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International Journal of Sustainable Economy (6 papers in press)
How Important is Oil Revenue in Nigerian Growth Process? Evidence from A Threshold Regression by James Temitope DADA, Ezekiel Olamide ABANIKANDA Abstract: This study examines the effect of oil revenue on Nigerian growth process by focusing on the threshold level of oil revenue from 1980-2017. Growth rate of oil revenue and gross domestic product are used as proxy oil revenue and economic growth index respectively. Data are sourced from Central Bank of Nigeria statistical bulletin and World Development Indicators, 2017 edition. Threshold regression is used as the estimation technique. The threshold level of oil revenue in Nigeria that sustain economic growth is 6.17%. Below the threshold level, oil revenue has positive and significant effect on economic growth. While in the second regime (above the threshold level), oil revenue has negative and significant effect on economic growth in Nigeria which affirms the resource curse hypothesis in Nigeria. The study concludes that proceeds from oil revenue should be effectively utilised and institutions should be strengthened. Keywords: Oil Revenue; Economic Growth; Threshold Regression; Sustainability.
The Schumpeterian inner vibratory system by Sara Casagrande Abstract: One surprising aspect of the recent economic crisis was the inability of economists to predict it. This failure was caused by several reasons: a short-term economic thinking, the belief that economic dynamics is a constantly growing path disturbed by erratic shocks, and the lack of a social and evolutionary perspective. We start from the thought of Schumpeter and we aim to deepen his unfinished but very fascinating project: the creation of an economic model that is capable of explaining the endogenous and cyclical nature of growth. Schumpeter called this model the inner vibratory system, suggesting that economic dynamics are determined by a biological mechanism that is subject to non-linearity but which is able to generate an ordered evolution. In this paper we will analyse the main features of a possible inner vibratory system and we will examine its role in the development of models that are able to explain economic crises and embody the concept of long-term sustainable growth. Keywords: Schumpeter; business cycles; nonlinearity; self-organization theory; complexity; dissipative systems; cyclical growth; innovations; inventions; capitalism; environmental sustainability.
The Role of Human Resource Flexibility and Agility in Achieving Sustainable Competitiveness by Agnieszka Karman Abstract: The most dominant features of modern human resource management systems are flexibility and agility. They may refer to the flexibility of procedures, practices, competences, and agility of human resources. The purpose of the paper is to present the relations between the flexibility and agility of human resources and achieving sustainable competitiveness. Drawing upon previous works, we develop a conceptual model which links the constructs together. The conducted research is of theoretical and empirical nature. The method of case study were used. It is hypothesized that the three dimensions of HR flexibility (employee skills flexibility, employee behavior flexibility, and HR practice flexibility) and HR agility affect competitiveness by increasing the flexibility, creativity of human resources, improving quality performance and the impact upon the quality of life of employees and social relations. In particular, the agility and flexibility of human resources contribute to the growth of adaptability and strategic orientation, which directly affects organizations competitiveness. The research results will improve the understanding of the impact of flexibility and agility related to the HRM system on the implementation of the concept of sustainable development in the organization. Keywords: sustainable development; human resource; organization; competitiveness.
The Impact of Import and Export on Unemployment: A Cross-National Analysis by Cheng Jin, Sunho Lee, Jinyoung Hwang Abstract: This paper uses 66 cross-country data covering the period from 2006 to 2016 to investigate the impact of import and export on the unemployment rate. Labour market friction and trade friction are controlled in the empirical models. In addition, we estimate six sub-samples, which are developing and developed countries, low industry ratio and high industry ratio countries, and low service ratio and high service ratio countries in addition to the whole sample to consider the levels of similar economic development and industrial structure. The estimation results suggest that import decreases the unemployment rate in sub-samples consisting of developing countries, high industry ratio countries, and low service ratio countries. On the contrary, export has positive and significant impacts on the unemployment rate in sub-samples consisting of developed countries, low industry ratio countries, and high service ratio countries. Therefore, this study suggests that the impacts of import and export on unemployment depend on the economic development and industrial structure of each country. Keywords: Import; Export; Unemployment; Skill Mismatch; Sample Selection.
DOES BANK-BASED FINANCIAL DEVELOPMENT SPUR ECONOMIC GROWTH? EMPIRICAL EVIDENCE FROM THE DEMOCRATIC REPUBLIC OF CONGO (DRC) by Nicholas Odhiambo, Sheilla Nyasha Abstract: In this study, we examined the dynamic causality between financial development and economic growth in the Democratic Republic of the Congo (DRC), using time-series data from 1965 to 2015. Unlike some previous studies, the current study used three proxies to examine this linkage. These are liquid liabilities as a percentage of GDP (FD1), deposit money bank assets as a percentage of GDP (FD2), and bank deposits as a percentage of GDP (FD3). In addition, the study used savings and inflation as intermittent variables, thereby creating a multivariate Granger-causality model, and limiting the omission-of-variable bias, which has been found in some previous studies. Using the ARDL bounds testing approach, the study found that there is a short-run causal relationship between financial development and economic growth in the DRC, but the direction of causality is dependent on the proxy used to measure the level of financial development. When financial development was proxied by liquid liabilities as a percentage of GDP, unidirectional Granger-causality was found to prevail in the short run, running from economic growth to financial development. However, when deposit money bank assets as a percentage of GDP and bank deposits as a percentage of GDP were used as proxies, causality between financial development and economic growth was found to be bidirectional, but only in the short run. The study recommends that policy efforts in the DRC should be directed at developing both the financial sector and the real sector in the short run as both sectors have been found to be mutually beneficial to each other in the main, in this study. Keywords: Financial Development; Economic Growth; Granger-Causality Test; Democratic Republic of Congo; DRC.
The role of Carbon Footprint indicator for sustainable implications in tourism industry- case study of Bulgaria by Teodoro Gallucci, Vesselina Dimitrova Abstract: In the last years the interest in the environmental issues in tourism activities is growing and several initiatives have been promoted to improve the trends for reducing the environmental impact. These considerations underline the necessity of boosting research studies aiming at implementing correct management of the touristic destinations in the light of sustainability. The objective of this study is characterized by two sub goal: firstly has been shown how to calculate the environmental Carbon Footprint (CF) indicator hotels located in the Golden Sands resort, a few km from the city of Varna (Bulgaria), and secondly have been highlighted how the analysis of this environmental indicator became useful in supporting and proposing improvements, both managerial and environmental or to suggest green marketing strategy performing sustainable tourism in Bulgaria. Keywords: Sustainable tourism; Carbon footprint; LCA; Green marketing; Environmental indicators.