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on South East Asia |
| By: | Riko Hendrawan (Faculty Economic and Business, Telkom University, Indonesia Author-2-Name: Kristian W.A. Nugroho Author-2-Workplace-Name: Faculty Economic and Business, Telkom University, Indonesia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The telecommunications industry in Southeast Asia continues to grow, as evidenced by the market penetration that continues to increase from 3.8% in 2000 to 71.1% in 2017. However, although the number of subscribers and revenue from telecommunication operators continued to grow between 2008 to 2017, the data shows that the EBITDA margin and ARPU value decrease with the growth rate (CAGR) -1.12% and -4.42%. Methodology/Technique - This study measures and analyzes the efficiency of 14 operators in Southeast Asia between 2008 to 2017 by using the Data Envelopment Analysis (DEA) method. Findings - The results show that of the 14 telecom operators examined, Telkomsel (Indonesia) was the most efficient operator with an efficiency value of 0.97 and contributed from subscriber and revenue output variables which far exceeded the average of other operators. The most efficient telecommunication companies thereafter were StarHub (Singapore) and SingTel (Singapore) with an efficiency rating of 0.96 and 0.95 as represented from ARPU output variables that far exceeded the average of other operators. Novelty - True Move operators became the telecommunication companies with the lowest efficiency because the value of its output variables (subscribers, revenue and ARPU) was far below average and did not show any positive correlation to its efficiency value. |
| Keywords: | Data Envelopment Analysis (DEA); Efficiency; Telecommunication Industry; Southeast Asia. |
| JEL: | M1 M10 M19 |
| Date: | 2018–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr522&r=all |
| By: | Ningsih, Caria; Choi, Yong-Jae |
| Abstract: | Income inequality has become one of the major economic policy issues in developed and developing countries alike. Among ASEAN countries we have witnessed rising income inequality in Indonesia, Lao, Singapore and Vietnam over the recent years while the other ASEAN countries, such as Cambodia, Malaysia, Philippines, and Thailand have shown more or less reduced income inequality. This study examines determinants of income inequality in Southeast Asian countries. Using panel regression analysis, this study focuses on the impact of technological change, globalization and tax policy on income inequality. This study shows that internet penetration as a proxy of technological change has reduced income inequality significantly, tax revenue to GDP ratio has also reduced income inequality, but the effect is not significant. Globalization measured by FDI and trade to GDP ratio has increased income inequality, although FDI impact is not significant. Other control variables, such as ratio of secondary education enrollment, real GDP per capita and depreciation of real exchange rate have significantly improved income inequality. On the other hand, real interest rate and inflation have affected income inequality insignificantly in ASEAN countries. |
| Keywords: | Income Inequality,Internet Penetration,Gini Index,ASEAN |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb18:190399&r=all |
| By: | Juniarti (Petra Christian University, Jl. Siwalankerto 121-131, 60236, Surabaya, Indonesia Author-2-Name: Beatrice Marcellina Author-2-Workplace-Name: Petra Christian University, Jl. Siwalankerto 121-131, 60236, Surabaya, Indonesia Author-3-Name: Alvita Angela Author-3-Workplace-Name: Petra Christian University, Jl. Siwalankerto 121-131, 60236, Surabaya, Indonesia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The adoption of IFRS aims to reduce the level of information asymmetry. Prior studies conducted in developed countries prove that the adoption of IFRS enhances transparency and diminishes information asymmetry. However, in developing countries with a low level of openness, limited regulation, and more centralized ownership, the ability of IFRS to reduce information asymmetry remains unknown. To address this issue, this study aims to investigate whether IFRS adoption will reduce information asymmetry in some developing countries in South East Asia. Methodology/Technique - This research is applied in three developing countries: Indonesia, the Philippines and Thailand. Information asymmetry is proxied by the cost of capital using the Easton model (2004) and a bid-ask spread. Listed firms from the three countries are selected as the research sample resulting in 5.313 firm-years for the period between 2007 and 2016. Findings - This study concludes that the adoption of the IFRS decreases information asymmetry in developing countries. These finding confirm that the benefit of the adoption is the same as in developed countries, despite the level of law enforcement in developing countries being lower. Managers, standard authorities and investors must note that the IFRS conveys benefits to the market, which increases transparency by asking lower returns and valuing company stocks appropriately. Novelty - This study examines the benefits of the adoption of the IFRS in reducing information asymmetry in some emerging countries to enhance the generalization of the results from prior studies that are mostly conducted in developed countries. |
| Keywords: | Bid-Ask Spread; Cost of Capital; Information Asymmetry; IFRS Adoption. |
| JEL: | M41 M48 M49 |
| Date: | 2018–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:afr164&r=all |
| By: | Prince T. Medina (The Graduate School, University of Santo Tomas, España Boulevard, 1015 Manila, Philippines Author-2-Name: Mary Caroline N. Castaño Author-2-Workplace-Name: Graduate School Student, University of Santo Tomas, Philippines Author-3-Name: Tomas S. Tiu Author-3-Workplace-Name: Graduate School Student, University of Santo Tomas, Philippines Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - Less than 1% of the population in the Philippines has invested in the stock market (PSE, 2016). The Philippine Stock Exchange (PSE) has been in operation since 1927 and is one of the oldest in the Asia Pacific. The primary objective of this research is to examine the investing techniques of online users using technical and fundamental analysis. Methodology/Technique - A chi-square test is used to determine if there is a significant difference between the expected frequencies and the observed frequencies in one or more categories. The research probes the relationship of the demographic profiles of respondents and their investment behavior using the Friedman's test. Findings - The descriptive statistics show the frequency counts of 418 observations and the corresponding chi-square test for the distribution-free data. The analysis of variance by ranks was used to reflect the Friedman test for the hierarchy of perception of the respondents per given variable. The chi-square test (?2 (df = 4, ? = 0.001) = 53.603) shows that actual observations on the relative valuation (86, 48, 130, 99, and 55) is significantly different from a uniform fit of 84 observations at 4 degrees of freedom and 5% level of significance. Novelty – Hence, the study concluded that investors prefer a relative valuation equity selection strategy using fundamental analysis. Furthermore, the study concludes that the moving average (36, 11, 80, 95 and 196) is preferred by investors using technical analysis. |
