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Economies, Volume 10, Issue 4 (April 2022) – 25 articles

Cover Story (view full-size image): The topic of the relationship between green technology innovation and financial performance is increasing in importance. Following an in-depth review of the available literature and bibliometric analysis, we discovered that many papers offer inconsistent and disappointing results. We also identified that “green innovation”, “product innovation”, and “financial performance” are considered hotspots in the literature, whereas “green innovation”, “corporate performance”, “legitimacy”, “environmental disclosure”, and “corporate sustainability” have become recent research trends. These findings will help other authors to develop future research plans with a green vision based on the available literature. View this paper.
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20 pages, 2668 KiB  
Article
Computation of High-Frequency Sub-National Spatial Consumer Price Indexes Using Web Scraping Techniques
by Ilaria Benedetti, Tiziana Laureti, Luigi Palumbo and Brandon M. Rose
Economies 2022, 10(4), 95; https://doi.org/10.3390/economies10040095 - 14 Apr 2022
Cited by 2 | Viewed by 3428
Abstract
The development of Information and Communications Technology and digital economies has contributed to changes in the consumption of goods and services in various areas of life, affecting the growing expectations of users in relation to price statistics. Therefore, it is important to provide [...] Read more.
The development of Information and Communications Technology and digital economies has contributed to changes in the consumption of goods and services in various areas of life, affecting the growing expectations of users in relation to price statistics. Therefore, it is important to provide information on differences in consumer prices across space and over time in a timely manner. Web-scraped data, which is the process of collecting large amounts of data from the web, offer the potential to improve greatly the quality and efficiency of consumer price indices. In this paper, we explore the use of web-scraped data for compiling high-frequency price indexes for groups of products by using the time-interaction-region product model. We computed monthly average prices for five entry-level items according to the Consumer Price Index for All Urban Consumers (CPI-U) classification and tracked their evolution over time in 11 USA cities reported in our dataset. Even if our dataset covers a small percentage of the CPI-U index, results show how web scraping data may provide timely estimates of sub-national SPI evolution and unveil seasonal trends for specific categories. Full article
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22 pages, 2470 KiB  
Article
Assuring Social Equity and Improving Income from an Assessment of Government’s Supports in a Pandemic and Migrant Workers’ Integration in Vietnam
by Nga Hong Nguyen and Trang Thi Thu Nguyen
Economies 2022, 10(4), 94; https://doi.org/10.3390/economies10040094 - 13 Apr 2022
Cited by 1 | Viewed by 2541
Abstract
Income improvement is the primary expectation when deciding to migrate. However, due to the limited resources and urban facilities, informal sector work leads to an increasing income gap with local workers, migrant workers in big cities are considered the most vulnerable population. When [...] Read more.
Income improvement is the primary expectation when deciding to migrate. However, due to the limited resources and urban facilities, informal sector work leads to an increasing income gap with local workers, migrant workers in big cities are considered the most vulnerable population. When there is no social policy, migrants are even more susceptible to the negative impacts of COVID-19. To identify necessary bases for short-term and long-term intervention to attract workers to return and quickly adapt to the urban life in the economic recovery process, the study surveyed to clarify the assessment of COVID-19 support packages from which the most beneficial are electricity and water exemption and reduction, food support, loan interest reduction, and loan for salary payment. The study also used survey results from two pandemic centers in the southern region to estimate factors and impacts on the workers’ income in terms of integration, the results show that the major significant factors are education, housing, work sector, self-employment, and social insurance. We take notices to enhance workers’ integration to help retain workers by short-term measurements from the support package’s assessments and long-term measurements from the income and integration estimates to attract workers after the pandemic. Full article
(This article belongs to the Section Labour and Education)
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22 pages, 1604 KiB  
Article
The Association of Economic Growth, Foreign Aid, Foreign Direct Investment and Gross Capital Formation in Indonesia: Evidence from the Toda–Yamamoto Approach
by Rosdiana Sijabat
Economies 2022, 10(4), 93; https://doi.org/10.3390/economies10040093 - 13 Apr 2022
Cited by 6 | Viewed by 4389
Abstract
This study examines the direction of causality between Gross Domestic Product, foreign aid, foreign direct investment, and gross capital formation in Indonesia from 1970 to 2019, using the augmented Toda–Yamamoto approach with the Granger causality test. Furthermore, this study achieved the unit root [...] Read more.
This study examines the direction of causality between Gross Domestic Product, foreign aid, foreign direct investment, and gross capital formation in Indonesia from 1970 to 2019, using the augmented Toda–Yamamoto approach with the Granger causality test. Furthermore, this study achieved the unit root test for both variables using the ADF test, which confirmed that the variables studied were cointegrated and had a prolonged equilibrium relationship with GDP, ODA, FDI, and GCA. The Toda–Yamamoto causality test was used to investigate the direction of causality between variables. The results showed a positive one-way causality between ODA and GDP as well as between FDI and GDP. ODA has promoted the expansion of economic and development activities, thereby leading to GDP in Indonesia. However, despite having a long-run relationship, the study failed to prove a causal relationship between ODA and GCA in Indonesia. Therefore, there is a need for more optimal foreign aid management to attract foreign direct investment. Full article
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21 pages, 38732 KiB  
Review
What Myths about Green Technology Innovation and Financial Performance’s Relationship? A Bibliometric Analysis Review
by Lingli Qing, Dongphil Chun, Young-Seok Ock, Abd Alwahed Dagestani and Xiang Ma
Economies 2022, 10(4), 92; https://doi.org/10.3390/economies10040092 - 12 Apr 2022
Cited by 31 | Viewed by 5300
Abstract
The relationship between green technology innovation and corporate financial performance has gained considerable traction in academics and businesses. However, there is limited overall bibliometric analysis on this topic. To meet the research need, this study, using Citespace (Citespace5.8r3 version, ChaomMei Chen, Philadelphia), performed [...] Read more.
