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Disclosing beneficial ownership is one of the few ways to prevent the loss of natural resource revenues and to mitigate--if not prevent--the resource curse. This article details how digital platforms [...]

This document discusses the importance of foreign direct investment (FDI) in promoting growth and development in emerging economies. It acknowledges that FDI can have both positive and negative effects, but overall it is seen as a vital tool for economic acceleration. The document highlights the impact of the COVID-19 pandemic on global FDI patterns, particularly in emerging economies. It introduces a special issue that includes eight papers examining various aspects of FDI inflows and outflows in the context of COVID-19. The papers cover topics such as the factors influencing FDI, the effects of the pandemic on FDI, and the relationship between FDI and economic growth. The document concludes by expressing gratitude to the reviewers and editors involved in publishing the special issue. [Extracted from the article]

This paper uses an SBM-GML index model to assess Green Total Factor Productivity (GTFP) in China’s carbon-intensive sectors and conducts an empirical investigation into which factors influence GTFP in these sectors. The GTFP in the carbon-intensive sectors experienced a decline between 2006 and 2011, followed by an upward trend beginning in 2012. Technological progress was the primary driver of GTFP growth, while business size was also a notable contributor. Irrational energy structures negatively influenced the high-quality development of the carbon-intensive sectors, and environmental regulation and foreign direct investment (FDI) have not yet significantly impacted GTFP. Based on these findings, this paper suggests that the carbon-intensive sectors should expedite their green transitions by focusing on system improvement, technological innovations, energy revolutions, and high-level opening up. [ABSTRACT FROM AUTHOR]

During the past 40 years of reform and opening-up, the implementation of an unbalanced enhancement strategy has led to severe resource misallocation, making the mitigation and rectification of this misallocation an urgent issue. This paper utilizes urban data from China between 2006 and 2020 to examine the impact of two-way foreign direct investment (FDI) on resource misallocation, as well as the pathways through which coordinated advancement of two-way FDI affects resource misallocation. After undergoing a series of robustness and endogeneity tests, the conclusion remains stable. Mechanism testing reveals that coordinated advancement of two-way FDI improves capital resource misallocation by enhancing the enhancement level of the financial industry, while exacerbating labor misallocation by increasing labor costs. This paper integrates the coordinated advancement of two-way FDI and resource misallocation into the same analytical framework, proposing policy recommendations to alleviate China's resource misallocation issue. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Ilmu Ekonomi Terapan is the property of Universitas Airlangga and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Since 1990, global forest area has been reducing; tropical forests have suffered from different anthropogenic and natural factors that account for forest loss. Tropical deforestation is the second driver of anthropogenic emissions; increasing demand and investments in tropical forests drive these emissions. These forests attract significant foreign direct investments, but the effects of these investments on carbon emissions from land use, land-use change, and forestry are not well enshrined in the literature for the countries under study. This paper seeks to analyse the impact of foreign direct investments on carbon emissions from land use, land-use change, and forestry amongst 30 tropical forest countries from 1996 to 2019. The sampled countries were disaggregated by tropical blocs: Amazon, Congo basin, Australasia, and Southeast Asia, and by income levels; low-income, lower-middle, upper-middle, and high-income. The findings reveal a U-shape structure of the impact of FDI on carbon emissions from LULUCF within Congo basin and Amazon countries; at higher levels of FDI, emissions from LULUCF will increase while Australasia and Southeast Asian countries show an inverted U-shape impact, thus at higher levels of FDI, there will be a negative and significant impact on carbon emissions from LULUCF. The income levels reveal an inverted U-shape for low-income and high-income countries and a U-shape for upper-middle-income countries; the impact for lower-middle-income countries is not significant. Overall, for the whole sample, the impact depicts a U-shape. This paper proposes high-level development of environmental conditions for FDI for different sectors that align with country and regional green growth plans. Enhancing national and regional governance systems to enforce decisions and fight corruption effectively can significantly promote green FDI for green growth. [ABSTRACT FROM AUTHOR]

The paper analyzes the agglomeration of China's OFDI across 35 industries in 43 countries from 2014 to 2019 to provide a characterization of China's international production system and its dynamic changes. It examines how digital service trade barriers and regulatory heterogeneity impact China's OFDI agglomeration. The paper finds that China's OFDI distribution shows a trend of agglomerating at the host country-industry level year by year, especially in capital-intensive and technology-intensive industries. Empirical results indicate that digital services trade barriers significantly hinder the agglomeration of China's OFDI. Digital service trade barriers negatively affect OFDI agglomeration in technology-intensive industries and positively affect it in labor-intensive industries. Deconstructing digital service trade barriers in different policy areas, the paper finds that the negative impact of infrastructure and connectivity and intellectual property rights is greater than that in electronic transactions, while the impact of barriers in the payment system is not significant. [ABSTRACT FROM AUTHOR]