| Keywords: | Fundamental Analysis; Technical Analysis; Investment Behavior; Philippine Stock Exchange; Relative Valuation; Moving Average. |
| JEL: | G10 G14 G19 |
| Date: | 2018–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr148&r=all |
| By: | Juniarti (Petra Christian University, Jl. Siwalankerto 121-131, 60236, Surabaya, Indonesia Author-2-Name: Devi Tirta Raharjo Author-2-Workplace-Name: Petra Christian University, Jl. Siwalankerto 121-131, 60236, Surabaya, Indonesia Author-3-Name: Regina Monica Author-3-Workplace-Name: Petra Christian University, Jl. Siwalankerto 121-131, 60236, Surabaya, Indonesia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The Indonesian Accounting Standard Authority has required companies to adopt the International Financial Reporting Standard (IFRS) since its adoption in 2012. The new standard emphasizes relevance, while the previous standard focused on conservative issues. While the IFRS does not specifically aim to reduce conservatism, this aspect is no longer the emphasis of the new standard. There are concerns about whether the IFRS reduces conservatism and the research on this issue are still uncertain. Hence, this study aims to determine the level of conservatism in the period following the adoption of the IFRS. The study also aims to examine the outcome of the adoption of the IFRS since its adoption in Indonesia in 2012. Methodology/Technique - Using the accounting conservatism model developed by Basu (1997), the authors compare firm conservatism before and after the adoption of the IFRS. The sample includes companies listed on the Indonesian Stock Exchange between 2006 and 2016. There are 3.742 firm-years that consist of 394 companies from various industrial sectors. The data is analyzed using a Pooled Least Square method. Findings - The results show that conservatism was high prior to the adoption of the IFRS. Further, accounting earnings are more sensitive to the negative return than to the positive return before the adoption of the IFRS. However, in the post-adoption period, sensitivity to negative return has decreased. This means that the adoption of the IFRS has reduced levels of conservatism. The Indonesian Accounting Standard Authority may rely on these results to evaluate the mandatory policy of IFRS. Novelty - This study explores the prevalence of conservatism within firms prior to, and following, the adoption of the IFRS using longitudinal data. |
| Keywords: | Conservatism; Earning Quality; IFRS Adoption; Indonesia; Pre and Post-adoption. |
| JEL: | M41 M48 |
| Date: | 2018–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:afr162&r=all |
| By: | Majidah (Accounting Department, School of Economics and Business, Telkom University, Indonesia Author-2-Name: Dedik Nur Triyanto Author-2-Workplace-Name: Telkom University, Jl. Telekomunikasi, 40257, Bandung, Indonesia Author-3-Name: Erika Vivi Andriyani Author-3-Workplace-Name: Telkom University, Jl. Telekomunikasi, 40257, Bandung, Indonesia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - This study aims to examine the influence of auditor and auditee factors on auditor retention. Methodology/Technique - The analysis unit of this research is manufacturing firms that were listed on the Indonesian Stock Exchange between 2010 and 2014. Using purposive sampling, 54 companies, or 270 observations, were obtained. This research uses a logistic regression; there are 12 outliers in the data that disturb the regression model, hence, the final research data set was 258. Findings - The result of the logistic regression analysis shows that auditee and auditor factors can simultaneously explain auditor retention by up to 4%. This partial effect shows that only audit quality affects auditor retention by 57.2%, at a level of significance of less than a = 5%. Meanwhile, firm size affects auditor retention by 14.8%, at a significance level of less than a = 10%. Novelty – This research is unique because auditor retention and proxy of audit quality has never been investigated in previous studies. |
| Keywords: | Auditee Factors; Auditor Factors; Auditor Retention, Indonesia. |
| JEL: | M4 M42 M49 |
| Date: | 2018–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr145&r=all |
| By: | Ihil S. Baron (Sekolah Tinggi Ilmu Ekonomi (STIE) Pancasetia, Jl. Ahmad Yani Km.5,5, 70248, Banjarmasin, South Kalimantan, Indonesia Author-2-Name: Musthafa Author-2-Workplace-Name: Sekolah Tinggi Ilmu Ekonomi (STIE) Pancasetia, Jl. Ahmad Yani Km.5,5, 70248, Banjarmasin, South Kalimantan, Indonesia Author-3-Name: Hellya Agustina Author-3-Workplace-Name: PT. Ekual Sumber Daya (Biro Psikologi), Jl. Cemara Raya No.3 Rt/Rw.036/002, 70123, Banjarmasin, South Kalimantan, Indonesia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The present study aims to describe the challenges of recruitment and selection systems encountered in Indonesia, to ultimately identify the factors influencing the rationale for recruitment and selection processes. Methodology/Technique - A case study approach is used with in-depth interview method for explaining the challenges of recruitment and selection systems applied in Indonesia. The procedure of data analysis consists of three actions that take place instantaneously: data reduction, data presentation, and drawing conclusions. Findings - The findings of this study show that an organisation can obtain qualified personnel who meet their requirements through the application of effective principles in the process of recruitment and selection, in addition to adopting the principles of clarity, planning, legal aspects, accuracy, fairness, honesty, and trust from HR. Novelty - The empirical implications of this study provide a deeper understanding of the resource-based theory. Which explains that humans, as assets of an organization, must be recruited and selected with the right procedures and processes to ensure they provide value to the organization and increase its credibility. In addition, the findings of this study can be adopted by organizations within their recruitment systems, to capture competent candidates for recruitment. Hence, the results of this study further the development of the current principle of human capital for organizations. |
| Keywords: | Challenges; Recruitment and Selection System; In-depth Interview; Qualified Personnel; Approach Ideal Qualification. |
| JEL: | M10 M12 M19 |
| Date: | 2018–12–12 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jmmr197&r=all |
| By: | Vita Briliana (Trisakti School of Management, Indonesia Author-2-Name: Nurti Widayati Author-2-Workplace-Name: Trisakti School of Management, Indonesia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The purpose of this paper is to explore how brand love affects consumers' brand trust, brand loyalty and word-of-mouth promotion towards an online public transport app in Jakarta, Indonesia. GO-JEK is a cost-effective, transport-based application that is used by passengers in Indonesia. Methodology/Technique - This research uses a purposive sampling technique to select 380 GO-JEK users. Partial least square version 3.0 analysis was used to analyze the data collected through the questionnaires. Findings - The study reveals that brand love, brand trust and brand loyalty have a positive in?uence on word-of-mouth advertising. Novelty - Brand love strongly influences brand trust, followed by brand loyalty and word-of-mouth. |
| Keywords: | Brand Love; Brand Loyalty; Brand Trust; Word-of-mouth. |
| JEL: | M30 M31 M39 |
