Abstract In this paper, we analyze the evolution of financial development through a club convergence approach. The study covers the EU27 countries between 1993 and 2021. Specifically, we assess the data from the International Monetary Fund, the Financial Development Index (FDI), and its two main components: the Financial Institutions Index (FII) and the Financial Markets Index (FMI). The club convergence procedure leads to full convergence in the FII and three clubs both in the FDI and the FMI. Additionally, this paper analyzes the effect of the Great Recession and finds that it negatively affects the process of convergence. In the second stage, the determining factors of the clusters are studied via an ordered logit model. The results show the ability of GDP per capita to explain club membership in both cases, whereas economic openness, human capital, the informal economy, and public sector size are significant in only one case. Finally, in terms of policy implications, the findings suggest improving financial integration by adopting policies that mitigate financial risk across member countries. Policies that could be implemented in the near future include the establishment of the Banking Union and the Capital Markets Union, as well as improving the regulatory framework to reduce the likelihood of future crises.

Resourcing of hospital infection prevention and control programs in Victoria, Australia.

Purpose This study aims to examine the recovery patterns and competitive performance of city tourism between 2019 and 2023, with a focus on the role of resilience factors in supporting competitiveness during the post-crisis recovery process. Design/methodology/approach The authors used a cross-sectional econometric approach covering 17 European cities to analyse the influence of factors such as economic diversity, social support and education levels on tourism recovery. Recovery is measured through changes in the market share of overnight stays by both domestic and foreign visitors, indicating the relative resilience of city destinations. Findings The findings demonstrate that the size of the tourism sector, the degree of market diversification, the availability of social support systems and education levels significantly impact market-share development and recovery patterns, particularly in relation to international tourism. Recovery trajectories varied considerably across the cities. Prices and cost factors were not found to be significant during the observation period. Originality/value This research makes a valuable contribution to the limited body of literature on crisis recovery in city tourism by identifying the necessary resilience factors that support competitiveness and by closing the gap in econometric analysis of this phenomenon. The findings offer policymakers insights into strengthening the resilience and competitiveness of city tourism through targeted investments in diversification, social support and education.

This paper investigates the responsiveness of credit volumes to changes in lending rates in Indonesia and reexamines the strength of the monetary transmission mechanism through the credit channel. Using a vector autoregression framework applied to disaggregated bank credit data by sector, loan type, and firm size, we analyse how policy-driven interest rate movements propagate into actual lending outcomes. The results reveal a markedly uneven transmission: credit to micro, small, and medium enterprises (MSMEs) shows negligible sensitivity to interest rate changes, whereas lending to large firms responds more appreciably. In particular, bank credit to large corporates declines significantly when policy rates rise, consistent with conventional theory, while credit to smaller firms remains largely unaltered. These findings suggest that the traditional interest rate pass-through is fragmented and weak in key segments of the economy, undermining the efficacy of pricebased monetary policy. The analysis points to structural factors, including heterogeneous bank behaviour, borrower constraints, and a propensity of banks to shift toward safer assets in uncertain times as underlying causes. The findings imply the need for a more nuanced policy approach that complements interest rate adjustments with targeted interventions to achieve broad-based credit stimulus and effective monetary control.

This study aims to examine the effects of investment spending financed by central and local government budgets on economic growth in a sample of nine countries located in South-East Europe (SEE), namely Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Montenegro, Romania, Serbia, and North Macedonia. The methods used are descriptive and comparative analysis of the main indicators of government spending and investment activity, as well as correlation and regression analysis of panel data. The study covers the period 2008 – 2023. The results show cyclical dynamics of government spending and large heterogeneity in the size of the public sector as a percentage of gross domestic product (GDP). Correlation and regression analysis show a strong negative impact of total government spending and government consumption on the growth rate, while the effects of public investment at both the central and local levels of government are not statistically significant. These findings suggest low efficiency of public spending. The main conclusion is that public investment is not an effective tool for fiscal impact on the economic development in the selected SEE countries. The practical and policy implications of our research indicate that policymakers can support economic growth by reducing the size of the public sector, or at least by trying to limit its escalation and seeking to increase its efficiency.

