{"title":"Financial Development And Economic Growth Revisited: Time Series Evidence","authors":"Ariuna Taivan","doi":"10.18178/ijtef.2018.9.3.599","DOIUrl":"https://doi.org/10.18178/ijtef.2018.9.3.599","url":null,"abstract":"","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126564465","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":"Role of Corporate Governance in Determining Dividend Policy: Panel Evidence from India","authors":"Debasis Pahi, I. Yadav","doi":"10.18178/ijtef.2018.9.3.598","DOIUrl":"https://doi.org/10.18178/ijtef.2018.9.3.598","url":null,"abstract":"The present study investigated the nexus between the structure of corporate governance and dividend policy using independent directors and board size as proxy variables for corporate governance for a total of 360 Indian non-financial and non-utility companies included in BSE 500 index during 2012-2016. The study also employed the firm-level control variables such as firm size, beta, profitability, and liquidity to control for firm specific characteristics. Using Tobit and Logit models, the study found that non-executive directors significantly and negatively determined the dividend payout ratio whereas the board size significantly and positively affected the dividend payout ratio of the selected firms. The other firm specific control variables used in the study also had the expected and desired influence on the dividend payout ratio in both the estimated models. Overall, the findings suggest that dividends could be a substitute for corporate governance for monitoring the agency problem.","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"53 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130637085","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":"How Effective Has ECB’s Monetary Policy Been during Crisis? The Case of CDS Spreads and Bond Yields","authors":"S. Spyrou, Patision Athens Greece Business","doi":"10.18178/IJTEF.2018.9.3.600","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.3.600","url":null,"abstract":"In this paper, the first Principal Component is extracted from weekly sovereign Eurozone CDS spreads and bond yields, and is then used in a regression with ECBs weekly holdings on three programs used during the EU crisis as explanatory variables. The monetary policy measures adopted by the ECB during the escalation of the EU financial crisis seem to have a statistically significant and negative effect on the CDS spreads and Bond Yields of the Eurozone countries. To the extent that the level of the CDS spreads and sovereign yields reflects market risks, default risk, and uncertainty, the significant and negative effect indicates that the measures adopted by the ECB were successful in reducing uncertainty in Eurozone markets.","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122869983","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":"Diffusion Model for the Adoption of Smartphone Brands under Competitive Pricing","authors":"Rashini Ashokan, G. Zenarosa, Xiuli He","doi":"10.18178/IJTEF.2018.9.3.595","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.3.595","url":null,"abstract":"We extend the Bass diffusion model to capture the dynamic adoption and competitive pricing of two smartphone brands: Apple and Samsung. We use publicly available historical data to regress the model parameters. We find our model to reasonably fit the data, and we provide some insights on the competition between the smartphones brands with respect to our model and the available data.","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124638462","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 Business Opportunities in Singapore for Food Business","authors":"Noriyuki Suyama","doi":"10.18178/IJTEF.2018.9.3.596","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.3.596","url":null,"abstract":" Abstract— Singapore is the first nation, with which Japan entered into the Economic Partnership Agreements (EPA), a scheme to create a free trade area in 2002. Japan has been maintaining a strong relationship with Singapore since then. For instance, there registered 856 Japanese firms in Singapore according to Annual Report of Statistics on Japanese Nationals Overseas (Ministry of Foreign Affairs, 2015) and Outlook of Singapore and Business of Japanese-Based Companies in Singapore (JETRO Singapore, Aug 2016). However, not many Japanese companies have achieved successful business results in Singapore even though Singapore possesses a variety of advantages for doing business like lower tax rates and developed infrastructure provisions. This paper investigates advantages and disadvantages of the Singapore for food business in order for Japanese food companies in order to offer comprehensive understanding of and insight into its food market. As a research method, customer satisfaction is observed on the basis of the survey conducted with 1,080 patrons of a restaurant chain in Singapore. The criterion of choosing estimated parameters is attributable to each multiple correlation coefficient of a linear regression analysis. The research result conclusively indicates the importance of a traditional marketing activity and its","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117113589","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":"Call & Put Butterfly Spreads Test of SET50 Index Options Market Efficiency and SET50 Index Options Contract Adjustment","authors":"W. Jongadsayakul","doi":"10.18178/IJTEF.2018.9.3.597","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.3.597","url":null,"abstract":"Abstract—This paper tests the efficiency of SET50 Index Options market and investigates the impact of contract adjustment on market efficiency. The options data set I employ to conduct call & put butterfly spreads test of market efficiency covers the period from October 29, 2007 to December 30, 2016. When I ignore transaction costs, the results report frequent and substantial violations of pricing relationships. For an option maturing within 90 days, size of violations tends to be higher for options farther from the money or further away from expiration. Almost no violations remain after considering the bid-ask spread as transaction costs. Therefore, our results support the efficiency of SET50 Index Options market before and after the modification of contract specification. Comparing the results before and after contract adjustment, I do not observe any improvement of market efficiency after the modification of contract.","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128134715","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}
