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19 pages, 1713 KiB

Open AccessArticle

Evaluating the Creative Economy Applying the Contingent Valuation Method: A Case Study on the Greek Cultural Heritage Festival

by Aikaterini Koumoutsea, Paraskevi Boufounou and George Mergos

Sustainability 2023, 15(23), 16441; https://doi.org/10.3390/su152316441 - 30 Nov 2023

Cited by 1 | Viewed by 852

Abstract

The effectiveness of the economic policies implemented by a country/region directly affects its economic growth potential. Cultural Heritage Festivals are a sector of the creative economy that, by promoting culture, may have a significant impact on national/regional sustainable economic development. This study assesses [...] Read more.

The effectiveness of the economic policies implemented by a country/region directly affects its economic growth potential. Cultural Heritage Festivals are a sector of the creative economy that, by promoting culture, may have a significant impact on national/regional sustainable economic development. This study assesses the implementation of the Contingent Valuation Method (CVM) and the estimation of the Willingness To Pay (WTP) demand curve, using data collected for the Kalamata Dance Festival as a case study, in order to evaluate creative economy investments. The results obtained indicate that the CVM is an appropriate method for evaluating festivals and suggest that females, spectators with high incomes and high educational levels, and visitors to Kalamata (non-residents) show an increased Willingness To Pay. These findings can be useful to cultural heritage festival organizers in developing appropriate policy strategies: targeting the social groups with the greatest Willingness To Pay; adjusting the pricing mechanism accordingly; modifying annual memberships/donations/sponsorships, indirect resources, and tax revenues and grants; and optimizing investments and allocating resources. Furthermore, the findings of this study will be particularly useful for Greece in designing relevant cultural sustainable development policies for exploiting the potential of the Cultural Heritage Festival, in synergy with the tourism sector, which already contributes a major share to the country’s GDP. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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19 pages, 1002 KiB

Open AccessArticle

Do Regional Smart Specialization Strategies Affect Innovation in Enterprises?

by Magdalena Kogut-Jaworska and Elżbieta Ociepa-Kicińska

Sustainability 2023, 15(23), 16405; https://doi.org/10.3390/su152316405 - 29 Nov 2023

Viewed by 758

Abstract

According to the European Commission, the smart specialization strategy is intended as a response to complex development challenges and a tool for stimulating innovation at the regional level. At the same time, it is known that the conditions in which businesses operate, including [...] Read more.

According to the European Commission, the smart specialization strategy is intended as a response to complex development challenges and a tool for stimulating innovation at the regional level. At the same time, it is known that the conditions in which businesses operate, including institutional framework, socio-economic aspects, infrastructure and forms of business support, do not always meet their needs. The research and analyses carried out in this study were aimed at testing the relationships mainly between the external activities that most create/develop innovation in enterprises, networking within the innovation ecosystem, and barriers inhibiting innovation development. For this purpose, 250 survey interviews were conducted with representatives of innovative enterprises from five regions in Poland. Our research and analyses have shown that regions make considerable efforts to comprehensively define rather complex RIS3 (Research and Innovation Smart Specialization Strategy) policy priorities, while in reality these priorities often do not coincide with the expectations of entrepreneurs. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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16 pages, 989 KiB

Open AccessArticle

Agile Leadership from the Perspective of Dynamic Capabilities and Creating Value

by Yeşim Kaya

Sustainability 2023, 15(21), 15253; https://doi.org/10.3390/su152115253 - 25 Oct 2023

Viewed by 1102

Abstract

This article aims to contribute to a leadership-based theory of dynamic capabilities and creating value. As a contribution to the economic dimension of sustainability, the mediation role of dynamic capabilities in the effect of agile leadership on creating value has been examined within [...] Read more.

