Template-Type: ReDIF-Article 1.0
Author-Name: Hoang Phu Nguyen
Author-X-Name-First: Hoang Phu
Author-X-Name-Last: Nguyen
Author-Name: Thao Vy Nguyen
Author-X-Name-First: Thao Vy
Author-X-Name-Last: Nguyen
Author-Name: Hoai Nam Le
Author-X-Name-First: Hoai Nam
Author-X-Name-Last: Le
Title: Factors influencing attitude and purchase intention: the product of biodegradable drinking straw in Ho Chi Minh City, Vietnam
Abstract:
Environmentally responsible purchasing is an attractive concern across the world. The objective of this study is to analyse an emerging market - Vietnam - based on consumers' attitudes, perceived behavioural control, subjective norm, environmental concern, and health concern, impact their readiness to be eco-friendly; and how they can reflect consumers' purchasing intention toward the biodegradable drinking straw. The research used theory of planned behaviour (TPB) as the theoretical framework and used other complementary constructs (environmental concern and health concern) in extending the TPB. A questionnaire survey structuring random samples and the open-ended questions are used to explore any reasons for behaviours of using the biodegradable drinking straw. Data from 330 Vietnamese consumers in Ho Chi Minh City were collected and tested using structural equation modelling (SEM). Findings indicate that perceived behavioural control as well as subjective norm, attitude, and environmental concern influences the purchase intention toward biodegradable drinking straw. In addition, perceived behavioural control has a significant effect rather than other factors. It also finds no impact of health concerns on this purchase intention. The report will be used to establish potential guidance from marketers and researchers.
Journal: Int. J. of Sustainable Economy
Pages: 369-388
Issue: 4
Volume: 13
Year: 2021
Keywords: theory planned behaviour; green product; purchase intention; partial least square; PLS; structural equation modelling; SEM; Vietnam.
File-URL: http://www.inderscience.com/link.php?id=118614
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:4:p:369-388

Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Dressler
Author-X-Name-First: Matthias
Author-X-Name-Last: Dressler
Author-Name: Rune Ellemose Gulev
Author-X-Name-First: Rune Ellemose
Author-X-Name-Last: Gulev
Title: The effect of a mindfulness-based stress reduction program on students' test performance
Abstract:
Mindfulness-based stress reduction (MBSR), one of the most widely used mental training programs, has been reported to produce positive effects on psychological well-being and to ameliorate symptoms of a number of disorders. The current article seeks to explore if it can be scientifically determined that through mental training people can be led to act in a more sustainable manner with their mental forces and, at the same time, be significantly more efficient. The study sought to investigate the effect of mindfulness-based stress reduction on bachelor-level students' weekly test results. The results showed that there are significant differences between the experimental and the control group. Mindfulness-based stress reduction was influential in achieving higher scores and grades thus supporting our research hypothesis. Accordingly, the current article demonstrates that training of mindfulness-based stress reduction can be successful in coping effectively with testing conditions that are conducted under time constraints.
Journal: Int. J. of Sustainable Economy
Pages: 389-401
Issue: 4
Volume: 13
Year: 2021
Keywords: mindfulness; sustainability; mindfulness-based stress reduction; MBSR; test; time constrain; effectiveness; students.
File-URL: http://www.inderscience.com/link.php?id=118617
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:4:p:389-401

