Do the Attributes of Audit Committee Explain Non-Performing Loans? Evidence from an Emerging Economy

This study examined whether various attributes of the audit committee of listed banks in Bangladesh explain the level of non-performing loans (NPLs). This study used a panel data set comprising all 30 listed banks with 250 bank-year observations for the period 2013–2017. It employed the random-effects GLS regression model with cluster robust standard error and AR (1) disturbance to examine the effect of several audit committee attributes on NPLs. We found that holding audit committee meetings frequently and a higher number of independent members in the audit committee facilitate to reduce NPLs. We, however, find no explicit evidence that the other attributes of the audit committee examined (audit committee size, financial experience and financial literacy of the audit committee members, professional qualifications of the audit committee Chairman) contribute in reducing NPLs. The findings will be useful for policymakers of the banking sector in Bangladesh and the relevant regulatory bodies in enabling them to understand the role of the various attributes of the audit committee in the incidence of NPLs. Keywords: attributes, audit committee, non-performing loans (NPLs), listed banks, Bangladesh

Determining What Changed Japanese Suicide Mortality in 2020 Using Governmental Database

The pandemic of 2019 novel coronavirus disease (COVID-19) caused both COVID-19-related health hazards and the deterioration of socioeconomic and sociopsychological status due to governmental restrictions. There were concerns that suicide mortality would increase during the COVID-19 pandemic; however, a recent study reported that suicide mortality did not increase in 21 countries during the early pandemic period. In Japan, suicide mortality was reduced from 2009 to 2019, but both the annual number of suicide victims and the national suicide mortality rates in 2020 increased compared to that in 2019. To clarify the discrepancy of suicide mortality between the first and second half of 2020 in Japan, the present study determines annual and monthly suicide mortality disaggregated by prefectures, gender, age, means, motive, and household factors during the COVID-19 pandemic and pre-pandemic periods using a linear mixed-effects model. Furthermore, the relationship between suicide mortality and COVID-19 data (the infection rate, mortality, and duration of the pandemic) was analysed using hierarchal linear regression with a robust standard error. The average of monthly suicide mortality of both males and females in all 47 prefectures decreased during the first stay-home order (April–May) (females: from 10.1–10.2 to 7.8–7.9; males: from 24.0–24.9 to 21.6 per 100,000 people), but increased after the end of the first stay-home order (July–December) (females: from 7.5–9.5 to 10.3–14.5; males: from 19.9–23.0 to 21.1–26.7 per 100,000 people). Increasing COVID-19-infected patients and victims indicated a tendency of suppression, but the prolongation of the pandemic indicated a tendency of increasing female suicide mortality without affecting that of males. Contrary to the national pattern, in metropolitan regions, decreasing suicide mortality during the first stay-home order was not observed. Decreasing suicide mortality during the first stay-home order was not observed in populations younger than 30 years old, whereas increasing suicide mortality of populations younger than 30 years old after the end of the first stay-home order was predominant. A decrease in suicide mortality of one-person household residents during the first stay-home order was not observed. The hanging suicide mortality of males and females was decreased and increased during and after the end of the first stay-home orders, respectively; however, there was no decrease in metropolitan regions. These results suggest that the suicide mortality in 2020 of females, younger populations, urban residents, and one-person household residents increased compared to those of males, the elderly, rural residents, and multiple-person household residents. Therefore, the unexpected drastic fluctuations of suicide mortality during the COVID-19 pandemic in Japan were probably composed of complicated reasons among various identified factors in this study, and other unknown factors.

Analysing the Influence of Industrial Value - Added of Small and Micro-sized Firms on Regional FDI in Indonesia

The role of Foreign Direct Investment (FDI) has only grown in tandem with globalization, as it plays a dual function by improving capital accumulation whilst simultaneously growing total factor yield, which puts it at an advantage over foreign aids and foreign portfolio investments. Using panel data from 34 Indonesian provinces over the 2015 - 2019 period, this research examined the determinants of provincial FDI and its impact on regional economic development in Indonesia. The random effect method with robust standard error was used to regress the model, and the variables found to be positively significant were the ratio of industrial value added for micro sized firms to regional GDP, as well as the growth rate of industrial value added for small sized firms. Our analysis revealed that micro-sized firms tend to have much higher industrial value added compared to small-sized firms, and that these firms tend to cluster in Western Indonesia. The role of the government should be to foster the growth and competitiveness of small and micro-sized firms, especially for regions where the industrial value added is still low. Further study is suggested on the determinants of industrial value added at the provincial level, as well as more comprehensive research on FDI determinants with a larger dataset.

