Major Source Of Growth Research Articles

Drivers of metaverse adoption for enhancing marketing capabilities of retail SMEs

Small and medium-sized enterprises (SMEs) rely on a thriving distribution network and digital technologies, including the metaverse, to remain competitive. The retail industry is perceived as a portfolio-based and granular business. Hence, retail SMEs can be a key source of innovation and a major source of growth that need technical flexibility to react quickly to changing customer needs. Therefore, grounded in the TOE framework, this study is undertaken to explore the drivers of metaverse adoption for enhancing the marketing capabilities of retail SMEs. Online surveys were used to gather primary data from 300 marketing practitioners employed in retail SMEs. Subsequently, the data were analysed using quantitative research methodology. The finding reveals that the metaverse is gaining attention from retail SMEs due to its technological, organisational, and environmental drivers, as well as its ability to provide immersive experiences to customers. Thereafter, metaverse adoption enhances the marketing capabilities of SMEs with new sales channels, tailored marketing, and increased customer reach with an understanding of the marketplace focused on customer relations, market research, and cross-management capabilities.

Agricultural production agglomeration and total factor carbon productivity: based on NDDF–MML index analysis

PurposeAgricultural carbon productivity considers the dual goals of “agricultural economic growth” and “carbon emission reduction”. Improving agricultural carbon productivity is a requirement for promoting green and low-carbon development of agriculture. Agricultural production agglomeration is widespread worldwide, but the relationship between agricultural production agglomeration and agricultural carbon productivity is inconclusive. This paper aims to study the impact of agricultural production agglomeration on agricultural carbon productivity, which is conducive to a better understanding of the relationships among agglomeration, agricultural economic development and carbon emission, better planning of agricultural layout to build a modern agricultural industrial system and achieve the goal of carbon peaking and carbon neutrality.Design/methodology/approachBased on China's provincial data from 1991 to 2019, this paper uses non-radial directional distance function (NDDF) and Metafrontier Malmquist–Luenberger (MML) productivity index to measure total factor agricultural carbon productivity. Subsequently, using a panel two-way fixed effect model to study the effect and mechanism of agricultural production agglomeration on agricultural carbon productivity, and the two-stage least squares method (IV-2SLS) is used to solve endogeneity. Finally, this paper formulates a moderating effect model from the perspective of the efficiency of agricultural material capital inputs.FindingsThe empirical results identify that Chinese provincial agricultural carbon productivity has an overall growth trend and agricultural technological progress is the major source of growth. There is an inverted U-shaped relationship between agricultural production agglomeration and agricultural carbon productivity. The input efficiency of agricultural film, machine and water resources have moderating effects on the inverted U-shaped relationship. Agricultural production agglomeration also promotes agricultural carbon productivity by inhibiting agricultural carbon emissions in addition to affecting agricultural input factors and its internal mechanisms are agricultural green technology progress and rural human capital improvement.Originality/valueThis paper innovatively adopts the NDDF–MML method to measure the total factor agricultural carbon productivity more scientifically and accurately and solves the problems of ignoring group heterogeneity and the shortcomings of traditional productivity measurement in previous studies. This paper also explains the inverted U-shaped relationship between agricultural production agglomeration and agricultural carbon productivity theoretically and empirically. Furthermore, from the perspective of agricultural material capital input efficiency, this paper discusses the moderating effect of input efficiency of fertilizers, pesticides, agricultural film, agricultural machines and water resources on agricultural production agglomeration affecting agricultural carbon productivity and answers the mechanism of carbon emission reduction of agricultural production agglomeration.

Can urbanization, renewable energy, and economic growth make environment more eco-friendly in Northeast Asia?

