Sallahuddin Hassan, Zalila Othman, Zalina Mohd Mohaideen
Over the years, Malaysia has progressively accelerated its economic development, thanks to the adherence to high rates of domestic savings and investment. Of which, the Employees Provident Fund (EPF) is one of the schemes that caters for the private sector workers. Specifically, this paper investigates the relationship between economic growth and EPF investment in Malaysia for the period of 1970 – 2014. The model, which is derived from the Cobb-Douglas production function, is tested by econometric techniques; Johansen cointegration and Granger causality within VECM. While the EPF investment is proven statistically insignificant in the short run, there is evidence of the saving/investment-led-growth hypothesis being the long run phenomenon for Malaysia. In view of the possible over-dependence on investment funds in generalgoing forward, the policy makers are recommended to reinforce the government’s initiative in facilitating more business ventures as means to attract incoming funds, including FDI flows, towards streaming into the country.
{"title":"The relationship between economic growth and employee provident fund: An empirical evidence from Malaysia","authors":"Sallahuddin Hassan, Zalila Othman, Zalina Mohd Mohaideen","doi":"10.15208/BEH.2018.18","DOIUrl":"https://doi.org/10.15208/BEH.2018.18","url":null,"abstract":"Over the years, Malaysia has progressively accelerated its economic development, thanks to the adherence to high rates of domestic savings and investment. Of which, the Employees Provident Fund (EPF) is one of the schemes that caters for the private sector workers. Specifically, this paper investigates the relationship between economic growth and EPF investment in Malaysia for the period of 1970 – 2014. The model, which is derived from the Cobb-Douglas production function, is tested by econometric techniques; Johansen cointegration and Granger causality within VECM. While the EPF investment is proven statistically insignificant in the short run, there is evidence of the saving/investment-led-growth hypothesis being the long run phenomenon for Malaysia. In view of the possible over-dependence on investment funds in generalgoing forward, the policy makers are recommended to reinforce the government’s initiative in facilitating more business ventures as means to attract incoming funds, including FDI flows, towards streaming into the country.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"229-242"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083259","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}
The management theories of no practical value are known as management fads. One of those management fads - which is the focus of this research – is learning organization. There is sufficient evidence in English literature to conclude that learning organization is a management fad. The aim of this paper is to present the ample evidence that learning organization is a management fad. The maximum number of the research paper with the subject of learning organization was made in the late 1995 and the typical bell-shaped curve of the management fad is evident. In contrast to the world trend, a content analysis of Serbian journals discovered that a typical pick of a bell-shaped curve of papers covering the topic of learning organization was 17 years later. It is argued in this paper that the learning organization phenomenon, as a normative or prescriptive theory, should be abandoned in the academic world altogether. The learning organization fad is a phenomenon with low practical applicability, a phenomenon of a little value for further development in the management research.
{"title":"Learning Organization: a Fine Example of a Management Fad","authors":"Slobodan Adžić","doi":"10.15208/BEH.2018.34","DOIUrl":"https://doi.org/10.15208/BEH.2018.34","url":null,"abstract":"The management theories of no practical value are known as management fads. One of those management fads - which is the focus of this research – is learning organization. There is sufficient evidence in English literature to conclude that learning organization is a management fad. The aim of this paper is to present the ample evidence that learning organization is a management fad. The maximum number of the research paper with the subject of learning organization was made in the late 1995 and the typical bell-shaped curve of the management fad is evident. In contrast to the world trend, a content analysis of Serbian journals discovered that a typical pick of a bell-shaped curve of papers covering the topic of learning organization was 17 years later. It is argued in this paper that the learning organization phenomenon, as a normative or prescriptive theory, should be abandoned in the academic world altogether. The learning organization fad is a phenomenon with low practical applicability, a phenomenon of a little value for further development in the management research.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"477-487"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083745","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}
C. Moreno-Hurtado, Diego Ochoa-Jiménez, Gonzalo Leonardo Izquierdo-Montoya
The paper presents a simplified economic growth model with social capital, as an alternative for sustained long-term growth. The intuition behind the model suggests its application for developing economies that historically have focused their attention on the accumulation of physical capital and not on endogenous factors such as human capital and social capital. The model is considered as a Cobb-Douglas production function that includes three types of capital: physical, human and social. From the model, we obtain evidence from estimates for the Ecuadorian economy in the period 1980-2015, which underlie the main endogenous sources regarding physical capital. As a result, some policy implications are highlighted.