| Date: | 2018–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr521&r=all |
| By: | Nanik Hariyana (Lecture, Faculty Economic, University of Abdurachman Saleh Situbondo, Indonesia Author-2-Name: Hendra Syahputra Author-2-Workplace-Name: Lecture, Faculty of Economic, University of Abdurachman Saleh Situbondo, Indonesia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - Indonesia consists mainly of waters and is therefore rich in various marine products, either in the form of fish or other resources. One such property is shells. The selection of sea shells as a business material is based on the use of sea shells for daily needs. The price of sea shells is relatively cheap and the use of sea shells as a material for making souvenirs and handmade ornaments is a promising business prospect. Methodology/Technique - In planning this activity, the location of the marketing of the product is the central region of the city of Semarang. This area is home to a large source of sea shells and there is a lack of souvenir businesses using sea shells to make their products. Findings - The results of the study show that seashell businesses located in Situbondo Regency are experiencing good growth in recent years. Novelty - The research is one of few on seashell business in the context of Indonesia. This research opens the ways to bring more investment and growth awareness. |
| Keywords: | Sea Shells; Cost Structure; Benefits; Business Efficiency, Indonesia. |
| JEL: | O10 O12 O13 |
| Date: | 2018–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jber162&r=all |
| By: | al Irsyad, M. Indra (University of Queensland, School of Earth and Environmental Sciences); Halog, Anthony (University of Queensland, School of Earth and Environmental Sciences); Nepal, Rabindra (Tasmanian School of Business & Economics, University of Tasmania) |
| Abstract: | This study estimates the impacts of four solar energy policy interventions on the photovoltaic (PV) market potential, government expenditure, economic growth, and the environment. An agent-based model is developed to capture the specific economic and institutional features of developing economies, citing Indonesia as a specific case study. We undertake a novel approach to energy modelling by combining energy system analysis, input-output analysis, life-cycle analysis, and socio-economic analysis to obtain a comprehensive and integrated impact assessment. Our results, after sensitivity analysis, call for abolishing the existing PV grant policy in the Indonesian rural electrification programs. The government, instead, should encourage the PV industry to improve production efficiency and to provide after-sales service. A 100-watt peak (Wp) PV under this policy is affordable for 33.2 percent of rural households without electricity access in 2010. Rural PV market size potentially increases to 82.4 percent with rural financing institutions lending 70 percent of capital cost for five years at 12 percent annual interest rate. Additional 30 percent capital subsidy and 5 percent interest subsidy slightly increase the rural PV market potential to 89.6 percent of PV adopters. However, the subsidies are crucial for creating PV demands by urban households but the most effective policy for promoting PV to urban households is the net metering scheme. Several policy proposals are discussed in response to these findings. |
| Keywords: | hybrid energy model, developing country, renewables policy, impact assessments, agent-based modelling, photovoltaic system |
| JEL: | C60 Q21 Q43 Q48 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:tas:wpaper:28893&r=all |
| By: | Samuel Bazzi (Boston University (Boston, Massachusetts) (BU)); Gabriel Koehler-Derrick (Harvard University); Benjamin Marx |
| Abstract: | Why do religious politics thrive in some societies but not others? This paper explores the institutional foundations of this process in Indonesia, the world’s largest Muslim democracy. We show that a major Islamic institution, the waqf, fostered the entrenchment of political Islam at a critical historical juncture. In the early 1960s, rural elites transferred large amounts of land into waqf—a type of inalienable charitable trust—to avoid expropriation by the government as part of a major land reform effort. Although the land reform was later undone, the waqf properties remained. We show that greater intensity of the planned reform led to more prevalent waqf land and Islamic institutions endowed as such, including religious schools, which are strongholds of the Islamist movement. We identify lasting effects of the reform on electoral support for Islamist parties, preferences for religious candidates, and the adoption of Islamic legal regulations (sharia). Overall, the land reform contributed to the resilience and eventual rise of political Islam by helping to spread religious institutions, thereby solidifying the alliance between local elites and Islamist groups. These findings shed new light on how religious institutions may shape politics in modern democracies. |
| JEL: | D72 D74 P16 P26 Z12 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/71lh5oncqk84tbb1d1a8gujtq6&r=all |
| By: | Hafinaz Hasniyanti Hassan (Azman Hashim International Business School, Universiti Teknologi Malaysia, Malaysia Author-2-Name: Nazimah Hussin Author-2-Workplace-Name: Azman Hashim International Business School, Universiti Teknologi Malaysia, Malaysia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The aim of the study is to identify the determinants of mutual fund performance. Mutual funds have grown in the global financial scene since the 1890s. Past studies have examined various issues associated with mutual funds. However, in Malaysia, mutual fund related studies are rather limited. While most global researches observe the determinants of conventional mutual fund performance, the literature in Malaysia focuses only on a comparison of the performance of mutual funds. Hence, this study aims to fill that gap by providing a framework to assess the determinants of mutual fund performance. More specifically, the study proposes a conceptual framework to determine the effect of historical return, fund governance, timing and selection skills on mutual fund performance. The advancement of the study can be found through the use of theory of performance and mutual fund fees as a mediator in determining the performance of mutual fund fees. Methodology/Technique - A quantitative approach based on secondary data will be used in this study. Multivariate regression analysis and structural equation modelling is also used to evaluate the relationship between the variables. Findings - A conceptual framework is proposed based on the Theory of Performance. The model fit and the mediating role of mutual fund fees will be confirmed after the collection of the research data. It is expected that historical return, fund governance, timing and selection skills will affect mutual fund performance and mutual fund fees will mediate the relationship between the two. Novelty – This study will provide a new perspective on mutual fund performance by using the Theory of Performance. In addition, the mediating role of mutual fund fees is further examined in relation to the specified determinants and mutual fund performance. |
| Keywords: | Mutual Funds; Fees; Performance; Mediator; Theory of Performance. |
| JEL: | G10 G11 G19 |
| Date: | 2018–12–11 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr146&r=all |
