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Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
521
A Bibliometric Research of Economic Study in
World and Malaysia Perspective based on Web of
Science Core Collection
Mohammad Farajnezhad*, Suresh A/L Ramakrishnan
1 Azman Hashim International Business school (AHIBS), University Teknologi Malaysia, Kuala Lumpur, Malaysia
Received: 16/08/2019 Accepted: 17/01/2020 Published: 20/02/2020
Abstract Bibliometric is a method that includes statistical analysis of published articles and citations. This paper presents an outline of the highly
significant detect in the Web of Science under the Economics filed. This article investigates 50 top and most cited articles in the background
and ranks the 50 top universities by the total of papers published. This research examines highly relevance journals, the provisional extension
and the countries with the highest publications. It similarly expands this analysis to the Malaysia situation investigating the top and most
cited articles, the top universities and the temporary expansion. This investigation is established only findings found on the Web of Science
with a goal of introducing a summary of the study of Economics. Some exceptions and features might be found in the results. The finding
allows for an overall image of the more important studies in economics. This data is extremely appropriate in demand to detect the top
tendencies in economic field. This study expects further expansion to this method by examining another specific case in the Economics field.
Furthermore, this study will also remark other countries such as developed and developing economics and journals in the study and expand
this method to other scientific classifications.
Keywords: Bibliometrics, Economics articles, Web of Science, Journals, Universities
1 Introduction1
The study of bibliometrics has concentrated on the
quantitative evaluation of citations and citation number, which is
a complicated process. Essential for these studies is the scientific
interaction among scientists across journal publications. The main
ideas in bibliometrics are production and effect, as computed via
publications and citations. The main goal in bibliometrics is
researchers remarks, in the citations in their publications, which
represents a level of impact of others on their individual study.
For significant size quantification, citations show impact or global
perspective of researcher, which would not be explicated in other
ways such as a substitute for value. It is very helpful for the
building of a broad image in a scientific area (1).
The bibliometric analysis has become a favourite among
researchers and is extensively utilized by vital implications for
searching. Journal rankings have attracted increased attention,
perspective, and importance lately. The publications by
researchers in top-ranked journal have a top possibility of
obtaining occupancy, study grant (2).The total of journal levels
has risen in current years, because of accessibility to information,
extended contest in the knowledge society as well as the
requirement for permanent examination assessment (3).This
article is aimed at various phases of research efficiency that are
Corresponding author: Mohammad Farajnezhad, Azman Hashim International Business school (AHIBS), University Teknologi Malaysia,
Kuala Lumpur, Malaysia. E-mail: [email protected]; [email protected].
easily visible, for example, citation allocations whose factors are
the count of citations obtained with science articles published in
the circle literature. In this study, we utilize bibliometric statistics
from Web of Science databases.
The bibliometrics study has been concisely explained as ‘a
science of science’ (4) or ‘research on research’ (5), more
commonly the use of statistical techniques to documents and other
broadcasting of communication’ (6). This study is an exploration
scope that evaluates publications, citations and their resources of
statistics (7). Regularly, the bibliometric analysis are utilized to
find summarizes a study area via evaluation the top scholars (8)
or one of a journal to prepare the wide view of the outstanding in
that journal.
The economic area, has attracted interest in a large variety of
areas involving (9) on zonal science ; (10) on history of economic
and (11) on gender geography. More scientists consider
geographic field of economic research, with: (12) on the
economy of Mexican; (13) on the economy of Italian; (14) Global
Economics; and on the impact of economic move on study,
economics (8, 15) econometrics (16).
Additional recently published articles such as conducted an
interaction between 277 economics journals through dissimilarity
databases. The result approved the realized top five journals in the
Journal web link: http://www.jett.dormaj.com
J. Environ. Treat. Tech.
ISSN: 2309-1185
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
522
economics subject and the meta– positioning is powerful
concerning the involved rankings. Another article is a
bibliometric investigation on ability subject in the economics,
business, and management from 1991 to 2015 by (17), with the
findings indicating a descriptive increase in the total of
publications on active abilities.
A research by (18) indicated that the agricultural economics
study in China has increased growth and cooperation among
Chinese researchers and other regions. Another study (19) found
that the most productive economists have a Ph.D. in the USA.
The relationship in terms of the countries is related to an increase
in Belgium and Denmark and declines in the Greece and Portugal.
The result of study by (20)has indicated evolutionary economics’
has from the increase of business colleges. According to, the
journal is a reference to globalization and perspective in
economics, assumed the robust attendance of foreign
publications. The study by (21) indicated that global
competitiveness has significance and is common in economics. A
study conducted by (22) indicated that 77 percentage of the
alumnus researchers at top courses announced that greatest
theoretical social sciences is economics. However, no research
has investigated the exact area of economics (international and
specifically in the local area such as Malaysia) with updated new
vision.
Bibliometric statistics have been utilized in economics, and
basically for descriptive data by appraising aims, for example,
rankings of journals and sum of cited authors (15, 23-27). While
some papers apply bibliometric information from economics, it is
not clear in the valuation of aims, and composition of researchers
and techniques applied in papers are found in only a little total of
highest journals. For instance, (28), on categorizing the features
of the top cited papers (29) or on verifying the evaluation of sum
of articles in a particular study field (e.g., (30, 31).
This study will expand the immense literature that examined
the scientist output of economists and citations. Remarkable study
has shown different features in publications with a concentration
on the large journal literature of economics. Also, this study
follows the (32) paper with new vision and updated data to 2019.
However, while propagation of papers shows examinations of
different parts of the economics literature, there is not an accurate
study especially concentrated on quickly increasing economics
area, a gap which this study aims to fill. This research is aimed
describe which is the most systematic review method.
Therefore, this research utilizes the Web of Science Core
Collection as the database for finding data. Web of Science Core
Collection is the most reliable citation index for knowledge and
scholarly study. The Web of Science is a record and owned by
Clarivate Analytics. In July 2018, there were 20,396 journals fully
indexed in the Web of Science Core Collection, covering 252
subject categories that span the social sciences, health sciences,
life sciences, physical sciences, arts, and humanities. In June
2018, the number of cited references exceeded 1311842856. For
example, as of July 2018, more than 11358 universities have been
registered and unified in the Web of Science Core Collection.
