Empirical Findings Research Articles

External Debt and Economic Growth in Sierra Leone: A Threshold Analysis

The main focus of this study is to investigate the impact of external debt on economic growth and determine the threshold level of external debt that is favourable for economic growth in Sierra Leone, within the framework of a non-linear model (quadratic function). The study employs the Ordinary Least Squares estimation technique with annual time series data for the period 1980 to 2022. The empirical findings reveal that, lagged GDP, external debt, external debt squared and investment are the main drivers of economic growth in Sierra Leone. Specifically, the result reveals that external debt, investment and lagged GDP have a positive impact on growth whilst, external debt squared has a harmful impact on growth. Furthermore, the study establishes a nonlinear relationship between external debt and economic growth. The result indicates that the optimal threshold level of external debt (as a % of GDP) in Sierra Leone is 115%. The findings reveal that, external debt below the threshold level is growth enhancing. However, the accumulation of external debt beyond the threshold level of 115% is detrimental to growth. The diagnostic result confirms that about 76% of the variation in economic growth is explained by the regressors (independent variables). Also, the granger causality test result suggests a unidirectional causality from external debt to economic growth with no reverse causality, indicating that external debt granger caused economic growth at the 5% level. Based on the findings, the study recommends that, government should develop a robust debt management policy, to keep debt levels within sustainable limits and also cultivate an economic culture of transparency, on the issue of debt management and contract negotiations.

Probing the Interplay Between Climate Change and Global Energy Security: Insights From Nonlinear Analysis

Motivated by the adverse effects of climate change on human well-being, this study investigated the influence of climate change on energy security. Employing a nonlinear autoregressive distributed lag (NARDL) approach, the study encompasses the timeframe from 1970 to 2022. The empirical findings unveil a harmful effect of climate change on energy security in the long term and present a varied impact in the short term.

A multiscale analysis of returns and volatility spillovers in cryptocurrency markets: A post-COVID perspective

ABSTRACT Since the onset of the COVID-19 pandemic, leading cryptocurrencies have undergone significant price fluctuations, prompting widespread interest in the interdependence and spillover effects among cryptocurrency markets, as well as in identifying the key cryptocurrencies that drive market movements. This study contributes to the existing literature by utilising innovative vector wavelet coherence (VWC) and wavelet local multiple correlation (WLMC) frameworks to investigate the time-frequency co-movements among four cryptocurrencies (Bitcoin, Ethereum, Tether, and Binance). By exploring the co-movements across multiple time scales over a period from 01/01/2020 to 10/04/2023 through continuous and discrete wavelet coherency analysis, we identify four key empirical findings. Firstly, the returns connectedness is stronger than the volatility connectedness. Secondly, high-frequency co-movements are more erratic and correspond to positive and negative unexpected news, while low-frequency co-movements vary with changes in US monetary policy. Thirdly, Tether and Binance exhibit the weakest returns and volatility connectedness with other cryptocurrencies. Lastly, Ethereum and Tether (not Bitcoin) are the primary cryptocurrencies that account for returns and volatility movements in the market. We discuss the implications of these findings for various stakeholders in cryptocurrency markets.

An investigation into the convergence of economic growth among Indian States and the path ahead

This study offers a comprehensive examination of economic growth and convergence in the Indian States and Union Territories (U.T.) over the period from 1991 to 2020. It investigates absolute, sigma, and conditional convergence within this diverse set of states and utilizes the augmented Solow and extended Solow models to explore conditional convergence dynamics. The empirical findings reveal several significant insights. First, there is no substantial negative correlation between the initial per capita GDP ratio and the average annual growth rate, indicating the absence of absolute convergence across the Indian States and U.T. economies during the study period. These results align with those obtained from sigma convergence analysis, reinforcing the absence of widespread convergence. However, conditional convergence is observed, as evidenced by the rate of conditional convergence (coefficient of initial GDP per capita) estimated at 0.038 among the Indian States and U.T. The presence of conditional convergence implies that while initial conditions matter, other factors, including physical and human capital, population growth, and additional variables, significantly contribute to the growth and convergence of Indian regions. The study concludes that policies aimed at promoting economic growth in the Indian States should prioritize the expansion of the labor force, investments in physical and human capital, and prudent government consumption. Furthermore, fostering an environment that encourages access to new technologies and ideas, maintaining sound macroeconomic management, and increasing investments in human capital formation are essential for sustained growth. Effective resource allocation through prudent budgetary policies and heightened investments in the health sector are recommended. Incentives to reduce fertility rates and adept monetary policy management are also identified as crucial elements for ensuring stability and sustainable growth. In summary, this research underscores the importance of adopting a holistic approach to foster economic growth and convergence in the Indian States. The suggested policy measures create a conducive environment for sustained development and prosperity in this diverse and dynamic region.

