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Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association 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.)

Pandemics and political responses to them can bring about short- and long-term economic and environmental effects. This paper aimed to understand the effects of a pandemic and the policy responses to it on Iran's economy and environmental conditions using a Bayesian dynamic stochastic general equilibrium model. The results suggested that a pandemic can decrease the value of macroeconomic variables. In the health sector, a pandemic reduces health capital stock, thereby increasing quarantine hours and household health expenditures. Following an increase in quarantine hours and a decrease in economic activities, air pollution decreases, causing a short-term improvement in the quality of the environment. Moreover, an increase in public health expenditure during a pandemic leads to an accelerated convergence of economic and environmental variables into a steady state. Considering that the positive environmental effects of the outbreak of an infectious disease are short-term, and since industrialization is necessary for economic growth, it is recommended that in order to achieve sustainable development, we should move toward energy-efficient industries and clean fuels and technologies. [ABSTRACT FROM AUTHOR]

This study shows that, unlike the positive role played by other institutional investors documented in the literature, venture capital (VC) in pursuit of short‐term gains through exit strategies reduces the stock price informativeness of portfolio companies, especially when VC is associated with a higher level of the ability (longer‐term VC directors, large VC syndicate), incentive (private VC sponsors), and willingness (less reputable VCs) to manipulate information. Furthermore, internal and external monitoring helps mitigate the negative impact of VC on stock price informativeness. Finally, earnings management and reduced information disclosure mediate the relationship between VC involvement and stock price informativeness. [ABSTRACT FROM AUTHOR]

This study examines the asymmetric effect of economic complexity and macroeconomic stability on carbon emissions for OECD countries over the period between 1995 and 2020. We construct a nonlinear panel ARDL-PMG model to assess the short- and long-run impact of the positive and negative shifts of economic complexity and macroeconomic stability on carbon emissions. The asymmetric findings prove that macroeconomic stability and instability positively impact carbon emissions in the long run. Moreover, asymmetric economic complexity shocks increase pollution in the long run. The impact of short-run shocks on carbon emissions returns to long-run equilibrium in 2.75 years (33 months) with an annual correction of 36.4%. One of the most striking findings of this study is that the sophisticated, complex production structure may pollute the environment less than traditional production. However, it still increases environmental degradation in absolute terms. Therefore, economic complexity only slows the rate of increase in environmental pollution. Capital stock and institutional quality have a weaker effect on emissions, while openness does not. [ABSTRACT FROM AUTHOR]

We investigate whether social capital and trust provide a form of liquidity/trading resilience, more specifically, whether social capital and trust played a role in the speed of stock recovery following activation of the market‐wide circuit breaker (MWCB) that occurred at the beginning of the COVID‐19 pandemic in March 2020. Our finding that high‐social capital firms rebounded more swiftly in terms of stock liquidity and quality of the stock trading environment provides new evidence that social capital and trust can safeguard firms' stocks against a potential liquidity drain and rapid deterioration in the stock trading environment under extreme market conditions. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance & Financial Law / Finanse i Prawo Finansowe is the property of Wydawnictwo Uniwersytetu Lodzkiego 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.)

Physical capital stock is the basic indicator of macroeconomic empirical studies and also an important manifestation of macroeconomic activity capacity. When measuring China's provincial physical capital stock by the perpetual inventory method, the treatment for the depreciation rate and the initial physical capital stock in the existing literature has some defects in reflecting the economic performance. The purpose of this paper is to build the most reliable and reasonable statistical series of China's provincial physical capital stock. We establish a measurement formula in form of the variable depreciation rate and improve the treatment for the depreciation rate and the initial physical capital stock. For the depreciation rate, we measure the benchmark depreciation rate of physical capital and determine the variable depreciation rate according to the economic growth rate, which makes the variable depreciation rate reflect the economic growth. For the initial physical capital stock, we measure the initial physical capital stock according to the capital output ratio, which makes the initial physical capital stock reflect the economic aggregate. Based on these improvements, we measure China's provincial physical capital stock from 1952 to 2022 by the perpetual inventory method. Through analyzing the measurement results, we have a more distinct insight into the temporal and spatial characteristics of China's provincial physical capital stock: The growth rate of physical capital stock at the provincial level has slowed in spite of remaining high; The eastern region is much higher than the central and western regions. According to these two characteristics, it is suggested that policymakers need to improve market mechanisms and adjust investment policies to promote a benign profile of economic growth and a regional optimization of capital formation. [ABSTRACT FROM AUTHOR]

The main objective is to find out the impact of the Tax Credit (ITC) in the GST structure on the utilitarian capacity and liquidity of micro, small and medium-sized enterprises (MSMEs) in India. Using a coordinated survey to gather information on working capital stocks and GST consistency, 200 MSMEs in Assam, India, were selected to conduct a quantitative assessment. The results show that there are significant areas for the relationship between better working capital conditions and the use of ITS. This suggests that MSMEs can have greater financial flexibility and fewer pay restrictions if they do register ITC claims. According to the practical implications of the assessment, policymakers should deal with the ITC system and offer additional assistance to ensure that MSMEs can fully benefit from the GST. This study is novel because it is uniquely relevant to the state of Assam, offering alternative, progressive views on the specific impact of the goods and services tax on small businesses in that state. [ABSTRACT FROM AUTHOR]

