Volume XV Issue 2(68) Summer 2020

Home , Spiru Haret University, University of Craiova

ISSN-L 1843 - 6110 ISSN 2393 - 5162

Editorial Board Editor in Chief PhD Professor Laura NICOLA-GAVRILĂ

Executive Manager: PhD Associate Professor Rajmund MIRDALA

Managing Editor PhD Associate Professor Mădălina CONSTANTINESCU

Proof – readers PhD Ana-Maria TRANTESCU – English

Redactors PhD Cristiana BOGDĂNOIU PhD Sorin DINCĂ PhD Loredana VĂCĂRESCU-HOBEANU

European Research Center of Managerial Studies in Business Administration Email: [email protected] Web: http://cesmaa.org/Extras/JAES

Editorial Advisory Board

PhD Claudiu ALBULESCU, University of Poitiers, France, West University of Timişoara, Romania PhD Aleksander ARISTOVNIK, Faculty of Administration, University of Ljubljana, Slovenia PhD Muhammad AZAM, College of Business, Universiti Utara, Malaysia PhD Cristina BARBU, Spiru Haret University, Romania PhD Christoph BARMEYER, Universität Passau, Germany PhD Amelia BĂDICĂ, University of Craiova, Romania PhD Gheorghe BICĂ, Spiru Haret University, Romania PhD Giuliana BIRINDELLI, G. d’Annunzio” University of Chieti-Pescara, Italy PhD Ana BOBÎRCĂ, Academy of Economic Science, Romania PhD Anca Mădălina BOGDAN, Spiru Haret University, Romania PhD Camelia DRAGOMIR, Spiru Haret University, Romania PhD Giacommo di FOGGIA, University of Milano-Bicocca, Italy PhD Luca GRILLI, Dipartimento di Economia, Università di Foggia, Italy PhD Dragoş ILIE, Spiru Haret University, Romania PhD Cornel IONESCU, Institute of National Economy, Romanian Academy PhD Sebastian KOT, Czestochowa University of Technology, Faculty of Management, Poland PhD Arvi KUURA, Pärnu College, University of Tartu, Estonia PhD Ion Viorel MATEI, Spiru Haret University, Romania PhD Piotr MISZTAL, Technical University of Radom, Economic Department, Poland PhD Simona MOISE, Spiru Haret University, Romania PhD Mihail Cristian NEGULESCU, Spiru Haret University, Romania PhD Marco NOVARESE, University of Piemonte Orientale, Italy PhD Ainura OMAROVA, Karaganda Economic University Faculty of Economics, Kazakhstan PhD Francesco PAOLONE, Parthenope University of Naples, Italy PhD Russell PITTMAN, International Technical Assistance Economic Analysis Group Antitrust Division, USA PhD Mohammad TARIQ INTEZAR, College of Business Administration Prince Sattam bin Abdul Aziz University (PSAU), Saudi Arabia PhD Andy ŞTEFĂNESCU, University of Craiova, Romania PhD Laura UNGUREANU, Spiru Haret University, Romania PhD Jan ZWOLAK, University of Technology and Humanities of Radom, Faculty of Economy and Finance, Poland

Journal of Applied Economic Sciences

Journal of Applied Economic Sciences is a young economics and interdisciplinary research journal, aimed to publish articles and papers that should contribute to the development of both the theory and practice in the field of Economic Sciences. The journal seeks to promote the best papers and researches in management, finance, accounting, marketing, informatics, decision/making theory, mathematical modelling, expert systems, decision system support, and knowledge representation. This topic may include the fields indicated above but are not limited to these. Journal of Applied Economic Sciences be appeals for experienced and junior researchers, who are interested in one or more of the diverse areas covered by the journal. It is currently published quarterly in Spring (30th March), Summer (30th June), Fall (30th September) and Winter (30th December). Journal of Applied Economic Sciences is indexed in CEEOL-Central and Eastern European Online Library, EBSCO-Central & Eastern European Academic Source (CEEAS), RePEc, www.repec.org databases. The journal will be available on-line and will be also being distributed to several universities, research institutes and libraries in Romania and abroad. To subscribe to this journal and receive the on-line version, please send a request directly to [email protected].

