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QUANTITATIVE ANALYSIS OF SOCIAL AND FINANCIAL MARKET DEVELOPMENT

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INTERNATIONAL SYMPOSIA IN ECONOMIC THEORY AND ECONOMETRICS

Series Editor: William A. Barnett

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INTERNATIONAL SYMPOSIA IN ECONOMIC THEORY AND ECONOMETRICS - VOLUME 30

QUANTITATIVE ANALYSIS OF SOCIAL AND FINANCIAL MARKET DEVELOPMENT

EDITED BY

WILLIAM A. BARNETT

University of Kansas, USA

and

BRUNO S. SERGI

Harvard University, USA

United Kingdom – North America – Japan India – Malaysia – China

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Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2022

Editorial matter and selection © 2022 William A. Barnett and Bruno S. Sergi.

Published under exclusive licence. by Emerald Publishing Limited.

Individual chapters © 2022 Emerald Publishing Limited.

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British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-80117-921-8 (Print)

ISBN: 978-1-80117-920-1 (Online)

ISBN: 978-1-80117-922-5 (Epub)

ISSN: 1571-0386 (Series)

Contents

About the Editors

William A. Barnett is the Oswald Distinguished Professor of Macroeconomics at the University of Kansas, Director at the Center for Financial Stability in New York City, Founder and First President of the Society for Economic Measurement, and Editor of the Cambridge University Press journal, Macroeconomic Dynamics. His book, Getting It Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System, and the Economy, published by MIT Press, won the American Publishers’ Award for Professional and Scholarly Excellence for the best book published in economics during 2012. With Nobel Laureate Paul Samuelson, he also co-authored the book, Inside the Economist’s Mind, which is translated into seven languages.

Bruno S. Sergi is an Instructor at Harvard University, a Faculty Affiliate at the Center for International Development at Harvard, and an Associate at the Harvard Davis Center for Russian and Eurasian Studies and the Harvard Ukrainian Research Institute. He is the Series Editor of Cambridge Elements in the Economics of Emerging Markets and Entrepreneurship and Global Economic Growth. He teaches Political Economy and International Finance at the University of Messina and co-directs the Lab for Entrepreneurship and Development (LEAD).

About the Contributors

Miasnikov Dmitriy Alekseevich is a candidate of Economic Sciences and Associate Professor of the Department of Human Resource Management of Kazan Volga Federal University. He is a young teacher-researcher and author of more than 20 scientific papers on the problems of human resource management and business social responsibility management mechanisms with a high citation index.

Lina Anatan is a Lecturer and Researcher at Faculty of Business, Maranatha Christian University Bandung. She earned her Bachelor’s degree in Economics from the Faculty of Economics, Airlangga University and her Master’s and Doctorate degrees in Management from the Faculty of Economics and Business, Gadjah Mada University. Her research interest are manufacturing strategy, supply chain management, knowledge management, and strategic alliance.

Lusia Tania Aurelia graduated with an accounting degree from Trisakti School of Management, Jakarta, Indonesia. Currently, she is a junior auditor at a Big-Four Certified Public Accountant firm in Jakarta-Indonesia.

Mikhailov Fedor Borisovich is a candidate of Economic Sciences and Associate Professor of the Department of Human Resource Management of Kazan Volga Federal University (KFU). He is the Honored Teacher of KFU and is a full member of the Academy of Labor and Employment, an interregional public organization. He is the author of 160 scientific papers on human resource management and labor economics, including the author and co-author of four monographs on this topic, including books from the series Personnel Management in Russia by INFRA-M publishing house, Moscow.

Fariq Rahadiyan Chalik obtained his Master of Business Administration degree from Institut Teknologi Bandung, with a major concentration in Finance and a minor concentration in Decision Making and Negotiation in 2021. Previously, he received a Bachelor’s degree in Accounting from Universitas Kristen Maranatha and graduated with honors (cum laude). His research interests are finance, economics, and economics and business strategy.

Taufik Faturohman is currently a Lecturer at the School of Business and Management of Institut Teknologi Bandung (SBM ITB). He received a PhD in Economics and Finance from Curtin Business School, Curtin University of Technology, Western Australia. The title of his dissertation is “An Examination of the Growth of Islamic Banking in Indonesia from 2003–2010.” He obtained his MBA from ITB and graduated with honor (cum laude). He earned a Bachelor’s degree in Materials Engineering, also from ITB. His research interests are Islamic banking, Islamic finance, corporate finance, business risk management, and economics.

Muhammad Hasan Ghazali is a graduate student with honor (cum laude) who earned his Bachelor of Economics degree from IPB University in 2019 and continued his Master of Business and Administration studies at the School of Business and Management, Institute Technology of Bandung since 2020. He has an interest in research related to finance. His undergraduate thesis research relates to “Efficiency Analysis of Sharia Unit of Life and General Insurance Companies in Indonesia.”

