Template-Type: ReDIF-Article 1.0 Author-Name: Mirjana Čižmešija Author-X-Name-First: Mirjana Author-X-Name-Last: Čižmešija Author-Name: Petar Sorić Author-X-Name-First: Petar Author-X-Name-Last: Sorić Author-Name: Ivana Lolić Author-X-Name-First: Ivana Author-X-Name-Last: Lolić Title: Consumer surveys and the EU statistics on income and living conditions: friends or foes? Abstract: To assess the quality of life in its member states, the EU has introduced the statistics on income and living conditions (EU-SILC), purposed to quantify the poverty levels and social problems in individual countries. Although EU-SILC is quite valuable from a policy perspective, because of its annual frequency it is not able to fully capture the dynamics of turbulent changes in the social and economic dimensions of households' well-being. To counteract that, this paper aims to complement the EU-SILC project by consumer survey (CS) data for 11 new EU member states. To be specific, three temporal disaggregation methods are employed on three CS variables (concerning the financial situation of households) in order to obtain quarterly estimates of risk of poverty and social exclusion. The authors find that the Chow-Lin disaggregation technique convincingly outperforms the other two competing models (Fernandez and Litterman approach), yielding considerably accurate quarterly estimates of poverty risk. Journal: Int. J. of Sustainable Economy Pages: 78-98 Issue: 1 Volume: 10 Year: 2018 Keywords: business and consumer surveys; European statistics on income and living conditions; EU-SILC; social exclusion; temporal disaggregation; poverty. File-URL: http://www.inderscience.com/link.php?id=88616 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:1:p:78-98 Template-Type: ReDIF-Article 1.0 Author-Name: Patrick Mumbi Chileshe Author-X-Name-First: Patrick Mumbi Author-X-Name-Last: Chileshe Author-Name: Keegan Chisha Author-X-Name-First: Keegan Author-X-Name-Last: Chisha Author-Name: Masauso Ngulube Author-X-Name-First: Masauso Author-X-Name-Last: Ngulube Title: The effect of external shocks on macroeconomic performance and monetary policy in a small open economy: evidence from Zambia Abstract: This study investigates the impact of external shocks on domestic macroeconomic variables and monetary policy of a small open economy, Zambia using a structural VAR estimated with quarterly data covering the period Q1 2000 to Q1 2016. Results indicate that monetary policy is pro-cyclical in response to external shocks, while the dominant external shocks are commodity price shocks followed by financial shocks. This implies that external shocks are clear determinants of monetary policy direction in Zambia owing to their effect on key macroeconomic variable. In addition, results from impulse responses indicate that external shocks have significant effects on Zambia's macroeconomic performance. Specifically, commodity price shocks have significant effects on output and exchange rate while financial shocks have significant effects on prices and exchange rate. Journal: Int. J. of Sustainable Economy Pages: 18-40 Issue: 1 Volume: 10 Year: 2018 Keywords: external shocks; monetary policy; SVAR; monetary aggregate targeting; inflation targeting; impulse response function; forecast error variance decomposition; FEVD. File-URL: http://www.inderscience.com/link.php?id=88621 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:1:p:18-40 Template-Type: ReDIF-Article 1.0 Author-Name: Boris Urban Author-X-Name-First: Boris Author-X-Name-Last: Urban Author-Name: James George Author-X-Name-First: James Author-X-Name-Last: George Title: An empirical study on measures relating to impact investing in South Africa Abstract: Research shows that impact investing provides an opportunity for the creation of economic and social value that has the potential to improve the quality of life and make social progress. The need for robust impact measurement has become a reality, since the value that is generated through impact measurement is clear. The study provides a much needed account of current thinking about measuring the outcomes of impact investments in an emerging market context. The study takes place in South Africa, where metrics of social impact, innovativeness of solution, expandability/replicability and sustainability are empirically tested using survey data (n = 159). Results show that it is the twin factors of social impact and sustainability that influence growth. These findings highlight the importance of impact measurement especially when considering calls have been made to use a recognised metrics language in order to facilitate performance analysis. Journal: Int. J. of Sustainable Economy Pages: 61-77 Issue: 1 Volume: 10 Year: 2018 Keywords: impact investing; social