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Sustainable Economic Growth
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Sustainable Economic Growth

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: closed (31 December 2022) | Viewed by 15326

Special Issue Editor

Prof. Dr. Stefan Bojnec

E-Mail Website
Guest Editor
Faculty of Management, University of Primorska, 6000 Koper, Slovenia
Interests: international economics; firm performance; sustainable economic growth
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

During the last three decades, sustainable development, with its three aspects—economic, social, and environmental—has become an important factor in trying to influence the everyday lives of future generations for the better. Recognizing that sustainable development needs to be monitored from a variety of perspectives, the aim is to focus on sustainable growth and development of enterprises. It is important to develop measures to establish sustainable development and the importance of the impact of all three aspects of sustainable development on future generations. The importance of sustainable development for achieving economic growth is partly the responsibility of the government to direct its policies and programs to achieve all three aspects of sustainable growth. Businesses can follow the policy and its guidelines. Enterprises need to develop a culture of sustainable organizational models to achieve a competitive advantage. Sustainable development guidelines can bring new added value to enterprises. The focus is on the economic aspect of sustainable development. The social aspect of sustainable development can be presented through the social responsibility of the enterprise and the definition of an international standard that speaks of social responsibility. The third aspect is to clarify the environmental importance of sustainable growth. The possibilities for further sustainable development of enterprises can be seen in the transition to a circular economy.

Prof. Dr. Stefan Bojnec
Guest Editor

Manuscript Submission Information

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Published Papers (4 papers)

