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
  • Time from submission to publication: 8 weeks

Publication charges

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

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

ANALYSIS OF RISK MANAGEMENT PRACTICES AMONG MAIZE BASED FARMERS IN ABIA STATE, NIGERIA

ANALYSIS OF RISK MANAGEMENT PRACTICES AMONG MAIZE BASED FARMERS IN ABIA STATE, NIGERIA

Authors: Nto Philips .O.O| Michael Okpara University of Agriculture, Umudike, Abia State, Nigeria
Year: 2016, Volume: 6, Number: 8
(37 downloads)
Abstract

The study analyzed risk management practices among maize based farmers in Abia State of Nigeria. The specific objectives included (a) the Categorization of input variables associated with risk in maize farming into factors; (b) determination of the level of influence of loaded variables on risk and (c) examination of risk reducing practices adopted by maize farmers in the area.

Keywords: Risk, Management, Maize based, Farmer, Abia State, Nigeria
OVERSEAS R&D AND TAIWAN-BASED FIRM’S PRODUCTIVITY - DOES INTERNAL TECHNOLOGICAL CAPABILITY MATTER?

OVERSEAS R&D AND TAIWAN-BASED FIRM’S PRODUCTIVITY - DOES INTERNAL TECHNOLOGICAL CAPABILITY MATTER?

Authors: To-Han Chang| Department of Culture and Creative Enterprise Management, Nanhua University, 55, Section 1, Nanhua Road, Darlin, Chiayi 622, Taiwan, Wen...
Year: 2016, Volume: 6, Number: 9
(38 downloads)
Abstract

The purpose of this study is to examine the influence of overseas R&D on firm productivity. In particular, we further consider the moderating effect of internal technological capability. To provide more empirical evidence, this analysis takes advantage of a longitudinal dataset covering the 2009-2013 period and the system-GMM approach is employed in the empirical analysis to control for the problem of endogeneity. The empirical results show that overseas R&D has a significant influence on their firm productivity. Moreover, internal technological capability is found to play a significant moderating role in strengthening the influence of overseas R&D on firm productivity.

Keywords: Overseas R&D, Firm productivity, Technological capability, Taiwan MNEs, Emerging economies, Internal technology capability
THE EFFECT OF ENERGY CONSUMPTION ON ECONOMIC GROWTH IN CAMEROON

THE EFFECT OF ENERGY CONSUMPTION ON ECONOMIC GROWTH IN CAMEROON

Authors: Molem Chirstopher Sama| Associate Professor of Economics, Department of Economics and Management, University of Buea, S.W.R,Cameroon, Ndifor Roger Tah...
Year: 2016, Volume: 6, Number: 9
(45 downloads)
Abstract

This study was carried out to determine the Effect of Energy Consumption on Economic Growth in Cameroon from the period of 1980 to 2014. The energy sources used to test for this relationship were Petroleum and electricity. The study made used of secondary time-series data. Using the Generalised Method of Moments technique, the results obtained shows that Gross Domestic Product (GDP), population growth rate and petroleum prices, have a positive relationship with petroleum consumption. Also, there was an established positive relationship between Gross Domestic Product (GDP), population growth rate, electricity prices and electricity consumption. Again, the study found a positive and significant relationship between petroleum consumption, electricity consumption, Gross domestic investment (GDI) and population growth rate and economic growth. Furthermore, the empirical result revealed that the rate of inflation and economic growth are positively related. Based on the findings of this study, it is recommended that the government should expand current sources and exploit the other sources of energy such as solar energy, wind energy, thermal energy so as to increase the production and consumption of energy which increases economic growth.

