Fast Economic Growth Research Articles

Is digitalization a booster for economic growth in Africa? Short run and long run evidence from Tanzania

The least developed countries (LDCs) must experience faster economic growth rates if they are to catch up to the industrialized nations. A key factor in advancing economic growth and development in the digital age are information and communication technologies (ICT). We use time series data from 1994 to 2021 and use an autoregressive distributed lag (ARDL) technique to estimate the effects of ICT on GDP growth for Tanzania, the world's most populous country located entirely south of the equator. We establish a causal relationship between ICT infrastructure/access and GDP growth in Tanzania, accounting for both short-run and long-run dynamics. In particular, mobile telephone subscription growth exhibits a significant impact on economic growth in both the short and the long run in Tanzania. This suggests that, at early stages of digitalization, adoption of mobile telecommunications gives a boost to economic growth, as early adapters tend to be very effective users. However, diminishing marginal returns appear to result, as other production factors may not fully absorb technological advancements.

Solid Waste Generation, Composition and Potentiality of Waste-to-Resource Recovery in Sylhet City Corporation, Bangladesh

The very fast economic and population growth of Bangladesh, along with its high urbanization rate, have been seen since its independence in 1971. Sylhet City Corporation (SCC) has also experienced high population growth as well as rapid urbanization since 2002. The solid waste generation rate is also increasing along with the high economic and population growth in SCC. SCC and its extended areas are now producing more solid waste than ever before because of accelerated unplanned urbanization, ever-growing tourist pressure, and an overgrowing urban population. Sooner than later, resource recovery and capacity development in existing solid waste management systems are required to allow the sustainable and resilient growth of SCC. This study aimed to explore the total amount of solid waste generation per day as well as the waste composition and potentiality for resource recovery from the generated solid waste in SCC and its extended areas. This study has found that SCC is now generating a total of 375.68 tons of solid waste daily from households, daily kitchen markets, medical institutes, resident hotels, commercial shops, and restaurants. This study has also found that about 90% of daily-generated solid waste is perishable and has a high moisture content. This study has found that the generated waste in SCC has the potential to produce compost fertilizer, solid recovered fuel (SRF), and electricity. On the other hand, this study can directly help the conservancy department of SCC to have a brief idea about the existing solid waste generation rate, composition, categories, and potentialities of resource recovery from the generated solid waste. It can also succor other conservancy departments of other city corporations or urban areas of Bangladesh as well as other researchers in a similar way.

Stakeholders’ perceptions of wetland conservation and restoration in Wakiso District, Uganda

AbstractNatural wetlands are critically important to the lives and livelihoods of many people. Human activities result in the degradation of wetlands globally, and more so in developing countries prioritizing fast economic growth and development. With an increasing population in their immediate surroundings, wetlands in Wakiso District, Uganda, have become over-exploited to meet human needs. Policies, plans and projects have been put in place aiming at wetland conservation and restoration, but with limited stakeholder participation, have achieved limited success. Our research objective was to identify stakeholders, their perceptions, and understand the role these perceptions play in wetland conservation and restoration activities. To achieve these objectives, we used the ecosystem services concept within a qualitative, multi-site case study research approach. Findings show that stakeholders hold divergent perceptions on wetland ecosystem services, perceiving them as source of materials, fertile places for farming, cheap to buy and own, as well as being “God-given”. Furthermore, wetlands as habitats are perceived as not prioritized by central government. Implications for conservation and restoration vary with stakeholders advocating for (1) over-use, wise-use or not-use of wetlands and their resources, (2) educating and sensitization as well as (3) the implementation of the available laws and policies. This paper explores the findings and important implications for the conservation and restoration of wetlands in Wakiso District, Uganda.

