scholarly journals Critical risk factors of the project finance loan spread in the infrastructure sector: Experience from the ASEAN countries

Accounting ◽  
2021 ◽  
Vol 7 (6) ◽  
pp. 1507-1520 ◽  
Author(s):  
Elvi Nasution ◽  
Sugiarto Sugiarto ◽  
Gracia Shinta S ◽  
Ugut Ugut ◽  
Edison Hulu
Keyword(s):  
Risk Factors ◽  
Least Square ◽  
Project Finance ◽  
Loan Pricing ◽  
Policy Makers ◽  
Ordinary Least Square ◽  
Country Level ◽  
Loan Spread ◽  
Asean Countries ◽  
Net Export

This paper finds that in ASEAN-4, the micro loan characteristics: loan amount and LIBOR whilst the macro characteristics: inflation, net export and GDP growth influence the loan spread in the project finance. However, simultaneously at the country level, the determinants of the loan spread are distinctive to each country’s infrastructure industry characteristic. The paper’s main contribution relates to the determinants of the project finance loan spread at the country level and regional level, ASEAN-4. The purpose of this paper is to fathom the critical risk factors behind the project finance loan pricing differential across the ASEAN-4 countries. Hence, the policy makers, project developers and lenders can have a better understanding of the drivers behind the project finance loan spread pricing. The study adopted an ordinary least square (OLS) regression methodology and collected data from ASEAN-4 countries consisting of Indonesia, Malaysia, Philippines, and Thailand.

scholarly journals Impact of macroeconomic factors on development of Paki-stan

2017 ◽  
Vol 5 (1) ◽  
pp. 63
Author(s):  
Ifran Khan ◽  
Muhammad Imran Nazir ◽  
Zeeshan Fareed ◽  
Muhammad Rizwan Nazir ◽  
Faryal Faryal
Keyword(s):  
Exchange Rate ◽  
Multiple Regression Model ◽  
Least Square ◽  
Descriptive Statistics ◽  
Macroeconomic Factors ◽  
Ordinary Least Square ◽  
The Core ◽  
Lm Test ◽  
Net Export ◽  
The Impact

Macroeconomic factors play a fundamental role in attracting the growth the country. This research examined the impact of various macroeconomic factors on GDP of Pakistan for the period of 1975-2015. The core objective of this research was to check the impact of inflation, investment, exchange rate and net export on development of Pakistan. The tool for analysis was Ordinary Least Square (OLS) multiple regression model. This research used Descriptive Statistics, Harvey's test for checking the heteroscedasticity and Breusch Godfrey LM test to check autocorrelation among variables. The results of this study show that inflation exerts negative significant effect on Pakistan GDP whereas investment shows positive significant effect and exchange rate have positive insignificant effect on GDP of Pakistan. Moreover net export has been highly positive significant on Pakistan GDP.

Relative institutional quality and FDI inflows in ASEAN countries

2017 ◽  
Vol 44 (1) ◽  
pp. 115-137 ◽  
Author(s):  
Tajul Ariffin Masron
Keyword(s):  
Multinational Corporations ◽  
Relative Effectiveness ◽  
Institutional Quality ◽  
Least Square ◽  
Limited Information ◽  
Fdi Inflows ◽  
Content Type ◽  
Ordinary Least Square ◽  
Asean Countries

