Subjects -> BUSINESS AND ECONOMICS (Total: 3570 journals)
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    - COOPERATIVES (4 journals)
    - ECONOMIC SCIENCES: GENERAL (212 journals)
    - ECONOMIC SYSTEMS, THEORIES AND HISTORY (235 journals)
    - FASHION AND CONSUMER TRENDS (20 journals)
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    - TRADE AND INDUSTRIAL DIRECTORIES (2 journals)

ECONOMIC SCIENCES: GENERAL (212 journals)                  1 2     

Showing 1 - 200 of 200 Journals sorted alphabetically
ACM Transactions on Economics and Computation     Hybrid Journal  
Acta Universitatis Lodziensis : Folia Oeconomica     Open Access  
Acta Universitatis Sapientiae, Economics and Business     Open Access   (Followers: 1)
Actualidad Económica     Open Access  
Advances in Management and Applied Economics     Open Access   (Followers: 8)
AFFRIKA Journal of Politics, Economics and Society     Full-text available via subscription   (Followers: 4)
African Journal of Economic and Management Studies     Hybrid Journal   (Followers: 10)
Agricultural and Food Economics     Open Access   (Followers: 7)
AgriEngineering     Open Access  
Agrosearch     Open Access  
AL-Qadisiyah Journal For Administrative and Economic sciences     Open Access   (Followers: 2)
American Economic Review     Full-text available via subscription   (Followers: 443)
American Journal of Economics     Open Access   (Followers: 15)
Análisis Economico     Open Access  
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia     Open Access  
Annals of Financial Economics     Hybrid Journal   (Followers: 1)
Annals of Spiru Haret University. Economic Series     Open Access  
Applied Economic Analysis     Full-text available via subscription   (Followers: 1)
Applied Economic Perspectives and Policy     Hybrid Journal   (Followers: 15)
Applied Economics and Finance     Open Access   (Followers: 9)
Arthaniti : Journal of Economic Theory and Practice     Full-text available via subscription  
Asia-Pacific Journal of Accounting & Economics     Hybrid Journal   (Followers: 6)
Asian Journal of Economics and Empirical Research     Open Access  
Baltic Journal of Economics     Open Access   (Followers: 1)
BISE : Jurnal Pendidikan Bisnis dan Ekonomi     Open Access  
Botswana Journal of Economics     Open Access   (Followers: 1)
BRICS Journal of Economics     Open Access   (Followers: 2)
BRQ Business Review Quarterly     Open Access   (Followers: 1)
Buletin Studi Ekonomi     Open Access   (Followers: 2)
Business Strategy and Development     Hybrid Journal  
Central European Economic Journal     Open Access  
China Economic Quarterly International     Open Access  
China Finance and Economic Review     Open Access   (Followers: 4)
Ciencias Económicas     Open Access  
Cliodynamics     Open Access   (Followers: 2)
Cogent Economics & Finance     Open Access   (Followers: 3)
Danube     Open Access   (Followers: 3)
Desarrollo y Sociedad     Open Access   (Followers: 1)
Divergencia     Open Access  
ECA Sinergia : Revista Especializada en Economía, Contabilidad y Administración     Open Access  
Economía     Open Access  
EconomiA     Open Access  
ECONOMÍA     Open Access  
Economia & Região     Open Access   (Followers: 1)
Economic Analysis of Law Review     Open Access   (Followers: 4)
Economic Geology     Hybrid Journal   (Followers: 7)
Económicas CUC     Open Access  
Economics : Journal for Economic Theory and Analysis     Open Access   (Followers: 4)
Economics : The Open-Access, Open-Assessment Journal     Open Access  
Economics and Culture     Open Access  
Economics and Policy of Energy and the Environment     Full-text available via subscription   (Followers: 13)
Economics of Transportation     Partially Free   (Followers: 16)
Economy     Open Access   (Followers: 1)
Economy and Sociology / Economie şi Sociologie     Open Access   (Followers: 1)
Econosains : Jurnal Online Ekonomi Dan Pendidikan     Open Access  
Edunomic Jurnal Pendidikan Ekonomi     Open Access  
EFB Bioeconomy Journal     Open Access  
Ekonomi Bilimleri Dergisi     Open Access  
Ekonomia i Zarzadzanie. Economics and Management     Open Access  
Ekonomika (Economics)     Open Access  
Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi     Open Access  
Ekuitas : Jurnal Ekonomi dan Keuangan     Open Access  
El Trimestre Económico     Open Access  
Ensayos de Política Económica     Open Access  
Environmental & Socio-economic Studies     Open Access   (Followers: 1)
Environmental Economics     Open Access   (Followers: 2)
Equilibrium : Quarterly Journal of Economics and Economic Policy     Open Access   (Followers: 1)
Espacio Abierto     Open Access  
Estudios de Economia Aplicada / Studies of Applied Economics     Open Access   (Followers: 1)
Estudios Economicos     Open Access  
Expert Journal of Economics     Open Access  
Expresión Económica : Revista de Análisis     Open Access  
Global Business Perspectives     Hybrid Journal   (Followers: 3)
Health Economics Review     Open Access   (Followers: 9)
IMF Economic Review     Hybrid Journal   (Followers: 44)
Indian Growth and Development Review     Hybrid Journal  
Informe Econômico     Open Access   (Followers: 3)
Insight on Africa     Hybrid Journal   (Followers: 3)
Intellectual Economics     Open Access  
Interfaces Brasil/Canadá     Open Access   (Followers: 1)
International Journal of Applied Behavioral Economics     Full-text available via subscription   (Followers: 18)
International Journal of Ecological Economics and Statistics     Full-text available via subscription   (Followers: 4)
International Journal of Economics and Finance     Open Access   (Followers: 12)
International Journal of Economics and Financial Issues     Open Access   (Followers: 10)
International Journal of Energy Economics and Policy     Open Access   (Followers: 11)
International Journal of Management and Economics     Open Access   (Followers: 2)
International Journal of Regional Development     Open Access   (Followers: 1)
International Quarterly for Asian Studies     Open Access   (Followers: 2)
International Review of Economics Education     Hybrid Journal   (Followers: 2)
IQTISHODUNA     Open Access  
Istanbul Journal of Economics     Open Access  
Italian Economic Journal     Hybrid Journal   (Followers: 34)
JEJAK : Jurnal Ekonomi dan Kebijakan     Open Access  
JEKPEND : Jurnal Ekonomi dan Pendidikan     Open Access  
Journal for Labour Market Research     Open Access   (Followers: 11)
Journal of Accounting and Finance in Emerging Economies     Open Access  
