Asian Economic and Financial Review

Asian Economic and Financial Review

Basic info

  • Publisher: Aess
  • Country of publisher: pakistan
  • Date added to EuroPub: 2017/May/11

Subject and more

  • LCC Subject Category: Finance and Financial Services, Economics
  • Publisher's keywords: Economic, Financial
  • Language of fulltext: english
  • Full-text formats available: PDF

Publication charges

  • Article Processing Charges (APCs): No
  • Submission charges: No
  • Waiver policy for charges? No

Editorial information

Open access & licensing

  • Type of License: CC BY
  • License terms
  • Open Access Statement: Yes
  • Year open access content began: 2011
  • Does the author retain unrestricted copyright? False
  • Does the author retain publishing rights? False

Best practice polices

  • Permanent article identifier: DOI
  • Content digitally archived in: LOCKSS, CLOCKSS
  • Deposit policy registered in: None

This journal has '574' articles

THE LONG RUN AND SHORT RUN IMPACTS OF FOREIGN DIRECT INVESTMENT AND EXPORT ON ECONOMIC GROWTH OF VIETNAM

THE LONG RUN AND SHORT RUN IMPACTS OF FOREIGN DIRECT INVESTMENT AND EXPORT ON ECONOMIC GROWTH OF VIETNAM

Authors: Nhung Thi Kim NGUYEN| Faculty of Economics and Business Administration, Ha Tinh University, Vietnam
( 70 downloads)
Abstract

The determinants of economic growth have always been an important issue in economic research. This paper aims to study the short run and long run impact of foreign direct investment (FDI) and export on economic growth of Vietnam using annual time series data for the period 1986-2015 by implementing ARDL and error correction model. The results show that in the long run FDI has a significant positive impact on Vietnam economic growth while the effect of export is negative. However, FDI and export do not have any significant impact on growth in the short run. These results offer new insights into Vietnam?s openness policy for promoting economic growth.

Keywords: Foreign direct investment, Export, Openness policy, Autoregressive distributed lag, Cointegration, Vietnam
ISLAMIC CULTURE IMPACT OF INCREASING SATISFACTION AND PERFORMANCE OF EMPLOYEES: STUDY OF EDUCATIONAL INSTITUTIONS SABILLILAH SAMPANG

ISLAMIC CULTURE IMPACT OF INCREASING SATISFACTION AND PERFORMANCE OF EMPLOYEES: STUDY OF EDUCATIONAL INSTITUTIONS SABILLILAH SAMPANG

Authors: Chamdan Purnama| Lecturer, School of Economics Al-Anwar, Mojokerto, Indonesia
( 70 downloads)
Abstract

Many studies conducted by experts who want to know the direct relationship between organizational cultures with organizational performance, but there are also some empirical studies which found that organizational culture is directly does not have a significant impact on employee performance, which means other variables that directly affect the performance employees. Therefore, this study seeks to show how big the Islamic culture through job satisfaction influence on employee performance. The research was conducted on respondents as many as 106 employees both as educators and non-educators at the Education Institute Sabilillah Sampang. Through analysis approach structural equation modeling (SEM) found that: First, the culture of Islam which includes (competence, commitment, honesty and transformative) directly positive effect on employee performance. Second, Islamic culture which includes (competence, commitment, honesty and transformative) positive influence on employee performance through job satisfaction. Third, Islamic culture and job satisfaction simultaneously positive influence on employee performance.

Keywords: Islamic culture, competence, commitment, honesty, transformative, Job satisfaction
DIGITIZATION: ITS IMPACT ON ECONOMIC DEVELOPMENT & TRADE “WITH SPECIAL REFERENCE TO SERVICES AND MSME SECTOR OF INDIA”

DIGITIZATION: ITS IMPACT ON ECONOMIC DEVELOPMENT & TRADE “WITH SPECIAL REFERENCE TO SERVICES AND MSME SECTOR OF INDIA”

Authors: Moinak Maiti| Research Scholar Department of Banking Technology (UGC innovative programme) School of Management Pondicherry University Pondicherry, In...
( 112 downloads)
Abstract

This study discusses the impact of digitisation on India?s two most vibrant and high potential segments for future growth: services sector and MSME segments. We find that there is a significant rise in growth rate for the India?s services sector and MSME segment since 2000. This was majorly due to digitisation. Digitisation automates the product and process as a result of which both quality and production increases. Despite having a high potential for future growth, India?s MSMEs segment has suffered due to less ?access to finance?. Digitisation improves the performances of MSMEs and helps in reducing financial obstacles by providing alternative financing options to MSME. Increasing access to alternative finance has resulted in the significant rise in MSMEs operating performance, profitability and productivity. The high performance of the India?s services sector and MSME segment contribute significantly to the overall trade growth. This paper finds that there is a high impact of digitisation on the inclusive growth of the overall Indian economy and trade.

