Search results for: investment fraud

Authors: Christo Februanto Putra

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This paper presents risk identification that affects investment feasibility on toll road infrastructure in Indonesia using qualitative methods survey based on the expert practitioner in investor, contractor, and state officials. The problems on infrastructure investment in Indonesia, especially on KPBU model contract, is many risk factors in the investment plan is not calculated in detail thoroughly. Risk factor is a value used to provide an overview of the risk level assessment of an event which is a function of the probability of the occurrence and the consequences of the risks that arise. As results of the survey which is to show which risk factors impacts directly to the investment feasibility and rank them by their impacts on the investment.

Keywords: risk identification, indonesia toll road, investment feasibility

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Authors: Peng, Chun-Yi, Chen, Wei-Hsuan, Ueng, Shyh-Kuang

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This study focuses on the application of self-organizing maps (SOM) technology in analyzing credit card transaction data, aiming to enhance the accuracy and efficiency of fraud detection. Som, as an artificial neural network, is particularly suited for pattern recognition and data classification, making it highly effective for the complex and variable nature of credit card transaction data. By analyzing transaction characteristics with SOM, the research identifies abnormal transaction patterns that could indicate potentially fraudulent activities. Moreover, this study has developed a specialized visualization tool to intuitively present the relationships between SOM analysis outcomes and transaction data, aiding financial institution personnel in quickly identifying and responding to potential fraud, thereby reducing financial losses. Additionally, the research explores the integration of SOM technology with composite intelligent system technologies (including finite state machines, fuzzy logic, and decision trees) to further improve fraud detection accuracy. This multimodal approach provides a comprehensive perspective for identifying and understanding various types of fraud within credit card transactions. In summary, by integrating SOM technology with visualization tools and composite intelligent system technologies, this research offers a more effective method of fraud detection for the financial industry, not only enhancing detection accuracy but also deepening the overall understanding of fraudulent activities.

Keywords: self-organizing map technology, fraud detection, information visualization, data analysis, composite intelligent system technologies, decision support technologies

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Authors: Jennifer Leach, Umashanger Thayasivam

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The use of technology has benefited society in more ways than one ever thought possible. Unfortunately, though, as society’s knowledge of technology has advanced, so has its knowledge of ways to use technology to manipulate people. This has led to a simultaneous advancement in the world of fraud. Machine learning techniques can offer a possible solution to help decrease this advancement. This research explores how the use of various machine learning techniques can aid in detecting fraudulent activity across two different types of fraudulent data, and the accuracy, precision, recall, and F1 were recorded for each method. Each machine learning model was also tested across five different training and testing splits in order to discover which testing split and technique would lead to the most optimal results.

Keywords: data science, fraud detection, machine learning, supervised learning

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Authors: Saurabh Agarwal

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This paper attempts to formalise the effect of demographic variables like marital status, gender, occupation and age on the source of investment advice which, in turn, affect the herd behaviour of investors and probability of investment in near future. Further, postulations have been made for most preferred investment option and purpose of saving and source of investment. Impact of theoretical analysis on choice among investment alternatives has also been investigated. The analysis contributes to understanding the different investment choices made by households in India. The insights offered in the paper indirectly contribute in uncovering the various unexplained asset pricing puzzles.

Keywords: portfolio choice, investment decisions, investor’s behaviour, Indian securities market

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Authors: Fury Khristianty Fitriyah

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This study aims to identify the extent of the role of the Satuan Pengawas Intern (Internal Audit Unit) in detecting and preventing fraud in public universities in West Java under the Ministry of Research, Technology and Higher Education. The research method applied was a qualitative case study approach, while the unit of analysis for this study is the Internal Audit Unit at each public university. Results of this study indicate that the Internal Audit Unit is able to detect and prevent fraud within a public university environment by means of red flags to mark accounting anomalies. These stem from inaccurate budget planning that prompts inappropriate use of funds, exacerbated by late disbursements of funds, which potentially lead to fictitious transactions, and discrepancies in recording state-owned assets into a state property management system (SIMAK BMN), which, if not conducted properly, potentially causes loss to the state.

