Law Enforcement on Time to Doing Business and Economic Welfare

Nainggolan, Bernard and Rajagukguk, Wilson and Panjaitan, Hulman (2020) Law Enforcement on Time to Doing Business and Economic Welfare. Academic Journal of Business, Administration, Law and Social Sciences, 6 (1). pp. 177-181. ISSN 2410 3918

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Abstract

Time is an asset of a company and household. Saving time is a profi t to company and brings welfare to household and individual. Time to doing business must be regulated in law in order to produce optimum benefi t for welfare. This study aims to investigate the impact of time to doing business on economic welfare. The data used in this study came from the World Development Indicators of the World Bank in 2020 that covered 176 countries during 2005 to 2017. The dependent variable is the welfare variable, that is GDP per capita (PPP, current international, in US$). The independent variable is the time to doing business that includes time to prepare and pay taxes (hours), time required to start a business, male (days), andtime required to register property (days). Another independent variable is the infrastructure variable that is access to electricity (% of population). The data were analyzed employing a random eff ects regression model for panel data. The results of the study show that the three time variables which are the time to prepare and pay taxes, time required to start a business, and time required to register property,have negative eff ects on economic welfare, while access has a positive eff ect. These results imply that policy makers should issue law and regulation so that time to doing business can be speeded up for the sake of economic welfare.

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