This paper investigates Samuelson's [Samuelson, P. A. 'Where Ricardo and Mill Rebut and Confirm Arguments of Mainstream Economists Supporting Globalization.' Journal of Economic Perspectives, 18(3), 2004, 135-46] argument that technical progress of the trade partner may hurt the home country. We illustrate this prospect in a simple Ricardian model for situations with outward knowledge spillovers. Within this framework Samuelson's Act II effects may occur. Based on industry level panel data for 17 OECD countries for the period 1973-2000 we show econometrically that the outflow of domestic knowledge via exports or foreign direct investment (FDI) to the rest of the world may have a negative impact on industry output in the home country. This is particularly so when exporting to technologically less advanced countries and, more specifically, China. ( JEL F10, F11, F14, O30) [ABSTRACT FROM AUTHOR]

Depending on the trading modes, the effect of Outward Foreign Direct Investment (OFDI) on the manufacturing industry's position within the global value chain (GVC) may differ considerably. This paper examines the GVC position of China's manufacturing industry from 2003 to 2018, specifically focusing on the general trade and processing trade. Drawing upon this premise, this paper analyzes the effect and mechanism by which OFDI influences the GVC position of China's manufacturing industry. The result demonstrates that: (1) China's processing trade manufacturing industry has a much lower GVC position than general trade manufacturing industry. The GVC position of China's general trade manufacturing industry rose from 2.76 to 2.90 from 2003 to 2018, while processing trade manufacturing industry remained around 1.93. (2) OFDI boosts the GVC position of general trade manufacturing industry through facilitating reverse technology spillover, inducing industry structure upgrading, and enabling export scale expansion. (3) OFDI hinders the GVC position growth of processing trade manufacturing industry. The research findings offer theoretical backing for China to develop OFDI strategies that are tailored to different trading modes within the new framework of dual circulation. These strategies aim to facilitate the transformation and advancement of the manufacturing industry, as well as the growth of the GVC position. [ABSTRACT FROM AUTHOR]

Carrying out low-carbon economic cooperation under the belt and road initiative (BRI) is an important measure to actively respond to climate change and maintain global ecological security. With the continuous development of national strength, the Chinese government should actively fulfill environmental responsibility in the BRI economic cooperation. Existing studies have pointed out that the Chinese government can promote low-carbon economic cooperation in BRI through outward foreign direct investment (OFDI), and emphasized the significance of the Chinese government's participation. However, they have not revealed the relationship between China's environmental responsibility and the construction of a green BRI. To fill this gap, this paper analyzes the strategic choices and relevant influencing factors of the Chinese government, governments of countries along the BRI, and Chinese OFDI enterprises in the BRI low-carbon economic cooperation. Through parameter assignment and simulation, this paper draws the following conclusions: (1) The Chinese government should decide whether to take the initiative to fulfill environmental responsibility according to the economic development level of countries along the BRI; (2) The Chinese government fulfilling environmental responsibility is positive and effective for the responsible investment of Chinese OFDI enterprises; (3) The Chinese government fulfilling environmental responsibility can enhance the initiative of countries along the BRI to positive governance, but this enhancement is not last. More importantly, the environmental responsibility of the Chinese government is not simply to provide subsidies to countries along the BRI. Various measures must be taken by the Chinese government to fulfill its environmental responsibility in the BRI economic cooperation. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to introduce a growth comprehensive pattern to explain the phenomenon of individual foreign investment, first at the global level and then at the regional level. The patterns are developed based on a number of main theories with grounded theory (GT) as the foundation, distributed on the two pull and push forces of international business theory and migration theory; simultaneously, it is classified on the three levels (attribute–consequence–value [ACV]) of means-end theory. Design/methodology/approach: An embedded method is applied to generate two complementary datasets from two approaches: in-depth interviews and secondary data analysis. Findings: In this structure, the investor plays a central role as the decision-maker based on the entrepreneur's motives for internationalization (economics-driven and psychology-driven factors) and the householders' motives for emigration (aspiration and access capabilities). The external forces considered are a push from the home country (structures) and pull from the host country (immigrant investment programs [IIPs]), in which the factor of (dis)trust/misconception as a moderator has an additional impact on this mobility. Demographic factors such as gender, region, generation/age, level of education, religion and occupation generally describe the characteristics of each specific target group. Research limitations/implications: This paper is to develop a conceptual framework. Originality/value: The results of this study, in addition to fulfilling its own objectives, will also serve as the foundation for further research in several scientific fields such as economics, sociology and politics. Peer review: The peer review history for this article is available at https://publons.com/publon/10.1108/IJSE-12-2022-0786 [ABSTRACT FROM AUTHOR]

International industrial transfer (IIT) has spawned changes in the deep-seated structural power of value-added. We creatively construct an IIT index which includes both scale and direction, and constructs the structural power (SP) of value-added based on added value. Furthermore, based on 15 RECP countries from 1995 to 2018, this study uses a two-fixed-effect regression model to investigate the IIT on the structural power of value-added of RCEP countries. The results show that: (1) IIT can significantly promote the structural power of value-added of RCEP countries, and the benchmark regression conclusion is still valid after a series of robustness tests; (2) Heterogeneity analysis shows that IIT has a more significant promoting effect on the structural power of value-added in developed countries than in developing countries and a more significant promoting effect on the structural power of value-added inward than on the structural power of value-added outward; (3) Intermediary mechanism test shows that IIT mainly affects the structural power of value-added through trade openness and foreign direct investment. The conclusions of this paper provide useful enlightenment for enhancing the structural power of manufacturing value-added in RCEP countries in the context of global value chain division. [ABSTRACT FROM AUTHOR]

