Pub Date : 2022-03-14DOI: 10.1177/22779787221083746
S. Sinha
The recent paper by Raychaudhuri and Roy (2021) in the South Asian Journal of Macroeconomic and Public Finance has been both timely and intensely thought provoking as it suggests an alternative approach for intergovernmental fiscal transfer in India. Fiscal transfers to subnational governments by the Finance Commissions in India is critical for maintaining the spirit of co-operative fiscal federalism in the country and is designed to improve the overall fiscal health of the economy. Rewarding the states for their efforts in improving public investment management would certainly help make the devolution rules for the Finance Commission time consistent and truly welfare- and growth oriented, and it would also help address the issue of vertical and horizontal gap in a more sustainable manner. JEL Classifications: H77, H71, E62, H72
{"title":"Comments on the Paper ‘The Optimal Distribution Rule of Federal Funds to States in India: A Suggested Methodology’ by Raychaudhuri and Roy (2021)","authors":"S. Sinha","doi":"10.1177/22779787221083746","DOIUrl":"https://doi.org/10.1177/22779787221083746","url":null,"abstract":"The recent paper by Raychaudhuri and Roy (2021) in the South Asian Journal of Macroeconomic and Public Finance has been both timely and intensely thought provoking as it suggests an alternative approach for intergovernmental fiscal transfer in India. Fiscal transfers to subnational governments by the Finance Commissions in India is critical for maintaining the spirit of co-operative fiscal federalism in the country and is designed to improve the overall fiscal health of the economy. Rewarding the states for their efforts in improving public investment management would certainly help make the devolution rules for the Finance Commission time consistent and truly welfare- and growth oriented, and it would also help address the issue of vertical and horizontal gap in a more sustainable manner. JEL Classifications: H77, H71, E62, H72","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"11 1","pages":"246 - 251"},"PeriodicalIF":0.9,"publicationDate":"2022-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49410331","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 : 2022-02-17DOI: 10.1177/22779787211064505
Nabamita Dutta
The findings with regard to the impact of marital status on female entrepreneurs are ambiguous. Using an extensive individual-level data across countries over six time waves from 1981 to 2014, the article explores the role of a cultural trait—individualism—in affecting the relationship between married females and their self-employment rates. Our results show that for less individualistic societies, married females are 4.3% less likely to be self-employed. For highly individualistic societies, married females are 3.9% less likely to be self-employed. So individualism helps by lessening the magnitude by which the probability for a married female to be self-employed goes down. Identification is established via mitigating omitted variable bias, presenting inverse probability weight estimates and, finally, considering instrumental variable estimates. JEL Classification: L26, O11, Z10
{"title":"Female Entrepreneurship and Marriage: Does Individualism Matter?","authors":"Nabamita Dutta","doi":"10.1177/22779787211064505","DOIUrl":"https://doi.org/10.1177/22779787211064505","url":null,"abstract":"The findings with regard to the impact of marital status on female entrepreneurs are ambiguous. Using an extensive individual-level data across countries over six time waves from 1981 to 2014, the article explores the role of a cultural trait—individualism—in affecting the relationship between married females and their self-employment rates. Our results show that for less individualistic societies, married females are 4.3% less likely to be self-employed. For highly individualistic societies, married females are 3.9% less likely to be self-employed. So individualism helps by lessening the magnitude by which the probability for a married female to be self-employed goes down. Identification is established via mitigating omitted variable bias, presenting inverse probability weight estimates and, finally, considering instrumental variable estimates. JEL Classification: L26, O11, Z10","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"12 1","pages":"7 - 28"},"PeriodicalIF":0.9,"publicationDate":"2022-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49596034","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 : 2022-02-03DOI: 10.1177/22779787211054007
Neha Jain, Niharika Sinha
The present study aims to examine the relationship between government size and economic growth in India for the period from 1961 to 2018. Additionally, as a novel contribution, the current study also attempts to examine the existence of Armey curve and estimate the threshold level of government size in India. The empirical estimation uses time series analysis and employs quadratic ordinary least squares (OLS) function and autoregressive distributed lag (ARDL) bound testing approach to co-integration to examine the association between the variables. The result of the study confirms a long-run significant positive impact of government size on economic growth. The present study also finds the existence of Armey curve and supports the Armey curve hypothesis in India. There exists a positive impact of government size till the threshold level, and beyond the threshold level, the coefficient of economic growth tends to decrease. The estimated optimal government size is 11.89% for India; this shows that, currently, the government spends less than the optimum amount. It implies that India operates somewhere on the positive slope of the Armey curve, and there is a scope for the government to expand its size further. However, the findings of the study also suggest that a large size of the government can be harmful for the efficiency of economic growth; thus, adjusting the government at its optimum is crucial to the economy. JEL Classifications: B23, C01, C87, H11, H50, O47
