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Volume 11
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Economies, Volume 11, Issue 2 (February 2023) – 40 articles

Cover Story (view full-size image): Leadership has become a complex, difficult subject with various facets for organisations, as it involves challenges regarding the best style for leaders to adopt. This study aims to analyse how the different leadership styles, presented throughout the various stages of the entrepreneurial process (discovery, application, implementation, and growth), can influence this type of process in the small- and medium-sized enterprise (SME) context. To this end, qualitative research of an exploratory nature was undertaken, based on four Portuguese SMEs (case studies) from different sectors. View this paper
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26 pages, 3542 KiB  
Article
Testing the Validity of the Quantity Theory of Money on Sectoral Data: Non-Linear Evidence from South Africa
by Siyabonga Mndebele, Devi Datt Tewari and Kehinde Damilola Ilesanmi
Economies 2023, 11(2), 71; https://doi.org/10.3390/economies11020071 - 20 Feb 2023
Viewed by 2065
Abstract
Purpose: The purpose of this study is to test the validity of the quantity theory of money (QTM) on South African sectoral data. The rationale of this study and its necessity for South Africa as the case study is that, although aggregate inflation [...] Read more.
Purpose: The purpose of this study is to test the validity of the quantity theory of money (QTM) on South African sectoral data. The rationale of this study and its necessity for South Africa as the case study is that, although aggregate inflation may lie within the target range, inflation at a sectoral level, particularly in the food and transport sector, is still a matter of concern in South Africa. Methodology/approach: This study employed the Non-linear Autoregressive Distributed Lagged model (NARDL) to assess potential asymmetries in the effect of money supply to differentiate between the effects of contractional and expansional episodes on inflation at the sectoral level. Quarterly time series data spanning from 2002Q2 to 2021Q2 was utilised for the estimation. Ultimately, the causal effect amongst the variables is examined by employing the Pairwise Granger Causality test. Findings: The results suggest that in the short run, the effect of monetary policy shocks is very weak. On the other hand, in the long run, both negative and positive shocks in the money supply push inflation at the sectoral level in the opposite directions, and positive shocks (expansionary monetary policy) have a greater effect than negative shocks, which renders the QTM invalid in South Africa. The sectoral response was found to be heterogeneous in the long run, and this was also backed by the results of the Granger Causality test and the dynamic multipliers. Asymmetry in the effect of the money supply is assessed in some of the sectors only in the long run. Practical implications: Based on the results, this study confirms great discrepancies in sectoral responses. Therefore, aggregate inflation may not be a good indicator of the inflation path in South Africa, as it may underestimate sectoral variations. Originality/value: The originality of this study lies on testing the validity of the QTM on inflation at the sectoral level in the South African context using a non-linear approach to assess potential asymmetry between the effects of expansionary and contractionary episodes of monetary policy shocks. Full article
(This article belongs to the Special Issue International Financial Markets and Monetary Policy 2.0)
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11 pages, 744 KiB  
Article
Gynecological Speculums in the Context of the Circular Economy
by Petra Hospodková, Vladimír Rogalewicz and Michaela Králíčková
Economies 2023, 11(2), 70; https://doi.org/10.3390/economies11020070 - 18 Feb 2023
Cited by 2 | Viewed by 1789
Abstract
This study discusses the issue of disposable and reusable medical devices in the context of the circular economy. Its objective is to analyze the opinions of physicians in gynecological practice on the use of disposable and reusable gynecological speculums (GS). A questionnaire survey [...] Read more.
This study discusses the issue of disposable and reusable medical devices in the context of the circular economy. Its objective is to analyze the opinions of physicians in gynecological practice on the use of disposable and reusable gynecological speculums (GS). A questionnaire survey was carried out in a sample of 206 healthcare facilities in the Czech Republic. In addition to this, the cost of both examination methods was calculated and compared using data provided by a gynecological department of a typical district hospital. The calculations and cost analysis were performed using the life-cycle costing (LCC) method. The economic comparison shows that the use of disposable gynecological speculums is less expensive, having, however, a greater negative impact on the environment. The cost of reusable speculums for 25 examinations per day for 15 years is EUR 51,579, while it is EUR 23,998 for disposable speculums for the same use and time horizon. The questionnaire survey shows that both physicians and patients are more likely to prefer disposable speculums for examination, although without a clear rationale. Full article
(This article belongs to the Section Labour and Education)
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20 pages, 344 KiB  
Article
Analyzing Indonesian SOEs Privatization: A Comparison between the SOEs’ Performance and Privatization Determination
by Rafki Rasyid, Syafruddin Karimi, Werry Darta Taifur and Endrizal Ridwan
Economies 2023, 11(2), 69; https://doi.org/10.3390/economies11020069 - 16 Feb 2023
Viewed by 2567
Abstract
This study investigates the privatization situation in Indonesia between 1996 and 2020. This study conducts a comparative analysis to see the impact of privatization on companies’ performance and, with regard to the crisis that occurred with respect to the companies that have been [...] Read more.
This study investigates the privatization situation in Indonesia between 1996 and 2020. This study conducts a comparative analysis to see the impact of privatization on companies’ performance and, with regard to the crisis that occurred with respect to the companies that have been privatized, its economic impact. Furthermore, the determinants of the government’s decision to release its share from state-owned companies are also identified using the regression method. This study found, with regard to the state-owned enterprises in Indonesia, the impact of the economy as there were no differences in the companies’ performance before and during the crisis. This study found that the ability of the company to generate profits declined after privatization, but the company’s efficiency improved. Otherwise, the debt ratio of state-owned companies decreased after the privatization was carried out. Almost the same results were found when comparing the long-term performance with the short-term performance of the privatized SOEs. The determining factors that influenced the Indonesian government’s decision to divest its shares in state-owned companies were Indonesia’s corruption perception index ranking, the company’s ability to generate profits on its sales, and government ownership percentage stock in SOEs. Full article
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12 pages, 287 KiB  
Article
Slack Resources and Export Intensity: New Empirical Evidence from Vietnam
by Thi Thanh Binh Dinh, Thuy Anh Tu and Thi Mai Phuong Chu
Economies 2023, 11(2), 68; https://doi.org/10.3390/economies11020068 - 16 Feb 2023
Viewed by 1776
Abstract
The paper explored the effects of financial and human resource slacks on firms’ export intensity. Using longitudinal data of Vietnamese firms with a random effect model, the study found that financial slack had an inverted-U shaped effect; meanwhile, human resource slack had no [...] Read more.
