Economic Transformation Research Articles

Does board gender diversity improve stock liquidity?

PurposeFirms with gender diverse boards have been shown to have increased transparency and disclosure, resulting in reduced information asymmetry, which is a key factor influencing stock liquidity. This paper explores the influence of information asymmetry resulting from board gender diversity on stock liquidity. We examine the impact of gender diverse firms on stock liquidity in US listed firms from 2006 to 2022, capturing 28,280 firm-year observations across 4,349 firms. Using mediation models, we distinguish between direct and mediated effects to examine the impact of gender diverse boards on three dimensions of stock liquidity. We find a positive and significant relation between board gender diversity and stock liquidity, and our findings highlight the substantial mediating role of information disclosure in this association. To address concerns of endogeneity, we use instrumental variables regression, and our conclusions remain robust to a range of alternatives.Design/methodology/approachTo investigate the association between board gender diversity and stock liquidity and the underling mechanism that drives the relation, we utilize a dataset comprising 4,349 listed US firms from 2006 to 2022. We adopt a comprehensive approach to measure stock liquidity that spans three dimensions: Amihud illiquidity (LIQ) as a representation of price impact, the quoted spread (SPREAD) to gauge transaction costs and the stock turnover (TURNOVER) to assess trading frequency. To evaluate board gender diversity, we examine female directors and female independent directors, utilizing both the percentage and the presence (as a binary variable).FindingsThe results of our analysis reveal not only a statistically significant effect of board gender diversity on liquidity but also demonstrate its economic significance. One standard deviation increase in the percentage of female directors (12% more female directors) is associated with a 5.8% decrease in price impact, a 5.1% reduction in transaction costs and a 3% increase in trading frequency. These findings highlight the material economic importance of the relationship, which stands in contrast to previous studies reporting only a 1% change in average stock liquidity in the Australian stock markets (Ahmed and Ali, 2017). To further investigate the underlying mechanism driving the association between board gender diversity and liquidity, we employ mediation models to separate the direct and mediated channels. Our results indicate that the effects of the percentage of female directors are mediated on liquidity (LIQ, SPREAD, and TURNOVER) through information disclosure, albeit with a relatively small magnitude (mediation proportion is 18.2, 3.9 and 22.9%, respectively).Research limitations/implicationsWe include a comprehensive set of variables in our analysis and adopt an instrumental approach to mitigate endogeneity concern. However, we acknowledge the possibility of omitted variable biases or reverse causality in our empirical analysis.Practical implicationsOur study contributes to the understanding of the association between board gender diversity and stock liquidity, focusing on the underlying mechanisms. Gender diversity on boards enhances corporate governance, leading to reduced managerial opportunism (Adams and Ferreira, 2009; Nielsen and Huse, 2010). This, in turn, increases information transparency and results in increased stock liquidity. By exploring the empirical evidence of the impact of gender diverse boards on stock liquidity through the information channel, we provide valuable insights to the existing literature. Our study uses US data to examine this association, addressing the small sample concerns of prior research that may have contributed to inconsistent findings.Social implicationsThis research can drive both economic and social transformations as it provides evidence that gender diverse boards lead to improved market outcomes.Originality/valueOur study differs from previous research by incorporating all three dimensions of liquidity, ensuring a comprehensive analysis. Through our investigation, we aim to deepen understanding of how gender diversity on corporate boards shapes market dynamics and contributes to understanding of corporate governance and market efficiency. Our study investigates how the impact occurs by employing mediation models to separate the direct and mediated channels of impact. We show that the effects of gender diverse boards on liquidity are mediated through information disclosure.

The impact of servitization transformation on the ESG performance of manufacturing firms

In the new era of green and low-carbon economic transformation, servitization transformation enhances the production efficiency and perceptual capabilities of manufacturing firms and offers a novel approach to fulfilling environmental, social, and governance (ESG) responsibilities. This study employs a sample of Chinese-listed manufacturing firms from 2009 to 2021 to provide a theoretical analysis of the intrinsic mechanisms by which servitization transformation impacts ESG performance, including the roles played by total factor productivity, human capital, and firm goodwill. We then empirically examine the impact and mechanisms by which servitization transformation impacts the ESG performance of firms, finding the following. First, servitization transformation significantly improves ESG performance and this conclusion still holds following a series of robustness tests. Second, servitization transformation enhances ESG performance through the following three channels: improving total factor productivity, optimizing the structure of human capital, and accumulating firm goodwill. Third, the ESG performance of state-owned, high-tech, and large firms is more sensitive to servitization transformation. This study enriches and expands the application of servitization transformation research to manufacturing, providing policy insights that would allow manufacturing firms to better fulfill their ESG responsibilities and promote green and sustainable economic development.