This article aims to contribute to a leadership-based theory of dynamic capabilities and creating value. As a contribution to the economic dimension of sustainability, the mediation role of dynamic capabilities in the effect of agile leadership on creating value has been examined within the framework of the developed hypotheses and the relationships and interactions among agile leadership, dynamic capabilities, and creating value have been revealed. In this context, the data were obtained from 540 participants who work as middle- and upper-level managers in medium-sized and large-sized enterprises in various cities in the northwest of Turkiye, such as Sakarya, Kocaeli, and Istanbul, which are the locomotives of the Turkish economy. Structural Equation Modeling (AMOS) was used to examine the interaction between variables. The findings of this research demonstrate that dynamic capabilities have a full intermediary effect on the impact of agile leadership on creating value. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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23 pages, 813 KiB

Open AccessArticle

The Application of a Process Approach to the National Governance System for Sustainable Development: A Case Study in Romania

by Maria Popescu and Lidia Mandru

Sustainability 2023, 15(20), 14885; https://doi.org/10.3390/su152014885 - 15 Oct 2023

Viewed by 975

Abstract

This paper aims to present a new manner of describing and managing the national governance framework for “sustainable development (SD)”, focused on a process-based approach. This principle was applied in previous work by the authors related to the key processes of the United [...] Read more.

This paper aims to present a new manner of describing and managing the national governance framework for “sustainable development (SD)”, focused on a process-based approach. This principle was applied in previous work by the authors related to the key processes of the United Nations governance for SD. The present paper continues the process approach of multi-level governance, aiming to contribute to the conceptualization of governance systems for SD at the national level, particularly in the context of the 2030 Agenda, taking into account the harmonization with higher levels of governance. The workpaper presents in distinct sections: a review of publications related to the national framework of governance for SD; the overall picture of the national SD governance system, with the generic definition of key processes; a case study performed in Romania; and a conclusion. The novelty of this paper consists of the new model tool proposed by the authors and its application in a study case that illustrates the benefits of such an approach. The proposed model is useful to SD experts and governing bodies, as well as academics and researchers, creating the framework for developing and improving SD governance at the country level in a systematic manner. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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17 pages, 491 KiB

Open AccessArticle

Examining the Interplay of Climate Change, Cultural Dynamics, and Sustainable Development: A Global Perspective

by Pantelis C. Kostis and Kyriaki I. Kafka

Sustainability 2023, 15(18), 13652; https://doi.org/10.3390/su151813652 - 13 Sep 2023

Cited by 2 | Viewed by 1636

Abstract

This study undertakes a comprehensive multi-country analysis to investigate the intricate relationships among climate change, cultural dynamics, and sustainable development. Leveraging a robust, unbalanced panel dataset that encompasses one hundred and eight countries or regions over nearly four decades (1981–2019), this study employs [...] Read more.

This study undertakes a comprehensive multi-country analysis to investigate the intricate relationships among climate change, cultural dynamics, and sustainable development. Leveraging a robust, unbalanced panel dataset that encompasses one hundred and eight countries or regions over nearly four decades (1981–2019), this study employs fixed-effects estimation techniques to mitigate the impact of time-invariant heterogeneity across observational units. Structural equation modeling (SEM) is also employed as an advanced analytical tool to explore complex causal pathways and latent variables. Conducted in Stata, this multifaceted approach allows us to delve into the causal interconnections between climate change indicators, various cultural attributes, and indices of sustainable development. The findings reveal a negative influence of climate change on cultural background formation, which in turn impacts sustainable development. On the other hand, it is found that cultural background contributes positively to sustainable development. This suggests integrating cultural considerations into climate change adaptation, mitigation strategies, and sustainable development interventions. These strategies account for diverse societal values and behaviors, facilitating more effective climate change mitigation and adaptation. This study contributes to the growing research on the interplay between climate change and sustainable development by emphasizing a culturally informed policy framework. Its findings stand to inform national and international policymaking and enrich the discourse surrounding the creative economy’s role in promoting sustainable development in the face of climate change. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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17 pages, 298 KiB

Open AccessArticle

Women’s Participation in Firms’ Management and Their Impact on Financial Performance: Pre-COVID-19 and COVID-19 Period Evidence

by Charalampos Basdekis, Ioannis Katsampoxakis and Konstantinos Anathreptakis

Sustainability 2023, 15(11), 8686; https://doi.org/10.3390/su15118686 - 27 May 2023

Cited by 2 | Viewed by 1343

Abstract

At a time when gender equality is a key priority of all international organizations, this paper can be considered a remarkable contribution to the role of women executives in firms’ performance. More specifically, this study focuses on the effect of women holding positions [...] Read more.