Keywords: governance, internal control, fraud, public university

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Authors: Ifedapo Francis Awolowo

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The unrelenting series of embarrassing audit failures should stimulate a paradigm shift in accounting. And in this age of information revolution, there is need for a constant improvement on the products or services one offers to the market in order to be relevant. This study explores the perceptions of external auditors, forensic accountants and accounting academics on whether a paradigm shift to forensic accounting can reduce financial statement frauds. Through Neo-empiricism/inductive analytical approach, findings reveal that a paradigm shift to forensic accounting might be the right step in the right direction in order to increase the chances of fraud prevention and detection in the financial statement. This research has implication on accounting education on the need to incorporate forensic accounting into present day accounting curriculum. Accounting professional bodies, accounting standard setters and accounting firms all have roles to play in incorporating forensic accounting education into accounting curriculum. Particularly, there is need to alter the ISA 240 to make the prevention and detection of frauds the responsibilities of bot those charged with the management and governance of companies and statutory auditors.

Keywords: financial statement fraud, forensic accounting, fraud prevention and detection, auditing, audit expectation gap, corporate governance

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Authors: Ashkan Zakaryazad, Ekrem Duman

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A typical classification technique ranks the instances in a data set according to the likelihood of belonging to one (positive) class. A credit card (CC) fraud detection model ranks the transactions in terms of probability of being fraud. In fact, this approach is often criticized, because firms do not care about fraud probability but about the profitability or costliness of detecting a fraudulent transaction. The key contribution in this study is to focus on the profit maximization in the model building step. The artificial neural network proposed in this study works based on profit maximization instead of minimizing the error of prediction. Moreover, some studies have shown that the back propagation algorithm, similar to other gradient–based algorithms, usually gets trapped in local optima and swarm-based algorithms are more successful in this respect. In this study, we train our profit maximization ANN using the Migrating Birds optimization (MBO) which is introduced to literature recently.

Keywords: neural network, profit-based neural network, sum of squared errors (SSE), MBO, gradient descent

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Authors: K. Y. Chen, Y. N. Jia, H. Chua, C. W. Kan

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As the largest developing country in the world, China is now facing the problem arising from the environment. Thus, China government increases the environmental investment yearly. In this study, we will analyse the effect of the public environmental investment on the sustainable development in China. Firstly, we will review the current situation of China's environmental issue. Secondly, we will collect the yearly environmental data as well as the information of public environmental investment. Finally, we will use the collected data to analyse and project the SWOT of public environmental investment in China. Therefore, the aim of this paper is to provide the relationship between public environmental investment and sustainable development in China. Based on the data collected, it was revealed that the public environmental investment had a positive impact on the sustainable development in China as well as the GDP growth. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: China, public environmental investment, sustainable development, analysis

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Authors: M. Sai Veerendra

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Today, money laundering (ML) poses a serious threat not only to financial institutions but also to the nation. This criminal activity is becoming more and more sophisticated and seems to have moved from the cliché of drug trafficking to financing terrorism and surely not forgetting personal gain. Most of the financial institutions internationally have been implementing anti-money laundering solutions (AML) to fight investment fraud activities. However, traditional investigative techniques consume numerous man-hours. Recently, data mining approaches have been developed and are considered as well-suited techniques for detecting ML activities. Within the scope of a collaboration project on developing a new data mining solution for AML Units in an international investment bank in Ireland, we survey recent data mining approaches for AML. In this paper, we present not only these approaches but also give an overview on the important factors in building data mining solutions for AML activities.

Keywords: data mining, clustering, money laundering, anti-money laundering solutions

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Authors: Jamel Miri, Bechir Nsiri, Ridha Bouallegue

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Ultra WidBand-IR physical layer technology has seen a great development during the last decade which makes it a promising candidate for short range wireless communications, as they bring considerable benefits in terms of connectivity and mobility. However, like all wireless communication they suffer from vulnerabilities in terms of security because of the open nature of the radio channel. To face these attacks, distance bounding protocols are the most popular counter measures. In this paper, we presented a protocol based on distance bounding to thread the most popular attacks: Distance Fraud, Mafia Fraud and Terrorist fraud. In our work, we study the way to adapt the best secure distance bounding protocols to mapping code of ultra-wideband (TH-UWB) radios. Indeed, to ameliorate the performances of the protocol in terms of security communication in TH-UWB, we combine the modified protocol to ultra-wideband impulse radio technology (IR-UWB). The security and the different merits of the protocols are analyzed.

