<p style="box-sizing: border-box; margin: 0px 0px 10px; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">JES is a journal under Economics and Financial Policy Institute (ECOFI), and School of Economics, Banking and Finance (SEFB), Universiti Utara Malaysia. The journal is published twice a year in the months of January and July. JES acknowledges the importance of sustainability in the economic development of nations. Its main objective is to provide a platform for the publication of articles related to issues of economics and sustainability. The papers in the journal include empirical and theoretical findings examining sustainable economic development of nations of developed and developing world. The journal also provides avenues for students, academicians, managers and practitioners in the areas of economics and sustainability to present their research findings. <p style="box-sizing: border-box; margin: 0px 0px 10px; color: #333333; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The topics covered in JES include, but not limited to, economic development and policies, development and sustainability management, environmental and natural resources economics, public economics, labour economics, economics of happiness, food systems and populations. JES is published online as an open access journal that is available free to readers to ensure the best dissemination of findings to the academic and professional society. The open access nature of the journal will also enhance the citations of published articles in JES.
DOES ENERGY PRODUCTIVITY AFFECT A COUNTRY'S ECONOMIC EFFICIENCY? EVIDENCE FROM SELECTED ASEAN COUNTRIES
With the continuous increase in the demand for energy, rapid and sustained growth in energy consumption and low growth in energy production, one of the top priorities for sustainable development and environmental protection is to reduce energy usage and improve economic efficiency. Although it is clear that energy productivity has a positive impact on a country’s economic efficiency, how sensitive is the response of economic efficiency is to the increase in energy productivity needs to be analyzed. Hence, our study intends to analyze the effect of energy productivity on economic efficiency in the ASEAN countries. The present study utilizes the advanced methodology of CS-ARDL, which is known for producing robust and reliable results, on the ASEAN region which comprises countries that are still dependent on non-renewable energy, thereby drastically polluting the environment. The findings from the CS-ARDL method revealed that energy productivity has a positive and significant relationship with economic efficiency. Based on the findings, several recommendations are proposed, such as adopting renewable energy resources that support environmentally friendly energy production to ensure sustainable energy and encouraging smart energy systems to be installed at government buildings or manufacturing buildings which deploy new technologies that increase energy efficiency.
Copyright (c) 2026 Journal of Economics and Sustainability http://creativecommons.org/licenses/by/4.0
EXPLORING THE DRIVERS OF COFFEE PRODUCTION IN MALAYSIA: A SHORT- AND LONG-TERM ANALYSIS
Coffee demand in Malaysia has shown an increasing trend; however, domestic production remains relatively low and unstable. This study examines the short-term and long-term effects of selected macroeconomic variables on coffee production in Malaysia using secondary data from 1982 to 2023 and the Autoregressive Distributed Lag (ARDL) approach. The results indicate that, in the long run, climate conditions (proxied by rainfall) and population growth are the main positive drivers of coffee production, reflecting the importance of favourable weather and growing domestic demand. In contrast, cultivated land area and cocoa prices are negatively associated with coffee production, suggesting land-use constraints and crop substitution effects. In the short run, government expenditure and rainfall exert positive influences on output, highlighting the role of policy support and climatic conditions during early adjustment periods. Lagged effects of past production, land use, cocoa prices, and government expenditure also contribute positively, indicating that historical decisions and investments continue to shape current production outcomes. However, adverse weather conditions in previous periods negatively affect yields, underscoring the vulnerability of coffee production to climatic extremes. Overall, the findings suggest that while targeted policy support can facilitate short-term production responses, the long-term sustainability and growth of Malaysia’s coffee sector depend primarily on climate resilience, efficient land use, and demand-driven factors. Strengthening adaptive capacity, improving productivity, and enhancing value-chain efficiency are therefore essential to improve competitiveness and support sustainable development of the coffee industry.
