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A Decade of Capital Structure Research in Emerging-Market Exporters: A Hybrid Bibliometric and Topic Modeling Review Sylvia Sandyazmara Devi; Noer Azam Achsani; Anny Ratnawati; Lukytawati Anggraeni
Greenation International Journal of Economics and Accounting Vol. 4 No. 3 (2026): Greenation International Journal of Economics and Accounting (July - August 202
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i3.1069

Abstract

This review synthesises a decade of research on the capital structure of firms in emerging markets and natural resource exporting economies, focusing on a policy relevant gap, namely how foreign exchange and export proceeds regulation shapes corporate financing decisions. The study draws on 779 records retrieved from Scopus and refined through a PRISMA 2020 protocol into 83 indexed articles and reviews published between 2016 and 2026, supplemented by four regional journal studies. It applies a hybrid design that combines bibliometric performance analysis and science mapping with a structural topic model and a Theory, Context, Characteristics and Methodology synthesis framework. The findings show a young but accelerating field, with annual output rising sharply after 2020 and peaking in 2025, concentrated in China, the United States, India and Indonesia, and dominated by quantitative panel and econometric methods. Thematic mapping reveals four research streams, in which firm level determinants of capital structure dominate, while streams most relevant to resource exporters, such as export intensity, trade finance, foreign exchange and currency retention dynamics, and state ownership, remain thinly populated. These results consolidate a fragmented literature and identify the regulation of export proceeds, exemplified by Indonesia's export proceeds retention policy, as an underresearched determinant of leverage.
Indonesia's Position and Participation in The Global Value Chain of The Agriculture Sector Herry Nugraha; Rita Nurmalina; Noer Azam Achsani; Arif Imam Suroso; Suprehatin Suprehatin
Jurnal Manajemen dan Agribisnis Vol. 22 No. 1 (2025): JMA, Vol. 22 No. 1, March 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jma.22.1.105

Abstract

Background: The agricultural sector in Indonesia, contributing 13.7% to GDP and employing 30% of the workforce, is critical to the nation's economy. Despite its importance, the country's participation in the agricultural global value chain (GVC) faces persistent challenges, particularly in advancing agro-processing and integrating into high-value production. Purpose: This study analyzes Indonesia's GVC position and participation from 2007 to 2021, using the UIBE GVC Index and ADB ICIO data.Design/Methodology/Approach: Descriptive statistics and linear regression methods are used to assess Indonesia's forward and backward GVC participation compared to that of 62 other countries worldwide.Findings/Result: Findings reveal significant declines in Indonesia's backward participation, reflecting progress toward self-sufficiency, yet limited participation in complex forward and backward linkages underscores deficiencies in technological infrastructure and value-added exports. Moderate engagement in simple forward linkages highlights the need for targeted investments to boost competitiveness. Strategic interventions in infrastructure, advanced inputs, capacity-building, and global collaborations are essential for strengthening Indonesia's agricultural GVC role. Conclusion: To enhance GVC participation, Indonesia must address technological, infrastructure, and policy gaps. Strategic investments in agro-processing, advanced inputs, supply chain modernization, and international partnerships are critical to boosting competitiveness and export performance. Originality/Value (State of the Art): This study provides comprehensive insights for policymakers and stakeholders, emphasizing innovative strategies to enhance Indonesia’s global agricultural presence and achieve sustainable growth. Keywords: Agriculture, GVC Position, GVC Participation, Global Value Chain (GVC), UIBE GVC Index.
Does Financial Development Widen or Reduce Income Inequality? Evidence From Developed and Developing Countries Trincy Nissi; Noer Azam Achsani; Heni Hasanah; Annisa Ramadanti
AI, Big Data and Quantitative Methods in Finance Vol. 1 No. 1 (2026): ABQ Vol. 1 No. 1, April 2026
Publisher : School of Business, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/abq.1.1.52

Abstract

Background: The financial sector has grown rapidly over the past two decades, yet income inequality remains an unresolved issue. This phenomenon raises important questions about the role of financial sector development in shaping inequality, especially given the mixed findings in existing literature depending on the proxies of financial development used.Purpose: This study aims to analyze the relationship between financial sector development and income inequality by comparing developed and developing countries, while incorporating different dimensions of financial development.Design/methodology/approach: The study uses panel data from 44 countries (both developed and developing) over the period 1980–2021. The financial sector is classified into financial institutions and financial markets, and further decomposed into three dimensions: depth, access, and efficiency. The analysis is conducted using a Fixed Effects Model (FEM) regression.Findings/Result: The results show that in developing countries, the relationship between financial development and inequality follows an inverted U-shaped pattern, where financial development initially increases inequality but eventually reduces it as financial access becomes more inclusive. In contrast, in developed countries, the relationship is positively linear, indicating that financial development tends to increase inequality due to the concentration of financial depth and access among wealthier groups.Conclusion: Financial sector development affects income inequality differently across levels of economic development. While it has the potential to reduce inequality in developing countries at later stages, it may exacerbate inequality in developed countries if financial benefits are not distributed more equitably.Originality/value (State of the art): This study contributes to the literature by providing a comparative analysis between developed and developing countries using a multidimensional approach to financial development (depth, access, and efficiency), offering deeper insights into how different aspects of the financial sector influence income inequality. Keywords:income inequality, panel data, financial development, developing countries, financial sector