{"title":"Can CO2 emissions cease growing in Côte d'Ivoire? An empirical analysis of the effects of economic growth, energy consumption, industrialization, and urbanization in the presence of structural breaks","authors":"B. G. J. Iritie, Jean Baptiste Tiémélé","doi":"10.55493/5009.v12i3.5126","DOIUrl":"https://doi.org/10.55493/5009.v12i3.5126","url":null,"abstract":"This paper aims at examining the effects of economic growth, energy use, industrialization, and urbanization on carbon dioxide (CO2) emissions in Côte d'Ivoire over the period from 1970 to 2016. It also analyzes the conditions under which these emissions can cease growing. We used cointegrating regression models, like the fully modified ordinary least square (FMOLS), the canonical cointegration regression (CCR), and the dynamic ordinary least square (DOLS), to figure out the long-run coefficients. The vector error correction model (VECM) is used in the causality analysis. Finally, we carried out an analysis of the conditional thresholds for reducing CO2 emissions. The results indicate that there is a long-term, significant positive relationship between economic growth, energy use, urbanization, and industrialization, as well as carbon dioxide emissions, in the presence of structural breaks. In other words, they increase CO2 emissions in Côte d'Ivoire. The causality analysis results reveal a long-term bidirectional causal link between industrialization and CO2 emissions, as well as long-term unidirectional causal links from each independent variable to CO2 emissions. The conditional threshold analysis for reducing CO2 emissions shows that under the current economic conditions of the country, pollution will continue to increase. Our findings corroborate the conclusions of COP28, the most recent United Nations conference on climate change. Therefore, a good carbon dioxide pricing or taxation policy for polluting industries, law enforcement and regulations, and the implementation of effective strategies for the promotion and development of clean and renewable energy use will effectively reverse the trend in Côte d'Ivoire.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"39 11","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141808382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Gopu Jayaraman, Imran Azad, Hanaa Mahmoud Sid Ahmed, M. Hussien, Mohammed Shahfaraz Khan
{"title":"The impact of blockchain technology on customer attitude and behavioral intentions in the banking sector","authors":"Gopu Jayaraman, Imran Azad, Hanaa Mahmoud Sid Ahmed, M. Hussien, Mohammed Shahfaraz Khan","doi":"10.55493/5009.v11i4.4952","DOIUrl":"https://doi.org/10.55493/5009.v11i4.4952","url":null,"abstract":"This study examines customer attitudes towards blockchain technology (BCT)-supported banking applications in Oman and explores the relationship between these attitudes and behavioral intentions, highlighting the influencing factors. Blockchain Technology (BCT) has disrupted the banking sector, but understanding customer attitudes towards BCT-supported banking applications and their impact on behavior remains limited. In pursuit of this objective, a quantitative research design was employed, involving the collection of data from retail bank customers in Oman through a structured questionnaire. The collected data underwent rigorous analysis using a robust Structural Equation Model, confirming the constructs' validity, reliability, and distinctiveness. The study uncovered that BCT has a positive impact on various aspects of the banking sector, including customer service quality, regulatory compliance, secured transactions, and cost reduction. By augmenting transparency, efficiency, and trust in banking transactions, BCT significantly improves customer attitudes towards BCT-supported banks. Furthermore, the research reveals that positive attitudes play a pivotal role in influencing customers' intentions to prefer and continue using these blockchain-backed banks. The study also highlights the importance of trust factors and transaction frequency as moderators in shaping customer attitudes and behavioral intentions in this context. The insights gleaned from this research hold practical significance for banks operating in Oman, offering guidance for tailored marketing campaigns, product design, and aligning their offerings with customer expectations in the realm of blockchain-supported banking applications. Additionally, the study provides practical recommendations for the successful implementation and adoption of blockchain-supported financial applications within the banking sector.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"46 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139154111","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Raja Rehan, Auwal Adam Sa’ad, Razali Haron, Qazi Muhammad Adnan Hye
{"title":"Are shariah and non-shariah firms’ capital structure determinants and financial performance related? Evidence from Malaysia","authors":"Raja Rehan, Auwal Adam Sa’ad, Razali Haron, Qazi Muhammad Adnan Hye","doi":"10.55493/5009.v11i3.4903","DOIUrl":"https://doi.org/10.55493/5009.v11i3.4903","url":null,"abstract":"This comparative analysis is an attempt to explore the core differences among the capital structure determinants of Malaysian Shariah and non-Shariah firms. Besides, this investigation also explores which financial category in Malaysia, either Shariah or non-Shariah, maintained its performance, i.e., earnings; during the peak period of the COVID-19 pandemic and to what extent their performance is related. For analysis purposes, this investigation used 454 firms’ 17 years’ financial data, i.e., 2005-2021. The Panel Data Static models are executed to perform the empirical investigation. The debt-to-equity ratio is selected as a dependent variable, whereas total assets, sales, current assets, growth, return on equity, non-debt tax shield, and earnings per share are nominated as independent variables. The results indicate that fixed assets and growth are core determinants for both types of firms. This endorses the validity of these two investigated determinants for the whole Malaysian firm. Moreover, current assets, non-debt tax shield, fixed assets, growth, and earnings per share are also observed as main and significant determinants for Shariah-tagged firms. The positive significance of tangibility, non-debt tax shield, and liquidity explain why the Trade-off theory is more dominant in the Malaysian context. Besides, the outcomes obtained from descriptive statistics and Independent Two-sample t Test explain that both financial categories of Malaysian listed firms maintained negative earnings during the COVID-19 peak period, i.e., 2020. The results will help policymakers devise the best financing model i.e., Shariah and non-Shariah, specifically during the uncertain financial fiascos.