Journal of Economics and Behavioral Studies 2021-07-10T13:30:10-04:00 Editor Open Journal Systems <p><strong>Journal of Economics and Behavioral Studies (JEBS)</strong> is an open access peer reviewed journal (ISSN 2220-6140) that publishes original unpublished research work. JEBS provides a forum for the intellectual exchange of academic research in the fields of economics, finance and behavioral studies. JEBS publishes 6 issues per year.</p> <p><img src="/public/site/images/admin/cc_by2.png"></p> <p>This work is licensed under a&nbsp;<a href="" target="_blank" rel="license noopener">Creative Commons Attribution 4.0 International License</a></p> Economic Growth and Socioeconomic Sustainability in BRICS Countries: A Vector Error Correction Modeling Approach 2021-07-10T13:30:10-04:00 Olawumi Dele Awolusi <p>A major problem to the BRICS goal of achieving sustainable economic growth for members is the increasing level of socioeconomic inequality in the bloc. Consequently, the purpose of this study is to understand the influence of economic growth on socio-economic sustainability in the BRICS countries<strong>, </strong>using a yearly dataset from 1990 to 2019<em>. </em>A multivariate co-integration technique by Johansen and Juselius and Granger causality test were used to establish the relationships. Findings confirmed co-integration and short-run causal relationships. The most interesting results were the negative influence of economic growth on socio-economic inequality, tacit support for the resource curse hypothesis. The paper concluded that a common policy option was not possible and that for the block to pursue its economic prosperity goals without compromising individual countries' needs for socioeconomic sustainability, varied policy options were inevitable. The policy implications and recommendations are straightforward: the radical legal basis for the transition from natural resource export, as well as, sweeping regulation for the sustainable usage of natural resources protection, strict penalties on violations of environment-related laws and policies to enhance, general country-wide support. In addition, there may be an urgent need to define the active role of NGOs and other independent institutions in promoting socioeconomic equality (sustainability) practices and concepts at both local and national levels, enhanced social programs; market development, Integration of existing policies and creation of societal culture. Consequently, to the best of the researcher’s knowledge, no study has investigated comprehensibly (along with multiple determinants) the sustainability of growth policy options within BRICS with an aim to proposing socioeconomic sustainability and growth policy options.</p> 2021-07-09T09:27:18-04:00 Copyright (c) 2021 Olawumi Dele Awolusi Money Illusion in Charitable Giving in the Absence of Market Price Resistance 2021-07-10T13:30:07-04:00 Jorge N. Zumaeta <p>Money illusion occurs when individuals fail to differentiate nominal from real values when making financial and economic decisions. As a consequence, they do not adjust their consumption behavior according to real variables. We report an economic experiment to study whether money illusion appears in a very simple setting. It is very important to mention that the experiment was conducted in the context of charitable giving. Our experimental results showed the absence of money illusion among the participants. Our study suggests that money illusion is not present in the absence of price stickiness (market price resistance). This finding supports Shafir et al. (1997). The main objective of our study is to develop a better understanding of economic agents’ charitable giving behaviors as influenced by perceptions of nominal income. Charitable institutions could build fundraising strategies based on behavioral tendencies to the perception of income in nominal or real terms.</p> 2021-07-09T09:42:20-04:00 Copyright (c) 2021 Jorge N. Zumaeta Self-Destructive Work Behavior Management for Socio-Economic Emancipation: A Classic Case of Saving One from Oneself 2021-07-10T13:30:05-04:00 Miebi Ugwuzor <p>Africa is amply endowed with diverse dimensions of resources as well as having a rich cultural heritage with great potentials for economic growth and development. It is also worthy of mention that the resourceful capacities of Africans in the diaspora in all spheres of life have contributed immensely to the development of other continents of the world. Despite these great progressive potentials, a large percentage of African States are in obvious and dire need of sustainable socio-economic emancipation. This glaring need to identify the key challenges and propose solutions necessitated this study. This study is conceptual and examined self-destructive behaviors at multiple levels using theoretical underpinnings from the Human survival and the self-destruction paradox as well as the dialectical behavioral therapy. This Paper identified several ingrained sources of self-destructive work behaviors in contemporary public sector workplaces in Africa which contribute to the socio-economic challenges. This work highlights that these obnoxious, self–destructive work behaviors seem highly inimical to management praxis. The behaviors seem capable of contending against the aggregate fight for sustainable socio-economic emancipation of the Continent. Deliberate self-salvation was opined here to steer away behaviors, especially in workplaces, from this current path of self-destruction. Novel Actionable thoughts were suggested to stem this unfavorable tide and push for a generation of operational work behaviors as well as an ethical renaissance in management praxis for the emergence of archetypes completely devoid of any anti-progress tendencies.