BARRIERS AND DRIVERS FOR ADOPTING THE CHEMICAL LEASING CONCEPT TOWARD SUSTAINABLE VEGETABLE FARMING IN SRI LANKA
The heavy use of synthetic agrochemicals is a common feature of vegetable farming. This excessive use of agrochemicals underlies fundamental problems related to health degradation, higher vegetable production costs, and environmental damage. The Chemical Leasing Concept (CLC) is based on the premise that it can enable users to reduce the costs associated with high chemical use, reduce environmental and health harms, and curb chemical overuse. Thus, the purpose of this study was to identify the barriers and drivers to the adoption of the Chemical Leasing Concept. The study employed a mixed-methods approach, and data were collected from 30 full-time, medium-scale vegetable farmers. The data were analyzed using thematic analysis for qualitative data and the Participatory Ranking Method (PRM) for quantitative data. The findings confirmed that the most significant barriers included: (1) farmers’ unawareness of Chemical Leasing, (2) doubt about the practicality of the Chemical Leasing concept, (3) uncertain weather and climate conditions, (4) Chemical Leasing being viewed as a risk, (5) a lack of norms, standards, and frameworks to implement Chemical Leasing, and (6) soil infertility. In contrast, the most significant drivers identified were: (1) saving farmers’ time through convenience, (2) providing a solution to agrochemical shortages, (3) avoiding the import and use of inferior agrochemicals, (4) reducing costs and increasing profits, (5) producing healthier products, and (6) access to expert knowledge. Further, awareness campaigns, trust-building initiatives, and financial risk management schemes were recommended to overcome the identified barriers
SUSTAINABLE AGROTOURISM IN MALAYSIA: A SYSTEMATIC REVIEW OF DEVELOPMENT, SOCIOECONOMIC IMPACTS, AND FUTURE CHALLENGES
This study aims to provide a systematic review of agrotourism in Malaysia, including its development, socio-economic impacts, challenges, and potential to assist in post-COVID-19 recovery, all while aligning with the United Nations’ Sustainable Development Goals. Utilising a systematic review approach based on the PRISMA guidelines, literature from key academic databases was scrutinised, yielding 20 relevant articles from 2011 to 2024. The review highlights that Malaysia’s agrotourism, strengthened by government policies and entrepreneurial efforts, has potential benefits such as rural income diversification and cultural heritage preservation. However, it also faces challenges, including skill gaps and infrastructure limitations. The study emphasises the need for improved skills training, infrastructure upgrades, sustainability promotion, and targeted marketing efforts. This review contributes to the theoretical understanding of agrotourism’s role in sustainable rural development and the integration of agrotourism within Malaysia’s post-pandemic recovery strategy. The study suggests practical measures for incorporating agrotourism into Malaysia’s recovery plans and identifies avenues for future research, including exploring tourist motivations, assessing community and environmental impacts, examining technological innovations, and evaluating its integration with broader rural development strategies. Overall, this review underscores agrotourism’s potential as a key driver of sustainable rural growth, economic resilience, and the preservation of Malaysia’s cultural and natural heritage.
SOCIOECONOMIC AND ACADEMIC DETERMINANTS OF STUDENT FEE REPAYMENT: EVIDENCE FROM UUM’S DISTANCE LEARNING PROGRAMME
The increasing burden of student debt, particularly within higher education institutions, presents a significant challenge for both students and funding institutions. This study seeks to identify the factors that contribute to students' inability to repay their academic fees at Universiti Utara Malaysia. With cross-sectional survey of part -time students, this study analyses the likelihood of fee arrears based on student demographic factors – gender, gender, cumulative grade point average (CGPA), employment status, and marital status. This result of study shows that students with tuition fee arrears are ranging from RM1001 to RM 2000, most likely to be male and married with several years of working experience. By means of binary logistic regression, this study sheds light on how these characteristics influence the repayment behaviour, offering insights for targeted financial interventions. These results contribute strategic recommendation for educational institutional to address student debt effectively and refining financial aid repayment policies.
Copyright (c) 2025 Journal of Economics and Sustainability http://creativecommons.org/licenses/by/4.0
A CRITICAL REVIEW OF PRECAUTIONARY SAVINGS AND THEIR IMPLICATIONS FOR KEYNESIAN STIMULUS DURING COVID-19
During Coronavirus Disease 2019 (COVID-19) crisis, policymakers rely on Keynesian-economic stimulus packages (ESP) to help economic agents in surviving from economic stagnation. However, precautionary savings phenomenon can affect ESP effectiveness negatively over time according to precautionary savings theory and permanent income hypothesis, which is greatly underexplored in the literature. Thereupon, this study takes initiative to examine how unprecedented non-pharmaceutical interventions (NPIs) that are induced by the pandemic cause to the precautionary savings. A critical review was employed and the results highlighted that NPIs, heightened economic uncertainty, long-term income expectations, structural financial constraints, and resultant behavioural shifts are key factors of the precautionary savings behaviour’s outbreak. Besides, degree of economic uncertainty—shaped by severity and duration of the NPIs, future employment prospects, and perceived long-term income shocks are key factors in determining the impact of precautionary savings behaviour on demand transmission mechanism of the Keynesian-ESP. This study concludes that ESP has generate diminishing marginal utilities of consumption and investment relative to saving. These findings call attention to practitioners for a re-examination of Keynesian frameworks by integrating behavioural insights from the other theories, while suggesting policymakers to implement complementary strategies, targeted fiscal measures, and clear communication in alleviating uncertainty and stabilizing lifetime income expectations during crises. Due to some methodological and theoretical limitations, the precise impact of precautionary savings behaviour on the effectiveness of Keynesian-ESP remains ambiguous in this critical review. Thereupon, future research should adopt more robust empirical methodologies and structural models that incorporate longer time horizons and finer micro-level data.
