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Reflections on Economics Law and Ethic Culture Caused by World Financial Crisis) Editorial Board Balakrishnan Parasuraman Universiti Malaysia Sabah, Malaysia Benjamin James. Inyang University of Calabar, Nigeria Bernice Adei Kotey University of New England, Australia Cyril Foropon University of Manitoba, Canada David Aylward University of Technology-Sydney, Australia Donald Henry Ah Pak Xi’an Jiaotong-Liverpool University, China Fulford Richard Edith Cowan University, Australia Goi Chai Lee Curtin University of Technology, Malaysia Hafizi Muhamad Ali Universiti Utara Malaysia, Malaysia Hyung Seok Lee Sahmyook University, Korea Kevin James Daly University of Western Sydney, Australia K. G. Viswanadhan NSS College of Engineering, India Mahdi Salehi Zanjan University, Iran Matthew M.Chew Hong Kong Baptist University, Hong Kong Muhammad Aslam Khan HITEC University Taxila, Pakistan Muhammad Madi Bin Abdullah Universiti Teknologi Malaysia, Malaysia Roberto Bergami Vitoria University, Australia Sam C. Okoroafo University of Toledo, USA Sathya Swaroop Debasish Fakir Mohan University, India Suri Lee Canadian Center of Science and Education, Canada Tobias Basse FHDW Hannover University of Applied Sciences, Germany Wen-Hsien Tsai National Central University, TAIWAN International Journal of Business and Management January, 2010 Contents Cross Country Evidence on the Linkages between Financial Development and Poverty 3 Selim Akhter, Yiyang Liu & Kevin Daly International Market Expansion Strategies for High-Tech Firms: Partnership Selection Criteria for Forming 20 Strategic Alliances Øystein Moen, Ottar Bakås, Anette Bolstad & Vidar Pedersen Interest Rate Pass-through in the Central African Economic and Monetary Community (CAEMC) Area: 31 Evidence from an ADRL Analysis Michel Cyrille Samba & Yu Yan A Rocket Left Launcher — Modern Industrial Civilization (No. 2 of the series of Reflections on Economics 42 Law and Ethic Culture Caused by World Financial Crisis) Yu Tian FDI in BRICs: A Sector Level Analysis 46 Yunyun Duan Intellectual and Social Capitals Development: A Case in Malaysian’s ICT Companies 53 Noradiva Hamzah & Rosmah Mat Isa Student User Satisfaction with Web-based Information Systems in Korean Universities 62 Hyung Seok Lee & Jae Won Kim Research on the Approaches of the participation of China’s SMEs in International Trade under Financial 69 Crisis Yanan Zhao The Situation and Analysis of the Insurance for Old People in China 74 Dengfeng Hua, Yiyang Fan & Jian Li Project Management Plan: Increasing Enrollment Rate for the Transworld Institute of Technology 78 Sheng-Wen Liu & Jung-Tsung Tu Relationship between National Product and Malaysian Government Development Expenditure: Wagner’s 88 Law Validity Application Hussin Abdullah & Selamah Maamor Challenges Faced by Expatriate Workers in Gulf Cooperation Council Countries 98 Pranav Naithani & A.N. Jha Quantitative Analysis of the Structured Productivity of Tourism Industry: Taking Sichuan Province as an 104 Example Tao Liao The Fuzzing Evaluation on Environmental Harmonization of the Rural Building Materials 108 Qiufei Wang, Fuchang Zhang & Jun Liu The Race towards a Knowledge Based Economy: A Comparative Study between Malaysia and Thailand 114 Veera Bhatiasevi Empowerment Practices and Performance in Malaysia – An Empirical Study 123 Md. Abdur Raquib, R. N. Anantharaman, Uchenna Cyril Eze & Md. Wahid Murad 1 Vol. 5, No. 1 International Journal of Business and Management Contents Study on Multi-level Rural Finance Service System with Establishment of Village or Township Banks 150 Mugeng Guo Evaluation of Customer Relationship Management’s Performance under Networked Manufacturing 156 Jinzhao An Confirmatory Factor Analysis of TQM Practices in Malaysia and Thailand Automotive Industries 160 Norhayati Zakuan, Shari Mohd Yusof, Muhamad Zameri Mat Saman & Awaluddin Mohd Shaharoun Research on Technological Innovation Capability Evaluation of Guangxi Pharmaceutical Industry 176 Xin Wang, Jun Hong, Peng Liu & Jun Dong The Study on Influencing Factors of Team Brainstorming Effectiveness 181 Zhenguo Zhao & Jialin Hou Internal Marketing- A Tool to Harness Employees’ Power in Service Organizations in India 185 Sita Mishra Factors Affecting Preference of Short-Term Financial Borrowing: ISE (Istanbul Stock Exchange) Application 194 Mehmet ùEN & Eda ORUÇ A Study on the Organization Structure of Third-party Logistics Enterprise Servicing for Manufacturing 200 Enterprise Xiaoye Zhou & Xiuyi Xie Environmental Management within Projects 205 Ying He Quality Improvement in a Global Competitive Marketplace- Success Story from Nigeria 211 IRECHUKWU, Nkechi Eugenia On Performance Audit Methods in Commercial Banks 219 Xiang Li 2 International Journal of Business and Management January, 2010 Cross Country Evidence on the Linkages