{"title":"A simplified endogenous economic growth model with social capital: Evidence for Ecuador","authors":"C. Moreno-Hurtado, Diego Ochoa-Jiménez, Gonzalo Leonardo Izquierdo-Montoya","doi":"10.15208/BEH.2018.14","DOIUrl":"https://doi.org/10.15208/BEH.2018.14","url":null,"abstract":"The paper presents a simplified economic growth model with social capital, as an alternative for sustained long-term growth. The intuition behind the model suggests its application for developing economies that historically have focused their attention on the accumulation of physical capital and not on endogenous factors such as human capital and social capital. The model is considered as a Cobb-Douglas production function that includes three types of capital: physical, human and social. From the model, we obtain evidence from estimates for the Ecuadorian economy in the period 1980-2015, which underlie the main endogenous sources regarding physical capital. As a result, some policy implications are highlighted.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"168-184"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083147","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}
Many developing countries attained high growth rates in different periods but income differences did not reduce significantly in these periods due to increase in income inequalities. Therefore, the key objective of this study was to analyze the relationship between income differences, trade and institutions in developing countries. This study has used panel data of the year 2000 to 2014 to explore the relationship between these variables. This study is based on sampling of two groups; 25 middle income countries and 24 low income countries. Pooled OLS, panel fixed effect and Driscoll and Kraay techniques were used in this study. The results showed the negative relations of imports, a significant role of political institutions and insignificant role of economic institutions in income distribution with GDP per capita among low income and middle-income countries. Moreover, the current study suggested that governments in developing countries should focus upon improving the performance of political and economic institutions in order to improve their prospects of getting investment opportunities.
{"title":"Income differences, trade and Institutions: empirical evidence form low and middle-income countries","authors":"Agus Eko Sujianto, T. Suryanto","doi":"10.15208/BEH.2018.17","DOIUrl":"https://doi.org/10.15208/BEH.2018.17","url":null,"abstract":"Many developing countries attained high growth rates in different periods but income differences did not reduce significantly in these periods due to increase in income inequalities. Therefore, the key objective of this study was to analyze the relationship between income differences, trade and institutions in developing countries. This study has used panel data of the year 2000 to 2014 to explore the relationship between these variables. This study is based on sampling of two groups; 25 middle income countries and 24 low income countries. Pooled OLS, panel fixed effect and Driscoll and Kraay techniques were used in this study. The results showed the negative relations of imports, a significant role of political institutions and insignificant role of economic institutions in income distribution with GDP per capita among low income and middle-income countries. Moreover, the current study suggested that governments in developing countries should focus upon improving the performance of political and economic institutions in order to improve their prospects of getting investment opportunities.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"217-228"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67083247","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}
The aim of this study is to investigate the bank-specific, industry-specific, and macroeconomic determinants of the financial performance of banks in Central and Eastern European Countries. For this purpose, first we determined the factors affecting performance, based on findings in the literature. We constructed a financial performance index (FPI) based on CAMEL ratios and then ran the computed index on the aforementioned determinants. In the analysis, we used unbalanced panel data covering the period 2009–2014, which were collected from from the Bankscope database, World Development Indicators, and the Financial Structure and Development Dataset. We conducted an empirical analysis using fixed-effect panel regression. Our results suggest that the asset quality and earnings of banks are negatively affected by size, and positively affected by business mix and inflation. Capital adequacy and liquidity were found to be negatively affected by size and positively affected by bank concentration and economic growth.
{"title":"Determinants of financial performance of banks in Central and Eastern Europe","authors":"Roger Antoun, A. Coşkun, Bojan Georgievski","doi":"10.15208/BEH.2018.37","DOIUrl":"https://doi.org/10.15208/BEH.2018.37","url":null,"abstract":"The aim of this study is to investigate the bank-specific, industry-specific, and macroeconomic determinants of the financial performance of banks in Central and Eastern European Countries. For this purpose, first we determined the factors affecting performance, based on findings in the literature. We constructed a financial performance index (FPI) based on CAMEL ratios and then ran the computed index on the aforementioned determinants. In the analysis, we used unbalanced panel data covering the period 2009–2014, which were collected from from the Bankscope database, World Development Indicators, and the Financial Structure and Development Dataset. We conducted an empirical analysis using fixed-effect panel regression. Our results suggest that the asset quality and earnings of banks are negatively affected by size, and positively affected by business mix and inflation. Capital adequacy and liquidity were found to be negatively affected by size and positively affected by bank concentration and economic growth.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"14 1","pages":"513-529"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67084300","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}
Financial analysis of investments aimed at energy efficiency improvement differs from the standard investment analysis. The purpose of this article is to provide an overview of methodological approaches to evaluation of energy efficiency projects’ financial effects. Its contribution lies in providing conceptual framework for the analysis of energy efficiency methodology, as well as in comprehensive literature review. The findings show that the methods used for evaluation of financial effects of energy efficiency projects are determined by the three main categories: scope, timing, and approach.
