Assessment the Quality of Research

To assess the quality of recent research (indeed, in this case you cannot use the number of citations as an indicator of the quality of an article) you could ask the following questions, (Sekaran and Bougie (2016), P.57):

●   Is the main research question or problem statement presented in a clear and analytical way?

●   Is the relevance of the research question made transparent?

●   Does this study build directly upon previous research?

●   Will the study make a contribution to the field?

●   Is there a theory that guides the research?

●   Is the theory described relevant and is it explained in an understandable, structured, and convincing manner?

●   Are the methods used in the study explained in a clear manner (description of methods)?

●   Is the choice of certain methods motivated in a convincing way (justification of methods)?

●   Is the sample appropriate?

●   Are the research design and/or the questionnaire appropriate for this study?

●   Are the measures of the variables valid and reliable?

●   Has the author used the appropriate quantitative and/or qualitative techniques?

●   Do the conclusions result from the findings of the study?

●   Do the conclusions give a clear answer to the main research question?

●   Has the author considered the limitations of the study?

●   Has the author presented the limitations in the article?

Volatility spillovers under difference in the degree of market integration: Evidence from the selected Asian and Eastern European stock markets

• Harjum Muharam
• Wisnu Mawardi
• Erman Denny Arfinto
• Najmudin Najmudin

• ABSTRACT

• This research aims to investigate volatility transmitted from the world market to ten Asian and Eastern European stock markets and from major stock market in the region to the rest of stock markets by considering their degree of integrations. To assess this, we apply GARCH(p,q) model and involve dynamic conditional correlation (DCC) model to generate the dynamic degree of integration. The monthly market indices data over the period from May 2002 to March 2018 are taken from 11 markets--5 Asian ones (China, Indonesia, Malaysia, Pakistan, and the Philippines), 5 Eastern European (Czech Republic, Poland, Romania, Russia, and Ukraine), and the world market data. Furthermore, the volatility spillover was analysed during the global financial crisis period, from May 1, 2008 to May 29, 2009. The findings show that volatility spillovers from the world and the major regional markets to domestic stock markets are conditional on the degree of integrations. Specifically, there is no volatility spillover from the world and regional major markets on segmented stock markets. In contrast, domestic stock markets which are integrated could experience the volatility spillover. Moreover, this confirms for both crisis circumstances and the overall period.

• Journal of International StudiesJournal of International StudiesDOI: 10.14254/2071- 8330.2019/12-1/9
  • DOI:
  • 10.14254/2071-8330.2019/12-1/9
  • 
    
  • FULLTEXT LINK

Islamic stock market and sukuk market development, economic growth, and trade openess (the case of Indonesia dan Malaysia)

• Harjum Muharam
• Resi Junita Anwar
• Robiyanto Robiyanto

ABSTRACT

This study was conducted in order to analyse the two-way relationship between the Islamic stock market and sukuk market development, and economic growth. this study also analyses whether trade openness influences the development of the Islamic stock market and sukuk market, and economic growth. VAR (Vector Auto Regressive), VECM (Vector Error Correction Model), and a Granger Causality Test used to test the hypothesis. Using Indonesia and Malaysia as the sample countries and from February 2008 to December 2017 period, the results showed that there is a bi-directional causality between the development of the Islamic stock market and the development of the sukuk market in Indonesia and Malaysia. There is a bi-directional causality between the development of the Islamic stock market and sukuk market with economic growth in Indonesia. Unidirectional causality is found between economic growth and the sukuk market development in Malaysia. And no causality (neutrality) is reported between the development of the Islamic stock market and economic growth in Malaysia. Meanwhile, trade openness has a significant and positive effect on the sukuk market development as well as economic growth in Malaysia. For the limitations, this research only focused on two countries and only delved into the corporation sukuk market.