Using an international panel data set of the European pulp and paper industry, we address the issue of a possible home-bias effect for real investments in plants with foreign and domestic locations. We find that there is no effect after controlling for firm effects and plant and firm size. These findings are rubust to a number of different econometric specifications, including a difference-in-difference approach. Our findings appear to be relevant for the debate on the effect of foreign takeovers. As far as we are aware, home-bias effects in real investments within multinational firms have not been studied previously. [ABSTRACT FROM AUTHOR]

This Special Issue publishes high quality papers on contemporary issues in business and economics in Vietnam and other Asian emerging markets. These papers were accepted and presented at the 2019 Vietnam's Business and Economics Research Conference (VBER2019) organized byHo ChiMinh City Open University, Vietnam in July 2019. Emerging issues in business and economics from Vietnam and other emerging markets in the Asian region have been addressed from various angles, from economics, finance, and statistics to management science. Five out of the 14 studies in this book were conducted to investigate various issues in relation to the Asian region such as the exchange rate regime inAsia, financial inclusion, and financial development and income inequality in Asian emerging markets. Seven studies were conducted in response to emerging business and economic issues in Vietnam such as fiscal decentralization, urbanization, foreign direct investment, and corporate financial distress. Other papers even considered various relevant aspects from the United States and Europe to the Asian region including double taxation treaties and agricultural shocks to the oil price. The findings from these papers are useful for practitioners, policymakers, and academics. [ABSTRACT FROM AUTHOR]

International education scholarships can be significant interventions at times of conflict and peace. Extant research in International Relations and in International Education begins to demonstrate this significance but predominantly in neo-liberal terms of human capital import, North-facing cosmopolitanism, and Western-style democratization and global (economic) integration. This is valuable framing, but it misses more complex political effects of scholarships as conflict and peace interventions. This paper presents empirical evidence illuminating the need for a broader ontology in researching the potential contribution of scholarships to peace. The paper draws on qualitative data collected from 32 Palestinian scholarship alumni and alumnae, sampling a national group nowhere to be found in scholarly or policy works dealing with international education and conflict/peace. Developed through a critical realist thematic analysis of the collected data, the experiential findings reported here show strong perceived gains in the research participants' critical reflexivization and domestic and global (re)socialization of their sense of national identity and awareness. An interdisciplinary discussion of these gains demonstrates that scholarships may represent deep and significant advocacy and capacity-building interventions in the contexts of conflict, with these interventions spanning the humanitarian, development, and, to a lesser extent, political spheres. The discussion is concluded with a reflection on the methodological-conceptual challenge these findings outline to framing international education impacts in only neo-liberal terms. Overall, this paper contributes a timely Global South perspective to inform critical thought and practice of international scholarships for Palestinians and other conflict-affected groups/nations. [ABSTRACT FROM AUTHOR]

A "segment" is a component of the organization of an agglomeration. The organization of agglomeration is formed by the construction of segments. Manufacturing agglomeration segments can be divided into four main categories: human resources including engineers, physical infrastructure, institutions, and living environment. Each segment then has a specific function in the process of building industrial agglomeration. We focus on the process of building segments in agglomeration formation. We define a "brake segment" as a segment that has a "function" to decelerate the speed of the process. The purpose of this paper is to identify the existence of this brake segment in the process of constructing the segments of the manufacturing agglomeration. We obtained the following three results. First, a modified version of the spatial economic model yields that the number of agglomerated firms is inversely related to the wages of skilled workers. Second, a factor analysis of the data on investment environment costs indicates that in the case of the manufacturing industry, the number of agglomerated firms are inversely related to the wages of engineers. Third, the factor analysis of the six countries in the JBIC survey reveals that the segment that poses the investment issue in foreign direct investment in India is engineers as human capital. We conclude that engineers as human capital are a brake segment. The implication is that the sustained development of "engineers" as human capital is essential for the success of manufacturing industry agglomeration. [ABSTRACT FROM AUTHOR]

This paper analyzes and describes multinational companies as a business internationalization strategy through foreign direct investments (FDIs) for business internationalization to reach business values in the frames of globalization. The analysis and results demontstrated that Multinational companies (MNCs) and foreign direct investments (FDIs) may face challenges and risks in new locations due to economic and political instability, difficulties of infrastructure, distrust in the locations, locations, difficulties of balance in payment, challenging negotiations in business agreements and quality contracts, borders and transportation challenges, challenging in the market size. Multinational companies that go for foreign direct investment have an economic impact and can affect a country's economy in various ways, for example, in the balance of payments, in growth rates and in job creation. The effect of foreign direct investment by multinational companies can be negative or positive depending on certain factors. A multinational company's pattern of internationalization represents different factors of possibilities, costs, risks and difficulties faced during its internationalization. In conclusions, Foreign direct investment (FDI) is an important step towards business internationalization and if the domestic company decides to go multinational towards FDI, it has to consider the factors of ownership, location and internalization to reach business internationalization as confirmed in Dunning's framework and this analysis. [ABSTRACT FROM AUTHOR]

