Prevention Village Fund Fraud in Indonesia: Moral Sensitivity as a Moderating Variable

This study aims to examine the effectiveness of the internal control system, appropriate compensation, and the competency of the village apparatus regarding the prevention of village fund fraud with moral sensitivity as a moderating variable. This research is a quantitative method using hypothesis–inference to answer exploratory, descriptive, explanatory, and predictive analysis questions. Primary data are mainly used in this study. Data were collected using a survey method in a questionnaire with questions given to respondents to collect information. The sample of this research is the village office in 16 (sixteen) districts in Sumowono, Semarang Regency, Central Java, Indonesia, with 289 participants. Data analysis was carried out using Warp-PLS 7.0 application software. The results showed that the village apparatus’s internal control system, appropriate compensation, and competency prevented village fund fraud. Furthermore, the novelty of this research is to add a moderating variable, moral sensitivity, which can strengthen the relationship between the internal control system, appropriate compensation, and competency of the village apparatus regarding the prevention of village fund fraud.

Spatial Market Integration: A Case Study of the Polish–Czech Milk Market

Analyses of spatial market integration contributes to the knowledge about market efficiency and provides information to policymakers, as the spatial integration of markets contributes to competitiveness and economic development. Although the integration of agri-food markets is widely discussed in the economic literature, research on the dairy sector is relatively limited. This paper fulfils the research gap with an in-depth investigation of spatial milk and dairy product market integration between two neighboring countries—Poland and Czechia—using regional data, and including both production and processing levels. The econometric analysis of time series covering the period 2001–2021 reveals that only long-run milk and skimmed milk powder (SMP) price relationships are between the Czech Republic and Poland. The results of the study confirm that the factors influencing spatial price relationships between the Czech Republic and Poland are: strong trade ties, the common moment of accession to the EU, a close distance between markets, and region specialization.

Power Theory of Exchange and Money

Modern exchange theories model a large market, but do not explain single exchanges. This paper considers the phenomenon of single exchange and formulates the general exchange problem in the form of a system of two equations, subjective and objective. Subjective equilibrium is given by the Walras–Jevons marginal utility equation. Objective equilibrium equations by Walras and Jevons are averaged over all transactions in the market and can only give a rough general picture without explaining the specific price of an individual exchange. An exchange micro-condition must be found that, when averaged, will give the Walras market equilibrium macro-condition. The study of the internal structure of exchange leads to the need to consider power. The concept of generalized power is introduced. It is generalized power that serves as the primary comparable and measurable objective basis of exchange. The power theory of exchange provides the objective price-equation. It is demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent exchanges. This methodology is based on an interdisciplinary analysis of an abstract exchange model in the form of a system of equations. The proposed theory is able to uniformly explain any exchange, including a single one, which is impossible with the existing theories of exchange.

Regional Integration in the West African Economic and Monetary Union (WAEMU): Complementarity or Competition?

This paper analyzes and characterizes the nature of the interactions between countries of the West African Economic and Monetary Union (WAEMU) over the period 1995–2015. The analysis uses sigma-convergence on the one hand and the Dendrinos-Sonis spatial competition model estimated by the SUR method on the other hand. The results show a lack of convergence of living standards and support the idea of income polarization in space; these results also support the idea of a very poorly integrated region with relatively competitive interrelationships. The paper suggests the acceleration of regional integration in the WAEMU region combined with the implementation of inclusive integration policies that promote each member’s comparative advantage.

The Role of Non-Bank Financials in the Formation of Long-Term Resources for Economic Growth in Russia

The development of the activities of non-bank financial institutions that accumulate the resources of the national savings system on a long-term basis is seen as a factor in increasing investment in the Russian economy and its growth rates. When carrying out the study, we used general scientific methods, methods of structural, weigh, and dynamic analysis, and comparisons of performance indicators of non-bank financial institutions. Problems in the activities of organizations in the non-banking sector of the Russian financial market are predetermined by the parameters and trends in the development of the socio-economic situation in Russia, including insufficient efficiency of regulatory practices. The positive dynamics of the development of non-bank financial intermediaries is qualified as unstable; it is not supported by the solution of the structural and institutional problems of the Russian economy. In view of this, an increase in their role in the redistribution process is associated both with decisions of a more general order and with the improvement of the regulatory and supervisory practices implemented by the Bank of Russia. The solution to the identified problems in the development of the non-banking segment of the financial market should be aimed at turning it into an effective mechanism for capital formation to ensure economic growth.

Comparing Push and Pull Factors Affecting Migration

The purpose of this research was to conduct a comparison of the push and pull factors affecting migration between Poland and Romania. The study aimed to find out which among the push and pull factors have a greater effect overall and individually on the migration activities. The study was conducted using primary data collected from migrants in both countries using a structured questionnaire. There were data from 298 and 288 surveys for Poland and Romania, respectively. The push and pull migration framework was applied to guide the study. The model suitability was confirmed satisfactory on validity, reliability and factor analysis. The hypothesis was analyzed and evaluated using multiple regression analysis. The findings of the study indicated that pull factors have a greater influence on migration in these two countries as compared to the push factors. Five out of six (economic, political and social in Poland and economic and political in Romania) pull factors were found significant as compared to two (social in Poland and in Romania) out of six push factors. Pull economic factors were significant determinants of migration in all the countries. Pull political factors were found to have the highest effect in both countries, because they influenced migrants in Romania. Economic factors are the major factors that influence migration, including the hope of finding better jobs and better life in the foreign countries, and these factors should be addressed in the effort to reduce migration. In addition, political issues such as unfair legal system, violent conflicts, underdevelopment, poverty, political instability and corruption should be addressed to control the issue of migration.

