Despite being a significant contributor to Assam’s economy, the bell metal industry has been confronting several challenges. Applying the regression method and the input-oriented Data Envelopment Analysis (DEA) of Banker, Charnes, and Cooper (BCC) model on the primary data of 138 bell metal firms of Sarthebari of Assam, the study empirically estimated the impact of economic and non-economic challenges, including the firm’s technical efficiency, on the value of bell metal production. The results revealed that the cost of raw materials, wages, production days, and firms’ technical efficiency were significant factors in determining the value of bell metal output. Middlemen had negative and significant impacts on production. The findings underscored the need for targeted policy interventions to equip artisans with education, training, and skills, thereby enabling them to access markets and technology directly.

The People’s Palm Oil Replanting (PSR) program is a national strategic initiative of the Indonesian government that is aimed at rejuvenating aging oil palm plantations to enhance productivity and sustainability among smallholder farmers. However, participation rates remain below policy targets, indicating the presence of constraints beyond financial considerations. This study aims to identify the determinants of smallholder farmers to participate in the PSR program. Using 348 farmers as samples, and by employing SEM-PLS, the study revealed that non-economic factors, proxied by two variables (farm and location), are the most significant factors that determine the decision of farmers in joining the PSR, while governance and technical procedure have no significant impact on farmers’ decisions to join the PSR Program. An interesting finding was also documented in this study, in which the economic factor has no significant impact. Overall, the findings showed that the economic factors alone are insufficient to drive smallholders into joining PSR programs. Instead, institutional support, access to reliable information, governance alignment, and farm conditions are more crucial. Hence, a proper policy mix is required to maximize the impact of the program for the farmers.

In response to the complexity and uncertainty in assessing the safety and economic impacts of the Changed Product Rule (CPR) in civil aviation products’ airworthiness certification, this paper constructs a comprehensive evaluation model based on a cost–benefit analysis framework. In previous research, studies on aircraft modification costs have consistently been conducted from the perspective of design organizations, focusing on modeling and optimizing the one-time engineering costs of the modifications themselves or remaining confined to the level of safety performance without addressing the calculation of economic value. The model proposed in this paper considers the entire aircraft service lifecycle and uniformly quantifies potential impacts into monetary terms for comparison. The model encompasses safety improvements, cost estimation, and discounted cash flow analysis, aiming to provide decision-makers with quantitative tools for determining the applicability of the “impracticality exception” standard. This ensures that modifications to aviation products balance safety with economic viability. Through case studies involving fuel tank access panel design changes and Auxiliary Power Unit (APU) inlet duct fire protection requirements, the effectiveness and practicality of the model are validated, offering an empirical foundation for future policy formulation and industry regulation. Nevertheless, the parameters in the model depend on historical data, and appropriate parameters must be carefully selected. Although the model has taken into account the entire lifecycle of the aircraft, it is still based on static assumptions and fails to consider the impact of the rapid development of the aviation industry over time. Ongoing model refinement, international data collection, and integration of non-economic factors remain key directions for future research.

Background: Inflation in Nepal has remained high and volatile, exceeding levels considered optimal for sustained economic growth. While existing studies have primarily focused on traditional domestic economic factors, Nepal’s growing integration with the global economy and its history of political and economic shocks suggest that external and non-economic factors may also significantly influence its inflationary dynamics. This study addresses this research gap by investigating a broader set of potential determinants. Objectives: The primary objective of this study is to analyze the impact of both economic and non-economic factors on inflation in Nepal. It specifically aims to assess the roles of money supply, fiscal deficit, trade openness, India’s wholesale price index (WPI), the output gap, the policy shift to liberalization, and periods of unusual circumstances. Methods: The study employs an Auto-Regressive Distributed Lag (ARDL) bounds testing approach to cointegration using annual time-series data from 1975 to 2022. Dummy variables are incorporated to capture the effects of the post-1990 liberalization policy regime (D1) and unusual circumstances such as conflict and natural disasters (D2). Diagnostic and stability tests ensure the robustness of the model. Findings: The results confirm a long-run cointegrating relationship among the variables. In the long run, money supply, trade openness, and India’s WPI have a significant positive impact on inflation in Nepal. The shift to a liberalization policy regime is associated with a significant reduction in inflation. Conversely, the fiscal deficit, output gap, and dummy for unusual circumstances are found to be statistically insignificant in explaining inflationary trends. Conclusion: Inflation in Nepal is determined by a mix of internal monetary factors, external trade-linked factors, and policy regime changes. Monetary policy remains essential for price stability. To curb imported inflation and enhance resilience, policies should focus on boosting domestic productive capacity through import substitution, trade diversification, and fostering a stable investment climate. Novelty: This study contributes to the literature by being among the first in the Nepalese context to empirically incorporate and test the impact of trade openness, the output gap, and qualitative non-economic factors (policy regime change and unusual circumstances) within a unified ARDL framework, moving beyond the conventional analysis of traditional variables.

