ISSN: 2289-4519 Page 39

International Journal of Accounting & Business Management

www.ftms.edu.my/journals/index.php/journals/ijabm

Vol. 6 (No.1), April, 2018

ISSN: 2289-4519 DOI:10.24924/ijabm/2018.04/v6.iss1.39.50

This work is licensed under a

Creative Commons Attribution 4.0 International License.

Research Paper

THE IMPACT OF GLOBALIZATION ON ECONOMIC GROWTH: A STUDY ON SELECTED ASIAN COUNTRIES

Hassan Afeez Olatunbosun BSc(Hons) Accounting & Finance Student

Lords Ashcroft Business School

Anglia Ruskin University, UK

Afeezhassan90@gmail.com

Abdul Basit Lecturer

School of Accounting and Business Management

FTMS College, Malaysia

Abdulbasit9037@gmail.com

ABSTRACT

The purpose of this research is to examine and investigate the impact of globalization on economic growth in selected countries of Asia. This research will investigate the impact of social, political and economic globalization on gross domestic product of the selected Asian countries. This research was done on 18 selected countries of Asia. This research used panel data analysis from 2011 to 2015 using convenience sampling and total observation of 100. Data was selected from KOF Index of Globalization. This research use social, political and economic globalization as independent variables and gross domestic product as dependent variable. E-views software was used to generate the regression result. The results reveal that social globalization has a significant impact on GDP while political and economic globalization has an insignificant impact on GDP. This research will benefit to economist, student, journalist and future researchers to understanding and acknowledge the impact of globalization on Asian’ economy growth. Future researches are recommended to use different sample such as European countries or Middle East country. Also they can use other variables such as FDI, export or import to measure the economic growth of selected countries.

Key Terms: Social globalization, Political globalization, Economic globalization, Gross domestic

product (GDP), KOF Index of Globalization, Asia

1. INTRODUCTION

Many researches have been gauging the impact of globalization, especially in

developed countries. The purpose of this study is to investigate the impact of globalization on

Asia economic growth. Asia is the biggest landmass on the planet and populated with more

than 4.3 million individuals (Population Reference Bureau, 2015).South Asia GDP recorded

USD 2.6 trillion in 2015 over USD 73.4 trillion of universes GDP (Word bank, 2015). China

(USD 10.8 trillion) and Japan (USD 4.1 trillion) second and third on GDP list (Word bank,

2015) which justifies that Asia has a great deal to be pleased with. As indicated by (Asian

development Bank, 2016), Asian locale contribute around 60% of worldwide development in

ISSN: 2289-4519 Page 40

the following 2 years, near to its commitment in the previous 5 years. Therefore, the

following research objectives are formulated:

To investigate the impact of social globalization on Gross domestic product (GDP).

To investigate the impact of political globalization on Gross domestic product (GDP).

To investigate the impact of Economic globalization on Gross domestic product

(GDP).

Even though globalization is generally considered as a mission to country wide

sovereignty, states in Asia have chosen to include the worldwide economic system. For the

period of Asia’s increase years, globalization used to be viewed as an instrument for

strengthening country wide energy, as a substitute than as a competencies chance (Ba, A.D,

2003). Movements in Indonesia, nonetheless, advocate that globalization can drive political,

as well as economic trade. Globalization can exacerbate divisions inside society, with some

businesses profiting more from globalization than others, Indonesia’s ethnic Chinese

language, for instance. In the face of globalization, ethnic divisions and separatist movements

would aggravate, and social brotherly love would undergo as well (Aveling, H. and

Kingsbury, D, 2014).

2. LITERATURE REVIEW

According to Albrow 1990 “Globalization” refers to all those processes wherein the

peoples of the arena are included right into a single world society or global society (Cuterela,

2012). Lawrence 1996. Globalization is outlined here as a suite of economic and political

constructions and approaches deriving from the altering of the goods and assets that comprise

the bottom of the international political financial system in particular, the growing structural

differentiation of these goods and belongings (Reich, 1998, 1996).According to (Datko A,

2016) Social globalization is obvious in the similarities of social traits between cultures, from

consumerism to arts and humanities. Political globalization is when governmental action

takes location on a worldwide stage, where responsibilities, such as the welfare of residents

and fiscal development, are acted upon by way of a global political physique (Bridges,

2002).According to (Shangquan, 2000) Economic globalization refers to the growing

interdependence of world economies as a result of the growing scale of go-border exchange

of commodities and services, waft of international capital and vast and speedy spread of

applied sciences. According to (Landefeld & McCulla, 2000) Economic growth is developing

in the inflation-adjusted market price of the items and services produced by a financial

system over time.

