Dividend Policy and Smoothening Behavior of the Southeast Asian Countries Including Japan

This study examines the dividend policy and smoothening behavior of major Southeast Asian countries including Japan. The study uses firm specific variables including corporate governance measures as independent variables. The results indicated financial leverage, return on equity, asset tangibility, Tobin Q, market concentration (HHI), and life cycle are the main determinants of dividend policy for the Southeast Asian region. In addition to this, the corporate governance measures (board composition, audit quality, and ownership structure) are also found as significant determinants of dividend policy of the selected economies. However, the results for cash flow and business risk are found to be contradictory due to their insignificant impacts on dividend policy in some economies. Thus, the study concludes that most determinants of dividend policy are similar within the regions. The study also used probit model in order to find probable factors that may influence the dividend policy and the results show similarity between determinants of dividend policy and probability factors that influence dividend policy. The probable factors are the same as the determinants of dividend policy. In addition to this, the study also tested the application of Lintner model, and the results clearly depicted that last year dividend as well as the current year earnings are the main factors that impact dividend policy of the firms within the region. More so, focusing on the speed of adjustment and target payout ratio of the firms, the study unties that firms have moderate speed of adjustment, and management is reluctant to cut dividends. Lastly, the target payout ratios of the firms also suggest that firms do have moderate target payout ratio except for Singapore with target payout ratio almost equal to 1. Conclusively, the study reveals that the determinants of dividend policy for the Southeast Asian countries are quite similar, firms do follow smooth dividend policy, and management is reluctant to cut dividends in the long run.

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Partial-control versus full-control acquisitions: Does target corporate governance matter? Evidence from eight East and Southeast Asian countries

Pacific-Basin Finance Journal ◽

10.1016/j.pacfin.2015.12.011 ◽

2016 ◽

Vol 40 ◽

pp. 251-265 ◽

Cited By ~ 11

Author(s):

Man Dang ◽

Darren Henry

Keyword(s):

Corporate Governance ◽

Southeast Asian ◽

Asian Countries ◽

Partial Control ◽

Full Control ◽

Control Versus ◽

Southeast Asian Countries

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Fish Exports and the Growth of the Agricultural Sector: The Case of South and Southeast Asian Countries

Sustainability ◽

10.3390/su132011177 ◽

2021 ◽

Vol 13 (20) ◽

pp. 11177

Author(s):

Md Ali Emam ◽

Markus Leibrecht ◽

Tinggui Chen

Keyword(s):

Agricultural Development ◽

Agricultural Sector ◽

Positive Impact ◽

Value Added ◽

Southeast Asian ◽

Supporting Evidence ◽

Asian Countries ◽

Middle Income ◽

Long Run ◽

Southeast Asian Countries

The per-capita demand of fish and fish products, and paired to it, their production and trade, have substantially increased during the last few decades. For many developing countries these developments open a channel for sustainable economic progress. Against this background, this article investigates whether fish exports Granger-cause long-run economic growth of the agricultural sector (“fish export-led growth”) in a panel of eight South and Southeast Asian countries. A dynamic panel autoregressive distributed lag (ARDL) model is estimated based on data for the years 2000 to 2018. The results indicate that fish exports have a significant positive impact on the growth of the agricultural sector in the long run. These findings apply to both the lower- and the upper-middle-income countries included in the analysis. Long-run Granger causality tests within a panel vector error correction model indicate that agricultural value added per worker reacts to deviations from the long-run equilibrium, whereas fish exports per worker are weakly exogenous. Thus, the paper finds supporting evidence for fish export-led growth. The paper concludes with some thoughts about how this finding can help policymakers in their attempt to induce sustainable agricultural development to eradicate poverty and to enhance living standards.

