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No.3

Effects of Exchange Rate Arrangements on Trade Cooperation in BRICS Countries


Pages: 563-578
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Effects of Exchange Rate Arrangements on Trade Cooperation in BRICS Countries

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Bita Shaygani --- Asghar Abolhasani Hastiani --- Farhad Ghaffari --- Mahdi Sadeghi shahdani --- Mahdi Fadaee 
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Bita Shaygani --- Asghar Abolhasani Hastiani --- Farhad Ghaffari --- Mahdi Sadeghi shahdani --- Mahdi Fadaee  (2015). Effects of Exchange Rate Arrangements on Trade Cooperation in BRICS Countries. Asian Economic and Financial Review, 5(3): 563-578. DOI: 10.18488/journal.aefr/2015.5.3/102.3.563.578
This paper investigated the effects of imposed exchange rate arrangements on trade volume of BRICS countries. This study examined emerging economies, were consists of Brazil, Russia, India, China, and South Africa during the years 2001-2013 using the generalized gravity model and a two-step generalized method of moments, (GMM). The results indicated that applying different exchange rate arrangements has had significant influence on imports. Pegged (PG) and crawling pegged (CP) exchange rate arrangements had significant and positive effect on trade flow (export). Bilateral imports, improved with imposing managed floating (MF) arrangements. Free-floating (FL) arrangements have been meaningless, and a negative impact on the volume of bilateral trade (exports) between members. In BRICS countries, imposing pegged exchange rate arrangements improved bilateral trade toward export and inversely free-floating arrangements improved bilateral trade toward import.
Contribution/ Originality
This study is one of very few studies which have investigated in the effects of imposed exchange rate arrangements on trade volume of BRICS countries using a generalized method of moments, (GMM). Our empirical evidence support different influence on trade by imposing different exchange rate arrangements.
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Shaping Organizational Learning Capability through Organizational Intelligence: An Empirical Evidence from Jordanian Firms


Pages: 546-562
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Shaping Organizational Learning Capability through Organizational Intelligence: An Empirical Evidence from Jordanian Firms

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DOI: 10.18488/journal.aefr/2015.5.3/102.3.546.562


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Elham Hmoud AL-Faouri 
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Elham Hmoud AL-Faouri  (2015). Shaping Organizational Learning Capability through Organizational Intelligence: An Empirical Evidence from Jordanian Firms. Asian Economic and Financial Review, 5(3): 546-562. DOI: 10.18488/journal.aefr/2015.5.3/102.3.546.562
This study aims to investigate the role of Organizational Intelligence (OI) in Organizational Learning Capability (OLC) from the viewpoint of the managers in the telecommunications companies in Jordan. The data is collected from a random sample and it consists of (124) respondents. To test the hypothesis of this study, a statistical package of social sciences (SPSS) (version 20) was used. It has been found that in general organizational intelligence has a significant effect on OLC. The results also showed that the importance level of OLC dimensions along with OI is medium. The study recommends that the respondents should put more emphasis on both factors (i.e. OLC, OI).
Contribution/ Originality
This study is one of very few studies which have investigated the role of Organizational Intelligence in Organizational Learning Capability particularly in Jordanian companies. The practical implications of this study suggest considering Organizational Intelligence in enhancing Organizational Learning Capability.
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Design of a CGE Model to Evaluate Investment in Transport Infrastructures: An Application for Iran


Pages: 532-545
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Design of a CGE Model to Evaluate Investment in Transport Infrastructures: An Application for Iran

