• Asian Journal of Business Environment
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• 제9권2호
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• pp.5-15
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• 2019

Purpose - The present study endeavours to investigate the impact of intellectual capital (IC) and its components on corporate sustainable growth in India. In addition, this study aims to find out the most influential component of IC on corporate sustainable growth in India. Research design, data, and methodology - A sample size of top 139 NSE listed non-financial companies over a time period of five years has been used in this monograph. The impact of intellectual capital and its components on corporate sustainable growth has been examined using the longitudinal data analysis technique. Results - The findings of this study bring to light that intellectual capital (IC) as measured by the M-VAIC model demonstrates a significant impact on corporate sustainable growth. Considerably, the results also reveal that almost all the explanatory variables viz. Physical Capital, Relational Capital, Innovation Capital, and Process Capital exercise notable influence in explaining corporate sustainable growth. Moreover, the results demonstrate Innovation Capital (controlling the effect of Physical Capital) represents the most influential component of IC on corporate sustainable growth. Conclusions - The research findings show that in the Indian context, both physical capital, and IC (overall), as well as its components, play a crucial role to explain corporate sustainable growth.

• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.43-54
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• 2021

Human capital and innovation capacities are essential elements and one of the sustainable approaches to driving economic growth. However, there is debate among scholars concerning these two factors in fostering economic growth. This study investigates the relationships between human capital and innovation capacity and economic growth in selected ASEAN countries, namely, Malaysia, Thailand, and Indonesia. Economists widely discussed the interrelation of human capital and innovation. A large body of literature stated that human capital is an essential factor and engine of economic growth. Innovation has become key in transforming the economic development of developing countries. We analyze human capital (HC) and innovation capacity (INC) using static panel data analysis. The data analysis shows that the fixed-effect model is the best model in this study. Further, human capital (HC) has a significant positive relationship with economic growth. Meanwhile, innovation capacity has no significant relationship with economic growth. We also found that Malaysia's coefficient of human capital and innovation capacity is higher and more efficient than in Thailand and Indonesia. In conclusion, human capital and innovation capacity are crucial elements for measuring economic growth. Skilled human capital contributes significantly to the economic growth and economic development of a nation.

• 무역학회지
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• 제44권1호
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• pp.1-15
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• 2019

This study aims to analyze the effects of trade on human capital accumulation and economic growth in Korean manufacturing industry. The results of empirical analysis by dynamic panel model are as follows. The increase in exports of skilled labor intensive industries has a positive effect on human capital and economic growth, and the impact of import on human capital accumulation and economic growth has alst a positive impact. The exports of unskilled intensive labor industries have a negative impact on human capital accumulation and economic growth. Imports of unskilled labor intensive industries have negative on human capital accumulation and economic growth. It is difficult to derive statistically significant results for the effects of trade on human capital accumulation and economic growth before and after 2008. However, as a result of the financial crisis in 2008, it seems that the effects have decreased since 2008.

• The Journal of Asian Finance, Economics and Business
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• 제8권5호
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• pp.29-35
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• 2021

This study discusses the effect of human capital and technology on economic growth in Indonesia using annual time series data over the 35-year research period (1984-2019). This study uses an autoregressive distribution gap to the cointegration approach to understanding the relationship between human capital, technology, and economic growth. Human capital is inherent in humans and becomes capital in providing the best performance that has an impact on their own income. We use the human capital framework in this study where education is one mechanism to increase human capital. Based on the results of our estimation, we find that the increase in human capital using the education mechanism affects economic growth. This shows the role of human capital investment is very important in economic growth. Technology shows a significant positive effect on economic growth. Increasing human resources and technology are important factors in efforts to increase economic growth in Indonesia. Educational development is the key to the success of increasing human capital and technological development because education plays a role in improving the quality of human resources. Increasing human resources here is in the form of increased knowledge, mastery of technology, innovation, and the ability to develop technology to encourage technology development.

• 한국도로학회논문집
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• 제15권2호
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• pp.169-181
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• 2013

PURPOSES : This study is to suggest the Influence of road capital to industry and productivity growth in South Korea. METHODS : Based on the literature review, The relevant policy questions addressed in this report are : cost reduction and Scale elasticities of road, effect of road capital stock on demand for labor, capital and materials, marginal effect of road, industry TFP growth decomposition. RESULTS : The marginal benefits of the road capital at the industry level were calculated using the estimated cost elasticities. Demand for the road capital services varies across industries as do the marginal effects. The marginal benefits are positive for the principal industries. This suggests that for these industries the existing stock of road capital may be under supplied. The contribution of road capital to TFP growth is positive in principal industries. The main contribution of road capital is in the manufacturing industries ; the magnitudes of contribution varies among industries. These results indicate that growth in exogenous demand is most important contributor to TFP growth. CONCLUSIONS : The road capital have a significant effect on employment, private capital and demand for materials inputs in all industries. At a given level of output, an increase in road capital lead to variety to demand for all inputs in all industries.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.33-42
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• 2021

