Asian Journal of Economics and Empirical Research最新文献

{"title":"Voluntary Environmental Regulations and Firm Innovation in China","authors":"Shaojie Zhang","doi":"10.20448/journal.501.2020.72.171.177","DOIUrl":"https://doi.org/10.20448/journal.501.2020.72.171.177","url":null,"abstract":"The world is fighting the issue of increasing levels of pollution and the detrimental effects of the ecological imprints of the business industry. Pollution and other environmental issues are causing the environment to deteriorate; however, this has also led to an increased interest in the protection of the environment. The Porter hypothesis has stimulated a long debate on whether organizational regulations can lead to changes in a firm‟s innovation. Building on these theories, this study evaluates the effect of voluntary environmental regulations (VERs) on the innovation of Chinese firms. For this purpose, the study uses a dichotomous dependent variable. The proxy variables used for evaluating the innovative performance of firms are the average investments made for research and development (R&D) activities, which are evaluated on the basis of investments made and the decision to invest in innovation activities. VERs were evaluated using applications for the ISO 14000 certification. The study uses firm level variables to answer the research questions, as well as control variables such as firm size, profitability, degree of competition, and high technology industry. The results of the estimations reveal that the impact of environmental regulations (ERs) is positive and significant in terms of the innovation output of the firms under consideration. Moreover, the results also highlight the fact that large firms with high levels of profitability and a presence in the technology sector are more adept at introducing innovative activities. The study also provides some policy implications.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128327715","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":"Fiscal Policy and Balance of Payments in Nigeria","authors":"Inimino Edet Etim, Brown Uduakobong Akpanabba, Otubu Osaretin Paul","doi":"10.20448/journal.501.2020.72.207.216","DOIUrl":"https://doi.org/10.20448/journal.501.2020.72.207.216","url":null,"abstract":"This study investigated the effect of fiscal policy on balance of payments in Nigeria. The data for the study were obtained from the statistical bulletin of Nigeria’s apex bank spanning 1980 to 2017. The study employed Augmented Dickey-Fuller (ADF) and Autoregressive Distributed Lag (ARDL) Bounds techniques. The result of the ADF test revealed that the variables were stable at order one and zero. The ARDL results showed that in the long run, corporate income tax, government capital expenditure and external debt have positive and significant effect on Nigeria’s balance of payments. Meanwhile, exchange rate has a negative and significant effect on balance of payments in Nigeria. It also revealed that in the short run, corporate income tax and government capital expenditure have positive and significant effect on balance of payments in Nigeria. However, exchange rate and external debt have negative and significant effect on balance of payments in Nigeria. Therefore, this study concluded that fiscal policy has a meaningful effect on Nigeria’s balance of payments during the period of study. This means that fiscal policy is effective in achieving a satisfactory balance of payments in the country.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116795969","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":"Financial Development and Monetary Transmission Mechanism in Nigeria (1986-2017)","authors":"Olajide Oyadeyi, T. Akinbobola","doi":"10.20448/journal.501.2020.71.74.90","DOIUrl":"https://doi.org/10.20448/journal.501.2020.71.74.90","url":null,"abstract":"This study explored the impacts of the different aspects of financial development on monetary transmission mechanism in Nigeria from the period of 1986-2017 using quarterly data. Variables such as broad money supply, debt stock, stock market capitalization, stock market value traded, total deposit money bank’s asset, total financial assets, private sector credit, inflation rate, monetary policy rate, exchange rate, all share index and output, were used to carry out this investigation. The study adopted Pesaran, Shin, and Smith (2001) ARDL framework to check the impacts of these individual financial development indicators and how they affect monetary transmission mechanism. The findings suggested that financial development indicators and their interactions with the policy rate influenced each channel of monetary policy with different degrees. Banking sector indicators (size and activity measures) had more influence on the channels of monetary policy transmission compared to capital market indicators, while financial market liberalization had the least influence on the channels of monetary policy transmission. However, the significance of the individual financial development indicators was found to be very weak on exchange rate channel, while the influence of the financial market indicators was strongest on the interest rate channel, thereby supporting previous studies that interest rate channel is the most dominant channel of monetary policy for Nigeria. Finally, the paper recommended that financial reforms must be geared towards strengthening the implementation of monetary policy and the channels through which monetary policies impact real economic activity.