At a time when gender equality is a key priority of all international organizations, this paper can be considered a remarkable contribution to the role of women executives in firms’ performance. More specifically, this study focuses on the effect of women holding positions of responsibility on firms’ performance worldwide. For the purposes of our research, we applied cross-sectional and panel data analysis for all sectors at an international level from 2019, the year preceding the breakout of the pandemic crisis, to 2021, while the indicators used to measure the participation of women in executive positions are classified as ESG indices. The empirical analysis findings end up showing that the participation of women in executive positions positively affects firms’ performance over time, while there is no material change observed before and during the COVID-19 pandemic period. More specifically, when the percent of women processing job positions of responsibility increases by 10%, then the index of profitability will increase from 1.4% to 1.8%, regardless of the measurement of female participation in executive positions used. The results of this study constitute a remarkable contribution to the promotion of the creative economy, the progress of societies, and sustainable development. The research’s outcome can be primarily used by policymakers drawing up policies for achieving gender equality in the labor market and workplaces and by shareholders and firms’ managers in order to trust females in executive positions in favor of their firms’ financial performance. The current study is unique in that it focuses on the period before and during the COVID-19 period, as a period of high volatility in economic activity worldwide, while the sample includes firms from large and mid-cap companies belonging to developed and emerging markets. The above approach will contribute to providing more credible information related to the role of women executives in firms’ performance. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

18 pages, 1893 KiB

Open AccessArticle

Creative Economy and Sustainable Regional Growth: Lessons from the Implementation of Entrepreneurial Discovery Process at the Regional Level

by Manolis Manioudis and Antonios Angelakis

Sustainability 2023, 15(9), 7681; https://doi.org/10.3390/su15097681 - 07 May 2023

Cited by 4 | Viewed by 2317

Abstract

The creative economy sector is tightly associated with sustainable development and Sustainable Economic Goals (SDGs). The creative industries contribute to sustainability in a variety of ways. They are essential in accelerating sustainable consumption and production patterns and promoting regional sustainable development. This paper [...] Read more.

The creative economy sector is tightly associated with sustainable development and Sustainable Economic Goals (SDGs). The creative industries contribute to sustainability in a variety of ways. They are essential in accelerating sustainable consumption and production patterns and promoting regional sustainable development. This paper attempts to stress the role of the creative economy in promoting sustainable regional growth by focusing on smart specialization priority areas in the region of Attica. The latter has been accomplished by presenting the current regional policy model and the entrepreneurial discovery process (EDP) methodology in the region of Attica. This paper concludes that the EDP paves the way for the formulation of policy lessons enhancing the link between the creative economy and sustainable regional growth. In a nutshell, three major conclusions derived from the present paper include the following aspects: (i) the formulation of an integrated smart specialisation strategy requires an ongoing and well-structured process along the policy cycle (structured life-cycle approach); (ii) the deployment of a robust innovation ecosystem requires a comprehensive approach of engaging and mobilising regional actors and identifying their needs and priorities; (iii) the lessons observed through the exploration of the case study lead to concrete findings regarding the critical importance of long-term interactive institutional learning and policy co-design as a precondition for an effective regional ecosystem. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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18 pages, 825 KiB

Open AccessArticle

Female Empowerment and Radical Empathy for the Sustainability of Creative Industries: The Case of K-Pop

by Ingyu Oh, Kyeong-Jun Kim and Chris Rowley

Sustainability 2023, 15(4), 3098; https://doi.org/10.3390/su15043098 - 08 Feb 2023

Cited by 1 | Viewed by 2555

Abstract

Contrary to the critical understanding of the cultural and/or creative industry that unduly emphasizes demoralized commercial activities of profit-maximizing, accompanied by the concomitant destruction of individual self-realization, the 21st century perception of the industry highlights its potentials for both creativity and more importantly, [...] Read more.

