Muh. Ardiansyah Syam, Syahril Djaddang, Adam Adam, Endang Ety Merawati, Mohammad Roziq
Carbon Accounting is a new accounting paradigm on ecological-based economic transactions. It is also known as carbon cost management. The issues regarding carbon cost management will have implications for other strategic issues related to management accounting. The concept and application of Carbon Accounting will also have broad implications for the professions and strategic issues of carbon management accounting. This study focuses on the implication of carbon accounting on accounting practices and corporate sustainability reports. The literature reviews and qualitative analyses were conducted to grab the philosophy, practice and implication of implementation of carbon accounting – carbon cost management. Based on the study, carbon accounting implementation implied to accounting practices and corporate sustainability report. In term of calculating carbon emission or greenhouse gasses, there were four methods as set by Inter-governmental Panel for Climate Change (IPCC) and European Renewable Energy. In term of Corporate Sustainability Report, there were three theories considered: Instrumental Theories, Social & Political Theories and Normative Theories. It is difficult to account for emission allowances, and revealed that there is a potential guidance role for auditors during the absence of an international accounting standard. With the emission allowance assets, there is diversity in the accounting treatment of liabilities, and a considerable level of non-disclosure. In practice, this means that the only liability recognition in the financial statements is for shortfalls in allowances.
{"title":"Carbon Accounting: Its Implications on Accounting Practices and Corporate Sustainability Reports","authors":"Muh. Ardiansyah Syam, Syahril Djaddang, Adam Adam, Endang Ety Merawati, Mohammad Roziq","doi":"10.32479/ijefi.16333","DOIUrl":"https://doi.org/10.32479/ijefi.16333","url":null,"abstract":"Carbon Accounting is a new accounting paradigm on ecological-based economic transactions. It is also known as carbon cost management. The issues regarding carbon cost management will have implications for other strategic issues related to management accounting. The concept and application of Carbon Accounting will also have broad implications for the professions and strategic issues of carbon management accounting. This study focuses on the implication of carbon accounting on accounting practices and corporate sustainability reports. The literature reviews and qualitative analyses were conducted to grab the philosophy, practice and implication of implementation of carbon accounting – carbon cost management. Based on the study, carbon accounting implementation implied to accounting practices and corporate sustainability report. In term of calculating carbon emission or greenhouse gasses, there were four methods as set by Inter-governmental Panel for Climate Change (IPCC) and European Renewable Energy. In term of Corporate Sustainability Report, there were three theories considered: Instrumental Theories, Social & Political Theories and Normative Theories. It is difficult to account for emission allowances, and revealed that there is a potential guidance role for auditors during the absence of an international accounting standard. With the emission allowance assets, there is diversity in the accounting treatment of liabilities, and a considerable level of non-disclosure. In practice, this means that the only liability recognition in the financial statements is for shortfalls in allowances.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141682668","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Manurung, Nera Marinda Machdar, John Edward Harly Jacob Foeh, Jhonni Sinaga
This goal of this study is to investigate how dividend announcements affect the stock price of the company on the cum and ex-dividend dates. This study also explores the possibility of dividend policy reduce the effect of dividend announcements on stock prices on the cum and ex-dividend dates. The researcher used the unit analysis of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period of 2013 - 2018. The 2019 - 2021 period is not observed due to the present of Covid Pandemic. The findings are that the dividend announcements at cum and ex-dividend dates have positive impact on stock prices. Dividend policy weakens the impact of dividend announcements on stock prices at cum and ex-dividend dates. The dividend announcement at cum and ex-dividend dates varies across companies. This study does not use the event study method. This study has a significant implication, not only for business officials and policy makers but also for investors who directly decide how to plan their portfolio in the future as consideration in making investment decisions. There is no research in Indonesia that moderates dividend policy for the effect of dividend announcements on the cum and ex-dividend dates on stock prices, so a descriptive study is required to fill this gap.
