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Volume 9
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Economies, Volume 9, Issue 1 (March 2021) – 41 articles

Cover Story (view full-size image): Previous studies have found that firms where women have greater influence are less likely to pay bribes than other firms. In this study, we ask how these firms avoid paying bribes. Using data from the World Bank’s Enterprise Surveys, we find that firms run by women avoid meeting and interacting with government officials when they can. Female-managed firms, for example, are less likely to apply for construction and import licenses, less likely to meet with tax officials, and less likely to bid for government contracts than male-managed firms. However, female-managed firms are no less likely to say that officials sought bribes when they met with them than male-managed firms. This suggests the main way that firms with women in positions of power avoid paying bribes is by avoiding situations where officials might seek them. View this paper
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25 pages, 5368 KiB  
Article
Dissemination of Social Accounting Information: A Bibliometric Review
by Margarida Rodrigues, Maria do Céu Alves, Cidália Oliveira, Vera Vale, José Vale and Rui Silva
Economies 2021, 9(1), 41; https://doi.org/10.3390/economies9010041 - 19 Mar 2021
Cited by 23 | Viewed by 5632
Abstract
The discussion in recent decades about sustainable development issues has given rise to a new accounting dimension: social accounting. Currently, this issue remains an emerging theme. Although there are some studies and literature reviews, none include disclosure of social accounting information or the [...] Read more.
The discussion in recent decades about sustainable development issues has given rise to a new accounting dimension: social accounting. Currently, this issue remains an emerging theme. Although there are some studies and literature reviews, none include disclosure of social accounting information or the analysis of research paradigms. This article reviews the research on social accounting disclosure and tries to answer the following research questions: What research streams have been followed? Which theories and research paradigms have been used? The search for articles to be included in the literature review was performed through the Web of Science. The 126 articles obtained were later analyzed using Bibliometrix software. Results expose the growing interest in this theme and identify three distinct research lines (three clusters): Cluster 1—Social accounting disclosures, Cluster 2—Legitimacy vs. disclosure of social accounting, and Cluster 3—Motivations for disclosure of social accounting. The main contribute of this article resides, on the one hand, in the fact that no literature review articles have been found that include the theme of the disclosure of information on social accounting and, on the other hand, the treatment of data has been done with innovative software, an R package for bibliometric and co-citation analysis called Bibliometrix. As well as mapping the literature, another theoretical contribution of this study was identifying the main research approaches used in the studies. Within the paradigmatic plurality of social accounting research, the results suggest that social accounting research can also be critically addressed when addressing the sustainability challenges posed by climate change or carbon emissions, among many other aspects. This study is, to our knowledge, the first bibliometric review done about social accounting information disclosure. Full article
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19 pages, 1000 KiB  
Article
Idiosyncrasies of Money: 21st Century Evolution of Money
by Daniel Ogachi, Paul Mugambi, Lydia Bares and Zoltan Zeman
Economies 2021, 9(1), 40; https://doi.org/10.3390/economies9010040 - 16 Mar 2021
Cited by 4 | Viewed by 5837
Abstract
This paper examines the question of what kind of money will govern the 21st century by examining the developments which characterise this landscape. On the basis of a review of the available literature and evidence, it is clear that certain technological innovations, such [...] Read more.
This paper examines the question of what kind of money will govern the 21st century by examining the developments which characterise this landscape. On the basis of a review of the available literature and evidence, it is clear that certain technological innovations, such as the movement towards electronic money, will undoubtedly change how we operate. However, the conclusion in this paper is less sanguine regarding the prospects of a global currency, regional monetary unions, or states’ exit from or central banks’ control of money. This paper also sees poor prospects for cryptocurrencies at the moment, given their focus on the decentralisation and politicisation of money, because money requires a backstopping force, making it inherently political. Finally, this paper considers how regulators may seek to ensure that money in its digital form is not taken advantage of and applied in malevolent activities. The study used correlation to establish the level of association among variables. A multiple regression analysis was used to draw an econometric model explaining the relationship between the independent and dependent variables. The following variables were used as independent variables: monetary aggregate (M1), harmonised index of consumer prices (HICP), Euro Interbank Offered Rate (EURIBOR), US dollar/euro, and the USD value of Bitcoin. Multiple regression predicted that when inflation rises, the money supply will decrease. M1 includes cash in circulation, current deposits, and other than demand deposits. The study concludes that price increases encourage people to keep their money in longer-term deposits, including in cryptocurrency. Additionally, an increase in EURIBOR and US dollar/euro reduces the supply of money. Otherwise, an increase in the price of bitcoin in the economy would increase the overall money supply. Full article
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22 pages, 793 KiB  
Article
Generalized Trust and Economic Growth: The Nexus in MENA Countries
by Rania S. Miniesy and Mariam AbdelKarim
Economies 2021, 9(1), 39; https://doi.org/10.3390/economies9010039 - 16 Mar 2021
Cited by 9 | Viewed by 4802
Abstract
This study mainly examines the relationship between generalized/horizontal/social trust and economic growth in countries in the Middle East and North Africa (MENA) region, considering the substantial decline in their trust values since 2005. The study utilizes a multiple linear regression model based on [...] Read more.
This study mainly examines the relationship between generalized/horizontal/social trust and economic growth in countries in the Middle East and North Africa (MENA) region, considering the substantial decline in their trust values since 2005. The study utilizes a multiple linear regression model based on panel data comprising 104 countries over the period from 1999 to 2020. Trust data were obtained from the last four waves of the World Values Survey (WVS). A Pooled Ordinary Least Squares (POLS) estimation technique was used, and interaction terms between trust and several dummy variables were employed. The results show an overall positive and significant relationship between trust and economic growth in the general model and for all country classifications, except for MENA, where the overall relationship is negative but almost negligible. Trust has the highest impact on growth in transition economies, followed in order by developing Asia, developed, developing/Sub-Saharan Africa, developing America, and then MENA countries. Further investigations reveal that the overall negative/reversed effect of trust on economic growth in MENA is only during waves 6 and 7, where the coefficients are sizable. Full article
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13 pages, 457 KiB  
Article
Banks’ Performance and Economic Growth in India: A Panel Cointegration Analysis
by Md. Shabbir Alam, Mustafa Raza Rabbani, Mohammad Rumzi Tausif and Joji Abey
Economies 2021, 9(1), 38; https://doi.org/10.3390/economies9010038 - 14 Mar 2021
Cited by 46 | Viewed by 8054
Abstract
The banking sector plays a crucial role in the economic growth of a nation. The purpose of this study is to examine the long-term association between banks’ performance and the economic growth of a developing economy: India. The study used a panel of [...] Read more.