FAMILY VALUE AND CORPORATE TRANSPARENCY: SOCIO-EMOTIONAL WEALTH’S ROLE IN ESG REPORTING
As the global emphasis on environmental, social, and governance (ESG) transparency intensifies, the interaction between ESG and the socio-emotional wealth (SEW) of family-controlled firms (FCFs), particularly in developing countries, remains somewhat obscure. This study delves into the dynamics between socio-emotional wealth theory and stakeholder theory to examine how Malaysian FCFs align and incorporate family SEW into their ESG disclosure practices. Utilizing weighted least squares regression to analyze data from 2018 to 2022, the research uncovers that Malaysian FCFs enhance ESG transparency in a manner that aligns with their family’s SEW, primarily facilitated by family chairmen rather than family CEOs. Conversely, the presence of family executive directors was found to inversely affect ESG reporting. This investigation significantly advances the field of family business and ESG studies by shedding light on the subtle yet impactful roles FCFs play in advancing ESG transparency and the complexities of family involvement in ESG reporting.
FOREIGN DIRECT INVESTMENT, INSTITUTIONAL QUALITY, AND ECONOMIC GROWTH IN THE ARAB MAGHREB UNION: THE ROLE OF ABSORPTIVE CAPACITY AND GOVERNANCE CHALLENGES
This paper investigates the direct effects of FDI inflows and institutional quality on the economic growth of the Arab Maghreb Union (AMU) countries over the period 1996 to 2022. The study also evaluates whether institutional quality influences the relationship between FDI and growth by incorporating an interaction term between FDI and institutional quality. Institutional quality is measured using the control of corruption score of the Worldwide Governance Indicators (WGI). The analysis is based on panel data estimation models, with the Hausman test applied to choose between the fixed effect model (FEM) and the random effect model (REM). The results reveal that FDI inflows do not significantly impact economic growth in AMU countries. Also, institutional quality does not directly influence economic growth, reflecting the underdevelopment of institutions in the region. Instead, the coefficient of the interaction term is negative and significant, suggesting that institutional quality negatively impacts the FDI-growth relationship. Inflation and labor force index are found to significantly and positively influence economic growth. Surprisingly, the human capital index exerts a negative effect on economic growth in AMU countries. The policy implications in respect of these ﬁndings include that the policymakers in the AMU countries should pay speciﬁc attention to the development of human capital and improving absorptive capacities from institutional quality to perceive FDI as a growth driver.
MIGRATION PATTERN IN PAYMENT PREFERENCES POST COVID-19 AMONG CONSUMERS IN MALAYSIA
The purpose of this study is to explore the patterns of migration in consumer payment preferences and to investigate the pattern of changes in payment preferences of daily transactions by type and value of transactions and to compare consumers’ overall perception of the selected common retail payment methods. A total of 407 responses were collected through an online survey. Logistic regression was used to determine the factors that can significantly influence consumers’ migration of payment preferences. The findings of the study show that Cash to E-wallets is the biggest shift in payment preference, lower-income consumers are less likely to change their payment preferences and the biggest change in payment preferences in the type of transactions were transactions in food stalls and convenience stores. Furthermore, the highest shift away from cash to E-wallets was in transactions below RM100 while a significant shift from cash to cards payments was for transactions above RM100. Economic factors such as income and technological receptiveness proxied by age have significant influence on the changes in payment preferences during crises. The observed shifts in preferences suggest inherent differences in the features and functionalities offered by various payment methods. This study sheds light on the migration trends in payment preferences, highlighting the unique characteristics of various payment methods. Understanding consumer perceptions of these methods can help payment providers to develop and promote targeted solutions.
GREEN FINANCE AND PRACTICES OF MALAYSIAN BANKS, THEIR ENVIRONMENTAL IMPLICATIONS AND CHALLENGES
This research delves into green finance and green banking practices, an area well-known within academia and the financial industry. However, there is still much to uncover, especially the environmental impacts they bring. Although various studies have been conducted on these topics, their scopes vary, and their findings are mixed. Due to limited data availability, this study extracted information on green finance and green practices through climate related disclosure from reports of four selected Malaysian banks and relevant environmental data from respective websites. Using the data collected for 2017-2022, green finance, green practices and environmental data were descriptively analyzed. Pooled Ordinary Least Squares (OLS) regression was used to examine four dependent variables and determine the implications of green finance (total proceed of green finance) and green practices (total logarithm of greenhouse gas emissions by banks) on the environment. The study's findings indicated significant effects of green finance by the Malaysian banks on the environment. Moreover, the study identified two potential challenges that could impede Malaysian banks' implementation of green finance. This underscores the importance of future studies on green finance to address these challenges and utilize larger sample sizes, incorporating both quantitative and qualitative data on green finance.
WHAT PREDICTS THE TECHNICAL EFFICIENCY IN MALAYSIA’S FOOD PROCESSING INDUSTRY?