Template-Type: ReDIF-Article 1.0
Author-Name: Andras Takacs
Author-X-Name-First: Andras
Author-X-Name-Last: Takacs
Author-Name: Edina C. Erb
Author-X-Name-First: Edina C.
Author-X-Name-Last: Erb
Title: The residual income model cannot challenge the discounted cash flow method in stock valuations - an analysis of global manufacturing and service companies
Abstract:
The residual income model (RIM) exists in the literature as a theoretical concept for almost a hundred years, however, it could never match the popularity and relevance of the discounted cash flow (DCF) approach in the valuation practice. In the last few decades, residual income gained attention again. Studies examined its ability to explain stock prices, especially in comparison with the DCF model. The ambiguous results obtained give space for further research. In this study, we analyse panel data of 40 global manufacturing and service companies from the period 2013-2019. Our results indicate that the RIM is unable to match the DCF model in terms of explanatory power on stock prices, which is observable for both manufacturing and service firms. We also find that, with appropriate adjustments based on the Preinreich-Lücke theory, the DCF model's statistical relevance improves remarkably, although this improvement is more significant for service companies.
Journal: Int. J. of Sustainable Economy
Pages: 323-335
Issue: 4
Volume: 13
Year: 2021
Keywords: residual income; discounted cash flow; DCF; smoothed DCF model; perpetual annuity model.
File-URL: http://www.inderscience.com/link.php?id=118618
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:4:p:323-335

Template-Type: ReDIF-Article 1.0
Author-Name: Bertac Sakir Sahin
Author-X-Name-First: Bertac Sakir
Author-X-Name-Last: Sahin
Author-Name: Semih Yilmazer
Author-X-Name-First: Semih
Author-X-Name-Last: Yilmazer
Title: The relationship between financial development and renewable energy consumption: an empirical investigation on emerging countries
Abstract:
This paper examines the impact of financial development on renewable energy consumption in seven emerging and growth-leading economies from 2001 to 2015. We include some financial development factors such as domestic credit to the private sector, stock market capitalisation, and financial deposits in our linear regression model. Also, we estimate the fixed effects model with feasible generalised least squares (FGLS) based on the Parks-Kmenta method. The results indicate a positive and statistically significant relationship between domestic credit to the private sector and renewable energy consumption. We also find that the effect of stock market capitalisation is positive on renewable energy consumption. Nevertheless, our findings show that financial system deposits do not significantly impact renewable energy consumption. We also include various control variables and conclude that increases in foreign direct investments and urban population negatively affect renewable energy consumption. Considering these results, we evaluate the energy policies of the selected countries.
Journal: Int. J. of Sustainable Economy
Pages: 336-356
Issue: 4
Volume: 13
Year: 2021
Keywords: renewable energy consumption; financial development; emerging market countries.
File-URL: http://www.inderscience.com/link.php?id=118619
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:4:p:336-356

Template-Type: ReDIF-Article 1.0
Author-Name: Narinder Pal Singh
Author-X-Name-First: Narinder Pal
Author-X-Name-Last: Singh
Author-Name: Priya Makhija
Author-X-Name-First: Priya
Author-X-Name-Last: Makhija
Author-Name: Elizabeth Chacko
Author-X-Name-First: Elizabeth
Author-X-Name-Last: Chacko
Title: Sustainable investment and the COVID-19 effect - volatility analysis of ESG index
Abstract:
COVID-19 has created a crisis situation where market volatility has increased. Due to this pandemic, investors have begun to put an emphasis on a company's long-term viability when it comes to investment decisions. Sustainable investment can be achieved through social objectives, i.e., by making an investment that takes environmental, social and governance (ESG) funds. Therefore, this research paper intends to investigate the effect of the COVID-19 pandemic on the Bombay Stock Exchange (BSE) ESG index volatility by using the EGARCH(1, 1, 1) model. The results of summary statistics depict that the average daily return and volatility of most of the currencies have increased during the COVID-19 crisis period. However, the EGARCH(1, 1, 1) model results demonstrate that there is no effect of pandemic on return and volatility of S%P ESG 100 index.
Journal: Int. J. of Sustainable Economy
Pages: 357-368
Issue: 4
Volume: 13
Year: 2021
Keywords: sustainable investment; ESG index volatility; COVID-19; EGARCH model; Indian stock market.
File-URL: http://www.inderscience.com/link.php?id=118620
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:4:p:357-368

