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Prelims

Comparative Analysis of Trade and Finance in Emerging Economies

ISBN: 978-1-80455-759-4, eISBN: 978-1-80455-758-7

ISSN: 1571-0386

Publication date: 10 April 2023

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(2023), "Prelims", Barnett, W.A. and Sergi, B.S. (Ed.) Comparative Analysis of Trade and Finance in Emerging Economies (International Symposia in Economic Theory and Econometrics, Vol. 31), Emerald Publishing Limited, Leeds, pp. i-xix. https://doi.org/10.1108/S1571-038620230000031030

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:

Emerald Publishing Limited

Copyright © 2023 William A. Barnett and Bruno S. Sergi

Half Title Page

COMPARATIVE ANALYSIS OF TRADE AND FINANCE IN EMERGING ECONOMIES

Series Page

INTERNATIONAL SYMPOSIA IN ECONOMIC THEORY AND ECONOMETRICS

Series Editor: William A. Barnett

Recent Volumes:

Volume 17: Topics in Analytical Political Economy, Edited by Melvin Hinich & William A. Barnett
Volume 18: Functional Structure Inference, Edited by William A. Barnett & Apostolos Serletis
Volume 19: Challenges of the Muslim World: Present, Future and Past, Edited by William W. Cooper & Piyu Yue
Volume 20: Nonlinear Modeling of Economic and Financial Time-Series, Edited by Fredj Jawadi & William A. Barnett
Volume 21: The Collected Scientific Works of David Cass — Parts A–C, Edited by Stephen Spear
Volume 22: Recent Developments in Alternative Finance: Empirical Assessments and Economic Implications, Edited by William A. Barnett and Fredj Jawadi
Volume 23: Macroeconomic Analysis and International Finance, Edited by Georgios P. Kouretas and Athanasios P. Papadopoulos
Volume 24: Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons, Edited by William A. Barnett and Fredj Jawadi
Volume 25: Banking and Finance Issues in Emerging Markets, Edited by William A. Barnett and Bruno S. Sergi
Volume 26: Asia-Pacific Contemporary Finance and Development, Edited by William A. Barnett and Bruno S. Sergi
Volume 27: Advanced Issues in the Economics of Emerging Markets, Edited by William A. Barnett and Bruno S. Sergi
Volume 28: Recent Developments in Asian Economics, Edited by William A. Barnett and Bruno S. Sergi
Volume 29A: Environmental, Social, and Governance Perspectives on Economic Development in Asia, Edited by William A. Barnett and Bruno S. Sergi
Volume 29B: Environmental, Social, and Governance Perspectives on Economic Development in Asia, Edited by William A. Barnett and Bruno S. Sergi
Volume 30: Comparative Analysis of Trade and Finance in Emerging Economies, Edited by William A. Barnett and Bruno S. Sergi

Title Page

INTERNATIONAL SYMPOSIA IN ECONOMIC THEORY AND ECONOMETRICS VOLUME 31

COMPARATIVE ANALYSIS OF TRADE AND FINANCE IN EMERGING ECONOMIES

EDITED BY

WILLIAM A. BARNETT

University of Kansas, USA

and

BRUNO S. SERGI

Harvard University, USA & University of Messina, Italy

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

Copyright Page

Emerald Publishing Limited

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

First edition 2023

Editorial matter and selection © 2023 William A. Barnett and Bruno S. Sergi.

Published under exclusive licence.

Individual chapters © 2023 Emerald Publishing Limited.

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ISBN: 978-1-80455-759-4 (Print)

ISBN: 978-1-80455-758-7 (Online)

ISBN: 978-1-80455-760-0 (Epub)

ISSN: 1571-0386 (Series)

