Asian Economic and Financial Review最新文献_第7页

Factors affecting investor satisfaction in the southeast economic zone of Nghe An province 影响义安东南经济区投资者满意度的因素分析

Asian Economic and Financial Review Pub Date : 2023-03-28 DOI: 10.55493/5002.v13i4.4765

Le Vu Sao Mai, Dalasouk Kopsack, Nguyen Thi Tieng, Hoang Thi Huyen Trang, T. Khoa

引用次数: 0

Determinants of the firm value of listed banks in Pakistan: A panel data approach 巴基斯坦上市银行公司价值的决定因素:面板数据方法

Asian Economic and Financial Review Pub Date : 2023-03-28 DOI: 10.55493/5002.v13i4.4764

T. Jagirani, Lim Chee Chee, Z. Kosim

{"title":"Determinants of the firm value of listed banks in Pakistan: A panel data approach","authors":"T. Jagirani, Lim Chee Chee, Z. Kosim","doi":"10.55493/5002.v13i4.4764","DOIUrl":"https://doi.org/10.55493/5002.v13i4.4764","url":null,"abstract":"The aim of this study is to examine the determinants of firm value for listed banks in Pakistan. This study is based on secondary data extracted from the annual reports of listed banks in Pakistan with quarterly data comprising 512 sample observations from 2015 to 2021. Panel data estimation techniques were employed for the analysis. The findings of the study revealed that all determinants influence firm value except liquid assets to total assets (LATA). The stock price of listed banks in Pakistan is continuously falling, which causes the stock's value to change from being overpriced to being undervalued. Nonperforming loans (NPLs) and the cost-to-income ratio (CIR) reduce firm value, while increases in the net interest margin (NIM) and capital adequacy ratio (CAR) enhance firm value. Further, NPLs and the CIR have a negative relationship with firm value. However, CAR, LATA, and NIM have positive associations with the firm value. The study concluded that the average capital adequacy ratio of listed banks in Pakistan is 10.5%, which is higher than the minimum requirement set by the regulator. This indicates that CAR helps to increase firm value in listed banks in Pakistan. The study will be useful to policymakers, regulators, and the banking sector in evaluating the major determinants that affect firm value.","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"225 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75704528","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

An ARCH volatility analysis of real GDP, real gross capital formation, and foreign direct investment in Bangladesh 孟加拉国实际GDP、实际总资本形成和外国直接投资的ARCH波动分析

Asian Economic and Financial Review Pub Date : 2023-03-27 DOI: 10.55493/5002.v13i4.4763

Moumita Datta Gupta, M. M. Rahman, Zinat Sultana, F. Rahman

{"title":"An ARCH volatility analysis of real GDP, real gross capital formation, and foreign direct investment in Bangladesh","authors":"Moumita Datta Gupta, M. M. Rahman, Zinat Sultana, F. Rahman","doi":"10.55493/5002.v13i4.4763","DOIUrl":"https://doi.org/10.55493/5002.v13i4.4763","url":null,"abstract":"This paper aims to investigate the volatility of the growth rates of Bangladesh's real GDP, real gross capital formation, and net inflows of foreign direct investment. The study used data on these indicators from the World Bank for the period between 1972 and 2020. Autoregressive integrated moving average (ARIMA) and the autoregressive conditional heteroscedastic (ARCH) methods were applied to model the conditional mean and conditional variance components for each growth rate. The validity of the selected volatility models was evaluated using a variety of diagnostic techniques, such as the time series graph of estimated residuals, cumulative periodogram, and the portmanteau test for white noise. The overall performance of the selected models is evaluated using the mean squared error (MSE) and the root mean squared error (RMSE). For all three indicators, the conditional means depend on the growth rates of the previous year or two years, whereas conditional variances depend on the previous year’s rates. The outcomes of the study also indicate the existence of time-varying volatility in Bangladesh's economy. This study may be helpful in understanding the potential risks related to the volatile nature of macroeconomic growth rates.","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"96 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76402072","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

Does foreign direct investment affect poverty in BRICS? 外国直接投资是否影响金砖国家的贫困?

