Sustainable Wealth Research Articles

How Does Digital Finance Contribute to Sustainable Wealth Growth: Perspective from Residents’ Income

Sustainable growth relies on common prosperity, which is reflected in increasing total income and equitable income distribution. This study first proposes the theoretical mechanisms by which digital financial development affects residents’ total income and income distribution. After that, a two-stage generalized method of moments estimation model with endogeneity treatment is constructed to investigate the impact of digital finance on residents’ total income in 31 Chinese provinces. Moreover, Moran’s I and a spatial autoregression model are used to explore the impact of digital finance on residents’ income distribution. The results demonstrate that digital financial development can significantly contribute to the increase in residents’ total income in both urban and rural areas, thus contributing to regional sustainable wealth growth. In addition, digital finance has a spatial direct effect and a spatial spillover effect on the optimization of residents’ income distribution. This indicates that a region’s digital financial development benefits regional sustainable wealth growth, as it not only can improve residents’ income distribution within the same region but also can promote the income distribution of neighboring regions.

Corporate Citizenship and Wealth Maximisation: A Re-evaluation of Stakeholder Theory Using Evidence from Listed Industrial Goods Firms in Nigeria

Based on stakeholder theory, the study examined the extent to which firm involvement in corporate citizenship influences the wealth maximisation of listed industrial goods firms in Nigeria. While corporate citizenship was measured using corporate donations, the proxy for wealth maximisation was market value of the firms. Ex-post facto research design was used on a population of thirteen listed industrial goods firms in Nigeria, from which a sample size of nine was purposively selected. Secondary data were gleaned from the firms’ annual reports from 2013 to 2023 (11 year interval). Panel Cross-section Heteroskedasticity LR Test was conducted while White cross-section standard errors and covariance was applied to correct the heteroskedasticity anomaly. In addition, Residual Cross-Section Dependence Test was carried out of which Cross-section Seemingly Unrelated Regression was used to address the issue of cross-sectional dependence. Therefore, the hypothesis were tested using estimates from Panel Estimated Generalised Least Squares, which revealed that involvement in corporate citizenship significantly and positively influences wealth maximisation among listed industrial goods firms in Nigeria (β = 32.79912; p-value = 0.000). In conclusion, firms that engage in meaningful corporate citizenship are likely to build stronger relationships and this, in turn, contributes to increased sustainable wealth creation. We recommend that senior management of listed industrial goods firms in Nigeria should prioritise and formalise their corporate citizenship initiatives as integral parts of their corporate strategies in order to ensure that the community development efforts they make are not ad hoc but embedded in the firm's strategic planning and operations.

Transformative pathways to sustainable wealth: Do natural and human capital really matter?

In the quest for global prosperity, macro-environmental economists are emphasizing the shift towards sustainable wealth, a framework that harmonizes environmental sustainability with economic well-being. Our research contributes significantly to this field by examining the influence of human and natural capital on sustainable wealth in seven emerging economies (E−7) from 1998 to 2022. We utilized advanced methodologies including second-generation unit-root and cointegration techniques and a novel Cross-Sectional Auto Regressive Distributive Lag (CS-ARDL) approach to empirically analyze the results. Our study involved nine different models, each incorporating various combinations of natural and human capital. The results indicate that renewable natural capital and both male and female human capital positively affect sustainable wealth, whereas non-renewable natural capital has a detrimental impact. More importantly, our finding shows that over-reliance on non-renewable resources not only diminishes sustainable wealth but also attenuates the influence of other variables, such as human capital, on its creation. Conversely, dependence on renewable resources enhances sustainable wealth and strengthens its impact. Drawing on these insights, we strongly recommend that policymakers prioritize investments in both renewable natural capital and human capital. Such strategic investments are crucial for catalysing long-term sustainable economic growth and prosperity. By fostering environments that enhance the contributions of renewable resources and human potential, nations can secure a more sustainable and prosperous future, effectively navigating the challenges of modern economic landscapes.

AN ANALYSIS OF THE IMPACT OF FINANCIAL LITERACY ON HOUSEHOLD WEALTH ACCUMULATION: A STUDY BASED ON DEMOGRAPHIC DATA OF SELECTED RESIDENTS IN UTTAR PRADESH.

This paper examines the impact of financial literacy on household wealth accumulation, focusing on selected residents of Uttar Pradesh. Utilizing secondary demographic data, the study analyzes the relationship between financial literacy levels and wealth-building behaviors across various demographic groups. Statistical methods are employed to examine how financial literacy influences household wealth, revealing significant positive correlations. The findings highlight the essential role of financial literacy in fostering economic well-being and suggest that integrating financial education into broader programs can lead to sustained wealth accumulation in the region.

