Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy

This study aims to assess the role of technological advancement and institutional quality in mitigating the formal economy and fostering more inclusive economic well-being for families and consumers in ASEAN countries. This study employed panel data analysis using yearly data for the ten countries i...

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Published in:Malaysian Journal of Consumer and Family Economics
Main Author: Rani A.A.A.; Muda R.; Hanif A.; Rashid A.A.
Format: Article
Language:English
Published: Malaysian Consumer and Family Economics Association 2024
Online Access:https://www.scopus.com/inward/record.uri?eid=2-s2.0-85193700898&doi=10.60016%2fmajcafe.v32.19&partnerID=40&md5=5b637f20a44639934e91c2da1f53b697
id 2-s2.0-85193700898
spelling 2-s2.0-85193700898
Rani A.A.A.; Muda R.; Hanif A.; Rashid A.A.
Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy
2024
Malaysian Journal of Consumer and Family Economics
32

10.60016/majcafe.v32.19
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85193700898&doi=10.60016%2fmajcafe.v32.19&partnerID=40&md5=5b637f20a44639934e91c2da1f53b697
This study aims to assess the role of technological advancement and institutional quality in mitigating the formal economy and fostering more inclusive economic well-being for families and consumers in ASEAN countries. This study employed panel data analysis using yearly data for the ten countries in ASEAN, spanning from 2008 to 2018. Findings indicate significant and diverse impacts of technological advancement on the informal economy. The study found that the interaction between technological advancement and economic growth strengthens the relationship between the informal economy across models. The higher economic growth in a country is associated with reduced informal economic activities, as reflected in the principles of modernization theory. The finding further shows the significance of institutional quality in shaping the informal economy. Strong institutional quality helps to create a structured environment that reduces informal economic activities, aligning with neoliberal theory. Governance quality, including the absence of violence and terrorism and the control of corruption, plays a role in mitigating informalities. The study’s primary contribution is its specific focus on the informal economy and the intricacies of ASEAN nations. The study also provides empirical insights into the behavior and determinants of the informal economy in ASEAN nations. Even though the study acknowledges limitations related to data availability and the challenges of quantifying the gig economy, it holds valuable policy i mplications. © 2018 Malaysian Consumer and Family.
Malaysian Consumer and Family Economics Association
15112802
English
Article
All Open Access; Hybrid Gold Open Access
author Rani A.A.A.; Muda R.; Hanif A.; Rashid A.A.
spellingShingle Rani A.A.A.; Muda R.; Hanif A.; Rashid A.A.
Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy
author_facet Rani A.A.A.; Muda R.; Hanif A.; Rashid A.A.
author_sort Rani A.A.A.; Muda R.; Hanif A.; Rashid A.A.
title Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy
title_short Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy
title_full Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy
title_fullStr Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy
title_full_unstemmed Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy
title_sort Enhancing Consumer and Family Economic Well-Being in ASEAN: The Role of Technological Advancement and Institutional Quality in Navigating the Informal Economy
publishDate 2024
container_title Malaysian Journal of Consumer and Family Economics
container_volume 32
container_issue
doi_str_mv 10.60016/majcafe.v32.19
url https://www.scopus.com/inward/record.uri?eid=2-s2.0-85193700898&doi=10.60016%2fmajcafe.v32.19&partnerID=40&md5=5b637f20a44639934e91c2da1f53b697
description This study aims to assess the role of technological advancement and institutional quality in mitigating the formal economy and fostering more inclusive economic well-being for families and consumers in ASEAN countries. This study employed panel data analysis using yearly data for the ten countries in ASEAN, spanning from 2008 to 2018. Findings indicate significant and diverse impacts of technological advancement on the informal economy. The study found that the interaction between technological advancement and economic growth strengthens the relationship between the informal economy across models. The higher economic growth in a country is associated with reduced informal economic activities, as reflected in the principles of modernization theory. The finding further shows the significance of institutional quality in shaping the informal economy. Strong institutional quality helps to create a structured environment that reduces informal economic activities, aligning with neoliberal theory. Governance quality, including the absence of violence and terrorism and the control of corruption, plays a role in mitigating informalities. The study’s primary contribution is its specific focus on the informal economy and the intricacies of ASEAN nations. The study also provides empirical insights into the behavior and determinants of the informal economy in ASEAN nations. Even though the study acknowledges limitations related to data availability and the challenges of quantifying the gig economy, it holds valuable policy i mplications. © 2018 Malaysian Consumer and Family.
publisher Malaysian Consumer and Family Economics Association
issn 15112802
language English
format Article
accesstype All Open Access; Hybrid Gold Open Access
record_format scopus
collection Scopus
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