Contents

List of Figures and Tables vii
About the Editors xi
About the Contributors xiii
Preface xix
Chapter 1: The Relationship Between Good Stewardship, Agency Costs, and Performance of South African Firms
Siphiwe Zungu, Nicole Kandaswami, Taliya Gunpath, Naseeba Limalia, Tahlia Reddy, Divania Govender, Hilary T. Muguto and Paul-Francois Muzindutsi 1
Chapter 2: Can West African Monetary Zone form a Currency Union?
A. A. Obalade, T. Moodley, N. Ncama, N. Mkhize, M. Pillay and T. Singh 19
Chapter 3: Risk and Mutual Fund Clustering in an Emerging Market: Evidence for Thailand
Surachai Chancharat and Arisa Phadungviang 37
Chapter 4: Zero-Investment Portfolio Strategy and Excess Returns in ESG100 Stocks
Parichat Sinlapates and Thawaree Chinnasaeng 51
Chapter 5: Personality Traits as Determinants of Facebook Behavior: Study of Indian Gen-Z
Sudatta Banerjee, Swati Alok, Mousumi Singha Mahapatra and Souri Banerjee 67
Chapter 6: The Dynamic Relationship Between the Services Trade Sector and Economic Growth in the Lao People’s Democratic Republic
Soukavong Bounthone and Kyophilavong Phouphet 85
Chapter 7: Predictive Blend: Fundamental Indexing with Markowitz Mean Variance Portfolio in Indonesia Stock Exchange
Taufik Faturohman and David Christian 101
Chapter 8: Financial Literacy of Micro, Small, and Medium Enterprises: Empirical Study During the Pandemic Period
Marcellia Susan, Jacinta Winarto and Ika Gunawan 113
Chapter 9: Personnel Management in the Context of New Forms of Diffusion of Innovations
Mikhailov Fedor Borisovich, Miasnikov Dmitrii Alekseevich and Fakhrutdinov Bulat Ildarovich 123
Chapter 10: Impact of Non-Tariff Measures of the People’s Republic of China on the Export of Agricultural Products of Lao People’s Democratic Republic
Vadsana Chanthanasinh and Piya Wongpit 131
Chapter 11: Financial Distress and Financial Performance Analysis of Highway Companies Before and During the Covid-19 Pandemic: Evidence from Indonesia Stock Exchange
Ari Prasetyo and Taufik Faturohman 151
Chapter 12: Credit Risk Scoring Model for Consumer Financing: Logistic Regression Method
Isti Yuli Ismawati and Taufik Faturohman 167
Chapter 13: The Effects of Investment Amount in Investment Activity Report (Laporan Kegiatan Penanaman Modal/LKPM) on Employment in West Java Province
Tresna Puspitadewi and Taufik Faturohman 191
Chapter 14: Influence of Bank Loans on Listed Company Performance: Evidence from China
Zaoxing Hu and Jianing Zhang 203
Chapter 15: The Relationship Between Capital Structure and Performance of Real Estate Companies in China
Yitao Jiang and Jianing Zhang 217
Index 235