Trajectories of post-authoritarian transitions: A comparative interpretation of Chile and South Africa, 1990–2010

ABSTRACT This comparative study delves into the post-authoritarian transitions of Chile and South Africa between 1990 and 2010, with a particular focus on the neoliberal economic institutional trajectories that have shaped their development regimes. Employing elite interviews and documentary analysis, we unveil six mechanisms through which these institutional pathways are legitimised and perpetuated, providing a nuanced understanding of the role neoliberalism plays in economic policies and institutional transformations within democratic transition contexts. Despite economic successes marked by reduced poverty levels and GDP growth, both countries have sustained high levels of inequality, challenging the efficacy of neoliberalism in addressing structural inequality issues. Our findings contribute to the comparative sociology debate on neoliberalism in economic policies, offering insights into the complexities and challenges faced by Chile and South Africa during their democratic transitions. This analysis not only highlights the persistence of neoliberal economic structures but also sheds light on their implications for social equity. By comparing these distinct yet similarly challenged transitions, this paper aims to enrich the understanding of neoliberalism's impact on post-authoritarian societies, providing valuable lessons for other nations navigating the precarious path from authoritarianism to democracy.

The Relationship Between Government Welfare Policies and Employment Rates: An In-Depth Analysis

This study examined the effects of social programs implemented by governments in China, the US, and Norway on employment rates. Welfare policies are essential for mitigating the problems of unemployment, poverty, and social inequality that the government faces and for fostering social stability. Using case studies and empirical data, this study uses a comparative analytical approach to investigate how various welfare regimes impact job results. According to the study’s findings, employment has decreased in China even while social spending has increased steadily. This might be because of a lag between the country’s economic transformation and the execution of its policies. Although welfare spending has expanded dramatically in the United States, employment growth has been modest, implying that welfare dependency may worsen rather than provide work prospects. Conversely, Norway’s welfare system is distinguished by substantial worker support and high social spending, both of which are positively connected with growth and stability in employment. The study concludes that, although welfare policies are essential to social security, their formulation and execution need to be carefully considered in order to encourage employment and prevent unforeseen outcomes like dependency or decreased labor force participation. The significance of welfare system optimization in promoting social justice and economic stability while attending to the needs of disadvantaged populations is emphasized by this study

National Governance and Economic Transformation in the Digital Economy

The digital economy, as a product of the information age, is reshaping economic and social structures. It is not only a new form of economic development, but also infrastructure and general purpose technology. Digital technologies, such as big data analytics and blockchain, are transforming government decision-making and public services, improving governance efficiency and transparency. At the same time, the digital economy is driving industrial upgrading and transforming the industrial structure to “software-defined and data-driven”, in order to realize sustainable economic growth and social well-being.

Enterprise green supply chain management under the dual-carbon background: A case study of Geely Automobile

With the severe challenge of global climate change and the increasing constraints of resources and environment, China has put forward the goals of “carbon peaking” and “carbon neutrality” (referred to as “dual carbon”), aiming to promote green economic transformation and high-quality development. Green supply chain management, as an important means to achieve the goal of “double carbon”, is gradually becoming a key path for the sustainable development of enterprises. this study takes Geely Automobile as an example, an in-depth analysis of its green supply chain management practice under the background of “dual carbon”, discusses its successful experience and existing problems, and puts forward suggestions for further optimization, to provide reference and reference for other Chinese enterprises, and promote the green transformation and sustainable development of the entire industry.

