Index
Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from Indonesia
ISBN: 978-1-83797-043-8, eISBN: 978-1-83797-042-1
ISSN: 1571-0386
Publication date: 9 November 2023
This content is currently only available as a PDF
Citation
(2023), "Index", Barnett, W.A. and Sergi, B.S. (Ed.) Macroeconomic Risk and Growth in the Southeast Asian Countries: Insight from Indonesia (International Symposia in Economic Theory and Econometrics, Vol. 33A), Emerald Publishing Limited, Leeds, pp. 181-186. https://doi.org/10.1108/S1571-03862023000033A014
Publisher
:Emerald Publishing Limited
Copyright © 2024 William A. Barnett and Bruno S. Sergi
INDEX
Abnormal operating cash flow (AB_CFO)
, 39–40
Accrual earnings management
, 36
Accurate regulations
, 91
Achievement motivation (AM)
, 142–144
Actors
, 121
Adaptability
, 146
Additional analysis
, 136–137
Additivity
, 97
Adjusted Sharpe ratio
, 63
Age
, 112
Altruism or concern for family
, 108
Annual probit regression analysis
, 67
ARDL model
, 10
Asset price volatility
, 10
Asset prices and returns
, 5
Asset pricing model
, 64, 68–71
Asymmetric information
, 5
Augmented–Dickey–Fuller statistics (ADF statistics)
, 72–73
Average Variance Extracted (AVE)
, 26, 158
Bank stability
, 48
literature review
, 49–51
methodology
, 51–53
results
, 53–57
Banking
, 48
Banks
, 48
liberalization
, 54
market power
, 49, 52
Bitcoin
, 84
Bond spreads
, 3
Brazil, Russia, India, China, and South Africa (BRICS)
, 65
Business risk
, 2
(see also Systemic risk)
premium
, 3, 5
Capital Asset Pricing Theory (CAPM)
, 63, 70
Cash flow (CF)
, 4, 7, 9
Central banks
, 84
Central Bureau of Statistics (BPS)
, 94, 108
CEO tenure
, 174
Coefficient of variation (CV)
, 132
Company performance
, 173–174
Competition
, 49–50
Competition-fragility view
, 50
Competition-stability view
, 50
Composite reliability
, 26, 149
Conditional value at risk method (CoVaR method)
, 85–86
Conservative minus aggressive (CMA)
, 70
Consumption
, 110
based on LC-PIH
, 112–115
based on life cycle hypothesis
, 111–112
based on permanent income hypothesis
, 110–111
Convergences Actors X Actors (3CAA)
, 121
Convergent validity
, 148
measurements
, 26
Corporate debt
, 40
Corporate governance (CG)
, 62–63
Correlation analysis
, 53
Correlation matrix
, 26
COVID-19
, 94
pandemic
, 48, 84
Credit market vulnerabilities
, 84
Crisis
, 48
Cronbach’s alpha
, 26
Cross-loadings
, 26, 158
criterion
, 160–162
Cross-sectional regression
, 39
Cross-sectional risk
, 7–8
Data
, 51
Debt level
, 128
Debt-to-GDP ratio
, 4
Debt–Service Ratio (DSR)
, 4, 7–10
Default spread
, 2
Dependent variables
, 52
Descriptive statistics
, 10–11, 40–41, 53
Digital finance adoption
, 48
Digital finance expansion
, 54
Discriminant validity
, 148–149, 158
testing
, 160–165
Diversification
, 49–50, 54
Dividend yield
, 2
Dual banking system
, 85
Earnings managements
, 36
Econometrics model
, 40
Economic sector shocks in Jakarta
, 97–98
Economic strategies
, 175
Economic theory
, 110
Entrepreneurial orientation
, 159
Equally-weighted averages (EW)
, 63
Estimation method
, 71–72
Ethical leadership
, 145
Explanatory variables
, 52–53
Fama–French five factors (5FF)
, 66
Fama–French–Carhart four factors (4FFC)
, 64–65
Fama–MacBeth regression
, 72
Family firms
, 36
Family owners
, 37
Family ownership
, 37–39
Federal Reserve
, 84
Financial deregulation
, 50
Financial friction (FF)
, 3, 7, 9
Financial inclusion
, 110
literature review
, 110–115
materials and methods
, 115–116
results
, 116–123
Financial information
, 128
Financial literacy
, 21–24
Financial market indicators
, 6
Financial performance
, 159
Financial statements
, 36
Financial technology
, 50
Firm value
literature review and hypothesis development
, 129–130
method
, 130–132
results
, 132–137
Firms
, 39–40
environment
, 173
performance
, 172
Forest destruction
, 62
Fornell and Larcker’s criterion
, 160
Friction value
, 3
G-Power software version 3.1
, 24
Generalist CEO
, 172–173
literature review and hypothesis development
, 173–174
methodology
, 174–175
result
, 175–177