Subject. This article examines the relationship between financial development and economic growth in the Russian Federation using data for 2003–2023. Objectives. The article aims to establish a causal relationship between financial development and economic growth indicators. Methods. For the study, we used the autoregressive distributed lag model (ARDL), error correction model (ECM), and the Granger causality. Results. Based on the cointegration bounds test, the article finds that there is a relationship between the described variables. Conclusions and Relevance. The proposed approach to establishing a causal relationship based on the ARDL and ECM methods shows the possibility of obtaining reliable results. The impact of financial development on economic growth is significant. Financial development will play a more significant role in the overall economic indicators of the country in the future and the nature of the relationship with GDP must be taken into account. The results obtained can be useful when planning indicators of the size and structure of the financial sector.

This study investigates the adoption of modern management techniques (MMTs) in Turkish manufacturing firms within the Technology Acceptance Model (TAM) framework. Examining the awareness, usage, and acceptance levels of 24 MMTs among 138 professionals, the research reveals significant disparities in familiarity: Continuous Improvement (Kaizen) and Outsourcing exhibit the highest levels of awareness, whereas the Balanced Scorecard and Six Sigma demonstrate comparatively low recognition. The findings indicate that education level, sector, and firm size significantly influence awareness of MMTs. Structural equation modelling confirms that perceived usefulness and perceived ease of use positively affect the intention to adopt MMTs. By extending TAM to the context of MMT adoption, this study contributes to the literature by providing context-specific insights into Turkish manufacturing and offering a methodological reference for similar research. The results further show that when users perceive a technique as easy to use, their belief in its usefulness is strengthened, thereby increasing their intention to adopt it. Therefore, the findings suggest that targeted training programs and tailored strategies are essential to foster the adoption of MMTs and enhance organisational performance.

Purpose Our article aims to contribute to the main research question of whether digitalization can be used to mitigate carbon emissions. One of the main challenges in capturing the effects of digitalization on carbon emissions lies within the measurement. Design/methodology/approach We create six proxies to measure digitalization that represent the dynamics of the ICT sector, relative size, relative business expenditures of R&D in the ICT sector, the relative imports and exports of ICT goods and relative digital capital. We perform OLS regression on a sample covering 26 European Union countries during the time period 2003–2019. To add statistical robustness, we perform the quantile panel regression. Findings Our results show that the relative size of the ICT sector and digital capital have a neutral impact on the country’s carbon emissions. An increase in ICT imports of goods and ICT exports of goods as a ratio of the overall country’s imports and exports, on the other hand, could lead to an increase in carbon emissions. On the other hand, the net trading balance of ICT goods (ICT exports minus ICT imports) in our data set for EU countries lowers carbon emissions. Our results provide no conclusive evidence for a relationship between business expenditures on R&D in the ICT sector and carbon emissions. Originality/value We contribute to existing literature by creating new measurements to capture digitalization and identifying which digitalization aspects either enhance or diminish carbon emissions, and we apply this approach to the European Union based on 26 countries for the period of 2003–2019.

The article aims to assess the general reliability of the BIS credit-to-GDP gap as a macroprudential indicator of financial instability in Iraq, a country characterized by a fragile institution, a large size of the informal sector, and sociopolitical factors. While the BIS measure has attracted global attention as a potential indicator of early warning signs, critics in emerging economies have targeted its one-size-fits-all approach. Through a multi-method approach including statistical analysis, robustness checks, and macroeconomic indicators, this study evaluates the performance of alternative tools like the loan-to-deposit ratio, the ratio of non-performing loans, and credit volatility measures. It further proposes an Islamic economics-based framework, prioritizing ethical lending, risk-sharing, and alignment with the real economic sector. The results show that Iraq's financial system needs a comprehensive model that considers political, institutional, and Sharia-compliant factors. Introducing qualitative parameters and Islamic principles into evaluating financial stability provides a more holistic perception of the repercussions of credit expansion. The article recommends integrating participatory finance instruments, adopting regulatory reforms consistent with Islamic jurisprudence, and enhancing financial inclusion initiatives, particularly in microfinance and digital platforms.