Contrary to the critical understanding of the cultural and/or creative industry that unduly emphasizes demoralized commercial activities of profit-maximizing, accompanied by the concomitant destruction of individual self-realization, the 21st century perception of the industry highlights its potentials for both creativity and more importantly, sustainability. The global success of Korean pop music (K-pop) unlocks a new possibility for the creative industry in a postcolonial country, with a newly constructed value chain that strategically allows female empowerment through radical empathy, a concept that bridges social empathy among formerly oppressed groups with their new political opportunities of political struggles. Based on survey data and structural equation modeling, this paper empirically corroborates a theorized conceptual link between participation in the K-pop industry and the resulting radical empathy among female fans toward industrial sustainability. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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27 pages, 2230 KiB

Open AccessArticle

Creative Economy: A Worldwide Research in Business, Management and Accounting

by Homero Rodríguez-Insuasti, Néstor Montalván-Burbano, Otto Suárez-Rodríguez, Marcela Yonfá-Medranda and Katherine Parrales-Guerrero

Sustainability 2022, 14(23), 16010; https://doi.org/10.3390/su142316010 - 30 Nov 2022

Cited by 4 | Viewed by 5760

Abstract

Due to its adaptability in being relevant to the economies of different countries, industries, and research fields, the creative economy (CE), a driving force behind the national economy for sustainable development, has recently garnered the attention of the academic community. This research examines [...] Read more.

Due to its adaptability in being relevant to the economies of different countries, industries, and research fields, the creative economy (CE), a driving force behind the national economy for sustainable development, has recently garnered the attention of the academic community. This research examines the intellectual structure of this field using the Scopus database in the subject area of business, management and accounting. This study uses bibliometric analysis, a cutting-edge and rigorous technique for the exploration of scientific data. The employed methodology entails an organized and open procedure broken down into four phases: (1) search criteria; (2) selection of database and documents; (3) selection of software and data pre-processing; and (4) analysis of results. We use two approaches to learn about their structure by evaluating performance and observing their various connections through bibliometric mapping. The findings indicate that the creative economy is a burgeoning area of research, with 687 articles, 1340 authors, and 64 nations represented. In addition, the creative economy, the cultural industry, human capital, management, entrepreneurship, and business models are research topics. This study has several implications because it offers an up-to-date and comprehensive overview of the trends in this topic, making it a helpful tool for researchers. It also identifies gaps in the literature that lead to possible lines of investigation in future studies. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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18 pages, 312 KiB

Open AccessArticle

Gender Sensitivity in Accessing Healthcare Services: Evidence from Saudi Arabia

by Sufyan Habib, Mohammed Arshad Khan and Nawaf N. Hamadneh

Sustainability 2022, 14(22), 14690; https://doi.org/10.3390/su142214690 - 08 Nov 2022

Cited by 1 | Viewed by 2558

Abstract

Good health and reduced inequality are factors of sustainable development. Healthcare systems are considered on68e of the most important activities of the creative economy that arise from research and development activities. Therefore, facilitating access to healthcare is one of the most important challenges [...] Read more.

Good health and reduced inequality are factors of sustainable development. Healthcare systems are considered on68e of the most important activities of the creative economy that arise from research and development activities. Therefore, facilitating access to healthcare is one of the most important challenges guiding the development of the healthcare systems. Access is a complex concept and requires at least four aspects of evaluation. These include whether services are available, whether there is an adequate supply of services, whether people could obtain healthcare, and finally, evaluating whether a population may have access to services. Most countries are working hard to explore the means of providing better healthcare services to their population, especially in the pandemic age of crisis. The Kingdom of Saudi Arabia (KSA) is one such country that is continuously trying to enhance healthcare access to its citizens by adopting different means and policy interventions. The primary objective of this study is to assess whether gender differences exist with unmet healthcare needs among the citizens of the KSA. In this study, we examined the factors affecting the healthcare system in the Kingdom through access to and use of primary healthcare centres in urban and rural areas and whether there is a gender gap in access to healthcare services. In addition, we have tried to explore the current challenges faced by the healthcare system and key points about immediate measures to overcome the crisis in this sector. A well-structured questionnaire was designed covering different dimensions of the study objectives. The population of the study includes both male and female citizens of Makkah city of the KSA. In a survey of 529 respondents, it was found that people’s access to the healthcare service system in the area is good. Test statistics confirm the significant difference in healthcare access across the gender categories of respondents. The availability of services, as well as the barriers to access, must be evaluated in the context of varied groups in society’s differing perspectives, health requirements, and material and cultural surroundings. Some theoretical and managerial implications, limitations, and scope of future research are also presented in the study. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

