PENGARUH STRUKTUR KEPEMILIKAN DAN STRUKTUR MODAL TERHADAP HARGA SAHAM

This paper aims to investigate the short and long run behavior of ownership structure, capital structure and Indonesian Stock Price over the period from 2007 to 2016. To capture the long run relationships, we used the panel cointegration by Pedroni (1999, 2000, 2004), while the short run relationship are measured by Vector Error Correction Model (VECM). The main findings are as follows. First, the result of most results of Pedroni’s panel cointegration tests, suggest the null hypothesis of no cointegration is rejected. In consequence, this result suggests that there is a cointegration between stock price, managerial ownership, institutional ownership, public ownership, debt to equity ratio and earnings per share. Second, the results of VECM indicate that in the short run, only managerial ownership that will influence the stock price.

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International Logistics and Cross-Border E-Commerce Trade: Who Matters Whom?

Sustainability ◽

10.3390/su13041745 ◽

2021 ◽

Vol 13 (4) ◽

pp. 1745

Author(s):

Yugang He ◽

Renhong Wu ◽

Yong-Jae Choi

Keyword(s):

Panel Cointegration ◽

The Sustainable Development ◽

Vector Error Correction ◽

Cross Border ◽

Vector Error ◽

Long Run ◽

Cointegration Tests ◽

Causality Tests ◽

Short Run

Unlike previous papers on international logistics and cross-border e-commerce trade, this paper sets Organization for Economic Co-operation and Development (OECD) countries as an example to explore the dynamic interaction between international logistics and cross-border e-commerce trade. The panel data for the period 2000–2018 will be employed to perform an empirical analysis via a host of econometric techniques, such as panel unit root tests, panel cointegration tests, panel causality tests and the panel vector error correction model. Incorporating with other control variables, we find that there is a long-term relationship between international logistics and cross-border e-commerce trade. Specifically speaking, in the long-run, international logistics has a positive and significant effect on cross-border e-commerce trade. However, in the short-run, international logistics has a negative and significant effect on cross-border e-commerce trade. Furthermore, the results suggest that deviation from a cointegration system of cross-border e-commerce trade and international logistics will lead to the cross-border e-commerce trade and international logistics changing within the range of approximately 2.2% to 47.2% in the next period. Therefore, referring to these findings, each OECD country’s government should take up corresponding policies to ensure the sustainable development of both international logistics and cross-border e-commerce trade.

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Enhancing Economic Growth and Government Revenue Generation in Nigeria: The Role of Diaspora Remittances

The Review of Black Political Economy ◽

10.1177/00346446211025647 ◽

2021 ◽

pp. 003464462110256

Author(s):

Dal Didia ◽

Suleiman Tahir

Keyword(s):

Economic Growth ◽

Parameter Estimates ◽

Gross Domestic Product Growth ◽

Correction Model ◽

Vector Error Correction ◽

Vector Error ◽

Long Run ◽

Short Run ◽

The Empirical Analysis

Even though remittances constitute the second-largest source of foreign exchange for Nigeria, with a $24 billion inflow in 2018, its impact on economic growth remains unclear. This study, therefore, examined the short-run and long-run impact of remittances on the economic growth of Nigeria using the vector error correction model. Utilizing World Bank data covering 1990–2018, the empirical analysis revealed that remittances hurt economic growth in the short run while having no impact on economic growth in the long run. Our parameter estimates indicate that a 1% increase in remittances would result in a 0.9% decrease in the gross domestic product growth rate in the short run. One policy implication of this study is that Nigeria needs to devise policies and interventions that minimize the emigration of skilled professionals rather than depending on remittances that do not offset the losses to the economy due to brain drain.

