Purpose: The main objective of the study was to find the relationship between petroleum consumption and economic growth in Kenya.Methodology: A modified Cobb-Douglas production function was used to analyse the relationship between energy consumption and economic growth. In this study, secondary annual time series data covering the period 1980-2009 was used. All variables were expressed in natural logarithms. The data on GDP, population, labor force and private capital and petroleum consumption were collected from the various issues of the annual Kenya Economic surveys and statistical abstracts (1980-2008). Relevant data on petroleum consumption was also obtained from the ministry of Energy.Results: The estimation results of the long-run relationship revealed that the relationship between petroleum consumption and GDP, and private capital and GDP was positive and statistically significant. Estimation of Error-correction model showed that in short run there was a positive and statistically insignificant relationship between GDP and lagged petroleum consumption. Finally, Granger causality tests imply a unidirectional Granger causality running from petroleum consumption to GDP.Unique contribution to theory, practice and policy: Given the long-term positive effects on the economy, the study recommended that an energy growth policy in the petroleum consumption should be adopted in such a way that it stimulates growth in the economy. To encourage petroleum consumption, both supply side and demand side dynamics should be addressed. For instance, the domestic price of petroleum should be reduced to a level that stimulates both household and industry demand. Structural problems such as the lack of proper storage facility that could stabilize prices during petroleum stocks were indeed necessary
{"title":"Impact of Petroleum Consumption on Economic Growth in Kenya","authors":"E. Wambui, Dr. Omondi S. Gor, Dr. P. O. Machyo","doi":"10.47941/ijecop.22","DOIUrl":"https://doi.org/10.47941/ijecop.22","url":null,"abstract":"Purpose: The main objective of the study was to find the relationship between petroleum consumption and economic growth in Kenya.Methodology: A modified Cobb-Douglas production function was used to analyse the relationship between energy consumption and economic growth. In this study, secondary annual time series data covering the period 1980-2009 was used. All variables were expressed in natural logarithms. The data on GDP, population, labor force and private capital and petroleum consumption were collected from the various issues of the annual Kenya Economic surveys and statistical abstracts (1980-2008). Relevant data on petroleum consumption was also obtained from the ministry of Energy.Results: The estimation results of the long-run relationship revealed that the relationship between petroleum consumption and GDP, and private capital and GDP was positive and statistically significant. Estimation of Error-correction model showed that in short run there was a positive and statistically insignificant relationship between GDP and lagged petroleum consumption. Finally, Granger causality tests imply a unidirectional Granger causality running from petroleum consumption to GDP.Unique contribution to theory, practice and policy: Given the long-term positive effects on the economy, the study recommended that an energy growth policy in the petroleum consumption should be adopted in such a way that it stimulates growth in the economy. To encourage petroleum consumption, both supply side and demand side dynamics should be addressed. For instance, the domestic price of petroleum should be reduced to a level that stimulates both household and industry demand. Structural problems such as the lack of proper storage facility that could stabilize prices during petroleum stocks were indeed necessary","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74829182","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}
Pub Date : 2021-02-10DOI: 10.1504/IJEPEE.2021.114962
Güneş Topçu, Jale S. Oran
The purpose of this paper is to construct a monthly news-based economic policy uncertainty index for Turkey. We used the method proposed by Baker et al. (2016a) to construct the news-based index for the period from February 2000 to December 2018. We used the digital archives of five Turkish newspapers to obtain data. The results show that the Turkish EPU index is affected by both domestic and foreign events. It rises mainly with national elections, national political uncertainties, other uncertainties related to US and Turkish central banks, the failed coup attempt in Turkey, the September 11 terror attacks, and the US presidential elections. The results are in line with the expectations from emerging economies, where political instability is high. The implications of this research for emerging economies are that governments should strengthen constitutions and institutions, and that policy makers should implement economic policies that decrease country risk.
{"title":"Measuring economic policy uncertainty in Turkey","authors":"Güneş Topçu, Jale S. Oran","doi":"10.1504/IJEPEE.2021.114962","DOIUrl":"https://doi.org/10.1504/IJEPEE.2021.114962","url":null,"abstract":"The purpose of this paper is to construct a monthly news-based economic policy uncertainty index for Turkey. We used the method proposed by Baker et al. (2016a) to construct the news-based index for the period from February 2000 to December 2018. We used the digital archives of five Turkish newspapers to obtain data. The results show that the Turkish EPU index is affected by both domestic and foreign events. It rises mainly with national elections, national political uncertainties, other uncertainties related to US and Turkish central banks, the failed coup attempt in Turkey, the September 11 terror attacks, and the US presidential elections. The results are in line with the expectations from emerging economies, where political instability is high. The implications of this research for emerging economies are that governments should strengthen constitutions and institutions, and that policy makers should implement economic policies that decrease country risk.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41832818","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}
Pub Date : 2021-01-28DOI: 10.1504/IJEPEE.2021.113581
Pria Budi, N. Rahayu
This study has two purposes. The first is to explore the implementation of income concepts under current income tax law (UU PPh) before and after the convergence of International Financial Reporting Standards (IFRS) in Indonesia. The second is to explore whether the new UU PPh could adopt the notion of income under IFRS. By using a qualitative approach, this study concluded that before and after IFRS convergence, the income definition under current UU PPh has never changed since its first 1983 enactment. Such condition has resulted in some income tax issues based on the ability-to-pay principle and realisation doctrine. The main problem relates to the realisation principle as part of the historical cost accounting system, whereas accounting income refers to the mark-to-market, ignoring realisation rules. The second conclusion is that the income concept under the next UU PPh can partially apply the accounting income concept because it still needs the realisation principle.
