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International Journal of Sustainable Economy

International Journal of Sustainable Economy (IJSE)

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International Journal of Sustainable Economy (32 papers in press)

Regular Issues

  • Macroeconomic Variables and IPO Activities: An Empirical investigation in Indian Market   Order a copy of this article
    by Pritpal Singh, Seshadev Sahoo 
    Abstract: The present study intends to examine the effect of selected macroeconomic variables on the initial public offerings (IPO) activity (i.e., volume of IPOs) issued during 2011 to 2020 in the Indian capital market. This study used seven macroeconomic factors, i.e., gross domestic product at constant prices, business confidence index, foreign direct investment in equity inflow, yield on five-year corporate bonds, yield on three-month T-Bills on the secondary market, interbank rate, and performance of the Bombay Stock Exchange, India sensitivity index (BSE Sensex as market benchmark) as independent variables. Econometric tools like vector auto regression, variance decomposition test, and impulse response functions were applied to the selected time series data. We find that the business confidence index, gross domestic product, BSE index performance, and foreign direct investment have significant effects on IPO activities. Furthermore, these macroeconomic variables show their impact over a period.
    Keywords: Indian capital market; IPO activity; macroeconomic variables; VAR; initial public offerings.
    DOI: 10.1504/IJSE.2023.10044243
  • Economic policy uncertainty and exchange market pressure in Nigeria: a quantile regression analysis   Order a copy of this article
    by Terver Kumeka, Olabusuyi R. Falayi, Adeniyi Adedokun, Francis O. Adeyemi 
    Abstract: The present study examines the relationship between economic policy uncertainty (EPU) and exchange market pressure (EMP) in Nigeria using the Quantile regression econometric technique, and monthly data from 1996 to 2019. For robust analysis, this study investigates the effect of both global and domestic economic policy uncertainties on EMP in Nigeria. The evidence from the results implies that there is structural independence between global EPU and EMP in Nigeria on one hand and between domestic EPU and EMP on the other hand, especially in periods when the market is experiencing bearish and tranquility conditions. Regardless of the possible impacts global and domestic EPU may have on EMP, the co-movement of EPU and EMP in Nigeria is unaffected. However, the effect of the association strengthens for the upper quantiles.
    Keywords: exchange market pressure; EMP; economic policy uncertainty; EPU; quantile regression; Nigeria; exchange rate.
    DOI: 10.1504/IJSE.2023.10044441
  • Re-examining the relationship between Carbon Performance and Carbon Disclosure: Empirical Evidence from Select International Companies   Order a copy of this article
    by Leo Themjung Makan, Kailash Chandra Kabra 
    Abstract: The purpose of the paper is to examine the bidirectional relationship between carbon performance and carbon disclosure. To this end, the study used data of 138 international companies during the period 2013 to 2014 to 2018 to 2019. The carbon performance was measured as negative carbon intensity, and carbon disclosure was measured by creating a disclosure score and by employing content analysis. The findings of the paper revealed that carbon performance negatively affects carbon disclosure. On the other hand, it is also found that carbon disclosure positively influences subsequent carbon performance. Conducted in the context of large international firms and in a period marked by heightened climate scrutiny, the findings of the study provide important insight for policy purposes and managerial implications. To the authors knowledge, this current study is one of the first to investigate the bidirectional association between carbon performance and carbon disclosure.
    Keywords: carbon disclosure index; CDI; carbon intensity; climate change; greenhouse gas.
    DOI: 10.1504/IJSE.2023.10044712
  • Bankruptcy Risk, Firm Size, and Firm Profitability: A Dynamic Panel Data Approach   Order a copy of this article
    by Muhammad Yousaf 
    Abstract: The main purpose of this study is to examine the impacts of bankruptcy risk of small and medium enterprises (SMEs) and large firms on firm profitability. By employing the secondary data from the CRIBIS database of the Czech firms from the ten sectors, the bankruptcy risk is measured by Altman Model and Springate Model. This is the first study examining the impacts of the firm size on firm profitability by simultaneously employing the Altman and Springate models. We employed the two-step system generalised method of moments (GMM) to estimate the regression models. The findings revealed three important results: 1) there is a positive relationship between the bankruptcy Models and firm profitability; 2) SMEs earn more profits than large firms; 3) the bankruptcy risk for SMEs is higher than the large firms.
    Keywords: firm size; large firms; Altman model; Springate model; COVID-19.