List of Figures and Tables

Figures
Fig. 2.1. Real Exchange Rates Movement in WAMZ During the Pre-WAMZ Formation Phase. 28
Fig. 2.2. Real Exchange Rates Movement in WAMZ During the Post-WAMZ Formation Phase. 28
Fig. 3.1. Biplots Showing Samples Color-Coded Using K-means Clustering. 47
Fig. 3.2. Box Diagrams for the Groups Generated by K-means Clustering. 47
Fig. 5.1. Influence of BFPTs and Demographics on Facebook Behavior. 74
Fig. 6.1. Conceptual Framework. 88
Fig. 6.2. Economic Growth in the Lao PDR from 1990 to 2018. 89
Fig. 6.3. Trade in Services in the Lao PDR. 91
Fig. 6.4. Total Trade in Services Between the Lao PDR and Selected Trading Partners. 91
Fig. 7.1. Recent Indonesian Stock Market Volatility Index. 103
Fig. 7.2. Bridging Approaches of MVO and FI Portfolio. 105
Fig. 9.1. K-cycles of the Modern World Economy. 124
Fig. 9.2. Simulation Model of the Dynamics of Changes in the Effectiveness of the Introduction of Radical Innovations. 126
Fig. 10.1. Export Values and Growth Rate of Lao PDR Agricultural Products to the PRC (2013–2020). 139
Fig. 10.2. Top Five Exported Products to the PRC, 2013–2020. 139
Fig. 10.3. Frequency Indices and Coverage Ratios of NTMs. 140
Fig. 11.1. Conceptual Framework. 155
Fig. 11.2. Zmijewski Formula. 156
Fig. 12.1. Conceptual Framework. 174
Tables
Table 1.1. Descriptive Statistics Results. 10
Table 1.2. Correlation Results. 11
Table 1.3. Hausman Test. 12
Table 1.4. Panels Corrected Standard Errors Results. 13
Table 2.1. Estimates of the MSM: Pre-WAMZ Formation Phase. 29
Table 2.2. Estimates of the MSM: Post-WAMZ Formation Phase. 30
Table 2.3. Distribution of Regimes: Pre-WAMZ Formation Phase. 31
Table 2.4. Distribution of Regimes: Post-WAMZ Formation Phase. 31
Table 3.1. Descriptive Statistics. 45
Table 3.2. The Frequency Distribution of Fund Types. 46
Table 3.3. Summary of the Results of Cluster Analysis by K-means Method. 46
Table 3.4. The Distribution of Item Types by Cluster. 48
Table 4.1. Data Description for Portfolio Formation Variables. 58
Table 4.2. Data Description for Fama and French Factors of All Listed Companies. 59
Table 4.3. Data Description for Fama and French Factors of ESG100 Listed Companies. 59
Table 4.4. Excess Returns from All Listed Companies in the SET. 60
Table 4.5. Excess Returns from ESG100 Companies in the SET. 61
Table 4.6. Multiple Linear Regression Analysis from All Listed Companies in the SET with a 6-Month Holding Period. 61
Table 4.7. Multiple Linear Regression Analysis from All Listed Companies in the SET with a 9-month Holding Period. 62
Table 4.8. Multiple Linear Regression Analysis from All Listed Companies in the SET with a 12-Month Holding Period. 62
Table 4.9. Multiple Linear Regression Analysis from ESG100 Companies in the SET with a 12-month Holding Period. 63
Table 5.1. Factor Loadings of Posting (a), Feature Usage (b), and Making Friends (c). 72
Table 5.2. Factor Loadings of Neuroticism (1), Conscientiousness (2), Extraversion (3), Openness to Experience (4), and Agreeableness (5). 73
Table 5.3. Confirmatory Factor Analysis Results for Proposed Model. 75
Table 5.4. Descriptive Statistics and Discriminant Validity. 76
Table 5.5. Regression Path. 77
Table 6.1. Summary of Relevant Empirical Studies on the Trade in Services. 88
Table 6.2. The Definition of Variables. 93
Table 6.3. Sample Size and Summary Statistics for the Data. 93
Table 6.4. Unit Root Testing Results. 95
Table 6.5. Results of the ARDL Long-Run Form and Bounds Test. 96
Table 6.6. Results of Long-Run Correlation Analysis. 96
Table 7.1. Benchmark Index in Recent 5 Years Period. 107
Table 7.2. Markowitz MVO Portfolio Return from July 2015 to July 2019. 108
Table 7.3. Fundamental Indexing Annual Return Table. 109
Table 7.4. Predictive Blend Portfolio Annual Return Table. 110
Table 8.1. Business Fields. 117
Table 8.2. p-Value (Borrowing Financial Literacy). 118
Table 8.3. p-Value (Budgeting Financial Literacy). 118
Table 10.1. MAST Team NTM Classification Document Structure. 134
Table 10.2. Explanation of Model Variables in the Model. 141
Table 10.3. Fixed-Effects Regressions on the Exports of Lao PDR to the PRC with FI. 141
Table 10.4. Fixed-Effects Regressions on the Exports of Lao PDR to the PRC with CR. 141
Table 11.1. Zone of Discriminant of Zmijewski Score. 157
Table 11.2. Health Level Assessment. 157
Table 11.3. Indicators of Health Level Assessment. 158
Table 11.4. Financial Distress Before the COVID-19 Pandemic. 159
Table 11.5. Financial Distress During the COVID-19 Pandemic. 159
Table 11.6. Financial Distress Before the COVID-19 Pandemic. 161
Table 11.7. Financial Distress During the COVID-19 Pandemic. 161
Table 12.1. List of Variables in Data Set. 176
Table 12.2. Descriptive Statistics. 177
Table 12.3. Initial Multicollinearity Test. 178
Table 12.4. Revised Multicollinearity Test. 179
Table 12.5. WOE of the Demographic Indicator. 180
Table 12.6. WOE of the Asset Indicator. 180
Table 12.7. WOE of the Employment Indicator. 181
Table 12.8. WOE of the Financing Payment Indicator. 182
Table 12.9. Information Value. 182
Table 12.10. p-Value of Variable. 183
Table 12.11. The Goodness of Fit. 184
Table 12.12. The Initial Logistic Regression. 184
Table 12.13. The Final Logistic Regression. 185
Table 12.14. Parameter and Value. 186
Table 12.15. Scorecard Per Variable. 187
Table 13.1. Descriptive Statistical Analysis. 195
Table 13.2. Overall Model Fit in the Q2 2018 Period. 196
Table 13.3. Overall Model Fit in the Q2 2021 Period. 196
Table 13.4. Hosmer and Lemeshow Test Period Q2 2018. 196
Table 13.5. Hosmer and Lemeshow Test Period Q2 2021. 196
Table 13.6. Coefficient of Determination Period Q2 2018. 197
Table 13.7. Coefficient of Determination Period Q2 2021. 197
Table 13.8. Logistics Regression Model in the Q2 2018 Period. 198
Table 13.9. Logistics Regression Model in the Period of Q2 2021. 199
Table 14.1. Descriptive Statistics. 208
Table 14.2. Correlations. 208
Table 14.3. Main Regression Results. 209
Table 14.4. Nonlinear Quadratic Relationship. 210
Table 14.5. Interaction Term. 211
Table 14.6. Tobin’s Q as Alternative Measure of Performance. 212
Table 14.7. Subperiod Analysis. 213
Table 14.8. Bond Payable to Asset Ratio Robust Check. 213
Table 15.1. Sample Statistics of Real Estate Companies. 223
Table 15.2. Main Regression Results. 224
Table 15.3. ROE as a Dependent Variable. 226
Table 15.4. Tobin’s Q as a Dependent Variable. 227
Table 15.5. Non-state-owned Companies. 228
Table 15.6. State-owned Companies. 229
Table 15.7. Lagged Variable Analysis. 230