Keywords: distance bounding, mapping code ultrawideband, terrorist fraud, physical layer technology

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Authors: Mehdi Ghaemi

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Within the current paper, there is an attempt to examine the legal system that overrules economic stability and legitimate expectations of foreign investment rights. Studies show that Meeting the legitimate expectations of foreign investment is one of the rights and privileges which obviously are to be benefited from by all types of foreign investments. The legitimate expectations of foreign investors are protected and structured strongly with the help of international investment laws. The body of international investment laws is faced with multiple challenges with respect to the legitimate expectations of foreign investments, including the Economic stability and the public interest of the host country, the attitude of the host country towards the legitimate rights and privileges of the foreign investment, the ways to meet and to control those expectations, and also the assessment of the regulations of the host country which would affect the investing bodies within different circumstances.

Keywords: foreign investment, legitimate expectations, regulating investments, international investment

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Authors: Niloofar Yousefi, Marie Alaghband, Ivan Garibay

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With the increase of credit card usage, the volume of credit card misuse also has significantly increased, which may cause appreciable financial losses for both credit card holders and financial organizations issuing credit cards. As a result, financial organizations are working hard on developing and deploying credit card fraud detection methods, in order to adapt to ever-evolving, increasingly sophisticated defrauding strategies and identifying illicit transactions as quickly as possible to protect themselves and their customers. Compounding on the complex nature of such adverse strategies, credit card fraudulent activities are rare events compared to the number of legitimate transactions. Hence, the challenge to develop fraud detection that are accurate and efficient is substantially intensified and, as a consequence, credit card fraud detection has lately become a very active area of research. In this work, we provide a survey of current techniques most relevant to the problem of credit card fraud detection. We carry out our survey in two main parts. In the first part, we focus on studies utilizing classical machine learning models, which mostly employ traditional transnational features to make fraud predictions. These models typically rely on some static physical characteristics, such as what the user knows (knowledge-based method), or what he/she has access to (object-based method). In the second part of our survey, we review more advanced techniques of user authentication, which use behavioral biometrics to identify an individual based on his/her unique behavior while he/she is interacting with his/her electronic devices. These approaches rely on how people behave (instead of what they do), which cannot be easily forged. By providing an overview of current approaches and the results reported in the literature, this survey aims to drive the future research agenda for the community in order to develop more accurate, reliable and scalable models of credit card fraud detection.

Keywords: Credit Card Fraud Detection, User Authentication, Behavioral Biometrics, Machine Learning, Literature Survey

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Authors: K. Y. Chen, H. Chua, C. W. Kan

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Environmental investment is an important issue in many countries. In this study, we will first review the environmental issues related to India and their effect on the economical development. Secondly, economic data would be collected from government yearly statistics. The statistics would also include the environmental investment information of India. Finally, we would co-relate the data in order to find out the relationship between environmental investment and sustainable development in India. Therefore, in the paper, we aim to analyse the effect of an environmental investment on the sustainable development in India. Based on the economic data collected, India is in development status with fast population and GDP growth speed. India is facing the environment problems due to its high-speed development. However, the environment investment could give a positive impact on the sustainable development in India. The environmental investment is keeping in the same growth rate with GDP. Acknowledgment: Authors would like to thank the financial support from the Hong Kong Polytechnic University for this work.