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"173 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124251756","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":"Influence of Excessive Expenditure of the Government in Perspective of Interest Rate and Money Circulation Which in Turn Affects the Growing Process in Pakistan","authors":"Z. Rahman","doi":"10.20448/journal.501.2019.62.120.129","DOIUrl":"https://doi.org/10.20448/journal.501.2019.62.120.129","url":null,"abstract":"Influence of excessive expenditure of the government in perspective of interest rate and money circulation which in turn affects","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123675764","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":"Impact of Audit Committee Characteristics on Voluntary Disclosures: Evidence from Pakistan","authors":"Rida Sheikh, Abdullah, M. Shah","doi":"10.20448/journal.501.2019.62.113.119","DOIUrl":"https://doi.org/10.20448/journal.501.2019.62.113.119","url":null,"abstract":"This paper examines the effect of characteristics of audit committee on voluntary disclosure levels. This topic has been given much importance by the researchers, because independent audit plays crucial role in protecting minority shareholder’s interest. The study uses a sample of one hundred fifty companies which are listed on Pakistan Stock Exchange. Studying this sample is tremendously important because of several reasons. Regulatory bodies of Pakistan are pushing companies to implement the code of corporate governance. We have used multiple regression analysis technique to analyze the effect of characteristics of audit committee on voluntary disclosure. The scores of voluntary disclosure has been considered as dependent variable and independence of audit committee, committee member’s financial expertise, committee meetings frequency and committee size were used as independent variables. A checklist of 64 discretionary items was adapted to measure the voluntary disclosure in-lined with the existing literature. We have considered firm’s size, its profitability and leverage as control variables. The results suggest that size and independence of audit committee members have statistically significant effect on voluntary disclosure while, other independent variables do not have any significant effect. The existing literature reports different findings for these variables. Policy makers may further strengthen disclosure framework, which may be helpful in meeting the expectation of investors using the findings of this study.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127077199","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":"External Environmental Factors and Failure of Small and Medium Enterprises in Kano Metropolis","authors":"Salihu Abubakar, Abubakar Sambo Junaidu","doi":"10.20448/journal.501.2019.62.180.185","DOIUrl":"https://doi.org/10.20448/journal.501.2019.62.180.185","url":null,"abstract":"This study examines the relationship between external environmental factors and failure of SMEs in Kano metropolis, using samples of failed SMEs in Kano metropolis. Questionnaire was used to collect primary data from the sampled failed SMEs using snow ball method. The data was analyzed using multiple regression technique and descriptive statistics in order to establish the significance of the estimated relationships. The outcome reveals that external environmental factors have significant impact on the failure of SMEs in Kano metropolis, and inadequate infrastructure (II) is the major contributing factor to the failure of SMEs in the Kano; followed by market competition (MC), market demographics (MD), and financial inadequacy (FI). In order to reduce SMEs failure and achieve significant positive contribution of SMEs sub-sector to the economic development of the state, the study recommends that government and relevant stakeholders should create an enabling business environment with adequate infrastructures, fear competition, sound market places and financial support.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121398276","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":"Ho Chi Minh Stock Exchange Market: Operations and Efficiency","authors":"Van Nguyen Hong Tran, H. Seddighi","doi":"10.20448/JOURNAL.501.2021.81.27.38","DOIUrl":"https://doi.org/10.20448/JOURNAL.501.2021.81.27.38","url":null,"abstract":"This paper presents an up-to-date account of market operations of the Ho Chi Minh Stock Exchange and examines its informational efficiency in recent years. The daily closing prices and rates of return of the Vietnam (VN) Index – the major market index of the Ho Chi Minh Stock Exchange (HOSE) – and ten stocks chosen from different sectors are employed, from January 2, 2018, to December 31, 2019, to investigate the random walk hypothesis of market efficiency using the Lo – MacKinlay variance ratio test and the Chow – Denning multiple variance ratio test. Our results show that the market index and individual sample stocks conform to the null hypothesis of a random walk type 3 model of a weak form market efficiency. The paper also presents the results of an event study to examine the semi-strong form market efficiency of the HOSE. The empirical results on this type indicate that there are significant abnormal returns and significant cumulative abnormal returns by trading the stocks around events. However, these results are inconsistent with the requirements of a semi-strong form market efficiency, and it thus appears that further improvements in the transmission of information and its speed within this market are needed to further improve the efficiency of this emerging market.