Asian Economic and Financial Review

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Online ISSN: 2222-6737
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Total Citation: 1219

No.7

Inflation Thresholds And Economic Growth: Evidence From Nigeria


Pages: 876-901
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Inflation Thresholds And Economic Growth: Evidence From Nigeria

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Kazeem Bello Ajide, Olukemi Lawanson  
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Kazeem Bello Ajide, Olukemi Lawanson   (2012). Inflation Thresholds And Economic Growth: Evidence From Nigeria. Asian Economic and Financial Review, 2(7): 876-901. DOI:
Inflation is one of the most challenging macroeconomic objectives capable of frustrating every pragmatic effort at achieving other macroeconomics goals if not curtailed. To this end, the paper empirically examines the threshold inflation rate that is considered optimally reasonable for maintaining a sustainable economic growth. The study in specific terms employs a least square multivariate approach to estimate a threshold level of inflation. Further, error correction modeling (ECM) approach was explored to identify the long run relationship among other major determinants of real GDP growth using a simple augmented production function. In addition, a pairwise granger causality test was conducted to explore the causal link between the inflation and growth of real GDP. Interestingly, it was observed from the causality test that there was neither bidirectional nor unidirectional causality between the two but rather an independent relationship. The findings from least square estimation also established 9% threshold inflation level. The results from ECM confirmed the values of lagged of real GDP growth rates, investment, current inflation, population growth and terms of trade as important factors affecting growth rates of real GDP in Nigeria. Based on the outcome of the results it was therefore suggested that an identification of country-specific inflation thresholds in the inflation-growth relationship might provide useful information about the appropriate location and width of an inflation targeting band.

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A Study on Factors Affecting Turnover Intention of Hotel Empolyees


Pages: 866-875
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A Study on Factors Affecting Turnover Intention of Hotel Empolyees

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Chun-Chang Lee, Sheng-Hsiung Huang, Chen- Yi Zhao 
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Chun-Chang Lee, Sheng-Hsiung Huang, Chen- Yi Zhao (2012). A Study on Factors Affecting Turnover Intention of Hotel Empolyees. Asian Economic and Financial Review, 2(7): 866-875. DOI:
This study used linear structural modeling to explore the factors affecting the turnover intention of hotel employees in Taiwan. A total of 400 questionnaires were distributed to hotel employees. Among these, 350 were valid samples, a valid return rate of 87.50%. The empirical results showed that (1) more harmonious coworker relationships between hotel employees and a higher level of satisfaction regarding their work environment have a significantly positive effect on job satisfaction; (2) a higher level of organizational commitment among hotel employees has a significantly negative effect on turnover intention; (3) the direct effect of employee job satisfaction and salary level on turnover intention has not reached a significant level. Nevertheless, the two factors have indirect negative effects on turnover intention.

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The Effects Of Globalization On Firm Performance In Emerging Markets: Evidence From Emerging-7 Countries


Pages: 858-865
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Ece C. KARADAGLI 
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Ece C. KARADAGLI  (2012). The Effects Of Globalization On Firm Performance In Emerging Markets: Evidence From Emerging-7 Countries. Asian Economic and Financial Review, 2(7): 858-865. DOI:
Although there exists a wide array of literature regarding almost every aspect of globalization at macro level, surprisingly, the micro level of the subject area seems to be a little ignored and consequently, almost nothing is known about the impact of globalization on firm performance/value. In an attempt to contribute to fulfilling this gap, this research focuses on the impact of the overall globalization level of a country and its single dimensions, specifically her economic, her political and her social globalization levels on firm performance which is measured by the stock market index returns for ???Emerging-7 (E7)??? countries, specifically Brazil, China, India, Indonesia, Mexico, Russia and Turkey, for the period 1998-2009 by using panel data estimation. The findings suggest that the overall level of globalization significantly improves firm performance. Besides, the single dimensions of globalization are also found to have value enhancing effects though the result for economic globalization is insignificant at conventional levels. Additionally, the political globalization seems to be the most promising dimension of globalization with regard to performance enhancing prospects for firms.

