Jurnal Ekonomi Malaysia最新文献_第7页

Corporate Social Responsibility and Zero Leverage 企业社会责任与零杠杆

Jurnal Ekonomi Malaysia Pub Date : 2022-04-01 DOI: 10.17576/jem-2021-5601-03

Q. Zaman

引用次数: 2

Kecekapan Teknikal Pertanian Padi dan Faktor Penentu: Model Pengeluaran Sempadan Stokastik

Jurnal Ekonomi Malaysia Pub Date : 2022-04-01 DOI: 10.17576/jem-2022-5601-01

Nurul Syafiza, Chen Nan, B. Talib, N. Salleh

{"title":"Kecekapan Teknikal Pertanian Padi dan Faktor Penentu: Model Pengeluaran Sempadan Stokastik","authors":"Nurul Syafiza, Chen Nan, B. Talib, N. Salleh","doi":"10.17576/jem-2022-5601-01","DOIUrl":"https://doi.org/10.17576/jem-2022-5601-01","url":null,"abstract":"This study analyzes the level of technical efficiency of paddy farming. It based on stratified randon sampling of 285 Malaysian paddy farmers under the management of the Muda Agricultural Developement Authority. Data was analyzed using Ordinary Least Squares and Stochastic Frontier Analysis method in the Cobb-Douglas production function. We estimated the paddy farming technical efficiency and its determinants. The results indicate that the Cobb-Douglas model with distribution of half-normal is better than the truncated normal as the average technical efficiency of the former is 0.855 and relatively higher than 0.624 in the latter. While the paddy income, the household income and the operational costs help to improve efficiency, the cultivation size, number of workers and land rent are associated with deterioration in efficiency. The input-output relationship further show that the cultivation size, number of workers, seeds and machinery used improve the output.. The study in consequence recommended policies that will ensure the cost of productive inputs such as machinery cost and land rent are affordable to farmers. Moreover, these policies may also improve households’ income through better pricing for their outputs and reduction in technical inefficiencies in paddy production.","PeriodicalId":35929,"journal":{"name":"Jurnal Ekonomi Malaysia","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83281000","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

The Volatility of the Stock Market and Financial Cycle: GARCH Family Models 股票市场波动与金融周期:GARCH家族模型

Jurnal Ekonomi Malaysia Pub Date : 2022-04-01 DOI: 10.17576/jem-2022-5601-11

Thuy N. Tran

{"title":"The Volatility of the Stock Market and Financial Cycle: GARCH Family Models","authors":"Thuy N. Tran","doi":"10.17576/jem-2022-5601-11","DOIUrl":"https://doi.org/10.17576/jem-2022-5601-11","url":null,"abstract":"The paper examines the association between financial market volatility and actual economic incidents. We specifically analyze the statistical characteristics of the stock price series and its association with the financial cycle. Using 20 years of Vietnamese main stock VNIndex daily data from 2 August 2000 to 31 December 2020, we select the most adequate Generalized Autoregressive Conditional Heteroskedasticity (GARCH) family models and corresponding distribution rules. The paper initially assesses several types of GARCH models’ criteria, namely the log-likelihood, AIC and BIC, in choosing the best model to illustrate the financial cycle. We further use three different distribution rules, namely the normal distribution rule, the Student-t statistic distribution, and the Generalized Error Distribution (GED), in selecting the best GARCH model. The results show that Exponential Generalized Autoregressive Conditional Heteroscedastic (EGARCH) with student-t statistic distribution seems the best suited to demonstrate the stock price and its return volatility. It also suits the marginal distribution of the financial cycle. Our study further validates the lead time and volatility between the selected model results and the significant financial events using the turning point and Bull-Bear application (Lunde and Timmermann, 2004). Although the recommended model has shown no evidence as an effective forecast tool for the financial cycle in long run, this study paves the way for extensive research in the future.","PeriodicalId":35929,"journal":{"name":"Jurnal Ekonomi Malaysia","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75946268","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

The Influence of Institutional Quality on Human Development: Evidence from Developing Countries 制度质量对人类发展的影响:来自发展中国家的证据

Jurnal Ekonomi Malaysia Pub Date : 2022-04-01 DOI: 10.17576/jem-2022-5601-07

Kabiru Kamalu, Z. Abidin

引用次数: 3

Macroeconomic Consequences of Covid-19 in a Small Open Economy: An Empirical Analysis of Nigeria 2019冠状病毒病对小型开放经济体的宏观经济影响:对尼日利亚的实证分析

