Stage Of Economic Development Research Articles

MODERNIZATION OF STATE POLICY IN THE FIELD OF STATE CONTROL (SUPERVISION) OVER ECONOMIC ACTIVITY

The article analyzes the essence of modernization of the State policy in the field of control (supervision) over economic activity with due regard for the changing political and economic situation in the country. The author examines the main conceptual approaches to the definition of basic terms, and also identifies the features and purpose of state control (supervision) in the economic sphere. It is found that the state of the system of control (supervision) over economic activity does not always correspond to the realities of today. Hence, the author concludes that the control system is not always relevant and effective. The author identifies the main problems on the way to modernization of legislation in the field of control (supervision) over economic activity. The author proposes to use adequate means of regulating and controlling economic activity during a special period caused, for example, by a pandemic, military operations on the territory of Ukraine, etc. The author examines the key areas of state policy in the field of legal regulation of control (supervision) over economic activity. The author defines the system of regulatory and legal support of the state policy in the field of control over economic activity at different stages of economic development of the country. The author analyzes the legal acts adopted under the legal regime of martial law aimed at stabilizing the situation in the economic system of our country.

Does the income elasticity of energy demand vary with the stages of economic development?

This paper revisits the empirical evidence on the income elasticity of energy demand by investigating whether it varies with the level of economic development. We estimate the elasticity using mean-group type estimators for a sample of 111 countries spanning three decades. Our analysis reveals that the elasticity is not constant and tends to decline as countries become wealthier. As economies become more developed, their energy intensity falls, eventually reaching zero elasticity, indicating a decoupling between economic growth and energy demand. This finding underscores the importance of considering countries’ stages of economic development when making energy outlook projections.

Research on the Mechanism of Population Agglomeration's Role in High-Quality Economic Development in Anhui Province

In the early stages of economic development, population agglomeration significantly promotes economic growth. However, with the disappearance of the demographic dividend, negative externalities begin to strengthen. Currently, the economic development in Anhui Province faces challenges, necessitating a shift in focus from pursuing speed to pursuing quality, particularly concerning sustainable development. This paper analyzes the role of population agglomeration in high-quality economic development from the perspective of the five development concepts, constructing a mechanism to understand this relationship. Targeted recommendations for formulating appropriate population control policies and deepening the upgrading of industrial structures are proposed to promote high-quality economic development.

Analysis of the Chinese Literature on the ESG and Financial Performance

Abstract: Based on 230 Chinese articles published on the CNKI platform from 2016 to 2024 on the research of ESG and corporate financial performance, this paper clarifies the research direction of ESG and financial performance and discusses the main points of the research with the help of CiteSpace, an information visualization software. The studies on the relationship between ESG and financial performance are all based on listed companies. The empirical analysis of listed companies shows that ESG performance has a significant positive impact on the financial performance of listed companies. The impact of ESG on financial performance varies in different industries, regions, and stages of economic development. The short-term and long-term effects are also different. In addition, media attention on ESG performance also affects financial performance. However, existing studies are analyzed from a micro perspective and lack macro background analysis and policy impact analysis.

Fragmentation of international trade: interim results, challenges and policy issues

The article analyzes key issues related to the fragmentation of international trade at the current stage of global economic development. The impact of economic globalization on disruptions in modern international exchange is discussed, including in the chronological context of the formation of the modern structure of international trade. The main channels of trade fragmentation are identified, including the ambiguous dynamics of cross-border direct investment, the aggressiveness of export control measures taken by key countries, as well as stresses observed in the global payment system. A separate aspect of the study was the analysis of national security considerations dictating the use of various subsidies, which is an additional determinant of the fragmentation of international trade. It is proven that fragmentation has led to uncertainty and increased volatility in global raw materials markets, and has strengthened the speculative and "financialized" nature of their development. In general, international trade under the influence of fragmentation should become more adaptive, and it is necessary to continue developing multilateral cooperation, but it should take place in a fundamentally different format and with the help of alternative instruments aimed at developing new trade models.