The banking sector plays a crucial role in the economic growth of a nation. The purpose of this study is to examine the long-term association between banks’ performance and the economic growth of a developing economy: India. The study used a panel of data of 20 public sector banks for the period 2009 to 2019. It applied the Pedroni and Kao test of co-integration, panel vector error correction model (VECM) dynamic, panel fully-modified ordinary least squires OLS (FMOLS), and dynamic OLS (DOLS) to estimate the relationship of interest margin return on assets, bank investment, and lending capacity of the bank with gross domestic product (GDP) of the country. The identification and incorporation of these bank-related variables are the innovations of this study. The results indicate that the bank-related variables are co-integrated with economic growth. Further analysis indicates a significant relationship between interest margin and return on assets with economic growth. In addition, lending capacity and investment activities are not significantly associated with economic growth, leading to the policy recommendation to improve upon these two factors in order to achieve higher growth rates. Full article
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18 pages, 2743 KiB  
Article
A Markov-Switching Model of Inflation in Bolivia
by Antonio N. Bojanic
Economies 2021, 9(1), 37; https://doi.org/10.3390/economies9010037 - 11 Mar 2021
Cited by 8 | Viewed by 5260
Abstract
The Bolivian inflation process is analyzed utilizing a time-varying univariate and multivariate Markov-switching model (TMS). With monthly data and, beginning in the late 1930s, inflation is accurately described by a univariate TMS. The intercept for the high-inflation regime is significantly higher than for [...] Read more.
The Bolivian inflation process is analyzed utilizing a time-varying univariate and multivariate Markov-switching model (TMS). With monthly data and, beginning in the late 1930s, inflation is accurately described by a univariate TMS. The intercept for the high-inflation regime is significantly higher than for the low-inflation regime and the actual inflation rate mirrors the smoothing probabilities of the Markov process. Additionally, the predicted duration of each regime closely fits the periods when the country experienced low and inordinate high inflation rates. From a long-run perspective and utilizing a multivariate TMS, the results generally fall in line with what the quantity theory of money predicts. In the high-inflation regime, money growth increases inflation (almost) one-for-one, as classical economics contends. From a short-run perspective and in the high-inflation regime, inflation is almost exclusively explained by a negative output gap. In the low-inflation regime, lagged inflation is the most important determinant of inflation, in line with price stickiness expectations. Partitioning the sources of inflation demonstrate that, from a long-run perspective and in the high inflation regime, differences in inflation are mostly explained by GDP growth; in the low-inflation regime, money growth and velocity growth are the principal factors explaining the variance of inflation. From a short-run perspective, the output gap explains almost all regression variance in the high-inflation regime, and past inflation does the same during times of low inflation, though in both cases the R2 is low which precludes making definite statements about the sources of variability in inflation. Full article
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26 pages, 1653 KiB  
Article
COVID-19 Pandemic and Lockdown Fine Optimality
by Spyros Niavis, Dimitris Kallioras, George Vlontzos and Marie-Noelle Duquenne
Economies 2021, 9(1), 36; https://doi.org/10.3390/economies9010036 - 11 Mar 2021
Cited by 4 | Viewed by 5645
Abstract
The first stream of economic studies on public policy responses during the COVID-19 pandemic focused on the stringency, the effectiveness, and the impact of the countries’ interventions and paid rather little attention to the corresponding means used to support them. The present paper [...] Read more.
The first stream of economic studies on public policy responses during the COVID-19 pandemic focused on the stringency, the effectiveness, and the impact of the countries’ interventions and paid rather little attention to the corresponding means used to support them. The present paper scrutinizes the lockdown measures and, particularly, examines the optimality of the lockdown fines imposed by countries worldwide towards ensuring citizens’ compliance. Initially, a triad of fine stringency indicators are compiled, and the stringency of fines is evaluated in a comparative context, among the countries considered. Consequently, the fine stringency is incorporated into a regression analysis with various epidemiological, socioeconomic, and policy factors to reveal any drivers of fine variability. Finally, theoretical approaches behind fine optimality are capitalized and real data are used towards estimating the optimal fine for each country considered. The objectives of the paper are, first, to check for any drivers of fine stringency around the world and, second, to develop and test a formula that could be used in order to assist policy makers to formulate evidence-based fines for confronting the pandemic. The findings of the paper highlight that fines do not seem to have been imposed with any sound economic reasoning and the majority of countries considered imposed larger real fines, compared to the optimal ones, to support the lockdowns. The paper stresses the need for the imposition of science-based fines that reflect the social cost of non-compliance with the lockdown measures. Full article
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22 pages, 2992 KiB  
Article
Liquidity Spill-Overs in Sovereign Bond Market: An Intra-Day Study of Trade Shocks in Calm and Stressful Market Conditions
by Linas Jurksas, Deimante Teresiene and Rasa Kanapickiene
Economies 2021, 9(1), 35; https://doi.org/10.3390/economies9010035 - 11 Mar 2021
Cited by 1 | Viewed by 2349
Abstract
The purpose of this paper is to determine the liquidity spillover effects of trades executed in European sovereign bond markets and to assess the driving factors behind the magnitude of the spill-overs between different markets. The one minute-frequency limit order-book dataset is constructed [...] Read more.
