EFFECTS OF LEISURE ACTIVITIES ON HAPPINESS IN THE CASE OF JAPAN

Kenichi SHIMAMOTO

KS Sustainability Research, Japan

ken_japan51@hotmail.com

Abstract

With the increase interest in adopting a form of happiness to policy goals, a wide range of studies on subjective well-being (SWB) have become available. Leisure is a key component of our daily life which can affect SWB. Leisure activities is said to reduce stress and promote health. It can be a social activity that provides a sense of belonging or the time can be used for self-development. There is a wide range of leisure activities such as sports, hobbies, volunteer participation and socializing. This paper examines the underlying characteristics of leisure activities by conducting a principal component analysis across leisure related variables by using cross section data for 47 prefectures in Japan. The main results find that regions with greater active/external type tend to have higher levels of SWB, and regions with greater self-development type tend to have lower levels of SWB.

Keywords: Subjective well-being, leisure, Japan

JEL classification: I31, Z00

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COMPARING THE FORECASTS OF THE DEMAND FOR MONEY IN MALAYSIA WITH THE INCLUSION OF FINANCIAL INNOVATION USING DIFFERENT ESTIMATION METHODS

Payam MOHAMMAD ALIHA

Ph.D candidate, Universiti Kebangsaan Malaysia (UKM), Malaysia

payammaliha@gmail.com

Tamat SARMIDI

Associate Professor Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

tamat@ukm.edu.my

Fathin FAIZAH SAID

Dr. at Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM), Malaysia

fatin@ukm.edu.my

Abstract

In this paper, we compare the forecasting performance of multivariate models (ARDL/VECM/DOLS/FMOLS) versus univariate models (ARIMA/ETS) for the purpose of forecasting the real demand for money in Malaysia using monthly data during 2010Q1-2018Q4. This study overcomes the issue of misspecification by incorporating financial innovation in the money demand function using separate measures of payment instruments (credit card, charge card, debit card, e-money), payment channels (Real Time Electronics Transfer of Funds and Securities or RENTAS, Interbank GIRO, Financial Process Exchange or FPX and direct debit) and payment channels (Automated Teller Machines or ATM, mobile banking) to capture the effect of financial innovations. The multivariate models which are categorized into structural models (relying on a structural relationship between money demand and other variables) are also cointegration based models meaning that variables have long-run associationship and move together in the long-run while non-structural (non-cointegration) based techniques (ARIMA and ETS model) do not rely on such a structural relationship. We conclude that structural models are better for longer term forecasting. Non-structural models (notably ARIMA) have better forecasting performance for short term horizons such as one year than they do for long term horizons. However, our findings indicate that even for short term horizons, structural models do better than non-structural models but the gap between forecasting accuracy for these two kinds of models is much narrower in the short term horizon compared to long term horizon. The results also indicate that FMOLS has the most predictive power among cointegration/structural/multivariate based models for both short (12-months) and long-time (60-months) horizons. In the context of this model (FMOLS), financial innovation have positive yet small impact on money demand in Malaysia. Finally, we do out-of-sample forecast using FMOLS.

Keywords: Malaysia, Money Demand, Financial Innovations, Multivariate, Univariate, Cointegration

JEL classification: E41, E42, E52
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EXPLORING THE COMPONENTS OF THE INTELLECTUAL CAPITAL IN TROSO WEAVING SMEs

NGATINDRIATUN

Departement of Management Science, Bina Nusantara University, Jakarta, Indonesia

ngatindriatun@yahoo.com

Didik Sofian HARYADI

STEKOM PAT, Semarang, Indonesia

didikshse@rocketmail.com

Abstract

This study aims to test and analyze the effects of intellectual capital to competitive advantage and company’s performance at Troso traditional weaving business. The variables in this research are human capital as exogenous variable and structural capital, customer capital, competitive advantage, and company performance as the endogenous ones. The subject of the study was 200 sample consisting 572 craftmen. This research applies structural equation modelling. The result of SEM analysis fulfills Goodness of Fit Index criteria, i.e. chi-square value = 432.543, significance probability = 0.000, RMSEA = 0.070, CMIN/DF = 1.966, TLI = 0.885, CFI = 0.900, GFI = 0.849 and AGFI = 0.810. Based on the research result, it can be concluded that human capital, structural capital, and customer capital influence on competitive advantage and company performance.

Keywords: Intellectual Capital, Competitive Advantage, Company Performance

JEL classification: A, M12, J24
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