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How do prices in a small open economy such as Canada adjust to external disturbances in the short‐run? What role does domestic monetary policy play in the adjustment process?

How well does the “Law of One Price” operate across countries? Interest in this question has been stimulated by the Monetary Aproach to the Balance of Payments (Frenkel and Johnson (1975)) which uses the law to determine the price of traded goods in open economies.

The existence of a stable relation between the demand for real cash balances and some few variables relating it to real economic activity is one of the cornerstones of the monetarist approach. Such a relation permits us not only to analyze the impact of monetary change on economic activity but, since it is stable, it also has important predictive content. A better insight is then possible on the analysis of the effects of monetary policy. On this basis, it has been shown that money really matters and that the money supply is, with regard to economic stability, a powerful but also a dangerous weapon when heedlessly used by governments.

The purpose of this paper is to empirically investigate the money demand function for five Southeast Asian countries, viz. Malaysia, Thailand, Singapore, the Philippines, and Indonesia.

The ARDL modeling approach is employed because of its ability to incorporate both I(0) and I(1) regressors.

The results reveal that real M2 aggregate, real expenditure components, exchange rate, and inflation rate are cointegrated for Malaysia, the Philippines, and Singapore. The statistical significance of real income components suggests the bias of using single real income variable in money demand (M2 aggregate) specification of both short‐ and long‐run. The CUSUM and CUSUMSQ tests show that the estimated parameters are stable for the five Southeast Asian economies, except for Indonesia which is based on short‐run specification.

These findings are important for policy makers in formulating monetary policy.

Besides conventional determinants of money demand such as exchange rate and interest rate variables, this study considers the major components of final expenditure (GDP) – final consumption expenditures (private and government sectors), expenditures on investment goods, and exports as scale variables.

The highest number of accidents in proportion to the employment rate is found in construction industry among all industries in Pakistan. The purpose of this paper is to identify and prioritize the contributory factors of accident causation that can significantly reduce the rate of accident in the construction industry.

In total, 32 contributory factors of accident causation were identified through a triangulation strategy comprising eight face-to-face semi-structured interviews with the academic and industry experts coupled with a comprehensive literature review. Delphi survey was then conducted among the four respondent groups (clients, contractors, safety official and academia) to prioritize these factors. A consensus was achieved among the respondent groups after conducting two rounds of Delphi survey. Finally, the results were validated using the technique of inter-rater agreement (IRA) analysis.

All the shortlisted accident causation factors were graded as “important” to “extremely important”. Moreover, a “moderate” to “strong level” agreement was developed among the respondent groups. The three most significant factors were highlighted as “poor enforcement of safety rules and regulations by the Government agencies”, “insufficient allocation of safety budget and safety incentives by the client”, and “insufficient provision of safety training and resources by the contractor”.

The findings will help the key stakeholders to prioritize their energies towards achieving zero accident in the construction industry. Moreover, addition of academic experts as one of the respondent groups will enhance the linkages between the academia and the industry practitioners.

Besides highlighting the underlying causes of construction accidents in Pakistan, a detailed methodology is presented in this study for the analysis and validation of the Delphi survey data, which can be extrapolated in other regions and industries for elements prioritization. The findings of the study can also be generalized for other developing countries having similar work environment. The results validation through the use of IRA analysis is an addition to the field of construction safety research. The study also authenticates the applicability of IRA analysis to assess the agreement level among the respondents.

The purpose of this study is to investigate the moderating effect of board gender diversity on the relationship between sustainability reporting (SR) and earnings management (EM) in the East Africa Community (EAC).

The study analyzed a sample of 71 publicly traded companies from 2011 to 2021.

The study finds that both SR and board gender diversity have a negative and significant effect on EM and that board gender diversity moderates the relationship between SR and EM.

The findings suggest that boards should support the adoption of SR and increase female representation as a practical way to reduce EM. Policymakers should also implement appropriate measures, such as imposing mandatory SR and gender quotas on corporate boards, to address EM.

This research adds to the limited knowledge of SR and EM in the EAC and also fills a gap in the existing literature by investigating the influence of board gender diversity on the link between SR and EM.

This research uses the evolutionary game model theory to explore how to make decisions to maximize their own interests in the process of project claims from the perspective of small and medium-sized contractors in the construction industry.

This study defines the discount factor in the claim process based on the characteristics of construction claims and provides a specific calculation method. The paper analyzes the matching degree between the evolutionary game model and the process of construction claims. Further, the discount factor is introduced to construct an evolutionary game model of engineering claims with the goal of maximizing the contractor’s benefits.