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 in 2012. With Nobel Laureate Paul Samuelson, he also co-authored the book, Inside the Economist’s Mind, 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 (Cambridge University Press) and Entrepreneurship and Global Economic Growth (Emerald Publishing). He teaches Political Economy and International Finance at the University of Messina and chairs the Lab for Entrepreneurship and Development (LEAD), a research lab based in Cambridge, USA, to generate and share knowledge about entrepreneurship, development, and sustainability.

About the Contributors

Swati Alok, PhD, is an Assistant Professor of Management in the Department of Economics and Finance in BITS Pilani-Hyderabad Campus, India. She is involved in teaching, research, and consultancy at the institute for the past 12 years. Her research, publications, talks, and sponsored projects involve behavioral studies, especially conflict management, gender studies, career management, health management, and future workplace.

Souri Banerjee is a Professor of Physics in BITS Pilani-Hyderabad Campus, India as well as Dean Faculty Affairs across four campuses of the university. He has vast teaching, research, administration and management experience for about 17 years. He has published in more than 40 peer-reviewed international journals, dealt with many sponsored projects and supervised numerous Ph.D. students.

Sudatta Banerjee, PhD, is an Assistant Professor of Economics in the Department of Economics and Finance in BITS Pilani-Hyderabad Campus, India. She is involved in teaching, research, and consultancy for the past 9 years. Her research, publications, talks, and sponsored projects involve empirical developmental issues, education, health, gender studies, applied econometrics, and, behavioral issues.

Soukavong Bounthone, Director of Department of Commerce, Faculty of Economics and Business Management, the National University of Laos, Vientiane, Lao PDR. Bounthone is a PhD Candidate in Economics at the Faculty of Economics and Business Management, the National University of Lao.

Surachai Chancharat is an Associate Professor in the Faculty of Business Administration and Accountancy, Khon Kaen University, Thailand. He received his PhD from the University of Wollongong, Australia. His research interests include financial economics, asset pricing, and applied econometrics. He has published in various journals and presented his results at national and international conferences.

