Pub Date : 2024-05-13DOI: 10.1108/jabes-02-2023-0049
Rohmini Indah Lestari, I. Indarto, Yuli Budiati
PurposeExamining the role of women on board (WoB) toward corporate sustainable growth (CSG) through leverage policy (LP). This research also investigates the interaction effect of WoB and LP on improving CSG.Design/methodology/approachThis study uses a moderated mediation model to examine the impact of WoB on CSG, mediated by LP. Data from 48 KEHATI IDX ESG Sector Leaders Index companies observed from 2015 to 2021 were analyzed using the structural equation model partial least square (SEM-PLS) Warp.PLS 8.0. The research applies instrumental variables (IV) to test and control endogeneity due to nonrandom sample selection.FindingsWe found evidence that LP acts as a full mediator between the presence of WoB and CSG. The presence of WoB plays a moderate role by slightly weakening the influence of LP on CSG. Furthermore, we obtained evidence showing that the relationship between WoB and CSG is J-curve-shaped, a nonlinear relationship related to critical mass. Where the WoB ratio is at least 8.35% or higher, it will increase CSG in companies that have implemented the concept of environment social governance (ESG) in Indonesia.Originality/valueThis model uses a moderated mediation model and J-curve analysis; there is an interaction between WoB and LP on different paths of the mediator to CSG. This model examines the role of WoB as a moderator of the effect of LP on CSG. A nonlinear J-curve test was conducted to determine the minimum level of WoB that can influence the increase of CSG.
{"title":"Do women have a say? A moderated mediation model's influence on the leverage policy toward corporate sustainable growth","authors":"Rohmini Indah Lestari, I. Indarto, Yuli Budiati","doi":"10.1108/jabes-02-2023-0049","DOIUrl":"https://doi.org/10.1108/jabes-02-2023-0049","url":null,"abstract":"PurposeExamining the role of women on board (WoB) toward corporate sustainable growth (CSG) through leverage policy (LP). This research also investigates the interaction effect of WoB and LP on improving CSG.Design/methodology/approachThis study uses a moderated mediation model to examine the impact of WoB on CSG, mediated by LP. Data from 48 KEHATI IDX ESG Sector Leaders Index companies observed from 2015 to 2021 were analyzed using the structural equation model partial least square (SEM-PLS) Warp.PLS 8.0. The research applies instrumental variables (IV) to test and control endogeneity due to nonrandom sample selection.FindingsWe found evidence that LP acts as a full mediator between the presence of WoB and CSG. The presence of WoB plays a moderate role by slightly weakening the influence of LP on CSG. Furthermore, we obtained evidence showing that the relationship between WoB and CSG is J-curve-shaped, a nonlinear relationship related to critical mass. Where the WoB ratio is at least 8.35% or higher, it will increase CSG in companies that have implemented the concept of environment social governance (ESG) in Indonesia.Originality/valueThis model uses a moderated mediation model and J-curve analysis; there is an interaction between WoB and LP on different paths of the mediator to CSG. This model examines the role of WoB as a moderator of the effect of LP on CSG. A nonlinear J-curve test was conducted to determine the minimum level of WoB that can influence the increase of CSG.","PeriodicalId":497720,"journal":{"name":"Journal of Asian business and economic studies","volume":"49 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140983788","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 : 2024-03-05DOI: 10.1108/jabes-02-2023-0052
Yogeeswari Subramaniam, Nanthakumar Loganathan
PurposeGiven the importance of green finance in a discussion of energy efficiency and clean energy, it is critical to evaluate its implications for the growth of renewable energy. This study examines the impact of green finance on renewable energy development in Singapore.Design/methodology/approachThe dynamic ordinary least squares (DOLS) regression was used in this work to test such a connection.FindingsUsing the DOLS for the period 2000–2020, it was discovered that green finance aids renewable energy development in Singapore. Additionally, the findings revealed that economic growth, oil prices, energy consumption, carbon dioxide emissions and institutional factors are all positively associated with renewable energy growth, resulting in a boost in renewable energy development.Research limitations/implicationsHence, as a result, the monetary authorities of Singapore, such as financial institutions, non-governmental organisations and corporations, should prioritise renewable energy projects under green finance initiatives to boost renewable energy growth. This may assist in raising investment flows to green projects; hence, accelerating the adoption of renewable energy.Originality/valueIncreased Singapore's initiatives to accelerate green finance have prompted this study to examine the research question of whether green finance has a significant impact on renewable energy growth. Thus, to the best of the authors’ knowledge, this will be the first empirical study to explore the impact of green finance on renewable energy growth in the case of Singapore.
