JournalTOCs

Journal of Chinese Economic and Foreign Trade Studies
Journal Prestige (SJR): 0.2

Number of Followers: 3

Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1754-4408 - ISSN (Online) 1754-4416
Published by Emerald

[362 journals]

Digital financial inclusion and inclusive development in
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  Authors: Josephine Ofosu-Mensah Ababio, Eric Boachie Yiadom, Daniel Ofori-Sasu, Emmanuel Sarpong–Kumankoma
  Abstract: This study aims to explore how institutional quality links digital financial inclusion to inclusive development in lower-middle-income countries, considering heterogeneities. The study uses dynamic generalized method of moments to analyze a balanced panel data set of 48 lower-middle- income countries (LMICs) from 2004 to 2022, sourced from various databases. It assesses four variables and conducts checks for study robustness. The study reveals a positive link between digital financial inclusion and inclusive development in LMICs, confirming theoretical predictions. Empirically, nations with quality institutions exhibit greater financial and developmental inclusion than those with weak institutions, emphasizing the substantial positive impact of institutional quality on the connection between digital financial inclusion and inclusive development in LMICs. For instance, the interaction effect reveals a substantial increase of 0.123 in inclusive development for every unit increase in digital financial inclusion in the presence of strong institutions. The findings provide robust empirical evidence that the presence of quality institutions is a key catalyst for the benefits of digital finance in inclusive development. This study offers significant insights into digital financial inclusion and inclusive development in LMICs. It confirms a positive relationship between digital financial inclusion and inclusive development, highlighting the pivotal role of institutional quality in amplifying these benefits. Strong institutions benefit deprived individuals, families, communities and businesses, enabling full access to digital financial inclusion benefits. This facilitates engagement in development processes, aiding LMICs in achieving Sustainable Development Goals.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-07-22
  DOI: 10.1108/JCEFTS-02-2024-0017
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
CHEER and markets’ integration: evidence from selected East Asian
economies
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  Authors: Minoas Koukouritakis
  Abstract: This paper aims to investigate markets’ integration using the capital enhanced equilibrium exchange rate (CHEER) model for seven, highly competitive, East Asian countries. The sample consists of monthly observations, whereas unit root and cointegration techniques with structural shifts have been used. The evidence shows that the weak form of the CHEER approach holds for Malaysia and Thailand. For China, Japan, Korea, Singapore and Taipei, only the uncovered interest parity condition is validated, implying capital markets integration. In contrast, for these five countries, the results indicate absence of goods’ markets integration. This outcome can be attributed to the impact of quite high non-tariff barriers and the Balassa–Samuelson effect. To the best of the author’s knowledge, this is the first study that investigate markets’ integration in several East Asian economies, using the CHEER approach and more accurate price indices.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-07-16
  DOI: 10.1108/JCEFTS-01-2024-0002
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
COVID-19 pandemic and linkage between stock markets in Middle Eastern
countries
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  Authors: Suhaib Al-Khazaleh, Dr Nemer Badwan, Ibrahim Eriqat, Zahra El Shlmani
  Abstract: The purpose of this study is to evaluate the linkage between stock markets in Middle Eastern countries before and during the COVID-19 pandemic by using daily and monthly data sets for the period from 2011 to 2021. The multivariate BEKK-GARCH model was computed to evaluate the existence of non-linear linkage among Middle Eastern stock markets. A correlation approach was used in this study to determine the type of linear connectivity between Middle Eastern stock markets. The study used monthly and daily data sets covering the years 2011 to 2021 to investigate the linkage between stock returns and the volatility spillover between the stock markets in Palestine, Jordan, Syria and Lebanon, both before and during COVID-19. To understand the types of relationships between markets before and during COVID-19, the daily data set was split into two periods. Results from the pre-COVID-19 suggest that the Syria stock market is not related to any stock market in the Middle East markets; the Palestine and Lebanon stock markets exhibit a weak relationship, but Jordan and Palestine stock markets are strongly linked. Conversely, results from COVID-19 evince a very strong bidirectional volatility spillover between Middle East stock markets. Overall, the results indicate the existence of increased linkage during the COVID-19. The data collection on a daily and monthly basis, both before and during COVID-19, presents certain limitations for the paper. Another limitation is that the data cannot be generalized to all other Middle Eastern