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

AN ANALYSIS OF DEMAND AND PERFORMANCE OF POLYTECHNIC PASS-OUTS: A CASE STUDY OF INDUSTRIAL ESTATE JAMRUD ROAD PESHAWAR

AN ANALYSIS OF DEMAND AND PERFORMANCE OF POLYTECHNIC PASS-OUTS: A CASE STUDY OF INDUSTRIAL ESTATE JAMRUD ROAD PESHAWAR

Authors: Rehman-ud-din| Assistant Professor, Government College of Technology, Peshawar, Jangraiz Khan| Elementary and Secondary Education Department, Peshawar...
( 27 downloads)
Abstract

In Pakistan, Six to ten percent of matriculate students seek admission in technical institutions while the required number for a country to be on the track of progress is seventy percent. In Khyber Pakhtunkhwa, on the average 4220 Polytechnic Pass-outs entered into the labour market annually during the last five years (2007-11). There is a general concern that the performance of polytechnic graduates in industry is not satisfactory. This study was carried out to evaluate the demand and performance of polytechnic graduates in Industrial Estate Hayatabad, Peshawar. The study reveals that polytechnic graduates do not match the employers’ expectation and their performance is not much better than other technicians working at same level. It is therefore, suggested to include one year practical industrial training in curriculum for Diploma of Associate Engineer (DAE), arrange industrial exhibitions every year, improve standard of technical education through effective management and link it to industry.

Keywords: Technical Education, Demand and Performance of Polytechnic Pass- outs, Industrial Estate Hayatabad
THE FISHER EFFECT IN THE SPANISH CASE: A PRELIMINARY STUDY

THE FISHER EFFECT IN THE SPANISH CASE: A PRELIMINARY STUDY

Authors: Francisco Jareño| Universidad de Castilla-La ManchaFacultad de Ciencias Económicas y Empresariales Plaza de la Universidad, 1, 02071, Albacete (Spain)...
( 25 downloads)
Abstract

We revise previous literature about Fisher Effect, in order to check if the majority of nominal interest rates movements are caused by inflation rate fluctuations, remaining constant the real interest rate. Finally, we analyse the Fisher Effect in the Spanish case with a preliminary analysis in order to validate future studies.

Keywords: Inflation Expectations, Nominal and Real Interest Rates, ARIMA, Flow-Through Coefficients
THE EFFECTS OF GLOBALIZATION ON FIRM PERFORMANCE IN EMERGING MARKETS: EVIDENCE FROM EMERGING-7 COUNTRIES

THE EFFECTS OF GLOBALIZATION ON FIRM PERFORMANCE IN EMERGING MARKETS: EVIDENCE FROM EMERGING-7 COUNTRIES

Authors: Ece C. KARADAGLI| Department of Banking and Finance, Cankaya University, Ankara, 06810, Turkey
( 29 downloads)
Abstract

Although there exists a wide array of literature regarding almost every aspect of globalization at macro level, surprisingly, the micro level of the subject area seems to be a little ignored and consequently, almost nothing is known about the impact of globalization on firm performance/value. In an attempt to contribute to fulfilling this gap, this research focuses on the impact of the overall globalization level of a country and its single dimensions, specifically her economic, her political and her social globalization levels on firm performance which is measured by the stock market index returns for “Emerging-7 (E7)” countries, specifically Brazil, China, India, Indonesia, Mexico, Russia and Turkey, for the period 1998-2009 by using panel data estimation. The findings suggest that the overall level of globalization significantly improves firm performance. Besides, the single dimensions of globalization are also found to have value enhancing effects though the result for economic globalization is insignificant at conventional levels. Additionally, the political globalization seems to be the most promising dimension of globalization with regard to performance enhancing prospects for firms.

Keywords: Globalization, Firm Performance, Emerging Countries, Panel Data
A STUDY ON FACTORS AFFECTING TURNOVER INTENTION OF HOTEL EMPOLYEES

A STUDY ON FACTORS AFFECTING TURNOVER INTENTION OF HOTEL EMPOLYEES

Authors: Chun-Chang Lee| Associate professor, Department of Real Estate Management, National Pingtung Institute of Commerce, Taiwan. ROC. No. 51, Mingsheng Eas...
( 34 downloads)
Abstract

This study used linear structural modeling to explore the factors affecting the turnover intention of hotel employees in Taiwan. A total of 400 questionnaires were distributed to hotel employees. Among these, 350 were valid samples, a valid return rate of 87.50%. The empirical results showed that (1) more harmonious coworker relationships between hotel employees and a higher level of satisfaction regarding their work environment have a significantly positive effect on job satisfaction; (2) a higher level of organizational commitment among hotel employees has a significantly negative effect on turnover intention; (3) the direct effect of employee job satisfaction and salary level on turnover intention has not reached a significant level. Nevertheless, the two factors have indirect negative effects on turnover intention.