Journal of Advanced Research in Law and Economics     Open Access   (Followers: 1)
Journal of Advanced Studies in Finance     Open Access   (Followers: 3)
Journal of Business Economics and Management     Open Access   (Followers: 2)
Journal of Business-to-Business Marketing     Hybrid Journal   (Followers: 13)
Journal of Developing Economies     Open Access   (Followers: 4)
Journal of Development Policy and Practice     Hybrid Journal   (Followers: 3)
Journal of Economic and Financial Sciences     Open Access   (Followers: 1)
Journal of Economic Asymmetries     Open Access  
Journal of Economic Development Policy     Open Access   (Followers: 7)
Journal of Economics and International Finance     Open Access   (Followers: 1)
Journal of Economics and Sustainable Development     Open Access   (Followers: 14)
Journal of Economics Bibliography     Open Access  
Journal of Economics Library     Open Access   (Followers: 8)
Journal of Economics, Finance and Administrative Science     Open Access  
Journal of Economics, Race, and Policy     Hybrid Journal   (Followers: 3)
Journal of Economy Culture and Society     Open Access  
Journal of Entrepreneurship and Public Policy     Hybrid Journal   (Followers: 7)
Journal of Finance and Economics     Open Access   (Followers: 13)
Journal of Financial and Quantitative Analysis     Full-text available via subscription   (Followers: 55)
Journal of Financial Economic Policy     Hybrid Journal   (Followers: 1)
Journal of Government and Economics     Open Access  
Journal of Interdisciplinary Economics     Hybrid Journal   (Followers: 1)
Journal of Life Economics     Open Access   (Followers: 2)
Journal of Management Control     Hybrid Journal   (Followers: 3)
Journal of Management for Global Sustainability     Open Access   (Followers: 1)
Journal of Markets & Morality     Partially Free  
Journal of Poverty and Social Justice     Hybrid Journal   (Followers: 33)
Journal of Research in Economics     Open Access   (Followers: 2)
Journal of Reviews on Global Economics     Open Access  
Journal of the Economic Science Association     Hybrid Journal   (Followers: 1)
Journal of the Economics of Ageing     Hybrid Journal   (Followers: 1)
Jurnal Ekonomi dan Studi Pembangunan     Open Access  
Jurnal Ekonomi KIAT     Open Access  
Jurnal Ekonomi Modernisasi     Open Access   (Followers: 1)
Jurnal Ekonomi Pembangunan     Open Access  
Jurnal Manajemen dan Kewirausahaan     Open Access  
Jurnal Pendidikan Ekonomi     Open Access  
Klinik Einkauf     Hybrid Journal  
Korea : Politik, Wirtschaft, Gesellschaft     Open Access  
L'Actualité économique     Full-text available via subscription   (Followers: 2)
Latin American Journal of Economics     Open Access   (Followers: 1)
Lecturas de Economía     Open Access  
Liberal Arts and Social Sciences International Journal (LASSIJ)     Open Access   (Followers: 1)
List Forum für Wirtschafts- und Finanzpolitik     Hybrid Journal  
Local Economy     Hybrid Journal   (Followers: 3)
Low Carbon Economy     Open Access   (Followers: 4)
Management Dynamics     Open Access  
Media Ekonomi dan Manajemen     Open Access  
MediaTrend     Open Access  
Modern Economy     Open Access   (Followers: 3)
Mondes en développement     Full-text available via subscription  
NBER Working Paper Series     Full-text available via subscription   (Followers: 21)
Nordic Journal of Health Economics     Open Access   (Followers: 4)
Open Pharmacoeconomics & Health Economics Journal     Open Access  
Pensamiento Crítico     Open Access  
Proceedings of Voronezh State University. Series: Economics and Management     Open Access  
Quantitative Economics     Full-text available via subscription   (Followers: 13)
Quantitative Economics Research     Open Access  
Quarterly Journal of Applied Theories of Economics     Open Access  
RDE : Revista de Desenvolvimento Econômico     Open Access  
Regards économiques     Open Access  
Regional Research of Russia     Hybrid Journal   (Followers: 4)
Regional Science Policy & Practice     Hybrid Journal   (Followers: 2)
Research in World Economy     Open Access   (Followers: 3)
Review of Economics and Development Studies     Open Access   (Followers: 2)
Review of Economics and Institutions     Open Access   (Followers: 3)
Review of Economics and Statistics     Hybrid Journal   (Followers: 138)
Review of Market Integration     Hybrid Journal   (Followers: 2)
Revista Brasileira de Desenvolvimento Regional     Open Access  
Revista CIFE : Lecturas de Economía Social     Open Access  
Revista de Análisis Económico     Open Access  
Revista de Economía     Open Access  
Revista ECONO : Facultad de Ciencias Económicas. UNLP     Open Access  
Revista Economia & Gestão     Open Access  
Revista Facultad de Ciencias Económicas: Investigación y Reflexión     Open Access  
Revista Finanzas y Política Económica     Open Access  
Revista Icade. Revista de las Facultades de Derecho y Ciencias Económicas y Empresariales     Full-text available via subscription  
Revista Latinoamericana de Desarrollo Económico     Open Access  
Revista Panorama Económico     Open Access   (Followers: 1)
Revista Sociedad y Economía     Open Access  
Revista Teoria e Evidência Econômica     Open Access  
Revista U.D.C.A Actualidad & Divulgación Científica     Open Access  
Revue économique     Full-text available via subscription   (Followers: 3)
Ruch Prawniczy, Ekonomiczny i Socjologiczny     Open Access  
RUDN Journal of Economics     Open Access  
Russian Journal of Economics     Open Access  
Sdü Vizyoner Dergisi     Open Access  
Semestre Económico     Open Access  
Shanlax International Journal of Economics     Open Access  
Sosyoekonomi     Open Access  
Staff Studies : Central Bank of Sri Lanka     Open Access  
Statistics and Economics     Open Access  
Studia Universitatis ?Vasile Goldis? Arad ? Economics Series     Open Access  
Supreme Court Economic Review     Full-text available via subscription   (Followers: 3)
Swiss Journal of Economics and Statistics     Open Access  
Tahghighat-e-Eghtesadi     Open Access  
Textos de Economia     Open Access  
Theoretical Economics Letters     Open Access   (Followers: 2)
Torun International Studies     Open Access  
Turkish Economic Review     Open Access  
World Economics     Full-text available via subscription   (Followers: 8)
Wroclaw Review of Law, Administration & Economics     Open Access  
Œconomia     Open Access  
Науковий вісник НУБіП України. Серія: Економіка, аграрний менеджмент, бізнес     Open Access  