Asian Economic and Financial Review Pub Date : 2023-03-22 DOI: 10.55493/5002.v13i3.4758

Kunofiwa Tsaurai

{"title":"Does foreign direct investment affect poverty in BRICS?","authors":"Kunofiwa Tsaurai","doi":"10.55493/5002.v13i3.4758","DOIUrl":"https://doi.org/10.55493/5002.v13i3.4758","url":null,"abstract":"This study examined the influence of foreign direct investment (FDI) on poverty alleviation in BRICS countries (Brazil, Russia, India, China, and South Africa) using panel methods of econometric estimation, namely pooled ordinary least squares (OLS), fixed effects and fully modified ordinary least squares (FMOLS). Data from 1989 to 2020 was used in this study. The majority of research on FDI-led poverty has ignored the omitted variable bias. Economic growth as a channel in the FDI–poverty nexus was also explored. The relationship between FDI and poverty has so far produced mixed results with no general consensus, hence triggering the undertaking of this study in the context of BRICS. Except for mortality rate, poverty alleviation triggered by FDI was achieved in BRICS (model 1 under fixed effects; model 2 under pooled ordinary least squares (OLS). Economic growth-led poverty reduction was observed across all the three panel methods. The interaction variable (FDI x economic growth) significantly enhanced poverty reduction in model 1 and model 3 across the three panel data methods employed. Similar results were observed in model 2 under the pooled OLS methodology. Policies geared at promoting FDI to reduce poverty should be implemented by BRICS authorities. Further research should explore the minimum threshold levels of FDI necessary to significantly reduce poverty in BRICS as such a study would be more useful and relevant for policymaking decisions relating to poverty reduction.","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74819778","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 financial development on economic growth in high-income countries 高收入国家金融发展对经济增长的影响

Asian Economic and Financial Review Pub Date : 2023-03-10 DOI: 10.55493/5002.v13i3.4743

Akmil Ikhsan, A. Satrianto

{"title":"The effect of financial development on economic growth in high-income countries","authors":"Akmil Ikhsan, A. Satrianto","doi":"10.55493/5002.v13i3.4743","DOIUrl":"https://doi.org/10.55493/5002.v13i3.4743","url":null,"abstract":"This study aims to analyze the effect of financial development on economic growth high-income countries. To support the results of this study, the variables used are financial development from the institutional and market side, as well savings and investment. Through the panel data method using the fixed effects model (FEM) approach. The results of study show that financial development has an effect on economic growth high-income countries. This research emphasizes that financial development can encourage economic growth for countries that focus on building a strong financial sector by mobilizing capital, which is a necessity for economic activity. Especially from the perspective of financial institutions and markets, financial development must become the basis for formulating policies so that it will have an impact on the absorption and distribution of financial resources and become an important factor in driving economic growth. In addition, savings and investment are channels to meet the needs of financial resources and must be maintained so that they can contribute to economic growth. With these results, the governments of high-income countries can strengthen policy in the financial sector so that it becomes the foundation for economic growth.","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75031152","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

The role of non-cognitive skills in the adoption of information and communication technology in Indonesia 非认知技能在印度尼西亚采用信息和通信技术方面的作用

Asian Economic and Financial Review Pub Date : 2023-03-08 DOI: 10.55493/5002.v13i3.4741