Effects of Insurance Adoption and Risk Aversion on Agricultural Production and Technical Efficiency: A Panel Analysis for Italian Grape Growers

This article aims to evaluate the effect of insurance on production, technical efficiency, and input use of Italian specialised-quality grape growers. A panel instrumental variable stochastic frontier approach is applied over the years 2008–2017 using data from the Farm Accountancy Data Network. The results show the requirement to correct for the endogeneity that stems from insurance adoption. Insurance has an enhancing effect on production and efficiency and reduces the use of intermediate inputs. It suggests that insurance helps to diminish the risk-averse farmers’ suboptimal input use due to the presence of uncertainty. Crop insurance leads risk-averse farmers to behave as if they were risk neutral and employs the profit-maximising input vector. Therefore, by reducing the risks linked to the uncertainty of outcomes, crop insurance leads grape growers to go in the direction of profit maximisation.

Muslim Clothing Online Purchases in Indonesia during COVID-19 Crisis

Today, online Muslim clothing providers in Indonesia are faced with increasing competition in business openness. This condition requires online Muslim clothing providers to be more creative, innovative, effective and efficient by offering Muslim clothing products that are more valuable than competitors’. Therefore, a sophisticated and smart technology planning concept is needed for Muslim fashion consumers and to continue to achieve the benefits obtained by online Muslim clothing providers. This study aims to determine: (1) the influence of attitudes on the online buying intention of Muslim clothing in Indonesia during the COVID-19 crisis (2) the influence of subjective norm on the online buying intention of Muslim clothing in Indonesia during the COVID-19 crisis (3) the influence of perceived behavioral control on the online buying intention of Muslim clothing in Indonesia during the COVID-19 crisis (4) the effect of attitudes on the online buying intention of Muslim clothing in Indonesia during the COVID-19 crisis moderated by religious belief, (5) the effect of subjective norm on the online buying intention of Muslim clothing in Indonesia during the COVID-19 crisis moderated by religious belief, and (6) the effect of perceived behavioral control on the online buying intention of Muslim clothing in Indonesia during the COVID-19 crisis moderated by religious belief. This study uses 1. independent variables, namely: attitudes, subjective norms, and perceived behavioral control. 2. The dependent variable is: Purchase intention. 3. The moderating variable is: religion. The data in this study are obtained from questionnaires distributed to 762 respondents. The method used is purposive sampling to all respondents who shopped online. The method is through the LISREL 8.7 program and t-test. These results indicate that the variables of attitude, subjective norm and perceived behavioral control influence the online buying intention of Muslim clothing in Indonesia during the COVID-19 crisis. They also find that the religious belief variable can moderate the variable of attitude towards the online buying intention of Muslim clothing in Indonesia during the COVID-19 crisis but not the subjective norm and perceived behavioral control variables.

Socio-Economic Impact of the Interest-Free Community Investment Fund: A Case Study of Rural Sindh, Pakistan

This study aims to measure the impact of an intervention, the Community Investment Fund (CIF), on the socio-economic life of rural women. CIF is a community-managed fund aimed at improving the living standards of women by empowering them to undertake income-generating projects to become financially more stable and self-governed in the Khairpur, Shikarpur, Kandhkot-Kashmore and Jacobabad districts of Sindh, Pakistan. This study used a quasi-experimental design approach that involved two groups, i.e., the treatment group (beneficiaries) and control group (non-beneficiaries). The sample size of this study was 708 respondents including the treatment and control group. The results of comparison of mean indicate that there is a significant difference between treatment and control group in terms of socio-demographic variables (including monthly income and consumption, saving amount, total asset value, an asset purchased value and household diet) and women empowerment’s indicators, thereby suggesting that CIF has resulted in women empowerment. Concerning the results of the poverty scorecard, the higher graduation of beneficiaries (treatment group) asserts that the intervention of CIF has also a positive impact on targeted beneficiaries. In particular, the findings indicate that 72% of beneficiaries (treatment group) have graduated from one poverty band to another higher band compared to 59.4% of non-beneficiaries (control group) in poverty score. In addition, the findings of the logistic regression analysis confirmed that participation in the CIF program empowers women beneficiaries. This study will support policymakers to further improve CIF so that it can become more effective and sustainable.

Price Index Modeling and Risk Prediction of Sharia Stocks in Indonesia

This study aimed to predict the JKII (Jakarta Islamic Index) price as a price index of sharia stocks and predict the loss risk. This study uses geometric Brownian motion (GBM) and Value at Risk (VaR; with the Monte Carlo Simulation approach) on the daily closing price of JKII from 1 August 2020–13 August 2021 to predict the price and loss risk of JKII at 16 August 2021–23 August 2021. The findings of this study were very accurate for predicting the JKII price with a MAPE value of 2.03%. Then, using VaR with a Monte Carlo Simulation approach, the loss risk prediction for 16 August 2021 (one-day trading period after 13 August 2021) at the 90%, 95%, and 99% confidence levels was 2.40%, 3.07%, and 4.27%, respectively. Most Indonesian Muslims have financial assets in the form of Islamic investments as they offer higher returns within a relatively short time. The movement of all Islamic stock prices traded on the Indonesian stock market can be seen through the Islamic stock price index, namely the JKII (Jakarta Islamic Index). Therefore, the focus of this study was predicting the price and loss risk of JKII as an index of Islamic stock prices in Indonesia. This study extends the previous literature to determine the prediction of JKII price and the loss risk through GBM and VaR using a Monte Carlo simulation approach.