Correlates of COVID-19 Vaccine Hesitancy among People who Inject Drugs in the San Diego-Tijuana Border Region

Background: People who inject drugs (PWID) are vulnerable to acquiring SARS-CoV-2 but their barriers to COVID-19 vaccination are under-studied. We examined correlates of COVID-19 vaccine hesitancy among PWID in the U.S.-Mexico border region, of whom only 7.6% had received ≥one COVID-19 vaccine dose by September, 2021. Methods: Between October, 2020 and September, 2021, participants aged ≥18 years from San Diego, California, USA and Tijuana, Baja California, Mexico who injected drugs within the last month completed surveys and SARS-CoV-2, HIV, and HCV serologic testing. Logistic regressions with robust standard error estimation via generalized estimating equations identified factors associated with COVID-19 vaccine hesitancy, defined as being unsure or unwilling to receive COVID-19 vaccines. Results: Of 393 participants, 127 (32.3%) were vaccine hesitant. Older participants, those with greater food insecurity, and those with greater concern about acquiring SARS-CoV-2 were more willing to be vaccinated. Higher numbers of chronic health conditions, having access to a smart phone or computer, and citing social media as one's most important source of COVID-19 information were independently associated with vaccine hesitancy. COVID-19-related disinformation was independently associated with vaccine hesitancy (adjusted odds ratio: 1.51 per additional conspiracy theory endorsed; 95% confidence interval: 1.31-1.74). Conclusions: Nearly one third of PWID in the San Diego-Tijuana border region reported COVID-19 vaccine hesitancy, which was significantly influenced by exposure to disinformation. Interventions that improve accurate knowledge and trust in COVID-19 vaccines are needed to increase vaccination in this vulnerable population.

How to Improve Entrepreneurship Education in “Double High-Level Plan” Higher Vocational Colleges in China

Entrepreneurship education complements vocational education in helping students develop their career prospects. This empirical study comprehensively analyzed sample data of 13,885 students from 40 “Double High-level Plan” higher vocational colleges in China using robust standard error regression analysis and other methods. The results showed that Entrepreneurship Practice (EP), Entrepreneurship Curriculum (EC), and Integration of Entrepreneurship Education and Professional Education (IEEPE) have a significant positive effect on Entrepreneurship Education Performance (EEP), with EP being the most important factor. Furthermore, ascribed factors (gender, household registration, only child or not, whether parents have entrepreneurial experience) and self-achieved factors (double high-level type, school area, subject major, whether to accept social entrepreneurship education) were found to affect students' perception of investment in entrepreneurship education. The study summarizes the existing problems of entrepreneurship education in “Double High-level Plan” higher vocational colleges and proposes four suggestions: pursue the integrated development of entrepreneurship education and “Double High-level” construction, advance both theoretical education and practical education, promote digital reform of the “three teaches” (teachers, teaching materials, and teaching methods), and develop entrepreneurship education in a comprehensive and balanced manner. This has certain theoretical and practical significance for the improvement of entrepreneurship education in other developing countries.

Investigating the Impact of Institutional Quality on FDI: Are There Promotional Effects in Economic Integration Regions?

The purpose of this study is to examine the impact of institutional quality on foreign direct investment (FDI) using panel data of 117 countries around the world from the period of 2001 to 2018. To enhance the accuracy of the estimation results, this study includes various statistical tests to select the estimation method that best fits the sampling data used in this study. Furthermore, while the robust standard error is applied to correct the problem of heteroscedasticity, this study addresses the potential endogeneity problem by system GMM estimation. The results indicate that the improvement in institutional quality significantly and positively contributes to FDI. More importantly, the results also reveal that economic integration has improved the role of institutional quality, indicating that the promotional effects of institutional quality on FDI are greater in economic integration areas. The results also suggest that the launch of China’s Belt and Road Initiative has greatly enhanced the promotional effects of institutional quality on FDI. The findings of this study offer policy implications for policymakers to take measures to improve institutional quality and thereby to enhance FDI and further accelerate the formation of economic integration in a more sustainable way.