{"title":"Dividend Policy as a Moderating of the Effect of Dividend Announcement on Stock Price in Indonesian Firms","authors":"A. Manurung, Nera Marinda Machdar, John Edward Harly Jacob Foeh, Jhonni Sinaga","doi":"10.32479/ijefi.16465","DOIUrl":"https://doi.org/10.32479/ijefi.16465","url":null,"abstract":"This goal of this study is to investigate how dividend announcements affect the stock price of the company on the cum and ex-dividend dates. This study also explores the possibility of dividend policy reduce the effect of dividend announcements on stock prices on the cum and ex-dividend dates. The researcher used the unit analysis of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period of 2013 - 2018. The 2019 - 2021 period is not observed due to the present of Covid Pandemic. The findings are that the dividend announcements at cum and ex-dividend dates have positive impact on stock prices. Dividend policy weakens the impact of dividend announcements on stock prices at cum and ex-dividend dates. The dividend announcement at cum and ex-dividend dates varies across companies. This study does not use the event study method. This study has a significant implication, not only for business officials and policy makers but also for investors who directly decide how to plan their portfolio in the future as consideration in making investment decisions. There is no research in Indonesia that moderates dividend policy for the effect of dividend announcements on the cum and ex-dividend dates on stock prices, so a descriptive study is required to fill this gap.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141681166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
South Africa's agricultural sector, despite facing high unemployment, is acknowledged for creating job opportunities. However, there is concern that the sector's adoption of technology-intensive methods may not necessarily lead to increased employment. The study aims to analyze the intricate relationship between agricultural output and employment in South Africa using time series analysis. This research employed a Vector Autoregressive (VAR) model to evaluate the link between agricultural production and the rate of agricultural employment in South Africa spanning from 1990 to 2022. The findings indicate that both variables passed levels and became stationarity at the first difference when employing ADF, and a long-term equilibrium relationship between the variables was observed using Johansen cointegration test. Over the short term, there was a significant positive correlation among agricultural production and the agricultural employment rate evidenced from ECT coefficient of 0.139 value. The results of the Granger causality tests indicated unidirectional relationship that agricultural employment Granger-causes agricultural production, signifying that agricultural employment can be used to predict the growth of agricultural production. Study recommended that policies which promote injection of funds to improve production in the agriculture sector needs to be prioritized to maintain and improve employment opportunities.
{"title":"Agricultural Production and Agricultural Employment Rate in South Africa: Time Series Analysis Approach","authors":"Molobe Joyce Ramakgasha, Tshephi Kingsley Thaba, Nengovhela Rudzani","doi":"10.32479/ijefi.15885","DOIUrl":"https://doi.org/10.32479/ijefi.15885","url":null,"abstract":"South Africa's agricultural sector, despite facing high unemployment, is acknowledged for creating job opportunities. However, there is concern that the sector's adoption of technology-intensive methods may not necessarily lead to increased employment. The study aims to analyze the intricate relationship between agricultural output and employment in South Africa using time series analysis. This research employed a Vector Autoregressive (VAR) model to evaluate the link between agricultural production and the rate of agricultural employment in South Africa spanning from 1990 to 2022. The findings indicate that both variables passed levels and became stationarity at the first difference when employing ADF, and a long-term equilibrium relationship between the variables was observed using Johansen cointegration test. Over the short term, there was a significant positive correlation among agricultural production and the agricultural employment rate evidenced from ECT coefficient of 0.139 value. The results of the Granger causality tests indicated unidirectional relationship that agricultural employment Granger-causes agricultural production, signifying that agricultural employment can be used to predict the growth of agricultural production. Study recommended that policies which promote injection of funds to improve production in the agriculture sector needs to be prioritized to maintain and improve employment opportunities.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141682441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Samuel-Soma M. Ajibade, Muhammed Basheer Jasser, D. O. Alebiosu, Ismail Ahmad Al-Qasem Al-Hadi, G. Al-Dharhani, Farrukh Hassan, B. Gyamfi