Template-Type: ReDIF-Article 1.0
Author-Name: Malefa Rose Malefane
Author-X-Name-First: Malefa Rose
Author-X-Name-Last: Malefane
Title: Causality between foreign direct investment, exports and economic growth in Lesotho
Abstract:
This article examines the causal relationship between foreign direct investment (FDI), exports and economic growth in Lesotho during the period 1980 to 2019 using the vector error correction model and the Toda-Yamamoto (1995) method. The Toda-Yamamoto results show that although there is unidirectional causality from FDI to exports, there is no evidence of significant causality from exports to FDI nor between exports and economic growth. From sustainability perspective, the lack of a significant causal effect from FDI to economic growth, and from exports to economic growth suggests that Lesotho's economic policy, which is centred on private sector-led and export-led growth, has not significantly transformed the economy to bring about significant growth-enhancing effects. Based on the findings, this study recommends that policymakers in Lesotho could identify and implement measures targeted at enhancing export competitiveness alongside a systematic investment promotion that could assure wider access of the country's exports to international markets.
Journal: Int. J. of Sustainable Economy
Pages: 402-419
Issue: 4
Volume: 13
Year: 2021
Keywords: foreign direct investment; exports; economic growth; Toda-Yamamoto; causality; least-developed economies; Lesotho.
File-URL: http://www.inderscience.com/link.php?id=118621
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:4:p:402-419

Template-Type: ReDIF-Article 1.0
Author-Name: Igor Stubelj
Author-X-Name-First: Igor
Author-X-Name-Last: Stubelj
Author-Name: Suzana Laporšek
Author-X-Name-First: Suzana
Author-X-Name-Last: Laporšek
Title: Risk and profitability of the Slovenian industries
Abstract:
The paper aims to measure the relative and the market risk of Slovenian industries and to assess the potential effect of firms' projects diversification between industries and within industries. The empirical analysis uses ROE data for all capital firms in Slovenia, aggregated both at the country level and at the industry level, for the period of 2008-2018. The empirical findings show big differences and heterogeneity in the median and volatility of the ROE among industries in Slovenia and, interestingly, a negative correlation between risk and return. The latter could be explained by the substantial negative effect of the 2008 crisis on the profitability of the riskiest industries in Slovenia. Moreover, the results suggest a possible diversification effect between industries. In addition, the accounting beta results show that in the majority of studied industries the diversification effect within the industry eliminated most of the specific risk.
Journal: Int. J. of Sustainable Economy
Pages: 261-280
Issue: 3
Volume: 13
Year: 2021
Keywords: ROE; return; risk; accounting-based approach; industries; Slovenia.
File-URL: http://www.inderscience.com/link.php?id=116623
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:3:p:261-280

Template-Type: ReDIF-Article 1.0
Author-Name: Suzana Laporšek
Author-X-Name-First: Suzana
Author-X-Name-Last: Laporšek
Author-Name: Milan Vodopivec
Author-X-Name-First: Milan
Author-X-Name-Last: Vodopivec
Author-Name: Matija Vodopivec
Author-X-Name-First: Matija
Author-X-Name-Last: Vodopivec
Title: Lowering wage inequality with the minimum wage increase in Slovenia
Abstract:
The paper analyses the development of wage inequality in Slovenia after a 22.9% increase in the minimum wage in 2010. The analysis is based on individual-level data, covering all workers and firms in Slovenia over the 2005-2015 period. The descriptive findings show that with the minimum wage increase, wage inequality in Slovenia lowered. The effect was stronger for women, young and less-educated or low-occupations workers, which are characterised to be most affected by the minimum wage policy. Further, results also show that a decline in wage inequality was higher among workers employed in small and unincorporated firms and those working in market services.
Journal: Int. J. of Sustainable Economy
Pages: 306-321
Issue: 3
Volume: 13
Year: 2021
Keywords: minimum wage; wage inequality; interdecile ratios; Gini coefficient; Slovenia.
File-URL: http://www.inderscience.com/link.php?id=116624
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:3:p:306-321