Evaluation of Quality Online Banking Services Using WASPAS Method

The rapid expansion of the Internet and advances in digital technology have revolutionized traditional banking methods, leading to the emergence of online banking. Online banking enables customers to conduct financial transactions anywhere, anytime, with unprecedented convenience and accessibility. This paper provides a comprehensive analysis of online banking, examining its benefits, challenges and impact on both banks and consumers. Key aspects such as security concerns, customer satisfaction, cost effectiveness and complexity in implementing online banking systems are discussed. Also, how online banking is reshaping the banking landscape, promoting greater competition, financial inclusion and digital transformation in the global economy. The advent of the Internet and digital technologies has fundamentally changed the way financial institutions operate, paving the way for online banking. Online banking, also referred to as internet or e-banking, allows customers to access a wide range of financial services through digital platforms. These services include checking account balances, transferring funds, paying bills and managing investments all from the convenience of a personal device. As customers increasingly demand fast, convenient and secure banking services, financial institutions have responded by embracing digital transformation. The shift to online banking has brought significant benefits such as reduced operational costs, improved customer experience and increased efficiency in financial services. However, along with these advantages, banks also face challenges related to cyber security, customer trust and the need for continuous technological upgrades to meet evolving consumer needs. The importance of research related to online banking lies in its profound impact on the global financial system and its growing relevance in the digital age. Understanding online banking is important for financial institutions, regulators and customers as it changes traditional banking practices and introduces new opportunities and challenges. Technological Advances and Innovations: Online banking is at the forefront of financial technology (FinTech), creating innovations in service delivery. Exploring this area allows for a deeper understanding of how technological advances such as mobile banking, artificial intelligence (AI) and block chain are improving efficiency, customer experience and the competitive landscape of banking institutions. Customer Behavior and Satisfaction: As more consumers shift to digital platforms, research on online banking provides insights into changing customer expectations and behavior. It highlights key factors influencing customer satisfaction, including usability, convenience and trust, helping banks refine their services to meet growing demands for seamless, personalized experiences. Cost Efficiency and Operational Impact: The financial sector has experienced significant cost reductions and operational improvements through the adoption of online banking. Understanding how banks can use online platforms to optimize resource allocation, reduce transaction costs and improve efficiency is critical for stakeholders looking to stay competitive and increase profitability. Security and risk management: As online banking systems become more pervasive, so do the associated risks—especially those related to cyber security. Research in this domain is essential for developing effective security protocols, understanding fraud prevention strategies, and managing data privacy concerns. It ensures continuous improvement of security measures to protect both financial institutions and consumers. Customer Satisfaction (Benefit), Transaction Speed (Benefit, sec), Implementation Cost (Non-Benefit, $000), Security Rating (Non-Benefit). System A, System B, System C, System D, System E.

Research on the impact of WTO trade policy review mechanism (TPRM) on the employability of Chinese college students during the economic structural transformation of its member countries

The WTO TPRM is a very important machinery where the WTO members submit for evaluation their trade policies and structures as well as their economic reforms. This research used secondary evidence from employment reports, government statistics and various industry research and employed expert policy and economic opinion. It analyses employment rates prior to and after the implementation of the “mass entrepreneurship and mass innovation” policy and the policy of integrated enterprise-school and university-enterprise. In total, the general sample consists of 500 students half of whom are male and the other half are female. The employment rates stands at an average of 78% among the students. In terms of the standard deviation, the figure is equal to 9.3% which he described as moderate variability of employment outcomes. . Similarly the analysis reveals a positive relationship between GPA, entrepreneurial intention and participation in vocational programs on employability ( p < 0. 001). The coefficient for entrepreneurial intention is especially significant (β = 0. 38), which means that students, who had entrepreneurial intentions, are more likely to be employed. Employment prospects for college students were found to be especially enhanced through adoption of the above policies showing a very strong implication of education and training to economic needs especially during structural change. This study has implication for policy formation and course offering for higher institutions of learning to enhance the employment status of graduates in the current world economy.