In this paper, we introduce the delayed-advanced Kaldorian business cycle model and consider how time-delay and time-advance affect economic fluctuations. Given the asymptotic stability of the original Kaldor model, we first show that an approximated Kaldor model by a Taylor series expansion can accurately describe the dynamics of the delayed Kaldor model. We also confirm that the delay has a destabilizing effect. When time-delay is replaced with time-advance, we have an advanced Kaldor model. Taking the advanced capital stock formulation, we derive the stability conditions and find that the time-advance has a stabilizing effect. Lastly, we examine these opposite-signed effects in a modified delayed-advanced model. [ABSTRACT FROM AUTHOR]

The improvement of the digital construction level is the material and technological foundation to build a strong network and digital country, and the efficiency of human capital investment is a key factor affecting the sustainable development of the digital economy. In order to ensure the efficient development of digital construction and human capital investment efficiency and to test whether digital construction can effectively promote the improvement of human capital investment efficiency and narrow the regional human capital investment efficiency gap, we used a coupling coordination model to examine the consistency between the level of digital construction and the efficiency of human capital investment. The purpose and findings of the paper are as follows. The research results indicated that the efficiency of digital construction and human capital investment in central and western regions is stronger than that in the eastern region. The coupling level of the above two aspects is relatively low, and there are significant differences among different regions. Based on the research results, it is proposed that the government should guide the optimization of human capital investment structure, and enterprises should lead the improvement of human capital investment efficiency. In addition, the government should promote digital infrastructure guided by technology integration, and the enterprises should expand digital applications in intelligent scenarios. Furthermore, to improve the coordination level of digital construction and the human capital investment, could take measures by coordinating digital construction and interoperability and sharing human capital. [ABSTRACT FROM AUTHOR]

Building and other construction assets constitute a significant part of a country's physical and economic infrastructure. According to several writers, the knowledge of reliable data of building and other construction assets of a specific country or region is a crucial element for the long-term management of these assets. Built capital stock statistics at the national or international levels have been available for most countries of the world, both developed and less developed ones, for some time, but construction infrastructure stock statistics at the disaggregated level are very scarce, even for most developed countries. Furthermore, the methodologies to produce the estimates of built capital stock, at the international level, do not consider countries' specificities. This paper discusses the methodologic issues for producing construction infrastructure stock statistics for Cape Verde, and makes estimates for the period 1980-2019. The paper outlines the Perpetual Inventory Method (PIM) used to produce capital estimation, data employed, and the assumptions made to estimate missing data. The paper analyses the level of the construction infrastructure stock estimates for Cape Verde, as well as their impact on the development pattern of the country's construction industry, and suggests how further studies can enhance our comprehension of the relationship between construction investment and economic growth and development. [ABSTRACT FROM AUTHOR]

Capital costs are not directly observed since firms own part of their capital stock. I show under which assumptions variation in firms' input choices reveals the user cost of capital. Using Compustat data for the United States, I find that the costs of tangible capital as a share of output have not been increasing, while economic profits have been increasing over the past 50 years from around 4% to around 9% of sales. About three-quarters of the fall in the labour share is associated with a rise in profits and the remainder is associated with a rise in intangible intensity. [ABSTRACT FROM AUTHOR]

Only by adhering to the scientific concept of capital as explained by Marx in Capital, and by drawing a clear line between the two different views of capital based on materialist and idealist conceptions of history, can we understand the phenomenon of capital in the real economy of contemporary China. In the real economy of developing commodity production, public and private capital share some common features, but there are differences in their nature. The misunderstanding, created by Western bourgeois economics, of the relationship between public and private capital harms efforts to achieve a scientific regulation of the healthy development of various types of capital, and needs to be clarified. Where the practical work of regulating and guiding the healthy development of capital is concerned, great importance should be attached to restoring and guaranteeing the dominant position of public capital within social capital as a whole; to ensuring that state-owned capital effectively fulfills the dominant role; to strictly governing the otherwise disorderly development of private capital; to strengthening control over the quantity and quality of foreign capital introduced to the economy; and to keeping state-owned capital firmly in control of the national financial system. [ABSTRACT FROM AUTHOR]

This study analyzes the impact of knowledge capital (KC), a key element of firms' innovation and competitiveness, on stock returns during economic crises when sustainable competitiveness becomes particularly important. We analyze the impact of the Global Financial Crisis and COVID-19 as economic crises, focusing on manufacturing industries with a high proportion of investment shifts from physical capital to KC. Our findings indicate that KC is positively associated with stock returns during the Global Financial Crisis and COVID-19. This positive relationship is strengthened by the firm's ability to leverage KC, as measured by greater product market share, higher Tobin's Q, and larger cash holdings. This study emphasizes the protective role of KC during the economic crisis when the market pays more attention to corporate sustainability and provides implications to corporate managers and investors. [ABSTRACT FROM AUTHOR]