impact; innovativeness; sustainability; replicability; entrepreneurship; social enterprises; South Africa. File-URL: http://www.inderscience.com/link.php?id=88622 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:1:p:61-77 Template-Type: ReDIF-Article 1.0 Author-Name: David O. Fadiran Author-X-Name-First: David O. Author-X-Name-Last: Fadiran Author-Name: Olusegun A. Akanbi Author-X-Name-First: Olusegun A. Author-X-Name-Last: Akanbi Title: Institutional approach to debt determination: the Nigerian case Abstract: This paper examines institutions as a determinant of external debt. We employ a recently constructed data set on institutions for Nigeria, which is constructed using a different methodology from the oft used polity series and also unbundles institutions into several sub-categories. The results show that specific institutional categories such as 'the extent of arbitrary executive powers' and 'government secrecy' play a significant role in limiting debt levels. Furthermore, when we consider the composite institutions' measure that captures the totality of civil and political liberties, the empirical analysis suggests that it plays a significant role in limiting the levels of long-term external debt, as well as public and publicly guaranteed (PPG) external debt, in the long-run. Journal: Int. J. of Sustainable Economy Pages: 41-60 Issue: 1 Volume: 10 Year: 2018 Keywords: political institutions; external debt; arbitrary executive powers; government secrecy; debt determination; sustainable economy. File-URL: http://www.inderscience.com/link.php?id=88623 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:1:p:41-60 Template-Type: ReDIF-Article 1.0 Author-Name: Andrew Phiri Author-X-Name-First: Andrew Author-X-Name-Last: Phiri Title: Nonlinear impact of inflation on economic growth in South Africa: a smooth transition regression analysis Abstract: In this paper, we challenge the notion of a monotonic relationship between inflation and economic growth in South Africa. In particular, we establish threshold effects in the inflation-growth relationship using a smooth transition regression (STR) model which is applied on data collected between 2001: Q1 and 2016: Q2. Our empirical results confirm a threshold of 5.30% in which the effects of inflation on economic growth are positive below this threshold whereas inflation exerts adverse effect on economic growth at inflation levels above this level. In a nutshell, our study offers support in favour of the optimal level of inflation lying between the current 3-6% inflation target and more specifically suggests that the monetary authorities should slightly lower the upper level of this target to about 5.30% as a means creating a more conducive financial environment for promoting higher economic growth. Journal: Int. J. of Sustainable Economy Pages: 1-17 Issue: 1 Volume: 10 Year: 2018 Keywords: inflation; economic growth; smooth transition regressions; STRs; thresholds; South African Reserve Bank; SARB. File-URL: http://www.inderscience.com/link.php?id=88624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:1:p:1-17 Template-Type: ReDIF-Article 1.0 Author-Name: Fortune Ganda Author-X-Name-First: Fortune Author-X-Name-Last: Ganda Title: The relationship between energy consumption, trade, GDP (economic growth), population growth and carbon emissions: a recent evidence from South Africa Abstract: This article examines the long-run as well as causal relationship between energy consumption, trade, GDP (economic growth), population growth and carbon emissions in South Africa over a 39-year period (1975 to 2013). Unit root tests procedures determined that the series was stationary and the Johansen co-integration tests proved that they were co-integrated. The VEC model indicated the existence of four forms of long-run relationships in which all variables determined carbon emissions, energy consumption, GDP (economic growth) and trade, respectively within the South African scenario, with the exception of population growth. Granger-causality tests showed that trade and energy consumption develop bidirectional relationships with carbon emissions while GDP (economic growth) and population growth form unidirectional relationships with such emissions. Furthermore, impulse-response analysis showed that carbon emissions' response to both GDP (economic growth) and population growth is insignificant while that to both trade and energy consumption is significant and indicated a constant trend within the considered 30-year period horizon. Journal: Int. J. of Sustainable Economy Pages: 99-122 Issue: 2 Volume: 10 Year: 2018 Keywords: carbon emissions; energy consumption; trade; GDP (economic growth); population growth; South Africa. File-URL: http://www.inderscience.com/link.php?id=90716 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:2:p:99-122 