    DOI: 10.1504/IJSE.2023.10045805
  • The impact of ECB's Pandemic Emergency Asset Purchase announcements on sovereign bond markets: Evidence from Euro area countries   Order a copy of this article
    by Tarek Chebbi, Waleed Hmedat 
    Abstract: This paper presents a comprehensive event study analysis to trace the impact of the announcements of the ECB’s asset purchases during the COVID-19 pandemic period on major euro area sovereign bond markets. The findings indicate that such impact differs considerably across types of assets and countries. For instance, the monetary easing news perform a strong impact on the long- and medium-term sovereign debt yields. We find also that ECB’s monetary actions have been effective in lowering the return volatility for the short-term interest rates. In addition, the reducing effect of monetary news during the COVID-19 crisis remains strong and significant for Italy and Spain, even after controlling for macroeconomic surprises. Furthermore, while the sovereign yields may not reveal significant responses to monetary news which are not related to asset purchases undertaken by the ECB, our findings highlight significant stabilisation and destabilisation impacts of these announcements. Finally, a split between early PEPP and subsequent (June and December) announcements indicates that the decline in the sovereign bond yields is driven by the March announcements. The stabilisation effect in the short-term bond market shown for the whole sample is mainly explained by the June and December announcements.
    Keywords: ECB; asset purchases; sovereign bond yields; COVID-19 pandemic.
    DOI: 10.1504/IJSE.2023.10046446
  • The impact of COVID-19 infections on money demand: a cointegration analysis in euro area   Order a copy of this article
    by Leonidas Zangelidis 
    Abstract: Nowadays, there is a structural change that affects the economy and its impact on money demand needs to be addressed. The COVID-19 pandemic negatively (positively) affects the transaction (speculative) motive, while lock-down measures additionally reduce consumption. The purpose of this paper is to empirically estimate for the first time the impact of the COVID-19 recession on euro area (EA) money demand. It uses the money-in-utility and the concept of standard gamble to introduce a health factor in the model. Results show large fluctuations in 2020 to the long-run money demand relationship. New cases of infection in EA have reduced money demanded from the public, suggesting a negative effect of consumption decrease due to fear or inconvenience. Precautionary effect is also evident when the effect of new cases in big EA countries is examined. The impact of lockdown measures had a negative effect on real GDP.
    Keywords: money demand; COVID-19 recession; structural break; cointegration analysis; error correction model; ECM; vector error correction; long-run equilibrium.
    DOI: 10.1504/IJSE.2023.10047213
  • Convergence Hypothesis: A Systematic literature Review with Bibliometric Analysis   Order a copy of this article
    by Prakarti Sharma, Nidhi Sharma 
    Abstract: The study presents a systematic literature review with bibliometric analysis of the existing literature on convergence hypothesis sourced from the Scopus database over two decades spanning 2000 to 2020. Literature review based on year, source, affiliation, country, and contributing authors is done, along with bibliographic coupling, thematic evaluation and content analysis. Findings suggest that the existing literature mainly focuses on the developed world for examining convergence and its implications. This reflects a severe lacuna as the research on convergence with emerging economies as a focal point is meagre. In conclusions, the authors suggest ways to deal with this critical research gap.
    Keywords: systematic literature review; SLR; bibliometric analysis; income gap; development economics; convergence.
    DOI: 10.1504/IJSE.2023.10047238
  • Spending pattern and profit performance: A case study of nonfarm household enterprises in Nigeria   Order a copy of this article
    by Obed Ojonta, Jonathan Ogbuabor 
    Abstract: The purpose of this study is to ascertain the influence of spending pattern on the profit performance of non-farm household enterprises. The study used the 2018 to 2019 General Household Survey data from the National Bureau of Statistics, while descriptive analysis and binary logistic regression were used to unveil the patterns in the data. The results indicate that the spending pattern relating to business cost, transport and purchase of raw material influence the profit performance of non-farm household enterprises in Nigeria positively and significantly, while the influence of the spending pattern relating to demand for products and loan repayment remained negative throughout. The study concluded that government should provide favourable business environment for non-farm household enterprises through policies that will enable these enterprises not only to enhance their business capital but also to investment or engage in spending patterns that will optimise their performance on a sustainable basis.
    Keywords: profit; spending; household; enterprises; Nigeria.