The present study focuses on the technical efficiency of Small and Medium Enterprises (SMEs) and Large-scale enterprises (LSEs) in Malaysia's food processing industry by adopting Data Envelopment Analysis (DEA) and Tobit regression. The empirical results provide that the SMEs technical efficiency score in constant return to scale (CRS) and variable return to scale (VRS) are 0.940 and 0.986 respectively which indicates the SMEs can enhance the level of output by 6 per cent for CRS and 1.4 per cent for VRS by using the given level of inputs. Moreover, the technical efficiency level of LSE is 0.673 and 0.942 from CRS and VRS respectively. The finding also suggests that the training cost, research and development, and foreign direct investment positively affect technical efficiency while information and technology, public infrastructure, and trade openness negatively affect the technical efficiency in SMEs. On the other hand, government infrastructure and trade openness have a positive connection with the technical efficiency of LSEs in Malaysia's food processing industry. Contradiction, research and development, and world oil price are negatively affecting the technical efficiency in LSEs which means the higher of these variables, the higher the efficiency in LSEs.
THE INFLUENCE OF THE BOARD CHARACTERISTICS ON THE ENVIRONMENTAL, SOCIAL, AND GOVERNANCE PERFORMANCE OF THE NSE-LISTED COMPANIES
This article examines how the size of the board, the presence of women on the board, and the critical mass of women on the board affect the environmental, social, and governance (ESG) performance of companies listed on the NSE. This study is a cross-sectional analysis that relies on secondary data from the CRISIL database and examines a sample of 973 companies listed on the NSE. The Credit Rating Information Services of India Limited (CRISIL) assigns an ESG score to assess Indian firms' ESG performance. We collected data on female representation and board size from the yearly reports of the firms and their respective websites. Our investigation findings indicate that Indian corporations prioritize social and governance issues more significantly than environmental concerns. The results indicate that the board characteristics have a varied impact on the ESG performance of the companies listed on the NSE.
KESEDIAAN GOLONGAN MISKIN TEGAR MEREBUT TREND BAHARU DI MALAYSIA MENERUSI EKONOMI GIG : SATU TINJAUAN DI CHERAS, KUALA LUMPUR
Kemajuan dalam teknologi maklumat khususnya dengan wujudnya Internet telah merubah kehidupan manusia. Selain digunakan untuk pelbagai manfaat, Internet juga didapati turut memberikan pengaruh terhadap sektor perniagaan. Kini, perniagaan secara atas talian telah mewujudkan potensi besar untuk diteroka. Justeru, disinilah ekonomi gig memainkan peranannya, dengan memanfaatkan teknologi digital. Kajian ini memfokuskan tiga objektif iaitu pertama, bagi meneliti dan mendapatkan maklumbalas kumpulan rentan yang terdiri dari kumpulan miskin bandar terhadap sikap dan penerimaan terhadap ekonomi gig, ke dua, untuk memahami isu, halangan serta cabaran dihadapi oleh kumpulan ini dalam menyertai ekonomi gig dan yang terakhir adalah bagi mendapatkan cadangan dari mereka terhadap rencana Kerajaan untuk memajukan ekonomi gig. Kajian ini menggunakan metode kualitatif dengan analisis kandungan dan temubual kumpulan berfokus telah dilaksanakan. Dapatan kajian mendapati secara umumnya informan menunjukkan sikap dan penerimaan positif terhadap usaha kerajaan Malaysia untuk memajukan ekonomi gig di Malaysia. Pun begitu, terdapat beberapa isu telah diketengahkan antaranya adalah akses terhadap internet khusus di kawasan pedalaman, kemahiran perniagaan secara online, persaingan serta kos. Beberapa cadangan telah dikemukakan antaranya gesaan kepada Kerajaan untuk mempromosikan ekonomi gig secara meluas dan bersasar serta menyediakan insentif khusus kepada kumpulan rentan. Kajian ini sekaligus menyokong usaha kerjaaan Malaysia untuk melaksanakan satu dasar yang lebih menyeluruh dalam aspek kawal selia ekonomi gig. Diharapkan dengan kerangka dasar ini akan membantu memacu ekonomi rakyat, sekali gus membantu Kerajaan membasmi kemiskinan di kalangan rakyat dengan memaksimakan manfaat dari tekonologi digital dan ekonomi gig.