Template-Type: ReDIF-Article 1.0 Author-Name: Jiali Jenna Tang Author-X-Name-First: Jiali Jenna Author-X-Name-Last: Tang Author-Name: Janie Casello Bouges Author-X-Name-First: Janie Casello Author-X-Name-Last: Bouges Author-Name: Khondkar Karim Author-X-Name-First: Khondkar Author-X-Name-Last: Karim Title: Corporate social responsibility performance under various economic conditions Abstract: This paper examines how economic conditions impact a firm's corporate social responsibility performance and influence the relationship between financial performance and corporate social responsibility. One theory suggests that in a good economy, firms engage in more corporate social responsibility to reap the marginal benefits of increased consumer purchasing power. Another theory suggests that during a bad economy, firms engage in more corporate social responsibility to chase reduced market share and manage reputation. The expected impact of the economy on corporate social responsibility performance, therefore, depends on which theory dominates. Using data from 2005-2010, we found that firms' corporate social responsibility performance changed significantly during the financial crisis, relative to both the pre- and post-crisis periods. Further, the relationship between financial performance and corporate social responsibility varied based on economic conditions. These results indicate that the motivations for conducting corporate social responsibility hinge on both economic conditions and firms' profitability. Journal: Int. J. of Sustainable Economy Pages: 123-152 Issue: 2 Volume: 10 Year: 2018 Keywords: corporate social responsibility; CSR; economic conditions; financial performance; financial crisis. File-URL: http://www.inderscience.com/link.php?id=90729 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:2:p:123-152 Template-Type: ReDIF-Article 1.0 Author-Name: Kunofiwa Tsaurai Author-X-Name-First: Kunofiwa Author-X-Name-Last: Tsaurai Title: Mineral commodity prices and economic growth: a case of Zimbabwe Abstract: The study investigated the relationship between mineral commodity prices and economic growth in Zimbabwe using autoregressive distributive lag (ARDL) framework. Theoretical literature says that the impact of commodity prices on economic growth depends on whether a country is a net commodity exporter or importer. Subsequent empirical studies showed quite conflicting and divergent views on the relationship between mineral commodity prices and economic growth. Moreover, prior research works on mineral prices-economic growth nexus have eluded Africa and Zimbabwe in particular. The F-bounds test found out that only the relationship between copper prices and economic growth were co-integrated. The findings of the causality test are twofold: changes in copper prices only affected Zimbabwe's economic growth in the long run whereas economic growth in Zimbabwe only influenced copper prices in the short run. The implication is that Zimbabwean authorities should invest more towards copper extraction in order to economically benefit from increase in copper prices. Journal: Int. J. of Sustainable Economy Pages: 153-169 Issue: 2 Volume: 10 Year: 2018 Keywords: mineral prices; economic; growth; co-integration; autoregressive distributive lag; ARDL; Zimbabwe. File-URL: http://www.inderscience.com/link.php?id=90755 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:2:p:153-169 Template-Type: ReDIF-Article 1.0 Author-Name: Tafirenyika Sunde Author-X-Name-First: Tafirenyika Author-X-Name-Last: Sunde Title: The interaction of energy consumption and economic growth in South Africa: assessment from the bounds testing approach Abstract: The article empirically examined the causal interactions between energy consumption and economic growth in South Africa for the period 1970 to 2015 using the ARDL-bounds testing method. The article found a positive long-run cointegrating relationship between real economic growth and energy consumption in South Africa. In addition, the research found that although there is unidirectional causality running from energy consumption to economic growth in the short-run, there is long-run bidirectional causality between the two variables as indicated by the coefficients of the error correction terms which were negative and significant as predicted by theory. This means that reducing energy consumption adversely affect real economic growth in both the short- and the long-run; thus, South Africa should adopt a more vigorous energy policy. Journal: Int. J. of Sustainable Economy Pages: 170-183 Issue: 2 Volume: 10 Year: 2018 Keywords: energy consumption; economic growth; financial development; trade openness; ARDL; error-correction model; South Africa. File-URL: http://www.inderscience.com/link.php?id=90760 