The relationship between green technology innovation and corporate financial performance has gained considerable traction in academics and businesses. However, there is limited overall bibliometric analysis on this topic. To meet the research need, this study, using Citespace (Citespace5.8r3 version, ChaomMei Chen, Philadelphia), performed the bibliometric analysis of the relationship between green technology innovation and corporate financial performance from 2007 to 2021, with 251 academic papers published in the Web of Science databases being analyzed, thus identifying the research hotspots and trends. The results showed that: (i) the number of publications has moved from slow to rapid growth and is expected to ramp up further; (ii) only a small collaboration network has been formed among the authors; (iii) institutions’ work operates relatively independently. There is still more room for inter-institutional or cross-discipline cooperation against geographical regions. However, there is a strong network of cooperation among countries. China performs best in this research area, followed by Spain and the UK; (iv) several significant co-citation relationships are also formed in the literature network. The burst literature on green innovation, product innovation, and financial performance is considered a research hotspot; and (v) “green innovation”, “corporate performance”, “legitimacy”, “environmental disclosure”, and “corporate sustainability” have become trends in research. Our results provide academics and practitioners with a robust roadmap on the relationship between green technology innovation and corporate financial performance. Full article
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23 pages, 603 KiB  
Article
The Impact of Commodity Price Shocks on Banking System Stability in Developing Countries
by Nicholas Ngepah, Margarida Liandra Andrade da Silva and Charles Shaaba Saba
Economies 2022, 10(4), 91; https://doi.org/10.3390/economies10040091 - 12 Apr 2022
Cited by 4 | Viewed by 3503
Abstract
This study examines the impact of commodity price shocks on the banking sector stability of 18 African commodity-exporting economies using an unbalanced panel dataset spanning a 16-year period from 2000–2015. The study on the impact of commodity price shocks on African commodity-exporting economies’ [...] Read more.
This study examines the impact of commodity price shocks on the banking sector stability of 18 African commodity-exporting economies using an unbalanced panel dataset spanning a 16-year period from 2000–2015. The study on the impact of commodity price shocks on African commodity-exporting economies’ banking sectors was estimated using a panel fixed effects model. The empirical findings indicate that commodity price shocks increase bank credit risk (non-performing loans) and, thus, pose a risk to the banking sector stability of African commodity-exporting economies. The results for the disaggregated shocks reveal that both positive and negative shocks weaken banking sector stability. In addition, commodity price shocks are discovered to decrease credit extension to the private sector, highlighting an additional channel through which the impact of commodity price shocks may be perpetuated to the real economy. Full article
(This article belongs to the Special Issue International Financial Markets and Monetary Policy)
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18 pages, 698 KiB  
Article
Nonlinear Dynamics of the Financial–Growth Nexus in African Emerging Economies: The Case of a Macroprudential Policy Regime
by Lindokuhle Talent Zungu
Economies 2022, 10(4), 90; https://doi.org/10.3390/economies10040090 - 12 Apr 2022
Cited by 5 | Viewed by 2506
Abstract
A panel data analysis of nonlinear financial growth dynamics in a macroprudential policy regime was conducted in a panel of 10 African emerging countries from 1983–2020, where it had been a non-prudential regime from 1983–1999 and a prudential regime from 2000–2020. The paper [...] Read more.
A panel data analysis of nonlinear financial growth dynamics in a macroprudential policy regime was conducted in a panel of 10 African emerging countries from 1983–2020, where it had been a non-prudential regime from 1983–1999 and a prudential regime from 2000–2020. The paper explored the validity of invented U-shape hypothesis in the prudential policy regime as well as the threshold level at which excessive finance boosts growth using the panel smooth transition regression (PSTR) model. The PSTR model was adopted due to its ability to address the problems of endogeneity and heterogeneity in a nonlinear framework. The results reveal evidence of a nonlinear effect between financial development and economic growth, where the minimum level of financial development is found to be 60.5% of GDP, above which financial development increases growth in African emerging countries. The findings confirmed a U-shaped relationship, contradicting the invented U-curve hypothesis. The focal policy recommendation is that the financial sector should be given adequate consideration and recognition by, for example, implementing appropriate financial reforms, developing a suitable investment portfolio, and keeping spending on technological investment in Africa’s emerging countries below the threshold. Again, caution is needed when introducing macroprudential policies at a low level of the financial system. Full article
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10 pages, 249 KiB  
Article
Empirical Analysis of the Impact of Education on Economic Growth
by Besime Fekri Ziberi, Donat Rexha, Xhemazie Ibraimi and Besnik Avdiaj
Economies 2022, 10(4), 89; https://doi.org/10.3390/economies10040089 - 10 Apr 2022
Cited by 22 | Viewed by 8545
Abstract
Education is a crucial factor for sustainable economic growth. Therefore, public expenditures on education are of great interest to both researchers and policy makers. The channels through which education affects economic growth differ according to the level of development of the country. This [...] Read more.