With the development of urbanization, the urban areas in Northeast Asian countries have become major sources of growth in terms of energy consumption, economic output, and CO2 emissions. However, little research has focused on the relationships among per capita CO2 emissions, real output, non-renewable and renewable energy, and urbanization in five Northeast Asian countries (China, Japan, Mongolia, Russia, and South Korea). In this study, panel methodologies have been used to investigate the relationships based on the 20-year period of 1995–2014. Six stationary tests and three co-integration methods indicate that the selected variables are first difference stationary and exhibit co-integration relationships. The long-run estimations reveal that disaggregated energy (both non-renewable and renewable) and urbanization increase CO2 emissions, while economic growth reduces CO2 emissions. To test the relationships between the selected variables, homogeneous Granger causality is implied. Bidirectional causality is only found between non-renewable energy and CO2 emissions, while unidirectional causalities exists between the other selected variables. The study results suggest that governments should allocate urban resources reasonably, to make smart urban. Policymakers should pay more attention to non-renewable and renewable energy. Non-renewable energy needs to be more efficient, while renewable energy needs to be popularized.

ПРИВЛЕЧЕНИЕ КАПИТАЛА БИОТЕХНОЛОГИЧЕСКИМИ И ФАРМАЦЕВТИЧЕСКИМИ КОМПАНИЯМИ: ОСОБЕННОСТИ ЕВРОПЕЙСКОГО РЫНКА

The pharmaceutical industry is one of the most competitive sectors in the European Union. With significant investment in research and development, this industry is a key asset for the European economy and a major source of growth and employment. This article examines methods of raising capital for biotech and pharmaceutical companies. This paper also describes the impact of the COVID-19 pandemic on the biotechnology and pharmaceutical markets, identifies new trends in its development, as well as priority areas. Spread of the corona virus COVID-19 has created a multi-billion dollar market in the world and the EU in particular for vaccines needed to prevent the spread of the pandemic, rebuild the economy and begin the transition to a new paradigm of the growth. Particularly noteworthy there are the issues of raising capital through an initial public offering of securities — Initial Public Offering (IPO). At the beginning of the last decade, IPO markets were not receptive to biotech companies, but already in 2013 the situation changed dramatically. The increasing availability of private capital is making it more affordable to raise funds through IPOs, especially for the biotech and pharmaceutical industries.

The Growth-Differential Effects of Domestic Investment and Foreign Direct Investment in Africa

This paper employs dynamic panel models; Pooled Mean Group (PMG) and Mean Group (MG) estimators to assess the growth-differential effects of Foreign Direct Investment (FDI) and Domestic Investment (DI) among 41 selected African countries from 1970 to 2017. The result of Hausman test shows that PMG estimator is preferred. The study found that FDI and DI are important grease for growth of African countries in the long-run. The study also found that inflows of FDI crowds-in DI in Africa and that there is significant difference in the growth effects of foreign direct investment and domestic investment while the joint effects of foreign direct investment and domestic investment on growth of African countries is found to be statistically significant. In the short-run, estimates show that foreign direct investment has negative influence on growth of 24 countries out of which four (Benin, Madagascar, Nigeria and Equatorial Guinea) are highly significant at 5% level, while the estimated influence of domestic investment on growth of most African countries was positive. This shows that foreign direct investment in Africa has negative effects on growth of host economies in the short-run. The study recommends that African governments should continually encourage domestic savings and investment as major source of growth and only consider FDI as a growth supplement.

Status of Rapeseed and Mustard crop in India: Trend and Decomposition Analysis

The study was conducted to examine the trends, variability and decomposition analysis of rapeseed and mustard crop in major growing states as well as in the India from 1992–93 to 2017–18. The compound growth rates have been estimated with the help of exponential function, variability has been computed by using technique of co-efficient of variation. The study concluded that positive and significant growth occurred in case of production (1.84%) and yield (1.86%) of rapeseed and mustard for India during the study period. Further, there persisted wide fluctuations in the growth of area, production and yield of rapeseed and mustard over the study period. The decomposition analysis suggested that for rapeseed-mustard yield effect was the major source of growth in Production, whereas area effect was found to be negative except for Rajasthan and Utter Pradesh. Thus, the study emphasized on increasing area under rapeseed-mustard oilseed crop in major growing states, dissemination of improved agricultural production technology among farming community for increasing production of these crops.