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:2:p:170-183 Template-Type: ReDIF-Article 1.0 Author-Name: Keegan Chisha Author-X-Name-First: Keegan Author-X-Name-Last: Chisha Title: Assessment of the interest rate and exchange rate channels of monetary policy transmission in Zambia: evidence based on SVAR approach Abstract: A structural vector autoregression (SVAR) based on quarterly data over the period 2000Q1-2015Q2 is employed to assess the interest rate and exchange rate channels of monetary policy transmission in Zambia. The model set up to assess the interest rate channel and exchange rate channel is based on the real business cycle new Keynesian monetary economics which assumes nominal and real rigidities. In this framework, the central bank can affect real output and inflation provided it can affect the real interest rate through the control of the nominal interest rate. Therefore, a SVAR in gaps consistent with real business cycle models with an optimal three lags is estimated and results indicate that tight monetary conditions lead to contracting economic activity and falling inflation. Other results show that real depreciation of the Kwacha leads to increasing inflation and decreasing economic activity conflicting the expenditure switching hypothesis. Further, historical decomposition of inflation indicate that the exchange rate has in the past been the most important variable explaining variations in inflation followed by economic activity and lastly interest rate fluctuations. Journal: Int. J. of Sustainable Economy Pages: 184-203 Issue: 2 Volume: 10 Year: 2018 Keywords: monetary policy; structural vector autoregression; SVAR; transmission mechanism; interest rate channel; exchange rate channel; impulse response functions; Zambia. File-URL: http://www.inderscience.com/link.php?id=90761 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:2:p:184-203 Template-Type: ReDIF-Article 1.0 Author-Name: Andrew Phiri Author-X-Name-First: Andrew Author-X-Name-Last: Phiri Title: Has the South African Reserve Bank responded to equity returns since the sub-prime crisis? An asymmetric convergence approach Abstract: The global financial crisis of 2008 sparked an ongoing debate concerning the interlink between monetary policy and equity returns. This study contributes to the debate by examining whether the South African Reserve Bank (SARB) repo rate responds asymmetrically to changes in the returns on four equity indices on the Johannesburg Stock Exchange (JSE). Our empirical model is the momentum threshold autoregressive (MTAR) model which is applied to monthly data corresponding to periods before the financial crisis (2002:01-2008:08) and periods after the crisis (2008:08-2016:12). There are three main findings which can be derived from our empirical analysis. Firstly, we find a significantly negative relationship between equity prices to the repo rate before the crisis and this relationship turns insignificant in periods after the crisis. Secondly, we find that the reserve bank mainly monitored positive disturbances to equity indices before the crisis whereas after the crisis the reserve bank appears to be more responsive to negative equity deviations. Lastly, we find significant error correcting behaviour in periods before the crisis but not afterwards. Overall, our results indicate that the SARB appears to have been responsive to equity returns prior to the crisis but not for subsequent periods. Journal: Int. J. of Sustainable Economy Pages: 205-225 Issue: 3 Volume: 10 Year: 2018 Keywords: repo rate; stock market returns; monetary policy; South African Reserve Bank; SARB; Johannesburg Stock Exchange; JSE; financial crisis; South Africa. File-URL: http://www.inderscience.com/link.php?id=92856 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:3:p:205-225 Template-Type: ReDIF-Article 1.0 Author-Name: Fortune Ganda Author-X-Name-First: Fortune Author-X-Name-Last: Ganda Title: Carbon emissions, energy consumption and economic growth in Zimbabwe: investigating the existence of the environmental Kuznets curve within a developing economy context Abstract: This article examines the short- and long-run association among carbon emissions, energy consumption and economic growth through deploying the environmental Kuznets curve (EKC) using combined (aggregated) and separated (disaggregated) energy consumption data for Zimbabwe from 1980 to 2014. The ARDL bounds tests and Johansen cointegration tests found long-run relationships among the variables. In the long-run, total energy consumption and primary coal consumption produce statistically significant positive relationships with carbon emissions. However, petroleum consumption demonstrates a statistically significant negative association with carbon emissions. The results show the validity of the EKC in total