between Financial Development and Poverty Selim Akhter School of Economics and Finance Campbelltown Campus, University of Western Sydney Bld 11.29, Goldsmith Avenue, Campbelltown, NSW 2570, Australia E-mail: [email protected] Yiyang Liu School of Economics and Finance Campbelltown Campus, University of Western Sydney Bld 11.29, Goldsmith Avenue, Campbelltown, NSW 2570, Australia E-mail: [email protected] Kevin Daly (Corresponding author) School of Economics and Finance Campbelltown Campus, University of Western Sydney Bld 11.29, Goldsmith Avenue, Campbelltown, NSW 2570, Australia Tel: 61- 2- 4620-3546 E-mail: [email protected] Abstract This paper presents empirical evidence of a direct relationship between financial development and poverty. The empirical modeling employs an efficient panel data estimation technique called fixed effect vector decomposition (FEVD) which is applied to a poverty determination model designed to explain poverty in term of financial development and financial instability. This technique can efficiently estimate time-invariant and rarely changing variable which traditional panel data models cannot. Using panel data the study finds that on average financial development is conducive for poverty reduction but the instability accompanying financial development is detrimental to the poor. This result holds for both measures of financial development namely the ratio of money to GDP (M3-GDP) and the ratio credit to GDP. Keywords: Finance-poverty nexus, Fixed effect vector decomposition, Financial development, Poverty determination 1. Current Research on the Linkages between Financial Development and Poverty In this study we employ a fixed effect (FE) model to predict the impacts of both the level and the instability of financial development on poverty (Note 1). We chose FE model to allow for the fact that unobserved country specific factors not only affect the poverty rate but also are correlated with our explanatory variables namely level of financial development and financial instability. Pure time series or cross-sectional models provides inconsistent and biased parameter estimates in presence of such correlation. FE models consider the unobserved factors affecting the dependent variable as consisting of two types: those that do not change over time but vary across units, and those that vary both over time and units. FE models remove the time invariant effects by applying some simple transformation (e.g. differencing or demeaning) to the data, and then apply OLS to the transformed data in order to minimize the effect of time varying omitted variables. Briefly this is how FE models handle the potentially large number of unobserved explanatory variables (Note 2). However, this apparent superiority of FE models over pure time-series or cross-sectional ones in handling unobserved heterogeneity does not come free of cost. A widely recognized limitation of FE models is their inability in estimating time-invariant variables (see for instance Baltagi 2001, Wooldridge 2002, and Hsiao 2003). Since the FE models use only the within variance for the estimation and disregards the between variance, they do not allow the estimation of time-invariant variables. A second and by far the less recognized drawback of the FE models results from their 3 Vol. 5, No. 1 International Journal of Business and Management inefficiency in estimating the effect of variables that have very little within variance. An inefficient estimation is not only a nuisance leading to somewhat higher standard errors (SEs) but also leads to highly unreliable point estimates and may thus cause wrong inferences in the same way a biased estimator could. Therefore, the inefficiency of the FE models in estimating variables with low within variance needs to be taken seriously. Recently, Plümper and Troeger (2007) propose a remedy to the problems of estimating time-invariant and rarely changing variables in FE models with unit effects. They suggest an alternative estimator that allows estimating time-invariant variables and that is more efficient than the FE model in estimating variables that have very little longitudinal variance. They label this alternative as ‘‘fixed effects vector decomposition’’ (FEVD) model. As the name suggests, the FEVD estimator decomposes the unobserved unit fixed effect into two segments: an unexplained part and a part explained by the time invariant or the rarely changing variables. The FEVD technique involves the following three steps: in the first step, the procedure estimates the unit FE by running a FE estimate of the baseline model. In the second step, the procedure splits the unit effects into an explained and an unexplained part by regressing the unit effects on the time-invariant and/or rarely changing explanatory variables of the original model.
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