Impact Ranking of Microfinance Institutions: An empirical study in India

The major source of growth for the Indian economy lies in its untapped resource of its substantial rural base. And one of the ways of reaching out to the rural base and making them part of the formal economy, thus bringing inclusive growth is by empowering them with basic banking products and services at an affordable cost. Microfinance (MFIs) is the provision of a broad range of financial services such as deposits, loans, payment services, money transfers, and insurance to poor and low-income households and, their micro enterprises. The MFIs do not have too many sources to raise funds from, which in a way limits their growth. Also, there is very little data available in public domain to investors who are seeking to analyse the financial performance. This paper aims to identify the key ratios that investors should look at when determining the value of an MFI. Operating self-sufficiency, portfolio at risk and efficiency of loan officer come out to be significant variables.

Development Performance of the Textile Industry of Serbia

Abstract The textile industry is still significantly involved in production and employment in developed countries and is a major source of growth in many developing countries. As a business with a long history, the textile industry undergoes radical transformations at a global level. With the emergence of new competitors, global business conditions have changed significantly. Nevertheless, European manufacturers have remained world leaders in the production of industrial textiles and fashion clothing. Many European manufacturers resort to subcontracting or relocating capacity for labour-intensive activities in countries with lower labour costs, such as Serbia, in order to maintain competitiveness. The greatest success of the domestic textile industry was recorded in the late 1980s when it was a significant source of employment, the creation of added value and more balanced regional development. Although it is still not at the level of the 1980s, positive developments in the domestic textile industry appeared in 2016 in the direction of growth in production, employment and exports. The state seeks to accelerate the development of the textile industry through the subsidisation of foreign and domestic investors. However, growth that is primarily based on foreign direct investment is a long-term unsustainable concept. In order for growth to be sustainable, it is necessary to encourage the development of activities that produce greater added value and increase competitiveness. That is the reason why it is necessary to support the development of domestic enterprises, as well as the arrival of those foreign investments that generate multiple levels of added value.

Technical Change as a Stochastic Trend in a Fisheries Model

Technical change is generally seen as a major source of growth, but usually cannot be observed directly and measurement can be difficult. With only aggregate data, measurement puts further demands on the empirical strategy. Structural time series models and the state-space form are well suited for unobserved phenomena, such as technical change. In fisheries, technical advance often contributes to increased fishing pressure, and improved productivity measures are important for managers concerned with efficiency or conservation. I apply a structural time series model with a stochastic trend to measure technical change in a Cobb-Douglas production function, considering both single equation and multivariate models. Results from the Norwegian Lofoten cod fishery show that the approach has both methodological and empirical advantages when compared with results from the general index approach, which has been applied in the literature.

International entrepreneurship in and from emerging economies

The globalization has been one of the most important economic events of the last decades and this has caused a higher degree of integration and interdependence between countries, with a clear increase in the volume of international businesses. Within this context, not only multinational enterprises have international orientations; new and smaller firms (SMEs) are also forced to extend the scope of their business because they face a large number of international competitors into a much wider market. Although SMEs are a major source of growth and job creation, SMEs appear to be underrepresented in the international economy relative to their contribution in national and local economies (European Commission 2015). Many SMEs have advanced on their internationalization processes and many countries are adopting specific policies and programs to enhance SMEs’ internationalization potentials to encourage their further participation in global markets. Both private and public sectors are playing important roles in helping SMEs to be more active in international trade (OECD 2005) and develop active networks for their internationalization (Felzensztein et al. 2015; European Commission 2014). From a strategic point of view, internationalization is a key factor in business success, especially in SMEs that have a high-growth prospect. We know that both networks and entrepreneurial orientation can actively help small firm internationalization (Felzensztein et al. 2015). These two topics are important and still much disputed aspect of small firm internationalization (Dimitratos et al. 2010, 2014). Understanding them can provide important insights for entrepreneurs that are choosing their internationalization strategies as well as for the institutions that may support them, such as export promotion agencies, and trade associations. In some emerging economies, like those in the Latin American context, there is a tendency to provide incentives to openness to new markets and to foster the SMEs’ J Int Entrep (2016) 14:5–7 DOI 10.1007/s10843-016-0175-y

Efficiency change in North-East China agricultural sector: A DEA approach

A non-parametric Data Envelopment Analysis (DEA) technique was applied to investigate the degree of efficiency and efficiency change of prefecture-level cities in the North-East China from 2000 to 2012. Mean pure technical efficiency in a DEA model with the number of agriculture was 0.79, indicating that there is a big potential for a more efficient input utilization in agricultural productivity. Decomposition results of the Malmquist index indicated that the average productivity (MALM) growth at 8.0 percent annually over the entire period in the North-East China and the major source of growth was the technical change. In order to stimulate the productivity growth, more attention should be paid to improving the production efficiency. Polices should be enacted to increase the technical investment in agriculture, to enhance the rural education and research in agriculture which may help farmers to improve the agricultural efficiency and productivity. Given the limitations of the Statistical Yearbook data, some field investigation may carry out in future studies.