Transnationalism is observed more commonly within the globalization literature as an

umbrella concept encompassing a wide type of transformative processes, practices and traits

that take position at the same time at a nearby and world level. Transnational tactics and

practices are outlined widely as the multiple ties and interactions fiscal, political, social and

cultural – those hyperlink men and women, communities and institutions across the borders

of nation-states (Robinson, 2007). Some Scholars point out to the unconventional personality

of transnational hyperlinks within the generation of globalization(Levitt, 2001., Smith &

Guarnizo,1998., Portes, Guarnizo, & Landolt, 1999). Transnational ties among contemporary

immigrants are extra excessive than these of their historic counterparts as a result of the pace

and moderately cheap personality of journey and communications and that the impact of

these ties is extended by way of the worldwide and country wide context wherein they occur

(Levitt, 2001., Portes 1995., Portes, Guarnizo & Landolt, 1999). Transnational migration

theorists have on this regard questioned seemingly dichotomous and together amazing

classes, reminiscent of outside versus inside, country wide versus global, sending versus

receiving international locations, sojourner versus settler, citizen versus non-citizen, and to

ISSN: 2289-4519 Page 41

look for continuities and overlaps between and among them. Scholars working inside the

framework of transnationalism mostly see transnational links, hobbies and spaces as result of

globalization and as a drive that helps to form, improve and fuel it. The immigrants and non-

immigrant’s who create these links and areas are visible not best as objects upon which

globalization acts but additionally as topics who aid to form its course. Students have argued

that the transnational expertise will have to be conceived as involving a few layers and that

transnationality must be understood as a form of expertise that can't be constrained to

immigrant agencies (Roudometof, 2005).

According to (Hymer, 1970) Trickle-down theory,” argue for earnings and capital

obtain tax breaks or other fiscal benefits to significant companies, buyers and entrepreneurs

with a purpose to stimulate monetary progress. The argument hinges on two assumptions: all

members of society growth from progress; and growth is without doubt to come from those

with the assets and knowledge to broaden productive output. Trickle-down economics is on

hand in lots of types. Give-aspect arguments, extra more often than not than not related to tax

cuts for high earners, advise the wealthy might be more incentivized to raise output and

create higher jobs. Demand-aspect arguments, associated with subsidies and tariffs, argue the

wealthy want protections with a purpose to preserve paying their staff or to upward push

spending (Gates, 1999). All trickle-down insurance policies, nevertheless, transfer wealth and

advantage from all taxpayers towards an already rich few. This interventionism always

distorts the economic constitution. In natural free markets, these on the high can most

effective increase their wealth after supplying extra helpful items and choices, no longer

earlier than(Giddens, 2013). A 2012 study via the Tax Justice group suggests that wealth of

the gigantic-rich does not trickle all the method right down to increase the economic climate,

however tends to be gathered and sheltered in tax havens with a foul have an effect on the tax

bases of the house economic approach(Stewart, 2012)

Furthermore, the Heckscher–Ohlin model (H–O model) is a common equilibrium

mathematical model of international trade.Relative endowments of the reasons of production

(land, labour, and capital) verify a country's comparative skills. Countries have comparative

benefits in those items for which the required causes of creation are fairly ample in the

neighborhood. That is given that the profitability of items will depend on entering charges.

Goods that require inputs that are locally abundant will probably be cheaper to produce than

those items that require inputs that are locally scarce. For example, a country the place capital

and land are plentiful however labour is scarce may have comparative knowledge in items

that require lots of capital and land, however little labour—grains. If capital and land are

considerable, their costs might be low. As they're the most important reasons used in the

production of grain, the fee of grain will also be low—and for this reason appealing for both

neighborhood consumption and export. Labour-intensive items alternatively can be very

steeply-priced used in the production of grain, the price of grain will also be low—and thus

Used within the creation of grain, the cost of grain will even be low—and hence attractive for

both nearby consumption and export. Labour-intensive items however will be very steeply-

priced to supply on the grounds that labour is scarce and its rate is excessive. For that reason,

the nation is better off importing these goods (Miberg & William, 1996).