Power by Proxy

Abstract Fifteen countries recently signed the Regional Comprehensive Economic Partnership (RCEP) and formed the world’s largest trade bloc between some of the globe’s largest and fastest-growing economies. Employing a text-as-data analysis, this article systematically compares the text of the RCEP to the previous agreements of its members to determine the sources of language in the RCEP and investigate why particular treaty text is replicated more frequently relative to others. The results indicate that language derived from the multiparty and multicontinental trade agreements of the United States, a state not involved in the RCEP negotiations, accounted for a disproportionate share of the finalized text. These findings highlight the temporal dimension of power asymmetries as well as the importance of treaty design itself in the diffusion of regulatory norms and suggest that specific trade agreements serve as reference points for subsequent agreements.

Does corporate engagement in digital transformation influence greenwashing? Evidence from China

This study examines how digital transformation (DT) influences corporate greenwashing behavior. Using a sample of Chinese listed companies from 2011 to 2021, we show that DT can significantly reduce corporate greenwashing behavior. We also show heterogeneity across firms, industries, and regions, and suggest that this relationship is particularly pronounced for state-owned enterprises, firms with high media attention and in industries with high carbon emissions, and highly developed regions. Our results are robust and show that DT plays an important role in shaping corporate greenwashing behavior in the context of China's fast-growing digital economy.

Can insurance ensure economic growth in an emerging economy? Fresh evidence from a non-linear ARDL approach

PurposeThis study aims to explore the nexus between insurance penetration and economic development in Vietnam, one of the fastest-growing economies over the past two decades.Design/methodology/approachThis study uses an updated data set of the insurance sector in Vietnam from 1996 to 2020. The autoregressive lagging distribution and cointegrating non-linear autoregressive lagging distribution (NARDL) models are used to explore the nexus between the insurance market development and economic growth.FindingsThis study confirms the unidirectional causality and positive impacts of insurance market development on economic growth both in the short and long term, supporting the “supply-leading” hypothesis. Nonlife insurance has more significant but slower impacts on contributing to economic development in the long run. From the NARDL approach, this study also discloses the asymmetric relationship between the insurance industry and economic growth. Aggregate and life insurance display short- and long-term asymmetric impacts, whereas nonlife insurance shows long-term asymmetry.Originality/valueTo the best of the authors’ knowledge, this is the first study to examine the hidden asymmetries of the insurance-growth nexus in Vietnam from non-linear models. Notwithstanding the theoretical contributions to the prior literature, several practical implications are proposed for insurance businesses, policymakers and investors.

Impact of gender diversity on firm performance: empirical evidence from India

PurposeThe main purpose of the study is to investigate the impact of gender diversity both at the board and workforce level on firm performance (FP) in the Indian context.Design/methodology/approachThis study is based on annual data of 200 companies listed on Bombay Stock Exchange (BSE) for the period 2012–2019. The authors have used the fixed-effects (FE) regression and system generalized method of moments to estimate the impact of board gender diversity and workforce gender diversity (WGD) on FP. The authors have used Blau's Index (BI) and Shannon's Index (SI) to measure gender diversity. Further, the authors have used return on assets and Tobin's Q (TBQ) to measure FP.FindingsThe authors' panel regression results suggest that board gender diversity and WGD have a positive and statistically significant impact on FP. The authors' findings are robust across different methods of estimation and alternative measures of FP.Originality/valueThis paper examines the impact of gender diversity both at the board and workforce level on FP of 200 companies listed on BSE. The authors' study contributes to the literature that is sparse in the Indian context and provides new insights on the impact of board and WGD on FP. The findings have useful policy implications. To achieve better performance, it is imperative to appreciate gender diversity at the governance and workforce level in a fast-growing economy like India.

Smart Cities Adoption in Saudi Arabia: A Comprehensive Review and Future Drivers

This theoretical paper aims to provide an extensive overview of the adoption of smart cities in Saudi Arabia. With rapid urbanization and the increasing need for sustainable and efficient urban development, smart city initiatives have gained significant attention globally. Saudi Arabia, being one of the fastest-growing economies in the Middle East, has recognized the potential of smart cities in enhancing the quality of life, optimizing resource management, and promoting economic growth. Through an in-depth analysis of existing literature, this paper explores the key drivers, challenges, and opportunities associated with the adoption of smart cities in Saudi Arabia. It also discusses the roles of various stakeholders and presents a comprehensive roadmap for the successful implementation of smart city initiatives in the country.

