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International Journal of Economic Policy in Emerging Economies

International Journal of Economic Policy in Emerging Economies (IJEPEE)

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International Journal of Economic Policy in Emerging Economies (59 papers in press)

Regular Issues

  • Oil price shocks, inflation and policy response: the emerging market experience   Order a copy of this article
    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
  • The volume of MTIC fraud between Poland and Czechia in electronic devices trade: general method of carousel fraud estimation   Order a copy of this article
    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   Order a copy of this article
    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
  • The superstar effect on colour discrimination in the Brazilian cultural labour market   Order a copy of this article
    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
  • Why dont firms grow? Evidence from Egypt   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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
  • Dynamics of energy consumption, financial development, trade openness and economic growth in India: an autoregressive distributed lag bounds cointegration approach   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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
  • Macro-economic determinants of the relationship between exchange rate and stock returns: a two-stage approach   Order a copy of this article
    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
  • Impact of COVID-19 on agriculture supply chain: potential mitigation and adaptive measures from an Indian perspective   Order a copy of this article
    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   Order a copy of this article
    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
  • Do occupation, work status and gender cause variations in wages? Case of Indian labour market   Order a copy of this article
    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
  • Dynamic financial connectedness in emerging and developed countries during the COVID-19 outbreak   Order a copy of this article
    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
  • Extending Fama-French factors with interest rate changes: an empirical study of USA versus emerging markets   Order a copy of this article
    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
  • Exploring the research opportunities in public entrepreneurship: insight from systematic mapping study and co-authorship analysis   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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
  • The relationship between Islamic banking deposits and profitability: an evidence from Malaysia Islamic banks   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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?   Order a copy of this article
    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   Order a copy of this article
    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
  • One country, two system: analysing contractual work arrangement and labour practices   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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
  • Are Chinese exports crowding out competitors? Evidence from Malaysian electrical and electronic exports   Order a copy of this article
    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   Order a copy of this article
    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?   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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
  • Satisfaction of mobile banking customers in Indonesia   Order a copy of this article
    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?   Order a copy of this article
    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
  • The employment dimensions as the spatial determinants of poverty in less developed areas in East Nusa Tenggara, Indonesia   Order a copy of this article
    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
  • Nonlinear ARDL approach for asymmetric effects of investor sentiment on asset pricing in an emerging Asian economy: the Malaysian experience   Order a copy of this article
    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
  • Exchange rate volatility and trade in Sub-Saharan African countries: evidence from augmented mean group estimator   Order a copy of this article
    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)   Order a copy of this article
    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
  • Economics and social cost of movement restrictions in Malaysia: an input-output analysis   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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   Order a copy of this article
    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
  • Revisit intention in Indonesian tourism industry: the role of religiosity and culture   Order a copy of this article
    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 ( 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?   Order a copy of this article
    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
  • The effect of audit committee characteristics on the firms performance: an empirical study of Pakistan Stock Exchange   Order a copy of this article
    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   Order a copy of this article
    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
  • Financial stability and macroeconomic risk: an outlook from emerging economies   Order a copy of this article
    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
  • Regime changes in housing prices reaction to macroeconomic variables in emerging African market   Order a copy of this article
    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
  • COVID-19 pandemic and work behaviour of non-farm household enterprises: evidence from Nigerian data   Order a copy of this article
    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   Order a copy of this article
    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
  • Determinants of the Travel Spending Behaviour: Micro-econometric Evidence from India   Order a copy of this article
    by Suresh KG, Lagesh Meethale Aravalath 
    Abstract: The objective of this paper is to analyse the impact of the socio-economic characteristics of the family heads and their mates on the total travel expenditure and its components. This study applies multiple regression and quantile regression methods to identify the key determinants of household travel expenditure in India. Our results show that the socio-economic characteristics of the household head, such as age, education, employment, religion and caste, and income, are important determinants in deciding the travel expenditure of the household. Further, the influence of these factors is found relevant for and stronger in the higher quantiles of the travel expenditure. Moreover, select characteristics of the spouse of the household head are also found to significantly contribute to the household’s travel spending.
    Keywords: travel spending; household head; socio-economic characteristics; quantile regression; India.
    DOI: 10.1504/IJEPEE.2024.10061383