-based) using our constructed indices and the World Bank Enterprise Surveys. Findings show that our group of Arab countries has an average score related to the overall assessment of their competition legislations. Moreover, the de facto advocacy and the de jure institutional effectiveness have a significant effect on both fact-based and perception-based outcomes. Finally, the overall de jure competition index negatively affects market power, pointing out the importance of the deterrence effect that competition legislations can play.
  Keywords: competition policy; Arab countries; de jure vs. de facto.
  DOI: 10.1504/IJEPEE.2022.10045317
   
  
• Satisfaction of mobile banking customers in Indonesia  
  by Savina Dinda Ramadhanty, Taufik Faturohman 
  Abstract: The banking industry has grown rapidly to meet the dynamics of the world economic system. This results in changes in the transactional behaviour of mobile banking customers. Previous studies focused more on the behavioural intentions that influence people to adopt mobile banking. Therefore, this study focuses on the post-adoption behaviour, such as customer satisfaction. More specifically, it focuses on the relationship between trust and customer satisfaction and trust as the mediating variable. According to the findings, banks that are considered trustworthy by their customers usually have satisfactory mobile banking.
  Keywords: customer satisfaction; trust; mobile banking; Indonesia.
  DOI: 10.1504/IJEPEE.2022.10045318
   
  
• Does COVID-19 pandemic change financial behaviour?  
  by Fatima Vitriani, Taufik Faturohman, Indra Yudha Mambea 
  Abstract: The COVID-19 pandemic has spread at an alarming rate, causing economic paralysis and financial behaviour change as countries imposed strict movement restrictions to halt the spread of the virus. This study aimed to determine the relationship between financial literacy, internal and external locus of control, and financial behaviour before and during the COVID-19 pandemic. The results show that specific financial behaviours change during the pandemic. Furthermore, it was found that financial literacy and internal locus of control influence financial behaviour before the pandemic, while external locus of control also influences financial behaviour during the pandemic
  Keywords: financial behaviour; financial literacy; locus of control; COVID-19.
  DOI: 10.1504/IJEPEE.2022.10045319
   
  
• Consumer price index, real estate price weight and monetary policy in the Czech Republic  
  by František Táborský 
  Abstract: This paper discusses the current CPI methodology and its approach to real estate prices in the Czech Republic. The author presents an alternative calculation with a higher weight of real estate prices, which significantly changes the course of inflation in the period from 2010 to 2019. However, setting a new weight has a number of problems and no clear solution. Different calculation of inflation would also have a significant impact on the monetary policy stance and the level of the key interest rate. The beginning of the period under review indicates a lower level of interest rates and the introduction of negative rates or another form of monetary conditions easing. On the other hand, the subsequent rise in real estate prices would also lead to higher interest rates, which in the extreme scenario would be up to 75bps higher in 2017 compared to the baseline scenario.
  Keywords: real estate prices; inflation targeting; monetary policy; Czech Republic.
  DOI: 10.1504/IJEPEE.2022.10046082
   
  
• Economic uncertainty and working capital management: evidence from Turkey  
  by Güneş Topçu 
  Abstract: The purpose of this paper is to examine the impact of economic uncertainty on the working capital management (WCM) of 96 Borsa Istanbul (BIST)-listed manufacturing firms from 2005Q1 to 2020Q4. A novel economic policy uncertainty (EPU) index for Turkey was used to measure economic uncertainty, and the cash conversion cycle (CCC) was used to measure WCM. Panel data were analysed, and the parameters of regression equations were estimated using fixed or random effects methods. The empirical results obtained indicate that EPU has a negative impact on working capital (WC) efficiency. Specifically, EPU has a significant and increasing impact on the CCC and its components, and the decrease in WC efficiency is demand related. To enhance WC efficiency, managers should maintain credit facilities, better manage the demand side, extend supplier payments, insure credits and reduce accumulated debts.
  Keywords: working capital; economic policy; uncertainty; efficiency; Turkey; liquidity; panel data.
  DOI: 10.1504/IJEPEE.2022.10046782
   
  
• Environment information comparability: a case of the selected, listed Polish companies  
  by Ewelina Kuberska, Marek Kawacki 
  Abstract: The purpose of this study is to measure the current and potential comparability of the environmental information disclosed in the reports of the Polish, industrial companies indexed on the Warsaw Stock Exchange. The research methods used are: descriptive analysis, text analysis and statistical methods (Mann-Whitney U test). The result of the study shows that comparability of the environmental information between companies is severely limited due to different types and forms of information, or even lacks of certain disclosures, even among the companies from the same industry and that use the same non-financial information standards. Comparability of environmental information may potentially be improved in the future based on the increased use of numerical data (instead of narrative information) and standardised indicators (like GRI 302-1, 303-1 and 306-2), which are commonly disclosed in the companies that were a part of this study
  Keywords: non-financial information reporting; comparability of information; global reporting initiative; GRI.
  DOI: 10.1504/IJEPEE.2022.10046785
   