This paper examined the research landscape on the applications of machine learning in finance (MLF) research based on the published documents on the topic indexed in the Scopus database from 2007 to 2021. Consequently, the publication trends on the published documents data were examined to determine the most prolific authors, institutions, countries, and funding bodies on the topic. Next, bibliometric analysis (BA) was employed to analyse and map co-authorship networks, keywords occurrences, and citations. Lastly, a systematic literature review was carried out to examine the scientific and technological developments in the field. The results showed that the number of published documents on MLF research has soared tremendously from 5 to 398 between 2007 and 2021, which signifies an enormous increase (~7,900%) in the subject area. The high productivity is partly ascribed to the research activities of the most research-active academic stakeholders namely Chihfong Tsai (National Central University in Taiwan) and Stanford University (United States). However, the National Natural Science Foundation of China (NSFC) is the most active funder in the United States and has the largest number of published documents. BA analysis revealed high collaboration rates, published documents, and citations among the stakeholders. Keywords occurrence analysis revealed that MLF research is a highly inter- and multidisciplinary area with numerous hotspots and themes ranging from systems, algorithms and techniques to the security and crime prevention in Finance using ML. Citation analysis, the most prominent (and by extension the most prestigious) source titles on MLF are IEEE Access, Expert Systems with Applications and ACM International Conference Proceedings Series (ACM-ICPS). The systematic literature review revealed the various areas and applications of MLF research, particularly in the areas of predictive/forecasting analytics, credit assessment and management, as well as supply chain, carbon trading, neural networks, and artificial intelligence, among others. It is expected that MLF research activities and their impact on the wider global society will continue to increase in the coming years
本文根据 Scopus 数据库收录的 2007 年至 2021 年有关该主题的已发表文献，研究了机器学习在金融（MLF）研究中的应用。因此，本文对已发表文献数据的发表趋势进行了研究，以确定该主题最多产的作者、机构、国家和资助机构。接着，采用文献计量分析法（BA）对合著网络、关键词出现率和引文进行分析和绘制。最后，进行了系统的文献综述，以研究该领域的科技发展情况。结果表明，2007 年至 2021 年间，有关 MLF 研究的发表文献数量从 5 篇猛增至 398 篇，这意味着该学科领域的文献数量大幅增加（约 7,900% ）。高生产率部分归功于研究最活跃的学术利益相关者的研究活动，即台湾国立中央大学的蔡其峰和美国斯坦福大学。不过，中国国家自然科学基金委员会（NSFC）是美国最活跃的资助方，发表的文献数量也最多。BA 分析显示，利益相关者之间的合作率、发表的文献和引用率都很高。关键词出现分析表明，MLF 研究是一个高度跨学科和多学科的领域，从系统、算法和技术到使用 ML 的金融安全和犯罪预防，存在众多热点和主题。从引文分析来看，有关 MLF 的最重要（也是最有声望的）来源期刊是 IEEE Access、Expert Systems with Applications 和 ACM International Conference Proceedings Series (ACM-ICPS)。系统的文献综述揭示了 MLF 研究的各个领域和应用，特别是在预测/预报分析、信用评估和管理，以及供应链、碳交易、神经网络和人工智能等领域。预计未来几年，多边基金研究活动及其对全球社会的影响将继续增加
{"title":"Uncovering the Dynamics in the Application of Machine learning in Computational Finance: A Bibliometric and Social Network Analysis","authors":"Samuel-Soma M. Ajibade, Muhammed Basheer Jasser, D. O. Alebiosu, Ismail Ahmad Al-Qasem Al-Hadi, G. Al-Dharhani, Farrukh Hassan, B. Gyamfi","doi":"10.32479/ijefi.16399","DOIUrl":"https://doi.org/10.32479/ijefi.16399","url":null,"abstract":"This paper examined the research landscape on the applications of machine learning in finance (MLF) research based on the published documents on the topic indexed in the Scopus database from 2007 to 2021. Consequently, the publication trends on the published documents data were examined to determine the most prolific authors, institutions, countries, and funding bodies on the topic. Next, bibliometric analysis (BA) was employed to analyse and map co-authorship networks, keywords occurrences, and citations. Lastly, a systematic literature review was carried out to examine the scientific and technological developments in the field. The results showed that the number of published documents on MLF research has soared tremendously from 5 to 398 between 2007 and 2021, which signifies an enormous increase (~7,900%) in the subject area. The high productivity is partly ascribed to the research activities of the most research-active academic stakeholders namely Chihfong Tsai (National Central University in Taiwan) and Stanford University (United States). However, the National Natural Science Foundation of China (NSFC) is the most active funder in the United States and has the largest number of published documents. BA analysis revealed high collaboration rates, published documents, and citations among the stakeholders. Keywords occurrence analysis revealed that MLF research is a highly inter- and multidisciplinary area with numerous hotspots and themes ranging from systems, algorithms and techniques to the security and crime prevention in Finance using ML. Citation analysis, the most prominent (and by extension the most prestigious) source titles on MLF are IEEE Access, Expert Systems with Applications and ACM International Conference Proceedings Series (ACM-ICPS). The systematic literature review revealed the various areas and applications of MLF research, particularly in the areas of predictive/forecasting analytics, credit assessment and management, as well as supply chain, carbon trading, neural networks, and artificial intelligence, among others. It is expected that MLF research activities and their impact on the wider global society will continue to increase in the coming years","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141681784","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Marshita Hashim, Kamaruzzaman Muhammad, Erlana K. Ghani, Maz Ainy Abd Azis
The outbreaks of the COVID-19 pandemic at the beginning of 2020 have led to considerable economic pressure worldwide, including in Malaysia. The Malaysian government has issued a series of Movement Control Orders (MCOs) requiring companies in most sectors to be closed to the public, with the exception of essential services and certain sectors. The objective of this study is to analyse whether there is a difference in the financial distress of Malaysian companies before and during the COVID-19 pandemic by using the Altman Z-score method. In this study, the annual reports of 83 different companies from 2017 to 2019 and the post-pandemic period (2020 to 2021) were analysed. This study shows that the global COVID-19 pandemic scenario has a significant impact on the logistics and transport sectors, the consumer goods market, and the manufacturing sector. A significant number of companies have been shaken and are now struggling with difficult circumstances as a direct result of the COVID-19 outbreak. This study also shows that almost half of the companies face the possibility of going bankrupt within this period. Surprisingly, there are companies that seem to have improved their performance despite the widespread COVID-19 epidemic. The findings of this study can provide valuable insights for regulators looking to develop strategies to help listed companies cope with future pandemic-related problems.
{"title":"Financial Distress Analysis of Top 100 Malaysian Public Listed Companies during COVID-19 Pandemic using Altman Z-Score Analysis","authors":"Marshita Hashim, Kamaruzzaman Muhammad, Erlana K. Ghani, Maz Ainy Abd Azis","doi":"10.32479/ijefi.16545","DOIUrl":"https://doi.org/10.32479/ijefi.16545","url":null,"abstract":"The outbreaks of the COVID-19 pandemic at the beginning of 2020 have led to considerable economic pressure worldwide, including in Malaysia. The Malaysian government has issued a series of Movement Control Orders (MCOs) requiring companies in most sectors to be closed to the public, with the exception of essential services and certain sectors. The objective of this study is to analyse whether there is a difference in the financial distress of Malaysian companies before and during the COVID-19 pandemic by using the Altman Z-score method. In this study, the annual reports of 83 different companies from 2017 to 2019 and the post-pandemic period (2020 to 2021) were analysed. This study shows that the global COVID-19 pandemic scenario has a significant impact on the logistics and transport sectors, the consumer goods market, and the manufacturing sector. A significant number of companies have been shaken and are now struggling with difficult circumstances as a direct result of the COVID-19 outbreak. This study also shows that almost half of the companies face the possibility of going bankrupt within this period. Surprisingly, there are companies that seem to have improved their performance despite the widespread COVID-19 epidemic. The findings of this study can provide valuable insights for regulators looking to develop strategies to help listed companies cope with future pandemic-related problems.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141681986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pascal Pouya, Mohamed Karim, Anass Arbia, Mohammed El Yazidi, Khalid Sobhi
The research examines the equilibrium exchange rate and misalignment quantifications for the case of Morocco over the period 1990-2022. Based on an econometric model developed by Edwards in 1994, fundamental variables such as productivity, foreign direct investment (FDI), inflation and the real interest rate (RIR) are analysed to estimate the equilibrium value of the real exchange rate (REER) of the Moroccan dirham. The results show a cointegration between the REER and the fundamental variables, indicating the existence of a long-term relationship. The analysis of misalignments reveals periods of overvaluation and undervaluation of the Moroccan dirham, influenced by economic factors and monetary policies. This study has important implications for economic and monetary policy in Morocco, particularly with regard to export competitiveness and macroeconomic stability.
