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Articles 1 - 30 of 51
Full-Text Articles in Business
The Estimation Of Production Functions With Monetary Values, Jesus Felipe, John Mccombie, Aashish Mehta
The Estimation Of Production Functions With Monetary Values, Jesus Felipe, John Mccombie, Aashish Mehta
Angelo King Institute for Economic and Business Studies (AKI)
For decades, the literature on the estimation of production functions has focused on the elimination of endogeneity biases through different estimation procedures to obtain the correct factor elasticities and other relevant parameters. Theoretical discussions of the problem correctly assume that production functions are relationships among physical inputs and output. However, in practice, they are most often estimated using deflated monetary values for output (value added or gross output) and capital. This introduces two additional problems—an errors-invariables problem, and a tendency to recover the factor shares in value added instead of their elasticities. The latter problem derives from the fact that …
The Relationship Of Esg Component Scores And Creditworthiness On Publicly Listed Firms In The Asean-5 Countries, Shayne Jefferson Alvarez, Charlene Ashley C. Cu, Lance L. Lamberte, Patrick Henry G. Yap, Paulynne J. Castillo, Roberto B. Raymundo, Joel Q. Tanchuco
The Relationship Of Esg Component Scores And Creditworthiness On Publicly Listed Firms In The Asean-5 Countries, Shayne Jefferson Alvarez, Charlene Ashley C. Cu, Lance L. Lamberte, Patrick Henry G. Yap, Paulynne J. Castillo, Roberto B. Raymundo, Joel Q. Tanchuco
Angelo King Institute for Economic and Business Studies (AKI)
ESG ratings are crucial for ASEAN-5 businesses' creditworthiness. While existing studies often concentrate on ESG's impact on financial performance or general pillars, a detailed exploration of the 10 specific ESG components in the ASEAN-5 is lacking. This study addresses this gap, examining how ESG ratings affect a company's creditworthiness (probability of default) in publicly traded companies across the ASEAN-5 countries while considering potential heterogeneity. Utilizing annual data from 2013-2022 for 10 ESG components and Eikon Refinitiv's probability of default via the Starmine Combined Credit Risk Model across ASEAN-5, the study employs a panel OLS regression model with White's Robust Standard …
Does The Presence Of Foreign Investors Affect Financial Reporting Quality In Philippine Publicly Listed Firms?, Natasha Amber Y. Cabiltes, Megan Justine Siao Beltran, John Miguel Roger Dela Cruz Benito, Gianna Zenovia Domingo Agaton, Mariel Monica R. Sauler, Angelo A. Unite
Does The Presence Of Foreign Investors Affect Financial Reporting Quality In Philippine Publicly Listed Firms?, Natasha Amber Y. Cabiltes, Megan Justine Siao Beltran, John Miguel Roger Dela Cruz Benito, Gianna Zenovia Domingo Agaton, Mariel Monica R. Sauler, Angelo A. Unite
Angelo King Institute for Economic and Business Studies (AKI)
Reinstate accounting conservatism in the Conceptual Framework – Our findings should be of interest to accounting standard setters, given the ongoing debate on the necessity for accounting conservatism as a characteristic for useful financial statements after its initial removal from the conceptual framework in 2010. While there are arguments that conservatism violates the neutrality of financial reports, further discussions show that conservatism can give a more faithful representation of firm performance (Cooper, 2015; International Accounting Standards Board, 2018).