This paper underlines the significance of free trade agreements in attracting foreign direct investment and their impact on the operational capacities of local firms in host countries. It argues that free trade agreements do not only eliminate barriers to trade, but they also increase the size of the regional market and improve the business environment, making it more attractive to foreign direct investment, along with all the attributes and spillover effects associated with it. While determining the type of spillover effects of foreign direct investment associated with Oman's trade agreements, this paper uses the Kruskal–Wallis H-test and 438 samples from companies surveyed between 1 August and 31 October 2023 to assess the impact of spillovers on the performance of the surveyed companies. The results reveal that technology transfer, knowledge transfer, labour productivity, product efficiency, capital investments, and job creation have positive effects on the firms' operational capacities, with technology transfer having the highest impact (27%), followed by labour productivity and job creation (18%). The spillover effects are almost the same for company size and percentage of ownership. They also identified manufacturing and tourism as priority sectors and the availability of a skilled workforce as a major challenge. These findings make original contribution to the field as this is probably the first study to produce a firm-level analysis of spillover effects of foreign direct investment and trade agreements in the context of Oman and the wider Gulf region. The paper concludes with practical implications for policy makers when negotiating trade agreements and designing investment policies to optimize spillover effects on the performance of their domestic firms. [ABSTRACT FROM AUTHOR]

Improving green innovation efficiency (GIE) is the key to achieve high-quality economic development in China, and the introduction of foreign direct investment (FDI) has become an important path choice to promote the GIE. Based on the data of 30 provinces in China, this paper explores the linear and nonlinear effects of FDI on GIE from both quantity and quality perspectives, and further analyzes the mediating role of environmental regulation level. The results show that: (1) From 2011 to 2020, the GIE of all provinces in China generally shows an upward trend. (2) The quantity and quality of FDI have a significant positive impact on the improvement of GIE in China's provinces, and this impact has regional heterogeneity. (3) The quantity and quality of FDI can promote the improvement of GIE in China through the level of environmental regulation (ER). (4) With the level of knowledge accumulation and GIE as the threshold variables, the quantity and quality of FDI have a single threshold effect on the GIE of China's provinces. The conclusions of this study provide some policy implications for local governments to make full use of FDI to perform green innovation activities. [ABSTRACT FROM AUTHOR]

This paper assesses the role shipping and logistics foreign direct investment (FDI) plays in developing country export performance, exemplified by the case of the large multinational corporation (MNC) Maersk's investments in Vietnam. The paper aims to generate a deeper understanding of how the introduction of advanced shipping and logistics services by a foreign investor contributed to export growth. The paper is based on a longitudinal case study of Maersk in Vietnam employing more than 100 interviews from Maersk, Maersk's clients, subcontractors, and industry experts conducted between 2003 and 2016, complemented and validated by primary commercial data from Maersk, and secondary industry- and market data. The paper finds that during that period, Maersk impacted Vietnam's export performance through five mechanisms: 1. Building infrastructure; 2. Creating connectivity and market access; 3. Reducing transaction and logistics costs; 4. Bringing buyers and sellers together; and 5. Upgrading export capabilities. While transport and logistics MNCs' role in building infrastructure and reducing trade costs is described in the literature, the paper provides novel insights into their role as intermediaries in trade that provide value chain access and transparency, reduce transaction costs for buyers and producers, and upgrade export capabilities. The paper suggests that Maersk's contributions to Vietnam's export growth from 2003 to 2016 in part can be attributed to its unique competitive advantages originating from its superior organization, technology, and capital intensity. The paper contributes to the literature by deepening it's understanding of the mechanisms through which large shipping and logistics MNCs influence developing countries' export-led industrialization; by proving novel insights into the role of Maersk in Vietnam's development path; and by providing and validating an analytical framework for analyzing shipping and logistics MNCs' role in export led development that may inspire future research, [ABSTRACT FROM AUTHOR]

The recognition that one publication receives from another is a citation. The nature of these references (citations), their variability and the drivers of the citations concerning the subject of foreign investment in agribusiness are unknown. Consequently, we investigated the nature, variability, and drivers of the citations in the writings on foreign investment in agribusiness. We used 406 studies extracted from Google Scholar through Publish or Perish Software and modeled with a twopart regression analysis. The results show that peer-reviewed publications, age of publication, full text in Google scholar, collaborative publications and self-citation enhance citations. Review articles and publishing in journals with impact factors do not promote citations. To make an impact through citations, authors and funders must focus on peer review, full text, and collaborative publications and engage in self-citation. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of provincial innovation-driven efficiency on the expansion of regional Outward Foreign Direct Investment (OFDI) flows within the context of China's economy during the period 2011 to 2020 by measuring the innovation-driven efficiency and business environment index using the DEA-Malmquist index and the combined CRITIC weighting method from the new perspective of business environment improvement. The findings reveal that: (a) There is an inverted U-shaped relationship between provincial innovation-driven efficiency and regional OFDI flows. This increase in innovation-driven efficiency can promote OFDI expansion of the region by improving its business environment. (b) The improvement of the business environments plays a significant intermediary and synergistic role in OFDI expansion driven by improved innovation efficiency. (c) The study of regional heterogeneity suggests that the central region enjoys the longest window period in terms of innovation-driven OFDI expansion, followed by the eastern region while the western region has the shortest window period. The improvement of the business environment in the western region is more effective in driving regional OFDI expansion. This conclusion remained true after the robustness test. In conclusion, this paper offers a few policy recommendations that can help Chinese capital of various kinds go global more effectively. [ABSTRACT FROM AUTHOR]