IT-services: Green Means Competitive?

Introduction. The current stage of economic development is characterised by significant digitalisation and a noticeable shift of corporate strategies in favour of sustainable development. The first of these trends makes IT companies interesting for analysis, since in the era of digitalisation their impact on the global economy is significant and undeniable. The second trend is largely related to the exhaustion of tangible competitive factors and the shift of focus towards intangible competitive factors, in particular, towards catering to the specific needs of consumers, i.e. in the consideration of social and environmental factors throughout value chains. In line with modern trends, meeting these needs is achieved by implementing ESG-principles, including by IT companies, which is where the two major modern trends - digitalisation and corporate sustainability intertwine. In this context, the aim of the research is to analyse the relationship between IT companies’ financial performance and their ESG position.Materials and methods. The study is based on the analysis of correlation between the data of companies' financial statements and their valuations within the framework of S&P ESG-rating. Results of the research. According to the results of the analysis on the basis of the presented data sample, no significant correlation between revenue and profit indicators (on the one hand) and ESG[1]assessments of S&P rating (on the other hand) was revealed.Discussion and conclusion. The results obtained for companies in the IT-services industry generally correspond to the results of similar calculations by the authors for a number of other industries. Of course, they reflect the situation in a particular industry, with specific indicators (profit, revenue), taking into account such limitations of the study as the methodology of the selected ESG-rating and the volume of data sampling. Nevertheless, within the framework of the study we can say that there is no significant correlation between the financial performance of IT services companies and the implementation of ESG principles by these ccompanies.

The contribution of clean energy consumption and production to sustainable economic development: New insights from the PSTR model

Massive consumption of fossil fuels has posed significant threat to sustainable development. Therefore, clean energy is an urgent requirement for sustainable economic development (SED). There is no comprehensive assessment of the relationship between clean energy and the SED, signifying a research gap in understanding the non-linear effects between them. This study fills this gap by calculating the SED index for China and using a panel smoothed transformation regression model. The findings reveal that the impact of clean energy development and utilisation on SED is characterised by non-linearity, which manifests in two key aspects: (1) Clean energy consumption (CEC) positively influences SED, with its impact strengthening alongside improvements in industrial structure optimisation and economic growth. Notably, the threshold values for the industrial optimisation level, industrial structure level, and economic development are 1.0390, 0.4667, and 43730, respectively. (2) The relationship between clean energy production (CEP) and SED follows a U-shaped curve; once economic development surpasses 38,588 units, CEP transitions from a negative to a positive influence on SED. This study provides valuable insights into comprehensive measurement of SED, offering guidance for countries worldwide to formulate context-specific energy policies aligned with their respective industrial structures and stages of economic development to foster SED growth.