{"title":"Exchange Policy and Misalignments in Morocco: A Quantitative Analysis","authors":"Pascal Pouya, Mohamed Karim, Anass Arbia, Mohammed El Yazidi, Khalid Sobhi","doi":"10.32479/ijefi.16209","DOIUrl":"https://doi.org/10.32479/ijefi.16209","url":null,"abstract":"The research examines the equilibrium exchange rate and misalignment quantifications for the case of Morocco over the period 1990-2022. Based on an econometric model developed by Edwards in 1994, fundamental variables such as productivity, foreign direct investment (FDI), inflation and the real interest rate (RIR) are analysed to estimate the equilibrium value of the real exchange rate (REER) of the Moroccan dirham. The results show a cointegration between the REER and the fundamental variables, indicating the existence of a long-term relationship. The analysis of misalignments reveals periods of overvaluation and undervaluation of the Moroccan dirham, influenced by economic factors and monetary policies. This study has important implications for economic and monetary policy in Morocco, particularly with regard to export competitiveness and macroeconomic stability.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141682624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. Abel, Muleya Henry, Tebogo Mokumako, Julius Mukarati, Pierre Le Roux
The stock market plays an important role in economic development by promoting capital formation and enhancing economic growth. The stock market is among the main sources of financing in the critical sector of the economy. Trading of securities on the Zimbabwe stock exchange facilitates savers and users of capital by fund pooling, risk sharing and transferring wealth. One of the important sectors of the Zimbabwean economy devoid of adequate financing is the agricultural sector. This sector has been experiencing several challenges over the period 2002 -2022 mostly from lack of sustainable finance especially from private investment. It is assumed that lack of funding is due to volatility of stock prices. The objective of the study is to analyze different factors affecting share price of agriculture sector listed firm on the Zimbabwe Stock Exchange using the panel regression model. Based on the random effect the study established that share prices are determined by earnings per share, price earnings ratio and return on equity positively impacts stock prices in Zimbabwe. The government should control inflation to ensure price stability to aid in easy financial planning. Further the governments should promote agricultural growth initiatives and strategies which would stimulate demand for agricultural oriented stocks.