Generalized Autoregressive Conditional Heteroskedasticity model (GARCH model)
, 63, 72, 87
Global financial crisis
, 48–49
Global leadership
, 143, 145
Global supply chain loss
, 94
Government policy
, 21–24
Government role
, 112
Gross domestic product (GDP)
, 108
Herfindahl–Hirschman Index (HHI)
, 49, 51–52
Heterotrait–Monotrait ratio of correlation (HTMT)
, 158, 162–165
ratio of correlation
, 160–165
High-performance work systems (HPWS)
, 142–143
Homogeneity
, 97
Human resources performance (HR performance)
, 142–144
Hypothesis test
, 27–29
Hypothesis testing
, 150
Income
, 110
growth
, 112
Indoneseia’s DSR
, 4
Indonesia
, 20, 36–38, 94, 108, 175
Indonesia Bond Pricing Agency (IBPA)
, 9
Indonesia Securities Investor Protection Found (Indonesia SIPF)
, 42
Indonesia Stock Exchange (IDX)
, 51, 63
Indonesia’s GDP
, 4
Indonesian economy
, 85
Indonesian Financial Services Authority
, 21
Indonesian macroeconomic risk estimators
literature review
, 5–8
research methodology
, 8–10
results
, 10–14
Indonesian SMEs
findings
, 165–168
research background
, 159–160
testing discriminant validity and HTMT ratio of correlation
, 160–165
Indonesian stock market
, 4
Industrial revolution 4. 0
, 142
Industry competition
, 128
Inflation-targeting policies and performance
, 20–21
Input–Output model (IO model)
, 95
economic sector shocks in Jakarta
, 97–98
empirical result
, 98–104
framework
, 95–97
framework assumptions
, 97
literature review
, 95–98
Institutional theory
, 36
Inter-Regional Input–Output (IRIO)
, 95
Internal consistency
, 26
International Monetary Fund (IMF)
, 84
Investment-to-GDP ratios
, 3
Investors
, 36
Islamic higher education (IHE)
, 142
Jakarta
, 94
Composite Index
, 85
economic sector shocks in
, 97–98
Jensen Alpha
, 64–65
JIBOR
, 86
KBV
, 21
KEHATI Foundation
, 63, 65
Keynes’s theory
, 110
Leadership
, 145
Leontief inverse matrix
, 96–97
Lerner Index
, 49, 51–52
Leverage risk
, 3
Life cycle hypothesis, consumption based on
, 111–112
Life Cycle Permanent Income Hypothesis (LC-PIH)
, 110
consumption based on
, 112–115
Likert scale
, 25
Liquidity constraints
, 112
Liquidity risk
, 3, 5
Lockdown
, 94
Long-term consumption
, 110
Low managerial ownership
, 38
Macroeconomic risk
, 2, 6
Macrofinance studies
, 2
Macrofinancial relationships, theoretical foundations of
, 5–6
MACTOR
, 115, 120
Marginal Expected Shortfall method
, 85
Marginal Propensity to Consume (MPC)
, 110
Market capitalization
, 128, 130
Market failure
, 3
Market power
, 50
Market risk premium formula
, 3
Market volatility risk
, 3
Matched portfolio
, 66–68
Matching method
, 64
Matrix Actors X Objectives (3MAO)
, 121
Mean-variance efficient portfolio
, 68–69
Measurement model results
, 26–27
Measurement/outer model
, 148
Micro, Small, and Medium Enterprises (MSMEs)
, 23
Microfinance
, 5
Migrant workers
, 108
Migration
, 108
Mixed method
, 115
Moral competence
, 145
Moral global leadership (MGL)
, 142–143
analysis and results
, 147–151
methodology
, 147
moderating role
, 145–146
theory and conceptual model
, 143–146
Moral leadership
, 145–146
Multicollinearity
, 41
Multicultural Personality Questionnaire (MPQ)
, 145
Multifactor models
, 63
Multiplier
, 97
Mutual fund managers
, 70
Neglected stock theory
, 64
Neo-classical economic theory
, 62
Net interest margin (NIM)
, 53
Newey–West regression
, 76
Non-ethical stocks
, 64
Non-financial performance
, 159
Non-financial public companies
, 38
Non-performing loan (NPL)
, 52
Normal operating cash flow
, 39
Organisation for Economic Co-operation and Development (OECD)
, 20
Organizational performance
, 142
Partial Least Square-Structural Equation Modelling (PLS-SEM)
, 159
Partial least squares (PLS)
, 25–26, 147
People’s Business Credit program
, 23
Performance
, 171–172
Permanent income hypothesis, consumption based on
, 110–111
Plastic waste
, 62
Policy actors
, 22
Policy environment
, 22
Policy system
, 22
Pooled regression
, 72
Population and research samples
, 24–25
Portfolios
, 63
performance testing
, 69
Profitability
literature review and hypothesis development