This study aims to investigate the relationship between foreign direct investment (FDI) and economic growth at the provincial level by using time-series data in Binh Dinh from 1997 to 2019. We applied the quantitative approaches Vector Autoregression (VAR) and Autoregressive Distributed Lags (ARDL) in the model, which includes economic growth, real foreign direct investment capital, ratio of trained workers, and infrastructure. The results show that all these variables are stationary at the first difference. In ARDL analysis, we found that the economic growth positively affects FDI attraction. However, there is no evidence of the effect of FDI on economic growth in the condition of low capital implemented. Moreover, findings also show that the impact of FDI on economic growth is influenced by two factors: infrastructure and human capital. The lack of human capital, which is trained personnel and infrastructure, is the main barrier hindering and inhibiting FDI's contribution to local economic growth. In order to improve the efficiency of FDI on economic growth in the future, it is suggested that the Binh Dinh government should have proper policies in terms of the infrastructure, the human capital investment. They would allow Binh Dinh to enhance the capital absorptive capacity and capital efficiency.

• Asian Journal of Innovation and Policy
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• 제6권1호
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• pp.94-110
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• 2017

This paper approaches knowledge capital as social infrastructure and analyzes its impact on economic growth. To this end, we constructed a panel dataset for 120 countries for the years 2000-2014 and estimated the economic growth function using the panel analysis. As proxies for knowledge capital, we used the R&D expenditure per capita and the number of patent applications per thousand people in each country, both measured in stock. Economic growth was measured in terms of real GDP per capita and real value added per capita at the industry level. The empirical findings demonstrate that knowledge capital accumulated in a society significantly promotes economic growth. Especially R&D stock increases real value added per capita in all industries-not only manufacturing, but also services and agriculture-implying substantial inter-industry spillover effects. The findings of this study suggest that knowledge capital boosts economic growth as core social infrastructure.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.43-52
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• 2020

This paper examines how macroeconomic variables, such as interest rate differences, inflation, exchange rates, economic growth and external debt growth, affect capital flight in the ASEAN-8 countries. We apply a panel data model with fixed effect estimation for the data for eight countries from the period 1994 to 2018. We use the residual approach used by the World Bank to measure the value of capital flight. The results show that the interest rate differences, exchange rates, economic growth and foreign debt growth had a positive and significant effect on outward capital flight. A further implication of this finding is that the interest rate differences, exchange rate, economic growth and foreign debt growth are factors that trigger an increase in capital outflow in the ASEAN-8 countries. Nonetheless, inflation rate is not considered to be the main factor influencing capital flight, as average inflation in the ASEAN-8 countries remains relatively stable. This paper will be beneficial for policymakers in the ASEAN-8 countries and encourage them to constantly pay attention to these four variables, as they significantly influence capital flight, whereas they can disregard the impact of the inflation variable that is not significant in influencing capital flight.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.813-821
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• 2021

The relationship between capital structure policy and firm value is interesting to study because the concept of capital structure was initiated by Modigliani and Miller who claimed that the company's capital structure is not a factor in its value. They asserted that linking leverage with firm value was irrelevant. Therefore, this study examined the role of growth opportunities as a moderating variable for the relationship between capital structure and firm value. The population of this study is 300 companies from the manufacturing sector that are listed on the Indonesia Stock Exchange (IDX) for the period 2015-2018. To analyze the data, the subgroup moderation method was employed by dividing the data into two parts: companies with high growth opportunities and companies with low growth opportunities. The results revealed that capital structure had a direct positive effect on firm value. Furthermore, the test results of the two regression models of growth opportunities as the moderating variable are very interesting. It was found that for companies with high growth opportunities, the use of debt had a negative effect on firm value, and conversely, the use of debt had a positive effect on firm value for companies with low growth opportunities. The statistical F-test results proved that growth opportunities are a moderating variable for the relationship between capital structure and firm value.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.677-682
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• 2020

To investigate the nexus between urban population, gross capital formation, and economic growth in the Kingdom of Saudi Arabia, yearly data was collected from the World Bank for the period 1974- 2018. Basic statistics test and correlation matrix was used to investigate the causal effect among the tested parameters, followed by Augmented Dickey-Fuller (ADF) stationary test, co-integration analysis by Johansen test after that Vector Auto-Correction Model for both short-run and long-run and finally the Granger-Causality tests. Result of unit root test analysis shows that the urban population became stationary at I (0) level while economic growth and gross capital formation became stationary at I (1). Johansen co-integration analysis indicates that there is presence of both long-run and short-run relationship between the three variables in the Kingdom of Saudi Arabia. The result of the VECM Model reflects that both economic growth and gross capital formation have a negative impact on urban population in the short run. According to the Granger-Causality tests, there is unidirectional causality with the urban population by both gross capital formation and economic growth. Also, the result of the Granger Causality tests show that there is unidirectional causality between economic growth and gross capital formations.