R. Hartono, D. Koestiono, S. Syafrial, Hery Toiba, Mangku Purnonomo

{"title":"The role of non-cognitive skills in the adoption of information and communication technology in Indonesia","authors":"R. Hartono, D. Koestiono, S. Syafrial, Hery Toiba, Mangku Purnonomo","doi":"10.55493/5002.v13i3.4741","DOIUrl":"https://doi.org/10.55493/5002.v13i3.4741","url":null,"abstract":"Non-cognitive skills play an essential role in economic development because they help determine the adoption of technological innovations, such as information and communication technology (ICT). However, evidence of the influence of non-cognitive abilities on ICT adoption in Indonesia is limited. Therefore, this study aims to analyze the role of non-cognitive skills in ICT adoption in Indonesia. This study employed the big five personality traits to measure individuals’ non-cognitive abilities. Using the national representative data from the Indonesian family life survey, the probit regression analysis was applied to analyze the role of non-cognitive skills on ICT adoption. The findings show that openness and extraversion can significantly increase ICT adoption. Meanwhile, conscientiousness, agreeableness, and neuroticism show a negative and significant influence. The disaggregate analysis based on gender and location shows different results. The findings in this study have shown that policymaking needs to consider the roles of non-cognitive skills. This finding implies that non-cognitive skills, such as the big five personality traits, should be considered in the formulation of the economic development policy.","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"3 s1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72403988","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

Estimation of stock market index volatility using the GARCH model: Causality between stock indices 用GARCH模型估计股票市场指数波动:股票指数之间的因果关系

Asian Economic and Financial Review Pub Date : 2023-03-03 DOI: 10.55493/5002.v13i3.4738

Doong Toong Lim, K. Goh, Y. Sim, Khairunnisa Mokhtar, Sharmila Thinagar

{"title":"Estimation of stock market index volatility using the GARCH model: Causality between stock indices","authors":"Doong Toong Lim, K. Goh, Y. Sim, Khairunnisa Mokhtar, Sharmila Thinagar","doi":"10.55493/5002.v13i3.4738","DOIUrl":"https://doi.org/10.55493/5002.v13i3.4738","url":null,"abstract":"This paper aims to model the volatility of returns for selected stock indices and examine the causal relationships between the markets using the historical daily prices of the Financial Times Stock Exchange (FTSE), Bursa Malaysia Kuala Lumpur Composite Index (KLCI), the Indonesia Stock Exchange Index (LQ45), and the Stock Exchange of Thailand (SET) from January 2008 to November 2019. The study employs univariate GARCH models that are prominent in capturing the volatility clustering of financial instruments in association with the Box–Jenkins methodology for better estimation. Generally, the ARMA-GARCH model is used to capture the volatility series, while the Granger causality test examines the causal directions between the markets. The findings revealed leverage effects on the markets, with the outperformance of the EGARCH in analyzing the empirical properties of stock returns. An initial test that yielded positive correlations suggests the existence of co-movement between the derived volatility series. The study concluded bidirectional causal relationships between the selected markets, and based on the resulting relationships, it is proposed that supervision of markets among the ASEAN members could be advantageous in predicting the corresponding market performance.","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84421541","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

Evidence of COVID-19’s financial epidemiology on the ASEAN-5 stock indices 新冠肺炎金融流行病学在东盟五国股票指数上的证据

Asian Economic and Financial Review Pub Date : 2023-03-02 DOI: 10.55493/5002.v13i3.4739

Nuryasmin Wahida Binti Hamil, A. Zainudin, Walton Wider

{"title":"Evidence of COVID-19’s financial epidemiology on the ASEAN-5 stock indices","authors":"Nuryasmin Wahida Binti Hamil, A. Zainudin, Walton Wider","doi":"10.55493/5002.v13i3.4739","DOIUrl":"https://doi.org/10.55493/5002.v13i3.4739","url":null,"abstract":"Little research has been done to determine whether the pandemic’s impact is strong enough to innovate all of the ASEAN-5 stock indices. The traditional studies of financial epidemiology in regional equities mainly focus on the major global stock markets. This paper utilizes the conventional t-test and the advanced computational power of the Wavelet Power Energy Spectrum (WPES) to investigate the magnitude of the significance of the COVID-19 impacts on the ASEAN-5 stock indices. Our t-test confirms that the pandemic has caused significant changes to the overall stock index activities. Further, the WPES analysis yielded notable results based on the spectrogram plots. First, based on the spectral analysis, during pandemic, the ASEAN-5 stock indices experienced episodes of innovation in terms of market activities. It was also observed that the regional stock indices experienced phases of volatility persistence, volatility clustering and long memory of up to four months. We conclude that, due to the impact of the pandemic, trend-following investors can’t dominate the market as they react quickly and efficiently to new information. It is suggested that asset allocation strategists particularly should regularly review and conduct climate tests on their baskets to ensure their positions are durable and resistant to shocks. The results of this study offer significant insights for both institutional and retail investors, particularly in strategizing investment baskets during uncertainties.","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82512741","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 mediator role of knowledge management and innovative capability affecting firm performance among commercial banks in Thailand 泰国商业银行知识管理与创新能力对企业绩效的中介作用