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Journal of Economics, Finance and Administrative Science
Journal Prestige (SJR): 0.217
Citation Impact (citeScore): 1
Number of Followers: 0  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2077-1886 - ISSN (Online) 2218-0648
Published by Emerald Homepage  [360 journals]
  • Return and volatility spillover between India and leading Asian and global
           equity markets: an empirical analysis

    • Authors: Aswini Kumar Mishra , Saksham Agrawal , Jash Ashish Patwa
      Abstract: The study uses the multivariate GARCH-BEKK model (which was first proposed by Baba et al. (1990) and then further developed by Engle and Kroner (1995)) to examine the return and volatility spillover between India and four leading Asian (namely, China, Japan, Singapore and Hong Kong) and two global (namely, the United Kingdom and the United States) equity markets. The study employs a multivariate GARCH-BEKK model to quantify return correlation and volatility transmission across the pre- and post-2008 global financial crisis periods (apart from other conventional time series modelling like cointegration, Granger causality using vector error correction model (VECM)). The results show a tendency of the Indian stock market index to move along with the US and Hong Kong market indices. The decrease in the value of the co-integration coefficient during the recession was explained by reduced investor confidence in developing countries. The result further shows a clear distinction in terms of volatility spillover between the Asian market vis-a-vis US and UK markets. Volatility transmission from India to Asian markets was found to be significantly higher as compared to the US and UK. So also, the study’s results show a puzzling result giving us comparable co-integration ranks for phase 2 (expansion) and phase 3 (slow-down) of the business cycle in most cases. In Granger causality testing, the results were unable to ascertain the difference between phase 2 (expansion) and phase 3 (slowdown). However, the multivariate GARCH (MGARCH)-BEKK model showed a clear reduction in volatility transmission to NIFTY50 (is the flagship index on the National Stock Exchange of India Ltd. (NSE)) as India entered slow-down. This shows that the Indian economy does go through different business cycles, and the changes in parameters hence prove hypothesis 3 to be true with respect to volatility transmission to India from International markets. The results show that for all countries, the volatility transmitted to India increases significantly going from phase 1 (recession) to phase 2 (expansion) and reduces again once the countries enter slow-down in phase 3 (slowdown). This shows that during expansion shocks and impulses in international markets affect the Indian markets significantly, supporting the increase in co-integration in phase 2 (expansion). During expansion, developing markets like India become profitable for investors, due to the high growth rate when compared to developed countries. This implies that a significant amount of capital enters Indian markets, which is susceptible to the volatility of international markets. The volatility transmission from India to the US and UK was insignificant in phase 1 (recession and recovery) and phase 3 (slow-down) showing a weak linkage between the markets during volatile time periods.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-05-17
      DOI: 10.1108/JEFAS-06-2021-0082
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Determination of the world stock indices' co-movements by association rule
           mining

    • Authors: Burcu Kartal , Mehmet Fatih Sert , Melih Kutlu
      Abstract: This study aims to provide preliminary information to the investor by determining which indices co-movement, with the data mining method. In this context, data sets containing daily opening and closing prices between 2001 and 2019 have been created for 11 stock market indexes in the world. The association rule algorithm, one of the data mining techniques, is used in the analysis of the data. It is observed that the US stock market indices take part in the highest confidence levels between association rules. The XU100 stock index co-movement with both the European stock market indices and the US stock indices. In addition, the Hang Seng Index (HSI) (Hong Kong) takes part in the association rules of all stock market indices. The important issue for data sets is that the opening/closing values of the same day or the previous day are taken into account according to the open or closed status of other stock market indices by taking the opening time of the stock exchange index to be created. Therefore, data sets are arranged for each stock market index, separately. As a result of this data set arranging process, it is possible to find out co-movements of the stock market indexes. It is proof that the world stock indices have co-movement, and this continues as a cycle.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-04-05
      DOI: 10.1108/JEFAS-04-2020-0150
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Testing the market efficiency in Indian stock market: evidence from
           Bombay Stock Exchange broad market indices

    • Authors: Rajesh Elangovan , Francis Gnanasekar Irudayasamy , Satyanarayana Parayitam
      Abstract: Despite volumes of research on the efficient market hypothesis (EMH) over the last six decades, the results are inconclusive as some studies supported the hypothesis, and some studies rejected it. The study aims to examine the market efficiency of the Indian stock market. For analysis, nine Bombay Stock Exchange (BSE) broad market indices were selected covering the study period from 01 January 2011 to 31 December 2020. The data collected for this study are daily open, high, low and closing prices of selected indices. The tools used in this study are: (1) unit root test to check the stationarity of time series, (2) descriptive statistics, (3) autocorrelation and (4) runs test. The empirical findings of the study reveal that BSE broad market indices do not follow a random walk and Indian stock market is as weak-form inefficient. The findings from this study provide several avenues for future research. One of the research implications is that anomalies in the statistical results by different academicians in the finance area need to be explained by future researchers. Investment companies need to understand that extraordinary skills are required to beat the market to make abnormal returns. In an inefficient market where securities do not reflect the complete available information, it is challenging for the investment brokers to convince the customers about the portfolios they recommend to the public that the rate of return would be more than expected. As economic growth is related to the growth in the financial sector, developing countries like India depend on the accuracy of the information. In the presence of asymmetric information, the fluctuations in the stock market would have serious harmful consequences on the economy. Amid several controversies surrounding the EMH testing, this study is a modest attempt to provide evidence that the Indian stock market is in weak-form inefficient. However, it is essential to link investors' behaviour and trends observed in the financial sector to fully understand the implications of EMH.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-04-05
      DOI: 10.1108/JEFAS-04-2021-0040
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Using single impact metrics to assess research in business and economics:
           

    • Authors: Sergio Olavarrieta
      Abstract: Despite the general recommendation of using a combination of multiple criteria for research assessment and faculty promotion decisions, the raise of quantitative indicators is generating an emerging trend in Business Schools to use single journal impact factors (IFs) as key (unique) drivers for those relevant school decisions. This paper aims to investigate the effects of using single Web of Science (WoS)-based journal impact metrics when assessing research from two related disciplines: Business and Economics, and its potential impact for the strategic sustainability of a Business School. This study collected impact indicators data for Business and Economics journals from the Clarivate Web of Science database. We concentrated on the IF indicators, the Eigenfactor and the article influence score (AIS). This study examined the correlations between these indicators and then ranked disciplines and journals using these different impact metrics. Consistent with previous findings, this study finds positive correlations among these metrics. Then this study ranks the disciplines and journals using each impact metric, finding relevant and substantial differences, depending on the metric used. It is found that using AIS instead of the IF raises the relative ranking of Economics, while Business remains basically with the same rank. This study contributes to the research assessment literature by adding substantial evidence that given the sensitivity of journal rankings to particular indicators, the selection of a single impact metric for assessing research and hiring/promotion and tenure decisions is risky and too simplistic. This research shows that biases may be larger when assessment involves researchers from related disciplines – like Business and Economics – but with different research foundations and traditions. Consistent with the literature, given the sensibility of journal rankings to particular indicators, the selection of a single impact metric for assessing research, assigning research funds and hiring/promotion and tenure decisions is risky and simplistic. However, this research shows that risks and biases may be larger when assessment involves researchers from related disciplines – like Business and Economics – but with different research foundations and trajectories. The use of multiple criteria is advised for such purposes. This is an applied work using real data from WoS that addresses a practical case of comparing the use of different journal IFs to rank-related disciplines like Business and Economics, with important implications for faculty tenure and promotion committees and for research funds granting institutions and decision-makers.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-03-21
      DOI: 10.1108/JEFAS-04-2021-0033
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Pakistan: a study of market's returns and anomalies