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"75 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135685289","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Dynamics between macro-economic variables and the stock market: Evidence from India","authors":"Nikhil Bhardwaj, Nishi Sharma, Anupreet Kaur Mavi","doi":"10.55493/5009.v11i3.4836","DOIUrl":"https://doi.org/10.55493/5009.v11i3.4836","url":null,"abstract":"The present paper examines the dynamics between macroeconomic variables and the stock market. The index of industrial production, inflation, gold price, oil price, and return from treasury bills have been used as proxy macroeconomic variables. The Indian stock market has been typified by the Sensex. Monthly observations have been analyzed from April 1993 to October 2022 through cointegration and the Granger causality test to examine possible long-run and short-run relationships, respectively. The results proclaim the presence of cointegration among variables. Further, the analysis of normalized cointegrating coefficients reveals that in the long run, changes in inflation and the rate of return from T-bills positively affect the stock market. While changes in gold and oil prices have a negative impact on the stock market. The Granger causality test implies that in the short run, the stock market is sensitive to changes in the index of industrial production, inflation, and oil prices. The results are expected to be fruitful for investors as well as traders when designing their investment and trading strategies. Since the results indicate that volatility in the stock market can significantly affect industrial production, inflation, and gold prices, regulators should be vigilant about perturbations in the stock market to mitigate adverse effects.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"479 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122744419","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Nexus between monetary policy shock and financial imbalance in India","authors":"K.K.Senthil kumar, R. Paramanik, Z. Ansari","doi":"10.55493/5009.v11i2.4834","DOIUrl":"https://doi.org/10.55493/5009.v11i2.4834","url":null,"abstract":"During the 1990s and early 2000s, it was a widely adopted global practice to utilize interest rates as a means to stabilize inflation and output, with the aim of addressing financial imbalances. However, the Global Financial Crisis and the recent pandemic challenged this consensus, leading to a heated debate over the appropriate role of monetary policy. This motivated us to hypothesis the nexus between monetary policy shocks and financial imbalances against the backdrop of economic policy uncertainty (EPU) in India. We have used the principal component analysis method to construct a financial index using critical financial variables. The index is further used to derive financial imbalances. The relation between financial imbalance and monetary policy shock is found to be negative and statistically significant during 2008-2012, generally marked as a period of high EPU caused by the great depression of 2008. Afterwards, the phase of moderation persists until 2019 and the arrival of recent pandemic. However, during the pandemic, the EPU has escalated and strengthened the positive relationship between financial imbalance and monetary policy. Overall, the findings of this study indicate that EPU plays a significant role in the interplay between monetary policy and financial imbalance. In terms of policy implications, our findings suggest that monetary policy is ineffective in preserving financial stability during periods of high uncertainty, and hence policymakers should focus on alternative measures.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128177200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Depreciation to correct trade deficit- a misdirected policy: Empirical evidence from Pakistan","authors":"Hafsa Hina, Q. Hye, Jabbar Ul-Haq","doi":"10.55493/5009.v11i2.4835","DOIUrl":"https://doi.org/10.55493/5009.v11i2.4835","url":null,"abstract":"A favorable trade balance is a positive indicator for emerging economies, and rectifying trade imbalances is paramount for every country. However, fixing trade deficits by depreciating the currency is a misguided policy approach. This study refutes this myth by computing the elasticity of Pakistan's exports, imports, and trade balance using the real exchange rate. It also examines the degree to which trade elasticities respond to changing trade regimes and exchange rate policies in Pakistan from 1982 to 2019. The structural break cointegration technique is used for empirical analysis. The vector error correction model (VECM) is also employed in the study to establish long-run and short-run relationships. The findings show that depreciation boosts import demand rather than export demand, hence worsening the trade balance. As a result, the study dismisses the presence of the J-curve in the case of Pakistan. According to this analysis, the exchange rate policy has little bearing on the economy's structure, and the necessity for a devaluation results from economic structural inefficiencies rather than trade-enhancing policies. The government and policymakers should reform the economy rather than let the currency depreciate.