Analysis On The Credit Accessibility And Growth Of Manufacturing Firms In The Cases Of Indonesia, Philippines, And Vietnam, Sophia Angela Jimenez, Kamille Daquinag, Maria Regina Victoria Sagrit, Brian Irvin Chan, Albert Lamberte, Maria Zunally Rapada, Krista Danielle Yu
Analysis On The Credit Accessibility And Growth Of Manufacturing Firms In The Cases Of Indonesia, Philippines, And Vietnam, Sophia Angela Jimenez, Kamille Daquinag, Maria Regina Victoria Sagrit, Brian Irvin Chan, Albert Lamberte, Maria Zunally Rapada, Krista Danielle Yu
Angelo King Institute for Economic and Business Studies (AKI)
Micro, small, and medium enterprises (MSMEs) contribute to income and employment generation, poverty reduction, and industry growth in the ASEAN region (Mendoza, 2015). Their significant contributions to economies have led countries to emphasize the importance of firm growth, which is influenced by credit accessibility. Majority of existing enterprises in Indonesia, the Philippines, and Vietnam are composed of MSMEs with limited financial resources to foster growth (Paratama, 2019). This hinders the potential of manufacturing MSMEs to have sufficient funding. However, existing literature suggests that credit access significantly provides a positive impact on firm growth only until a certain threshold point (Nizam …
How Trade Liberalization And Labor Development Could Coincide In The Philippines, Aeneas Dr Hernandez, Brendan Emmanuel A. Miranda, Martin William P. Regulano, Andrae Jamal Tecson, Martin William P. Regulano, Ma. Ella Oplas, Tereso S. Tullao Jr, Winfred M. Villamil
How Trade Liberalization And Labor Development Could Coincide In The Philippines, Aeneas Dr Hernandez, Brendan Emmanuel A. Miranda, Martin William P. Regulano, Andrae Jamal Tecson, Martin William P. Regulano, Ma. Ella Oplas, Tereso S. Tullao Jr, Winfred M. Villamil
Angelo King Institute for Economic and Business Studies (AKI)
As the world adapts to the rapid pace of globalization in the 21st century, countries ease trade restrictions by gradually removing tariffs and non-tariff barriers to incentivize the free flow of goods across nations. This prevalence of trade liberalization policies propelled policymakers and economists to investigate the relationship between trade reforms and economic outcomes including wage inequality around the world. They found that trade liberalization, on average, has had a positive impact on economic growth, but prior studies that examine the effects of trade liberalization on wage inequality in developing countries have found mixed results. Recently, Murakami (2021) examined the …
An Analysis On The Efficiency Of Philippine Microfinance Institutions: A Stochastic Frontier Approach, Ryan Lou Dio, Elijah Jacob Mendoza, Lunette Clarisse Nunez, Ma. Ellory Villanueva, Myrna S. Austria, Tereso S. Tullao Jr
An Analysis On The Efficiency Of Philippine Microfinance Institutions: A Stochastic Frontier Approach, Ryan Lou Dio, Elijah Jacob Mendoza, Lunette Clarisse Nunez, Ma. Ellory Villanueva, Myrna S. Austria, Tereso S. Tullao Jr
Angelo King Institute for Economic and Business Studies (AKI)
Microfinance institutions (MFIs) were created to provide loans and financial services for the poor as commercial banks have requirements that are not accessible to them. The Philippines government soon started using MFIs as a poverty alleviation tool to answer the market failure created by the commercial banking industry since it cannot accommodate the needs of low-income earners due to the high costs attached to it. However, recent studies have shown that MFIs are “mission drifting,” which means that they are deviating from their original social purpose and becoming more financially driven. As a result, this paper estimates the financial and …
Tourism: The Industry Of Those That Could Not Industrialize, Jesus Felipe
Tourism: The Industry Of Those That Could Not Industrialize, Jesus Felipe
Angelo King Institute for Economic and Business Studies (AKI)
Discussions about the magnificent possibilities of the Philippine tourism sector are not new. Yet, the constraints the sector faces continue without being addressed. I also often hear references, like the one above, to the sector as one that will contribute significantly to the Philippines eventually attaining high income per capita. In this Brief, I offer some considerations on both issues.
What Innovation Means For The Philippines, Felipe Jesus
What Innovation Means For The Philippines, Felipe Jesus
Angelo King Institute for Economic and Business Studies (AKI)
The administration argues that the future of the nation is “innovation,” as this is the catalyst to sustaining growth. On paper, this certainly looks like a very defensible strategy. The Philippine Development Plan (PDP) 2023–2028’s Chapter 8: Advance Research and Development, Technology, and Innovation, lays out strategies, programs, and legislative priorities to be pursued to promote innovation among industries and identifies metrics to measure the country’s progress in harnessing research and development, technology, and innovation.