The aim of this study is to prepare an outline the top
significant assessments in economics. This record allows to
distinguish the investigations that have been more important
internationally according to citation count. This study provides an
overall overview of the significant investigation completed in
Economics by examining the 50 top cited articles record of the
Web of Science, the 50 top cited universities, the 50 top countries
cited, and the 50 top cited journals. Also, in this study expand an
equivalent analysis for the Malaysia country by evaluating the top
cited articles and the top cited universities. In this study will
realize that highly of the findings are those that we can directly
visualize as they showed usually identified as the extremely
related ones. But it will be extremely helpful for providing this
study a whole view of the main study completed in this field.
There are some reasons counting the attendance of additional
investigators in a part than would be gives extra articles and
citations not involved in the record. The literature on examination
assessment and scholarly classification has increased recently.
The information that is commonly utilized depends on the total of
articles published in global refereed journals and their consistent
citations and has become known as the key of systematic study in
economics (33).
2 Top articles in the Web of Science into Economics
field Therefore, another investigation that examines these finding from
all fields of the economic area will be useful. The motivation of
this study is that show an overall individualistically upon the
detailed subject that it achieves from. Currently. As 25-01-2019,
this study found 274095 articles in the categories of economics
on the Web of Science. It is significant that of the 274095 articles,
200096 articles emphasized papers whereas the book reviews
(21810), proceedings paper (35951), book chapter (18070). As
shown in In Table 1, this study indicates the top 50 articles
published with the top count of citations in economics field in the
web of science.
According to table 1, the traditional citation of (34) was
published in 1976 and the article is most cited article (16333) with
impact factor 5.162 in economics. Seconds article is (35) with
6283 cited with impact factor 7.863 and the third article is (36)
with 6204 cited articles with impact factor 5.162. Others
significant researchers shown in the table won the Nobel Prize
including Akerlof, Lucas Holmstrom, and Fama. Clearly, the
remaining top 50 articles are traditional famous articles with the
scientific community. It is significant that Quarterly journal of
economics is the journal by the largest count of articles in this list.
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
523
Table 1: Top 50 articles with highest number of citations in the Web of Science in Economics R Authors Journal IF IF-5 TC Title QC
1 Jensen and Meckling (34) JFE 5.162 7.513 16333 Theory of firm managerial behaviour, agency costs and ownership structure Q1
2 Akerlof (37) QJE 7.863 12.18 6283 Market for lemon-quality uncertainty and market mechanism Q1
3 Fama and French (36) JFE 5.162 7.513 6204 Common risk-factors in the returns on shock and bonds Q1
4 Lucas Jr (38) JME 2.157 3.139 5794 On the mechanics of economic development Q1
5 Fama and Jensen (39) JLE 1.032 1.774 5101 Separation of ownership and control Q3
6 Myers and Majluf (40) JFE 5.162 7.513 4520 Corporate financing and investment decision when firm have information that investors do not have
Q1
7 Johansen and Juselius (41) OBEAS 1.512 2 4140 Maximum-likelihood-estimation and inference on cointegration with
application to demand for money Q2
8 Merton (42) BJE n/a n/a 3589 Theory of rational option pricing n/a
9 Fehr and Schmidt (43) QJE 7.863 12.18 3441 A theory of fairness, competition, and cooperation Q1
10 Barro (44) QJE 7.863 12.18 3369 Economic growth in a cross-section of countries Q1
11 Spence (45) QJE 7.863 12.18 3354 Job market signalling Q1
12 Stigler (46) BJEAMS n/a n/a 3347 Theory of economics regulation n/a
13 Mankiw, Romer (47) QJE 7.863 12.18 3308 A contribution to the empirics of economic growth Q1
14 Myers (48) JFE 5.162 7.513 3236 Determinants of corporate borrowing Q1
15 Williamson (49) JLE 1.032 1.774 2943 Transaction-cost economic- governance of contractual relations Q3
16 Fischbacher (50) EXE 2.267 2.413 2928 Z-Tree: Zurich toolbox for ready-made economic experiments Q1
17 Jaffe, Trajtenberg (51) QJE 7.863 12.18 2696 Geographic localization of knowledge spill overs as evidenced by patent
citations Q1
18 Holmstrom (52) BJE n/a n/a 2678 Moral hazard and observability n/a
19 Bertrand, Duflo (53) QJE 7.863 12.18 2568 How much should we trust differences-in-differences estimates? Q1
20 Mauro (54) QJE 7.863 12.18 2357 Corruptions and growth Q1
21 Hall and Jones (55) QJE 7.863 12.18 2343 Why do some countries produce so much more output per worker that others? Q1
22 David (56) AER 4.528 6.498 2317 Clio and the economics of qwerty Q1
23 Morck, Shleifer (57) JFE 5.162 7.513 2276 Management ownership and market valuation-an empirical analysis Q1
24 Klein, Crawford (58) JLE 1.032 1.774 2273 Vertical integration, appropriable rents, and the competitive contracting
process Q2
25 Calvo (59) JME 2.157 3.139 2228 Staggered prices in a utility-maximizing framework Q1
26 Gompers, Ishii (60) QJE 7.683 12.18 2192 Corporate governance and equity prices Q1
27 Knack and Keefer (61) QJE 7.683 12.18 2110 Does social capital have an economic payoff? A cross-country investigation Q1
28 Tversky and Kahneman (62) QJE 7.683 12.18 2092 Loss aversion in riskless choice-a references dependent model Q1
29 DiMasi, Hansen (63) JHE 3.25 3.842 2059 The price of innovation: new estimates of drug development costs Q1
30 Maddala and Wu (64) OBEAS 1.512 2 2050 A comparative study of unit root tests with panel data and a new simple test Q2
31 Nelson and Plosser (65) JME 2.157 3.139 2049 Trends and random-walks in macroeconomic time series-some evidence and
implications Q1
32 Pimentel, Zuniga (66) ECE 3.895 4.803 2043 Update on the environmental and economic costs associated with alien-
invasive species in US Q1
33 Bikhchandani, Hirshleifer (67) JPE 5.247 6.209 2014 A theory of fads, fashion, custom, and cultural-change as informational
cascades Q1
34 La Porta, Lopez-de-Silanes (68) JLEO 0.948 2.118 1988 The quality of government Q3
35 Ai and Norton (69) EL 0.581 0.902 1970 Interaction terms in logit and probit models Q4
36 Peltzman (70) JFE 1.032 1.774 1970 Toward a more general theory of regulation Q3
37 Cox, Ross (71) JFE 5.162 7.513 1922 Option pricing-simplified approach Q1
38 Vasicek (72) JFE 5.162 7.153 1916 Equilibrium characterization of term structure Q1
39 Yermack (73) JFE 5.162 7.153 1872 Higher market valuation of companies with a small board of directors Q1
40 Brown and Warner (74) JFE 5.162 7.153 1872 Using daily stock returns-the case of event studies Q1
41 Merton (75) JFE 5.162 7.153 1858 Option pricing when underlying stock returns are discontinuous Q1