Tax compliance remains a complex and often unattainable objective for many tax administrations, despite being a crucial component of public finance and governance. The study examines how taxpayer decisions are influenced by both non-economic (such as moral values, social norms, perceived fairness, and institutional trust) and economic (such as audit probability and penalties) factors using a qualitative literature survey method. Five main theoretical models—the Economic Deterrence Model, Socio-Psychological Theory, Fiscal Exchange Theory, Comparative Treatment Model, and Political Legitimacy Model—that explain tax compliance behaviour are thoroughly reviewed and synthesized in this study. The review's main conclusion is that there is not a single theory that adequately accounts for the variety of reasons people have for complying with tax laws. Instead, an integrated approach that considers the interplay between voluntary, value based motivations and enforcement mechanisms is necessary to gain a thorough understanding of taxpayer behaviour. The findings of this study reveal that creating efficient tax systems requires taking into account deterrence tactics as well as initiatives to promote equity, openness, and political legitimacy in government.

This study aims to analyze social barriers in economic development that affect the growth of Micro, Small, and Medium Enterprises (MSMEs) in Kraksaan District, Probolinggo Regency. MSMEs play a strategic role in supporting regional economic development; however, their growth is often constrained by various non-economic factors, particularly social barriers. This research employs a descriptive qualitative approach through a literature review, utilizing secondary data obtained from academic journals, reference books, and relevant institutional reports. Data analysis is conducted descriptively to identify the forms of social barriers faced by MSMEs and to examine their implications for business growth and competitiveness. The findings reveal that MSMEs encounter several dominant social challenges, including low levels of business literacy, traditional entrepreneurial mindsets, limited access to information and business networks, and low utilization of technology in business activities. These conditions hinder MSMEs from innovating, expanding market access, and improving productivity, which ultimately weakens their competitiveness. Therefore, strengthening social aspects such as education, mindset transformation, information accessibility, and technological adaptation is essential to support sustainable MSME growth and enhance regional economic development.

ABSTRACT Despite the many studies on calendar anomalies in stock returns, little is known about seasonality in China’s index futures markets. This article studies market efficiency and regime-switching calendar anomalies in China’s CSI300, SSE50, and CSI500 futures markets, focusing on the effects of day-of-the-week, week-of-the-month, month-of-the-year, and Chinese Lunar New Year (CLNY). A Markov-switching autoregressive model with dummies is employed to capture the nonlinear dynamics of futures return, absolute return, relative volume, and basis in a low-volatility regime and a high-volatility regime. We find significant and persistent evidence of these calendar effects in the three futures markets. Moreover, non-economic factors such as the Chinese lunar calendar and market sentiment can affect institutional decision-making. Practically, we develop a simple futures trading strategy based on the CLNY effect, which generates significant economic gains and outperforms a benchmark strategy. We further demonstrate that the CLNY effect is negatively associated with market sentiment in the CSI300 and SSE50 futures markets, whereas it represents risk premiums in the CSI500 futures market. Our results generally support the Adaptive Market Hypothesis over the weak-form Efficient Market Hypothesis for China’s index futures markets.