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131818496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The effects of boardroom gender diversity and audit quality on financial earnings smoothing in GCC countries: Do government board members moderate the relationship?","authors":"Ahnaf Ali Alsmady","doi":"10.55493/5009.v11i2.4828","DOIUrl":"https://doi.org/10.55493/5009.v11i2.4828","url":null,"abstract":"This study explores the effects of boardroom gender and audit quality on financial earnings smoothing (FES) in the Gulf Cooperation Council (GCC) countries. Additionally, the moderating effects of government representatives as board members on FES are investigated. The study covers six GCC countries: Saudi Arabia, the UAE, Oman, Bahrain, Kuwait, and Qatar. The sample comprises 188 firms from 2013 to 2019. Multiple regression models are used to evaluate the study’s hypotheses. The findings show that the big international and local firms that have both female and male board members, as well as government representatives, on their boards demonstrate effective governance mechanisms. Although they had a negative impact on higher FES, they had a positive impact on lower FES. As for the moderating role, the findings reveal that the role of government members on the board is complementary to the audit quality, particularly in the big four international and local firms. This research may aid businesses in implementing the best governance practices to avoid FES and improve the quality of accounting data, in line with the objectives of the government. However, good practices in moderating earnings smoothing were mainly seen amongst the males.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124357917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Exploring the relationship between healthcare expenditure, income, medical technology, and aging: A pooled mean group analysis of African countries","authors":"H. Houeninvo, Achille Barnabé Assouto","doi":"10.55493/5009.v11i2.4811","DOIUrl":"https://doi.org/10.55493/5009.v11i2.4811","url":null,"abstract":"This paper empirically examines the short and long-run relationships among healthcare expenditure, income, medical technology, and an aging population in a panel of 45 African countries over the period 1995-2018. We test for cross-sectional dependence among different countries and employ the pooled mean group estimator. The results support the presence of cross-sectional dependence in African countries and reveal that healthcare expenditure, income, medical technology, and aging population have a long-run relationship. Medical technology and an aging population are key drivers of healthcare expenditure in the low-income group as well as the middle-income group. The long-run income elasticities of healthcare expenditure are less than one for both income groups. Finally, we found bidirectional causality between healthcare expenditure and its determinants. Healthcare expenditure is considered a necessity for African countries. Nevertheless, low-income countries have higher income elasticities for private health expenditure compared to middle-income countries. We suggest that African governments should increase public healthcare spending since healthcare spending is a necessity. This increase will lead to growth in income and medical technology development, which will have a beneficial impact on health status.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114666941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sheikh Ahmad Faiz Sheikh Ahmad Tajuddin, S. Muhamad, F. Hasan, Nor Fatimah Che Sulaiman
{"title":"Productivity effect of minimum wage in the manufacturing sector of Malaysia","authors":"Sheikh Ahmad Faiz Sheikh Ahmad Tajuddin, S. Muhamad, F. Hasan, Nor Fatimah Che Sulaiman","doi":"10.55493/5009.v11i2.4808","DOIUrl":"https://doi.org/10.55493/5009.v11i2.4808","url":null,"abstract":"This study measured the effectiveness of Malaysia's minimum wage by assessing the effect of minimum wage on productivity in the Malaysian manufacturing sector. Panel data covering a 10-year period were collected from 297 manufacturing firms in Peninsular Malaysia that were registered with the Federation of Malaysian Manufacturers (FMM) and analysed using static panel data regression to examine the effect of minimum wage on productivity. Panel data analysis revealed that the study's random effect model (REM) was the best model to describe the relationship between the minimum wage and productivity. The study found that the minimum wage improved labour productivity. Therefore, the minimum wage policy that was introduced in Malaysia under the Minimum Wage Order 2012 increased firms’ productivity. Increasing workers' wages motivated them to be more productive. This study's results are useful in highlighting to regulators, policymakers, manufacturing associations, employers, and workers the effects of the minimum wage. The implications of the findings will help improve the national minimum wage policy.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127779389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Catastrophic health expenditure in Benin: Extent, drivers, and policy implications","authors":"H. Houeninvo","doi":"10.55493/5009.v11i1.4735","DOIUrl":"https://doi.org/10.55493/5009.v11i1.4735","url":null,"abstract":"Large out-of-pocket spending on medical issues can expose households to catastrophic health expenditure, which can result in poverty. This study aimed to estimate the extent of catastrophic health expenditure among households in Benin and to assess the association between household catastrophic health expenditure and household characteristics. We used the 2017 nationally representative household survey for Benin, the “Analyse Globale de la Vulnérabilité et de la Sécurité Alimentaire,” and a logit model to assess the association between catastrophic health expenditure and demographic and socioeconomic household characteristics. The results suggested that 25.49% of households spent 40% of their resources on healthcare. Moreover, households headed by women, the poorest households, those living in rural areas, those headed by a widow, and households with children and elderly members were identified as vulnerable groups that require protection against catastrophic health expenditure. The policy implication of these results is that healthcare financing strategies in Benin should concentrate on finding ways to reduce both out-of-pocket payments and the probability of catastrophic health expenditure. The health insurance policy that is under development in Benin is an opportunity to protect vulnerable groups.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"12 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120903698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}