ORIGINAL_ARTICLE
Potential of Increasing Vegetable Production During Covid-19 Pandemic in Sumberejo Village, Batu City, Indonesia
Farmers in Sumberejo Village cultivate vegetables simultaneously during certain seasons on their land. This study aims to analyze potential for increased production vegetables during Covid-19 pandemic. Data collected from 45 randomly selected farmers were analyzed using Cobb Douglas production function. The analysis showed that land area had a very significant effect and positive on the production of celery, mustard greens and red chilies. Seeds did not have a significant effect on celery and mustard greens production, but had a significant effect on red chilies. Fertilizers did not have a significant effect on the vegetables yields. Labor had a significant effect in different directions on celery production (positive) and pakcoy (negative), but does not have a significant effect on red chili. Pesticides only had a significant effect and positive on celery, while the mustard greens and red chilies have no significant effect. During a pandemic, the expansion of production vegetables included in category increasing return to scale, because sum of input coefficients was greater than one. These results can be a signal for farmers to increase their production. Government should regulate distribution of these commodities and the prices stability because people must keep their distance.
https://www.ijmae.com/article_124742_fe10ff76aae4d85a0e6b747ffdf3bc3d.pdf
2020-12-01
683
694
10.5281/zenodo.4482717
COVID-19
Expansion
Vegetables
production
Agnes
Pudjiastuti
agnespudjiastuti@yahoo.com
1
Master Program of Agricultural Economics, Post Graduate School Tribhuwana Tunggadewi University, Malang, Indonesia
LEAD_AUTHOR
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Azzura, D., Marsudi, E., & Usman, M. (2017). An Analysis of Income of Farming Vegetables and The Factors that Affected it in Darussalam District of Aceh Besar. Jurnal Ilmiah Mahasiswa Pertanian Unsyiah, 2(3), 92–105.
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Bahrun. (2015). Activity And Celery Farming Income (Apium gravioles L ) At Saring Sei Binjai Village, Kusan Hilir District, Tanah Bumbu Regency South Kalimantan Province). ZIRAA’AH, 40(3), 198–202.
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BPS. (2019). Kecamatan Batu Dalam angka 2019 (BPS Kota Batu). BPS Kota Batu.
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BPS. (2020). Produksi Sayuran di Indonesia Tahun 2015 - 2019 (Vol. 2019). https://www.pertanian.go.id/home/?show=page&act=view&id=61
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BPS, Kementerian Pertanian, BMKG, BNPB, LAPAN, WFP, & FAO. (2017). Buletin Pemantauan Ketahanan Pangan indonesia Fokus Khusus: Tren konsumsi dan produksi buah dan sayur. In BPS (Vol. 8, Issue November). https://docs.wfp.org/api/documents/WFP-0000024091/download/
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Hukom, J., Kakisina, L. O., & Sari, R. M. (2019). Productivity Analysis of Leaf Vege-tables in Passo Village Baguala District Ambon City. AGRILAN, 7(3), 227–240.
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Kalauw, S. H. S., Timisela, N. R., & Tuhumury, M. T. F. (2015). The Analyze Factors are Influence the Production in Bean Farming (Phaseolus Vulgaris L) in Telaga Kodok Hamlet Central Mollucas Regency. Agrilan, 3(2), 140–156.
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Khasanah, S. M., Maksum, M., & Suwondo, E. (2020). Trend Analysis of Red Chili Price-Formation Models. AgriTECH, 40(1), 57. https://doi.org/10.22146/agritech. 45946
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Lama, M., & Kune, S. J. (2016). Faktor-Faktor yang Mempengaruhi Produksi Usaha Tani Sayur Sawi di Kelurahan Bensone Kecamatan Kota Kefamenanu Kabupaten Timor Tengah Utara. Agrimor, 1(02), 27–29. https://doi.org/10.32938/ag.v1i02.102
19
Lamusa, A. (2005). Faktor-faktor yang Mempengaruhi Produksi Kangkung Air di Desa Tulo Kecamatan Dolo Kabupaten Donggala Propinsi Sulawesi Tengah. J. Agroland, 12(4), 512–517.
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Lestari, F. N., Rianse, S. I., & Fyka, S. A. (2019). Analisis Perbedaan Pendapatan Usahatani Sawi Semi Organik dan Non Organik di Desa Aunupe Kecamatan Wolasi. Jurnal Ilmiah Agribisnis (Jurnal Agribisnis Dan Ilmu Sosial Ekonomi Pertanian), 4(5), 111–115.
21
Lestari, O. F., Hasyim, A. I., & Situmorang, S. (2020). Production Efficiency of Vegetable (Chili, Mustard and Cabbage) Farming in Pagar Alam City of South Sumatera. JIIA, 8(2), 326–333.