THE ROLE OF INNOVATION STRATEGY IN ENSURING SUSTAINABLE DEVELOPMENT OF THE ENTERPRISE

The article discusses the role of innovation strategy in ensuring sustainable development of the enterprise. At this stage of economic development, organizations are provided with a huge number of opportunities that can be used to develop entrepreneurial activity. Rapid changes in the external and internal environment contribute to the fact that enterprises have to adapt to new conditions, as well as develop strategies for innovative business development. In this regard, the ability to develop innovative strategies is becoming a key competency that allows you to competently manage an enterprise. Competition between companies is becoming more intense, only enterprises that can develop the most effective innovative strategies will be able to take and maintain leadership positions. The role of innovation is manifested in ensuring the success of business in the long term. Innovations contribute to increasing the competitive position of the organization. Innovative strategy allows companies to take their business to a new level. It defines promising areas of development of the company, assesses its innovative potential and level of investment attractiveness, allows you to establish new areas of cooperation, helping the business to remain competitive. The development of an effective innovation strategy will allow the company to take a leadership position that will allow it to stay in today's highly competitive world. Industrial development is a priority sector for any state. Industry ensures the country's independence from a number of imported goods, provides jobs, and promotes economic stability. Any developed state will take measures to develop industry. But the industrial sector is quite complex for doing business, because it requires significant resources at the start of work, a set of skills and knowledge, and a high level of technical equipment. Against the background of the importance of the industrial sector for the life of the state as a whole and the complexity of implementing entrepreneurial tasks in this area, the formation of a concept for the sustainable development of industrial enterprises is of particular relevance. The constituent components of the sustainable development of industrial enterprises should be ensured both at the macro and micro levels. Financial and economic components of the sustainable development of industrial enterprises at the macro level imply the presence of the following factors. Ensuring the investment attractiveness of the country. Attracting foreign investors is one of the ways to ensure the sustainable development of industrial enterprises, as well as the growth of the state's economy. Development of an appropriate monetary and credit policy. A number of factors influence the sustainable development of industrial enterprises: the level of inflation, the availability of credit resources, the volume of money circulation. In the absence of effective mechanisms for maintaining stability in the monetary and credit sphere, the implementation of the directions of the concept of sustainable development of industrial enterprises is also impossible. Thus, sustainable development of industrial enterprises is one of the most important areas of work of the state authorities. The concept of sustainable development of industrial enterprises includes a number of components, some of which are already being actively implemented. Also, the concept of sustainable development of industrial enterprises should include a number of measures that contribute to increasing the profitability of the company's activities and take into account the specifics of its activities. Keywords: innovation, innovation process, innovative development, innovation strategy, enterprise, strategic management, competitiveness.

Strategic development of the innovative potential of industrial enterprises

The purpose of the article is to evaluate theoretical approaches to the study of various scientific and practical approaches of sustainable economic development. The author of the work has the following tasks: to conduct a comparative assessment of various scientists and economists studying theoretical approaches of sustainable strategic development of innovative potential of industrial enterprises; to identify the main directions of the theoretical approaches to its research of both Russian and foreign scientists; to determine the vectors of the strategic development of the innovative potential of companies in the industrial sector; to analyse and classify the methods that scientists use to study the essence and typology of the innovative potential of industrial enterprises within the economic system. Finally, the theoretical approaches to the study of the sustainable development of the innovative potential of enterprises of the regional industrial complex have been evaluated and used, the research results are formulated. The methods and techniques of application of various innovative technologies, ways, etc. are considered and evaluated. At the present stage of sustainable economic development this is of great importance. The results of the conducted research can be applied while formulating directions for the industrial and spatial development of the country’s economic sectors as well as for the strategic development of the innovative potential of industrial enterprises.

CONCESSION POLICY IN THE TRANS-SFSR (1921-1930)

Today, Georgia strives to take a worthy place in the world, develop its economy, establish close business ties with some important countries and attract investments. In view of this, we consider it relevant to identify and analyze the archival materials relating to the experiences of our region in the field of business relations with other countries in the 20s of the twentieth century. The object of the study is the concession policy of Bolsheviks and how worked the concession institutions from a historical perspective. The purpose of this study to present the concession agreements as a mechanism for partnership between social, state and private elements, that ensured sustainable economic development of the TSFSR as a whole and of Georgia in particular. It is also important to research the emergence, development and abolition of concessions, as well as to bring to light the activities of central and local governments bodies. Economic review of concessions will make it possible to take into account the experience gained in the historical past when developing, adapting and introducing the modern forms of economic relations. The study of these experiences will inevitably be conducive to concessional ties with other countries at the current stage of economic development. Problem Identification. Studying the economic retrospective of concessions makes it possible to take into account previous experience when developing, adapting and implementing modern forms of economic cooperation. Studying this experience will facilitate the implementation of the concession cooperation plan at the current stage of economic development.