    DOI: 10.1504/IJSE.2023.10047749
  • Fresh Evidence on the Influence of trading activities on carbon dioxide emissions in developed and developing high CO2 emissions emitter countries: long panel data modelling   Order a copy of this article
    by Chindo Sulaiman, Ng Shing Leng, A.S. Abdul-Rahim, Iqbal Muhammad-Jawad, Nur Syafiqah A. Samad 
    Abstract: There is a widespread concern for environmental quality across the world due to greenhouse gases especially carbon dioxide (CO2 ) emission, which is the main source of global warming. Both trade and carbon dioxide emissions are rising simultaneously over the years. This paper investigates the relationship between trade openness and carbon dioxide emissions in developed and developing high CO2 emitter countries over the 1971 to 2017 period. Panel cointegration and pooled mean group (PMG) techniques were employed. The PMG result revealed that trade openness is positively related to CO2 emission for the top emitters from developing countries and hence causes environmental degradation in the long run. However, trade is negatively related to carbon dioxide emission for the top emitters from developed countries where trade liberalisation appears to increase environmental quality. These findings deliver insights on the need to protect the environment from degradation by adopting green technologies that are environmentally friendly with high-energy efficiency.
    Keywords: carbon dioxide emissions; trade openness; energy consumption; environmental Kuznets curve; EKC; pooled mean group estimator.
    DOI: 10.1504/IJSE.2023.10048350
  • Foreign Debt-Economic Growth Nexus in Ethiopia: ARDL Approach   Order a copy of this article
    by Mengistu Negussie, Malefiya Ebabu 
    Abstract: This paper aims to analyse the contribution of foreign public debt to Ethiopian economic growth. The ARDL co-integration model with the real gross domestic product (RGDP) and consistently affecting factors was employed to achieve this task. The result indicates that debt service payment and debt service to export earnings ratio have an adverse effect. However, they are insignificant to Ethiopia’s economic growth. The total foreign debt stock to RGDP has a negative and substantial consequence on the RGDP. The Granger causality test shows a causal relationship between the ratio of the total stock of external debt to RGDP (TEDTRGDP) and RGDP. The coefficient of the error correction equation (176.3%) also dictated a speedy pace of adjustment to converge to the long-run equilibrium after some shock. The study concludes that huge external debt slows a country’s economic progress, and there is an issue of debt overhang in the Ethiopian economy.
    Keywords: economic growth; error correction model; external debt; Ethiopia.
    DOI: 10.1504/IJSE.2023.10049054
  • Impact of economic openness on government size in India   Order a copy of this article
    by Dhyani Mehta, Nikunj Patel, NISARG JOSHI, Bhavesh Patel 
    Abstract: The purpose of the study is to examine the impact of economic openness on government size in India, using trade openness and capital openness as indicators of economic openness and net fiscal deficit and current account deficit as control variables. ARDL and NARDL bound test approach was employed by taking annual time series data from 1981 to 2020. The estimates confirm a significant long-run and short-run relationship between dependent variables, i.e., government size and independent variables such as trade and capital openness. Empirical results show that in India, an increase in trade openness influences government size positively whereas capital openness affects government size negatively. These findings are crucial for policymakers and regulatory agencies to frame policies that promote economic openness without jeopardising the balance of other macroeconomic variables. Indian policymakers must carefully frame liberal policies to promote trade and capital openness.
    Keywords: autoregressive distributed lag; ARDL; NARDL; economic openness; government size; fiscal deficit; current account deficit; CAD; India.
    DOI: 10.1504/IJSE.2023.10049099
  • Financial Inclusion as a tool for achieving inclusive growth: Systematic Literature and Future Research Agenda   Order a copy of this article
    by Priyanka Tandon, Deepmala Jasuja, Anurag Bhadur Singh, Tanu Agarwal Jain 
    Abstract: The current study presents a quantitative investigation of the literature on financial inclusion and access to finance using bibliometric analysis. The study has analysed 1,900 documents extracted using the Scopus database between 1977 and 2020 using VOS viewer and Biblioshiny. Based on the results gained from the analysis, the authors discuss the trends of publications based on year, countries, institutions, journals, and authors. The study results indicate that the research on financial inclusion concentrates on specific areas presented through thematic analysis. Some of the recent issues are in the nascent stage - most research themes in this area attribute to financial inclusion and poverty, economic growth, and financial literacy. Finally, the study identifies the research gap in the concerned area, which may provide future research agenda attained through collaborative research within the research community.
    Keywords: financial inclusion; access to finance; bibliometric; citation; systematic literature review.