Even though H-O model is frequently notion to be groundwork for global alternate

suggestion, there are a lot of elements of criticism closer to the model (Miberg & William,

1996). The typical Heckscher–Ohlin mannequin and improved mannequin such on the

grounds that the Vanek mannequin performs poorly, as it's proven inside the section

"Econometric checking out of H–O model theorems". Daniel Trefler and Susan Chun Zhu

(2000), summarizes their paper that "it can be complex to believe that aspect endowments

notion might reward an adequate rationalization of worldwide alternate patterns. From the

middle of the 19th century to 1930s, large go with the flow of immigration took vicinity from

ISSN: 2289-4519 Page 42

Europe to North the United States. It's estimated that larger than 60 million men and women

crossed the Atlantic Ocean. Some politicians worried if these immigrants may cause rather

quite a lot of troubles (together with cultural conflicts).

The European social model is a usual imaginative and prescient many European states

have for a society that mixes fiscal growth with immoderate residing necessities and excellent

working conditions. European states do not all use a single social model, but welfare states in

Europe do share a quantity of gigantic traits. These most generally incorporate a commitment

to full employment, social protections for all residents, social inclusion, and democracy.

Examples lengthy-based amongst European nations incorporate customary wellbeing care,

free greater schooling, strong labour protections and principles, and beneficent welfare

applications in areas much like unemployment coverage, retirement pensions, and public

housing. The Treaty of the European neighborhood set out a few social targets: advertising of

employment, multiplied residing and dealing stipulations, correct social safeguard, converse

between management and labour, the progress of human assets with a view to lasting high

employment and the combating of exclusion (Scharpf, 2002). Due to the fact that one of a

variety European states center of attention on pleasant aspects of the model, it has been

argued that there are 4 one of a kind social models in Europe the Nordic, British,

Mediterranean and the Continental (Sapir & André. 2005).

The designated outlines of a European social model emerged for the duration of the

submit-wrestle broadens. Tony Judt lists a variety of reasons: the abandonment of

protectionism, the little one increase, low fee power, and a want to meet up with dwelling

requisites loved in the USA. The European social model additionally loved a low measure of

external competitors because the Soviet bloc, China and India weren't but developed-in into

the international financial process (Charlemagne, 2008). In latest years, it has become usual

to impeach whether or not or no longer is the ecu social model sustainable in the face of low

supply-rates, globalization, Europeanization and a developing older populace (Vlieghere &

Vreymans, 2006).

Stuart wall globalization refers globalization to the shift toward a more integrated and

interdependent world economy. In 1960, thewe accounted for over 40% of world fiscal

pastime; with the aid of 2008, it accounted for simply over 20% of world financial exercise

(A equivalent pattern happened in different developed nations). The percentage of world

output accounted for by means of setting up countries is rising and is expected to account for

more than 60% of world financial pastime by means of 2020 (From 1963 to 2008, China's

share of world GDP improved to eleven.2%) (Kenneth, 2010). The sector is moving toward a

extra global economic process however globalization just isn't inevitable, there are signs of

Retreat from liberal financial ideology in Russia. Charles hill argue that companies preclude

pricey efforts to adhere to labour and environmental laws by way of moving production to

international locations the place such rules do not exist, or aren't enforced. Supporters declare

that more difficult environmental and labour necessities are associated with monetary growth,

as international locations get richer from free alternate they put into effect more challenging

environmental and labour rules. Charles hill think that if globalization was once useful there

will have to now not be a divergence between wealthy and negative nations. Consistent with

Sidney (1994) Supporters declare that the quality way for bad countries to beef up their main

issue is to: cut back boundaries to exchange and investment, implement fiscal policies

situated on free market economies, receive debt forgiveness for debts incurred below

totalitarian regimes.

As discussed earlier, the key attributes of globalizations are social, economic and

political dimensions that could affect directly or indirectly the economic growth of a country.