TRADE OPENNESS AND MANUFACTURING GROWTH OF ASIAN ECONOMIES: INVESTIGATING LINEAR AND NON-LINEAR EFFECT
This study investigates the linear and non-linear effects of trade openness on manufacturing growth in 35 selected Asian economies from 2004 to 2022. Using linear and quadratic regression specifications derived from the production function framework of growth, panel data fixed effects models, two-stage least square (2SLS) method, and two-step difference and system generalized method of moments (GMM) estimation techniques, the study uncovers significant findings. The results from the linear static and dynamic specifications indicate a positive and significant impact of trade openness on manufacturing growth. Moreover, factors such as tariff rate, financial development, control of corruption, foreign direct investment, and foreign exchange reserve also play a significant role in influencing manufacturing growth in the Asian economies. The study further reveals that the relationship between trade openness and manufacturing growth is non-linear. While additional trade openness initially has a positive effect on manufacturing value-added growth, beyond a certain threshold, the marginal impact of trade openness becomes negative. This study makes valuable contributions to the existing literature by providing evidence on the linear effect of trade openness on manufacturing growth and by being the first to analyze the optimality or non-linearity of trade openness specifically in the Asian region. The findings suggest that higher levels of trade openness offer opportunities for knowledge sharing, technological advancements, innovation, increased productivity, access to new capital goods, and attraction of foreign investment in the manufacturing sector. However, the study emphasizes the importance of specialization in producing high-quality goods and developing expertise to achieve sustained growth in the manufacturing sector.
State of Entrepreneurship Education in Malaysia: A Critical Review on The Present Setup of Entrepreneurship Programs In Public Universities Malaysia Compare to International
This study provides a comprehensive exploration of entrepreneurship education in Malaysia, focusing on institutional and government initiatives to stimulate innovation, economic growth, and job creation. Despite compulsory entrepreneurship subjects in public universities, a significant rise in graduate entrepreneurs remains elusive. The study assesses the state of entrepreneurship programs in Malaysian institutions and benchmarks them against Babson University in the United States. Content analysis and interviews scrutinize program outcomes and course offerings in Universiti Utara Malaysia and Universiti Malaysia Kelantan comparing them with Babson University. Secondary data, obtained through desktop reviews, illuminate Malaysia's entrepreneurship education courses, assessed through university websites. Literature searches across databases and primary qualitative data offer in-depth insights, employing a mixed-methods approach to comprehensively address the research problem. Triangulation enhances data credibility, while qualitative and quantitative data from experienced entrepreneurs illuminate practical implications. Findings underscore the need for foundational entrepreneurship education, practical skills, and diverse courses. They emphasize a shift from a grade-centered to an experiential learning-focused approach, echoing calls for educational reform.
Copyright (c) 2024 Journal of Economics and Sustainability http://creativecommons.org/licenses/by/4.0
Determinants of Corporate Social Responsibility (CSR) Disclosure: A Systematic Literature Review
Corporate social responsibility (CSR), a concept which existed for almost a century, is gaining traction in both commercial and academic spheres. Firms are experiencing greater pressures to realize more reasons to make more non-financial disclosures, especially on information related to their CSR initiatives. Even though some countries have implemented some forms of mandatory disclosure requirements, corporate executives continue to retain substantial autonomy in deciding the quality and extent of their corporate social responsibility disclosures (CSRDs). 128 articles published from 2006 to 2022 were found in the Scopus and Web of Science databases using a systematic literature review technique. This study offers a comprehensive mapping of the research works conducted, theoretical frameworks cited, and various determinants of CSRD. This study reveals that legitimacy theory, agency theory, and stakeholder theory are commonly cited in CSRD literature. Many country-level, firm-level, and individual-level determining factors affecting the quality and quantity of CSRD were discovered. This research made valuable contributions to the extant literature on CSR across multiple dimensions. Lastly, this study also identifies potential research avenues for academics to further the expanding body of knowledge in CSR.
Parents’ Influence on the Augmented Reality (AR) in Science Subject: Pre-School Education Level
Various technologies and e-learning tools have been adopted in the teaching and learning process. This transformation has not only affected the teachers and students, but also parents, school management and other stakeholders. This research aims to investigate Malaysian parents’ awareness, attitudes, and social influence and willingness in shaping their own perception toward the adoption of augmented reality (AR), embedded in the science subjects, at the level of pre-school education. In this research, a total of 210 parents who have kid(s) studying in the kindergartens have responded to the questionnaire. The Partial Least Square Structural Equation Modelling (PLS-SEM) is employed in this study to analyze the proposed external factors of the adoption of AR technology in the science subjects at the pre-school education. The results show that parents’ attitudes and their awareness of AR technology positively affect their perception of adopting AR technology.