Asian Economic and Financial Review Pub Date : 2023-02-06 DOI: 10.55493/5002.v13i2.4718

Piyakanit Chotivanich, Irada Phorncharoen

{"title":"The mediator role of knowledge management and innovative capability affecting firm performance among commercial banks in Thailand","authors":"Piyakanit Chotivanich, Irada Phorncharoen","doi":"10.55493/5002.v13i2.4718","DOIUrl":"https://doi.org/10.55493/5002.v13i2.4718","url":null,"abstract":"Firm performance is the ultimate concern among stakeholders. The research objectives are two-fold—to determine the mediator role of knowledge management and innovative capability in driving performance among commercial banks in Thailand, and to provide recommendations and contributions based on the relevant findings. The sample comprising 600 bank officers from the six biggest commercial banks in Thailand was selected using the multi-stage sampling method. A questionnaire was used as the data collection tool and the data were analyzed via structural equation modeling (SEM). The empirically collected data generates a fit conceptual model (x2/df = 1.179, p = 0.116, GFI = 0.976, AGF = 0.951, CFI = 0.978, NFI = 0.970, and RMSEA = 0.011). In the findings, organizational structure, organizational strategy, intellectual capital, innovative capability, and knowledge management have a direct influence on firm performance (p < 0.05). Knowledge management and innovative capability were found to be mediators in the paths of organizational structure, organizational culture, intellectual capital, and firm performance (p < 0.05).","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79176621","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

Empirical analysis of internet and mobile banking in Malaysia 马来西亚互联网和手机银行的实证分析

Asian Economic and Financial Review Pub Date : 2023-01-31 DOI: 10.55493/5002.v13i2.4717

Hway-Boon Ong, N. Jaffar, V. Yap, M. Norhashim

{"title":"Empirical analysis of internet and mobile banking in Malaysia","authors":"Hway-Boon Ong, N. Jaffar, V. Yap, M. Norhashim","doi":"10.55493/5002.v13i2.4717","DOIUrl":"https://doi.org/10.55493/5002.v13i2.4717","url":null,"abstract":"Internet and mobile banking deliver banking services through various cashless payment tools, such as debit and credit cards, direct transfers and electronic wallets. The usage of internet and mobile banking in Malaysia has increased, but it is uncertain if they facilitate retail consumption. If internet and mobile banking are the preferred banking services, their usage could stimulate retail consumption; otherwise, their usage will be short-lived and more work must be done to develop the internet and mobile banking sector. This study aims to determine the influence of internet and mobile banking on retail consumption in Malaysia. The diffusion of innovation theory is applied by examining how technologically aids cashless payment systems and how internet and mobile banking might facilitate retail consumption. The short-run and long-run influences of internet banking and mobile banking are analyzed based on the autoregressive distributed lag (ARDL) unrestricted error correction model. The ARDL unrestricted error correction model was estimated for retail consumption, represented by the monthly retail trade index, and internet banking and mobile banking are represented by the number of monthly internet and mobile transactions. The results suggest a bi-directional causal relationship between retail consumption and internet banking in the short run. In the long run, the internet and mobile banking transactions were found to significantly facilitate household retail consumption, but not vice versa.","PeriodicalId":53424,"journal":{"name":"Asian Economic and Financial Review","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80139550","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