Keywords: Energy consumption, Electricity consumption, Petroleum consumption, Gross domestic product, Generalized method of moments
BANK FAILURE PREDICTION MODELS FOR THE DEVELOPING AND DEVELOPED COUNTRIES: IDENTIFYING THE ECONOMIC VALUE ADDED FOR PREDICTING FAILURE

BANK FAILURE PREDICTION MODELS FOR THE DEVELOPING AND DEVELOPED COUNTRIES: IDENTIFYING THE ECONOMIC VALUE ADDED FOR PREDICTING FAILURE

Authors: Yi-Shu Wang| School of Business, Changzhou University, Changzhou City, Jiangsu Providence, China, Xue Jiang| School of Business, Changzhou University,...
Year: 2016, Volume: 6, Number: 9
(39 downloads)
Abstract

This study used data from 2003-2013, and used a logistic model to analyze the factors that influence financial early warning systems in developing and developed countries. We employed a bank capital adequacy ratio less than 8%, Tier I capital ratio less than 4%, and nonperforming loan ratio more than one third to measure bank failure and identify the financial ratio that most accurately predicts bank failure. The results indicate that the economic value added index is more effective than other indexes in predicting bank failure in NAFTA, ASEAN, EU, NIC, and G20 nations.

Keywords: Bank failure prediction, Business, Economic value added, Developing countries, Developed countries, Financial early warning
POPULATION AGING, MARGINAL PROPENSITY TO CONSUME, AND ECONOMIC GROWTH

POPULATION AGING, MARGINAL PROPENSITY TO CONSUME, AND ECONOMIC GROWTH

Authors: Zheng Guo*| Central University of Finance and Economics, China, Linchen Liu| Central University of Finance and Economics, China, Xuan Liu| Central Uni...
Year: 2016, Volume: 6, Number: 9
(38 downloads)
Abstract

This paper explores the mechanism of population aging affecting economic growth by influencing marginal propensity to consume. We find that population aging has both a positive and a negative effect on economic growth. We calculate the critical state of the two effects and draw the conclusion that if marginal propensity to consume is greater than the critical value, the decrease of marginal propensity to consume has a more directly impact on consumption and, therefore, that the negative influence of the decreasing consumption dominates the impact on economic growth. Conversely, if the marginal propensity to consume is less than the critical value, capital per capita is affected more and, therefore, the positive influence of the rising capital per capita on economy is dominant.

Keywords: Population aging, Economic growth, Marginal propensity to consume, Capital per capita, Production function, Critical value
PATTERN AND SOURCES OF GROWTH OF THE VIETNAM ECONOMY: A DEVIATION FROM PROPORTIONAL GROWTH ANALYSIS

PATTERN AND SOURCES OF GROWTH OF THE VIETNAM ECONOMY: A DEVIATION FROM PROPORTIONAL GROWTH ANALYSIS

Authors: Chung Van Nguyen*| Department of economic and Tourism, Quang Binh University, Vietnam, Min Hui Chen| PHD in business program, Chung Yuan Christian Uni...
Year: 2016, Volume: 6, Number: 9
(38 downloads)
Abstract

The purpose of this paper is to conduct a deviation from proportional growth (DPG) analysis for the Vietnamese economy over the period of 1996-2007. This aims to determine the pattern and sources of growth of the economy based on the experience of other developed and newly developing Asian economies. Their experiences could provide indicative information to the authorities of Vietnam for delineating future growth paths. Similar analyses were also carried out for other major Asian economies and the results are compared with those of Vietnam. While the 10th and 11th Congress of the communist party of Vietnam have adopted targets for Vietnam to become an industrialized economy by 2020, sorting out and implementing the most appropriate strategies have become the key to whether the targets will be met or not. Our results shows that The Vietnamese economy in this period exhibited several similarities with Taiwan during the period 1966-1984, Korea 1963-1985, and Japan 1914-1975. Even though the Vietnamese economy has grown rapidly since 1996, especially during the period from 2000 to 2007, the process of industrialization in Vietnam during this period was still slower and weaker compared with those NITs before 1985 and in Japan before 1975. We also predict that its hard for Vietnam to become an industrialized economy by 2020.