The Islamic insurance industry in Indonesia, including in the city of Medan, continues to face various challenges, one of which is the low level of public participation in using Islamic insurance products. Public decisions to choose Islamic insurance are influenced not only by economic factors but also by non-economic factors, such as the level of religiosity, Islamic financial literacy, and trust in insurance service providers. This study aims to examine in depth the role of religiosity, financial literacy, and trust in influencing public decisions regarding the use of Islamic insurance in Medan City. This research employs a qualitative approach by utilizing secondary data obtained from reports of the Financial Services Authority (OJK), the Central Statistics Agency (BPS), fatwas issued by the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), as well as relevant national and international scholarly articles. Data analysis was conducted using content analysis techniques to obtain a comprehensive understanding of public behavior, perceptions, and preferences. The findings indicate that religiosity plays a role in increasing awareness of the importance of financial products that comply with sharia principles, financial literacy strengthens public understanding of the benefits and mechanisms of Islamic insurance, while trust emerges as the key factor most decisively influencing decision-making. These findings are expected to serve as a reference for formulating strategies to enhance public literacy and trust in Islamic insurance in Medan City.

Purpose: This study investigates the autonomy of art workers within the Indonesian cultural industry through a case study of two local television stations, ADiTV and Bali TV. The main objective is to examine how art workers maintain their autonomy while navigating the demands of the market and the organizational values imposed by their institutions. Methods: This study adopts a qualitative case study approach. Data were collected through in-depth interviews with television managers, art workers, and observers. The observers interviewed in this study were individuals with a deep and long-standing concern for the dynamics of local television. ADiTV and Bali TV were selected as research sites due to their distinctive characteristics. ADiTV operates as a local television channel with an Islamic missionary orientation, while Bali TV is embedded within the Ajeg Bali cultural movement. Findings: This study found that the autonomy of art workers in the cultural industry on local television shows a negotiated position. This study found that economic interests in pursuing profits and mass production within the cultural industry do not always harm the autonomy of art workers. Pressures on art workers actually come from non-market forces that are more cultural, such as Islamic values ​​on ADiTV or Ajeg Bali on Bali TV. Originality: This research contributes to the debate on artists' autonomy in the local television. By taking non-economic factors into account in determining artists' autonomy, this study makes an essential contribution to the discussion on artists' autonomy in the cultural industry, which tends to emphasize commercial factors.

The success of economic reforms is attributed to a foundation of non-economic factors, including socio-political and moral-psychological elements, alongside the gradual "evolutionary principle" targeting profitable industries. The 2007 economic crisis highlighted the resilience of some developing countries compared to developed ones. The economic growth of many developing countries is propelled by its large workforce, specialization, and high-tech policies. For example in India, despite being overshadowed by China, experts predict India will be the third-largest economy by 2050. Its low wage levels facilitate a collaborative approach to projects, enhancing productivity at a lower cost than in developed countries like the United States

The disclosure of anti-fraud policies by non-financial companies in Indonesia is still voluntary, unlike that of financial and banking companies that which are required to make such disclosures. In the context of voluntary disclosure of anti-fraud policies, rational choice theory assumes that companies will make disclosure if the benefits are perceived to outweigh the risks. However, in reality, non-economic motives additionally take a role in decisions pertaining to this disclosure, in addition to rational ones. This research criticizes the rational choice theory by exploring whether voluntary disclosure decisions by non-financial companies are genuinely rational or influenced by significant non-economic factors such as moral, cultural, and corporate image. This research provides a new perspective for non-financial companies in Indonesia to consider non-economic factors in decision-making regarding the disclosure of anti-fraud policies and to develop views in the philosophy of economics on the importance of social and moral factors in economic decision-making about transparency and accountability. This study concerns the economic rationality assumption in the voluntary disclosure of anti-fraud measures by non-financial enterprises in Indonesia, emphasizing the importance of social and organizational culture elements. The findings indicate that a purely rational approach may not always be effective, underlining the importance of integrating ethical ideals and economic philosophy to promote transparency motivated by moral principles rather than financial gain.