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Seyed Aziz Arman --- Ahmad Salah Manesh --- Amin Tabaeh Izady
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Seyed Aziz Arman --- Ahmad Salah Manesh --- Amin Tabaeh Izady (2015). Design of a CGE Model to Evaluate Investment in Transport Infrastructures: An Application for Iran. Asian Economic and Financial Review, 5(3): 532-545. DOI: 10.18488/journal.aefr/2015.5.3/102.3.532.545
The present paper attempts to design a country scale Computational General Equilibrium (CGE) model to assessment the effects of investment in transport infrastructure. Unlike the previous studies, our model covers impacts of infrastructure expansion on time travel and efficiency of transport capital, simultaneously. After designing, using Iran?s Social Accounting Matrix (SAM) data we apply the model for evaluating the impacts of infrastructure expansion in different modes of transport. Simulation results show that investment in railways has the most effects on Iran?s economic growth and employment than other modes. On the other hand, our results also show that investment in roads can affect household?s welfare more than other infrastructure expansions.
Contribution/ Originality
This study contributes in the existing literature by make a country level model that covers impacts of infrastructure expansion on time travel and efficiency of transport capital, simultaneously.
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Electronic Payment Channels in the Nigeria Banking Sector and Its Impacts on National Development


Pages: 521-531
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Electronic Payment Channels in the Nigeria Banking Sector and Its Impacts on National Development

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Tijani, J. A. --- Ilugbemi, A. O. 
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Tijani, J. A. --- Ilugbemi, A. O.  (2015). Electronic Payment Channels in the Nigeria Banking Sector and Its Impacts on National Development. Asian Economic and Financial Review, 5(3): 521-531. DOI: 10.18488/journal.aefr/2015.5.3/102.3.521.531
Electronic payment channels (EPC) are fast growing in Nigeria and are now the order of the day for effecting payments. These methods have brought a lot of convenience to both individual and corporate customers, unlike many years ago when the economy was heavily cash driven. This study examines the impact of electronic payments channels (EPC) on National development (ND). The survey was targeted at current and savings accounts customers of deposit money banks in Nigeria. One hundred and twenty (120) questionnaires were administered in six (06) banks in Ado ?Ekiti metropolis. Ninety-Eight (98) questionnaires were returned for processing.  The data was analyzed using inferential statistics specifically with the use of chi-square. The study reveals that electronic payment channels (EPC) have impacted on the economy and therefore contributing positively to national development (ND). It was recommended that the Central Bank of Nigeria (CBN) should mount other e-payment products for the promotion of trade and commerce in Nigeria. The Central Bank of Nigeria (CBN) should embark on intensive campaign for complete adoption of e-payment products especially at the grassroots level among others.
Contribution/ Originality
This study is relevant to the prevailing economic situation in Nigeria since it has x-rayed the various payment mechanisms opened to customers in the banking sector. The study relies on the existing inferential statistical analysis (Chi-Square) employed to ascertain that EPC are convenient channels for payments compared to conventional banking practice. Going through the literatures, this study in particular reference to Nigeria is one of the few that examined the issue of payment mechanisms channels in relation to information and communication technology. The result is logical since it compared all the payment mechanism channels that are currently being used by financial institutions to effect payments. The primary contribution of this paper is that it is pointing to a very crucial area which all banks must embrace that is, ICT if such a bank is not prepare to go out of business. The study therefore documents that the Central Bank of Nigeria should mount other e- payment products for the promotion of trade and commerce, embark on intensive campaign for complete adoption of e- payment products and also to promote good and reliable capacity utilization to promote business growth and national development. 
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  9. Olakah, 2012. Benefit, challenges and prospects of a cashless economy. Journal of The Chartered Institute of Bankers of Nigeria, Lagos. Jan-March: 11.
  10. Oloruntoyin, S.T. and D.O. Olanloye, 2012. The role of information communication technology (ICT) on national development. International Journal of Economic and Development Issues, 1&2(11).
  11. Tijani, J., 2013. Integrating the unbanked and under-banked Nigeria population into formal financial services through mobile money solution. Journal of Pristine,  Zaria, 8(1): 158.
  12. Uwah, 2011. Operations cashless. An article published in the leadership Newspapers, Wednesday, 22, June: 27.