Keywords: Crowd funding, Digitisation, E-commerce, FDI, MSME finance, Services
CORPORATE GOVERNANCE AND INFORMATION TRANSPARENCY: A SIMULTANEOUS EQUATIONS APPROACH

CORPORATE GOVERNANCE AND INFORMATION TRANSPARENCY: A SIMULTANEOUS EQUATIONS APPROACH

Authors: Maali KACHOURI*| Faculty of Economic Sciences and Management of Sfax, University of Sfax, Sfax, Tunisia, Anis JARBOUI| Professor of Finance and Accoun...
( 77 downloads)
Abstract

The purpose of this paper is to review the relationship between corporate governance mechanisms and information transparency. In this paper, we aim to answer the important questions of whether corporate governance affects financial information transparency, if so, whether transparency reporting can affects corporate governance mechanisms and the interaction of internal and external governance mechanisms. This study uses a sample of 28 non-financial listed Tunisian companies and covers an eight-year period from 2006 to 2013. To test the hypotheses of this research, a simultaneous equation system model was applied. The results obtained shows that, for the Tunisians companies, financial transparency have a significant effect on board size and on audit quality. The current study also provides evidence that corporate governance mechanisms are interdependent. The findings may be of interest to those academic researchers, practitioners and regulators who are interested in discovering corporate governance practices in Tunisian context. This paper extends the existing literature, in the Tunisian context in particular, by examining the causal relationship between corporate governance and information transparency.

Keywords: Simultaneous equations approach, Transparency, Causal relationship, Governance, Financial information, Voluntary disclosure index
PUBLIC SECTOR WAGE AND INFLATION IN GHANA

PUBLIC SECTOR WAGE AND INFLATION IN GHANA

Authors: Grace Ofori-Abebrese| Department of Economics, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana, George Kwesi Walanyo Azumah| Departm...
( 67 downloads)
Abstract

Achieving price stability has been in the orbit of concern of state authorities for time immemorial. This paper, therefore, attempted to determine empirically the impact of public wage bill on inflation in Ghana for the period of 1986-2014. Using an Autoregressive Distributed Lag (ARDL) to cointegration model, it was discovered from the study that public wage bill, currency depreciation rate, money supply, and fiscal deficit all have significant impact on inflation in Ghana. The outcome of this study postulated that the rate of inflation determination in Ghana is also a fiscal phenomenon in spite of the significant and domineering role played by monetary expansion. In consequent, equal attention must be accorded both fiscal and monetary policy in the fight against the rate of inflation in Ghana for appreciable and sustained result.

Keywords: Public wage bill, Inflation, Exchange rate, Government fiscal deficit, Money supply, Interest rate
EDUCATION, EMPLOYMENT AND GENDER GAP IN MENA REGION

EDUCATION, EMPLOYMENT AND GENDER GAP IN MENA REGION

Authors: Mwafaq M. Dandan*| Post Doctorate Researcher, Interdisciplinary Centre of Social Sciences, University of Minho/Portugal - Associate professor, PhD .of...
( 70 downloads)
Abstract

Education is central to human capital capacity‐building, and major determinant of economic development, as it has long been considered as an important investment both for social and economic development. The Middle East and North African countries have been aware of the importance of education therefore considered it as a key part of their strategies and future planning; enrollments at different levels of education have improved dramatically over the past few decades. This study is an empirical investigation to the impact of different level of education attainment on employment level, labor force participation rate and gender gap of employment. For that purpose the cross section time series or panel data set consisting of 15 countries ? where the data is comparable -has been taken. Panel data regression analysis has been carried out to find out the magnitude and direction of relationship between dependent and independent variables. Further Hausman test of specification has been applied for the selection between fixed effect model and random effect model. The main finding of this study, that there is negative relationship between educational attainment and male labor participation rate, while it is positive in case of females labor force. The study found also that with the improvement of educational attainment there has been a decrease employment gender gap.