MODELING OF ENTREPRENEURIAL INTENTION AMONG PUBLIC UNIVERSITY STUDENTS IN MALAYSIA USING PARTIAL LEAST SQUARE-STRUCTURAL EQUATION MODELLING (PLS-SEM)
ABSTRACT This study presents a comprehensive examination of the factors influencing entrepreneurial intention among undergraduate accounting students in a public university, with a particular focus on higher education. Drawing upon the Decomposed Theory of Planned Behavior (DTPB), the study delves into the psychological aspects of entrepreneurial intention, aiming to deepen our understanding of the key constructs that shape entrepreneurial behavior. A survey involving 520 final year accounting students was conducted, utilizing questionnaires comprising 18 items that measured attitude towards entrepreneurship, subjective norms, perceived behavioral influence, and the desire to pursue entrepreneurship. The study sought to determine the impact of attitude towards behavior, subjective norms, and perceived behavioral control on students' intentions to become entrepreneurs. Employing the PLS-SEM technique and employing the bootstrapping method, the research models were tested to establish the relationships between the constructs. Both the measurement (outer) model and the structural (inner) model of the latent constructs were examined. The findings provided strong support for all seven hypotheses, revealing significant relationships between the variables under investigation. The overall results of the study offer valuable insights to stakeholders and policymakers, contributing to the establishment of a thriving entrepreneurial ecosystem that benefits the nation. By shedding light on the underlying mechanisms of entrepreneurship, this analysis contributes to a deeper understanding of the factors driving entrepreneurial behavior.
THE SOCIAL RESILIENCE OF URBAN POVERTY TOWARD QUALITY OF LIFE IN KUALA LUMPUR
Urban poverty in Malaysia has become a more prominent problem that is increasingly risking the quality of life. Meanwhile, resilience plays a very vital role in poor urban communities. Poverty will hinder sustainable development and a better quality of life. Improving the quality of life has always been the focus of the Malaysian government. Recent years have seen attempts to address this need for more community resilience research that investigates the impacts of poverty. Thus, examining a community’s resilience to poverty will produce communities that are resilient to urban pressures and challenges to improve their quality of life. This study aims to evaluate the social resilience of urban poverty toward quality of life in Kuala Lumpur. This study showed that higher resilience in poor communities can be justified by determining social resilience, such as participation in the community, decision-making and community trust. This study used quantitative methods for data collection. The questionnaire was administered using a sample of 400 respondents from urban poor households in Kuala Lumpur. Descriptive and correlation regression analysis was in this study. The findings of this study showed that the relationship between social resilience, participation in the community of the urban poor in Kuala Lumpur, and quality of life is significant.
Copyright (c) 2023 Journal of Economics and Sustainability http://creativecommons.org/licenses/by/4.0
FINANCIAL DEVELOPMENT AND POVERTY ALLEVIATION: A SYSTEMATIC REVIEW
This study is conducted to validate the effectiveness of financial development in reducing poverty. The study adopted a Systematic Quantitative Assessment Technique and reviewed 91 financial development and poverty alleviation articles published between 2010–2022 to provide insight into the efficacy of financial development in reducing poverty and producing a blueprint for the government for possible adoption. The study also intends to know whether financial development successfully reduced poverty, highlight the evidence showing the success of financial development in reducing poverty, how financial development strategies were implemented to reduce poverty in other countries, and why financial development has been ineffective in reducing poverty. The reviewed articles revealed that financial development benefits the poor by increasing their access to various funding sources, thus improving well-being and reducing poverty. Similarly, it was revealed that lack of institutional quality and low financial penetration are the major reasons why financial development may not successfully reduce poverty. Thus, this study presented a FACI Blueprint to help the government effectively reduce poverty in countries where financial development is weak and unable to reduce poverty.
REVISITING WEAK-FORM EFFICIENCY OF MAJOR SECTORS OF MALAYSIA DURING THE COVID-19 PERIOD
There are plenty of literature on the efficient market hypothesis (EMH) especially for a stock market, but relatively fewer studies for across sectors. We look into the weak-form informational efficiency for twelve sectors in the Malaysia’s stock exchange, i.e. Consumer Products & Services (KLCSU), Construction (KLCON), Energy (KLENG), Financial Services (KLFIN), Health Care (KLHEAL), Industrial Products & Services (KLPRO), Property (KLPRP), Plantation (KLPLN), Transportation & Logistics (KLTRAN), Telecommunications & Media (KLTEL), Utilities (KLUTL), and Technology (KLTEC) during the outbreak of COVID-19 pandemic. We use QTEST (without trend) and TQTEST (with trend) which incorporate two structural breaks to carry out the analysis. Data are collected from 1/1/2020 through 31/3/2022. These indices show non-linearity and structural breaks in data. The findings of our study suggest mixed results in regard to informational efficiency when breaks are taken. Four indices, i.e. KLCON, KLFIN, KLPRP, and KLUTL are found to be inefficient while the remaining eight sectors are found to be efficient. Investors can predict the movements of stocks in the inefficient indices and are able to gain abnormal returns from these stocks. Policymakers may encourage investors to have more trades; so that to make the market more efficient by gradually eliminating the opportunities on earning abnormal returns.
