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Low capital market literacy in Indonesian society is the cause of the low investment value in the capital market. It led to the establishment of the Indonesia Stock Exchange (IDX) investment gallery (IG). Its existence as a means of education and socialization is expected to increase capital market inclusion. This study analyzes the impact of the IG’s existence on investment interest in the capital market by taking a sample of West Java as the province with Indonesia’s largest population. The authors find that the public interest in visiting IG increases every year by an average of 38%, this is accompanied by an increase in opening new accounts in the capital market, with an average increase of 48% each year. The statistical tests results show that the greater the number of IGs, the greater the number of transactions in the capital market (p < 0.05). The results of this research can certainly be an input for the IDX to increase the number and activities of IG throughout Indonesia to increase Indonesia’s economy through capital market literacy and inclusion, besides that this research also produces a structured and systematic capital market education model. The research results can also reference countries with developing capital markets to adopt the IDX policies in attracting investors, especially domestic investors.

The purpose of this paper is two-fold: to analyze the legal issues on disgorgement and disgorgement funds in Indonesia, the USA and the UK and to construct the ideal law regarding disgorgement and disgorgement fund.

The type of legal research in this paper is normative legal research. The research approach used is a comparative approach and a legal approach. The legal materials used are all regulations on the disgorgement law and the disgorgement fund that apply in Indonesia, the USA and the UK. The technique of collecting legal materials is done by using library research techniques.

The rapid growth of the capital market in Indonesia still faces various legal issues such as various market manipulations, insider trading and illegal investment management activities. Based on the results of a comparative study, Indonesia does not yet have a calculation mechanism regarding the imposition of disgorgement on violators. Unlike Indonesia, the USA has the rules of practice and rules on fair funds and exchange commissions, and the UK has the decision procedure and penalties manual, which regulates the mechanism for calculating the imposition of disgorgement. Indonesia is solely able to use administrative action in imposing disgorgement, while in the USA and the UK, it can be through courts or direct administrative actions. These legal issues have resulted due to the lack of confidence by international investors and the growth of the investment climate in Indonesia itself.

This study examines the regulation of disgorgement and disgorgement funds in Indonesia, the USA and the UK. However, the focus of research in this paper is limited to legal issues that occurred in Indonesia.

The results of this study may help to construct the ideal regulations on disgorgement and disgorgement funds in various countries and protect the capital market of the investors.

The results of this study are expected to be helpful for the investment climate in various countries, especially developing countries.

The ideal legal construction regarding disgorgement, namely, parties to the mechanism for imposing disgorgement; disgorgement filing mechanism; sanctions in disgorgement; disgorgement fund sources; provider of fundholding accounts; mechanism for calculating disgorgement imposition; disgorgement fund distribution mechanism.

This paper examines the effect of bond market development on economic growth of selected developing countries from 1990 to 2020. Previous studies provide inconsistent results on the effect of bond market development on economic growth. Some results reveal positive effects while others show negative effects of bond market development on economic growth. These conflicting findings have motivated research.

The autoregressive distributed lag (ARDL) and co-integration methods are used for analysis. The gross domestic product per capita proxies economic growth while government bond capitalisation and corporate bond capitalisation measure bond market development.

The findings unveil a long-term effect within the series. The results disclose that government bond capitalisation, trade openness and inflation positively affect economic growth while corporate bond capitalisation and domestic credit to the private sector presents negative effects on economic growth.

The results propose that the governments should issue more bonds to raise funds for long-term economic growth initiatives. The governments should promote bond market development such that the corporate bonds issued boost economic growth by limiting lengthy documentations and bottlenecks in the bond market listing and issue procedures. The policymakers and regulatory authorities should implement policies which attract investors and encourage companies' listing in the countries' bond markets.

The study’s findings add value that government bond capitalisation positively impacts economic growth, while corporate bond capitalisation negatively affects economic growth in developing countries.

The purpose of this paper is to illustrate how the emergent properties perspective from the field of biology can be applied to the field of intellectual capital. Much attention has in recent years been directed towards problems of accounting for intellectual capital and how the value of intellectual capital at one level of an organization influences the value of intellectual capital at higher or lower levels of the organization.

Through a literature review an emergent properties framework was developed. This framework was applied to an intellectual capital perspective with empirical illustrations.

