Capital Dynamics and Sustainable Growth in Six ASEAN Nations: GMM Estimation in The Perspective of SDGs

Authors

  • Wafiyulloh Mubarrok Master of Economics, Universitas Muhammadiyah Yogyakarta, Indonesia
  • Fitra Prasapawidya Purna Development Science Program, Khon Kaen University, Khon Kaen, Thailand. | Economics Study Program, Universitas Muhammadiyah Yogyakarta, Bantul, D.I. Yogyakarta, Indonesia
  • Rahul Chauhan Department of Management, Karnavati University, Gujarat, India
  • Arina Fitrianingsih Master of Economics, Universitas Muhammadiyah Yogyakarta, Indonesia

DOI:

https://doi.org/10.21831/jim.v23i1.96586

Keywords:

ASEAN, dynamic panel GMM, economic growth, human capital, SDGs

Abstract

Sustainable economic development in Southeast Asia remains a central theme in regional policy debates, particularly regarding the efficiency of factor accumulation. This study empirically investigates the dynamic relationships among physical capital, human capital, the labor force, and economic growth across six ASEAN countries (Indonesia, Vietnam, the Philippines, Cambodia, Laos, and Myanmar). Using a Two-Step System Generalized Method of Moments (GMM) approach for the period 2017–2023, the study addresses potential endogeneity issues and captures the path-dependent nature of regional growth. Empirical results demonstrate a high degree of growth persistence, with the lagged GDP coefficient indicating a strong momentum effect. Physical capital is found to be the primary driver of economic expansion, validating the importance of sustained infrastructure investment. In contrast, human capital and labor force participation do not have a statistically significant impact on GDP, highlighting the profound "education-growth puzzle" and potential skills mismatch in the region. These findings suggest that, despite ASEAN's growth being underpinned by a capital-intensive strategy, the region faces structural challenges in translating human capital expansion into tangible productivity gains. Policy recommendations emphasize the need to shift from quantity-based to quality-based education, as well as to better align academic curricula with industry demand, to ensure inclusive, productivity-based growth in line with SDGs 4, 8, and 9.

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Published

2026-05-15

How to Cite

Mubarrok, W., Purna, F. P., Chauhan, R., & Fitrianingsih, A. (2026). Capital Dynamics and Sustainable Growth in Six ASEAN Nations: GMM Estimation in The Perspective of SDGs. JURNAL ILMU MANAJEMEN, 23(1), 16–27. https://doi.org/10.21831/jim.v23i1.96586

Issue

Vol. 23 No. 1: JUNE 2026

Section

Articles

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