Asian Journal of Economic Modelling最新文献_第2页

How has ESG investing impacted investment portfolios? A case study of the Malaysian civil service pension fund ESG投资如何影响投资组合?马来西亚公务员退休基金个案研究

Asian Journal of Economic Modelling Pub Date : 2023-02-24 DOI: 10.55493/5009.v11i1.4734

Muhammad Ikhbal Abdul Rahman, Wee‐Yeap Lau

{"title":"How has ESG investing impacted investment portfolios? A case study of the Malaysian civil service pension fund","authors":"Muhammad Ikhbal Abdul Rahman, Wee‐Yeap Lau","doi":"10.55493/5009.v11i1.4734","DOIUrl":"https://doi.org/10.55493/5009.v11i1.4734","url":null,"abstract":"Environment, social, and governance (ESG) criteria have become important in investment and risk management in recent years. ESG-mandated investment has also been trending among investors. In Malaysia, the ESG-related index known as the FTSE4Good Bursa Malaysia (F4GBM) index was first launched in December 2014. This index prompted fund managers to use the benchmark as a measure of performance. However, there has been a lack of research on ESG-related pension funds. Hence, this study examines the impact of ESG investing on the investment portfolio of the Malaysian civil service pension fund. This pension fund is managed by the Retirement Fund Incorporated (Kumpulan Wang Persaraan Perbadanan; KWAP). Using quarterly data from 2017Q3 to 2022Q3, our results show, first, that KWAP has had a higher proportion of ESG-rated securities than of non-ESG-rated securities over the last five years. Secondly, ESG-rated stocks provide higher returns than non-rated stocks in KWAP's portfolio. Thirdly, ESG-rated securities have lower risk levels than non-ESG-rated securities. This study also found that ESG-rated securities provide a higher return per unit of risk relative to non-ESG-rated stocks. As a policy implication, ESG-rated investment has impacted the pension fund by providing higher returns and lower risk. This study contributes to the awareness of the benefits of ESG investing among state-funded pension schemes.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126801755","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}

引用次数: 0

Fiscal and monetary policy coordination and debt sustainability in the CEMAC zone: Evidence from a Markov regime-switching model 中非经济共同体区域的财政和货币政策协调与债务可持续性:来自马尔可夫制度转换模型的证据

Asian Journal of Economic Modelling Pub Date : 2023-02-21 DOI: 10.55493/5009.v11i1.4731

Ulrich Ekouala Makala

{"title":"Fiscal and monetary policy coordination and debt sustainability in the CEMAC zone: Evidence from a Markov regime-switching model","authors":"Ulrich Ekouala Makala","doi":"10.55493/5009.v11i1.4731","DOIUrl":"https://doi.org/10.55493/5009.v11i1.4731","url":null,"abstract":"This paper investigates the nature of fiscal and monetary policy implemented in the Economic and Monetary Community of Central Africa (CEMAC) and its impact on long-run debt sustainability. The study employs a two-state Markov regime-switching model to the fiscal and monetary policy reaction functions of the six CEMAC countries using time series data from 1970 to 2020. The fiscal regime is regarded as active if the coefficient of debt is positive, while it is considered passive if the coefficient is negative and significant. Regarding monetary policy, an active regime is reported if the coefficient of inflation is positive; otherwise, the monetary policy regime is regarded as passive. In addition, the transition probability and time-varying transition probability are estimated to assess the nature of policy-mix coordination. The findings highlight unsustainable fiscal regimes in Equatorial Guinea and Chad, balanced results for Gabon and Congo, while Cameroon and the Central African Republic have sustainable fiscal regimes. Concerning monetary policy, a sustainable monetary regime is found for Cameroon and Equatorial Guinea, with balanced results for Congo, while evidence of an unsustainable monetary regime is found for the Central African Republic, Chad, and Gabon.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134100400","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}

引用次数: 1

The Flow of Money Demand in Indonesia: What Drives it? 印尼的货币需求流动:驱动因素是什么?

Asian Journal of Economic Modelling Pub Date : 2022-12-19 DOI: 10.55493/5009.v10i4.4693

Adi Wijaya, Nurjanana Nurjanana, E. A.

{"title":"The Flow of Money Demand in Indonesia: What Drives it?","authors":"Adi Wijaya, Nurjanana Nurjanana, E. A.","doi":"10.55493/5009.v10i4.4693","DOIUrl":"https://doi.org/10.55493/5009.v10i4.4693","url":null,"abstract":"Indonesia’s economy is experiencing a contemporary phase marked by decades of financial turmoil. Fluctuations in money demand are inseparable from the responsibilities of Bank Indonesia, which is the holder of rules and regulations and has full control of tracking the effects of financial flows. In reality, the imbalance between the demand for money and the supply of money with limited stock and capacity has an impact on macroeconomic turmoil. The orientation of this study follows up on the causality between gross domestic product (GDP), deposit interest rates and the rupiah exchange rate against the demand for money in Indonesia. The quantitative research approach supports the objective. Time series data from 2006–2020 was obtained from the Central Statistics Agency of Indonesia and Bank Indonesia. The data was analyzed using the error correction model (ECM) through EViews 9.0. The indications are that in the short and long terms, GDP and the rupiah exchange rate have a positive effect and increase the demand for money. An increase in deposit rates has a negative effect on the demand for money. Holistic recommendations concentrate on parallel and collaborative monetary instruments between executive parties, including banking. Also, it is necessary to control and visualize policies that are more comprehensive and consider holistic issues related to the aggressiveness of money circulation, which has the potential to disrupt the macroeconomy.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131891283","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}

