Mohammad Askarpour, A. Mohammadinejad, R. Moghaddasi
{"title":"Economics of agritourism development: An Iranian experience","authors":"Mohammad Askarpour, A. Mohammadinejad, R. Moghaddasi","doi":"10.20885/ejem.vol12.iss1.art8","DOIUrl":"https://doi.org/10.20885/ejem.vol12.iss1.art8","url":null,"abstract":"Agritourism is known as a means of identification and realization of various on-farm and off-farm attractions existing in rural areas. This study aims at exploring the main determinants of agritourism development in Iran. Data were obtained via field survey and interview with 115 sample farmers from areas currently presenting agritourism services. By using a multinomial logit model, the impacts of theoretically expected variables were estimated. Findings/Originality : Education is the main driver of agritourism development. The programs aiming at increasing the knowledge of farmers regarding different advantages of agritourism should be paid special attention by the government. The result also indicates direct effect of diversified crops and services on probability to get involved in agritourism business. Provision of more crops and services on the farm generates more attraction for tourists and can lead to development of agritourism. In addition, farm size revealed same association, while the age of farmers has an adverse effect on provision of agritourism.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73510361","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":"Risk-adjusted and Bonferroni-adjusted seasonality in emerging Asian stock markets","authors":"Faheem Aslam, B. Memon, Khurram Shahzad Mughal","doi":"10.20885/ejem.vol12.iss1.art7","DOIUrl":"https://doi.org/10.20885/ejem.vol12.iss1.art7","url":null,"abstract":"Existing literature on market seasonality focuses mainly on returns anomalies with little or no attention to risk adjustment. This study investigates risk-adjusted, and Bonferroni adjusted day-of-the-week anomalies in nine emerging Asian stock markets. The data consist of the daily prices of nine stock indices from January 1997 to September 2019. The MSCI emerging market index was employed as a proxy of time-varying risk. Findings/originality : The results confirm the presence of day-of-the-week anomalies in emerging Asian markets, and the addition of the market risk proxy has failed to fade these patterns. Finally, after consideration of time-varying risk premium and applying Bonferroni Correction type adjustment, several market anomalies remain. However, both adjustments partially eliminate the significance of these patterns. The presence of these anomalies suggests that little of this can be accounted for the MSCI-EM stock price index. The results also confirm that systematic risk level varies from Monday to Friday.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90827109","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 relationship between unemployment and immigration with linear and nonlinear causality tests: Evidence from the United States","authors":"A. Aslan, Buket Altinoz","doi":"10.20885/EJEM.VOL12.ISS1.ART2","DOIUrl":"https://doi.org/10.20885/EJEM.VOL12.ISS1.ART2","url":null,"abstract":"This paper investigates the relationship between the immigrant population and the unemployment rate in the United States for period from 1980 to 2013. For this purpose, firstly, coefficient of long and short run is estimated by using Autoregressive Distributed Lag (ARDL) method and then, linear and nonlinear causality test are applied. Findings/Originality: According to ARDL test results; there is a positive effect of immigration to the United States on the unemployment rate to in the long run. In other words, while there is no statistically significant relationship between two variables in the short run, an increase in the immigrant population increases the unemployment rate by 0.14 percent in the long run. The bootstrapped Toda-Yamamoto linear causality test results imply that there is no causal relationship between immigration and unemployment. Also, there is no nonlinear relationship between immigration population and unemployment rate in the United States.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88441785","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}
Dody - Setyadi, Y. Sudarso, M. Nahar, Sugiyanta Sugiyanta
{"title":"Duration of educated unemployment","authors":"Dody - Setyadi, Y. Sudarso, M. Nahar, Sugiyanta Sugiyanta","doi":"10.20885/ejem.vol11.iss2.art8","DOIUrl":"https://doi.org/10.20885/ejem.vol11.iss2.art8","url":null,"abstract":"The study aims to describe the characteristics of unemployed workers in Central Java Province and to determine the model of educated unemployment duration. It uses the linear regression model of 1721 workforces that are sampled from National Labor Survey 2015. The model regress the unemployment duration on age, sex, education level, income during unemployment period and GRDP of the industrial, service and agricultural sectors. Findings and Originality : The results show that variables of age, sex, the income of job seekers, education level at junior and senior high school level and GRDP in the agricultural sector have a positive effect on the unemployment duration. The variables of the status of household head, the high school education level, as well as the GRDP service sector, negatively effect the unemployment duration. Thus, it is recommended for the Central Java province government to develop service sectors to shorten the duration of unemployment in Central Java Province. Keywords: Unemployment Duration, Search Theory","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2019-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90908035","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 macroeconomic variables on foreign exchange reserves: A case from Pakistan","authors":"M. Azeem, M. Khurshid","doi":"10.20885/ejem.vol11.iss2.art5","DOIUrl":"https://doi.org/10.20885/ejem.vol11.iss2.art5","url":null,"abstract":"The study aims to investigate the effect of macroeconomic indicators on foreign reserves in Pakistan. A Vector Autoregressive (VAR) model has been used to estimate Pakistan’s foreign exchange reserves demand from the period of 1984 to 2015. Findings/Originality : The results indicate that macroeconomic variables such as remittances, exchange rate, the ratio of current account deficit to GDP and interest rate differential (measure as opportunity cost) determine the country’s long-run reserves demand function. Whereas, observed results show that demand of foreign reserves is highly sensitive to capital account vulnerability and less responsive to its opportunity cost. The Granger causality analysis shows that the various macroeconomic variables fail to cause reverse causality. It implies that in Pakistan the demand of reserves is driven by macroeconomic stability. The study is helpful for the country’s institutions to boost foreign reserves by controlling macroeconomics indicators.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89790268","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}