    DOI: 10.1504/IJSE.2023.10049277
  • Urban-Rural Unemployment and Crime in India: A Panel Data Analysis   Order a copy of this article
    by G. Nagasubramaniyan, Augustine Joseph 
    Abstract: The primary purpose of this paper is to empirically investigate the effect of urban and rural unemployment on various violent and property crimes across 35 states and union territories of India between 1993 and 2017. We have employed a dynamic panel data (DPD) model the system generalised method of moments (SGMM) for attaining reliable and unbiased results. The DPD model is preferable as it accounts for inertial effects of crime. The findings showed a positive association between urban unemployment and theft. Rural unemployment appeared to be an insignificant factor in determining the incidence of crime in India. The lagged values of the dependent variables are significant for murder, robbery, burglary and theft, confirming the inertial effect of crime. The current study also discusses the possible reasons for the above-mentioned association between economic variables and various types of crime.
    Keywords: crime; unemployment; panel data; generalised method of moments; GMM; socio-economic; India.
    DOI: 10.1504/IJSE.2023.10049906
  • Sustainable Consumption and Mindfulness: Analysing Knowledge-Attitude-Practice Gap among Indian Young Professionals   Order a copy of this article
    by RUCHIKA SHARMA, Deepika Chhikara 
    Abstract: The research is focused on analysing the dimensions of sustainable consumption (SC) in Indian context. Secondly, which dimensions contribute to forming positive attitude and subsequently resulting intention to follow sustainable consumption among young professionals. And lastly, it aims to analyse the mediating effect of mindfulness between attitude and intentions towards SC. The research used theory of reasoned action (TRA) and knowledge-attitude-practice gap theory for the formation of theoretical framework. Survey was conducted using structured questionnaire and reliability and validity of all the constructs were ensured through exploratory and confirmatory factor analysis. Data from 480 Indian young professionals were collected and tested using structural equation modelling. The study finds a significant relationship between dimensions of sustainable consumption and positive attitude and intentions towards SC. Furthermore, mindfulness was found to mediate the relationship between attitude and intentions towards SC. The research may help policymakers, researchers, and marketers in understanding sustainable consumer behaviour and help them to generate better marketing strategies.
    Keywords: sustainable consumption; pursuit intention; mindfulness; India; young professional; exploratory factor analysis; EFA; confirmatory factor analysis; CFA; structural equation modelling.
    DOI: 10.1504/IJSE.2023.10050129
  • Investigating the Environmental Kuznets Curve Hypothesis and Pollution Haven Hypothesis in India: An ARDL Approach   Order a copy of this article
    by Nivaj Gogoi, Farah Hussain 
    Abstract: The study examines the validity of the inverted U-shaped environmental Kuznets curve (EKC) hypothesis and pollution haven hypothesis (PHH) in India during the period 1970 to 2018. Adopting autoregressive distributed lag (ARDL) method, the study disproves the existence of the EKC by indicating a U-shaped curve between environmental degradation and the country’s economic growth. Likewise, the relationship between environmental degradation and foreign direct investments confirms an invalid PHH in India. The non-existence of the two hypotheses has important implications on formulation, evaluation, and restructuring of the country’s environmental, industrial and economic regulations. The study also considers industrialisation, population density and urbanisation as other regressors. Additionally, the causal relationships among the variables are explored in the study.
    Keywords: carbon emission; economic growth; environmental degradation; environmental Kuznets curve; EKC; pollution haven hypothesis; PHH; autoregressive distributed lag; ARDL; India.
    DOI: 10.1504/IJSE.2023.10050571
  • How does market-based governance influence sustainable tax behaviour? Evidence from tax haven utilisation and tax avoidance   Order a copy of this article
    by Elisa Tjondro, Heru Tjaraka 
    Abstract: This study investigates whether the external corporate governance mechanism plays an effective monitoring system for multinational companies tax avoidance and profit-shifting activities. This study uses 553 firm-year observations from 135 listed firms in the manufacturing and agriculture sectors of the Indonesian capital market from 2015 to 2019. The results suggest that firms with potential tax avoidance activities experience a more severe decline in firm value, specifically firms with strong market-based governance. The findings on firms with tax haven subsidiaries suggest that market-based governance effectively prevents firms from gaining benefits through tax havens and encourages sustainable tax behaviour. This study provides novel empirical evidence that market-based governance is the encouraging factor in achieving sustainable tax behaviour. The findings have significant implications for regulators and practitioners, showing that the regulations related to the advanced transparency and mandatory disclosure of foreign subsidiaries along with the external monitoring mechanism, have effectively encouraged sustainable behaviour.
    Keywords: corporate governance; market-based governance; tax avoidance; tax haven; sustainable tax behaviour.