22
Masithoh, S., Nahraeni, W., & Prahari, B. (2013). Efficient Analysis of Production Factors of Cabbage (Brassica oleracea) Farming in Kertasari, Bandung, West Java. Jurnal Pertanian, 4(2), 100–108.
23
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26
Pudjiastuti, A. Q. (2014). Perubahan Neraca Perdagangan Indonesia Sebagai Akibat Penghapusan Tarif Impor Gula. Agriekonomika, 3(2), 106–116.
27
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29
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36
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37
ORIGINAL_ARTICLE
Relationship Between Industrialization and Economic Growth: An Empirical Study of Pakistan
The purpose of this paper is to investigate the long run relationship of Industrialization and Economic Growth in Pakistan. The time series data from 1976-2015 is used. The main source of data is World Development Indicator (WDI). Gross Domestic Product is used as dependent variable, while Industrial Output, Foreign Direct Investment, Saving and Inflation are used as the independent variables. The ARDL testing Approach has been applied on the data. After it, the stability of the function was tested by CUSUM. The results of ARDL bound testing reveals the long run association between industrial output and GDP. This study shows that an increase in Industrial Output increases the Gross Domestic Product in Pakistan. In the end, the stability of results is confirmed by CUSUM test.
https://www.ijmae.com/article_124743_d4c0ca483874278324ac0394d73078db.pdf
2020-12-01
695
707
10.5281/zenodo.4482746
Foreign direct investment
Gross Domestic Product
Saving
Sahar
Qaiser
syedasahar@hotmail.com
1
Department of Economics, University of Karachi, Karachi, Pakistan
LEAD_AUTHOR
Aggarwal, A., & Kumar, N. (2012, November). Structural Change, Industrialization and Poverty Reduction: The Case of India. South and South West Asia Development Paper .
1
Ahmed, G., Khan, M. A., & Afzal, M. (2016, April). Trade Liberalization and Industrial Productivity: Evidence from Pakistan. MAPRA Paper No.. 70744 .
2
Ajmair, M. (2014). Impact of Industrial Sector on GDP (Pakistan Case). European Journal of Contemporary Economics and Management , 1.
3
Dutta, D., & Ahmed, N. (2004, February). Trade Liberalisation and Industrial Growth in Pakistan: A Cointegration Analysis. Applied Economics , 1421-1429.
4
Isiksal, A. Z., & Chimezie, O. J. (2016). Impact of Industrialization in Nigeria. Eureopean Scientific Jorunal , 12.
5
JM, I., & BA, G. (2013). A Cross Sectional Analysis of Industrialization and growth in Africa. International Research Journal of Arts and Social Sciences , 2 (6), 150-167.
6
Khan, M. A., & Ahmed, A. (2013). Modeling Trade, Investment, Growth and Liveralization: Case Study of Pakistan. Public Policy and Administration Research , 6.
7
Kniivila, M. (2007). Industrial Development and Economic Growth: Implication for Poverty Reduction and Income Inequality.
8
Koo, W. W., & Lou, J. (1997). The Relationship Between the Agricultural and Industrial Sectors in chinese Economic Development. Agricultural Economics Report.
9
Noman, A., & Mahmood, M. A. (1991). Industrial Development and Efficiency in Pakistan: A Revisionist Overview. The Pakistan Development Review , 30, 849-861.
10
Page, J. (2016, Marach). Industry in Tanzania Performance, prospects and Public Policy. WIDER Working Paper .
11
Sarkar, M. R. (2000). Prospects and Challenges of Industrialization in Bangladesh. Bangladesh Journal of Political Economy , 8.
12
Sultan, P. (2008). Trade, Industry and Economic Growth in Bangladesh. Journal of Economic Cooperation , 2, 71-92.
13
Wangwe, S., & Mmari, D. (1996). The Performance of the Manufacturing Sector in Tanzania: Challenges and the way forward. United Nation University Working Paper.
14
ORIGINAL_ARTICLE
Exploration of IPO Motives, Oversubscription and Flotation Costs: Evidence from Bangladesh
This study intended to explore the IPO motives and the factors that contributed to IPO oversubscription in Bangladesh. Based on hand-collected data from 101 sample IPO prospectus during 2010–19, the study found an average of 10 IPOs per year, mostly (90%) through the fixed-price method. Among the sample companies, 34.7% were in the textile sector, followed by 17.8% in the engineering sector and 12.9% in the pharmaceuticals & chemical sector. This study observed an average subscription times of 23.41, which was much lower than in some other South Asian countries. Regarding the use of IPO proceeds, loan settlement was the prime motive, followed by capital expenditure, and working capital financing. Companies expensed around 6% of the total IPO proceeds as flotation cost. Although the detailed disclosure of the use of IPO proceeds in the prospectus is a common and expected feature, it was found absent in around 12% of companies. The logistic regression model found a statistically significant influence of lot size (LOT), post-IPO capital (PIC), and flotation cost (FTC) on oversubscription times (OST). The contribution of FTC to OST was a novel finding of this study. The study also found the absence of large and reputed domestic and multinational conglomerates in the listing through IPOs. Thus, the current study recommends regulators should take proper drives to customize and familiarize the book-building method, which can entice good companies for listing in stock exchanges through IPO.