countries; rather, the conclusions drawn can only be applied to these four countries. This is especially true if the scholars collected most of the necessary data but were unable to obtain certain data for various reasons. These findings have implications for risk management, market regulation and the growth of local stock markets. Facilitating the growth of smaller, more specialized markets to improve integration with other Middle Eastern markets is one of the goals of the domestic stock market development policy. To ensure financial stability, Middle Eastern stock market linking policies should consider spillover risk and take steps to minimize it. Enhancing the range of investment opportunities accessible to shareholders and functioning as confidential risk-sharing mechanisms to facilitate improved risk management in Middle Eastern stock markets will not only significantly influence the mobilization of private capital to promote investment and local economic growth but also lay groundwork for integrated market platforms. This paper adds to the body of literature by demonstrating the nature of the connections between these small markets and the larger markets in the Middle East region. Information from the smaller markets provides institutional insights that enhance the body of existing research, guide the formulation of evidence-based policies and advance financial literacy in these markets. This study contributes by comparing data from different stock markets to better understand the type and strength of the link and relationship between Middle Eastern stock markets, as well as any underlying or reinforcing factors that might have contributed to the relationship and the specific types of links that these markets shared prior and during COVID-19.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-06-27
  DOI: 10.1108/JCEFTS-01-2024-0010
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
Impact of factory certifications on firm resources: a quantitative content
analysis of the Bangladeshi readymade garments (RMG) industry
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  Authors: Sudipta Das, Debanjan Das
  Abstract: This study aims to investigate the association between certifications in the Bangladeshi readymade garment (RMG) sector and diverse firm resources, contributing to Bangladesh’s competitive advantage. The study conducted a quantitative content analysis of 366 Bangladeshi RMG firm websites, using Barney’s (1991) resource-based theory (RBT) framework. Pearson correlation and linear regression analyses were used to explore the research questions. The findings reveal significant positive impacts of certifications on all firm resource categories (physical, human, organizational knowledge and learning, general organizational and financial) under the RBT framework. Certifications correlate positively with resources, from small to medium, and with various factors, though some negative correlations were identified. The study improves comprehension of apparel manufacturers’ certifications and their association with firm resources, offering valuable insights for stakeholders on long-term competitive advantages. Yet, limitations should be considered, including size-dependent variations and reliance on self-reported website data. This study represents a pioneering effort, concentrating on Bangladesh’s RMG sector and offering a unique perspective on the implications of certifications for firm resources within emerging economies.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-06-18
  DOI: 10.1108/JCEFTS-01-2024-0005
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
The potential impact of EU’s carbon border adjustment mechanism (CBAM):
an Australia-China relationship perspective
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  Authors: Xunpeng Shi, James Laurenceson, Yuanling Liu
  Abstract: This paper aims to investigate the multifaced aspects and consequences of the EU Carbon Border Adjustment Mechanism (CBAM) from an Australia-China Relationship perspective. This paper leverages the SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis to examine both the internal and external factors that affect Australia and China in the context of the CBAM. In addition, we employ the PEST (Political, Economic, Social and Technological) framework to identify effective strategies for Australia-China cooperation following the implementation of the CBAM. Our analysis reveals numerous mutual interests and opportunities for bilateral collaboration, despite challenges and threats, positioning the CBAM as a potentially significant catalyst for joint initiatives. This paper proposes 10 potential areas for Australia and China cooperation from the political economic social and technological PEST dimensions. This paper makes a pioneering attempt to explore potential strategies, both individually, and together, that Australia and China can adopt to manage the impact and consequence of CBAM.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-06-07
  DOI: 10.1108/JCEFTS-02-2024-0018
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
A comparative study on bank income diversification: which non-interest
income component is beneficial'
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  Authors: Rania Pasha, Israa Lewaaelhamd