{"title":"Does green finance affect renewable energy development in Singapore?","authors":"Yogeeswari Subramaniam, Nanthakumar Loganathan","doi":"10.1108/jabes-02-2023-0052","DOIUrl":"https://doi.org/10.1108/jabes-02-2023-0052","url":null,"abstract":"PurposeGiven the importance of green finance in a discussion of energy efficiency and clean energy, it is critical to evaluate its implications for the growth of renewable energy. This study examines the impact of green finance on renewable energy development in Singapore.Design/methodology/approachThe dynamic ordinary least squares (DOLS) regression was used in this work to test such a connection.FindingsUsing the DOLS for the period 2000–2020, it was discovered that green finance aids renewable energy development in Singapore. Additionally, the findings revealed that economic growth, oil prices, energy consumption, carbon dioxide emissions and institutional factors are all positively associated with renewable energy growth, resulting in a boost in renewable energy development.Research limitations/implicationsHence, as a result, the monetary authorities of Singapore, such as financial institutions, non-governmental organisations and corporations, should prioritise renewable energy projects under green finance initiatives to boost renewable energy growth. This may assist in raising investment flows to green projects; hence, accelerating the adoption of renewable energy.Originality/valueIncreased Singapore's initiatives to accelerate green finance have prompted this study to examine the research question of whether green finance has a significant impact on renewable energy growth. Thus, to the best of the authors’ knowledge, this will be the first empirical study to explore the impact of green finance on renewable energy growth in the case of Singapore.","PeriodicalId":497720,"journal":{"name":"Journal of Asian business and economic studies","volume":"114 16","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140079164","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 : 2024-02-23DOI: 10.1108/jabes-08-2023-0300
Hang Thu Nguyen, Tra Thi Dan Vu, Hiep Manh Nguyen, Dung Bui Phuong Nguyen
PurposeThere is a need for research examining how governments and firms responded to the coronavirus disease (COVID-19) pandemic. This study investigates the interdependence between governments and innovative small and medium-sized enterprises (SMEs) during the pandemic in relation to the dynamic capabilities and resource dependence theories.Design/methodology/approachWe use World Bank survey data collected immediately before and after the COVID-19 outbreak and a generalized structural equation model to examine the mediating role of government support in the relationship between firm innovation, resilience and survival.FindingsInnovative SMEs exhibited higher resilience and a better chance of survival during the pandemic, partly due to attracting more government support.Originality/valueThis study offers a novel understanding of the government’s role in supporting innovative SMEs during the pandemic. The findings have implications for how government support policies can limit the deadweight effect and the substitution effect.