23 pages, 2051 KiB

Open AccessArticle

To Be, or Not to Be: The Role of Self-Perception in European Countries’ Performance Assessment

by Sara Casagrande and Bruno Dallago

Sustainability 2022, 14(20), 13404; https://doi.org/10.3390/su142013404 - 18 Oct 2022

Viewed by 1195

Abstract

Performance evaluation is commonly based on objective indicators which do not explicitly consider the role of perceptions. Especially when evaluating countries’ performance, citizens’ perceptions can influence public debate and socio-economic narratives. Since these may influence policy making and countries’ performance, perceptions should not [...] Read more.

Performance evaluation is commonly based on objective indicators which do not explicitly consider the role of perceptions. Especially when evaluating countries’ performance, citizens’ perceptions can influence public debate and socio-economic narratives. Since these may influence policy making and countries’ performance, perceptions should not be ignored. The objective of this article is to investigate the presence of discrepancies between objective performance and self-perception (subjective performance) among European Union countries. The aim is to raise awareness of the importance of recognizing biases in performance perception as factors that may hamper European debate, countries’ relations and, thus, the political and social sustainability of the European project. The article considers five spending areas that may influence the public opinion’s assessment about countries’ performance (education, environmental protection, health, public order and safety and social protection) and compares objective and subjective indicators for 28 EU countries from 2007 to 2017 using the distance-to-frontier score methodology. The results indicate that the discrepancies are significant, with a generalized tendency toward overestimation, especially among some Central and Northern European countries. The opposite occurred in Greece and some Eastern European countries. These results represent a starting point for grasping an undervalued aspect of the complexity of the European socio-economic environment. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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20 pages, 724 KiB

Open AccessArticle

Entrepreneurial Motivation, Competency and Micro-Enterprise Sustainability Performance: Evidence from an Emerging Economy

by Syed Ali Fazal, Abdullah Al Mamun, Ali Saleh Alshebami, Rajennd Muniady, Mohd Helmi Ali, Sayed Samer Ali Al Shami, Salem Handhal Al Marri, Abdullah Hamoud Ali Seraj, Murad Thomran and Faiz Algobaei

Sustainability 2022, 14(19), 12615; https://doi.org/10.3390/su141912615 - 04 Oct 2022

Cited by 9 | Viewed by 2618

Abstract

Small to medium-sized enterprises suffer from loss of competitive advantage, low productivity, and poor performance because of inadequate competencies. Therefore, the primary objective of this study was to examine the effect of selected motivational dimensions (i.e., self-improvement, self-confidence, openness to change, pull factors, [...] Read more.

Small to medium-sized enterprises suffer from loss of competitive advantage, low productivity, and poor performance because of inadequate competencies. Therefore, the primary objective of this study was to examine the effect of selected motivational dimensions (i.e., self-improvement, self-confidence, openness to change, pull factors, and the need for achievement) on entrepreneurial competency among micro-entrepreneurs. We used a cross-sectional design and collected quantitative data from 403 micro-entrepreneurs in Malaysia using random sampling. SEM-PLS was used for data analysis. The findings revealed that self-confidence, openness to change, and pull factors positively influenced entrepreneurial competencies. Moreover, there was a positive effect of self-confidence, pull factors, need for achievement, and entrepreneurial competency on enterprise sustainability performance. Furthermore, entrepreneurial competencies significantly mediated the effect of self-confidence, openness to change, and pull factors on enterprise sustainability performance. Apart from extending the lens of a resource-based view, this study enriches enterprise sustainability literature from emerging nations’ perspective. Policymakers can strengthen their programs and policies to improve the entrepreneurial competencies of micro-entrepreneurs and their business sustainability. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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22 pages, 3994 KiB