Keywords: India, environmental investment, sustainable development, analysis

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Authors: Qiang Ren

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A growing number of states are improving domestic law to better protect and promote foreign investment by changing/upgrading the existing law. However, inconsistency occurs because the new law is different from the ‘old’ law. For example, China has issued an unprecedented Foreign Investment Law and several regulations allowing comprehensive market access for foreign investment in most energy sectors since 2020. However, some laws, rules, regulations, etc. enacted previously remain valid, and the provisions regulating foreign investment do not grant full market access to foreign investment as such. The inconsistency above makes it necessary to investigatehow the international investment treaty law and dispute settlement practice respond to the ‘inconsistency and conflict’ in municipal law andwhat remedy foreign investors can seek under international law if the investment is denied due to inconsistency. Ultimately, it aims to examine how international tribunals should balance the gradually developing legal system of host states and the protection of foreign investors and investments if the host states cannot provide consistency during such a transition period of law development. The research seeks to answer these questions by making a comparative analysis of domestic law on market access to foreign investment, international investment treaties, and dispute arbitral practice. The objective is to examine how international investment treaty law and international investment dispute settlement practice evaluate the conflicts in the municipal law of host states in the admission of foreign investment. It also explores the possibility of harmonisation among them.

Keywords: municipal law, protect and promote foreign investment, international law, host states

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Authors: Widayat Widayat

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Nowday, in the modern investment era, household behavior on investment is a topic that is quite warm. The development of the modern investment, indicated by the emergence of a variety of investment instruments, such as stocks, bonds and various forms of derivatives, affected on the complexity of choosing an investment, especially for traditional societies. Various studies show that there is more than one factor acting as a behavioral antesenden decide to choose an investment instrument. One of the factors, which contribute in determining the investment option is ethnic. Society with a particular sub-culture tend to prefer investing their particular instrument. This is because they have the values, norms and different social environmental. This article is designed to test the impact of sub-cultures between Osing-Java as moderator, in investing. The study was conducted in Banyuwangi, East Java Province of Indonesia. Data were collected using questionnaires, which is given to the head of the household respondents were selected as samples. Sample of households selected by multistage sampling method. The data have been collected processed using SmartPLS software and testing moderating effects using grouped sample test. The result showed that sub-ethnic and has a significant role in determining the investment.

Keywords: investment behaviour, household, moderating, sub ethnic

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Authors: Rasheed Gbenga Jimoh, Akinbowale Nathaniel Babatunde

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The use of Automated Teller Machine (ATM) has become an important tool among commercial banks, customers of banks have come to depend on and trust the ATM conveniently meet their banking needs. Although the overwhelming advantages of ATM cannot be over-emphasized, its alarming fraud rate has become a bottleneck in it’s full adoption in Nigeria. This study examined the menace of ATM in the society another cost of running ATM services by banks in the country. The researcher developed a prototype of an enhanced Automated Teller Machine Authentication using Short Message Service (SMS) Verification. The developed prototype was tested by Ten (10) respondents who are users of ATM cards in the country and the data collected was analyzed using Statistical Package for Social Science (SPSS). Based on the results of the analysis, it is being envisaged that the developed prototype will go a long way in reducing the alarming rate of ATM fraud in Nigeria.

Keywords: ATM, ATM fraud, e-banking, prototyping

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Authors: Semire Yekta

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Many online retailers set up manual review teams to overcome the limitations of automated online fraud detection systems. This study critically examines the strategies they adapt in their decision-making process to set apart fraudulent individuals from non-fraudulent online shoppers. The study uses a mix method research approach. 32 in-depth interviews have been conducted alongside with participant observation and auto-ethnography. The study found out that all steps of the decision-making process are significantly affected by a level of subjectivity, personal understandings of online fraud, preferences and judgments and not necessarily by objectively identifiable facts. Rather clearly knowing who the fraudulent individuals are, the team members have to predict whether they think the customer might be a fraudster. Common strategies used are relying on the classification and fraud scorings in the automated fraud detection systems, weighing up arguments for and against the customer and making a decision, using cancellation to test customers’ reaction and making use of personal experiences and “the sixth sense”. The interaction in the team also plays a significant role given that some decisions turn into a group discussion. While customer data represent the basis for the decision-making, fraud management teams frequently make use of Google search and Google Maps to find out additional information about the customer and verify whether the customer is the person they claim to be. While this, on the one hand, raises ethical concerns, on the other hand, Google Street View on the address and area of the customer puts customers living in less privileged housing and areas at a higher risk of being classified as fraudsters. Phone validation is used as a final measurement to make decisions for or against the customer when previous strategies and Google Search do not suffice. However, phone validation is also characterized by individuals’ subjectivity, personal views and judgment on customer’s reaction on the phone that results in a final classification as genuine or fraudulent.

