Asian journal of economic modelling最新文献

Equity pledge of controlling shareholders and investment structure 控股股东的股权质押和投资结构

Asian journal of economic modelling Pub Date : 2024-04-18 DOI: 10.55493/5009.v12i2.5050

Qianqi Duan, N. Nor, A. Selamat

{"title":"Equity pledge of controlling shareholders and investment structure","authors":"Qianqi Duan, N. Nor, A. Selamat","doi":"10.55493/5009.v12i2.5050","DOIUrl":"https://doi.org/10.55493/5009.v12i2.5050","url":null,"abstract":"This study aims to explore the influence of the controlling shareholders' equity pledge on the company's investment structure and simultaneously investigate the regulatory effect of the ownership nature on the controlling shareholders' equity pledge and investment structure. We take China Shanghai and Shenzhen A-share listed companies as the research object, covering the data from 2013 to 2021, including 14,870 firm-year observations. The results show that the stock pledge behavior of the controlling shareholder tends to encourage the company to make more financial investments than physical investments. In addition, we find that ownership nature helps alleviate the above relationship to a certain extent. It is worth noting that non-manufacturing companies and non-big4 companies have a stronger positive impact on the company's investment structure than manufacturing companies and big4 companies. Finally, we also test the robustness of the research results using the propensity score matching method and the adding control variables method, which is consistent with the results of the baseline regression analysis. The proportion of equity pledged by controlling shareholders should be controlled, especially when the proportion of financial assets in the company's investment structure is too high. This measure can reduce the risk of financialization and maintain the stability of the financial market.","PeriodicalId":484772,"journal":{"name":"Asian journal of economic modelling","volume":" 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140686489","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

Impact of economic growth and financial development on renewable energy use in selected oil-exporting countries 经济增长和金融发展对部分石油出口国可再生能源使用的影响

Asian journal of economic modelling Pub Date : 2024-04-18 DOI: 10.55493/5009.v12i2.5048

Mounir Belloumi, Ahmed Aljazea

{"title":"Impact of economic growth and financial development on renewable energy use in selected oil-exporting countries","authors":"Mounir Belloumi, Ahmed Aljazea","doi":"10.55493/5009.v12i2.5048","DOIUrl":"https://doi.org/10.55493/5009.v12i2.5048","url":null,"abstract":"The aim of this study is to explore the influence of economic growth and financial development on renewable energy consumption. For the purpose of analysis, this investigation uses annual data on renewable energy consumption, economic growth, financial development, consumer price index, domestic investment, and foreign direct investment for 13 major oil-exporting countries, including Algeria, Guinea, Gabon, Iran, Libya, Nigeria, Congo, Republic of Venezuela, Saudi Arabia, Mexico, Malaysia, Sudan, and Russia, during the period 1990-2020. The study employs the Pooled Mean Group (PMG) method and Dumitrescu-Hurlin panel causality test to conduct the empirical analysis. The Hausman test determines the PMG estimator as the most suitable among the Mean Group (MG), Dynamic Fixed Effect (DFE), and PMG estimators. This research shows that economic growth and financial development have a positive and significant long-term impact on renewable energy consumption. This suggests that as the economy grows and financial systems develop, there is a potential for an increase in the use of renewable energy. The Dumitrescu-Hurlin causality test and the panel dynamic ordinary least squares (DOLS) method support these findings. From a policy standpoint, promoting economic growth and financial development could lead to greater use of renewable energy and contribute to sustainable development in oil-exporting countries.","PeriodicalId":484772,"journal":{"name":"Asian journal of economic modelling","volume":" 14","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140686449","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

Measuring the factors impact on firm performance recovery in coffee chain in Vietnam 衡量影响越南咖啡连锁企业绩效恢复的因素

Asian journal of economic modelling Pub Date : 2024-04-15 DOI: 10.55493/5009.v12i2.5045

Manh Tien Pham

{"title":"Measuring the factors impact on firm performance recovery in coffee chain in Vietnam","authors":"Manh Tien Pham","doi":"10.55493/5009.v12i2.5045","DOIUrl":"https://doi.org/10.55493/5009.v12i2.5045","url":null,"abstract":"This paper examines the relationship between customer satisfaction antecedents and firm performance recovery in the coffee chain in Vietnam and suggests suitable solutions for those firms to increase firm performance. The booming development period of food and beverage industry, especially coffee chains in Vietnam, also creates fierce competition for these companies, particularly in attracting potential customers and keeping current buyers. In this research, the dependent variables are service recovery performance, the customer satisfaction antecedents, including customer loyalty (service quality, perceived price fairness, and customer satisfaction), technology adoption, and flexibility. To achieve this purpose, a quantitative research design was developed, involving data collection from more than 300 customers who have used services from outstanding coffee chains in Vietnam through a structured questionnaire. The collected data underwent rigorous analysis via the Structural Equation Model, confirming the construct’s validity, reliability, and discriminant validity. The results show that customer loyalty was significantly and positively impacted by customer satisfaction and perceived price fairness. Further, technology adoption and flexibility positively influenced firm performance recovery. However, the research does not find out the relationship between service quality and customer loyalty. The findings highlight the solutions for coffee chains in Vietnam to increase firm performance during the difficult market conditions, natural disasters, and epidemic periods.","PeriodicalId":484772,"journal":{"name":"Asian journal of economic modelling","volume":"352 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140703125","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

