Association Of Southeast Asian Nations Region Research Articles

China-ASEAN Economic Ties: Balancing Growth amid Middle-Income Challenges and Opportunities

The introduction of a free trade area between the Association of Southeast Asian Nations (ASEAN) and China (ACFTA) in 2012 brought China to a leading economic position in Southeast Asia (this was manifested in a significant, almost 2.2-fold, increase in the volume of trade) and turned it into a driving force of ASEAN’s economic prosperity. However, this increased economic interdependence creates challenges for both China and ASEAN: on the one hand, China seeks to make the transition from a high-income country to sustainable economic development in the ASEAN region, and on the other hand, ASEAN has concerns about excessive economic dependence on China. This situation requires a balance to be struck to avoid repeating the historical patterns seen in Japan in the 1960s and 1980s. This article examines the investment, trade and geopolitical relations between China and ASEAN in a historical retrospective of 2010-2022, assesses their economic dependence and the mechanisms of political-economic relations, identifies the factors that caused China’s rapid economic breakthrough, and outlines directions for overcoming the most modern challenges that have place in the context of this relationship through formulation of suggested frameworks. The article considers 2 research questions, for the solution of which the G/T (Grounded Theory) approach was used and a qualitative analysis of the 12 most relevant sources was carried out (limitation of their number – according to the concept of theoretical saturation), selected primarily through online databases, websites, international organizations’ data, analytical reviews, and scientific papers. RQ1: Identify the root causes of the problems faced by ASEAN middle-income countries in their engagement with China. The article identifies the following 3 main reasons through the empirical review analysis: 1) dependence of middle-income ASEAN countries on financial assistance, especially from China; 2) a noticeable decrease in unity in the ASEAN region; 3) China’s lack of recommendations on the advisory policy of economic development in the ASEAN countries. RQ2: development of recommendations for middle-income ASEAN countries to increase their ability to pave independent paths to sustainable economic development and reduce their economic dependence on China, taking into account the review of the balance of power in political relations with the United States and China. Using the qualitative analysis tool ATLAS.ti (version 24) for the G/T approach, it was concluded that to overcome the syndromes of lower-middle-income trap (LMIT) and higher-middle-income trap (HMIT), ASEAN economies should implement the following spontaneous strategies: infrastructure development, improvement of basic education and promotion of science and technology. In addition, it is important to raise awareness of political tensions between China and the US, apply the techniques of thoughtful diplomacy, fine-tuned policy formulation, and shared vision to establish a diplomatic balance between China, the US, and Japan in the context of geopolitical risk management.

The role of renewable energy in the energy–growth–emission nexus in the ASEAN region

BackgroundThe Association of Southeast Asian Nations (ASEAN) relies mainly on fossil fuels in their energy supply, leading to higher CO2 emissions, pollution, and further environmental degradation. This paper uses the panel vector autoregressive and the Granger non-causality test in the heterogeneous panels, together with long-run estimation techniques, to examine the dynamic link among energy consumption, economic growth, and carbon emissions with the focus on renewable energy for the ASEAN countries in the past three decades.ResultsThe findings from this paper indicate that carbon emissions are associated with energy consumption. In contrast, renewable energy usage reduces CO2 emissions, improving environmental quality. Economic growth is associated with increased energy consumption and carbon emissions in the ASEAN countries. The findings also indicate that the effects of energy consumption on economic growth are more significant than those of renewable energy in ASEAN. When considered together, these findings form a vicious circle regarding the energy–growth–emission nexus for the ASEAN economies. In addition, a bidirectional Granger causality among energy consumption, economic growth, CO2 emissions and renewable energy usage is confirmed.ConclusionsRenewable energy has emerged as an important viable option for the ASEAN nations to achieve their dual objectives of enhanced economic growth, reduced CO2 emission, leading to improved environmental quality.