The purpose of this paper is to determine the liquidity spillover effects of trades executed in European sovereign bond markets and to assess the driving factors behind the magnitude of the spill-overs between different markets. The one minute-frequency limit order-book dataset is constructed from mid-2011 until end-2017 for sovereign bonds from the six largest euro area countries. It is used for the event study and panel regression model. The event study results revealed that liquidity spill-over effects of trades exist and vary highly across different order types, direction and size of the trade, the maturity of traded bonds, and various markets. The panel regression model showed that less liquid bonds and bonds whose issuer is closer by distance to the country of the traded bond have more substantial spillover effects and, at the same time, are also more affected by trades executed in another market. These results should be of interest to bond market participants who want to limit the exposure to the liquidity spillover risk in bond markets. Full article
(This article belongs to the Special Issue Asset Pricing, Investment, and Trading Strategies)
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9 pages, 257 KiB  
Article
Movement of Inflation and New Keynesian Phillips Curve in ASEAN
by Adhitya Wardhono, M. Abd. Nasir, Ciplis Gema Qori’ah and Yulia Indrawati
Economies 2021, 9(1), 34; https://doi.org/10.3390/economies9010034 - 10 Mar 2021
Cited by 5 | Viewed by 3462
Abstract
The development of the theory of dynamic inflation begins by linking wage inflation and unemployment. In further developments, factor of expectation is classified into inflation model. The study used inflation data is important for ASEAN, because ASEAN is one of the strengths of [...] Read more.
The development of the theory of dynamic inflation begins by linking wage inflation and unemployment. In further developments, factor of expectation is classified into inflation model. The study used inflation data is important for ASEAN, because ASEAN is one of the strengths of the international economy. This study analyzes the dynamics of inflation in the ASEAN using framework the New-Keynesian Phillips Curve (NKPC) model. The data used is the quarterly panel data from 5 ASEAN members in the period 2005.QI–2018.QIV. The study of this dynamic inflation applies quarter to quarter inflation data, meaning that the inflation rate is the percentage change in the general price of the current quarter compared to last quarter general price divided by the last quarter. The empirical results are estimated by using the Generalized Method of Moment (GMM), both of the system and first different indicates that the pattern formation of inflation expectations are backward-looking and forward-looking. In addition, the estimated NKPC models show the backward-looking behavior is more dominant than the forward looking. Changes in inflation are not entirely influenced by expectations of inflation in each country. Changes in inflation are also influenced by the output gap, changes in money supply, and exchange rate. Based on the findings of this study, it can be concluded that the NKPC models can explain the dynamics of inflation in each country in the ASEAN region. Full article
21 pages, 2537 KiB  
Article
Regional Heterogeneity of Preferences and Intergovernmental Transfers
by Raúl Alberto Ponce Rodríguez and Benito Alan Ponce Rodríguez
Economies 2021, 9(1), 33; https://doi.org/10.3390/economies9010033 - 10 Mar 2021
Viewed by 2310
Abstract
We develop a model with optimal shares of intergovernmental transfers, and we apply a simulation analysis of our model for the case of Mexico. The main outcomes of this paper are as follows: First, we provide optimal shares of intergovernmental funds to be [...] Read more.
We develop a model with optimal shares of intergovernmental transfers, and we apply a simulation analysis of our model for the case of Mexico. The main outcomes of this paper are as follows: First, we provide optimal shares of intergovernmental funds to be allocated in each state considering the regional distribution of the benefits of local public spending in Mexico. Second, our analysis shows that the regional heterogeneity of preferences across regions should be an important determinant of federal funds allocated to state governments. Third, the current system of finance relies on a tax revenue sharing accord that emphasizes nationwide tax collection issues as the main determinants of intergovernmental transfers and local spending. Our analysis provides a contrast between how fiscal policy is conducted, and feasible choices of policy reform. Fourth, our analysis of simulation identifies winners and losers from policy reform, and so our analysis contributes to a better understanding of the advantages and shortcomings of the current policy of intergovernmental transfers, providing feasible ways to improve the outcomes of subnational government spending. Full article
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15 pages, 923 KiB  
Article
Digital Leadership in the Economies of the G20 Countries: A Secondary Research
by Afriyadi Cahyadi and Róbert Magda
Economies 2021, 9(1), 32; https://doi.org/10.3390/economies9010032 - 8 Mar 2021
Cited by 21 | Viewed by 7299
Abstract
Digitalization in leadership practice requires broader research. Today’s economic leaders must be in line with the global mindset in supporting a culture of innovation. The purpose of this study is to investigate the digital leadership capabilities of the G20 countries in terms of [...] Read more.
Digitalization in leadership practice requires broader research. Today’s economic leaders must be in line with the global mindset in supporting a culture of innovation. The purpose of this study is to investigate the digital leadership capabilities of the G20 countries in terms of digital readiness, innovation, and competitiveness 4.0 and to determine the relationship between these variables. The global digital readiness index 2019 (Cisco 2020) was utilized to obtain data on digital readiness (X), the global innovation index (Cornell University et al. 2019) was applied for the data collection on innovation (Y1), and the global competitiveness 4.0 index (WEF 2019) was used to obtain data on competitiveness 4.0 (Y2). All data were cross-sectional for the year 2019. Digital readiness consists of basic needs, human resources, ease of doing business, business and government investment, start-up environment, technology infrastructure, and technology adoption. The components of innovation are institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs. Competitiveness 4.0 is about institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism, and innovation capability. We found that G20 countries had the digital leadership capability in digital readiness, innovation, and competitiveness 4.0. The G20 countries were leaders in global digitalization. Some of them were consistent in digital readiness and innovation. Some were consistent in digital readiness and competitiveness 4.0, and some others were consistent in their 4.0 innovation and competitiveness 4.0. Digital readiness, innovation, and competitiveness 4.0 positively related to each other. Full article
(This article belongs to the Special Issue Leadership in Business and Economics)
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18 pages, 401 KiB  
Review
Do the Peculiar Economics of Professional Team Sports Apply to Esports? Sequential Snowballing Literature Reviews and Implications
by Nicolas Scelles, Qi Peng and Maurizio Valenti
Economies 2021, 9(1), 31; https://doi.org/10.3390/economies9010031 - 5 Mar 2021
Cited by 13 | Viewed by 5667
Abstract
The present research aims to identify the main peculiar economics of professional team sports, reflect on whether they apply to esports, and derive some implications. To achieve this aim, two sequential snowballing literature reviews were conducted. First, the literature on the peculiar economics [...] Read more.