Education is a crucial factor for sustainable economic growth. Therefore, public expenditures on education are of great interest to both researchers and policy makers. The channels through which education affects economic growth differ according to the level of development of the country. This study aims to measure the impact of public expenditure on education for economic growth in North Macedonia. The data used are secondary data derived from the World Bank Indicators for the period 1917–2020. The econometric model employed in this study is an Instrumental Variable Two-Stage Least Square. The dependent variable in the model is Gross Domestic Product and the independent variables in the model are public expenditures on education, labor force participation rate, gross capital formation, unemployment, industry, wages, employment, information, and communication technology, and the instrumented variable is tertiary enrolment. This study suggests that a one-point increase in public expenditures on education will positively affect economic growth in the North Macedonia. The study also shows that a one-point increase in unemployment will increase economic growth and a one-point decrease in employment will increase economic growth in North Macedonia. These two results, which contradict the theoretical and empirical approaches, prove the mismatch between the supply and demand of real occupations in the labor market in North Macedonia. Full article
(This article belongs to the Special Issue Advances in Economics of Education)
15 pages, 1387 KiB  
Article
Maritime Policy Design Framework with ESG Performance Approach: Case of Estonia
by Kaidi Nõmmela and Kati Kõrbe Kaare
Economies 2022, 10(4), 88; https://doi.org/10.3390/economies10040088 - 8 Apr 2022
Cited by 9 | Viewed by 3943
Abstract
In policy-making, the design of a policy is considered to be one of the most significant steps. A well designed policy will be able to solve sectoral problems across stakeholders as well as support the competitive development of the entire economy. Enterprises of [...] Read more.
In policy-making, the design of a policy is considered to be one of the most significant steps. A well designed policy will be able to solve sectoral problems across stakeholders as well as support the competitive development of the entire economy. Enterprises of the maritime sector have been influenced by environmental, social, and governance (ESG) changes with the push coming from financiers, insurers, regulators, and customers. To meet the ESG challenges and utilize the benefits ahead, they need to be addressed in the new policy design processes. The specificities of a maritime sector as well as science-based policy-making framework are the fundamentals of successful maritime policy development. Estonia is located on the eastern border of the EU, and has always aimed to be a maritime state. National maritime policy has been adopted (2012–2020) and currently, the Estonian Transport and Mobility Master Plan incorporates maritime aspects. Actors of the maritime sector have remained dissatisfied and advocate the reinstatement and redevelopment of Estonian maritime policy. The aim of this study was to present a framework for the design of maritime policy that uses maritime economics, ESG performance goals, and policy design analyses as inputs. As a result, a maritime policy design framework is proposed. Full article
(This article belongs to the Special Issue Issues in Macroeconomic Policy and Analysis in Recent Period)
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25 pages, 916 KiB  
Article
Are Stock Markets among BRICS Members Integrated? A Regime Shift-Based Co-Integration Analysis
by Ayesha Siddiqui, Mohd Shamim, Mohammad Asif and Mamdouh Abdulaziz Saleh Al-Faryan
Economies 2022, 10(4), 87; https://doi.org/10.3390/economies10040087 - 6 Apr 2022
Cited by 3 | Viewed by 2620
Abstract
Long-run relationships and structural breaks have often been confused so that many investigators ignore the structural breaks in long-run stock price relationships. In this paper, we investigate the long-run relationships among stock prices in BRICS countries in a bivariate framework. We used a [...] Read more.
Long-run relationships and structural breaks have often been confused so that many investigators ignore the structural breaks in long-run stock price relationships. In this paper, we investigate the long-run relationships among stock prices in BRICS countries in a bivariate framework. We used a non-linear threshold cointegration test, which endogenously incorporates possible regime shift behaviors into the long-run relationships from 2004 to 2018. The Johansen cointegration test, the Gregory and Hansen cointegration test, and the Hatemi-J regime shift cointegration test, which allow for single and double structural breaks, were used. The principal finding of this paper confirms the presence of cointegration among the BRICS stock markets with two endogenous structural breaks. The study confirms that ignoring the presence of structural breaks in long-run series data can produce ambiguous results. It also confirms the absence of cointegration among these stock markets (Brazil and China, India and China, and China and South Africa) after two endogenous structural breaks. These empirical findings support conjecture on more than just the changes in the relationships between the BRICS stock markets. The disintegrated markets suggest the absence of arbitrage activity and vice versa. Thus, disintegrated markets mean that investors can obtain long-term gains through international portfolio diversification. While the benefit of the diversification is very limited in the long run, it is unlikely to be eliminated in practice. Hence, there is a possibility of obtaining an unusual profit in such a market, and consequently the assumptions of market efficiency could also be violated. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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14 pages, 275 KiB  
Article
Fraudulent Financial Reporting in Ministerial and Governmental Institutions in Indonesia: An Analysis Using Hexagon Theory
by Citra Sukmadilaga, Srihadi Winarningsih, Tri Handayani, Eva Herianti and Erlane K Ghani
Economies 2022, 10(4), 86; https://doi.org/10.3390/economies10040086 - 6 Apr 2022
Cited by 2 | Viewed by 3981
Abstract
This study examined fraudulent financial reporting in the ministerial and governmental institutions in Indonesia. It adopted the hexagon theory that identified six elements (pressure, opportunity, rationalisation, capability, arrogance, and collusion) in determining whether these elements influence fraudulent financial reporting in the institutions. Content [...] Read more.