    DOI: 10.1504/IJSE.2023.10050759
  • The effect of natural disasters on economic growth with the moderating role of environmental degradation   Order a copy of this article
    by Mohammad Nour Mohammadi Shalkeh, Zahra Fotourehchi 
    Abstract: In recent decades, a significant increase in natural disasters has led to a decline in economic growth in countries at risk of natural disasters. Considering the importance of environmental degradation in creating climate change and the subsequent occurrence of natural disasters, as well as the relationship between natural disasters and economic growth, in this research, the effect of environmental degradation as a moderating variable in the relationship between natural disasters and economic growth in countries at risk of natural disasters during the period 1990 to 2019 was investigated using panel data and the GMM estimation method. The results show that natural disasters damage economic growth in the absence of the moderating variable, but with the presence of the environmental degradation variable, the increase in economic growth is greater than natural disasters.
    Keywords: economic growth; environmental degradation; natural disasters.
    DOI: 10.1504/IJSE.2023.10050909
  • The FDI Inflows in Low-Income and Lower-Middle-Income Countries: The Moderating Role of Military Expenditure   Order a copy of this article
    by Saif Ur Rahman, Zhao Shurong, Danish Junaid 
    Abstract: Foreign direct investment (FDI) inflows have been found to positively impact citizens’ quality of life in a country. However, the ways in which a country’s military spending moderates this relationship between the factors of citizens’ wellbeing and FDI inflows is less known in literature. The present study attempts to bridge this gap by investigating panel data for 56 low-income and lower-middle-income economies (N = 1,064) for a period from 2001 to 2019. Fixed effect regression estimation was used to test the hypothesised relationships, which demonstrate that military spending significantly and negatively correlates with inward FDI. The results show that in less developed economies, governments’ spending in their security sectors reduces the chances of attracting inward FDI in its direct role; and in its moderating role, it negatively impacts the FDI inflows attracted by the variables of GDP per capita and health infrastructure in a country. The study has policy implications for improving the quality of life in less developed countries.
    Keywords: foreign direct investment; FDI; military expenditure; government spending; wellbeing economy; health expenditure; developing economies.
    DOI: 10.1504/IJSE.2024.10050910
  • Influence of EU circularity indicators through fuzzy AHP approach   Order a copy of this article
    by Teodoro Gallucci, Georgi Marinov, Vesselina Dimitrova, Giovanni Lagioia, Antonella Biscione 
    Abstract: In line with the EU's goal of climate neutrality by 2050 set out in the green deal, the European Commission has proposed a new action plan for the circular economy development. The goal is to identify specific indicators able to provide a measure of circularity at macro level. The objective of this study is to contribute to this effort by determining the most relevant criteria that businesses and academic experts can use to identify additional sub-criteria of the degree of circularity of the economy at macro level. To this end, the study considers four macro indicators and 15 sub-indicators taken from the Eurostat circularity indicators database. The fuzzy AHP analysis has been used to rank indicators and sub-indicators. The proposed study highlights that the main criteria, exhibiting a vast potential to influence the circular economy, are the indicators 'competitiveness and innovation' for academic respondents and 'secondary raw materials ' for business respondents, while patents related to recycling and secondary raw materials are the most significant sub-indicators.
    Keywords: circular economy; fuzzy AHP; environmental indicators; circularity assessment.
    DOI: 10.1504/IJSE.2023.10050978
  • The impact of government expenditure on environmental degradation in MENA countries: An empirical investigation   Order a copy of this article
    by Nada Hazem, Nouran M. Taha, Israa A. El Husseiny 
    Abstract: This paper examines the impact of government expenditure on environmental degradation using panel data for 14 MENA countries over the period 2000 to 2018. We estimate the total effect of government expenditure on CO2 emissions by examining the different channels through which government spending may influence the environmental quality, namely the GDP per capita and the institutional quality. Our findings show that the marginal direct effect of government expenditure on CO2 emissions is negative and significant. In contrary, the effect of government spending conditional on GDP per capita is found to be positive, offsetting a part of the negative direct effect. Moreover, the effect conditional on democracy level, which is a proxy for institutional quality, is found to be negative. This negative effect reinforces the initial direct effect. Hence, the total effect of government expenditure on CO2 emissions is revealed to be negative. This indicates that government spending can contribute to the reduction of air pollution and the improvement of environmental quality.
    Keywords: government expenditure; environment; MENA region; economic growth; democracy.
