Forthcoming and Online First Articles

International Journal of Sustainable Economy

International Journal of Sustainable Economy (IJSE)

Forthcoming articles have been peer-reviewed and accepted for publication but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.

Forthcoming articles must be purchased for the purposes of research, teaching and private study only. These articles can be cited using the expression "in press". For example: Smith, J. (in press). Article Title. Journal Title.

Articles marked with this shopping trolley icon are available for purchase - click on the icon to send an email request to purchase.

Online First articles are published online here, before they appear in a journal issue. Online First articles are fully citeable, complete with a DOI. They can be cited, read, and downloaded. Online First articles are published as Open Access (OA) articles to make the latest research available as early as possible.

Open AccessArticles marked with this Open Access icon are Online First articles. They are freely available and openly accessible to all without any restriction except the ones stated in their respective CC licenses.

Register for our alerting service, which notifies you by email when new issues are published online.

We also offer which provide timely updates of tables of contents, newly published articles and calls for papers.

International Journal of Sustainable Economy (10 papers in press)

Regular Issues

  • A Real Options Approach To Measuring Freedom In Sen’s Capabilities Approach   Order a copy of this article
    by Sovan Mitra 
    Abstract: Sustainability has gained increasing prominence in research literature, with environmental and social issues becoming more important in economic issues. One of the normative approaches to addressing sustainability issues has been applying Sen’s capabilities approach. One of the advantages of Sen’s capabilities approach is that it is able to take into account a wider range of issues in decision-making compared to alternative methods, such as the ethical importance of freedom. A key problem in operationalising Sen’s capabilities approach is providing a quantitative framework for measuring the freedom in decisions. In this paper we propose a method for operationalising Sen’s capabilities approach by using the real options analysis as a framework to quantifying the freedom in decisions. The real options analysis is a well-established method of modelling economic decisions and using such an approach we propose quantifying the freedom in decisions in terms of the flexibility to exercise decision under the real options analysis. In this paper we show how real options analysis can be used to quantify and indicate the freedom of decisions in terms of Sen’s capabilities approach. This paper provides a new framework for analysing decisions under Sen’s capabilities approach and examples are provided.
    Keywords: real options; capabilities approach; operationalising; freedom; welfare.
    DOI: 10.1504/IJSE.2022.10040203
  • Economic growth and non-renewable and renewable energy consumption nexus in Morocco: Causality analysis in VAR model   Order a copy of this article
    Abstract: Morocco is the fourth-largest electricity consumer in Africa and the fifth in terms of gross domestic product (GDP). This paper examines the causal relationship between renewable and non-renewable energy consumption and GDP in Morocco in the framework of extended Cobb-Douglas production function. To this purpose, we apply Toda and Yamamoto (1995) causality test in VAR model using annual data from 1980 to 2019. First, the results display that there is no significant causality nexus between renewable energy consumption and economic growth, and then the neutrality hypothesis is supported. This finding could be partly explained by the fact that there is likely an unreached threshold beyond which renewable energy consumption will begin to promote economic growth. Second, unidirectional causality from economic growth to non-renewable energy consumption is revealed. Thus, the later seems to be promoted by the country’s economic development. Furthermore, capital and labour are found to significantly impact economic growth.
    Keywords: renewable energy; economic growth; Granger causality; energy consumption; Morocco.
    DOI: 10.1504/IJSE.2022.10041231
  • Deprivation and subjective well-being: Implication on health   Order a copy of this article
    by Akinwumi Sharimakin, Sunday Ojewumi 
    Abstract: The study examines the relationship between deprivation, that is, lack of resources and well-being and their impact on self-reported physical and mental health outcomes. Data collected through a set of structured questionnaire administered on a sample of 415 was analysed by descriptive statistics and logit estimation technique. Econometric model reveals that greater feelings of deprivation and poor subjective well-being are associated with poor self-reported physical and mental health. Further, the results show that the history regarding deprivation impacts more on physical and mental health than other-regarding form of deprivation. It was also revealed that both the history-regarding and other-regarding forms of deprivation impact on health via subjective well-being. Policies that will increase employment opportunities and earning capacity of individuals will impact positively on human welfare and reduce feelings of deprivation.
    Keywords: deprivation; subjective well-being; SWB; physical health; mental health.
    DOI: 10.1504/IJSE.2022.10041510
  • Public Infrastructure Investment and Private Investment in East African Community: Crowding-in or Crowding-out?   Order a copy of this article
    by James Ochieng Babu, Daniel Abala, Mary Mbithi 
    Abstract: The study investigates the link between public infrastructure investment and private investment for five East African community partner states using data for the period 1990 to 2019. Pooled mean group estimator was employed to capture short-and long-run dynamics. The results indicate that in the short-run, public infrastructure investment crowds-out private investment, however in the long-run, there is crowding-in effect. The findings also confirm the accelerator theory of investment, that is, a positive relationship between private investment and real income. We perform a sensitivity analysis by re-estimating the model using a shorter sub-sample, in the pre-Global Financial Crisis period (1990 to 2006). Our results are generally robust to this specification. Therefore, to boost private investment in East African community, it is necessary to channel additional resources towards infrastructure development. A stable macroeconomic environment is also key for private sector investment in the region.
    Keywords: public infrastructure investment; crowding in; crowding out; private investment; pooled mean group; PMG; East African community; EAC.
    DOI: 10.1504/IJSE.2022.10041513
  • The residual income model cannot challenge the discounted cash flow method in stock valuations - an analysis of global manufacturing and service companies   Order a copy of this article
    by Andras Takacs, Edina C. Erb 
    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.
    Keywords: residual income; discounted cash flow; DCF; smoothed DCF model; perpetual annuity model.
    DOI: 10.1504/IJSE.2021.10039042
  • The relationship between financial development and renewable energy consumption: an empirical investigation on emerging countries   Order a copy of this article
    by Bertac Sakir Sahin, Semih Yilmazer 
    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.
    Keywords: renewable energy consumption; financial development; emerging market countries.
    DOI: 10.1504/IJSE.2021.10039338
  • Sustainable investment and the COVID-19 effect - volatility analysis of ESG index   Order a copy of this article
    by Narinder Pal Singh, Priya Makhija, Elizabeth Chacko 
    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.
    Keywords: sustainable investment; ESG index volatility; COVID-19; EGARCH model; Indian stock market.
    DOI: 10.1504/IJSE.2021.10039378
  • Factors influencing attitude and purchase intention: the product of biodegradable drinking straw in Ho Chi Minh City, Vietnam   Order a copy of this article
    by Hoang Phu Nguyen, Thao Vy Nguyen, Hoai Nam Le 
    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.
    Keywords: theory planned behaviour; green product; purchase intention; partial least square; PLS; structural equation modelling; SEM; Vietnam.
    DOI: 10.1504/IJSE.2021.10038250
  • The effect of a mindfulness-based stress reduction program on students' test performance   Order a copy of this article
    by Matthias Dressler, Rune Ellemose Gulev 
    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.
    Keywords: mindfulness; sustainability; mindfulness-based stress reduction; MBSR; test; time constrain; effectiveness; students.
    DOI: 10.1504/IJSE.2021.10038963
  • Causality between foreign direct investment, exports and economic growth in Lesotho   Order a copy of this article
    by Malefa Rose Malefane 
    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.
    Keywords: foreign direct investment; exports; economic growth; Toda-Yamamoto; causality; least-developed economies; Lesotho.
    DOI: 10.1504/IJSE.2022.10039941