A local-level agricultural transformation in the making? The case of the cassava industry in the Ashanti and Volta regions of Ghana

ABSTRACT In sub-Saharan Africa, Ghana is recognized as one of the countries undergoing rapid economic transformation. Drawing on an agricultural transformation framework, this study sheds light on the current farm and nonfarm developments in the cassava subsector in five communities across four districts in Ghana. Using a qualitative exploratory research design based on field-work surveys, the study identifies several factors that together showcase manifestations of a transformation process in the studied areas. These include a combination of growing farm sizes, use of new technologies, higher productivity, expanding market opportunities, increased profitability, improved lives and livelihoods, and changing labour structures. These micro-level findings allow the study to offer a richer understanding of dynamics of change underway that could complement macro-oriented analyses of agricultural transformation in Africa.

Research on the Development Path of Industrial Internet Eco-Platform in the Context of China's Economic Digitization

The continuous innovation and promotion of digital technology represented by big data, cloud computing and artificial intelligence have accelerated the development of a new round of technological revolution. The new round of technological revolution presents intelligent and networked characteristics, digital economy and digital technology to empower China's economic form to digital transformation, giving rise to a number of new business forms, new models, and bringing new opportunities. However, China is still facing problems such as a large digital divide, digital security threats, difficulties in implementing digital taxes, serious non-tariff barriers, difficulties in the digital transformation of enterprises and a lack of digital talents. Therefore, relevant research on the connotation and characteristics of the digitalisation of China's economy should be strengthened to provide theoretical support for China's economic transformation and high-quality development.

Developing Vocational Education and Deepening the Integration of Industry and Education Providing Human Resources Support for Building a Strong Provincial Centre-Taking the Development of Vocational Education in Sanmenxia as an Example

Since the 18th National Congress of the Communist Party of China (CPC), China's vocational education has experienced significant improvement and optimisation, and the group of graduates from vocational colleges and universities has grown to become the backbone of China's industrial army, which not only provides a solid support for the vigorous development of small and medium-sized enterprise clusters, but also greatly promotes the transformation and upgrading of the regional industry, and accelerates the process of urbanization, which has become an important driving force for the socio-economic development of the society. In recent years, Sanmenxia City has paid special attention to the development of vocational education in the process of strengthening the construction of provincial centre city, and has cultivated a large number of high-quality technical talents, which has provided a solid talent foundation for the transformation and development of the city's economy and society. Taking the development of vocational education in Sanmenxia as an example, this paper focuses on the inevitability and positive contribution of vocational education to the construction of Sanmenxia as a provincial central city, analyses the current situation, and puts forward countermeasures and suggestions for the future of vocational education in the provision of talent support for the construction of a provincial central city.

Dynamic interactions among exchange rate, natural gas demand, production in manufacturing and battery industry export – evidence from Hungary

In the context of the current global economic transformation, the rapid rise of the electric vehicle industry has made the battery industry a new focus of competition among countries. Despite its relatively small economic and demographic size, Hungary has garnered significant academic interest by emerging as the world’s third-largest battery producer in 2021. The study employed a dynamic vector autoregressive (VAR) model to determine that fluctuations in the Hungarian exchange rate have a notable immediate influ-ence on exports in the battery business，which suggests that changes in exc-hange rates directly affect international competitiveness. The battery sector is experiencing a progressive increase in the influence of fluctuations in na-tural gas demand, particularly in terms of their impact on production costs and supply chains. The battery industry has had substantial advancements in technological innovation and production efficiency as a direct result of the expansion in manufacturing production. And Hungary’s total industrial deve-lopment is significantly influenced by the long-term effects of export expan-sion in the battery industry. JEL Codes: L62, E44, O14, C22

The «great experiment» of cheap labor in Mauritius: a historical perspective

ABSTRACT The aim of this article is to demonstrate that the indenture system contributed to the development of a work ethic that facilitated the development of the Mauritian economy. The indentured labor system in Mauritius, though crucial for the island’s economic boom in the 19th century, involved harsh realities for laborers. Long contracts, limited freedoms, and debt bondage masked the ‘free’ labor narrative. Despite the exploitation, some former laborers achieved land ownership and entrepreneurship, showcasing resilience. Recognizing the vulnerability of a sugar-dependent economy, Mauritius embarked on diversification efforts, fostering tourism, manufacturing, and financial services. By examining the indentured labor system, we gain insights into the human cost of economic growth, the complexities of ‘free’ labor, and the long-term consequences of migration. This historical exploration sheds light on Mauritius’ social and economic transformation, highlighting its journey from a sugar-reliant nation to a more diversified and resilient economy.