Purpose Foreign direct investment (FDI) inflows into any country, especially ASEAN countries, is affected by any improvement in the institutional quality (IQ) of competitors such as China. As generally investors make decisions by comparing two countries’ IQ, the ratio of two countries’ IQ matters more than a single country’s IQ. The purpose of this paper is to re-examine the role of IQ on FDI inflows in ASEAN countries for the period 1996-2013. Design/methodology/approach With limited information on IQ, this study pools eight ASEAN countries as the sample for analysis from 1996 until 2013. A panel dynamic approach – namely, dynamic ordinary least square and fully modified ordinary least square – is utilized. Findings This study confirmed that relative IQ significantly affects FDI inflows into ASEAN countries. The low effect is more reflective of the small portion of world FDI inflows into the ASEAN region. Research limitations/implications This study observes the crucial relationship between IQ and FDI – that the relative effectiveness of IQ in attracting FDI inflows depends heavily on the changes in both countries’ IQ. Hence, the effort of ASEAN countries to improve IQ and use it as a means to lure FDI inflows should go beyond a mere improvement. Focus should be on significant improvement of IQ so that multinational corporations will comfortably remain or inject new FDI into the country. Practical implications Every ASEAN country should double their efforts toward improving their IQ in order to attract future FDI. Originality/value Several studies have confirmed the role of IQ on FDI inflows. However, the majority of these studies have investigated the effect of IQ exclusively for a specific country even though some of them have used a panel of several countries’ data. On the other hand, investors normally evaluate their decision on whether or not to invest based on the relative terms, comparing several potential locations of investment at once. This study can be considered the first to explore the potential effect of IQ after taking into account the possibility of each ASEAN country’s IQ being easily offset by changes in the IQ of China.

scholarly journals Impacts of Capital Structure on Performance of Banks in a Developing Economy: Evidence from Bangladesh

2016 ◽  
Author(s):  
Md. Nur Alam Siddik ◽  
Sajal Kabiraj ◽  
Shanmugan Joghee
Keyword(s):  
Capital Structure ◽  
Empirical Studies ◽  
Optimal Level ◽  
Least Square ◽  
Return On Assets ◽  
Policy Makers ◽  
Return On Equity ◽  
Ordinary Least Square ◽  
Earnings Per Share ◽  
Relative Deficiency

Capital structure decision plays an imperative role in firm’s performance. Recognizing the importance, there has been many studies inspected the rapport of capital structure with performance of firms and findings of those studies are inconclusive. In addition, there is relative deficiency of empirical studies examining the link of capital structure with performance of banks in Bangladesh. This paper attempted to fill this gap. Using panel data of 22 banks for the period of 2005-2014, this study empirically examined the impacts of capital structure on the performance of Bangladeshi banks assessed by return on equity, return on assets and earnings per share. Results from pooled ordinary least square analysis show that there are inverse impacts of capital structure on bank’s performance. Empirical findings of this study is of greater significance for the developing countries like Bangladesh because it will call upon concentration of the bank management and policy makers to pursue such policies to reduce reliance on debt and to accomplish optimal level capital structure. This research also contributes to empirical literatures by reconfirming (or otherwise) findings of previous studies.

scholarly journals INTEREST RATE REGIME AND THE PERFORMANCE OF THE NIGERIAN CAPITAL MARKET

2015 ◽  
Author(s):  
Edirin Jeroh ◽  
C. M. Ekwueme
Keyword(s):  
Interest Rate ◽  
Interest Rates ◽  
Capital Market ◽  
Stock Exchange ◽  
Least Square ◽  
Policy Makers ◽  
Ordinary Least Square ◽  
Policy Review ◽  
Policy Measures ◽  
The Impact

This study x-ray’s the interest rates regime in Nigeria as it affects the performance of the Nigerian Capital Market. In order to achieve this objective, relevant data for a period of 33 years spanning from 1981 – 2013 were obtained from the Factbook of the Nigerian Stock Exchange, CBN Statistical Bulletin as well as the annual accounts of quoted firms for the relevant years. The data obtained were analysed with the Ordinary Least Square (OLS) technique. The result from our analysis reveal among others that changes in interest rate regimes have majorly influenced the level of the performance of the Nigerian Capital Market. Based on the above, we recommend that capital market regulators and other regulatory agencies should keep an eye on movements in interest rates and the Minimum Rediscount Rate (MRR) (now MPR) and watch their trend. We also recommend that efforts must be put in place to establish a policy review and reassessment mechanism that would help in assessing the impact of selected policy measures on the economy so that policy makers would know the effectiveness and efficiency of designed policies and be guided in the policy review and development process in the country.

scholarly journals HOW DOES FINANCIAL DEVELOPMENT INTERACT WITH ECONOMIC GROWTH IN FIVE ASEAN COUNTRIES?