{"title":"Methods of evaluating long-term financial effects of energy efficiency projects","authors":"Domagoj Sajter","doi":"10.15208/BEH.2017.22","DOIUrl":"https://doi.org/10.15208/BEH.2017.22","url":null,"abstract":"Financial analysis of investments aimed at energy efficiency improvement differs from the standard investment analysis. The purpose of this article is to provide an overview of methodological approaches to evaluation of energy efficiency projects’ financial effects. Its contribution lies in providing conceptual framework for the analysis of energy efficiency methodology, as well as in comprehensive literature review. The findings show that the methods used for evaluation of financial effects of energy efficiency projects are determined by the three main categories: scope, timing, and approach.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"295-311"},"PeriodicalIF":0.0,"publicationDate":"2017-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44306277","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}
Florina Guadalupe Arrendondo Trapero, Lida Esperanza Villa Castaño, José Carlos Vázquez Parra, Jorge De La Garza García
Citation: Arredondo-Trapero, F.G., Villa-Castano, L.E., Vazquez-Parra, J.C., De la Garza Garcia, J. (2017). Differences on self-perception of organizational pride and loyalty in Millennial & Generation X, considering gender and seniority variables. Business and Economic Horizons, 13(2), 270-286, http://dx.doi.org/10.15208/beh.2017.20
引文：Arredondo Trapero，F.G.，Villa Castano，L.E.，Vazquez Parra，J.C.，De la Garza Garcia，J.（2017）。千禧一代和X一代对组织自豪感和忠诚度的自我感知差异，考虑性别和资历变量。《商业与经济视野》，13（2），270-286，http://dx.doi.org/10.15208/beh.2017.20
{"title":"Differences on self-perception of organizational pride and loyalty in Millennial & Generation X, considering gender and seniority variables","authors":"Florina Guadalupe Arrendondo Trapero, Lida Esperanza Villa Castaño, José Carlos Vázquez Parra, Jorge De La Garza García","doi":"10.15208/BEH.2017.20","DOIUrl":"https://doi.org/10.15208/BEH.2017.20","url":null,"abstract":"Citation: Arredondo-Trapero, F.G., Villa-Castano, L.E., Vazquez-Parra, J.C., De la Garza Garcia, J. (2017). Differences on self-perception of organizational pride and loyalty in Millennial & Generation X, considering gender and seniority variables. Business and Economic Horizons, 13(2), 270-286, http://dx.doi.org/10.15208/beh.2017.20","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"270-286"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48111662","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}
This research set out to test the mediating of employee attitudes on the relationship between SHRM (Society for Human Resource Management) practices and organizational effectiveness in Palestinian banking sector. Using structural equation modeling (SEM) it is investigated a random sample of 357 Palestinian banks' employees selected in a random manner in 16 Palestinian governorates. The partial least square approach has been used depending on SMART-PLS software. Results show the existence of direct and indirect significant path between SHRM practices and organizational effectiveness. However, the indirect relationship through the mediating role of employee attitudes was stronger than the direct one. To sum up, results indicate that employee attitudes partially mediate the relationship between SHRM practices and organizational effectiveness.