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COMPARATIVE ANALYSIS OF EMISSION REDUCTION TARGETS TOWARD INDC IMPLEMENTATION IN MALAYSIA, INDONESIA AND THAILAND BY 2050

Climate Change Economics ◽

10.1142/s2010007820500116 ◽

2020 ◽

Vol 11 (02) ◽

pp. 2050011

Author(s):

ABUL QUASEM AL-AMIN ◽

MD. SUJAHANGIR KABIR SARKAR ◽

ADEEL AHMED ◽

BRENT DOBERSTEIN

Keyword(s):

Emission Reduction ◽

Southeast Asian ◽

Base Case ◽

Asian Countries ◽

Damage Costs ◽

Long Run ◽

Capita Emission ◽

Marginal Damage ◽

Business As Usual ◽

Southeast Asian Countries

Global warming is becoming increasingly evident as greenhouse gas emissions increase worldwide and affect the environment, health and economy. Many Southeast Asian countries face this reality and hence they are concerned about setting and achieving an effective emission reduction strategy. As such, this study analyzes and compares emission reduction targets on selected Southeast Asian countries, including Malaysia, Indonesia and Thailand, by using a long-run Regional Dynamic Integrated Model of the Climate and Economy (RdICME). This study considers the comparative outcomes of BAU (Business as Usual: base case) and INDC (Intended Nationally Determined Contributions) scenarios for the 40-year period from 2010 to 2050. According to BAU scenario, carbon emissions are projected to gradually increase in all countries; however, if Malaysia, Indonesia and Thailand apply their INDC targets as agreed upon in the 2015 Paris Agreement, all three countries will experience significant emissions reductions after 2030. Specifically, by 2050, total emissions will be reduced by 33.88%, 42.50% and 41.68% in Malaysia, Indonesia and Thailand, respectively, if the countries implement their INDCs. According to the INDC targets, all three countries will experience a net reduction of per capita emission intensity by 2030 and onwards; however, Malaysia is projected to face lower marginal damage costs whereas Indonesia and Thailand will face higher marginal damage costs for 2010–2050. This study also finds that the amount of planned investment for INDC emissions reduction is currently insufficient to achieve planned targets. The findings from this study would help country-specific policymakers to oversee the likely gaps to be fulfilled within 2030–2050.

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Is corporate governance different for Islamic banks? A comparative analysis between the Gulf Cooperation Council and Southeast Asian countries

International Journal of Business Governance and Ethics ◽

10.1504/ijbge.2014.062769 ◽

2014 ◽

Vol 9 (1) ◽

pp. 27 ◽

Cited By ~ 16

Author(s):

Rihab Grassa ◽

Hamadi Matoussi

Keyword(s):

Corporate Governance ◽

Comparative Analysis ◽

Gulf Cooperation Council ◽

Southeast Asian ◽

Islamic Banks ◽

Asian Countries ◽

Southeast Asian Countries

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Long-run Determinants of Private Saving Behaviour in Pakistan

The Pakistan Development Review ◽

10.30541/v34i4iiipp.1057-1066 ◽

1995 ◽

Vol 34 (4III) ◽

pp. 1057-1066 ◽

Cited By ~ 2

Author(s):

Aasim M. Husain

Keyword(s):

Growth Performance ◽

Southeast Asian ◽

Domestic Saving ◽

Domestic Investment ◽

Asian Countries ◽

Private Saving ◽

The Past ◽

Long Run ◽

The Difference ◽

Southeast Asian Countries

Compared to the rapidly-growing economies of Southeast Asia, the growth performance of the Pakistan economy was significantly weaker during the 1970s and 1980s. While the Southeast Asian countries made substantial progress in improving living standards, the average standard of living, as measured by the GNP per capita, was virtually stagnant in Pakistan over this period. Much of the difference in economic performance between Pakistan and the Southeast Asian countries is often attributed to the low rates of saving and investment in Pakistan.1 Indeed, the differences in rates of domestic investment are often attributed to the differences in rates of domestic saving. Hence, the disparity in the growth performance between Pakistan and the Southeast Asian countries over the past two decades relates to the differences in saving rates, and an understanding of the fundamental determinants of saving in Pakistan assumes critical importance. This paper reviews trend developments in the private saving behaviour in Pakistan, and compares these trends with those seen in the Southeast Asian economies during the period since 1970. Using co-integration analysis, the long-run properties of Pakistan’s saving rate are examined, with a view to identifying the main determinants of saving. The principal finding is that about one-half of the trend increase in saving appears to be related to financial development and deepening. In contrast to the results obtained by Faruqee and Husain (1994) and Husain (1995) for the Southeast Asian countries, demographics appear not to have played an important role in determining saving behaviour in Pakistan, possibly because high rates of population growth during the past three decades resulted in a virtually unchanged demographic structure of the population.

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