Unravelling triad: examining the role of natural resources abundance, technological innovation, and human capital on financial development in emerging economies

ABSTRACT Financialization in developing and developed markets dominates progression and resource policy, which is investigated in the framework of emerging economies. This study examines the resource-curse hypothesis by recruiting natural resource abundance, innovation, and human capital from 32 emerging economies from 2007 to 2021. However, a dynamic panel-data estimation, a two-step system-generalized method-of-moment (SGMM) approach, is used, whose robustness is also evaluated via various tests. Findings indicate that resources are blessings, technological innovation, and human capital all lead to the financial development of emerging economies. The empirical findings are also robust to policy recommendations.

Perception of motion salience shapes the emergence of collective motions

Despite the profound implications of self-organization in animal groups for collective behaviors, understanding the fundamental principles and applying them to swarm robotics remains incomplete. Here we propose a heuristic measure of perception of motion salience (MS) to quantify relative motion changes of neighbors from first-person view. Leveraging three large bird-flocking datasets, we explore how this perception of MS relates to the structure of leader-follower (LF) relations, and further perform an individual-level correlation analysis between past perception of MS and future change rate of velocity consensus. We observe prevalence of the positive correlations in real flocks, which demonstrates that individuals will accelerate the convergence of velocity with neighbors who have higher MS. This empirical finding motivates us to introduce the concept of adaptive MS-based (AMS) interaction in swarm model. Finally, we implement AMS in a swarm of ~102 miniature robots. Swarm experiments show the significant advantage of AMS in enhancing self-organization of the swarm for smooth evacuations from confined environments.

Integrating the ESM usage and work engagement for employee agility performance: based on regulatory focus theory

This present research aims to clarify the intricate conjunction of enterprise social media (ESM) utilization and employee agility with a main focus on uncovering the underlying mechanisms that work through the mediating influence of work engagement and the moderating influence of regulatory focus. Drawing upon regularity focus theory, 353 Chinese samples of ESM users in organizational contexts are analyzed using SPSS 23.0. The empirical findings substantiate a robust and significant positive linkage between ESM usage and worker agility. Further reinforcing the model, the mediating role of work engagement is established as it channels the impact of ESM usage on worker agility. Turning to the moderating effects, the study unveils the differential impact of prevention focus and promotion focus, wherein individuals with a lower prevention focus exhibit a more pronounced positive linkage between ESM usage and worker agility. Similarly, individuals with a higher promotion focus demonstrate a heightened positive association between ESM usage and worker agility. By comprehensively inspecting the intricate dynamics of ESM usage, work engagement, and regulatory focus, this study enhances our theoretical understanding of how these factors synergistically shape employee agility, ultimately furnishing organizations with invaluable insights to foster and cultivate an agile workforce.

Nexus of green human resource management and sustainable corporate performance: the mediating roles of green behavior and green commitment

