Institutions and Economies <div align="justify"> <p>Institutions and Economies is a peer reviewed journal published by Faculty of Economics and Administration, University of Malaya. The journal is published four times a year, in January, April, July and October. The journal publishes research articles and book reviews. Only original articles that are not under consideration by other publishers are welcome. Special issues are also welcome but interested special issue editors must submit a proposal to the Editor-In-Chief for consideration. The journal is indexed in SCOPUS, IDEAS, MYCite, ECONPapers, ASEAN Citation Index (ACI), EBSCO and Asian Digital Library. Institutions and Economies is a recipient of the CREAM Award 2016 by the Ministry of Higher Education Malaysia.</p> <p>Print ISSN: 2232 - 1640<br />E - ISSN: 2232 - 1349 </p> <p> </p> <p><strong>Peer Review Statement </strong></p> <p><strong><em>All research articles in the journal have undergone rigorous peer review. The process consists of an initial screening by the</em> <em>Editor-In-Chief, Deputy Editor and</em><em> Associate Editors, followed by double-blind refereeing: two reviewers for articles. Articles in special issues go through double-blind refereeing and one internal review by the Editorial Board. </em></strong></p> <p><strong><br />IMPORTANT ANNOUNCEMENT</strong></p> <p>Beginning <strong>1st March 2021</strong>, <strong>there will be no submission fee for this journal. </strong> There will be a <strong>publication fee of USD100/- per article</strong> to partially cover the expenses of copy editing of accepted manuscripts. <strong>Payment of the publication fee should only be made after acceptance of a manuscript.</strong> The detailed information of the payment process can be seen <a href="">here</a>. Payment of the publication fee can be done at this <a href="">website</a>.</p> <p> </p> </div> <div class="SnapLinksContainer" style="margin-left: 0px; margin-top: 0px; display: none;"> <div class="SL_SelectionRect"> <div class="SL_SelectionLabel" style="right: 2px; bottom: 2px;">0 Links</div> </div> <!-- Used for easily cloning the properly namespaced rect --></div> <div class="SnapLinksContainer" style="margin-left: 0px; margin-top: 0px; display: none;"> <div class="SL_SelectionRect"> </div> <!-- Used for easily cloning the properly namespaced rect --></div> en-US <p>Submission of a manuscript implies: that the work described is original, has not been published before (except in the form of an abstract or as part of a published lecture, review, or thesis); that is not under consideration for publication elsewhere; that its publication has been approved by all co-authors, if any, as well as tacitly or explicitly by the responsible authorities at the institution where the work was carried out. Transfer of copyright to the University of Malaya becomes effective if and when the article is accepted for publication. The copyright covers the exclusive right to reproduce and distribute the article, including reprints, translations, photographic reproductions, microform, electronic form (offline and online) or other reproductions of similar nature.<br>An author may self-archive the English language version of his/her article on his/her own website and his/her institution’s repository; however he/she may not use the publisher’s PDF version which is posted on Furthermore, the author may only post his/her version, provided acknowledgement is given to the original source of publication and a link must be accompanied by the following text: “The original publication is available at”.</p> <p>All articles published in this journal are protected by copyright, which covers the exclusive rights to reproduce and redistribute the article (e.g. as offprint), as well as all translation rights. No material published in this journal may be reproduced photographically or stored on microfilm, in electronic database, video disks, etc., without first obtaining written permission from the publishers. The use of general descriptive names, trade names, trademarks, etc., in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.</p> <p>The copyright owner’s consent does not include copying for general distribution, promotion, new works, or resale. In these cases, specific written permission must first be obtained from the publishers.