Vadsana Chanthanasinh is the Vice Dean of the Faculty of Economic and Business Management, National University of Laos. She holds a Master’s degree in Applied Economics from De La Salle University, Manila, awarded in 2005. Currently, she teaches bachelor and master students on microeconomics, international economics, international trade theory and policies, trade law, and monetary policies. She demonstrates extensive experience in the field of trade and economic development.

Thawaree Chinnasaeng is a Credit Analyst for Small and medium-sized enterprises (SMEs) in Krungthai Bank, Mukdahan Business Office, Mukdahan, Thailand. She holds a Master of Business Administration majoring in Finance from Faculty of Business Administration and Accountancy at Khon Kaen University, Thailand.

David Christian is Avid Reader of investment and portfolio topics. Born in 1991, he finished his Master of Business Administration degree in 2021. Beside economy and finance, he is also a fan of environmental and sustainability issues.

Fakhrutdinov Bulat Ildarovich – PhD Student at Postgraduate State Financed Organization “Center of Advanced Economic Research Academy of the Republic of Tatarstan” Kazan. Assistant Teacher of the Department of Human Resource Management of Kazan Volga Federal University (KFU). A young teacher-researcher and author of more than 10 scientific papers.

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

Divania Govender holds a Bachelor of Business Science in Finance from the University of KwaZulu-Natal. Her research interests include Corporate Finance and Financial Markets.

Ika Gunawan is an Assistant Professor at the Faculty of Business, Maranatha Christian University, Bandung, West Java, Indonesia. She has received her post-graduate degree in Management.

Taliya Gunpath holds the Bachelor of Commerce Honours in Finance from the University of KwaZulu-Natal. Her research interests include Corporate Finance and Financial Risk Management.

Zaoxing Hu is a Senior Undergraduate Student majoring in Finance at the School of Accounting and Finance at the Wenzhou Kean University.

Isti Yuli Ismawati is currently a Graduate Student at the School of Business and Management Institute of Technology Bandung (SBM ITB), Indonesia. She earned her Bachelor’s Degree in Socio-Economic Agribusiness from Gadjah Mada University, Indonesia. Her research interests are banking, risk management, and risk scoring.

Yitao Jiang is a Senior Undergraduate Student majoring in Finance at the School of Accounting and Finance at the Wenzhou Kean University. He was a Management Intern at the Bank of Ruifeng, Shaoxing, China, where he managed the day-to-day operations and assisted clients for three months. He was also a financial intern in Zhejiang Jingzhu Real Estate and participated in financial decisions.

Nicole Kandaswami holds a Bachelor of Commerce Honours in Finance from the University of KwaZulu-Natal. Her research interests include Corporate Finance and financial markets.

Naseeba Limalia holds a Bachelor of Commerce Honours in Finance from the University of KwaZulu-Natal. Her research interests include Corporate Finance and Financial Markets.

Mousumi Singha Mahapatra, PhD, is an Assistant Professor of Finance in Institute of Public Enterprise, Hyderabad. She is involved in teaching, research, and consultancy for the past 9 years. Her research, publications, talks, and sponsored projects involve household finance, consumer finance, finance well-being and personal financial planning.

Miasnikov Dmitrii Alekseevich – Candidate of Economic Sciences, Associate Professor of the Department of Human Resource Management of Kazan Volga Federal University (KFU). 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.

Mikhailov Fedor Borisovich — Candidate of Economic Sciences, Associate Professor of the Department of Human Resource Management of Kazan Volga Federal University (KFU). Honored Teacher of KFU. He is a full member of the Academy of Labor and Employment (ATIZ), an interregional public organization. Author of 160 scientific papers on human resource management and labor economics. Including the author and co-author of 4 monographs on this topic, including books from the series “Personnel Management in Russia” by INFRA-M publishing house, Moscow.

N. Mkhize is a Finance Postgraduate Student in the School of Accounting, Economics and Finance at the UKZN. Research interests include financial economics and financial markets.

T. Moodley is a Finance Postgraduate Student in the School of Accounting, Economics and Finance at the UKZN. Research interests include financial markets and investment analysis.