    DOI: 10.1504/IJSE.2023.10051101
  • Impact of Global Value Chains Integration on Firm Performance in Sub-Saharan Africa: Evidence from Micro panel data   Order a copy of this article
    by Ebaidalla Mahjoub Ebaidalla, Mohammed Elhaj Mustafa 
    Abstract: This paper examines the impact of global value chains (GVCs) participation on firm performance, using panel data for a sample of 3,790 manufacturing firms distributed in 22 Sub-Saharan African countries. To account for time-invariant and time-variant unobserved heterogeneity, the study adopted matching combined with difference-in-differences methodology (PSM-DiD) estimators. The results indicated that participation in GVCs has positive and significant impact on labour productivity and sales growth, while it has no significant effect on capacity utilisation. Disaggregating GVCs into different components, the analysis revealed some variations in the impact of GVCs on firms’ performance. For instance, while exports are found to exert a positive and significant effect on productivity, imports have no important role in influencing firm performance. The paper concluded with some policy recommendations, suggesting that facilitating firms’ integration into GVCs is an effective strategy to boost manufacturing sector in Africa.
    Keywords: global value chain; GVC; firm performance; panel data; PSM-DiD; Sub-Saharan Africa.
    DOI: 10.1504/IJSE.2023.10051303
  • The link between the credit rating agency downgrades in times of crisis and the dynamics of government credit default swap yield spreads   Order a copy of this article
    by Fathi Nakai, Tarek Chebbi, Waleed Hmedat 
    Abstract: This paper analyses the impact of credit rating agencies downgrades on the dynamic of government credit default swap (CDS) yield spreads during the most stressful period of the eurozone debt crisis (2010-2012). Our research is released by the event study approach that includes direct effects on the risk and return of CDS market. We obtain some new results. As for immediate effect, we find downgrades and outlook announcements significantly affect sovereign CDS yield spreads but had little or no impact on the volatility. Regarding the dynamic effect, such announcements are anticipated by CDS markets in [-3, 0] which are consistent with efficient markets hypothesis, while watchlist events considerably influence CDS yield spreads around the announcement day, which is on concordance with credit rating agencies information discovery effect hypothesis. Furthermore, we confirm the association of CDS yield spreads with stock and foreign exchange markets.
    Keywords: credit rating agencies; credit default swaps spreads; debt crisis; spillovers; event study dummy approach.
    DOI: 10.1504/IJSE.2023.10051491
  • Analysis of Carbon Emission Disclosures of Indonesian Companies and their Market Performance with Board Characteristics as a Moderator   Order a copy of this article
    by Muhammad Madyan, Fatimah Alamsyah, Wulan Rahmadani, Erlin Trisyulianti 
    Abstract: This study investigates the effect of disclosure of carbon emissions on company performance, especially market performance and the characteristics of a board consisting of independent commissioners and female directors as moderators. This study uses 517 firm-year observations from companies listed on the Indonesia stock exchange (IDX) for the 2015-2019 period. Consistent with the development of the hypothesis, the results show that the disclosure of carbon emissions is positively related to market performance. The same result is also shown in the logit regression robust test. We document that independent commissioners and female directors can strengthen the relationship between carbon emission disclosures (CED) and market performance. In addition, the results of additional studies show that the disclosure of carbon emissions is positively related to return on assets (ROA) and return on investment (ROE). Our findings show that the disclosure of carbon emissions can be a good idea for companies to improve financial performance, both market performance and accounting performance.
    Keywords: firm performance; FP; market performance; carbon emission disclosure; CED; independent commissioner: female directors.
    DOI: 10.1504/IJSE.2024.10052175
  • Impact of Climate Change on Aquatic Marine Fish Production: A Multivariate and Causality Analysis   Order a copy of this article
    by Muhammad Mehedi Masud  
    Abstract: This study explores the dynamic relationship between CO2 emissions, average rainfall (RFL), average temperature (TEMP), and aquatic marine fish production (ACQ) in Malaysia using a 39-year time series of data from the World Bank and the Food and Agriculture Organisation (FAO). The ARDL approach to cointegration revealed that CO2 emissions and rainfall negatively and significantly influence aquatic marine fish production in the short term. The results also revealed that rainfall negatively and significantly affects aquatic marine fish production in the long run, while CO2 emissions and temperature negatively influence aquatic marine fish production in the long run, but they are not statistically significant. Therefore, the findings of this study could help determine the effects of climate change on aquatic marine fish production and guide policy decisions on how to deal with climate change and fisheries management at the national level to reduce the impact of climate change on aquatic marine fish production in Malaysia.
    Keywords: climate change; CO2 emission; aquatic marine fish production; Malaysia.