Keywords: online fraud, data mining, manual review, social construction

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Authors: Saad Bin Nasir

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The study identifies the impact of inflation and foreign exchange rate on foreign direct investment in Pakistan. Inflation and exchange rates are used as independent variables and foreign direct investment is taken as dependent variable. Discreet time series data has been used from the period of 1999 to 2009. The results of regression analysis reveal that high inflation has negative impact on foreign direct investment and higher exchange rates has positive impact on foreign direct investment in Pakistan. The inflation and foreign exchange rates both are insignificant in the analysis.

Keywords: inflation rate, foreign exchange rate, foreign direct investment, foreign assets

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Authors: Teguh Sugiarto

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Background: The research aims to explore if there is fraud in a financial statement, use the Act stated that Benford's distribution all digits must compare the number will follow the trend of lower number. Research methods: This research uses all the analysis number being in Benford's law. After receiving the results of the analysis of all the digits, the author makes a distinction between implementation using the scale above and below 5%, the rate of occurrence of difference. With the number which have differences in the range of 5%, then can do the follow-up and the detection of the onset of fraud against the financial statements. The findings: From the research that has been done can be drawn the conclusion that the average of all numbers appear in the financial statements, and compare the rates of occurrence of numbers according to the characteristics of Benford's law. About the existence of errors and fraud in the financial statements of PT medco Energy Tbk did not occur. Conclusions: The study concludes that Benford's law can serve as indicator tool in detecting the possibility of in financial statements to case studies of PT Medco Energy Tbk for the fiscal year 2000-2010.

Keywords: Benford law, first digits, all digits number Benford law, financial statement

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Authors: Tomasz L. Nawrocki

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Due to the growing global interest of investment society in innovative enterprises, as the objective of this research was adopted to examine the investment efficiency in shares of companies with innovative characteristics in the risk-return layout. The research was carried out for companies listed on the Warsaw Stock Exchange taking into various consideration time ranges of investment. Obtained results show that in shorter periods of time, investors buy expectations connected with innovative companies and therefore the efficiency of investment in their shares is relatively high, but in the longer term expectations are revised by companies financial results, which in turn negatively affects the efficiency of investment in their shares.

Keywords: capital market, innovative company, investment strategies, risk and return analysis

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Authors: Cristian Pauna

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With few steps away from the 2020, investments in financial markets is a common activity nowadays. In the electronic trading environment, the automated investment software has become a major part in the business intelligence system of any modern financial company. The investment decisions are assisted and/or made automatically by computers using mathematical algorithms today. The complexity of these algorithms requires computer assistance in the investment process. This paper will present several investment strategies that can be automated with algorithmic trading for Deutscher Aktienindex DAX30. It was found that, based on several price action mathematical models used for high-frequency trading some investment strategies can be optimized and improved for automated investments with good results. This paper will present the way to automate these investment decisions. Automated signals will be built using all of these strategies. Three major types of investment strategies were found in this study. The types are separated by the target length and by the exit strategy used. The exit decisions will be also automated and the paper will present the specificity for each investment type. A comparative study will be also included in this paper in order to reveal the differences between strategies. Based on these results, the profit and the capital exposure will be compared and analyzed in order to qualify the investment methodologies presented and to compare them with any other investment system. As conclusion, some major investment strategies will be revealed and compared in order to be considered for inclusion in any automated investment system.

Keywords: Algorithmic trading, automated investment systems, limit conditions, trading principles, trading strategies

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Authors: M. Chavleishvili

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The paper presents the analysis of the current situation of agricultural development in Georgia. The investment environment that supports development of the agricultural sector is evaluated and the key priorities are identified. The analysis of the projects already implemented with state and EU support, as well as those that are being currently implemented is presented. The policy and the programs supporting development of agricultural sector are analyzed. Based on an analysis of the evaluations of experts and the primary accounting documents, the outcomes of investment programs, their advantages and disadvantages, are studied. Through identifying investment programs in the agricultural sector of Georgia, corresponding conclusions are made, based on which some recommendations are developed.