Is Anything Left Of The Debate About The Sources Of Growth In East Asia Thirty Years Later?, Jesus Felipe, John Mccombie
Is Anything Left Of The Debate About The Sources Of Growth In East Asia Thirty Years Later?, Jesus Felipe, John Mccombie
Angelo King Institute for Economic and Business Studies (AKI)
The year 2023 commemorates the 30th anniversary of the publication of the influential, yet controversial, study The East Asian Miracle report by the World Bank (1993). An important part of the report’s analysis was concerned with the sources of growth in East Asia. This was based on the neoclassical decomposition of growth into productivity and factor accumulation. At about the same time, the publication of Alwyn Young’s (1992, 1995) and J-I Kim and Lawrence Lau’s (1994) studies, and Paul Krugman’s (1994) popularization of the “zero total factor productivity growth” thesis, led to a very important debate within the profession, on …
Tax Risk, Corporate Governance, And The Valuation Of Tax Avoidance Across Philippine Firms: How Do Investors Value Corporate Tax Avoidance?, Christine E. Ang, Shawn Luther S. Chan, Sean Ellison G. Sow, Siegwald K. Yap, Madeleine B. Estabillo, Anne Go, Angelo A. Unite
Tax Risk, Corporate Governance, And The Valuation Of Tax Avoidance Across Philippine Firms: How Do Investors Value Corporate Tax Avoidance?, Christine E. Ang, Shawn Luther S. Chan, Sean Ellison G. Sow, Siegwald K. Yap, Madeleine B. Estabillo, Anne Go, Angelo A. Unite
Angelo King Institute for Economic and Business Studies (AKI)
Tax avoidance has traditionally been thought to enhance firm value because it generates cash savings for reinvestment or distribution to shareholders. More recent literature, however, suggests that tax avoidance valuation may not be so simple. Desai and Dharmapala (2009) introduced the “agency perspective” on tax avoidance, arguing that investors consider the risk of tax avoidance as opening opportunities for managers to extract rents from their firms. Positive tax avoidance value would therefore be conditional on good corporate governance quality. Drake et al. (2017) introduced yet another dimension—tax risk—to the valuation of tax avoidance, arguing that tax avoidance that comes with …
Obstacles To Economic Freedom Affecting Micro, Small, And Medium Enterprises (Msmes) In Southeast Asian Countries, Blaise Kent Calpito, Jocef Fernand Ocampo, Chyna Tomas, Mary June Valenzuela, Renz Adrian T. Calub, Mitzie Irene Conchada, Arlene B. Inocencio, Alellie B. Sobrevinas, Marites M. Tiongco
Obstacles To Economic Freedom Affecting Micro, Small, And Medium Enterprises (Msmes) In Southeast Asian Countries, Blaise Kent Calpito, Jocef Fernand Ocampo, Chyna Tomas, Mary June Valenzuela, Renz Adrian T. Calub, Mitzie Irene Conchada, Arlene B. Inocencio, Alellie B. Sobrevinas, Marites M. Tiongco
Angelo King Institute for Economic and Business Studies (AKI)
Obstacles to economic freedom such as trade obstacles, finance obstacles, taxes, and corruption affect the ability of micro, small, and medium enterprises (MSMEs) to maximize firm performance. Existing empirical studies investigating the effect of specific MSME-level obstacles to economic freedom are scarce in Southeast Asian countries. Therefore, this paper focuses on analyzing and comparing the effects of these obstacles to economic freedom on the performance of MSMEs in Indonesia, Vietnam, the Philippines, and Malaysia using firm-level data from the 2015 World Bank Enterprise Survey. The methodology utilizes an ordinary least squares regression, and endogenous treatment effects regression, in determining which …
Small Fishes, Sharp Hooks: Obstacles To Economic Freedom Affecting Micro Small, And Medium Enterprises (Msmes) In Southeast Asian Countries, Blaise Kent Calpito, Jocef Fernand Ocampo, Chyna Tomas, Mary June Valenzuela, Rens Adrian T. Calub, Mitzie Irene P. Conchada, Arlene B. Inocencio, Alellie B. Sobreviñas, Marites Tiongco
Small Fishes, Sharp Hooks: Obstacles To Economic Freedom Affecting Micro Small, And Medium Enterprises (Msmes) In Southeast Asian Countries, Blaise Kent Calpito, Jocef Fernand Ocampo, Chyna Tomas, Mary June Valenzuela, Rens Adrian T. Calub, Mitzie Irene P. Conchada, Arlene B. Inocencio, Alellie B. Sobreviñas, Marites Tiongco
Angelo King Institute for Economic and Business Studies (AKI)
Obstacles to economic freedom such as trade obstacles, finance obstacles, taxes, and corruption affect the ability of micro, small, and medium enterprises (MSMEs) to maximize firm performance. This policy brief is based on the observations made regarding the relationship of these obstacles to economic freedom in Southeast Asian countries Indonesia, Vietnam, the Philippines, and Malaysia. This will take into account the recent economic environment of each country.