  
• The employment dimensions as the spatial determinants of poverty in less developed areas in East Nusa Tenggara, Indonesia  
  by M.E. Perseveranda, M. Pudjihardjo, Iswan Noor, Wildan Syafitri 
  Abstract: This study seeks to investigate the impacts of employment issues on poverty from the spatial dimension. This study uses data from the Integrated Data on the Poverty Reduction Program (Data Terpadu Program Penanganan Fakir Miskin) that covers 306 sub-districts (kecamatan) in East Nusa Tenggara Province. This study demonstrates that female head of household, dependency ratio, unemployment, child labour, elderly workers, agricultural workers, non-agricultural workers, and scavenging sector workers have different impacts on sub-district-specific poverty. The results inform policymakers to emphasise the spatial heterogeneity aspect in reducing the poverty rate in less developed areas from the labour perspective.
  Keywords: child labour; East Nusa Tenggara; poverty; spatial heterogeneity; workers.
  DOI: 10.1504/IJEPEE.2022.10046788
   
  
• Does corporate governance influence intellectual capital? An evaluation of Indian and Chinese banking sector  
  by Ruchita Verma, Dhanraj Sharma, Priyanka Chugh 
  Abstract: The study aims to evaluate the impact of corporate governance on the intellectual capital performance of the Indian and Chinese banking sectors. The study considers board characteristics and audit committee characteristics as a proxy of corporate governance (independent variable) and firm size and returns on equity (ROE) as control variables. The value-added intellectual capital (VAIC) coefficient is employed to measure the intellectual capital, which comprises human capital efficiency (HCE), structural capital efficiency (SCE) and communicative capital efficiency (CCE). The data are collected from 31 Indian and 12 Chinese banks for the study period of 11 years and analysed using cross-sectional time-series feasible generalised least square (FGLS) regression. The studys findings indicate that board size, gender diversity and ROE has a significant positive relationship with VAIC in Indian banks, while audit size and ROE were found to be positively influential in the case of Chinese banks.
  Keywords: corporate governance; intellectual capital; Indian banks; Chinese banks; generalised least square; GLS.
  DOI: 10.1504/IJEPEE.2022.10046789
   
  
• Nonlinear ARDL approach for asymmetric effects of investor sentiment on asset pricing in an emerging Asian economy: the Malaysian experience  
  by Han Hwa Goh, Lee Lee Chong, Ming Ming Lai 
  Abstract: This paper addresses the issues pertaining to asset pricing model in Malaysian stock market, an emerging Asian economy, using monthly data between January 2001 and December 2015 for all the stocks on the main market of Bursa Malaysia and five different investor sentiment proxies (i.e., market-wide indicators). Employing NARDL nonlinear cointegration approach, we examine the causal relationship between stock excess returns and investor sentiment in the integrated Fama-French three-factor model. The empirical results suggest that the investor sentiment is an added risk factor to help explain directly the mispricing component of returns in the Fama-French three-factor model and thus bridging the current research gap between traditional and behavioural asset-pricing theories in Malaysia. Besides, this paper reveals that the stock returns are affected by sentiment in an asymmetric and nonlinear manner in either short- or long-run. In particular, we found that the immensity of positive changes of sentiment is significantly greater than that of negative changes of sentiment towards stock returns. These findings may help finance professionals to perform smart investing strategies using investor sentiment as a contrarian indicator
  Keywords: investor sentiment; asset pricing; asymmetric cointegration; emerging economy; Bursa Malaysia.
  DOI: 10.1504/IJEPEE.2022.10046790
   
  
• The relationship between financial risk, financial openness, trade openness, and financial development in Southern Mediterranean countries  
  by Fatih Ayhan, Feyza Arica 
  Abstract: This study mainly aims to find the effects of financial openness, trade openness, and financial risk on financial development for nine Southern Mediterranean countries over the period 19842014 with panel analysis. Westerlunds (2007) panel cointegration and error correction test is applied. The findings of common correlated effects (CCE) estimation show that financial openness positively affects financial development in Egypt, Tunisia, and Turkey, while it negatively affects financial development in Algeria and Lebanon. Additionally, according to the estimation results, a lower financial risk causes higher financial development in Algeria and Turkey. When the relationship between financial development and trade openness is investigated, while trade openness affects financial development negatively in Libya, it has a positive effect in Jordan, Tunisia, and Turkey. We conclude that financial openness and trade openness is beneficial to financial development for developing economies, while financial risk harms the financial development of economies. To overcome the economic bottlenecks in developing countries, policymakers should take action to reduce the financial risk levels of the economies and remove financial and trade barriers so as to increase financial development.
  Keywords: financial risk; financial openness; financial development; panel analysis; trade openness.
  DOI: 10.1504/IJEPEE.2022.10046791
   