The present research aims to identify the main peculiar economics of professional team sports, reflect on whether they apply to esports, and derive some implications. To achieve this aim, two sequential snowballing literature reviews were conducted. First, the literature on the peculiar economics of professional team sports was reviewed and assessed by the authors, based on their degree of distinctiveness and how core they are for the sector. Second, based on the main peculiar economics identified, a similar process considering economic aspects in the esports literature was conducted. The first review enabled the identification of 50 peculiar economics of professional team sports, of which 12 were assessed as the most distinctive and core to the sector. These 12 main peculiar economics were then considered in relation to the esports literature. This second review enabled the identification of some economic similarities and differences between sports and esports, before deriving some implications. Full article
10 pages, 1610 KiB  
Article
The Optimization of Bayesian Extreme Value: Empirical Evidence for the Agricultural Commodities in the US
by Jittima Singvejsakul, Chukiat Chaiboonsri and Songsak Sriboonchitta
Economies 2021, 9(1), 30; https://doi.org/10.3390/economies9010030 - 5 Mar 2021
Cited by 2 | Viewed by 2488
Abstract
Bayesian extreme value analysis was used to forecast the optimal point in agricultural commodity futures prices in the United States for cocoa, coffee, corn, soybeans and wheat. Data were collected daily between 2000 and 2020. The estimation of extreme value can be empirically [...] Read more.
Bayesian extreme value analysis was used to forecast the optimal point in agricultural commodity futures prices in the United States for cocoa, coffee, corn, soybeans and wheat. Data were collected daily between 2000 and 2020. The estimation of extreme value can be empirically interpreted as representing crises or unusual time series trends, while the extreme optimal point is useful for investors and agriculturists to make decisions and better understand agricultural commodities future prices warning levels. Results from the Non-stationary Extreme Value Analysis (NEVA) software package using Bayesian inference and the Newton-optimal methods provided optimal interval values. These indicated extreme maximum points of future prices to inform investors and agriculturists to sell the contract and product before the commodity prices dropped to the next local minimum values. Thus, agriculturists can use this information as an advanced warming of alarming points of agricultural commodity prices to predict the efficient quantity of their agricultural product to sell, with better ways to manage this risk. Full article
(This article belongs to the Special Issue Asset Pricing, Investment, and Trading Strategies)
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21 pages, 1645 KiB  
Article
Sustainable Economy and Development of the Rural Territory: Proposal of Wine Tourism Itineraries in La Axarquía of Malaga (Spain)
by Gorka Zamarreño-Aramendia, Elena Cruz-Ruiz and Elena Ruiz-Romero de la Cruz
Economies 2021, 9(1), 29; https://doi.org/10.3390/economies9010029 - 4 Mar 2021
Cited by 25 | Viewed by 4315
Abstract
The certification of Malaga and Ronda wine route, within the model of certified wine routes in Spain, has given a new boost to wine tourism in Malaga. The study focuses on La Axarquía, located on the Eastern Costa del Sol in Southern Spain, [...] Read more.
The certification of Malaga and Ronda wine route, within the model of certified wine routes in Spain, has given a new boost to wine tourism in Malaga. The study focuses on La Axarquía, located on the Eastern Costa del Sol in Southern Spain, which has been a reference point in the wine business since ancient times and has its own identity. This research aims at elaborating a diagnosis of the territory related to the possibilities offered by the area, from the perspective of the heritage resources and services provided by the winemakers outlining two efficient enotourism itineraries that enhance the value of the territory’s resources. The methodology used starts with the study of the territory in order to profile the existing resources, a task that was complemented by the analysis of the documentary sources required in order to understand the peculiarities of the territory. From there, a process of interviews was carried out between April and November 2019 with 100% of the winemakers and around 70% of the territory’s agents. The results of the research are specified in a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, which has allowed evaluating the possibilities of the enotourist development in La Axarquía, which is complemented with a proposal of two possible itineraries that will promote such development of the rural territory. The conclusions convey the possibilities of the territory of a tourist segment which puts its resources to good use and moves forward the deseasonalization and destructuring of tourism in Malaga, especially on the Eastern Costa del Sol, according to criteria of efficiency and profitability with wine as a reference, although it could be applied to other gastronomic and cultural resources linked to the tourist sector in other geographical areas. Full article
(This article belongs to the Special Issue Economic Factors of the Development of Agricultural Markets and Rural Areas)
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23 pages, 585 KiB  
Article
International Investment Agreements Provisions and Foreign Direct Investment Flows in the Regional Comprehensive Economic Partnership Region
by Nathapornpan Piyaareekul Uttama
Economies 2021, 9(1), 28; https://doi.org/10.3390/economies9010028 - 2 Mar 2021
Cited by 5 | Viewed by 4339
Abstract
The international investment agreements (IIAs) are a strategic policy instrument that member countries could use to achieve win-win cooperation. Meanwhile, the extension of the Association of Southeast Asian Nations (ASEAN) membership toward the Regional Comprehensive Economic Partnership (RCEP) membership has induced the rich [...] Read more.
The international investment agreements (IIAs) are a strategic policy instrument that member countries could use to achieve win-win cooperation. Meanwhile, the extension of the Association of Southeast Asian Nations (ASEAN) membership toward the Regional Comprehensive Economic Partnership (RCEP) membership has induced the rich and deep investment agreement that challenges the ASEAN countries to take advantage. This study demonstrates the effects of investment provisions in international investment agreements on the bilateral foreign direct investment (FDI) in the RCEP economies. It also investigates the effect of ASEAN membership on investment creation and investment diversion toward the RCEP region. Using panel data on RCEP countries during the period 2009 to 2018 and a Driscoll-Kraay standard errors estimator, the results show that the re-lationship between inward FDI and investment provisions in IIAs are positive and significant. Likewise, the investment protection, and promotion provisions in bilateral investment treaties have positive and significant effects on the inward FDI. Moreover, the findings indicate that the ASEAN membership tends to cause the investment creation toward the RCEP region; and it is a stepping stone on the road to the investment policy framework for sustainable development. Full article
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15 pages, 1012 KiB  
Article
The Impact of Foreign Direct Investment on Income Inequality in Vietnam
by Quoc Hoi Le, Quynh Anh Do, Hong Chuong Pham and Thanh Duong Nguyen
Economies 2021, 9(1), 27; https://doi.org/10.3390/economies9010027 - 1 Mar 2021
Cited by 27 | Viewed by 15215
Abstract
Foreign direct investments (FDI) is an important determinant of economic growth. FDI does not only contribute to the growth and economic development but also affects income through contributing to economic development and the impact on employment and salary structure of developing countries. The [...] Read more.