The persistent conflict between strict conservation and community welfare highlights the growing need to address sustainable livelihoods in forest protection programs. The Natural Forest Protection Program (NFPP) is a comprehensive forest protection program spearheaded by the Chinese government. It is designed to facilitate the conservation and restoration of forest ecosystems through a range of interventions, including logging ban, management, tending, and afforestation efforts. Drawing upon longitudinal micro-level household survey data spanning five consecutive years from 2017 to 2021, this research quantifies the sustainable livelihood levels of frontline participants in the NFPP by examining two dimensions: livelihood capital stock and livelihood transformation capacity. Additionally, it investigates the internal differentiation phenomenon within this cohort. The findings suggest that forest worker households engaged in tasks related to forest management, tending, and afforestation are the frontline participants in the NFPP, in contrast to management, technical, and service personnel. Moreover, these forest worker households exhibit a pattern characterized by a higher livelihood capital stock but a lower livelihood transformation capacity compared to non-forest worker households. Furthermore, within forest worker households, there is a significant group differentiation phenomenon, resulting in inter-group differentials in the sustainable livelihood levels based on geographical and seniority stratification criteria. The developers of the global forest protection program should prioritize addressing the sustainable livelihood issues of frontline participants in the program, especially the real problem of mismatches between livelihood capital stock and livelihood transformation capacity. This can be achieved through designing income incentives, stimulating consumption, and other means to enhance the relatively disadvantaged position of frontline participants while balancing the coordination and fairness of the protection program based on the aspects of both protection and development. [ABSTRACT FROM AUTHOR]

This paper aims to simulate total factor productivity, following the original proposal made by Cobb and Douglas (1928). Estimates with annual frequency are computed for the United States during two periods, i.e. 1899-1992 and 1933-2019. In the case of Mexico, estimates are computed for the 1993-2015 period. An income distribution in favor of capital in recent decades is found both for the United States and México. Capital share has grown in the United States from 25% in 1899-1922 to 89% in 1993-2019, while for Mexico it has been 82% for 1993-2015. Functional income distribution requires close monitoring. [ABSTRACT FROM AUTHOR]

Copyright of Collected Papers of Zagreb Law Faculty / Zbornik Pravnog Fakulteta u Zagrebu is the property of Sveuciliste u Zagrebu, Pravni Fakultet 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.)

This study examines the relationship between intangible capital (IC) and stock performance during the two recent crisis periods, the GFC and COVID-19. By categorizing IC into Knowledge Capital (KC) and Organizational Capital (OC), we analyze the impact of each capital on the crisis return in the manufacturing sector. The results show that a greater KC and OC are significantly associated with higher crisis returns during both periods. In addition, we find evidence that generalist CEOs strengthen this relationship while specialist CEOs do not. Within firms led by a generalist CEO, the CEO's tenure positively moderates the association between each factor of intangible capital and crisis period returns. This study emphasizes the pivotal role of KC and OC as a protective buffer against external shocks, particularly when the market pays more attention to corporate sustainability. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Estudios Cooperativos is the property of Universidad Complutense de Madrid 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.)

This study examines the drivers of economic complexity for 97 countries over the period 1995 to 2020 by income subgroups. To investigate determinants of complexity, we develop five novel indexes. Using two-step system GMM (2SGMM) regression with the robust standard errors method, we found that institutional quality, health dimensions and macroeconomic conditions were enormously significant economic complexity drivers. However, the findings vary according to the country groups with different income levels. While the importance of openness and health dimensions are prominent in low and middle-income countries, capital stock and openness are the principal elements in the high-income group. The institutional quality is statistically significant and considerably affects on complexity in each group and across the panel. The education dimension of human capital has a positive effect only in the high-income group and across the panel, while it is negative in the middle and low-income groups, but its effect is weak. Moreover, these findings are valid in the long run. From a policy perspective, the findings suggest that macroeconomic policies focused on institutional quality, openness and healthcare as critical components of economic complexity should be crucial goals, especially for low and middle-income countries. [ABSTRACT FROM AUTHOR]