    • Authors: Sana Tauseef , Philippe Dupuy
      Abstract: This paper aims to expand foreign investors' understanding of potential return enhancement and risk diversification advantages offered by equity market of Pakistan through comparing its performance to performances in other markets and investigating what matters for investing in Pakistan's market. Comparative analysis of Pakistan Stock Exchange is performed using data for 22 developed and 22 emerging markets over the period 1993–2019. Cross-sectional analysis is performed using data for 130 non-financial firms from Pakistan and Carhart (1997) and Fama and French (2015) models are applied. The role of liquidity with five-factor model is analyzed using turnover rate and Amihud (2002) illiquidity cost as liquidity measures. Pakistan's equity offers substantial diversification benefits if added to developed market portfolios. However, observed large returns come together with inverted premia for most traditional factors indicating that investors may want to invest preferably in big stocks with low book-to-market and momentum. Finally, global investors can invest in high yielding stocks with low liquidity risk owing to positive connection between liquidity and returns. This study will provide investment model for foreign investors to enhance their portfolio returns. Policy makers in Pakistan must identify regulatory steps to facilitate foreign investments. To the best of the authors' knowledge, this is the first study which identifies efficiency gains offered by Pakistan's equity for global investors.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-03-15
      DOI: 10.1108/JEFAS-06-2021-0098
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of financial stress in advanced and emerging economies

    • Authors: Flavio Cesar Valerio Roncagliolo , Ricardo Norberto Villamonte Blas
      Abstract: The purpose of the paper is to examine the differences in the impact of financial stress in advanced and emerging economies. The authors employ a panel vector autoregression model (PVAR) for a comparative analysis of the relationship between financial stress, economic growth and monetary stability in 14 advanced and emerging economies. A homogeneous measure of financial stress is constructed and measured as an index that provides signals of stress episodes in an economy. The impact of financial stress shocks is greater on the economic growth of advanced economies; likewise, financial stress shocks are significant only in advanced economies. The interbank interest rate is negatively affected by financial stress in emerging economies. In general, the results show a clear view of the importance of financial stability and the economic relevance of financial stress measures in the context of macro-prudential regulation. The results can be extended to monetary policy to implement measures that mitigate the impact of future financial crises.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-03-08
      DOI: 10.1108/JEFAS-05-2021-0063
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Impact of internal remittance on households' use of bank services:
           evidence from Vietnam

    • Authors: Thu Thi Hoai Nguyen , Hung Manh Le , Le Quoc Hoi , Hang Thu Pham
      Abstract: This study estimates impact of remittances from internal migration on households' use of bank services in Vietnam. This study uses data from the Vietnam Household Living Standards Survey and the two-stage least squares method (2SLS). The results show that receiving internal remittance increases households' probability of having bank accounts and using card services. However, these impacts are different between rural and urban areas. The results of this study reveal the useful role of internal remittance in increasing the probability of households using bank services, thereby enhancing financial inclusion in Vietnam. Different from the previous studies, the purpose of this paper is to analyse the impact of internal remittance on the use of bank services in Vietnam at the household level. This paper targets internal migration because it is the main type of migration in Vietnam. Besides, to the best of the authors’ knowledge, this research is the first one that compares the role of internal remittance on households' use of bank services in rural and urban areas in Vietnam.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-03-08
      DOI: 10.1108/JEFAS-05-2021-0074
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Reassessing the feasibility of adopting dollarization in Latin America

    • Authors: León Padilla
      Abstract: This paper analyses the possibility of Latin America's (LA) major economies adopting dollarization, considering that in the last decade macroeconomic instability has once again challenged the ability of certain economies to properly manage their own currency. To determine the feasibility of adopting the US dollar as official currency, the author uses the framework of optimum currency area (OCA) theory, since, in fact, dollarization is an incomplete monetary union. The author uses a structural vector autoregressive (SVAR) model to identify what type of structural shock — country-specific, regional or global — prevails in LA economies. For this purpose, the US output is used to represent the global output and determine how the shocks of the US influence the output trajectory of each LA nation. The higher the influence of the US product, the lower the costs of adopting the US dollar. The results of the variance decomposition show that the influence of the US shocks in the gross domestic product (GDP) trajectory of LA countries has significantly decreased over the last two decades, even in the currently dollarized economies. The estimates for Venezuela and Argentina show that the importance of US shocks in the trajectory of their GDP is low. Therefore, the cost of adopting the US dollar as the official currency would be high. In view of hyperinflation and macroeconomic imbalances in certain LA nations, the dollarization debate has resurfaced in recent years. However, the literature that empirically evaluates the feasibility of adopting dollarization as a monetary system under current economic conditions is limited.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-03-08
      DOI: 10.1108/JEFAS-08-2020-0282
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Benford's law for integrity tests of high-volume databases: a case study
           of internal audit in a state-owned enterprise

    • Authors: Hector Ruben Morales , Marcela Porporato , Nicolas Epelbaum
      Abstract: The technical feasibility of using Benford's law to assist internal auditors in reviewing the integrity of high-volume data sets is analysed. This study explores whether Benford's distribution applies to the set of numbers represented by the quantity of records (size) that comprise the different tables that make up a state-owned enterprise's (SOE) enterprise resource planning (ERP) relational database. The use of Benford's law streamlines the search for possible abnormalities within the ERP system's data set, increasing the ability of the internal audit functions (IAFs) to detect anomalies within the database. In the SOEs of emerging economies, where groups compete for power and resources, internal auditors are better off employing analytical tests to discharge their duties without getting involved in power struggles. Records of eight databases of an SOE in Argentina are used to analyse the number of records of each table in periods of three to 12 years. The case develops step-by-step Benford's law application to test each ERP module records using Chi-squared (χ²) and mean absolute deviation (MAD) goodness-of-fit tests. Benford's law is an adequate tool for performing integrity tests of high-volume databases. A minimum of 350 tables within each database are required for the MAD test to be effective; this threshold is higher than the 67 reported by earlier researches. Robust results are obtained for the complete ERP system and for large modules; modules with less than 350 tables show low conformity with Benford's law. This study is not about detecting fraud; it aims to help internal auditors red flag databases that will need further attention, making the most out of available limited resources in SOEs. The contribution is a simple, cheap and useful quantitative tool that can be employed by internal auditors in emerging economies to perform the first scan of the data contained in relational databases. This paper provides a tool to test whether large amounts of data behave as expected, and if not, they can be pinpointed for future investigation. It offers tests and explanations on the tool's application so that internal auditors of SOEs in emerging economies can use it, particularly those that face divergent expectations from antagonist powerful interest groups. This study demonstrates that even in the context of limited information technology tools available for internal auditors, there are simple and inexpensive tests to review the integrity of high-volume databases. It also extends the literature on high-volume database integrity tests and our knowledge of the IAF in Civil law countries, particularly emerging economies in Latin America.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-02-21
      DOI: 10.1108/JEFAS-07-2021-0113
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Health expenditures (total, public and private) and per capita income in
           the BRICS+T: panel bootstrap causality analysis