</p> 2021-07-09T09:47:12-04:00 Copyright (c) 2021 Miebi Ugwuzor Strengthening the Competitiveness of Indonesia's Loser Sector Products in RCEP Cooperation 2021-07-10T13:30:03-04:00 Ragimun Abdullah Imran Rosjadi <p>The purpose of this study is to map some of Indonesia's loser sector products which are commodities that need to be strengthened in the RCEP cooperation forum. In this study, the Revealed Comparative Advantage (RCA) formula is used to analyze the competitiveness of Indonesian export products. The average RCA results between, 2015-2019 show that out of the five food and beverage product items, most of them have high competitiveness. Meanwhile, the average RCA of livestock products, light industry and heavy industrial products has low competitiveness. A strengthening strategy to increase product competitiveness in the RCEP market requires several steps. These steps include identifying market access in RCEP partner countries, improving product quality and specialization, coordinating between the Government and the private sector and continuing to encourage bureaucratic reform, harmonization of regulations to obtain Smart Regulations.</p> 2021-07-09T11:43:46-04:00 Copyright (c) 2021 Ragimun Abdullah, Imran Rosjadi An Evil to be Extinguished or a Resource to be harnessed-Informal Sector in Developing Countries: A Case of Zimbabwe 2021-07-10T13:29:59-04:00 Favourate Y Sebele-Mpofu Nomazulu Moyo <p>The informal sector remains a permanent feature of all economies. It is a more pronounced component of developing country economies where it is an integral part. Literature on economic development offers diverging viewpoints on the sector’s contribution to economic growth. On the one hand, researchers view the sector with positivity as a resource to be harnessed, capable of growth and innovation and on the other hand with negativity as a pure survivalist strategy and a stumbling block to effective policy formulation and economic development. Therefore as an inconvenience to be extinguished. The ambivalent view is further compounded by the sector’s paltry contribution to national tax revenues and as such, the IS has remained unappreciated and largely on the peripheral of economic reviews and policy responsiveness. The former view suggests that the latter is a misconception and narrow recognition of the sector as merely survivalist and contributing negligibly to employment creation and poverty alleviation efforts. Failure to recognize a coexistence of both street traders and firms with potential for growth, improved productivity and innovation, has consequently resulted in misguided policies. Policymakers pay little or no attention to the potential of informal sector firms, the challenges they face, the vulnerability they are exposed to and the appropriate support they require. This gap motivates this paper, as it seeks to explore the role played by the IS in developing countries with a special focus on Zimbabwe. The study employs a mixed-method research design. The research established that the sector remains unequivocally a major source of employment for many developing countries. It also established that a single-minded focus on formalizing the sector, linked to registration for tax purposes, ignores the other arm to the equation that is the creation of job opportunities, hospitable working conditions, improved productivity and increased profits which are possible with adequate policy support. The research recommends improved policy research and support which is development focused to aid informal firms to grow and be independent institutionally and financially from their owners as well as skills capacitation to improve operational and financial management.</p> 2021-07-09T11:51:45-04:00 Copyright (c) 2021 Favourate Y Sebele-Mpofu, Nomazulu Moyo Business Succession in Indian Family Businesses in South Africa 2021-07-10T13:29:56-04:00 Yaaser Mahomed Vuyokazi Mtembu <p>Family businesses play a pivotal role economically and socially in most countries. The study aimed to identify and understand the experiences of Indian family businesses in South Africa with regard to business succession. A quantitative research approach was used with data collected through Google forms online survey. Data was collected from sixty (60) business people from Indian-owned family businesses in South Africa. The study interrogated the following factors which have an influence on family business succession: business ownership influence in succession, business readiness for the exit of owner and succession, the role of the owner after exit from business and selection criteria of the right successor. Findings revealed that the majority of families (86.27%) said it is important to have a hundred percent or full ownership of the business and that a successor should be selected within the family from their bloodline. Findings also revealed that the majority of businesses (86.27%) were not fully ready for the exit of the owner or current leader of the business and that on the exit of the owner; a majority (90.2%) of businesses will prefer to have the owner playing an active advisory role in the business. It is recommended that family-owned businesses should plan for succession on time and draft a well-planned strategic succession plan for the business. It is also recommended that an objective criterion be used in selecting a successor who will take the business forward. Healthy business continuity should be the ultimate goal of succession and families should not sacrifice successful business continuity because of their, internal differences and conflict, culture, blood relations, gender or religion.</p> 2021-07-09T12:05:40-04:00 Copyright (c) 2021 Vuyokazi Mtembu, Yaaser Mahomed