The results of this study show that in the situation (C*d1-nC1*d1>0, v2-v1-g>0) and (C*d1-nC1*d1>0, v2-v1-g<0), the contractor claim decision-making strategy is a truthful claim, while in the situation (C*d1-nC1*d1<0, v2-v1-g>0) and (C*d1-nC1*d1<0, v2-v1-g<0), the contractor claim decision-making strategy is a high-price claim. The discount factor will affect the decision-making rate. It is noted that the fines and the explicit costs received during the contractor’s high-priced claim process exhibit a positive correlation with the rate of truthful claim decision-making by contractors. Meanwhile, the final revenue of high-priced claims by contractors shows a positive correlation with the rate of high-priced claim decision-making by the sensitivity analysis.

The author simulates the process of solving the actual claim problem through the evolutionary game model in engineering claims. It is hoped that researchers will collect empirical cases and compare the actual case solutions with the model solutions to further revise the model in future studies, an evolutionary game model of engineering claim decision-making with interference factors can be constructed to analyze the evolutionary stability. Secondly, the single factor sensitivity analysis of individual parameters is carried out in this paper, and the influence of multiple factors on claim decisions can be further analyzed in the later research.

The analysis of the claim process based on the evolutionary game model is conducive to the contractor’s rapid claim decision-making. The introduction of the discount factor to analyze the claim process is more conducive to the accuracy of the contractor’s claim decision.

The proposed model provides a supplement to the existing studies on dynamic construction claim decision-making. The claim decision is conducive to controling cost for the contractor, improving the contractor’s management level and developing a healthy construction market.

To analyse Sukuk Prihatin (SP), the first-ever retail digital sukuk issued by the Government of Malaysia in the midst of the COVID-19 pandemic, as part of the national economic recovery plan. The issuance of SP was oversubscribed, even upsized, resulting in the government announcing its intention to issue similar types of sukuk in the future. In light of this, the purpose of this study is to understand the motivation for retail investors to invest in SP.

The purposive sampling method was applied via a self-administered survey, while the cross-sectional data were empirically tested using the SmartPLS 3.2.9 structural equation modelling. An integrated model of the theory of planned behaviour and social cognitive theories was used in determining investors’ intention to invest in SP.

The findings of this research revealed that attitude (ATT) towards SP investment (SPI), social norms (SN), perceived control (PBC) regarding SPI, sukuk features (SF), tax incentives (TI) and the spirit of unity and brotherhood (SUB) were significant determinants of investors’ willingness to invest in SP. This research also provided evidence for significant national pride-moderated interactions of ATT, SN, PBC, SF, TI and digitisation on investment intention.

The outcome of this study could assist governments and policymakers to structure sukuk and other debt-based capital market products to attract retail investors who would be willing to invest in the development of the nation in the midst of a crisis.

This study is the first of its kind to investigate various relevant predictors, which have been derived from behavioural, contextual and motivational perspectives. These predictors could influence investors’ perceptions of an innovative sukuk like SP, which was issued in the midst of a pandemic. The value of this study is its possible use by governments and policymakers to further develop debt-based capital market products that have the dual function of an investment vehicle and a source of funds for the economic recovery of a nation.

This study aims to investigate the impact of liquidity creation (LC) on the profitability and stability of banks while considering the moderating role of corruption.

Panel data from 23 conventional banks and five Islamic banks in Pakistan spanning from 2008 to 2021 were used for analysis. The study used fixed effect and random effect models, along with the generalized method of moments estimation to ensure robustness of the results.

The study reveals a negative relationship between LC and banking profitability, but a positive association with banking stability. Additionally, corruption is found to play a moderating role in the relationship between LC, profitability and stability in the banking sector of Pakistan.

The findings have practical implications for bank managers and investors, emphasizing the negative relationship between LC and profitability in Pakistan. Moreover, the study highlights the significant impact of corruption on bank performance, which can guide policymakers in formulating strategies to strengthen the banking sector and prevent financial turmoil in the future.

This study makes a significant contribution to the existing literature by examining the moderating role of corruption in the relationship between LC, profitability and stability in both conventional and Islamic banks.

The objectives of this paper are to examine the impact of psychological contract on project performance in private construction projects and to investigate if the positive effect of psychological contract on project performance can be mediated by inter-organisational teamwork.

Multiple regression analysis and mediation analysis were applied in this study to conduct the proposed hypotheses. Data were collected via questionnaire surveys from the construction professionals working for contractor firms on private construction projects.

The result of the multiple regression analysis indicated that psychological contract between contractors and owners is significantly related with project performance in construction projects. This study examined five psychological contract components, but the most important element was found as trust which can influence every aspect of project performance. Fairness is another key factor that can improve project performance in terms of budget and quality. Further, the findings of the mediation analysis revealed that inter-organisational teamwork has a mediating effect on the relationship between psychological contract and project performance.

This paper presents the important role of psychological contract between contractor and owner organizations in construction projects that can affect project performance. The study also highlights the significance of inter-organisational teamwork as a mediator to the relationship between psychological contract and project performance.