This study examined fraudulent financial reporting in the ministerial and governmental institutions in Indonesia. It adopted the hexagon theory that identified six elements (pressure, opportunity, rationalisation, capability, arrogance, and collusion) in determining whether these elements influence fraudulent financial reporting in the institutions. Content analysis was used on the financial statements of thirty-two ministerial and governmental institutions over three years from 2018 to 2020. This study shows that three out of the six elements, namely opportunity, arrogance, and collusion, significantly affect fraudulent financial reporting. The effects are positive, confirming the proposition of the hexagon theory. On the other hand, this study could not provide evidence on the effect of pressure, rationalisation, and capability on fraudulent financial reporting in the ministerial and governmental institutions. The findings in this study suggest the importance of a holistic application of the whistle-blowing and e-procurement systems in all governmental elements to deliver a transparent, accountable organisational performance for the stakeholders, especially society. Full article
10 pages, 292 KiB  
Article
Tax-Spend or Spend-Tax? The Case of Southern Africa
by Ntokozo Patrick Nzimande and Harold Ngalawa
Economies 2022, 10(4), 85; https://doi.org/10.3390/economies10040085 - 6 Apr 2022
Cited by 2 | Viewed by 2163
Abstract
Whether to increase taxes or cut spending is an important question with profound policy implications, especially as countries attempt to deal with the consequences of the COVID-19 pandemic. This study, therefore, investigated the relationship between revenues and spending in the Southern African Development [...] Read more.
Whether to increase taxes or cut spending is an important question with profound policy implications, especially as countries attempt to deal with the consequences of the COVID-19 pandemic. This study, therefore, investigated the relationship between revenues and spending in the Southern African Development Community (SADC), where concerns about rising debt and deficits were raised prior to the pandemic. A panel bootstrap Granger-causality technique was used to analyze annual frequency data covering the 1980–2018 period. To our best knowledge, this was the first study in Africa to simultaneously account for cross-country differences and cross-section dependence. The findings of the study have in-depth implications for fiscal policy and adjustments towards budgetary equilibria. The study found no evidence of causality between revenues and spending in eleven SADC member states, suggesting that to balance their respective budgets, governments in these countries can alter either spending or revenues, or both. However, in Botswana, we found evidence of the tax-spend hypothesis, implying that governments should consider altering revenues to eliminate budget imbalances. Finally, evidence of the spend-tax hypothesis was found in Mauritius and Mozambique, suggesting that past and current expenditures drive revenues in these countries. Accordingly, cutting spending would be an ideal policy recourse to deal with budgetary disequilibrium. Full article
21 pages, 416 KiB  
Article
Do Corporate Governance and Gender Diversity Matter in Firm Performance (ROE)? Empirical Evidence from Jordan
by Malek Hamed Alshirah, Faraj Salman Alfawareh, Ahmad Farhan Alshira’h, Ghaith Al-Eitan, Tareq Bani-Khalid and Moh’d Alsqour
Economies 2022, 10(4), 84; https://doi.org/10.3390/economies10040084 - 2 Apr 2022
Cited by 14 | Viewed by 5142
Abstract
The aim of this paper was to examine the effect of managerial/board gender diversity and corporate governance structure on firm performance in a Jordanian business environment—a developing economy that has a distinct environment from that of developed economies. The current study focuses on [...] Read more.
The aim of this paper was to examine the effect of managerial/board gender diversity and corporate governance structure on firm performance in a Jordanian business environment—a developing economy that has a distinct environment from that of developed economies. The current study focuses on the unique context of an emerging economy (i.e., Jordan). Data were collected from nonfinancial companies listed on the Amman Stock Exchange from 2018 to 2020. Data analysis was carried out using the random-effects estimator, which was considered as the most suitable for this study. The results disclose that female representation on the board of executives of Jordanian companies had a positive but insignificant effect on corporate performance, as measured by the return on equity, indicating that this variable has no effect on the performance of firms in Jordan. Both family ownership and board size had negative significant effects on performance, but for the moderating effect, corporate governance structure had no effect on the relationship among CEO duality, institution ownership, government ownership, independent directors, and firm performance. The current study only focused on Jordanian industrial firms listed on ASE, thus rendering the findings nongeneralizable to other sectors and nations. Further investigations are urged to broaden the context of the study to achieve more enriched findings. Managers can use the findings to achieve a deeper understanding of the way governance structure affects firm performance. Additionally, regulators at the Jordan Securities Commission can attain valuable insight about the adequacy of the current regulations regarding the role of gender diversity and corporate governance structure in Jordan. The current study contributes to the literature concerning the effect of managerial gender diversity and corporate governance structure on performance. Furthermore, this investigation aims to fill the current research gap in the context of Jordan, which is an emerging economy in the Arab region that is under-represented in this field of research. Full article
19 pages, 799 KiB  
Article
The Determinants of the Usage of Accounting Information Systems toward Operational Efficiency in Industrial Revolution 4.0: Evidence from an Emerging Economy
by Pham Quoc Thuan, Nguyen Vinh Khuong, Nguyen Duong Cam Anh, Nguyen Thi Xuan Hanh, Vo Huynh Anh Thi, Tieu Ngoc Bao Tram and Chu Gia Han
Economies 2022, 10(4), 83; https://doi.org/10.3390/economies10040083 - 1 Apr 2022
Cited by 20 | Viewed by 8371
Abstract
The purpose of this study is to determine the factors affecting the application of accounting information systems (AIS) in small and medium enterprises (SMEs) in Vietnam. Drawing upon the Technology–Organization–Environment (TOE) theoretical framework, Diffusion of Innovations theory (DOI), and Resource-based theory (RBV), we [...] Read more.