2019 ◽  
Vol 64 (03) ◽  
pp. 441-460 ◽  
Author(s):  
PHAN THANH CHUNG ◽  
SIZHONG SUN ◽  
DIEM THI HONG VO
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Least Square ◽  
Financial Openness ◽  
Least Square Estimation ◽  
Ordinary Least Square ◽  
Financial Deregulation ◽  
Negative Effect ◽  
Asean Countries ◽  
Positive Effect

This study examines the causal relationship between financial development, liberalization and economic growth through technological innovation channel in five South East Asia countries during the period 1980–2012, using a fully modified ordinary least square estimation technique. We find that technological deepening is driven by deepening in the financial system and financial liberalization rather than changes in a country’s market capitalization. We also find a negative effect from the financial openness, and a positive effect from financial deregulation.

The influence of foreign institutional investors, institutional directors, and the share pledge ratio of directors on financial performance of tourism firms

2019 ◽  
Vol 26 (1) ◽  
pp. 179-201 ◽  
Author(s):  
Chien Mu Yeh
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Institutional Investors ◽  
Least Square ◽  
Tobin’S Q ◽  
Tobin's Q ◽  
Policy Makers ◽  
Ordinary Least Square ◽  
Tourism Sector ◽  
Foreign Institutional Investors

Corporate governance is a critical component relevant to firm performance. In the tourism sector, corporate governance is an underexamined issue. The purpose of the current study is to bridge this gap by examining the influence of foreign institutional investors, institutional directors, and shares pledged by directors on tourism firms’ financial performance. Data are derived from listed tourism firms in Taiwan. Ordinary least square regressions and two-stage least square regressions are used to examine the hypotheses. Results show that the presence of foreign institutional investors and a low share pledge ratio of directors have significant effects on return on assets and Tobin’s Q. The presence of institutional directors has a positive effect on Tobin’s Q. Implications for owners, policy makers, and investors are discussed.

scholarly journals Voluntary Tax Compliance and the Slippery Slope Framework

2020 ◽  
Vol 6 (2) ◽  
pp. 571-582
Author(s):  
Sohail Saeed ◽  
Zulaiha A. Zubair ◽  
Areeba Khan
Keyword(s):  
Tax Compliance ◽  
Least Square ◽  
Policy Makers ◽  
Ordinary Least Square ◽  
Voluntary Compliance ◽  
Compliance Behavior ◽  
Tax Audit ◽  
Voluntary Behavior ◽  
New Variables ◽  
Reliable Solution

Purpose__ The research provides an insight in to the most popular debate around the globe about tax compliance. The research focusses on SMEs in premises of Bahawalpur division, Pakistan, by proposing a reliable solution for interstitial gaps existing between tax authorities and compliance behavior of taxpayers. It expands the Fisher model of compliance (1992) and deploys it as a base by adding new variables namely Power of authority, Tax audit and Electronic filing. The data has been statistically analyzed by using SPSS through running test of correlation and regression. Positive correlation and causation were established among variable leads to analysis of data through Ordinary Least Square (OLS), which ratify the role of attitude and perception as moderator in overall relationship. Results show that Power of authority directly influence compliance behavior while other two variables indirectly effects the relationship through moderator, thus nurturing the voluntary behavior of taxpayer. Design/Methodology/Approach___ A research framework has been developed for identifying the effect of different factors which may in boosting up compliance behavior of taxpayers. Quantitative approach was used and data has been collected through Questionnaire from almost 50 SMEs of Bahawalpur Division. Implications___ Policy makers may use the findings of the study to encourage voluntary compliance from the non-tax paying SME. Further study can be expanded by increasing sample size and by gathering detailed information for tax authorities. Originality/Value___ The proposed Model and findings may contribute in paving path for increasing voluntary compliance. Research also emphasize on other factors which should be focused for improvement and could play a  crucial role in compliance.

scholarly journals ANALISIS PENAWARAN BERAS PROVINSI SUMATERA UTARA

2020 ◽  
Vol 6 (2) ◽  
Author(s):  
Joko Suharianto
Keyword(s):  
Rural Areas ◽  
Financial Inclusion ◽  
Least Square ◽  
Public Access ◽  
Economic Variables ◽  
Ordinary Least Square ◽  
Asean Country ◽  
Inclusion Level ◽  
Socio Economic Variables ◽  
Asean Countries