Journal of Applied Economic Sciences ISSN-L 1843 - 6110 ISSN 2393 – 5162

Table of Contents

1 Christian P. PINSHI Rethinking Error Correction Model in Macroeconometric Analysis: A Relevant Review 267

Paweł GAJEWSKI 2 Structural Dynamics and ‘Forward-Looking’ Regional Economic Resilience 275

3 Jan ZWOLAK Productivity of Innovations in European Union Member States and Enterprises 284

Abbullah BUGSHAN, George LAFFERTY,Walid BAKRY, Yongqing LI 4 4 Earnings Management During the Oil Price Crisis 297

Hazim Abed AZEEZ, Tarek Kazem SHALAKAH, Latfe ALHUSSEINAWI 5 The Role of Quality Costs in Achieving the Entrepreneurial Direction of Organizations: Survey Study in the General Company for Electrical Industries 310

Sefiu Olawale ALABI 6 Factors Militating Against Efficient Procurement Processes in Small and Medium Enterprises 324

Patcharee PREEPREMMOTE, Thanaphon PHUKSENG, Thutchanan SANGWAN 7 Information and Communication Technology, Transportation Infrastructure, and Their Effect on Inward Foreign Direct Investment in the ASEAN 335

Cosmas Ikechukwu ASOGWA, Osmund Chinweoda UGWU, Honesta Chidiebere 8 ANORUE, Favour Amarachi MOGHALU, Samson Ige ABOLARINWA, Anthonia Uju UZUAGU Paradox of Corporate Board Diversity Benefits of Quoted Nigerian Firms: Financial Report Reliability-Timeliness Quality Perspective 344

Richardson Kojo EDEME, Ngozi Patricia BUZUGBE, Nelson C NKALU, Winnie O ARAZU 9 Assessing the Impact of Infrastructural Development on Manufacturing Value Added and Employment in Africa Emerging Economies 366

Agnieszka STANIMIR 10 Agricultural and Organic Farming Production in the Analysis of Social Well-Being in the European Union Countries 377

Pierre Claver BITAMA, Philippe LEBAILLY, Patrice NDIMANYA, Philippe BURNY 11 Socioeconomic Constraints to Tea Productivity: A Case of Small-Scale Tea Farmers in Burundi 389

Martin KARAS, Katarína BROCKOVA 12 Investment Protection and Sovereignty: The Clash of Theories in the Practice of Investment Arbitration 398

Suraya MAHMOOD, Ahmed HUSSEIN, Bashar ALKHAWALDEH, Suraya ISMAIL, 13 Hammed Oluwaseyi MUSIBAU Determinants of Human Capital Inequality in Developing Countries: Generalized Method of Moments (GMM) 407

Dumasari DUMASARI, Budi DHARMAWAN, Imam SANTOSA, Wayan DARMAWAN, 14 Dinda Dewi AISYAH Exploring the Conventional Ijon Market and its Impact to Strengthen Vegetable Farmers Bargaining Power in Central Java, Indonesia 415

15 Candauda Arachchige SALIYA, Keith HOOPER The Role of Credit Weapon and Income/Wealth Inequality: A Sri Lankan Case Study 425

Sekar ANINDYASWARI, Chandra WIJAYA 16 The Effect of Project Quality and Level of Uncertainty on Micro, Small, and Medium Enterprises’ Funding in Equity Crowdfunding 437

Aamir Hussain SIDDIQUI, Syed AMMAD, Faisal Sultan QADRI, Javed Akbar ANSARI 17 Immiserizing Growth Pattern of Pakistan’s Export 2014-2018: Analysis Based on Comparative Advantage and Unit Value Structure 446

Ahmad BORAZAN 18 Drivers of the Farmers’ Protest Movement in Late Nineteenth Century: Revisiting Douglass North’s Thesis 458

19 Zahin Mahmood CHOWDHURY, Pornpitchaya KUWALAIRAT, Narapong SRIVISAL Democracy Level and Its Impact on Economic Development 467

Diny GHUZINI, Josephine WURI, Kuntari DASIH 20 20 Structural Shocks and Macroeconomic Conditions in Indonesia 488

Rasaki Stephen DAUDA 21 Employment Intensity of Growth in Nigeria: Implication for Development 507