Template-Type: ReDIF-Article 1.0
Author-Name: Misheck Mutize
Author-X-Name-First: Misheck
Author-X-Name-Last: Mutize
Author-Name: McBride Peter Nkhalamba
Author-X-Name-First: McBride Peter
Author-X-Name-Last: Nkhalamba
Title: International credit rating agencies in Africa: perceptions, trends and challenges
Abstract:
This research examines the perceptions, trends and challenges of the influence of international rating agencies on national economic affairs in African states. A descriptive analysis of independent reports published on international sovereign credit ratings and a survey on the financial bodies of the African Union as well as consultations with the three international credit rating agencies show that there is diminishing confidence in operations rating agencies in Africa. However, despite the criticisms of deficiencies in methodologies, operations and regulation of credit rating agencies, results show that they significantly remain as the best available source of credible of risk information for emerging economies to access international capital. It is therefore concluded that the information manufacturing and opinion-leading role of rating agencies remain critical to capital flow and economic development. Thus, the study recommends that African countries implement a multi-stakeholder approach to engagement rating agencies on reviewing the methodologies, indicators and the rating process as traditional methods and indicators are discounting the potential embedded in emerging economies resulting in poor credit ratings.
Journal: Int. J. of Sustainable Economy
Pages: 55-71
Issue: 1
Volume: 13
Year: 2021
Keywords: credit rating agencies; capital flow; Africa; regulation; international capital.
File-URL: http://www.inderscience.com/link.php?id=113303
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasean A. Tahat
Author-X-Name-First: Yasean A.
Author-X-Name-Last: Tahat
Author-Name: Ghassan H. Mardini
Author-X-Name-First: Ghassan H.
Author-X-Name-Last: Mardini
Title: Corporate carbon disclosure, carbon performance and corporate firm performance
Abstract:
The primary objective of this study is to examine the current state of corporate carbon disclosure (CCD) among a sample of FTSE 350 non-financial firms. It also investigates the effect of CCD on firms' carbon emission performance and corporate financial performance (CFP). This study adopts a quantitative approach to fulfil its aims. In particular, it quantifies the level of CCD reported by non-financial companies listed in the FTSE 350. A number of regression models are developed to examine relationships that are assumed. The results demonstrate that CCD can significantly enhance a firm's carbon performance. Further, the findings reveal that CCD can boost firms' financial performance. The findings provide some policy implications for regulators, preparers, and investors on the usefulness of voluntary disclosure, including carbon information.
Journal: Int. J. of Sustainable Economy
Pages: 219-235
Issue: 3
Volume: 13
Year: 2021
Keywords: corporate carbon disclosure; CCD; carbon performance; corporate firm performance; FTSE; UK.
File-URL: http://www.inderscience.com/link.php?id=116634
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:3:p:219-235

Template-Type: ReDIF-Article 1.0
Author-Name: Tafadzwa Ruzive
Author-X-Name-First: Tafadzwa
Author-X-Name-Last: Ruzive
Author-Name: Charles Wait
Author-X-Name-First: Charles
Author-X-Name-Last: Wait
Author-Name: Andrew Phiri
Author-X-Name-First: Andrew
Author-X-Name-Last: Phiri
Title: Does financial inclusion spur growth in BRICS countries? Evidence from a panel smooth transition regression model
Abstract:
The World Bank financial development agenda highlights financial inclusion as a lever for growth. Policymakers in BRICS economies have selected financial inclusion as a policy tool to spur growth. This article analyses the nature and presence of the financial inclusion-growth nexus in BRICS economies over the period 2004-2018. Using a panel smooth transition regression (PSTR) framework, we find that number of automated teller machines (ATMs) positively affect growth and this effect is diminished after crossing its identified threshold; microcredit borrowing has a negative effect on growth which is enhanced after crossing its threshold point; and microfinance savings has a positive effect on growth of which this positive effect is enhanced after crossing its threshold level. Conversely, all measures of financial inclusion are shown to exhibit increasing returns to scale on total factor productivity. These findings are robust to an alternative use indexed measure of financial inclusion constructed using principal component analysis. Policy implications of these findings are discussed.
Journal: Int. J. of Sustainable Economy
Pages: 281-305
Issue: 3
Volume: 13
Year: 2021
Keywords: financial inclusion; economic growth; emerging economies; BRICS; panel smooth transition regression; PSTR; automated teller machines; ATMs.
File-URL: http://www.inderscience.com/link.php?id=116636
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:3:p:281-305

