The DLSU Business & Economics Review (DLSU B&E Review), ISSN : 01167111 publishes high quality theoretical, empirical, and methodological research in the fields of accounting, business management, commercial law, economics, finance, and marketing. The DLSU Business & Economics Review aims to reach an audience in these six fields and is published twice a year. It is listed in SciVerse Scopus since 2011 and abstracted and Indexed in EBSCO since 2009. It is listed in the ASEAN Citation Index since 2015. It is also included in the Commission on Higher Education Journal Challenge Program since 2017.

Annual Subscription Rates: Foreign libraries and institutions: US$40 (surface mail), US$50 (airmail). Individuals: US$25 (surface mail), US$35 (airmail). Philippine domestic subscription rates for libraries and institutions: Php1,500, individuals: Php1,300. Please contact Ms. Joanne T. Castañares for subscription details: telefax: (632) 523-4281,


Editor in Chief
Tereso S. Tullao, Jr. De La Salle University, Manila, Philippines

Associate Editor
Marites Tiongco De La Salle University, Manila, Philippines

Editorial Assistant
Daisy Mojares De La Salle University, Manila, Philippines



Mary P. Arends-Kuenning
University of Illinois at Urbana-Champaign, Urbana, Illinois, USA

Wakhid Slamet Ciptono
Universitas Gadjah Mada, Yogyakarta, Indonesia

Erwin L. Corong
Purdue University, United States of America

Michael Angelo A. Cortez
Ritsumeikan Asia Pacific University, Beppu, Oita, Japan

Jesus C. Dumagan
De La Salle University Manila, Philippines

Divina M. Edralin
De La Salle University, Manila, Philippines

Regina A. Greenwood
H. Wayne Huizenga College of Businesses and Entrepreneurship

Brian C. Gozun
De La Salle University, Manila, Philippines

Sirada Jarutakanont
Burapha, University, Chonburi, Thailand

Awang Hazri bin Haji Kifle
Deputy Permanent Secretary, Ministry of Health, Brunei Darussalam

Mari Lizuka (Mari Kondo)
Doshisha University, Kyoto, Japan

Masayuki Kondo
Tokyo Denki University

Kong-Rae Lee
Daegu Gyeongbuk Institute of Science and Technology, Daegu, South Korea

Tai Wei Lim
SIM University (UniSIM), Singapore

Joriah Muhammad
Universiti Sains Malaysia, Penang, Malaysia

Stephen Robert Nagy
International Christian University, Tokyo, Japan

Epictetus E. Patalinghug
University of the Philippines, Diliman, Quezon City, Philippines

Alfredo Paloyo
University of Wollongong, New South Wales, Australia

Cesar C. Rufino
De La Salle University, Manila, Philippines

Changrok Soh
Korea University, Seoul, Korea

Maria Claret M. Ruane
University of Guam, Guam, USA

Michael J. Sullivan
University of Nevada, Las Vegas, Nevada, USA

Benito L. Teehankee
De La Salle University, Manila, Philippines

Angelo A. Unite
De La Salle University, Manila, Philippines

Shujiro Urata
Waseda University, Tokyo, Japan

Maria Estela Varua
University of Western Sydney, Sydney, Australia

Delano Villanueva
Former Visiting Professor, De La Salle University, Manila

Renato Villano
University of New England

Yongqin Wang
Fudan University, Shanghai, China

Futoshi Yamauchi
The World Bank, Washington D.C., USA