| By: | Nahariah Jaffar (Faculty of Management, Multimedia University, Malaysia Author-2-Name: Azleen Shabrina Mohd Nor Author-2-Workplace-Name: Faculty of Management, Multimedia University, Persiaran Multimedia, 63100 Cyberjaya, Selangor, Malaysia Author-3-Name: Zarehan Selamat Author-3-Workplace-Name: Faculty of Management, Multimedia University, Persiaran Multimedia, 63100 Cyberjaya, Selangor, Malaysia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The goal of integrated reporting is to enhance the cohesiveness and efficiency of corporate reporting. It encourages organizations to create greater value by identifying the factors that have a material impact on its operations. The Integrated Reporting (IR) Framework guides the overall content of an integrated report through the Guiding Principles and Content Elements. The Framework has eight elements. This study explores the level of voluntary disclosure of information related to these eight elements by companies listed on the Bursa Malaysia before and after the establishment of the Framework. Methodology/Technique - This study examines the annual reports of 603 Main Market listed companies of Bursa Malaysia between 2012 and 2015. The year 2012 is referred to as the "pre-issuance period" while 2015 is referred to as the "post issuance period". Findings - The findings of the study show that the companies that do disclose more information, do so in relation to three out of the eight elements only. These are: governance, strategy and resource allocation, and outlook. Overall, there is a lack of lineage among the information related to the IR elements presented in the annual reports. Novelty - The findings demonstrate the need for the full adoption of integrated reporting in Malaysia. |
| Keywords: | Content Elements; Integrated Reporting Framework; Listed Companies; Pre and Post Issuance Period; Voluntary Disclosure. |
| JEL: | M40 M41 M49 |
| Date: | 2018–12–08 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:afr163&r=all |
| By: | Salehudin Eka Saputra Alrasidi, ST (Faculty of Economics & Business, Telkom University, Indonesia Author-2-Name: Farida Titik Kristanti, S. E. M. Si Author-2-Workplace-Name: Faculty of Economics & Business, Telkom University, Indonesia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - This research aims to determine the presence of partial effects on gender-diversity and financial performance variables on the cash holding of family firms on the Indonesian Stock Exchange included in the Kompas100 index. Methodology/Technique - The approach used in this research was causal associative testing using a panel data regression with a General Least Square (GLS) method using six independent variables: size, growth opportunity, dividend, return on assets, leverage, and gender diversity. Meanwhile, cash holding acts as a dependent variable. Findings - The results of the research show that the independent variables of leverage have significantly negative relationships on cash holding on the Kompas100 index of Indonesia in the period of 2013-2016. Contrary to this, return on asset has a significantly positive relationship with cash holding. Novelty - Gender diversity is an important variable of boardroom; this paper reveals the impact of gender diversity and performance on family holding firms. These results can be used to assess the performance and fundamentals of a firm. |
| Keywords: | Cash Holding; Dividend; Gender Diversity; Growth Opportunity; Leverage; Return on Assets; Size. |
| JEL: | M40 M41 M49 |
| Date: | 2018–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:afr165&r=all |
| By: | Laila Refiana Said (Faculty of Business and Economics, Lambung Mangkurat University, Indonesia Author-2-Name: Author-2-Workplace-Name: Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - This paper explores the challenges faced by the Indonesia National Council on Social Welfare (INCSW) and its 64 organization members from 31 provinces in Indonesia. INCSW is a social organization that is the coordinating agency for social activities by the Government of Indonesia. The analysis includes strategic management of NGOs in the era of disruption, known as the industrial revolution 4.0. Methodology/Technique - This study uses a qualitative methodology procedure to produce descriptive data obtained from verbal answers and observable behavior. The data collection methods used in this study include interviews, surveys, observations, and use of documents as secondary data. Open interviews were conducted with several administrators and staff of the Indonesia National Council on Social Welfare (INCSW). Short questionnaires were given to 64 representatives of NGOs from 31 provinces. The interview and survey included questions that probed their understanding of the industrial revolution 4.0, disruptive innovation, willingness to change, and the readiness of the organization to create values in the era of disruption. Findings - The results show that technology use is still very lacking. The quality of human resources is of minimum concern in digital knowledge. The discussions include observations about the development of management strategies and a variety of programs offered by the Indonesia National Council on Social Welfare (INCSW). Novelty - This research is one of the few studies that examine non-profit organizations in order to create economic and social values in the era of disruption. This study explains the new paradigm of NGOs by changing the platform of NGO work operationalization. This study widens the application of 'network society' theory in the study of NGOs by emphasizing networks to create value for their stakeholders. The managerial implications of this study include the importance of technology use through social media for social sharing, thus communicating social issues more efficiently and effectively. |
| Keywords: | Change Management; Disruptive Innovation; Human Resources; Industry Revolution 4.0; Non-Governmental Organizations. |
| JEL: | M20 M21 M29 |
| Date: | 2018–12–05 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr519&r=all |
| By: | Sareeya WICHITSATHIAN (Institute of Social Technology, Suranaree University of Technology, Thailand Author-2-Name: Author-2-Workplace-Name: Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The objectives of this research include: (1) to identify working capital investment policy and working capital financing policy, (2) to study the effect of working capital investment policy on profitability, and (3) to study the effect of working capital financing policy on profitability. Methodology/Technique - 41 firms in the agro-food industry listed on the Stock Exchange of Thailand are examined in this study. Secondary data was collected and analyzed within a 5-year period between 2013-2017. Findings - The results show that the most frequently employed working capital investment policy is the aggressive approach (46.30%), and the most frequently employed financial policy is the moderate approach (82.90%). According to the inferential statistics, it is concluded that: (1) profitability is significantly affected by the choice of working capital investment policy and a moderate investment policy results in the greatest profitability, and (2) profitability is not affected by the choice of working capital financing policy. Novelty - As a result, firms should focus on the selection of a moderate working capital investment policy when seeking to maximize profits. On the other hand, any type of working capital financing policy (aggressive, conservative, or moderate approach) is appropriate. |