Optimizing Portfolio Construction Using Nifty India Manufacturing Index: A Risk-Return Analysis with Python

This paper presents a comprehensive analysis of portfolio construction strategies aimed at maximizing risk-adjusted returns for investors. Utilizing historical data on stock returns and risks, a meticulous selection process was employed to identify 15 stocks with superior risk-return profiles. These stocks were chosen based on their outperformance relative to the dataset's average measures, prioritizing returns higher than the dataset average and risks lower than average risk levels. The selected stocks, representing a diverse range of manufacturing-related businesses, formed the cornerstone of an optimal portfolio designed to minimize sector-specific risks while maximizing growth potential. Through rigorous portfolio optimization techniques, including Markowitz's mean-variance optimization, the study identified an optimal portfolio allocation with a return of 50.22% and volatility of 13.33%. Insights from the study offer valuable perspectives for investors seeking realistic and sustainable wealth accumulation strategies. The research also identifies avenues for future exploration, including the integration of alternative asset classes, behavioral finance insights, and advancements in risk management technologies. This study demonstrates the effectiveness of Python in financial analysis and portfolio optimization while furthering the theory of portfolios and providing valuable guidance for making investment decisions. Keywords: Returns, Risk, Volatility, Optimal Portfolio Construction, Manufacturing Sector, Markowitz Portfolio Theory,

Optimizing Portfolio Allocation in the Indian Defense Sector: A Python-Based Approach

This paper presents a detailed analysis of portfolio construction strategies aimed at maximizing risk-adjusted returns for investors, utilizing Python-based methodologies. By leveraging historical data on stock returns and risks, a meticulous selection process identified 5 stocks with superior risk-return profiles, outperforming the dataset's average measures with higher returns and lower risks. The selected stocks from the defense industry formed the foundation of an optimal portfolio designed to minimize sector-specific risks while maximizing growth potential. Through rigorous portfolio optimization techniques, including Markowitz's mean-variance optimization, an optimal portfolio allocation was identified with a return of 62.40% and volatility of 27.74%. Insights from the study provide valuable perspectives for investors seeking realistic and sustainable wealth accumulation strategies. The research also highlights future avenues for exploration, such as integrating alternative asset classes, incorporating behavioral finance insights, and leveraging advancements in risk management technologies. This study contributes to advancing portfolio theory and offers practical guidance for investment decision-making.This study demonstrates the effectiveness of Python in financial analysis and portfolio optimization while furthering the theory of portfolios and providing valuable guidance for making investment decisions. Keywords: Returns, Risk, Volatility, Optimal Portfolio Construction, Defense Sector, Markowitz Portfolio Theory,

Regional Wealth Data Acquisition and Modeling: Innovations Needed for Advancement in Sustainable Wealth in Energy-Rich Regions

National-level studies present the development techniques and challenges of sustaining energy-rich economies, particularly those in the developing world. However, examples of the application and interpolation of these broad-scale analyses to the regional level are scarce. Conversely, methods used at national levels are often infeasible when using higher-resolution regional or local data. Ultimately, progress in developing, managing, and advancing regional wealth databases and models is significantly missing from the literature. Herein, proposed pathways and general development frameworks are presented based on the presumptive constancy of total capital stock. Processes are outlined for acquiring information (data) and developing models to serve as a basis for qualitative and quantitative analyses of sustainable development policymaking decisions. We present a discussion around the sustainable wealth of energy-rich regions, and we suggest potential workflow methods for developing regional wealth knowledge bases and regional wealth models (RWMs). Structural scaffolding opportunities are presented for the validation of RWMs using pilot studies, followed by the process of disseminating modeling outcomes. Finally, we offer recommendations and needed innovations to advance the development of RWMs. The objectives of this article are not to provide a comprehensive literature review or consider all potential perspectives but rather to identify tools and necessary enhancements to established methods for assessing and modeling regional wealth and provide an inroad for readers wishing to learn more. The increased awareness generated through this article will mobilize assistance and generate new information that will strengthen this emergent area of research to intensify regional wealth sustainability for future generations.