A. Kurniawati, T. Samadhi, I. Wiratmadja, I. Sunaryo, R. P. Soesanto, Fadel Muhammad
{"title":"Corporate Social Performance: A multi-Stakeholder Analysis of Indonesian Energy Companies’ Sustainability Report","authors":"A. Kurniawati, T. Samadhi, I. Wiratmadja, I. Sunaryo, R. P. Soesanto, Fadel Muhammad","doi":"10.18178/ijtef.2018.9.3.601","DOIUrl":"https://doi.org/10.18178/ijtef.2018.9.3.601","url":null,"abstract":"Energy companies in Indonesia hold an important role in the Indonesian economy. Related to their important roles and responsibility in maintaining corporate sustainability in managing the business that related to non-renewable resources, energy companies in Indonesia publish their Sustainability Report as their commitment to providing information for stakeholders on corporate governance, performance, and strategy. As a part of performance measurement, energy companies in Indonesia also consider the importance of multi-stakeholder perspective in the making of a sustainability report. Performance measurement which involves multi-stakeholder is known as Corporate Social Performance. The purpose of this research is to develop the CSP measurement indicators from the multi-stakeholder perspective, to identify the most and the least discussed indicators in the sustainability reports of seven energy companies in Indonesia from the latest three years reports, and then to be compared with sustainability reports from two automotive companies and two cement companies. The result of this research are developing CSP measurement consisting of 38 indicators that categorized into six categories, which are customer focused, community focused, shareholder focused, supplier focused, an environment focused, and employee focused. The most discussed indicators in Sustainability Reports of energy companies in Indonesia are in environment focused category and the least discussed indicators are in supplier focused category.","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131950619","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}
Yuxin Lin, M. Cheng, Kengfung Wong, Ho Jacko Cheung
{"title":"Leverage Measurement and Multinational Comparison of Listed Commercial Banks in China","authors":"Yuxin Lin, M. Cheng, Kengfung Wong, Ho Jacko Cheung","doi":"10.18178/ijtef.2018.9.3.602","DOIUrl":"https://doi.org/10.18178/ijtef.2018.9.3.602","url":null,"abstract":"Based on the provisions of Basel III and the Method for Leverage Management of Commercial Banks promulgated by China Banking Regulatory Commission, this study measured various risk indicators such as leverage and non-performing loan (NPL) ratio of 15 listed commercial banks in China and compared the same type of data from several foreign commercial banks after the financial crisis. According to the NPL ratio data of the banks, the NPL ratios of major commercial banks in China were on an upward trend from 2011 to 2015. The ratio of major foreign commercial banks rose significantly during the financial crisis but declined after that. By comparing the trend of non-performing loans at home and abroad, we find that the trend of non-performing loans in China is similar to the eve of the financial crisis in the United States.According to bank leverage data, the level of leverage of most domestic banks in China at this stage is still under prudential regulation, though over-leverage exists in several banks. However, due to the widespread regulatory arbitrage, some of the businesses are not reflected in the bank's external and internal assets according to the actual risks. As a result, the official data may underestimate the real leverage of the banking industry.An important factor is the rapid development of shadow banking. The macro-prudential supervision policy is in its initial stage of implementation and is expected to control the risks of commercial banks in China in the future.","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128774424","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":"Performances and Changes in the Stock Market of Four Electronic Companies during Covid-19 and Their Future Market Predictions","authors":"","doi":"10.18178/ijtef.2022.13.4.731","DOIUrl":"https://doi.org/10.18178/ijtef.2022.13.4.731","url":null,"abstract":"","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","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":"117076747","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":"Adoption of Technical Barriers to Trade and the Quality of Exports: Empirical Analysis on the Machinery Sector","authors":"","doi":"10.18178/ijtef.2022.13.1.714","DOIUrl":"https://doi.org/10.18178/ijtef.2022.13.1.714","url":null,"abstract":"","PeriodicalId":381210,"journal":{"name":"International Journal of Trade, Economics and Finance","volume":"114 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":"124243108","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}