Purpose: Behavioral characteristics and the existence of personal knowledge and skills that are essential in forming a capable manager with specialized insight, is one of the most important evaluation processes in appointing a manager. Wisdom as a trait of a set of personal characteristics and cognitive knowledge of a capable manager will gain competitive advantages for the company and external stakeholders. The purpose of this study is to present the framework of managerial financial wisdom through qualitative and quantitative research methodologies. Design/methodology/approach: The study uses grounded theory methodology to identify factors for managerial financial wisdom and uses a MICMAC process to evaluate the power of driving and dependence among factors. MaxQDA software was used for data coding and analysis. The MICMAC process by determining the location of each of the sub-themes in the four-dimensional matrix, seeks to determine the most effective criterion in the context of the study. The method of data collection is mixed and in terms of philosophical nature, this study is inductive/comparative. Findings: The results of the research in the qualitative part indicate the presentation of a framework based on two categories, four components, and thirty themes. The results of the quantitative part of the study also showed that the most important factor of managerial financial wisdom is market-oriented values. Finally, it was found that the social trust caused by managerial financial wisdom is considered a factor in gaining more shares in the capital market due to the positive stimulus in this dimension. Originality/value: The study is relevant for both practitioners and academia and has significant implications. For practitioners, the structural linkages identified will help enhance managerial wisdom effectiveness and drive the critical metrics for financial decisions and shareholders' rights protection. The study may help financial market practitioners better understand future policies. Academia and researchers can take reference from methodologies used in this study for exploring factors of interest and developing matrix linkages among them. [ABSTRACT FROM AUTHOR]

Increasing markups have recently gained prominence as a leading explanation for the increasing share of income going to capital since the 1980s. However, the existing analysis has been limited to the United States, covers only short periods, and generally does not control for potentially important confounders. Constructing data for the share of income going to capital and markups based on Tobin's q over the period 1870–2018 for 21 advanced countries, this research examines the ability of markups to explain the movements of income shares and the tendency for factor shares to converge toward constants in the long run. We find strong support for the markup hypothesis. [ABSTRACT FROM AUTHOR]

Background: Interprofessional student-led clinics offer authentic clinical experiences of collaborative patient care. However, theoretical research on the sustainability of these clinics, considering forms of capital beyond the economic, remains limited. This study addresses this gap by employing Bourdieu's theoretical framework to explore how alternative conceptions of capital; both social and cultural might sustain conditions for interprofessional working in a student-led clinic serving patients living with a chronic neurological impairment. Methods: The teaching and learning focussed clinic was established in 2018 to mirror a clinical service. Semi-structured focus groups with participants involving 20 students from 5 professions and 11 patients gathered in-depth insights into their experiences within the clinic. A thematic analysis was guided by Bourdieu's concepts of field, habitus, and capital. Results: In the complex landscape of the student-led clinic, at the intersection of a patient support group, a hospital-based aged care facility, and university-based healthcare professions, three pivotal mechanisms emerged underpinning its sustainability: Fostering students' disposition to interprofessional care, Capitalizing on collaboration and patient empowerment, and a Culture of mutual exchange of capital. These themes illustrate how students and patients specific dispositions towards interprofessional healthcare enriched their habitus by focusing on shared patient well-being goals. Diverse forms of capital exchanged by students and patients fostered trust, respect, and mutual empowerment, enhancing the clinic experience. Conclusion: This study bridges an important gap in theoretically informed explorations of the conditions for sustaining student-led clinics, drawing on Bourdieu's theory. It accentuates the significance of investment of diverse forms of capital in such clinics beyond the economic, whilst emphasizing a primary commitment to advancing interprofessional healthcare expertise. Recognizing patients as equal partners shapes clinic dynamics. In order for student clinics to thrive in a sustainable fashion, educators must shift their focus beyond solely maximizing financial resources. Instead, they should champion investments in a wider range of capital forms. This requires active participation from all stakeholders; faculties, patient partners, service providers, and students. These findings underscore the importance of investing in interprofessional learning by optimizing various forms of capital, and embracing patients as dynamic contributors to the clinic's sustainability. [ABSTRACT FROM AUTHOR]

Regional integration and pairing assistance are two forms of cross-regional emergency collaboration practice carried out by the Chinese government. Based on the Chinese government's emergency management practice, evolutionary game models of cross-regional emergency collaboration were constructed. Further, the traditional evolutionary game model was improved by introducing the stochastic process, and Gaussian white noise was introduced as a random disturbance. The stochastic evolutionary game model was constructed, and the existence and stability of the equilibrium solutions of the two kinds of stochastic evolutionary game systems for cross-regional emergency collaboration were verified based on the stability discrimination theorem of stochastic differential equations. We used numerical simulations to simulate the evolution trajectories of the regional integration and the pairing assistance stochastic evolutionary game system. In the regional integration game system, when the efficiency of emergency collaboration, the emergency capital stock, and the externality coefficients are higher, positive emergency strategies are more likely to become the stable state of the game subjects' strategy selection. In the pairing assistance game system, the efficiency of emergency collaboration, the rewards and benefits from the central government, and the matching degree between governments all had positive effects on the formation of the positive emergency strategies of the game subjects. In addition, the pairing assistance mechanism for sustainable development requires external support from the central government. [ABSTRACT FROM AUTHOR]