Keywords: turnover intention, organizational commitment, job satisfaction, salary level
INFLATION THRESHOLDS AND ECONOMIC GROWTH: EVIDENCE FROM NIGERIA

INFLATION THRESHOLDS AND ECONOMIC GROWTH: EVIDENCE FROM NIGERIA

Authors: Kazeem Bello Ajide| Department of Economics University of Lagos, Lagos, Nigeria, Olukemi Lawanson| Department of Economics University of Lagos, Lagos,...
( 29 downloads)
Abstract

Inflation is one of the most challenging macroeconomic objectives capable of frustrating every pragmatic effort at achieving other macroeconomics goals if not curtailed. To this end, the paper empirically examines the threshold inflation rate that is considered optimally reasonable for maintaining a sustainable economic growth. The study in specific terms employs a least square multivariate approach to estimate a threshold level of inflation. Further, error correction modeling (ECM) approach was explored to identify the long run relationship among other major determinants of real GDP growth using a simple augmented production function. In addition, a pairwise granger causality test was conducted to explore the causal link between the inflation and growth of real GDP. Interestingly, it was observed from the causality test that there was neither bidirectional nor unidirectional causality between the two but rather an independent relationship. The findings from least square estimation also established 9% threshold inflation level. The results from ECM confirmed the values of lagged of real GDP growth rates, investment, current inflation, population growth and terms of trade as important factors affecting growth rates of real GDP in Nigeria. Based on the outcome of the results it was therefore suggested that an identification of country-specific inflation thresholds in the inflation-growth relationship might provide useful information about the appropriate location and width of an inflation targeting band.

Keywords: Inflation Thresholds, Economic Growth, Error Correction Models
CAPITAL INFLOWS AND ASSET PRICES: THE RECENT EVIDENCE OF SELECTED EAST ASIAN ECONOMIES

CAPITAL INFLOWS AND ASSET PRICES: THE RECENT EVIDENCE OF SELECTED EAST ASIAN ECONOMIES

Authors: Hiroyuki Taguchi| Cabinet Office, Government of Japan Nakamachidai Tsuzuki-ku Yokohama 224-0041 Japan
( 32 downloads)
Abstract

This paper aims at providing empirical evidence on the relationship between capital inflows and asset prices, focusing on China, Hong Kong, Indonesia, Korea and Thailand. Main findings are: the positive responses of share prices to portfolio inflows shocks were verified in all the estimated economies, which implies the function of the direct channel into stock market; the indirect channel through domestic money supply appeared to work in the economies with peg regime like Hong Kong, whereas it did not in those with floating regime like Indonesia, Korea and Thailand, due to the sterilization of intervention in foreign exchange markets.

Keywords: capital inflows, asset prices, East Asian emerging market economies, impulse responses to capital inflows shocks, sterilization
ACCOUNTING CLARITY THROUGH THE PROPOSED TWO COLUMN PROFIT AND LOSS ACCOUNT; A COMPARATIVE STUDY OF ACCOUNTANTS AND INVESTORS’ PERCEPTIONS

ACCOUNTING CLARITY THROUGH THE PROPOSED TWO COLUMN PROFIT AND LOSS ACCOUNT; A COMPARATIVE STUDY OF ACCOUNTANTS AND INVESTORS’ PERCEPTIONS

Authors: Obasi Rosemary| Benson Idahosa University Benin City, Edo State, Nigeria
( 26 downloads)
Abstract

This paper titled ‘accounting clarity through the proposed two column profit and loss account; a comparative study of accountants and investors’ perceptions, investigates the Relevance, Understanding, Reliability, Importance and Clarity (RURIC) of the proposed Two Column Profit and Loss Account (TCPLA) among accountants and investors in Edo State of Nigeria. The survey questionnaire was employed as the study’s tool to elicit information from the selected respondents. The mean scores of both units of analysis were compared using stata 9 software and the hypotheses were tested using the t-test statistics. The results showed that, both investors and accountants perceived the TCPLA to be RURIC in absolute terms, but Investors’ perception is greater than those of the Accountants and showing higher support for TCPLA as an indication of improvement in the quality of accounting report with the characteristics of clarity or transparency.