Keywords: MENA, Gender gap, Education, Labor market, Employment gap, Education and labor market
GLOBALIZATION AND ECONOMIC GROWTH: THE CASE STUDY OF DEVELOPING COUNTRIES

GLOBALIZATION AND ECONOMIC GROWTH: THE CASE STUDY OF DEVELOPING COUNTRIES

Authors: Ali Fagheh Majidi| Assistant Professor of Economics, University of Kurdistan, Iran
( 69 downloads)
Abstract

The aim of this study is to investigate the effect of dimensions of globalization on economic growth in 100 developing countries using panel data. The globalization index used is KOF and period of study is 1970-2014.The results show that the impact of political globalization on economic growth in upper middle income countries is negative and significant. Also, economic and social globalization has not significant effect on economic growth. Furthermore, the effect of total and political globalization on economic growth in developing countries with lower middle income is positive and significant but economic and social globalization factors have not significant effect, statistically.

Keywords: Political globalization, Economic globalization, Social globalization, Economic growth, Panel data
THE GLOBAL FINANCIAL CRISIS AND INTERNATIONAL TRADE

THE GLOBAL FINANCIAL CRISIS AND INTERNATIONAL TRADE

Authors: Gouher Ahmed*| Skyline University College, Sharjah, UAE, Anwar Al-Gasaymeh| Skyline University College, Sharjah, UAE, Tariq Mehmood| Skyline Universit...
( 67 downloads)
Abstract

The objective of the study is to study the global financial crisis of 2008 and its aftermath. The Great Recession, which is still found fluttering, and the consequences of the recession. As a result of the recession, the global economy is in a slowdown mode, impacting global trade in terms of magnitude and structure. The paper calls for pro-active regulatory structure including of Central banks and world bodies such as IMF, WB, and WTO need to awaken to their responsibility of straightening out international finance and trade.

Keywords: International trade, Financial crisis, Great recession, Global economy, Regulatory structure, WTO
THE PERFORMANCE PERSISTENCE OF WINNER FUND MANAGERS – EVIDENCE FROM THE TIMING AND STOCK PICKING ABILITY

THE PERFORMANCE PERSISTENCE OF WINNER FUND MANAGERS – EVIDENCE FROM THE TIMING AND STOCK PICKING ABILITY

Authors: Ying-Fen Fu| Assistant Professor, Department of Finance, Tainan University of Technology, Taiwan, Hai-Ching Liu*| Assistant Professor, Department of F...
( 65 downloads)
Abstract

This study aims to investigate the persistence of timing and stock picking ability of ?winner fund managers? instead of winner funds. The sample of this study is the previous and next equity funds which the same fund managers manage in Taiwan. we measure the ranking of timing and stock picking ability of fund managers for the period they manage the specific fund. The result shows that for the whole fund managers, the successive two funds they manage are performance persistent. Moreover, the stock picking ability of the two funds they manage is persistent no matter the two funds belonging to the same fund company or not. Regarding the winner fund manager, we find no persistence of return, timing ability and stock picking ability. No matter the winner fund managers change the jobs to the other fund companies or not, the next funds the winner fund managers manage are not timing and stock picking ability persistent. The result of logistic regression demonstrates that the probability of becoming timing or stock picking winners of the next funds which the timing or stock picking winner managers manage is not significantly higher than other funds. The result indicates that investors do not necessarily follow the timing and stock picking winner fund managers. The performance of the next funds which the winner fund managers manage may reverse especially for the successive two funds belonging to the same fund company. Little literature investigates the issue regarding the fund timing and stock picking performance from the viewpoint of ?fund managers?. The results of this study provide investing implications for fund investors when they are choosing funds.