Leading countries and research networks advancing clean production and environmental sustainability in Southeast Asia

PurposeThis study aims to assess the response of the Association of Southeast Asian Nations (ASEAN) to cleaner production and environmental sustainability, with a specific focus on identifying the leading countries and research networks driving these efforts.Design/methodology/approachA benchmarking academic journal was chosen, and the journal’s archive was comprehensively examined. To construct the data set, a conventional keyword search technique was applied in February 2023 to filter for ASEAN affiliations. The study used hybrid bibliometric analyses and multi-criteria decision analysis (MCDA) to analyze the collected data and address the research purpose.FindingsThe data analysis revealed a rising research trend, particularly after 2014. Malaysia had the most publications, followed by Thailand and Singapore, and their publications had the most cumulative citations among ASEAN countries. Research collaborations between Malaysia, Thailand and Singapore were frequent, but participation from other countries was low. The research topics on which ASEAN members focused were also identified, but it became apparent that there was little coordination. A scant few collaborations involving more than two countries were observed; thus, the MCDA analysis concluded that research leadership was absent in ASEAN countries.Originality/valueThis study contributes insights to the existing literature and offers a valuable overview of the research direction and collaboration status of cleaner production and environmental sustainability in the ASEAN region, thus benefiting policymakers. Additionally, this study introduces a novel approach combining bibliometrics analysis with MCDA to assess research collaboration, thus providing a novel methodology for future research policy evaluations.

Factors affecting environmental pollution for green economy: The case of ASEAN countries

Although environmental pollution affects the earth's atmosphere and increases the seawater level, these issues get little attention from policymakers and scientists. This academic paper explores the multifaceted factors contributing to environmental pollution in the member states of the Association of Southeast Asian Nations (ASEAN). Environmental pollution is a growing concern globally, and ASEAN, a region undergoing rapid economic development, faces unique challenges in mitigating its impact. Therefore, there needs to be more research in analyzing the factors that affect environmental pollution. This paper aims to test the determinants affecting ecological pollution for the green and sustainable economy in the ASEAN countries. This paper used the data from Word Bank for the period 2000–2020 in 09 ASEAN countries such as Vietnam, Laos, Cambodia, Myanmar, Indonesia, Malaysia, Thailand, Brunei and Singapore. The paper uses the unrestricted fixed and random panel data method. The STATA software 17.0 is used in the research and processes the regression model. The article reviews existing literature, statistical data, and case studies to identify and analyze key factors influencing environmental pollution in ASEAN countries. The new contribution of this research is that ASEAN countries are paying more attention to importing green products to develop a green and sustainable economy. The study considers various dimensions: industrialization, urbanization, agricultural practices, policy effectiveness, and socioeconomic factors. By understanding these factors, policymakers and stakeholders can develop targeted strategies to address and mitigate the environmental pollution crisis in the ASEAN region.

ASEAN’in İnsan Hakları Perspektifinin Dönüşen Niteliği: Vizyon ve Uygulama

The matter of human rights was not a priority topic in the Association of Southeast Asian Nations (ASEAN) regionalism in the 20th century. However, human rights have become an important issue of cooperation in the ASEAN regionalism in the 21st century. From this point of view, this article analyzes the motivations that guide ASEAN cooperation regarding human rights, the historical development of the cooperation process and the problems faced by cooperation in the field of human rights in practice. The article’s main argument is that while ASEAN has strengthened collaboration in human rights in theory in the 21st century, it has not developed a similar behavior in practice, and there is an imbalance between the theory and practice in cooperation concerning human rights. This study shows that ASEAN’s traditional method of collaboration based on consensus-based decision-making and non-binding institutions has caused to a decrease in the effectiveness of cooperation over human rights and means that ASEAN is unable to reply effectively to human rights violations.