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The Fisher Effect in the Spanish Case: A Preliminary Study


Pages: 841-857
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Francisco Jareño, Marta Tolentino 
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Francisco Jareño, Marta Tolentino  (2012). The Fisher Effect in the Spanish Case: A Preliminary Study. Asian Economic and Financial Review, 2(7): 841-857. DOI:
We revise previous literature about Fisher Effect, in order to check if the majority of nominal interest rates movements are caused by inflation rate fluctuations, remaining constant the real interest rate. Finally, we analyse the Fisher Effect in the Spanish case with a preliminary analysis in order to validate future studies.

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An Analysis of Demand and Performance of Polytechnic Pass-Outs: A Case Study of Industrial Estate Jamrud Road Peshawar


Pages: 828-840
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An Analysis of Demand and Performance of Polytechnic Pass-Outs: A Case Study of Industrial Estate Jamrud Road Peshawar

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Rehman-ud-din, Jangraiz Khan 
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Rehman-ud-din, Jangraiz Khan  (2012). An Analysis of Demand and Performance of Polytechnic Pass-Outs: A Case Study of Industrial Estate Jamrud Road Peshawar. Asian Economic and Financial Review, 2(7): 828-840. DOI:
In Pakistan, Six to ten percent of matriculate students seek admission in technical institutions while the required number for a country to be on the track of progress is seventy percent. In Khyber Pakhtunkhwa, on the average 4220 Polytechnic Pass-outs entered into the labour market annually during the last five years (2007-11). There is a general concern that the performance of polytechnic graduates in industry is not satisfactory. This study was carried out to evaluate the demand and performance of polytechnic graduates in Industrial Estate Hayatabad, Peshawar. The study reveals that polytechnic graduates do not match the employers??? expectation and their performance is not much better than other technicians working at same level. It is therefore, suggested to include one year practical industrial training in curriculum for Diploma of Associate Engineer (DAE), arrange industrial exhibitions every year, improve standard of technical education through effective management and link it to industry.

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Human Capital Development and Economic Growth: Empirical Evidence from Nigeria


Pages: 813-827
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Human Capital Development and Economic Growth: Empirical Evidence from Nigeria

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Wakeel  A. Isola, R. A Alani  
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Wakeel  A. Isola, R. A Alani   (2012). Human Capital Development and Economic Growth: Empirical Evidence from Nigeria. Asian Economic and Financial Review, 2(7): 813-827. DOI:
The study examined the contribution of different measures of human capital development to economic growth in Nigeria. It used data from Nigeria and adopted the growth account model which specifies the growth of GDP as a function of labour and capital. The model also included a measure of policy reforms. Based on the estimated regression and a descriptive statistical analysis of trends of government commitment to human capital development, it was found that though little commitment had been accorded health compare to education, empirical analysis showed that both education and health components of human capital development are crucial to economic growth in Nigeria.

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Institutions and Economic Growth


Pages: 795-812
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Institutions and Economic Growth

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Hadhek Zouhaier, Mohamed Karim KEFI 
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Hadhek Zouhaier, Mohamed Karim KEFI  (2012). Institutions and Economic Growth. Asian Economic and Financial Review, 2(7): 795-812. DOI:
The objective of this paper is to study the effect of institutional factors on economic growth of a set of 37 developed and developing countries for six successive periods of five years, from 1975 until 2000, using a static panel data model. The key findings generated by this empirical test stipulate a dominant effect exerted by economic institutions on economic growth of the total sample of countries and developed countries.