Keywords: Fund manager, Timing, Stock picking, Performance persistence, Winner, Equity funds
DETERMINANTS OF EXPORTS COMPETITIVENESS: AN EMPIRICAL ANALYSIS THROUGH REVEALED COMPARATIVE ADVANTAGE OF EXTERNAL SECTOR OF PAKISTAN

DETERMINANTS OF EXPORTS COMPETITIVENESS: AN EMPIRICAL ANALYSIS THROUGH REVEALED COMPARATIVE ADVANTAGE OF EXTERNAL SECTOR OF PAKISTAN

Authors: Muhammad Saqib, Irsahd*| Ph.D Scholar at College of International Education, Tianjin University of Finance and Economics, Tianjin China, Qi Xin| Presi...
( 65 downloads)
Abstract

In this paper, we have endeavored to analyze a sector-wise export performance of Pakistan using Revealed Comparative Advantage with the global market. Data for the period 2003-2015, Harmonized System (HS) 1988/92 developed by the World Customs Organization (WCO) are employed in the analysis. We have observed that Pakistan foreign trade concentrated limited products and markets for many years and there are no serious attempts to diversify its export share to the world. Empirical results show that Pakistan is not a major trading player in the international trade. However, it is a major trading player in some of its export items such as, textile and clothing sector, Vegetable, and hides and skins sector which have prominent revealed comparative advantage. Pakistan should diversify its exports and improve its trade diplomacy.

Keywords: Revealed comparative advantage, Determinants of exports, Pakistan exports competitiveness, Pakistan foreign trade
GLOBALIZATION AND UNEMPLOYMENT IN PAKISTAN

GLOBALIZATION AND UNEMPLOYMENT IN PAKISTAN

Authors: Vince Daly*| Department of Economics, Kingston University London, Farid Ullah| University of International Business and Economics, Beijing, China, Abd...
( 66 downloads)
Abstract

This study analyzes the impact of globalization on unemployment in Pakistan, using annual data for the period 1980 to 2013. Using the ARDL econometric framework, we find that the economic, political and social aspects of globalisation differ in their effects. The data suggest that political and social integration, whilst beneficial in the short run, increase the long run expected unemployment rate. Economic integration appears to be only marginally beneficial in the short run; it is significantly beneficial in the long run but cointegration with the other aspects of globalisation means that it cannot fully counteract their undesirable long-run effect.

Keywords: Globalization, KOF indices, Unemployment, ARDL, Bounds testing, Pakistan
INCOME DIVERSIFICATION AND BANK RISK-RETURN TRADE-OFF: EVIDENCE FROM AN EMERGING ECONOMY

INCOME DIVERSIFICATION AND BANK RISK-RETURN TRADE-OFF: EVIDENCE FROM AN EMERGING ECONOMY

Authors: Ekanayake E. M. N. N.*| Newcastle Business School, Northumbria University, United Kingdom, Wanamalie H. A.| Faculty of Management and Finance, Univers...
( 65 downloads)
Abstract

This study examines the impact of bank income source diversification on risk-return trade off, of commercial banks in an emerging economy. Considering eleven commercial banks for the period from 2002 to 2015, the paper examines non-interest income and its components against the risk-adjusted returns to explore the relationships among them. Results confirmed that non-interest income is riskier than interest income, but offers potential diversification benefits to shareholders. This is followed by the negative correlation between the interest income and non-interest income. Moreover, risk adjusted return on equity is positively affected by higher non-interest income activities, indicating that a marginal increase in non-interest income improves the shareholders? risk return trade off. However, interest income, which has a significant negative relationship with risk-adjusted return on equity indicate that increase in interest income has been associated with worsening the risk return tradeoff for shareholders. Further, comparative analysis of non-interest income and risk-adjusted returns shows that foreign exchange income and other income categories have major influence on the shareholders risk and return. However, fee based income has no explanatory power over risk adjusted return. The findings of the study have important policy implications on the regulators in the implementation of capital adequacy requirements which adjust with the bank?s risk exposure.

Keywords: Commercial Banks, Non-Interest Income, Interest Income, Diversification, Risk-return trade-Off, Sri Lanka
REFLECTS THE HIDDEN: MEASURING SRI LANKAN SHADOW ECONOMY

REFLECTS THE HIDDEN: MEASURING SRI LANKAN SHADOW ECONOMY

Authors: D. I. J. Samaranayake| Department of Economics and Statistics, Faculty of Arts, University of Peradeniya, Sri Lanka
( 62 downloads)
Abstract

This study refines both theoretical and pragmatic basis in estimating the size of shadow economy in Sri Lanka. Theoretical investigation had noticed a possibility of use the rate of underemployment as a determinant to measure the size of shadow economy. Further it reveals that the relative magnitudes of job finding rate (f) and devaluation in job separation rate (f*) can change the direction of relationship between the rate of underemployment and the size of shadow economy. Empirical investigation with two fitted MIMIC models; MIMIC 5-1-2a and MIMIC 7-1-2 and Benchmark calculations derive a series of average values for Sri Lankan shadow economy for the period 1990-2015. Calculations for both models tend to decrease from 40-50 percent of GDP. Further comparisons express a strong positive relationship between shadow economy with both underemployment and self-employment.