引用次数: 0

Effect of Firm Characteristics and Some Key Monetary Variables on the Financial Performance of Unilever Nigeria Plc 联合利华尼日利亚公司的企业特征和一些关键货币变量对财务绩效的影响

Asian Journal of Economic Modelling Pub Date : 2022-11-17 DOI: 10.55493/5009.v10i4.4663

Zubairu Ahmad, A. Hassan, Usman Muhammad Dakingari

{"title":"Effect of Firm Characteristics and Some Key Monetary Variables on the Financial Performance of Unilever Nigeria Plc","authors":"Zubairu Ahmad, A. Hassan, Usman Muhammad Dakingari","doi":"10.55493/5009.v10i4.4663","DOIUrl":"https://doi.org/10.55493/5009.v10i4.4663","url":null,"abstract":"The purpose of this paper is to examine the influence of firm characteristics and some key monetary variables on the financial performance of Unilever Nigeria Plc. The variables used are financial performance, capital structure, dividend policy, managerial efficiency, inflation rate, interest rate and exchange rate. The autoregressive distributive lag (ARDL) model was used for the study. The findings show that capital structure and managerial efficiency have a significant positive effect on the financial performance of the sampled company; however, dividend policy has no significant influence on the financial performance of the company. Similarly, from the key monetary variables aspect, the study discovered that inflation rate and exchange rate have a significant positive influence on the financial performance of the company, while interest rate has a significant negative effect on the company’s financial performance. Based on these, this study suggests the need for the company to increase its effort to improve its capital structure and managerial efficiency. In addition, the study suggests the need for the company to consider the volatility of inflation and exchange rate when making investment decisions. Finally, the lending rate should be reduced by the deposit money banks for the company to gain easy access to capital to increase its investments and financial performance.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"403 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128084518","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}

引用次数: 0

On the Interest Rate Sensitivity of Aggregate Investment in the Euro Zone 欧元区总投资的利率敏感性研究

Asian Journal of Economic Modelling Pub Date : 2022-09-06 DOI: 10.55493/5009.v10i4.4603

Richard Reichel

引用次数: 2

Trade Liberalization and Economic Growth: A Cross-Country Study using Updated Sachs-Warner Index 贸易自由化与经济增长:基于更新的萨克斯-华纳指数的跨国研究

Asian Journal of Economic Modelling Pub Date : 2022-08-17 DOI: 10.55493/5009.v10i3.4581

Rahnuma Siddika, Sibbir Ahmad

引用次数: 4

Analysis of the Capital Structure and Profitability of Manufacturing Companies Listed on the Ghana Stock Exchange 加纳证券交易所上市制造业公司的资本结构与盈利能力分析

Asian Journal of Economic Modelling Pub Date : 2022-08-05 DOI: 10.55493/5009.v10i3.4567

Emmanuel Aidoo, I. Ahmed, A. Musah

引用次数: 0

Population Health, Infrastructure Development and FDI Inflows to Africa: A Regional Comparative Analysis 人口保健、基础设施发展和流入非洲的外国直接投资:区域比较分析

Asian Journal of Economic Modelling Pub Date : 2022-08-05 DOI: 10.55493/5009.v10i3.4568

S. Aladejare

引用次数: 8

Export Diversification in Economic Communities of Central African Countries: The Role of Infrastructure 中非国家经济共同体的出口多样化:基础设施的作用

Asian Journal of Economic Modelling Pub Date : 2022-08-05 DOI: 10.55493/5009.v10i3.4566

S. Ngassam, Joseph Pasky Ngameni, G. N. Tiwang, Ludovic Feulefack Kemmanang

{"title":"Export Diversification in Economic Communities of Central African Countries: The Role of Infrastructure","authors":"S. Ngassam, Joseph Pasky Ngameni, G. N. Tiwang, Ludovic Feulefack Kemmanang","doi":"10.55493/5009.v10i3.4566","DOIUrl":"https://doi.org/10.55493/5009.v10i3.4566","url":null,"abstract":"Conscious of the low infrastructure development in Economic Community of Central African States (ECCAS), governments have invested important financial resources aimed at increasing the global stock of infrastructure, which indexes have raised from 11.13 in 2000 to 16.65 in 2018. In the same period, the average export concentration index slightly decreased from 4.92 in 2000 to 4.90 in 2014. Given the disproportionate improvement of infrastructure and export diversification, the study objective is to examine the effects of infrastructure on export diversification in ECCAS over the 2000–2016 period. Overall export diversification, and export diversification at extensive and intensive margins, are used as indicators. The fully modified ordinary least squares (FMOLS) and the dynamic ordinary least squares (DOLS) estimators are used for semi-parametric instrumental variable estimates that correct for serial correlation and endogeneity problems. The empirical results indicate that electricity and mobile phone infrastructure positively contribute to the overall and the export diversification along intensive margin, while transport infrastructure and internet negatively contribute to export diversification. The policy implications are that the stock of infrastructure should be increased quantitatively and qualitatively. The spatial distribution of infrastructure must depend on their capacity to produce a variety of tradable goods and services. The export diversification policies in ECCAS will prioritize infrastructure and the development of new export categories. Investment in infrastructure may be accompanied by trade and investment liberalization and by financial development.","PeriodicalId":147053,"journal":{"name":"Asian Journal of Economic Modelling","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114794739","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}

引用次数: 0

A Funded Pension System with Endogenous Retirement 内生退休的基金养老制度

Asian Journal of Economic Modelling Pub Date : 2022-08-05 DOI: 10.55493/5009.v10i3.4569

Wataru Kobayashi, J. Takahata

引用次数: 0