An analytical study into growth and variability in area, yield and production of wheat in Punjab

The study has analyzed the trends in area, production and yield of wheat of the Punjab state. The study was based on time series data collected from the Statistical Abstract of Punjab for a period of 61 years from 1950–51 to 2010–11. The study period has been divided into three periods: Period-I, 1950–51 to 1965–66, represents the Pre-Green revolution period, Period-II,1966–67 to 1985–86, represents the Green revolution period and Period-III, 1986–87 to 2010–11, is the Post-Green Revolution period. The share of wheat in the total cropped area has increased from 29.59 per cent in 1960–61 to 44.53 per cent in the year 2010–11. The superior varieties’ of wheat introduced during the Green revolution, relative profitability of this crop with minimum production and marketing risks as compared to other crops could be the reason for this sharp increase. The comparison of all periods revealed that Period-II had the highest growth rates of area (3.06%), production (6.24%) and yield (3.15%). The decomposition analysis of growth suggests that yield effect was the major source of growth in Period-I, II and III. For the overall study period, interaction of area and yield (47.72%) was the major contributor to production. Variability in area and yield was the cause for high variability pronounced in production.

Exploring the relationships between innovation and internationalization of small and medium‐sized enterprises: A nonrecursive structural equation model

AbstractThis article seeks to provide more insights on the two‐way link between internationalization and innovation by considering total, direct, and reciprocal effects using a nonrecursive structural model. Innovation is defined through product and process development, while internationalization is defined through inward and outward internationalization in both closer and farther markets. The results suggest that these two major sources of growth are linked by different sets of relations, from the investment in product and process innovation to outward internationalization in a closer market, or from inward and outward internationalization in farther markets to the investment in product innovation. Copyright © 2013 ASAC. Published by John Wiley & Sons, Ltd.

China's 12th Five-Year Plan: a potential game changer for economic restructuring and socio-economic development

The 12th Five-Year Plan (FYP), 2010–2015, comes in at the critical juncture of China's political, economic and social development. It coincides with China's leadership transition when the younger generation of leadership under Xi Jinping will take power, and the new leaders are likely to pay more attention to the increasing demand across China for new direction in socio-economic development. China's economy having achieved spectacular growth at an annual average of 10% for over three decades is under a lot of structural stress and strains that are crying out for structural adjustment. Hence, one of the major economic objectives of the 12th FYP is to rebalance China's economic growth pattern by reducing its dependence on exports and increasing domestic demand as its major source of growth. Structural change is a natural part of the economic growth process, but it is not easy to speed up the economic restructuring process. This requires good policies as well as strong political commitment from the top leadership. The successful implementation of this important FYP will render China's economic growth more sustainable as well as better able to meet various social objectives. The 12th FYP could well be a significant ‘game changer’ if it would succeed in making the required breakthrough on many fronts. It has the spirit, but the real game change would need many more FYPs.

Factors Affecting the Credit-Worthiness of Borrowers from MSME Sector

The MSME sector is a major source of growth in developing and transition economies. Despite their economic significance, MSMEs face a number of bottlenecks that prevent them from achieving their full potential. A major obstacle in MSME development is its inability to access timely and adequate finance. On the other hand, in recent years, there has been a significant increase in the incidence of default from the MSME sector. Hence, there is need to restructure the credit rating models used by banks for this sector.This study examines the factors affecting the credit-worthiness of borrowers from the MSME sector. The study uses discriminant analysis to identify significant factors that can be used to differentiate between defaulters and non-defaulters from the factors included in the credit rating model. This can help banks to identify factors that need special attention to reduce the risk of default. The analysis also highlights factors that should be considered for existing borrowers during annual as well as quarterly credit risk analysis, in order to identify existing borrowers vulnerable to turn NPA in the future.