https://www.ijmae.com/article_124841_ea5df4c4ff202adf40f9820194996699.pdf
2020-12-01
708
725
10.5281/zenodo.4482755
IPO motives
primary market
Book-building, IPO proceed utilization, Bangladesh capital market
Md. Tahidur
Rahman
towhidais@gmail.com
1
Department of Business Administration, Bangladesh Army International University of Science and Technology, Cumilla, Bangladesh
LEAD_AUTHOR
Syed
Hossain
syed6205@gmail.com
2
Department of Accounting and Information Systems, University of Rajshahi, Rajshahi, Bangladesh
AUTHOR
Md.
Haque
anwarulus@yahoo.com
3
Department of Accounting and Information Systems, University of Rajshahi, Rajshahi, Bangladesh
AUTHOR
Md.
Ashik
abuhanifashik.acc@gmail.com
4
Department of Business Administration, Bangladesh Army International University of Science and Technology, Cumilla, Bangladesh
AUTHOR
Amor, S. B., & Kooli, M. (2017). Intended use of proceeds and post-IPO performance. The Quarterly Review of Economics and Finance(65), 168–181.
1
Andriansyah, A., & Messinis, G. (2016). Intended use of IPO proceeds and firm performance: a quantile regression approach. Pacific-Basin Finance Journal, 36, 14–30.
2
Arora, N., & Singh, B. (2020). Determinants of oversubscription of SME IPOs in India: evidence from quantile regression. Asia-Pacific Journal of Business Administration, https://doi.org/10.1108/APJBA-05-2020-0160.
3
Ball, R., & Shivakumar, L. (2008). Earnings Quality at Initial Public Offerings. Journal of Accounting and Economics, 45(2-3), 324–349.
4
Bateni, L., & Asghari, F. (2014). study of factors affecting the initial public offering (IPO) price of the shares on the Tehran stock exchange. Research in World Economy, 5(2), 68–73.
5
Brau, J. C., & Fawcett, S. E. (2006). Initial public offerings: an analysis of theory and practice. The Journal of Finance, 61(1), 399–436.
6
Chan, A. M., Sit, C. L., Tong, M. M., Wong, D. C., & Chan, R. W. (1996). Possible factors of the accuracy of prospectus earnings forecast in Hong Kong. International Journal of Accounting, 31(3), 381–398.
7
Cohen, B. D., & Dean, T. J. (2005). Information Asymmetry and Investor Valuation of IPOs: Top Management Team Legitimacy as a Capital Market Signal. Strategic Management Journal, 26(7), 683–690.
8
Dambra, M., Field, L. C., & Gustafson, M. T. (2015). The JOBS act and IPO volume: evidence that disclosure costs affect the IPO decision. Journal of Financial Economics, 116(1), 121–143.
9
Faisal, F., & Ridwan, S. M. (2012). Infrastructure Financing through Capital Market in Bangladesh. World Journal of Social Sciences, 2(5), 31–41.
10
Fan, P. (2019). Debt retirement at IPO and firm growth. Journal of Economics and Business, 101, 1–16.
11
Hasan, T., & Quayes, S. (2008). Underpricing of initial public offerings in Bangladesh. Applied Financial Economics Letters, 4, 5–8.
12
Hoque, M., & Musa, M. (2001). The Long Term Performance of IPOs in Bangladesh. Journal of Business Administration, IBA, Dhaka, 27(1&2).
13
Hossain, M. F., & Siddiquee, M. (2007). IPO flotation costs in Bangladesh during 1983-2006. Available at SSRN 1018321 .
14
Islam, M. A., Ali, R., & Ahmad, Z. (2010). Underpricing of IPOs: the case of Bangladesh. Global Economy and Finance Journal, 3(1), 44–61.
15
Islam, M. S., & Munira, S. (2004). IPO Flipping and its Determinants in Bangladesh. Dhaka University Journal of Business Studies, 25(1), 1–23.
16
Karim, A. K., Zijl, T. v., & Mollah, S. (2013). Impact of board ownership, CEO‐chair duality and foreign equity participation on auditor quality choice of IPO companies. International Journal of Accounting & Information Management, 21(2), 148–169.
17
Low, S.-W., & Yong, O. (2011). Explaining over-subscription in fixed-price IPOs — evidence from the Malaysian stock market. Emerging Markets Review, 12(3), 205–16.