Empirical analysis of government interventions on Jordan's stock market during the COVID-19 pandemic: An ARDL approach COVID-19 大流行期间政府对约旦股市干预的实证分析：ARDL 方法

Asian journal of economic modelling Pub Date : 2024-02-29 DOI: 10.55493/5009.v12i1.4992

Noor Aldeen Kassem Al-Alawnh, M. Habibullah, Resul Sapar, Sewar Rafat Salameh, Sara Khaled Alzu’bi

{"title":"Empirical analysis of government interventions on Jordan's stock market during the COVID-19 pandemic: An ARDL approach","authors":"Noor Aldeen Kassem Al-Alawnh, M. Habibullah, Resul Sapar, Sewar Rafat Salameh, Sara Khaled Alzu’bi","doi":"10.55493/5009.v12i1.4992","DOIUrl":"https://doi.org/10.55493/5009.v12i1.4992","url":null,"abstract":"The objective of this study was to examine the impact of government actions on the Amman Stock Market's performance over the period from March 1, 2020, to June 30, 2021. The research uses the ARDL technique to examine the immediate and long-term connections between the variables. The findings indicate that government actions have an impact on the Amman stock market. From a larger standpoint, the research found that government actions and the stringency index had a detrimental impact on the Amman stock market in the long term. In contrast, the Containment Health Index had a favourable impact on the Amman Stock Market. Our analysis found a negative correlation between the number of new COVID-19 cases and the performance of the Amman Stock Market. These results highlight the complex relationship between government activities, market strictness, and public health initiatives in influencing the behaviour of financial markets. This finding is consistent with and strengthens the outcomes of prior research, enhancing our comprehension of how pandemic-related variables impact the performance of the stock market. The study's results are very relevant for politicians, decision-makers, and investors, offering crucial insights to inform their decision-making processes in times of future crises and uncertainty.","PeriodicalId":484772,"journal":{"name":"Asian journal of economic modelling","volume":"2012 25","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140416243","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

Evaluating the impact of COVID-19 on the profitability metrics of Saudi Arabian banks: A panel data analysis 评估 COVID-19 对沙特阿拉伯银行盈利指标的影响：面板数据分析

Asian journal of economic modelling Pub Date : 2024-02-20 DOI: 10.55493/5009.v12i1.4984

Faiza Omer Elmahgop

{"title":"Evaluating the impact of COVID-19 on the profitability metrics of Saudi Arabian banks: A panel data analysis","authors":"Faiza Omer Elmahgop","doi":"10.55493/5009.v12i1.4984","DOIUrl":"https://doi.org/10.55493/5009.v12i1.4984","url":null,"abstract":"This study aims to evaluate the impact of the COVID-19 pandemic on the profitability of Saudi Arabian banks from Q1 2015 to Q2 2023. Using quantitative analysis of panel data from ten banks, the study assesses profitability through Return on Assets (ROA) and Return on Equity (ROE). Independent variables include bank-specific factors (Capital Ratios (CPTL), Operational Efficiency (OPEF), Deposits (DEP), Bank Size (SIZE)) and country-specific factors (Inflation (INF), Gross Domestic Product (GDP)), with the pandemic as a moderating factor. The findings reveal varied relationships between these variables and bank profitability. A significant negative relationship is observed between CPTL and ROE, suggesting that higher capital ratios may decrease profitability. OPEF and SIZE also show significantly negative relationships with both ROA and ROE, indicating that increased operational efficiency and bank size could lead to lower profitability. Conversely, DEP positively correlates with ROE, implying that banks with higher deposits achieve better equity returns. Interestingly, GDP and INF do not significantly affect bank profitability. These insights highlight the resilience and operational dynamics of the Saudi banking sector during COVID-19, emphasizing its robustness. The findings offer practical implications for policymakers, regulators, and banks in preparing for future systemic shocks and ensuring the sector's sustainability and stability.","PeriodicalId":484772,"journal":{"name":"Asian journal of economic modelling","volume":"123 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140449078","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

Do enterprise risk management practices and ESG performance influence firm value of banks? Evidence from ASEAN countries 企业风险管理实践和环境、社会和公司治理绩效会影响银行的公司价值吗？来自东盟国家的证据

Asian journal of economic modelling Pub Date : 2024-02-20 DOI: 10.55493/5009.v12i1.4985