    • Authors: Şerif Canbay , Mustafa Kırca
      Abstract: The study aims to determine whether there is a bidirectional causality relationship between health expenditures and per capita income in Brazil, Russia, India, China, South Africa and Turkey (BRICS+T). For that purpose, the 2000–2018 period data of the variables were tested with the Kónya (2006) panel causality test. Additionally, the causality relationships between public and private health expenditures and per capita income were also investigated in the study. According to the analysis results, there is no statistically significant causality relationship from total health expenditures and public health expenditures to per capita income in the relevant countries. Besides, there is a unidirectional causality relationship from private health expenditures to per capita income only in Turkey. On the other hand, a unidirectional causality relationship from per capita income to total health expenditures in China, Russia, Turkey and South Africa and from per capita income to public health expenditures in India, Russia, Turkey and South Africa were determined. Consequently, a causality relationship from per capita income to private health expenditures was found out in Russia and Turkey. The variables are tested for the first time for BRICS+T countries, vis-à-vis the period under consideration and the method used.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-02-17
      DOI: 10.1108/JEFAS-06-2021-0105
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Credit rating announcement and bond liquidity: the case of emerging bond
           markets

    • Authors: Amir Saadaoui , Anis Elammari , Mohamed Kriaa
      Abstract: This study examines the effect of the informational content of local credit rating announcements in emerging markets on the liquidity of their bond markets. This study analyses the liquidity of bonds in various emerging bond markets using a sample of nine countries: Argentina, Mexico, Peru, Hungary, Poland, Spain, Turkey, Hong Kong and Greece. The sample includes daily data on sovereign bonds that go from July 2009 to July 2017. The main focus is on the period before and after the sovereign debt crisis. This study notes that the bond liquidity is affected due to the sign of the rating granted by the rating agencies for each country. This study aims to question the sources of liquidity problem of sovereign bonds issued by the emerging countries. The study’s database consists of daily data of all nine emerging countries for the period from July 2009 to July 2017. Panel data were collected from the Datastream database. This study first directly tests the information content of bond ratings announcements and their effect on bond market liquidity. Next, the impact of rating changes on sovereign bond liquidity around the rating announcements is studied. Rating changes can affect sovereign bond's price, trading and liquidity around the announcement date. In particular the rating changes that move the bonds out of the investment grade category can elicit selling pressure or even fire sale of the fallen angels. This research aims to present data on the prices of sovereign bonds that react to changes in credit rating by studying the price movements around the announcement of changes in credit rating. The literature is very rich in studies on credit rating changes on stocks and corporate bonds, but this study is perhaps the first attempt on sovereign bonds.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-02-16
      DOI: 10.1108/JEFAS-08-2020-0314
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Pemex: oil price and financial management in the context of elevated
           fiscal burden

    • Authors: Angélica Tacuba
      Abstract: The article analyzes how oil price fluctuations are reflected in the management of Petróleos Mexicanos (Pemex) based on its balance sheet (BS) and particularly how oil price fluctuations affect Pemex's corporate income. The author uses a vector auto-regressive (VAR) model with seven variables for the period 1977–2019. The first variable is the oil price and the others belong to Pemex's BS: total income, sales revenue, operating costs, investment, payment of taxes, duties and contributions (TDC) and the payment of interest on debt. The results show that in an environment of elevated fiscal burden that is of an excessive payment of tax by Pemex to the state, the price increases positively affected the income obtained from sales, but that surplus is used primarily to finance the fiscal expenses coming from the TDC, which is associated with the production and commercialization of hydrocarbons; physical and financial investment is disconnected from the evolution of price. Under a fiscal scheme that extracts, on average, 98.46% of Pemex's income, investment is not a priority. The findings of the research have important implications for Mexico's energy policy because of affecting the long-term financial and productive sustainability of Pemex. First, the study contributes to the literature on oil prices in Mexico by analyzing Pemex's fiscal burden from a corporate finance perspective, an area in which there are few rigorous studies. Second, the study contributes by providing quantitative support for the relationship between oil prices and BS variables through the VAR model.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-02-15
      DOI: 10.1108/JEFAS-06-2021-0094
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Macroeconomic determinants of fiscal policy in East Africa:
           a panel causality analysis

    • Authors: Joseph Mawejje , Nicholas M. Odhiambo
      Abstract: This study investigates the dynamic causality linkages between fiscal deficits and selected macroeconomic indicators in a panel of five East African Community countries. The research design is based on panel cointegration tests, panel cross-section dependence tests, panel error correction-based Granger causality tests and panel impulse response functions. Results show that there is long-run feedback causality among fiscal deficits and each of the variables include gross domestic product (GDP) growth, current account balance, interest rates, inflation, grants and debt service. Short-run Granger causality dynamics indicate that there is feedback causality between fiscal deficits and GDP growth; no causality between fiscal deficits and inflation; no causality between fiscal deficits and current account; no causality between fiscal deficits and interest rates; feedback causality between fiscal deficits and grants; and no causality between fiscal deficits and debt service. Impulse response functions show positive and significant impacts of current account balance, inflation and grants; negative and significant impacts of real GDP growth and lending rates; and insignificant effects of debt service. While the study examines the dynamic causality between fiscal deficits and selected macroeconomic indicators in the East African Community, the analysis excludes South Sudan due to significant data limitations. In light of the East African Community's aspirations to achieve convergence on key macroeconomic targets, including the fiscal deficit, this research provides novel insights on fiscal policy determinants and causality dynamics. The dynamic relationships between fiscal policy and macroeconomic variables may have social implications for welfare, equitable growth and distribution of resources. With a focus on the East African Community, this paper contributes to the literature on the macroeconomic determinants of fiscal deficits in regional economic communities.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2022-02-15
      DOI: 10.1108/JEFAS-07-2021-0124
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Do public and internal debt cause income inequality' Evidence from
           Kenya

    • Authors: Wilkista Lore Obiero , Seher Gülşah Topuz
      Abstract: This study aims to determine whether there is an effect of internal and public debt on income inequality in Kenya for the period 1970–2018. The relationship is examined by using the Autoregressive Distributed Lag (ARDL) model by Pesaran et al. (2001) and Toda Yamamoto causality by Toda and Yamamoto (1995). Our findings suggest that both internal and public debt harm inequality in Kenya in the long term. Furthermore, a one-way causality from internal debt to income inequality is also obtained while no causality relationship is found to exist between public debt and income inequality. Based on these findings, the study recommends that to reduce income inequality levels in Kenya, other methods of financing other than debt financing should be preferred because debt financing is not pro-poor. This study is unique based on the fact that no previous paper has analysed the debt and inequality relationship in Kenya. To the best of our knowledge, this will be the first study to analyse the applicability of redistribution effect of debt in Kenya. The study is also different in that it provides separate analysis for public debt and internal debt on their effects on income inequality.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-11-23
      DOI: 10.1108/JEFAS-05-2021-0049
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Editorial: an upcoming 30th anniversary encouraging the papers'
           publication