A Data Envelopment Analysis Approach To Portfolio Selection: An Application To The Blue Chip Stocks In The Philippine Stock Exchange (2010-2019), Vishal Bhagia, Colleen Monica K. Chiu, Paulynne J. Castillo, Roberto B. Raymundo, Joel Q. Tanchuco
A Data Envelopment Analysis Approach To Portfolio Selection: An Application To The Blue Chip Stocks In The Philippine Stock Exchange (2010-2019), Vishal Bhagia, Colleen Monica K. Chiu, Paulynne J. Castillo, Roberto B. Raymundo, Joel Q. Tanchuco
Angelo King Institute for Economic and Business Studies (AKI)
There has been a growing interest in the application of data envelopment analysis (DEA) as a nonparametric approach in portfolio optimization due to its flexibility in overcoming the limitations of the conventional mean-variance portfolio (MVP) model. Therefore, this study aims to validate the allocative efficiency of the DEA cross-efficiency model using blue chip stocks in the Philippine Stock Exchange from 2010 to 2019. This study finds that the proposed model is able to distinguish a unique set of best-performing stocks across each holding period and outperforms the MVP more consistently. The results of this study suggest that the proposed DEA …
Resurgence Of Bundling Mechanisms In Digital Services Trade, Tereso S. Tullao, Vicenzo Della Croce Br.
Resurgence Of Bundling Mechanisms In Digital Services Trade, Tereso S. Tullao, Vicenzo Della Croce Br.
Angelo King Institute for Economic and Business Studies (AKI)
The expansion of trade through centuries was pushed through a great extent by the unbundling of commodities from various factors that prevent them from being traded globally. The use of the steam engine in shipping, for example, ushered in the rapid expansion of 19th-century trade as transport cost was drastically reduced and countries realized interspatial cost differences across the Atlantic. The previous untradability of services, on the other hand, was broken by various dimensions of globalization that separated the simultaneous production and consumption of services. This unbundling rapidly boosted global trade in recent decades. However, growing developments and innovations in …
How Did The Youth’S Demand For Cigarette Products Respond To The Sin Tax Reform Act Of 2012?, Francis Ignatius L. Nieva
How Did The Youth’S Demand For Cigarette Products Respond To The Sin Tax Reform Act Of 2012?, Francis Ignatius L. Nieva
Angelo King Institute for Economic and Business Studies (AKI)
The excise tax on tobacco products in the Philippines has been historically low making the product very accessible even for the youth. In 2012, a Sin Tax Reform Law was passed which increased the excise tax on tobacco products by almost five times its previous value. This price increase is projected to reduce alchohol and tobacco products consumption for all demographic classifications, especially the youth. This study estimated the price elasticity of cigarette demand of the Filipino youth using regression analyses on the pooled Global Youth Tobacco Survey conducted in the Philippines for the years 2004 and 2015. Price elasticity …
Database Formation Of Labor Profiles In Upskilling And Reskilling Programs To Prepare The Philippine Labor Force For The 4ir, Breanna Michaela S. Alaras, Malakai Rei F. Feliciano, Salian Idhanth, Abijah Kathryn B. Sta Ana
Database Formation Of Labor Profiles In Upskilling And Reskilling Programs To Prepare The Philippine Labor Force For The 4ir, Breanna Michaela S. Alaras, Malakai Rei F. Feliciano, Salian Idhanth, Abijah Kathryn B. Sta Ana
Angelo King Institute for Economic and Business Studies (AKI)
The policy focuses on data management of opportunities for upskilling/reskilling and the profile management of individual laborers’ professional information to effectively integrate the influence of technology on day-to-day life (Schwab, 2016). Laborers that register onto the platform will be matched with programs that can help them meet demands that emerged due to the evolution of their job description. The registration is done to make workers capable of integrating new technologies of the Fourth Industrial Revolution (4IR) into their workflow. Reskilling and upskilling can evolve operators of the past into “smart operators” that can work with augmented reality, virtual reality, and …
From Tasks To Riches: A Task-Based Approach To The Determinants Of Wages, Brian Daguman, Samantha Victoria Abordo Baradas, Aileen Abigail D. Co, Martha Louise Delos Santos
From Tasks To Riches: A Task-Based Approach To The Determinants Of Wages, Brian Daguman, Samantha Victoria Abordo Baradas, Aileen Abigail D. Co, Martha Louise Delos Santos
Angelo King Institute for Economic and Business Studies (AKI)
In most written literature on labor, wages are determined by labor market supply and demand factors. With this, what a person can control to increase their wages is to focus on their skill endowments, particularly honing skills. These skills this paper will be focusing on are those occupational-specific, which pertains to the tasks and activities that a worker does in their job. That being said, it is important for an average worker to improve their skills through human capital (i.e., internships and on-the-job training) identified in this study as cognitive-interactive, Information and Communications Technology (ICT), and computational skills are found …