Adiva Putri Denia, C. Sukmadilaga, Erlane K. Ghani

{"title":"Do enterprise risk management practices and ESG performance influence firm value of banks? Evidence from ASEAN countries","authors":"Adiva Putri Denia, C. Sukmadilaga, Erlane K. Ghani","doi":"10.55493/5009.v12i1.4985","DOIUrl":"https://doi.org/10.55493/5009.v12i1.4985","url":null,"abstract":"This study investigates the impact of enterprise risk management (ERM) practices and environmental, social, and governance (ESG) performance on firm value both individually and collectively, within the context of five ASEAN nations. This study used a dataset consisting of annual reports over a two-year timeframe (2021–2022) from a total of 29 banks that are publicly listed on the stock exchanges in Indonesia, Malaysia, Singapore, Thailand, and the Philippines. The results of this study indicate that ESG performance has a statistically significant positive impact on firm value. However, the effect of ERM practices on firm value is shown to be positive but lacks statistical significance. The findings also indicate that the combined influence of ERM procedures and ESG performance has a positive effect on company value, while the impact is statistically insignificant. According to the study's findings, the impact of the variables under investigation on firm value may account for a sizable portion of them, or 71.8%. The results of this study suggest that companies should adopt a consistent enterprise risk management (ERM) approach to enhance the accessibility of ERM-related information. This will ensure that investors are not only reliant on quantitative outcomes from a company, which may aid in their investment decision-making process. This study provides new insights for investors on the influence of ERM practices and ESG performance on the firm value of banks in developing countries, especially in ASEAN countries.","PeriodicalId":484772,"journal":{"name":"Asian journal of economic modelling","volume":"225 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140448381","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 impact of investor attention on green bond returns: How do market uncertainties and investment performances of clean energy and oil and gas markets affect the connectedness between investor attention and green bond? 投资者关注度对绿色债券收益的影响：市场不确定性以及清洁能源和油气市场的投资表现如何影响投资者关注与绿色债券之间的联系？

Asian journal of economic modelling Pub Date : 2024-02-20 DOI: 10.55493/5009.v12i1.4986

Aysegul Uckun-Ozkan

{"title":"The impact of investor attention on green bond returns: How do market uncertainties and investment performances of clean energy and oil and gas markets affect the connectedness between investor attention and green bond?","authors":"Aysegul Uckun-Ozkan","doi":"10.55493/5009.v12i1.4986","DOIUrl":"https://doi.org/10.55493/5009.v12i1.4986","url":null,"abstract":"This paper empirically investigates the spillover between investor attention and green bond returns by utilizing the connectedness approach. We will examine the impact of uncertainty in the stock, bond, and energy markets, as well as the success of clean energy, oil, and gas investments, on the relationship between green bonds and investor attention. We find that there are positive but small spillovers between investor attention and green bond returns. Besides, the connectedness between investor attention and green bond market performance is stronger in the short run than in the long run. Further, there is a time-varying feedback effect between green bond returns and investor attention. The connectedness approach also implies that the effect of investor attention on green bond returns is greatest in the COVID-19 period. This impact decreased throughout the war era. It is crucial to analyze the behaviour of green bonds in both typical and exceptional market situations. Making a general assessment may lead to insufficient information about how green bonds behave in extreme market conditions. Additionally, in instances of highly volatile market conditions, investor attention can serve as a valuable instrument for predicting the green bond market performance.","PeriodicalId":484772,"journal":{"name":"Asian journal of economic modelling","volume":"22 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139958375","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 effect of macro variables on Indonesian stock exchanges in pandemic COVID-19 大流行病 COVID-19 中宏观变量对印尼证券交易所的影响

Asian journal of economic modelling Pub Date : 2024-02-13 DOI: 10.55493/5009.v12i1.4976

Teuku Adya Roziq, J. Shukri, Suhal Kusairi, Nur Azura Sanusi

{"title":"The effect of macro variables on Indonesian stock exchanges in pandemic COVID-19","authors":"Teuku Adya Roziq, J. Shukri, Suhal Kusairi, Nur Azura Sanusi","doi":"10.55493/5009.v12i1.4976","DOIUrl":"https://doi.org/10.55493/5009.v12i1.4976","url":null,"abstract":"During the COVID-19 pandemic, it is crucial for stock traders inside a specific nation to conscientiously examine and assess the current monetary conditions and macroeconomic data. This study examined the influence of macroeconomic factors, namely unemployment, inflation, interest rates, and exchange rates, on the Indonesian stock market index within the framework of the COVID-19 pandemic. This research employs quantitative approaches, notably autoregressive distributed lag (ARDL) analysis, to evaluate the dynamics of time series data. The current analysis shows that a variety of factors, such as inflation, interest rates, and exchange rates, have an impact on the stock price index. Furthermore, the results of this study indicate that the deviation from the long-term equilibrium in the short term is rectified at a monthly rate of 33.47%. As a result of completing an exhaustive analysis of this study, it is of the utmost importance for the Indonesian government to concentrate its attention on the issues of unemployment, inflation, interest rates, and currency rates during the COVID-19 epidemic. This is done with the intention of achieving stability on the stock exchange. In addition, it is strongly suggested that investors do a comprehensive analysis of the volatility of stock prices by incorporating a variety of macroeconomic elements.","PeriodicalId":484772,"journal":{"name":"Asian journal of economic modelling","volume":"17 18","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139964294","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