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122474765","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":"Empirical Analysis of External Debt Exposure to Exchange Rate Risk in Nigeria","authors":"Afamefuna A. Eze, S. Ogwu, Obehi Destiny Obozua, C. Okolo","doi":"10.20448/journal.501.2021.81.39.47","DOIUrl":"https://doi.org/10.20448/journal.501.2021.81.39.47","url":null,"abstract":"","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123986654","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":"Does the Oil Price Influence the Exchange Rates in Nigeria? Empirical Evidence from Wavelet and Causality Approaches","authors":"T. Adebayo","doi":"10.20448/journal.501.2020.72.126.135","DOIUrl":"https://doi.org/10.20448/journal.501.2020.72.126.135","url":null,"abstract":"This study explores the connection between the exchange rate and oil price within the framework of time and frequency utilizing monthly data between January 2007 and March 2020. The study deployed the wavelet tools to investigate this relationship. Furthermore, Granger and Toda Yamamoto causality tests were employed as a robustness check for the wavelet coherence techniques. Findings from the wavelet power spectrum shows; (a) a significant vulnerability in the exchange rate between 2014M6 and 201412, between 2017M1 and 2017M12 2016M1; and (b) a significant vulnerability was found in oil price between 2008M1 and 2008M12, between 2014M1 and 2014M12. The wavelet coherence technique reveals; (a) negative co-movement between the exchange rate and oil price between 2009M10 and 2011M3, between 2012M1 and 2012M3, between 2014M2, 2015M6 and between 2019M2 and 2019M11. The Granger and Toda Yamamoto causality tests reveal a bidirectional interaction between oil price and exchange rate. The variance decomposition shows that as the months dwindle, 40.2% and 40.5% of discrepancy in the exchange rate can be explained by oil price in the twenty-third and twenty-fourth month respectively. This signifies that oil price is a good predictor of the exchange rate in the long term. Also, the variance decomposition and causality tests provide a piece of supportive evidence for the wavelet coherence technique. Key recommendations are suggested based on these findings.","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128180584","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 Impact of Innovation on Entrepreneurial Orientation: A Case Study of SMEs in Osun State","authors":"Opeoluwaseun Ojekemi, Tomiwa Sunday Adebayo","doi":"10.20448/journal.501.2020.72.153.158","DOIUrl":"https://doi.org/10.20448/journal.501.2020.72.153.158","url":null,"abstract":"The study aim is to examine the impact of process innovation, product innovation and market innovation on entrepreneurial orientation using Osun state as a case study. The study based on the CDM theoretical framework. Questionnaires were distributed to SMEs in Osun state. The 350 questionnaires were distributed to the respondents; however, only 201 were filled properly and returned. The multiple regression was deployed to investigate this relationship. The study findings shows; (i) there are positive relationship between product innovation and entrepreneurial orientation; (ii) there is positive relationship between process innovation and entrepreneurial orientation; and (iii) there is positive relationship between market innovation and entrepreneurial orientation. conceptualizes a theoretical framework for GEO, green incremental innovation and green disruptive innovation, and is using empirical data from 416 Chinese companies for research. The findings show a strong influence on environmental incremental innovation and disruptive innovation for corporate GEOs. Supply chain technology impacts green gradual and revolutionary innovation significantly. Additionally, learning the corporate supply chain plays a moderating role in the interaction between GEO and green radical innovation, and also plays a mediating role in the relationship between GEO and green radical innovations. Zhao, Li, Tan, and Liu (2008) examined the moderating effects of EO on the connection of MO and performance in small Chinese firms. To evaluate this dynamics, simulation of the structural equation was deployed. Finding from the research suggests that MO is directly associated with firm efficiency, alone or in combination with other components of the EO. More precisely, creativity and Proactiveness have positively moderated the MO-performance interaction. Arzubiaga, Kotlar, De Massis, Maseda, and Iturralde (2018) examined entrepreneurial mindset and creativity in family SMEs. The use of 230 Spanish family SMEs revealed that family participation in the BoD has a detrimental impact on their ability to turn EO into creativity. In addition, we show that the strategic involvement of the BoD in service, control tasks, provision of knowledge and skills have beneficial benefits while BoD activity intensity has a strikingly detrimental impact. To investigate the impact of MO as a mediating variable in the interaction between EO and performance of small and medium-sized enterprises (SMEs), Amin, Thurasamy, Aldakhil, and Kaswuri (2016) deployed A total of 500 SMEs in the manufacturing industry of food and beverages were involved in this study with a response rate of 117. The findings show that EO has a significant relationship with MO, and MO has a significant relationship with SME performance. MO will mediate the relationship between EO and SMEs’ performance. Dost, Arshad, and Afsar (2018) examined the impact of EO on process innovation capability types and the position of social capital","PeriodicalId":360581,"journal":{"name":"Asian Journal of Economics and Empirical Research","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129707249","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}