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Research

19 pages, 1841 KiB  
Article
GHG Emissions and Economic Growth in the European Union, Norway, and Iceland: A Validated Time-Series Approach Based on a Small Number of Observations
by Sergej Gricar, Stefan Bojnec and Tea Baldigara
J. Risk Financial Manag. 2022, 15(11), 518; https://doi.org/10.3390/jrfm15110518 - 7 Nov 2022
Cited by 5 | Viewed by 2335
Abstract
This research aims to ensure methodological conformance and to test the validity of its empirical application. To do so, the study analysed differentiation of the development patterns of four time-series variables. The relationships between greenhouse gas (GHG) emissions, employment, inflation, and gross domestic [...] Read more.
This research aims to ensure methodological conformance and to test the validity of its empirical application. To do so, the study analysed differentiation of the development patterns of four time-series variables. The relationships between greenhouse gas (GHG) emissions, employment, inflation, and gross domestic product (GDP) at constant prices were analysed, comparing the European Union (EU-27) and two European Free Trade Association countries. The study period covers twelve years of monthly and quarterly data from the beginning of 2010 to mid-2021, where the highest frequency of data was 138 observations. The methodology used included unit root testing and the vector autoregressive model (VAR). The study’s main results show that GDP at constant prices significantly affected GHG emissions in the EU-27 countries. Meanwhile, the lag between inflation and employment did not have a considerable impact. This finding shows that inflation was not a stable variable and had a strong autocorrelation. Variable employment did not follow a normal distribution. It was necessary for this research to adopt a suitable model for the technical procedure. Full article
(This article belongs to the Special Issue Sustainable Economic Growth)
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16 pages, 319 KiB  
Article
Subsidies and Economic and Financial Performance of Enterprises
by Štefan Bojnec and Sabina Žampa
J. Risk Financial Manag. 2021, 14(11), 505; https://doi.org/10.3390/jrfm14110505 - 20 Oct 2021
Cited by 7 | Viewed by 2778
Abstract
The aim of this article is to analyze the economic and financial performance of Slovenian enterprises, as a European Union (EU) member state case study. A favorable economic and financial performance is crucial for long-term sustainable enterprise growth and survival. Eight economic and [...] Read more.
The aim of this article is to analyze the economic and financial performance of Slovenian enterprises, as a European Union (EU) member state case study. A favorable economic and financial performance is crucial for long-term sustainable enterprise growth and survival. Eight economic and financial performance indicators are used to evaluate the sustainability in the growth of enterprises: seven of them are financial indicators—assets, revenues from sales, equity, net profits, operating efficiency, return on equity, and value added per employee—while the eighth variable is the economic indicator for the number of employees. A distinction is made between enterprises that did and that did not receive subsidies from national and EU funds. Three enterprise-level data sources are combined in the empirical analysis: balance sheet data from enterprise accounts, own surveys data, and government data on public subsidies to enterprises. The mean values and standard deviations of economic and financial indicators based on balance sheet data for the years in two financial periods are estimated. The summary statistics for economic and financial indicators and correlation analysis are conducted and the results of the economic and financial indicators are compared using the parametric paired sample two-tailed t-test that allows comparison between the enterprises in the two financial periods. An increase in the economic and financial indicators is investigated by comparing the enterprises that did receive subsidies with the enterprises that did not receive subsidies in the two financial periods. The empirical results confirm that the value added per employee is the only financial indicator where a positive link is found between the financial indicator and subsidies. The results suggest that subsidies can be important for cash flow into enterprises, but entrepreneurial activities are crucial for favorable economic and financial performance and long-term sustainable growth in a competitive market environment. Full article
(This article belongs to the Special Issue Sustainable Economic Growth)
15 pages, 1534 KiB  
Article
Questioning the Assumptions, Sustainability and Ethics of Endless Economic Growth
by Haydn Washington
J. Risk Financial Manag. 2021, 14(10), 497; https://doi.org/10.3390/jrfm14100497 - 18 Oct 2021
Cited by 8 | Viewed by 4635
Abstract
This article questions the assumptions, sustainability and ethics of endless economic growth on the basis of environmental science, ecological economics and ecological ethics. It considers the impossibility and unsustainability of endless physical growth on a finite planet. It considers the indicators of environmental [...] Read more.
This article questions the assumptions, sustainability and ethics of endless economic growth on the basis of environmental science, ecological economics and ecological ethics. It considers the impossibility and unsustainability of endless physical growth on a finite planet. It considers the indicators of environmental degradation (all increasing) and argues that society’s addiction to endless growth is irresponsible. It discusses the key problem of denial, and how this blocks us from finding workable solutions. It discusses how in theory GDP could continue to grow modestly in the future if we adopted a steady-state economy where growth was not caused by an expanding population or resource use. However, this model is currently unpopular, with many advocating the green and circular economies that are partial solutions, and which justify ongoing growth through a fantasy of absolute decoupling. I discuss the need for society to change its anthropocentric worldview to one of ecocentrism. I then question whether the UN Sustainable Development Goals are actually ecologically sustainable. I discuss how, when we ignore the problems of an endlessly growing economy, we create significant risk to society. Rather than a focus only on ‘sustainable economic growth’, I suggest it is time to focus centrally on an ecologically sustainable economy and future. Full article
(This article belongs to the Special Issue Sustainable Economic Growth)
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18 pages, 1530 KiB  
Article
Conditions for the Growth of the “Silver Economy” in the Context of Sustainable Development Goals: Peculiarities of Russia
by Liudmila Reshetnikova, Natalia Boldyreva, Maria Perevalova, Svetlana Kalayda and Zhanna Pisarenko
J. Risk Financial Manag. 2021, 14(9), 401; https://doi.org/10.3390/jrfm14090401 - 25 Aug 2021
Cited by 4 | Viewed by 4124
Abstract
A “silver economy” can drive economic growth. The key condition is effective demand, determined by the number of financially secure members of the elderly population. The aim of this study is to assess the conditions of the Russian “silver economy”, identify the constraints [...] Read more.
A “silver economy” can drive economic growth. The key condition is effective demand, determined by the number of financially secure members of the elderly population. The aim of this study is to assess the conditions of the Russian “silver economy”, identify the constraints on its growth, and develop recommendations for their elimination to achieve Sustainable Development Goals. We applied multivariate statistical analysis methods. The absolute and structural numbers of elderly people in Russia were found to not differ much from those in the developed countries of Europe. Their financial support exhibits several important features. A state pension plays a key role in financing the needs of Russian pensioners. Income from labor occupies the second position. Asset-based reallocations are negligible. Public programs will improve the standard of living of current pensioners. For future pensioners, it is important to increase the income received from asset-based reallocations. Russian pensioners were found to have had a negative experience of participation in the funded pension system. It is necessary to stimulate the voluntary participation of future pensioners in the funded pension system and to change the regulation of the investment activities of pension managers. In general, the formation of conditions favorable to the “silver economy” may turn it into a driver of sustainable development in Russia. Full article
(This article belongs to the Special Issue Sustainable Economic Growth)
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