International Journal of Sustainable Economy (31 papers in press)

Regular Issues

• The impact of COVID-19 infections on money demand: a cointegration analysis in the euro area  
  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 the 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  
  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
   
  
• 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  
  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
   
  
• Impact of economic openness on government size in India  
  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  
  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  
  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
   
  
• Investigating the Environmental Kuznets Curve Hypothesis and Pollution Haven Hypothesis in India: An ARDL Approach  
  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  
  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 FDI Inflows in Low-Income and Lower-Middle-Income Countries: The Moderating Role of Military Expenditure  
  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  
  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  
  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
   
  
• The link between the credit rating agency downgrades in times of crisis and the dynamics of government credit default swap yield spreads  
  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  
  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  
  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  
  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  
  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
   
  
• Environmental Commitment for Green Finance and Sustainable Performance in Commercial Banks of ASEAN Countries - whether Stakeholder Pressure has a Moderating Role  
  by Hien Vo Van, MALIK A.B.U. AFIFA 
  Abstract: The purpose of this study is to investigate the relationships between environmental commitment, green finance implementation, and sustainable performance in ASEAN commercial banks. Simultaneously, stakeholder pressure is examined as a moderating factor on these relationships. The data from the cross-country survey of 101 senior managers were analysed using Partial Least Squares-Structural Equation Modelling (PLS-SEM). The study's findings demonstrated that environmental commitment positively influenced both green finance implementation and sustainable performance. Furthermore, green finance implementation had a positive and significant impact on sustainable performance. It was also intriguing to see that none of these relationships were moderated by stakeholder pressure. These findings are essential evidence for ASEAN governments, central banks, and commercial banks in establishing the motivation for green finance and sustainable performance. Finally, the study proposes recommendations for strengthening the application of green financing in ASEAN commercial banks.
  Keywords: ASEAN; commercial bank; environmental commitment; green finance; stakeholder pressure; sustainable performance; SDGs; legitimacy theory; Resource-Based View; Stakeholder theory.
  DOI: 10.1504/IJSE.2024.10052880
   
  
• Corruption and Firm Profitability in Vietnam
  by Phuoc Vu Ha, Le Ngu Anh Ngo, Doan Ngoc Phi Anh, Bao Bao Vuong 
  Abstract: Corruption is fought by governments in both developing and developed countries since it can harm economic development. However, it has raised the question of why it still exists at a high level in emerging markets like Vietnam? The study aims to figure out the impact of corruption on firm profitability in Vietnam. With the data from surveys of World Bank, Vietnam Competitive Initiative and Vietnam Chamber of Commerce and Industry from 2005 to 2017, by measuring corruption at country level and provincial level, the study provides the impact of corruption on firm profitability. We demonstrate that corruption has a negative effect on the profitability of firms. The result of this study gives a better understanding about the characteristics of a featured emerging market like Vietnam. Lower level of corruption, better business environment quality may help developing countries in attracting more investors and hence, push up the economic growth.
  Keywords: corruption; firm profitability; emerging economy; Vietnam.
  
  
• Impact of National Culture on Insurers’ Risk-taking: Evidence from Selected CEE Countries
  by Tomislava Pavic Kramaric, Maja Pervan 
  Abstract: In conducting their activities, insurers are exposed to various risks. Since insurance firms play a significant role in supporting the economy, the analysis of factors influencing risk-taking is gaining importance, and national culture plays significant role in this. Specifically, three national culture dimensions, including individualism, uncertainty avoidance and power distance, with a set of firm-, industry- and cross-country-oriented variables, are employed to see their potential influence on risk-taking, which is presented with a Z-score. Applying regression analysis on two sub-samples comprising of life and non-life insurance companies from selected Central and Eastern European countries (CEE) that operated in 2019, the authors find negative influence of uncertainty avoidance and power distance on risk-taking in both non-life and life insurance segments. Furthermore, GDP per capita growth also has negative influence on a Z-score whereas share of premium in GDP positively affects risk-taking. These findings relate to both insurance segments while the positive influence of concentration is found in the non-life segment only.
  Keywords: national culture dimensions; individualism; power distance; uncertainty avoidance; insurance firms; risk-taking; CEE countries.
  
