Vidhya Sathyamoorthy and Tuck Cheong Tang
The purpose of this paper is to examine the influence of institutional quality on the export-led growth (ELG) with global evidence of a panel of 119 countries.
Abstract
Purpose
The purpose of this paper is to examine the influence of institutional quality on the export-led growth (ELG) with global evidence of a panel of 119 countries.
Design/methodology/approach
The research framework looks at the role of exports in promoting growth via. good institutional quality. The methods of testing are panel data approach of causality, and fixed and random effects models.
Findings
Empirical results show that good Institutional quality mediates the ELG relationship in general, and middle income group in specific. The legal institutional quality has significant positive impact, whereas political and economic institutional quality have significant negative impact on ELG for all sampled countries.
Research limitations/implications
The Kuncic’s (2014) institutional quality data are annually available between 1990 and 2010. Therefore, time series analysis for individual country is bias with 21 observations. And, this study ignores other potential variables such as capital, labor, real exchange rate, and so on, may possibly contribute to omitted-variables bias.
Practical implications
Policymakers may well utilize institutional quality reforms either in terms of improving existing institutional quality or enhancing “second-best” institutions as a policy instrument to reap success from export-oriented growth strategies.
Originality/value
Existing studies on ELG have ignored institutional quality as a relevant variable. It looks at the three institutional quality indicators, namely political, economic, and legal in ELG framework.
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Koi Nyen Wong and Tuck Cheong Tang
This paper aims to examine the influence of exchange rate variability on the demand for Malaysia's top five electrical exports as classified by Standard International Trade…
Abstract
Purpose
This paper aims to examine the influence of exchange rate variability on the demand for Malaysia's top five electrical exports as classified by Standard International Trade Classification (SITC) product groups.
Design/methodology/approach
The autoregressive distributed lag (ARDL) modelling approach to co‐integration is employed in order to estimate the influence of exchange rate variability on export demand.
Findings
The empirical results indicate that foreign income and prices are important determinants of export demand for all of the five electrical exports, in both the long run and the short run, over the sample period 1990‐2001. More interestingly, this paper supports the view that exchange rate variability has an adverse effect on Malaysia's electrical exports.
Research limitations/implications
One limitation of the study is the appropriateness of the ARDL modelling approach to examine the influence of exchange rate variability (which is stationary, I(0)) on trade behaviour such as export demand behaviour.
Practical implications
This paper is important to policymakers for the design of both exchange rate and trade policies in order to promote export growth, which could lead to Malaysia's transition towards high‐technology industrialisation.
Originality/value
This paper examines the influence of exchange rate variability on the demand for Malaysia's top five electrical exports as classified by SITC product groups, information which is not available in the existing literature.
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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…
Abstract
Purpose
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.
Design/methodology/approach
The ARDL modeling approach is employed because of its ability to incorporate both I(0) and I(1) regressors.
Findings
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.
Practical implications
These findings are important for policy makers in formulating monetary policy.
Originality/value
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.
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Koi Nyen Wong and Tuck Cheong Tang
This paper aims to examine both the cointegrating and causal relationships among inward FDI and the host country's employment in manufacturing and services sectors.
Abstract
Purpose
This paper aims to examine both the cointegrating and causal relationships among inward FDI and the host country's employment in manufacturing and services sectors.
Design/methodology/approach
This paper applies autoregressive distributed lag (ARDL) framework to test the cointegration and causality patterns using Singapore as a case.
Findings
Apart from the presence of a unique long‐run relationship, the findings also show evidence of long‐run causality, running from employment in manufacturing and services to FDI inflows, and from FDI inflows and services employment to manufacturing employment. Furthermore, there is evidence of short‐run causality showing strong FDI‐employment and employment linkages, predominantly from the manufacturing to services.
Research limitations/implications
One likely area of future research is to extend this paper by using disaggregated data, e.g. FDI inflows by sector (manufacturing and services), and employment by the respective sectors.
Practical implications
Manufacturing and services have been regarded as the “twin engines” of growth for the Singapore economy. As the economy is moving up the value chain from downstream to upstream activities, a significant proportion of foreign direct investment (FDI) has been attracted to the manufacturing and services sectors. The present study provides useful policy implications towards promoting foreign investment in emerging areas of and manpower development in both sectors of the economy.
Originality/value
This paper explores the possible interactions between FDI inflows and employment in manufacturing and services sectors as well as the employment linkages between manufacturing and services in Singapore.
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Hoa Luong, Abeyratna Gunasekarage and Pallab Kumar Biswas
This paper investigates the influence of CEO power on financial statement comparability using a multidimensional CEO power index and a comprehensive measure of financial statement…
Abstract
Purpose
This paper investigates the influence of CEO power on financial statement comparability using a multidimensional CEO power index and a comprehensive measure of financial statement comparability for ASX-listed companies.
Design/methodology/approach
This study applies ordinary least squares regression analyses to a sample of 3,562 firm-year observations spanning 2004–2015. A propensity score matching procedure, lagged regression models, instrumental variable two-stage least squares regressions and first difference models were performed for endogeneity correction and robustness purposes.
Findings
The results suggest that powerful CEOs are more likely to produce more comparable financial reports. We also analyse four dimensions of CEO power and find that the influence of CEO power on FS comparability mainly stems from ownership and expert power dimensions. Additionally, we report that the influence of CEO power on FS comparability is more pronounced for firms that operate under high market competition and industry-related shocks, but governance characteristics do not make a material impact on the uncovered relationship.
Practical implications
Given the pressure exerted by regulatory bodies on companies to reduce information asymmetry, the study’s empirical evidence offers valuable insights to policymakers, corporations and other stakeholders as it provides evidence on the importance of corporate leadership in improving FS comparability.
Originality/value
The extent to which CEO power is linked with the comparability of corporate disclosures is new to the literature. Investigating such a link is important because corporate disclosure is primarily a management practice that emanates from the board and generally affects the firm, its shareholders and other market participants.
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Lindsey Bezek and Kwan-Soo Lee
Although ceramic additive manufacturing (AM) could be used to fabricate complex, high-resolution parts for diverse, functional applications, one ongoing challenge is optimizing…
Abstract
Purpose
Although ceramic additive manufacturing (AM) could be used to fabricate complex, high-resolution parts for diverse, functional applications, one ongoing challenge is optimizing the post-process, particularly sintering, conditions to consistently produce geometrically accurate and mechanically robust parts. This study aims to investigate how sintering temperature affects feature resolution and flexural properties of silica-based parts formed by vat photopolymerization (VPP) AM.
Design/methodology/approach
Test artifacts were designed to evaluate features of different sizes, shapes and orientations, and three-point bend specimens printed in multiple orientations were used to evaluate mechanical properties. Sintering temperatures were varied between 1000°C and 1300°C.
Findings
Deviations from designed dimensions often increased with higher sintering temperatures and/or larger features. Higher sintering temperatures yielded parts with higher strength and lower strain at break. Many features exhibited defects, often dependent on geometry and sintering temperature, highlighting the need for further analysis of debinding and sintering parameters.
Originality/value
To the best of the authors’ knowledge, this is the first time test artifacts have been designed for ceramic VPP. This work also offers insights into the effect of sintering temperature and print orientation on flexural properties. These results provide design guidelines for a particular material, while the methodology outlined for assessing feature resolution and flexural strength is broadly applicable to other ceramics, enabling more predictable part performance when considering the future design and manufacture of complex ceramic parts.