The purpose of this study is to determine the factors affecting the application of accounting information systems (AIS) in small and medium enterprises (SMEs) in Vietnam. Drawing upon the Technology–Organization–Environment (TOE) theoretical framework, Diffusion of Innovations theory (DOI), and Resource-based theory (RBV), we proposed a research model to investigate the antecedents and influence of AIS usage in Vietnamese SMEs. This study used an online survey of individuals who work in Vietnamese SMEs for data collection. The result was assembled by applying the PLS-SEM model to test the proposed hypotheses based on 132 valid responses. First, the factors that have a significant impact on AIS usage are as follows: relative advantage; owner/manager commitment; and impact of COVID-19. Second, the research results also confirm that there is a positive relationship between AIS usage and AIS effectiveness; AIS performance has a positive impact on business performance. Research implications are to help business owners and leaders decide whether to use AIS to strengthen the company’s position and reduce the burden on departments, particularly the accounting department. Full article
(This article belongs to the Special Issue Novel Insights in the Leadership in Business and Economics)
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15 pages, 853 KiB  
Article
Technical Efficiency’s Nonparametric Analysis of Ecuadorian Saving and Credit Cooperatives before and during the Pandemic
by Carlos S. Torres-Inga, Cristina Velasco-Heras, A. Javier Aguirre-de Juana, Guillermo E. Guevara-Viera and Raúl V. Guevara-Viera
Economies 2022, 10(4), 82; https://doi.org/10.3390/economies10040082 - 1 Apr 2022
Cited by 2 | Viewed by 2197
Abstract
Ecuador’s credit unions or COACs play a key role inside the local economy, and the pandemic period has shown the weakness of the entities. Understanding the efficiency of the country’s largest COACs and the different factors related to it can provide important information [...] Read more.
Ecuador’s credit unions or COACs play a key role inside the local economy, and the pandemic period has shown the weakness of the entities. Understanding the efficiency of the country’s largest COACs and the different factors related to it can provide important information for policymakers and the sector in general. Therefore, our main goal was the evaluation of technical efficiency and the factors that influenced it during the years from 2009 to 2020 which included the pandemic period. For this, the DEA model was applied with production and intermediation focus, and this was applied to 19 COACs from the first segment of the sector. Findings reveal that the level of technical efficiency was larger in the pre-pandemic than the pandemic period. Efficient credit unions were characterized by higher profitability, low levels of liquidity and portfolio coverage, and a high rate of financial intermediation, among others, through the pre-pandemic period; however, debt restructuring was one the most important characteristics of nonefficient Credit Unions. The most important contribution of this study is the possible projection of different decisions that will allow the COACs to improve their role in the system given all the difficulties that the pandemic is causing around the world. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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16 pages, 1645 KiB  
Article
Measuring the Effect of the Misery Index on International Tourist Departures: Empirical Evidence from Mexico
by Fernando Sánchez López
Economies 2022, 10(4), 81; https://doi.org/10.3390/economies10040081 - 1 Apr 2022
Cited by 2 | Viewed by 3896
Abstract
Tourism’s capacity to alleviate poverty is one of the most important subjects in tourism studies, as tourism is capable of boosting economic growth and generating employment. On the other hand, it is known that lack of income and unemployment have negative effects on [...] Read more.
Tourism’s capacity to alleviate poverty is one of the most important subjects in tourism studies, as tourism is capable of boosting economic growth and generating employment. On the other hand, it is known that lack of income and unemployment have negative effects on outbound tourism; however, the relationship between outbound tourism and poverty has been understudied. In this paper, we compute a vector autoregressive (VAR) model to analyze the relationship between tourist departures from Mexico and a modified misery index to measure the effect of the loss of well-being, measured in terms of this index, on the number of outbound tourists. The results indicate that increases in the misery index have negative effects on the number of outbound tourists. Conversely, there is no statistically significant effect of tourist departures on the misery index. The results also suggest that the depreciation of the national currency exerts a positive effect on the misery index. Finally, based on the historical decomposition analysis, it was verified that the misery index was not closely related to outbound tourism during the first COVID-19 wave. Full article
(This article belongs to the Section Economic Development)
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21 pages, 556 KiB  
Article
Trade Liberalization and Comparative Advantage: Evidence from Indonesia and Asian Trade Partners
by Rudi Purwono, Lilik Sugiharti, Rossanto Dwi Handoyo and Miguel Angel Esquivias
Economies 2022, 10(4), 80; https://doi.org/10.3390/economies10040080 - 25 Mar 2022
Cited by 9 | Viewed by 5813
Abstract
This study analyzes whether ongoing liberalization has resulted in more profound trade expansion for Indonesia versus regional partner countries. A gravity model is first employed to find whether regional trade agreements resulted in more significant intra-regional exports or diverted trade. This study applies [...] Read more.