  
• Revisiting the Impact of Board Characteristics on Environmental, Social, and Governance (ESG) Performance: Lesson from European Firms  
  by Tahani TAHMID, Farjana Nasrin, Paolo Saona, Md. Abul Kalam Azad 
  Abstract: Stakeholders’ concerns are no more limited to firms’ financial performance only. They are also concerned about the environmental, social, and governance (ESG) performance which represents the non-financial performance of a firm. However, there’s no consistent findings on how board characteristics can influence ESG performance. This study aims to revisit the impact of board characteristics on ESG performance of a firm in context of European firms. To test the study’s hypothesis, a linear model with fixed effect GLS (generalized least squares) is used on a 12-year panel data set from the year 2008 to 2020 of 180 listed firms categorized in 10 economic sectors operating in 22 countries. It has been found that among other board characteristics, women on board and the presence of CSR committee have a significant positive impact on ESG performance. However, board size, number of board meetings and board independence have negative or no significant impact.
  Keywords: ESG score; women on board; board characteristics.
  DOI: 10.1504/IJSE.2024.10053959
   
  
• Factors influencing intention to use hybrid electric vehicles in an oil-rich country: From vehicles market managers' perspective  
  by Akram Elahi Gol, Hossein Rahmany Youshanlouei, Milan Scasny 
  Abstract: The widespread uptake of electric vehicles is believed to be essential to deal with extreme air pollution. However, the current market penetration of electric vehicles in developing countries is negligible. This study aims to evaluate the preferences of managers in the automotive industry in Iran to use hybrid electric vehicles (HEVs). We use the goal-directed behaviour model extended by environmental concerns, hedonic and symbolic values to examine the role of social-psychological factors in the intention to use HEV. Amongst the analysed social-psychological factors, desire is the strongest one to predict intention to use HEVs, whilst hedonic and symbolic values alongside environmental concerns amplify the effect of desire. Our results suggest that Iranian people who attach more symbolic value to the new technology will also have a stronger desire to use HEV since ownership and usage of such cutting-edge technology are associated with prestige and a luxury lifestyle.
  Keywords: hybrid electric vehicles; HEVs; intention to use a low carbon technology; extended model of goal-directed behaviour; partial least square; PLS; automotive industry.
  DOI: 10.1504/IJSE.2024.10054427
   
  
• Does ESG performance influence accounting- and market-based firm risk?  
  by Nadine Ladnar, Moritz Schätzlein, Ricardo Palomo, Alexander Zureck 
  Abstract: The relevance of corporate social responsibility (CSR) is increasing as an important factor in managers’ decision-making process. Future sustainable and continuing corporate financial performance (CFP) can only be achieved by considering stakeholders’ expectations and improving corporate social performance (CSP). Being a driver of a company’s prospective economic performance, CSR has become an element of risk analysis, which explains its growing relevance for authorities, banks, and investors. Therefore, this study examines the relationship between CSP and firm risk, hypothesising a risk-mitigating effect of CSP. Using corporates’ leverage and beta as indicators for firm-idiosyncratic and systematic risk, 250 firm-year observations between 2015 and 2019 of the German DAX 30 and MDAX are analysed within multiple linear regression. However, our findings do not provide clear results while indicating contrary effects on systematic and unsystematic risk instead, somehow reflecting the discrepancy of the current discourse on this topic.
  Keywords: ESG performance; environmental; social; governance; accounting-based firm risk; market-based firm risk; corporate social responsibility; CSR; sustainability; corporate social performance; CSP.
  DOI: 10.1504/IJSE.2024.10055416
   
  
• Globalisation and Manufacturing Sector Performance: The Role of Institutional Quality in Nigeria  
  by Christian Agu, Ifeoma C. Mba, Jonathan Ogbuabor, Ezinne N. Odoemelam 
  Abstract: This study examined the relationship between globalisation and Nigeria’s manufacturing sector performance and how institutional quality is moderating this relationship during the period 2000-2020. The autoregressive distributed lag (ARDL) estimation technique was used. The findings indicate that globalisation has a direct positive impact on manufacturing sector performance in Nigeria, both in the short and long run. The institutional indicators predominantly showed a negative direct effect on manufacturing sector performance, both in the short and long run. Interestingly, the interaction between globalisation and the institutional indicators showed that the weak institutions prevalent in Nigeria are yet to dampen the positive effect of globalisation on the nation’s manufacturing sector. Furthermore, when the components of globalisation were used in the analysis, we found that while political and social globalisation enhance the performance of Nigeria’s manufacturing sector, economic globalisation deters it. The study gave some policy recommendations based on the findings.
  Keywords: globalisation; manufacturing sector; institutional quality; ARDL model; error correction model; Nigeria.
  DOI: 10.1504/IJSE.2024.10055881
   
  
• Investigating the key factors of the development of sustainable port in Vietnam  
  by Manh-Ha Dang, Thi Thuy Hong Nguyen 
  Abstract: Today, sustainable ports play a significant role in putting into practice a sustainable business strategy that comprehends the ecological and commercial mechanics of environment incentive programs. This paper’s goal is to identify the major factors affecting the implementation of sustainable ports. In this study, 215 managers from 21 container ports in Vietnam participated as the sample. The data were analysed using principal component analysis (PCA), confirmatory factor analysis (CFA), and structural equation modelling (SEM). The findings demonstrated that the availability of technical advancement, environmental regulations, economic incentives provided by governments, and the collaboration of parties concerned are all important factors in the development of sustainable ports in developing countries. The implication and discussion will be presented in depth in the article.
  Keywords: sustainable port; drivers; regulations; technical advancement; sustainability; Vietnam.
  DOI: 10.1504/IJSE.2024.10056004
   