VENTURE CAPITAL INVESTMENT AND CIVIL LAW: CHALLENGING FOR UKRAINE IN AN INTERNATIONAL PERSPECTIVE

The sudden Russian attack in 2022 dramatically affected many facets of the Ukrainian economy as well as the global economy, prompting worry that the war would stop flows of venture capital. Today Ukraine is not only fighting for freedom. Ukraine continues to implement an ambitious reform agenda and look for ways to support investment into our economy. It is important time for economic of innovations and venture investment in Ukraine. To support this, the Ukraine Redevelopment and Recovery plan that was initiated by the Ukrainian Venture Capital and Private Equity Association (UVCA). This plan aims to open the Ukrainian venture capital (VC) market to investors from all sectors and countries of the world who are supporting Ukraine and actively joining projects for the Ukrainian development. It is expected to lay the foundation of the framework of the legal regime fostering fast recovery and economic growth after the war reconstruction. Given the scale of Ukraine’s losses, it`s obvious that Ukraine needs additional help aside from macroeconomic support, among that – joint investments initiated by the private sector in Ukraine. The highly-developed market of VC investment might be critical to the country’s recovery and transformation. The issue of how the correlation between the legal framework that helps attract finance into Ukraine and its leakage out of the country under the current circumstances and previous obstacles to VC investments is an important one, and difficult to regulate. In context of recent legal reforms in Ukraine, our focus on legal framework of VC Investments in the economy of recovery and reconstruction. A vast body of research has been carried out to investigate the legal factors which are conducive to VC Investments, and that may better explain the differences in the degree of development and performance of VC transactions around the world. However, there has only been a limited effort in the legal literature to systematize what is known about the institutional factors that spur VC Investments in Ukraine. This paper tries to close that gap by providing useful legal and actionable insights that might assist to raise VC Investments through understanding current tendency of VC deals in the UK. The base is the empirical research of the existing literature on the institutional and related determinants of VC in the UK. The aim of this paper is also to propose interesting avenues for future research on the VC investment process in Ukraine with an outline of how venture deals can be structured. The article also determines the peculiarities and obstacles of applying the common law to VC Investments under domestic legislation.

E-Business as Catalyst for Global Transformation of SMEs: A Middle East Perspective

Small and medium enterprises (SMEs) are carriers of the economic development on local, regional, and national level. With high levels of flexibility, agility and adaptability, small and medium enterprises have the ability to transform and embrace new emerging technologies and opportunities. In the Industry 4.0 world, characterized by the intensive development and integration of digital solutions into all levels of operations, SMEs are among early adopters of such solutions. The purpose of the paper is to examine how small and medium enterprises in the Middle East are increasing their competitiveness, using innovative digital and e-business solutions as key transformative tools. Within the research, a systematic review of support ecosystem for development of the sector in the Middle East has been performed. Based on the systematic review and literature findings, the 5I framework, consisting of internationalization, innovation, integration, implementation, and intensifying, has been suggested as the model for transformative development of small and medium enterprises. In the future research, it is possible to examine how fast-growing economies that create supportive environment for the development of small and medium enterprises, simultaneously recognizing digital and e-business solutions as important pillar of increasing competitiveness and innovativeness, might benefit from successful implementation of 5I framework for successful global transformation.