S. Syahnur, M. Marwan, S. Munzir, Hizir Hizir, T. Dawood
{"title":"Investigating wage bargaining power, wage inequality and industrial structure in Indonesia","authors":"S. Syahnur, M. Marwan, S. Munzir, Hizir Hizir, T. Dawood","doi":"10.20885/ejem.vol11.iss2.art4","DOIUrl":"https://doi.org/10.20885/ejem.vol11.iss2.art4","url":null,"abstract":"This study investigates the bargaining power of labor over wages and the wage inequality among industries based on the industrial structure in Indonesia. It uses a panel data model and secondary data from 2008-2015. This study argues that wage inequality really matters among the industries and tends to enlarge among them despite the existence of the bargaining power of labor over wage. Findings/Originality : The labor bargaining power over wage in Large and Medium Industries still has greater probability to be increased compared to that in Small and Micro Industries. It implies that the wage inequality still matters in the labor market, particularly in the three industrial groups, and tends to enlarge among them. Government has to take care seriously on the industrial structure with regard to wage bargaining power of labor and particularly wage inequality. Moreover, the government should promote fair wage levels between industries and labor of each industrial classification, particularly in developing countries.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88505303","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 fiscal decentralization on economic growth in Indonesia","authors":"Ari Mulianta Ginting, M. Hamzah, Eleonora Sofilda","doi":"10.20885/ejem.vol11.iss2.art3","DOIUrl":"https://doi.org/10.20885/ejem.vol11.iss2.art3","url":null,"abstract":"Fiscal decentralization was firstly implemented in 2001 and has brought a new era of local autonomy in Indonesia. The objective of fiscal decentralization to local government is to increase the economic growth and public service. This research uses a panel data regression and quadrant analysis method with the data of cluster districts and cities in Indonesia from 2013 to 2018. Findings/Originality : The panel regression estimation shows that fiscal decentralization has a positive and significant effect on economic growth in all clusters. However, the quadrant analysis results show that on average 86.7% of all clusters districts and cities were in quadrant IV which reflects low fiscal decentralization and low economic growth. The implication of the result is that the government should increases the allocation of capital expenditure in local budget to accelerate local economic growth of the districts/cities in all clusters.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73157242","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 causal effects of education on wages: evidence from Kyrgyzstan","authors":"Ebru Caglayan Akay, Zamira Oskonbaeva, Irem Sacakli-Sacildi","doi":"10.20885/ejem.vol11.iss2.art6","DOIUrl":"https://doi.org/10.20885/ejem.vol11.iss2.art6","url":null,"abstract":"This sudy uses a Mincerian earnings function to estimate the effect of education and experience on the wages of women working in developed business and trade center of Bishkek, Kyrgyzstan. It employs a robust median regression and M Regression to estimate the fuctions for both public and private sectors. The paper also estimates the fuction using a least squared regression for comparisson. Finding/Originality: The results show that returns to education for women employees in private sector are higher than that of in the public sector. In contrast, the returns to experience for women employees in the public sector are higher than those in the private sector. The study reveals that schooling has strong causal effects on wages. Therefore, the goverment should give sufficient priority to education. Every Som spent in quality education generates strong positive returns for the whole economy. so that Kyrgyz government should put more efforts to enable individuals staying longer in education","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72415440","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}
Nik Nurul Hidayah Nik Zainudin, S. Shahida, Ahmad Azam Sulaiman@Mohamad
{"title":"Do bankruptcy profiles of Islamic banks differ across organizational structure? evidence from Malaysia","authors":"Nik Nurul Hidayah Nik Zainudin, S. Shahida, Ahmad Azam Sulaiman@Mohamad","doi":"10.20885/ejem.vol11.iss2.art7","DOIUrl":"https://doi.org/10.20885/ejem.vol11.iss2.art7","url":null,"abstract":"Malaysian Islamic banks operate in different organizational structures, namely domestic, locally foreign incorporated, and development financial institutions which may have an influence on their stability. This research evaluates the bankruptcy profiles of 19 selected Malaysian Islamic banks from 2010 to 2017 and analyses the insolvency risk associated with the three different organizational structures. Using the Altman’s Z-Score Model (2000), a stability test was conducted. Finding s /Originality: the paper finds that, on average, the development financial institutions were the most stable banks, followed by foreign Islamic banks. It also finds that bigger domestic Islamic banks were situated in the safe zone as they had high Z-score values. Furthermore, asset quality ratio contributed to higher Z-score values. An appropriate asset-liability management therefore helps ensure the stability of Islamic banks in Malaysia. An effective macroprudential supervisory regime must also be in place to increase the resilience of the financial system.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73767457","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. A. M. Hisham, Zulkefly Abdul Karim, Norlin Khalid
{"title":"Determinants of capital expenditure spending in Malaysian palm oil industries: A dynamic panel data analysis","authors":"A. A. M. Hisham, Zulkefly Abdul Karim, Norlin Khalid","doi":"10.20885/ejem.vol11.iss2.art9","DOIUrl":"https://doi.org/10.20885/ejem.vol11.iss2.art9","url":null,"abstract":"This study aims to investigate the determinants of capital expenditure (capex) for Malaysian palm oil companies listed at Bursa Malaysia. The study uses the dynamic panel data analysis (generalized method of moment) estimation for the sample of 40 palm oil-oriented firms that spanning from year 2000 until 2016. Findings/Originality : The empirical findings revealed that, in the short run and the long run, the capex spending is significantly affected by the cash flow, sale growth, and world crude palm oil price. However, Average Q significantly influences the capex decision in the long run only. Thus, the policy implication from this study suggests that palm oil-oriented firms should take into account the movement of world crude palm oil (CPO) price in designing their capital expenditure strategy. In addition, proper planning for managing firms’ cash flow and sale growth are also important for expanding their capex in future.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.5,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90969229","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}