    • Authors: Nestor U. Salcedo
      Abstract: Editorial: an upcoming 30th anniversary encouraging the papers' publication
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-12-14
      DOI: 10.1108/JEFAS-11-2021-329
      Issue No: Vol. 26 , No. 52 (2021)
       
  • Capital structure, stock exchanges in Chile: 2007 to 2016

    • Authors: Marcelo Rabelo Henrique , Sandro Braz Silva , Antonio Saporito
      Abstract: The article consists of analyzing the behavior of the determinants of the capital structure of Chilean companies between 2007 and 2016. The objective of this study was achieved through a typology of research based on bibliographic, documentary, exploratory and explanatory, considering annual financial reports from Economática in the chosen period. As this is a research study with a quantitative approach, the statistical tools used were descriptive analysis, Pearson correlation, variance inflation factor (VIF) and panel regression. The results show that Chilean companies (240) have higher and costly long-term debt. These companies have high averages in current liquidity, return to shareholders, growth in sales and assets and market-to-book (MTB). Long-term debt was highlighted with an explanatory power of 85%. Current liquidity was highlighted as being significant in most of the indebtedness proposed in the survey, failing to register brands like this in expensive short-term and long-term indebtedness. It is noticed that flip flops companies are more prone to the pecking order theory (POT). The gap occupied by this study is linked to research involving South American countries, especially the Chilean market, and the determinants of the capital structure. As future research, it is suggested to include other types of variables related to indebtedness and the same action for its determinants, in addition to the speed technique of adjusting corporate debts.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-11-30
      DOI: 10.1108/JEFAS-10-2020-0328
      Issue No: Vol. 26 , No. 52 (2021)
       
  • Value-at-risk predictive performance: a comparison between the CaViaR and
           GARCH models for the MILA and ASEAN-5 stock markets

    • Authors: Ramona Serrano Bautista , José Antonio Núñez Mora
      Abstract: This paper tests the accuracies of the models that predict the Value-at-Risk (VaR) for the Market Integrated Latin America (MILA) and Association of Southeast Asian Nations (ASEAN) emerging stock markets during crisis periods. Many VaR estimation models have been presented in the literature. In this paper, the VaR is estimated using the Generalized Autoregressive Conditional Heteroskedasticity, EGARCH and GJR-GARCH models under normal, skewed-normal, Student-t and skewed-Student-t distributional assumptions and compared with the predictive performance of the Conditional Autoregressive Value-at-Risk (CaViaR) considering the four alternative specifications proposed by Engle and Manganelli (2004). The results support the robustness of the CaViaR model in out-sample VaR forecasting for the MILA and ASEAN-5 emerging stock markets in crisis periods. This evidence is based on the results of the backtesting approach that analyzed the predictive performance of the models according to their accuracy. An important issue in market risk is the inaccurate estimation of risk since different VaR models lead to different risk measures, which means that there is not yet an accepted method for all situations and markets. In particular, quantifying and forecasting the risk for the MILA and ASEAN-5 stock markets is crucial for evaluating global market risk since the MILA is the biggest stock exchange in Latin America and the ASEAN region accounted for 11% of the total global foreign direct investment inflows in 2014. Furthermore, according to the Asian Development Bank, this region is projected to average 7% annual growth by 2025.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-11-24
      DOI: 10.1108/JEFAS-03-2021-0009
      Issue No: Vol. 26 , No. 52 (2021)
       
  • The impact of customer performance on IMC outcomes: firm size moderation
           in the inter-country context

    • Authors: Vera Butkouskaya , Joan Llonch-Andreu , María-del-Carmen Alarcón-del-Amo
      Abstract: Taking the customer-centric nature of integrated marketing communications (IMC), this article investigates the specific role of customer performance in IMC effectiveness in various size companies applying inter-country context. The sample consists of the primary data from developed (Spain) and developing (Belarus) economies. A total of 540 manager respondents participated in the survey. The article uses structural equation modeling and multi-group analysis for analysis. When taking into consideration, customer performance affects the IMC outcome on the market and financial performance. The customer performance role varies in firms of various sizes and small- and medium -sized enterprises (SMEs) operating both in developed and developing economies. The research underlines the significant role of customer performance in IMC implementation, which stimulates further investigation on the topic. It also closes the gap in the IMC outcomes analysis in SMEs operating in developed and developing economies. Customer evaluation plays a vital role in the IMC outcomes for market growth and financial returns. SMEs and larger companies implement IMC with different levels of effectiveness. SMEs with IMC implementation can gain an advantage over larger rivals and improve their market position. Moreover, the study generalizes the results by applying inter-country context. This is a pioneering study of the complex IMC outcomes model under firms' size moderate conditions. The research applies an inter-country context.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-11-19
      DOI: 10.1108/JEFAS-10-2021-0207
      Issue No: Vol. 26 , No. 52 (2021)
       
  • Quadrinomial trees with stochastic volatility to value real options

    • Authors: Freddy H. Marín-Sánchez , Julián A. Pareja-Vasseur , Diego Manzur
      Abstract: The purpose of this article is to propose a detailed methodology to estimate, model and incorporate the non-constant volatility onto a numerical tree scheme, to evaluate a real option, using a quadrinomial multiplicative recombination. This article uses the multiplicative quadrinomial tree numerical method with non-constant volatility, based on stochastic differential equations of the GARCH-diffusion type to value real options when the volatility is stochastic. Findings showed that in the proposed method with volatility tends to zero, the multiplicative binomial traditional method is a particular case, and results are comparable between these methodologies, as well as to the exact solution offered by the Black–Scholes model. The originality of this paper lies in try to model the implicit (conditional) market volatility to assess, based on that, a real option using a quadrinomial tree, including into this valuation the stochastic volatility of the underlying asset. The main contribution is the formal derivation of a risk-neutral valuation as well as the market risk premium associated with volatility, verifying this condition via numerical test on simulated and real data, showing that our proposal is consistent with Black and Scholes formula and multiplicative binomial trees method.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-09-07
      DOI: 10.1108/JEFAS-08-2020-0306
      Issue No: Vol. 26 , No. 52 (2021)
       
  • Deviations from fundamental value and future closed-end country fund
           returns