Foreign direct investments (FDI) is an important determinant of economic growth. FDI does not only contribute to the growth and economic development but also affects income through contributing to economic development and the impact on employment and salary structure of developing countries. The aim of this paper is to analyze the impact of FDI on income inequality in Vietnam. This study is the first attempt to examine the impact of FDI on income inequality under the constraints of the institution and education levels. To address the potential endogeneity problem, this study adopts Genernalized Method of Moment (GMM) model to conduct the estimation. A two-step GMM model with robust standard errors is used in the study. Empirical results show that FDI tends to increase income inequality in Vietnam and the existence of a non-linearity relationship between FDI and income inequality is also validated. Moreover, the study finds that the effects of FDI on income inequality are different depending on the level of education and institutions of the host provinces in Vietnam. The results of this study imply that, in order to ensure sustainable development, Vietnam’s policies should focus on improving the quality of economic governance and the administrative reform efforts of the government of the provinces and cities. Besides, policies should focus on increasing investment in public education and improving human capital, which not only can reduce income inequality but also can attract more FDI inflows. Full article
(This article belongs to the Special Issue FDI (Foreign Direct Investment) and Economic Growth)
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16 pages, 1618 KiB  
Article
Corruption and Tax Burden: What Is the Joint Effect on Total Factor Productivity?
by Kouramoudou Kéïta and Hannu Laurila
Economies 2021, 9(1), 26; https://doi.org/10.3390/economies9010026 - 1 Mar 2021
Cited by 5 | Viewed by 3226
Abstract
A common conclusion in the literature is that both corruption and taxation hamper economic growth. It is also plausible that both affect total factor productivity, which, by the famous Solow residual, is a vital driver of economic progress. Moreover, corruption and tax burden [...] Read more.
A common conclusion in the literature is that both corruption and taxation hamper economic growth. It is also plausible that both affect total factor productivity, which, by the famous Solow residual, is a vital driver of economic progress. Moreover, corruption and tax burden are supposed to be intertwined. This paper focuses on the supposedly linked effects of corruption and tax burden on total factor productivity. The empirical study uses panel data from 90 countries for the time span of 1996–2014. The results show that both corruption and tax burden deteriorate total factor productivity, but that an increase in tax burden mitigates the negative effect of corruption. Full article
(This article belongs to the Special Issue Impact of Corruption on the Economy)
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17 pages, 767 KiB  
Article
The Policy Framework of Natural Resource Management in Oil-Dependence Countries
by Basem Ertimi, Tamat Sarmidi, Norlin Khalid and Mohd Helmi Ali
Economies 2021, 9(1), 25; https://doi.org/10.3390/economies9010025 - 23 Feb 2021
Cited by 6 | Viewed by 3782
Abstract
A variety of critical empirical studies are interested in and focused on complex issues related to natural resource management and resource curse, whilst less can be found combining diverse factors that affect the dynamics of this curse and mitigate it. The case study [...] Read more.
A variety of critical empirical studies are interested in and focused on complex issues related to natural resource management and resource curse, whilst less can be found combining diverse factors that affect the dynamics of this curse and mitigate it. The case study of Norway is used as the benchmark policy framework in oil-rich countries to invest oil revenues and set correct fiscal policies. In this study, an analytical framework was structured to evaluate the coherence of resource management with sustainability as a starting point, contributing to further assessments of how the adaptation of such policies is incorporated in resource management to mitigate the resource curse. The analysis also suggests that oil-rich countries can learn from Norway’s experience to mitigate this resource curse and utilize oil revenues in the interest of the country. In addition, the analysis helps in effective management and the protection of ecological resources as these are becoming an increasingly important strategic part of natural wealth. This study aimed to provide an overarching framework designed to help conceptualize key issues of natural resource management and the resource curse in oil-rich countries and understand the challenges facing those countries in managing the natural resources. Full article
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19 pages, 741 KiB  
Article
Generation Y’s Perception of Servant Leadership and Job Satisfaction
by Hurriyet Bilge, Florina Oana Virlanuta, Deniz Zungun, Nicoleta Barbuta-Misu, Pinar Comuk and Emine Turkan Ayvaz Guven
Economies 2021, 9(1), 24; https://doi.org/10.3390/economies9010024 - 20 Feb 2021
Cited by 8 | Viewed by 5170
Abstract
Generation Y wants to know the reason for everything in their lives, they are curious and most importantly, their characteristic of questioning everything makes them stand out. At the same time, it is hard to influence their characteristic features such as their lack [...] Read more.
Generation Y wants to know the reason for everything in their lives, they are curious and most importantly, their characteristic of questioning everything makes them stand out. At the same time, it is hard to influence their characteristic features such as their lack of social skills, little respect for authority, and low level of commitment to their employers when Generation X management tactics are used. The purpose of this study is to better understand Generation Y, to examine their relations with servant leadership practices, and to determine what effects they have on businesses. The field study was made at an established organized industrial zone (OIZ) dating back to 1963. This OIZ is built on an area bigger than 10 million m2 and is divided into 5 subzones. It is currently home to 53,500 employees, has a gross foreign trade volume of $7,200,000,000 and is located in the western Aegean Region of Turkey. The data for the study was collected from 248 participants and scales tested for validity and reliability in Turkish. A model was developed using the data and then it was tested using the confirmatory factor analysis method. The study used Structural Equation Model (SEM) to define the causal relationships between latent variables with a model in the analysis of the data and test its compliance. The result of the analysis reveals that dimensions of accountability and forgiveness from servant leadership practices have a statistically significant effect on personal success, whereas empowerment, accountability, and personal success dimensions have statistically significant effects on job satisfaction. Modesty dimension does not have a significant effect on the personal success and job satisfaction and the dimensions of accountability and forgiveness do not have a significant effect on job satisfaction. In addition, empowerment dimension does not have a meaningful effect on personal success. There is need for more studies to support the accuracy of the result for modesty dimension, since it seems like there is no effect on personal success and job satisfaction. This is a pioneer study since it is an empirical one looking at the application of the servant leadership theory on Generation Y employees. Full article
(This article belongs to the Special Issue Leadership in Business and Economics)
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13 pages, 698 KiB  
Article
The Effect of Education and Macroeconomic Variables on Corruption Index in G20 Member Countries
by Nugroho S. B. Maria, Indah Susilowati, Salman Fathoni and Izza Mafruhah
Economies 2021, 9(1), 23; https://doi.org/10.3390/economies9010023 - 16 Feb 2021
Cited by 5 | Viewed by 4296
Abstract
The purpose of this study was to analyze the effect of several macroeconomic variables consisting of gross domestic products (GDP) per capita, economic openness, government effectiveness index, inflation, and the level of education on the corruption index in G20 member countries. This study [...] Read more.