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Analysis of Internal and External Determinant Variables towards Profitability of Islamic Banking in Indonesia (2014-2020)

Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) ◽

10.31538/iijse.v4i1.1442 ◽

2021 ◽

Vol 4 (1) ◽

pp. 18-34

Author(s):

Febri Ramadhani ◽

Muhammad Rizkan

Keyword(s):

Negative Relationship ◽

Banking System ◽

Islamic Banking ◽

Correction Model ◽

Factors Affecting ◽

Vector Error Correction ◽

Vector Error ◽

Long Run ◽

Short Run ◽

Relationship Of

Indonesia is a country that adheres to a dual banking system, namely conventional and Islamic Banking. The growth rate of Islamic banking in the last three years is higher than conventional banking. However, in total assets, Islamic banking is still far behind conventional banking. Therefore, it is necessary to study further the performance of Islamic banking reflected in its profitability. So, it becomes an alternative input in determining Islamic banking policies. This study aims to know the factors affecting the profitability (ROA) of Islamic Banking in Indonesia. The data used are the 2014-2020 monthly data in the amount of 79 data. The method used in this study is a Vector Error Correction Model (VECM) to determine the effect of long-run and short-run relationships. The results of the study showed that the long-run relationship of the NPF variable affected and was significant positive toward ROA, CAR affected and was significant negative toward ROA, while the inflation variable had a negative relationship and not significant toward ROA. The results of the short-run relationships showed that the NPF and CAR variables positively affected ROA, while the inflation variable did not significantly affect the ROA.

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Public debt, corruption and shadow economy in Africa: an empirical analysis

Journal of Economic and Administrative Sciences ◽

10.1108/jeas-08-2020-0150 ◽

2021 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Victor Owusu-Nantwi ◽

Gloria Owusu-Nantwi

Keyword(s):

Public Debt ◽

Shadow Economy ◽

African Countries ◽

Correction Model ◽

Content Type ◽

Vector Error Correction ◽

Vector Error ◽

Long Run ◽

Short Run ◽

Policies And Programs

PurposeThe purpose of this paper is to examine the effect of corruption and shadow economy on public debt in 51 African countries. In addition, the study explores the causal linkage between corruption, shadow economy and public debt.Design/methodology/approachThe study employs vector error correction model and Kao cointegration test to examine the long-run relationship between corruption, shadow economy and public debt in Africa.FindingsThe study finds a positive and statistically significant relationship between corruption and public debt. Further, the study reports a positive and statistically significant effect of shadow economy on public debt. In the short run, the study finds a unidirectional causal relationship between corruption, shadow economy and public debt with the direction of causality running from corruption and shadow economy to public debt, respectively.Practical implicationsThis study recommends that countries should pursue policies and programs that would provide resources to agencies tasked with the responsibility of fighting corruption. This would ensure that countries have effective institutions that curb vulnerabilities to corruption and reduce the size of the shadow economy and public debt.Originality/valueThis study contributes to the literature by showing how corruption and shadow economy affects public debts of African countries. To the best of the author's knowledge, this is the first attempt to examine this relationship in the context of Africa.

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An Econometric Analysis of Inflation and Unemployment in Lebanon: A Vector Error Correction Model (VECM)

International Journal of Economics and Finance ◽

10.5539/ijef.v10n2p133 ◽

2018 ◽

Vol 10 (2) ◽

pp. 133

Author(s):

Mohammad Khanssa ◽

Wafaa Nasser ◽

Abbas Mourad

Keyword(s):

Phillips Curve ◽

Vector Error Correction Model ◽

Econometric Modeling ◽

Correction Model ◽

Vector Error Correction ◽

Vector Error ◽

Long Run ◽

Short Run ◽

Causality Relationship ◽

The Relationship

This paper uses econometric modeling to test the nature of the relationship between unemployment and inflation in Lebanon throughout the period 1993-2014. It takes the Phillips curve relationship as a reference for the tests. Cointegration, Granger causality and VECM were used to test the relationship both in the short and in the long run. The study resulted in finding out that the Phillips curve relationship doesn’t hold in Lebanon in the short run and came to a conclusion that there is a one-way causality relationship in the long run from unemployment to inflation and not in the opposite direction.