The paper explored the effects of financial and human resource slacks on firms’ export intensity. Using longitudinal data of Vietnamese firms with a random effect model, the study found that financial slack had an inverted-U shaped effect; meanwhile, human resource slack had no consistently significant effect on firms’ export intensity. The empirical findings could have managerial practice implications at the firm level. Too few—or too many—slack resources are bad for export intensity. Therefore, firm managers need to consider the necessary level of redundancy for slack resources to avoid prodigality while doing business. This study contributed new insights to international business and slack literatures. First, our findings contributed to the international business literature. In classic internalization studies, it has generally been believed that firms with access to greater resources are more likely to exploit foreign markets. However, our research showed that, when there were too many slack resources, business activities in firms’ foreign markets, such as exports, could be reduced due to complacency among firm managers. Second, the research results contributed to literature on slack resources, providing a new insight on their effects on firms’ export intensity. Aside from linear or U-shaped effects, slack resources could have inverse U-shaped relationships with firms’ export intensity. Full article
10 pages, 191 KiB  
Article
Online Channel Sales Premia in Times of COVID-19: First Evidence from Germany
by Joachim Wagner
Economies 2023, 11(2), 67; https://doi.org/10.3390/economies11020067 - 16 Feb 2023
Viewed by 1012
Abstract
A presence on the web tends to be important for firms. Empirical studies show that firms with a better performance across various dimensions, and firms that are more internationally active, tend to have a website. Furthermore, a website helped firms to survive during [...] Read more.
A presence on the web tends to be important for firms. Empirical studies show that firms with a better performance across various dimensions, and firms that are more internationally active, tend to have a website. Furthermore, a website helped firms to survive during the COVID-19 pandemic. An open question that is not discussed in the literature is how the use of online channels for sales is related to various dimensions of firm performance. This study contributes to the literature by using a unique recently released set of firm level data from Germany to investigate for the first time the links between online channels sales and firm characteristics. In a robustness check, the empirical investigation was replicated using strictly comparable firm level data from nine European countries, namely Austria, Belgium, Denmark, Finland, France, Ireland, Luxembourg, the Netherlands, and Sweden. Full article
(This article belongs to the Special Issue Focused Issues and Trends in Economic Research from Germany)
21 pages, 1392 KiB  
Article
Management of Green Competitive Advantage: A Systematic Literature Review and Research Agenda
by Rista Bintara, Winwin Yadiati, Muhammad Wahyudin Zarkasyi and Nanny Dewi Tanzil
Economies 2023, 11(2), 66; https://doi.org/10.3390/economies11020066 - 15 Feb 2023
Cited by 3 | Viewed by 3475
Abstract
The success or failure of a company is acquired from a competition, which requires a specific strategy to achieve competitive goals and benefits. One of these strategies is green competitive advantage (GCA) management, initially introduced in 2011, which is highly considered and identified [...] Read more.
The success or failure of a company is acquired from a competition, which requires a specific strategy to achieve competitive goals and benefits. One of these strategies is green competitive advantage (GCA) management, initially introduced in 2011, which is highly considered and identified as a management concept. Therefore, this study aims to evaluate a systematic review of GCA management. It emphasizes the analysis of trending literature, geography, and other factors influencing GCA. It also prioritizes the impact obtained when adopting GCA as a framework to support organizational sustainability. This study is the first literature review that presents GCA management. The results show that the application of green innovation and high environmental awareness led to the development of improved performance, a better competitive advantage, and sustainable business. This study highlights significant theoretical and practical contributions. From a theoretical perspective, it allows one to synthesize GCA outcomes to describe better how it affects organizations and the environment. From a practical perspective, it provides concrete implications for policymakers in defining the best mechanism for developing green innovation to achieve competitive advantage and business sustainability. Meanwhile, the actual outputs of this process are emphasized for practitioners, which subsequently enables easier access and increased GCA literacy for practitioners and stakeholders to encourage the selection of organizational GCs (green changes), especially concerning the role of GCA as a promotional and sustainable business framework. Full article
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18 pages, 774 KiB  
Article
Governance as an Interplay between Corruption and Polity: Conceptualizing from a National Perspective
by Mamdouh Abdulaziz Saleh Al-Faryan and Nikhil Chandra Shil
Economies 2023, 11(2), 65; https://doi.org/10.3390/economies11020065 - 14 Feb 2023
Cited by 4 | Viewed by 2415
Abstract
This study examines the notion of governance while corruption and polity act in a negotiated approach. It adopts a theory synthesis approach to design the research paradigm and brings renewed attention to governance from a national perspective. This study argues that corruption and [...] Read more.
This study examines the notion of governance while corruption and polity act in a negotiated approach. It adopts a theory synthesis approach to design the research paradigm and brings renewed attention to governance from a national perspective. This study argues that corruption and polity collectively define the state of governance in a particular country, which might offer some new insights to the remaining parts of the world. The principal aim of the study is to bring relevant evidence from the literature to develop a solid foundation on governance from a macro perspective. Deploying a qualitative approach, this study highlights available literature on corruption, polity, and their connections to define the state of governance. From this specific target, we have initiated this study deploying a conceptual fashion in exploring governance which is shaped by the interplay between two loosely connected themes: polity and corruption. The outcome of this synthesis is to renew our understanding on governance to strengthen the governance mechanism whereby corruption could be checked through sound polity in action. The arguments presented in the paper are expected to be useful for regulators and policymakers as they prepare governance-related rules, acts, or directives in their respective countries. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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22 pages, 2722 KiB  
Article
Impact of Money Supply in Different States of Inflation and Economic Growth in South Africa
by Eugene Msizi Buthelezi
Economies 2023, 11(2), 64; https://doi.org/10.3390/economies11020064 - 14 Feb 2023
Cited by 3 | Viewed by 6478
Abstract
This paper investigates the impact of the money supply in different states of inflation and economic growth in South Africa from 1990 to 2021. The term “states” defines periods of low and high rates of economic variables of interest. Markov-switching dynamic regression (MSDRM) [...] Read more.