    • Authors: Luis Berggrun , Emilio Cardona , Edmundo Lizarzaburu
      Abstract: This article examines whether deviations from fundamental value or closed-end country fund's discounts or premiums forecast future share price returns or net asset returns. The main empirical (econometric) tool is a vector autoregressive (VAR) model. The authors model share price returns and net asset returns as a function of their lagged values, the discounts or premiums, and a control variable for local market returns. The authors also conduct Dickey Fuller and Granger causality tests as well as impulse response functions. It was found that deviations from fundamental value do predict share price returns. This predictability is contrary to weak-form market efficiency. Premiums or discounts predict net asset returns but weakly. The findings point to the idea that the closed-end fund market is somewhat predictable and inefficient (in its weak form) since the market appears to be able to anticipate a fund's future returns using information contained in the premiums (or discounts). In particular, the market has the ability to anticipate future behaviour because growing premiums forecast declining share price returns for one or two periods ahead.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-25
      DOI: 10.1108/JEFAS-04-2021-0035
      Issue No: Vol. 26 , No. 52 (2021)
       
  • Factors driving IPO variability: evidence from Pakistan stock exchange

    • Authors: Waqas Mehmood , Rasidah Mohd-Rashid , Chui Zi Ong , Yasir Abdullah Abbas
      Abstract: The objectives of this study are twofold. First, it intends to investigate the symmetric link between initial public offering (IPO) variability and the determinants of the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment. Second, this study intends to examine the asymmetric link between IPO variability and the aforementioned determinants, namely the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment. Data from 1992 to 2018 were gathered from the country of Pakistan in order to achieve the above objectives. Augmented Dickey–Fuller (ADF) and Phillips Perron (PP) unit root tests were employed to determine the data's stationarity properties. The Auto Regressive Distributive Lags (ARDL) model was utilized to examine the symmetric links, and the Non-Linear Auto Regressive Distributive Lag Model (NARDL) was employed to determine the asymmetric links. While the long-run co-integration was examined using the ARDL bound test, the short-run dynamics were tested using the error correction method (ECM). The macroeconomic variables of the stock market index, treasury bill rate, inflation, GDP growth rate and foreign direct investment are found to pose significant short-run and long-run symmetric and asymmetric effects on IPO variability. These results indicate the significance of the aforementioned variables in enhancing IPO variability. The findings also demonstrate the typical reactions of inflation, GDP and FDI towards negative and positive shocks in IPO variability and inflation. This evidence implies that Pakistan's poor capital market development is reflected in the country's weak macroeconomic factors. At the same time, the reduced IPO variability in the country also reflects the lack of confidence among prospective issuers and investors due to Pakistan's weak macroeconomic indicators. This is the first study of its kind to properly investigate the symmetric and asymmetric effects of the macroeconomic variables on Pakistan's IPO variability.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-23
      DOI: 10.1108/JEFAS-04-2021-0036
      Issue No: Vol. 26 , No. 52 (2021)
       
  • Linkages between gold and Latin American equity markets: portfolio
           implications

    • Authors: Imran Yousaf , Hasan Hanif , Shoaib Ali , Syed Moudud-Ul-Huq
      Abstract: The authors aim to examine the mean and volatility linkages between the gold market and the Latin American equity markets in the entire sample period and two crises periods, namely the US financial crisis and the Chinese crash. To examine the return and volatility spillovers, the authors employ VAR-BEKK-GARCH model on the daily data of four emerging Latin American equity markets which include Peru, Chile, Brazil and Mexico, which ranges from January 2000 to June 2018. The results show that the return transmissions vary across the stock markets and the crises periods. The volatility transmission is found to be bidirectional between the gold and stock markets of Brazil and Chile during the US financial crisis. Furthermore, the volatility spillover is unidirectional from Brazil to gold and from gold to Peru stock market during the Chinese crash. We also calculate the optimal weights hedge ratios for gold and stock portfolio. The result suggests that portfolio managers need to increase the weight of gold for the equity portfolios of Peru and Mexico during the US financial crisis. Furthermore, during the Chinese crisis, investors may raise the investment in gold for the equity portfolios of Brazil and Chile. Finally, the cheapest hedging strategy is CHIL/GOLD during the US financial crisis, whereas MEXI/GOLD during the Chinese crash. These findings have useful insights for portfolio diversification, asset pricing and risk management. The study's outcome provides policymakers and investors with in-depth insights regarding hedging, risk management and portfolio management.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-20
      DOI: 10.1108/JEFAS-04-2020-0139
      Issue No: Vol. 26 , No. 52 (2021)
       
  • The effectiveness of risk management system and firm performance in the
           European context

    • Authors: Louai Ghazieh , Nadia Chebana
      Abstract: The purpose of this paper is to study the effectiveness of the risk management system in the European context, especially with regard to the risk management committee, the uncertainty of the environment and company performance. In summary, it evaluates European companies listed on the stock exchange in France, Germany and the United Kingdom to determine how risk management systems influence financial companies' performance. To study the effectiveness of risk management systems and their influence on performance, the large companies selected in our sample are fairly representative of the European market, according to the Dutch indices of each country (SBF 120 in France, HDAX 110 in Germany and FTSE 100 in United Kingdom).The empirical evidence is based on an international quantitative analysis, using a data set involving 320 companies listed on the stock exchange over a ten-year period from 2005 to 2014. The results indicate that the establishment of a risk management and control system by a company positively influences its management, and its performance level and value creation also improve. The results of this study demonstrate a significant strengthening of the role of the risk management committee in the three countries. The surveillance function is reinforced, and in particular, the internal control system is accentuated. This study has some limitations that can form leads for future research. One of these limitations is the sample size. The authors have represented the European context by three countries that certainly constitute great European powers, but have regulations different from other countries. The company size is also a possible research element. Indeed, risk management system varies between large, small and medium-sized enterprises, so it is important to study each type of company well. This study identifies the risk management committee as a mechanism of control that is highly important in the company, and it proposes an international framework that comparatively and empirically evaluates how the risk management system used in large European companies can improve their financial performance.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-17
      DOI: 10.1108/JEFAS-07-2019-0118
      Issue No: Vol. 26 , No. 52 (2021)
       
  • CEO turnover in public and private organizations: analysis of the
           relevance of different performance horizons

    • Authors: Esteban Lafuente , Miguel Á. García-Cestona
      Abstract: This paper investigates how past performance changes, prior CEO replacements and changes in the chairperson impact CEO turnover in public and large private businesses. We analyze 1,679 CEO replacements documented in a sample of 1,493 Spanish public and private firms during 1998–2004 by computing dynamic binary choice models that control for endogeneity in CEO turnovers. The results reveal that different performance horizons (short- and long-term) explain the dissimilar rate of CEO turnover between public and private firms. Private firms exercise monitoring patience and path dependency characterizes the evaluation of CEOs, while public companies' short-termism leads to higher CEO turnover rates as a reaction to poor short-term economic results, and alternative controls—ownership and changes in the chairperson—improve the monitoring of management. Our results show the importance of controlling for path dependency to examine more accurately top executives' performance. The findings confirm that exposure to market controls affects the functioning of internal controls in evaluating CEOs and shows a short-term performance horizon that could be behind the recent moves of public firms going private or restraining shareholders' power.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-17
      DOI: 10.1108/JEFAS-05-2021-0075
      Issue No: Vol. 26 , No. 52 (2021)
       