energy and primary coal consumption in the long-run but are invalid for petroleum consumption. In the short run, the findings reveal that total energy, primary coal and petroleum consumption have statistically significant positive relationships with carbon emissions. Furthermore, in the short run, the EKC is evident in petroleum consumption but invalid in both total energy and primary coal consumption. The short- and long-run Granger causality tests results based on the VECM are also discussed. The article concludes that, if carbon emissions are to be reduced in developing economies, alternative energy sources in the form of green technologies should be adopted as substitutes for coal and petroleum. Journal: Int. J. of Sustainable Economy Pages: 226-248 Issue: 3 Volume: 10 Year: 2018 Keywords: environmental Kuznets curve; EKC; carbon emissions; energy consumption; Zimbabwe. File-URL: http://www.inderscience.com/link.php?id=92860 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:3:p:226-248 Template-Type: ReDIF-Article 1.0 Author-Name: Thomas Adomah Worae Author-X-Name-First: Thomas Adomah Author-X-Name-Last: Worae Author-Name: Collins C. Ngwakwe Author-X-Name-First: Collins C. Author-X-Name-Last: Ngwakwe Author-Name: Cosmas M. Ambe Author-X-Name-First: Cosmas M. Author-X-Name-Last: Ambe Title: Effects of environmental pro-activeness on financial performance in South Africa: short panel vector autoregressions analysis Abstract: Employing impulse response function analysis in short panel vector autoregressions, we examined the response of financial performance proxies namely return on asset, return on sale, equity returns and market value of equity deflated by sales to shocks in environmental pro-activeness, measured by energy usage intensity and emissions intensity of JSE's SRI firms for the period 2008-2014. The results showed that while financial measure, return on asset responds negative to shocks in environmental pro-activeness, measured by energy usage intensity in the first four years, the financial measure tends to respond positive to shocks in environmental pro-active measured by emissions intensity at each time responsive period. On the contrary, return on sale tends to show negative response to shocks energy usage intensity at each time responsive period, but a positive response to shocks in emissions intensity in the first 2 years and the last 2 years. Furthermore, the paper found that shocks in 'end of pipe' activities value drives equity returns only in year 1. Shocks in 'prevention' and 'end of pipe' activities seemed to show value destroying tendencies on market value of equity deflated by sale at each time responsive period. Journal: Int. J. of Sustainable Economy Pages: 249-262 Issue: 3 Volume: 10 Year: 2018 Keywords: emissions intensity; energy usage intensity; impulse response; financial performance; South Africa. File-URL: http://www.inderscience.com/link.php?id=92861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:3:p:249-262 Template-Type: ReDIF-Article 1.0 Author-Name: Nawreen Sobhan Author-X-Name-First: Nawreen Author-X-Name-Last: Sobhan Author-Name: Abeer Hassan Author-X-Name-First: Abeer Author-X-Name-Last: Hassan Author-Name: Mary Fletcher Author-X-Name-First: Mary Author-X-Name-Last: Fletcher Title: Corporate social responsibility and assurance disclosure practice: an investigation of the top 100 companies in Bangladesh Abstract: This study investigates the link between assurances practices of corporate social responsibility (CSR) reports using the top 100 Bangladeshi companies in the year 2015 based on the global reporting initiatives (GRIs). The main objective is to find out to what extent companies in Bangladesh assure their CSR activities. To achieve the research objectives, three research questions are developed to examine the interrelationships between assurance and CSR disclosure, industry sector, and reporting format. We find that, in general, Bangladeshi companies tend to assure their disclosure in the areas of economic performance, labour and society. We find that non-carbon Bangladeshi companies tend to get their CSR disclosure assured. We also find that Bangladeshi companies which adopt assurance tend to disclose more CSR activities on their annual report. Our results, in general, support proactive legitimacy theory as they provide evidence that Bangladeshi companies proactively disclose CSR information in certain areas and seek assurance to enhance stakeholders' confidence and credibility of social and environmental reporting. Journal: Int. J. of Sustainable Economy Pages: 283-313 Issue: 3 Volume: 10 Year: 2018 Keywords: assurance; corporate social responsibility; CSR; global reporting initiative; GRI; environmental reporting; Bangladesh. File-URL: http://www.inderscience.com/link.php?id=92863 