The Nankai Trough Earthquake, which is estimated to have a 70%–80% probability of occurring within the next 30 years, necessitates considering various scenarios due to the extensive seismic source region and call for advancing disaster preparedness measures. Assessing direct damage caused by earthquakes is considered particularly challenging compared to assessing human and physical damage due to its intricate composition. However, the existing research in model analysis aimed at real-time estimation has yielded results, namely, the ability to promptly calculate direct damage from earthquakes using seismic motion and stock quantities as inputs. This study aimed to leverage the research outcomes of real-time estimation to approximate the direct damage costs that would be caused by the Nankai Trough Earthquake. Three hazard assessment cases were selected, based on damage estimations to be attempted. The results indicated that a damage estimation approach based on a common foundation dataset and model analysis considering different occurrence scenarios is more suitable for evaluating results and assessing the importance of mitigation measures than conventional scenario-based damage estimations. [ABSTRACT FROM AUTHOR]

The COVID-19 virus continues to circulate in many countries, despite successful attempts to curb previous waves, and hence the issue of effective control both of the epidemic and its economic consequences remains a matter of lively debate. Although the estimated development time for an effective vaccine proved to be relatively accurate, many governments were still unable to devise a clear and coherent control policy during the pre-vaccination period. Policy responses often vacillated between two seemingly conflicting strategies—protecting the economy versus containing the spread of the epidemic by all available means, including mobility restrictions and social and economic lockdown. In the setup of a multidimensional and non-linear optimal control model, we describe the performance of a capital accumulation-based economy in which the revenue generated from production relies on both capital and labor. Using analytical means, we characterize intertemporal policies that ensure an optimal tradeoff between: (i) the level of lockdown, the purpose of which is to contain the epidemic and prevent the national health system from becoming overwhelmed; (ii) the level of investment in treatments; (iii) the level of consumption; and (iv) consequential impacts on labor availability and capital accumulation. We show that the fear of infection alone can be highly capital-destructive. Finally, given an incompressible consumption level, we identify thresholds for the initial endowment in capital below which the stock of capital decreases over time and can eventually become fully depleted. [ABSTRACT FROM AUTHOR]

There is an imbalance in the development of artificial intelligence between industries. Compared to non-AI enterprise, AI- enterprise will save labor, enhance innovation capabilities, and improve production efficiency. By constructing a two-industry model of AI and non-AI enterprise, this paper finds that with the development of artificial intelligence in the same industry, the AI enterprise will occupy a dominant position, attracting labor and capital from the non-AI enterprise into the AI enterprise. In different industries, the development of artificial intelligence improves the production efficiency of the enterprise. However, due to the price effect, non-AI enterprise benefits more. Labor and capital flow from AI enterprise to non-AI enterprise. In order to promote the improvement of production efficiency in the whole society, the government can tax non-AI enterprise and subsidize them to AI enterprise. Taxation promotes the degree of automation and the improvement of production efficiency, but it has only a short-term effect on the development of AI. At the same time, taxation inhibits the development of non-AI enterprise, and there is a high risk of unemployment. When both industries use artificial intelligence for production, the labor share and the capital share of the two industries will tend to the same value. The convergence of technology measures is conducive to increasing labor income share and reducing income inequality, but it is not conducive to innovation. [ABSTRACT FROM AUTHOR]

When designing a stock portfolio, investors must select stocks with different characteristics and increasing price trends and weigh each capital. Both are fundamental to diversifying loss and profit. Therefore, the mechanisms that accommodate both are needed. Based on this, this research aims to design a stock selection and capital weighing mechanism using the MACD-K-means-Mean-VaR model. The moving average convergence–divergence (MACD) is used to analyze stock buying time, providing trend, momentum, and potential price reversal insights. Then, stocks with increasing price trends are clustered using K-means, a grouping simple pattern data method based on specific characteristics. The best stocks from each cluster are capital weighted using the mean value at risk (mean-VaR), a portfolio optimization model adjusting loss possibility to the investor's acceptance tolerance. The mechanism is then applied to Indonesia's 100 stock index data to analyze variable sensitivities and compare it with another model. The application reveals that all variables significantly impact portfolio return mean and VaR, suggesting the need for clustering and analyzing stock price movements in stock portfolio design. This research academically develops a portfolio design mechanism by clustering stocks and analyzing price movement trends. It enables investors to practically diversify and choose stocks with increasing price trends, reducing losses and increasing profit opportunities. [ABSTRACT FROM AUTHOR]

This study aims to investigate the relationship between “trade openness” which represents international trade, and the employment rate, capital stock and GDP per capita for 9 countries selected among emerging market economies (Turkiye, Russia, China, Singapore, Thailand, South Korea, Argentina, Brazil and South Africa) with annual data for the period 1991-2019. In this study, it was used the panel causality analysis. According to the findings of the study, the variables with bidirectional causality relationship are trade openness and GDP per capita, trade openness and employment rate and capital stock. In conclusion, even though international trade is recognized as a powerful engine for economic growth, policies are needed to ensure that the opportunities it offers are shared equally. This requires efforts to promote free and fair trade, a combination of education and infrastructure investments in support of local development, and ultimately a mutually beneficial relationship between countries and their global counterparts. [ABSTRACT FROM AUTHOR]

Copyright of Nova Economia is the property of Nova Economia 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.)