  

Special Issue on: Innovations and Sustainable Development in Economics and Management

• Sustainable consumption and mindfulness: analysing knowledge-attitude-practice gap among Indian young professionals  
  by Ruchika Sharma, Deepika Chhikara 
  Abstract: The research is focused on analysing the dimensions of sustainable consumption (SC) in Indian context. Secondly, to know which dimensions contribute to forming positive attitude and subsequently resulting intention to follow sustainable consumption among young professionals. 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; mediation analysis; theory of reasoned action; TRA; knowledge-attitude-practice gap theory.
  DOI: 10.1504/IJSE.2023.10050129
   
  
• The effect of natural disasters on economic growth with the moderating role of environmental degradation  
  by Mohammad Nourmohammadi 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
   
  
• Foreign debt-economic growth nexus in Ethiopia: ARDL approach  
  by Mengistu Negussie Amare, Malefiya Ebabu Tekea 
  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
   
  
• Ethical motivations for firms to prioritise stakeholder well-being during the initial phase of the COVID-19 pandemic  
  by Kevin Pan, Reginald J. Harris, Alan I. Blankley, David Hurtt 
  Abstract: The initial onset of COVID-19 provides a unique setting to examine firms' behaviours related to corporate social responsibility (CSR). In this study, we investigate whether firms' prior self-declared commitment in CSR and the status of having published ESG scores would predict their prioritisation of stakeholder well-being, evidenced by voluntary disclosures related to COVID-19 and well-being. Consistent with previous literature, firms having published ESG scores appear more likely to act responsibly during a crisis. However, contrary to previous literature, firms' voluntary use of ethics related-terms in financial reports is not correlated with ESG status and is an independent predictor of firms filing more voluntary disclosures on well-being. Further, we found no evidence that firms prioritise well-being to avoid lawsuits. The findings contribute to the discussion in the literature on firms' ethical behaviours, suggesting that firms' own beliefs may play a more important role than lawsuit avoidance in a global crisis.
  Keywords: ethics; corporate responsibility; financial disclosure; pandemic; COVID-19; welfare; text analysis; environmental; social and governance; ESG; corporate social responsibility; CSR.
  DOI: 10.1504/IJSE.2023.10053200
   
  
• Job safety, security, and sustainability during COVID-19 in the USA  
  by Xiaohui You 
  Abstract: The pandemic has caused a significant impact on US health and socio-economic status in the USA. This study investigates the association between health and socio-economic impacts and job satisfaction during the COVID-19 pandemic by surveying questions related to health, socio-economic status, beliefs, and employment status toward job safety, security, and sustainability. With the ordinal logistic model, generalised linear model, and multinomial logistic regressions, this research estimates the mental health, employment status, government response, income, and aging effects on job satisfaction, using the 554-survey data collected across the country. Results highlight the significant impact on job satisfaction for young and student groups. According to the estimations, students and unemployed individuals, and those with emotional problems were dissatisfied with job safety, security, and sustainability during the pandemic. On the contrary, the high-income group and those with regular jobs or the retired have less impact and higher job satisfaction.
  Keywords: job safety; security; sustainability; mental health; employment; ordinal regression; generalised linear model; GLM; multinomial logistic regression; MLR; USA.
  DOI: 10.1504/IJSE.2023.10053319
   
  
• The impact of ECB's pandemic emergency asset purchase announcements on sovereign bond markets: evidence from Euro area countries  
  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 performs 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
   
  
• Environmental quality and financial development revisited in the case of Nigeria: a counterfactual simulation approach  
  by Kingsley Ikechukwu Okere, Obumneke Bob Muoneke, Maxwell Onyemachi Ogbulu, Izuchukwu Ogbodo 
  Abstract: This study examines the effect of bank credit to the private sector on environmental quality (carbon emissions and carbon emission intensity) in Nigeria from 1971-2017 adopting novel dynamic ARDL simulations within framework of Stochastic Impact by Regression on Population, Affluence and Technology (STRIPAT). Controlling for the impact of fossil fuel energy use and economic globalisation (de jure), findings of the study showed that financial development exerts a direct and significant long-run rising influence on both carbon emissions and carbon emission intensity in Nigeria. Fossil energy intensity use, population and economic globalisation have a long-run and short-run positive effect on aggregate CO₂ emission and carbon emission intensity in Nigeria. In all, the findings imply that Nigeria is yet to transit to renewable energy.
  Keywords: carbon emission; carbon emission intensity; CEI; financial development; dynamic ARDL simulation; STIRPAT; Nigeria.
  DOI: 10.1504/IJSE.2023.10053201