Template-Type: ReDIF-Article 1.0
Author-Name: Aleksandra Selinšek
Author-X-Name-First: Aleksandra
Author-X-Name-Last: Selinšek
Author-Name: Sanja Rocco
Author-X-Name-First: Sanja
Author-X-Name-Last: Rocco
Author-Name: Borut Milfelner
Author-X-Name-First: Borut
Author-X-Name-Last: Milfelner
Title: Design orientation as a source of sustainable company performance
Abstract:
This paper aims to test the relationships between design orientation and its implementation with customer orientation and, consequently, company performance. Research model and hypotheses were tested on the Croatian market. Data were collected using the computer-assisted web interviews on the population of Croatian companies with at least three employees. The hypotheses were tested using the partial least squares-based structural equation modelling (PLS-SEM). The research results highlight the role of design as one of the important predecessors of customer orientation, and its indirect influence on company performance was confirmed.
Journal: Int. J. of Sustainable Economy
Pages: 87-106
Issue: 1
Volume: 13
Year: 2021
Keywords: design orientation; design implementation; customer orientation; sustainable company performance; firm size.
File-URL: http://www.inderscience.com/link.php?id=113310
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:1:p:87-106

Template-Type: ReDIF-Article 1.0
Author-Name: Victoria Oluwatoyin Foye
Author-X-Name-First: Victoria Oluwatoyin
Author-X-Name-Last: Foye
Author-Name: Oluwasegun Olawale Benjamin
Author-X-Name-First: Oluwasegun Olawale
Author-X-Name-Last: Benjamin
Title: Climate change, technology and manufacturing sector growth in oil-rich Nigeria
Abstract:
This paper analyses the dynamic relationship between climate change, technology and manufacturing sector growth in Nigeria from 1970-2016 using climate augmented Mankiw-Romer-Weil theory within a structural vector autoregressive (SVAR) model. Restrictions are imposed accordingly, and the results reveal that the manufacturing sector growth and technology respond negatively to positive shocks in climate. Also, the variations in manufacturing sector performance and technology are accounted for by technology and climate shocks at 21.97% and 10.11%, respectively. Hence, we conclude that climate change inhibits technology and manufacturing sector growth in Nigeria, and this lowers labour and capital productivity in the real sector, which is consequent on economic growth and sustainable development. Therefore, the Nigerian Government should prevail on the manufacturing firms to prioritise investment that is not responsive to climate change and simultaneously attend to the challenge of technological backwardness by improving research and development in Nigeria.
Journal: Int. J. of Sustainable Economy
Pages: 236-260
Issue: 3
Volume: 13
Year: 2021
Keywords: climate change; dynamic relationship; manufacturing sector growth; technology.
File-URL: http://www.inderscience.com/link.php?id=116643
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:3:p:236-260