</p> (Institutions and Economies) (Institutions and Economies) Thu, 01 Apr 2021 08:32:56 +0800 OJS 60 Civil Society Makmor Tumin Copyright (c) 2021 Institutions and Economies Wed, 31 Mar 2021 00:00:00 +0800 Extreme Economies: Survival, Failure, Future: Lessons from the World’s Limits Roza Hazli Zakaria Copyright (c) 2021 Institutions and Economies Wed, 31 Mar 2021 00:00:00 +0800 The Nonlinear Impact of Political Institutional Quality on Financial Inclusion <p style="text-align: justify;"><em>This study investigates the nonlinear relationship between political institutions and financial inclusion in a panel of 74 developing countries using annual data from 2007 to 2016. This study uses the financial inclusion index and two components of financial inclusion, namely access and availability to financial services. The estimated model using the generalized method of moments (GMM) system (SYS-GMM) revealed that democracy has a significant U-shaped impact on the financial inclusion index, and access to and availability of financial services. However, a similar effect on the index of financial inclusion is not robust to the removal of outliers. Overall, the findings confirm that a better quality of political institutions, i.e., when it exceeds an inflection/threshold point, would lead to a higher degree of financial inclusion—as captured by the access and availability of financial services, for example the number of deposit accounts, automated teller machines (ATM), and bank branches. Our finding of the U-shaped impact on overall financial inclusion indicators are robust to outliers. The implication is that countries with a better quality of political institutions are predicted to be associated with high levels of financial inclusion. Whereas, countries with a low quality of (democratic) political institutions hinder the delivery of financial inclusion.&nbsp;</em></p> Zakaria Lachebeb, Normaz Wana Ismail, Mohd Naseem Niaz Ahmad, Ly Slesman Copyright (c) 0 Wed, 31 Mar 2021 00:00:00 +0800 Differences in Colonial Experience and the Institution-Economic Growth Nexus in West Africa <p style="text-align: justify;"><em>Does the quality of institutions affect economic growth in West African&nbsp;countries? Which institutional variable aids or harms economic growth in the region?&nbsp;Is the effect of institutions on economic growth in former French-colonised countries&nbsp;different from that of British-colonised countries? This study addresses these questions.&nbsp;Specifically, we first examined the effect of six institutional variables on economic growth&nbsp;for each of the 13 West African countries. Then, we employed panel data estimation&nbsp;techniques to examine the overall effect of the quality of institutions on the economies&nbsp;of the region. Finally, we grouped the 13 countries into French-colonised and British colonised&nbsp;countries following the argument of Acemoglu, Johnson and Robinson (2001,2005) and then examined the impact of institutional quality on the economic growth of these subgroups. Our findings reveal that the effect of institutional variables on&nbsp;the economy of each country varies. Overall, we find that government stability and&nbsp;democratic accountability have a positive and significant influence on economic growth,&nbsp;while control of corruption and socioeconomic conditions have deleterious effects on&nbsp;economic growth. Finally, institutions contribute positively to economic growth in&nbsp;French-colonised countries compared to British-colonised countries. The results imply that there is a need to strengthen institutions in West Africa, especially in former British&nbsp;colonies.</em></p> Isiaka Akande Raifu, Obianuju Ogochukwu Nnadozie, Olaide Sekinat Opeloyeru Copyright (c) 0 Wed, 31 Mar 2021 00:00:00 +0800 Personal and Environmental Factors that Influence the Ecological Behaviour of Energy-Efficient Appliance Purchases <p style="text-align: justify;"><em>This study investigates the effects of personal and environmental factors on&nbsp;ecological beliefs and ecological behaviour and assesses the mediating and moderating&nbsp;influences in this model. This study utilises 592 questionnaire surveys among Malaysian&nbsp;consumers. A partial least squares technique (PLS) was utilised to analyse the data and&nbsp;to test the study hypotheses. The findings show that personal and environmental factors&nbsp;have a positive influence on ecological beliefs and ecological behaviour; ecological beliefs&nbsp;are positively related to ecological behaviour. Additionally, ecological beliefs mediate&nbsp;the relationship between personal factors and ecological behaviour, and the relationship&nbsp;between environmental factors and ecological behaviour. The present study is among the&nbsp;pioneers in including environmental factors and ecological beliefs in pro-environmental&nbsp;studies. In the context of energy-efficient appliance purchases, the findings elaborate on&nbsp;the existing knowledge of personal and environmental factors, and individual’s beliefs.