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This paper investigates the dependence structure and market risk of the currency exchange rate portfolio from the Malaysian ringgit perspective.

The marginal return of the five major exchange rates series, i.e. United States dollar (USD), Japanese yen (JPY), Singapore dollar (SGD), Thai baht (THB) and Chinese Yuan Renminbi (CNY) are modelled by the Bayesian generalized autoregressive conditional heteroskedasticity (GARCH) (1,1) model with Student's t innovations. In addition, five different copulas, such as Gumbel, Clayton, Frank, Gaussian and Student's t, are applied for modelling the joint distribution for examining the dependence structure of the five currencies. Moreover, the portfolio risk is measured by Value at Risk (VaR) that considers the extreme events through the extreme value theory (EVT).

The finding shows that Gumbel and Student's t are the best-fitted Archimedean and elliptical copulas, for the five currencies. The dependence structure is asymmetric and heavy tailed.

The findings of this paper have important implications for diversification decision and hedging problems for investors who involving in foreign currencies. The authors found that the portfolio is diversified with the consideration of extreme events. Therefore, investors who are holding an individual currency with VaR higher than the portfolio may consider adding other currencies used in this paper for hedging.

This is the first paper estimating VaR of a currency exchange rate portfolio using a combination of Bayesian GARCH model, EVT and copula theory. Moreover, the VaR of the currency exchange rate portfolio can be used as a benchmark of the currency exchange market risk.

This paper aims to examine the validity of the question of whether oil dependence has a negative impact on the relationship between financial development and economic growth in Yemen.

The auto-regressive distributed lag approach for cointegration is used to examine the relationship between financial development and economic growth by capturing the impact of oil dependence on this relationship. The Granger causality test, based on a vector error correction model (VECM) framework, is used to investigate the causal relationships between financial development and economic growth.

The most interesting finding is the negative sign of interaction term between financial development and oil dependence, which implies that the positive effect of financial development on economic growth decreases with the increasing oil dependence. The result of the VECM Granger causality test revealed the existence of unidirectional causality running from financial development to economic growth.

The short sample period and the worry of losing degrees of freedom limited us when including control variables in the model. If the data are available in the future, other control variables can be added.

The government should reduce the level of oil dependence in Yemen by diversifying the country’s economy. Accelerating the pace and efficiency of the financial sector will bear fruitful returns in this regard. The government could achieve this strategy by playing a more proactive role in encouraging the expansion of credit to enable the financial sector to provide a more efficient intermediary role in mobilizing domestic savings and channeling them to productive investments across various economic sectors.

This is the first study to examine the impact of oil dependence on the finance-growth nexus in Yemen. A new indicator for oil dependence is also proposed.

The purpose of this study is to examine the impact that foreign investment in existing houses and new housing development has on residential house prices and the growth of the housing construction sector.

The analysis is based on a panel cointegration method, estimated using annual data for all Australian states and territories spanning the period of 1990-2013.

The results indicate that increases in foreign investment in existing houses do not significantly lead to increases in house prices. On the other hand, a 10 per cent increase in foreign investment for housing development decreases house prices by 1.95 per cent. We also find that foreign real estate investments have a positive impact on housing construction activities in the long run.

Existing studies used aggregate foreign real estate investment in their analyses. As foreign investment in existing houses and foreign investment for housing development have different impacts on the demand and supply sides of housing market, it is crucial that the analysis of the effects of foreign investment in residential properties on real estate market is conducted for each type differently.

The purpose of this paper is to investigate the impact of managerial overconfidence on corporate financing decision and the moderating effect of government ownership on the relationship between managerial overconfidence and corporate financing decision.

Pooled OLS, fixed effect models (FEM), and Tobit regressions are employed to examine the relationship between managerial overconfidence, government ownership and corporate financing decision of publicly listed companies in Malaysia for the period of 2002-2011.

The authors conclude that: first, CEO overconfidence is significantly and negatively related to corporate financing decision; second, a higher degree of managerial overconfidence would result in lower leverage in GLCs, whereas the effect does not significantly exist in NGLCs; third, a larger ownership of government in a firm will reduce the negative effect of managerial overconfidence on corporate financing decision; fourth, the moderating effect of government ownership on the association between managerial overconfidence and corporate financing decision in GLCs is more effective than NGLCs; and fifth, government intervention plays its role as moderating effect on the relationship between managerial overconfidence and corporate financing decision in firms with lower ownership concentration but not in firms with high ownership concentration (more or equal than 50 percent).

The finding implies that the moderating effect of government ownership on the association between managerial overconfidence and corporate financing decision in GLCs is more effective than NGLCs.

The authors make the first attempt to test the moderating effect of government ownership on the relationship between ownership concentration and corporate financing decision.

This paper aims to examine the intellectual capital performance and its relationship with financial performance of financial institutions in Malaysia for the period 1999 to 2007.