  
• Exchange rate volatility and trade in Sub-Saharan African countries: evidence from augmented mean group estimator  
  by Shuaibu Sidi Safiyanu, Soo Yean Chua 
  Abstract: : Exchange rate plays a major role in trade transaction of Sub-Saharan African countries with their trading partners. This study examines the effects of exchange rate volatility on trade in 40 Sub-Saharan African countries from 19922018. The paper used augmented mean group as a preferred estimator to take account of cross-sectional dependency between the countries under investigation. The dynamic common correlated effect is also used for robustness of the findings. Empirical finding shows that lags of exports and imports have significant positive effects on the contemporaneous levels of exports and imports in Sub-Saharan African countries. Moreover, the coefficients of elasticity of imports and exports with respect to exchange rate volatility are positive. Thus, higher volatility stimulates both imports and exports trade in the region. The results also uncover unidirectional causality running from trading partners income to exports and imports trade, and also from exchange rate volatility to imports and exports trade
  Keywords: exchange rate volatility; trade; panel data; augmented mean group; AMG; Sub-Saharan African countries.
  DOI: 10.1504/IJEPEE.2022.10046800
   
  
• Long and short run drivers of the real exchange rate in Egypt (20022020)  
  by Hoda Mansour, Soliman Hassan 
  Abstract: Egypt is an emerging developing country which has a long history of utilising different exchange rate regimes. Since the liberalisation of its Egyptian pound in 2016, the country has been facing a set of challenges to stabilise its exchange rate. To suggest better policies, this paper examines the long and short run determinants of Egypts real exchange rate. Using Johansen and Juselius co-integration test, VAR, and an error correction model, the study analyses data from 2002 to 2020 for Egypt. The study concludes that, in the long run, growth rate, international reserves, government consumption, terms of trade and workers remittances all have a long-run impact on the real exchange rate, while the degree of openness has no significant impact. In addition, the study provides evidence that, on the short-run, the degree of openness and government consumption have significant impact on the real exchange rate. Results of this study infer a preference for a fixed or strictly managed exchange rate regime over a flexible regime.
  Keywords: real exchange rate; Johansen and Juselius co-integration test; vector autoregressive model; VAR model; Egyptian pound.
  DOI: 10.1504/IJEPEE.2022.10046804
   
  
• Hi-tech production based on intelligent machines in emerging economies in Industry 4.0: a source of new quality of economic growth or a path to socio-economic crisis  
  by Anastasiya A. Sozinova, Ekaterina N. Ilyina, Larisa V. Shabaltina, Emil Velinov, Larisa V. Popova 
  Abstract: The goal of this paper is to determine whether hi-tech production based on intelligent machines in emerging economies in Industry 4.0 is a source of new quality of economic growth or a path to socio-economic crisis and to prepare recommendations for managing the process of robotisation of emerging economies with the help of economic policy. Originality of this research consists also in a multi-factor study of quality of economic growth and consideration of the current crisis situation in the global economy. The perspective of transition to new quality of economic growth is for the first time studied not at the upward but at the downward phase of an economic cycle. We study the experience of emerging economies that suffered from the 2020 crisis and take into account a new factor that appeared in the crisis conditions the factor of entrepreneurial fear of failure, which supposedly influences the intensity of robotisation.
  Keywords: economic policy; hi-tech production; intellectual machines; Industry 4.0; new quality of economic growth; socio-economic crisis; emerging economies.
  DOI: 10.1504/IJEPEE.2022.10046807
   
  
• Economics and social cost of movement restrictions in Malaysia: an input-output analysis  
  by Muhamad Rias K.V. Zainuddin, Amirul Hamza Abdullah, Hakimah Nur Ahmad Hamidi 
  Abstract: The objective of this study is to calculate the monthly economic and social cost of the enacted movement control in Malaysia. Varying sectoral output shocks are considered in three scenarios, which are the movement control order (MCO), the conditional movement control order (CMCO), and the recovery movement control order (RMCO). This study employs input-output analysis in calculating the monthly cost of each movement control measure on the sectoral output and value-added and employment in Malaysia. Overall, the output from this study indicates that the MCO, CMCO and RMCO implementation cost the economic value-added by RM 14.3 billion, RM 7.9 billion and RM 1.8 billion. The social losses are explained by the number of job losses, where the MCO has the highest number of job losses (162,700 employees), and the low-skilled and skilled workers have the highest share. Several policy implications have been discussed in the conclusion.
  Keywords: COVID-19; movement control order; economic cost; social cost; employment; input-output analysis; Malaysia.
  DOI: 10.1504/IJEPEE.2022.10046809
   