Keywords: agriculture, investments, investment programs, projects

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Authors: Xi Zhang, Yong Geng

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It is crucial to decouple economic growth from environmental pollution in China. This study aims to evaluate the decoupling degree between PM₂.₅ emissions and economic growth in China from a regional investment perspective. Using the panel data of 30 Chinese provinces for the period of 1998-2016, this study combines decomposition analysis with decoupling analysis to identify the roles of conventional factors and three novel investment factors in the mitigation and decoupling of PM₂.₅ emissions in China and its four sub-regions. The results show that China’s PM₂.₅ emissions were weakly decoupled to economic growth during the period of 1998-2016, as well as in China’s four sub-regions. At the national level, investment scale played the dominant role while investment structure had a marginal effect. In contrast, emission intensity was the largest driver in promoting the decoupling effect, followed by investment efficiency and energy intensity. The investment scale effect in the western region far exceeded those in other three sub-regions. At the provincial level, the investment structure of Inner Mongolia and investment scales of Xinjiang and Inner Mongolia had the greatest impacts on PM₂.₅ emission growth. Finally, several policy recommendations are raised for China to mitigate its PM₂.₅ emissions.

Keywords: decoupling, economic growth, investment, PM₂.₅ emissions

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Authors: Bo Sun, Ni Zhong

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Bilateral investment treaties have played a role in the construction of the Belt and Road, providing institutional protection for Chinese companies' overseas investments. However, such treaties between China and countries along the Belt and Road were signed in the 1980s and 1990s, and their provisions are outdated and insufficiently detailed to provide adequate legal protection for Chinese investors when they initiate investment arbitration against host countries. By studying cases involving China in international investment arbitration, this paper suggests that China should pay attention to further clarifying the identity of "investors", the scope of disputes that can be submitted to arbitration, and the concept of "indirect expropriation" when updating bilateral investment treaties in the future, in order to reduce the risk of losing cases for Chinese investors.

Keywords: belt and road, bilateral investment agreement, investment arbitration, indirect expropriation

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Authors: Seyed Habib A. Rahmati, Parsa Fallah Sheikhlari, Morteza Musakhani

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This paper studies the structure of financial investment and efficiency on the subway would be created between Hashtgerd and Qazvin in Iran. Regarding ascending rate of transportation between Tehran and Qazvin which directly air pollution, it clearly implies to public transportation requirement between these two cities near Tehran. The railway transportation like subway can help each country to terminate traffic jam which has some advantages such as speed, security, non-pollution, low cost of public transport, etc. This type of transportation needs national infrastructures which require enormous investment. It couldn’t implement without leading and managing funds and investments properly. In order to response 'needs', clear norms or normative targets have to be agreed and obviously it is important to distinguish costs from investment requirements critically. Implementation phase affects investment requirements and financing needs. So recognizing barrier related to investment and the quality of investment (what technologies and services are invested in) is as important as the amounts of investment. Different investment methods have mentioned as follows loan, leasing, equity participation, Line of financing, finance, usance, bay back. Alternatives survey before initiation and analyzing of risk management is one of the most important parts in this project. Observation of similar project cities each country has the own specification to choose investment method.

Keywords: subway project, project investment, project contract, project management

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Authors: Muhammad Atif, M. Samsul Alam

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The purpose of this study is to investigate the effects of board room gender diversity on firm sustainable investment. We test the extent to which sustainable investment is affected by the presence of female directors on U.S. corporate boards. Using data of S&P 1500 indexed firms collected from Bloomberg covering the period 2004-2016, we estimate the baseline model to investigate the effects of board room gender diversity on firm sustainable investment. We find a positive relationship between board gender diversity and sustainable investment. We also find that boards with two or more women have a pronounced impact on sustainable investment, consistent with the critical mass theory. Female independent directors have a stronger impact on sustainable investment than female executive directors. Our findings are robust to different identification and estimation techniques. The study offers another perspective of the ongoing debate in the social responsibility literature about the accountability relationships between business and society.