, 129–130
method
, 130–132
results
, 132–137
Propensity score matching (PSM)
, 63
Proportionality
, 97
PSBB policy
, 94–95, 99
economic sector shocks in Jakarta
, 97–98
Public policy
, 21–22
Quality earnings
, 36
Quasi-Maximum Likelihood
, 72
with Student-t distributions
, 63
Rational choice theory
, 113
RBV
, 21
Real earnings management (REM)
, 36
dependent variable
, 39
econometrics model
, 40
effect
, 37
independent variable
, 39–40
methodology
, 39–40
results
, 40–44
sample
, 39
Refinitiv
, 8
Regression model
, 116–118
Regression results
, 11–13, 41–42, 133–135
from control variables
, 43–44
Reliability
, 26
Remittance
, 108, 113
as dependent variable
, 118–120
Research design
, 24
models, and variable construction
, 51
Research model
, 10
Research variables
, 25–26
Return performance
, 62, 66
Return value of bank assets
, 87
Revenue diversification
, 48
Risk-free rate (RRF)
, 66
River pollution
, 62
ROA
, 128, 134
Robust minus weak (RMW)
, 70
Robustness check
, 55–57
Robustness test regression results
, 13–14
Sarbanes–Oxley Act (SOX)
, 38
Saving
, 110
as dependent variable
, 116–118
Self-interest
, 108
Sharpe Alpha
, 65
Sharpe ratio
, 63, 72–73
Short-term consumption
, 110
Signaling theory
, 129
Small and medium enterprises (SMEs)
, 20
sustainability
, 22–24
Smart work (SW)
, 142–143
and HR performance
, 144
Social media
, 159
Socially responsible investment (SRI)
, 62
Socially responsible portfolio (SR portfolio)
, 62
literature review
, 64–66
principles
, 62
research methodology
, 66–72
results
, 72–78
Specific data dissemination standard (SDDS)
, 66
SRI-KEHATI index
, 63, 65–66
Stability
, 48
Stakeholders
, 115
analysis
, 120–123
Stock market
, 3
volatility
, 5, 8, 10
Stock prices
, 87
Stock value
, 65
Structural equation modelling (SEM)
, 26
Structural model results
, 27
Structural/inner models
, 150
Sustainability
, 20
empirical result
, 26–31
implications
, 31
limitations and future research direction
, 31
literature review and hypothesis development
, 21–24
methodology
, 24–26
Sustainable development goals (SDGs)
, 62
Systemic risk
, 85
analysis
, 89–90
methodology
, 86–88
results
, 88–89
T-test
, 73
Term spread
, 2–3, 5–6, 8–9
Three factors model (3FF)
, 70
Time Higher Education (THE)
, 142
TKI
, 116–118
Tobin’s Q
, 129, 134
proxy
, 173
Total bank assets
, 85
Trade-off theory
, 64
Treynor Alpha
, 65
Two-step system GMM
, 51
Unemployment rates
, 3
Validity
, 26
Value at risk (VaR)
, 86
Variance inflation factor (VIF)
, 41, 176
Volatility
, 5
Weakness of US SRI portfolios
, 64
Winsorizing
, 8
Work from home (WFH)
, 97
World Bank Database
, 8
World university rankings (WUR)
, 142
Year-on-year inflation
, 20
Z-score
, 49, 53–54
- Prelims
- Chapter 1: Business-Specific Risks and Stock Market Volatility as Indonesian Macroeconomic Risk Estimators
- Chapter 2: The Impact of Financial Literacy on Sustainability of Small Businesses: Government Policy Perspective
- Chapter 3: Real Earnings Management in Family Firms in Indonesia
- Chapter 4: How Bank Market Power and Diversification Affect Bank Stability? Evidence From Indonesia
- Chapter 5: Chasing Daily Return of Socially Responsible Portfolio: Evidence from Indonesian Stock Exchange
- Chapter 6: Systemic Risk: The Impact of COVID-19 on The Dual Banking System in Indonesia
- Chapter 7: Assessing The Impact of The Lockdown in Jakarta on The Economy: An Input–Output Approach
- Chapter 8: The Implementation of Financial Inclusion for Indonesian Migrant Workers Post-placement (Best Practice of Permanent Income Life Cycle Hypothesis)
- Chapter 9: Profitability and Firm Value: The Role of Industry Competition, Market Value of Equity, and Debt Levels
- Chapter 10: The Effect of Moral Global Leadership Moderation on the Relationship between Achievement Motivation, Smart Work, and Performance
- Chapter 11: Testing The Discriminant Validity and Heterotrait–Monotrait Ratio of Correlation (HTMT): A Case in Indonesian SMEs
- Chapter 12: Generalist CEO and Firm Performance: Evidence from Indonesia
- Index