{"title":"SMEs’ innovation and government support during the COVID-19 pandemic","authors":"Hang Thu Nguyen, Tra Thi Dan Vu, Hiep Manh Nguyen, Dung Bui Phuong Nguyen","doi":"10.1108/jabes-08-2023-0300","DOIUrl":"https://doi.org/10.1108/jabes-08-2023-0300","url":null,"abstract":"PurposeThere is a need for research examining how governments and firms responded to the coronavirus disease (COVID-19) pandemic. This study investigates the interdependence between governments and innovative small and medium-sized enterprises (SMEs) during the pandemic in relation to the dynamic capabilities and resource dependence theories.Design/methodology/approachWe use World Bank survey data collected immediately before and after the COVID-19 outbreak and a generalized structural equation model to examine the mediating role of government support in the relationship between firm innovation, resilience and survival.FindingsInnovative SMEs exhibited higher resilience and a better chance of survival during the pandemic, partly due to attracting more government support.Originality/valueThis study offers a novel understanding of the government’s role in supporting innovative SMEs during the pandemic. The findings have implications for how government support policies can limit the deadweight effect and the substitution effect.","PeriodicalId":497720,"journal":{"name":"Journal of Asian business and economic studies","volume":"23 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139957353","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 : 2023-11-01DOI: 10.1108/jabes-07-2022-0170
Thu Le Can, Minh Duy Le, Ko-Chia Yu
Purpose By extending Edmans et al .’s (2021) music sentiment measures to the Vietnam market, the authors aim to investigate the impacts of music sentiment on stock market returns and volatility. Design/methodology/approach The authors adopted Edmans et al .’s (2021) music-based sentiment to proxy for investor mood. The current study uses linear regression analysis. Findings The authors find that music sentiment is significantly and positively related to both stock returns and stock market volatility. The authors also show that music sentiment has a contagious effect: Global music sentiment and those in the United States, France and Hong Kong are significant drivers of the Vietnamese stock market. The authors also examine the effect on different industry returns and find that returns on stocks of firms in the communication services, consumer discretionary, consumer staples, energy, financials, healthcare, real-estate, information technology and utility sectors are significantly related to music sentiment. In addition to valence, the authors find that other Spotify audio features can be used to quantify music sentiment. Originality/value This study contributes to the behavioral finance literature that focuses on investor sentiment. The authors address this topic in Vietnam using high-frequency data.
{"title":"Music sentiment and the stock market in Vietnam","authors":"Thu Le Can, Minh Duy Le, Ko-Chia Yu","doi":"10.1108/jabes-07-2022-0170","DOIUrl":"https://doi.org/10.1108/jabes-07-2022-0170","url":null,"abstract":"Purpose By extending Edmans et al .’s (2021) music sentiment measures to the Vietnam market, the authors aim to investigate the impacts of music sentiment on stock market returns and volatility. Design/methodology/approach The authors adopted Edmans et al .’s (2021) music-based sentiment to proxy for investor mood. The current study uses linear regression analysis. Findings The authors find that music sentiment is significantly and positively related to both stock returns and stock market volatility. The authors also show that music sentiment has a contagious effect: Global music sentiment and those in the United States, France and Hong Kong are significant drivers of the Vietnamese stock market. The authors also examine the effect on different industry returns and find that returns on stocks of firms in the communication services, consumer discretionary, consumer staples, energy, financials, healthcare, real-estate, information technology and utility sectors are significantly related to music sentiment. In addition to valence, the authors find that other Spotify audio features can be used to quantify music sentiment. Originality/value This study contributes to the behavioral finance literature that focuses on investor sentiment. The authors address this topic in Vietnam using high-frequency data.","PeriodicalId":497720,"journal":{"name":"Journal of Asian business and economic studies","volume":"9 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135166156","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 : 2023-10-13DOI: 10.1108/jabes-12-2022-0328
Law Chee-Hong
Purpose This study investigates the impact of financial development, measured by the ratio of broad money to gross domestic products, on de jure central bank (CB) independence (CBI) in 17 countries in the Asia–Pacific region from 1995 to 2014. Design/methodology/approach This study uses the feasible generalized least squares (FGLS) approach, which is suitable since the CBI equation suffers from contemporaneous correlation, serial correlation and heteroscedasticity. Findings The FGLS results suggest a positive association between CBI and financial market development (FMD). This relationship is confirmed when estimating different indicators of de jure CBI and adopting the panel-corrected standard error estimate. However, the statistical significance of FMD is not supported when the ratio of domestic credit to the private sector to GDP is measured. Research limitations/implications It is significant to have a developed financial system to foster a better CBI. Moreover, it is important to measure the influence of financial market players on the operations of a CB. Originality/value The financial market in the Asia–Pacific has improved over the years. Hence, the results show the determinants of CBI in the Asia–Pacific, especially the role of FMD.
