Analysis of Factors Influencing Exports in 5 ASEAN Countries Using a Moderation Approach

Andi Isra’ Amalia ; Sri Astuty ; Abdul Rajab ; Muhammad Syafri ; Irwandi Irwandi
International Journal of Economics and Management... 📅 2026 Vol 3, No 1 🔗 DOI: 10.61132/ijems.v3i1.1153
Abstract
This study investigates the factors influencing export performance in five ASEAN countries Indonesia, Malaysia, the Philippines, Singapore, and Thailand during the 2014-2023 period. The topic is highly relevant given the vital role of exports in sustaining monetary stability and promoting long-term economic growth. The novelty of this research lies in its integrated approach, which simultaneously examines key export-related macroeconomic variables, namely foreign direct investment and inflation, while incorporating foreign exchange reserves as a moderating variable an approach that remains limited in existing ASEAN-focused studies. This analysis uses secondary data obtained from the World Bank and processed using panel data regression methods, including the Common Effect Model, Fixed Effect Model, and Random Effect Model, strengthened by a Moderated Regression Analysis (MRA) approach. The results show that foreign direct investment and inflation significantly influence foreign exchange reserves. Furthermore, foreign exchange reserves have been shown to play a strategic role in strengthening the economic resilience of ASEAN countries and can be used as a reference in formulating monetary and international trade policies.
Keywords
ASEAN; Exports; Inflation
How to Cite

Andi Isra’ Amalia, et al. (2026). Analysis of Factors Influencing Exports in 5 ASEAN Countries Using a Moderation Approach. International Journal of Economics and Management Sciences, 3(1). https://doi.org/10.61132/ijems.v3i1.1153

Andi Isra’ Amalia; Sri Astuty; Abdul Rajab; Muhammad Syafri; Irwandi Irwandi, "Analysis of Factors Influencing Exports in 5 ASEAN Countries Using a Moderation Approach," International Journal of Economics and Management Sciences, vol. 3, no. 1, 2026.

Andi Isra’ Amalia; Sri Astuty; Abdul Rajab; Muhammad Syafri; Irwandi Irwandi. "Analysis of Factors Influencing Exports in 5 ASEAN Countries Using a Moderation Approach." International Journal of Economics and Management Sciences, vol. 3, no. 1, 2026.

Andi Isra’ Amalia; Sri Astuty; Abdul Rajab; Muhammad Syafri; Irwandi Irwandi. "Analysis of Factors Influencing Exports in 5 ASEAN Countries Using a Moderation Approach." International Journal of Economics and Management Sciences 3, no. 1 (2026).

Andi Isra’ Amalia, et al. (2026) 'Analysis of Factors Influencing Exports in 5 ASEAN Countries Using a Moderation Approach', International Journal of Economics and Management Sciences, 3(1). doi: 10.61132/ijems.v3i1.1153.

Andi Isra’ Amalia; Sri Astuty; Abdul Rajab; Muhammad Syafri; Irwandi Irwandi. Analysis of Factors Influencing Exports in 5 ASEAN Countries Using a Moderation Approach. International Journal of Economics and Management Sciences. 2026;3(1).

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