The value added intellectual coefficient (VAIC^TM) by Pulic is used.

The paper reveals that VAIC and ROA are positively related among Malaysia's finance sector. The results also show that the three components of VAIC are associated with profitability with the explanatory power of 71.6 per cent.

This study does not cover all finance companies in Malaysia due to limited data. Future study should therefore further improve on the aspect of coverage.

The findings may serve as a useful input for bankers to apply knowledge management in their institutions. Furthermore, the financial institutions may have more definite understanding of the composition of intellectual capital and evaluate its developing tendency periodically.

This is the first paper that examines the relationship of VAIC and firm's profitability for companies listed in the Bursa Malaysia finance sector.

The purpose of this paper is to examine the relationship between the growth of domestic savings and economic growth in China.

Cointegration and causality tests cover the country as a whole and four of selected representative provinces for the period of 1955‐2004.

China's economic growth is found to have a long‐running relationship with household savings and enterprise savings. Bilateral causality exists between the domestic savings growth and the economic growth in the short‐run. In the long‐run, a unidirectional causality exists running from the domestic savings growth to the economic growth. However, the provinces show a different statistical relationship between these two variables.

The data are not up to date and are limited to the annual frequency.

It would be useful to the policy makers to understand the dynamics involved and where necessary, to make adjustments to the prevailing and future economic policies in order to achieve the rapid and desired economic development and sustainable economic growth.

The paper assesses the cointegration and causality relationship between the growth of domestic savings and economic growth in China.

This paper aims to focus on the impact of China's export expansion on Malaysian monthly trading with to her 12 major trading partners over the liberalization era.

The analytical framework comprises of both the export and trade balance models. Unit root and cointegration tests with break and error correction modeling are employed in the analyses.

Regime shifts are evident in the long run where structural break(s) found mostly coincides with the Asia crisis and China's accession into WTO. While the income effects are more apparent in most cases, the real exchanges are rather insignificant and incorrectly signed for Malaysian bilateral trading. Besides, the trade balance estimation is generally more consistent that the Chinese exports have exhibited complementary effects in the long-run, mainly for advanced export destination such as Australia, Germany, Japan, the UK and the USA. On the whole, there is insufficient evidence to support the “PRC competitive threat”.

The empirical evidence disfavors currency devaluation for current account correction and reveals that the fear for China effect might be over-projected. Closer regional collaboration and trade integration between the two nations are well expected.

The paper assesses the China's crowding out effect and magnitudes of Malaysian export and trade balance elasticities with model specifications that consider structural breaks. The paper also assesses the macro dimension of income and real exchanges effects.

Green finance has shown the importance of being socially responsible and supporting the flow of financial instruments to develop environmentally sustainable and ethical business models. The growing trends raised the need for a quantitative study to address scientific performance analysis and intellectual development. This paper aims to cater quantitative statistics, through a bibliometric review to understand the vital intellectual and influential constitution of green and socially responsible finance.

The authors apply trending and cutting-edge quali-quantitative approach of bibliometric citation analysis and review of 280 journal articles from the Web of Science database for the period of 1981–2021.

The results identify the leading academic authors, journals, institutions and countries with relation to green and socially responsible finance literature. We also discuss three research streams in this field: (1) overview of green finance, perception and investor behavior; (2) analysis of performance models and growth factors of green finance; (3) pricing mechanism of SRI. Finally, we identify the research gaps within existing green finance literature, proposing 30 research questions for the future agenda.

The study confines on the Web of Science database, English published articles in known journals and reviews only. It relies on a reputable source and top scientific productions with the most direct link to green finance.

To the best of the authors knowledge, this paper is the first to discuss research streams in the literature of Green finance from a bibliometric aspect along with vast coverage of articles from reputed journals and databases till date. The results of this research along with future research questions will guide the researchers and academicians to further explore and stand on solid quantitative basis regarding the scientific development of Green finance.

This research aims to examine the moderating role of CEO power on the relationship between retrenchment strategy and firm performance by framing the relationship under an agency theory, and power circulation theory.

This study focuses on a sample of 319 non-financial public listed companies in Malaysia from the year 2011–2016 and estimates the model under two-step GMM panel regression to eliminate the endogeneity issue.

The results show that the retrenchment strategy increased firm performance. Meanwhile, greater CEO power changes that retrenchment effect into increased performance. This study also indicates the CEO power strengthens the relationship between firm performance and retrenchment. However, CEO power does not have any effect on the performance of low retrenchment, and the performance of big firm size.

The findings show that the higher CEO power cause higher firm performance and higher retrenchment. This research suggests that CEO power can make retrenchment strategy works and the decision made can affect the firm performance significantly.

This study examines the effect of CEO power on the performance of retrenchment strategy implementation by contesting agency theory, power circulation theory, and resource-based view theory within the emerging country context.