Template-Type: ReDIF-Article 1.0
Author-Name: Milja Marčeta
Author-X-Name-First: Milja
Author-X-Name-Last: Marčeta
Author-Name: Štefan Bojnec
Author-X-Name-First: Štefan
Author-X-Name-Last: Bojnec
Title: Innovation and competitiveness in the European Union countries
Abstract:
This paper examines innovation performance in association with competitiveness development in the European Union (EU) countries. The innovation factor indicators are linked to the global competitiveness index (GCI). The two set hypotheses are tested: first, that expenditure for research and development (R%D) in a company, and university-industry collaboration in researches affect GCI. Second, that the relationships exist between the GCI and innovation factor indicators, but there is a different strength of the connection. A special focus of the analysis is on the two sub-periods: during the economic crisis in the years 2008-2013 and the post-economic crisis in the years 2014-2017. The research contributes to a better understanding of the relationships between expenditures for R%D in a company, university-industry collaboration in researches, and the GCI. The results also confirmed a positive correlation, but different strength of the connection between the GCI and other analysed innovation factor variables such as innovation capacity, quality of research institutions, availability of scientists, a number of registered patents applications, and government procurement of advanced technology products. The results suggest that gross domestic product per capita is positively correlated with innovation factor indicators and the GCI.
Journal: Int. J. of Sustainable Economy
Pages: 1-17
Issue: 1
Volume: 13
Year: 2021
Keywords: competitiveness; innovation performance; global competitiveness index; GCI; European Union.
File-URL: http://www.inderscience.com/link.php?id=113316
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Template-Type: ReDIF-Article 1.0
Author-Name: Obed I. Ojonta
Author-X-Name-First: Obed I.
Author-X-Name-Last: Ojonta
Author-Name: Jonathan E. Ogbuabor
Author-X-Name-First: Jonathan E.
Author-X-Name-Last: Ogbuabor
Title: Credit access and the performance of non-farm household enterprises: evidence from Nigerian data
Abstract:
Inadequate availability of credit access is one of the major problems facing household enterprises in developing countries, especially Nigeria. Despite various government interventions aimed at solving this problem, it is still perceived that credit access is a serious challenge facing these enterprises in Nigeria. Hence, this study examined the impact of credit access on the performance of total stock of input supply of non-farm household enterprises in Nigeria. Unlike the bulk of existing studies, we employed multinomial logit regression and used the 2018 General Household Survey data. The stylised facts from the data revealed that non-farm household enterprises in urban areas have greater access to credit than their counterparts in rural areas. Interestingly, the findings indicate that even though a large chunk of the non-farm household enterprises in our sample face the challenge of access to credit, credit access nonetheless impacts significantly and positively on total stock of input supply of non-farm household enterprise in Nigeria. Among others, we recommended that credits to non-farm household enterprises should be adequately monitored not only to enhance the performance of these enterprises but also to ensure that the funds are not diverted to other uses.
Journal: Int. J. of Sustainable Economy
Pages: 72-86
Issue: 1
Volume: 13
Year: 2021
Keywords: credit access; household; enterprise; input supply; Nigeria.
File-URL: http://www.inderscience.com/link.php?id=113318
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:1:p:72-86

Template-Type: ReDIF-Article 1.0
Author-Name: Hüseyin Öcal
Author-X-Name-First: Hüseyin
Author-X-Name-Last: Öcal
Author-Name: Anton Abdulbasah Kamil
Author-X-Name-First: Anton Abdulbasah
Author-X-Name-Last: Kamil
Title: The impact of risk indicators on sustainability (ESG) and broad-based indices: an empirical analysis from Germany, France, Indonesia and Turkey
Abstract:
This study aims to provide empirical insights into how sustainability (ESG) and broad-based indices are affected by risk indicators such as VIX, CDS, and FX volatility index. Germany ESG-X, CDAX, France ESG-X, CAC All, Indonesia SRI-KEHATI, IDX Composite, BIST (Borsa Istanbul) Sustainability, and BIST All price indices have been examined. The daily data between November 4, 2014, and December 5, 2019 are used. Vector autoregression (VAR), Granger causality and impulse response test are employed in the analysis. The results of the study revealed that companies which are included in the Germany ESG-X, France ESG-X, and SRI-KEHATI are affected by shocks less than the companies included in broad-based indices of each country. In contrast to this result, BIST Sustainability is affected more by the shocks than BIST All. Stocks with higher ESG exposure in terms of quantity, quality, and credibility tend to have a lower risk. Causality test results revealed that VIX causes broad-based and ESG indices more than any other risk indicators.
Journal: Int. J. of Sustainable Economy
Pages: 18-54
Issue: 1
Volume: 13
Year: 2021
Keywords: mandatory sustainability reporting; risk management; VIX; CDS; currency option volatility index; ESG-X; portfolio investment; Germany; France; Indonesia; Turkey.
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Template-Type: ReDIF-Article 1.0
Author-Name: Muntasir Murshed
Author-X-Name-First: Muntasir
Author-X-Name-Last: Murshed
Author-Name: Syed Rashid Ali
Author-X-Name-First: Syed Rashid
Author-X-Name-Last: Ali
Author-Name: Mohammad Haseeb
Author-X-Name-First: Mohammad
Author-X-Name-Last: Haseeb
Author-Name: Solomon Prince Nathaniel
Author-X-Name-First: Solomon Prince
Author-X-Name-Last: Nathaniel
Title: Modelling the public moral hazard problem of international remittance inflows in Bangladesh
Abstract:
Although international remittances are expected to spawn welfares within the recipient economies, the public moral hazard problems associated with such inflows often trigger apprehensions. Against this backdrop, this paper aimed to evaluate the public spending responses to inward foreign remittances in Bangladesh. The results confirm that higher volumes of remittances reduce the overall level of public spending as well as public health expenditure in Bangladesh. In contrast, incoming remittances are found to persistently enhance public expenditure in the education sector. Moreover, rising income inequality, deteriorating democratic practices and poor governance in Bangladesh are found to aggravate the public moral hazard problems associated with the influx of international remittances.
Journal: Int. J. of Sustainable Economy
Pages: 166-196
Issue: 2
Volume: 13
Year: 2021
Keywords: remittances; public moral hazard problem; public spending; income inequality; democracy; governance; Bangladesh.
File-URL: http://www.inderscience.com/link.php?id=114611
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:2:p:166-196