42 Rabin (76) AER 4.528 6.498 1839 Incorporating fairness into game theory and economics Q1
43 King and Levine (77) QJE 7.683 12.18 1813 Finance and growth-Schumpeter might be right Q1
44 Mehra and Prescott (78) JME 2.157 3.139 1811 The equity premium- a Puzzle Q1
45 Gereffi, Humphrey (79) RIPE 2.532 3.25 1810 The governance of global value chains Q1
46 Boschma (80) RS 3.147 3.504 1802 Proximity and innovation: A critical assessment Q1
47 Holmstrom and Milgrom (81) JLEO 0.948 2.118 1790 Multtask principle agent analysis-incentive contracts, assets ownership, and
job design Q1
48 Fama and French (82) QJE 5.162 7.513 1766 Industry costs of equity Q1
49 Banerjee (83) QJE 7.683 12.18 1752 A simple model of herd behaviour Q1
50 Becker (84) QJE 7.683 12.18 1733 A Theory of competition among pressure group for political influence Q1
Abbreviations: R= Rank; J= Journal P=Year Published; IF= Impact Factor 2017; IF 5= Impact Factor 5 year; TC= Times Cited; Eco= Econometrica ;QC =Quartile in Category; JFE
=Journal of Financial Economics; QJE Quarterly Journal of Economics; JME= Journal of Monetary Economics; JLE=Journal of Law and Economics OBEAS=Oxford Bulletin of
Economics and Statistic; BJE= Bell Journal of Economics; BJEAMS= Bell Journal of Economics and Management Science; EXE= Experimental Economics; JHE= Journal Health
Economics; ECE= Ecological Economics; JPE= Journal of Political Economy; JLEO=Journal of Law Economics & Organization ; EL= Economics Letter; AE American Economic Review;
RIPE= Review of International Political Economy; RS= Regional Studies
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
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Regarding impact factor, the first and highest impact factor
journal is Quarterly Journal of Economics with impact factor
(7.863) and second is Journal of Political Economy with impact
factor (5.247) and third is Journal of Financial Economics with
(5.162). It should be noted that there are many other significant
articles that are not involved in this table. Because this study only
presents the top 50 articles which are the highest citation
according to Web of Science database. Another issue that is
exciting to investigate is the increase in the total of articles have
been issued annually in the Web of Science database. The finding
showed in Figure 1.
Figure 1: Total of papers by year
Figure 1 indicates the total of articles issued yearly in the Web
of Science database from 1970 to 2019. According to Figure 1, a
growing tendency that has been demonstrated arising over the last
50 years. The reason has some issue for this relating the growth
in the number of journals, universities, and scientists.
3 Top journals in international perspective in
economics area In this section, the bibliometric study has been developed in
the journals commonly considered to be the top journals in the
economics area on a worldwide basis. Note that this study has
made a subjective selections impact metric such as a total of
citations, publication frequency, impact factor, and 5 impact
factors. Next, another issue is based on the influence metric such
as Eigen factor score, and article influence score. However, it is
significant considering that there is an additional list of journals
based on the total citation. The objective of this investigation is to
prepares an overview of total citations and top 50 journals in
economics area. The finding has been shown in table 2. On 25
January 2019, data was collected from Incite journal citation
report of the Web of Science. This study focused on browse by
category (economics). In the economic category 353 journals
were listed on the Web of Science. Also, the total cites are
905730, median impact factor 1.112 and aggregate impact
factor1.766.
Table 2 is shown the ranking of the 50 top journals in
Economics including publication frequency, total cites, impact
factor,5 impact factor, Eigen factor score, articles influence score,
cites half-life and citing half-life. Regarding table 2, the finding
is clear existence that the top 5 journals are the American
Economics Review, Energy policy, Econometrica, Quarterly
Journal of Economics and Journal of Political economy.
The journal of American economics review has published the
highest total citations with 48091 articles and with impact factor
4.528 and article influence score 8.728. However, based on
impact factor, the highest journal is Quarterly Journal of
Economics is ranked highest with 7.863. Also, according to of
influence score, the Quarterly Journal of economics with 20.155.
The paper impact score describes the average effect of a journal's
papers upon the first of five years after issue. The remining of
economic journals are significant and have great ranking, for
example Journal of political Economy, The Journal of
Econometric, Review of Economics and Statistic, Ecological
Economics, Energy Economics, Economics Journal, the Journal
of Monetary Economics, Journal Of economics Theory, The
purpose of this ranking is to prepare an overall view concentrating
on highest citation articles.
According to Eigen Factor Score; the highest ranked journal
is American Economics with 0.137 and the other tops 3 are
Energy Policy (0.047), Econometrica (0.052), and Quarterly
Journal of Economics (0.056). The Eigen factor score, and paper
impact score use citation data to calculate and way the impact of
a journal relation to other journals. According to publication
frequency is the Journal of Applied Economics with 36 issue per
year is the highest ranked publisher. A significant matter is the
impact factor. Recently, the technique has been used for
computing a journal rate. It explains the total number of citations
achieved in the last binary years split with the total sum of issues
of the present year. The alternative technique is a 5-year impact
factor that indicates the total number of citations of the last 5-year.
This is because of the decrease in the effect of citation utilization
and self-citations. According to table 2, the first and highest rank
in 5-year impact factor is the Quarterly Journal of Economics with
12.18. The second position of the table is the Journal of
Economics Perspectives with 9.027 and third rank is Journal of
Economics Literature with 8.991.
4 Ranking of the 50 top significant universities in
world Another exciting subject while creating a bibliometric study
is to examine top universities in a particular area of study. So, this
study examines the 50 top international universities with total
publication in the Web of Science. This study attention the
articles issued on the Web of Science from 1970 to the 2019 then
the overall H-index of the universities. There are some variables
are contained such as the Sum of Time Cited; Without Self
Citations; Total Articles; H index; and Average Citations Per
Item. The total number of publications in economics on the Web
of Science 199883 since 1970 to 2019. The finding has been
shown in Table 3.