Leveraging Green Bonds to Address Debt Sustainability and Economic Recovery in South Asia: Lessons from EU and ASEAN Countries

This paper intends to analyze how green bond markets can address debt sustainability and post-COVID-19 economic recovery in South Asia and draws lessons from the European Union (EU) and Association of Southeast Asian Nations (ASEAN) countries using desk approach and survey of grey literature. The study reveals that COVID-19 crisis induced the European governments to launch innovative bonds such as social and sustainability bonds to meet large public finances for pandemic and post-pandemic recovery actions, while issuance of green bonds in ASEAN region has been quite slow but remained positive despite declining trend in global market in 2020. Robust policies and regulations have been developed and implemented in the EU and ASEAN regions, whereas development of green bond markets in South Asian countries has been facing numerous barriers. The roadmap to promote green bond markets in South Asia should focus on following broad policy issues: primary policies, established instruments, innovative products and new strategies. The primary policy options should focus on building and strengthening infrastructure for development of green bond markets. In this context, the policies should focus on developing a shelf of climate-compatible green projects to achieve inclusive and sustainable post-COVID-19 recovery and to meet the sustainable development goals. Local bond markets should be bolstered to issue innovative green bonds and tactical public green bonds to finance the post-COVID-19 recovery in South Asian countries. The compatible EU and ASEAN green bond standards should be replicated with suitable modifications to develop South Asian country-specific green and sustainable bond standards.

Examining Policy Strategies for Electrifying Transportation in ASEAN: A STEELUP Framework Evaluation

With the recent emphasis on carbon neutrality following COP27, many countries prioritise shifting to electric mobility as a crucial strategy to combat carbon emissions. A significant portion of this comes from transportation. Notably, countries such as Norway, China, and the United States have taken the lead in the electric vehicle (EV) industry, driven by their effective e-mobility policies. In contrast, the 10 member nations of the Association of Southeast Asian Nations (ASEAN) are still in the early stages of adopting this emerging trend. This paper conducts a comprehensive evaluation of the current e-mobility policies within the ASEAN region, employing the STEELUP (Sociocultural and demographic, Technological, Economic, Environmental, Legislative, Urban design, and Political) framework to provide a holistic perspective on the e-mobility landscape in the ASEAN countries. By critically assessing the implementation of e-mobility policies in each country, this paper aims to identify key gaps and challenges that hinder the acceleration of EV adoption in the region. The findings from the STEELUP framework, coupled with a thorough analysis of the current conditions in ASEAN, provide crucial insights for governments and policymakers to act upon. Through evidence-based recommendations, this study concludes by suggesting effective strategies to expedite the uptake of EVs in the ASEAN region.

Circular economy strategies in the ASEAN region: A comparative study

Circular Economy (CE) is a sustainable development paradigm that promotes resource efficiency, closed-loop systems, and waste reduction to minimize environmental impacts while fostering economic growth; its popularity is rising at a global scale since the negative effects of linear consumption patterns become more apparent. In this direction, the ASEAN (Association of South East Asian Nations) countries have shown a rising interest in CE due to the region's rapid economic growth and urbanization led to increasing resource consumption and waste generation, which makes CE imperative to safeguard their natural resources and ecosystems. The methodology assessed and compared CE policy documents and academic sources, focusing on excellence and expected impacts, excluding obsolete policies. As the foremost finding, this work provides a comprehensive assessment of the CE strategies comparing the ten ASEAN countries for understanding the current direction of circularity across the region, which is insufficient, although the need for a CE is understood and numerous policy strategies are currently in the work or pending to be approved; Vietnam is the most promising nation for CE implementation. Brunei, Laos, and Myanmar are the most stagnant, while the rest of the countries are progressing adequately. First, this paper introduces the most critical environmental issues across the ASEAN region and briefly describes the concept of CE. Secondly, it assesses the most up-to-date and remarkable CE policies of each nation. Thirdly, it discusses how CE can address their challenges to be catalyzed into opportunities, comparing the ten states considering their CE advancements. This work will be interesting for foreign investors, the general public, Academia, and policymakers.