This paper investigates the impact of the money supply in different states of inflation and economic growth in South Africa from 1990 to 2021. The term “states” defines periods of low and high rates of economic variables of interest. Markov-switching dynamic regression (MSDRM) and time-varying parameter structural vector autoregression (TVP-VAR) are used in this paper. The contribution of this paper is not only based on the long run but also on the examination of the impact of the money supply in different states of inflation and economic growth. Moreover, the use of shock accounts for time-varying elasticity. It is found that there is a 0.70% decrease in the gross domestic product for a 1% increase in money supply in state 1, while in state 2, the money supply was insignificant. The money supply had a negative and a positive impact on inflation in states 1 and 2, with rates of 0.05% and 0.35% in the respective states. The money supply had a high multiplier effect on gross domestic product and inflation. More than 5 years were spent in each state for both gross domestic product and inflation, while the transition probability of moving and returning to each state is significant. The trade-off of using the money supply for economic growth and inflation is evident in South Africa. It is recommended that the state of the economy be considered when using the money supply in an effort to stimulate economic growth or stabilise inflation. Full article
(This article belongs to the Special Issue International Financial Markets and Monetary Policy 2.0)
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18 pages, 833 KiB  
Article
Intellectual Capital and Technology as Factors of Career Success: Role of Income Inequality
by Taiwo T. Lasisi, Elena I. Lazareva, Gor A. Abramyan, Julia V. Gavrilova and Anton D. Murzin
Economies 2023, 11(2), 63; https://doi.org/10.3390/economies11020063 - 14 Feb 2023
Cited by 3 | Viewed by 2099
Abstract
The United Nations Sustainable Development Goals (UNSDGs) elaborately promote “sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all” (Goal 8: SDGs). Considering that there has not been any cross-country comparison of the role of intellectual capital in [...] Read more.
The United Nations Sustainable Development Goals (UNSDGs) elaborately promote “sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all” (Goal 8: SDGs). Considering that there has not been any cross-country comparison of the role of intellectual capital in career success, this study examines the nexus between intellectual capital and career success through the channels of income inequality, information, and communication technology from 1997 to 2018 for six European Economic Area (EEA) countries with high human development index (HDI). Using the Pooled Mean Group Autoregressive distributive lag model, results show that there is a positive and linear relationship between intellectual capital, income inequality, information and communication technology, and career success in the long run. Findings from the causality test reveal there is one-way causality running from information and communication technology and career success as well as intellectual capital to career success. These findings suggest that intellectual capital is important for career success; therefore, policymakers need to invest in developing and improving intellectual capital to ensure objective career success among the nationals. Full article
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15 pages, 1126 KiB  
Article
The Nexus between Crime Rates, Poverty, and Income Inequality: A Case Study of Indonesia
by Lilik Sugiharti, Rudi Purwono, Miguel Angel Esquivias and Hilda Rohmawati
Economies 2023, 11(2), 62; https://doi.org/10.3390/economies11020062 - 13 Feb 2023
Cited by 12 | Viewed by 23717
Abstract
This study examines whether income inequality and poverty are determinants of crime rates across 34 provinces in Indonesia. Three indicators of income inequality and four poverty measures are tested to examine whether the dimension and degree of unequal welfare distribution are linked to [...] Read more.
This study examines whether income inequality and poverty are determinants of crime rates across 34 provinces in Indonesia. Three indicators of income inequality and four poverty measures are tested to examine whether the dimension and degree of unequal welfare distribution are linked to crime occurrences. We use panel data from 2010 to 2019 with the Generalized Method of Moments (GMM) approach. The findings indicate that higher income levels and wider income inequality are associated with higher crime rates. Our first indicator of income inequality, non-food expenditure, has a larger impact on crime rates than our second and third indicators, i.e., the gap in food expenditure and the Gini ratio. Poverty is also positively associated with crime. The wider the poverty gap (a measure of poverty) and the severity index, the higher the deprivation levels among the poor, which lead to more crime. The significant and positive effect of poverty on crime rates, and the positive nexus between crime, income, and inequality suggest that Indonesia will face a higher crime risk as the country becomes increasingly more affluent. In such a scenario, policymakers can leverage education and investment (domestic and foreign) to minimize the crime rate. The government could also strengthen crime prevention programs, crime settlement systems, and policing in Indonesia, and raise the budget for social assistance. Full article
(This article belongs to the Special Issue Nexus between Politics and Economics in the Emerging Countries - II)
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21 pages, 2975 KiB  
Article
Capturing the Effect of the COVID-19 Pandemic Outbreak on the Financial Performance Disparities in the Energy Sector: A Hybrid MCDM-Based Evaluation Approach
by Anas A. Makki and Ammar Y. Alqahtani
Economies 2023, 11(2), 61; https://doi.org/10.3390/economies11020061 - 13 Feb 2023
Cited by 3 | Viewed by 2495
Abstract
The COVID-19 pandemic has impacted the financial performance of companies in different sectors. One of the most important sectors affected is the energy sector. Therefore, this research study aims to conduct a financial performance evaluation of companies in the Saudi energy sector in [...] Read more.
The COVID-19 pandemic has impacted the financial performance of companies in different sectors. One of the most important sectors affected is the energy sector. Therefore, this research study aims to conduct a financial performance evaluation of companies in the Saudi energy sector in 2019, 2020, and 2021. This is to capture and analyze the effect on companies before, during, and post the COVID-19 pandemic, respectively. A hybrid multicriteria decision-making (MCDM) approach is followed to achieve the objective. The financial performance evaluation of energy companies is based on four financial dimensions and 11 performance indicators. Results revealed that energy companies’ efficiency and profitability were relatively the most important dimensions, followed by leverage and liquidity. Furthermore, results revealed the relative importance of the indicators from the most to the least important. Results also revealed the effect of COVID-19 on energy companies’ financial performance, demonstrating the change over the three years. Implications include providing insights for energy companies on the financial dimensions and indicators to be maintained and monitored in the case of pandemics. Furthermore, to assist decision-makers in the energy sector in developing strategies to mitigate financial performance disparities during and post-pandemics. Full article
(This article belongs to the Special Issue Commodity Markets’ Reaction to COVID-19 Outbreak)
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12 pages, 329 KiB  
Article
Tax Audits, Tax Rewards and Labour Market Outcomes
by Gaetano Lisi
Economies 2023, 11(2), 60; https://doi.org/10.3390/economies11020060 - 10 Feb 2023
Viewed by 1287
Abstract
This theoretical paper studies the relation between tax audits and labour market outcomes (job creation and unemployment) in an economy that contemplates penalties for firms that evade taxes and rewards for firms that comply with tax rules. Intuitively, the simultaneous presence of penalty [...] Read more.