Purpose: The primary objective of this study is to identify theoretical and methodological patterns at the intersection of family business and accounting research. The paper aims to map how accounting practices are shaped by the unique ownership structure and socioemotional dynamics of family firms. By identifying theoretical and methodological tendencies, this study highlights research gaps and proposes paths for future research. Methodology/approach: This structured review of the literature bridges the fields of accounting and family business research to examine the scholarly literature and develop insights, reflections, and further research directions for accounting and family business subjects as an emerging research area. Seventy journal articles dealing with accounting and family firms, published between 2000 and 2024, were systematically selected and examined. The review mainly targets papers exploring the topics of accounting within family businesses. A SWOT analysis is used to evaluate the current literature and highlight its key patterns and gaps. Findings: The study reveals that the majority of the papers focus on accounting aspects of family firms, suggesting that accounting has been primarily examined based on accounting quality and disclosure and earnings management. However, the reliance on quantitative methods and the focus on publicly listed firms in developed economies limit the understanding of the socioemotional and relational dynamics that underpin financial decision-making in family firms. The paper identifies the need for more qualitative and mixed-methods research and calls for the scope to be expanded to include private family firms and those in emerging markets. Research limitations/implications: A limitation of this literature review is the reliance on ABS-ranked journals, although it is justified by quality considerations of the selected literature. Originality/value: This paper uniquely applies a SWOT analysis to the literature, identifying critical gaps and offering clear directions for future research, particularly in integrating non-economic factors and employing diverse methodologies.

Purpose This study investigates how trade openness influences internal conflict, emphasizing the moderating role of income inequality. It aims to clarify whether the benefits of globalization translate into domestic peace or exacerbate internal unrest when income distribution is unequal. Design/methodology/approach Using an unbalanced panel of 126 countries from 1999 to 2022, the study applies a dynamic panel data framework based on two-step System Generalized Method of Moments (GMM) estimators. This approach accounts for potential endogeneity, autocorrelation, and heterogeneity across countries. Robustness tests include alternative lag structures and difference GMM estimations. Findings Empirical results reveal that trade openness and GDP per capita significantly reduce the risk of internal conflict, supporting the liberal peace hypothesis. In contrast, higher income inequality, inflation, democracy index, market concentration, and external conflict increase conflict risk. The findings confirm the embedded liberalism thesis, indicating that trade promotes peace only when accompanied by redistributive domestic policies that mitigate inequality. Research limitations/implications This study is subject to several limitations. While it offers robust empirical findings, the use of panel data limits the ability to capture country-specific dynamics and institutional nuances. Moreover, internal conflict is a multifaceted phenomenon influenced by non-economic factors not fully addressed in the model. Despite these limitations, the results provide valuable insights for policymakers, suggesting that trade openness alone may not ensure peace without addressing domestic inequality. Future research may benefit from disaggregated analyses or mixed-method approaches to better understand the country-level mechanisms linking globalization and internal conflict. Practical implications The results suggest that policymakers should complement liberalization policies with inclusive welfare measures and skill-based interventions to ensure that trade benefits are broadly shared, preventing distributional grievances that may lead to instability. Social implications This study highlights the social risks of uneven globalization. While trade can promote economic growth, its benefits must be distributed fairly to prevent societal fragmentation. High income inequality can erode trust, deepen social divisions, and increase the likelihood of unrest. Furthermore, democratization without strong institutions may fail to foster cohesion, especially in developing societies. These findings stress the importance of inclusive development policies that promote both economic opportunity and social equity to ensure long-term internal stability and reduce the risk of conflict. Originality/value This study contributes to the literature by integrating trade theory and conflict analysis within a dynamic panel framework, offering one of the few cross-country empirical examinations of how trade openness, inequality, and internal conflict interact over time.