PRIORITY DIRECTIONS OF ENTERPRISES DEVELOPMENT IN THE WAR CONDITIONS BASED ON THE IMPLEMENTATION OF INFORMATION TECHNOLOGIES AND DIGITAL TOOLS

The article examines the modern challenges faced by Ukrainian enterprises in war conditions and the strategic approaches to adapting to these challenges. As business leaders, policymakers, and analysts, your understanding and support are crucial. The current stage of Ukraine's economic development, characterized by high instability due to the full-scale invasion of Russia, dictates new conditions for the functioning of domestic enterprises. In these conditions, implementing information technologies and digital tools becomes critically important for ensuring sustainable development and adaptation of enterprises to new realities. The influence of the war on the strategic behavior of enterprises is considered in detail, emphasizing the need to adapt to rapid changes in the external environment. In constant uncertainty and risks, enterprises are forced to look for new development opportunities, actively implement information technologies, and diversify their activities. The main challenges and barriers faced by enterprises during the war are also analyzed. Among them are the lack of sufficient capital, limited access to credit funds, the unpredictability of the situation in Ukraine, the negative impact of government decisions on business, and others. To overcome these problems, enterprises must look for development directions and develop appropriate development strategies that consider internal opportunities and external threats. Digitization and the use of information technologies are becoming critical tools for achieving these goals, allowing enterprises to adapt to changes in the external environment quickly, increase the efficiency of their activities, and maintain competitiveness. Special attention is paid to such promising development directions as DefenseTech, FinTech and cyber security. These directions, with their significant potential for development in wartime, provide the necessary technological solutions to improve the security and efficiency of enterprises, offering a beacon of hope for the future. Thus, the article provides a comprehensive analysis of the priority directions of enterprise development in wartime conditions, with an emphasis on implementing information technologies and digital tools.

Economic effects of shocks in the coal industry: An analysis based on DSGE model

This paper examines the impact of the coal sector on the economy from the perspective of industry shocks. Existing research primarily focuses on the relationship between coal consumption and the economy. An 8-sector dynamic stochastic general equilibrium (DSGE) model is constructed, based on China's input-output tables from 2005 to 2020, to depict the economic effects of coal sector shocks. The research findings are: (1) The DSGE model reveals a close connection between the coal industry and the macroeconomy. (2) The coal sector shocks have the largest impact on the electricity sector. (3) Coal sector shocks primarily affect the macroeconomy through non-energy manufacturing sectors. (4) As the economic development level increases, the influence of coal sector shocks on the macroeconomy gradually diminishes. The econometric analysis indicates that the role of coal is no longer significant in the high stage of economic development. The results of the panel quantile regression model also show the same result. Based on these conclusions, this paper suggests that as China gradually enters a new stage of development, it can gradually reduce coal consumption.

Examining the Influence of ICT Penetration on Gender Disparities: A Data Panel Econometric Analysis of the Seven Southeast Asian Developing Countries

The aim of the study is to analyze to which Information and Communications Technology (ICT) penetration affects gender disparities in seven Southeast Asia’s developing countries. ICT indicators are measured through the individuals using the internet, mobile phone subscriptions, and internet subscriptions. Aside, the seven Southeast Asia’s developing countries include Indonesia, Cambodia, Laos, Malaysia, Thailand, Philippines, and Vietnam. These countries are selected as they have comparable economic development stage from lower to upper-middle income economics on the basis 2022’s World Bank Country Income Classification. The data panel econometrics is carried out to measure the effect of the independent variables towards gender disparity. Gender disparity is represented by the Gender Inequality Index. The time series data is yearly from 2000 to 2022. The econometric assessment shows the individual internet ownership and subscription have a negative and significant effect to gender disparity. It means that more internet penetration can lower the gender disparity in those seven countries. The academic implication is to enhance economic consideration towards more internet penetration and access to reduce gender disparity. In the heart of policymaking, our research indicates more internet accessibility to reduce gender disparity. As in the common knowledge, the internet is a source of information and knowledge to society

Sustainable Food: Reasons for the Attitude Behavioral Intention Gap among Consumers in Sustainable Consumption