This theoretical paper studies the relation between tax audits and labour market outcomes (job creation and unemployment) in an economy that contemplates penalties for firms that evade taxes and rewards for firms that comply with tax rules. Intuitively, the simultaneous presence of penalty and reward amplifies the role of auditing, since tax audits allow both punishing tax-evading firms and rewarding fiscally honest firms. Indeed, the presence of tax rewards can make the effect of tax audits on firms’ net profits positive. However, the effect of tax audits on labour market outcomes is ambiguous. By setting the choice of optimal fiscal policy in a different and original way, this paper is able to derive a formula for the audit rate—consistent with the budget constraint—that makes the relation between tax audits and labour market outcomes positive. Full article
(This article belongs to the Special Issue Shadow Economy and Tax Evasion)
15 pages, 348 KiB  
Article
Determinants of Youth Unemployment in Ecuador in 2019
by Ana Belen Tulcanaza-Prieto, Paúl Alejandro Báez Salazar and Iliana E. Aguilar-Rodríguez
Economies 2023, 11(2), 59; https://doi.org/10.3390/economies11020059 - 10 Feb 2023
Cited by 1 | Viewed by 3119
Abstract
This work studies the social and demographic factors that influenced youth unemployment in the age group from 18 to 29 years old in Ecuador in 2019. The study includes logistic regression models with marginal effects to evaluate the probability of being unemployed. The [...] Read more.
This work studies the social and demographic factors that influenced youth unemployment in the age group from 18 to 29 years old in Ecuador in 2019. The study includes logistic regression models with marginal effects to evaluate the probability of being unemployed. The results reveal that being a woman and afro, living in an urban area, and increasing the years of education raise the probability of being unemployed in the age group from 18 to 29 years old, while the probability is reduced by being a head of household or son-in-law/sister-in-law and not being single. The study shows that the Ecuadorian population faces vulnerability in the labor market, where differences in gender, ethnicity, and social factors determine the unemployment level. In particular, being “Afro-Ecuadorian, mulatto, or Black” highly increases the probability of being unemployed in Ecuador. Full article
21 pages, 2259 KiB  
Article
The Twin Impacts of Income Inequality and Unemployment on Murder Crime in African Emerging Economies: A Mixed Models Approach
by Lindokuhle Talent Zungu and Thamsanqa Reginald Mtshengu
Economies 2023, 11(2), 58; https://doi.org/10.3390/economies11020058 - 08 Feb 2023
Cited by 1 | Viewed by 2384
Abstract
This study analyses the dynamic impact of income inequality and unemployment on crime in a panel of 15 African countries during the period 1994–2019 using four models: the panel vector autoregression model, the generalized method of moments model, the fixed-effect model, and machine [...] Read more.
This study analyses the dynamic impact of income inequality and unemployment on crime in a panel of 15 African countries during the period 1994–2019 using four models: the panel vector autoregression model, the generalized method of moments model, the fixed-effect model, and machine learning. These models were chosen due to their ability to address the dynamics of several entities. The variables employed for empirical investigation include income inequality, unemployment, and crime. Machine learning was adopted to find which socioeconomic issues contribute to crime between the two issues at hand. The results show that income inequality accounts for 64% of crime, making it the biggest contributor to crime. The findings further show that an unexpected shock in inequality and unemployment has a significant positive impact on crime in these countries. Even when pre-tax income held by the top 10% and male unemployment is adopted, the study yields similar results. Educational entertainment through secondary enrolment was found to increase crime, while it was found to decrease crime through tertiary enrolment at the tertiary level. Finally, economic development was found to decrease crime. From a policy perspective, the current study suggests to the government that some policies are more appropriate for addressing concerns about income inequality and unemployment (income policy or fiscal policy). Therefore, more policies targeting the distribution of income are crucial, as that might decrease income inequality while at the same time decreasing crime. In addition, policymakers should focus on addressing structural challenges through the implementation of sound structural reform policies that aim to attract investment consistent with job creation, human development, and growth in African economies. Full article
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18 pages, 1021 KiB  
Article
Determinants of Product Innovation Performance in Aviation Industry in Saudi Arabia
by Abdullah Alhamad and Hashed Mabkhot
Economies 2023, 11(2), 57; https://doi.org/10.3390/economies11020057 - 08 Feb 2023
Viewed by 2026
Abstract
Innovative technology significantly transforms numerous activities and operations in the logistics sector across various industries, including the aviation sphere. This primary quantitative research aimed to explore the evolution of logistics and supply chain management in the digital age for aviation companies in Saudi [...] Read more.
Innovative technology significantly transforms numerous activities and operations in the logistics sector across various industries, including the aviation sphere. This primary quantitative research aimed to explore the evolution of logistics and supply chain management in the digital age for aviation companies in Saudi Arabia. The research involved conducting a survey among 104 supply chain and technology personnel from Saudi Cargo and its affiliate firms in Saudi Arabia. Partial least squares (PLS–SEM) was used for data analysis to determine the relationships between three independent variables: market intelligence quality (MIQ), manufacturing–marketing coordination (MMC), and supply chain intelligence quality (SCIQ), with product innovation performance (PIP) as the dependent variable. The results indicated that SCIQ and MIQ have a positive and significant statistical relationship with PIP. Nonetheless, the findings disproved that the MMC gives insights into consumer needs directly affecting PIP. From this study, it can be concluded that aviation companies should improve their supply chain systems, marketing domain, and manufacturing marketing coordination to realize the improved performance of their product innovations in the contemporary digital era. Full article
(This article belongs to the Section International, Regional, and Transportation Economics)
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17 pages, 490 KiB  
Article
Testing Taylor’s Law in Urban Population Dynamics Worldwide with Simultaneous Equation Models
by Federico Benassi, Alessia Naccarato and Luca Salvati
Economies 2023, 11(2), 56; https://doi.org/10.3390/economies11020056 - 08 Feb 2023
Cited by 3 | Viewed by 1024
Abstract
Knowledge of long-term population trends is still incomplete at the global scale. In this perspective, human and animal ecology has intensively studied the relationship between the Mean (M) size and the Variance (V) of specific attributes of subpopulations within a given regional system. [...] Read more.