{"title":"Determinants of Share Prices of Agriculture Listed Firms","authors":"S. Abel, Muleya Henry, Tebogo Mokumako, Julius Mukarati, Pierre Le Roux","doi":"10.32479/ijefi.16062","DOIUrl":"https://doi.org/10.32479/ijefi.16062","url":null,"abstract":"The stock market plays an important role in economic development by promoting capital formation and enhancing economic growth. The stock market is among the main sources of financing in the critical sector of the economy. Trading of securities on the Zimbabwe stock exchange facilitates savers and users of capital by fund pooling, risk sharing and transferring wealth. One of the important sectors of the Zimbabwean economy devoid of adequate financing is the agricultural sector. This sector has been experiencing several challenges over the period 2002 -2022 mostly from lack of sustainable finance especially from private investment. It is assumed that lack of funding is due to volatility of stock prices. The objective of the study is to analyze different factors affecting share price of agriculture sector listed firm on the Zimbabwe Stock Exchange using the panel regression model. Based on the random effect the study established that share prices are determined by earnings per share, price earnings ratio and return on equity positively impacts stock prices in Zimbabwe. The government should control inflation to ensure price stability to aid in easy financial planning. Further the governments should promote agricultural growth initiatives and strategies which would stimulate demand for agricultural oriented stocks.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141681442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Due to the COVID pandemic, the stock market has been affected adversely around the globe and investment decisions are now more challenging and riskier. Hence, in this paper, we aim to investigate the impact of oil prices on the Indian stock market and eight sectoral indices for the period of pre, post, and during the COVID pandemic. The maximal overlap discrete wavelet transform (MODWT) is used to decompose and to denoise the original time series data as oil price and market return are found to be noisy. We employ the wavelet-based Granger causality (WGC) and non-linear, autoregressive distributed lag model (NARDL) to investigate the causality in the frequency domain as well as the short-run and long-run asymmetry of oil price impact. Our analysis shows a feedback relation between low frequency (higher investment horizon) and the long-run asymmetric impact of oil prices on all sectors during all three periods. We discuss the dynamic time-varying relationship between the oil price and sectoral return along with the investment implications in detail.
{"title":"Oil Price Dynamics and Sectoral Indices in India – Pre, Post and during COVID Pandemic: A Comparative Evidence from Wavelet-based Causality and NARDL","authors":"Koushik Mandal, Radhika Prosad Datta","doi":"10.32479/ijefi.16231","DOIUrl":"https://doi.org/10.32479/ijefi.16231","url":null,"abstract":"Due to the COVID pandemic, the stock market has been affected adversely around the globe and investment decisions are now more challenging and riskier. Hence, in this paper, we aim to investigate the impact of oil prices on the Indian stock market and eight sectoral indices for the period of pre, post, and during the COVID pandemic. The maximal overlap discrete wavelet transform (MODWT) is used to decompose and to denoise the original time series data as oil price and market return are found to be noisy. We employ the wavelet-based Granger causality (WGC) and non-linear, autoregressive distributed lag model (NARDL) to investigate the causality in the frequency domain as well as the short-run and long-run asymmetry of oil price impact. Our analysis shows a feedback relation between low frequency (higher investment horizon) and the long-run asymmetric impact of oil prices on all sectors during all three periods. We discuss the dynamic time-varying relationship between the oil price and sectoral return along with the investment implications in detail.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141681480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Investors often overreact and underreact to new information in stock markets which has an exaggerated effect on the stock price. This has led to possible mispricing of Initial public offering. The aim of this study was to investigate overreaction and underreaction for selected stocks in the Frankfurt stock exchange. This study employed a Threshold GARCH model on a sample of eight initial public offerings from 2017. The findings of this study revealed the presence of overreaction and underreaction in the selected stocks where the leverage coefficients were found to be statistically significant in some cases. These findings provide valuable insights as the high risk of investing in initial public offerings may not be compensated for the level of return. Also, investors can minimise the risk of investing in initial public offerings by adding a risk coefficient to their pricing.