We exploit changes in U.S. visa policies for nurses to measure the origin-country human capital response to international migration opportunities. Combining data on all migrant departures and postsecondary institutions in the Philippines, we show that nursing enrollment and graduation increased substantially in response to greater U.S. demand for nurses. The supply of nursing programs expanded. Nurse quality, measured by licensure exam pass rates, declined. Despite this, for each nurse migrant, nine additional nurses were licensed. New nurses switched from other degree types but graduated at higher rates than they would have otherwise, increasing the human capital stock in the Philippines. [ABSTRACT FROM AUTHOR]

Copyright of Historia y Memoria de la Educación is the property of Historia y Memoria de la Educacion 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.)

Investors generally aim to obtain a high return from their stock portfolio. However, investors must realize that a high value-at-risk (VaR) is essential to calculate for this aim. One of the objects in the VaR calculation is the asymmetric return volatility of stocks, which causes an unbalanced decrease and increase in returns. Therefore, this study proposes a mean-value-at-risk (mean-VaR) stock portfolio optimization model based on stocks' asymmetric return volatility and investors' risk aversion preferences. The first stage is the determination of the mean of all stocks in the portfolio conducted using the autoregressive moving average Glosten–Jagannathan–Runkle generalized autoregressive conditional heteroscedasticity (ARMA-GJR-GARCH) models. Then, the second stage is weighting the capital of each stock based on the mean-VaR model with the investors' risk aversion preferences. This is conducted using the Lagrange multiplier method. Then, the model is applied to stock data in Indonesia's capital market. This application also analyzed the sensitivity between the mean, VaR, both ratios, and risk aversion. This research can be used for investors in the design and weighting of capital in a stock portfolio to ensure its asymmetrical effect is as small as possible. [ABSTRACT FROM AUTHOR]

In Marx's economic theory, the level of employment is fundamentally determined by capital accumulation. Nevertheless, that determination is contradictory since, on the one hand, the employment level expands with the capital stock while, on the other hand, it tends to contract with technical change and the growing productivity of labour. This article seeks to estimate this contradictory effect employing two complementary econometric methods: first, cross-sectional regression analysis for more than 100 countries in the years 2014, 2004, 1994 and 1984; second, time-series analysis for the United States, France, Japan, Turkey and Mexico from 1964 to 2014. Our empirical results are in line with Marx's theoretical framework: the level of employment grows with the expansion of fixed capital stock and reduces with increases in the productivity of labour. [ABSTRACT FROM AUTHOR]

The literature on the informal economy and environmental quality nexus is quite thin despite that the considerable size of the informal economy is capable of creating significant effects on the environmental quality, since the firms in the informal part of an economy are not subject to regulations. This study aims to investigate the aforementioned nexus on the global scale using a large panel of 138 countries for the 1990–2018 period. By utilizing Augmented mean-group estimation technique and bootstrap Granger non-causality approach, it is shown that the size of the informal economy is negatively associated with and causally linked to carbon-dioxide (CO2) emissions, globally. In addition, GDP per-capita, population and government consumption are found to be in highly significant positive relation with the emissions, whereas no significant effect is captured from globalization and capital stock. The marginal analysis for the informal sector size and CO2 emissions nexus shows that the relation gains momentum as the informal sector shrinks, particularly below 20% of GDP. Thereby, it is concluded that the countries with an informal sector that allocates a larger part of the economy are suffering from severe underproductivity. It is also argued, based on the marginal analysis, that if the size of the informal economy continues to shrink globally and policymakers do not take the necessary actions, CO2 emissions might hike sharply in the future. [ABSTRACT FROM AUTHOR]

This study has analysed spatial effects of economic, social and political globalisation on structural change while controlling for financial access and human capital in eight ASEAN member nations: Brunei Darussalam, Cambodia, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam. Data has been taken from the WDI Database, KOF Index of Globalisation, General Statistics Office ofVietnam and Statistics Department Singapore from 1993 to 2014. Panel Spatial Static SDM has been used to find out long-run spatial impacts of variants of globalisation and covariates on structural change. Empirical findings highlight the existence of long-run spatial negative effects of economic and political globalisation on own country's structural change and positive impacts of human capital on structural change. The cross-border spillover effects of neighbouring members on structural change of neighbour economy is such that economic globalisation has a negative, whereas social globalisation has a positive impact. The study recommends increasing human capital stock as it has a positive impact on driving structural change in ASEAN member nations in this study. [ABSTRACT FROM AUTHOR]