Investigating The Effects Of Kyoto Protocol Mechanisms On The Environment And Economy, Erica Reanne C. Co, Samantha Colleen M. Francisco, Chelsie Marie D. Gumba, Joshua Martine J. Magallanes
Investigating The Effects Of Kyoto Protocol Mechanisms On The Environment And Economy, Erica Reanne C. Co, Samantha Colleen M. Francisco, Chelsie Marie D. Gumba, Joshua Martine J. Magallanes
Angelo King Institute for Economic and Business Studies (AKI)
As production processes improve, the stimulation of economic growth has overlooked its externalities over time. In pursuit of sustainable development, nations were driven to combat climate change and increasing greenhouse gas emissions through the Kyoto Protocol. The policy brief is based on the investigation of the Kyoto Protocol Mechanisms (Clean Development and Emissions Trading Scheme) through difference-in-difference (DID) estimation, together with panel regression to evaluate the path towards viability using the metrics for externalities (total greenhouse gas emissions) and economic growth (GDP). For this reason, the DID takes into account the quantitative aspect in evaluating the effectiveness of the said …
Determinants Of Entrepreneurial Venture Growth In The Philippines Using The Global Entrepreneurship Monitor, Brian C. Gozun, John Paolo R. Rivera
Determinants Of Entrepreneurial Venture Growth In The Philippines Using The Global Entrepreneurship Monitor, Brian C. Gozun, John Paolo R. Rivera
Angelo King Institute for Economic and Business Studies (AKI)
Entrepreneurial venture growth requires the capacity to produce products that are acceptable to the market, and the level of support given to enterprises helps them produce, innovate, and gain market access. However, entrepreneurs are faced with challenges related to physical and social infrastructure, local and global business environment, a level playing field, access to financing, and access to skill development and knowledge. If these remain unmitigated, they have the potential to hamper entrepreneurial growth. Hence, we inquire on the critical drivers of venture growth that will allow entrepreneurs to stimulate their enterprises using founder characteristics, firm attributes, and entrepreneurial strategies. …
Enhancing External Participation Of Philippine Msmes Towards Entrepreneurial Venture Growth, John Paolo R. Rivera
Enhancing External Participation Of Philippine Msmes Towards Entrepreneurial Venture Growth, John Paolo R. Rivera
Angelo King Institute for Economic and Business Studies (AKI)
Alongside profit maximization and value creation, enterprises are in the pursuit of entrepreneurial venture growth. The need to pursue entrepreneurial venture growth given the risks brought about by a volatile, uncertain, complex, ambiguous, and disruptive (VUCAD) world (Rafael et al., 2020) is vital to sustain entrepreneurs’ income, to continue generating employment, and to continue providing value-adding products and services for society. However, entrepreneurial venture growth requires the capacity to produce products that are acceptable to the market; and the level of support given to enterprises to help them produce, innovate, and gain market access. Various functional areas of the business …
Will Create Resolve The Philippines’ Unemployment Woes Amidst The Covid-19 Pandemic?, Krista Danielle Yu, Marites Tiongco
Will Create Resolve The Philippines’ Unemployment Woes Amidst The Covid-19 Pandemic?, Krista Danielle Yu, Marites Tiongco
Angelo King Institute for Economic and Business Studies (AKI)
In response to the COVID-19 pandemic, there is a proposal to amend the Corporate Income Tax and Incentives Reform Act (CITIRA) into the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Act. The proposed amendments are as follows: (a) An immediate five percentage point cut into the corporate income tax (CIT) rate starting July 2020; (b) Maintaining for up to nine years the status quo for registered business activities enjoying the 5% tax on gross income earned (GIE) incentive; and (c) More flexibility for the President to grant a combination of fiscal and non-fiscal incentives, which will be critical …
Discovering The Link Between Investor Attention And Trade Volume In The Philippine Stock Exchange, Patrick Allan G. Morando, Isabel Louise D. Banico, Martin Stevens C. Ng, Riggs Mattieu M. Villardo
Discovering The Link Between Investor Attention And Trade Volume In The Philippine Stock Exchange, Patrick Allan G. Morando, Isabel Louise D. Banico, Martin Stevens C. Ng, Riggs Mattieu M. Villardo
Angelo King Institute for Economic and Business Studies (AKI)
Investors regard trade volume as a crucial technical indicator that can confirm trends, predict trend reversals, and determine liquidity (Westerhoff, 2006; Mahender et al., 2014). Trade volume is reported throughout the current trading day as often as once an hour; however, the reported hourly and end-of-the-day trade volumes are merely estimates. Actual and final trade volumes are reported the following day. Given the relative inconsistency of reported trade volumes and uncertainty of future trade volumes, investors miss the opportunity to reinforce their trading decisions through the trade volume indicator.