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Dowry System in Pakistan


Pages: 784-794
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Dowry System in Pakistan

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Shazia Gulzar, Muhammad Nauman, Farzan Yahya, Shagafat Ali, Mariam Yaqoob  
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Shazia Gulzar, Muhammad Nauman, Farzan Yahya, Shagafat Ali, Mariam Yaqoob   (2012). Dowry System in Pakistan. Asian Economic and Financial Review, 2(7): 784-794. DOI:
This research paper argues on the evil of dowry system and its impact on Pakistani civilization. The objectives of this research were to substantiate the effect, favoritism and involvement of people in Dowry system. This research notified that dowry creates imbalance in the status of women and it affect women mentally and physically. Dowry is also a cause of endorsing greed and conflicts in the society. Majority of people are involved in dowry system whether they are educated or illiterate. However, most of the respondents are against this system. Simple random sampling technique and questionnaire as a data collection instrument has used to accomplish this research. Furthermore, reliability analysis has applied to verify the reliability of scale and chi-square has used to check the association of demographics with research questions. Results have been discussed in the light of Pakistani cultural context.

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Does The Loan Loss Provision Affect The Banking Profitability in Case of Pakistan?


Pages: 772-783
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Does The Loan Loss Provision Affect The Banking Profitability in Case of Pakistan?

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Ahmed Raza ul Mustafa, Riaz Hussain Ansari, Muhammad Umair Younis 
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Ahmed Raza ul Mustafa, Riaz Hussain Ansari, Muhammad Umair Younis  (2012). Does The Loan Loss Provision Affect The Banking Profitability in Case of Pakistan?. Asian Economic and Financial Review, 2(7): 772-783. DOI:
This paper examines the impact of loan loss provisions of the banks on the performance of the banks operating in Pakistan. Moreover the other factors that affect the banking profitability have been discussed in this study. Our results show that the loan loss provision of the banks is of paramount importance in affecting its profitability. A well-managed bank is perceived to be of lower loan loss provision and such an advantage will be translated into higher profitability. In addition, banks advances and deposits which represent the vital role for the determination of banking profitability. Finally, with regard to non financial variable, political instability in the previous period has more significant effect on the present banks profitability rather than the political instability at present period.

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The Determinants of the Financing Decisions of Listed and Non-Listed Firms in Ghana


Pages: 751-771
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Alhassan Andani, Seidu Al-hassan 
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Alhassan Andani, Seidu Al-hassan  (2012). The Determinants of the Financing Decisions of Listed and Non-Listed Firms in Ghana. Asian Economic and Financial Review, 2(7): 751-771. DOI:
The study examines the financing decisions of 19 listed companies in comparison with 16 non-listed companies in Ghana. The study tests some hypotheses related to capital structure determinants and debt policy decisions. The study finds support for the pecking order hypothesis across all firms. The free cash flow hypothesis holds for long-term debt decisions across firms but not the capital structure decisions. All forms of debt policy decisions are consistent with the matching principle except non-listed firms??? long term debt. The study does not find any significant differences between listed and non-listed firms in the application of debt. Policy recommendations are provided.

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An Examination of The Factors That Determine The Profitability of The Nigerian Beer Brewery Firms


Pages: 741-750
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An Examination of The Factors That Determine The Profitability of The Nigerian Beer Brewery Firms

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Okwo Ifeoma Mary, Ugwunta David Okelue, Agu Sylvia Uchenna 
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Okwo Ifeoma Mary, Ugwunta David Okelue, Agu Sylvia Uchenna  (2012). An Examination of The Factors That Determine The Profitability of The Nigerian Beer Brewery Firms. Asian Economic and Financial Review, 2(7): 741-750. DOI:
This paper examines the internal factors that determine the profitability of the beer brewery firms in Nigeria. An OLS in the form of multiple regressions were applied to annual data generated from the annual statements and accounts of the sampled beer brewery firms covering a period of 2000 to 2011. The correlation and regression results identified the ratios of inventory to cost of goods sold; account receivables to sales; and sales and general administrative expenses to sales to have statistically significant impact on gross profit margin. The paper concludes that the above identified independent variables are the internal factors that determine the profitability of beer brewery firms in Nigeria.

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