Keywords: Vietnam, Deviation from proportional growth (DPG), Industrialization, Pattern growth, Growth paths
WHICH FORM OF FOREIGN CAPITAL INFLOWS ENHANCE ECONOMIC GROWTH? EMPIRICAL EVIDENCE IN SUB-SAHARAN AFRICA

WHICH FORM OF FOREIGN CAPITAL INFLOWS ENHANCE ECONOMIC GROWTH? EMPIRICAL EVIDENCE IN SUB-SAHARAN AFRICA

Authors: Frank Adusah-Poku| Graduate School of Economics, Kobe University, 2-1 Rokkodai-cho, Nada-ku, Hyogo Prefecture, Japan
Year: 2016, Volume: 6, Number: 10
(42 downloads)
Abstract

Empirically, results from time series and cross country studies have identified foreign capital inflows to play a pivotal role in the growth process of host countries. The goal of this paper is to examine the impact of three of the four forms of foreign capital inflows (which include foreign aid, foreign direct investment and personal remittances) on economic growth in SSA. This goal was achieved by using a panel data from 1990-2010 and the newly established pooled mean group (PMG) estimator for dynamic heterogeneous panels. The results of the study indicate that all the three forms of foreign capital inflows have positive and significant impacts on economic growth in the long run. However, personal remittances was the only short run driver of growth in SSA. The study recommends the design and implementation of good fiscal, monetary and trade policies to complement the flow of foreign aid to the country for the realization of its full impact on growth. Furthermore, the study recommends SSA countries to build strong and well-functioning domestic institutions to unlock the potential for remittances to strongly contribute to growth.

Keywords: Economic growth, Foreign capital inflows, Pooled mean group, SSA
ANALYSIS OF THE CONTAGION EFFECT TO THE CREDIT DERIVATIVE VALUATION

ANALYSIS OF THE CONTAGION EFFECT TO THE CREDIT DERIVATIVE VALUATION

Authors: Hsiang Hui Chu| Department of Banking and Finance National Chi Nan University No.1, University Rd., Puli 545, Taiwan (R.O.C.), Yi Fang Chung*| Departm...
Year: 2016, Volume: 6, Number: 10
(35 downloads)
Abstract

This study explores a credit derivative pricing model with counterparty risk and the contagion effect. To compare with the standard credit derivative pricing model, we analyze the counterparty risk and the contagion effect to a kth-to-default Basket Credit Linked Note (BCLN) valuation by Monte Carlo simulation. Counterparty risk and the contagion effect show significant influence for kth-to-default BCLN valuation. Especially with high k, the BCLN pricing model with the counterparty risk and the contagion effect captures chain defaulting phenomenon successfully. It indicates the higher the kth-to-default BCLN or the lower the correlation degree within reference entities, the more significant the contagion effect becomes to the kth-to-default BCLN valuation. Parameters sensitivity analyses indicate that the coupon rates of the third-to-default BCLN are lower with the higher risk-free rate or the shorter maturity. The higher hazard rate or the lower recovery rate of reference entities results in the higher coupon rates of the third-to-default BCLN. Lastly, the hazard rate and the recovery rate of the counterparty are less sensitive to the BCLN pricing. The major contribution in this study is that the credit derivative pricing model with the contagion effect is developed to capture the default chain reaction, and the valuation performance is significant numerically.

Keywords: Basket credit linked note, Chain default, Contagion effect, Counterparty risk, Credit derivative valuation, Credit risk
PRINCIPLES OF VENTURE AND BUSINESS-ANGEL INVESTMENTS

PRINCIPLES OF VENTURE AND BUSINESS-ANGEL INVESTMENTS

Authors: Lamara Qoqiauri| Doctor of Economic Sciences, Professor, Director of “Fund of Financial-Investment Polic and Strategy” (FFIPS)
Year: 2016, Volume: 6, Number: 10
(38 downloads)
Abstract

Positive state policies in the developed countries of the world are directed towards fundamental transformation and development of innovative economical sector. One of the most principle ways for solving tasks of priorities set for economic development is correct guideline of innovative activities; particularly, processing and implementation of the programs of public and private partnership in the financial, investment and infrastructural sectors; creation of wide network of state-private venture funds, techno polis and business incubator center and etc. Herewith, extended nature of the terms of repurchasing of innovative and especially ? venture investments shall be emphasized. Business-angel, primary, seed and start-up investment sectors are not developed in Georgia and it includes narrow circle of projects; herewith. Neither venture capital, not ? institution related with it own serious financial resources. It is often very difficult to find common language between participants of innovative projection and investment processes; sometimes the parties do not understand each other; in the process of searching for investments, sometimes difficulties of preparing business-offers take place and etc. Due to this fact, many of potential interesting transactions are cancelled at the stage of negotiations.