The manufacturing industry is the foundation for building and strengthening a country. Micro-manufacturing enterprises are the basis for the development of manufacturing, and products are the core and life of enterprises. Based on micro data from industrial enterprises, this study conducts a statistical measurement on the indicators of high-quality product development. Taking the Baidu Index as the proxy variable for attention allocation, the influence of attention allocation on high-quality development of products is systematically examined both theoretically and empirically; Additionally, it seeks to ascertain whether factor stock adjustment has a mediating effect. The findings are as follows: 1. Within the full sample, 63.63% of the attention allocation process to promote high-quality development of products is achieved by optimizing the factor stock adjustment channels. 2. Capital stock and labor stock adjustment have a partial mediating effect on the high-quality development of products in capital-intensive industries, while labor stock adjustment has a partial mediating effect on labor-intensive industries. 3. The regional results show that the adjustment of capital and labor stock has a partial mediating effect in the eastern region. This conclusion provides a theoretical basis for realizing the high-quality development of China's manufacturing industry. [ABSTRACT FROM AUTHOR]

This paper extends the Q-theory of investment to capital goods with arbitrary efficiency profiles. When efficiency is non-geometric, the firm's capital stock and the replacement cost of its assets are fundamentally different aggregates of the firm's investment history. If capital goods have constant efficiency over a finite useful life, simple proxies are readily available for both the replacement cost of assets in place and capital stock. Under this assumption, we decompose the total investment rate along two dimensions: into its net and replacement components, and into its cash and non-cash components. We show these components exhibit significantly different economic determinants and behavior.

Two perspectives on the analysis of economic growth have developed within the input–output framework. On the one hand, Leontief proposed a dynamic model, where investment supplies the necessary capital stock needed to produce future output. On the other hand, Structural Decomposition Analysis assumes that changes in the output level are dependent on the behaviour of the technological and final demand components. This paper examines the differences between input–output tables of different periods to explain growth, as well as the contribution of the final demand components in the phenomenon. Further, the article provides examples based on the coefficient tables of five OECD economies, between 1995 and 2011, to illustrate the relevance of the method proposed here. [ABSTRACT FROM AUTHOR]

In the new era of high-quality economic development, the digital economy offers fresh perspectives and momentum for China to achieve a harmonious balance between innovation-driven growth and environmental protection. We develop a systematic dynamic model to examine the effects of the digital economy on China's environmental quality. The findings indicate the following: (1) the digital economy initially suppresses but later promotes environmental quality; (2) by empowering primary, secondary, and tertiary industries, the digital economy advances industrial structure optimization and upgrading, leading to improved environmental quality; (3) the digital economy encourages the growth of R&D personnel and the accumulation of R&D capital stock, which fosters technological innovation and enhances environmental quality; (4) the synergistic development of the digital economy, industrial structure upgrading, and technological innovation offset the increase in energy consumption and pollution emissions caused by the digital economy's scale effect, representing the most favorable scenario for enhancing environmental quality. Plain Language Summary: How does the development of China's digital economy impact environmental quality? In the new era of high-quality economic development, the digital economy offers fresh perspectives and momentum for China to achieve a harmonious balance between innovation-driven growth and environmental protection. We develop a systematic dynamic model to examine the effects of the digital economy on China's environmental quality. The findings indicate the following: (1) the digital economy initially suppresses but later promotes environmental quality; (2) by empowering primary, secondary, and tertiary industries, the digital economy advances industrial structure optimization and upgrading, leading to improved environmental quality; (3) the digital economy encourages the growth of R&D personnel and the accumulation of R&D capital stock, which in turn fosters technological innovation and enhances environmental quality; (4) the synergistic development of the digital economy, industrial structure upgrading, and technological innovation offset the increase in energy consumption and pollution emissions caused by the digital economy's scale effect, representing the most favorable scenario for enhancing environmental quality. This study focuses on the overall development of China's digital economy and improving environmental quality without considering the significant regional disparities in economic development and environmental quality across different areas of China. Future research can conduct more detailed analyses on specific regions to provide more accurate policy guidance. [ABSTRACT FROM AUTHOR]

This study analyzes the market value of listed companies in Mainland China across different industries, including capital-intensive, labor-intensive, technology-intensive, and other industries. A generalized neoclassical investment model that considers physical capital, labor, and knowledge capital as input variables is built to theoretically decompose firm value. The empirical results indicate that knowledge capital accounts for an increasing proportion of the market value of companies, rising sharply from 21.5% in 2009 to 37.9% in 2018. In contrast, the share of labor in enterprise market value has been decreasing year by year, dropping from 56.5% in 2009 to 36.4% in 2018. The share of physical capital in enterprise market value remains relatively stable. Based on these findings, the study simulates the optimal investment behaviors and their influence on the firm value of various types of enterprises, providing valuable insights for investment decision-making for managers in different industries. [ABSTRACT FROM AUTHOR]