Nung Harjanto is an Associate Professor and Researcher at Akademi Akuntansi YKPN, Yogyakarta, Indonesia. He is also a member of the Institute of Indonesia Chartered Accountant. He concerns corporate governance and sustainability, empowering women in Small and Medium Enterprises (SMEs), and governance in banking.

Fakhrutdinov Bulat Ildarovich is a PhD student at postgraduate state financed organization “Center of Advanced Economic Research Academy of the Republic of Tatarstan” Kazan. He is an Assistant Teacher of the Department of Human Resource Management of Kazan Volga Federal University and an young Teacher-Researcher and author of more than 10 scientific papers.

Takayasu Ito has been a Professor of Monetary and Financial Economics at the School of Commerce, Meiji University since April 2014. He started his academic career in April 2003 when he joined the Faculty of Economics at Niigata University as a Professor. Before his academic career, he worked for a major Japanese news agency, where he covered monetary policy, fixed income and interest rate derivatives markets, etc. He holds two PhDs, one in Economics and one in Business Administration. His research interests are central banks, financial markets, and Islamic finance.

Xuelin Ma is a PhD student of Investment Economics at Shanghai University of Finance and Economics. His research interests are: (i) the relationship between investment and market economy, (ii) the impact of farmers’ individual characteristics on investment preferences, and (iii) the application of artificial intelligence in farmers’ investment choices.

Tajul Ariffin Masron received his PhD in International Trade from Universiti Putra Malaysia in 2008. He is currently an Associate Professor in Finance Section, School of Management, Universiti Sains Malaysia. His research interests include international trade, international finance, economic development, and Islamic finance. He has published his articles in Applied Economics Letters, Asian Academy of Management Journal, and Global Trade and Customs Journal.

Eliza Nor received her PhD in International Economics from the Universiti Putra Malaysia in 2009. She is currently a Senior Lecturer in Finance Section, School of Management, Universiti Sains Malaysia. Her research interests include international economics, international finance, and Islamic finance. She has published her articles in Applied Economics Letters, International Journal of Business and Society, Global Trade and Customs Journal, American Journal of Finance and Accounting, and IIUM Journal of Economics and Management.

Rashifa Qanita Noviandy is a highly enthusiastic and motivated learner who is currently in her final year of studies at School of Business and Management Institut Teknologi Bandung pursuing a Bachelor’s degree in Business and Management, majoring in Finance. She has been an active student during her studies and earned several organizational experiences focusing in finance and external partnership. From there, she has developed many important skills such as teamwork, problem-solving, communication, and analytical skills.

Yavida Nurim is an Associate Professor and Researcher at the Faculty of Economics and Business, Universitas Janabadra, Yogyakarta, Indonesia. She is also a member of the Institute of Indonesia Chartered Accountant. She concerns behavioral accounting, corporate governance and sustainability, empowering women in Small and Medium Enterprises (SMEs), and auditor’s judgment.

Agustin Palupi is currently a Lecturer and researcher at Trisakti School of Management, Jakarta, Indonesia. Her research interests include financial markets, behavioral finance, and financial reporting. She has presented and published her research at international conferences and in refereed journals.

Paulina I. Prabawati is an undergraduate accounting student at the University of Sebelas Maret, Surakarta, Indonesia. She is interested in sustainability, financial inclusion, and financial technology. She completed an internship at UNS Fintech Center as an Enumerator for the Financial Services Authority project (Indonesian Government Organization) to contribute to financial inclusion in SMEs. Motivated by her interest in building sustainability, she has been researching Environmental, social, and governance (ESG) in ASEAN as her research paper. Currently, she has joined an Enterprise Resource Planning (ERP) start-up in Indonesia as a business analyst intern.

Nur R. Wijaya is a graduated accounting student at the University of Sebelas Maret Surakarta, Indonesia. He completed an internship at PT. Pelabuhan Indonesia III (Persero) and service community at 2019. He is currently a Master of Accounting (Reporting and Management Accountability) student. His interest is in social responsibility and sustainability of corporate, risk management in SMEs, and financial analysis. Motivated by his interest, he has published several articles about Corporate Social Responsibility (CSR) and sustainability.

Liying Xia is an Assistant Professor of Jiaxing Nanhu University. She got a PhD in Economics from Shanghai University of Finance and Economics. Her research interests are: (i) the relationship between economic development and rural people’s life, (ii) the application of artificial intelligence in farmers’ investment choices, and (iii) econometrics methods to analyze economics questions.

Hu Xiang is a PhD candidate in the School of Management, Universiti Sains Malaysia. She has working experience in the China’s construction and retail industry. Her research focus is on capital structure. She is particularly interested in the research field of corporate finance and optimization.

Jianbo Zhang is an Associate Professor of Economics at the University of Kansas. He got his PhD in Economics from Penn State University. His research interests are economic theory, game theory, and microeconomics.