SOUTHEAST ASIAN JOURNAL OF ECONOMICS

Gender Differences in Access to Home-based Long-term Care in Thailand

Sasatra Sudsawasd — 2026-07-31

This study examines the determinants of long-term care use, as well as the equality and horizontal equity in the use of home-based care, with a focus on gender differences. Using data from the 2021 survey of older persons in Thailand, the findings highlight the important role of gender alongside other socio-economic factors in determining caregiver arrangements for elderly individuals with disabilities living at home. Elderly males are more likely to receive care from informal caregivers than elderly females but are less likely to receive care from paid caregivers. The gender gap tends to decrease as elderly individuals age or become more dependent in activities of daily living. Additionally, this study provides empirical evidence of inequality and horizontal inequity in long-term care use. Informal caregiving favors individuals with lower socio-economic status, while paid home caregiving favors those with higher socio-economic status. The degree of inequality and horizontal inequity is more severe among elderly males than females.

Accelerating Job Search: The Influence of Internet Penetration on Reducing Youth Unemployment Duration in Indonesia

Adrian Nalendra Perwira — 2026-07-31

We investigate the impact of internet penetration on the duration of youth unemployment in Indonesia from 2008 to 2018. Using a municipality-level panel dataset constructed from Sakernas, Susenas, and Podes, the analysis applies fixedeffects and instrumental variable models to address potential endogeneity. Results indicate that higher internet penetration is associated with shorter durations of youth unemployment. A 1-percentage-point increase in municipal internet penetration reduces average unemployment duration by 0.09 to 0.51 months, depending on the model used. The study also finds a modest but significant negative relationship between internet penetration and unemployment rates. Robustness checks using lagged controls and lead-lag specifications confirm the direction and strength of these effects. These findings confirm the role of digital infrastructure in reducing job search frictions and improving youth labor market efficiency. The development of the Indonesian Broadband Plan may be critical for enhancing youth employment outcomes.

The Impact of Board Diversity on the Risk-taking of Listed Firms in Vietnam

Thong Tien Nguyen — 2026-07-31

This study examines how board diversity impacts the risk-taking behavior of listed firms in Vietnam. Through panel data regression analysis, the findings reveal that both demographic and structural diversity within the Board of Directors play a significant role in shaping corporate risk-taking. Specifically, gender diversity and the age of board members are associated with higher risk, while diversity in board expertise, board size, and the presence of independent directors help lower risk tolerance and ensure financial stability. The results enrich the application of agency and resource dependence theories in the context of board diversity and risk-taking. They highlight the critical role of diverse governance structures in balancing risk and return, offering valuable insights for enhancing corporate governance in Vietnam. As companies and policymakers navigate these complexities, promoting diversity may be crucial for effectively managing corporate risk in emerging markets.

Adaptation and Psychometric Validation of the Playful Work Design Scale in the Thai Context: A Behavioral Science Perspective

Sudarat Tuntivivat — 2026-07-31

Playful work design (PWD) enhances economic outcomes through intrinsic motivation and engagement, with its dimensions of fun and competition. However, a Thai version of the PWD scale was yet to be developed. This research aimed to translate, adapt, and test the psychometric qualities of the PWD scale in the Thai context to make it culturally meaningful. The study employed mixed methods, involving the translation and validation of the scale through 6 expert reviews and 6 cognitive interviews, followed by the testing of its psychometric properties with 200 Thai participants selected via stratified random sampling. Confirmatory factor analysis showed a two-factor model fit the data, confirming the Thai PWD scale mirrors the original's two factors: designing fun (6 items) and designing competition (6 items). Ordinary least squares regression revealed that PWD significantly predicted innovative work behavior (β = 0.72, p < .001). Thus, the adapted scale with twelve-item is a valid and reliable tool, with the potential to predict work behavior.

Macroeconomic Uncertainty and Corporate Cash Holdings: Evidence from the Vietnam Stock Exchange

Tuan Anh Nguyen — 2026-07-31

This study investigates the relationship between macroeconomic uncertainty and firms’ cash holdings in Vietnam, an emerging market characterized by strong state control. We use a fixed-effects regression model on a panel dataset of 4,090 firm-quarter observations from 279 companies listed on HOSE and HNX (2009–2023) and the World Uncertainty Index for Vietnam (WUIVNM) as a proxy for macroeconomic uncertainty. The findings indicate that firms tend to increase cash holdings in response to heightened macroeconomic uncertainty. Further analysis reveals that this effect is more pronounced among firms with low financial constraints, operating in less competitive industries, with limited growth opportunities, or without state ownership. To address potential endogeneity, an instrumental variable approach is applied. This research contributes to the literature by providing empirical evidence from a tightly regulated emerging economy, offering valuable implications for both corporate financial strategies and macroeconomic policymaking.

Foreign Direct Investment and Renewable Energy Consumption in European and Central Asia Nations: The Moderating Role of Government Expenditure

Tuan Van Tran — 2026-07-31

Our study contributes to the growing literature on the 7th and 8th Sustainable Development Goals because it examines the moderating role of government spending in developing renewable energy consumption by attracting higher net FDI inflows. We use a dynamic system Generalized Method of Moments to analyze unbalanced panel data with 939 annual observations from 45 European and Central Asia countries from 2000 to 2019. While increasing the net FDI inflows discourages renewable energy consumption, higher government spending positively empowers renewable energy consumption. Moreover, the results find that government spending moderates the nexus between net FDI inflows and renewable energy consumption in European and Central Asian countries. The findings support the pollution haven hypothesis, public economics, and institutional theories. Finally, the findings support policymakers in Europe, Central Asia, and other emerging nations to encourage sustainable renewable energy utilization.

Impact of the Russia–Ukraine Conflict on Commodity-Driven Stock Price Volatility in the Indonesian Market

Ario Menak Sanoyo — 2026-07-31

This study analyzes the impact of the Russia–Ukraine conflict on the volatility of commodity-based stocks in Indonesia, especially the oil, gas, coal, gold, and wheat sectors. Using the BEKK-GARCH and Vector Autoregression (VAR) models, this study compares the periods before and during the conflict. The results show a significant increase in the spillover effect, especially in the coal and gold sectors. During the conflict, oil prices had a negative impact on ENRG, while coal prices that previously had a positive impact on ADRO turned negative. Gold volatility increased on PSAB, while its impact on ANTM weakened. Meanwhile, the effect of wheat prices on INDF became insignificant, but MYOR and ROTI experienced a change in the direction of spillover. These findings indicate the need for risk mitigation strategies and more adaptive policies in dealing with market volatility due to geopolitical instability.

Price Discovery in Cryptoasset Exchanges: An Empirical Analysis Across Market Conditions and Investor Positions Using Transaction-Level Data From Thailand

Roongkiat Ratanabanchuen — 2026-07-31

This study investigates the price discovery process on Thailand’s largest cryptoasset exchange, uniquely leveraging high-frequency transaction data and investor portfolio positions from 2020 to 2022. By applying a vector error correction model (VECM), we compare local price dynamics of BTC, ETH, and XRP against a global benchmark (Kraken). Our findings reveal a significant lag, with local prices taking approximately 30 to 60 minutes to align with global movements. This convergence process notably slows during periods of high market volatility, irrespective of market direction. Such patterns, particularly the varied investor reactions based on their profit/loss status, suggest the influence of behavioral biases like inertia and the disposition effect among predominantly retail investors. These insights into how local market participants react to global price shocks contribute to a deeper understanding of cryptoasset market microstructure. The results carry actionable implications for regulatory policy, including the potential for enhanced market quality benchmarks and targeted investor education to mitigate behavioral inefficiencies.