  
• Mediating role of green innovation on green entrepreneurship and sustainable development: an empirical evidence from Indian companies  
  by Manoj Kumar Mishra, Sunil Kumar 
  Abstract: The current research has investigated the relationship between green entrepreneurship (GE) and sustainable development (SD) among Indian companies. The study also has captured the mediating effect of green innovation between GE and SD. A survey is conducted among 451 managerial level employees in Indian companies. The research then uses SPSS (version 22) and AMOS for the analysis of data. For testing the hypotheses of mediation were checked using PROCESS Macro tests in SPSS. The results indicated that green entrepreneurship has significant impact on green innovation and sustainable development. However, the partial mediating effect of green innovation has been found between green entrepreneurship and sustainable development. Practices of GE are the need of hour. If it is promoted and practiced by the companies, they will be the biggest beneficiaries of it. If their process includes green entrepreneurial practices, they will be able to achieve their long-term goals effectively
  Keywords: green entrepreneurship; green innovation; sustainable development; mediation; India.
  DOI: 10.1504/IJEPEE.2022.10046813
   
  
• Determinants of FinTech-based financial literacy of micro, small, and medium enterprises  
  by Marcellia Susan, Jacinta Winarto, Ika Gunawan 
  Abstract: Information technology development currently provides significant changes in various business sectors, both domestic and global coverage. Financial Technology (FinTech) Services in Indonesia target people who need funds but are not served by banks. The study aims to analyse the financial literacy of micro, small, and medium enterprises (MSMEs), specifically related to FinTech services. Primary data were obtained from MSMEs in West Java, Indonesia, and then processed to confirm financial literacy determinants. The study contributes and reveals that MSMEs owners/managers financial literacy is determined by financial information provided by the media.
  Keywords: financial literacy; financial technology; micro; small; and medium enterprises; MSMEs.
  DOI: 10.1504/IJEPEE.2022.10046824
   
  
• Impact of systematic transaction cost on enterprise competitive strategy and performance research on Sany Heavy Industrys change of registered place  
  by Weiguo Kang, Haoran Ji, Yuan Li, Hanwen Xu 
  Abstract: The market mechanism and formal system in Chinas economic system are not perfect, and the government has absolute authority in the allocation of resources and has the right to intervene in the operation of enterprises. Systematic transaction costs are different among regions, even among different enterprises in the same region. Taking the change of Sany Heavy Industrys registered place as an example, from the perspective of systematic transaction cost, we use difference in difference and financial index analysis to study the reasons why Sany Heavy Industry leaves home. We find the explicit institutional transaction cost of Sany Heavy Industry rises significantly before the change of registered place, and the growth rate of explicit systematic transaction cost of Sany Heavy Industry slows down after the change. However, the implicit systematic transaction cost changes inversely, which affects the performance of enterprises. The research provides implications for the healthy development of the relationship between the government and private enterprises.
  Keywords: systematic transaction cost; competitive strategy; relocation of headquarters; property right theory; enterprise performance.
  DOI: 10.1504/IJEPEE.2022.10046825
   
  
• Investigating the growth factors of life insurance sector an ARDL approach  
  by Abhijit Chakraborty, Avijit Debnath, Ashim Kr Das 
  Abstract: Insurance sector is considered a significant contributor to the economic growth of economies across the world. The purpose of this study is to investigate the factors affecting growth potentials of life insurance sector in India. ARDL technique is used to investigate short-run and long-run relationships between life insurance sector growth represented by life insurance penetration and 13 independent variables under macro-economic, demographic and socio-cultural category using time series data from 19802018. The ARDL bounds testing procedure was used to check for co-integration. The study found that gross domestic product per capita, interest rate (deposit), young dependency ratio, gross capital formation, and education are significantly influencing life insurance sector growth in the long run. The short-run error correction model revealed speed of adjustment at 0.80 at 1% level of significance. The findings may help favourable policy formulation to support the life insurance sector growth in India.
  Keywords: life insurance sector; determinants; co-integration; ARDL; bounds test; economic growth; India; GDP per capita; macro-economic; demographic; socio-cultural.
  DOI: 10.1504/IJEPEE.2022.10046826
   