PurposeThe driving force behind this study is the need to learn more about the ways in which green human resource management (GHRM) can impact sustainable corporate performance (SCP), especially in the context of Ho Chi Minh City's manufacturing sector. The primary objective is to analyze the roles of GHRM, green behavior (GBH) and green commitment (GCM) in relation to SCP, as well as identify the mediating roles of green behavior and green commitment in the relationship between GHRM and SCP.Design/methodology/approachThe research design employs a quantitative approach to investigate the nexus of GHRM and SCP, with a focus on the manufacturing sector in Ho Chi Minh City. Methodologically, the study integrates the ability-motivation-opportunity (AMO) and resource-based view (RBV) frameworks to construct a comprehensive theoretical model. Data are gathered from a sample comprising 322 senior managers and directors representing various enterprises. Analysis is conducted utilizing Smart PLS software version 3.3.7, employing partial least squares structural equation modeling (PLS-SEM) to assess both first-level and second-level variables in a two-step process.FindingsThe empirical findings underscore significant relationships between GHRM, green behavior, green commitment and SCP. Specifically, the study reveals that GHRM positively influences green behavior, green commitment and SCP. Additionally, both green behavior and green commitment exhibit positive effects on SCP. Furthermore, the research confirms the pivotal mediating roles of green behavior and green commitment in the relationship between GHRM and SCP.Originality/valueIn terms of originality and value, this study makes notable contributions to both theoretical understanding and practical implications in the field of sustainable business management. By delving into the intricate interplay between GHRM, green behavior, green commitment and SCP, this research extends existing knowledge and offers novel insights. Moreover, the identification of the mediating roles of green behavior and green commitment enriches the theoretical frameworks in this domain. The findings provide practical implications for businesses, particularly in Ho Chi Minh City's manufacturing sector, by emphasizing the significance of optimizing human resource practices for achieving sustainable development goals. This research thus contributes to enhancing competitiveness and sustainability in similar industries, offering valuable guidance for strategic decision-making and policy formulation.

Individual and regional determinants of women’s participation in the European labour market: a Labour Force Survey empirical study

AbstractIn line with the existing literature, the primary focus of the present paper is on understanding the multifaceted factors contributing to unequal employment opportunities for women and the potential implications for both individuals and society. Specifically, the objective is to identify meaningful risk factors that affect the probability of being employed for women in the 20–49 age group, exploring possible demographic, educational, social, and family factors, as well as territorial context factors. The analysis is conducted on the three most populous European countries (Italy, France, and Germany) as representatives of different welfare regimes. The analysis exploits the rich information available in the micro-data of the Labour Force Survey (2021) as well as Eurostat regional statistics considering individuals nested in regions (NUTS 2). A deep analysis of empirical findings sheds light on employment determinants and motivations for not working, which appear to be essentially related to family and demographic factors. These results reveal the country-specific profiles that indicate greater risk of non-employment and also provide a basis for suggesting different policy implications.

University–industry collaborations as processual inter-organizational learning: implications of the third context

Purpose The purpose of this paper is to explicate how the processual third context learning approach provides new understandings and dimensions to the well-established terminology within the fields of inter-organizational learning and university–industry collaboration. These understandings and dimensions are empirically informed by an analysis of a collaboration between Aalborg University and Bang & Olufsen, a Danish loudspeaker manufacturer. Design/methodology/approach To fulfill the research purpose, a case study based on a participatory data collection strategy was applied in the collaboration between Aalborg University and Bang & Olufsen. Data were collected through a qualitative multimethod approach, comprising semi-structured interviews, field observations and field notes. Phenomenologically inspired content analysis revealed the themes outlined and discussed. Findings The third context framework was useful in outlining the complexity of a bidirectional collaboration. The inter-organizational learning processes were, for example, influenced by the actors’ recurrent inquiry of perplexities regarding the purpose and content of the collaboration. The extracted empirical findings are discussed and related to the fields of inter-organizational learning and university–industry collaboration, thereby explicating how a processual learning perspective provides new understandings and dimensions to collaboration across organizations. Originality/value The paper contributes empirically informed processual-learning dimensions to the literature on inter-organizational learning and university–industry collaboration.

Mechanism Design in Sport Matches: Competitive Balance, Intermediate Targets, and Effort Elicitation in a Three-Stage Contest Game

In sport, various examples of intermediate match targets exist that advantage the target-achieving party’s match outcome. We examine said targets within paired, multi-stage Tullock contest games, one a nested contest with intermediate target and one without. In equilibrium, the aggregate match-effort maximizing League sets a substantial subsequent match advantage to the target-achieving party. The nested Tullock contest with intermediate target elicits higher aggregate match effort than any one-shot Tullock contest. The effect of intermediate targets is fully consistent with that of an aggregate effort eliciting mechanism employed by leagues. Extant empirical literature finds clear demand for such a mechanism.