    DOI: 10.1504/IJSE.2023.10052310
  • Effects of gold, crude oil and their volatility on Nifty 50: evidence from Indian stock market   Order a copy of this article
    by Arpan Parashar, Peeyush Bangur 
    Abstract: This study aims to examine the impact of the gold price, crude oil price, and their respective price volatility indices, i.e., gold price volatility index (GVZ) and oil price volatility index (OVX) on the Indian stock market NSE Nifty-50. To examine the relationship among the variables unit-root tests (ADF and PP), auto regressive distributed lag (ARDL) Bounds test followed by the Granger Causality test have been performed. The results indicate that long-run co-integration exists among the variables further; about 0.38% of the departure from the long-run equilibrium is corrected in each period in Nifty 50 that is attributed to the crude oil price, gold price, and respective volatilities. Further, it was found that all these explanatory variables Granger cause Nifty 50.
    Keywords: crude oil; gold; ARDL model; volatility; Granger casualty; Nifty.
    DOI: 10.1504/IJSE.2024.10052518
  • Evaluating the trend of the research in sustainability reporting: A bibliometric review   Order a copy of this article
    by Amiya K. Mohapatra, Rahul Matta, Neha Gupta 
    Abstract: This paper attempts to provide an intellectual structure to fragmented literature on the topic 'sustainability reporting' by organisations using bibliometric analysis and attempts to ascertain potential future research agenda. The sample includes 496 articles from the Web of Science (WoS) database from 2001 to 2021. The sample is analysed with bibliometric methods like bibliographic coupling, citation analysis, co-citation analysis, co-word and thematic map analysis using VOS viewer. The results show key authors such as Warren Maroun, Belen Fernandez-Feijoo, and Olivier Boiral; key universities such as University of Salamanca, University of the Witwatersrand, and University of Vigo; key journals such as Journal of Business Ethics, Accounting, Auditing & Accountability, and Business Strategy and the Environment; and key countries such as Spain, the USA, and Australia, that have contributed significantly to the existing literature. Further, this paper highlights the increasing relevance of sustainability reporting in research, and suggests directions for the future research.
    Keywords: bibliometric analysis; network analysis; sustainability reporting; citation analysis; thematic map analysis.
    DOI: 10.1504/IJSE.2024.10052566
  • Purchase intention on energy efficient household appliances - a meta-analysis of the studies based on theory of planned behaviour   Order a copy of this article
    by Rajesh Gangakhedkar, Jaspreet Kaur, M. Karthik 
    Abstract: The purpose of this research is to study the purchase intention (PI) on energy efficient household appliances by making a meta-analytic review of the studies that have applied theory of planned behaviour. Results of 30 studies that met the inclusion criteria have been synthesised in the meta-analysis. A moderator analysis is also made in order to examine the reasons for heterogeneity in the studies. Analysis of publication bias is also made. The findings revealed that all the three variables of TPB have medium to large associations with PI of energy efficient appliances. Attitude was found to have the strongest relationship with r = 0.571, followed by perceived behavioural control with r = 0.465 and subjective norms with r = 0.443. Moderator analysis gave mixed results. This meta-analytic review is the first of its kind in the domain of adoption of energy efficient appliances by households. The study gives valuable insights to policymakers and researchers into the prediction of PI on energy efficient household appliances.
    Keywords: theory of planned behaviour; meta-analysis; energy efficient appliances; forest plot; effect sizes; fixed effect; random effect; publication bias; funnel plot; heterogeneity; moderator.
    DOI: 10.1504/IJSE.2023.10043764
  • Corporate tax aggressiveness and corporate governance: the case of citizen firms   Order a copy of this article
    by Khaoula Aliani, Sihem Bouguila 
    Abstract: Firms have an inherent intention to minimise their tax burden. These implicit or explicit plans may harm the reputation of citizen firms. Since they are under higher visibility from stakeholders, citizen firms have to adopt an ethical and responsible tax behaviour. The aim of this study is to analyse whether the tax policy is more/less likely to be aggressive in the best 100 corporate citizens. In this paper, the influence of social responsibility on tax policies has been meticulously explored by two methods: a combined effect and an instrumentalist approach. The sample is composed of the best 100 US corporate citizens during 2020. The empirical results reject the direct effects of the corporate social responsibility score and its combined effect with governance variables on tax aggressiveness. However, the moderation effect, which supposes an instrumentalist approach, was supported.
    Keywords: corporate social responsibility; CSR; tax aggressiveness; corporate governance; corporate citizens.