  
• Institutional spillover on financial development and economic growth: threshold and mediator impact analysis on global evidence  
  by K. Dinesh Udana Devindra Fernando 
  Abstract: The interaction of sound institutions in the financial sector to stimulate economic growth has received more attention in recent decades. Most of the findings of early studies are inconclusive and inconsistent. This study aims to explore the spillover effect of institutions (INS) on financial development (FD) and economic growth (EG), employing global panel data from 181 countries for the years 20022018. The two-step system generalised method of moment (GMM) and the three-stage least square (3SLS) techniques are used in this study. The results found an inverted U-shaped relationship with the financial market (FM) and its moderation towards EG. A nonlinear U-shaped and inverted U-shaped relationship appeared when INS mediated EG via FD. The unusual and complex institutions relationships with the financegrowth nexus create the gap between standard economic models and reality. The in-depth study of the nonlinearity of the institutions has improved the literature on the institutional finance-growth nexus. Suitable institutions need to be identified and applied for the FM over the financial institutions (FI) to have an appropriate economic outcome.
  Keywords: economic growth; financial development; generalised method of moment; GMM; institutions; spillover effect; three-stage least square; 3SLS.
  DOI: 10.1504/IJEPEE.2022.10046827
   
  
• Impact of sector levy on non-life insurance in Slovakia  
  by Michal Vyskočil, Jiří Koudelka, Jaroslav Dufek 
  Abstract: The paper deals with a sector levy imposed on non-life insurance in Slovakia, analysing its impact on the gross written premium, commission and claims ratio, and comparing life and non-life insurance after the introduction of the levy. A time-delayed linear regression AR model with point and interval estimates was developed to examine the above phenomena. The goal of the study was to determine whether the predicted values lie inside or outside the interval estimates. Having come into force, the sector levy only affected newly concluded insurance policies, GWP did not decrease, almost half of the 8% levy was absorbed by the commission, and the claims ratio remained intact. The outflow of written premiums from life to non-life insurance was partially proven.
  Keywords: : sector levy; insurance; gross written premium; GWP; linear regression; Slovakia.
  DOI: 10.1504/IJEPEE.2022.10047251
   
  
• Revisit intention in Indonesian tourism industry: the role of religiosity and culture  
  by Ronald Ronald, Amelia Amelia 
  Abstract: World Travel and Tourism Council (WTTC) found that tourism industry accounts for 10.4% of the worlds GPD in 2019, making it one of the largest economic sectors worldwide (https://www.tourism-review.com). As a source of employment in Indonesia, it is also affected Mount Kawi because of COVID-19 pandemic. AMOS 22.0 is used with population are people of Surabaya who have visited Mount Kawi. Snowball sampling technique is used with 120 respondents. The results show that from eight hypotheses researched two hypotheses are rejected such as religious atmosphere to perceived value of destination and perceived value of destination to revisit intention.
  Keywords: monetary cost; natural environment; religious atmosphere; perceived value of destination; emotion of awe; revisit intention; Indonesia.
  DOI: 10.1504/IJEPEE.2022.10047252
   
  
• External debt burden and economic growth in Sub-Saharan Africa countries: are there evidence for nonlinearity and sustainability?  
  by Nosakhare Liberty Arodoye 
  Abstract: This study investigated the dynamic impacts as well as the threshold effects of external debt burden measures on economic growth of 25 SSA countries employing the panel auto regressive, panel fully modified ordinary least squares and other panel estimation techniques for the period that ranges from 2000 to 2018. The results from the estimations revealed significant short-run and long-run impacts of external debt on economic growth. There is a negative and significant relationship between external debt burden indicators and economic growth. The study shows that the turning points for external debt to income ratios ranges between 50%90% while that of external debt to export ratio ranges between 180%240%. The study recommended that SSA countries experiencing excessively high external debt stocks need to adopt reliable and dependable strategies to bringing about reduction in the rising external debt stock and debt service payments so that the crushing external indebtedness indicators would no longer have a deleterious effect on economic growth.
  Keywords: autoregressive distributed lags; ARDL; fully modified ordinary least squares; FMOLS; debt; economic growth; Africa.
  DOI: 10.1504/IJEPEE.2022.10048010
   
  
• Do spillover-effects exist in Indian markets?  
  by Anshuman Kamila, M. Sreeramulu, Aniket Ranjan 
  Abstract: Using forecast error variance (FEV) decomposition technique of a generalised VAR model of Diebold and Yilmaz (2012), this study is an inquiry into the return and volatility spill-overs across various market segments in India viz., stock, bond, money and currency markets over the period July 2005 to August 2020. The empirical results confirm the spill-over-effects among the above stated markets, however, the degree of spill-overs is very low (at around 5%) when compared with advanced economies. Further, our results reveal that stock and bond markets are the contributors of spill-overs to other markets, while currency and money markets are receivers of spill-overs from other markets.
  Keywords: market spillovers; FEV decomposition; VAR.
  DOI: 10.1504/IJEPEE.2022.10048145
   