The purpose of this study was to analyze the effect of several macroeconomic variables consisting of gross domestic products (GDP) per capita, economic openness, government effectiveness index, inflation, and the level of education on the corruption index in G20 member countries. This study focused on the effect of education on the level of corruption in the G20 member countries by treating other macroeconomic variables as control variables that were not analyzed in depth. This research used mixed methods with multiple regression with two stage least square (2SLS) estimation method followed by phenomenological analysis. This study found that primary education enrolment and the lifelong learning index did not significantly influence the level of corruption for all G20 member countries, developed member countries, and developing member countries. Secondary education enrolment showed a negative and significant influence on the level of corruption in all categories of countries (all members, developing, and developed countries). Tertiary education enrolment had a negative and significant influence on the level of corruption in all members and developing countries, but had a positive influence in the developed countries. GDP per capita had a contrasting influence: negative and significant influence in the developed countries, but positive and significant influence in the developing countries. Similar to secondary education, the government effectiveness index had a negative and significant influence in all categories of countries (all members, developing, and developed countries). In contrast, inflation and economic openness had a positive and significant influence on the level of corruption, but only in developing countries. The policy implication of this study is the prioritization of secondary education to tackle corruption problems. Full article
(This article belongs to the Special Issue Impact of Corruption on the Economy)
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15 pages, 753 KiB  
Article
Testing the Role of Trade on Carbon Dioxide Emissions in Portugal
by Nuno Carlos Leitão
Economies 2021, 9(1), 22; https://doi.org/10.3390/economies9010022 - 15 Feb 2021
Cited by 33 | Viewed by 3261
Abstract
This article considers the relationship between trade intensity, energy consumption, income per capita, and carbon dioxide emissions from 1970–2016 for the Portuguese economy. Considering the arguments of monopolistic competition, the article tests the hypotheses of trade and energy consumption on climate change. We [...] Read more.
This article considers the relationship between trade intensity, energy consumption, income per capita, and carbon dioxide emissions from 1970–2016 for the Portuguese economy. Considering the arguments of monopolistic competition, the article tests the hypotheses of trade and energy consumption on climate change. We use the autoregressive distributed lag-ARDL model, quantile regression, and cointegration models such as fully modified ordinary least squares (FMOLS), canonical cointegration regression, and dynamic ordinary least squares (DOLS) as an econometric strategy. The econometric results have support with the literature review. The variables used in this research are integrated with the first differences, as indicated by the unit root test. The empirical study proves that trade intensity contributes to environmental improvements. However, energy consumption presents a positive impact on CO2 emissions. The econometric results also demonstrated that a sustainable environmental system exists in the long run. Full article
16 pages, 3358 KiB  
Article
Administrative Costs and Tariff Rates in the Presence of Customs Evasion: Evidence from Ecuador
by Jazmín González Aguirre and Alberto Del Villar
Economies 2021, 9(1), 21; https://doi.org/10.3390/economies9010021 - 8 Feb 2021
Viewed by 3386
Abstract
This paper seeks to assess the effectiveness of customs policies in increasing the resources devoted to controlling and inspection. Specifically, it seeks to analyze whether an increase in the administrative cost of collecting taxes on foreign trade in Ecuador contributes to reducing customs [...] Read more.
This paper seeks to assess the effectiveness of customs policies in increasing the resources devoted to controlling and inspection. Specifically, it seeks to analyze whether an increase in the administrative cost of collecting taxes on foreign trade in Ecuador contributes to reducing customs fraud. To this end, we identify and estimate a transfer function model (ARIMAX), considering information on foreign trade such as official international trade statistics report and tariff rates, as well as the execution of budgetary expenditure and Ecuador’s gross domestic product (GDP). The period under study includes quarterly series from 2006 to 2018. The results obtained by the model indicate that allocating greater material and budgetary resources to combat customs fraud does not always achieve the objective of reducing customs evasion. Full article
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16 pages, 867 KiB  
Article
Tolerance, Cultural Diversity and Economic Growth: Evidence from Dynamic Panel Data Analysis
by Osama Alhendi, József Tóth, Péter Lengyel and Péter Balogh
Economies 2021, 9(1), 20; https://doi.org/10.3390/economies9010020 - 5 Feb 2021
Cited by 7 | Viewed by 11029
Abstract
This study aims to examine the impact of social tolerance of cultural diversity, and the ability to speak widely spoken languages, on economic performance. Based on the literature, the evidence is still controversial and unclear. Therefore, the study used panel data relating to [...] Read more.
This study aims to examine the impact of social tolerance of cultural diversity, and the ability to speak widely spoken languages, on economic performance. Based on the literature, the evidence is still controversial and unclear. Therefore, the study used panel data relating to (99) non-English speaking economies during the time period between 2009 and 2017. Following the augmented Solow model approach, the related equation was expanded, in this study, to include (besides human capital) social tolerance, the English language (as a lingua franca) and the level of openness. The model was estimated using the two-step system GMM approach. The results show that social tolerance of diversity and English language competence have a positive, but insignificant impact on the economy. Regarding policy implications, government and decision-makers can avoid the costs deriving from cultural diversity by adopting democratic and effective institutions that aim to achieve cultural justice and recognition, which, in turn, enhance the level of tolerance, innovation and productivity in the economy. Moreover, to ease intercultural communication within heterogeneous communities, it is necessary to invest in enhancing the quality of second language education which is necessary to make society more tolerant and the country more open to the global economy. Full article
(This article belongs to the Special Issue The Application of Time Series Analysis in Economic Growth)
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18 pages, 316 KiB  
Article
How Do Women Managers Avoid Paying Bribes?
by George R. G. Clarke
Economies 2021, 9(1), 19; https://doi.org/10.3390/economies9010019 - 4 Feb 2021
Cited by 4 | Viewed by 2723
Abstract
Previous studies have found that firms where women have greater influence are less likely to pay bribes than other firms. In this study, we ask how these firms avoid paying bribes. Using data from the World Bank’s Enterprise Surveys, we find that firms [...] Read more.