  • The use of the mobile phone in the rural zones of Peru

    • Authors: Jubitza Mariana Franciskovic , Francesc Miralles
      Abstract: The main objective of the research is to examine whether the possession and the consumption of the service of a mobile telephone by the families of rural zones has improved their wellbeing in the last 10 years (2007–2016). A quantitative analysis of panel data is proposed in order to analyze the effect of the use of the mobile telephone in rural zones by region of Peru during the last 10 years and capture the unobservable heterogeneity during the said period. In this manner, it is hoped to investigate the effect of the increased use of said technology in Peru. The results obtained show that the increase in the acquisitions of mobile telephones in rural zones has had a positive impact on the wellbeing of households. Continuous business innovation driven by citizens’ needs and the greater accessibility of mobile telephones are the main reasons based on the Peruvian context under study. In Peru, there has been an explosive increase in users of mobile telephones in the last 10 years. The use of this technology may be arriving in rural households before other basic services, provoking individual and social changes and creating new employment and income opportunities. This would support the recent recognition of the mobile telephone as an essential tool for development, especially in underdeveloped countries.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-17
      DOI: 10.1108/JEFAS-03-2021-0013
      Issue No: Vol. 26 , No. 52 (2021)
       
  • Artificial intelligence applied to investment in variable income through
           the MACD (moving average convergence/divergence) indicator

    • Authors: Alberto Antonio Agudelo Aguirre , Néstor Darío Duque Méndez , Ricardo Alfredo Rojas Medina
      Abstract: This study aims to determine whether, by means of the application of genetic algorithms (GA) through the traditional technical analysis (TA) using moving average convergence/divergence (MACD), is possible to achieve higher yields than those that would be obtained using technical analysis investment strategies following a traditional approach (TA) and the buy and hold (B&H) strategy. The study was carried out based on the daily price records of the NASDAQ financial asset during 2013–2017. TA approach was carried out under graphical analysis applying the standard MACD. GA approach took place by chromosome encoding, fitness evaluation and genetic operators. Traditional genetic operators (i.e. crossover and mutation) were adopted as based on the chromosome customization and fitness evaluation. The chromosome encoding stage used MACD to represent the genes of each chromosome to encode the parameters of MACD in a chromosome. For each chromosome, buy and sell indexes of the strategy were considered. Fitness evaluation served to defining the evaluation strategy of the chromosomes in the population according to the fitness function using the returns gained in each chromosome. The paper provides empirical-theoretical insights about the effectiveness of GA to overcome the investment strategies based on MACD and B&H by achieving 5 and 11% higher returns per year, respectively. GA-based approach was additionally capable of improving the return-to-risk ratio of the investment. Limitations deal with the fact that the study was carried out on US markets conditions and data which hamper its application in some extend to markets with not as much development. The findings suggest that not only skilled but also amateur investors may opt for investment strategies based on GA aiming at refining profitable financial signals to their advantage. This paper looks at machine learning as an up-to-date tool with great potential for increasing effectiveness in profits when applied into TA investment approaches using MACD in well-developed stock markets.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-11
      DOI: 10.1108/JEFAS-06-2020-0203
      Issue No: Vol. 26 , No. 52 (2021)
       
  • The impact of economic growth, trade openness and manufacturing on CO2
           emissions in India: an autoregressive distributive lag (ARDL) bounds test
           approach

    • Authors: Yaswanth Karedla , Rohit Mishra , Nikunj Patel
      Abstract: The purpose of this study is to examine the impact of economic growth, trade openness and manufacturing on CO2 emissions in India. The study employed autoregressive distributive lag (ARDL) bounds test approach and uses CO2 emissions, trade, manufacturing and GDP per capita to examine the relationship using an annual time series data from World Development Indicators during 1971 to 2016. Results depict that there exists a long-run relationship between CO2 emissions and other variables. Trade openness significantly reduces CO2 emissions, whereas manufacturing and GDP have a significant and positive impact on CO2 in the long run. The findings of the study contribute to the body of knowledge by providing new evidence on the relationship between developmental metrics and the environment. These findings are critical for policymakers and regulatory bodies to focus on economic development without jeopardizing environmental degradation. In order to keep its commitment to sustainability, India needs to develop policies that encourage cleaner production methods and establishment of non-polluting industries. Simultaneously, it must disincentivize industries that emit CO2 by policy frameworks such as carbon taxes, pollution taxes or green taxes. None of studies examine at how these environmental factors interact in India. Kilavuz and Dogan (2020) used the same variables, but their scope was limited to Turkey. As a result, the study is the first to examine this relationship for India, contributing to the body of knowledge on economic growth, manufacturing, trade openness and environmental concerns.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-10
      DOI: 10.1108/JEFAS-05-2021-0057
      Issue No: Vol. 26 , No. 52 (2021)
       
  • The effect of macroeconomic variables on the robustness of the traditional
           Fama–French model. A study for Mexico using different portfolios

    • Authors: Eduardo Saucedo , Jorge González
      Abstract: Fama–French model (FFM) has been successful in helping to predict the financial markets, but investors have been interested in creating more sophisticated models to better predict the performance of the stock market. The objective of the extended version is to create a more robust econometric model to better predict the performance of the Mexican Stock Market. The study divides the Mexican Stock Market into six different portfolios. The criteria to build those portfolios are the same one used in Fama–French (1992). The study comprises 78 stocks listed in the Mexican Stock Market that are analyzed monthly during 1997–2018. The study analyzes the period before and after the 2008–2009 financial crisis to identify whether there are important changes. The estimation applies the traditional and an extended version of the FFM that include macroeconomic variables such as country risk, economic activity, inflation rate, and exchange rate and some financial variables recommended in the literature. Results indicate that classic FFM variables are statistically significant in most cases, but relevant macroeconomic variables such as the interest rate, exchange rate and country risk stand out for being weakly relevant in most of the portfolios. However, it is noticed that some of these macroeconomic variables became relevant for different portfolios only after the 2008–2009 crisis, especially in portfolios which include small market capitalization firms. The study includes the stocks listed in the Mexican Stock Market. One limitation is the small number of stocks available, which reduces the possibility of creating well diversified portfolios. This study includes 78 stocks. The stocks removed from the sample are from firms that were not listed during six consecutive months or whose market capitalization did not change in the same period. Outlier data were removed from the sample to capture in better way the general performance of the stock market. The objective of the extended version is to create a more robust econometric model than the traditional model. It is expected that such estimations can be helpful to investors to make better decisions when they try to predict performance in the stock market. An extended version of the FFM can be helpful to investors to make better decisions when they try to predict performance in the stock market. To the best of our knowledge there are no more studies in the literature of the Mexican financial market that apply the same methodology.
      Citation: Journal of Economics, Finance and Administrative Science
      PubDate: 2021-08-03
      DOI: 10.1108/JEFAS-03-2021-0010
      Issue No: Vol. 26 , No. 52 (2021)
       
  • Journal of Economics, Finance and Administrative Science

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