  
• The effect of audit committee characteristics on the firms performance: an empirical study of Pakistan Stock Exchange  
  by Sahibzada Kashif Ahmad, Atta Ur Rahman, Fahad Abdullah, Shabir Ahmad, Laila Taskeen Qaz 
  Abstract: The purpose of this study is to investigate the impact of audit committee characteristics on firms performance. We used gender diversity, size of the committee, frequency of audit meetings, financial expertise, and independence as audit committee characteristics and return on assets and return on equity as performance measures. A panel of 94 firms was investigated from 2015 to 2019 using a weighted least square regression. The overall results show that the size of the audit committee negatively affects the firms performance. While the frequency of meetings, expertise, and gender diversity positively impact the firms performance. Indicating the significance of frequent communication, experience, and presence of women in audit committees, respectively. Our study highlights insight for policymakers and regulators considering ongoing corporate governance and regulatory reforms in Pakistan.
  Keywords: corporate governance; audit committee characteristics; performance; Pakistan.
  DOI: 10.1504/IJEPEE.2022.10048785
   
  
• Diversion of loan use: evidence from rural West Bengal, India  
  by Moumita Poddar Rana, Tanmoyee Banerjee, Ajitava Raychaudhuri 
  Abstract: Present paper explores spending behaviour of loan proceeds and identifies the effect of different socio-economic and political factors on the probability of loan diversion using a primary household survey data drawn from four villages of state of West Bengal, India. Loan diversion refers to the incidence where institutional borrowers use total or part of their loan for purposes that was not specified during the borrowing. Survey reveals that institutional loans taken for working capital needs are mostly diverted either partly or fully and mainly for household expenditure. This study considers Heckman sample selection model, considering the sample selection bias. Results show that religion, age, support of political party and financial literacy of principal earner significantly increases probability of loan diversion. The study also investigates the joint probability of indebtedness and loan diversion; multiple borrowing and loan diversion; indebtedness and institutional borrowing and socio-economic determinants by using bivariate probit model.
  Keywords: loan diversion; financial literacy; multiple borrowing; indebtedness; institutional borrowing; sample selection bias; Heckman probit model; bivariate probit model; West Bengal; India.
  DOI: 10.1504/IJEPEE.2022.10048959
   
  
• Design proposal of a conceptual model of intellectual property management and technology transfer in the context of higher education in Latin America  
  by Laura Marcela Gaviria-Yepes, Alejandro Valencia-Arias, Edwin Mauricio Hincapié-Montoya 
  Abstract: Higher education institutions (HEIs) have as their objective teaching, teaching and research, the latter being a relevant factor for the generation of knowledge and technologies that can have practical use at an industrial and social level. However, not all the products generated have practical application or it is not known how to create the partnerships or the means for them to contribute in industrial or social contexts. The objective of this work is to propose a conceptual model of intellectual property management and technology transfer in the context of higher education to provide improvement actions in academia; the case of Instituto Tecnol
  Keywords: intellectual property management; IPM; technology transfer; conceptual model; higher education institutions; HEIs; emerging market.
  DOI: 10.1504/IJEPEE.2022.10049125
   
  
• Financial stability and macroeconomic risk: an outlook from emerging economies  
  by Rexford Abaidoo, Elvis Kwame Agyapong 
  Abstract: Financial stability or stability in the banking industry constitutes one of the core enabling conditions critical for economic growth and development among economies globally. This paper examines the impact of macroeconomic risk (instability in key macroeconomic variables) on stability in the banking industry using data from 32 countries in Sub-Saharan Africa (SSA) from 2001 to 2018. The study uses principal component analysis (PCA) constructed macroeconomic risk index and proxies financial stability by two indicators bank liquid reserves to bank assets ratio and bank Z score respectively. Empirical estimates examining the relationships in the study uses the two-step system generalised method of moments (GMM) model. The results suggest that macroeconomic risk (instability in the macroeconomic environment) contributes significantly to instability in the banking industry among economies in Sub-Sahara Africa; this conclusion is similar for the two measures of financial stability employed in the study. The results further suggest that trade liberalisation has significant moderating impact on the financial stability (bank liquid reserves to asset ratio) macroeconomic risk nexus. The empirical estimates additionally show that macroeconomic risk may negate any positive impact financial sector improvement may have on financial stability among economies in the sub-region.
  Keywords: financial stability; macroeconomic risk; principal component analysis; PCA; generalised method of moment; GMM.
  DOI: 10.1504/IJEPEE.2022.10049377
   