EXPLORING THE VIEWS OF MALAYSIAN HOTELIERS ABOUT SURVIVAL DURING THE COVID-19 PANDEMIC
The sudden new crown pneumonia epidemic has had a huge impact on tourism, as well as hospitality industry in Malaysia. This paper analyses the views and reaction in crisis management practices pursued by hotel managers for business survival during the COVID-19 pandemic. To do so, in-depth interviews were carried out on the managers of Malaysian hotels (five managers from 3-star hotels, and four managers from 5-star hotels). The results indicated that the labour actions (e.g., unpaid leave, salary cut and layoff) were the first and most favour by hotels to respond to the COVID-19. However, it causes the shortage of manpower when the hospitality industry resumes back at the recent stage. This is one of the main challenges faced by hoteliers. Digital marketing and promotion were another strategy implemented by hotels to increase occupancy rate during the pandemic. In addition, views on government supports to the hotels during the pandemic were also identified.
A SURVEY ON THE IMPORTANCE OF PUBLIC-PRIVATE PARTNERSHIP PROGRAM IN MALAYSIA: PUBLIC PRACTITIONERS' PERSPECTIVE
This study aims to determine the importance of Public-Private Partnership (PPP) programs as perceived by public practitioners in Malaysia. Other than that, we examine the differences in perceptions between groups of public practitioners, particularly from the PPP unit, the Ministry of Finance (MOF), and implementing ministries/agencies pertaining to the same matter. The study also explores public practitioners' opinions on the program's weaknesses and possible improvements for future undertakings. A questionnaire survey was utilised to elicit the perceptions of public practitioners concerning the importance of the PPP programme. Here, 106 usable responses were obtained and analysed using the Statistical Package for Social Sciences (SPSS) to rank the programme’s important rationale. Subsequently, it examines the differences in perceptions between groups through descriptive statistics, mean scores, and Kruskal-Wallis test analysis. Subjective responses have also been elicited to obtain respondents’ input on the weaknesses of the PPP programme and suggestions for future improvement. The results reveal that the crucial reason for PPP is to enhance private sector participation in economic development. Furthermore, overall responses suggest that every 14-rationale inquiry is either moderately important, important, or strongly important, with reasons relating to economic growth and development becoming the leading objective for PPP. Apart from that, the findings indicate no significant differences in perception among groups of respondents in the public sector. For the subjective responses, some respondents have highlighted many valuable inputs, and some require further qualitative research to analyse the issue independently.
THE IMPACT AND CRISIS MANAGEMENT OF COVID-19: AN ANALYSIS OF LARGE MANUFACTURING FIRMS IN PENANG
This paper examines the impact of Covid-19 and movement control orders on large manufacturing firms in Penang, a major industrial hub in Malaysia with notable participation in the global value chain and identifies the response strategies undertaken by large manufacturing firms for this crisis. This study employs an exploratory qualitative research analysis based on a purposive sampling technique to gather data using an online semi-structured expert interview, with 22 large local and foreign manufacturing firms in Penang responding to the interview. The findings suggest that most of the firms expected a loss of business revenue, disrupted supply chains, employee redundancy, and an increase in government support. Persevering and innovation strategy is the most popular measure taken on by large manufacturing firms, and none of the firms interviewed choose pure persevering as a sole strategy to combat the crisis. The study provides an understanding of strategic responses undertaken by large manufacturing firms. Besides that, the study provides inputs to the government, industry, and policymakers' suggested policy interventions to improve future crisis management.
The ROLE OF eWOM, FACILITIES, AND EXPERIENTIAL MARKETING TOWARDS REVISIT INTENTION THROUGH TOURISM SATISFACTION AS AN INTERVENING VARIABLE IN LEDOK SAMBI, SLEMAN, YOGYAKARTA
The purpose of this study is to determine and analyze the influence of eWOM, facilities, and experiential marketing on revisit intention through tourist satisfaction as an intervening variable. The sample used was tourists who visited Ledok Sambi in Sleman, Yogyakarta with a total sample of 100 respondents. The data collection method uses questionnaires with accidental sampling techniques, while data analysis techniques use inferential analysis consisting of indicator tests, fit model tests, hypothesis tests, and path analysis with the help of smart pls 3.2.9 analysis tools. The results of the study showed that eWOM does not affect tourist satisfaction, facilities have a positive and significant effect on tourist satisfaction, experiential marketing has a positive and significant effect on tourist satisfaction, eWOM has no effect on revisit intention, facilities do not affect revisit intention, experiential marketing does not affect revisit intention, tourist satisfaction has a positive and significant effect on revisit intention, tourist satisfaction is unable to mediate the relationship between eWOM and revisit intention, tourist satisfaction is unable to mediate the relationship between facilities and revisit intention, tourist satisfaction is unable to mediate the relationship between experiential marketing and revisit intention. The results of this study are expected to be a reference and input for managers to improve what factors can increase satisfaction and revisit intention for tourists and can be used as a reference for further research.