{"title":"Re-visiting the Armey Curve Hypothesis: An Empirical Evidence from India","authors":"Neha Jain, Niharika Sinha","doi":"10.1177/22779787211054007","DOIUrl":"https://doi.org/10.1177/22779787211054007","url":null,"abstract":"The present study aims to examine the relationship between government size and economic growth in India for the period from 1961 to 2018. Additionally, as a novel contribution, the current study also attempts to examine the existence of Armey curve and estimate the threshold level of government size in India. The empirical estimation uses time series analysis and employs quadratic ordinary least squares (OLS) function and autoregressive distributed lag (ARDL) bound testing approach to co-integration to examine the association between the variables. The result of the study confirms a long-run significant positive impact of government size on economic growth. The present study also finds the existence of Armey curve and supports the Armey curve hypothesis in India. There exists a positive impact of government size till the threshold level, and beyond the threshold level, the coefficient of economic growth tends to decrease. The estimated optimal government size is 11.89% for India; this shows that, currently, the government spends less than the optimum amount. It implies that India operates somewhere on the positive slope of the Armey curve, and there is a scope for the government to expand its size further. However, the findings of the study also suggest that a large size of the government can be harmful for the efficiency of economic growth; thus, adjusting the government at its optimum is crucial to the economy. JEL Classifications: B23, C01, C87, H11, H50, O47","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"11 1","pages":"168 - 184"},"PeriodicalIF":0.9,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43401182","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}
{"title":"Board Characteristics and Intellectual Capital Disclosures: Evidence from Sri Lanka","authors":"K. Chandraratne, C. Pathirawasam, M. S. Mohamed","doi":"10.4038/sajf.v1i2.33","DOIUrl":"https://doi.org/10.4038/sajf.v1i2.33","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"44 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90716617","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}
{"title":"The Value Relevance of Financial Statements and Stock Price Returns: With Reference to the Companies at Colombo Stock Exchange","authors":"S. M. D. Lakmal, R. Swarnapali","doi":"10.4038/sajf.v1i2.37","DOIUrl":"https://doi.org/10.4038/sajf.v1i2.37","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"12 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85875494","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}
{"title":"Factors Affecting Non-Performing Loan in Sri Lanka: A Qualitative Study","authors":"A. Keshani, L. Jayatilake","doi":"10.4038/sajf.v1i2.34","DOIUrl":"https://doi.org/10.4038/sajf.v1i2.34","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"41 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2021-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83193724","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 : 2021-09-17DOI: 10.1177/22779787211033506
S. Gnangnon
This article explores the effect of poverty on tax revenue performance (tax revenue share), using an unbalanced panel data set of 102 developing countries over the period from 1996 to 2015. Based on the two-step system generalized methods of moments (GMM) approach, the empirical analysis shows that higher poverty rates significantly reduce tax revenue performance in developing countries. However, the magnitude of this negative effect is lower in least developed countries (LDCs) than in other countries of the sample. The analysis has also revealed that the tax revenue performance effect of poverty depends on the level of household consumption as well as the prevailing unemployment rate in the economy. Finally, development aid inflows help to mitigate the negative effect of poverty on tax revenue performance in developing countries. These findings not only highlight the importance of poverty for tax revenue performance in developing countries, but they additionally show that the provision of higher amounts of development aid to these countries could help them mitigate the adverse tax revenue effect of poverty, and even allow them to enjoy higher tax revenue performance, which is key for attaining their development objectives. JEL Classification: I30, I32, H20