Assessing the energy efficiency of fossil fuel in ASEAN

The world's industries, transportation systems, and households rely heavily on fossil fuels despite their limited availability and high carbon content. Therefore, it is of the utmost importance to improve fossil fuel energy efficiency in order to facilitate the shift towards a sustainable energy system with reduced greenhouse gas emissions. This paper employs a slacks-based measure network data envelopment analysis model with undesirable outputs to assess the efficiencies of fossil fuel energy in the Association of Southeast Asian Nations (ASEAN) countries during a span of seven years, specifically from 2015 to 2021. The inclusion of undesirable outputs in this study is important because it allows for a more realistic assessment of efficiency by considering factors like CO2 emissions, which are undesirable outcomes associated with fossil fuel use. The datasets utilised in this study are sourced from the U.S. Energy Information Administration and the open data website of Our World in Data. Based on the findings, it can be observed that Singapore and the Philippines have demonstrated outstanding performance in maximising the utilisation of fossil fuels. In contrast, Myanmar exhibits the lowest level of efficiency in this analysis. By identifying top-performing countries in terms of fossil fuel efficiency, it is possible to implement measures to boost efficiency in under-performing countries. This can be achieved through the promotion and adoption of cleaner energy alternatives, specifically renewable energy sources that exhibit a low or negligible carbon footprint. These findings offer significant contributions to policymakers exploring sustainable energy usage, environmental stewardship, and the formulation and execution of comprehensive strategies that aim to mitigate carbon dioxide emissions arising from the consumption of fossil fuels in the ASEAN region.

Financial development, energy consumption, and economic growth in the ASEAN countries: evidence from the PVAR approach.

The Association of Southeast Asian Nations (ASEAN), a new global economic force, has struggled to achieve a dual objective of enhanced economic growth and improved environmental quality. Financial development is generally considered an important tool in achieving these simultaneous objectives. This paper examines the response mechanism and the inter-relationship between the ASEAN region's financial development, energy consumption, and economic growth. Unlike previous studies, the paper uses a generalized method of moments panel vector autoregression (GMM-panel VAR) framework for the 1981-2021 period. The second-generation Granger causality test is used to identify their causality relationship. Economic growth supports financial development and reduces energy consumption from fossil fuel sources in the ASEAN countries. Financial development also reduces fossil fuel energy consumption. The bi-directional relationship between economic growth and fossil fuel energy consumption exists. Energy consumption and financial development are also bi-directionally linked. However, only the unidirectional Granger causality from economic growth to financial development is found. The variance decomposition analysis results confirm that economic growth accounts for the most significant variance in fossil fuel energy consumption and financial development in the ASEAN countries. Policy implications have emerged based on these findings.

Unpacking the interconnectedness between macro economic policies and socioeconomic outcomes: A case of monetary policies and wealth inequality in the ASEAN region

This study aims to link the interconnectedness between the dynamic of macroeconomic policies and the distribution of wealth in the Association of Southeast Asian Nations (ASEAN) context through the lens of monetary policy. Time series and panel data from the World Inequality Database (WID) for six ASEAN countries from 2000 to 2021 and the panel vector autoregression (PVAR) were used to analyze the dynamic interactions between monetary policy and wealth inequality. The results suggest that lowering the policy interest rate, increasing inflation, and economic growth lead to a significant increase in wealth inequality in the short run. The impulse response function of the top 1% and top 10% wealthiest are more noticeable than those of the middle 40% and the bottom 50%. Additionally, the study highlights an interesting temporal dynamic, suggesting that the effects of monetary policy don't manifest instantaneously. Instead, these effects evolve gradually. This time lag indicates the complexity of how monetary interventions interact with economic factors and underscores the importance of patience and careful observation when assessing the outcomes of such policy decisions. The study's implications emphasize the importance for policymakers to consider the distributional effects of monetary policy in the long run policy objective.