The following research paper conducts a comprehensive analysis into the intricate dynamics governing the relationship between Foreign Direct Investment (FDI) and International Trade, with a specific focus on the Western Balkan Countries-6 (WB-6). This research spans the period from 2000 to 2020 and seeks to shed light on the interplay between FDI and International Trade within this region. To analyse and interpret these dynamics, various regression models, including Ordinary Least Squares (OLS), Fixed Effects, Random Effects, and the Hausman-Taylor model, are employed as analytical tools. Moreover, the research takes into consideration the influence of specific institutional factors within each country, which play a pivotal role in shaping foreign investors' decisions to invest in a particular country. The study's results reveal that gravity factors, in conjunction with institutional determinants such as economic integration, control of corruption, political stability, and other indicators of governance quality, significantly impact the attractiveness of the WB-6 countries to foreign investors. The findings of this paper hold substantial relevance for the development of an analytical framework aimed at evaluating national policies and institutions geared towards enhancing the appeal of Western Balkan countries to foreign investors. Furthermore, the research underscores the importance of these host countries prioritizing efforts to bolster the effectiveness of governmental institutions, combat corruption, streamline bureaucratic processes, and improve overall economic conditions to attract and retain foreign investment. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomika is the property of Society of Economists 'Ekonomika' and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This paper aims to estimate a statistical model of the country risk determination as represented by the country price earnings ratio (PE) to identify potentially mispriced countries. It uses the gross domestic product (GDP) growth rate and a dummy indicator for market-related events (i.e. financial crises), both approximating the business cycle. The model is used to compare a major Asian country's (i.e. Japan) risk with Western countries' risk. Design/methodology/approach: The model used finance variables such as the systemic, non-diversifiable, risk and foreign direct investments to characterize any country risk. A random effects model with panel data estimated the effects of macroeconomic and financial variables on PE. The simultaneity problem was checked using two stage least squares and some lagged independent variables. Findings: The results explained to investors the country risk contributing factors: PE was positively correlated with variables that may increase dividends and market risk premia similar to GDP growth rates and total risk and negatively correlated with variables that increase market risk, namely, nominal risk-free interest rates and financial crises. Japan's PE seemed to exceed most of the Western countries considered here, implying lower risks, lower interest rates and higher growth in the major Asian country Japan. Originality/value: This paper focuses on the effectiveness of country risk measures in predicting periods of intense instability, similar to financial crises. This study contributes a model to measure market risk premium, using PE (or inversely, the earnings yield) as a proxy variable. Investors can use this risk measure in picking less risky stocks to include in their portfolio, calling for liberalizing Asian countries' financial markets to improve their stock market capitalization. [ABSTRACT FROM AUTHOR]

This paper attempts to illustrate the primacy of the Shari’a-compliant murabaha transaction as a means of inconvertibility loss recovery by Islamic political risk insurers. In practical terms, the risk most likely to occur in an underdeveloped Muslim country is the risk of the local currency becoming inconvertible because of a certain action or inaction by the authorities of the host country which is the destination of an export trade transaction, or a foreign direct investment covered under a political risk insurance policy. The political risk insurance (PRI) operator most concerned with the subject of this paper is the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group. Where the PRI operator is established within the auspices of a lending agency which lends in local currency, and provided that the necessary legal arrangements are in place, the PRI’s local currency holdings could be passed on to the lending agency in the host country and the foreign currency equivalent thereof paid over to the PRI operator at its head office. In countries where a lender is not extending local currency financing and a speedy economic recovery is not expected, an attractive alternative for a PRI operator, as the authors argue, is the utilization of the local currency in murabaha transactions. PRI operators’ apprehension about the risk of inconvertibility finds expression in denial of the inconvertibility coverage altogether. Where this is not the case, a PRI operator may impose recovery ceilings, demand the expiry of extended waiting periods, as well as compliance with a variety of other conditions prior to recovery. This paper argues that such measures are self-defeating. A Shari’a-compliant PRI operator is necessarily established to provide coverage against commercial and non-commercial risks in poor Muslim countries. To deny or restrict inconvertibility risk coverage in such countries is unacceptable. Murabaha is a panacea for currency inconvertibility: it is the most popular form of Islamic financing in the world, it is easy to structure, and its profits are almost certainly rewarding. While the risk of non-payment of the price by overseas buyers of Muslim country exports is minimal, risks associated with murabaha could be further minimized by means of export credit insurance coverage by local export promotion agencies. [ABSTRACT FROM AUTHOR]