Table 3 has shown the top 50 universities in economics
research from 1970 to 2019 based on Web of Science. AS shown,
first and the highest institute is from the USA. Obviously, most
universities are from USA with exception of nine universities
counting University of London, London School Economic
Political Science, Centre National de la Recherche Scientifique
cnre, Lza Institute Labor economics, Centre for economic Policy
research, University of Rotterdam, University of Cambridge,
University of national Australian and university of Toronto.
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8000
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12000
14000
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3
197
6
197
9
198
2
198
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198
8
199
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199
4
199
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200
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200
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200
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201
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201
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Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
525
Table 2: Top 50 Journals in Economics R Journal Country PF TC IF 5 IF EFS AIS CHL CiHL
1 American economic review USA 12 48091 4.528 6.495 0.137 8.728 16.1 8.6
2 Energy policy UK 12 41513 4.039 5.038 0.047 0.994 6.7 5.6
3 Econometrica UK 6 32128 3.75 5.742 0.052 11.44 29.8 10.6
4 Journal of financial economics SWISS 12 28511 5.162 7.513 0.058 6.758 13.5 9.6
5 Quarterly journal of economics USA 4 24898 7.863 12.184 0.056 20.155 17.9 8.4
6 Journal of political economy USA 6 23281 5.247 6.209 0.026 11.699 27.3 13.8
7 Ecological economics NET 12 21723 3.895 4.803 0.018 1.144 9 8.2
8 Journal of econometrics NET 12 15790 1.632 2.179 0.027 2.601 15.9 12
9 World development UK 12 15693 3.166 3.94 0.021 1.379 10.7 8.7
10 Review of economics and statistics USA 5 14391 3.51 5.125 0.03 5.269 14.7 10.3
11 Energy economics NET 6 13099 3.91 4.963 0.021 1.172 5.9 7.2
12 Economic journal UK 8 12221 2.946 3.937 0.021 3.776 15.8 10.7
13 Review of economic studies UK 4 11981 4455 5.992 0.035 9.851 20.6 11.6
14 Ournal of economic perspectives USA 4 11300 5.607 9.027 0.022 7.197 12.9 6.3
15 Transportation research part b-methodological UK 12 10547 4.081 5.109 0.014 1.359 7.8 8
16 Journal of public economics Net 12 9896 1.905 2.713 0.02 2.791 12.6 9.3
17 Journal of economic literature USA 4 8586 3.653 8.991 0.015 9.373 14.4 11.2
18 Transportation research part a-policy and practice UK 12 8121 3.026 3.809 0.012 1.063 7.6 8
19 Economics letters SWISS 12 7786 0.581 0.902 0.017 0.511 11.1 9.8
20 Value in health USA 6 7497 5.494 5.635 0.017 1.934 5.9 6.4
21 Journal of development economics NET 6 7441 2.205 3431 0.018 2.668 10.7 9.9
22 Journal of monetary economics NET 8 7416 2.157 3.139 0.021 4.65 14.4 7.3
23 Journal of economic theory USA 6 7399 1.204 1.541 0.02 2388 18 13.4
24 Journal of economic behavior & organization NET 12 7166 1.296 2.14 0.019 1.254 9.4 10.3
25 American journal of agricultural economics USA 5 7088 2.457 2.437 0.006 0.97 14.4 9.4
26 Journal of international economics NET 6 6665 2.168 3.326 0.017 2.739 11.3 9
27 Journal of health economics NET 6 6509 3.25 3.842 0.014 2.349 9.8 7.4
28 Regional studies UK 10 6277 3.147 3.504 0.007 0.952 9.2 10.1
29 European economic review NET 8 6184 1.54 2.053 0.013 1.643 15 9.9
30 Applied economics UK 36 5979 0.75 0.906 0.007 0.265 9.8 11.9
31 Journal of transport geography UK 8 5681 2.699 4.051 0.01 0.997 4.9 7.9
32 Health economics UK 12 5672 2.319 2.573 0.01 1.274 9.6 9.3
33 Transportation research partelogistics and transpotation review UK 12 5359 3.289 4.093 0.009 1.109 6.2 7
34 Rand journal of economics USA 4 5056 1.573 2.31 0.008 3.277 17.6 11.7
35 Food policy UK 6 5016 3.111 4.091 0.008 1.07 6.5 7.6
36 Economic modelling NET 8 4943 1.696 1.844 0.011 0.408 4.5 9.3
37 Journal of urban economics USA 6 4936 2.292 3.141 0.007 2.169 12.1 10
38 Journal of applied econometrics UK 7 4.828 2.336 3.023 0.012 2.786 12.6 10.6
39 Journal of human resources USA 4 4640 6.531 4.921 0.01 54.564 13.4 10.1
40 Journal of economic dynamics & control NET 12 4630 1.579 1.691 0.011 1.133 10.2 9.1
41 Transport policy USA 6 4567 2.512 3.04 0.007 0.795 6.6 7.7
42 International economic review USA 4 4379 1.735 1.988 0.008 2.192 19.2 12.5
43 Environmental & resource economics NET 12 4354 1.961 2.308 0.005 0.845 9.4 10.2
44 Games and economic behavior USA 6 4337 0.878 1.449 0.014 1.688 11.5 12.7
45 Journal of labor economics USA 4 3958 3.607 4.358 0.013 5.913 14.1 10.2
46 Journal of the european economic association UK 6 3544 2.975 4.554 0.017 5.087 8.3 9.9
47 Journal of development studies UK 12 3435 1.526 1.844 0.005 0.741 9.2 10
48 Insurance mathematics & economics NET 6 3433 1.265 1.732 0.006 0.717 8.6 10.4
49 Journal of economic geography UK 6 3426 3.453 4.596 0.005 1.648 8.7 10.4
50 Land economics USA 4 3193 1.5 2.61 0.003 1.04 15.7 9.2
Abbreviations: R= Rank; C=Country; PF= Publication Frequency; TC= Total Cites; IF= Impact factor; 5 YIF=5 Year Impact factor; EFS = Eigen Factor Score; AIS= Article Influence Score; CHL= Cited Half-life; Ci HL= Citing Half-Life.