ISSN: 2289-4519 Page 43

The social dimension of globalization refers back to the impact of globalization on the

existence and work of humans, households and societies (Mehlika, n.d.)There are extra social

elements for globalization past the employment, working dimensions, earnings, social

safeguard and many others. One other foremost social aspect is that globalization has deeply

influenced the social constitution of unique societies (Movius, 2010). Each society used to

have its own detailed tradition with appreciate to the language, social norms, morality, civic

with the advent of media which has this exact ability to have an effect on millions whilst has

challenged the social institutions of the society traditionally family (Jovanovic, 2010). A

detailed society following their variety of living without being much influenced via the

western culture is now obvious as ‘uncivilized’ which used to be an extraordinarily cunningly

designed propaganda of the west to inculcate their tradition into the leisure of the arena and

thereby dominating the globe ( Kirby, 2006).Ying, Chang & Lee, (2014) discovered that

social globalization has a poor impact on financial development.

H1- There is a positive significant impact of social globalization on GDP

(Keohane and Nye, 2000)Create economic, political and social dimension to measure

globalization, lengthy distance flows of goods, capital and offerings as well as understanding

and perceptions that accompany market exchanges is a part of the economic dimension.

Economists had been among the many first to check out to quantify the extraordinary

accessories of globalization in their attempt to assess its impact on economic progress

(Greenback &Kraay, 2004., Dreher, 2006). Certainly, the measures of globalization often

employed were completely monetary, mainly proxies by way of complete imports and

exports or overseas direct investment (FDI), expressed as a share in GDP (Goryakin,

Lobstein, James & Suhrcke, 2015). But, globalization will not be exclusively a financial

method, and although it had been, there may be more to fiscal globalization than the mere

float of goods and capital (Goryakin, Lobstein, James & Suhrcke, 2015).Ying, Chang and

Lee (2014) located that financial globalization has a greatly optimistic impact on economic

growth.

H2: There is a positive significant impact of economic globalization on GDP

Political motives in relation to the formation of regional alternate blocks, or participation in

more than a few global treaties, may also have performed a position, via performing as a

precursor to greater financial integration through the hole of meals markets to free trade

(Goryakin, Lobstein, James & Suhrcke, 2015) On the one hand, greater political integration

on a regional degree is prone to result in deeper regional cooperation (e.g. In the type of

alternate blocks), at the same time on the other hand it might also create mechanisms, for

example, trade limitations, designed to guard collaborating international locations from

external fiscal competition (Dreher & Dreher, 2006). Differential effects of political vs.

Monetary globalization have, for illustration, been determined in contemporary research

examining the have an impact on of globalization on monetary growth (Dreher & Dreher,

2006). Ying, Chang, and Lee (2014) found that political globalization has non-huge negative

outcomes.

H3- There is a positive significant impact of political globalization on GDP

ISSN: 2289-4519 Page 44

Figure 1: Conceptual Framework

3. RESEARCH DESIGN AND METHODOLOGY

Explanatory research design will naturally give an explanation for relationship

between social, political and economic globalization with gross domestic product and

that is purpose of this paper. This study will engage quantitative methodology for being a

proper, objective, systematic method in which quantifiable information is used to acquire

information concerning the world (Maxwell, 2012).Furthermore, this research is based on

secondary data since it allows for researcher comparison of knowledge or information

even it a few years’ worth(Srivastava & Yadav, n.d.)Sample size of this research is 20

Asian Countries (China, Malaysia, Japan, Thailand, Saudi Arabia, Cambodia, Korea,

Philippine, Indonesia, India, Nepal, Pakistan, Sri Lanka, Iran, Vietnam, Brunei,

Singapore, Bahrain, Kazakhstan and Bangladesh). Data for five (5) years have been

collected from KOF Index of Globalization start from 2010 to 2015.This paper will use

availability sampling by using the following criteria:

KOF Index of Globalization

Availability of data

Develop and developing countries in Asia and Central Asia

Lastly, for data analysis; descriptive and regression analysis was engaged in order

to answer the defined research objectives.