Previous studies have found that firms where women have greater influence are less likely to pay bribes than other firms. In this study, we ask how these firms avoid paying bribes. Using data from the World Bank’s Enterprise Surveys, we find that firms run by women avoid meeting and interacting with government officials when they can. Female-managed firms, for example, are less likely to apply for construction and import licenses, less likely to meet with tax officials, and less likely to bid for government contracts than male-managed firms. However, female-managed firms are no less likely to say that officials sought bribes when they met with them than male-managed firms. This suggests the main way that firms with women in positions of power avoid paying bribes is by avoiding situations where officials might seek them. Full article
(This article belongs to the Special Issue Impact of Corruption on the Economy)
16 pages, 686 KiB  
Article
Corruption, Taxation and the Impact on the Shadow Economy
by Daniel Němec, Eva Kotlánová, Igor Kotlán and Zuzana Machová
Economies 2021, 9(1), 18; https://doi.org/10.3390/economies9010018 - 4 Feb 2021
Cited by 14 | Viewed by 7180
Abstract
While assessing the economic impacts of corruption, the corruption-related transmission channels which influence taxation as such have to be duly considered. Taking the example of the Czech Republic, this article aims to evaluate the impacts corruption has on the size of the shadow [...] Read more.
While assessing the economic impacts of corruption, the corruption-related transmission channels which influence taxation as such have to be duly considered. Taking the example of the Czech Republic, this article aims to evaluate the impacts corruption has on the size of the shadow economy as well as on the individual sources of long-term economic growth, making use of a transmission channel through which corruption affects the tax burden components. Using the method of an extended DSGE model, it confirms the initial assumption that an increase in perceived corruption supports the shadow economy’s growth, but at the same time, it demonstrates that corruption and especially its perception has a significantly different effect on two key areas—the capital accumulation and the labour force size. It further identifies another sector of the economy representing taxes which are prone to tax evasion while asserting that corruption has a much more destructive effect on this sector of the economy, offering generalized implications for other post-communist EU member states in a similar situation. Full article
(This article belongs to the Special Issue Impact of Corruption on the Economy)
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19 pages, 1063 KiB  
Article
Earnings Management in Frontier Market: Do Institutional Settings Matter?
by Wil Martens, Prem Yapa and Maryam Safari
Economies 2021, 9(1), 17; https://doi.org/10.3390/economies9010017 - 4 Feb 2021
Cited by 8 | Viewed by 3025
Abstract
We analyse whether differences in earnings management practices in frontier countries can be explained by institutional settings, considering their diverse corporate governance environments, legal regimes, and accounting standards. Across 22 frontier market countries from 2000–2017, we find that financial disclosure, legal environments, and [...] Read more.
We analyse whether differences in earnings management practices in frontier countries can be explained by institutional settings, considering their diverse corporate governance environments, legal regimes, and accounting standards. Across 22 frontier market countries from 2000–2017, we find that financial disclosure, legal environments, and the number of analysts following to be correlated with reduced levels of earnings management (EM). The impact of wealth, GDP growth, firm size, and the use of Big-4 auditors were also associated with reduced EM. Contrary to developed markets and novel to this study, higher levels of societal trust failed to show significance in its ability to constrain EM, suggesting informal institutions are less influential as control monitors. Findings herein verify that the factors that moderate EM are not universally applicable, and help highlight international differences in the management of earnings. Full article
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25 pages, 878 KiB  
Article
Social Aspects of Tourism Policy in the European Union. The Example of Poland and Slovakia
by Aleksander Panasiuk and Ewa Wszendybył-Skulska
Economies 2021, 9(1), 16; https://doi.org/10.3390/economies9010016 - 4 Feb 2021
Cited by 16 | Viewed by 5005
Abstract
Since the beginning of the 21st century, the European Union tourism policy has been increasingly focused on initiatives in the field of social tourism, which are one of the ways of achieving sustainable development in the European tourism economy. Most of the research [...] Read more.
Since the beginning of the 21st century, the European Union tourism policy has been increasingly focused on initiatives in the field of social tourism, which are one of the ways of achieving sustainable development in the European tourism economy. Most of the research projects that have so far been conducted in the field have focused on the benefits for its participants (subjective one: Children and youths, seniors, disabled people, people (families) with low incomes and/or unemployed, big families). However, there is a lack of research on the analysis of the place of social aspects of tourism in the general socio-economic policy of the state and, in a detailed aspect, in the sectoral policy represented by tourism policy, as well as its potential impact on the development of the national economy and meeting tourism needs of the society. The authors tried to fill this research gap in this study. The aim of the study is to differentiate the issues related to the social aspects of tourism policy from the entire socio-economic policy pursued in the European Union and selected member states (Poland and Slovakia). The article is of a theoretical–analytical–conceptual nature. Empirical research, due to the nature of its issues, was conducted with the use of qualitative research methods. The results of the conducted research showed that activities in the field of social tourism policy are conditioned by organizational solutions for the entities that undertake them, as well as economic ones, especially in the field of financing. Moreover, they made it possible to propose the concept of a model social tourism policy with an indication of its place in the European policy on the basis of the past and future EU financial perspectives. Full article
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24 pages, 504 KiB  
Article
Linkage between Leaders’ Behaviour in Performance Management, Organisational Justice and Work Engagement in Public Sector
by Živilė Stankevičiūtė and Asta Savanevičienė
Economies 2021, 9(1), 15; https://doi.org/10.3390/economies9010015 - 3 Feb 2021
Cited by 6 | Viewed by 4264
Abstract
In the last decade, leaders’ behaviour in performance management has been gaining increasing attention, arguing that it is beneficial in terms of improved employee attitudes, behaviour, and performance in the public sector. However, empirical support for such claim is still scant. Given the [...] Read more.