{"title":"Do employee attitudes mediate the relationship between strategic human resource management practices and organizational effectiveness? A SEM based investigation using SMART-PLS software","authors":"Okechukwu Lawrence Emeagwali, Mohammad Sleimi","doi":"10.15208/BEH.2017.04","DOIUrl":"https://doi.org/10.15208/BEH.2017.04","url":null,"abstract":"This research set out to test the mediating of employee attitudes on the relationship between SHRM (Society for Human Resource Management) practices and organizational effectiveness in Palestinian banking sector. Using structural equation modeling (SEM) it is investigated a random sample of 357 Palestinian banks' employees selected in a random manner in 16 Palestinian governorates. The partial least square approach has been used depending on SMART-PLS software. Results show the existence of direct and indirect significant path between SHRM practices and organizational effectiveness. However, the indirect relationship through the mediating role of employee attitudes was stronger than the direct one. To sum up, results indicate that employee attitudes partially mediate the relationship between SHRM practices and organizational effectiveness.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"42-59"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41498609","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}
Using weekly data collected from 20.09.2008 to 09.12.2016, this paper uses dynamic threshold adjustment models to demonstrate how the introduction of high-frequency and algorithmic trading on the Johannesburg Stock Exchange (JSE) has altered convergence relations between the federal fund rate and equity returns for aggregate and disaggregate South African market indices. We particularly find that for the post-crisis period, the JSE appears to operate more efficiently, in the weak-form sense, under high frequency trading platforms.
{"title":"Threshold convergence between the federal fund rate and South African equity returns around the colocation period","authors":"A. Phiri","doi":"10.15208/BEH.2017.01","DOIUrl":"https://doi.org/10.15208/BEH.2017.01","url":null,"abstract":"Using weekly data collected from 20.09.2008 to 09.12.2016, this paper uses dynamic threshold adjustment models to demonstrate how the introduction of high-frequency and algorithmic trading on the Johannesburg Stock Exchange (JSE) has altered convergence relations between the federal fund rate and equity returns for aggregate and disaggregate South African market indices. We particularly find that for the post-crisis period, the JSE appears to operate more efficiently, in the weak-form sense, under high frequency trading platforms.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"1-9"},"PeriodicalIF":0.0,"publicationDate":"2017-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45146501","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}
Miguel angel esquivias Padilla, D. Sari, R. Handoyo
This study addresses the two-fold question of whether the integration-liberalization process of ASEAN is headed towards the creation of a single production base region, and how ASEAN links with other trade blocks. It looks into the degree of intra-ASEAN and extra-ASEAN vertical integration vis-a-vis North America, East Asia, and the European Union through the measurement of value-added creation-absorption in global value chains (GVC) and by locating ASEAN within vertical structures. The study employs an international input-output database and breaks up gross exports into different components of value-added using data from 1997, 2004, and 2012. ASEAN has made significant gains in integrating with East Asia. However, ASEAN as a single production region has gained little, and even lost share in value-added trade with NAFTA and Europe. The truth is that ASEAN has a stronger role across the GVC as a supplier of intermediate goods (33%) than as a supplier of final goods (30%). Vertical structures represent more than 43% of ASEAN gross exports, but it still depends on foreign parts and components (35%) to produce its exports. It may be argued that ASEAN + 6, which entails a wider scope of integration, might offer larger benefits to the ASEAN project.
{"title":"Formation of production networks in ASEAN: Measuring the real value-added and identifying the role of ASEAN countries in the world supply chains","authors":"Miguel angel esquivias Padilla, D. Sari, R. Handoyo","doi":"10.15208/BEH.2017.18","DOIUrl":"https://doi.org/10.15208/BEH.2017.18","url":null,"abstract":"This study addresses the two-fold question of whether the integration-liberalization process of ASEAN is headed towards the creation of a single production base region, and how ASEAN links with other trade blocks. It looks into the degree of intra-ASEAN and extra-ASEAN vertical integration vis-a-vis North America, East Asia, and the European Union through the measurement of value-added creation-absorption in global value chains (GVC) and by locating ASEAN within vertical structures. The study employs an international input-output database and breaks up gross exports into different components of value-added using data from 1997, 2004, and 2012. ASEAN has made significant gains in integrating with East Asia. However, ASEAN as a single production region has gained little, and even lost share in value-added trade with NAFTA and Europe. The truth is that ASEAN has a stronger role across the GVC as a supplier of intermediate goods (33%) than as a supplier of final goods (30%). Vertical structures represent more than 43% of ASEAN gross exports, but it still depends on foreign parts and components (35%) to produce its exports. It may be argued that ASEAN + 6, which entails a wider scope of integration, might offer larger benefits to the ASEAN project.","PeriodicalId":43750,"journal":{"name":"Business and Economic Horizons","volume":"13 1","pages":"237-255"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67082151","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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