{"title":"Investigating Overreaction and Underreaction in Initial Public Offerings","authors":"Samuel Tabot Enow","doi":"10.32479/ijefi.16199","DOIUrl":"https://doi.org/10.32479/ijefi.16199","url":null,"abstract":"Investors often overreact and underreact to new information in stock markets which has an exaggerated effect on the stock price. This has led to possible mispricing of Initial public offering. The aim of this study was to investigate overreaction and underreaction for selected stocks in the Frankfurt stock exchange. This study employed a Threshold GARCH model on a sample of eight initial public offerings from 2017. The findings of this study revealed the presence of overreaction and underreaction in the selected stocks where the leverage coefficients were found to be statistically significant in some cases. These findings provide valuable insights as the high risk of investing in initial public offerings may not be compensated for the level of return. Also, investors can minimise the risk of investing in initial public offerings by adding a risk coefficient to their pricing.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141684184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. A. Basar, N. A. Ibrahim, Fazilah Tamsir, Asma Rina Abdul Rahman, Noor Nasyikin Md Zain, Halimi Poniran, Rina Fadhilah Ismail
The term “i-FinTech” refers to businesses or entrepreneurs that integrate modern, Shariah-compliant technologies with financial services. Nevertheless, MSMEs are typically having lack internal knowledge or poor management, incompetent entrepreneurs, and limited financial resources. The purpose of this research is to analyse if financial literacy elements affect i-FinTech adoption and, in turn, promote sustainable entrepreneurship among Bumiputera SMEs in Selangor, Malaysia. A convenience sample strategy was used to disseminate 1,394 surveys to the Bumiputera entrepreneurs, utilizing a quantitative approach. PLS-SEM and mediation analysis are used to analyse the data. The findings indicate that financial literacy and digital financial literacy have a favorable and significant impact on the adoption of i-Fintech. On the other hand, the adoption of i-Fintech is adversely affected by financial management behavior. Furthermore, this study shows that the relationship between financial literacy and digital financial literacy towards sustainable entrepreneurship is mediated in a complimentary way by the adoption of i-FinTech. This result indicates that Bumiputera business owners that are financially and digitally literate are more likely to use i-FinTech and ultimately make a substantial contribution to sustainable entrepreneurship. The results should improve knowledge of the dynamics between the potential of i-FinTech and sustainable entrepreneurship for researchers, regulators, entrepreneurs, and i-FinTech service providers. It is advised that MSMEs keep using i-FinTech to support their operations in order to minimise the effects of a downturn in the market and maintain seamless operations.
{"title":"I-FinTech Adoption Mediation on the Financial Literacy Elements and Sustainable Entrepreneurship among Bumiputera MSMEs in Malaysia","authors":"S. A. Basar, N. A. Ibrahim, Fazilah Tamsir, Asma Rina Abdul Rahman, Noor Nasyikin Md Zain, Halimi Poniran, Rina Fadhilah Ismail","doi":"10.32479/ijefi.16546","DOIUrl":"https://doi.org/10.32479/ijefi.16546","url":null,"abstract":"The term “i-FinTech” refers to businesses or entrepreneurs that integrate modern, Shariah-compliant technologies with financial services. Nevertheless, MSMEs are typically having lack internal knowledge or poor management, incompetent entrepreneurs, and limited financial resources. The purpose of this research is to analyse if financial literacy elements affect i-FinTech adoption and, in turn, promote sustainable entrepreneurship among Bumiputera SMEs in Selangor, Malaysia. A convenience sample strategy was used to disseminate 1,394 surveys to the Bumiputera entrepreneurs, utilizing a quantitative approach. PLS-SEM and mediation analysis are used to analyse the data. The findings indicate that financial literacy and digital financial literacy have a favorable and significant impact on the adoption of i-Fintech. On the other hand, the adoption of i-Fintech is adversely affected by financial management behavior. Furthermore, this study shows that the relationship between financial literacy and digital financial literacy towards sustainable entrepreneurship is mediated in a complimentary way by the adoption of i-FinTech. This result indicates that Bumiputera business owners that are financially and digitally literate are more likely to use i-FinTech and ultimately make a substantial contribution to sustainable entrepreneurship. The results should improve knowledge of the dynamics between the potential of i-FinTech and sustainable entrepreneurship for researchers, regulators, entrepreneurs, and i-FinTech service providers. It is advised that MSMEs keep using i-FinTech to support their operations in order to minimise the effects of a downturn in the market and maintain seamless operations.","PeriodicalId":30329,"journal":{"name":"International Journal of Economics and Financial Issues","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141682175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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