DIVIDEND POLICY IN MALAYSIA: A COMPARISON OF DETERMINANTS PRE AND POST MALAYSIAN CODE ON CORPORATE GOVERNANCE

This study was aimed at examining the differences between dividend policy determinants pre- and post-Malaysian Code on Corporate Governance (MCCG) 2012. Several factors, including profitability, lagged dividend, free cash flow, debt, firm size, investment opportunities and market risk were tested. The study investigated a total number of 631 non-financial firms in Malaysia that covered 7830 firm-year observations from 2005 to 2011 (pre-MCCG) and from 2013 to 2019 (post-MCCG). The study used pooled Ordinary Least Square (OLS) and random and fixed effect, with a robust standard error. The results demonstrated that from seven factors tested only four factors were found to be significant in determining dividend policy in pre-MCCG, and five factors in post MCCG. The pre-MCCG test revealed that before the revised MCCG 2012, the factors determining dividend policy were as follows: profitability, lagged dividend, debt, and firm size. However, there were slight changes in the range of determinants affecting dividend policy, Post-MCCG 2012. The post MCCG test revealed that profitability, lagged of dividend, and firm size consistently determined firm dividend policy; however, debt was no longer a significant determinant of dividend policy post MCCG. Additionally, investment opportunity and market risk were found to be significant determinants of dividend policy post-MCCG in 2012.

When Will Human Capital in Indonesia be Equal? A Convergence Analysis

One of the problems faced by developing countries is income inequality, which is caused by weak and uneven human capital between regions. This research aims to determine the convergence of human capital in absolute and conditional with the explanatory variable of government expenditure in education. The method used is panel data regression with generalized least square and robust standard error. The results showed that provinces in Indonesia experienced human capital convergence in absolute, where inequality of human capital among provinces tended to decline over time and towards equity. The results also showed that provinces in Indonesia experienced human capital convergence in conditional, where government expenditure in education was able to accelerate the convergence process, but not significantly. This study also found that the time needed to equalize human capital in Indonesia is 164 years.

Radiation Exposure Predicts Reported Vaccine Adverse Effects in Veterans with Gulf War Illness

Most people have no problems when administered vaccines; however, as with all drugs, reported adverse effects (rAEs) do occur. There is a need to better understand the potential predictors of reported vaccine AEs (rVaxAEs), including modifiable (environmental) predictors. Gulf War Veterans (GWV) who have Gulf War illness (GWI) report increased experiences of drug and chemical rAEs, extending to rVaxAEs. GWV provide an opportunity to examine the relationship between their reported exposures and rAEs. Forty one GWV with GWI and 40 healthy controls reported exposure and rAEs to exposure, including for 14 vaccines. Individual and summed vaccine exposures, rVaxAEs, and reported Vaccine AE Propensity (summed rVaxAEs/summed vaccines exposures) were compared in cases vs. controls. Exposure–outcome assessments focused on GWV, using a multivariable regression with robust standard error. More designated vaccines were reported in cases than in controls: 9.0 (2.3) vs. 3.8 (2.3), p < 0.0001. The fraction of vaccines received that led to rAEs was ten-fold higher in cases: 0.24 (0.21), vs. 0.023 (0.081), p < 0.0001. Multivariable assessment confirmed that radiation and pesticides remained significant statistical predictors of reported Vaccine AE Propensity. Exposure tied to excess rVaxAEs in GWV may contribute to, or underlie, the reported link between rVaxAEs in GWV and later ill health.

Dividend policy and political uncertainty: Does firm maturity matters?

Previous evidence has shown that numerous factors influence dividend policy, but how political uncertainty influences a firm’s cash dividend policy remains blurry. This study examines the relationship between cash dividends and political uncertainty in Nigeria. More so, the study analyses the interaction effect of firm maturity on the association between the cash dividend and political uncertainty. The study employed an ordinary least squares dummy variable fixed effects with robust standard error on a data set of non-financial listed Nigerian firms. The results revealed that political uncertainty strongly influences a firm’s cash dividend, and a matured firm tends to pay greater dividends than a firm with more growth options. Thus, this finding suggests that matured larger firms pay more dividends during a period of uncertainty. Consequently, the study supported the agency theory and life cycle theory.