The creative industries effects on economic performance in the time of pandemic

Noraziah Che Arshad and Tubagus Thresna Irijanto

International Journal of Ethics and Systems, 2022, vol. 39, issue 3, 557-575

Abstract: Purpose - This paper aims to investigate empirically whether creative industries are boosting the economic performance of the ASEAN countries (Malaysia, Indonesia, Singapore, Thailand, Vietnam and Brunei Darussalam) during the Coronavirus disease (COVID-19) pandemic. Design/methodology/approach - This paper applied a random effect and fixed effect estimation approach to investigate the impact of creative industries’ development (government expenditure on education, export of creative industries, trade openness, innovation index, sukuk issuances) on the economic performance spanning from 2010 to 2020. Findings - The economic performance was proxied by two dependent variables, namely, the gross domestic product and the Misery Index. On top of containment and vaccination measures, the findings demonstrated that creative industries are enhancing economic growth in Association of Southeast Asian Nations (ASEAN) countries, supported by the significant role of the sukuk market as a vital contributor to economic growth. Originality/value - This study is unique because it provides novel and empirical results of the creative industries’ development on economic performance in the ASEAN countries before and during the COVID-19 pandemic.

Keywords: Economic performance; Creative industry; Panel-data modelling method; Sukuk issuances; COVID-19 pandemic; E44; F63; J24; O47 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijoesp:ijoes-10-2021-0199

DOI: 10.1108/IJOES-10-2021-0199

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