The ninth paper, titled "Do the RMB exchange rate and global commodity prices have asymmetric or symmetric effects on China's stock prices". The Belt and Road (B&R) Initiative, proposed by China in 2013, aims to boost regional economic cooperation and connecting China to Asia, Africa, and Europe. Articles included in the special issue are listed as follows: The first paper, titled "Co-movement of commodity price indexes and energy price index: a wavelet coherence approach studies". [Extracted from the article]

Following the second Karabakh War in 2020, Azerbaijan liberated its territories from 30 years of long-brewing Armenian occupation, which today are considered the potential economic and geopolitical landscapes for not only the socio- economic development of the country but to involve foreign investments and projects to these recovered areas. The Karabakh War of 2020 caused a change in the balance of power and status quo in the South Caucasus region as Azerbaijan in recent times started the rehabilitation and reconstruction processes, the placement of IDPs, involvement of investments, launch of tender projects, etc. to provide the socio-economic development of Karabakh region as a future E-Karabakh. The core objective of the paper is to ensure scientific insights and recommendations for the transition of the conventional Karabakh region to the digitalized so-called E-Karabakh region to enhance the economic development of the region. The authors' focus primarily delves into aspects including the advancement of a green economy and green growth policy, agriculture, and fostering a clean ecological environment in Karabakh. The article also analyzes the enhancement of ICT-based infrastructure, the integration of high digital technologies, and the potential emergence of Karabakh as a prominent hub for technology and innovation in the South Caucasus region. The paper aims to fill a gap in the existing literature by presenting valuable insights for government officials, decision-makers, and experts in this field, seeking to be a substantial scientific paper, offering policy-based information to aid in making informed and rational decisions. [ABSTRACT FROM AUTHOR]

This paper studies the institutional factors that tend to matter for capital inflows, for middle-income SubSaharan African (SSA) countries. Previous studies have focused more on macroeconomic push and pull factors and less on institutional factors. The paper aims to contribute to a better understanding of the dynamics between institutional quality and capital flows to middle-income SSA countries; with capital flows disaggregated into foreign direct investment (FDI), portfolio equity, and portfolio debt. The study found that countries that attract high capital inflows tend to have better institutional quality, although better institutional quality has not always translated to higher capital inflows. During the 1990s, the pick-up in capital inflows occurred with improvements in conflict, democratic accountability, government stability, investment profile, and law and order. However, corruption and bureaucratic quality deteriorated, indicating that these factors weighed less in the increase in capital inflows. Differences in dynamics by type of capital flow show portfolio debt better tracking law and order compared to the other capital flows. To our knowledge, this may be the first study of its kind to explore the institutional factors for capital flows at a disaggregated level. [ABSTRACT FROM AUTHOR]

Several research efforts were dedicated to analysing the effects of foreign direct investment (FDI) inflows on gross domestic product (GDP) and employment in the host economies. The variations in the conclusions signal that other variables influence and moderate the effects of FDI on GDP and employment. Institutional elements receive limited research attention, despite their influence on the host economies. This paper investigates the moderating role of institutional elements in the FDI-host economies on FDI’s effects on GDP and employment with China and India as case studies. The approach utilises three principal methodologies. The first methodology presents an in-depth analysis of China and India, highlighting selected institutional elements with the potential to influence FDI’s effects. The second methodology confirms the presence of a positive correlation between FDI and GDP and a negative correlation between FDI and employment-to-population ratio (EPR) in both China and India. The FDI, GDP purchasing power parity per capita, and EPR datasets are extracted from the World Bank – DataBank World Development Indicators to ensure the consistency of the data. The results of the quantitative analysis validate the qualitative analysis. The qualitative analysis confirms the moderating role of the selected institutional elements with variations in direction and strength. Significant variations in FDI’s effects on GDP and employment are strongly related to variations in the institutions of governance. The institutions of governance include the functionality of the state organs, the efficiency of the legal system and enforcement of the rule of law, and the quality of implementation of FDI-supportive policies. The findings aim to increase the absorption of the positive effects of FDI on GDP and employment in the respective countries. The research is a cornerstone of in-depth future research into the following areas: the role of selective FDI and constructive conditional FDI policies, the functionality of judicial authority controls, and FDI favourable exchange rates and interest rates policies. The novelty and contribution of the paper lie in its comprehensive exploration of the moderating role of institutional elements on the effects of FDI on GDP and employment in host economies, with a specific focus on China and India. The paper contributes significantly to the academic literature on FDI and economic development by emphasising the importance of institutional factors and providing actionable insights for policymakers and researchers. [ABSTRACT FROM AUTHOR]

For advantage of the environment, coastal region in China is more attractive to foreign direct investment, such as Yangtze River delta and Pearl River delta. To analyze the differences in foreign direct investment importation performance among different provinces in China from a sustainability perspective, this paper constructed a foreign direct investment importation performance model based on the intertemporal effect of dynamic factors. Furthermore, applying the dynamic Malmquist model and panel data, this paper evaluated the total factor productivity of the foreign direct investment importation model by considering four factors as energy, openness, human capital, and physical capital. To obtain a comprehensive perspective, this paper also identified the bottlenecks of sustainability for FDI importation performance, based on an analysis of factor contributions. The results reveal that dynamic technical changes are critical in promoting foreign direct investment importation performance. Though, the advantange of coastal region is obvious. They are also enslaved to lower dynamic technical changes. Thus, the development of soft power is the greatest bottleneck for most Chinese provinces. [ABSTRACT FROM AUTHOR]