Keywords: sustainable investment, gender diversity, environmental proctection, social responsibility

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Authors: Aysha Zamir

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This study examines to what extent foreign private investment (FPI) affects the clean industrial environment and sustainable economic growth through developed countries investment in China. Moreover, this study investiage an association among FPI, CO2 emission, energy consumption, and sustainable economic growth. This study uses random effects and generalized least squares (GLS) and panel VAR estimators for data analysis. The results indicate that the Chinese economy has a vastly positive influenced regarding the location and choice of emerging and developed countries’ investment in the domestic market. Furthermore, emerging and developed economies investment increases the contribution among domestic firms, environment sustainability toward the national economy. The further results show that foreign private investment and gross domestic investment have a positive impact on sustainable economic growth.

Keywords: clean industrial environment, energy consumption, CO2 emmission, foreign private investment, developed and emerging economies

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Authors: Khadija Amin

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The significant contribution of foreign investment in promoting economic recovery, especially in countries recovering from conflict, is generally recognized. This study examines the influence of foreign investment on the economic development of countries that have had long-lasting internal conflicts. The study examines the complex correlation between foreign investment and economic progress using the production function framework based on endogenous growth theory. In addition to foreign investment, the research considers a range of factors that affect economic growth, such as trade dynamics, the spread of information, attempts to promote peace, changes in the labor market, and the accumulation of domestic capital. The study challenges common beliefs by revealing a statistically negligible negative association between GDP growth and foreign investment (FI) inflows in post-war economies. The existing literature highlights the positive impact of trade and foreign investment on economic growth. However, this study emphasizes that these impacts are complex and depend on various contextual factors such as trade policies, infrastructure development, domestic investment levels, human capital development, and macroeconomic stability. The results emphasize the crucial significance of foreign investment in stimulating development while also drawing attention to the intricacies of precisely assessing its economic consequences. Measuring the economic impact of foreign investment is a difficult task that requires detailed analysis considering many contextual elements and changing socioeconomic conditions.

Keywords: economic grouths, foreign investment, trade policies, domestic investment

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Authors: Chang Lee Shu-Jung, Mei-Se Chien, Chien-Chiang Lee, Hui-Ting Hu

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This paper applies recursive cointegration analysis to examine the dynamic changes in Feldstein-Horioka saving-investment (S-I) coefficients across China and the ASEAN-5 countries over time. To the extent that the S-I coefficients measure international capital mobility, the main empirical results are as follows. The recursive trace statistics show that the investment- savings nexus varies in these six countries. There is no cointegration between investment and savings in three countries (China, Malaysia, and Singapore), which means that the mobility of the capital markets in the three is high and that domestic investment in them will be financed by the global pool of capital. As to the other three countries (Indonesia, Thailand, and Philippines), there is cointegration between investment and savings for part of the sample period in the three, including before 2002 for Thailand, before 2001 for Indonesia, and before 2002 for Philippines. This shows these three countries achieved highly mobile and open capital markets later.

Keywords: investment, savings, recursive cointegration test, ASEAN, China

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Authors: Razan Salem

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Men and women are different, and so their investment behaviors may also vary. To the author’s best knowledge, women's investment behavior and its association with demographic factors have not been explored directly in the behavioral finance literature, however, particularly in respect to the Arab region. Thus, this study extends the literature by focusing on examining the association of demographic factors (age, annual income, and education) with Arab women’s investment behavior. To achieve the study’s aim, the researcher distributed 600 close-ended online questionnaires to a sample of Arab male and female individual investors in both Saudi Arabia and Jordan; using Kruskal-Wallis H Test and the Mann-Whitney U Test to analyze the data. The findings reveal that age, education, and level of income are associated with Arab women’s investment behavior. Educational level and level of income are positively associated with Arab women investment confidence level. On the contrary, age is negatively associated with Arab women financial risk tolerance. According to annual income, Arab women with lower incomes have lower confidence and investment literacy levels. Overall, the study concludes that age, income, and education are important demographic factors that must be considered when investigating the investment behavior of women in the Arab region.

Keywords: Arab region, demographic factors, investment behavior, women investors

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