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
526
Table 3: Top 50 universities in economics research R University C STC WSC TA H ACPI
1 University of California USA 271989 264631 6884 213 39.51
2 National bureau of economics research USA 313353 302069 5229 250 59.93
3 University of London UK 99704 97426 4191 131 23.79
4 University Harvard USA 227635 224008 3113 232 73.12
5 Federal university serves USA 85878 83440 2464 132 34.85
6 University California-Berkeley USA 120363 118581 2373 155 50.72
7 The world bank USA 82146 80328 2291 126 35.86
8 University of Florida USA 42233 41234 2132 92 19.81
9 University of Wisconsin USA 52329 51075 2097 103 24.95
10 University of North Carolina USA 48726 47546 2033 98 23.97
11 London school economics political science UK 55433 54267 2032 103 27.28
12 University of Chicago USA 180350 178289 2001 194 90.13
13 Centre national de la recher che scientifique cnre FRA 24885 24235 1910 66 13.03
14 University of Stanford USA 109149 108035 1900 155 57.45
15 University of Georgia USA 34168 33398 1888 80 18.1
16 University of illinols USA 40481 39491 1855 92 21.82
17 Massachusetts institute of technology USA 146493 144957 1825 179 80.27
18 University of Pennsylvania USA 100727 99582 1771 149 56.88
19 Pennsylvania common wealth of higher education pcshe USA 37495 36897 1755 88 21.36
20 University of Maryland USA 57067 56184 1754 109 32.54
21 University of Columbia USA 66625 65772 1675 119 39.78
22 University of Cornell USA 46388 45435 1628 93 28.49
23 University of Oxford UK 39864 39292 1600 96 24.92
24 Iza institute labor economics GER 18593 17736 1547 59 12.02
25 UNIVERSITY OF MICHIGAN USA 61368 60606 1507 123 41.72
26 University of Texas USA 31998 31417 1505 84 21.26
27 University of Wisconsin Madison USA 45692 44863 1433 100 31.89
28 University of Maryland college park USA 50755 50014 1424 106 35.64
29 University of California Davis USA 37521 36316 1396 87 26.88
30 University of Yale USA 63161 65529 1390 119 45.44
31 University of Illinois Urbana Champaign USA 27972 27355 1337 78 20.92
32 University of New York USA 61758 61181 1319 119 46.82
33 University of North-western USA 61649 60935 1312 115 46.99
34 University of Minnesota USA 35952 35474 1273 88 28.24
35 University of Minnesota twin cities USA 35951 35473 1272 88 28.26
36 Centre for economics policy research UK 44375 43765 1269 98 34.97
37 University of Rotterdam NET 26320 25524 1266 74 20.79
38 University of Cambridge UK 27227 26627 1259 75 21.63
39 United states department of agriculture USDA USA 20234 19487 1236 66 16.37
40 University of British Columbia USA 39939 39130 1223 95 32.66
41 University of California state USA 15852 15597 1181 57 13.42
42 University of national Australian AUS 19720 19257 1166 63 16.91
43 University of Michigan state USA 24323 23810 1164 74 20.9
44 University of Texas A M USA 20222 19736 1154 66 17.52
45 University of New York state Suny USA 17307 17096 1140 61 15.18
46 University of Toronto CAN 26080 25607 1140 80 22.88
47 University of Ohio state USA 41739 41164 1125 97 37.1
48 University of Duke USA 45893 45299 1113 97 41.23
49 university of Princeton USA 69125 68643 1091 135 63.36
50 University of California Los Angeles USA 58913 58447 1077 115 54.7
Abbreviations: R= Rank; C= County; STC= Sum of Time Cited; WSC= Without Self Citations; TA= Total Articles; H= H index; ACPI= Average Citations Per Item
Majority of the journals in Web of Science are issued in
English because most are from English-speaking universities
which indicates a weakness of those universities which do not
feature spoken English. Still, it is important that there is a policy
in recent years for those nations that non- speak English. The
policy obviously increases their learning in English and makes a
robust investment in study.
Even Though, there is a massive dissimilarity among English
and non-English speaking institutes in the economics whilst the
heterogeneity is existence decreased completed the year the web
of Science database has improved by a novel local approach. It
will be containing an extensive range those countries do not speak
English in the Web of Science. So, it is significant that other
global languages likely have a few journals indexed in the list of
Web of Science. Based on total publication, the University of
California is ranked first and is the most effective university in
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
527
field of economics in Web of Science.
Table 5: Top 50 significant countries in economics Rank Country TP STC WSC H ACPI
1 USA 84932 5580252* n/a** 577* n/a**
2 UK 19941 825359* n/a** 234* n/a**
3 Germany 13454 171049* n/a** 122* n/a**
4 Canada 11685 501494* n/a** 221* n/a**
5 Australia 8781 107223 100399 113 12.21
6 France 8357 106304 100778 115 12.72
7 Italy 7412 80829 76195 102 10.91
8 China 6891 73447 67192 105 10.66
9 Netherlands 6763 125934 120868 132 18.62
10 Spain 6529 79188 74831 94 12.13
11 Japan 5063 35688 32738 69 7.05
12 Sweden 4138 73043 70021 109 17.65
13 Switzerland 3465 62230 60359 98 17.96
14 Belgium 3205 53190 51249 94 16.6
15 Norway 2876 42161 39137 79 14.66
16 India 2737 22899 22164 52 8.37
17 Taiwan 2587 21494 20285 58 8.31
18 Israel 2439 58963 57696 99 24.18
19 South Korea 2378 25617 24842 64 10.77
20 Denmark 2268 37452 36381 74 16.51
21 Scotland 2163 33256 32301 77 15.37
22 Austria 2066 27492 26538 73 13.31
23 Turkey 1954 16318 15630 57 8.35
24 South Africa 1840 9867 8960 37 5.36
25 Poland 1682 6169 5584 32 3.67
26 Greece 1666 17241 16559 56 10.35
27 Finland 1614 20788 1956 61 12.88
28 New Zealand 1460 19742 19130 64 13.52
29 Portugal 1440 15883 15246 54 11.03
30 Ukraine 1361 1055 987 14 0.78
31 Brazil 1357 12889 12374 49 9.5
32 Czech Republic 1325 7771 6999 37 5.86
33 Singapore 1244 18049 17484 64 14.51
34 Russia 1090 4772 4458 28 4.38
35 Lithuania 1038 7089 5260 33 6.83
36 Ireland 1009 16844 16450 59 16.69
37 Chile 825 16606 16289 42 20.13
38 Wales 726 8180 8031 41 11.27
39 Malaysia 711 3573 3408 25 5.03
40 Mexico 673 7993 7860 41 11.88
41 Romania 606 1528 1426 18 2.52
42 Fed Rep Ger 595 4858 4777 29 8.16
43 Hungary 530 4476 4349 27 8.45
44 Ussr 470 157 156 6 0.33
45 Slovakia 455 2000 1805 20 4.4
46 Argentina 437 4802 4681 33 10.99
47 Colombia 409 4159 4052 32 10.17
48 Thailand 395 3171 3115 26 8.03
49 Pakistan 393 1790 1748 20 4.55
50 Slovenia 387 2126 2006 21 5.49
Note:
* according to data reported by (32) **there is not available from a search containing more than 10,000 records
Abbreviations: TP= Total Publications; STC= Sum of Times Cited; WSC= Without self-citations; H-Index; ACPI= Average Citation Per Item
The California University with 6884 total publications is the
highest ranking with the sum of citations (271989) and H-index
of 213. The National Bureau of Economics Research ranked
second to total publication (5229) but based on the sum of citation
(313353) is the ranked first in the list and, with highest H index
(250). According to the table, the University of Chicago is ranked
first in average citation per item with 90.13 with second and third
places university being Massachusetts Institute of Technology
and Harvard University with average citation per item of 80.27
and 73.12 respectively.