4. RESULT AND DISCUSSION

Descriptive Statistics

Table 1: Descriptive Means and Standard Deviation

Mean Std. Deviation

GDP 3.087 2.722249

POLITICAL 74.7097 13.34286

ECONOMICAL 57.3968 18.71661

SOCIAL 48.8964 19.18817

According to Table 1, the average mean for Gross Domestic Product (GDP) is

reported to be 3.08% and the standard deviation is 2.722. The result indicates an average

growth of 3.08% in terms of the gross domestic product (GDP) for the selected Asian

countries has been reported. The average mean for Political Globalization is reported to be

74.709 and the standard deviation is 13.34. The result signifies that the sample countries for

ISSN: 2289-4519 Page 45

this study experience a political globalization of 74% during the studied time span. The

chosen Asian countries also experienced an average of economic globalization of 57.398 and

standard deviation is 13.34. This shown that these countries experience 57.3% of their

economic globalization in 2015. Lastly, the selected countries also experience the average of

48.496 in social globalization with the standard deviation of 19.188. It shows that social

globalization experience by these countries in 2015 is 48.8%.

Regression Analysis

Table 2: Model fitness summary

MODEL R-Squared Adjusted R-

Squared

F-Statistics Prob(F-

Statistics)

Durbin

Watson-

Statistics

1 0.711 0.608 6.913 0.000 2.097

According to table the model shows that R square is 0.711 which indicates that 71.1%

of the dependent variable is explained by the independent variables (Political, Economic and

social). The adjusted R square is 0.608 which shows that a model is good fit model as the

value is higher than 0.60 (Lemeshow & Hosmer, 1982). The Durbin Watson is 2.097 which

show that there is no auto-correlation among the sample countries chosen for this study,

which is the value lies in average of 1.5 to 2.5(Anon, n.d.)

Table 3: Beta coefficient

Coefficient Std.Error T-Statistics Significance

Constant -10.447 12.363 -0.845 0.400

Political -0.118 0.123 -0.958 0.340

Economic 0.161 0.109 1.476 0.144

Social 0.267 0.108 2.475 0.015

Interpreting to the above mentioned table, political globalization is reported to have a

negative insignificant impact on GDP with a beta co-efficient value of -0.118 and

significance value of 0.340. Similar result was reported in the study of Dreher (2006).While

Kilic (2015); Rafat, Emadzadeh, and Ahmadi (2013) and Samimi and Jenatabadi (2014)has

contradictory conclusion from this study. Moreover, Economic globalization is reported to

have a positive insignificant impact on GDP with a beta co-efficient value of 0.144and

significance value of 0.144. Similar result was reported in the study of Dreher (2006).While

Kilic (2015) and Samimi and Jenatabadi (2014) has concluded their studies with an opposite

outcome. Furthermore, Social globalization is reported to have a positive significant impact

on GDP with a beta co-efficient value of 0.267 and significance value of 0.015. Similar result

was reported in the study by Rafat, Emadzadeh, and Ahmadi (2013) and Samimi and

Jenatabadi (2014) while Kilic (2015) has led his study to a different outcome than this

research.

ISSN: 2289-4519 Page 46

Table 4: Hypotheses acceptance and rejection

Hypothesis Significant level Decision Explanation

H1: political

globalization has a

insignificant impact on

GDP

0.340 Rejected The probability value is 0.340 which is

higher than 0.05 significant level. This

show that political globalization is

insignificant with GDP.

H2: economic

globalization has a

insignificant impact on

GDP

0.144 Rejected The probability value is 0.144 which is

higher than 0.05 significant level. This

show that economic globalization is

insignificant with GDP.

H3: social globalization

has a significant impact

on GDP

0.015 Accepted The probability value is 0.015 which is

lower than 0.01 significant level. This show

that social globalization is significant with

GDP.

5. CONLCUSION

The intent of this research is to investigate the impact of globalization on economy

growth in 20 Asian selected countries. This research found that social globalization has a

significant effect on Asian’s GDP. 20 countries were selected to investigate and the result

turn out positively significant social globalization can give major impact on these countries

economic growth. This research further found political globalization insignificant impact to

GDP. Directly, this political globalization in selected countries is placing an insignificant

impact on their economic growth (GDP). Lastly, the economic globalization insignificantly

effect to Asian GDP in the selected cluster of the Asian countries in the studied span of this

research.