This study investigates the relationship between financial inclusion and financial stability in Zimbabwe over the period 2000–2020, with an emphasis on broader implications for economic development and livelihoods. The objective is to assess how efforts to enhance financial inclusion influence the stability of the banking system, which is critical for sustainable economic growth and improving livelihoods, particularly in marginalised communities. Using the Fully Modified Ordinary Least Squares (FMOLS) cointegration technique, the study analysed time series data on financial inclusion, financial stability, domestic credit, gross domestic product (GDP), and the size of the financial sector. The findings indicate a significant negative relationship between financial inclusion and financial stability, suggesting that increased financial inclusion adversely impacts bank system stability. Similarly, domestic credit exhibited a negative and significant relationship with financial stability. However, GDP and financial sector size positively and significantly contributed to financial stability, reinforcing their role in supporting inclusive economic development. These results underscore the complexities of balancing financial inclusion and stability within Zimbabwe’s financial sector. The study concludes that while expanding financial inclusion is essential for promoting access to financial services and advancing economic development and livelihoods, it poses risks to financial stability if not accompanied by appropriate risk management and regulatory measures. Factors such as relaxed lending standards, insufficient oversight of microfinance institutions, and reputational risks associated with outsourcing credit functions can exacerbate these challenges. The study concludes that expanding financial inclusion without robust regulatory oversight and risk management poses significant risks to banking stability and recommends a balanced policy approach that integrates technological innovation with stronger institutional frameworks to foster sustainable and inclusive growth.

ABSTRACT This study introduces a new rating model for the evaluation of corporate sustainability, addressing the inconsistencies and divergences that characterize current ESG assessment systems. The model is hierarchically structured, comprising 99 indicators organized into 19 modules, and is designed to be adaptable by sector and firm size. It provides a standardized yet flexible analytical framework that enhances transparency, comparability, and replicability of sustainability assessments. The framework is aligned with key European regulatory initiatives, including the EU Taxonomy and the CSRD Directive, and integrates both quantitative and qualitative dimensions. The indicators were developed through a comparative analysis of leading ESG frameworks (Bloomberg, Refinitiv, Moody's) and European regulatory sources and were refined through a modular structure that groups them into submodules, modules, and pillars. A dual weighting algorithm, sectoral and dimensional, was applied to ensure comparability across industries and firms of different sizes. The methodological process follows progressive steps: data collection at the company level, calculation of ESG metrics, aggregation into indicators, and consolidation into the three ESG pillars. Through conceptual validation and comparison with existing rating models, the framework demonstrates methodological coherence and practical potential. In particular, it addresses the issue of so‐called “aggregate confusion” in ESG ratings by reducing measurement divergence and promoting greater alignment with shared standards. The proposed approach supports the voluntary adoption of sustainable practices and facilitates improved management of environmental and social risks. Its main contribution lies in providing a transparent and adaptable tool that combines standardization with the flexibility required by diverse corporate contexts. The study delivers both theoretical and practical value, offering a structured basis for advancing ESG performance evaluation and harmonization.

Immigrant students who attend US colleges are disproportionately employed in either large firms — especially multinationals — or small firms and self-employment. Using linked Census and longitudinal employment data, we trace the jobs taken by college students in 2000 during the 2001–2020 period and evaluate four mechanisms shaping sector and firm size placement: geographic clustering, degree specialization, firm capabilities/visas, and ethnic self-employment specialization. Degree fields predict large firm and MNE placement, while ethnic specialization explains small firm sorting. Immigrant students who remain in the United States earn more than their native peers, suggesting the segmentation reflects productive sorting rather than blocked opportunity.