The impact of environmental, social and governance score on shareholder wealth: A new dimension in investment philosophy

Recently, there has been significant research on the environmental, social, and governance (ESG) aspects of wealth generation. Managers have tried to attract investors for sustainable growth by pushing for ESG investments. This study attempts to determine the relationship between ESG scores on shareholders' wealth and define possible selection criteria for future investments. Notably, there are funds and investment avenues that are specifically designed for ESG themes, urging toward sustainable wealth creation. However, investors' focus remains on their returns and wealth creation. In recent years, reporting ESG scores has become standard practice for most rating agencies to report the financial health of companies. Thus, this study employs a linear regression model to analyze the impact of ESG scores on the equity returns of 225 Indian companies. The results show empirical evidence of the positive impact of the governance (G) factor on equity returns, while it reports the negative impact of the environmental (E) factor on equity returns. Moreover, the impact of the social (S) factor is found to be insignificant. Therefore, we conclude that financial motivations may be needed to trigger E− and S- factor practices by companies. It is important for companies to be very conscious of their governance practices to improve their shareholders’ wealth.

An Analysis of the Principles of Sustainable Income based on Kitab al-Kasb

This article aims to analyze the principles of sustainable income according to Islam based on the writings of Imam al-Syaibani in Al-Kasb. He highlighted the principles of responsibility and trust in seeking income, the appreciation of the concept of tawakkal and the priority of earning a living. This study is qualitative, using content analysis methods to extract some of the themes mentioned above. The study found book Al-Kasb is an injection of Islamic economic thought that encourages the practice of sustainable wealth management by al-Shaybani to respond to economic problems involving Muslims. Keywords: Al-Kasb, Al-Shaybani, Sustainable wealth management. eISSN: 2398-4287 © 2021. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. DOI:

Innovative Sustainable Tourism Development and Entrepreneurship through Sports Events

Innovation and the development of new services are important strategic features to ensure the growth and sustainable wealth for industries where customers have many choices, as is the case in tourism sector. In this context, the present research comes to connect the local sustainable tourism development with the sporting events, and to come up with relevant proposals for the reference area, but also for their generalization in the whole tourist areas. Based on the research purpose, a quantitative research was conducted on a sample of 448 residents, randomly selected from a sampling frame. Several scales from previous studies were used to collect primary data, and they were adapted according to the research purpose. Research findings indicate that the acceptance of sustainable tourism development through sports can be predicted by several variables, such as the economic impact (b = 0.343), residents’ attitude towards sports events (b = 0.287), and citizens’ tendency to entrepreneurship (b = 0.113). Additionally, sports events affect the tendency of citizens towards entrepreneurship (r = 0.519, p < 0.01). In conclusion, the impact of sports events is multiple, and it affects many aspects of a tourism destination, and the effect of sports events on the destination is connected with the tendency of citizens towards entrepreneurship related to sports events.

Determinants of Wealth Accumulation: Time Series Evidence from Pakistan

Wealth sustainability has always remained a policy concern for policymakers in developing economies like Pakistan. This study has filled the gap by investigating weak sustainability and determinants of wealth accumulation for 46 years, from 1972 to 2017, in Pakistan. Wealth sustainability has been analyzed through the Genuine Savings (GS) Index.Moreover, the auto-regressive distributive lag (ARDL) model has been applied to find out the effects of wealth determining factors ̶ which include Government expenditure, real gross domestic product (GDP),real money market rate, life expectancy, and real money supply ̶ over wealth accumulation. Results of the GS estimate imply that during the reporting period, the economy is sustainable, and ARDL results show that the effects of government expenditure, real gross domestic product(GDP), and life expectancy on wealth accumulation are significant and positive in the long run, the effect of interest rate is positive but insignificant.

Transforming Linear Production Chains into Circular Value Extended Systems

Different schools of thought, theories, and concepts have been developed to diminish the social and environmental impact that the take–make–dispose linear economic model has produced. Such is the case of industrial ecology (IE) and circular economy (CE). However, the principles and guidelines in IE literature are focused more on resource efficiency without considering the social externalities. In the same sense, CE literature has not brought clear guidance about how to circularize linear businesses and is mainly focused on recycling strategies, which could be the least profitable and attractive option among the circular business models (CBM). Based on the sustainable wealth creation through disruptive innovation and enabling technologies (SWIT) framework and the business model framework, we have developed a roadmap to transform linear value chains into an industrial ecology cluster of zero-waste chains and enabling institutions called a circular value extended system (CVES), which is able to exploit non-usual business opportunities of waste and residue revaluation. This systemic approach opens the possibilities of creating a socially inclusive, environmentally resilient, and economically viable system of capital. A case study is presented to clarify the design process and application of the framework. Our contribution entails guidelines to transform linear value chains into a cluster of circular economy systems capable of producing sustainable increasing returns to benefit multiple regional stakeholders.