Hilary T. Muguto is a PhD Candidate in the School of Accounting, Economics and Finance, University of KwaZulu-Natal. His research interests include healthcare equity and finance, financial markets, behavioral finance, investment analysis, and development economics.

Paul-Francois Muzindutsi, PhD is a Professor of Finance in the School of Accounting, Economics and Finance, University of KwaZulu-Natal. His research interests include financial markets, behavioral finance, financial risk management, investment portfolios and time series analysis of macroeconomic variables.

N. Ncama is a Finance Postgraduate Student in the School of Accounting, Economics and Finance at the UKZN. Research interests include financial economics and monetary policy.

A. A. Obalade is a Senior Lecturer in the School of Business and Finance at the University of the Western Cape. He was a Postdoctoral Fellow and part-time Lecturer at University of KwaZulu-Natal. He also worked as a Graduate Assistant and Finance Lecturer at Benue State University and Ekiti State University, respectively. His research interests include financial market, financial economics, time series analyses, environmental finance and sustainability.

Arisa Phadungviang is an Officer at the Siam Commercial Bank Public Company Limited, Thailand. She holds a Bachelor of Business Administration in Finance from Udon Thani Rajabhat University and a Master of Business Administration in Finance from Khon Kaen University, Thailand. Her research interests include risk management, financial economics, and data analytics.

Kyophilavong Phouphet, PhD, (Advisor), Dean of the Faculty of Economics and Business Management, the National University of Lao, Vientiane, Lao PDR. Associate Professor in Economics in the Faculty of Economics and Business Management, the National University of Lao.

M. Pillay is a Finance Postgraduate Student in the School of Accounting, Economics and Finance at the UKZN. Research interests include financial markets and investment analysis.

Ari Prasetyo is currently a Finance and Taxation Specialist at Badak LNG. He obtained his Master of Business Administration from School of Business and Management, Institut Teknologi Bandung, Indonesia, and graduated with honor (cum laude). He earned a Bachelor degree in Accounting from Airlangga University, Surabaya. His research interests are corporate finance and financial accounting.

Tresna Puspitadewi is currently a Graduate Student at the School of Business and Management Institute of Technology Bandung (SBM ITB), Indonesia. She earned her Bachelor’s Degree in International Relations from Parahyangan Catholic University. Her research interests are macroeconomics, macroeconomics policy, and international political economy.

Tahlia Reddy holds a Bachelor of Commerce Honours in Finance from the University of KwaZulu-Natal. Her research interests include Corporate Finance and Investments.

T. Singh is a Finance Postgraduate Student in the School of Accounting, Economics and Finance at the UKZN. Research interests include financial markets and investment analysis.

Parichat Sinlapates is a Lecturer in the Faculty of Business Administration and Accountancy at Khon Kaen University, Thailand. She holds a Ph.D. from the University of Strathclyde, Glasgow, Scotland. Her research interests include trading strategy and risk management. She has published her research in journals and conferences, both national and international.

Marcellia Susan is a Professor at the Faculty of Business, Maranatha Christian University, Bandung, West Java, Indonesia. She has received her Doctoral degree in Business Management. She has conducted various topics of research on Management Studies.

Jacinta Winarto is an Assistant Professor at the Faculty of Business, Maranatha Christian University, Bandung, West Java, Indonesia. She has received her Doctoral degree in Business Management.

Piya Wongpit is the Head of the Finance and Banking Department of the Faculty of Economic and Business Management, National University of Laos. He holds a PhD in economics from Kobe University, Japan, awarded in 2014. Currently, he teaches bachelor, master, and PhD students on research methodology, public financial management, microeconomics, economic development, and security analysis. He demonstrates vast experience with feasibility studies and research in the field of agriculture economics, trade, and economic development.

Jianing Zhang is an Assistant Professor of Finance in the School of Accounting and Finance and a co-investigator in the Center for Big Data and Decision Making Technologies at the Wenzhou-Kean University. He is enrolled in the “Pu Jiang Talent Program” in Shanghai. He has published in numerous journals, including the Journal of Banking & Finance, Financial Review, Finance Research Letters, and International Review of Economics & Finance.