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
528
In the next ranking other very important universities from the
USA including, Pennsylvania University, University of North
western, University of Berkeley, Florida University, University
of Sandford and university of Columbia. It is very important that
the first, seconds and third universities outside of the USA is
London School of economics in the 2nd rank London school
economics political science and 3rd position center national de la
recherche scientifique CNRS just four universities with this
specification obtained in the 50-top list. The twenty-four ranking
on the list of top 50 university IZA institute labor economics from
Germany with 1547 publication. The thirty-eight place to the
University of Rotterdam with 1266 publication. the forty-three
place is Australian national university with total publication 1166.
And, the forty-seven place is the University of Toronto.
According to this finding, it is obvious that the USA
universities have the highest influence in the economics area. The
highest ranked and the top 50 universities are from the USA.
Which have published the most dominant journal and significant
articles in the field of economics of all time. The UK, Canadian,
France, Germany, Nederland, and Australia universities are
similarly affected while far away from the USA. It is important
that the data displayed in this study involved documents from all
time periods. However, based on this study, during last decade the
USA universities are still ranked first with still the highest impact.
This is consistent with the paper of (32).
5 Country analysis In recent years, the Web of Science has viewed a lot of
extraordinary research from around the world. With an effort to
become a more important global research group, the Web of
Science has reached out to distributors located in North America
and Western Europe, setting up an expansive global research
network. There is a large increase of emerging research content
from distributors around the world which is currently open to
supporters of the Web of Science.
It is a significant subject to analyse that when Web of Science
defines a country, it is displaying the quantity of total publications
from with universities from the nation. But, scientists from other
nations can issue below the same nation when researchers do in
any of its universities. Table 5 indicated the 50 top countries of
productive. In this situation, the situation identified with the total
publications instead of total citations to contemplate extra
quantitative topics since the size of publications for a nation
evaluation is peak and it is hard to controller qualitative subjects.
Regarding total publication, the USA is obviously the highest
ranking of the productive and important countries in the globe
with total publication of 84932 and H index (577). The seconds,
third and four positions are held by UK, Germany, and Canada
with total 19941,13454 and 11685 publication respectively.
According to table 5, regarding total publications, the USA has
four times more than the UK, six time more than Germany and
seven-times more than Canada. Also, based has citations the USA
has seven times more than UK, thirty-two times more than
Germany and eleven times more than Canada.
Furthermore, the most highly cited articles are from the USA,
the UK, Germany, and Canada and the finding are important
though with the exception of Canada, they are from the USA.
There are few a small country with positive finding including
Australia, Netherlands, Sweden, and Belgium ranked fifth, ninth,
twelfth and fourteenth, respectively.
6 Bibliometric Analysis in Malaysia Universities This section considers Malaysian records found on Web of
Science based on economics area. Notice that with Malaysian
universities, it is important to note that any article with a
minimum one Malaysian author was associated with Malaysian
universities. This is significant because the serval of the good
Malaysia authors has studied in the USA, UK, and other
countries. So, publications are denoted to Malaysian universities
if it had been written with a Malaysian author. Considering this
limitation, we are going to show the top articles in economics
where minimum one university contributed. The finding has been
shown in table 6. According to table 6, the study of (85) is the first
and highest cited article (Cited 235) from Health Economics
journal with impact factor 2.319 and quartile in the category (Q1).
The second-place article is cited by (86) 175 cited with 2.205
impact factor, from the Journal of Development Economics with
quartile in the category (Q1). The third position of highest cited
is (87) with maximum cited (170) from the Journal of Accounting
and Economics with impact factor 3.282 and with quartile in the
category (Q1).
According to table 6, the highest ranked journal is Applied
Economics with eight articles and the Journal of Economics
letters five articles, the Energy Policy, and Energy Economics
three articles. Also, regarding of quartile in the category of
Malaysian authors 35% papers are Q1 from 40 authors. Also,
15%, 30% and 17.5% are Q2, Q3, and Q4 respectively.
The major weakness in Malaysia is that, there are no journals
published in this field. The main reason is the number of
researchers in other countries is higher than in Malaysia. In
addition, in Malaysia does not have a local extension of the non-
English language journals into database of Web of Science that
have permitted the chance for numerous Malaysians to remain
involved in the structure. Next, in this study with considering to
analysis, the progress in the yearly total of articles issued by the
Malaysian universities will be analysed. According to Figure 2,
before 2007 Asian financial crisis, the number of yearly
publications in field of economics in the Web of Science was less
than 15. But after the financial crisis, Malaysia has been
experiencing a robust rise in study in all subjects. Since the end
of 2011, the highest number of publications per year was 31
articles rising to 46 articles in 2013. The total of issued annual is
even rising at a very high rate and, reached 116 articles per year
in 2017.
7 The list of top universities in Malaysia The list of top universities in Malaysia can be seen in Table
7. As can be seen the University of Malaya is the best Malaysian
university based on our criteria.