This study examines the contingent relationship between corporate social responsibility (CSR) and financial performance (FP) in an emerging market. Using Moroccan firms listed on the Casablanca Stock Exchange across three industries—banking and insurance, agri-food, and construction & building materials—we combine correlation analysis and Granger causality tests to assess the CSR–FP nexus and the moderating roles of sector and firm size. We find no generalized causal link between CSR and FP at the full-sample level. However, sectoral context and firm size shape the relationship: regulated industries exhibit more structured—yet often inverse—associations, and larger firms show stronger CSR engagement without systematic financial outperformance. These results underscore the need to account for structural heterogeneity when evaluating CSR outcomes in emerging markets.

The service sector has contributed to the overall growth and the aggregate TFPG in India but such growth configurations are not independent of certain developmental and inequality implications. It may have contributed to poverty reduction but the contribution of the industrial sector to poverty reduction could have been much faster had the industrial sector witnessed a steady growth with significant possibilities for employment generation. In fact, within the service sector the bimodal distribution in terms of income/expenditure is a popularly observed phenomenon. The vast size of the informal sector with meagre incomes and a high productivity segment with a significant rise in income over time are remarkable features of the post globalisation era. Rising wage inequality and the vast size of the informal sector are inter-connected issues. Thus, the rapid spread of the services sector, emerging much before the industrialisation process could be completed, poses concerns in relation to decent livelihood creation and poverty reduction. The high productivity segment within the services sector is relatively small in terms of employment share and is not geared to the absorption of the unskilled and semi-skilled work force. While service-led-growth (and the rapid TFP growth in market services) could result in prosperity and development of one section of the society and thus, could elevate the Indian image of being stuck in a phase of stagnation or sluggish progress, the larger issues of growing inequality have indeed become persistent and the mounting concerns of deprivation relating to land, housing, education and health have turned out to be assiduous for a vast section of the population.

Purpose In light of continuous concerns about financial and banking stability, this study investigates the determinants of banking crises by analysing the impact of a comprehensive set of macroeconomic, financial, and banking sector variables on the probability of banking crises. Design/methodology/approach This paper exploits a Logit model for a panel dataset covering 166 countries from 1980 to 2021 to identify the determinants of banking crises. It incorporates a comprehensive set of explanatory variables, including macroeconomic factors, financial sector indicators, and banking-specific characteristics. This study also controls for contagion effects. Findings The study finds that excessive bank credit growth, a large banking sector size, high inflation, current account deficits, bank inefficiency, and high non-performing loans increase the likelihood of banking crises in emerging economies. In contrast, broad money growth, central bank reserves, GDP per capita growth, current account surplus, and strong bank profitability and capitalisation mitigate crisis risks. Moreover, this study shows that banking crises tend to spread regionally. Originality/value Unlike previous studies, this study incorporates banking sector size, central bank size, and credit to the government as key variables. It also examines whether the determinants of banking crises change in light of global shocks and analyses regional spillover effects. By providing new insights into crisis transmission and policy implications, this study enhances the understanding of banking crises and offers valuable guidance to policymakers in financial stability management.

Purpose The rapid growth of the logistics industry is pivotal for economic expansion. However, it poses significant sustainability challenges due to its energy consumption and environmental impact. This study aims to establish a comprehensive evaluation index system for economy, logistics and ecology (ELV) to assess their synergistic dynamics and strategic development. Design/methodology/approach A comprehensive evaluation index for ELV was constructed using 23 indicators across 9 dimensions. The entropy method was used to objectively weigh the indicators and a coupling coordination degree model was employed to measure the level of coupling coordination development of the ELV. The grey correlation degree model was used to analyze the factors influencing collaborative development. Findings Using the Yangtze River Delta (YRD) region as the research object, the findings reveal an overall upward trend in the coupling coordination degree of ELV across YRD, with significant disparities among provinces. Innovation capacity, logistics sector size and economic growth were identified as the primary influencers. Originality/value This study innovatively integrates economic, logistical and ecological indicators into a unified metric, offering a novel framework for evaluating their coordinated development. By combining multiple analytical methods, this study provides a nuanced understanding of ELV interdependencies and regional disparities, providing practical guidance for achieving a harmonious coexistence of the ELV.