This research assesses the effect of capital structure on the sustainability of Microfinance Institutions (MFIs) in Bamenda, Cameroon. We use panel data obtained from audited annual financial statements of fifteen (15) MFIs, comprising both member- and shareholder-owned MFIs in Bamenda, Cameroon from 2014 to 2020, and an ex-post facto causal research design. Debt, equity, grants, and retained earnings are used to capture capital structure, while Operational Self-Sufficiency is used as a proxy for sustainability. The Generalised Least Squares and the quantile-on-quantile techniques are used for data analysis. Our findings indicate a statistically significant negative relationship between debt, grants and financial sustainability of MFIs, while a statistically significant positive relationship is found between retained earnings and financial sustainability of MFIs. A positive, though statistically insignificant relationship is found between equity or share capital and MFI financial sustainability. The results are robust upon consideration of different quantiles. Based on the findings, MFIs in Cameroon should rely more on retained earnings and equity to be more financially sustainable. The findings additionally provide evidence relating to the shortcoming of grants in the financing of development initiatives. [ABSTRACT FROM AUTHOR]

Improving agricultural energy efficiency is essential in reducing energy consumption and achieving agricultural sustainable development. This paper aims to measure the agricultural total-factor energy efficiency in China rather than the partial-factor energy efficiency while taking full account of regional heterogeneity and to investigate the driving factors of agricultural total-factor energy efficiency. The empirical results showed that the average value of agricultural total-factor energy efficiency is 0.814 in China, and the technological gap ratio is 0.853. The regional difference in agricultural total-factor energy efficiency was quite obvious. Higher agricultural energy inputs are associated with higher agricultural total-factor productivity. The total value of potential agricultural energy savings in 30 provinces of China reached 1704.41 billion tons of standard coal. In terms of the absolute amount of agricultural energy saving, the amount was largest in the low-energy-input area, which was 113.87 million tons of standard coal, accounting for 66.81% of the total potential saving amount. Furthermore, we used the Tobit model to analyze the influencing factors of agricultural total-factor energy efficiency. We found that the proportion of agriculture to GDP has a positive impact on agricultural total-factor energy efficiency, while the per capita income of farmers, fiscal support for agriculture, the illiteracy rate of farmers, agricultural labor input, and agricultural capital stock have a negative impact on agricultural total-factor energy efficiency. Finally, we proposed policy implications in terms of agricultural technological progress, agricultural infrastructure, technical training, etc. [ABSTRACT FROM AUTHOR]

Researchers in developed countries have questioned whether share repurchase activity influences internal investment. The aim of this study was to investigate the relationship between share repurchases and internal investment (defined as capital expenditure, employment expenditure, and research and development) in South Africa, as little was known about this relationship in developing countries. A quantitative research methodology was followed, employing the data of South African listed companies during the 2002–2017 period. A significant negative relationship was noted between share repurchases and employment expenditure when considering all companies, while high-growth companies exhibited a significant negative relationship between share repurchases and capital expenditure. The negative relationships could indicate that companies increase share repurchases to the detriment of internal investment (especially employment). Alternatively, it may imply that share repurchase and internal investment decisions are determined simultaneously, with companies decreasing internal investment and increasing share repurchases in the absence of identifiable profitable projects (or increasing internal investment and decreasing share repurchases when growth opportunities are available). These findings could be useful to shareholders, corporate governance regulators and activists. Given the high unemployment and income inequality in South Africa, the results support a call for the improved regulation of share repurchases to ensure effective monitoring. [ABSTRACT FROM AUTHOR]

Emissions abatement alone cannot address the consequences of global warming for weather disasters. We model how society adapts to manage disaster risks to capital stock. Optimal adaptation—a mix of firm‐level efforts and public spending—varies as society learns about the adverse consequences of global warming for disaster arrivals. Taxes on capital are needed alongside those on carbon to achieve the first best. We apply our model to country‐level control of flooding from tropical cyclones. Learning rationalizes empirical findings, including the responses of Tobin's q, equity risk premium, and risk‐free rate to disaster arrivals. Adaptation is more valuable under learning than a counterfactual no‐learning environment. Learning alters social‐cost‐of‐carbon projections due to the interaction of uncertainty resolution and endogenous adaptive response. [ABSTRACT FROM AUTHOR]

The main goal of this research is to examine and test the asymmetric effects of monetary policy on the production of Services. For this purpose, hidden cointegration analysis and Autoregressive distributed lag (ARDL) approach in Iran's economy have been used in the period from 1353 to1399.Hodrick Prescott filter was used to extract the positive and negative impulses of the liquidity variable. Then, the effects of positive and negative impulses of the variables were investigated separately on the positive and negative impulses of the production of this sector with latent cointegration analysis. In the last step, the long-term relationship between the variables is checked and the long-term coefficients are calculated using the auto-regression model approach with non-linear distribution intervals and the bounds test. The results showed that there is a hidden co-accumulation between the time series of M2 and production in the industrial sector.The results showed that there is a hidden cointegration between the time series of M2 and production in the Services sector. So that the positive components of the M2 and production in this sector have a long-term relationship with each other, as well as their negative components. Also, the effect of the positive shocks of M2 is greater than the negative shocks of this variable. Therefore, the existence of asymmetry in monetary policy was confirmed.