Objectives: This study investigates the factors that influence the location of Foreign Direct Investment (FDI) in the member countries of the SAARC. The significance of this research lies in its capacity to provide policymakers with valuable insights and enhance their understanding of the determinants impacting FDI in the SAARC region. Methodology: We collect data from the World Development Indicators (WDI) database spanning the period from 2000 to 2022. We use multiple linear regression (MLR) to test our conjectures using STATA. We conduct a comprehensive examination of economic, institutional, and demographic issues. In addition, we employ Dunning's Ownership-Location-Internalisation paradigm (DOLI) as a guiding framework to identify and examine hypotheses on FDI. Findings: We find that economic conditions have a range of consequences on FDI, which have significant ramifications. The findings highlight the heterogeneous effects of the manufacturing sector on FDI, with substantial significance observed in the specific nations, while lacking statistical significance in others. The analysis also uncovers diverse effects of the quantity and quality of the labor forces, exhibiting positive correlations in certain cases and minimal influence in other scenarios. This statement emphasizes the significant importance of proactive trade tactics, emphasizing the complex connections between FDI and trade openness, market potential, regulatory environment, tax policies, and savings. Originality/Value: Our study contributes to the literature of FDI by providing empirical evidence. Moreover, this paper brings insights for policymakers and we believe that our findings can be utilized to create a favorable atmosphere for foreign investors. This, in turn, can lead to an increase in FDI and contribute to the development of a strong and sustainable economy across the SAARC area. Practical Implications: The findings help policymakers focus on improving infrastructure, stabilizing prices, and strengthening key sectors to better attract and sustain FDI in SAARC countries. Limitations: The study is limited by the use of secondary data and a single panel regression model, which may not capture country-specific and non-economic factors that affect FDI.

This paper proves that spiritual capital is the driving force of entrepreneurial spirit. Spirituality comes from religious values, traditions, and the environment. It can be seen in the community of Tetep, Dukuh Gambirsari Kelurahan Randuacir, Salatiga, Central Java. The entrepreneurial spirit in this community develops due to the impacts of spirituality that manifest in daily practice. The approach of this paper is autoethnography, which is a narrative study based on the experiences of individuals and communities in society. The research utilizes the theories of capital developed by Karl Marx, Weber, and Pierre Bourdieu. Marx emphasized that humans are beings who work, and material possessions serve as the driving force behind work. Weber argues that economic development is closely intertwined with non-economic factors. Bourdieu conceptualizes capital across various dimensions-economic, cultural, social, and symbolic – which are interconnected with habitus and field. The spiritual capital that grows through the practice of life shows that people have the ability to manifest the appreciation of spirituality into the power to survive and thrive amid changing times. In its development, it was also found that some members of the community did not view their businesses solely as a means of survival, but rather as a source of livelihood that created jobs for many people. This spiritual capital is developed in concrete actions through the creations of self-employment in the form of trade and service business. The development of an entrepreneurial society with all its implementations can be used in this approach. Spiritual capital gives rise to fortitude, perseverance, courage to take risks, learners, gratitude, fruitfulness, and honesty. This spirit became the driving force of capitalism for marginalized communities, known as marginal capitalism or village capitalism. They proved the values, culture, and norms of society.

SHGs, by acting as financial intermediaries, offer affordable group loans, which not only provide crucial financial access but also foster strong group cohesion. This research delves into how Self-Help Groups (SHGs) are empowering women in West Bengal's Nadia district, drawing insights directly from 379 SHG members. Recognizing that women's empowerment is a complex and multifaceted concept, the study aimed to understand the members' own perceptions of their empowerment journey. Using the Garrett Ranking Method, the study compared various components of empowerment to identify which aspects have been most significantly impacted since women joined SHGs. The findings reveal a clear preference: respondents ranked economic empowerment indicators higher than social and personal growth indicators. They strongly believe that access to cheap credit and its efficient utilization have been more instrumental in empowering them economically than socially. Essentially, the study concludes that, from the perspective of these women, economic factors are more effective than non-economic factors in driving their empowerment. This highlights the foundational role of financial independence in their overall journey toward empowerment.