Future Researchers are recommended to investigate the impact of globalization on

economic growth on different country or different continent such as Africa, Europe or

Australia. Researchers are also recommended to investigate the impact of globalization on

economic growth using another variable such as foreign direct investment (FDI), domestic

investment or government expenditure (development). Therefore, researchers also are

recommended to require the economic and political globalization that founded insignificant

effect on economic growth by using more sample size or using 1 year data or 10 years data.

Future researchers are suggested to use a larger sample size than this research were using

only 20 countries out of 48 counties in Asia continent. Also, future researchers are suggesting

using other variables such as foreign direct investment (FDI), import, export, domestic

investment or government expenditure (development) as the dependent variable to reveal the

new result. Future researcher also suggested using information from World Bank,

globalization report and other database. Moreover, future researchers are suggested to

conduct the research in another countries or continent such as European and Africa. They

also can use Multivariate Analysis of Variance (MANOVA) or analysis of variance

(ANOVA) for data analysis methods

There are numerous limitations entitled to this research, as this research only

investigate 20 countries out of 48 countries in Asia and this research using 100% data from

KOF Globalization Index data based. Lastly, this research only investigates impact of

globalization on economy growth from 2011 to 2015 because of availability of data.

This research will benefit to economist and political journalist or students for further

research and investigation about the impact of social, economic and political globalization on

GDP in 20 Asian countries.

.

ISSN: 2289-4519 Page 47

REFERENCES

Afzal m , 2007. The pakistan development Review. [Online]

Available at: http://www.pide.org.pk/pdf/PDR/2007/Volume4/723-734.pdf

[Accessed 19 July 2016].

Amaldas M, 2009. The Management of Globalization in Singapore: Twentieth century lessons for the

Early decades of the new century. [Online]

Available at: http://www.japss.org/upload/30.amaldas.pdf [Accessed 25 April 2016].

Anon, n.d. Autocorrelation. [Online]

Available at: http://gauss.stat.su.se/gu/e/slides/Lectures%208-13/Autocorrelation.pdf [Accessed 5

September 2016].

Anon., 2008. Global Financial crisis in south Asia and its impact on pakistan's SMEs sector by using

CGE model. [Online]

Available at: http://www.aessweb.com/pdf-files/3-41-2(4)2012-JABS-84-88.pdf

[Accessed 15 May 2016].

Aoki M, 1990. toward an economic model of the Japanese firm. Journal of economic literature,.

[Online] Available at: http://www.meti.go.jp/english/report/downloadfiles/2008WhitePaper/2-

2.pdf [Accessed 11 April 2016].

Asian development Bank, 2016. Asian development outlook 2016 Asia's potential Growth ISBN978-

92-9257-385-0(Print0.978-92-9257-386-7(e-ISBN)ISSN 0117-0481 Publication stock NO,

FLSI57678-3. [Online] Available at:

https://www.adb.org/sites/default/files/publication/182221/ado2016.pdf [Accessed 6 september

2016].

Aveling, H. and Kingsbury, D, 2014. Autonomy and Disintegration in Indonesia. Routledge.. [Online]

Available at:

https://books.google.com.my/books?hl=en&lr=&id=9tmhAwAAQBAJ&oi=fnd&pg=PP1&ots

=3QwBjonX5g&sig=ICEJS8uCcy7oTgMIA3r7FzvY58&redir_esc=y#v=onepage&q&f=false[

Accessed 12 April 2016].

Ba, A.D, 2003. China and ASEAN: re-navigating relations for a 21st-century Asia. Asian Survey.

[Online] Available at: www.olemiss.edu/courses/pol387/baalic03.pdf[Accessed 15 May

2016].

Bless, C., Higson S C. and Kagee, A, 2006. Fundamentals of social research methods: An African

perspective. Juta and Company Ltd..

Bridges G, 2002. Grounding Globalization: The Prospects and Perils of Linking Economic Processes

of Globalization to Environmental Outcomes. Economic Geography, 3(78), pp. 361-386.

Chahardahcheriki, M.A. and Shahi, S, 2012. Studying the impacts of globalization on Iranian

education system. International Education Studies. [Online] Available at:

http://dx.doi.org/10.5539/ies.v5n1p172 [Accessed 19 May 2016].