The effect of customer orientation on financial performance in service firms: The mediating role of service innovation

In service firms, customer orientation and service innovativeness are the important strategic features to pledge sustainable wealth and growth for financial performance. Focusing on customer means, companies must have rigorous knowledge and understanding of customer needs, expectations, and demands. To satisfy those demands and expectations, new products and/or services need to be carefully designed. Customer orientation involves the introduction of something new or different in response to market conditions and can be perceived as an important driver for innovation. The literature on innovation in services demonstrates that this territory is still under-investigated. Our study is an attempt to slightly complement this shortcoming by empirically solving several issues related to service firms. In particular, we propose the service innovativeness as a mediating effect in the relationship between customer orientation and financial performance. A theoretical research model was investigated via structural equation modeling (SEM) using 686 survey responses from the service industry. The findings of the structural equation model indicated that customer orientation is positively related to financial performance and service innovativeness respectively. And service innovativeness was found as a partial mediating effect, which means that the service innovativeness intervenes for some part but not all of the relationships between customer orientation and financial performance.

The impact of lean manufacturing practices on firms' sustainable performance of the manufacturing industry sector

The long-term production of high value in the industrial sector is crucial to sustainability. Therefore, it is important to better understand how businesses will enhance the production of sustainable wealth. Recently, lean methods have been implemented in production systems in order to improve better efficiency. However, we must regularly assess the effect of these lean activities on the stable quality of the manufacturing sector. In order to achieve this, we undertook an extensive review to chart work on the partnership between lean and sustainable production sector results. Researchers examined this partnership from different perspectives and have taken a clear look at whether lean development methods are beneficial or detrimental to the competitive sustainable output of businesses. Most authors often claim that the interactions were contingent-based. This study suggests a new viewpoint on how to assess sustainable quality in a competitive manner across lean manufacturing practices and companies. It is appropriate that this partnership relies on the handling of lean paradoxical conflicts among manufacturing companies.

A Micro-Political Analysis of Local Governance in Nigeria: The Case of Irepodun Local Government Authority

The study examined local government autonomy and local government service delivery in Nigeria. the study discovered that, Nigerian local government needs to be autonomous in the discharge of its statutory responsibility, if ongoing agitation for local government autonomy from different quarters in Nigeria is given an approval, this will strengthen local government’s service delivery. The study discovered that some states in Nigeria oppose local government autonomy due to political and economic considerations. The study further revealed that Irepodun local government (the micro-case study) in Nigeria is not totally autonomous. Although, local governance is transparent and accountable in Irepodun Local Government, especially in the identification, formulation and execution of its projects, Irepodun local government authority has a huge financial challenge in carrying out service delivery. The study therefore recommends that; the state joint local government account should be abolished from the Nigerian constitution to enable allocation of funds directly to the local governments from Federation account. they should also put a stop to the persistence deduction from the monthly allocation of local governments. Again, states should henceforth be made to remit regularly the constitutional 10% of their internally generated revenue to the local government authorities. Irepodun local government and other local government authorities in Nigeria emplace more efforts on sustainable wealth creation rather than depending solely on the grants from the federal and state governments.

An Analysis of the Principles of Sustainable Income Based on Kitab al-Kasb

This article aims to analyze the principles of sustainable income according to Islam based on the writings of Imam al-Syaibani in Al-Kasb. He highlighted the principles of responsibility and trust in seeking income, the appreciation of the concept of tawakkal and the priority of earning a living. This study is qualitative, using content analysis methods to extract some of the themes mentioned above. The study found book Al-Kasb is an injection of Islamic economic thought that encourages the practice of sustainable wealth management by al-Shaybani to respond to economic problems involving Muslims. Keywords: Al-Kasb, Al-Shaybani, Sustainable wealth management. eISSN: 2398-4287 © 2021. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. DOI: https://doi.org/10.21834/ebpj.v6iSI6.3034

Towards a Global Energy-Sustainable Economy Nexus; Summing up Evidence from Recent Empirical Work

The recent trend in New Economics is the establishment of measures of sustainable wealth and welfare which take into account all the parameters of economic, environmental, and social life and progress, juxtaposed to the conventional and myopic GDP. This review summarizes results from a series of recent papers in the energy-growth nexus field, which have perused a proxy for the sustainable GDP instead of the conventional GDP and discusses the difference in results and policy implications. The energy-growth nexus field itself has generated a bulk of work since the seminal study of Kraft and Kraft (1978), but still the field needs new perspectives in order to generate results with a consensus. The bidirectional causality between energy consumption and sustainable economy provides evidence for the Feedback Hypothesis, a statement that essentially warns that it is too early for sustainability to be feasible without fossil energy consumption, and vice versa. The unidirectional causality reveals, on the one side, that an economy cannot grow without the plentiful consumption of energy (the Growth Hypothesis) and, on the other side, that the growth of the economy fuels energy consumption (the Conservation Hypothesis). Failure to corroborate causality between energy consumption and economic growth is evidence for the Neutrality Hypothesis.

