Scholarlink

Equity crowdfunding (ECF) has impacted the financial landscape by providing innovative financing options for businesses and individuals. Startups and established businesses can raise capital from investors using ECF platforms. Besides its significance, the relationship between ECF and conventional economic indices like unemployment, price rises, gross domestic product (GDP), and interest rates has not been widely studied. Existing studies have focused on micro-level components, ignoring the general association between ECF performance and economic indexes. This study used the Toda Yamamoto (TY) Granger Causality and VAR (p + dmax) estimation method to link ECF performance to Malaysian economic indices. The time series and ECF data from 2017 to 2022 were collected from the Department of Statistics Malaysia (DOSM) and Securities Commission Malaysia (SC). The data showed no causal association between ECF performance and performance of inflation (CPI) in Malaysia. It also showed a reciprocal relationship between ECF performance and economic growth, showing that ECF activities boost the economy and the ECF market. The ECF’s potential to create jobs is also demonstrated by its one-way relationship with unemployment. The unidirectional relation between ECF and interest rate suggested that changes in the base lending rate (BLR) affect ECF activities, and higher rates can boost ECF attractiveness. The results indicated that ECF boosts economic growth and reduces unemployment in Malaysia without generating inflation. Nevertheless, ECF market performance depends on interest rates, emphasizing the importance of flexible monetary policy.

错误：搜索内容不能为空，请输入英文关键词
错误：关键词超出字数限制，请精简
高级检索

Toda Yamamoto Causality Test Between Equity Crowdfunding Performance and Economic Indicators: Empirical Evidence for Malaysia

  • 会议论文

  • 发表日期：

    2025年

查看全文
  • Rohanizan Md Lazan,
  • Imbarine Bujang,
  • Norashikin Ismail,
  • Igo Febrianto

摘要

Equity crowdfunding (ECF) has impacted the financial landscape by providing innovative financing options for businesses and individuals. Startups and established businesses can raise capital from investors using ECF platforms. Besides its significance, the relationship between ECF and conventional economic indices like unemployment, price rises, gross domestic product (GDP), and interest rates has not been widely studied. Existing studies have focused on micro-level components, ignoring the general association between ECF performance and economic indexes. This study used the Toda Yamamoto (TY) Granger Causality and VAR (p + dmax) estimation method to link ECF performance to Malaysian economic indices. The time series and ECF data from 2017 to 2022 were collected from the Department of Statistics Malaysia (DOSM) and Securities Commission Malaysia (SC). The data showed no causal association between ECF performance and performance of inflation (CPI) in Malaysia. It also showed a reciprocal relationship between ECF performance and economic growth, showing that ECF activities boost the economy and the ECF market. The ECF’s potential to create jobs is also demonstrated by its one-way relationship with unemployment. The unidirectional relation between ECF and interest rate suggested that changes in the base lending rate (BLR) affect ECF activities, and higher rates can boost ECF attractiveness. The results indicated that ECF boosts economic growth and reduces unemployment in Malaysia without generating inflation. Nevertheless, ECF market performance depends on interest rates, emphasizing the importance of flexible monetary policy.