Chatman, J.A, 1989. Improving interactional organizational research: A model of person-organization

fit. Academy of management Review, 3(14), pp. 333-349.

Creswell, J.W, 2013. Research design: Qualitative, quantitative, and mixed methods approaches. Sage

publications.

ISSN: 2289-4519 Page 48

Cuterela S, 2012. [Online] Available at:

http://www.revistadestatistica.ro/suplimente/2012/4/srrs4_2012a22.pdf [Accessed 6 May

2016].

Dallal, G.E, 2012. Why P=0.05?.

Datko A, 2016. Social Globalization.

Davoyan, S. and Davoyan, A, 2014. The issues of the improvement of the methodology for the

assessment of reforms. In Recent Advances in Mathematics, Statistics and Economics,

Proceedings of the 2014. nternational Conference on Economics and Statistics, Italy, pp. 192-

199.

Dreher, Dreher, 2006. Does globalization affect growth? Evidence from a new index of globalization.

Appl. Econ, pp. 1091-1110.

Fraenkel, J.R., Wallen, N.E. and Hyun, H.H, 19933. How to design and evaluate research in

education. New York: McGraw-Hill., p. 7.

Gates, J, 1999. The ownership solution: Toward a shared capitalism for the twenty-first century. Basic

Books.

Giddens, A, 2013. The third way and its critics. John Wiley & Sons..

Goryakin, Y., Lobstein, T., James, W.P.T. and Suhrcke, M, 2015. The impact of economic, political

and social globalization on overweight and obesity in the 56 low and middle income countries..

Social Science & Medicine, Issue 133, pp. 67-76.

Grove, S.K., Burns, N. and Gray, J, 2012. The practice of nursing research: Appraisal, synthesis, and

generation of evidence. Elsevier Health Sciences.

Hippel V E, 1976. The dominant role of users in the scientific instrument innovation process.

Research policy, 3(5), pp. 212-239.

Hogenbirk A, 1999. Globalisation and the small Economy the case of the netherlands. [Online]

Available at: file:///C:/Users/Dell/Downloads/rm1999-002.pdf [Accessed 16 May 2016].

Hymer, S, 1970. The efficiency (contradictions) of multinational corporations. The American

Economic Review, 6(60), pp. 441-448.

Jovanovic, M.N, 2010. Is globalisation taking us for a ride?. Journal of Economic Integration, 3(25),

pp. 501-549.

Keohane and Nye, 2000. Globalization: What's new? What's not?(And so what?). Foreign Policy, pp.

104-199.

Kilic C, 2015. Economic Insights – Trends and Challenges. [Online]

Available at: http://www.upg-bulletin-se.ro/archive/2015-1/1.Kilic.pdf

[Accessed 26 May 2016].

Kirby, P, 2006. Theorising globalisation's social impact: proposing the concept of vulnerability.

Review of International Political Economy, 4(13), pp. 632-55.

Kunkongkaphan P, 2014. Impact of Globalisation on Thai Small and Medium Enterprises: A Study of

the Clothing and Textile Industry (Doctoral dissertation, Victoria University).. [Online]

Available at: http://vuir.vu.edu.au/25357/1/Pakinee%20Kunkongkaphan.pdf [Accessed 5 May

2016].

Landefeld, J.S. and McCulla, S.H, 2000. ccounting for nonmarket household production within a

national accounts framework.. Review of Income and Wealth, 3(46), pp. 289-307.

ISSN: 2289-4519 Page 49

Lemeshow, S. and Hosmer, D.W, 1982. A review of goodness of fit statistics for use in the

development of logistic regression models. American journal of epidemiology, 1(115), pp. 92-

106.

Levitt, P, 2001. The Transnational Village. Berkeley, CA. University of California Press.

Maxwell, J.A, 2012. Qualitative research design: An interactive approach: An interactive approach.

Sage..

Mehlika, F, n.d. Globalization and its Economic SocialPolitical and Cultural impact. [Online]

Available at: http://www.academia.edu/4668865/GLOBALIZATION_AND_ITS_SOCIAL-

CULTURAL-POLITICAL_AND_ECONOMIC_IMPACTS [Accessed 26 july 2016].

Movius, L, 2010. Cultural globalisation and challenges to traditional communication theories.