Labor productivity is one of the leading indicators of national economic competitiveness. Despite abundant human resources, Indonesia faces challenges due to its relatively low labor productivity, which stands at only USD 14 per hour, well below that of Singapore, Thailand, and Malaysia. This study aims to analyze the role of organizational culture as a non-economic factor influencing labor productivity in Indonesia, using Hofstede's Cultural Dimensions framework and comparing Indonesia with developed countries in Southeast Asia. The analysis results show that Indonesian organizational culture remains characterized by high power distance, extreme collectivism, low achievement orientation, and short-term orientation, which in turn impacts low initiative, innovation, and individual performance. In contrast, Singapore and Malaysia combine hierarchy with meritocracy and long-term orientation, while Thailand displays an adaptive, paternalistic culture. These findings emphasize the need for organizational culture transformation in Indonesia toward participatory leadership, individual performance-based systems, and continuous investment in human resource development. The strategic implications of this study highlight the importance of reforming work culture to support the agenda of increasing competitiveness and achieving the vision of Golden Indonesia 2045.

This research seeks to assess the efficacy of tax revenues across 34 provinces in Indonesia and analyze the determinants affecting provincial tax collections on a national scale. This research utilizes yearly data released by the Central Statistics Agency of Indonesia from 2019 to 2023. The Tax Performance Index assesses tax revenue performance over a five-year period, using panel data regression analysis to evaluate the impact of various factors. A panel data regression analysis was performed using the fixed effects model. The results of the regression analysis indicate that most provinces have not yet achieved optimal tax revenue levels. The regression study findings indicate that Gross Domestic Product (GDP) per capita, Human Development Index, Percentage of Workforce, and Gini Index strongly influence tax revenues, both individually and together. The research findings suggest that the government must consider both non-economic and economic factors that may influence tax collections.

Despite the significant role of discriminatory preferences in shaping racial disparities in economic outcomes, much of the economic literature assumes racial preferences to be exogenous. However, existing research indicates that both economic and non-economic factors can influence racially prejudiced sentiments. This article contributes to the literature by (a) utilizing repeated cross-sectional survey data from multiple waves (1976–2018) of the General Social Survey to achieve more precise estimates and stronger test statistics; (b) performing regression analyses with varying model specifications to ensure robustness of the empirical results; (c) demonstrating how careful inclusion of controls for age, period, and cohort impacts the findings; and (d) employing a quantile regression approach to explore differential effects across the distribution of discriminatory preferences. Our results show that unemployment rates are significantly linked to discriminatory preferences, aligning with classical labor market competition theories. Furthermore, education plays a crucial role, especially in reducing discriminatory preferences at the higher end of the distribution. We argue that classical labor market competition theories are instrumental in explaining the determinants of discriminatory preferences.

ABSTRACT Inbound tourism is crucial for generating foreign exchange and promoting economic growth. However, it is sensitive to several economic and non-economic factors. Using annual panel data from 2007 to 2019, this study investigates the economic, environmental, and institutional factors that influence inbound international tourism in the world’s top 20 tourist destinations. A key contribution of this research is the inclusion of institutional quality and non-renewable energy consumption in the tourism-related literature. The Granger Causality Test, in conjunction with the panel ARDL model, is applied to examine the data. The Kao confirmed the existence of a long-run relationship among the variables. Results under the economic tourism dimension indicate that economic growth, trade openness, and population growth have a significant impact on inbound tourism. In contrast, the impact of inflation was found to be negative. Similarly, carbon emissions and non-renewable energy consumption both show notable negative effects in relation to environmental tourism, indicating that environmental degradation deters international tourists. In the institutional tourism dimension, governance quality, control on corruption, political stability, and the absence of violence/terrorism all have a positive impact on tourist arrivals, emphasizing the role of a strong institutional framework in attracting international tourists. Findings demonstrate the multifaceted nature of the demand for international travel and highlight the significance of sustainable economic policies, environmental protection, and institutional integrity in fostering sustained tourism growth.