Derivative Initiative: Does The Use Of Financial Derivatives Influence Firm Value In The Philippine Context?, Julia Alfonso D. Arrastia, Christina Angela N. Balagot, Joseph Anthony C. Go, Dominique Ann Philomena V. Lacuna
Derivative Initiative: Does The Use Of Financial Derivatives Influence Firm Value In The Philippine Context?, Julia Alfonso D. Arrastia, Christina Angela N. Balagot, Joseph Anthony C. Go, Dominique Ann Philomena V. Lacuna
Angelo King Institute for Economic and Business Studies (AKI)
Firms use financial derivatives as a way to hedge risky transactions to avoid financial risks. Studies have focused on firms’ use of financial derivatives in developed countries. However, there is limited research done on emerging markets like the Philippines because these economies have only recently adapted advanced reporting standards that obligate the disclosure of the nature and extent of risks resulting from the use of financial instruments. We used Tobin’s Q ratio to proxy for firm value and determine the presence of a hedging premium. Because derivatives are used by firms to hedge against currency risks, interest rate risks, and …
Hedging Season: The Effect Of Hedging Using Financial Derivatives On Firm Value Of Publicly-Listed Non-Financial Firms In The Philippines, Julio Alfonso D. Arrastia, Christina Angela N. Balagot, Joseph Anthony C. Go, Dominique Ann Philomena V. Lacuna
Hedging Season: The Effect Of Hedging Using Financial Derivatives On Firm Value Of Publicly-Listed Non-Financial Firms In The Philippines, Julio Alfonso D. Arrastia, Christina Angela N. Balagot, Joseph Anthony C. Go, Dominique Ann Philomena V. Lacuna
Angelo King Institute for Economic and Business Studies (AKI)
Firms use financial derivatives as a way to hedge risky transactions to avoid financial risks. Studies have focused on firms’ use of financial derivatives in developed countries. However, there is limited research done on emerging markets like the Philippines because these economies have only recently adapted advanced reporting standards that obligate the disclosure of the nature and extent of risks resulting from the use of financial instruments. We used Tobin’s Q ratio to proxy for firm value and to determine the presence of a hedging premium. Because derivatives are used by firms to hedge against currency risks, interest rate risks, …
Hedging Season: The Effect Of Hedging Using Financial Derivatives On Firm Value Of Publicly-Listed Non-Financial Firms In The Philippines, Julio Alfonso D. Arrastia, Christina Angela N. Balagot, Joseph Anthony Go, Dominique Ann Philomena V. Lacuna
Hedging Season: The Effect Of Hedging Using Financial Derivatives On Firm Value Of Publicly-Listed Non-Financial Firms In The Philippines, Julio Alfonso D. Arrastia, Christina Angela N. Balagot, Joseph Anthony Go, Dominique Ann Philomena V. Lacuna
Angelo King Institute for Economic and Business Studies (AKI)
Firms use financial derivatives as a way to hedge risky transactions to avoid financial risks. Studies have focused on firms’ use of financial derivatives in developed countries. However, there is limited research done on emerging markets like the Philippines because these economies have only recently adapted advanced reporting standards that obligate the disclosure of the nature and extent of risks resulting from the use of financial instruments. We used Tobin’s Q ratio to proxy for firm value and to determine the presence of a hedging premium. Because derivatives are used by firms to hedge against currency risks, interest rate risks, …
Assessing The Potential Impacts Of Reducing Philippine Corporate Income Tax And Reforming Sectoral Incentives On Poverty And Employment, Caesar Cororaton, Marites Tiongco
Assessing The Potential Impacts Of Reducing Philippine Corporate Income Tax And Reforming Sectoral Incentives On Poverty And Employment, Caesar Cororaton, Marites Tiongco
Angelo King Institute for Economic and Business Studies (AKI)
The Philippines needs to re-align its corporate income tax rates to its neighboring ASEAN countries to be competitive. Thus, the reduction in the corporate income tax rate, which is 30% at present to 20% in 2029 under the tax reform, is critical. However, because corporate income tax is a major source of government revenue, corporate incentives have to be reduced as well to finance/compensate for the reduction in the corporate tax. Also, to realize the full economic benefit of the reform, the government has to ensure that the resulting higher corporate income is reinvested back to the economy.