In this paper, it is argued that the inherent difficulties of understanding the interdependencies of intellectual capital across different levels of an organization can be traced to a lack of understanding of the differences between synergetic effects, causal relationships and emergent properties. The paper illustrates through examples how an emergent properties perspective can be mobilized in relation to the field of intellectual capital.

The paper is conceptual in nature and reports the theoretical propositions from an ongoing empirical project. The lack of empirical content limits the strength of the conclusions.

The paper is a step in the direction of enhancing the understanding of the different levels of intellectual capital by applying the biological perspective of emergent properties. Although this perspective in itself may not constitute a general testable theory of intellectual capital, it is the hope, at least, that it may provoke thought, development and further research in this field.

Maize and rice constitute the two major staple crops in Ghana. The demand for maize and rice outstrips production levels in Ghana, creating deficits for farmers to capitalize on to increase yield. Farmers procure certified seeds from different supply outlets to improve crop yield. This study assessed the effectiveness of supply outlets of certified maize and rice seeds. This study also examined factors that influence smallholder farmers' decisions in sourcing seed from the identified supply outlets.

Multi-stage sampling was used to collect data from smallholder farmers. A total of 360 farmers were interviewed for the analysis. The multivariate probit model was used to estimate the main drivers of the supply outlets of certified seeds.

The findings revealed that farmers' decisions to use certified seeds from a particular supply outlet are contingent on household size, years of farming, extension contacts, distance to the nearest market, distance to the district capital, access to credit and farm size.

Sourcing certified seeds from National Seed Traders Association of Ghana, Research Institutions and Ministry of Food and Agriculture is more effective than input dealers, open market and family and friends.

This study is one of its kind that looked at how effective are the supply outlets of certified seed purchasing outlets.

The paper aims to argue that stock‐based compensation for top leaders is a very recent phenomenon that is associated with lower shareholder returns, bubbles and crashes and huge corporate scandals and that it is time to bring an end to it and find a better, more authentic approach that will enable corporations, stakeholders and the financial community to thrive.

The paper details how many executives engage in a dangerous and little‐discussed practice that comes very close to the line of illegality, one that betrays the spirit of securities laws and accounting regulation: earnings management. It concludes that far too many corporate leaders are now using their talents and corporate resources to smooth earnings, and bump up the stock price, rather than to build their companies.

The paper proposes that corporations find a way to restore the focus of the executive on the real market and on an authentic life by eliminating the use of stock‐based compensation as an incentive.

The author's remedy: top executives should be prevented from selling any stock – for any reason – while serving as a corporate leader, and indeed for several years after leaving their post.

The author calls for an end to stock‐based compensation because it is associated with lower shareholder returns, bubbles and crashes and huge corporate scandals.

To investigate some unanswered questions and issues relating to the Public Company Accounting Oversight Board (PCAOB) and to consider the implications of this rule making model that was created in an environment of corporate financial collapses for a jurisdiction without such an environment.

This paper uses text analysis by the authors as a basis for commentary and opinion on the need for and reaction to The Sarbanes‐Oxley Act 2002 (SOX). It is a pragmatic approach to issues which the authors feel has not been sufficiently considered.

It is clear to the authors that significant questions arise with the creation of a regulatory framework designed with public perception in mind. The issues have been in existence long before the passage of SOX. There are more questions than answers at this stage, particularly in light of the international implications of SOX.

Changes in the practice of auditing and reporting issues for all companies that sell shares in US markets will be affected. New Zealand is provided as an example of the implications for international convergence of PCAOB like regulation boards that may be created as an alternative framework to the current self‐regulation of auditors. Much consideration should be given to the implications of the new regulatory framework before its imposition on jurisdictions where the environment does not call for such “drastic” change.

Much has been written on the PCAOB, but without consideration necessarily of the international implications. In particular, the tensions facing small countries such as New Zealand have not been discussed, which seek to be part of the international community of capital markets. This paper seeks to fill some of these gaps.

There has been a recent surge of interest in open source software development, which involves developers at many different locations and organizations sharing code to develop and refine programs. To an economist, the behavior of individual programmers and commercial companies engaged in open source projects is initially startling. This paper makes a preliminary exploration of the economics of open source software. We highlight the extent to which labor economics, especially the literature on career concerns’, can explain many of these projects’ features. Aspects of the future of open source development process, however, remain somewhat difficult to predict with off-the-shelf’ economic models.