Template-Type: ReDIF-Article 1.0
Author-Name: Najib H.S. Farhan
Author-X-Name-First: Najib H.S.
Author-X-Name-Last: Farhan
Author-Name: Faozi A. Almaqtari
Author-X-Name-First: Faozi A.
Author-X-Name-Last: Almaqtari
Author-Name: Eissa A. Al-Homaidi
Author-X-Name-First: Eissa A.
Author-X-Name-Last: Al-Homaidi
Author-Name: Mosab I. Tabash
Author-X-Name-First: Mosab I.
Author-X-Name-Last: Tabash
Title: Board of directors' composition, cash conversion cycle and firms' performance: empirical evidence from India
Abstract:
This paper examines the influence of cash conversion cycle (CCC) on the performance of Indian pharmaceutical companies. Furthermore, it aims to find out whether corporate governance measured by board of directors' composition moderates the relationship between CCC and firms' performance. The analysis of this paper is based on a panel dataset of 82 companies over the period from 2008 to 2017. The study uses generalised method of moment (GMM) model for estimating the results. Return on assets (ROA), net operating margin (NOM), and Tobin Q (TQ) are used as proxies for firms' performance, while CCC is used as an independent variable. Leverage and firms' size are used as control variables. The study revealed that CCC negatively affects the profitability of Indian pharmaceutical companies. Furthermore, it is also revealed that board of directors' composition moderates the association between CCC and firms' profitability. The study seeks to contribute to the existing literature by evaluating CCC on the performance of pharmaceutical companies in a different context; India.
Journal: Int. J. of Sustainable Economy
Pages: 197-218
Issue: 2
Volume: 13
Year: 2021
Keywords: working capital management; WCM; profitability; cash conversion cycle; CCC; moderation effect; corporate governance; GMM estimation; India.
File-URL: http://www.inderscience.com/link.php?id=114614
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:2:p:197-218