This study analyzes whether ongoing liberalization has resulted in more profound trade expansion for Indonesia versus regional partner countries. A gravity model is first employed to find whether regional trade agreements resulted in more significant intra-regional exports or diverted trade. This study applies the generalized method of moment (GMM-sys) and the Poisson pseudo-maximum likelihood (PPML) estimator. Four groups of manufactured products are aggregated according to technology intensity, and two nature-based groups of products are estimated in the dynamic panel model. Additionally, revealed comparative advantage (RCA) and a trade balance index (TBI) for 5120 products are used to map goods based on specialization–advantage patterns. The gravity model indicates that regional trade agreements supported trade in manufactured and naturally sourced goods but not in high-tech and primary goods. Additionally, export expansion took place in goods that revealed comparative advantage and export specialization. Competition has increased between Indonesia and four regional trade partners: China, India, Thailand, and Vietnam. Indonesia gained from trading primary materials while losing in some low-cost manufacturing sectors. The potential for trade expansion remains large, as trade patterns differ among regional partners. Full article
(This article belongs to the Special Issue Foreign Direct Investment and Investment Policy)
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13 pages, 1177 KiB  
Article
Formation of Infrastructure Provision for Personnel Needs in Gas and Petrochemical Cluster: The Case of Iran
by Sara Mehrab Daniali, Farzin Mohammadbeigi Khortabi, Sergey Evgenievich Barykin, Irina Vasilievna Kapustina, Anna Burova, Natalya Ostrovskaya, Anton Lisin and Tatiana Gennadievna Shulzhenko
Economies 2022, 10(4), 79; https://doi.org/10.3390/economies10040079 - 25 Mar 2022
Viewed by 2122
Abstract
The problem of staffing the gas and petrochemical cluster is acutely raised in all oil-producing states. This article’s purpose is to study program-targeted and problem-oriented approaches to forming infrastructure provision for personnel needs in Iran’s gas and petrochemical cluster. Their peculiarity is that [...] Read more.
The problem of staffing the gas and petrochemical cluster is acutely raised in all oil-producing states. This article’s purpose is to study program-targeted and problem-oriented approaches to forming infrastructure provision for personnel needs in Iran’s gas and petrochemical cluster. Their peculiarity is that they belong to natural monopolies characterized by a high level of capital concentration. In this study, two approaches were identified to form infrastructure provision for the needs of personnel in the cluster. The first approach, program-targeted, relies on developing programs to overcome the lack of qualified specialists. The second approach, problem-oriented, considers the causes of the problem itself and the ways to prevent it. Based on the results of the study, several conclusions can be drawn. First, the traditional understanding of human resources infrastructure is insufficient to develop Iran’s gas and petrochemical cluster (GPC). Secondly, for the successful development of social production, it is necessary to adequately develop infrastructure, the technical and economic justification of all processes, and to focus the entire industry on endogenous factors of scientific, technical, and socio-economic progress. Finally, the most critical issue in the system is the issue of staffing each stage with employees of mass professions, engineering, and scientific personnel, specialists in the field of economics, organization, and management, and executives of various levels. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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18 pages, 334 KiB  
Article
The Volatility of Rupiah Exchange Rate Impact on Main Commodity Exports to the OIC Member States
by Rossanto Dwi Handoyo, Agustin Dwi Prihandika Sari, Kabiru Hannafi Ibrahim and Tamat Sarmidi
Economies 2022, 10(4), 78; https://doi.org/10.3390/economies10040078 - 25 Mar 2022
Cited by 6 | Viewed by 3029
Abstract
This study analysed the impact of the volatility of the rupiah exchange rate on four main commodities exported from Indonesia to six member countries of the Organisation of the Islamic Cooperation (OIC) (Saudi Arabia, Malaysia, Pakistan, United Arab Emirates, Turkey, and Bangladesh). The [...] Read more.
This study analysed the impact of the volatility of the rupiah exchange rate on four main commodities exported from Indonesia to six member countries of the Organisation of the Islamic Cooperation (OIC) (Saudi Arabia, Malaysia, Pakistan, United Arab Emirates, Turkey, and Bangladesh). The study employed monthly data spanning from January 2007 to December 2019 and the EGARCH method to obtain exchange rate volatility, while the ARDL method was used to model both the short-run and long-run impact of exchange rate and its volatility on exports. In the short term, findings revealed that exchange rate volatility has a significant negative effect on five main commodity exports to OIC countries, whereas, in the long-term, volatility of the exchange rate negatively affects twelve main commodity exports to OIC countries. Our results further imply that most of Indonesia’s exporters to six OIC Member countries are risk-averse. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
23 pages, 766 KiB  
Article
FDI and Institutions in BRIC and CIVETS Countries: An Empirical Investigation
by Polyxeni Kechagia and Theodore Metaxas
Economies 2022, 10(4), 77; https://doi.org/10.3390/economies10040077 - 24 Mar 2022
Cited by 10 | Viewed by 5067
Abstract
In recent years, a number of countries with emerging economies have proceeded to use market-oriented strategies, deregulation and reforms in order to attract more foreign investors and attract foreign direct investment (FDI) inflows. The present paper aims to empirically investigate the role of [...] Read more.