Impact on Fast Growing Large Scale Industries due to the Stock Market Policies – An Empirical Research

India is one of the fastest-growing economies in the world and has made significant strides in developing its financial markets over the past few decades. The paper concludes by highlighting the key findings and implications of the study. It suggests that the stock exchange can play a critical role in promoting economic development in emerging markets by providing a platform for capital formation and investment. However, the development of the stock market must be supported by a conducive policy environment, strong regulatory framework, and investor protection mechanisms. The study also highlights the need for further research on the relationship between stock market development and economic growth in emerging markets, particularly in the context of the on-going financial globalization and integration. The stock exchange is a critical component of any economy, and its role in the economic development of emerging markets is particularly significant. An emerging market is a country that is in the process of transitioning from a developing economy to a developed economy. These markets are often characterized by high growth potential, but also high risk due to their volatile economies. It plays a critical role in the development of emerging markets by providing a platform for companies to raise capital, facilitating investment, providing liquidity, and improving corporate governance. One of the primary ways in which the stock exchange contributes to economic development is by mobilizing capital. Companies can raise capital by issuing stocks and bonds, which allows them to finance their projects and investments. This, in turn, leads to economic growth.

Therapeutic drug monitoring in India: A strength, weakness, opportunity and threats analysis.

Over the last three to four decades, Therapeutic Drug Monitoring (TDM) has shaped itself as therapeutic drug management, an integral component of precision medicine. The practice of TDM is not extensive in India, despite being one of the fastest-growing economies in the world. It is currently limited to a few academic medical centres and teaching hospitals. Apart from the immunosuppressive drugs, several other therapeutic areas, such as anticancer, antifungal, antibiotic and antitubercular, have demonstrated great potential to improve patient outcomes in Indian settings. Factors such as the higher prevalence of nutritional deficiencies, tropical diseases, widespread use of alternative medicines, unalike pharmacogenomics and sparse population-specific data available on therapeutic ranges of several drugs make the population of this subcontinent unique regarding the relevance of TDM. Despite the impact of TDM in clinical science and its widespread application, TDM has failed to receive the attention it deserves in India. This review intends to bring out a strength, weakness, opportunity and threats (SWOT) analysis for TDM in India so that appropriate steps for fostering the growth of TDM could be envisioned. The need of the hour is the creation of a cooperative group including all the stakeholders, such as TDM professionals, clinicians and the government and devising a National Action Plan to strengthen TDM. Nodal TDM centres should be established, and pilot programmes should be rolled out to identify the thrust areas for TDM in the country, capacity building and creating awareness to integrate TDM into mainstream clinical medicine.

An Economic Contribution of Women Micro Entrepreneur's Capability and Performance of Government Initiatives in Andhra Pradesh

The paper highlights the capability of women entrepreneurs and performance of Government initiates to development of Andhra Pradesh State. The women empowerment through micro entrepreneurship has been taken up to add value to become favourable for women to become entrepreneur. Women can play an important role in Micro businesses and hence if given attractive tax stimulus, women ownership of MSMEs can increase from 14% to 30% in 1 year. As per World Bank's Global index Data for measuring global financial inclusion, released in June 2022, women are 8 - 10% more unbanked than men. Hence Along with Jan Dhan accounts, micro investment and micro savings schemes, with the right financial education and Literacy efforts will play an important role in improving financial inclusion. Empowerment is one of the key factors that determine the success of upliftment in the status and position of women in the society. Presently in India, the women are enjoying the socio-economic status through starting their own business. It also can be said that significance, self-confidence, self-determination, self-esteem and self-efficacy are the main contributors in psychological empowerment. As per Global Gender Gap Report, World Economic Forum, July 2022, it will take another 132 years to fully bridge the Gender gap globally. India Ranks 135th out of 146 countries to close only 62.9% of its Gender gap. In this situation, it only calls for better tax benefits and lower tax slabs to working women linked to flexi working options, to promote higher inclusion of women in workforce for faster economic growth. Only 6% startups today are solely women led, hence tax incentives and holidays to promote women led startups and businesses will go a long way in encouraging women to come forward to start their own businesses. Three of the country’s 11 industrial corridors are being built in Andhra Pradesh. Their proactive engagement and unwavering commitment have facilitated the successful execution of various programs and policies that support women-owned businesses. Sri N Chandrababu Naidu’s former Chief Minister of Andhra Pradesh as vision for promoting women’s entrepreneurship is rooted in gender equality and inclusive growth. The initiatives implemented have provided vital support, including financial assistance, skill development, and networking opportunities, to women-owned businesses.