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Vector error correction model relationship between three vegetable oil products

IOP Conference Series Earth and Environmental Science ◽

10.1088/1755-1315/892/1/012062 ◽

2021 ◽

Vol 892 (1) ◽

pp. 012062

Author(s):

A Rifin ◽

D Nauly

Keyword(s):

Soybean Oil ◽

Vegetable Oil ◽

Palm Oil ◽

Oil Prices ◽

Correction Model ◽

Vector Error Correction ◽

Vector Error ◽

Long Run ◽

Short Run ◽

International Price

Abstract International price of palm oil fluctuated frequently. It is predicted that the international price of palm oil is affected by the other vegetable oil prices. Soybean oil, rapeseed oil and palm oil are the three most important vegetable oil in the word. These commodities compete but on the other hand the world prices are moving in the same direction. This paper analyzes the relationship of these three prices in the short-run and long-run. The method utilizes in the analysis is the vector error correction model (VECM) followed by Impulse Response and Variance Decomposition. The data used is monthly data from January 2003 until December 2020. The results indicate that in the short-run, only the lag of each vegetable oil prices affects their own price. Meanwhile, in the long-run the three prices have long-run relationship or in other words the prices are cointegrated. Using variance decomposition and impulse response shows that soybean oil price has more effect on rapeseed and palm oil prices. Therefore, it can be concluded, the fluctuation of rapeseed and palm oil prices will be affected by the price fluctuation of soybean oil price

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THE CAUSAL RELATIONSHIP BETWEEN INSURANCE AND ECONOMIC GROWTH IN NIGERIA (1986-2010)

Australian Journal of Business and Management Research ◽

10.52283/nswrca.ajbmr.20120212a07 ◽

2012 ◽

Vol 02 (12) ◽

pp. 49-57

Author(s):

TAIWO AKINLO

Keyword(s):

Economic Growth ◽

Interest Rate ◽

Causal Relationship ◽

Causality Test ◽

Correction Model ◽

Vector Error Correction ◽

Vector Error ◽

Long Run ◽

Short Run

This study examined the causal relationship between insurance and economic growth in Nigeria over the period 1986-2010. The Vector Error Correction model (VECM) was adopted. The cointegration test shows that GDP, premium, inflation and interest rate are cointegrated when GDP is the edogeneous variable. The granger causality test reveals that there is no causality between economic growth and premium in short run while premum, inflation and interest rate Granger cause GDP in the long run which means there is unidirectional causality running from premium, inflation and interest rate to GDP. This means insurance contributes to economic growth in Nigeria as they provide the necessary long-term fund for investment and absolving risks.

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The Effects of Oil Price Changes And Exchange Rate Volatility On Unemployment

International Journal of Research in Business and Social Science (2147-4478) ◽

10.20525/ijrbs.v2i4.82 ◽

2013 ◽

Vol 2 (4) ◽

pp. 72-83

Author(s):

Mohd Shahidan Shaari ◽

Nor Ermawati Hussain ◽

Hafizah Abdul Rarhim

Keyword(s):

Exchange Rate ◽

Exchange Rate Volatility ◽

Oil Price ◽

Integration Technique ◽

Correction Model ◽

Vector Error Correction ◽

Vector Error ◽

Long Run ◽

Short Run ◽

The Empirical Analysis

The study aims to examine the effects of oil price and exchange rate on unemployment in Malaysia. The empirical analysis commence by analyzing the time series property of data. The Johansen VAR-based co-integration technique was applied to examine the long run relationship between exchange rate, oil price and unemployment and found the long run relationship does exist. The vector error correction model was performed to check the short run dynamics and found that the short run dynamics are influenced by the estimated long run equilibrium. Granger causality was done and found that oil price does not affect unemployment but exchange rate has an influence on unemployment. Therefore, putting the exchange rate under control should be implemented to control unemployment.

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