In recent years, a number of countries with emerging economies have proceeded to use market-oriented strategies, deregulation and reforms in order to attract more foreign investors and attract foreign direct investment (FDI) inflows. The present paper aims to empirically investigate the role of governance in attracting FDI using panel data and comparing two groups of fast-growing emerging countries, namely BRIC (Brazil, Russia, India, China) and CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa). The study includes a panel data analysis using the latest available secondary data ranging from 2002 to 2019. Empirical models are extended and presented. The findings suggest that FDI inflows in BRICS are attracted by rule of law, regulatory quality, political stability and absence of violence, while CIVETS absorb FDI inflows due to control of corruption, political stability, absence of violence, regulatory quality and government effectiveness. The paper contributes to the existing literature since it is the first attempt to investigate the role of governance in attracting FDI in BRIC and CIVETS economies, taking into consideration other FDI determinants. To our knowledge, it is the first paper to study and compare FDI and institutional determinants in the specific groups of emerging countries. Full article
(This article belongs to the Special Issue Foreign Direct Investment and Investment Policy)
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17 pages, 1965 KiB  
Article
How Effective Are Macroprudential Policy Instruments? Evidence from Turkey
by Mahmut Çelik and Ayla Oğuş Binatlı
Economies 2022, 10(4), 76; https://doi.org/10.3390/economies10040076 - 24 Mar 2022
Cited by 3 | Viewed by 2848
Abstract
This study provides an empirical analysis of the two macroprudential instruments, namely the reserve option mechanism and the interest rate corridor, employed by the Central Bank of the Republic of Turkey in the aftermath of the global financial crisis. A nine-variable structural vector [...] Read more.
This study provides an empirical analysis of the two macroprudential instruments, namely the reserve option mechanism and the interest rate corridor, employed by the Central Bank of the Republic of Turkey in the aftermath of the global financial crisis. A nine-variable structural vector autoregressive model for Turkey is estimated with Bayesian techniques utilising data from October 2010 to May 2018. A set of timing, zero and sign restrictions are imposed to identify the reserve requirement and the interest rate shocks through the bank lending channel. The results reveal that the new policy frame is efficient in curbing the volatility in the exchange rates and in improving the current account balance. While the reserve requirements seem to be more effective on the current account and partly on the exchange rate, the interest rate fares better in controlling the price level. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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17 pages, 661 KiB  
Article
Factors Influencing the Continuance Intention to Use Accounting Information System in Jordanian SMEs from the Perspectives of UTAUT: Top Management Support and Self-Efficacy as Predictor Factors
by Abdalwali Lutfi
Economies 2022, 10(4), 75; https://doi.org/10.3390/economies10040075 - 24 Mar 2022
Cited by 46 | Viewed by 8515
Abstract
The primary objective of this study is to explain the factors that influence the continuance intention of accountants to use an accounting information system (AIS) in the context of Jordanian small and medium-sized enterprises (SMEs). Accountants are the main AIS users, and their [...] Read more.
The primary objective of this study is to explain the factors that influence the continuance intention of accountants to use an accounting information system (AIS) in the context of Jordanian small and medium-sized enterprises (SMEs). Accountants are the main AIS users, and their system acceptance and use are crucial to evaluating the successful implementation of the system. The study conducted a cross-sectional survey on SMEs that have fully implemented an AIS. The proposed framework of the study is based on the extended unified theory of acceptance and use of technology (UTAUT) model and top management support (TMS). The results revealed that the examined variables, namely effort expectancy, performance expectancy and facilitating conditions, have a positive effect on the continuance intention of accountants to use AIS, with TMS having a significant and negative effect on such intention to use. In addition, social influence was found to be significantly related to continuance intention, confirming the need to support technologies such as AIS among SMEs. The study findings contribute to UTAUT theory as they supported the effects of TMS on continuance intention to use and established the study framework measurement accuracy in the context of Jordanian SMEs. Full article
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23 pages, 862 KiB  
Article
Strategic Management Accounting in Small and Medium-Sized Enterprises in Emerging Countries and Markets: A Case Study from China
by Lindong Ma, Xihui Chen, Jiawen Zhou and Luigi Aldieri
Economies 2022, 10(4), 74; https://doi.org/10.3390/economies10040074 - 24 Mar 2022
Cited by 12 | Viewed by 15658
Abstract
Small and medium-sized enterprises (SMEs) play an increasingly important role in global economic development, and they have encountered many unique problems (such as resources and strategic choice). Strategic management accounting (SMA) techniques can help SMEs allocate limited resources rationally and integrate internal and [...] Read more.