• April 2019
• Verslas teorija ir praktika 20(2):196-207

• DOI:
• 10.3846/btp.2019.19

FULLTEXT LINK

Measuring Asian Stock Market Integration by Using Orthogonal Generalized Autoregressive Conditional Heteroscedasticity

• Harjum Muharam
• Robiyanto Robiyanto
• Irene Pangestuti
• Wisnu Mawardi

Abstract

This study investigates Asian stock market integration during the period of 1999 to 2018. The analysis technique used was Orthogonal Generalized Autoregressive Conditional Heteroscedasticity (OGARCH). OGARCH is a combination of GARCH and Principal Component Analysis (PCA) methods. The benefit of employing OGARCH in a stock market integration study is that it could estimate the degree of stock market integration precisely and how many components are related to it. In order to deepen the analysis, this study also does an analysis based on pre, during and post the GFC. The result shows that not all stock markets studied were integrated. Singapore, Hong Kong, Japan, Taiwan, Thailand, and South Korea stock markets tended to integrate, while the ones in Indonesia, Philippine, and Malaysia did not. This shows that stock markets in Asia were not fully integrated. Stock market integration during the Global Financial Crisis (GFC) period is higher than the pre-GFC period and post-GFC period. Investment managers who have the ability to form international portfolios can diversify existing stocks in Indonesia, Malaysia, and the Philippines even Japan by considering country risk because their stock markets tend to be segmented. Investment managers also need to conduct special studies before investing in Asian stock markets that have proven to be integrated. 
Montenegrin Journal of Economics Vol. 16, No. 1 (2020), 121-137Vol. 16, No. 1 (2020), 121-137Vol. 16, No. 1 (2020), 121-137Vol. 16, No. 1 (2020), 121-137

• DOI:
• 10.14254/1800-5845/2020.16-1.8

FULLTEXT LINK

Analisis Perbandingan Efisiensi Bank Syariah di Indonesia Dengan Metode Data Envelopment Analysis (periode Tahun 2005)

MUHARAM, Harjum (2007) Analisis Perbandingan Efisiensi Bank Syariah di Indonesia Dengan Metode Data Envelopment Analysis (periode Tahun 2005). Jurnal Ekonomi dan Bisnis Islam , II (3). pp. 80-166.

Abstract

Syariah banking industrial improvement in Indonesia cause increasing of competition level between bank, especiallY after economics crisis,so the appraisal of bank} efficiencybecomesmore important, because the efficiencyimages of compa'!J work. The approached method valuation that used to measure bank efficienryin this paper is Data Envelopment .Analysis (DEA), a technique linearprogramming that calculating output ratio to input eachDMU (Decision Making Unit). DMU calledefficient if the efficiency value is one (100 percent), if less than one it means DMU not efficient. DEA also be availablegive solutionfor other banks on sample that was not efficient to repair it self to be more efficient. Two input factors and three output factors lvere used in this stucfy. Constant Return to Scale (CRS) method with output oriented and intermediation approach is used in this paper.This research attempt to anaIYze relative ejJicienry of Indonesia syanab banking in year 2005 and compare it according to each groups (syariab publicbanking-[Jariah units, BUMN-Non BUMN syariab banking, detnsa-non deoisa private national syariab banking). The samples of 12 banks which have almost all share of national syariab banking in Indonesia were gathered from the total population of 114 bank of syariab banking industrial in Indonesia. The result indicates that in year 2005, three syariab banks alwqys get perfea score ejJicient 100 percent; there are BIN Syariah, Niaga Syariah and Pe17JJataSyariah. Nine syariah banks other are not aliuays ejJicient. Syariah Mandin Bank notyet ejJicient inyear 2005. Then, not all banks on perfec: ejJicient condition become example for inejJicient banks to repair it se!! to be more ejJicient. After DEA calculate ejJicienry score .from each banks, we compare this ejJicienry score according three groups (syariah public banking-[Jariah units, BUMN-Non BUMN syariah banking, detnsa-non detnsa private national syariab banking). FinallY, we get the result that there is no significantlY differences ejJicienry score in each groups. So, its means that ejJicienry of Indonesia syariab banking is good in year 2005
.