| Keywords: | Working Capital Policy; Profitability; Agro and Food Industry; Thailand. |
| JEL: | M10 M40 M41 |
| Date: | 2018–12–11 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:afr166&r=all |
| By: | Abhijit Banerjee; Rema Hanna; Benjamin A. Olken; Sudarno Sumarto |
| Abstract: | Many developing country governments determine eligibility for anti-poverty programs using censuses of household assets. Does this distort subsequent reporting of, or actual purchases of, those assets? We ran a nationwide experiment in Indonesia where, in randomly selected provinces, the government added questions on flat-screen televisions and cell-phone SIM cards to the targeting census administered to 25 million households. In a separate survey six months later, households in treated provinces report fewer televisions, though the effect dissipates thereafter. We find no change in actual television sales, or actual SIM card ownership, suggesting that consumption distortions are likely to be small. |
| JEL: | H31 I38 O12 |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25362&r=all |
| By: | Riko Hendrawan (Telkom University, Indonesia Author-2-Name: Azhar A. Nasution Author-2-Workplace-Name: Telkom University, Indonesia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The banking sector plays an important role in the Indonesian economy. The sustainability of the Indonesian banking sector will depend on the ability of every banking institution to maintain their competitiveness. Banking competitiveness is reflected in the level of efficiency of the banking system itself. Methodology/Technique - The purpose of this research is to assess the efficiency of 21 banks on the IDX between 2008-2017 using Stochastic Frontier Analysis. Findings - The findings of this research show a maximum efficiency score of 0.69 and the bank's average score among the research sample with the input and output allocation which can generate profits is 0.69 - 0.43 = 0.26. Overall, the banking sector in the Indonesian capital market between 2008 - 2017 recorded an efficiency score of 0.43. With this score, the banking system in the Indonesian capital market is still considered to be inefficient (0.43 = 0,5) and in the second pole, there were 10 banks with low efficiency scores (less than 0.5). Novelty – From the results, it can be concluded that several output variables, such as total loans (Y1) and securities (Y3), and input variables such as prices of labor (W2) and inflation (Z), have a significant effect on banking profits. Meanwhile, input variables such as the price of fund variables or the total funds (W1) and the price of physical capital were reflected in the depreciation of fixed assets (W3), and the output variables of income and interest (Y2) had an insignificant effect on bank profits. |
| Keywords: | Bank Efficiency; IDX, Stochastic Frontier Analysis, Indonesia. |
| JEL: | G10 G14 G19 |
| Date: | 2018–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr149&r=all |
| By: | Jeong, Hyung-Gon (Korea Institute for International Economic Policy); Lee, Boram (Korea Institute for International Economic Policy); Pek, Jong Hun (Korea Institute for International Economic Policy) |
| Abstract: | This study examines the characteristics of ASEAN FDI and doing business conditions by income level, and conducts an empirical analysis of the determinants of ASEAN FDI to draw policy implications for further eco-nomic cooperation between Korea and ASEAN. Based on the analysis of the characteristics of ASEAN FDI, most ASEAN FDI in all income groups is of the vertical type. Only FDI in Singapore showed a market-seeking, horizontal FDI pattern among the ASEAN high-income group. Based on the primary component analysis to determine factors influencing the FDI inflow of 10 ASEAN countries between 2003 and 2014, Factor 1 includes four variables of "starting a business: time," "time to import," "time to export," and "resolving insolvency: recovery rate" and Factor 2 includes four variables of "enforcing contract: time," "starting a business: procedures," "trade openness," and "exports of goods and services." Finally the paper suggests the following three policy recommendations. Firstly, the Korean government should make efforts for standardization of Rules of Origin thorugh RCEP negotiations. Secondly, the Korean government could provide institutional support via FTA and BITs to strengthen Korea-ASEAN economic cooperation. Thirdly, the Korean government should pursue a strategy of focus to enhance the ASEAN business environment. |
| Keywords: | ASEAN; FDI |
| Date: | 2018–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kiepwe:2018_021&r=all |
| By: | Zulkhibri, Muhamed (The Islamic Research and Teaching Institute (IRTI)); Ismail, Abdul Ghafar (The Islamic Research and Teaching Institute (IRTI)) |
| Abstract: | This paper critically reviews and evaluates stress-testing frameworks and practices of supervisory authorities in a dual banking system namely Malaysia, Indonesia and Pakistan. The analysis suggests that similar to single banking system, there are two main designs to stress testing -bottom-up and top-down - depending on the institutional responsibilities and computational capabilities, while relying on two main techniques of stress tests, sensitivity tests and scenario tests (historical or hypothetical). None of these countries differentiates the stress testing design and approach between conventional and Islamic banking industry. The application of stress testing in these countries follows similar approach to conventional banking system. The analysis also suggests that stress-testing approach for Islamic banking system should be developed capturing the unique balance sheets structure and risks of Islamic banking so that it provides accurate assessments of vulnerability in the Islamic banking system. |
| Keywords: | Islamic bank; stress-tests; systemic risks; financial stability |
| Date: | 2017–05–17 |
| URL: | http://d.repec.org/n?u=RePEc:ris:irtipp:2017_006&r=all |
| By: | Chong Choy Yoke (Faculty of Management, Multimedia University, Persiaran Multimedia, 63100, Cyberjaya, Malaysia Author-2-Name: Yvonne Lee Lean Ee Author-2-Workplace-Name: Faculty of Management, Multimedia University, Persiaran Multimedia, 63100, Cyberjaya, Malaysia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The formation of the Trans-Pacific Partnership (TPP) without the United States has raised many concerns in terms of the possibility of its success. The economic growth of the remaining 11 partner countries is important for the success of the formation of the TPP. Although economic performance depends on certain crucial indicators including debt, the effect of debt on the economic performance among the TPP partner countries remains ambiguous. Methodology/Technique - As a result, this study investigates the nonlinear effect of debt on the economic performance of these partner countries (excluding Brunei and Vietnam) as a whole. In addition, the optimal level of debt is proposed as a means to control the level of debt for sustainable economic growth. Unbalanced panel data of the annual public debt-to-Gross Domestic Product ratio (measured as a percentage of GDP) and real GDP per capita from 1984 to 2015 was collected. Through panel analysis, this study reports an inverted U-shaped relationship between debt and economic performance. Findings - The threshold debt level was identified at 58.02% of GDP. This non-linear relationship means that increasing debt has a positive impact on economic performance before reaching 58.02% of GDP, and an inverse impact on economic performance occurs after this threshold debt level. However, the average debt reveals that the partnership as a whole experiences the reverse effect of debt on growth during this period. Novelty – This study highlights the need for prudent indebtedness policies to ensure continuing trade integration. |