  Abstract: This paper aims to conduct a comparative study on the impact of income diversification and the main non-interest components on banks’ financial performance and risk-adjusted profitability in China and Egypt. This study uses both static and dynamic panel regression analyses on a sample of Egyptian and Chinese banks from 2009 to 2022. Income diversification yields positive effects on bank profitability in Egypt and China. Trading income consistently exhibits a significant positive influence on bank profitability in both nations. Conversely, fee-based income positively impacts bank profitability in China, whereas in Egypt, this effect is observed under dynamic-based regression models. On the contrary, income diversification does not consistently increase risk-adjusted profitability in both countries, especially Egypt. To the best of the authors’ knowledge, this is the first study to examine the impact of income diversification on Egyptian bank performance while identifying the most significant non-interest income components. In addition, the comparative analysis conducted in this study reveals the positioning of China, the largest economy among emerging countries, in terms of the degree of income diversification, its impact on bank profitability and the extent to which non-interest income components contribute to bank profitability when compared with Egypt, representing an emerging country characterised by different levels of bank market power, financial infrastructure and expertise. Findings hold significant implications, suggesting that bank managers and policymakers should prioritise diversifying income sources, particularly through fee-based services and trading activities in China, and trading activities in Egypt, to enhance financial profitability.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-06-04
  DOI: 10.1108/JCEFTS-12-2023-0065
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
Return volatility of Asian stock exchanges; a GARCH DCC analysis with
reference of Bitcoin and global crude oil price movement
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  Authors: Amritkant Mishra, Ajit Kumar Dash
  Abstract: This study aims to investigate the conditional volatility of the Asian stock market concerning Bitcoin and global crude oil price movement. This study uses the newest Dynamic Conditional Correlation (DCC)-Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model to examine the conditional volatility of the stock market for Bitcoin and crude oil prices in the Asian perspective. The sample stock market includes Chinese, Indian, Japanese, Malaysian, Pakistani, Singaporean, South Korean and Turkish stock exchanges, with daily time series data ranging from 4 April 2015−31 July 2023. The outcome reveals the presence of volatility clustering on the return series of crude oil, Bitcoin and all selected stock exchanges of the current study. Secondly, the outcome of DCC, manifests that there is no short-run volatility spillover from crude oil to the Malaysian, Pakistani and South Korean and Turkish stock markets, whereas Chinese, Indian, Japanese, Singapore stock exchanges show the short-run volatility spillover from crude oil in the short run. On the other hand, in the long run, there is a volatility spillover effect from crude oil to all the stock exchanges. Thirdly, the findings suggest that there is no immediate spillover of volatility from Bitcoin to the stock markets return volatility of China, India, Malaysia, Pakistan, South Korea and Singapore. In contrast, both the Japanese and Turkish stock exchanges exhibit a short-term volatility spillover from Bitcoin. In the long term, a volatility spillover effect from Bitcoin is observed in all stock exchanges except for Malaysia. Lastly, based on the outcome of conditional variance, it can be concluded that there was increase in the return volatility of stock exchanges during the period of the COVID-19 pandemic. The analysis below does not account for the bias induced due to certain small sample properties of DCC-GARCH model. There exists a huge literature that suggests other methodologies for small sample corrections such as the DCC connectedness approach. On the other hand, decisive corollaries of the conclusions drawn above have been made purely based on a comprehensive investigation of eight Asian stock exchange economies. However, there is scope for inclusive examination by considering other Nordic and Western financial markets with panel data approach to get more robust inferences about the reality. Most of the empirical analysis in this perspective skewed towards the Nordic and Western countries. In addition to that many empirical investigations examine either the impact of crude oil price movement or Bitcoin performance on the stock market return volatility. However, none of the examinations quests the crude oil and Bitcoin together to unearth their implication on the stock market return volatility in a single study, especially in the Asian context. Hence, current investigation endeavours to examine the ramifications of Bitcoin and crude oil price movement on the stock market return volatility from an Asian perspective, which has significant implications for the investors of the Asian financial market.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-05-31
  DOI: 10.1108/JCEFTS-01-2024-0009
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
Corporate cash holding and firm’s performance in times of Ukraine war: a
literature review and way forward