Comparing the resilience of Sharia and conventional banking to the financial crisis in the Association of Southeast Asian Nations

This study aims to analyze the comparison of the resilience of Islamic and conventional banking in the Association of Southeast Asian Nations (ASEAN) during the COVID-19 pandemic. Comparison of banking resilience was proxied by the Capital Adequacy Ratio (CAR) and Loan-to-Deposit Ratio (LDR) factors, Return on Assets (ROA) and Non-Performing Loans (NPL) with the Multiple Discriminant Analysis test. In this case, the emphasis is placed on the patterns by which Islamic and conventional banking in ASEAN weathered the recent financial crisis during the COVID-19 pandemic. The explanatory and quantitative analysis also used a purposive sample strategy and SPSS to obtain and analyze data from 120-unit analyses of Islamic and conventional banks, respectively. From 2020 to 2021, traditional banks in the ASEAN region, especially in Indonesia, Malaysia, and Brunei Darussalam, were emphasized. Moreover, some data were prioritized regarding the Comparison of Resilience of Sharia and Conventional Banking in ASEAN after the COVID-19 pandemic. The results showed that conventional and Islamic banks had different resilience due to the influence of Capital Adequacy Ratio (CAR) and Loan-to-Deposit Ratio (LDR) factors, but there was no significant difference in the Return on Assets (ROA) and Non-Performing Loans (NPL). Based on the accuracy of the average prediction of 80%, conventional and Islamic bank groups had classification values of 48% and 88%, respectively. This indicated that Islamic financial institutions were more successful than conventional groups in implementing banking resilience.

Spatio-temporal dynamics of terrestrial Net ecosystem productivity in the ASEAN from 2001 to 2020 based on remote sensing and improved CASA model

The Association of Southeast Asian Nations (ASEAN) has attracted considerable attention for its rich land ecosystem productivity. However, recent excessive human disturbances may have triggered significant transformations. Consequently, understanding the spatio-temporal dynamics of ecosystem productivity in this region is crucial for strengthening regional ecological sustainability and implementing climate change mitigation strategies. In this study, we harnessed multi-source remote sensing data, an improved CASA model, Theil-Sen Median estimators, Mann-Kendall tests, and Hurst exponent to estimate the net ecosystem productivity (NEP) of the ASEAN region and simulate its spatiotemporal dynamics change. The results showed that the mean annual NEP from 2001 to 2020 in ASEAN was 396.83gC/m2, exhibiting a gradual downward trend. From a spatiotemporal tendency perspective, the areas of NEP decline in the ASEAN region far outweighed the areas of increase, with 60.03% of the total area showing a decrease in NEP, 33.14% showing a boost, and 6.83% showing no significant change. In terms of change persistence, 79.3% of NEP demonstrated anti-persistence, indicating a stronger trend of NEP change reversal. Coupling analysis results indicated that the areas with a future increasing trend of NEP constituted 36.11% of the total area, while areas with no significant future change accounted for 0.08%, areas with a future decreasing trend included 25.21%, and 38.6% of the region exhibited uncertain future trends. Researchers should continually monitor areas with decreasing NEP and uncertain future trends. This study, driven by remote sensing data and combined with the improved CASA model, has successfully estimated the Net Ecosystem Productivity (NEP) at both site and regional scales. The analysis results of NEP in the ASEAN region have enhanced our comprehension of the spatio-temporal patterns of vegetation carbon balance changes in ASEAN, providing data support for formulating “low-carbon economy” strategies and promoting the sustainable development of regional ecosystems.

Financial stability nexus with oil prices shocks and business cycle uncertainty during COVID-19: empirical trends of ASEAN economies.

This study aims to analyze the correlation between financial stability, oil price shocks, and business cycle uncertainty in the economies of the Association of Southeast Asian Nations (ASEAN) amidst the COVID-19 pandemic. This study examines the interplay and effects of various factors on the economic resilience of the ASEAN region, utilizing data from ten-member countries spanning the years 2002 to 2022. The results underscore the notable impact of oil price shocks on financial systems' stability, suggesting that oil price variations have the potential to disrupt financial markets, particularly in the context of the ongoing pandemic. Moreover, the research illustrates that the presence of business cycle uncertainty amplifies the negative consequences of oil price shocks, thereby heightening their influence on the financial system's stability. The study also uncovers a robust correlation between the COVID-19 pandemic and heightened levels of business cycle uncertainty within the ASEAN economies. The ongoing global pandemic has increased market volatility, a deceleration in economic growth, and disruptions in supply chains, generating a heightened sense of uncertainty within the business landscape. As a result, the heightened level of uncertainty has impeded the efficacy of monetary and fiscal policies in preserving financial stability.