Keywords: Income Statement, Accounting Clarity, Qualitative characteristics of income statement, Two Column Profit and Loss Account, Transparency and Accountability
ASSESSMENT OF BUDGET SUSTAINABILITY IN SARAWAK

ASSESSMENT OF BUDGET SUSTAINABILITY IN SARAWAK

Authors: Chin-Hong Puah| Faculty of Economics and Business, Universiti Malaysia Sarawak, Evan Lau| Faculty of Economics and Business, Universiti Malaysia Saraw...
( 35 downloads)
Abstract

This study reexamines the sustainability of budget stance of Sarawak state, 1970-2008. Using the intertemporal borrowing constraint as a framework, the study tests the long-run relationship between government revenue and expenditure. Empirical results demonstrate a long-run equilibrium relationship among the variables. The cointegration test result suggests that Sarawak state’s fiscal stance satisfies the weak sustainability condition. In addition, the Granger causality test result reveals a bi-directional relationship between government revenue and expenditure. This means that fiscal authorities made simultaneous decisions on expenditure and revenue. Government revenue and expenditure will mutually reinforce each other.

Keywords: Fiscal Sustainability, Cointegration, Revenue, Expenditure, GDP and Sarawak
AN ANALYSIS OF PERCEPTIONS ON FINANCIAL EDUCATION AND ASSET BUILDING IN THE ALABAMA BLACK BELT

AN ANALYSIS OF PERCEPTIONS ON FINANCIAL EDUCATION AND ASSET BUILDING IN THE ALABAMA BLACK BELT

Authors: Nii O. Tackie| Department of Agricultural and Environmental Sciences, Tuskegee University, Tuskegee, Alabama, USA E-mail:[email protected], Sy...
( 27 downloads)
Abstract

The study focused on analyzing perceptions on financial education and asset building in the Alabama Black Belt. Data were obtained from a convenience sample of 204 participants from several Alabama Black Belt counties. The data were analyzed using descriptive statistics. The results on demographics reflect a low number of persons in households, more females, relatively younger participant group, with relatively lower educational level, with relatively lower annual household income level, and a higher proportion of single, never married persons. A majority (71%) had not taken financial education classes, and 64% were willing to participate in an asset building program. Chi-square tests revealed that educational level and annual household income played a major role in having taken financial education classes; persons under 18 years of age in household, age, and marital status played a major role in willingness to participate in an asset building program. It was recommended that policy makers, academic institutions, and community-based organizations should help bridge the financial knowledge and asset building gap by implementing financial education and asset building programs in the study area, with considerations for socioeconomic factors such as educational level and marital status that appear to be related to financial education and asset building.

Keywords: Financial Education, Financial Literacy, Asset Building, Black Belt
EFFECTS OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY: EVIDENCE FROM THE TOPFIVE BEER BREWERY FIRMS IN THE WORLD

EFFECTS OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY: EVIDENCE FROM THE TOPFIVE BEER BREWERY FIRMS IN THE WORLD

Authors: Ani, Wilson Uchenna| Department of Banking and Finance, Michael Okpara University of AgricultureUmudike, Abia State, Nigeria, Okwo, Ifeoma Mary| Depar...
( 135 downloads)
Abstract

The impact of working capital management on the profitability of manufacturing firms has attracted the attention of researchers in different countries of the world in recent times. This research expands the horizon of knowledge in this area by shedding more light on working capital management as measured by the cash conversion cycle (CCC), and how the individual components of the CCC influence the profitability of world leading beer brewery firms. Multiple regression equations were applied to a cross sectional time series data of five world leading beer brewery firms after ensuring that the data are stationary and co-integrated. The outcome of the analysis clearly pinpoint that working capital management as represented by the cash conversion cycle, sales growth and lesser debtors’ collection period impacts on beer brewery firms’ profitability.

Keywords: Working capital management, cash conversion cycle, profitability, top world leading beer brewers, multivariate regressions, debtors collection period
IMPACT OF REAL EFFECTIVE EXCHANGE RATE ON INFLATION IN PAKISTAN

IMPACT OF REAL EFFECTIVE EXCHANGE RATE ON INFLATION IN PAKISTAN

Authors: Imrana Asad| Graduate Student Department of Economics University of Sargodha, Nisar Ahmad| Assistant Professor Department of Economics University of S...
( 51 downloads)
Abstract

The determination of inflation is widely debated all over the world. The macroeconomic variables namely: money supply, income velocity of circulation, real effective exchange rate and real income of the economy are the main affect of inflation. The objective of the study was to investigate the impact of real effective exchange rate on inflation in Pakistan. The time series data of real GDP, nominal GDP, real effective exchange rate, prices and money supply for the period of 1973 to 2007 was used in the study. It was concluded that the real effective exchange rate has impact upon inflation in Pakistan. The correlation matrix of the explanatory variables was calculated to establish the relationship among real effective exchange rate and with other variables. A positive and strong relationship between the real effective exchange rate and inflation was found.