Convergence and Divergence among Countries


Pages: 510-520
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Convergence and Divergence among Countries

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Nasfi Fkili Wahiba 
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Nasfi Fkili Wahiba  (2015). Convergence and Divergence among Countries. Asian Economic and Financial Review, 5(3): 510-520. DOI: 10.18488/journal.aefr/2015.5.3/102.3.510.520
This paper focuses on the study of the conditional convergence hypothesis among African countries that belonging to the West African Economic and Monetary Union  (WAEMU), More precisely, this paper treats even the effect of convergence, stability and growth pact on the convergence dynamics, by considering control variables comprising: the share of investment in gross domestic product the enrollment and the opening ratio, the study showed that these variables contribute to the revival of economic growth in the region. We use two estimation technique: within and system generalized method of moment, for the period 2000-2012. Similarly we give special attention to two streams of conflicting thoughts. The first is based on the positive impact generated by the opening on convergence of income among nations, while the second is almost contradictory to the one defined above, this current is called divergence or inequality between countries.
Contribution/ Originality
This study documents the relationship between the Pact of Convergence Growth Stability and Solidarity and the real convergence of a group of African countries. The empirical results showed that the adoption of the Pact is in favor of economic growth, according to two estimation methods, within and the GMM system. 
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A Framework to Charge for Unit-Linked Contracts When Considering Guaranteed Risk


Pages: 495-509
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A Framework to Charge for Unit-Linked Contracts When Considering Guaranteed Risk

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Lee, Yung-Tsung 
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Lee, Yung-Tsung  (2015). A Framework to Charge for Unit-Linked Contracts When Considering Guaranteed Risk. Asian Economic and Financial Review, 5(3): 495-509. DOI: 10.18488/journal.aefr/2015.5.3/102.3.495.509
Risk management for investment guarantees with unit-linked contracts is very critical for the insurer. This paper proposes a framework to charge for guaranteed risk when the insurer reserves for the guaranteed risk. This framework can facilitate the calculation of risk reserves and charge for the investment guarantees. In this framework the charge is determined by two criteria of meeting the insurance company?s target internal rate of return and simultaneously the reserving standard. The framework is built on the stochastic cash-flow analysis. For illustrative purposes, we set up quantile reserves as the actuarial reserving standard in our framework. In this framework, the procedure to work out the charges is in reverse. In our numerical illustration, we investigate a unit-linked policy with maturity guarantees. Our framework would also apply to other types of contacts, guarantees and reserving standard. 
Contribution/ Originality
This paper contributes in the existing literature on the pricing and charging of unit-linked contracts by an alternative framework, where the charge is determined by meeting the target internal rate of return and the reserving standard simultaneously.
  1. Boyle, P.P. and M.R. Hardy, 1997. Reserving for maturity guarantees: Two approaches, insurance. Mathematics and Economics, 21(2): 113-127.
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Factors Influencing the Bank Profitability - Empirical Evidence from Albania


Pages: 483-494
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Factors Influencing the Bank Profitability - Empirical Evidence from Albania

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DOI: 10.18488/journal.aefr/2015.5.3/102.3.483.494


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Brunilda Duraj --- Elvana Moci 
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Brunilda Duraj --- Elvana Moci  (2015). Factors Influencing the Bank Profitability - Empirical Evidence from Albania. Asian Economic and Financial Review, 5(3): 483-494. DOI: 10.18488/journal.aefr/2015.5.3/102.3.483.494
Commercial banks have a crucial role for the allocation of economic resource in countries. Their main contribution is in the economic growth of the country through making available the funds for investors to borrow as well as financial deepening in the country. Corporate performance has been one of the most important issues of managers, investors, and analysts. This concern is connected to the significant role of the profitability of corporate organizations in general, and the banks in particular, on the potential growth of the economy as a whole. A study of the determinants of corporate profitability, therefore, could assist management, investors, and government to forecast and deal with the rising uncertainty of the globalized environment.  The issue of the determinants of bank profitability is studied by different authors and academic and the purpose of this paper is to investigate the profitability behavior of bank-specific, industry related and macroeconomic determinants. The primary objective is to investigate the determinants of the profitability and to present all the debates through the literature review on the profitability of these important financial institutions, the banks. An important element of the macro-prudential analysis is the evidence of the internal and external factors and their relationship to the profitability of the banking sector and how this relationship is affected by institutional and structural characteristics. On the other hand internal factors of the banks influencing in the profitability are analyzed.
Contribution/ Originality
This study contributes in the existing literature to provide additional evidence for the factors influencing the bank profitability. This study is one of very few studies which have investigated empirically and statistically the financial system for the emerging economy of Albania.
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Trade Openness and Growth in Developing Countries: An Analysis of the Relationship after Comparing Trade Indicators