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  Authors: Neetu Kumar, Jacqueline Symss
  Abstract: The purpose of the study is to examine factors influencing cash holding of firms during periods of crisis. In recent times, the level of cash holdings in firms has seen a steady rise across industries for diverse reasons. However, the need to study cash holding becomes even more compelling during geopolitical instability as it causes firms to hold greater cash reserves for precautionary reasons. This paper systematically reviews literature from 1984 to 2024 by organising the findings thematically based on the relationship between corporate cash holdings (CCH) and firm performance in times of war. The paper used 47 research articles from the Scopus database and Google Scholar. Literature connected to CCH, firm performance and war times was explored. The title and abstract analysis were conducted using VOSviewer software. As a result, the predetermined body of literature was visualised, and six theme-based clusters were identified. This paper systematically reviews empirical studies, categorising them into six theme-based groups. These clusters encompass CCH and Determinants, Optimal Cash Holding Levels, Cash Holding Adjustment Speed and Theory, Cash Holding and Firm Value, Cash Holding and Firm Performance, Cash Holding in the Context of the Ukraine War and the adaptive financial strategies of firms in response to economic conditions by using cash holding as a hedging instrument. Inflation prompts adjustments in cash-holding strategies at a macro level. During crises, lower interest rates lead to increased cash holdings. Various motives influence firms’ cash-to-assets ratios. According to the pecking order theory, geopolitical risk negatively affects cash holdings. Exposure to pandemics prompts an increase in cash reserves. War shocks have a profound impact on economies, markets and stability; hence, geographic diversification can reduce the need for precautionary cash. In times of uncertainty, the financial stress of firms can get elevated, and therefore, having a well-diversified geographical portfolio of a firm’s investments can aid in meeting any financially distressing situation. The literature on CCH has been phenomenal. This paper attempts to structure the issues surrounding cash holding and firm performance in wartime, like the Ukraine war, using the VOSviewer software. This study endeavours to highlight the reasons for cash holding during crises and understand how cash holding affects firm performance. Finally, this paper also tries to comprehend whether cash holding helps as a hedging instrument in times of war.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-05-07
  DOI: 10.1108/JCEFTS-10-2023-0053
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
Beyond the seams: evaluating competitiveness and comparative advantage in
Vietnam’s apparel industry
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  Authors: Md Rokibul Hasan, Ishtehar Sharif Swazan, Debanjan Das
  Abstract: This study aims to examine the export competitiveness of Vietnam’s apparel sector by identifying the precise product categories that create its comparative advantage. Revealed comparative advantage (RCA) and normalized revealed comparative advantage (NRCA) form the research methodology, and the RCA/NRCA values are calculated for the 2011–2020 period. In total, 29 out of 34 product categories at four-digit levels and 65 out of 217 subcategories at six-digit levels elicited a consistent export comparative advantage throughout the 10-year study timeframe. The study also identified 13 subcategories at six-digit levels, which indicated 10 consecutive years of relative disadvantages. The study’s findings have far-reaching implications for economic policy, development strategies and global economic integration. By providing a nuanced understanding of a country’s export strengths in the international apparel trade, this study offers valuable guidance for informed decision-making at various levels. The findings will serve as a significant source of information for policymakers and help them formulate novel policies aiming to diversify Vietnam’s apparel product offerings and export destinations. The results will also inform the government regarding the industry’s potential and attract necessary support, enabling it to grow further. This study reveals patterns in Vietnam’s apparel trade but does not provide insights into the underlying causes of comparative advantage. The study provides an in-depth overview of Vietnam’s comparative advantages and disadvantages at two-, four- and six-digit harmonized system levels and helps understand Vietnam’s apparel export competitiveness.
  Citation: Journal of Chinese Economic and Foreign Trade Studies
  PubDate: 2024-01-17
  DOI: 10.1108/JCEFTS-10-2023-0050
  Issue No: Vol. ahead-of-print, No. ahead-of-print (2024)
Editorial: China’s economic growth in a global context: challenges and
opportunities and future research
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  Editorial: China’s economic growth in a global context: challenges and opportunities and future research
  Yixiao Zhou
  Journal of Chinese Economic and Foreign Trade Studies, Vol. 17, No. 1, pp.1-3Journal of Chinese Economic and Foreign Trade Studies2024-06-25
  DOI: 10.1108/JCEFTS-02-2024-080
  Issue No: Vol. 17, No. 1 (2024)

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