Small and medium-sized enterprises (SMEs) play an increasingly important role in global economic development, and they have encountered many unique problems (such as resources and strategic choice). Strategic management accounting (SMA) techniques can help SMEs allocate limited resources rationally and integrate internal and external information to help managers make strategic decisions. However, how and what is the SMA applied in the reality of SMEs, especially in developing countries today. This paper aims to explore the extent to which SMEs of developing countries use SMA. This article used the qualitative research method and the data were collected by interviewing five managers and two employees in M company. The findings indicated that: (1) The senior managers of SMEs do not have an understanding of accounting nor pay enough attention to it, and the role of SMA is even worse; (2) Although the chief financial officers obtain the knowledge of SMA, they cannot fully involve it in their strategic decision making. (3) SMEs have realized that enterprise culture is very important for a company to achieve strategic goals, but it is far from enough to attach importance to and create it. (4) The general managers of SMEs believe that the operating department is the core of the company and all resources should be prioritized to meet their needs. Full article
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16 pages, 1040 KiB  
Article
The Potential Impact of COVID-19 on the Chinese GDP, Trade, and Economy
by Zohal Habibi, Hamed Habibi and Mohammad Aqa Mohammadi
Economies 2022, 10(4), 73; https://doi.org/10.3390/economies10040073 - 24 Mar 2022
Cited by 17 | Viewed by 24485
Abstract
COVID-19, a novel Coronavirus SARS-CoV-2, has wreaked havoc on global financial markets, economies, and societies. For example, this study looks at the impact of COVID-19 on the Chinese economy and its policy responses (fiscal, monetary, and institutional). This study also examines future issues. [...] Read more.
COVID-19, a novel Coronavirus SARS-CoV-2, has wreaked havoc on global financial markets, economies, and societies. For example, this study looks at the impact of COVID-19 on the Chinese economy and its policy responses (fiscal, monetary, and institutional). This study also examines future issues. This study is timely and essential for policymakers and investors worldwide because of China’s size, contribution to global growth, and growing influence. The research shows that the presence of COVID-19 in China has global implications. Because of the virus threat, foreigners avoid mixing with the Chinese. Global tourists have cancelled their plans to visit China, and Chinese tourists cannot visit foreign countries. The rapid spread of the COVID-19 in China has halted normal life. The intensification of the COVID-19 may have long-term effects on China’s economy. Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Financial Markets and the Real Economy)
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20 pages, 1833 KiB  
Article
CO2 Emissions in Indonesia: The Role of Urbanization and Economic Activities towards Net Zero Carbon
by Dyah Maya Nihayah, Izza Mafruhah, Lukman Hakim and Suryanto Suryanto
Economies 2022, 10(4), 72; https://doi.org/10.3390/economies10040072 - 23 Mar 2022
Cited by 6 | Viewed by 4114
Abstract
This study aims to analyze the nexus between CO2 emissions, urbanization, and economic activity, as well as identify whether the pollution haven hypothesis is proven in Indonesia. It utilized time series data of Indonesia during the 1971–2019 period. Furthermore, the vector error [...] Read more.
This study aims to analyze the nexus between CO2 emissions, urbanization, and economic activity, as well as identify whether the pollution haven hypothesis is proven in Indonesia. It utilized time series data of Indonesia during the 1971–2019 period. Furthermore, the vector error correction model (VECM) was used to determine the long-run and short-run interplay using cointegration and Granger causality approaches. The empirical results showed the pollution haven hypothesis occurred in Indonesia. A long-term relationship with CO2 emissions was observed from the model. In addition, unidirectional causality occurred from urbanization, economic growth, exports, and foreign direct investment to CO2 emissions in the short term. It was concluded that the achievement of the Paris Agreement will be successful when the committed countries are courageous in transforming their economy. However, major adjustments are needed, where all parties need to have the same vision towards net zero carbon. Full article
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21 pages, 925 KiB  
Article
The Application of a Two-Stage Decision Model to Analyze Tourist Behavior in Accommodation
by Tzong-Shyuan Chen and Chaang-Iuan Ho
Economies 2022, 10(4), 71; https://doi.org/10.3390/economies10040071 - 23 Mar 2022
Cited by 1 | Viewed by 2646
Abstract
As tourism products are not necessities for people’s livelihood, zero consumption data are usually observed while conducting studies on topics that are relevant to tourism expenditure using cross-sectional research data, and a similar problem exists in tourist accommodation expenditure. This study adopts a [...] Read more.
As tourism products are not necessities for people’s livelihood, zero consumption data are usually observed while conducting studies on topics that are relevant to tourism expenditure using cross-sectional research data, and a similar problem exists in tourist accommodation expenditure. This study adopts a two-stage process to examine the factors influencing tourist accommodation decisions in the domestic market, applying the dependent double-hurdle (DDH) model while using the dataset on Survey of Travel by R.O.C. (Taiwan) Citizens for the years 2014–2018. The findings reveal that, in the two decision-making equations, the social stratum, family life cycle, residential area, tourism behavior, vacation policy, and economic variables have different degrees and directions of influence on the intention to use and expenditure on tourist accommodation. Such information presents the processes involved in deciding to accommodate and how much to spend on accommodation, thereby indicating that it is inappropriate to use the single-equation analysis consisting of zero consumption expenditure data and to assume that the same variables influence the participation and consumption decisions. Full article
(This article belongs to the Special Issue Tourism Economics)
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