Knowledge of long-term population trends is still incomplete at the global scale. In this perspective, human and animal ecology has intensively studied the relationship between the Mean (M) size and the Variance (V) of specific attributes of subpopulations within a given regional system. One of the best-known relationships between these two attributes suitable to describe long-term population trends is governed by Taylor’s law (TL). The present article contributes to the recent literature on population trends worldwide by testing the long-term relationship (1950–2015) between the overall variance and mean in the total population of 1857 metropolitan agglomerations in 155 countries classified into 9 world macro-regions. To estimate the unknown parameter(s) of the V–M relation we made use of a simultaneous equation system using both linear (classical TL) and quadratic specifications, with the aim of ascertaining a wide range of simplified (or more complex) association rules between the two dimensions of demographic change. The empirical results show that TL is verified in all nine cases, although a quadratic relationship provides slightly better results than the classical, linear relationship. More specifically, similar estimates for both linear and quadratic relationships were characteristic of ‘new’ demographic continents with more recent and intense urbanization processes (the Americas, and African and Asian countries). The predominance of quadratic relationships characterized regions with long-established urbanization processes, such as Europe, Russia, and, partly, China and the Middle East. The relevance of the TL for a refined understanding of urbanization mechanisms worldwide, and the importance of a quadratic term for distinguishing metropolitan systems that have experienced different development paths, were finally discussed. Full article
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14 pages, 482 KiB  
Article
Competitiveness Analysis and Factors Affecting Indonesian Cinnamon Exports
by Dini Rochdiani and Eliana Wulandari
Economies 2023, 11(2), 55; https://doi.org/10.3390/economies11020055 - 06 Feb 2023
Cited by 2 | Viewed by 2379
Abstract
Cinnamon is one of the plantation spice commodities that contributes to the Indonesian economy. Indonesia is the largest exporter country in the world regarding the total export volume of cinnamon, but regarding the total value of exports, Indonesia comes in second after Sri [...] Read more.
Cinnamon is one of the plantation spice commodities that contributes to the Indonesian economy. Indonesia is the largest exporter country in the world regarding the total export volume of cinnamon, but regarding the total value of exports, Indonesia comes in second after Sri Lanka. This study aims to analyze the comparative competitiveness of Indonesian cinnamon among major competitors in the United States’ market and to analyze the factors that influence the competitiveness of Indonesian cinnamon exports in the United States. The data used in this study comprise secondary data from 2007 to 2021 obtained from various data sources. The revealed comparative advantage method was used in a comparative competitiveness analysis. Moreover, the factors that affect the competitiveness of Indonesian cinnamon exports in the United States were analyzed using the ordinary least squares method. The results of the analysis show that Indonesian cinnamon is competitive in the United States’ market, but Sri Lanka’s cinnamon exports have stronger competitiveness than Indonesia’s in the United States’ market. The results of the ordinary least squares method show that the exchange rate of the IDR (rupiah) against the USD, the volume of Indonesian cinnamon exports, the GDP per capita of the USA and the value of cinnamon exports to the USA have a significant effect on the competitiveness of Indonesian cinnamon exports to the United States. Full article
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15 pages, 427 KiB  
Article
Tourism, Remittances, and Foreign Investment as Determinants of Economic Growth: Empirical Evidence from Selected Asian Economies
by Mosab I. Tabash, Suhaib Anagreh, Bilal Haider Subhani, Mamdouh Abdulaziz Saleh Al-Faryan and Krzysztof Drachal
Economies 2023, 11(2), 54; https://doi.org/10.3390/economies11020054 - 06 Feb 2023
Cited by 5 | Viewed by 2399
Abstract
This research discovers how international tourism affects the economic growth of selected Asian states, e.g., Bangladesh, China, India, Pakistan, and Sri Lanka, throughout 2001–2019. To attain this objective, we have employed various regression estimation approaches, e.g., Fixed Effect Model (FEM) and Fully Modified [...] Read more.
This research discovers how international tourism affects the economic growth of selected Asian states, e.g., Bangladesh, China, India, Pakistan, and Sri Lanka, throughout 2001–2019. To attain this objective, we have employed various regression estimation approaches, e.g., Fixed Effect Model (FEM) and Fully Modified Ordinary Least Square (FMOLS) technique. The statistical results of the applied techniques reveal that international tourism activities have a positive and significant effect on the GDP growth rate because such kinds of activities considerably contribute to creating opportunities that lead to hoist economic activities and economic growth. Moreover, an influx of tourism increases tourism activities and operations, which opens further doors to opportunities and generates revenue for the government. Similarly, the GDP per capita has been positively and significantly influenced by international tourism activities. The government and host country should emphasize the activities and operations regarding tourism and should also concentrate on the dynamic role, importance, and sensitivity of tourism operations in under-analyzed economies. This research brings a new arrangement of the variable, which has never been considered in prior literature. Full article
(This article belongs to the Special Issue Foreign Direct Investment and Investment Policy)
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15 pages, 448 KiB  
Article
Characteristics of the Board of Directors and Corporate Financial Performance—Empirical Evidence
by Van Chien Nguyen and Thi Ngoc Thuan Huynh
Economies 2023, 11(2), 53; https://doi.org/10.3390/economies11020053 - 06 Feb 2023
Cited by 9 | Viewed by 3521
Abstract
The objectives of the research are to investigate the characteristics of the Board of Directors on the financial performance of the enterprise using sample data from 52 construction and real estate enterprises listed on the Vietnam stock exchange in the period 2006–2020. Using [...] Read more.