Keywords: Venture investments, Business-angels, Seed financing, High profit, Seed-funds, Innovation economy
THE IMPACT OF ADMINISTRATIVE CHARACTERISTICS AND RESIDENTIAL TYPES ON INCOME CAPITALIZATION RATES IN TAIPEI, TAIWAN

THE IMPACT OF ADMINISTRATIVE CHARACTERISTICS AND RESIDENTIAL TYPES ON INCOME CAPITALIZATION RATES IN TAIPEI, TAIWAN

Authors: Chun-Chang Lee*| Department of Real Estate Management, National Pingtung University, Mingsheng East Road, Pingtung, Taiwan, Hsueh-Ling Fan| Department...
Year: 2016, Volume: 6, Number: 10
(36 downloads)
Abstract

This paper examines several factors that impact income capitalization rates, and applies the hierarchical linear model as an analytical method. The empirical results suggest that: (1) the average income capitalization rates in different administrative areas of Taipei vary widely; (2) differences in attributes and types of residential properties have a significant impact on income capitalization rates; (3) the influence coefficients in different administrative areas show significant variation; (4) population density has a significantly negative impact on an income capitalization rate and (5) the proportion of commercial property in a given district has a significantly positive impact on income capitalization rate.

Keywords: Income capitalization rate, Residential types, Hierarchical linear model, Random effect, Administrative areas, Population density
THE EFFECTS OF GLOBALIZATION ON EMPLOYMENT: BOUNDS TEST APPROACH IN TURKEY SAMPLE

THE EFFECTS OF GLOBALIZATION ON EMPLOYMENT: BOUNDS TEST APPROACH IN TURKEY SAMPLE

Authors: Buhari Doğan| Süleyman Demirel University, Faculty of Economics and Administrative Sciences, Department of Economics, Isparta/Turkey
Year: 2016, Volume: 6, Number: 10
(42 downloads)
Abstract

The increase of economic, political, social, and cultural relationships between the countries with globalization has resulted in a shift from industrial society to information society. With knowledge-intensive work being replaced by labor-intensive work in the process of globalization, economic and social structural transformation has occurred. Globalization affects the countries economically and socially. One of these affected areas is employment. In this study, ARDL (Autoregressive Distributed lag) bound test approach was analyzed using Turkey?s data in 1970-2011 to find about the effects of globalization on employment. As a result of analysis, it was found out that the series were in a co-integration correlation. The findings showed that globalization affected employment positively in the long term, and the deviations in the series in the short term are removed in the long term.

Keywords: Globalization, Employment, Turkey, Economic growth, Unemployment
CORPORATE INVESTMENT AND CASH-FLOW SENSITIVITY: EVIDENCE FROM A JASMIN REVOLUTION PERIOD IN TUNISIAN MARKET

CORPORATE INVESTMENT AND CASH-FLOW SENSITIVITY: EVIDENCE FROM A JASMIN REVOLUTION PERIOD IN TUNISIAN MARKET

Authors: Basty Nadia| Department of Finance Higher Institute of Management of Sousse Rue Abedelaziz El Bahi, Tunisia
Year: 2016, Volume: 6, Number: 11
(35 downloads)
Abstract

This study investigates the impact of financial constraints on investment decisions and corporate cash holding of Tunisian firms over the period of 2003-2013. We will investigate this task in a particular context which is the Jasmine Revolution. Our results show that the investment decisions of firms with financial constraints are significantly sensitive to the availability and the level of internal funds versus unconstrained ones. Generally, our results suggest that financial constraints significantly influence the decisions of Tunisian companies. In particular, these financial constraints are considered more handicapping during negative cash years and after the revolution.