Economic Transformation and Fostering Sustainable Growth through Cashew Research Investment in the Konkan Region of Maharashtra State

Economic Transformation and Fostering Sustainable Growth through Cashew Research Investment in the Konkan Region of Maharashtra State

The impact of information and communication technologies on export diversification: Evidence from developing countries

As economies increasingly rely on digitalization, information and communication technologies (ICT) have become critical in shaping global economic transformations. This study explores the impact of ICT on export concentration and diversification in emerging markets and developing countries. Using a panel data set of 110 countries from 2000 to 2019, the Generalized Method of Moments (GMM) estimator has been employed to assess the short- and long-term effects of ICT on these economies. To summarize information on various ICT channels, an ICT index has been constructed through principal component analysis (PCA). Additionally, the study examines the combined influence of ICT and human capital on export concentration. Findings indicate that ICT development significantly accelerates export diversification in developing countries, aligning their export structures with global standards. The interaction between ICT and human capital positively impacts export concentration, suggesting that higher levels of human capital enhance ICT's effects. Overall, ICT not only boosts human capital but also equips developing countries with the skills needed to enter new markets, develop high-value products, and compete globally. Consequently, governments in developing countries should prioritize investments in ICT infrastructure to lower trade costs, diversify exports, and promote sustainable economic growth.

Quantitative assessment of PM2.5-related human health impacts at the provincial level in China and analysis of its heterogeneity affected by economic structural transformation

Rapid economic development has led to massive fossil energy consumption and emissions of air pollutants such as PM2.5, which have severely impacted human health and the environment. By uncovering the primary regions and pivotal sectors of PM2.5-related human health impacts (PM2.5-HHI) and evaluating the influence of economic structural factors on them, we can facilitate a more targeted strategy for managing PM2.5 pollution sources. This study employs a structural decomposition analysis method based on input–output analysis to evaluate the impact of China’s provincial economic structural transformation and changes in final demand on PM2.5-HHI in the years 2012, 2015, and 2017. Results indicated that PM2.5-HHI is primarily concentrated in economically developed provinces (e.g., Shandong and Guangdong), which is compared to Shanghai, Heilongjiang, Liaoning, and Hebei experienced negative growth in PM2.5-HHI during 2007–2017. The production-based PM2.5-HHI is primarily driven by energy-intensive sectors such as the production and distribution of electric power and heat power. By contrast, the building sector is key to driving consumption-based PM2.5-HHI. An increasing number of regions are reducing PM2.5-HHI by implementing production structure changes. Moreover, the driving effect of production structure changes on PM2.5-HHI growth is strengthening in Beijing and Tianjin. Changes in the final demand structure mainly led to the growth of PM2.5-HHI in areas with higher economic development levels, such as Beijing and Shandong, but this driving effect is weakening. The final demand–driven PM2.5-HHI shows an evolutionary trend of an increasing share driven by fixed capital formation and exports and a decreasing share driven by household consumption. Changes in emission intensity play a key role in decreasing PM2.5-HHI in each region. Alternatively, changes in the structure of emission sources have a relatively minor impact on PM2.5-HHI. To mitigate PM2.5-HHI, regional economic and resource endowment advantages should be used to promote regional coordinated development and strengthen green production-process innovation in energy-intensive industries. Meanwhcile, it is necessary to optimize urban construction planning and improve the energy efficiency of buildings.

Implementing the Circular Economy in the European Union and Spain: Links to the Low-Carbon Transition

This paper reviews and analyzes the process of the implementation of the circular economy in the European Union (EU) and Spain, and its links to the low-carbon transition. The EU implementation of the circular economy went through several stages. Since the adoption of the first action plan in 1993, the links between the circular economy and carbon transition goals have become intertwined. Recently, the EU approved the framework of new monitoring measures and indicators for the circular economy. The adopted actions have involved the adaptation of European legislation at the national level. Spain has participated in this process since 2017, when the Circular Economy Pact was signed. The subsequent approval of the Spanish Strategy for a Circular Economy in 2020 was developed, considering a close relationship between decarbonization and the circular economy. Lately, the circular economy implementation has been strengthened with the strategic project for economic recovery and transformation, linked to the recovery of COVID-19, and the roadmap for the sustainable management of mineral raw materials, with both documents including actions directly related to transforming the energy system. Data show that Spain has made significant improvements in the circular economy transition. However, Spain’s vulnerability to externalities is greater than that of the EU as a whole.