Accounting‐based variables as an early warning indicator of financial distress in crisis and non‐crisis periods

AbstractFinancial integration in the Association of Southeast Asian Nations (ASEAN) region is a key focus of the ASEAN Economic Community. Whereas many studies focus on modelling corporate default, this paper identifies early warning indicators of financial distress before a default, using multiple discriminant analysis (MDA) models with a sample of listed and delisted companies in the ASEAN region. The analysis examines 720 companies in 10 different industries across six ASEAN countries from 1997 to 2016. The study constructs individual models for each country as well as an overall model for the entire region, using both in‐sample and out‐of‐sample approaches. This overall model could be useful for an integrated banking system. To ensure robustness, the study also separately examines the predictive performance of the MDA models across different economic crises: the Asian financial crisis (AFC) from 1997 to 2000, the global financial crisis (GFC) from 2007 to 2009 and their pre‐ and post‐crisis periods. We find that profitability ratios are the best indicators of financial distress in the ASEAN region, followed by liquidity and leverage ratios. In addition, our findings reveal common indicators that can be used to predict financial distress across ASEAN countries. The single model performs reasonably well in predicting financial distress 1 year ahead. In addition, the model is extended to incorporate a market‐based indicator into the MDA models, the distance to default. However, the inclusion of this indicator does not significantly improve the accuracy of the models in predicting financial distress at listed firms in the ASEAN region.

Facing South China Sea Dispute: Where Is Asean Single Voice?

South China Sea disputes has become intense in challenging regional stability in Southeast Asia. The strategic location of rich natural resources, for instance, oil and gas has triggered China and other Claimant States in Southeast Asia in exercising their capability mainly in military power to secure their claimed area. China stretched its “Nine-Dash Line” and created an artificial island namely Spartly Island. To date, this unresolved disputed questioning the role of Association of Southeast Asian Nations (ASEAN) as the leader of regional organisation in dealing with this conflict. The disputes mechanisms have been exercised by ASEAN, for instance, Treaty of Amity and Cooperation (TAC) through ASEAN Regional Forum (ARF) as well as produced guidance in facing China through Declaration of Conduct (DOC) and Code of Conduct (COC). However, the progress apparently remain insignificant in achieving agreement. This paper examines ASEAN’s leadership in bridging the dispute through assessing the effectiveness of its dispute mechanisms through Confident Building Measures (CBM) as a diplomatic strategy in reaching one single voice in facing China.

The growth effects of financial integration in the ASEAN countries

PurposeFinancial integration has played an essential role in achieving economic growth in the members of the Association of Southeast Asian Nations (ASEAN). However, its effects on economic growth in the region in the long run have been underexamined. This paper examines these effects for the ASEAN member countries.Design/methodology/approachA fully modified ordinary least squares (FMOLS) estimation is used to take into account two critical econometric issues in panel data analysis, including (1) cross-sectional dependence and (2) slope heterogeneity. The dynamic ordinary least squares estimation is also used for robustness analysis. The authors use the generalized least squares estimation to examine the effects in the short run.FindingsThis study’s empirical results confirm the important role of financial integration to economic growth in the ASEAN countries in the short term. However, the effects appear to disappear in the long term. The authors also find capital, labor, and human development positively contribute to economic growth in the region. International trade plays a significant role in supporting economic growth in the ASEAN in the short run. However, its effect seems to weaken in the long run.Originality/valueThe growth effects of financial integration in the ASEAN region in the long term have largely been neglected. As such, the authors examine these effects using updated data on financial integration. The authors extend this study’s analysis by considering foreign direct investment and financial depth as the alternative proxies for financial integration. Other estimation technique is also used as the robustness check.