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
529
Table 6: Top 40 articles published by a Malaysian university in economics R Author J IF IF-5 TC Title QC
1 Van Doorslaer, O'donnell (85) HE 2.319 2.573 235 Catastrophic payments for health care in Asia Q1
2 Baltagi, Demetriades (86) JDE 2.205 3.431 178 Financial development and openness: Evidence from panel data Q1
3 Gul, Srinidhi (87) JAE 3.282 6.108 170 Does board gender diversity improve the informativeness of stock prices? Q1
4 Tang (88) EP 4.039 5.038 92 A re-examination of the relationship between electricity consumption and economic growth in
Malaysia Q1
5 Liew, Baharumshah (89) EL 0.581 0.902 67 Are Asian real exchange rates stationary? Q1
6 Solarin and Shahbaz (90) EP 4.039 5.038 64 Trivariate causality between economic growth, urbanisation and electricity in Angola:
Cointegration and causality analysis Q1
7 Fraser, Zhang (91) JBF 1.931 2.848 63 Capital structure and political patronage: The case of Malaysia Q1
8 Rasiah (92) CJE 2.07 2.221 56 Flexible production system and local machine tool subcontracting electronic components transitions in Malaysia1989
Q1
9 Azman-Saini, Law (93) EL 0.587 0.902 54 FDI and economics growth: New evidence on the role of financial markets Q4
10 Othman, Bennett (94) EDE 1.264 1.888 54 Environmental value and resources management options: a choice modelling experience in
Malaysia Q2
11 Shah Alam, Ali (95) JBEM 1.503 1.265 48 An empirical study of factors affecting electronic commerce adoption among SMEs in Malaysia Q2
12 Apergis and Tang (96) EE 3.91 4.963 43 Is the energy-led growth hypothesis valid? New evidence from a sample of countries Q1
13 Azlina, Law (97) EP 4.039 5.038 39 Dynamic linkages among transport energy consumption, income and CO2 emission in Malaysia Q1
14 Liew, Chong (98) AE 0.75 0.906 39 The inadequacy of linear autoregressive model for real exchange rate: empirical evidence from
Asian economics Q3
15 Lean, McAleer (99) EE 3.91 4.963 38 Market efficiency of oil spot and future: A mean-variance and stochastic dominance approach Q1
16 Tang and Nair (100) AE 0.504 0.568 38 A cointegration analysis of Malaysia import demand function reassessment from the bounds test Q4
17 Narayan, Sharma (101) EE 3.91 4.693 34 Do oil prices predict economics growth? New global evidence Q1
18 Azman-Saini, Azali (102) AE 0.75 0.906 29 Financial integration and the ASEAN-5 equity market Q3
19 Rasiah and Shari (103) CJE (2006) 0.571
n/a 29 Market, government and Malaysia new economics policy Q3
20 Kollert and Lagan (104) FPE 2.496 2.695 28 Do certified tropical logs fetch a market premium? A comparative price analysis from Sabah,
Malaysia Q1
21 Chong, Hinich (105) EL 0.581 0.902 27 Time series test of nonlinear convergence and transitional dynamic Q4
22 Dey, Garcia (106) AJAR
E 1.486 1.685 27 Demand for fish in Asia: a cross-country analysis Q2
23 Dey, Paraguas (107) AE 1.732 2.562 26 The impact of integrated aquaculture-agriculture on small-scale farm in Southern Malawi Q2
24 Samudram, Nair (108) EmE 0.974 1.086 25 Keynes and Wager on government expenditures and economic development: the case of a developing countries
Q3
25 Kirkley, Squires (109) AJAE 2.457 2.437 25 Excess capacity and asymmetric information in developing country fisheries: the Malaysia
purse seine fishery Q1
26 Yong and Isa (110) AE 0.75 0.906 25 Initial performance of new issues of shares in Malaysia Q3
27 Hoffmann, Ging (111) AEL 0.504 0.568 25 Public policy and Olympic success Q4
28 Azhar and Elliott (112) RWE 1.1 1.733 24 On the measurement of product quality in intra-industry trade Q3
29 Sufian and Habibullah (113) JBEM 1.503 1.265 22 Determinants of bank profitability in a developing economy: Empirical evidence from
Bangladesh Q2
30 Lean and Smyth (114) TE 0.942 1.239 22 Are Malaysia`s tourism market converging? Evidence from univariate and panel unit root tests with structural breaks
Q3
31 Tang (115) AEL 0.504 0.568 22 Demand for M3 and expenditure component in Malaysia: assessment from bounds testing
approach Q4
32 Lim, Luo (116) AE 0.75 0.906 21 Are US stock index return predictable? Evidence from autocorrelation-based tests Q3
33 Wong (117) AE 0.75 0.906 20 Term of trade and economic growth in Japan and Korea: an empirical analysis Q3
34 Tang and Lean (118) EL 0.581 0.902 20 New evidence from the misery index in the crim function Q4
35 Lau and Baharumshah (119) EL 0.581 0.902 20 Mean-reverting behaviour of current account in s Asian countries Q4
36 See (120) WRE 0.96 n/a 19 Exploring and analysing sources of technical efficiency in water supply services: Some
evidence from Southeast Asian public water utilities n/a
37 Law and Azman-Saini (121) EG 0.938 0.949 19 Institutional quality, governance, and financial development Q3
38 Tang and Chua (122) AE 0.75 0.906 19 The saving-growth nexus for the Malaysian economy: a view through rolling sub-sample Q3
39 Lee (123) AE 0.75 0.906 19 Foreign direct investment, pollution and economic growth: evidence from Malaysia Q3
40 Ooi, Lin (124) JBEM 1.503 1.265 18 Dose TQM support innovation performance manufacturing industry? Q2
Abbreviations: R= Rank; Y P=Year Published; IF= Impact Factor 2017; IF 5= Impact Factor 5 year; TC= Times Cited; QC =Quartile in Category; HE= Health economics; JDE= Journal of Development Economics; JAE= Journal of accounting& Economics; EP= Energy Policy; EL Economics Letters; JBF= Journal of Banking and Finance;
CJE= Cambridge Journal of Economics; EDE= Environment and Development economics; JBEM= Journal of Business Economics and Management; EE= Energy
Economics; AE= Applied Economics; FPE= Forest policy and Economics; AJARE=Australian Journal of Agricultural and Economics; AE= Agricultural and Economics; EME= Empirical Economics; AJAE= American Journal of Agricultural ; Economics; AEL; Applied Economics Letters; EWE= Review of World Economics; TE= tourism
Economics; WRE= Water Resources and Economics; EG= Economics of Governance.