Creating An Inclusive Social Enterprise Ecosystem: A Policy Recommendation For The Growth Of Se Sector In The Philippines, Norby R. Salonga
Creating An Inclusive Social Enterprise Ecosystem: A Policy Recommendation For The Growth Of Se Sector In The Philippines, Norby R. Salonga
Angelo King Institute for Economic and Business Studies (AKI)
This policy paper highlights the critical roles of both public and private organizations in creating an enabling ecosystem for social enterprises to grow while striking a good balance in their social ,economic, and environmental bottom lines. It contains recommendations on the formation aspect of social entrepreneurs and the support mechanisms that need to be established by different stakeholders such as the academe, national government agencies, local government units, private institutions, and communities.
Can The Gender Wage Gap Be Closed Inthe Philippine Manufacturing Sector?, Royanna Patricia H. Martin, Charlene Johannan G. Policarpio, Kath Ryne Y.A. Taburda
Can The Gender Wage Gap Be Closed Inthe Philippine Manufacturing Sector?, Royanna Patricia H. Martin, Charlene Johannan G. Policarpio, Kath Ryne Y.A. Taburda
Angelo King Institute for Economic and Business Studies (AKI)
In recent years, women in the Philippines have made strides in integrating into formal employment, attaining higher educational status, and claiming their social and economic autonomy. However, the gender wage gap persists in the labor market, especially in the manufacturing sector. This wage gap does not look at their willingness to join the manufacturing sector. The National Economic Development Authority (NEDA, 2019) found that, between the two sexes, the manufacturing and services sectors were highly concentrated with females. For services specifically, they report that the high participation may be linked to “inflexible hours,” or work hours that do not go …
An Asean Digital Single Market: Boosting The Aspiration For A Single Market In The Digital Era, Paul John M. Pena
An Asean Digital Single Market: Boosting The Aspiration For A Single Market In The Digital Era, Paul John M. Pena
Angelo King Institute for Economic and Business Studies (AKI)
Advancements in information and communications technologies have changed the way individuals, firms, and nations create and exchange value across borders. Value comes in the form of goods, services, information, and data, but may also include talent, capital, ideas, and even culture. Southeast Asia is a thriving digital economy with the prospect of becoming a US$200B economy by 2025. However, new forms of protectionist measures arise, which may impede the free flow of value within the region. An aspirational digital single market concept and the changing dynamics of digital trade are explored. A digital economic integration framework that is interoperable, inclusive, …
Kontribusyon Ng Mga Pribadong Pamantasan Sa Pilipinas Sa Paglikha Ng Yamang-Kaalaman, Tereso S. Tullao Jr
Kontribusyon Ng Mga Pribadong Pamantasan Sa Pilipinas Sa Paglikha Ng Yamang-Kaalaman, Tereso S. Tullao Jr
Angelo King Institute for Economic and Business Studies (AKI)
Ang pagpapahalaga sa yamang-kaalaman ay nakaugat sa pagpasok ng ekonomiya ng kaalaman na ipinakikita sa mga pwersa ng Industriya 4.0 o Ikaapat na Rebolusyong Industriyal. Pananaliksik at inobasyon ang lumilikha ng yamang-kaalaman. Dahil ang pananaliksik ay maituturing na isang pampublikong produkto, may papel ba ang mga pribadong pamantasan sa paglikha ng yamang-kaalaman? Tinatasa sa sanaysay ang ambag ng mga pribadong pamantasan sa Pilipinas sa paglikha ng yamang-kaalaman sa pamamagitan ng kanilang publikasyon sa mga Scopus journal relatibo sa publikasyon ng mga pampublikong pamantasan. Lumalabas na napakalawak ng ambag ng mga pribadong pamantasan kahit na walang tinatanggap na tulong mula sa …