Siphiwe Zungu is a Lecturer of Finance in the School of Accounting, Economics and Finance, University of KwaZulu-Natal. His research interests include corporate Finance, financial risk management, enterprise risk, Corporate Social Responsibility, ESG, and development finance.

Preface

The chapters published in this volume were presented at the SIBR 2022 Tokyo Conference on Interdisciplinary Business and Economic Research organized by the Society of Interdisciplinary Business Research on January 6–7, 2022, in Tokyo, Japan. In Chapter 1, Zungu et al. investigate a sample of South African firms and found that good stewardship lowers agency costs and improves firm performance. Chapter 2 by Obalade et al. analyzes possible regime changes in the foreign exchange markets of countries within the West African Monetary Zone before and after the formation of this monetary union. Chancharat and Phadungviang, in Chapter 3, construct mutual fund clustering in Thailand using the K-means technique. In Chapter 4, Sinlapates and Chinnasaeng investigate whether the zero-investment portfolio strategy generates higher excess returns on the Stock Exchange of Thailand. Chapter 5 by Banerjee et al. employs factor analysis and structural equation modeling to identify personality traits that affect Facebook behavior. Bounthone and Phouphet, in Chapter 6, find a long-run relationship between economic growth and service trade in Lao PRD, implying that trade facilitation and liberalization in the service sector increase economic growth. Chapter 7 by Faturohman and Christian employs the Markowitz mean variance optimization approach for constructing a diversified portfolio with higher returns given a risk level. Susan et al. in Chapter 8 discuss the roles of financial education, money attitude, and financial socialization agents in determining MSMEs’ financial literacy. In Chapter 9, Borisovich et al. discuss innovation diffusions that parallel economic cycles. Chapter 10 by Chanthanasinh and Wongpit investigates the effects of non-tariff trade barriers on Lao PDR’s export of agricultural products to China. In Chapter 11, Prasetyo and Faturohman empirically study the impact of COVID-19 on highway companies’ performance in Indonesia. Using logistic regression, Ismawati and Faturohman, in Chapter 12, set up a credit risk scoring model for consumer financing. Chapter 13 by Puspitadewi and Faturohman studies the effects of industrial capital expenditure on Indonesia’s employment rate. In Chapter 14, Hu and Zhang examine how bank loans affect firm performance in China. Finally, in Chapter 15, Jiang and Zhang explore the relationship between capital structure and the performance of Chinese real estate firms.

Prelims
Chapter 1: The Relationship Between Good Stewardship, Agency Costs, and Performance of South African Firms
Chapter 2: Can West African Monetary Zone Form a Currency Union?
Chapter 3: Risk and Mutual Fund Clustering in an Emerging Market: Evidence for Thailand
Chapter 4: Zero-investment Portfolio Strategy and Excess Returns in ESG100 Stocks
Chapter 5: Personality Traits as Determinants of Facebook Behavior: Study of Indian Gen-Z
Chapter 6: The Dynamic Relationship Between the Services Trade Sector and Economic Growth in the Lao People's Democratic Republic
Chapter 7: Predictive Blend: Fundamental Indexing with Markowitz Mean Variance Portfolio in Indonesia Stock Exchange
Chapter 8: Financial Literacy of Micro, Small, and Medium Enterprises: Empirical Study During the Pandemic Period
Chapter 9: Personnel Management in the Context of New Forms of Diffusion of Innovations
Chapter 10: Impact of Non-tariff Measures of the People's Republic of China on the Export of Agricultural Products of Lao People's Democratic Republic
Chapter 11: Financial Distress and Financial Performance Analysis of Highway Companies Before and During the COVID-19 Pandemic: Evidence from Indonesia Stock Exchange
Chapter 12: Credit Risk Scoring Model for Consumer Financing: Logistic Regression Method
Chapter 13: The Effects of Investment Amount in Investment Activity Report (Laporan Kegiatan Penanaman Modal/LKPM) on Employment in West Java Province
Chapter 14: Influence of Bank Loans on Listed Company Performance: Evidence from China
Chapter 15: The Relationship Between Capital Structure and Performance of Real Estate Companies in China
Index
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