Open AccessArticle

Does Public Participation Matter to Planning? Urban Sculpture Reception in the Context of Elite-Led Planning in Shanghai

by Jane Zheng and Xiaohua Zheng

Sustainability 2022, 14(19), 12179; https://doi.org/10.3390/su141912179 - 26 Sep 2022

Cited by 3 | Viewed by 2112

Abstract

Scholars have long debated how effective public participation is in urban planning. While most research was designed to assess the effect of public participation, the knowledge gap concerns whether urban planning would receive negative reception without public participation due to failure in managing [...] Read more.

Scholars have long debated how effective public participation is in urban planning. While most research was designed to assess the effect of public participation, the knowledge gap concerns whether urban planning would receive negative reception without public participation due to failure in managing people’s emotions. One of the underlying reasons is that public participation is crucial to public emotion management. In this paper, we evaluate the impact of a case of public planning, and more specifically, the effects on public art reception when the planning project is developed by elites, without the involvement and participation of residents. Public art planning involves substantial symbolic and emotional components, and therefore constitutes a suitable case study. This research examines urban sculpture planning in Shanghai. The primary research method is a questionnaire survey, completed by 244 respondents. We argue that public participation is not the sole determinant of public art reception; other factors, particularly locality, also matter: an authoritarian-style urban sculpture planning creates a unanimous reverence and appreciation for flagship art projects on prominent public venues in central cities. However, people’s feelings towards sculptures vary in neighborhoods; people are more likely to resist imposed artworks in the environment of their everyday life. Finally, we conclude that a lack of public participation does not always result in a negative reception to cultural projects on the part of the public; however, this lack of public participation is, nevertheless, culturally unsustainable. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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16 pages, 758 KiB

Open AccessArticle

Optimal Patent Protection Length for Vital Pharmaceuticals in the Age of COVID-19

by Alexis Habiyaremye

Sustainability 2022, 14(16), 9799; https://doi.org/10.3390/su14169799 - 09 Aug 2022

Cited by 1 | Viewed by 1932

Abstract

The highly unequal access to COVID-19 vaccines observed at a critical moment of the pandemic coupled with the considerable profits cashed by the main vaccine producers have brought the debates on patent protection back into sharp focus. The trade-off between the need to [...] Read more.

The highly unequal access to COVID-19 vaccines observed at a critical moment of the pandemic coupled with the considerable profits cashed by the main vaccine producers have brought the debates on patent protection back into sharp focus. The trade-off between the need to encourage innovation through patent protection and the right of populations across the world to access life-saving pharmaceutical products raises important concerns that go beyond innovation stimulation. This paper leans on the inclusion of non-economic considerations based on social identity theory in optimization strategies to analyze the arguments underlying the patent length in the pharmaceutical industry and questions the measurement of social benefits of innovation in the Nordhaus’s model in its applicability to the case of vital pharmaceuticals. It proposes some new considerations akin to extra welfarism in the microeconomic analysis of the social welfare underlying traditional arguments in support of long patent protection periods. Simplified comparative statics are employed to show that, from the social welfare point of view, an incentive system in which a reward equivalent to the discounted profits is remitted to the innovator yields higher social welfare than monopoly protection without diminishing the incentive to innovate. These results suggest that in the case of vital medicines such as vaccines and antiretroviral drugs for HIV/AIDS treatment, social welfare is maximized by imposing compulsory licensing and making treatment accessible to all (potentially) infected citizens. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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17 pages, 743 KiB

Open AccessArticle

On the Micro-Foundations of Creative Economy: Life Satisfaction and Social Identity

by Panagiotis E. Petrakis and Anna-Maria Kanzola

Sustainability 2022, 14(9), 4878; https://doi.org/10.3390/su14094878 - 19 Apr 2022

Cited by 5 | Viewed by 2140

Abstract

Incorporating the unavoidable changes manifesting in the behavior of individuals as an outcome of evolution at the level of development of the economy and society, we pinpoint a new theoretical background requiring the reconfiguring of the micro-foundations of economic theory regarding the creative [...] Read more.