</em></p> Sai-Keong Chan, Farzana Quoquab, Rohaida Basiruddin Copyright (c) 0 Wed, 31 Mar 2021 00:00:00 +0800 Prospective Customers’ Behavioural Intention towards Islamic Microfinance Services in Bangladesh <p style="text-align: justify;"><em>The present study investigates the behavioural intention of prospective customers towards Islamic microfinance services in Bangladesh based on demographic factors such as gender, age, education, and family size. This study uses a self-administered survey questionnaire to determine the intention of prospective customers towards Islamic microfinance services based on five variables, namely subjective norms, attitude towards behaviour, behavioural intention, normative belief, and behavioural belief. A total of 450 questionnaires were distributed, out of which 326 responses were received (72.44%). The findings of this study indicate that male respondents have a higher behavioural intention towards Islamic microfinance services than female respondents. On the other hand, female respondents have a higher behavioural belief towards Islamic microfinance services compared to their male counterparts. The findings also indicate that those respondents who studied up to secondary school level would like to receive opinions from family members and friends about the use of Islamic microfinance services. The present research findings have important implications for Islamic microfinance institutions, practitioners and policy makers. The findings of this study are expected to reflect suggestive steps to increase the behavioural attitude in the use of Islamic microfinance services.</em></p> Selim Ahmed, Rafikul Islam, Ahmed Al-Asheq Copyright (c) 0 Wed, 31 Mar 2021 00:00:00 +0800 Institutional Challenges in the Implementation Process: A Case Study of Rural Transport Accessibility in Kuala Krai, Kelantan <p style="text-align: justify;"><em>The central aim of many transport systems is to improve people’s access to goods, services and facilities. Improving transport access can subsequently reduce social isolation. Compared to urban areas, the issue of accessibility is more prominent in rural areas due to its distances from many opportunities. It has been proven in many studies that the provision of rural infrastructure and the improvement of rural transport can upgrade the social well-being of the rural community. The process of improving rural access should always start with the identification of the transportation needs of the community and their mobility patterns. This paper narrates the institutional challenges in implementing rural transport accessibility strategies in Kuala Krai, Kelantan. The district is located in the northeast of Peninsular Malaysia. The qualitative case-study approach used in this study involved 17 respondents; thirteen policymakers from federal, state and local governments, two local transport operators and two rural transport experts. The findings show that among the institutional challenges in the implementation process are poor communication and coordination, lack of transport planning experts and limited financial resources. The findings provide critical inputs for policymakers at various decision-making levels, namely federal, state and local, in planning and designing a more accessible transportation system for the rural population.&nbsp;</em></p> Maria binti Mohd Ismail, Raja Noriza binti Raja Ariffin Copyright (c) 0 Wed, 31 Mar 2021 00:00:00 +0800 Erratum <p><strong>Erratum</strong></p> <p>The Guest Editors of the Special Issue, Vol.12, Issue 4, 2020, of the Institutions and Economies journal, Qian Long Kweh and Irene Wei Kiong Ting, have notified theEditorial Board of the journal that the authors of the fourpublished articles failed to make the necessary acknowledgement in their respective papers. Upon the appeal of the Guest Editors, the Editorial Board has agreed to insert the following acknowledgement for the fourarticles in Vol.12, Issue 4, 2020. The journal is not responsible for this error.</p> <p><strong>Acknowledgement</strong></p> <p>This paper is a revised and expanded version of conference proceedings of the 5th International Conference on Finance and Economics (ICFE 2018),Ton Duc Thang University, Ho Chi Minh City, Vietnam, September 20-22, 2018.</p> <p>The related papers of the Special Issue, Vol.12, Issue 4,2020, are listed below:</p> <p>1.Hung Tang Tri, Phuong Thi Kim Tran, Thien Nguyen Huu, Assessing Factors Affecting the Effectiveness of Internal Control Systems in Construction Enterprises in the Ba Ria-Vung Tau Province, Vietnam.</p> <p>2.Elina Bakhtieva, Customer Loyalty and Characteristics of Digital Channels Among B2B Companies.</p> <p>3.L’ubica Sipková, Viera Labudová, Juraj Sipko, Assessing Housing Structure Similarities Across the EU Countries.</p> <p>4.Hanh Thi My Le, Tiep&nbsp; Thi Nguyen, Vu Tien Pham, Thuc Thi Vo, The&nbsp; Impacts of CEO Age&nbsp; and&nbsp; Education&nbsp; Level&nbsp; on&nbsp; Earnings&nbsp; Management:&nbsp; Evidence&nbsp; from&nbsp; Listed&nbsp; Vietnamese Real Estate Firms.</p> Institutions and Economics Copyright (c) 2021 Thu, 01 Apr 2021 00:00:00 +0800