Pages: 468-482
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Trade Openness and Growth in Developing Countries: An Analysis of the Relationship after Comparing Trade Indicators

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Mohamed Fenira 
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Mohamed Fenira  (2015). Trade Openness and Growth in Developing Countries: An Analysis of the Relationship after Comparing Trade Indicators. Asian Economic and Financial Review, 5(3): 468-482. DOI: 10.18488/journal.aefr/2015.5.3/102.3.468.482
The paper demonstrates that trade policy liberalization have weakly contributed in improving economic growth in 82 developing countries two years after the Uruguay round and until 2012. The assertion is preceded by a trade indexes comparative analysis in order to prove that the (X+M/GDP) trade ratio, used as variable of interest in our model, is less exposed to methodological shortcomings faced by three trade openness indexes, commonly used in empirical literature, namely the Sachs and Warner (1995), the Dollar and Kraay (2002) and the Wacziarg and Welch (2003) indexes. Finally, the paper attributes liberal policies measures in developing countries to the presence of a strong positive association between the ?official development assistance and official aid? variable and (X+M/GDP) ratio. 
Contribution/ Originality
The paper’s primary contribution is finding out that theoretical controversy about the effects of trade on growth was largely due to conceptual differences in trade openness measures. The comparative analysis of trade indexes provided in this paper demonstrates that the use of trade share ratio, as trade measure in growth regressions, provides credible findings.
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Financial Reports Quality and Corporate Social Responsibility


Pages: 453-467
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Financial Reports Quality and Corporate Social Responsibility

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Hsiangtsai Chiang --- Li-Jen He --- Cang-Fu Shiao 
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Hsiangtsai Chiang --- Li-Jen He --- Cang-Fu Shiao  (2015). Financial Reports Quality and Corporate Social Responsibility. Asian Economic and Financial Review, 5(3): 453-467. DOI: 10.18488/journal.aefr/2015.5.3/102.3.453.467
This study explores the correlation between CSR and the quality of financial reports according to Stewardship Theory for 100 Best Corporate Citizens. The empirical results of the overall samples indicated that by practicing CSR, companies can effectively reduce their level of earnings management, providing quality financial reports. The cluster sampling results show that CSR has a mediating effect, reducing the direct effects of corporate governance board structures on the quality of financial reports. This study considers the emergence of Stewardship Theory compensates for the defects and deficiencies of agency theory in explaining the behaviors of managers. This study offers deeper insights to policy makers and investors to understand the association between company CSR performance and their financial reporting quality. The results suggest that company stakeholders should pay more attention when considering the influence of company CSR investment performance.
Contribution/ Originality
The study is one of very few studies which have investigated and proofed that companies practicing CSR will have a higher financial reporting quality, and the findings is consistent with stewardship theory.
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Poverty and Income Inequality in Nigeria: Any Causality?


Pages: 439-452
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Poverty and Income Inequality in Nigeria: Any Causality?

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Evelyn Nwamaka Osaretin Ogbeide --- David Onyinyechi Agu 
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Evelyn Nwamaka Osaretin Ogbeide --- David Onyinyechi Agu  (2015). Poverty and Income Inequality in Nigeria: Any Causality?. Asian Economic and Financial Review, 5(3): 439-452. DOI: 10.18488/journal.aefr/2015.5.3/102.3.439.452
The issue of poverty has continued to pose serious threat to the continued cordial existence of an economy like Nigeria. Issues pertaining to poverty and inequality have also continued to receive wider attention among scholars in various economies of the globe. However, there seems to be a gap in literature as to the existence of a causal relationship between poverty and inequality. Should there be causality; the direction of causality is yet to be known, especially as it pertains to Nigerian economy. Therefore, this study seeks to establish whether or not there is a causal relationship between poverty and inequality in Nigeria. Adopting Granger causality techniques, this study finds out that there is a direct line of causality between poverty and inequality as well as indirect channels through unemployment and low life expectancy on inequality which exacerbate poverty in Nigeria.
Contribution/ Originality
This study contributes to the existing literature on poverty and inequality. It adopts the Granger causality approach to find out which of the two economic problems causes the other. The primary finding of this study is that there is a two-way causality flow between inequality and poverty in Nigeria.
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Threshold Effects in the Relationships of REITs and Other Financial Securities in Developed Countries