ABSTRACTIn this study, we investigate the effect of women's empowerment on the informal economy in Africa. It also examines the role of financial inclusion in the nexus between women's empowerment and the informal economy. The study is based on a panel data estimation of 39 African nations between 2004 and 2020. These data were analyzed via the panel estimation based on Driscoll and Kraay's robust standard error and Instrumental Variable generalized method of moment (IV‐GMM). The results reveal that gender political inclusion reduces participation in the informal economy. In contrast, gender economic inclusion promotes participation. However, financial inclusion moderates the relationship, implying that women's empowerment through financial inclusion decreases the size of the informal sector. The results from the regional analysis show that the direct effect of financial inclusion is not significant in West Africa, but its interactive effect on women's empowerment reduces the informal economy. Financial inclusion complements women's empowerment in reducing the size of the informal economy in North Africa, Central Africa, and Southern Africa. The study highlights that the interactive effects of financial inclusion and women's empowerment on the informal economy are heterogeneous across the income and regional levels and robust enough to carry out sensitivity checks.

Although many countries have standardized remote work, organizational practices often fail to align with employee expectations. The aim of the article is to examine how employment and demographic variables determine employees’ current and expected remote work in Poland, while comparing to Finnish practices. A survey (CAWI) was conducted among employees (N = 762) who declared that their work could be performed outside the organization’s headquarters using new technologies. As a result of the survey, it was found that expectations regarding remote work are significantly higher than the opportunities currently available (Δ 14.72). Current remote work is influenced by age, net income, employment sector, and enterprise size. In turn, remote work expectations are differed by gender and age. Authors see greater possibilities for using remote work in organizations than is currently the case: satisfied employees can be more effective and more loyal, while employers, incurring lower labor costs and gaining access to global talent resources, will achieve a competitive advantage [IPC Research Institute, 2020, p. 60].

Purpose This study aims to examine the market response to the US-Houthi conflict in the US stock market, focusing on sectoral differences, company size and growth rates. Design/methodology/approach Using daily closing prices of 1,832 companies listed on major US stock indexes from December 1, 2022, to February 29, 2024, this study applies the event study methodology to assess market reactions. Multiple event windows, including 15-day pre- and post-event periods, are analyzed to capture comprehensive market responses. January 11, 2024, is designated as the event date, marking the declaration of war between the US and the Houthis, with a 250-trading-day estimation window used for benchmarking expected returns. Findings The findings indicate that the US-Houthi conflict significantly impacted the market, with defensive sectors such as healthcare and utilities responding positively, while sectors like energy and financials showed negative reactions. Smaller companies exhibited greater volatility, with a pattern of positive reactions before the event, negative responses during, and a recovery afterward. In contrast, large companies showed consistent positive reactions. Market reactions also varied by growth rates, with low- and medium-growth companies experiencing volatility and recovery, while high-growth companies, particularly in the energy sector, demonstrated resilience. These results highlight the differential impacts of geopolitical events based on sector, company size, and growth potential. Originality/value This study is the first to examine the impact of the US-Houthi conflict on the US stock market. It provides novel insights into how sectoral differences, company size and growth rates influence market reactions to geopolitical events.

ABSTRACT Political economy scholars have long studied the (pre-)conditions conducive to the collective provision of private goods, such as in-firm training. Previous research has established the importance of economic considerations to enter training and underscored the relative stability of firms’ continued training provision once entered as training providers. In times when employers offer fewer training opportunities while experiencing hiring difficulties, the often-overlooked factors determining the continuation of their commitment to providing training become highly relevant. With novel survey data from over 1’700 training firms in Switzerland, we investigate the factors associated with firms’ exit or non-exit considerations. We show that whereas exit considerations strongly correlate with difficulties hiring apprentices and selective hiring approaches, non-exit considerations are associated with firms’ intention to retain apprentices upon graduation. The results are robust when controlling for other factors, such as sector, region, and firm size. Our paper contributes to the collective skill formation literature by showing how firms navigate their roles as training providers, revealing the conditions under which firms maintain or reconsider their commitment to dual vocational education and training.