Incorporating the unavoidable changes manifesting in the behavior of individuals as an outcome of evolution at the level of development of the economy and society, we pinpoint a new theoretical background requiring the reconfiguring of the micro-foundations of economic theory regarding the creative economy. We thus set the theoretical micro-foundations of the creative economy where the main microeconomic incentive lies in life satisfaction attainment rather than utility maximization. At the macroeconomic level, we propose the pairing of sustainability with the creative economy. The objective is met through the vehicle of social identity derived from the responses to a questionnaire distributed in Greek society. Through principal components analysis, we locate two sets of variables shaping life satisfaction: the exogenous influences within social identity (state of health, age, and level of education) and the endogenous primary influences within social identity (lending, cultural change, and happiness). Each one of these variables is determined by other interpretative variables. Furthermore, we observe a weakness of economic policy to influence life satisfaction in advanced Western societies, resulting in a paradox of the economic toolkit. Our findings are relevant for policymaking to promote life satisfaction, especially within the creative economy context. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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19 pages, 3137 KiB

Open AccessArticle

A Social Network Analysis of International Creative Goods Flow

by Hwayoon Seok and Yoonjae Nam

Sustainability 2022, 14(8), 4463; https://doi.org/10.3390/su14084463 - 08 Apr 2022

Cited by 2 | Viewed by 1982

Abstract

This study used social network analysis to examine the structure of the international trade of creative goods. The results showed that the US, Canada, Europe, and certain Asian countries (e.g., China, the Republic of Korea, Japan, and Thailand) ranked high in terms of [...] Read more.

This study used social network analysis to examine the structure of the international trade of creative goods. The results showed that the US, Canada, Europe, and certain Asian countries (e.g., China, the Republic of Korea, Japan, and Thailand) ranked high in terms of out-degree/in-degree, eigenvector, and betweenness centrality compared to other countries in the international creative goods trade network. A quadratic assignment procedure (QAP) revealed interrelations between each creative goods networks. In particular, the new media network strongly interacted with the design and art crafts network. Furthermore, multiple regression confirmed that each country’s gross domestic product (GDP), gross national income (GNI) per capita, population, inbound tourism expenditure, and gross domestic expenditure on R&D (GERD) influenced their international trade of creative goods. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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18 pages, 2329 KiB

Open AccessArticle

Deconstruction of the Green Bubble during COVID-19 International Evidence

by Bikramaditya Ghosh, Spyros Papathanasiou, Vandita Dar and Dimitrios Kenourgios

Sustainability 2022, 14(6), 3466; https://doi.org/10.3390/su14063466 - 16 Mar 2022

Cited by 12 | Viewed by 3018

Abstract

Bubbles are usually chaotic but can be predictable, provided their formation matches the log periodic power law (LPPL) with unique stylized facts. We investigated Green Bubble behaviour in the stock prices of a selection of stocks during the COVID-19 pandemic, namely, those with [...] Read more.

Bubbles are usually chaotic but can be predictable, provided their formation matches the log periodic power law (LPPL) with unique stylized facts. We investigated Green Bubble behaviour in the stock prices of a selection of stocks during the COVID-19 pandemic, namely, those with the highest market capitalization from a basket of North American and European green energy or clean tech companies and the S&P Global Clean Energy Index. Moreover, the biggest Exchange Traded Fund (TAN) by market capitalization was also considered. The examined period is from 31 December 2019 to 11 October 2021, during which we detected 35 Green Bubbles. All of these followed the LPPL signature while calibrated through the 2013 reformulated LPPL model. In addition, the average drawdown emerged as four times that of the regular S&P-500 stock index (108% vs. 27%) under stressed conditions, such as the COVID-19 pandemic (stylized fact). Finally, the aftermaths of Green Bubbles, unlike regular bubbles, are not destructive, as these bubbles increase economic activity and infrastructure spending and are hence beneficial for holistic growth (described as Social Bubble Hypothesis). We document that there are benefits in adapting greener and more sustainable business models in energy production. Green and sustainable finance offers benefits and opportunities for stock exchanges, especially for energy stocks. As a result, many businesses are focusing on sustainability and adopting an eco-friendly business model, which helps the environment, helps sustainability and attracts investors. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