Energy sector sustainability for a fast-growing economy like Bangladesh: an empirical assessment

Energy sector sustainability for a fast-growing economy like Bangladesh: an empirical assessment

The Changing Demographic Profile of Middle Eastern Countries

Purpose: The main purpose of this study is to evaluate changing demographic patterns in Middle East countries to recognize that the inexorable demographic momentum will have important implications for the economic and social forces that will shape future societal well-being. Theoretical framework: The demographic change-economic growth relationship has become the dominant paradigm in the field of population and development, and an advocacy tool for highlighting the benefits of the age structure change. The young dependent population of a nation decreased compared to the working-age counterpart following an annual birth decrease. Thus, with lesser individuals who are dependent on the country, it has the chance for fast economic growth. Design/methodology/approach: This study is based on a deductive approach to focus on the evaluation of changing demographic patterns in Middle East countries. Findings: The working-age population in the Middle East region is a potential agent of change toward realizing a more successful future, through their role in reaping the demographic dividend. It is imperative for Middle Eastern countries to implement the needed macroeconomic strategies and changes, fiscal, regulatory, and labor-market policy changes, which will take full advantage of the employment prospects. Research practical social implication: This study makes significant contributions to the existing body of knowledge of changing demographics in Middle East countries. Policymakers need to carry out critical action which is crucial if the working-age population in the Middle East is to attain its maximum potential, offer solutions to problems, and assist the region in benefiting from the demographic dividend. Originality/value: This study is different from the previous studies because it evaluated the changing demographic patterns in Middle East countries in a detailed way.

Climate change adaptation policy and practice: Case study of the major cities in Poland

The paper critically evaluates the urban climate change adaptation policy and practise in Central Europe using Polish cities as an example. The study focused on local policy documents and a scoring system was elaborated and applied for their analysis with particular attention to ‘green’ adaptation concepts. The link between the time of adoption and the scores received by cities' Strategies and Programmes for Environmental Protection demonstrates innovation flow from science into urban policy. We revealed that many of the proposed measures in Urban Adaptation Plans represent rather mitigation than adaptation implying substantial knowledge gaps in differentiating between them. A portfolio of projects implemented in 2014–2020 within EU funding programmes and Participatory budget was compiled with further classification into ‘green’, ‘grey’, or ‘soft’. More than 80 % of the selected projects in each of the cities were classified as ‘green’, but only one studied city demonstrated an upward trend in the number and cumulative budget of the adaptation projects. The examined Polish cities, similarly to other Central and Eastern European ones, experiencing fast economic growth have featured a profound contraction of green areas over the last decades. Partially it might be compensated by local environmental programmes that promote application of nature-based solutions.

Role of perceived COVID-19 disruption, personality traits and risk perception in determining the investment behavior of retail investors: a hybrid regression-neural network approach

PurposeThis study aims to assess the impact of personality traits, risk perception and perceived coronavirus disease 2019 (COVID-19) disruption on the investment behavior of individual investors in the Indian stock market.Design/methodology/approachThis study adopts a survey approach. The sample comprises 315 active retail investors investing in the Indian stock exchange. Two-stage analysis technique regression and Artificial Neural Network (ANN) were used for data analysis. Study hypotheses were tested through regression and ANN was adopted to validate the regression results.FindingsTwo regression models were modeled to test the research hypotheses. Findings showed that risk perception and COVID-19 disruption have a significant positive and neuroticism has a significant negative impact on short-term investment decisions, while the role of conscientiousness in determining short-term investment decisions was not found significant. Results also showed a positive impact of neuroticism and conscientiousness and a negative impact of risk perception on long-term investment decisions. The role of COVID-19 disruption was found negative but insignificant in predicting long-term investment decisions.Practical implicationsThis study has practical implications for many parties like retail investors, financial advisors and policymakers. This study will assist the investors to realize that they do not always take rational financial decisions. This study will suggest the financial advisors to use the knowledge of behavioral finance in making the advisors' advisory and wealth management decisions. This study will also assist the policymakers to outline behaviorally well-informed policy decisions to protect the interests of investors.Originality/valueIndia is one of the fast-growing economies in the world. India has a vast population of active investors and determining investors' investment behavior adds novelty to this study as developed economies have remained the main focus of previous studies. The other novel feature of this study is that this study tries to assess the impact of COVID-19 disruption along with personality traits and risk perception on investment behavior. The other valuable factor of this study is the use of ANN to predict the relative importance of the exogenous variables.