    DOI: 10.1504/IJSE.2023.10043435
  • Examining the antecedent role of biosphere value, environmental usefulness and ecotourism involvement: an empirical study   Order a copy of this article
    by Santanu Mandal, Arun Chandran, Meenakshi Kanakaraj, R. Sourav, Payel Das 
    Abstract: While recently there has been the increasing importance of ecotourism and sustainable behaviour, studies have not been able to address substantially the generation of individual dimensions of ecotourism behaviour. The current investigation explores the role of perceived biosphere value, perceived environmental usefulness, and ecotourism involvement for understanding the growth of socio-cultural beneficial behaviour, economically beneficial behaviour and environmental friendly behaviour. The study has seven latent variables that were operationalised in a first order. All the constructs were developed based on established scales, complemented with pre-test and expert feedback. The data were collected from individuals who are frequent travellers to nature-based destinations. The study had 108 usable responses. The study used partial least squares in R-Studio to validate the proposed associations. Results suggest a prominent role of ecotourism involvement and perceived biosphere value in shaping the different variants of ecotourism behaviour.
    Keywords: biosphere value; ecotourism involvement; ecotourism behaviour; tourist behaviour.
    DOI: 10.1504/IJSE.2023.10044453
  • Analysing the impact of quality of government expenditure on economic growth: evidence from Indian states   Order a copy of this article
    by Vandana Bhavsar, Pradeepta Kumar Samanta 
    Abstract: Proliferation of endogenous growth theories has engendered different models connecting government expenditure with a country's long-term growth. Numerous studies based on this growth theory revealed that different components of government expenditure have distinct impact on economic growth due to their differing productivity. Following fiscal consolidation measures in India, the quality of states' government expenditure has been compromised periodically. Therefore, overarching purpose of this study is to empirically examine which component of government expenditure more productively contributes to states' economic growth using a panel data of 29 states/union territories over a period 2004-2005 to 2019-2020. Empirical findings ratify a priori, that capital (revenue) expenditure is productive (unproductive) and positively (negatively) impacts states' economic growth, whereas, economic and social services expenditures are unproductive. The findings have some policy implications in order to sustain and enhance the regional economic growth and to maintain fiscal discipline while persevering with fiscal consolidation.
    Keywords: government expenditure; capital expenditure; revenue expenditure; generalised method of moments; GMM; state; economic growth; productive government expenditures; unproductive government expenditures; panel data; social service expenditure; economic service expenditure.
    DOI: 10.1504/IJSE.2023.10044519
  • Does financial development support renewable energy or carbon emissions? A panel data analysis on emerging countries   Order a copy of this article
    by Sabri Burak Arzova, Bertac Sakir Sahin 
    Abstract: We investigate the effect of financial development on renewable energy supply rate and CO2 emissions in the period of 1997-2016. Domestic credit to the private sector, stock market traded value and foreign direct investment are proxies of financial development variables. Fixed and random effects models are estimated with the Parks Kmenta method for 19 emerging countries. According to empirical results, domestic credit to the private sector is statistically insignificant. Stock market development harms renewable energy supply. Unlike the first model, domestic credit to the private sector positively affects emissions. However, stock market development has no impact on emissions. Foreign direct investments reduce both the renewable energy supply rate and emissions. Foreign direct investments are one of the important financial elements of the emerging market countries by providing energy savings. Our findings provide a financial perspective to policymakers on renewable energy and low carbon in emerging countries.
    Keywords: renewable energy; financial development; emerging countries.
    DOI: 10.1504/IJSE.2023.10045888
  • Estimating the size of Nigeria's output connectedness with China, India and USA: a normalised generalised forecast error variance decomposition approach   Order a copy of this article
    by Anthony Orji, Ikenna P. Nwodo, Jonathan E. Ogbuabor, Onyinye I. Anthony-Orji 
    Abstract: This paper investigated the size of Nigeria's output connectedness with China, India and USA, with particular focus on Nigeria's latest democratic era that began in 1999. The study used the normalised generalised forecast error variance decomposition (GFEVD) of the underlying vector error correction (VEC) model to construct the connectedness measures. The findings reveal that India and China are the largest contributors of spillover index in the system. Overall, the size of the connectedness index of the economies is 34.55%, which shows remarkable output spillovers among these countries. The policy implication of these results is that Nigerian economic authorities should closely monitor the output fluctuations around the world, especially those of Nigeria's top trade partners like India and China in order to mitigate adverse output shocks.
    Keywords: connectedness; VAR model; democratic era; Nigeria; China; India; USA.
    DOI: 10.1504/IJSE.2023.10045295