22 pages, 22274 KiB

Open AccessArticle

Sharing Economies’ Initiatives in Municipal Authorities’ Perspective: Research Evidence from Poland in the Context of Smart Cities’ Development

by Izabela Jonek-Kowalska and Radosław Wolniak

Sustainability 2022, 14(4), 2064; https://doi.org/10.3390/su14042064 - 11 Feb 2022

Cited by 13 | Viewed by 2435

Abstract

The emergence and dynamic development of the sharing economy as a socio-economic phenomenon was triggered by the subprime crisis of 2007–2009 and the consequent need to rationalize the use of resources. Cities (especially those generally recognized as a Smart City) have become a [...] Read more.

The emergence and dynamic development of the sharing economy as a socio-economic phenomenon was triggered by the subprime crisis of 2007–2009 and the consequent need to rationalize the use of resources. Cities (especially those generally recognized as a Smart City) have become a natural environment for the sharing economy, due to the spatial accumulation of both potential users and available goods and services. Adopting the point of view that urban conditions are advantageous for the development of the SE, the authors of the article assess the scope of implementation of solutions typical for the sharing economy and the scale of support of municipal authorities for their implementation in 287 Polish cities. For this purpose, they use representative surveys carried out in January 2020. When analyzing the results, they consider the following aspects of a sharing economy: carpooling, coworking, co-housing, room sharing, couch surfing clothes swap/toy swap and crowdfunding. In their research, they also identify relationships between the degree of development of the sharing economy in Polish cities and their size (expressed as the number of inhabitants) and wealth (expressed as the level of budget revenues per capita), trying to answer the question asked in the title: how do cities use and support sharing economy initiatives? The research results indicate a low level of SE development in Polish cities and a low involvement of municipal authorities in supporting this development. Individual forms of SE function best in large cities that have successfully aspired to be smart for many years. In other administrative units, the obstacle to the development of the SE is probably the low availability and quality of free housing resources and the reluctance to share, resulting from reluctance in a centrally planned economy related to the non-market allocation of goods and services and the associated strong attachment to private property. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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Environmental, Social, and Governance Integration into the Business Model: Literature Review and Research Agenda

by Alaa Aldowaish, Jiro Kokuryo, Othman Almazyad and Hoe Chin Goi

Sustainability 2022, 14(5), 2959; https://doi.org/10.3390/su14052959 - 03 Mar 2022

Cited by 29 | Viewed by 14724

Abstract

Environmental, social, and governance (ESG) integration as a socially responsible investment (SRI) from a financial perspective has been discussed extensively. However, few studies discuss its impact on firms’ internal operations from the perspective of sustainable development (SD). This study aims to examine the [...] Read more.

Environmental, social, and governance (ESG) integration as a socially responsible investment (SRI) from a financial perspective has been discussed extensively. However, few studies discuss its impact on firms’ internal operations from the perspective of sustainable development (SD). This study aims to examine the integration of ESG into the currently prevailing business model. Twenty-nine studies were systematically reviewed. Our analysis used an input–process–output model to identify the integration process and the outcomes. The findings show that only two papers explain the implementation steps or transition process of ESG integration, while 27 papers discuss ESG integration as an outcome, including integration behaviors, advantages, practices, and critical views. Our research aims to highlight that firms adopt ESG as a response to pressure from financial markets rather than as a serious effort to integrate sustainability into their core operations. We state the need for more research into the integration process to motivate firms to reform their business models, foster sustainability, and enhance financial performance. Full article

(This article belongs to the Special Issue Creative Economy for Sustainable Development)

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