The Chinese capital market has attracted increasing academic attention due to its rising global influence, ongoing regulatory reforms, and distinct institutional background. In this paper, we review scholarly accounting and finance research pertaining to the Chinese capital market in Mainland China published in Tier 1 and Asia‐Pacific regional journals during the 1999–2018 period. Our review is based along four dimensions: top‐cited articles, main research fields, frequently contributing authors, and emerging research trends. We find that the increasing presence of China in global capital markets, along with its ongoing economic reforms, provides academics with opportunities to investigate distinct institutional environments and utilize natural experiments. This has led to the formulation of novel accounting and finance research questions, greatly advancing our understanding of accounting and finance research. [ABSTRACT FROM AUTHOR]

It is rather unusual to find all the papers presented in one of these sessions adhering so closely to the session title. I am taking note of this point to emphasize the unusual commonality of the two papers. Namely, both papers use the two parameter CAPM as their basic framework, and both papers investigate (or better, reinvestigate) classic, fundamental corporate finance issues. These are not trivial or second order issues undertaken in the two papers--capital budgeting, capital structure and dividend policy have always been at the core of corporation finance. But there is even a third similarity between these two papers; and that is, they both use numerical examples and solutions to illustrate some very difficult conceptual and analytical problems and to draw general conclusions. In many of the topics or cases studied in the two papers, analytical solutions were extremely complex or impossible, so that the usefulness of numerical examples was clearly demonstrated. [ABSTRACT FROM AUTHOR]

Purpose: This paper analyzes the direct effect of financial development and the mediating impact of financial development through foreign direct investment (FDI), foreign aid and trade on economic growth for all Asian countries. Design/methodology/approach: A fixed-effect model with Driscoll–Kraay panel corrected estimators was employed to find the direct and mediating impact of financial developments on growth for all 47 Asian economies from 1980 to 2020. The bootstrapped panel-quantile regression (BPQR) model is used to check how this effect varies for different income groups of countries. Findings: The results demonstrated that financial development positively impacts countries' economic growth. The interaction effect of financial development with FDI, foreign aid and foreign trade negatively impacts economic growth. The BPQR results showed that FDI and foreign aid help in the growth of lower quantile economies; however, the impact is negative for middle- and upper-income countries. Trade impacts growth positively for all the quantiles of economies. Research limitations/implications: The results suggest that the Asian economies must continue to provide thrust on the financial development of their own countries to achieve better growth. It also implied that the dependence on external finance is good for low-income countries and not advisable for middle- and upper-income countries. Originality/value: To the best of the authors' knowledge, the current study is the first to provide empirical evidence on analyzing both the direct and interaction effect of financial development on economic growth by considering all the Asian economies. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-09-2022-0587 [ABSTRACT FROM AUTHOR]

Research background: Unemployment is a huge topic for policymakers, scholars, and, in general, society. Historically, there have always been a lot of discussions about this phenomenon. It is already acknowledged that unemployment is closely related to economic activity: when the economy is growing, more people are employed, and when economic activity is low, employment decreases, and unemployment rises. This relation is well-researched in the framework of Okun's law. However, it is far less known how this relationship holds if international economic relations are introduced. Thus, the motivation for the research was to examine the role of international trade and foreign direct investment (FDI) on the growthunemployment nexus. Purpose of the article: To assess how trade and FDI affect growth and gender-, age-, and educational attainment level-specific unemployment relationship and on what scale this effect varies over different business cycle phases. Methods: Scientific literature review, comparative analysis, and panel regression. Findings & value added: Given the lack of research examining what effect FDI and trade have on the growth-unemployment nexus, this paper estimates modified Okun's equation on the European Union (EU) countries (EU-28, by the composition of the EU until 31/01/2020) for the period from 2000 to 2019 while incorporating international aspects that can have an impact on this nexus. Also, this study develops a specification that can be useful to monitor the potentially different effects of FDI and trade on the growth-unemployment nexus during different business cycle phases. The estimations of the panel regression for unemployment disaggregated by age, gender and education level has showed that import, export, inward FDI, and outward FDI have a negative effect on the growth-unemployment nexus. It means that with an increase in the intensity of international economic relations, the influence of gross domestic product (GDP) growth on unemployment becomes less significant. Thus, the effectiveness of expansionary fiscal policy to reduce unemployment becomes less effective in more open economies, which in the case of the EU are the smallest member states with relatively small domestic markets. [ABSTRACT FROM AUTHOR]

In the present study, we analyze the effects of foreign direct investment (FDI) inflows in local economies across US states. Overall, FDI inflows have a positive and in several cases statistically significant impact on local employment and wages. However, these effects vary across US states. The study presents evidence supporting the idea that these results are due to the industry composition of FDI inflows across states. FDI inflows in Food, Lumber and Wood, Paper, Printing/Publishing, and Primary and Fabricated Metals have positive employment and wages effects, whereas FDI inflows in Petroleum and Instruments have negative effects. [ABSTRACT FROM AUTHOR]

The article presents abstracts on taxation in the U.S. which include the impact of unique tax on foreign investors, the tax avoidance in pricing tax loss and the advocacy of clients towards Indian tax professionals.