Green Financial Policy for Fostering Green Technological Innovation: The Role of Financing Constraints, Science Expenditure, and Heightened Industrial Structure

The environment has become an increasing concern due to the accelerated expansion of the world’s economy. Green finance is a crucial strategy for China to address challenges in fostering green innovation and achieving sustainable development. By employing the difference-in-differences (DID) method, this study assessed the influence of green financial policy (GFP) on green technological innovation (GTI) in the Yangtze River Economic Belt (YREB). The results indicate that GFP significantly improves GTI, especially in cities with a lower level of green finance development, cities with a medium level of GTI, and cities upstream of the Yangtze River. A mechanism analysis found that GFP promotes GTI in the YREB by alleviating financing constraints and increasing science expenditures. However, it fails to improve GTI through the heightened industrial structure. The findings provide empirical proof and policy direction for the reformation of green financing and the achievement of ecological transformation in the river basin economy in accordance with the ‘dual-carbon’ goal.

Role of industrial growth on economic development: A comparative analysis of developed and developing countries

Industrialization has played a pivotal role in shaping economic transformation, influencing growth patterns globally across different stages of development. This study investigates the role of industrialization on economic development by controlling labor force, capital formation, school enerollment, and institutional quality. The panel data of 62 developing and 96 developed countries are collected from World Bank from 1990 to 2023. The empirical results are estimated by using the Panel Quantile Regression (PQR), and its robustness is checked through the Method of Moverment-Quantile Regression (MM-QR) approach. The empirical results found the U-shaped relationship between industrialization and economic development in both samples. The labor force significantly increases economic development in developed countries while declines in developing countries. Gross capital formation and preprimary education also significantly enhance economic development. The institutional quality surges economic development in developed countries and declines in developing countries. The MM-QR approach also shows similar results, proving the PQR approach's robustness. This study recommends that all countries should focus on industrial diversification, improving infrastructure and energy access, strengthening institutions, building a skilled workforce, and ensuring environmental sustainability.

Assessment of the Current Situation and Solutions to Attract Australian FDI Capital to Vietnam in the Context of International Integration

Foreign Direct Investment (FDI) has played a pivotal role in Vietnam’s economic transformation, significantly contributing to industrialization, job creation, and export growth. Since the introduction of the Law on Foreign Investment in 1987 and Vietnam’s accession to the World Trade Organization (WTO) in 2007, the country has emerged as a leading destination for foreign investors in Southeast Asia. Key sectors attracting FDI include manufacturing, real estate, and services, which have driven economic development and facilitated Vietnam’s integration into the global economy. Despite these successes, challenges remain that hinder FDI’s full potential, including administrative inefficiencies, complex regulations, corruption, and inadequate infrastructure. The shortage of highly skilled labor, especially in technology-driven fields, also limits the country's ability to attract higher-value FDI projects. Moreover, there are regional disparities in FDI distribution, with major urban centers like Ho Chi Minh City and Hanoi receiving most investments, while rural areas are often overlooked. The impact of new-generation Free Trade Agreements (FTAs), such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), is also examined. These agreements enhance market access, legal protections for investors, and reduce trade barriers, making Vietnam increasingly attractive for high-tech and service industries. This paper assesses the current FDI landscape in Vietnam, identifying opportunities and challenges for foreign investors. Recommendations include simplifying business procedures, implementing anti-corruption measures, improving infrastructure, and enhancing workforce training to address skills gaps. By adopting these reforms, Vietnam can attract higher-quality investments, strengthen ties with global supply chains, and foster sustainable economic growth. Additionally, the research emphasizes the importance of building stronger partnerships between FDI enterprises and local firms to ensure the widespread distribution of investment benefits across the economy. With a more favorable investment climate, Vietnam can reinforce its position as a premier destination for global investors and enhance its role in the international market.