Pages: 426-438
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Hui-Na Lin --- Wo-Chiang Lee 
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Hui-Na Lin --- Wo-Chiang Lee  (2015). Threshold Effects in the Relationships of REITs and Other Financial Securities in Developed Countries. Asian Economic and Financial Review, 5(3): 426-438. DOI: 10.18488/journal.aefr/2015.5.3/102.3.426.438
We use a Panel Smooth Transition Regression model (PSTR) to investigate the nonlinear dynamic relationship between financial variables and REITs  of Japan and U.S with 3-month interest rate change as threshold variable. We discuss the relationship between explained variable of REITs return and explanatory variables (10 year bond interest rate, real estate return and stock return) within two regimes. Empirical results show that the transition function is an exponential type with region one, and two regimes. In regime 1, the relationships between REITs return and two explanatory variables (10-year bond interest rate change and real estate return) are significantly positive. The relationship between REITs return and stock return is significantly negative. In regime 2, the relationships between REITs return and two explanatory variables (real estate return and stock return) are significantly positive. REITs act as hedgy against stock market downturn when the magnitude of 3-month interest rate reduces greater than 0.9886%. In the low interest rate change regime, the REITs behave more like fix income and real estate than risky stock. In the high interest rate change regime, REITs behave more like stock and real estate than fix income.
Contribution/ Originality
The study contributes in two ways. The first is to use a Panel Smooth Transition Regression model (PSTR) to investigate the nonlinear dynamic relationship between financial variables (real estate index returns, stock index returns, and ten year bonds) and REITs of Japan and U.S with 3-month interest rate change as threshold variable. The second is to investigate at what level of 3-month interest change will induce REITs markets serve as stock market hedgy under economic shock.
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Private Insurance and Income Inequality in Iran


Pages: 418-425
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Private Insurance and Income Inequality in Iran

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Mani Motameni 
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Mani Motameni  (2015). Private Insurance and Income Inequality in Iran. Asian Economic and Financial Review, 5(3): 418-425. DOI: 10.18488/journal.aefr/2015.5.3/102.3.418.425
This study surveys the impact of private insurance on income distribution. For this purpose, the panel data of the Iran’s provinces, during 2000 to 2012, has been used. The Provincial data has been gathered for 11 divided districts and the impact of private insurance as well as Inflation, unemployment and economic growth on the Gini coefficient has been tested by means of these data. As the dependency of districts has not been rejected by CD test result, data stationary has been tested by CIPS method and the SUR method has been used to evaluate the research model. Overall, this study indicates that the income inequality in Iran has been reduced by growth of private insurance.
Contribution/ Originality
The paper’s primary contribution is finding that private insurance has effective role on reducing income inequality. This might be an evidence of risk sharing impact on income distribution in macro level if private insurance would be considered as a risk sharing mechanism.
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Gender Disparity in Education Enrollment in Pakistan


Pages: 407-417
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Gender Disparity in Education Enrollment in Pakistan

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Shakil Quayes --- Richard David Ramsey 
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Shakil Quayes --- Richard David Ramsey  (2015). Gender Disparity in Education Enrollment in Pakistan. Asian Economic and Financial Review, 5(3): 407-417. DOI: 10.18488/journal.aefr/2015.5.3/102.3.407.417
The paper examines the determinants of school enrollment in Pakistan. The likelihood of school enrollment is estimated using separate logistic regression models for three different age groups. The empirical results indicate severe gender disparity in school enrollment across all age groups, particularly among the older age groups. Although the rate of school enrollment is positively associated with household income, the gender disparity actually deteriorates with an increase in household income for the middle-income households. This study failed to find any evidence that gender disparity can be attributed to discrimination in intra-household resource allocation.
Contribution/ Originality
This paper’s primary contribution is finding that gender disparity in education in Pakistan is actually more acute for the richer households even though overall school enrollment is positively associated with household income. Furthermore, the empirical results show no evidence of gender discrimination in household resource allocation.
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  2. Akram, N., A. Hamid and S. Bashir, 2011. Gender differentials in education and their impact on economic growth of Pakistan. Journal of Business and Economics, 3(1): 102-122.
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The Influence of Corporate Governance in Chinese Companies on Discretionary Accruals and Real Earnings Management