18
Mehmood, W., Mohd-Rashid, R., & Ahmad, A. H. (2020). Impact of pricing mechanism on IPO oversubscription: evidence from Pakistan stock exchange. Pacific Accounting Review, 32(2), 239–254.
19
Ooi, J. T., Mori, M., & Wong, W. C. (2019). Rationale behind IPO underpricing: evidence from Asian REIT IPOs. Real Estate Economics, 47(1), 104–137.
20
Rahim, R. A., Sapian, R. Z., Yong, O., & Auzairy, N. A. (2013). Flipping activity and subsequent aftermarket trading in Malaysian initial public offerings(IPOs). Asian Academy of Management Journal of Accounting and Finance, 9(1), 109–128.
21
Rahman, M. T. (2017). Revaluation of fixed assets before IPO: a study on textile industry in Bangladesh. Journal of Finance and Accounting, 5(5), 200–205.
22
Rahman, M. T., Hossain, S. Z., & Omar, N. (2017). Factors influencing subscription of IPO in Bangladesh. International Journal of Economics, Management and Accounting, 25(3), 529–548.
23
Rashida, A. (2013). IPO procedure: an analysis on the book building method in Bangladesh. The International Journal of Social Sciences, 7(1), 172–180.
24
Sahoo, S., & Rajib, P. (2012). Determinants of pricing IPOs: an empirical investigation. South Asian Journal of Management, 19(4), 59–87.
25
Silva, A., & Bilinski, P. (2015). Intended use of proceeds, underwriter quality and the long‐run performance of SEOs in the UK. Journal of Business Finance & Accounting, 40(9-10), 1282–1309.
26
Wyatt, A. (2014). Is there useful information in the ‘use of proceeds’ disclosures in IPO prospectuses? Accounting & Finance, 54(2), 625–667.
27
Yong, O., Yatim, P., & Sapian, R. Z. (2002). Size of offer, over-subscription ratio and performance of Malaysian IPOs. Malaysian Management Journal, 16(1&2 ), 35–51.
28
ORIGINAL_ARTICLE
Investigation of the Effect of Internal Factors on the Tobin’s Q Ratio and Value of the Companies Accepted in Tehran Stock Exchange
The aim of this study was to investigate the effect of internal factors of the company on the Tobin's Q ration and the value of companies admitted in Tehran Securities Exchange Stock Exchange with the approach of structural equation modeling. In this study the effect of corporate governance, capital structure and profit sharing policy as internal variables on corporate value was investigated. This research is practical in terms of goal. Statistical population of the present study is the companies accepted in the Tehran Stock Exchange between 2012 to 2016. Among them, 161 companies were selected as sample through systematic elimination. After finding to fit the acceptable model of measurement and structure of the research, the results showed that internal variables have a positive effect on the Tobin's Q ratio. Among the internal variables, the return-sharing policy has the most impact on the Tobin's Q ratio. The Tobin's Q ratio can mediate the relationship between local variables and the corporate value.
https://www.ijmae.com/article_125097_a04c29283e8be08ebebbfd81399b3d99.pdf
2020-12-01
726
737
10.5281/zenodo.4483897
Tobin's Q Ratio
company value
Corporate Governance
Capital structure
profit sharing policy
Ali
Najafi Moghadam
alirezanm@gmail.com
1
Department of Economics and Management, Islamic Azad University, South Tehran Branch, Tehran, Iran
LEAD_AUTHOR
Masoumeh
Nejad Mohammadi Alarelough
2
Department of Economics and Management, Islamic Azad University, South Tehran Branch, Tehran, Iran
AUTHOR
Abdulaziz
Salem Nejad
3
Department of Economics and Management, Islamic Azad University, South Tehran Branch, Tehran, Iran
AUTHOR
Balatbat, M., Taylor, S. L, and Walter, T. S. (2004). Corporate governance, insider ownership, and operating performance of Australian initial public offerings. Accounting and Finance Journal, 44 : 299-328.
1
Fama, E. F. and Jensen, M. C. (1983). Separation of Ownership and Control. Journal of Law and Economics, 16: 301-325.
2
Gonzalez, V. M. (2013). Leverage and corporate performance: International evidence, International Review of Economics and Finance, Vol. 25, pp. 169- 184.
3
Javadi, N. and Fattahi (2017), Investigating the effect of managers reward on capital structure and financial performance of companies accepted in Tehran Stock Exchange. Strategic Management Magazine. Fourth year number four. PP 69-94.
4
Mirzaie, H.; Khataie, M.; and Ghanbari, Y. (2013). “Investigating the Relationship between Business Riskand Financial Risk with the Performance of Pharmaceutical Companies Listed on the Tehran Stock Exchange”, Journal of Health Accounting, Vol. 2, No. 2, pp. 77-91.
5