{"title":"Does Poverty Matter for Tax Revenue Performance in Developing Countries?","authors":"S. Gnangnon","doi":"10.1177/22779787211033506","DOIUrl":"https://doi.org/10.1177/22779787211033506","url":null,"abstract":"This article explores the effect of poverty on tax revenue performance (tax revenue share), using an unbalanced panel data set of 102 developing countries over the period from 1996 to 2015. Based on the two-step system generalized methods of moments (GMM) approach, the empirical analysis shows that higher poverty rates significantly reduce tax revenue performance in developing countries. However, the magnitude of this negative effect is lower in least developed countries (LDCs) than in other countries of the sample. The analysis has also revealed that the tax revenue performance effect of poverty depends on the level of household consumption as well as the prevailing unemployment rate in the economy. Finally, development aid inflows help to mitigate the negative effect of poverty on tax revenue performance in developing countries. These findings not only highlight the importance of poverty for tax revenue performance in developing countries, but they additionally show that the provision of higher amounts of development aid to these countries could help them mitigate the adverse tax revenue effect of poverty, and even allow them to enjoy higher tax revenue performance, which is key for attaining their development objectives. JEL Classification: I30, I32, H20","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"11 1","pages":"7 - 38"},"PeriodicalIF":0.9,"publicationDate":"2021-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45679438","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}
{"title":"Impact of Financial Leverage on Firm Profitability: Evidence from Non-Financial Firms Listed in Colombo Stock Exchange- Sri Lanka","authors":"M. Ravindran, L. Kengatharan","doi":"10.4038/sajf.v1i1.29","DOIUrl":"https://doi.org/10.4038/sajf.v1i1.29","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"84 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81016738","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}
Purpose: This study aims to measure the relationship between corporate governance and dividend policy of Sri Lankan listed companies with the highest market capitalization, using the Agency theory. Methodology: The sample is based on the listed companies with the highest market capitalization at the Colombo Stock Exchange for a four-year period. The independent variables of this research include the board size, board independence, board gender diversity, board meetings, independent directors in audit committee, audit committee meetings, independent directors in remuneration committee and remuneration committee meetings. The dependent variables are dividend per share and dividend payout ratio. Descriptive analysis and Panel regression analysis were conducted to analyze the data. Findings: Independent directors in audit committee and return on assets have a significant positive impact on the dividend policy. Remuneration committee meetings have a significant negative impact on the dividend policy. However, board size, board meetings, board independence, board gender diversity, audit committee meetings, independent directors in remuneration committee, firm size and leverage have no significant impact on the dividend policy. According to the findings, corporate governance has an influence on the dividend policy of the listed companies during the period. Originality: This study fills the research gap in the local context, and this can be recommended for further research, changes in the academic concepts, and modifications in the accepted theories.
{"title":"The Impact of Corporate Governance on Dividend Policy: An Empirical Evidence from Listed Companies in Sri Lanka","authors":"L. Fernando, D. Dissanayake, M. Mendis","doi":"10.4038/sajf.v1i1.26","DOIUrl":"https://doi.org/10.4038/sajf.v1i1.26","url":null,"abstract":"Purpose: This study aims to measure the relationship between corporate governance and dividend policy of Sri Lankan listed companies with the highest market capitalization, using the Agency theory. Methodology: The sample is based on the listed companies with the highest market capitalization at the Colombo Stock Exchange for a four-year period. The independent variables of this research include the board size, board independence, board gender diversity, board meetings, independent directors in audit committee, audit committee meetings, independent directors in remuneration committee and remuneration committee meetings. The dependent variables are dividend per share and dividend payout ratio. Descriptive analysis and Panel regression analysis were conducted to analyze the data. Findings: Independent directors in audit committee and return on assets have a significant positive impact on the dividend policy. Remuneration committee meetings have a significant negative impact on the dividend policy. However, board size, board meetings, board independence, board gender diversity, audit committee meetings, independent directors in remuneration committee, firm size and leverage have no significant impact on the dividend policy. According to the findings, corporate governance has an influence on the dividend policy of the listed companies during the period. Originality: This study fills the research gap in the local context, and this can be recommended for further research, changes in the academic concepts, and modifications in the accepted theories.","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"56 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84147460","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}
{"title":"The Effect of Exports and Imports on Exchange Rate over Short and Long Time Horizons: Evidence from Asian Countries","authors":"D. Dissanayake, G. A. P. Kethmi","doi":"10.4038/sajf.v1i1.27","DOIUrl":"https://doi.org/10.4038/sajf.v1i1.27","url":null,"abstract":"","PeriodicalId":40308,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":"22 1","pages":""},"PeriodicalIF":0.9,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72897892","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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