Template-Type: ReDIF-Article 1.0
Author-Name: Igor Masten
Author-X-Name-First: Igor
Author-X-Name-Last: Masten
Author-Name: Vida Maver
Author-X-Name-First: Vida
Author-X-Name-Last: Maver
Title: Indicator variables for inflation expectations in the Euro area
Abstract:
In this paper, we model the Euro area market-based inflation expectations extracted from the inflation-linked swaps, and study the macroeconomic information embedded in expected inflation. First, we estimate the Gaussian affine term structure model to decompose the forward ILS-implied inflation rate into inflation expectations and inflation risk premium at one-, two- and three-year horizons. Secondly, from a large panel of macroeconomic series we identify the most significant indicator variables for inflation expectations using the elastic net modification of the LASSO regression. Finally, we measure partial contributions of individual indicator variables to the changes in inflation expectations. Our findings reveal that across horizons considered inflation expectations are correlated to the measures of current inflation of the overall price level and price level of services, the unemployment rate, and the Euro exchange rate. The identified indicators provide a useful information about the evolution of inflation expectations with different intensities at different horizons.
Journal: Int. J. of Sustainable Economy
Pages: 107-125
Issue: 2
Volume: 13
Year: 2021
Keywords: inflation expectations; inflation linked swap rates; inflation dynamics; affine term structure models; macroeconomic determinants; elastic net regularisation.
File-URL: http://www.inderscience.com/link.php?id=114615
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:2:p:107-125

Template-Type: ReDIF-Article 1.0
Author-Name: Sheilla Nyasha
Author-X-Name-First: Sheilla
Author-X-Name-Last: Nyasha
Author-Name: Nicholas M. Odhiambo
Author-X-Name-First: Nicholas M.
Author-X-Name-Last: Odhiambo
Title: Government size and economic growth in Kenya: a multivariate dynamic causal linkage
Abstract:
This study empirically examines the dynamic causal relationship between government size and economic growth in Kenya during the 1970-2017 period using the autoregressive distributed lag (ARDL) bounds testing approach. A multivariate Granger-causality model was used in order to reduce the omission-of-variable bias, which has been found to be associated with bivariate Granger-causality models. For this purpose, the study used domestic investment and trade openness as intermittent variables between government size (proxied by government final consumption expenditure) and economic growth. The results of the study are consistent with the Keynesian view as they reveal that, in Kenya, there is a distinct unidirectional causal flow from government size to economic growth - both in the short run and in the long run. This shows that, in Kenya, government expenditure Granger-causes real sector growth. Based on these results, policy makers in Kenya are recommended to pay special attention to the national government size when implementing growth-enhancing policies.
Journal: Int. J. of Sustainable Economy
Pages: 150-165
Issue: 2
Volume: 13
Year: 2021
Keywords: government size; government expenditure; economic growth; Granger-causality; Kenya.
File-URL: http://www.inderscience.com/link.php?id=114617
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:2:p:150-165

Template-Type: ReDIF-Article 1.0
Author-Name: Hassen Guenichi
Author-X-Name-First: Hassen
Author-X-Name-Last: Guenichi
Author-Name: Hamdi Khalfaoui
Author-X-Name-First: Hamdi
Author-X-Name-Last: Khalfaoui
Author-Name: Néjib Chouaibi
Author-X-Name-First: Néjib
Author-X-Name-Last: Chouaibi
Title: The impact of own-country, USA and China's economic policy uncertainty on stock market returns: evidence from war, epidemic and financial crisis periods
Abstract:
The question of the economic policy uncertainty (EPU) and its effects on the stock market returns in shock periods is rarely addressed by the literature. Thus, we are motivated to provide new insights into the study of these effects based on dynamic panel data for own-country, USA and China's economic policy uncertainty over the period 2000Q1 to 2019Q4. These effects are also re-examined in the epidemic, war and financial crisis periods. Indeed, our empirical results show that the nexus between EPU and stock market returns is negative and statistically significant for own-country and has a mixed significant effect for the USA and China. Moreover, the epidemic, war, and financial crisis reduce the negative effects and raise the positive one of EPU on stock market returns in different countries.
Journal: Int. J. of Sustainable Economy
Pages: 126-149
Issue: 2
Volume: 13
Year: 2021
Keywords: economic policy uncertainty; EPU; stock market returns; own-country; USA; China; epidemic; war; financial crisis; dynamic panel.
File-URL: http://www.inderscience.com/link.php?id=114618
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Handle: RePEc:ids:ijsuse:v:13:y:2021:i:2:p:126-149