Pages: 391-406
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The Influence of Corporate Governance in Chinese Companies on Discretionary Accruals and Real Earnings Management

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DOI: 10.18488/journal.aefr/2015.5.3/102.3.391.406


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Ming-Feng Hsu --- Shiow-Ying Wen 
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Ming-Feng Hsu --- Shiow-Ying Wen  (2015). The Influence of Corporate Governance in Chinese Companies on Discretionary Accruals and Real Earnings Management. Asian Economic and Financial Review, 5(3): 391-406. DOI: 10.18488/journal.aefr/2015.5.3/102.3.391.406
This study investigates the influence of ownership structure and board characteristics on discretionary accruals and real earnings management using the data of A-shares in Chinese Shanghai and Shenzhen Stock Exchange Securities Market from 2002 to 2012.  The empirical results show that institutions with high shareholding proportion or great shareholding concentration give managers incentives to manipulate discretionary accruals for short-term profitability. The more substantial insider holdings can effectively regulate managers and forbid them to manipulate real earnings and to cause the detriment of firm value. Regarding the board structure, establishing independent directors is ineffective in monitoring the earnings management behavior of the managers. With the duality of the board chairman and CEO, the company would manipulate discretionary accruals to meet its goal because of entrenchment effect. The larger the board size, the more ability for the board to monitor whether the managers conduct earnings management behavior or not. 
Contribution/ Originality
This study documents that Chinese listed companies majorly held by institutions aiming at short-term trading will likely be pressured to manipulate discretionary accruals, even though required by the China Securities Regulatory Commission to improve corporate governance by having independent directors in the board.
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The Estimation of the Share of Technological Spillover in Sectorial-Regional Growth (Case Study: 29 Production Sectors of 30 Iran Provinces)


Pages: 371-390
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The Estimation of the Share of Technological Spillover in Sectorial-Regional Growth (Case Study: 29 Production Sectors of 30 Iran Provinces)

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DOI: 10.18488/journal.aefr/2015.5.3/102.3.371.390


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Abdolmajid Mohammadi --- Akbar Veismoradi --- Hamidreza HAjHashemi --- Peyman Akbari --- Reza Rostami 
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Abdolmajid Mohammadi --- Akbar Veismoradi --- Hamidreza HAjHashemi --- Peyman Akbari --- Reza Rostami  (2015). The Estimation of the Share of Technological Spillover in Sectorial-Regional Growth (Case Study: 29 Production Sectors of 30 Iran Provinces). Asian Economic and Financial Review, 5(3): 371-390. DOI: 10.18488/journal.aefr/2015.5.3/102.3.371.390
The main goal of this Research is the estimation of the share of technological spillover in sectorial-regional Growth. At first, a brief literature about growth and technological spillover are presented, and then the production function in Cob-Douglas form is assumed. We have used other counties? studies in technological spillovers. Then, 29 sectors of Iran Economy sectors are selected, this selection is done in a way that a good view of Iran economy totally could be shown. Geographical range for this thesis is 30 Iran provinces. Then, we have gathered the required data (according to Cob-Douglas production function) for 30 provinces due to 29 sectors in 1997-2005. We have combined panel data technique with spatial econometric for estimation of the model. Spatial econometric is the especial method for regional studies that features and regional differences will affect the model. Conclusions presented in two parts. At first, according to 2 digits ISIC code and then based on the three main sectors; agricultural, mining and industry and service. The positive effect of technological spillovers on growth was approved for 16 sectors of 29 sectors and among three main economy sectors agricultural, mining and industry and service, the agricultural proved to be the more impressionable sector.
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