The objectives of the research are to investigate the characteristics of the Board of Directors on the financial performance of the enterprise using sample data from 52 construction and real estate enterprises listed on the Vietnam stock exchange in the period 2006–2020. Using typical regression methods such as pooled OLS, FEM, REM, and assessing the defects of the research model, the FGLS method is selected. At the same time, due to the existence of endogenous phenomena and the nature of interdependence among enterprises in Vietnam, research using the instrumental variables two-step generalized method of moments (IV-GMM) is conducted in order to correct for cross-sectional dependence, autocorrelation, endogeneity, and heteroskedasticity in the analysis. Research results suggest that board size, female board members, meeting frequency, and board members’ education have a positive influence on financial performance. Moreover, as the independence of the Board of Directors increases, the business efficiency decreases. The research also found a positive relationship of tangible fixed assets, and a negative relationship between capital structure choice, firm size, and corporate financial performance. Finally, we propose some implications for enhancing the financial performance of Vietnamese firms. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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12 pages, 1056 KiB  
Article
Competition Prospects in Regulated Market of a Baltic Country
by Aurelija Burinskienė
Economies 2023, 11(2), 52; https://doi.org/10.3390/economies11020052 - 06 Feb 2023
Viewed by 1155
Abstract
The author examines competition prospects in the regulated market of a selected EU country to investigate specific policy choices. Under full market regulation, the actors have the exclusive right to deliver economic transactions. (1) Literature review: The theoretical part starts with the presentation [...] Read more.
The author examines competition prospects in the regulated market of a selected EU country to investigate specific policy choices. Under full market regulation, the actors have the exclusive right to deliver economic transactions. (1) Literature review: The theoretical part starts with the presentation of actors’ heterogeneity and their market competition. (2) Methods: During empirical research, the author revised the cost structure and tested assumptions of the new trade theory of heterogenous firms and the impact of this heterogeneity on actors’ competition. The author formed a three-step methodology where at the beginning, the actors are described, then a regression model is formulated, and volumes of delivered services are analyzed. In the end of this study, the author investigated if the costs of regulated market participants are characterized by the distribution of Pareto and analyzed the gaps between regulated prices and the level of costs. The author applied Pareto distribution and LS regression methods in the study. (3) Results: Although the author found that the market participants in the market concerned are very different, their distribution according to the Pareto distribution function could not be confirmed. (4) Conclusions: The study shows that competition prospects in a regulated market differ. This is proven by analyzing the impact of this heterogeneity on actors’ competition. These results are essential in formulating the suggestion of economic policy. Full article
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15 pages, 357 KiB  
Article
Exploring The Role of High Government Debt on Economic Growth: A Nonlinearity and Threshold Analysis for Africa’s Developing Countries
by Nokwanda Mqolombeni, Devi Datt Tewari and Kehinde Damilola Ilesanmi
Economies 2023, 11(2), 51; https://doi.org/10.3390/economies11020051 - 03 Feb 2023
Cited by 2 | Viewed by 2418
Abstract
Purpose: This paper empirically investigated the impact of high government debt on economic growth, using a panel data of 12 developing countries in Africa for the period between 1991 and 2020. Furthermore, it sought to find the existence of nonlinearity between government debt [...] Read more.
Purpose: This paper empirically investigated the impact of high government debt on economic growth, using a panel data of 12 developing countries in Africa for the period between 1991 and 2020. Furthermore, it sought to find the existence of nonlinearity between government debt and economic growth. The study used a cross-country panel data approach estimated through the panel smooth transition regression to find the threshold effect. The results reveal a threshold of 60.5% of government debt on economic growth, suggesting an inverted U-shaped relationship between government debt and economic growth for the whole sample. After this threshold, additional government debt starts impeding economic growth. The estimated slope parameter of 18.11 supports the smoothness of government debt from a low regime to a high regime of debt. In the lower debt regime, government debt boosts economic growth; however as the level of debt growth surpasses the peak point, economic growth decreases. By implication, policymakers should have strict debt management policies in place to keep the level of government debt low, and be able to respond robustly to an economic shock. While resorting to borrowing to finance public spending, especially during economic crises, may be an imperative, it should be done in a circumspect manner so that the borrowings are kept at tolerable levels and reduced and/or repaid when there is a recovery in the economy. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
14 pages, 1149 KiB  
Article
Is There a Union Wage Premium in Germany and Which Workers Benefit Most?
by Marina Bonaccolto-Töpfer and Claus Schnabel
Economies 2023, 11(2), 50; https://doi.org/10.3390/economies11020050 - 03 Feb 2023
Cited by 1 | Viewed by 1698
Abstract
Using representative data from the German Socio-Economic Panel (SOEP), this paper finds a statistically significant union wage premium in Germany of almost three percent, which is not simply a collective bargaining premium. Given that the union membership fee is typically about one percent [...] Read more.
Using representative data from the German Socio-Economic Panel (SOEP), this paper finds a statistically significant union wage premium in Germany of almost three percent, which is not simply a collective bargaining premium. Given that the union membership fee is typically about one percent of workers’ gross wages, this finding suggests that it pays off to be a union member. Our results show that the wage premium differs substantially between various occupations and educational groups, but not between men and women. We do not find that union wage premia are higher for those occupations and workers which constitute the core of union membership. Rather, unions seem to care about disadvantaged workers and pursue a wider social agenda. Full article
(This article belongs to the Special Issue Focused Issues and Trends in Economic Research from Germany)
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10 pages, 271 KiB  
Article
The Nexus between Information and Communication Technology (ICT), Electricity Access, Governance and Human Development: Evidence from Asia-Pacific Countries
by Debbra Toria Nipo, Jaratin Lily, Sidah Idris, Saizal Pinjaman and Imbarine Bujang
Economies 2023, 11(2), 49; https://doi.org/10.3390/economies11020049 - 02 Feb 2023
Cited by 2 | Viewed by 1602
Abstract
The Asia-Pacific region has recorded the sharpest increase in human development progress globally and has seen shrinking gaps in basic standards and capabilities. However, inequalities around technology remain a cause for concern for the region, especially when countries with lower human development reportedly [...] Read more.