In the last decade, leaders’ behaviour in performance management has been gaining increasing attention, arguing that it is beneficial in terms of improved employee attitudes, behaviour, and performance in the public sector. However, empirical support for such claim is still scant. Given the relevance of work engagement and organisational justice in the public sector and acknowledging a worldwide employee engagement crisis, the paper aims at revealing the linkage between leaders’ behaviour in performance management, organisational justice, and employee engagement in the public sector. In doing this, quantitative data were collected in a survey from employees working in the public sector in Lithuania (299 responses). The findings showed that goal setting and feedback had a significant and positive effect on employee engagement, supporting the theoretical notion that leaders’ behaviour in performance management was crucial in engaging people. As it was expected, goal setting and feedback had a positive effect on organisational justice; meanwhile, organisational justice significantly and positively predicted employee engagement. Turning to the mechanism by which leaders’ behaviour influences work engagement, it seems that organisational justice partly mediated the relationships between goal setting and employee engagement and fully mediated the relationships between feedback and work engagement. These findings affirm that public sector should strive for improving the leaders’ behaviour in performance management as it in turn might impact overall organisational performance. Full article
(This article belongs to the Special Issue Leadership in Business and Economics)
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12 pages, 284 KiB  
Article
Causal Interaction between FDI, Corruption and Environmental Quality in the MENA Region
by Wajdi Bardi and Mohamed Ali Hfaiedh
Economies 2021, 9(1), 14; https://doi.org/10.3390/economies9010014 - 3 Feb 2021
Cited by 13 | Viewed by 3599
Abstract
The present work analyzes the impact of foreign direct investment (FDI) and corruption on the quality of the environment in the MENA region. Indeed, the magnitude of corruption and the quality of institutions are often cited as the main factors affecting the FDI [...] Read more.
The present work analyzes the impact of foreign direct investment (FDI) and corruption on the quality of the environment in the MENA region. Indeed, the magnitude of corruption and the quality of institutions are often cited as the main factors affecting the FDI inflow. Here, the Autoregressive Distributed Lag (ARDL) approach was used to examine data on a group of MENA countries from 1990 to 2016. Our findings verify the Environmental Kuznets Curve. Furthermore, the empirical estimates approve the “pollution haven” hypothesis, which postulates that the polluting industrial activities of developed countries shift to developing countries which have less stringent environmental regulations. Based on the study findings, we recommend greater awareness of the harmful effects of corruption among political and economic actors. Full article
14 pages, 1364 KiB  
Article
Applying Quantum Mechanics for Extreme Value Prediction of VaR and ES in the ASEAN Stock Exchange
by Chukiat Chaiboonsri and Satawat Wannapan
Economies 2021, 9(1), 13; https://doi.org/10.3390/economies9010013 - 3 Feb 2021
Cited by 5 | Viewed by 3040
Abstract
The advantage of quantum mechanics to shift up the ability to econometrically understand extreme tail losses in financial data has become more desirable, especially in cases of Value at Risk (VaR) and Expected Shortfall (ES) predictions. Behind the non-novel quantum mechanism, it does [...] Read more.
The advantage of quantum mechanics to shift up the ability to econometrically understand extreme tail losses in financial data has become more desirable, especially in cases of Value at Risk (VaR) and Expected Shortfall (ES) predictions. Behind the non-novel quantum mechanism, it does interestingly connect with the distributional signals of humans’ brainstorms. The highlighted purpose of this article is to devise a quantum-wave distribution methodically to analyze better risks and returns for stock markets in The Association of Southeast Asian Nations (ASEAN) countries, including Thailand (SET), Singapore (STI), Malaysia (FTSE), Philippines (PSEI), and Indonesia (PCI). Data samples were observed as quarterly trends between 1994 and 2019. Bayesian statistics and simulations were applied to present estimations’ outputs. Empirically, quantum distributions are remarkable for providing “real distributions”, which computationally conform to Bayesian inferences and crucially contribute to the higher level of extreme data analyses in financial economics. Full article
(This article belongs to the Special Issue The Theory Applications of Finance and Macroeconomics)
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25 pages, 4743 KiB  
Article
Participating to Compete: Do Small Firms in Developing Countries Benefit from Global Value Chains?
by Mauro Boffa, Marion Jansen and Olga Solleder
Economies 2021, 9(1), 12; https://doi.org/10.3390/economies9010012 - 2 Feb 2021
Cited by 7 | Viewed by 4249
Abstract
Standard trade theory suggests that the profile of exporting firms is characterized by large firms which dominate domestic productivity distribution. Large manufacturing multinationals have increased their productivity by participating, creating and shaping global production networks. In recent decades, trade flows have become increasingly [...] Read more.
Standard trade theory suggests that the profile of exporting firms is characterized by large firms which dominate domestic productivity distribution. Large manufacturing multinationals have increased their productivity by participating, creating and shaping global production networks. In recent decades, trade flows have become increasingly dominated by trade-in-tasks within global production networks. Given the importance of pro-competitive effects in establishing the gains from trade following trade liberalizations, it is important to look at the link between participation in global value chains and a firm’s competitiveness. The paper does so by using the International Trade Centre’s competitiveness index, for small, medium-sized and large firms, coupled with global value chain participation measures extracted from multi-regional input-output tables, and together forming a panel dataset at country and firm category level. The main finding establishes that the gains from integration into value chains are greater for small firms than for large firms. In particular, at the sample median, an increase of participation by 2.5% reduces the competitiveness gap between small and large firms by 1.25%. In addition, the analysis suggests that it is the use of foreign inputs that drives the result. In contrast, the domestic value in intermediate goods matters only in cases where value chains respond to domestic demand needs. The identification strategy relies on a fractional probit model allowing for unobserved effects, and a causal framework using the depth of trade agreements as instrument, in order to mitigate potential reverse causality. Full article
(This article belongs to the Special Issue Trade and Investment Policy and Global Value Chains)
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