Financial inclusion programs in Asia began to intensify with focus on improving public access, especially those who have not yet enjoyed banking services. This makes financial inclusion one of the focuses of development in the financial sector in various countries, especially ASEAN, as a sound financial system can promote economic growth. This study aims to see the comparison of financial inclusion rates and see the effect of socio-economic variables on  financial inclusion in  ASEAN  countries 2010-2015. In  order  to  see  the comparison of inclusion level of finance in each ASEAN country, the Index of Financial Inclusion (IFI) method was developed by Sarma (2008), while to examine the relationship between socio-economic variables to financial inclusion, the Ordinary Least Square (OLS) method was used estimation techniques in the Random Effects Model approach. The results show that in general, financial inclusion in ASEAN countries is mainly influenced by the dimension of a disorder. In addition, only per-capita GDP variables are not significant partially. While other variables, namely population over 15 years, unemployment rate, and the number of people in rural areas have a significant influence on index of financial inclusion

scholarly journals Investigating the Dynamic Impact of CO2 Emissions and Economic Growth on Renewable Energy Production: Evidence from FMOLS and DOLS Tests

Processes ◽  
2019 ◽  
Vol 7 (8) ◽  
pp. 496 ◽  
Author(s):  
Khan ◽  
Panigrahi ◽  
Almuniri ◽  
Soomro ◽  
Mirjat ◽  
...  
Keyword(s):  
Economic Growth ◽  
Renewable Energy ◽  
Co2 Emissions ◽  
Energy Production ◽  
Clean Energy ◽  
The Philippines ◽  
Least Square ◽  
Ordinary Least Square ◽  
Renewable Energy Production ◽  
Asean Countries

Understanding the dynamic nexus between CO2 emissions and economic growth in the sustainable environment helps the economies in developing resources and formulating apposite energy policies. In the recent past, various studies have explored the nexus between CO2 emissions and economic growth. This study, however, investigates the nexus between renewable energy production, CO2 emissions, and economic growth over the period from 1995 to 2016 for seven Association of Southeast Asian Nations (ASEAN) countries. Fully Modified Ordinary Least Square (FMOLS) and Dynamic Ordinary Least Square (DOLS) methodologies were used to estimate the long- and short-run relationships. The panel results revealed that renewable energy production has a significant long term effect on CO2 emissions for Vietnam (t = −2.990), Thailand (t = −2.505), and Indonesia (t = −2.515), and economic growth impact for Malaysia (t = 2.050), Thailand (t = −2.001), and the Philippines (t = −2.710). It is, therefore, vital that the ASEAN countries implement policies and strategies that ensure energy saving and continuous economic growth without forsaking the environment. This study, as such, recommends that ASEAN countries should take measures to decrease the reliance on fossil fuels for achieving these objectives. Future research should consider the principles of circular economy and clean energy development mechanisms integrated with renewable energy technologies.

scholarly journals On ASEAN capital market and industry integration: A review.

2016 ◽  
Vol 13 (2) ◽  
pp. 8-22 ◽  
Author(s):  
Hung Quang Do ◽  
M. Ishaq Bhatti ◽  
László Kónya
Keyword(s):  
Bayesian Approach ◽  
Capital Markets ◽  
Capital Market ◽  
Market Integration ◽  
Factor Models ◽  
Policy Makers ◽  
Capital Market Integration ◽  
Country Level ◽  
Asean Countries ◽  
Industry Integration

Due to the benefits of investment diversification across markets and industries, and the increasing importance of ASEAN capital markets, this paper attempts to review recent studies on capital market integration and investment implications in six selected ASEAN countries. Several methodologies including VAR, GARCH, Copula and DCC, Bayesian approach, CAPM and factor models have been examined in this research. Most of the existing studies consider the capital market integration and its investment implications at a country level, whereas this paper attempts to extend the analysis to the industry level of integration. It also reviews the uses of a VARMA-MGARCH-asymmetric BEKK models to investigate the integration at industry levels in recommending investment diversification. The findings of this paper may provide guidance to academia, investors and policy makers on asset diversification.

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