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:3:p:283-313 Template-Type: ReDIF-Article 1.0 Author-Name: Agnieszka Leszczynska Author-X-Name-First: Agnieszka Author-X-Name-Last: Leszczynska Title: Sustainable supply chain capabilities - factors stimulating the processes and organisational performance Abstract: In the context of sustainable development, the effective management of supplier relationships has attracted particular attention in sustainable supply chain management (SSCM). This paper introduces the concept and provides an overview of various issues related to SSCM capabilities and evaluate their impact on business performance. Based on the quantitative study of European enterprises, an integrative framework for classifying capabilities and grouping enterprises relative to their dominant capabilities was developed. Also, the relationships between the most important capabilities and performance were presented. The findings are useful to define the dominant types of SSCM capabilities and indicate those that ought to be developed within a given organisation and those that have the greatest impact on the particular performance categories. Journal: Int. J. of Sustainable Economy Pages: 263-282 Issue: 3 Volume: 10 Year: 2018 Keywords: sustainable supply chain; capabilities; organisations. File-URL: http://www.inderscience.com/link.php?id=92864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:3:p:263-282 Template-Type: ReDIF-Article 1.0 Author-Name: Tatyana Boikova Author-X-Name-First: Tatyana Author-X-Name-Last: Boikova Author-Name: Aleksandrs Dahs Author-X-Name-First: Aleksandrs Author-X-Name-Last: Dahs Title: Inequality and economic growth across countries of the Eurozone Abstract: The EU economic recovery after the financial crisis is being accompanied by sluggish and unsteady growth with high levels of inequality. The relationship between income inequality and the rate of economic growth still remains a controversial issue with discrepancies in the results reported in many empirical and theoretical studies of growth and development. We explore the impact of income inequality, poverty, and wealth on the rate of economic growth in the Eurozone. We find that the effect of income inequality on economic growth is statistically insignificant, whereas poverty and savings have a negative, statistically significant effect on growth, while the effect of financial assets is positive, and statistically significant. We reveal a negative, statistically significant effect of consumption on growth. We show that the dynamics of the link between inequality and growth across countries does not take the inverted-U shape of curve for both all observations and the average values per country in the Eurozone. Journal: Int. J. of Sustainable Economy Pages: 315-339 Issue: 4 Volume: 10 Year: 2018 Keywords: income inequality; economic growth; Eurozone countries. File-URL: http://www.inderscience.com/link.php?id=95254 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:4:p:315-339 Template-Type: ReDIF-Article 1.0 Author-Name: José M. Moneva Author-X-Name-First: José M. Author-X-Name-Last: Moneva Author-Name: Julio Hernández-Pajares Author-X-Name-First: Julio Author-X-Name-Last: Hernández-Pajares Title: Corporate social responsibility performance and sustainability reporting in SMEs: an analysis of owner-managers' perceptions Abstract: Public and private organisations promote corporate social responsibility (CSR) practices in small and medium enterprises (SMEs) to achieve competitive advantages in their relationship with stakeholders. Different studies indicate that SMEs have found benefits in their CSR performance. The aim of the present study is contributing to the knowledge of the perception and motivation of SME managers on the performance of CSR, considering the stakeholder theory, through a qualitative case study in two different economic environments and institutional influences: Spanish and Peruvian. It is found that the values of the owners and managers direct the policies of CSR. In some cases, the demands of employees and consumers are satisfied to obtain benefits; however, in other cases, those demands are satisfied with a non-instrumental approach. Journal: Int. J. of Sustainable Economy Pages: 405-420 Issue: 4 Volume: 10 Year: 2018 Keywords: small and medium enterprises; SME; sustainability reporting; corporate social responsibility; CSR; stakeholder's theory; sustainability performance; emerging markets. File-URL: http://www.inderscience.com/link.php?id=95268 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:4:p:405-420 Template-Type: ReDIF-Article 1.0 Author-Name: Moeti Damane Author-X-Name-First: Moeti Author-X-Name-Last: Damane Author-Name: Lira P. Sekantsi Author-X-Name-First: Lira P. Author-X-Name-Last: Sekantsi Author-Name: Senei Solomon Molapo Author-X-Name-First: Senei Solomon Author-X-Name-Last: Molapo Title: Testing the stability of money demand function in Lesotho Abstract: This paper adopts the autoregressive distributed lag (ARDL) bounds testing and error correction model (ECM) approach to co-integration to test the stability of demand for real money balances (M2) in Lesotho from 1980 to 2015. The results provide strong evidence for the presence of a stable long run relationship among M2, real gross domestic product (GDP), consumer price index (CPI), real interest rate spread and real exchange rate. The empirical evidence shows that in the long run, real GDP and real exchange rate are positively related to demand for real broad money balances while CPI and real interest rate spread negatively affect the demand for real broad money balances in Lesotho. The short run findings also show that real GDP and the inflation (captured by CPI) positively and negatively affect the demand for real broad money balances in Lesotho, respectively. The income elasticity of real money demand is greater than unity in the long run while it is close to unity in the short run. The implication could be a heightened demand for foreign interest earning assets in the long run due to a lack of suitable alternative domestic financial assets. This necessitates government action to promote an increase in the availability of alternative domestic assets. Journal: Int. J. of Sustainable Economy Pages: 383-404 Issue: 4 Volume: 10 Year: 2018 Keywords: demand for broad money; income; ARDL bounds testing; Lesotho. File-URL: http://www.inderscience.com/link.php?id=95274 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:4:p:383-404 Template-Type: ReDIF-Article 1.0 Author-Name: Sin-Yu Ho Author-X-Name-First: Sin-Yu Author-X-Name-Last: Ho Title: Analysing the sources of growth in an emerging market economy: the Thailand experience Abstract: This paper investigates the sources of economic growth in Thailand during the period 1975 to 2014. The results show that, in the long run, human capital and inflation exert a positive and significant impact on output, while foreign direct investment and foreign aid have negative and significant impact on output. The results also show that, in the short run, physical capital, labour and human capital have a positive and significant impact on growth, while the initial level of human capital, government expenditure, the initial level of inflation, foreign direct investment and foreign aid have a negative and significant impact on growth. Based on these findings, we offer some policy implications. Journal: Int. J. of Sustainable Economy Pages: 340-359 Issue: 4 Volume: 10 Year: 2018 Keywords: sources of growth; Thailand; ARDL bounds testing. File-URL: http://www.inderscience.com/link.php?id=95275 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:4:p:340-359 Template-Type: ReDIF-Article 1.0 Author-Name: Christian Urom Author-X-Name-First: Christian Author-X-Name-Last: Urom Author-Name: Denis N. Yuni Author-X-Name-First: Denis N. Author-X-Name-Last: Yuni Title: An empirical analysis of the determinants of current account dynamics in selected Sub-Saharan African economies Abstract: This paper examines the dynamics of current account balance with particular focus on 14 economies in Sub-Saharan Africa over the period from 1990 to 2015. We estimated relevant panel data estimation techniques such as the Pooled OLS, FGLS, LSDV and GMM-IV. Estimates from the GMM-IV relate quite well with those from other estimators. We found significant moderate persistence in the transmission of shocks on current account imbalance over a period lag. The index for financial reforms, trade openness and gross savings are fundamental factors that improve the current account balance of our sampled economies. Contrarily, the degree of openness, inflation rate, terms of trade, growth of GDP per capita, domestic investment and external debt stock are factors that widen current account deficit in these economies. However, the real effective exchange rate does not influence current account thus, supporting our result that current account imbalance could be persistent. We would express optimism that current account deficits could be reversed following policies that improve existing levels of financial development and boldly address critical domestic issues such as enforcing fiscal discipline; enthrone import substitution strategy and lower relative price differentials. Journal: Int. J. of Sustainable Economy Pages: 360-382 Issue: 4 Volume: 10 Year: 2018 Keywords: current account; financial reforms; sustainability; shocks; savings and investment. File-URL: http://www.inderscience.com/link.php?id=95276 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:ids:ijsuse:v:10:y:2018:i:4:p:360-382