| Keywords: | Debt; Growth; Nonlinear; Threshold; TPP Countries. |
| JEL: | G10 G11 G19 |
| Date: | 2018–12–09 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr147&r=all |
| By: | Bassino, Jean-Pascal; Broadberry, Stephen; Fukao, Kyoji; Gupta, Bishnupriya; Takashima, Masanori |
| Abstract: | Despite being the first Asian economy to achieve modern economic growth, Japan has received relatively little attention in the Great Divergence debate. New estimates suggest that although the level of GDP per capita remained below the level of northwest Europe throughout the period 730-1874, Japan experienced positive trend growth before 1868, in contrast to the negative trend growth experienced in China and India, leading to a Little Divergence within Asia. However, growth in Japan remained slower than in northwest Europe so that Japan continued to fall behind until after the institutional reforms of the early Meiji period. The Great Divergence thus occurred as the most dynamic part of Asia fell behind the most dynamic part of Europe. |
| Keywords: | GDP per capita, Britain, Great Divergence, Japan |
| JEL: | N10 N30 N35 O10 O57 |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:hit:hitcei:2018-13&r=all |
| By: | Georgios Magkonis (University of Portsmouth); Simon Rudkin (Swansea University) |
| Abstract: | Based on the limitations imposed by the trilemma, this paper examines the trade-offs faced by the Chinese economy. Taking into account the role of accumulation of foreign reserves we examine how binding the constraints are for the Chinese monetary authorities. Using a Panel VAR with dynamic and static interdependencies as well as cross-sectional heterogeneities, we examine the monetary spillovers from China to a series of Asian economies. In this way, we measure the degree to which the Chinese trilemma constraints are exported to other countries. Consistent with previous research, our empirical evidence suggests that China's trilemma configurations are unique as China manages to achieve exchange rate stability, along with moderate financial liberalization, without losing its monetary autonomy. Furthermore, there are no significant spillovers to regional economies. Overall, trilemma does speak Chinese, but only for a short period. |
| Keywords: | Trilemma, international reserves, Panel VAR |
| JEL: | F36 F41 O53 |
| Date: | 2019–01–09 |
| URL: | http://d.repec.org/n?u=RePEc:pbs:ecofin:2019-01&r=all |
| By: | Devasmita Jena (Jawaharlal Nehru University); Alokesh Barua (Jawaharlal Nehru University) |
| Abstract: | The objective of the paper is to provide a comparative overview of per capita income convergence in the EU and the ASEAN nations over the period 2000-2014 and empirically assess the role of trade on income convergence. Previous studies on the issue of per capita income convergence was based on the concepts of beta and sigma convergence. In this paper, the convergence analysis in the EU and the ASEAN is done using measure of income inequality developed by Theil. Theil index of inequality is a multisectoral analytical approach that allows us to examine the process of structural changes that unfold in the EU and ASEAN by the forces of trade, factor movement and other policy changes. In order to examine the structural shift, we have decomposed income into its major components- agriculture, industry and services and panel data analysis is employed using individual theil ratios. The major finding of this paper is that trade is an important catalysis for per capita income convergence in the EU and the ASEAN countries, with international trade having greater impact than inter-regional trade. The difference in impact of extra-regional trade and intra-regional trade is higher in the case of EU than in the case of ASEAN. Further, trade has caused rise in per capita income in a greater extent in the lower income countries of the two groups in comparison with relatively higher income countries, leading to narrowing the gap in per capita income across countries. In addition to trade, factor mobility (capital and labour mobility) were also found to be determinants of per capita income convergence in the EU and the ASEAN. In order to capture policy variable, extended regression model is considered with government expenditure as one of the explanatory variable, in addition to trade and factor mobility. Government expenditure was found to have positive and significant impact on the per capita income convergence across the countries of the EU and ASEAN. However, the impact of government expenditure veils the impact of capital and labour mobility in the case of the EU and labour mobility in the case of the ASEAN.Length:30 pages |
| URL: | http://d.repec.org/n?u=RePEc:ind:citdwp:18-04&r=all |
| By: | Seck, Ousmane (The Islamic Research and Teaching Institute (IRTI)) |
| Abstract: | Islamic finance has gained interest in Muslim as well as non-Muslim countries as financial markets are trying to attract capital from investors in search of investment opportunities in accordance with Islamic principles. While the industry is growing on fertile grounds in countries such as Malaysia, the United Arab Emirates, Saudi Arabia, a mix of other countries such as the United Kingdom, Luxemburg, Hong Kong, Senegal, South Africa etc., have tapped into that market by issuing Sukuk or Islamic bonds, although their regulatory frameworks are not designed for their specificities. In 2010, Benin, a former French colony, which inherited its secular constitution has introduced Islamic microfinance without modifying its regulatory framework. The objectives in this paper are three-fold: review the microfinance policy, the regulatory framework and its relevance to the effective functioning of Islamic microfinance. The paper also presents the experience of Benin in Islamic microfinance, and the evaluation of its impact in a policy environment characterized by secularism that implies exclusion of religious specificities. Using a combination of evaluation studies, survey of stakeholders and experts in Islamic microfinance in Benin, and complementary interviews, this research finds that the impact of Islamic microfinance is not separable from the impact of the overall microfinance sector in which it is blended. The impact appears to be positive in terms of contributing to the improvement of living conditions, and loosening the financing constraints on households and small and medium enterprises through additional financial resources. |
| Keywords: | Islamic microfinance; Poverty alleviation; Financial Inclusion; SMEs; Africa |
| Date: | 2017–05–30 |
| URL: | http://d.repec.org/n?u=RePEc:ris:irtipp:2017_005&r=all |
| By: | Ferlito, Carmelo |