{"title":"Could the next Indonesian income tax law adopt to the concept of income under IFRS","authors":"Pria Budi, N. Rahayu","doi":"10.1504/IJEPEE.2021.113581","DOIUrl":"https://doi.org/10.1504/IJEPEE.2021.113581","url":null,"abstract":"This study has two purposes. The first is to explore the implementation of income concepts under current income tax law (UU PPh) before and after the convergence of International Financial Reporting Standards (IFRS) in Indonesia. The second is to explore whether the new UU PPh could adopt the notion of income under IFRS. By using a qualitative approach, this study concluded that before and after IFRS convergence, the income definition under current UU PPh has never changed since its first 1983 enactment. Such condition has resulted in some income tax issues based on the ability-to-pay principle and realisation doctrine. The main problem relates to the realisation principle as part of the historical cost accounting system, whereas accounting income refers to the mark-to-market, ignoring realisation rules. The second conclusion is that the income concept under the next UU PPh can partially apply the accounting income concept because it still needs the realisation principle.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42668626","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}
Pub Date : 2021-01-28DOI: 10.1504/ijepee.2021.10034622
E. Bukalska, Anna Wawryszuk-Misztal
Attracting the interest of investors and gaining capital during the initial public offering (IPO) is the most important task that a company faces while going public. Management board diversity is the tool that company use to signal their value. The aim of this study is to analyse the relation between the management board composition and the amount of capital gained by Polish non-financial companies going public on the Warsaw Stock Exchange over the period of 2006-2018. The results of multivariate regression analysis show that larger board size and higher level of board diversity in terms of age are statistically significant and are positively associated with the amount of capital raised in IPO by companies. Still, board gender diversity is not an important factor explaining IPO proceeds. Our study reveals that control variables such as company size and listing delay, but not profitability, are correlated with the dependent variable.
{"title":"Does board of directors characteristics affect the amount of capital raised in IPO","authors":"E. Bukalska, Anna Wawryszuk-Misztal","doi":"10.1504/ijepee.2021.10034622","DOIUrl":"https://doi.org/10.1504/ijepee.2021.10034622","url":null,"abstract":"Attracting the interest of investors and gaining capital during the initial public offering (IPO) is the most important task that a company faces while going public. Management board diversity is the tool that company use to signal their value. The aim of this study is to analyse the relation between the management board composition and the amount of capital gained by Polish non-financial companies going public on the Warsaw Stock Exchange over the period of 2006-2018. The results of multivariate regression analysis show that larger board size and higher level of board diversity in terms of age are statistically significant and are positively associated with the amount of capital raised in IPO by companies. Still, board gender diversity is not an important factor explaining IPO proceeds. Our study reveals that control variables such as company size and listing delay, but not profitability, are correlated with the dependent variable.","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45606822","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}
Pub Date : 2021-01-01DOI: 10.1504/IJEPEE.2021.10035375
Samâun Jaja Raharja
{"title":"Effect of leadership towards volunteer performance of the Citarum watershed ecovillage community, Indonesia","authors":"Samâun Jaja Raharja","doi":"10.1504/IJEPEE.2021.10035375","DOIUrl":"https://doi.org/10.1504/IJEPEE.2021.10035375","url":null,"abstract":"","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66806994","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}
Pub Date : 2021-01-01DOI: 10.1504/ijepee.2021.10033939
Kurt Burneo Farfan, Pablo José Arana Barbie
{"title":"Emerging market stock valuation: new evidence from Peru","authors":"Kurt Burneo Farfan, Pablo José Arana Barbie","doi":"10.1504/ijepee.2021.10033939","DOIUrl":"https://doi.org/10.1504/ijepee.2021.10033939","url":null,"abstract":"","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66807093","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}
Pub Date : 2021-01-01DOI: 10.1504/ijepee.2021.10039410
Ravisha Chutani, H. Purohit
{"title":"An analysis of financial literacy level of households of Punjab and Haryana state","authors":"Ravisha Chutani, H. Purohit","doi":"10.1504/ijepee.2021.10039410","DOIUrl":"https://doi.org/10.1504/ijepee.2021.10039410","url":null,"abstract":"","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66807293","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}
Pub Date : 2021-01-01DOI: 10.1504/IJEPEE.2021.10038317
Florencia Pedroni, A. Briozzo, Gabriela Pesce
{"title":"Determinants of unreported income in Latin American companies: a business perspective","authors":"Florencia Pedroni, A. Briozzo, Gabriela Pesce","doi":"10.1504/IJEPEE.2021.10038317","DOIUrl":"https://doi.org/10.1504/IJEPEE.2021.10038317","url":null,"abstract":"","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66807523","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}
Pub Date : 2021-01-01DOI: 10.1504/ijepee.2021.10040188
Sonu Madan, Surender Mor
{"title":"Do occupation, work status and gender cause variations in wages Case of Indian labour market","authors":"Sonu Madan, Surender Mor","doi":"10.1504/ijepee.2021.10040188","DOIUrl":"https://doi.org/10.1504/ijepee.2021.10040188","url":null,"abstract":"","PeriodicalId":38704,"journal":{"name":"International Journal of Economic Policy in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66807543","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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