Competition law and policy of the ASEAN member states for the digital economy: a proposal for greater harmonization

ABSTRACT Over the last decade, many countries have demonstrated remarkable development in their competition regimes, and the regimes of the Member States of the Association of Southeast Asian Nations (ASEAN) are no exception. Since effective competition policy for the digital economy has become an important topic across the world, it is time to discuss desirable guidance for digital competition law and policy in the ASEAN region. There are notable obstacles to providing digital policy guidance for the ASEAN Member States. Most Member States have distinctive objectives of competition law, such as associating the non-economic goals of fair competition with unique substantive rules on unfair trade practices. Moreover, the dissimilar level of law enforcement among the Member States requires ASEAN to provide applicable standards for the appraisal of conduct in digital cases so as not to distort competition in the ASEAN region. This article aims at providing suggestions for ASEAN guidelines for the digital economy, which has not been discussed before, by analysing the cases and legislation in several competition regimes.

P.134 Neurosurgery research output in The Association of Southeast Asian Nations (ASEAN) region: a scientometric analysis

Background: Various challenges and innovations have led to the evolution of neurosurgery in the ASEAN region. This has increased interest among neurosurgeons to publish research papers for the past years. The study aims to compare the publication trend, and topic trend on research in the region using scientometric techniques. Methods: Publications from Web of Science (WoS) using the keywords “neurosurgery” OR “neurological surgery.” were obtained. Results only included English articles published from ASEAN countries. Publication, citation, collaboration, and text-co-occurrence analysis were done using WoS and VOSViewer. Results: 1951 articles published between 1996 to 2022 were analyzed. The ASEAN countries’ productivity are: Singapore (34.07%), Thailand (21.66%), Indonesia (15.25%), Malaysia (14.72%), Philippines (5.99%), Vietnam (5.15%), Cambodia (1.78%), Myanmar (1.16%), Brunei (0.21%). Singapore, Thailand, Malaysia, and Indonesia were the top research collaborators. Publications have clusters of co-occurring keywords: (1) seizure, aneurysm, pain; (2) traumatic brain injury, mortality, functional outcome; (3) technology, application; (4) survey, training; (5) glioblastoma, brain metastases, chemotherapy. Conclusions: Trend in publications support the growing importance of neurosurgery. Variations in publications are attributed to differences in research interest, training, technology and culture between countries. These are relevant to aid in future capacity-building projects, research agendas, policy guidelines, and collaboration between countries, to improve research production.

Examining Capital Structure Determinants for ASEAN Energy Firms

Increasing energy insufficiency is the main trench for the South East Asian countries. Though, there are rare empirical inquiries in relation to the energy firms’ capital structure determinants for the firms functioning in the Association of Southeast Asian Nations (ASEAN). Therefore, this study is an attempt to discover the capital structure determinants of energy firms that are functioning in the six key economies of ASEAN region which are Malaysia, Indonesia, Thailand, Philippines, Cambodia and Vietnam. In this setting, a total of 144 energy firms’ yearly Panel Data is involved over 14 years period from 2007 to 2020. The seven core determinants of capital structure, namely tangibility, return on equity, current ratio, non-debt tax shield, inflation and annual gross domestic product are inspected in relation to capital structure which is measured by ratio of debt to total asset. Employing both Panel Data models that are Static and Dynamic models via using robust estimator i.e. Generalized Method of Moments (GMM), the results reveal that tangibility and profitability are the most prominent determinants among all others. Evidently, the two newly introduced capital structure determinants that are inflation and energy consumption for ASEAN region energy firms are also reported significant by dissimilar estimators. The significant character of tangibility, profitability and lagged dependent variable directly infers the relevance of Dynamic Trade-Off theory. The findings provide new ways for policy makers to construct parallel strategies which will not only help out to overcome the energy scarcity issues but also to enhance regional level integration.