| Abstract: | According to Mark Thornton, we could be very close to another major economic crisis. Ten years have passed from the so-called Great Recession and Thornton’s prediction confirms my view according to which business fluctuations are pervasive, and the crisis that emerged in the Western world in 2007 is just the latest and most evident manifestation of such dynamics. I have expressed the idea that business cycles are unavoidable by developing the doctrine of the natural cycle. In the present paper I used that framework in order to describe the evolution of the Malaysian property market in the last decade in the context of the general development of the national economy. In fact, it seems that this evolution presents many features of the cyclical dynamic that brought about the Great Recession after a ten year delay. |
| Keywords: | business cycles,Malaysia,property market,expectations |
| JEL: | E32 O16 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esconf:190772&r=all |
| By: | Ferikawita M. Sembiring (Jenderal Achmad Yani University, Bandung Indonesia Author-2-Name: Author-2-Workplace-Name: Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - Previous research by this author has stated that the market overreaction phenomenon occurs in the Indonesian capital market and the CAPM (Capital Asset Pricing Model) is able to explain portfolio returns. However, CAPM is still debated along with the emergence of the other asset pricing models, such as the multifactor model proposed by Fama and French. The aim of this research is to test the ability of that model to explain the returns of portfolios formed under market overreaction conditions. Methodology/Technique - The data used in this study is the same as that of the previous research, which includes winner and loser portfolio data formed in market overreaction conditions, particularly on the Indonesian Stock Exchange, between July 2005 and December 2015. The multifactor models used include a three-factor model consisting of the factors of market, firm size, firm value, and a five-factor model with the added factors of profitability and investment. To obtain more accurate results, GARCH econometric models were also used in addition to standard test models for obtaining unbiased results. Findings - This research concludes that market factors (Rm-Rf), firm size (SMB), and firm value (HML), are able to explain the winner and loser portfolio returns well. However, when the factors of profitability (RMW) and investment (CMA) are added into the three-factor model, the RMW and CMA explained the returns negatively and inconsistently when the GARCH model is implemented. Novelty – These results imply that the three-factor model is more accurate than the five-factor model, contrary to the previous findings of Fama and French. |
| Keywords: | Fama and French Model; Five-factor Model; Market Overreaction; Three-factor Model; Portfolio. |
| JEL: | G11 G12 G14 |
| Date: | 2018–12–11 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:jfbr150&r=all |
| By: | Saptono (Faculty of economics and business, Telkom University, Indones Author-2-Name: Farida Titik Kristanti Author-2-Workplace-Name: Faculty of economics and business, Telkom University, Indones Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | Objective - The objective of this study is to evaluate the stock intrinsic value of companies listed on the Indonesian Stock Exchange. The evaluation is carried out by using a DCF method of Free Cash Flow to Firm (FCFF) approach, and a relative method of Price to Earnings Ratio (PER) and Price to Book Value (PBV) approaches. Each approach uses three scenarios of optimism, moderation and pessimism. Methodology/Technique - The historical data of the companies between 2014 and 2017 was used to predict their performance in the period between 2018 and 2021. Findings - The results of this study indicate that by comparing the stock prices to their intrinsic value of the stock valuation of the DCF-FCFF, the stock market prices as of 1 January 2018 according to the optimistic scenario show that TBIG and SUPR were undervalued, while TOWR and IBST were overvalued. In the moderate scenario, TBIG and SUPR were undervalued, while TOWR and IBST were overvalued. Novelty - Meanwhile, TBIG, TOWR and IBST were overvalued and only SUPR was undervalued in the pessimistic scenario. Relative valuation using a PER approach in all scenarios indicates that TBIG, TOWR and IBST were overvalued and SUPR was undervalued. Finally, through a PBV approach, the relative valuation of TOWR, SUPR and IBST were overvalued and TBIG was undervalued in all scenarios. |
| Keywords: | Free Cash Flow to Firm; Relative Valuation; Tower Provider Industry; Intrinsic Value; Valuation. |
| JEL: | G14 G15 G19 |
| Date: | 2018–12–09 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr520&r=all |
| By: | Srinuan, Pratompong; Phansatarn, Thunwar; Srinuan, Chalita |
| Abstract: | Spectrum auction has been accepted as an efficient tool for allocating the radio spectrum and increasing competition level among service providers in the telecommunication market. Most of National Regulatory Authorities (NRAs) use spectrum cap as an incentive instrument to facilitate new entrants and to reduce a chance of natural monopoly in acquiring spectrum. These two different regulatory instruments seem to provide contradictory results. On one hand spectrum auction should allow Mobile Network Operator (MNO) to obtain as much as spectrum bandwidth. It may lead to one MNO may gain most of spectrum bandwidth in the market or being a dominant player in the market. On another, spectrum cap limits amount of bandwidths where the MNO could obtain. It aims to provide an opportunity to smaller and/or new comer operator to gain spectrum bandwidths as well as its competitive advantage. The National Broadcasting and Telecommunications Commission (NBTC) has followed the practices from other NRAs by implementing spectrum auctions together with setting spectrum cap for each bidder in an event of auction. This paper aims to investigate impact on firms' performance, i.e. data share to spectrum share ratio, subscriber share to spectrum share ratio, etc., in Thailand. The findings show that 40% sub-1GHz cap produces a better output in term of spectrum efficiency. It is somehow contrast with other studies. However, this may result from a long term implementation of spectrum cap. Mobile operator needs to prepare itself to handle the limitation of spectrum. |
| Keywords: | Spectrum cap,Firms' performance,Thailand |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb18:190401&r=all |
| By: | Zafar, Muhammad Wasif; Shahbaz, Muhammad; Hou, Fujun; Sinha, Avik |
| Abstract: | This study disaggregates energy, i.e. non-renewable and renewable energy consumption, and investigates its effect on economic growth. The time period of 1990-2015 is used to examine Asia Pacific Economic Cooperation (APEC) countries. This paper determines the cross-sectional dependence and employs a second-generation panel unit root test for precise estimation. The Pedroni and Westerlund cointegration tests are used to examine the long-run equilibrium relationship between the variables and confirm the presence of cointegration in the long run. The FMOLS and DOLS approaches are applied to investigate long-term output elasticities between the variables. The results show the stimulating role of energy (renewable and nonrenewable) consumption in economic growth. Research and development expenditures and trade openness have a positive effect on economic growth. Moreover, the time series individual country analysis also confirms that renewable energy has a positive impact on economic growth. The Granger causality analysis reveals the unidirectional causal relationship running from renewable energy consumption to economic growth and economic growth to non-renewable energy. This empirical evidence suggests that countries should increase investment in renewable energy sectors and plan for development in renewable energy for sustainable energy growth. |