Materiality analysis in sustainability reporting: Insights from large Spanish companies

AbstractDespite the significance of materiality, its implementation has been perceived as ambiguous, opaque, and heterogeneous. This study focuses on analyzing materiality reporting among companies that utilize GRI and are listed on the Spanish stock exchange between 2018 and 2021. First, it examines the disclosure of materiality analysis by introducing a materiality disclosure assessment index (MDA) and exploring its determinants. Additionally, it investigates the alignment of material topics with GRI Topic Standards, analyzing the cross‐cutting nature of material topics. Our results indicate that MDA reached slightly over half of its maximum value. We found evidence that MDA is positively associated with membership in the IBEX 35, as well as with five out of the seven industries comprising the stock index. Furthermore, the years of disclosure experience in two industries significantly influenced MDA. Companies considered 20% of material topics as cross‐cutting, while another 20% had no direct correspondence with GRI standards. This study builds upon previous empirical findings on GRI materiality disclosure and provides valuable insights for research, practice, and standard setting.

International adjudication as interactional law-making: the incorporation of fair and equitable treatment elements in investment treaties

Abstract This article collects data on fair and equitable treatment (FET) ‘elements’ from ISDS awards and investment treaties, respectively, and examines the extent to which States incorporate ISDS tribunals’ interpretation of FET into their subsequent design of treaty clauses. According to the empirical findings, States do incorporate tribunals’ interpretations in treaty design; nevertheless, the practices of incorporation vary according to the types of elements and the economy classification of treaty parties, and are subject to constraints such as bounded rationality and institutional capacity. The findings also reveal the substantive divergence between treaties and the ISDS jurisprudence in the enumeration of FET elements, which, I caution, may exacerbate legitimacy challenges against ISDS.

Unravelling the role of financial development in shaping renewable energy consumption patterns: Insights from BRICS countries

In line with the pursuit of clean and affordable energy, our study contributes to the United Nations Sustainable Development Goals (UNSDGs-7 and -13) and the global fight against climate change by offering evidence-based insights. We conducted a panel analysis of BRICS (Brazil, the Russian Federation, India, China, and South Africa) economies to investigate the relationship between financial development and renewable energy utilization. Our empirical findings highlight a positive statistical association between economic growth and renewable energy consumption, indicating that higher economic growth correlates with increased renewable energy adoption. Similarly, significant positive relationships are observed between the consumer price index and domestic credit with renewable energy consumption. Moreover, our study also uncovers a counterintuitive relationship between foreign direct investment and renewable energy consumption. These results provide valuable insights into the determinants of renewable energy consumption in BRICS countries. From a policy perspective, we advocate for robust strategies to promote the adoption and utilization of renewable energy sources alongside the implementation of policies encouraging the uptake of clean technologies. Such measures can spur economic growth and contribute to achieving low-carbon targets and sustainability goals within the BRICS economies. Practical steps, including incentives like feed-in tariffs and subsidies, can further enhance the cost-effectiveness of renewable energy adoption in the investigated bloc.

How does a focusing event shape public opinion? Natural experimental evidence from the Orlando mass shooting

AbstractPolicy process theories posit that focusing events can trigger significant shifts in public attention and policy preferences, thereby reshaping public agenda setting. Prior studies, however, have not clearly defined the scope of public opinion changes induced by these focusing events, leading to inconsistent empirical findings. This study aims to reconceptualize the multiple layers of public opinion and formulate testable hypotheses to investigate the causal effects of a major focusing event—the 2016 Orlando nightclub mass shooting—on public opinion. Using original and unique survey data collected immediately pre‐ and post‐Orlando shooting, we find that this event significantly heightened public attention to terror‐related issues, particularly armed terror attacks on civilians. This increased attention translated into heightened support for augmented government counterterrorism spending. However, the event did not significantly alter public attention or support for government spending on other terror‐related acts less relevant to the Orlando shooting. Moreover, the event did not change individuals' policy preferences regarding specific policy proposals to address mass shootings. Our study enriches public policy and public opinion research and provides fresh insights into the relationship between focusing events and public agenda setting.