On the Cyclicality of Research and Development

Economists have recently argued recessions play a useful role in fostering growth. Yet a major source of growth, R&D, is procyclical. This paper argues one reason for procyclical R&D is a dynamic externality inherent in R&D that makes entrepreneurs short-sighted and concentrate their innovation in booms, even when it is optimal to concentrate it in recessions. Additional forces may imply that procyclical R&D is desirable, but equilibrium R&D is likely to be too procyclical, and macroeconomic shocks are likely to have overly persistent effects on output and make growth more costly than in the absence of such shocks.

Valuing biotechnology companies using the price earnings ratio

The biotechnology and life sciences sectors are a source of major source of growth in the economy. However the valuation of companies in the sector is problematic owing to the long lead times and uncertainty associated with product development. This paper explores the use of the price earnings ratio as a tool for portfolio construction and valuation. Our results suggest this is a poor tool, although this may be due to being constructed over a time horizon that is too short.

Can Britain make it? [outsourcing

At present, the British economy has been undergoing some difficulties in the manufacturing industry. This is because of three factors: (1) Britain had a very substantial and very rapid increase of value of the pound against the euro, (2) there was a step change in the intensity of competition in world market, and (3) the downturn in world markets that was clearly exacerbated by terrorist attacks and the uncertainty caused by the war in Iraq. This experience has not been easy, but Stephen Radley, chief economist with the EEF, believes the benefits are now beginning to come through. Manufacturers have substantially restructured themselves and are improving productivity at a very healthy rate, 6% or 7% per annum, so that we are now in a much more competitive position. Global competition is certainly still fierce, but exchange rates are more favourable than they were and the world market seems to be easing. The surveys have indicated that the rate of improvement in outputs is the best in seven years, so it does seems as though the outlook for manufacturing has improved substantially. There is a caveat to this generally optimistic position. Sustained improvement in the UK's manufacturing position depends on major sources of growth, notably the US and China, continuing to offer expanding markets over the next couple of years, and the EU showing signs of economic recovery.

The rise and fall of China's TVE coalmines

The ‘economic miracle’ of township and village owned enterprises (TVEs) in China has led to claims that China's success has depended on the prosperity of TVEs and also that they are expected to be the major source of growth in China's future development. Since the late 1990s, however, the Chinese government has implemented an extensive TVE closure policy. This paper, based on case studies on China's TVE coalmines in particular and the entire coal industry in general, explores underlying forces that have driven both the rise and the fall of TVE coalmines. It has found that the earlier rise of TVE coalmines was forced upon the nation to accommodate her crying need for economic development. The subsequent fall, however, became inevitable when China was forced to confront the further challenges of transition and globalisation. The struggle between pro‐ and anti‐ closure of TVE coalmines reflects the enormous difficulty for China to cope with the tangled challenges from development, transition and globalisatio...

Catching Up in Education in the Economic Catch‐up of Japan with the United States, 1890–1990

I. The Problem and the Approach The record of “modern economic growth” a la Simon Kuznets shows that sustained increases in real national income in advanced market economies depend predominantly on improved efficiency as measured by the growth of total factor productivity (TFP). Real national income is less dependent on increases in conventional inputs, that is, physical capital and labor in personhours. With the strong advocacy of economists such as Theodore Schultz, it has been established that investment in education is a major source of growth in TFP and, hence, national income. Estimations of the contribution of TFP to economic growth in advanced market economies have hitherto been limited to periods after these economies reached a stage of relatively high income. However, recent extensions of growth accounting analysis for earlier stages of industrialization in the United States as well as in Japan show that the contribution of TFP growth to national income growth was relatively minor. These historical findings are also consistent with other studies, indicating that the contribution of TFP growth to economic growth was small in comparison to the contribution of physical capital accumulation in newly industrialized economies (NIEs) in recent decades. Such observations suggest that the role of education may be different between the earlier and the later stages of modern economic growth. The validity of this hypothesis is critical for drawing relevant policy implications for developing economies from the historical experiences of developed economies. Nevertheless, a comprehensive analysis on the role of education covering the entire span of modern economic growth has been stymied by the sheer