| Keywords: | Renewable Energy, Nonrenewable Energy, Economic Growth, Trade, FMOLS, APEC |
| JEL: | A1 |
| Date: | 2018–12–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:90611&r=all |
| By: | Kim, Junghwan; Choi, Mideum; Hwang, ShinYoung |
| Abstract: | LINE, the global mobile messenger service provider, has been extending its online business to the offline platform. Among many services, LINE FRIENDS, which manages the character business of LINE, launched an offline flagship store in Korea, Japan, and Southeast Asia (LINE FRIENDS, 2018.01.25). Among the 45 stores around the world, LINE FRIENDS opened a large scale flagship store in New York in August 2017. Characters which were originally created for online stickers soon became the key business component of the flagship store. LINE FRIENDS has collaborated with renowned global brands such as LAMY, MR MARIA, THERMOS, SWAROVSKI, BROMPTON, and L'OCCITANE. People who visit offline flagship stores can not only buy collaboration products but also enjoy time at the character themed cafe. KAKAO which operates a major mobile messenger service in Korea has also launched its first flagship store in April 2014. Around 10 thousands visitors are reported to visit KAKAO's flagship store (KAKAO FRIENDS) every day... |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb18:190407&r=all |
| By: | Nguyen, Ha Trong; Connelly, Luke; Le, Huong Thu; Mitrou, Francis; Taylor, Catherine; Zubrick, Stephen |
| Abstract: | Children of Asian immigrants in most English-speaking destinations have better academic outcomes, yet the underlying causes of their advantages are under-studied. We employ panel time-use diaries by two cohorts of children observed over a decade to present new evidence that children of Asian immigrants begin spending more time than their peers on educational activities from school entry; and, that the ethnicity gap in the time allocated to educational activities increases over time. By specifying an augmented value-added model and invoking a quantile decomposition method, we find that the academic advantage of children of Asian immigrants is attributable mainly to their allocating more time to educational activities or their favorable initial cognitive abilities and not to socio-demographics or parenting styles. Furthermore, our results show substantial heterogeneity in the contributions of initial cognitive abilities and time allocations by test subjects, test ages and points of the test score distribution. |
| Keywords: | Migration, Education, Test Score Gap, Time Diary, Quantile Regression, Second-generation Immigrants, Australia |
| JEL: | C21 I20 J13 J15 J22 |
| Date: | 2018–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:90534&r=all |
| By: | Amarasinghe, Tharaka; Zainudeen, Ayesha; Senanayake, Laleema |
| Abstract: | The research quantitatively identifies the effect of willingness to use ICT by measuring the perceived impact of ICTs by users in India, Pakistan, Bangladesh and Cambodia. The study attempts to model the relationship between the perceived impacts of access to mobile phones and the adoption of ICT services (including mobiles) using two approaches. First, following the approach used by de Silva et al., and others who find a positive relationship between perceived impacts and adoption, we model mobile phone adoption using a binary logistic approach. Finding that this relationship is not evident in the study countries in our research conducted in 2017, we further investigate the relationship by developing an index to assess ICT adoption and explore its relationship with the perceived impacts of mobile access using a multiple regression model. The multiple regression also shows that perceived impacts have only minimal influence on ICT adoption. |
| Keywords: | ICT,adoption,mobile |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:itsb18:190342&r=all |
| By: | Shurojit Chatterji (Singapore Management University); Atsushi Kajii (Institute of Economic Research, Kyoto University); Huaxia Zeng (Shanghai University of Finance and Economics) |
| Abstract: | We define an efficient temporary equilibrium (ETE) within the framework of a two period economy. We show by example that ETE in this setting can lead to intertemporally efficient allocations without the agents forecasts being coordinated on a perfect foresight price. There is a one dimensional set of such efficient allocations for generic endowments. |
| JEL: | D51 D53 D61 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:992&r=all |
| By: | Shafii, Zurina (Universiti Sains Islam Malaysia); Obaidullah, Mohamed (The Islamic Research and Teaching Institute (IRTI)); Samad, Rose Ruziana (Universiti Sains Islam Malaysia); Yunanda, Rochania Ayu (Universiti Sains Islam Malaysia) |
| Abstract: | Different from a conventional cooperative, a Shari’ah-based cooperative observes Shari’ah principles. As these cooperatives offers Islamic financial products and involves in Shari’ah compliant investment, they are bound to observe Shari’ah governance structure, transparency, disclosure of information and strict compliance with Shari’ah principles. Compliance with the Shari’ah principles will strengthen public confidence in the credibility of the system of the Islamic Muamalat particularly in the cooperative movement. Due to the infancy of Shari’ahbased cooperative industry that needs for proper governance measures, this paper aims to discuss corporate governance in Shari’ah-based cooperatives in the attempt to propose a model for resolving stakeholders’ conflicts of interest |
| Keywords: | Microfinance; Cooperatives; Shari’ah; Corporate Governance |
| Date: | 2017–07–11 |
| URL: | http://d.repec.org/n?u=RePEc:ris:irtipp:2017_003&r=all |
| By: | Hung Ly-Dai (VNU - Vietnam National University [Hanoï]) |
| Abstract: | In one open two-country economy, a higher domestic productivity level raises both mean and variance of wealth dynamic, and can lead to a greater accumulation of safe assets. The empirical evidences on the 19 countries of Eurozone confirm that the safe assets exchange supports the international risk-sharing across countries. Moreover, in comparison with the risky investments (FDI and Portfolio Equities), the safe assets (Bonds) are the dominant driver of global imbalances within Eurozone. |
| Keywords: | Current Account,Endogenous Portfolio Choice,Safe Assets,Produc-tivity Level |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-01935158&r=all |
| By: | Shurojit Chatterji (Singapore Management University); Atsushi Kajii (Institute of Economic Research, Kyoto University); Huaxia Zeng (Shanghai University of Finance and Economics) |
| Abstract: | Do price forecasts of rational economic agents need to coincide in perfectly com- petitive complete markets? To address this question, we define an efficient tempo- rary equilibrium (ETE) within the framework of a two period economy. Although an ETE allocation is intertemporally efficient and is obtained by perfect competition, it can arise without the agents forecasts being coordinated on a perfect foresight price. We show that there is a one dimensional set of such Pareto efficient allocations for generic endowments. |
| JEL: | D51 D53 D61 |
| Date: | 2018–08 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:999&r=all |