Keywords: Investment, Financial constraints, Jasmine revolution, Precautionary motive, Cash-flow, Cash holding
THE IMPACT OF DEBT STRUCTURE ON FIRM PERFORMANCE: EMPIRICAL EVIDENCE FROM NIGERIAN QUOTED FIRMS

THE IMPACT OF DEBT STRUCTURE ON FIRM PERFORMANCE: EMPIRICAL EVIDENCE FROM NIGERIAN QUOTED FIRMS

Authors: E. Chuke Nwude*| Department of Banking and Finance, Faculty of Business Administration, University of Nigeria, Enugu Campus, Idam Okpara Itiri| Depart...
Year: 2016, Volume: 6, Number: 11
(43 downloads)
Abstract

This paper provides an empirical investigation of the impact of debt structure on the performance of Nigerian quoted firms. It was conducted using 12-year annualized panel data spanning the period 2001-2012 for cross section of 43 firms from different sectorial classifications. The data were collated from the annual reports of the sampled firms and Nigeria Stock Exchange factbooks. The study employed three regression estimations (Pooled OLS, Fixed Effects and Random Effects) as a result of unobserved heterogeneity in the dataset. The outcome from the regression estimations showed that debt structure has negative and significant impact on the performance of Nigerian quoted firms within the period under review. The study concludes that debt structure contribute negatively to performance of Nigerian quoted firms, thereby agree with pecking order theory.

Keywords: Debt structure, Firm performance, Pecking Order, Asymmetric information, Bankruptcy cost, Leverage ratio
A STUDY OF CORPORATE WEB-BASED REPORTING IN HOTEL INDUSTRY

A STUDY OF CORPORATE WEB-BASED REPORTING IN HOTEL INDUSTRY

Authors: Soriya Sushila| Assistance Professor, Department of Commerce, Central University of Rajasthan, Ajmer, India, Dhaigude Amol*| Assistant Professor, T.A....
Year: 2016, Volume: 6, Number: 11
(38 downloads)
Abstract

This study investigates the web-based reporting of Indian hotel industry and analyzes the pattern and determinants influencing the web-based reporting. Content analysis has been carried out for exploring dissemination of web-based reporting. The web based reporting is captured via general (162 parameters), financial (117 parameters) and presentation (24 parameters) indices. Ordinary least square regression technique has been deployed to establish the association between web-based reporting and the various determinants. Results revels that web-based reporting is significantly related to the size, liquidity, profitability and productivity of the hotels. Information symmetry and online reporting via internet technology facilitate various stakeholders.

Keywords: Web-based reporting, Hotel industry, Accounting, Information distribution, Agency theory, Content analysis
STRATEGIES TO INCREASE THE COMPETITIVENESS OF TAIWAN’S FREE TRADE PORTS BASED ON THE FUZZY IMPORTANCE-PERFORMANCE ANALYSIS

STRATEGIES TO INCREASE THE COMPETITIVENESS OF TAIWAN’S FREE TRADE PORTS BASED ON THE FUZZY IMPORTANCE-PERFORMANCE ANALYSIS

Authors: Chun-An Chen*| Department of International Business, Chung Hua University, Taiwan, Yi-Hui Chiang| Department of International Business, Chung Hua Univ...
Year: 2016, Volume: 6, Number: 11
(37 downloads)
Abstract

International trade is very important to an island like Taiwan. To improve Taiwan?s competitiveness and economic development, it is vital that the government sets up free trade ports. Therefore, improving the free trade ports? international competitiveness is a crucial subject. In this study, an evaluation framework was developed after discussing the literature and expert interviews. Expert questionnaires and the Fuzzy IPA research methods were used to explore strategies that enhance the competitiveness of Taiwan? free trade ports. Based on research results, initial improvements can be made on (a2) Establish an interdepartmental coordination mechanism, (a3) Integrate free trade zones, bonded zones and logistics parks into a special economic zone, (a4) Actively join various free trade organizations, (e2) Introduce reputable logistics service providers, expand the supply of goods, build public warehousing facilities and develop a multi-national container consolidation (MCC) and international logistics system and (e3) Develop cargo outsourcing to apply the ?Front Shop, Back Factory? concept, at the free ports.

Keywords: Free trade port zone, Fuzzy, IPA, Taiwan

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