PLATFORM: Journal of Media and Communication, 2(1), pp. 6-18.

Mrak M, 2000. Globalization, Business Cycle and Economic Growth in Nigeria.. [Online] Available

at: https://www.unido.org/fileadmin/import/userfiles/puffk/mrak.pdf [Accessed 17 june 2016].

Musibah A.S, Shahzad A. and Fadzil F.H.B, 2015. Impact of Foreign Investment in the Yemen's

Economic Growth: The Country Political Stability as a Main Issue. Asian Social Science.

[Online] Available at:

http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.665.8438&rep=rep1&type=pdf

[Accessed 29 April 2016].

Orbeta A C, 2002. Globalization and employment: The impact of trade on employment level and

structure in the Philippines. [Online] Available at:

http://dirp3.pids.gov.ph/ris/dps/pidsdps0204.pdf [Accessed 15 may 2016].

Patman R.G, 2005. Globalisation, Sovereignty and the transformation of new zealand foreign policy.

[Online] Available at: http://www.victoria.ac.nz/hppi/centres/strategic-

studies/publications/working-papers/WP21.pdf [Accessed 18 April 2016].

Peter S I and elizabeth I I, 2013. Asian-African Journal of Economics and Econometrics. [Online]

Available at: http://serialsjournals.com/serialjournalmanager/pdf/1436354562.pdf [Accessed

10 june 2016].

Population Reference Bureau, 2015. 2015 world population data sheet with a special focus on

women's Empowement. [Online] Available at:

http://webcache.googleusercontent.com/search?q=cache:B0Y290_TpPYJ:databank.worldbank.

org/data/download/GDP.pdf+&cd=1&hl=en&ct=clnk&gl=my [Accessed 21 May 2016].

Portes, A., Guarnizo, L.E. and Landolt, P, 1999. The study of transnationalism: Pitfalls and promise

of an emergent research fi eld. Ethnic and Racial Studies, 22(2), p. 217–371.

Ray S, 2012. Journal of law, policy and Globalization. [Online] Available at:

http://www.iiste.org/Journals/index.php/JLPG/article/viewFile/1214/1135 [Accessed 16 june

2016].

Reich,S 1998, 1996. Kellogg institute. [Online] Available at:

https://kellogg.nd.edu/publications/workingpapers/WPS/261.pdf [Accessed 2 September

2016].

Robinson, W.I. and Harris, J, 2000. Towards a global ruling class? Globalization and the transnational

capitalist class.. pp. 11-54.

Roudometof, 2005. Transnationalism, cosmopolitanism and glocalization. Current sociology. [Online]

Available at

:http://debis.deu.edu.tr/userweb/timucin.yalcinkaya/Theories%20of%20Globalization.pdf

[Accessed 14 April 2016].

ISSN: 2289-4519 Page 50

Shah G, 2009. The impact of economic globalization on work and family collectivism in India.

Journal of Indian Business Research, Volume 1(2/3), pp. 95-118.

Shangquan G, 2000. Economic Globalization: Trends, Risks and Risk Prevention. [Online]

Availableat:http://www.un.org/en/development/desa/policy/cdp/cdp_background_papers/bp20

00_1.pdf [Accessed 17 August 2016].

Smith, M.P. and Guarnizo, L.E., 1998. Transnationalism from Below. Rutgers, NJ:.

Srivastava, A. and Yadav, D.S, n.d. An Analytical Study on Role of Government in Accelerating

Higher Education in India.

Stewart, H 2012, 2012. Wealth doesn't trickle down – it just floods offshore, research reveals. The

Guardian. London.

Sulaiman N, Ismail R, 2012. The impact of globalization on to tal factor procductivity of the

manufacturing secto in malaysia. [Online] Available at:

http://www.ukm.my/fep/perkem/pdf/perkemVII/PKEM2012_2B3.pdf [Accessed 22 May

2016].

Tenold S, 2014. Globalisation and maritime labour. [Online] Available at:

https://brage.bibsys.no/xmlui/bitstream/handle/11250/195764/1/workingpaper.pdf [Accessed

25 April 2016].

Trochim, W.M. and Donnelly, J.P, 2001. Research methods knowledge base

IJABM is a FTMS Publishing Journal