  
• Towards a deeper comprehension of unlevered betas in emerging markets: Gordon and a regression stock valuation model  
  by Pablo José Arana Barbier 
  Abstract: Unlevered betas determination in emerging markets remains a challenge because of the lack of formal tropicalised procedures. Replication of methods built for developed markets only generate biases. The study proposes a standardised procedure through the match of two asset pricing models in order to calculate unlevered betas more appropriately for a specific industry in an emerging market. The paper found that the model proposed permits a successful calculation of an unlevered beta which significantly correlates with the one estimated through the market lines slope without recurring to any preconceived indicators from developed markets. Also, the CAPM is reconfirmed as an appropriate opportunity cost for valuation, but dismisses inflation and country risk as part of its composition. Additionally, the paper identifies the main challenges among unlevered betas calculation in emerging countries and proposes future research opportunities regarding this issue.
  Keywords: asset pricing; capital asset pricing model; CAPM; emerging markets; levered betas; panel data multiple linear regression; perpetuity; stock valuation; stock valuation in emerging countries; unlevered betas; valuation models.
  DOI: 10.1504/IJEPEE.2022.10049624
   
  
• The impact of trade facilitation on automotive export performance of Thailand  
  by Sufiana Sarisae, Muhammad Irwan Ariffin, Rokiah Alavi 
  Abstract: This study examines the impact of trade facilitation on the export performance of Thailands automotive sector. It employs augmented gravity model using panel data over five-year irregular period (2007, 2010, 2012, 2014 and 2016) and 97 country pairs between Thailand and Thailands importing countries. Seven indicators are used as proxies for trade facilitation which are overall logistics performance index (LPI) and its six components: 1) customs; 2) infrastructure; 3) international shipment; 4) logistics quality and competence; 5) tracking and tracing; 6) timeliness. The initial result indicates that overall LPI is not a significant factor to automotive export. A further investigation shows that three components of the trade facilitation index have positive impact on Thailands automotive export; namely infrastructure, tracking and tracing, and timeliness; while the other three are not significant. Additionally, income level of importing countries, common land border, and common membership of regional trade agreement between Thailand and its trading partners positively affect automotive export of Thailand. However, the impact of distance in international automotive trade of Thailand seems to be declining over time, which may be due to rapid technological progress and the locations of high purchasing power countries that are far from Thailand.
  Keywords: international trade; trade facilitation; trade cost; logistic performance index; automotive industry; Thailand.
  DOI: 10.1504/IJEPEE.2022.10050892
   
  
• Regime changes in housing prices reaction to macroeconomic variables in emerging African market  
  by Adefemi A. Obalade, N. Dludla, R. Nhlapho 
  Abstract: Understanding the functioning of the housing market in relation to the economy remains an important task. This study employs a Markov switching model to investigate the effect of selected macroeconomic variables on the housing prices in South Africa for the 19992020 period. The results indicate that the bear regime is more persistent than the bull regime in the housing market. The effects of interest rates, unemployment, and inflation are regime-dependent, while the effects of exchange rate, money supply, GDP and rent on housing prices are invariable. Housing prices are an increasing function of rent irrespective of the regime. Key macroeconomic variables such as the unemployment, GDP and interest rate were found to have a negative impact on housing prices. The findings of this study have implication for global housing markets as failure to consider the possibility of changing regime in the housing market was one of the reasons for the global financial crisis in 2007/2008.
  Keywords: inflation; interest rates; gross domestic product; GDP; exchange rate; money supply; rent; unemployment.
  DOI: 10.1504/IJEPEE.2022.10052237
   
  
• Working capital as a determinant of Firm Performance  
  by Naseem Ahamed 
  Abstract: The objective of this study is to examine the relationship between firm’s working capital and financial performance across three distinct sectors namely services sector, food and agro sector and real estate sector. Using three different datasets for the three sectors spanning a period of ten years from 2011 to 2020, we found a positive and statistically significant relationship between working capital and financial performance across all sectors. The magnitude of the relationship is strongest in the food and agro sector, followed by the services sector and the real estate sector. The net working capital is the highest in the real estate sector which is unsurprising given its capital intensive nature. Surprisingly, the proportion of debt to total assets is the highest in the services sector. The constituent components of net operating cycle are statistically significant for all the sectors but with varying degree. Promoter’s holding is more than 50% across all sectors and the promoters’ composition (predominance of Indian versus foreign promoter) is largely statistically insignificant in determining the return on assets (ROA) for the services and real estate sector.
  Keywords: working capital; net operating cycle; firm performance; multisectoral study.
  