Jurnal Ekonomi Malaysia Pub Date : 2021-01-01 DOI: 10.17576/jem-2021-5501-8

L. O. Oyelami, O. Saibu

{"title":"Macroeconomic Consequences of Covid-19 in a Small Open Economy: An Empirical Analysis of Nigeria","authors":"L. O. Oyelami, O. Saibu","doi":"10.17576/jem-2021-5501-8","DOIUrl":"https://doi.org/10.17576/jem-2021-5501-8","url":null,"abstract":"Nigeria is a small open economy with a high level of external dependency especially on the export of crude oil for foreign earnings and government revenue and import of consumables goods including pharmaceutical products. Currently, China and USA contribute more than 35% of Nigerian total import and in addition with Euro area constitute top export destinations of Nigerian crude oil. Studies in the past have investigated the vulnerability of Nigerian economy to external shocks, however, the emerging shocks from global economy due to COVID-19 seems unprecedented. Thus, it is imperative to preemptively examine the likely spillover effects of COVID-19 pandemic to a small open economy like Nigeria based on shocks to strategic trade partners. Given this background, this study investigates the macroeconomic consequences of COVID-19 in China, the Euro area and United States of America (USA) in Nigeria using Global Vector Autoregressive (GVAR) approach. This modelling approach provides an opportunity to analyze international macroeconomic transmission of shocks and spillovers between different countries. It also provides a framework to offer adequate tools to deal with the curse of dimensionality that may arise during the analysis. Macroeconomic variables such as exchange rate, economic growth, inflation rate, trade flows and consumers’ spending were employed from Nigeria and other COVID-19 infected partner countries to build the GVAR model. Similarly, variable such as oil price and world commodity price index served as global variables. These variables were introduced quarterly to obtain stable behavioural interactions. Subsequently, simulations were performed to capture economic reality of COVID-19 and policy reactions in COVID-19 infected partner countries. The study identified output and inflation shocks in USA and China as important external shocks to the Nigerian economy however, oil price shocks constitute the biggest external threat to the economy during and post COVID-19 era. © 2021 Penerbit Universiti Kebangsaan Malaysia. All rights reserved.","PeriodicalId":35929,"journal":{"name":"Jurnal Ekonomi Malaysia","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77746707","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

Heterogeneity Effect of Central Bank Independence on Asset Prices: Evidence from Selected Developing Countries 中央银行独立性对资产价格的异质性效应:来自特定发展中国家的证据

Jurnal Ekonomi Malaysia Pub Date : 2021-01-01 DOI: 10.17576/jem-2021-5502-6

C. Anwar, Sultan ageng Tirtayasa

引用次数: 7

Kesan Persepsi Risiko dan Motivasi Melancong Terhadap Gelagat Pelancong Tempatan Semasa Pandemik COVID-19

Jurnal Ekonomi Malaysia Pub Date : 2021-01-01 DOI: 10.17576/jem-2021-5503-10

引用次数: 0

Stock Price Reaction when Covid -19 Exist: Moderating by Firm’s Operating Cash Flow Covid -19存在时的股价反应:公司经营性现金流的调节作用

Jurnal Ekonomi Malaysia Pub Date : 2021-01-01 DOI: 10.17576/jem-2021-5501-5

D. Nugroho, M. Pertiwi

{"title":"Stock Price Reaction when Covid -19 Exist: Moderating by Firm’s Operating Cash Flow","authors":"D. Nugroho, M. Pertiwi","doi":"10.17576/jem-2021-5501-5","DOIUrl":"https://doi.org/10.17576/jem-2021-5501-5","url":null,"abstract":"COVID-19 has been declared a global pandemic by the WHO, rendering the stock markets volatile. Investors predict that the pandemic can be a threat to a company's cash flow, whereas managers use the last year’s financial condition to defend their stock price. We evaluate whether the company's operating cash flow moderates the company's financial condition and stock price reactions, in addition to making a comparison between the period before and during the COVID-19 pandemic using Difference in Difference. The regression analysis model used is a random effect model. The objects of this research are the hotel, tourism, restaurant, and retail trade sub-sector companies in the first quarter and second quarter of 2020, and 2019 and 2018 annually. We found that none of the firm's financial condition affected the stock's price reaction. We also found that operating cash flow strengthens the relationship between cash and ROA to the stock price. The results of this study further imply that the COVID-19 pandemic caused a significant stock price reaction when compared between the time before and during the COVID-19 disaster in Indonesia. The current study is hoped to contribute towards supporting the government in formulating policies to stimulate the currently-slumping economy. This study can also assist the investors in preparing their analysis to determine whether what action they should take in regards to their stocks, considering that our research implicitly reflects the development of conditions in several industrial sectors. © 2021 Penerbit Universiti Kebangsaan Malaysia. All rights reserved.","PeriodicalId":35929,"journal":{"name":"Jurnal Ekonomi Malaysia","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85463581","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: 4

Does Oil Consumption Respond Asymmetrically to Oil Price, Exchange Rate and Income Differentials? 石油消费对油价、汇率和收入差异的反应是否不对称?

Jurnal Ekonomi Malaysia Pub Date : 2021-01-01 DOI: 10.17576/jem-2021-5502-5

引用次数: 2

The Determinants of Carbon Dioxide Emissions in Malaysia and Singapore 马来西亚和新加坡二氧化碳排放的决定因素

Jurnal Ekonomi Malaysia Pub Date : 2021-01-01 DOI: 10.17576/jem-2021-5502-9

引用次数: 3