Sustainable consumption is a popular trend today. The formal introduction of the term "sustainable consumption" began at the 1994 Oslo Symposium. Sustainable consumption basically refers to the use of natural, environmentally friendly, and recyclable green resources to serve society, protect the environment, improve quality of life, without affecting the lives and needs of future generations, while meeting the basic needs of humanity. The Chinese government is also actively promoting and deploying research and deployment on sustainable consumption. However, the research and practice process of sustainable consumption in China is not synchronized with developed countries. Compared to developed countries that started deploying and implementing the concept of sustainable consumption earlier, China's economic development stage is slightly behind developed countries, so the policy deployment and implementation of sustainable consumption in China was relatively late. The efforts towards sustainable development will benefit all of us. In the context of the development of sustainable consumption, the sustainability of food is a new industrial model of particular concern today. Sustainable food is cultivated and developed in ecological organic agriculture, and its continuous innovation and development help provide market opportunities for traditional agricultural farmers. The sustainability of food is committed to creating a resilient food system, achieving ecological species diversity and harmonious coexistence between humans and nature.

О двойных (множественных) косвенных исках бенефициарных владельцев в интересах подконтрольных корпораций

The current stage of economic development requires transparency of asset ownership, which implies disclosure of all levels of corporate structures and final beneficiaries. This trend can be traced in tax, anti-sanction, and bankruptcy legislation. Disclosure of the corporate ownership structure is the main prerequisite for the realisation of the beneficial owner’s right to sue in the interests of a controlled corporation. A formal legal approach that denies such a right creates an imbalance between the interests of investors and the economy as a whole, strengthens the agency problem, which negatively affects the activities of diversified holdings. The circumstances testifying to the violation of the subjective rights of the beneficiary are the unfair actions of the prevailing beneficiary and the management controlled by him in the context of a corporate conflict. The choice between the recovery of the reflected losses in favour of the beneficiary (parent company) and the recovery of losses in favour of the controlled company at the claim of the beneficiary is the main debatable issue. The domestic legal order generally recognises the admissibility of protecting the interests of beneficiaries when making insignificant corporate decisions at the operational level of the holding and making unprofitable transactions by management in collusion with a counterparty.

Substantial terrestrial carbon emissions from global expansion of impervious surface area

Global impervious surface area (ISA) has more than doubled over the last three decades, but the associated carbon emissions resulting from the depletion of pre-existing land carbon stores remain unknown. Here, we report that the carbon losses from biomass and top soil (0–30 cm) due to global ISA expansion reached 46–75 Tg C per year over 1993–2018, accounting for 3.7–6.0% of the concurrent human land-use change emissions. For the Annex I countries of UNFCCC, our estimated emissions are comparable to the carbon emissions arising from settlement expansion as reported by the national greenhouse gas inventories, providing independent validation of this kind. The contrast between growing emissions in non-Annex I countries and declining ones in Annex I countries over the study period can be explained by an observed emerging pattern of emissions evolution dependent on the economic development stage. Our study has implications for international carbon accounting and climate mitigation as it reveals previously ignored but substantial contributions of ISA expansion to anthropogenic carbon emissions through land-use effects.

The impact of technology on access to credit: A review of loan approval and terms in rural Vietnam and Thailand

The acceleration of economic digitalisation has been immense in recent years, especially when coupled with the rapid development of technology-augmented finance. However, less understood is how such technology-augmented finance has impacted access to credit within rural contexts of developing economies. Using household-level survey data, our results provide novel evidence of a negative relationship, on average, between rural households’ access to credit, as measured by loan approvals, and internet access. More specifically, use of internet in rural areas of the countries under analysis reduces the chance of accessing credit by up to 65%. Moreover, when we further investigate loan terms, our findings indicate that internet users get six-month shorter loan durations and have a lower interest cost of borrowing of up to 1.2%. The results for loan approval rates are persistent for formal loans and for nations at a lower stage of economic development, i.e., only within the less developed Vietnamese rural context. Our findings provide richer insights into the impact of information and telecommunication technologies (ITC) on access to finance in developing countries characterised by significant proportions of rural areas affected by severe information asymmetry-related issues that may be amplified or reduced by increased internet connectivity. Our results carry important policy implications. On the demand side, they highlight the need to ensure that government initiatives should aim to better educate rural borrowers in relation to financial literacy and credit choices. On the supply side, our findings urge the need to introduce policies for formal lenders targeted towards the reduction of the information asymmetries pervasive in rural areas.