Keywords: Inflation, Real Effective Exchange Rate and Correlation Matrix
A STUDY ON TAIWAN’S BOND MARKET INTEGRITY AND MARKET TIMING ABILITY - BASED ON THE ARMAX-GARCH MODEL

A STUDY ON TAIWAN’S BOND MARKET INTEGRITY AND MARKET TIMING ABILITY - BASED ON THE ARMAX-GARCH MODEL

Authors: Wo-Chiang Lee| Department of Banking and Finance, Tamkang University 151, Yin-Chuan Road, Tamsui, New Taipei City, Taiwan, ROC, Joe-Ming Lee| Departme...
( 25 downloads)
Abstract

Due to the market’s integrity and lack of liquidity of Taiwan’s bond market, a bond manager finds it difficult to flexibly adjust portfolio allocation and systemic risk. No matter in the T-M model, T-M ARMAX-GARCH model, or H-M ARMAX-GARCH model, this study’s results show that most bond funds do not have selective ability and significant systemic risk and timing ability, except for the H-M model. Hence, we recommend that Taiwan’s bond market should develop more investment products, improve liquidity in the market, and enlarge the operating space of the fund manager.

Keywords: Bond fund, Timing ability, Selective ability, ARMAX-GARCH model JEL classification: G20, C12, C13
FINANCIAL AND NON FINANCIAL DETERMINANTS OF CORPORATE SOCIAL RESPONSIBILITY

FINANCIAL AND NON FINANCIAL DETERMINANTS OF CORPORATE SOCIAL RESPONSIBILITY

Authors: Faris Nasif AL- Shubiri| Amman Arab University –Jordan Faculty of Business Department of Finance and Banking Jordan - Amman, Abedalfattah Zuhair Al-ab...
( 31 downloads)
Abstract

Accounting, economic, social and political, and slack resources theories provide different perspectives to addressing corporate social responsibility in relation to disclosure, corporate financial performance e.t.c. This paper aims to identify the determinants financial and non financial of corporate social responsibility (CSR) in Jordan .The annual reports determine a sample of 60 industrial companies listed on the Amman Stock Exchange for a period from 2006 to 2010 in Jordan were used as a basis for the study. The results of the analysis imply that companies that are expected to be large in size firm, age of firm, maintaining growth and are highly leveraged are more likely to voluntary disclose social responsibility information. The result lends partial support to agency and political economy theories

Keywords: Corporate social responsibility, Annual reports of Jordan, Legitimacy Theory
INEQUALITY AND ECONOMIC GROWTH

INEQUALITY AND ECONOMIC GROWTH

Authors: Mohamed Karim KEFI| ISTEC Business School, Paris, [email protected] Sorbonne. E-mail: [email protected], Hadhek Zouhaier| Superior I...
( 56 downloads)
Abstract

The objective of this paper is to study the effect of in equality on economic growth of a set of eight developing countries during the period 2000-2009, using a dynamic panel data model and a simultaneous equations model. The key findings generated from these two empirical tests stipulate a negative effect of inequality on economic growth and vice versa.

Keywords: Political institutions, political instability, corruption, investment, economic growth, dynamic panel
LOGISTIC COST MANAGEMENT IN ENTERPRISES: THE EXAMPLE OF KARAMAN, AKSARAY AND KAYSERİ PROVINCES

LOGISTIC COST MANAGEMENT IN ENTERPRISES: THE EXAMPLE OF KARAMAN, AKSARAY AND KAYSERİ PROVINCES

Authors: Rabia Özpeynirci| Accounting and Finance Department, Faculty of Business Admisnistraiton and Economics KaramanoğluMehmetbey University address: YunusE...
( 37 downloads)
Abstract

Logistics management is the customer, market and distributional channel based planning of logistic activities and determining the execution of these activities through outsourcing or within the enterprise and conducting the process. And logistic cost management is the preparation of product-based cost and income analysis of the planned logistic activities. Logistics management has two dimensions for the market (external environment) in one aspect and for the enterprise (internal environment) in another aspect. Logistic cost management, on the other hand, requires three-dimensional analysis which also includes product and service based performance analysis involving the other two dimensions. Logistics, the importance of which has gradually increased in recent years in terms of providing the enterprises with competitive advantage, has been studied with regards to cost and management in an attempt to measure the logistic cost management perception of the enterprises active in the organized industrial zones of Karaman, Aksaray and Kayseri provinces in Turkey.

Keywords: logistic, logistic cost management

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