The economic recession caused by the restrictions on the spread of the Coronavirus disrupted the economic life of many countries. The primary purpose of the paper is to measure the impacts of intra-regional trade and investment on the green recovery of five Central Asian economies over 2010–2021 through employing annual data and the panel co-integration approach. The results confirmed that the degree of green trade openness positively and significantly affects the green recovery. The estimated coefficient of direct foreign investment is negative. The patent coefficient is not statistically significant, and the official exchange rate has a positive effect. Financial development has a positive and significant coefficient. The paper has several policy implications, such as enhancing green FDI (Foreign Direct Investment), supporting green innovation, and promoting green trade liberalism for scholars and policymakers. [ABSTRACT FROM AUTHOR]

It is important to explore the intrinsic mechanism of green finance's role in widening the green development space for China, in order to optimize the structure of green financial development and accelerate the construction of a modernized economic system. Taking ecological environment improvement as a new research perspective, this paper presents the impacts and mechanisms of green finance on the green development space of the economy and society through the fixed-effect model and moderating-effect model, based on panel data from 30 provinces and municipalities in China from 2011 to 2020. The findings show that green finance development in China significantly expands the green development space of the economy and society, and this conclusion did not change after robustness tests such as replacing the main variables, adjusting the study interval, and considering endogeneity. In terms of its mechanism of action, ecological environment improvement plays an important mediating and regulating role in the process of green finance, essentially magnifying the green development space of the economy and society. In terms of a heterogeneity analysis, the effect of green finance on the expansion of the green development space is the largest in the eastern region, followed by the northeastern region, and the smallest in the central and western regions. In addition, the positive effect of green finance is relatively larger in regions with a higher urbanization level, government fiscal expenditure level, foreign investment level, and advanced industrial structure. The main contribution of this paper is to the field of green development, revealing the important role of the ecological benefits of green finance, which can help to achieve high-quality sustainable development in the economy and society. [ABSTRACT FROM AUTHOR]

In the context of contemporary debates on fiscal and economic policy, the impact of tax avoidance in the European Union was a frequently discussed topic at the negotiating table. In this paper, we followed the inflows of foreign direct investments and corporate tax collected to the state budget, trying to find out if a state with a high tax rate from the European Union could have an amortized impact of profit shifting, due to foreign direct investment inflows, also tracking how the corporate tax collected at the state budget changes, as the respective state reduces taxes. Following the research, we found out that paradoxically, as the state decreased the tax rate, corporate tax collected increased and also in certain years, the level of foreign direct investment exceeded corporate tax collected, which would indicate an amortized impact of tax avoidance. [ABSTRACT FROM AUTHOR]

As a national strategy, the development of the Yangtze River Economic Belt (YREB) and the ecological protection and high-quality development (HQD) of the Yellow River Basin (YRB) are of great significance for promoting the HQD of the regional economy. Based on the panel data in the YRB and the YREB from 2006 to 2019, this paper constructed an evaluation index system of HQD with five dimensions of "innovation development, coordination development, green development, openness development, and sharing development", and we used the entropy weight method, kernel density method, and Tobit panel model to analyze the differences in the HQD and the similarities and differences of the influencing factors between the two regions. The research findings were as follows: (1) The HQD of the YRB and the YREB was consistent with the national trend, showing a fluctuating upward trend. The HQD of the YRB was always lower than that of the YREB. The kernel density curves in both regions had a rightward trailing pattern, with polarization and unbalanced development. (2) From the perspective of the spatial distribution pattern, the HQD of the YRB presented a spatial distribution characteristic of "high at both ends and low in the middle". In contrast, the HQD of the YREB maintained the characteristic of "high in the east and low in the west". (3) The level of human capital, the level of foreign direct investment, and the economic scale played a significant positive role in improving the HQD of the YRB. The level of human capital, urbanization, foreign direct investment, and economic scale significantly improved the HQD of the YREB. [ABSTRACT FROM AUTHOR]

This paper reviews the literature on foreign direct investment (FDI), productivity, and technology upgrading, with a focus on macroeconomic and microeconomic models. It compares the performance of various models used to study FDI and its effects on firms' productivity, via skill and technology upgrading, offshoring, institutional quality, and other related factors. This review highlights the differences and similarities between macroeconomic and microeconomic models, their empirical strategies, and their ability to provide a comprehensive understanding of the mechanisms through which FDI affects productivity and other variables. The empirical literature on the impact of FDI on the productivity of local firms is derived from association studies, which use a neoclassic production function and an augmented Solow-type equation. These models have been shown to be inadequate in capturing the dynamic and complex nature of FDI and the associated externalities, particularly vertical externalities. This paper identifies three criticisms of the literature on pecuniary externalities, including a lack of models that focus specifically on the mechanism of forward linkages, inadequate measures to assess linkage effects, and the failure to include crucial determinant factors in empirical models. Overall, this paper calls for more comprehensive and nuanced models that incorporate the dynamic and complex nature of FDI and its externalities. [ABSTRACT FROM AUTHOR]