  
• COVID-19 pandemic and work behaviour of non-farm household enterprises: evidence from Nigerian data  
  by Obed I. Ojonta, Jonathan E. Ogbuabor 
  Abstract: This study investigated the influence of COVID-19 pandemic on the work behaviour of non-farm household enterprises (NHEs) in Nigeria using multinomial logistic regression technique and Nigerias 2020 Living Standard Measurement Survey data. Specifically, the study addressed two main questions: how has COVID-19 pandemic impacted on the work behaviour of NHEs in Nigeria? What other factors significantly influence the work behaviour of these enterprises? The results show that the influence of COVID-19 pandemic on the work behaviour of NHEs in Nigeria is negative and significant. The results further indicate that other key drivers of the work behaviour of NHEs in Nigeria include: sufficient soap to wash hands, skipping a meal, thought of eating less, and running out of food. Consequently, the study recommended that government should ensure that NHEs are adequately funded during and after the pandemic in order to strengthen their operations on a sustainable basis.
  Keywords: COVID-19 pandemic; work behaviour; non-farm household enterprises; multinomial logit model; Nigeria.
  DOI: 10.1504/IJEPEE.2022.10052680
   
  
• Walking a tightrope: understanding COVID-19 vaccine allocation in India  
  by Kalpana Tokas, Kartik Yadav 
  Abstract: Indias National COVID-19 Vaccination Program commenced in early 2021, but was subjected to multiple policy changes and allegations such as inequitable allocation of vaccines to states and political favouritism. Government of India (GOI) highlighted certain factors that had guided the initial allocation of vaccines to states and union territories. This paper uses the limited data available in public domain for the initial allocation period of April and May 2021 to empirically examine these claims using a panel data random effects model. Our results suggest that GOI broadly followed the globally prescribed principles for vaccine allocation. However, we find that the allocation failed to cater to the most vulnerable age groups of the population, though we do not find any evidence of political favouritism. We conclude the study with certain policy suggestions.
  Keywords: COVID-19; vaccination; policy; politics; India.
  DOI: 10.1504/IJEPEE.2023.10053178
   
  
• What factors affect scientists innovation activity: evidence from Russia  
  by Valentina Teslenko, Galina Volkova, Damien Bazin 
  Abstract: The paper aims to identify the individual characteristics of Russian scientists that have a positive impact on innovation activity. Using the Monitoring Survey of Highly Qualified R&D Personnel (2016 data collection round), the paper found that factors such as gender, age, labor mobility, and professional collaboration have an impact on scientists innovation activity. The empirical analysis revealed that individual qualities as the ability to find practical application of the results, to choose and use best practices, equipment, tools, to respond quickly to changes and easily adapt to new conditions have a positive effect on innovative activity of scientists. The paper concludes that publications in refereed foreign journals have no direct impact on the innovative activity of scientists.
  Keywords: human capital; knowledge economy; scientist’s innovative activity; Russia.
  DOI: 10.1504/IJEPEE.2023.10054222
   
  
• Investigation of Constituent Determinants of Financial Inclusion: Evidence from Mauritania  
  by Mohamed Sidi, Salina H. Kassim 
  Abstract: It has been globally acknowledged that financial inclusion is one of the most important methods to achieve sustainable development and reduce the incidence of poverty in society. Unfortunately, more than 50% of the adults in the low-income countries are still financially excluded. This paper empirically examines the potential determinants of accessibility to financial services among the Mauritanians. In methodology, a total of 583 self-administered questionnaires were collected based on random sampling method from the three largest cities in Mauritania, namely, Nouakchott, Nouadibou, and Kiffa. Logistic regression analysis was performed to determine the critical factors influencing financial inclusion in Mauritania. The results highlight specific determinants affecting financial inclusion among the households in Mauritania (such as location, religious activities, financial cost, and financial literacy). The study recommends that these factors must be given due consideration in the efforts of increasing financial inclusion among the Mauritanians.
  Keywords: financial inclusion; religious factor; account ownership; Sub-Saharan Africa; Mauritania; logistic regression.
  DOI: 10.1504/IJEPEE.2023.10055397
   
  

Special Issue on: SIBR2020 Risk Management and Policy Analysis

• The JSE Size-Based Indices and Country Risk Components under Bullish and Bearish Market Conditions  
  by Paul-Francois Muzindutsi, Sandisiwe Mbili, Nkosinathi Molefe, Ngcobo Halala, Fikile Dube 
  Abstract: Studies linking stock market indices to country risk ratings have mostly focused on the overall country risk rating, with limited attention to the disaggregated components of country risk rating. This study examined the response of different JSE size-based indices to the changes in economic, financial, and political components of country risk rating under different market conditions. The Markov Switching Model (MSM) model was utilized to analyse monthly stock returns of four size-based indices from July 2002 to December 2018. The findings revealed that the small and medium size indices react heavily on political and economic risks with economic risk showing weak effect on stock returns. We further established that the risk factors are most prominent in the bull regime than in the bear regime indicating the adaptive behaviors towards country risk shocks. Therefore, the management of a stable political environment is crucial for the stability of stock markets in developing countries.
  Keywords: Country risk; political risk; financial risk; market conditions; stock market; JSE.
  DOI: 10.1504/IJEPEE.2024.10056326