Research on the Sustainable Development of Tourism in Hebei Province from the Perspective of Rural Revitalization
Evaluating and studying the sustainable development level of regional tourism under the strategy of rural revitalization is of pivotal importance to achieving sustainable and high-quality regional economic development.This paper measures the sustainable development of tourism in Hebei Province from 2010 to 2020 by constructing a set of evaluation indicators consisting of five secondary indicators of resource endowment, ecological support, social environment, infrastructure and urban construction, and 18 tertiary indicators, using the entropy-TOPSIS method. The results show that the greening coverage index has the greatest influence on the sustainable development level of tourism in Hebei Province and is the most representative; from 2010 to 2014, the sustainable development level of tourism fluctuates and decreases, while from 2015 to 2020, it increases year by year. At the same time, the SWOT analysis is combined with corresponding countermeasures and suggestions, aiming to improve the sustainable development of tourism in Hebei Province, help the revitalisation of the countryside to seek common prosperity, and create a new growth pole for the comprehensive competitiveness of the regional economy.
THE EFFECTS OF HAVING ACCOUNTING KNOWLEDGE ON STARTUPS IN KLANG VALLEY, MALAYSIA
Accounting knowledge is considered the most important knowledge that entrepreneurs and startups should have. In addition, accounting knowledge allows its users to identify and solve the financial problems within a business, which also assists them in the process of decision-making. However, many of the startups have only the knowledge of their own profession, which they have been educated for. The aims of this paper are to find out the effects of having basic accounting knowledge, cash management knowledge, and short-term financing knowledge on startups’ success. The research yet to be done suggesting a quantitative method to be used in gathering the required information from the targeted respondents within the area of Klang Valley, Malaysia, to identify the relationship between the variables of accounting knowledge and startups’ success. However, the suggested targeted population startups and entrepreneurs who have their own business without considering the registration status of their business, and the author believes that the aims of the study will be presented fairly by targeting the mentioned population. Therefore, the paper will be based on a literature review and further recommendations for the continuation of the research.
POVERTY, INCOME, AND EDUCATIONAL LEVEL: A CASE STUDY IN BERA DISTRICT, PAHANG, MALAYSIA
Low levels of education and low income are often associated with communities located in rural areas. This is because rural communities have many constraints in obtaining education, employment opportunities, and earning a high income. This study aims to examine the factors that cause poverty in rural communities and investigate the socio-economic position and level of educational achievement of parents and children in rural communities in Bera District, Pahang, Malaysia. This study used a quantitative method for data collection. Questionnaires were administered to 100 respondents from the community living in the Bera district. Data obtained from respondents were analysed using Microsoft Excel and SPSS software through the Chi-square method. The study found that almost 51 percent of respondents agreed that the factors that drive poverty in rural families are the low education of household heads and the income earned by household heads based on their education level. In addition, a total of 59 respondents agreed with the issue of low education standards affecting the low level of income; 74 respondents agreed with the lack of employment opportunities in rural areas; and 59 respondents agreed that the education of the household heads makes it difficult for the children to get a good and higher education. As a result, the emphasis and opportunities on education, income, and employment opportunities, particularly in rural areas, must be increased more precisely.
RESPONSE TO MINIMUM WAGE SHOCK IN MALAYSIA: SMEs’ CHANNEL OF ADJUSTMENT
On 1st May 2022, the Malaysian government raised the minimum wage (MW) to RM1,500, with a 25% increase. Even though there seem to be some signs of economic recovery, the Malaysian economy has yet to crawl out of a downturn. MW has been one of the most debated and controversial topics in economic literature due to mixed results on employment. While it may be too early for any empirical study on the impact of this recent hike, we are not completely clueless about what to expect. This paper aims to offer valuable insights into the potential implications of the new minimum wage policy (MWP) through a narrative literature review approach. Although no conclusive prediction can be made, the literature on developing countries with high MW increases seems to suggest that higher disemployment, reduced foreign worker dependency, formal sector (FS) migration to the informal sector (IS), and higher non-compliance are likely to be expected. This paper contributes to the understanding of MW in developing countries. Based on the channel of adjustment (CoA) model, alternate suggestions are offered to small and medium enterprises (SMEs) to better cope with the financial stress caused by MWP.
THE IMPACT AND HETEROGENEITY OF DIGITAL INCLUSIVE FINANCE DEVELOPMENT ON POVERTY ALLEVIATION - BASED ON COUNTY-LEVEL PANEL DATA IN JING-JIN-JI REGION
Based on county-level panel data from 2014 to 2017 in Jing-Jin-Ji region, employing SDEM model to analyze the impact and heterogeneity of digital inclusive finance on poverty alleviation. The results show that, first, digital inclusive finance exerts significant poverty alleviation effect, and this effect focuses on local region, having no apparent spillover effects on neighborhood counties. Second, the poverty alleviation effects of digital inclusive finance are heterogeneous, the effects of index of Coverage and Usage, and basic, upgraded and supported digital finance service are different in Jing-Jin-Ji, Hebei and Poverty Area Samples. Third, digital inclusive finance exerts bigger poverty alleviation effect on the less developed region and poverty region, showing the effect of Corner Overtaking.