EMERGING TREND IN INDIAN STOCK MARKET: A RISE IN RETAIL PARTICIPATION

Indian economy is one of the fast-growing economies in the world and is expected to reach a 5 trillion-dollar mark by 2025 leading to become the third largest economy. The Indian stock market is considered as one of best performing markets globally. Stock market provides investors with various opportunities to invest in different classes. This mobilization of investment is very much crucial for the fund’s movement and for the ultimate growth and progress of the economy. The investors count increased to huge number with the introduction of online stock trading first by national stock exchange and thereafter by Bombay Stock Exchange. The present study is basically an attempt to briefly describe and discuss the emerging scenario in the Indian Stock Exchange with special focus on retail participation with the technological development which is shaping and transforming the structure of the Indian Stock Market

Exploring the trends and patterns of debt and equity financing through Initial Public Offering (IPO) in Bangladesh

Bangladesh is considered a fast-growing emerging economy and the new Asian Tiger. The need for fund in Bangladesh is largely met by banks, mainly due to the underdeveloped nature of the stock market and deterred public trust in it. While some studies stress the need for strengthening the debt and equity securities markets to fuel Bangladesh’s fast economic growth, capital financing through the primary market remains insignificant compared to that arising from the banking sector. Analyzing Bangladesh Securities and Exchange Commission’s long-term data from 1981 to 2022, this paper evaluates the trends and patterns of IPO financing in Bangladesh. Findings suggest that IPOs are much lower in number than what is needed and have not much picked up in recent years. Although the equity market has grown bigger over time, it has not expanded as required mainly due to inadequate importance assigned to it at the policy level and the two market crashes that occurred over the period. The debt market has the lowest visibility and functionality with only a few public issuances. Overall patterns indicate that the securities market historically remains of little significance in supplying capital funds for Bangladesh’s industrialization and economic growth. Findings call for taking a comprehensive approach to increase market size at both the supply and demand ends.

Economic Growth and Extreme Poverty in Sub-Saharan African Countries: Non-Linearity and Governance Threshold Effect

Over the last few decades, many economies in sub-Saharan Africa have experienced much faster economic growth than other parts of the world. However, many of these economies have not experienced significant poverty reduction. Several factors such as the quality of governance may limit the expected effects of economic growth on poverty. This paper examines the triangular relationship between extreme poverty, governance quality, and economic growth for the sub-Saharan African countries over the period 2010–2019. Compared to the work carried out until now, the novelty of this research lies in using the Panel Threshold Regression (PTR) and Panel Smooth Transition Regression (PSTR) models to determine the optimal level of governance index, which once attained, will make extreme poverty decrease with economic growth and governance quality. We found that the nexus between these three variables is nonlinear. Besides, results show that there exists a statistically negative relationship between governance and extreme poverty above the threshold level of 0.314 for the Global Governance Index (GGI) and 66.9 for the Ibrahim Index of African Governance (IIAG), above which governance quality decreases extreme poverty. The results showed that the economic growth would begin to reduce extreme poverty once governance reaches a threshold level of 0.367 for GGI and 63.2 for IIAG. Better performance of governance also appears to improve economic growth and reduces poverty.