Does Financial Structure Matter for Economic Growth? New Evidence from China

AbstractFollowing the methodology of Beck et al. in 2001 and Levine in 2002, three relative indicators are constructed to measure China's financial structure at the provincial level and these indicators are applied to explore the current financial structure–economic growth nexus in the Chinese context. The ordinary panel regression model results indicate that different dimensions of financial structure have different growth implications, while the panel threshold regression model results suggest a nonlinear relationship between financial structure and economic growth based on the stage of economic development, the relative importance of the state sector, and the financial structure per se.

Towards sustainable development goals: An analysis of environmental efficiency and the impacts of self-purification capacity across diverse income levels

The increasing urgency of global environmental degradation, particularly across diverse economic development stages, underscores a critical need for nuanced understanding and targeted strategies to achieve Sustainable Development Goals. Our study examines environmental efficiency trends over 27 years in 163 countries, utilizing greenhouse gases and particulate matter 2.5 as indicators. We address the challenge by developing and applying a two-stage method that combines a hyperbolic distance function with a stochastic meta frontier approach to assess environmental meta-efficiency. The average meta efficiency of these countries is 0.464, which remains at a relatively low level. Our model indicates that the high-income country group needs to reduce greenhouse gas and pollutant emissions by 25% and increase non-fossil energy usage by 33% to improve environmental efficiency. This suggests these countries must transition towards more sustainable energy sources and practices. Moreover, recognizing that existing income grouping inadequately characterizes each country, we use k-means cluster analysis for regrouping, more accurately reflecting individual differences. The regrouping results show that some high-income countries are classified into inactive groups, implying serious environmental problems. Our findings advocate for collaborative and tailored strategies to address these disparities. We conclude that income levels cannot solely drive environmental efficiency but must also consider geographical and climatic factors, which are pivotal in shaping a country’s environmental policies and efforts. This approach offers a clearer understanding of current inefficiencies and sets the stage for more informed policy-making that can better address the specific needs and capabilities of different countries.

Financial inclusion and the global net-zero emissions agenda: Does governance quality matter?

We inspect the impact of financial inclusion on carbon (CO2) emissions and the role that quality of governance plays using a global dataset from 119 countries between 2004 and 2020. We address endogeneity using the dynamic two-step generalized method of moment estimator and further test the robustness of results using the Driscol-Kraay estimator, which is crucial for addressing cross-sectional and temporal dependence. The findings showed that financial inclusion and quality of governance exhibited a positive and significant impact on CO2 emissions. Further analysis shows that the impact of financial inclusion and governance on CO2 emissions varies across countries at different stages of economic development. We also documented significant variations in the results across six geographical regions. Also, the evidence from moderation and marginal effect analysis revealed that the marginal effect of financial inclusion on CO2 emissions is contingent on governance quality and that improving governance quality (scores) conditions financial inclusion to minimize CO2 emissions across the globe. We, therefore, demonstrate that in countries with relatively higher (better) governance scores, such as the United Kingdom, Denmark, Singapore, and New Zealand, financial inclusion significantly mitigates CO2 emissions compared to countries with relatively lower (weak) governance scores, such as Iraq, Zimbabwe, Ghana, and Chad. Finally, mediation analysis also highlights that the effect of financial inclusion on CO2 emissions is mediated by renewable energy consumption, industrialization, and household consumption. The policy implications are discussed.