{"title":"The influence of financial market development on de jure central bank independence in the Asia–Pacific","authors":"Law Chee-Hong","doi":"10.1108/jabes-12-2022-0328","DOIUrl":"https://doi.org/10.1108/jabes-12-2022-0328","url":null,"abstract":"Purpose This study investigates the impact of financial development, measured by the ratio of broad money to gross domestic products, on de jure central bank (CB) independence (CBI) in 17 countries in the Asia–Pacific region from 1995 to 2014. Design/methodology/approach This study uses the feasible generalized least squares (FGLS) approach, which is suitable since the CBI equation suffers from contemporaneous correlation, serial correlation and heteroscedasticity. Findings The FGLS results suggest a positive association between CBI and financial market development (FMD). This relationship is confirmed when estimating different indicators of de jure CBI and adopting the panel-corrected standard error estimate. However, the statistical significance of FMD is not supported when the ratio of domestic credit to the private sector to GDP is measured. Research limitations/implications It is significant to have a developed financial system to foster a better CBI. Moreover, it is important to measure the influence of financial market players on the operations of a CB. Originality/value The financial market in the Asia–Pacific has improved over the years. Hence, the results show the determinants of CBI in the Asia–Pacific, especially the role of FMD.","PeriodicalId":497720,"journal":{"name":"Journal of Asian business and economic studies","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135804918","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 : 2023-08-01DOI: 10.1108/jabes-02-2023-0038
Thang Ngoc Doan, Dong Phu Do, Dat Van Luong
Purpose This paper analyzes the effects of the monetary stance on the media's favorable (or otherwise) attitude to the State Bank of Vietnam's (SBV) monetary policy using monthly data from 2011 to 2021. Monetary stance is a multivariate index based on the growth rates of money supply and domestic credit. A large set of articles published in five Vietnam daily newspapers are utilized to construct a view of the media's favorableness to the monetary policy. Design/methodology/approach This paper uses hand-collected data from 211 articles published in five newspapers from December 2011 to September 2021 in order to examine the relationship between the monetary stance and the media's favorableness to monetary policy. Following the studies of He and Pauwels (2008) and Xiong (2012), the authors constructed a multivariate stance index to capture most of the important changes in the SBV's monetary policy stance. Findings The study's main findings are that a change in monetary stance from easing to neutral/tightening, or from neutral to tightening, is greatly appreciated by the media. The study's findings are robust, especially in terms of alternative measures of the media's favorableness and monetary policy variables. Research limitations/implications These findings have important policy implications for implementing SBV's monetary policy. Originality/value The main contribution of this paper is that the authors are the first to study the nexus of multivariate monetary stance and the media's favorableness to a central bank's non-inflation-targeting mandate. In particular, the study’s findings confirm that the SBV's multivariate monetary stance affects the media's favorableness, whereas the effect of inflation is statistically insignificant.
{"title":"Monetary stance and favorableness of the monetary policy in the media: the case of Vietnam","authors":"Thang Ngoc Doan, Dong Phu Do, Dat Van Luong","doi":"10.1108/jabes-02-2023-0038","DOIUrl":"https://doi.org/10.1108/jabes-02-2023-0038","url":null,"abstract":"Purpose This paper analyzes the effects of the monetary stance on the media's favorable (or otherwise) attitude to the State Bank of Vietnam's (SBV) monetary policy using monthly data from 2011 to 2021. Monetary stance is a multivariate index based on the growth rates of money supply and domestic credit. A large set of articles published in five Vietnam daily newspapers are utilized to construct a view of the media's favorableness to the monetary policy. Design/methodology/approach This paper uses hand-collected data from 211 articles published in five newspapers from December 2011 to September 2021 in order to examine the relationship between the monetary stance and the media's favorableness to monetary policy. Following the studies of He and Pauwels (2008) and Xiong (2012), the authors constructed a multivariate stance index to capture most of the important changes in the SBV's monetary policy stance. Findings The study's main findings are that a change in monetary stance from easing to neutral/tightening, or from neutral to tightening, is greatly appreciated by the media. The study's findings are robust, especially in terms of alternative measures of the media's favorableness and monetary policy variables. Research limitations/implications These findings have important policy implications for implementing SBV's monetary policy. Originality/value The main contribution of this paper is that the authors are the first to study the nexus of multivariate monetary stance and the media's favorableness to a central bank's non-inflation-targeting mandate. In particular, the study’s findings confirm that the SBV's multivariate monetary stance affects the media's favorableness, whereas the effect of inflation is statistically insignificant.","PeriodicalId":497720,"journal":{"name":"Journal of Asian business and economic studies","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136020445","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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