The Asia-Pacific region has recorded the sharpest increase in human development progress globally and has seen shrinking gaps in basic standards and capabilities. However, inequalities around technology remain a cause for concern for the region, especially when countries with lower human development reportedly have limited access to technologies compared to countries with higher human development. Therefore, this study investigated the effects of information and communication technology (ICT), electricity access, and governance on human development in the Asia-Pacific region. A panel dataset of 46 countries from 2010 to 2019 was estimated using the Driscoll–Kraay standard error regression approach. Our findings revealed that ICT has a strong positive impact on human development for countries with high and medium human development. Internet usage is particularly significantly correlated with human development for both country groups, while mobile cellular subscriptions emerged as significant only for countries with high human development. The study also revealed significant positive effects of electricity access and governance on human development. The findings suggest that increased ICT adoption and electricity access, coupled with good governance, are crucial in improving people’s quality of life, thereby promoting greater human development. Limitations of the study include omission of the low human development group and a limited number of indicators used to measure ICT and governance. Full article
14 pages, 638 KiB  
Article
Can Accounting Value Relevance and Pricing Error Influence Stock Price of High-Technology Service Enterprises?
by Citra Sukmadilaga, Jose Christian Santoso and Erlane K. Ghani
Economies 2023, 11(2), 48; https://doi.org/10.3390/economies11020048 - 02 Feb 2023
Cited by 1 | Viewed by 1554
Abstract
This study examines whether relevant accounting ratios influence the stock prices of high-technology service enterprises in five countries, namely, the United States, Japan, China, the United Kingdom, and France. Subsequently, this study determines the existence of pricing error (if any) between the intrinsic [...] Read more.
This study examines whether relevant accounting ratios influence the stock prices of high-technology service enterprises in five countries, namely, the United States, Japan, China, the United Kingdom, and France. Subsequently, this study determines the existence of pricing error (if any) between the intrinsic value and the market value of the stock price due to the accounting ratios. Content analysis was performed on the annual reports of 326 high-technology service enterprises to determine the effect of three accounting ratios, namely diluted earnings per share, revenue per share, and book value per share, on the stock price of the high-technology service enterprises. This study shows that diluted earnings per share and book value per share influence the stock price of high-technology service enterprises. However, this study shows revenue per share does not influence the stock price of high-technology service enterprises. In addition, this study shows that, on average, the pricing error of high-technology services enterprises is considered moderate, with some countries exhibiting higher pricing errors. This study provides insight into how much accounting ratios can influence the movement of stock prices and, in turn, assist investors in understanding the key metrics within the high-technology industry. Full article
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16 pages, 391 KiB  
Article
The Impact of the COVID-19 Pandemic on the Revealed Comparative Advantage of Industries in the Baltic States
by Jolanta Droždz, Arūnas Burinskas and Viktorija Cohen
Economies 2023, 11(2), 47; https://doi.org/10.3390/economies11020047 - 01 Feb 2023
Cited by 1 | Viewed by 2396
Abstract
The active spread of COVID-19 and the resulting containment measures have made it clear that both supply and demand and global production networks are facing unprecedented shocks and disruptions. Accordingly, this has resulted in an urgent need to investigate countries’ competitive situation (and [...] Read more.
The active spread of COVID-19 and the resulting containment measures have made it clear that both supply and demand and global production networks are facing unprecedented shocks and disruptions. Accordingly, this has resulted in an urgent need to investigate countries’ competitive situation (and its changes) during a prolonged period of uncertainty. This study aims to assess the impact of the COVID-19 pandemic on the revealed comparative advantage (RCA/ Balassa index) of the Baltic states’ industries. The Balassa index was calculated for nine industries in three Baltic States (Lithuania, Latvia, and Estonia). The RCA index calculations were linked to COVID-19 cases in the countries under consideration by forming a regression equation. RCA index values and their changes were evaluated by analysing data before and after the pandemic, covering the period between 2017 and 2021. This study revealed that the COVID-19 pandemic’s impact on each Baltic country’s competitiveness in trade with EU countries is significantly higher than in trade with third countries. The results show that Baltic states did not have a comparative advantage in trade with third countries during this time. However, Lithuania and Latvia proved to be more resilient to the consequences of the pandemic, even though industries with a low RCA were more affected. Meanwhile, in trade with EU countries, many of the Baltic states’ industries appeared to have a comparative advantage, which began to decline a few years before the pandemic’s start. Nevertheless, highly competitive Baltics industries showed remarkable resilience to the impact of the pandemic. However, a short-term decrease in the RCA was observed in individual cases. Full article
(This article belongs to the Special Issue Industrial and Regional Policy towards Territorial Development)
24 pages, 3466 KiB  
Article
Co-Movement of Indonesian State-Owned Enterprise Stocks
by Apriani Dorkas Rambu Atahau, Robiyanto Robiyanto and Andrian Dolfriandra Huruta
Economies 2023, 11(2), 46; https://doi.org/10.3390/economies11020046 - 01 Feb 2023
Viewed by 1502
Abstract
According to portfolio theory, diversifying investment to several stocks with negative correlations may reduce portfolio risk. In contrast, combining stocks with similar movement (co-movement) has no impact on portfolio risk reduction. This study aims to examine state-owned enterprise stock co-movement in Indonesia using [...] Read more.
According to portfolio theory, diversifying investment to several stocks with negative correlations may reduce portfolio risk. In contrast, combining stocks with similar movement (co-movement) has no impact on portfolio risk reduction. This study aims to examine state-owned enterprise stock co-movement in Indonesia using orthogonal generalized auto-regressive conditional heteroscedasticity (O-GARCH) to help investors selectively choose stocks in a portfolio to reduce portfolio risks. Saturation sampling was used since all state-owned enterprise stocks listed on the Indonesian Stock Exchange were selected as samples. Based on monthly data from January 2013 to December 2021, the O-GARCH method was able to simplify the covariance matrix of the 17 SOEs. Of 17 SOEs, 11 had co-movement, as indicated by their similar principal components, whereas the remaining 6 stocks had a different principal component. Hence, investment managers or investors should not put the eleven stocks in the same portfolio as they have similar risk factors; instead, they may combine them with the six remaining SOE stocks which have a different co-movement. In addition, when the fiscal deficit is high and unconventional monetary policy is implemented in a crisis period, the SOE stock co-movement is higher. Thus, the SOE stock co-movement also depends on government-related matters and faces slightly different risks compared to its private-sector counterparts. Hence, the regulators formulating the policy on SOE stock holdings may use the results of this study by considering the potential merging of the SOE stocks with a similar stock return co-movement by taking account the timing in relation to fiscal deficit and crisis period. Full article
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20 pages, 3439 KiB  
Article
Financial Technology (FinTech) as a Financial Development Factor in the EU Countries
by Olga Lavrinenko, Edmunds Čižo, Svetlana Ignatjeva, Alina Danileviča and Krzysztof Krukowski
Economies 2023, 11(2), 45; https://doi.org/10.3390/economies11020045 - 01 Feb 2023
Cited by 5 | Viewed by 4527
Abstract
The aim of the research is to determine the impact of financial technology (FinTech) on financial development in EU countries. The multi-dimensional nature of the concepts described above and the low availability of data for regions smaller than countries makes it difficult to [...] Read more.