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
530
Table 7: Top Malaysia universities in Economic
R University TP STC WSC Period H ACPI
1 University Malaya 145 681 666 1999-2018 10 4.7
2 University Putra Malaysia 117 914 885 1999-2018 15 7.81
3 University Sains Malaysia 65 274 264 2000-2019 9 4.22
4 University Kebangsaan Malaysia 54 329 323 1999-2018 9 6.09
5 International Islamic university Malaysia 53 58 56 2000-2018 5 1.09
6 University Utara Malaysia 53 207 203 2000-2019 6 3.91
7 University of Malaysia Sarawak 26 91 87 1999-2018 6 3.5
8 University Malaysia Sabah 24 198 194 1999-2018 7 8.25
9 Multimedia university 22 79 77 1999-2018 5 3.59
10 University Tekonologi Malaysia 22 54 52 1999-2018 4 2.45
11 University of Tunku Abdul Rahman 19 59 56 1999-2018 4 3.11
12 University Teknologi Mara 16 49 49 2000-2019 4 3.06
13 Universiti Sain Isalm Malaysia 11 15 15 1999-2018 2 1.36
14 International Centre for Education in Islamic Finance (INCEIF) 10 1 1 1997-2016 1 0.1
15 Universiti Malaysia Terengganu 10 59 59 1999-2018 3 5.9
16 University of Tenaga national 7 19 19 1999-2018 2 2.71
17 Institute Penyelidikan perhutanan Malaysia 5 34 33 1997-2016 4 6.8
18 University Sunway 5 3 3 1999-2018 1 0.6
19 Universiti Malaysia Kelantan 5 1 1 1999-2018 1 0.2
20 Universiti Teknologi Petronas 5 13 13 2000-2019 3 2.6
21 Bank Negara Malaysia 4 5 5 1999-2018 1 1.25
22 University Taylor 3 9 9 1999-2018 1 3
Abbreviations: R= rank; TP: Total publication; STC= Sum of Time Cited; WSC= Without Self citation; H= H-index; ACPI= Average Citation Per ItemAs shown in the table 7, this research is aimed to investigate the Malaysian universities according on the number papers in the of Web of Science database. The
result showed in table 7. The typically considered such as the top universities in economics are in the 1st rank. Relate to the number of papers, the University
of Malaya with a total of 145 publication ranked first with when the University Putra Malaysia ranked first in number of citations and H-index.
Figure 2: Amount number of articles by Malaysia universities
9 Conclusions This research represents an overview bibliometric analysis of
the highly effective study in economics internationally and locally
in the case of Malaysia. The most significant finding is match with
public general knowledge and from 1970 to 2019 which include
some Nobel prize winners in economics. The finding has shown
that, the total number of papers issued risen considerably due to a
rise in the total of journals and citations.
Next, the study of top related universities and the result has
been shown that top significant while with the number of articles.
This data is very valuable in developing an image of the research
in economic and could be utilized for an extensive area of
determinations counting research policies and scholars’
strategies. The German universities has shown similarly
significant finding and rank in third position in terms of effective.
And, one university from Germany is in the top 50. Canadian
universities ranked fourth. In the following top ranking from
European countries, France, Italy, Sweden, Belgium,
Switzerland, Denmark, Norway, Finland, and Austria have
published a lot of articles in the economics with the high citation.
However, the European countries achieve significant in the
economics area and European countries have published
frequently in top-ranking journals. Their output is comparable
with the UK and Canada.
Most Asian universities are different from standard
universities in developed countries while China. Japan, Taiwan,
and South Korea have risen significantly in recent years. In the
Asia area, China is the most encouraging country and it appears
that the total of number total publication in economics journals
will rise. However, those countries require numerous
developments such as more than few years of stabilization in
instruction to publish more top citation articles and involving a
few of its universities in the highest ranking.
This paper also developed a parallel investigation for
Malaysia. This article studied the highest citation articles, the
progress with years and the main universities. The finding has
shown that some Malaysian authors study in overseas universities
and they are involved in the Web of Science such as an overseas
researcher. According to evaluation by yearly, the total number of
annual publications has risen and looks to continue to do so in the
future. Regarding universities, the findings shown that those
universities typically known as the top universities in Malaysia
have been found in the first ranking such as the University of
Malaysia with rank 87.
Finally, it is significant that this bibliometric analysis to gain
an overall portrait of the economics research from 1970 to 2019
based on the study found in the Web of Science. This
0
20
40
60
80
100
120
140
197
0
197
3
197
6
197
9
198
2
198
5
198
8
199
1
199
4
199
7
200
0
200
3
200
6
200
9
201
2
201
5
201
8
Num
ber
of
Pub
lica
tio
n
Year
Publication Years in Malaysia
Record Count % of 714
Journal of Environmental Treatment Techniques 2020, Volume 8, Issue 1, Pages: 521-534
531
investigation might have a few restrictions because of the
characteristics found while grouping research. For instance, a
large percentage of the journals incorporated into the Web of
Science is in English. Consequently, some excellent papers in
various journals are not typically evaluated so it is very simple to
miss significant data. Furthermore, some scholars will issue their
study in books instead of papers and this topic is hard to reflect
here. This information will be beneficial for academician goals
and industrial who worked with journals.
In future research, we expect further improvements to this
method by examining other specific issues in the Economics
zone. Furthermore, it will also attend other countries such as
advanced and emerging countries and journals in the evaluation
and develop this method to other systematic classes.
Aknowledgment Journal editorial board thanks following reviewers to review
this article. The authors are grateful to Universiti Teknologi
Malaysia (UTM) for providing sufficient support to conduct this
research. Also, support from Dr. Hesam Kamyab is gratefully
acknowledged.
Ethical issue Authors are aware of, and comply with, best practice in
publication ethics specifically with regard to authorship
(avoidance of guest authorship), dual submission, manipulation
of figures, competing interests and compliance with policies on
research ethics. Authors adhere to publication requirements that
submitted work is original and has not been published elsewhere
in any language.
Competing interests The authors declare that there is no conflict of interest that
would prejudice the impartiality of this scientific work.
Authors’ contribution All authors of this study have a complete contribution for data
collection, data analyses and manuscript writing.
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Author Profile
Mohammad Farajnezhad is
pursuing Ph.D from AzmanHashim International
Business School
UniversitiTeknologi Malaysia, Kuala Lumper, Malaysia. He
has completed his master in
Economics from University Malaya (UM) Kuala Lumper,
Malaysia. His has eight years of
work experience. His area of research is Macroeconomics,
Monetary policy, trade and
growth and Econometric modelling.
Suresh A/L Ramakrishnanis
Associate Professor in Azman
Hashim International Business School,UniversitiTeknologi
Malaysia, Kuala Lumper,
Malaysia.He has received his Doctoral degree from Deakin
UniversityVictoria, Australia.
His research interests including Finance, Financial Risk
Management, Banking,Capital
Structure.