Keywords: Shadow economy, Unemployment, Underemployment, Structural relationship, MIMIC models, Benchmark calculations
VALUE DRIVERS TO MAXIMIZE STAKEHOLDER WORTH: THE CASE OF TAIWAN HIGH SPEED RAIL CORPORATION CUSTOMIZING

VALUE DRIVERS TO MAXIMIZE STAKEHOLDER WORTH: THE CASE OF TAIWAN HIGH SPEED RAIL CORPORATION CUSTOMIZING

Authors: Shu-Hua Rao*| Chung Hua University, Taiwan R.O.C; Department of Business and Entrepreneurial Management, Kainan University, Luchu, Taoyuan County, Tai...
( 65 downloads)
Abstract

This study determined that the sustainable value of an enterprise involves not only financial performance but also nonfinancial performance. Therefore, intellectual capital (IC) and corporate social responsibility (CSR) were applied to determine value drivers for creating corporate stakeholder value and sustainable competitive advantages. No overall value drivers can be applied to the same enterprise; therefore, we suggest that top managers customize corporate value drivers and leverage priority resources to maximize firm profit. This study reviewed literature regarding IC and CSR to integrate overall value drivers, and applied statistical methods to demonstrate how corporate management teams could apply our methods to identify leverage drivers and create maximum value for stakeholders. We developed an enterprise questionnaire based on the concepts of IC and CSR to conduct data analysis, and used an importance?performance analysis map and regression to rank priorities for value drivers. We implemented a case study of the Taiwan High Speed Rail Corporation (THSRC). The statistical results reveal three concerns. First, there are gaps in our 10-item questions expect for environmental issues regarding noise and vibration. Second, if the THSRC were to improve salaries and welfare, corporate culture and know-how could maximize corporate sustainable value by using charts of the impact-performance of value drivers. Third, regression analysis demonstrated that the degree of importance of customer loyalty has a considerable impact on the degree of importance of financial performance. Finally, the authors suggest that future studies focus on the interdependency of factors to develop an overall index to measure sustainable stakeholder value.

Keywords: Resource-based view theory, Intellectual capital, Corporate social responsibility, Competitive advantage, Maximizing firm profit, Sustainable value
THE IMPACT OF SALARY STRUCTURE, PERFORMANCE REQUIREMENTS, AND TYPE OF BUSINESS ON THE PERFORMANCE OF HOUSING BROKERAGE EMPLOYEES

THE IMPACT OF SALARY STRUCTURE, PERFORMANCE REQUIREMENTS, AND TYPE OF BUSINESS ON THE PERFORMANCE OF HOUSING BROKERAGE EMPLOYEES

Authors: Chun-Chang Lee*| Department of Real Estate Management, National Pingtung University, Taiwan, ROC, Chia-Wei Lee| Department of Real Estate Management,...
( 64 downloads)
Abstract

This study investigated the effects of salary structure, performance requirements, and type of business on the performance of housing agents. The participants in the study survey consisted of the employees of real estate firms in Kaohsiung, Taiwan. Restricted and unrestricted regression models were used to compare the goodness-of-fit of the regression models. A total of 1500 questionnaires were distributed to the branches of the real estate firms, and 734 questionnaires were returned. 284 of the returned questionnaires were ineffective or had missing items. An effective sample of 450 questionnaires was thus collected for an effective recovery rate of 30%. The empirical results indicated that the type of business did not have a significant effect on individual performance with respect to base pay, individual bonuses, group bonuses, and performance requirements. In contrast, base pay, high individual bonuses, and group bonuses had a significant positive effect on individual performance. The empirical results in this study indicated that the effects of base pay, individual bonuses, and group bonuses on individual performance cannot be ignored when investigating the effect of the type business on individual performance.

Keywords: Real estate industry, Salary structure, Performance requirements, Type of business, Individual performance, Housing brokerage employees

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