The aim of the research is to determine the impact of financial technology (FinTech) on financial development in EU countries. The multi-dimensional nature of the concepts described above and the low availability of data for regions smaller than countries makes it difficult to investigate the link between financial development and FinTech, as well as affects the values of the results due to a certain averaging of indices across countries. The study examines the Global FinTech Index and the Financial Development Index, which characterize financial development in the EU countries, as well as the sub-indices of the Financial Development Index. The article applies frequency analysis and correlation analysis methods. A positive linear relationship between the Global Fintech Index and the Financial Markets Index sub-index, as well as its components Financial Markets Depth Index and Financial Markets Efficiency Index, has been identified. There is also a positive linear relationship between the Global FinTech Index and the Financial Institutions Depth Index, while a negative linear relationship has been identified between the Global FinTech Index and the Financial Institutions Access Index. Full article
(This article belongs to the Special Issue Sustainable Financial Technologies: Governance, Applications, and Implications)
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16 pages, 678 KiB  
Article
Differentiation Strategy and Export Performance in Emerging Countries: Mediating Effects of Positional Advantage among Mozambican Firms
by Eurico Navaia, António Moreira and Cláudia Ribau
Economies 2023, 11(2), 44; https://doi.org/10.3390/economies11020044 - 01 Feb 2023
Cited by 2 | Viewed by 2815
Abstract
Small and medium-sized enterprises (SMEs) play an important role in economic and development growth, particularly in developing countries. Their success depends on the expansion of their markets across borders, based on the strategies adopted, in which differentiation strategies and positional advantages play an [...] Read more.
Small and medium-sized enterprises (SMEs) play an important role in economic and development growth, particularly in developing countries. Their success depends on the expansion of their markets across borders, based on the strategies adopted, in which differentiation strategies and positional advantages play an important role. As an emerging country, Mozambican SMEs face a lack of resources and business environmental challenges in deploying their unique advantages when competing abroad. As such, the objective of this paper is to study the impact of differentiation strategies on the export performance of Mozambican SMEs, and the mediating effect of positional advantage on the relationship between the differentiation strategy and export performance of SMEs. To achieve this objective, an empirical study was conducted, based on a sample of 250 Mozambican firms, to test a theoretical model that applied Structural Equation Modeling using the Partial Least Squares (PLS-SEM) algorithm, based on SmartPLS software version 3.3.6 (SmartPLS GmbH, Oststeinbek, Germany). The results show that differentiation strategies positively impact the export performance of SMEs and that positional advantage mildly mediates the relationship between the differentiation strategy and export performance. This suggests that Mozambican SMEs may not be properly taking advantage of the positional advantage of the differentiation strategies, as the added value generated by the positional advantage is relatively modest. As such, Mozambican SMEs still need to support their positional advantages to overcome fierce international competition. This study contributes to the knowledge about the consequences of adopting differentiation strategies and positional advantages on the export performance of SMEs, particularly in the context of emerging countries. Full article
(This article belongs to the Topic Recent Advances and Applications in Partial Least Squares Structural Equation Modeling (PLS-SEM))
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19 pages, 607 KiB  
Article
How Does Governance Affect the Control of Corruption in India? A Configurational Investigation with Fs/QCA
by Jinwon Han
Economies 2023, 11(2), 43; https://doi.org/10.3390/economies11020043 - 01 Feb 2023
Cited by 3 | Viewed by 2537
Abstract
While the existing literature has emphasized the role of governance in controlling corruption, they have paid less attention to its multidimensional nature. With this background, this paper identifies the configuration(s) of governance dimensions inducing a high control of corruption (low corruption) across Indian [...] Read more.
While the existing literature has emphasized the role of governance in controlling corruption, they have paid less attention to its multidimensional nature. With this background, this paper identifies the configuration(s) of governance dimensions inducing a high control of corruption (low corruption) across Indian states using Fuzzy-set Qualitative Comparative Analysis (fs/QCA). The analysis presented several configurations of governance dimensions instrumental in causing a high control of corruption across the states. A remarkable result was that low performance in the human resource development dimension is one of the core causal factors that lead to a high control of corruption within the Indian context. This paper attempts to interpret this notable result and proposes a suggestion for the Indian government in light of this finding. Full article
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20 pages, 885 KiB  
Article
The Impact of Education Investment on Regional Poverty Alleviation, Dynamic Constraints, and Marginal Benefits: A Case Study of Yunnan’s Poor Counties
by Xiaowen Xie, Saran Sarntisart and Md. Nasir Uddin
Economies 2023, 11(2), 42; https://doi.org/10.3390/economies11020042 - 31 Jan 2023
Cited by 2 | Viewed by 3748
Abstract
This paper studied the impact of education investment on regional poverty alleviation of Yunnan’s poor counties, especially the dynamic constraints and marginal benefits of education input. This paper takes 30 poor counties in Yunnan province from 2007 to 2020 as the research object. [...] Read more.
This paper studied the impact of education investment on regional poverty alleviation of Yunnan’s poor counties, especially the dynamic constraints and marginal benefits of education input. This paper takes 30 poor counties in Yunnan province from 2007 to 2020 as the research object. A double fixed effect model, a systematic GMM model, and a quantile regression model are used to study the effect of education investment on regional poverty alleviation from static and dynamic levels. The results show that education investment has a significant positive effect on regional poverty alleviation at both static and dynamic levels. At the same time, under different poverty levels, the effect of education investment on poverty alleviation shows a law of diminishing marginal effect. As for the current situation of poor counties in Yunnan Province, the effect of education investment on poverty alleviation is increasing at a decreasing rate. The research object of this paper has achieved the goal of getting rid of absolute poverty, so the conclusion of this paper has more reference value. Full article
(This article belongs to the Special Issue Advances in Economics of Education)
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