Proverbs 28:19–22 and proliferation of sports betting amongst African youths

Work is integral to human existence, and a veritable means for both individual and societal development. Over time, human prosperity and societal advancement have been credited to application of both physical and mental abilities into resourceful ventures that resulted in wealth and prosperity. When this approach to wealth generation is negated and one resorts to shortcuts, the adverse implication is glaring on both the individual and society at large. The problem that necessitated this study is the quest for quick riches devoid of hard work amongst many African youths. In recent times, sports betting has high patronage amongst youths as it is considered a fast means to alleviate poverty. This research study analysed the importance of hard work as a panacea to poverty against the backdrop of sports betting proliferation amongst African youths. The study was carried out in the light of a Biblical wisdom literature text in Proverbs 28:19–22. This pericope was considered to be appropriate because it includes explicit sayings that extol hard work and bring to light the dangers of unrealistic ventures and haste to riches. The research design adopted was exegetical, whilst the methodology was rhetorical analysis. Exegesis refers to critical explanation or interpretation of a given biblical passage; rhetoric is the art of effective or persuasive speaking or writing. The data were collected from primary (Bible) and secondary sources (books, journals, online resources and Bible commentaries). This study beckoned on African youths to engage their physical and mental ability into resourceful enterprises and shun anti-work ventures.Intradisciplinary and/or interdisciplinary implications: The article unequivocally challenges the involvement of African youths in worthless pursuits and the inordinate desire for quick riches, and thus, advocates youths to embrace hard work. The study contributes to Old Testament modern discourses on youths and sustainable wealth creation. Its related disciplines are exegesis or hermeneutics, entrepreneurial economics and practical theology.

Entrepreneurship Development Among Black Youths in South Africa: A Choice or Neccesity?

Black-youth-owned enterprises are essential to sustainable development and wealth creation for rural-based municipalities like the Vhembe District Municipality, where they can play a pivotal role in economic growth. This paper aims to explore the socio-economic determinates of entrepreneurship trends among Black youths in the Vhembe District Municipality. The investigation focused on youths living in the Vhembe District Municipality in Limpopo province, South Africa. The study used judgmental non-probability sampling to sample the participants. The study used qualitative research to collect and analyse data. The unstructured interview was used to gather data from the participants. Thematic analysis was used to analyse the data collected. The study findings revealed that Black youths in the Vhembe District decided to be entrepreneurs to empower their communities, escape underemployment and scarcity of jobs, create jobs, and stimulate economic growth. The paper recommends that the Department of Women, Youth and Persons with Disabilities in the Presidency, in collaboration with the Department of Small Business Enterprise Development and the National Youth Development Agency, should provide a two-year internship for young Black entrepreneurs in foreign companies that specialize in mining, technology, creative industries, and agriculture. When these Black youth return home, the government should set aside a Presidential Youth Fund to assist them to start their own businesses in the same industry.

CHARTING THE COURSE FOR A BLUE ECONOMY IN NIGERIA: A LEGAL AGENDA

Ocean and coast based economic activities are increasingly being recognized as key drivers for supporting global economies. This move towards a “blue economy” is becoming widespread in view of the paucity of land resources being experienced globally by promoting sustainable and inclusive economic growth using oceanic resources. The sustainability of these ocean-based activities must however be intricately linked with the existence of a comprehensive and cohesive legal framework to align marine conservation with the extractive and exploitative endeavors. This paper analyses the potential for a blue economy in Nigeria and examines the adequacy of the existing legal regimes on marine environmental protection meant to reduce the risks of intensified ocean-based activities resulting into unsustainable environmental impacts. The paper submits that deriving sustainable wealth from ocean-based activities in Nigeria is achievable given the existing legal framework for marine environmental protection in the country. It however recommends the need to further tighten the noose around the implementation protocols of these laws to better integrate the health of the ocean ecosystem into the development of the country’s ocean resources.