Synergistically promoting enterprises to replace old growth drivers with new ones: The roles of market and government

As enterprises transition from traditional growth models to modern ones, the roles of the market and government are pivotal in facilitating this transformation. Based on the Chinese experience, this paper employs textual analysis methods to describe the transformation process from old to new growth drivers in enterprises and to identify the distinct influences of governmental and market forces. Empirical evidence demonstrates that effective government incentives and competitive market pressure both contribute significantly to development upgrades. A clear symbiotic relationship is evident between these two forces, with government intervention enhancing the effectiveness of market dynamics. However, the impact of these forces varies across different enterprises. The empirical findings suggest that by harnessing the efficient synergy between the "visible hand" of government intervention and the "invisible hand" of market forces, development modes can be upgraded, and endogenous growth can be more effectively fostered.

Financial Performance of the English Football Clubs

The financial performance of twenty English football clubs over the period 2013-22 is examined in this study with correlation and panel data analysis. Three performance measures are used: Return on Assets (ROA), Return on Equity (ROE), and Profit Margin. The size of clubs and their liquidity, leverage, efficiency, cash flow efficiency, and turnover per employee are employed as explanatory variables of performance. Sporting data, including attendance rate, the number of wins, the uncertainty in the Premier League, participation in the Premier League or not, and the presence in UEFA’s European club competitions, are also assessed. The empirical findings accentuate a positive relationship between performance and liquidity, efficiency, cash flow efficiency, and revenue per employee. The opposite is the case for leverage. Wins are positively related to ROA, while the opposite relationship is found for the uncertainty factor. Finally, the presence of clubs in the Premier League is positively associated with their financial performance

Modelling (A)symmetric Nexus Between Macroeconomic Information Sentiment Biases and Stock Market Returns in Case of India: A Bound Test Approach

This research attempts to scrutinise the asymmetric nexus of macroeconomic factors in determining the financial stock market performance using index returns of BSE-SENSEX and NSE-NIFTY as proxies for stock market performance in India. The auto-regressive distributed lag (ARDL) results demonstrate the long-term nexus of money supply, interest rates, gold prices, inflation, exchange rate, oil prices and foreign institutional investment (FII) in the capital market with stock returns. The non-linear ARDL (NARDL) results unequivocally support that the selected macroeconomic factors have an asymmetric nexus with the stock market performance. The study’s empirical findings have significant consequences for policy in designing the asset allocation decisions by the investor, portfolio managers and policymakers in the circumstances of a sudden positive or negative shock in the stock market. JEL Codes: E44, G10, C58

Navigating the infodemic maze: Does information literacy reduce the infodemic?

The objective of this study was to examine how information literacy can aid in infodemic management in the context of university students in a developing country. A printed survey questionnaire was employed to collect data on information literacy and infodemic management from a sample population consisting of university students. A total of 300 responses were collected and analysed, and both descriptive and inferential statistics were used. The results brought about a wide set of findings. The study found that students in the Department of Information Science and Library Management at the University of Dhaka exhibited a high level of awareness of information literacy and the COVID-19 infodemic. Despite the prevalence of misinformation and disinformation related to COVID-19, the students did not tend towards unreliable sources of information. The study examined the positive effect of information literacy on infodemic management through a multiple regression analysis. The empirical findings can aid in navigating the spread of misinformation and disinformation in the context of other developing countries.

Study on the Coupling Coordination Between Tourism Economy and Technology Innovation in China Costal Regions

ABSTRACT The study investigates the interplay between the tourism economy and technological innovation in China’s coastal provinces and cities, uncovering the dynamics of regional and sub-regional coupling and coordination from 2014 to 2022. Empirical findings indicate that the overall degree of coupling coordination among 11 coastal provinces and cities exhibited a rising trend from significant imbalance to good coordination from 2014 to 2019, but underwent fluctuations due to the impact of COVID-19 from 2020 to 2022. Sub-regional analysis reveals dynamic changes in coastal provinces and cities such as the Yangtze River Delta, Bohai Rim, and Pearl River Delta, highlighting the coupling, coordination, and competition between tourism economy and technological innovation in these economic zones. The results suggest that regional alliances can be established to promote the integration of tourism economic development with technological innovation in China’s coastal areas, while emphasizing active support measures by local and central governments for long-term development.